MIRA INFORM REPORT

 

 

Report No. :

492392

Report Date :

15.02.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

RTP COMPANY (SINGAPORE) PTE LTD

 

 

Registered Office :

3, Tuas South Street 3, 638045

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2016

 

 

Date of Incorporation :

05.02.2001

 

 

Com. Reg. No.:

200100730C

 

 

Legal Form :

Private Limited (Limited By Share)

 

 

Line of Business :

Subject is engaged in the manufacture of polymers.

 

 

No. of Employees :

80

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear  

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List

 

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

Singapore

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

SINGAPORE - ECONOMIC OVERVIEW

 

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. Unemployment is very low. The economy depends heavily on exports, particularly of consumer electronics, information technology products, medical and optical devices, pharmaceuticals, and on its vibrant transportation, business, and financial services sectors.

The economy contracted 0.6% in 2009 as a result of the global financial crisis, but has continued to grow since 2010. Growth in 2014-17 was slower than during the previous decade, at under 3% annually, largely a result of soft demand for exports amid a sluggish global economy and weak growth in Singapore’s manufacturing sector.

The government is attempting to restructure Singapore’s economy by weaning its dependence on foreign labor, addressing weak productivity growth, and increasing Singaporean wages. Singapore has attracted major investments in advanced manufacturing, pharmaceuticals, and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and technology hub. Singapore is a member of the Regional Comprehensive Economic Partnership negotiations with the nine other ASEAN members plus Australia, China, India, Japan, South Korea, and New Zealand. In 2015, Singapore formed, with the other ASEAN members, the ASEAN Economic Community.

 

Source : CIA

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

200100730C

COMPANY NAME

:

RTP COMPANY (SINGAPORE) PTE LTD

FORMER NAME

:

N/A

INCORPORATION DATE

:

05/02/2001

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED (LIMITED BY SHARE)

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

3, TUAS SOUTH STREET 3, 638045, SINGAPORE.

BUSINESS ADDRESS

:

3, TUAS SOUTH STREET 3, 638045, SINGAPORE.

TEL.NO.

:

65-68636580

FAX.NO.

:

65-68632018

CONTACT PERSON

:

HUGH LOSS MILLER ( MANAGING DIRECTOR )

PRINCIPAL ACTIVITY

:

MANUFACTURE OF POLYMERS

ISSUED AND PAID UP CAPITAL

:

2.00 ORDINARY SHARE, OF A VALUE OF SGD 2.00

SALES

:

USD 57,368,885 [2016]

NET WORTH

:

USD 57,301,533 [2016]

STAFF STRENGTH

:

80 [2017]

BANKER (S)

:

UNITED OVERSEAS BANK LIMITED

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

STRONG

PAYMENT

:

REGULAR

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

HIGH

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

MARGINAL GROWTH

 

 

HISTORY / BACKGROUND

 

The Subject is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the Subject is insolvent. The Subject is governed by the Companies Act and the company must file its annual returns, together with its financial statements with the Registrar of Companies.

The Subject is principally engaged in the (as a / as an) manufacture of polymers.

 

The immediate holding company of the Subject is RTP INTERNATIONAL HOLDINGS,INC., a company incorporated in UNITED STATES.

The ultimate holding company of the Subject is MILLER WASTE MILLS INC., a company incorporated in UNITED STATES.

 

Share Capital History

Date

Issue & Paid Up Capital

27/12/2017

SGD 2.00

 

The major shareholder(s) of the Subject are shown as follows :


Current Shareholder(s) :

Name

Address

IC/PP/Loc No

Shareholding

(%)

RTP INTERNATIONAL HOLDINGS,INC.

580, EAST FRONT ST WINONA MN 55987 ,UNITED STATES

T01UF0173

2.00

100.00

---------------

------

2.00

100.00

============

=====

+ Also Director

 

The Subject's interest in other companies (Subsidiaries/Associates) are shown as follow :

 

Local No

Country

Company

Status

(%)

As At

CHINA

RTP COMPANY (SUZHOU) CO, LTD

-

100.00

31/12/2016

JAPAN

RTP COMPANY JAPAN LTD.

-

100.00

31/12/2016



DIRECTORS


DIRECTOR 1

 

Name Of Subject

:

MR. TODD ERIC PAULSON

Address

:

1365, RIDGEWOOD DRIVE, WINONA, MN 55987, UNITED STATES.

