|
|
|
MIRA INFORM REPORT
|
Report No. : |
492817 |
|
Report Date : |
23.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
PROCTER &
GAMBLE INTERNATIONAL OPERATIONS SA SINGAPORE BRANCH |
|
|
|
|
Registered Office : |
80, Raffles Place, 32-01, Uob Plaza, 048624 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
30.06.2017 |
|
|
|
|
Date of Incorporation : |
31.12.2010 |
|
|
|
|
Com. Reg. No.: |
T10FC0158J |
|
|
|
|
Legal Form : |
Foreign |
|
|
|
|
Line of Business : |
The subject is principally engaged in the
business management services, regional entrepreneur. |
|
|
|
|
No. of Employees : |
Not Available |
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+ |
Low Risk |
Business dealings permissible with low
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 (30.09.2017) |
Current Rating (31.12.2017) |
|
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. |
: |
T10FC0158J |
|
COMPANY NAME |
: |
PROCTER & GAMBLE INTERNATIONAL
OPERATIONS SA SINGAPORE BRANCH |
|
FORMER NAME |
: |
N/A |
|
INCORPORATION DATE |
: |
31/12/2010 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
FOREIGN |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
80, RAFFLES PLACE, 32-01, UOB PLAZA,
048624, SINGAPORE. |
|
BUSINESS ADDRESS |
: |
11, NORTH BUONA VISTA DRIVE, 21-07, THE METROPOLIS
TOWER-2, 138589, SINGAPORE. |
|
TEL.NO. |
: |
65-67125000/67125121 |
|
FAX.NO. |
: |
65-67126200 |
|
WEB SITE |
: |
WWW.PG.COM |
|
CONTACT PERSON |
: |
MALCOLM RAYMOND CLARKE ( DIRECTOR ) |
|
PRINCIPAL ACTIVITY |
: |
BUSINESS MANAGEMENT SERVICES, REGIONAL
ENTREPRENEUR |
|
SALES |
: |
SGD 5,420,889,000 [2017] |
|
NET WORTH |
: |
SGD 929,843,000 [2017] |
|
STAFF STRENGTH |
: |
N/A |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
STRONG |
|
PAYMENT |
: |
REGULAR |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL RISK |
: |
LOW |
|
CURRENCY EXPOSURE |
: |
MODERATE |
|
GENERAL REPUTATION |
: |
SATISFACTORY |
|
INDUSTRY OUTLOOK |
: |
MARGINAL GROWTH |
HISTORY / BACKGROUND
|
The subject is principally engaged in the (as
a / as an) business management services, regional entrepreneur.
No shareholders was found in our databank at
the time of investigation
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
MR. MALCOLM RAYMOND CLARKE |
|
Address |
: |
CHEMIN DU JONC 26C, 1218, LE
GRAND-SACONNEX, SWITZERLAND. |
|
IC / PP No |
: |
518232133 |
|
Nationality |
: |
BRITISH |
|
Date of Appointment |
: |
03/11/2016 |
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 |
T10FC0158J |
PROCTER & GAMBLE INTERNATIONAL
OPERATIONS SA SINGAPORE BRANCH |
Director |
03/11/2016 |
0.00 |
- |
SGD309,959,000.00 |
2017 |
- |
21/02/2018 |
DIRECTOR 2
|
Name Of Subject |
: |
GIOVANNI CISERANI |
|
Address |
: |
ROUTE DU JURA 17, 1296 COPPET, SWITZERLAND. |
|
IC / PP No |
: |
YA7987149 |
|
Nationality |
: |
ITALIAN |
|
Date of Appointment |
: |
01/07/2007 |
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 |
T10FC0158J |
PROCTER & GAMBLE INTERNATIONAL
OPERATIONS SA SINGAPORE BRANCH |
Director |
01/07/2007 |
0.00 |
- |
SGD309,959,000.00 |
2017 |
- |
21/02/2018 |
DIRECTOR 3
|
Name Of Subject |
: |
LACIN OGUZ ACIKEL |
|
Address |
: |
