|
|
|
MIRA INFORM REPORT
|
Report No. : |
485216 |
|
Report Date : |
09.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
SOUTHLAND GLOBAL PTE. LTD. |
|
|
|
|
Formerly Known As : |
FENG NIAN COMPANY PTE. LTD. |
|
|
|
|
Registered Office : |
8, Cross Street, 21-05, Pwc Building, 048424 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2015 |
|
|
|
|
Date of Incorporation : |
16.10.2003 |
|
|
|
|
Com. Reg. No.: |
200310407-C |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
Subject is engaged in wholesale of rubber. |
|
|
|
|
No. of Employees : |
40 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
B |
|
Credit Rating |
Explanation |
Rating Comments |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
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 2014-16 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. |
: |
200310407-C |
||||
|
COMPANY NAME |
: |
SOUTHLAND GLOBAL PTE. LTD. |
||||
|
FORMER NAME |
: |
FENG NIAN COMPANY PTE. LTD. (15/11/2016) |
||||
|
INCORPORATION DATE |
: |
16/10/2003 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY SHARE) |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
8, CROSS STREET, 21-05, PWC BUILDING, 048424, SINGAPORE. |
||||
|
BUSINESS ADDRESS |
: |
8, CROSS STREET, 23-03, PWC BUILDING, 048424, SINGAPORE. |
||||
|
TEL.NO. |
: |
65-64386939 |
||||
|
FAX.NO. |
: |
65-64382165 |
||||
|
CONTACT PERSON |
: |
TAN POH TEE ( MANAGING DIRECTOR ) |
||||
|
PRINCIPAL ACTIVITY |
: |
WHOLESALE OF RUBBER |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
14,337,297.00 ORDINARY SHARE, OF A VALUE OF USD 14,393,547.00 |
||||
|
SALES |
: |
USD 237,189,736 [2015] |
||||
|
NET WORTH |
: |
USD 9,904,732 [2015] |
||||
|
STAFF STRENGTH |
: |
40 [2017] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
POOR |
||||
|
PAYMENT |
: |
SLOW |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
LOW |
||||
|
CURRENCY EXPOSURE |
: |
MODERATE |
||||
|
GENERAL REPUTATION |
: |
SATISFACTORY |
||||
|
INDUSTRY OUTLOOK |
: |
AVERAGE 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) wholesale
of rubber.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
08/08/2017 |
USD 14,393,547.00 |
The major shareholder(s) of the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
SOUTHLAND INTERNATIONAL PTE. LTD. |
8, CROSS STREET, 21-05, PWC BUILDING 048424 ,SINGAPORE |
201437325K |
9,849,789.00 |
68.70 |
|
SOUTHLAND RESOURCES CO., LTD. |
55, RAJYINDEE ROAD, HATYAI SUBDIST, HATYAI DISTRICT, SONGKHLA
PROVINCE 90110 ,THAILAND |
T05UF1884 |
3,463,618.00 |
24.16 |
|
PHERM TIRASARNVONG + |
2, KIM YAM ROAD, 06-02, RIVIERA POINT, 239320, SINGAPORE. |
G5171428N |
432,893.00 |
3.02 |
|
KOH AI WEE + |
221, BISHAN STREET 23, 14-179, 570221, SINGAPORE. |
S6930814G |
158,104.00 |
1.10 |
|
LEONG TIM FOOK + |
2, KIM YAM ROAD, 06-02, RIVIERA POINT, 239320, SINGAPORE. |
S2000628E |
43,337.00 |
0.30 |
|
NG TZE KIAT |
55, RAJYINDEE ROAD, HATYAI, SONGKHLA 90110 ,THAILAND |
A27130497 |
389,556.00 |
2.72 |
|
--------------- |
------ |
|||
|
14,337,297.00 |
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 |
FNC QINGDAO TRADING CO., LTD |
- |
95.00 |
31/12/2015 |
DIRECTORS
DIRECTOR 1
|
Name Of Subject |
: |
MA WENJUN |
|
Address |
: |
31, SIMEI STREET 3, 10-14, MY MANHATTAN, 529902, SINGAPORE. |
|
IC / PP No |
: |
G6317017N |
|
Nationality |
: |
CHINESE |
|
Date of Appointment |
: |
23/01/2017 |
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 (Number of Share) |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
1 |
200310407C |
SOUTHLAND GLOBAL PTE. LTD. |