IC / PP No

:

469561096

Nationality

:

AMERICAN

Date of Appointment

:

03/07/2008



INTEREST CHECK

Interest in companies

:

see below

Interest in business

:

none in our databank

Former interest

:

none in our databank

 

INTEREST IN COMPANY

No

Local No

Company

Designation

App Date

Shareholding

Profit/(loss) After Tax

Financial Year

Status

As At

No.

%

1

200100730C

RTP COMPANY (SINGAPORE) PTE LTD

Director

03/07/2008

0.00

-

USD12,569,051.00

2016

-

27/12/2017

 

DIRECTOR 2

 

Name Of Subject

:

ROLF COLIN DAHL

Address

:

513, LAKERIDGE DRIVE, SHOREVIEW, MINNESOTA, 55126, UNITED STATES.

IC / PP No

:

N2868171

Nationality

:

AUSTRALIAN

Date of Appointment

:

03/01/2013



INTEREST CHECK

Interest in companies

:

see below

Interest in business

:

none in our databank

Former interest

:

none in our databank

INTEREST IN COMPANY

No

Local No

Company

Designation

App Date

Shareholding

Profit/(loss) After Tax

Financial Year

Status

As At

No.

%

1

200100730C

RTP COMPANY (SINGAPORE) PTE LTD

Director

03/01/2013

0.00

-

USD12,569,051.00

2016

-

27/12/2017

 

DIRECTOR 3

 

Name Of Subject

:

BAEY CHENG SONG

Address

:

37, GROVE DRIVE, HENRY PARK, 279077, SINGAPORE.

IC / PP No

:

S0247168Z

Nationality

:

SINGAPOREAN

Date of Appointment

:

27/06/2011



INTEREST CHECK

Interest in companies

:

see below

Interest in business

:

none in our databank

Former interest

:

none in our databank

INTEREST IN COMPANY

No

Local No

Company

Designation

App Date

Shareholding

Profit/(loss) After Tax

Financial Year

Status

As At

No.

%

1

201104240M

ANGE SHIPPING COMPANY PTE. LTD.

Director

27/06/2011

0.00

-

-

-

-

06/05/2016

2

198701388M

ARISTON THERMO PTE. LTD.

Director

01/07/2011

0.00

-

SGD(502,593.00)

2014

-

08/07/2016

3

200800866E

ASIA PEAK PTE. LTD.

Director

15/05/2008

0.00

-

USD1,723,817.00

2016

-

31/10/2017

4

995121P

ATMEL MANAGEMENT PTE. LTD.

Director

04/02/2008

0.00

-

-

-

-

27/11/2017

5

995168H

BUCHANAN GROUP PTE LTD

Director

07/11/2008

0.00

-

-

-

-

27/11/2017

6

T09FC0013E

CMC RAVENNA - SINGAPORE BRANCH

Secretary

20/02/2009

0.00

-

MYR12,552,320.00

2010

-

20/01/2012

7

S90FC4177G

CONOCOPHILLIPS INTERNATIONAL INC.

Secretary

27/07/2011

0.00

-

USD5,719,463.00

2010

-

25/10/2011

8

S93FC4580H

COOPER TIRE INTERNATIONAL TRADING COMPANY

Secretary

30/09/2009

0.00

-

SGD37,201.00

2015

-

05/06/2017

9

201021961N

DYNOMA TRADING PTE. LTD.

Director

14/10/2010

0.00

-

USD72,808.00

2015

-

13/03/2017

10

200717117Z

E-LAND ASIA HOLDINGS PTE. LTD.

Director

30/03/2008

0.00

-

USD(70,236,000.00)

2016

-

26/09/2017

11

994047A

EXTREME NETWORKS SINGAPORE PTE LTD

Director

30/09/2007

0.00

-

MYR(233,021.00)

2009

-

27/11/2017

12

994061U

FOSECO (FOUNDRY SERVICES) PTE LIMITED

Director

14/05/2008

0.00

-

-

-

-

27/11/2017

13

201425405H

HUADA PANGUITE PTE. LTD.

Director

28/08/2014

0.00

-

USD(88,379.00)

2015

-

06/05/2016

14

995340K

MENTOR IMC (SINGAPORE) PTE LTD

Director

12/12/2011

0.00

-

MYR5,570.00

2014

-

27/11/2017

15

200800970G

MIDEA ELECTRIC TRADING (SINGAPORE) CO. PTE. LTD.