CHEMIN BOISSIER 26 1223 COLOGNY,
SWITZERLAND. |
|
IC / PP No |
: |
U12624339 |
|
Nationality |
: |
TURK |
|
Date of Appointment |
: |
28/03/2017 |
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 |
T10FC0158J |
PROCTER & GAMBLE INTERNATIONAL
OPERATIONS SA SINGAPORE BRANCH |
Director |
28/03/2017 |
0.00 |
- |
SGD309,959,000.00 |
2017 |
- |
21/02/2018 |
DIRECTOR 4
|
Name Of Subject |
: |
LUIGI PIERLEONI |
|
Address |
: |
CHEMIN LOUIS DEGAILLER 63, 1290 VERSOIX,
SWITZERLAND. |
|
IC / PP No |
: |
AA5308853 |
|
Nationality |
: |
ITALIAN |
|
Date of Appointment |
: |
05/03/2012 |
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 |
T10FC0158J |
PROCTER & GAMBLE INTERNATIONAL
OPERATIONS SA SINGAPORE BRANCH |
Director |
05/03/2012 |
0.00 |
- |
SGD309,959,000.00 |
2017 |
- |
21/02/2018 |
DIRECTOR 5
|
Name Of Subject |
: |
PETER WINSTON GRIFFIN |
|
Address |
: |
CHEMIN DE VOIRONS, 1224, CHENEBOUGERIES,
SWITZERLAND. |
|
IC / PP No |
: |
501183707 |
|
Nationality |
: |
BRITISH |
|
Date of Appointment |
: |
31/03/2011 |
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 |
T10FC0158J |
PROCTER & GAMBLE INTERNATIONAL
OPERATIONS SA SINGAPORE BRANCH |
Director |
31/03/2011 |
0.00 |
- |
SGD309,959,000.00 |
2017 |
- |
21/02/2018 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
MALCOLM RAYMOND CLARKE |
|
Position |
: |
DIRECTOR |
|
AUDITOR
|
No Auditor found in our databank
COMPANY SECRETARIES
|
|
1) |
Company Secretary |
: |
EDWARD DRACY HUNTER |
|
IC / PP No |
: |
G5726925T |
|
|
Address |
: |
11, ARDMORE PARK, 15-01, ARDMORE PARK,
259957, SINGAPORE. |
|
|
Remarks |
: |
AUTHORISED REPRESENTATIVE |
|
|
2) |
Company Secretary |
: |
MAGESVARAN SURANJAN |
|
IC / PP No |
: |
G5268873L |
|
|
Address |
: |
4, BELMONT ROAD, 269907, SINGAPORE. |
|
|
Remarks |
: |
AUTHORISED REPRESENTATIVE |
|
|
3) |
Company Secretary |
: |
NICOLAS ANTHONY MARIE FRANCIS DEFAUW |
|
IC / PP No |
: |
G5294223W |
|
|
Address |
: |
6, BIN TONG PARK, 269789, SINGAPORE. |
|
|
Remarks |
: |
AUTHORISED REPRESENTATIVE |
|
|
4) |
Company Secretary |
: |
VINITAA JAYSON |
|
IC / PP No |
: |
G3274220W |
|
|
Address |
: |
130, EMERALD HILL ROAD, 229412, SINGAPORE. |
|
|
Remarks |
: |
AUTHORISED REPRESENTATIVE |
|
BANKING
|
No Banker found in our databank.
ENCUMBRANCE (S)
|
No encumbrance was found in our databank at the time of investigation.
LITIGATION CHECK - SUBJECT COMPANY AS A DEFENDANT
|
* A check has been conducted in our databank against 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 |
: |
N/A |
|
Overseas |
: |
N/A |
The Subject refused to disclose its suppliers.
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 |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
WORLDWIDE |
|||
|
Credit Term |
: |
AS AGREED |
|||
|
Payment Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Services |
: |
BUSINESS MANAGEMENT SERVICES, REGIONAL
ENTREPRENEUR |
|
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) business management
services, regional entrepreneur.
The Subject develop overall regional business strategies and plans in relation
to the P&G brands, including brand design and equity, product supply,
marketing and distribution of consumer goods.