Director |
23/01/2017 |
0.00 |
USD(1,820,164.00) |
2015 |
- |
08/08/2017 |
DIRECTOR 2
|
Name Of Subject |
: |
TRAN NGOC TUNG |
|
Address |
: |
380/34/2/16 KP1, TAN HUNG WARD, DISTRICT 7, HO CHI MINH CITY,
VIETNAM. |
|
IC / PP No |
: |
B9931234 |
|
Nationality |
: |
VIETNAMESE |
|
Date of Appointment |
: |
23/01/2017 |
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 (Number of Share) |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
1 |
200310407C |
SOUTHLAND GLOBAL PTE. LTD. |
Director |
23/01/2017 |
0.00 |
USD(1,820,164.00) |
2015 |
- |
08/08/2017 |
DIRECTOR 3
|
Name Of Subject |
: |
CHRISTIAN TOLLKUEHN |
|
Address |
: |
45, TOH TUCK ROAD, 01-15, THE BEVERLY, 596720, SINGAPORE. |
|
IC / PP No |
: |
S6961341A |
|
Nationality |
: |
GERMAN |
|
Date of Appointment |
: |
23/01/2017 |
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 (Number of Share) |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
1 |
200310407C |
SOUTHLAND GLOBAL PTE. LTD. |
Director |
23/01/2017 |
0.00 |
USD(1,820,164.00) |
2015 |
- |
08/08/2017 |
DIRECTOR 4
|
Name Of Subject |
: |
LIM THIAM CHYE |
|
Address |
: |
20, PENSHURST PLACE, SERANGOON GARDEN ESTATE, 556435, SINGAPORE. |
|
IC / PP No |
: |
S1433609E |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
23/01/2017 |
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 (Number of Share) |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
1 |
201113872C |
ALPHA COMMODITIES PTE. LTD. |
Director |
10/06/2011 |
150,000.00 |
USD414,645.00 |
2014 |
- |
22/09/2016 |
|
2 |
200310407C |
SOUTHLAND GLOBAL PTE. LTD. |
Director |
23/01/2017 |
0.00 |
USD(1,820,164.00) |
2015 |
- |
08/08/2017 |
DIRECTOR 5
|
Name Of Subject |
: |
LEONG TIM FOOK |
|
Address |
: |
2, KIM YAM ROAD, 06-02, RIVIERA POINT, 239320, SINGAPORE. |
|
IC / PP No |
: |
S2000628E |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
16/10/2003 |
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 (Number of Share) |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
1 |
201113872C |
ALPHA COMMODITIES PTE. LTD. |
Director |
10/06/2011 |
100,000.00 |
USD414,645.00 |
2014 |
- |
22/09/2016 |
|
2 |
201100830C |
BILLION COMMODITIES PTE. LTD. |
Director |
01/04/2011 |
130,000.00 |
USD(2,898,465.00) |
2015 |
- |
16/02/2017 |
|
3 |
199906596G |
RUBBERNET (ASIA) PTE LTD |
Director |
26/10/1999 |
0.00 |
USD(1,275,490.00) |
2015 |
- |
26/08/2016 |
|
4 |
200310407C |
SOUTHLAND GLOBAL PTE. LTD. |
Director |
16/10/2003 |
43,337.00 |
USD(1,820,164.00) |
2015 |
- |
08/08/2017 |
|
5 |
201437325K |
SOUTHLAND INTERNATIONAL PTE. LTD. |
Director |
16/12/2014 |
0.00 |
USD(62,057.00) |
2015 |
- |
12/04/2017 |
|
6 |
863408D |
TRILLION RUBBER SDN. BHD. |
Director |
02/09/2009 |
0.00 |
MYR(3,586,329.00) |
2015 |
- |
29/05/2017 |
|
7 |
201214723N |
YIFENG RUBBER PTE. LTD. |
Director |
14/06/2012 |
0.00 |
USD(11,461,032.00) |
2014 |
- |
08/07/2016 |
DIRECTOR 6
|
Name Of Subject |
: |
KOH AI WEE |
|
Address |
: |
221, BISHAN STREET 23, 14-179, 570221, SINGAPORE. |
|
IC / PP No |
: |
S6930814G |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
01/03/2013 |
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 (Number of Share) |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
1 |
200310407C |
SOUTHLAND GLOBAL PTE. LTD. |
Secretary Director |
01/05/2005 01/03/2013 |
158,104.00 |
USD(1,820,164.00) |
2015 |
- |
08/08/2017 |
|
2 |
201437325K |
SOUTHLAND INTERNATIONAL PTE. LTD. |
Secretary |
01/11/2016 |
0.00 |
USD(62,057.00) |
2015 |
- |
12/04/2017 |
DIRECTOR 7
|
Name Of Subject |
: |
PHERM TIRASARNVONG |