Director

11/01/2008

0.00

-

USD95,924,000.00

2016

-

03/10/2017

16

201212975R

REANDY INTERNATIONAL PTE. LTD.

Director

18/11/2013

0.00

-

-

-

-

23/06/2016

17

200100730C

RTP COMPANY (SINGAPORE) PTE LTD

Director

27/06/2011

0.00

-

USD12,569,051.00

2016

-

27/12/2017

18

201129152K

SHAW INDUSTRIES ASIA PTE. LTD.

Director

26/09/2011

0.00

-

USD(2,223,589.00)

2015

-

08/07/2016

19

993566T

USG ASIA PACIFIC HOLDINGS PTE. LTD.

Director

08/10/2007

0.00

-

MYR(1,883,164.00)

2014

-

27/11/2017

 

DIRECTOR 4

 

Name Of Subject

:

HUGH LOSS MILLER

Address

:

23088, COUNTY ROAD 17, WINONA, MINNESOTA, 55987, UNITED STATES.

IC / PP No

:

501853258

Nationality

:

AMERICAN

Date of Appointment

:

02/03/2001



INTEREST CHECK

Interest in companies

:

see below

Interest in business

:

none in our databank

Former interest

:

none in our databank

INTEREST IN COMPANY

No

Local No

Company

Designation

App Date

Shareholding

Profit/(loss) After Tax

Financial Year

Status

As At

No.

%

1

200100730C

RTP COMPANY (SINGAPORE) PTE LTD

Director

02/03/2001

0.00

-

USD12,569,051.00

2016

-

27/12/2017



MANAGEMENT

 

 

1)

Name of Subject

:

HUGH LOSS MILLER

Position

:

MANAGING DIRECTOR

 

2)

Name of Subject

:

ROLF COLIN DAHL

Position

:

MANAGING DIRECTOR

 

 

AUDITOR

 

Auditor

:

GRANT THORNTON AUDIT LLP

Auditor' Address

:

N/A

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

CHO FORM PO

IC / PP No

:

S7367687H

Address

:

50, RAFFLES PLACE, 32-01, SINGAPORE LAND TOWER, 048623, SINGAPORE.

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

UNITED OVERSEAS BANK LIMITED

 

 

 

ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

200105748

23/11/2001

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C200301422

31/03/2003

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C201004047

17/05/2010

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

 

 

LITIGATION CHECK - SUBJECT COMPANY AS A DEFENDANT


* A check has been conducted in our databank againt the Subject whether the subject has been involved in any litigation.

No legal action was found in our databank.

No winding up petition was found in our databank.

 

PAYMENT RECORD

 

 

SOURCES OF RAW MATERIALS:

 

Local

:

YES

Percentage

:

40%

Overseas

:

YES

Percentage

:

60%



The Subject refused to provide any name of trade/service supplier and we are unable to conduct any trade enquiry. However, from financial historical data we conclude that :

OVERALL PAYMENT HABIT

Prompt 0-30 Days

[

]

Good 31-60 Days

[

]

Average 61-90 Days

[

X

]

Fair 91-120 Days

[

]

Poor >120 Days

[

]

 

 

CLIENTELE

 

Local

:

YES

Percentage

:

60%

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Percentage

:

40%

Export Market

:

WORLDWIDE

Credit Term

:

N/A

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

OPERATIONS

 

Products manufactured

:

PLASTIC COMPOUND MATERIALS

 

Total Number of Employees:

 

YEAR

2017

2016

2015

2014

2013

GROUP

N/A

N/A

N/A

N/A

N/A

COMPANY

80

80

70

70

70

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) manufacture of polymers.

The Subject engaged in manufacture of plastic compound material such as:

- resin
- additives
- modifiers
- fillers
- reinforcing agents etc


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-68636580

Match

:

N/A

Address Provided by Client

:

3, TUAS SOUTH STREET 3, 638045

Current Address

:

3, TUAS SOUTH STREET 3, 638045, SINGAPORE.

Match

:

YES

 

Other Investigations


We contacted one of the staff from the Subject and she provided some information.

FINANCIAL ANALYSIS

 

 

Profitability

Turnover

:

Increased

[

2012 - 2016

]

Profit/(Loss) Before Tax

:

Increased

[

2012 - 2016

]

Return on Shareholder Funds

:

Acceptable

[

21.93%

]

Return on Net Assets

:

Acceptable

[

23.90%

]

The Subject's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.The higher profit could be attributed to the increase in turnover. The Subject's management had generated acceptable return for its shareholders using its assets.