CURRENT INVESTIGATION
|
Latest fresh investigations carried out on
the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-67125000/67125121 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
11 NORTH BUONA VISTA DRIVE,#21-07,THE
METROPOLIS TOWER 2 138589 SINGAPORE |
|
Current Address |
: |
11, NORTH BUONA VISTA DRIVE, 21-07, THE
METROPOLIS TOWER-2, 138589, SINGAPORE. |
|
Match |
: |
YES |
Other Investigations
We contacted one of the staff from the Subject's registered office and she
provided some information.
She refused to disclose the Subject's number of employees.
FINANCIAL ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2013 - 2017 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2013 - 2017 |
] |
|
|
Return on Shareholder Funds |
: |
Favourable |
[ |
33.33% |
] |
|
|
Return on Net Assets |
: |
Favourable |
[ |
38.42% |
] |
|
|
The fluctuating turnover reflects the
fierce competition among the existing and new market players.The Subject's
profit fell sharply because of the high operating costs incurred. Generally the
Subject was profitable. The favourable return on shareholders' funds and
return on net assets indicate that the Subject's management was efficient in
utilising the assets to generate returns. |
||||||
|
Working Capital Control |
||||||
|
Debtor Ratio |
: |
Favourable |
[ |
7 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
43 Days |
] |
|
|
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 |
[ |
1.34 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.54 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 |
[ |
2,928.32 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 : |
||||||
|
The Subject recorded lower profits as its turnover
showed a erratic trend. The Subject's management was unable to control its
costs efficiently as its profit showed a downward trend. 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 : |
ECONOMY |
|
The economy expanded by 1.9% in the third quarter
of 2015, marginally slower than the 2.0% growth in the second quarter. On a
quarter-on-quarter seasonally-adjusted annualised basis, the economy grew by
1.9%, a reversal from the 2.6% contraction in the previous quarter. |
|
|
Among the key sectors of the economy, the
manufacturing sector recorded the weakest performance, contracting by 6.2% in
the third quarter of 2015, extending the 4.8% decline in the previous
quarter. The contraction was primarily due to a decline in the output of the
transport engineering, electronics and precision engineering clusters. |
|
|
The services producing industries performed
better, with all sectors registering expansions. The wholesale & retail trade
sector posted the strongest growth of 6.8%, followed by the finance &
insurance (4.8%), information & communications (4.8%), other services
(2.2%) and business services (1.5%) sectors. The accommodation & food
services and transportation & storage sectors also recorded positive
growth of 0.9% and 0.3% respectively. |
|
|
Meanwhile, the construction sector grew by
1.6%, moderating from the 2.2% growth in the second quarter of 2015. The
sectors that contributed the most to economic growth in the third quarter of
2015 were the wholesale & retail trade and finance & insurance
sectors. Together, they accounted for about 97% of overall GDP growth. |
|
|
Total demand rose by 4.1% in the third quarter,
accelerating from the 0.6% growth in the previous quarter. The expansion was
supported by both external and domestic demand. External demand rose at a
faster pace of 3.2%, compared to the 1.1% growth in the previous quarter.