|
Address |
: |
2, KIM YAM ROAD, 06-02, RIVIERA POINT, 239320, SINGAPORE. |
|
IC / PP No |
: |
G5171428N |
|
Nationality |
: |
THAI |
|
Date of Appointment |
: |
01/05/2005 |
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 (Number of Share) |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
1 |
201113872C |
ALPHA COMMODITIES PTE. LTD. |
Director |
28/05/2012 |
0.00 |
USD414,645.00 |
2014 |
- |
22/09/2016 |
|
2 |
201100830C |
BILLION COMMODITIES PTE. LTD. |
Director |
01/04/2011 |
6,100,000.00 |
USD(2,898,465.00) |
2015 |
- |
16/02/2017 |
|
3 |
200310407C |
SOUTHLAND GLOBAL PTE. LTD. |
Director |
01/05/2005 |
432,893.00 |
USD(1,820,164.00) |
2015 |
- |
08/08/2017 |
|
4 |
201437325K |
SOUTHLAND INTERNATIONAL PTE. LTD. |
Director |
16/12/2014 |
5,000,000.00 |
USD(62,057.00) |
2015 |
- |
12/04/2017 |
|
5 |
201214723N |
YIFENG RUBBER PTE. LTD. |
Director Shareholder |
14/06/2012 05/03/2013 |
5,000,000.00 |
USD(11,461,032.00) |
2014 |
- |
08/07/2016 |
MANAGEMENT
|
1) |
Name of Subject |
: |
TAN POH TEE |
|
Position |
: |
MANAGING DIRECTOR |
AUDITOR
|
|
Auditor |
: |
RSM CHIO LIM LLP |
|
Auditor' Address |
: |
N/A |
COMPANY
SECRETARIES
|
|
1) |
Company Secretary |
: |
KOH AI WEE |
|
IC / PP No |
: |
S6930814G |
|
|
Address |
: |
221, BISHAN STREET 23, 14-179, 570221, SINGAPORE. |
|
BANKING
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
BNP PARIBAS |
|
2) |
Name |
: |
RAIFFEISEN ZENTRALBANK OESTERREICH AKTIENGESELLSCHAFT |
|
3) |
Name |
: |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
|
4) |
Name |
: |
STANDARD CHARTERED BANK |
|
5) |
Name |
: |
UNITED OVERSEAS BANK LIMITED |
|
6) |
Name |
: |
OVERSEA-CHINESE BANKING CORPORATION LIMITED |
ENCUMBRANCE
(S)
|
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
C200506920 |
08/11/2005 |
N/A |
BNP PARIBAS |
- |
Unsatisfied |
|
C200608160 |
01/12/2006 |
N/A |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
- |
Unsatisfied |
|
C200903312 |
05/06/2009 |
N/A |
BNP PARIBAS |
- |
Unsatisfied |
|
C201104896 |
20/04/2011 |
N/A |
STANDARD CHARTERED BANK |
- |
Unsatisfied |
|
C201115531 |
09/12/2011 |
N/A |
UNITED OVERSEAS BANK LIMITED |
- |
Unsatisfied |
|
C201115885 |
19/12/2011 |
N/A |
CTBC BANK CO., LTD. |
- |
Unsatisfied |
|
C201116090 |
21/12/2011 |
N/A |
CTBC BANK CO., LTD. |
- |
Unsatisfied |
|
C201707690 |
31/07/2017 |
N/A |
OVERSEA-CHINESE BANKING CORPORATION 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 |
: |
N/A |
|
Overseas |
: |
N/A |
The staff from the registered office refused to disclose the Subject's
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 |
[ |
X |
] |
Average 61-90 Days |
[ |
] |
|||||
|
Fair 91-120 Days |
[ |
] |
Poor >120 Days |
[ |
] |
|||||||||
CLIENTELE
|
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
WORLDWIDE |
|||
|
Credit Term |
: |
N/A |
|||
|
Payment Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Goods Traded |
: |
RUBBER |
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2017 |
2016 |
2015 |
||||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
||||||
|
COMPANY |
40 |
11 |
11 |
||||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) wholesale of rubber.
The staff from the registered office refused to disclose the Subject's
operation.
CURRENT
INVESTIGATION
|
Latest fresh investigations carried out on the Subject indicated that
:
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-64386939 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
8 CROSS STREET HEX 21-05 PWC BUILDING |
|
Current Address |
: |
8, CROSS STREET, 23-03, PWC BUILDING, 048424, SINGAPORE. |