Working Capital Control

Stock Ratio

:

Favourable

[

40 Days

]

Debtor Ratio

:

Favourable

[

53 Days

]

Creditors Ratio

:

Favourable

[

27 Days

]

The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The favourable debtors' days could be due to the good credit control measures implemented by the Subject. The Subject had a favourable creditors' ratio where the Subject could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.

Liquidity

Liquid Ratio

:

Favourable

[

3.64 Times

]

Current Ratio

:

Favourable

[

4.40 Times

]

A minimum liquid ratio of 1 should be maintained by the Subject in order to assure its creditors of its ability to meet short term obligations and the Subject was in a good liquidity position. Thus, we believe the Subject is able to meet all its short term obligations as and when they fall due.

Solvency

Interest Cover

:

Favourable

[

2,807.58 Times

]

Gearing Ratio

:

Favourable

[

0.00 Times

]

The interest cover showed that the Subject was able to service the interest. The favourable interest cover could indicate that the Subject was making enough profit to pay for the interest accrued. The Subject had no gearing and hence it had virtually no financial risk. The Subject was financed by its shareholders' funds and internally generated fund. During the economic downturn, the Subject, having a zero gearing, will be able to compete better than those which are highly geared in the same industry.

Overall Assessment :

Generally, the Subject's performance has improved with higher turnover and profit. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. With the favourable interest cover, the Subject could be able to service all the accrued interest without facing any difficulties. The Subject was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The Subject has good chance of getting loans, if the needs arises.

Overall financial condition of the Subject : STRONG

 

 

 

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

 

 

Major Economic Indicators :

2012

2013

2014

2015

2016*

 

Population (Million)

5.31

5.40

5.47

5.54

5.63

Gross Domestic Products ( % )

1.3

3.7

(3.5)

3.7

4.8

Consumer Price Index

4.6

2.4

2.4

(0.5)

(0.7)

Total Imports (Million)

474,554.0

466,762.0

463,779.1

407,767.9

398,372.0

Total Exports (Million)

510,329.0

513,391.0

518,922.7

476,285.4

468,552.0

 

Unemployment Rate (%)

2.0

1.9

1.9

1.9

2.1

Tourist Arrival (Million)

14.49

15.46

15.01

15.23

16.28

Hotel Occupancy Rate (%)

86.4

86.3

85.5

85.0

-

Cellular Phone Subscriber (Million)

1.52

1.97

1.98

1.99

-

 

Registration of New Companies (No.)

31,892

37,288

41,589

34,243

35,528

Registration of New Companies (%)

(1.3)

9.8

11.5

(17.7)

3.8

Liquidation of Companies (No.)

17,218

17,369

18,767

21,384

-

Liquidation of Companies (%)

9.4

(5.3)

8.0

13.9

-

 

Registration of New Businesses (No.)

24,788

22,893

35,773

28,480

33,326

Registration of New Businesses (%)

5.51

1.70

56.30

(20.39)

17.02

Liquidation of Businesses (No.)

22,489

22,598

22,098

26,116

-

Liquidation of Businesses (%)

(2.2)

0.5

(2.2)

18.2

-

 

Bankruptcy Orders (No.)

1,748

1,992

1,757

1,776

-

Bankruptcy Orders (%)

14.5

14.0

(11.8)

1.0

-

Bankruptcy Discharges (No.)

1,881

2,584

3,546

3,499

-

Bankruptcy Discharges (%)

35.2

37.4

37.2

(1.3)

-

 

INDUSTRIES ( % of Growth ) :

Agriculture

Production of Principal Crops

5.16

1.78

4.29

3.04

-

Fish Supply & Wholesale

(0.5)

(3.8)

(8.6)

(8.5)

(9.9)

 