Meanwhile, domestic demand increased by 6.6%, a rebound from the 0.6% decline
in the second quarter. |
|
|
Domestic demand was driven by consumption
expenditure, which grew by 6.7% in the third quarter of 2015 following the
3.4% growth in the previous quarter. Both private and public consumption
contributed to the rise in consumption expenditure. Changes in inventories
also supported growth, rising by 1.6%, a reversal from the 2.9% contraction
in the previous quarter. Growth in gross fixed capital formation moderated to
0.2%, from 4.1% in the previous quarter, weighed down by both public and
private investments. Public investments contracted by 1.1%, a sharp reversal
from the 11% growth in the previous quarter. On the other hand, private
investments registered modest growth of 0.5%, slower than the 2.4% growth in
the previous quarter. |
|
|
Overall employment rose by 16,400 on a
quarter-on-quarter basis in the third quarter of 2015, faster than the gains
of 9,700 in the previous quarter. However, this represented a slower rate of
increase as compared to the employment gains of 33,400 in the third quarter
of 2014. The increase in employment in the third quarter brought the total
number of employed persons in September 2015 to 3,644,000, 1.7% higher than a
year ago. The rate of increase over 2014 was slower compared to that recorded
in June 2015 (2.2%). At the sectoral level, employment in the services and
construction sectors expanded on a quarter-on-quarter basis in the third
quarter of 2015, while manufacturing employment continued to decline. |
|
|
Even though global growth is expected to
improve, the continued slowdown in the Chinese economy, the services-driven
nature of growth in the US, as well as the trends of in-sourcing in China and
the US may mean that external demand for Singapore and regional countries may
not see a significant uplift in 2016. Domestically, the labour market is also
expected to be tight, with the unemployment rate remaining low. |
|
|
Against this backdrop, the growth outlook
for the Singapore economy in 2016 is modest. While sectors such as finance
& insurance and wholesale trade are expected to support growth, the
manufacturing sector is likely to remain weak. Sector-specific factors may
also weigh on the growth of some sectors. For instance, sustained low oil
prices will continue to dampen rig building activities in the marine &
offshore segment. Growth in labour-intensive sectors such as retail and food
services may also be weighed down by labour constraints. By barring the
materialisation of downside risks, the Singapore economy is expected to grow
at a modest pace of "1.0% to 3.0%" in 2016. |
|
|
OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH |
|
CREDIT RISK EVALUATION & RECOMMENDATION
|
|
|
PROFIT AND LOSS ACCOUNT
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN
ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS. |
|
PROCTER & GAMBLE INTERNATIONAL
OPERATIONS SA SINGAPORE BRANCH |
|
Financial Year End |
2017-06-30 |
2016-06-30 |
2015-06-30 |
2014-06-30 |
2013-06-30 |
|
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 |
SGD |
SGD |
SGD |
SGD |
SGD |
|
TURNOVER |
5,420,889,000 |
5,387,661,000 |
5,391,498,000 |
5,616,165,000 |
5,857,180,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
5,420,889,000 |
5,387,661,000 |
5,391,498,000 |
5,616,165,000 |
5,857,180,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
357,133,000 |
648,459,000 |
609,517,000 |
493,742,000 |
547,847,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
357,133,000 |
648,459,000 |
609,517,000 |
493,742,000 |
547,847,000 |
|
Taxation |
(47,174,000) |
(11,583,000) |
(10,299,000) |
(7,420,000) |
(1,824,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
309,959,000 |
636,876,000 |
599,218,000 |
486,322,000 |
546,023,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
852,085,000 |
681,048,000 |
651,970,000 |
596,844,000 |
573,122,000 |
|
Prior year adjustment |
6,671,000 |
(9,888,000) |
9,979,000 |