|
Match |
: |
NO |
Other Investigations
We contacted one of the staff from the Subject's registered office and he only
provided limited information.
The address provided is incomplete.
FINANCIAL
ANALYSIS
|
|
|
|
Profitability |
||||||
|
Turnover |
: |
Decreased |
[ |
2011 - 2015 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2011 - 2015 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
(18.35%) |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
(13.77%) |
] |
|
|
The continuous fall in turnover could be due to the lower demand
for the Subject's products / services.Higher losses before tax during the year
could be due to the higher operating costs incurred. The Subject's
unfavourable returns on shareholders' funds indicate the management's
inefficiency in utilising its assets to generate returns. |
||||||
|
Working Capital Control |
||||||
|
Debtor Ratio |
: |
Favourable |
[ |
21 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
11 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 |
[ |
1.46 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.46 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 |
: |
Unfavourable |
[ |
(2.70 Times) |
] |
|
|
Gearing Ratio |
: |
Unfavourable |
[ |
1.12 Times |
] |
|
|
The Subject incurred losses in the year. It did not generate sufficient
income to service its interest. If the situation does not improve, the
Subject may be vulnerable to default in servicing the interest. The Subject
was highly geared, thus it had a high financial risk. The Subject was
dependent on loans to finance its business needs. In times of economic
downturn and / or high interest rate, the Subject will become less profitable
and competitive than other firms in the same industry, which are lowly
geared. This is because the Subject has to service the interest and to repay
the loan, which will erode part of its profits. The profits will fluctuate
depending on the Subject's turnover and the interest it needs to pay. |
||||||
|
Overall Assessment : |
||||||
|
The Subject's losses could be attributed to the lower turnover
which in turn could be the result of unfavourable market conditions. 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. The Subject's
interest cover was negative, indicating that it did not generate sufficient
income to service its interest. If its result does not show impressive improvements
or succeed obtaining short term financing or capital injection, it may not be
able to service its interest and repay the loans. The Subject's gearing level
was high and its going concern will be in doubt if there is no injection of
additional shareholders' funds in times of economic downturn and / or high
interest rates. |
||||||
|
Overall financial condition of the Subject : POOR |
||||||
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 |
- |
- |
|
Government Services |
6.00 |
6.50 |
6.30 |
- |
- |
|
Education Services |
0.30 |
3.10 |
5.98 |
- |
- |
|
|
|||||
|
* Estimate / Preliminary |
|||||
|
# Based on Index of Industrial Production (2015 = 100) |
INDUSTRY
ANALYSIS
|
INDUSTRY : |
TRADING |
|
The wholesale & retail
trade sector expanded by 6.8% in the third quarter of 2015, higher than the
6.0% growth in the preceding quarter. Growth was supported by both the wholesale
trade and retail trade segments. The wholesale trade segment was boosted by
an increase in both domestic and foreign wholesale trade sales volume. In
particular, the domestic wholesale trade index rose by 7.4%, following the