Manufacturing #

Food, Beverages & Tobacco

97.9

97.9

99.4

100.0

103.7

Textiles

140.1

119.5

102.7

100.0

93.3

Wearing Apparel

395.4

334.1

212.6

100.0

80.3

Leather Products & Footwear

109.5

122.0

106.5

100.0

93.2

Wood & Wood Products

93.3

103.0

107.2

100.0

90.5

Paper & Paper Products

98.5

104.4

104.5

100.0

99.7

Printing & Media

122.8

113.8

105.968

100.0

86.9

Crude Oil Refineries

107.1

100.7

92.2

100.0

100.5

Chemical & Chemical Products

85.3

88.4

96.7

100.0

97.6

Pharmaceutical Products

103.8

101.421

109.4

100.0

115.9

Rubber & Plastic Products

113.5

109.497

109.2

100.0

87.9

Non-metallic Mineral

108.8

107.4

90.759

100.0

93.6

Basic Metals

91.5

77.2

99.3

100.0

113.1

Fabricated Metal Products

107.314

107.5

107.757

100.0

91.7

Machinery & Equipment

107.3

109.1

118.2

100.0

79.3

Electrical Machinery

80.102

87.4

97.871

100.0

99.3

Electronic Components

100.7

105.0

105.6

100.0

106.3

Transport Equipment

109.9

111.1

106.68

100.0

98.7

 

Construction

28.70

25.40

22.00

-

-

Real Estate

31.9

88.5

145.1

-

-

 

Services

Electricity, Gas & Water

6.30

6.70

6.50

-

-

Transport, Storage & Communication

5.30

9.80

14.20

-

-

Finance & Insurance

0.50

3.30

6.00

-

7.40

Government Services

6.00

6.50

6.30

-

-

Education Services

0.30

3.10

5.98

-

2.40

 

* Estimate / Preliminary

# Based on Index of Industrial Production (2015 = 100)



INDUSTRY ANALYSIS

 

INDUSTRY :

MANUFACTURING

In the first quarter of 2017, manufacturing output rose by 8.0%, following the increase of 11% in the previous quarter. The robust performance of the sector was underpinned by sustained growth in the electronics, precision engineering and chemicals clusters. For the whole year of 2016, the manufacturing sector grew by 3.6%, a reversal from the 5.1% contraction in the previous year.

The electronics cluster increased by 33% in the first quarter, largely driven by the semiconductors segment, which saw its output surge by 50%. The strong performance of the semiconductors segment can be attributed to the continued recovery in global semiconductors demand, driven in turn by healthy demand in key end markets such as smartphone and automotive applications. At the same time, the other electronic modules & components and computer peripherals segments grew by 9.0% and 1.2% respectively. For the full year of 2016, the electronics cluster expanded by 16%.

Besides, biomedical manufacturing cluster contracted by 7.5% in the first quarter of 2017. Within the cluster, the medical technology segment recorded robust growth of 14%, supported by higher export demand for medical instruments. However, this was outweighed by a 14% decline in the output of the pharmaceuticals segment as the production of active pharmaceutical ingredients fell. For 2016 as a whole, the biomedical manufacturing cluster expanded by 14%, with both the pharmaceuticals and medical technology segments supporting growth.

In the first quarter of 2017, output of the transport engineering cluster fell by 11%, dragged down by the marine & offshore engineering (M&OE) segment. This more than offset expansions in the aerospace (10%) and land (7.0%) segments. The aerospace segment, in particular, was supported by an increase in demand for aircraft and engine maintenance work. For the whole year of 2016, the transport engineering cluster contracted by 18%.

The precision engineering cluster expanded by 19% in the first quarter of 2017, supported by both the machinery & systems (M&S) and precision modules & components (PMC) segments. Output in the M&S segment rose by 24 % on the back of robust export demand for semiconductor manufacturing equipment. Meanwhile, the PMC segment grew by 11% due to an increase in the production of dies, moulds, tools, jigs & fixtures, optical instruments and metal precision components. In 2016, the precision engineering cluster’s output rose by 0.8%.

Moreover, output of the general manufacturing industries shrank by 6.7% in the first quarter 2017. In particular, the output of the miscellaneous industries segment fell by 12% due to a decline in the production of fibre glass products and construction-related products & materials. The printing segment contracted by 21%, as demand for commercial printing remained weak and the food, beverage & tobacco segment expanded by 3.2%, supported by healthy export demand. For the full year 2016, the general manufacturing industries contracted by 2.5%.

The output of the chemicals cluster increased by 2.9% in the first quarter of 2017 supported primarily by growth in the petrochemicals (9.8%) and specialty chemicals (2.9%) segments. Growth in the petrochemicals segment was partly the result of a low base effect as production levels a year ago were weak due to plant maintenance shutdowns. On the other hand, the other chemicals segment contracted to 5.6% on account of a lower level of production of fragrances. For the full year 2016, the chemicals cluster contracted by 0.9 per cent. This was due to a decline in the output of the petrochemicals segment arising from major plant maintenance shutdowns, even as the output of all other segments expanded.

OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH



CREDIT RISK EVALUATION & RECOMMENDATION

 


Incorporated in 2001, the Subject is a Private Limited company, focusing on manufacture of polymers. Having been in the industry for over a decade, the Subject has achieved a certain market share and has built up a satisfactory reputation in the market. It should have received supports from its regular customers. Presently, the issued and paid up capital of the Subject stands at SGD 2. With a strong backing from its holding company, the Subject enjoys timely financial assistance should the needs

 
Over the years, the Subject has established an extensive clientele base in the market. Besides catering to the local market, the Subject has penetrated into other countries. With the contribution of both local and overseas customers, the Subject is likely to be exposed to lower commercial risk. Hence, we believe that the Subject has better business expansion opportunities in the future. Being a moderate size company, the Subject has a total workforce of 80 employees in its business operations. Overall, we regard that the Subject's management capability is average. This indicates that the Subject has greater potential to improve its business performance and raising income for the Subject.


We noted that both the turnover and profits have increased compared to the previous year. The higher profit could be due to increase in turnover and better control over its operating costs. Based on the higher profitability, the Subject has generated a favourable return based on its existing shareholders' funds which indicated that the management was efficient in utilising its funds to generate income. The Subject is in good liquidity position with its current liabilities well covered by it current assets. Hence, it has sufficient working capital to meet its short term financial obligations. Being a zero geared company, the Subject virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. Given a positive net worth standing at USD 57,301,533, the Subject should be able to maintain its business in the near terms.

 
The Subject's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials. Overall the Subject has a good control over its resources.

 
The Subject's payment habit is average. With its adequate working capital, the Subject should be able to pay its short term debts.

 
The industry has reached its maturity stage and only enjoying a marginal growth. The steady growth of the country's economy will further enhance the industry activities. Thus, the Subject's future performance is very much depend on its marketing strategies in order to retain its position in the market.

 
Based on the above condition, we recommend credit be granted to the Subject normally.



PROFIT AND LOSS ACCOUNT

 

 

THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS.

RTP COMPANY (SINGAPORE) PTE LTD

 

Financial Year End

2016-12-31

2015-12-31

2014-12-31

2013-12-31

2012-12-31

Months

12

12

12

12

12

Consolidated Account

Company

Company

Company

Company

Company

Audited Account

YES

YES

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

YES

YES

Financial Type

FULL

FULL

FULL

FULL

FULL

Currency

USD

USD

USD

USD

USD

TURNOVER

57,368,885

49,780,068

47,066,905

45,780,364

45,213,340

Other Income

6,172,769

4,977,689

4,288,636

2,737,413

2,224,732

----------------

----------------

----------------

----------------

----------------

Total Turnover

63,541,654

54,757,757

51,355,541

48,517,777

47,438,072

Costs of Goods Sold

(44,882,161)

(39,746,785)

(37,602,935)

(35,993,372)

(36,996,375)

----------------

----------------

----------------

----------------

----------------

Gross Profit

18,659,493

15,010,972

13,752,606

12,524,405

10,441,697

----------------

----------------

----------------

----------------

----------------

PROFIT/(LOSS) FROM OPERATIONS

13,856,084

9,965,496

10,379,622

7,507,866

5,304,508

----------------

----------------

----------------

----------------

----------------

PROFIT/(LOSS) BEFORE TAXATION

13,856,084

9,965,496

10,379,622

7,507,866

5,304,508

Taxation

(1,287,033)

(926,276)

(757,822)

(605,981)

(282,403)

----------------

----------------

----------------

----------------

----------------

PROFIT/(LOSS) AFTER TAXATION

12,569,051

9,039,220

9,621,800

6,901,885

5,022,105

----------------

----------------

----------------

----------------

----------------

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

49,732,481

40,693,261

31,071,461

24,169,576

19,147,471

----------------

----------------

----------------

----------------

----------------

As restated

49,732,481

40,693,261

31,071,461

24,169,576

19,147,471

----------------

----------------

----------------

----------------

----------------

PROFIT AVAILABLE FOR APPROPRIATIONS

62,301,532

49,732,481

40,693,261

31,071,461

24,169,576

DIVIDENDS - Ordinary (paid & proposed)

(5,000,000)