16,396,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
858,756,000 |
671,160,000 |
661,949,000 |
613,240,000 |
573,122,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
1,168,715,000 |
1,308,036,000 |
1,261,167,000 |
1,099,562,000 |
1,119,145,000 |
|
TRANSFER TO RESERVES - General |
(243,052,000) |
(455,951,000) |
(580,119,000) |
(447,592,000) |
(522,301,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
925,663,000 |
852,085,000 |
681,048,000 |
651,970,000 |
596,844,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Others |
122,000 |
73,000 |
68,000 |
96,000 |
134,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
122,000 |
73,000 |
68,000 |
96,000 |
134,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION (as per notes to P&L) |
30,565,000 |
31,183,000 |
33,545,000 |
24,126,000 |
16,036,000 |
|
AMORTIZATION |
3,768,000 |
3,768,000 |
3,768,000 |
3,768,000 |
3,769,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Amortization And Depreciation |
34,333,000 |
34,951,000 |
37,313,000 |
27,894,000 |
19,805,000 |
|
============= |
============= |
============= |
============= |
============= |
BALANCE SHEET
|
|
PROCTER & GAMBLE INTERNATIONAL
OPERATIONS SA SINGAPORE BRANCH |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
309,333,000 |
328,672,000 |
337,539,000 |
336,878,000 |
275,019,000 |
|
LONG TERM INVESTMENTS/OTHER ASSETS |
|||||
|
Deferred assets |
2,143,000 |
7,617,000 |
4,593,000 |
4,987,000 |
5,704,000 |
|
Others |
8,176,000 |
198,815,000 |
7,707,000 |
4,746,000 |
6,633,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
10,319,000 |
206,432,000 |
12,300,000 |
9,733,000 |
12,337,000 |
|
INTANGIBLE ASSETS |
|||||
|
Trademarks |
11,244,000 |
14,456,000 |
17,668,000 |
20,880,000 |
24,092,000 |
|
Others |
13,021,000 |
13,577,000 |
14,133,000 |
14,689,000 |
15,245,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL INTANGIBLE ASSETS |
24,265,000 |
28,033,000 |
31,801,000 |
35,569,000 |
39,337,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
343,917,000 |
563,137,000 |
381,640,000 |
382,180,000 |
326,693,000 |
|
CURRENT ASSETS |
|||||
|
Stocks |
263,017,000 |
286,517,000 |
271,036,000 |
343,091,000 |
383,946,000 |
|
Contract work-in-progress |
29,886,000 |
37,856,000 |
33,977,000 |
28,456,000 |
- |
|
Trade debtors |
100,238,000 |
55,774,000 |
59,036,000 |
53,733,000 |
53,878,000 |
|
Other debtors, deposits & prepayments |
188,577,000 |
404,355,000 |
307,094,000 |
125,451,000 |
135,529,000 |
|
Short term loans & advances |
1,583,000 |
1,226,000 |
1,248,000 |
1,024,000 |
- |
|
Amount due from related companies |
551,974,000 |
1,202,251,000 |
1,119,321,000 |
1,281,580,000 |
1,308,248,000 |
|
Cash & bank balances |
815,021,000 |
84,667,000 |
43,212,000 |
44,324,000 |
46,113,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
1,950,296,000 |
2,072,646,000 |
1,834,924,000 |
1,877,659,000 |
1,927,714,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
2,294,213,000 |
2,635,783,000 |
2,216,564,000 |
2,259,839,000 |
2,254,407,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
643,847,000 |
563,583,000 |
472,481,000 |
459,787,000 |
496,220,000 |
|
Other creditors & accruals |
108,984,000 |
138,361,000 |
124,047,000 |
97,439,000 |
104,527,000 |
|
Amounts owing to related companies |
465,369,000 |
909,378,000 |
780,589,000 |
884,926,000 |
876,584,000 |
|
Provision for taxation |
30,485,000 |
3,450,000 |
3,123,000 |
3,869,000 |
1,929,000 |
|
Other liabilities |
15,227,000 |
14,404,000 |
13,216,000 |
11,893,000 |
14,021,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
1,263,912,000 |
1,629,176,000 |
1,393,456,000 |
1,457,914,000 |
1,493,281,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
686,384,000 |
443,470,000 |
441,468,000 |
419,745,000 |
434,433,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
LONG TERM LIABILITIES |
|||||
|
Retirement benefits provision |
99,747,000 |
104,315,000 |
91,853,000 |
99,748,000 |
114,075,000 |
|
Others |
711,000 |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
100,458,000 |