-

-

-

-

----------------

----------------

----------------

----------------

----------------

RETAINED PROFIT/(LOSS) CARRIED FORWARD

57,301,532

49,732,481

40,693,261

31,071,461

24,169,576

=============

=============

=============

=============

=============

INTEREST EXPENSE (as per notes to P&L)

Loan from holding company

-

-

-

-

156,709

Term loan / Borrowing

4,937

34,730

38,525

47,487

55,917

----------------

----------------

----------------

----------------

----------------

4,937

34,730

38,525

47,487

212,626

=============

=============

=============

=============

=============

DEPRECIATION (as per notes to P&L)

1,006,273

1,213,353

1,355,192

1,395,187

1,554,051

AMORTIZATION

23,281

23,281

23,281

23,281

23,281

----------------

----------------

----------------

----------------

----------------

Total Amortization And Depreciation

1,029,554

1,236,634

1,378,473

1,418,468

1,577,332

=============

=============

=============

=============

=============

 

 

 

 

 

 

 

 

BALANCE SHEET

 

 

RTP COMPANY (SINGAPORE) PTE LTD

 

ASSETS EMPLOYED:

FIXED ASSETS

8,119,862

8,673,836

9,465,652

10,572,933

11,776,541

LONG TERM INVESTMENTS/OTHER ASSETS

Subsidiary companies

10,107,527

10,107,527

10,107,527

10,107,527

10,107,527

Loans & advances - non-current

11,521,000

1,706,000

1,608,000

1,383,000

764,278

Deposits

399,659

422,940

446,125

469,411

492,696

----------------

----------------

----------------

----------------

----------------

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

22,028,186

12,236,467

12,161,652

11,959,938

11,364,501

----------------

----------------

----------------

----------------

----------------

TOTAL LONG TERM ASSETS

30,148,048

20,910,303

21,627,304

22,532,871

23,141,042

Stocks

6,245,626

7,339,163

5,928,863

3,567,680

3,469,565

Trade debtors

8,393,028

5,026,999

6,407,271

7,609,979

6,465,681

Other debtors, deposits & prepayments

93,181

266,984

191,335

197,280

236,091

Short term deposits

3,500,000

10,001,264

-

-

-

Amount due from holding company

2,641,233

2,199,779

1,290,758

630,300

-

Amount due from subsidiary companies

6,005,921

2,106,533

1,064,720

858,378

1,258,427

Cash & bank balances

9,172,214

8,749,175

12,028,737

3,842,003

887,656

Others

-

214,091

214,091

-

373,756

----------------

----------------

----------------

----------------

----------------

TOTAL CURRENT ASSETS

36,051,203

35,903,988

27,125,775

16,705,620

12,691,176

----------------

----------------

----------------

----------------

----------------

TOTAL ASSET

66,199,251

56,814,291

48,753,079

39,238,491

35,832,218

=============

=============

=============

=============

=============

CURRENT LIABILITIES

Trade creditors

3,367,476

2,606,579

3,047,942

3,966,307

2,734,266

Other creditors & accruals

1,895,075

1,458,906

1,230,584

941,287

1,486,157

Short term borrowings/Term loans

-

-

450,962

466,363

466,763

Amounts owing to holding company

409,050

384,548

23,577

-

2,542,747

Amounts owing to subsidiary companies

1,047,899

784,882

581,162

28,922

1,152,456

Provision for taxation

1,477,747

1,037,576

1,128,245

549,665

541,823

----------------

----------------

----------------

----------------

----------------

TOTAL CURRENT LIABILITIES

8,197,247

6,272,491

6,462,472

5,952,544

8,924,212

----------------

----------------

----------------

----------------

----------------

NET CURRENT ASSETS/(LIABILITIES)