104,315,000 |
91,853,000 |
99,748,000 |
114,075,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
929,843,000 |
902,292,000 |
731,255,000 |
702,177,000 |
647,051,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
HEAD OFFICE ACCOUNT |
4,180,000 |
50,207,000 |
50,207,000 |
50,207,000 |
50,207,000 |
|
RESERVES |
|||||
|
Retained profit/(loss) carried forward |
925,663,000 |
852,085,000 |
681,048,000 |
651,970,000 |
596,844,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
925,663,000 |
852,085,000 |
681,048,000 |
651,970,000 |
596,844,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
929,843,000 |
902,292,000 |
731,255,000 |
702,177,000 |
647,051,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
FINANCIAL RATIO
|
|
PROCTER & GAMBLE INTERNATIONAL
OPERATIONS SA SINGAPORE BRANCH |
|
TYPES OF FUNDS |
|||||
|
Cash |
815,021,000 |
84,667,000 |
43,212,000 |
44,324,000 |
46,113,000 |
|
Net Liquid Funds |
815,021,000 |
84,667,000 |
43,212,000 |
44,324,000 |
46,113,000 |
|
Net Liquid Assets |
423,367,000 |
156,953,000 |
170,432,000 |
76,654,000 |
50,487,000 |
|
Net Current Assets/(Liabilities) |
686,384,000 |
443,470,000 |
441,468,000 |
419,745,000 |
434,433,000 |
|
Net Tangible Assets |
905,578,000 |
874,259,000 |
699,454,000 |
666,608,000 |
607,714,000 |
|
Net Monetary Assets |
322,909,000 |
52,638,000 |
78,579,000 |
(23,094,000) |
(63,588,000) |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest & Tax (EBIT) |
357,255,000 |
648,532,000 |
609,585,000 |
493,838,000 |
547,981,000 |
|
Earnings Before Interest, Taxes,
Depreciation And Amortization (EBITDA) |
391,588,000 |
683,483,000 |
646,898,000 |
521,732,000 |
567,786,000 |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
0 |
0 |
0 |
0 |
0 |
|
Total Liabilities |
1,364,370,000 |
1,733,491,000 |
1,485,309,000 |
1,557,662,000 |
1,607,356,000 |
|
Total Assets |
2,294,213,000 |
2,635,783,000 |
2,216,564,000 |
2,259,839,000 |
2,254,407,000 |
|
Net Assets |
929,843,000 |
902,292,000 |
731,255,000 |
702,177,000 |
647,051,000 |
|
Net Assets Backing |
929,843,000 |
902,292,000 |
731,255,000 |
702,177,000 |
647,051,000 |
|
Shareholders' Funds |
929,843,000 |
902,292,000 |
731,255,000 |
702,177,000 |
647,051,000 |
|
Total Share Capital |
0 |
0 |
0 |
0 |
0 |
|
Total Reserves |
925,663,000 |
852,085,000 |
681,048,000 |
651,970,000 |
596,844,000 |
|
GROWTH RATIOS (Year on Year) (%) |
|||||
|
Revenue |
0.62 |
(0.07) |
(4.00) |
(4.11) |
20.18 |
|
Proft/(Loss) Before Tax |
(44.93) |
6.39 |
23.45 |
(9.88) |
(3.08) |
|
Proft/(Loss) After Tax |
(51.33) |
6.28 |
23.21 |
(10.93) |
(3.60) |
|
Total Assets |
(12.96) |
18.91 |
(1.91) |
0.24 |
14.23 |
|
Total Liabilities |
(21.29) |
16.71 |
(4.64) |
(3.09) |
59.27 |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.64 |
0.05 |
0.03 |
0.03 |
0.03 |
|
Liquid Ratio |
1.33 |
1.10 |
1.12 |
1.05 |
1.03 |
|
Current Ratio |
1.54 |
1.27 |
1.32 |
1.29 |
1.29 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
20 |
22 |
21 |
24 |
24 |
|
Debtors Ratio |
7 |
4 |
4 |
3 |
3 |
|
Creditors Ratio |
43 |
38 |
32 |
30 |
31 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
0 |
0 |
0 |
0 |
0 |
|
Liabilities Ratio |
1.47 |
1.92 |
2.03 |
2.22 |
2.48 |
|
Times Interest Earned Ratio |
2,928.32 |
8,884.00 |
8,964.49 |
5,144.15 |
4,089.41 |
|
Assets Backing Ratio |
- |
- |
- |
- |
- |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
6.59 |
12.04 |
11.31 |
8.79 |
9.35 |
|
Net Profit Margin |
5.72 |
11.82 |
11.11 |
8.66 |
9.32 |
|
Return On Net Assets |
38.42 |
71.88 |
83.36 |
70.33 |
84.69 |
|
Return On Capital Employed |
33.88 |
62.68 |
71.30 |
58.97 |
68.46 |
|
Return On Shareholders' Funds/Equity |
33.33 |
70.58 |
81.94 |
69.26 |
84.39 |
|
Dividend Pay Out Ratio (Times) |
0 |
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 65.05 |
|
|
1 |
INR 90.41 |
|
Euro |
1 |
INR 79.83 |
|
SGD |
1 |
INR 49.00 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
TPT |
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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.