27,853,956

29,631,497

20,663,303

10,753,076

3,766,964

----------------

----------------

----------------

----------------

----------------

TOTAL NET ASSETS

58,002,004

50,541,800

42,290,607

33,285,947

26,908,006

=============

=============

=============

=============

=============

SHARE CAPITAL

Ordinary share capital

1

1

1

1

1

----------------

----------------

----------------

----------------

----------------

TOTAL SHARE CAPITAL

1

1

1

1

1

Retained profit/(loss) carried forward

57,301,532

49,732,481

40,693,261

31,071,461

24,169,576

----------------

----------------

----------------

----------------

----------------

TOTAL RESERVES

57,301,532

49,732,481

40,693,261

31,071,461

24,169,576

----------------

----------------

----------------

----------------

----------------

SHAREHOLDERS' FUNDS/EQUITY

57,301,533

49,732,482

40,693,262

31,071,462

24,169,577

Long term loans

-

-

692,964

1,181,403

1,698,549

Deferred taxation

700,471

809,318

904,381

1,033,082

1,039,880

----------------

----------------

----------------

----------------

----------------

TOTAL LONG TERM LIABILITIES

700,471

809,318

1,597,345

2,214,485

2,738,429

----------------

----------------

----------------

----------------

----------------

58,002,004

50,541,800

42,290,607

33,285,947

26,908,006

=============

=============

=============

=============

=============

 

 

 

 

 

 

 

 

FINANCIAL RATIO

 

 

RTP COMPANY (SINGAPORE) PTE LTD

 

TYPES OF FUNDS

Cash

12,672,214

18,750,439

12,028,737

3,842,003

887,656

Net Liquid Funds

12,672,214

18,750,439

12,028,737

3,842,003

887,656

Net Liquid Assets

21,608,330

22,292,334

14,734,440

7,185,396

297,399

Net Current Assets/(Liabilities)

27,853,956

29,631,497

20,663,303

10,753,076

3,766,964

Net Tangible Assets

58,002,004

50,541,800

42,290,607

33,285,947

26,908,006

Net Monetary Assets

20,907,859

21,483,016

13,137,095

4,970,911

(2,441,030)

PROFIT & LOSS ITEMS

Earnings Before Interest & Tax (EBIT)

0

10,000,226

10,418,147

7,555,353

5,517,134

Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)

14,890,575

11,236,860

11,796,620

8,973,821

7,094,466

BALANCE SHEET ITEMS

Total Borrowings

0

0

1,143,926

1,647,766

2,165,312

Total Liabilities

8,897,718

7,081,809

8,059,817

8,167,029

11,662,641

Total Assets

66,199,251

56,814,291

48,753,079

39,238,491

35,832,218

Net Assets

58,002,004

50,541,800

42,290,607

33,285,947

26,908,006

Net Assets Backing

57,301,533

49,732,482

40,693,262

31,071,462

24,169,577

Shareholders' Funds

57,301,533

49,732,482

40,693,262

31,071,462

24,169,577

Total Share Capital

1

1

1

1

1

Total Reserves

57,301,532

49,732,481

40,693,261

31,071,461

24,169,576

GROWTH RATIOS (Year on Year)

Revenue

15.24

5.76

2.81

1.25

12.23

Proft/(Loss) Before Tax

39.04

(3.99)

38.25

41.54

21.06

Proft/(Loss) After Tax

39.05

(6.05)

39.41

37.43

29.11

Total Assets

16.52

16.53

24.25

9.51

5.22

Total Liabilities

25.64

(12.13)

(1.31)

(29.97)

(21.76)

LIQUIDITY (Times)

Cash Ratio

1.55

2.99

1.86

0.65

0.10

Liquid Ratio

3.64

4.55

3.28

2.21

1.03

Current Ratio

4.40

5.72

4.20

2.81

1.42

WORKING CAPITAL CONTROL (Days)

Stock Ratio

40

54

46

28

28

Debtors Ratio

53

37

50

61

52

Creditors Ratio

27

24

30

40

27

SOLVENCY RATIOS (Times)

Gearing Ratio

0

0

0.03

0.05

0.09

Liabilities Ratio

0.16

0.14

0.20

0.26

0.48

Times Interest Earned Ratio

2,807.58

287.94

270.43

159.10

25.95

Assets Backing Ratio

58,002,004.00

50,541,800.00

42,290,607.00

33,285,947.00

26,908,006.00

PERFORMANCE RATIO (%)

Operating Profit Margin

24.15

20.02

22.05

16.40

11.73

Net Profit Margin

21.91

18.16

20.44

15.08

11.11

Return On Net Assets

23.90

19.79

24.63

22.70

20.50

Return On Capital Employed

23.90

19.79

24.63

22.70

20.50

Return On Shareholders' Funds/Equity

21.93

18.18

23.64

22.21

20.78

Dividend Pay Out Ratio (Times)

0.40

0

0

0

0

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

0

0

0

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 64.13

UK Pound

1

INR 89.17

Euro

1

INR 79.39

SGD

1

INR 48.72

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

PRA

 

 

Report Prepared by :

KET

 

 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.