8.1 % increase in the previous quarter. The strong performance in domestic
wholesale trade was due to a surge in the sales of petroleum and petroleum
products (14%), chemicals & chemical products (39%) and
telecommunications & computers (18%). |
|
|
Similarly, the foreign wholesale
trade index rose by 10% in the third quarter of 2015, accelerating from the
6.9% rise in the previous quarter. Growth was driven by improvements in the
sales of petroleum & petroleum products (21%), metals, timber &
construction materials (10%) and general wholesale trade (8.8%). |
|
|
Overall retail trade sales
volume also recorded resilient growth of 5.6% in the third quarter of 2015,
extending the 6.4 % expansion in the second quarter. Growth was supported by
a surge in the volume of motor vehicle sales (44%), which was in turn due to
a substantial increase in the supply of Certificate of Entitlements.
Excluding motor vehicles, retail sales volume increased at a much slower pace
of 0.7% over the same period. The increase in retail sales volume (excluding
motor vehicles) was due to improved non-discretionary goods sales. For
instance, the sales of medical goods & toiletries and department store
goods rose by 8.1% and 3.6% respectively. |
|
|
According to the Retail News Asia,
Food and beverage has overtaken fashion as the primary driver of demand for
retail real estate in Singapore. Despite declining retail sales and consumer
spending, the prime retail sector remained in good shape during the third
quarter 2015. |
|
|
OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH |
|
CREDIT
RISK EVALUATION & RECOMMENDATION
|
Incorporated in 2003, the
Subject is a Private Limited company, focusing on wholesale of rubber. 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. The Subject has a
strong capital position of USD 14,393,547. We are confident with the
Subject's business and its future growth prospect. Having strong support from
its shareholders has enabled the Subject to remain competitive despite the
challenging business environment.
|
PROFIT
AND LOSS ACCOUNT
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH
SINGAPORE FINANCIAL REPORTING STANDARDS. |
|
SOUTHLAND GLOBAL PTE. LTD. |
|
Financial Year End |
2015-12-31 |
2014-12-31 |
2013-12-31 |
2012-12-31 |
2011-12-31 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated Account |
GROUP |
GROUP |
GROUP |
GROUP |
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 |
SUMMARY |
|
Currency |
USD |
USD |
USD |
USD |
SGD |
|
TURNOVER |
237,189,736 |
411,708,462 |
757,562,534 |
814,026,760 |
1,896,979,542 |
|
Other Income |
- |
- |
86,738 |
25,069 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
237,189,736 |
411,708,462 |
757,649,272 |
814,051,829 |
1,896,979,542 |
|
Costs of Goods Sold |
(235,759,822) |
(408,979,582) |
(753,571,457) |
(807,284,690) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
1,429,914 |
2,728,880 |
4,077,815 |
6,767,139 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
(1,868,301) |
(1,334,393) |
(439,379) |
(357,358) |
58,761 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
(1,868,301) |
(1,334,393) |
(439,379) |
(357,358) |
58,761 |
|
Taxation |
48,137 |
6,816 |
13,126 |
(43,205) |
(35,324) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
(1,820,164) |
(1,327,577) |
(426,253) |
(400,563) |
23,437 |
|
Minority interests |
3,102 |
3,248 |
(340) |
1,580 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS |
(1,817,062) |
(1,324,329) |
(426,593) |
(398,983) |
23,437 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS |
(1,817,062) |
(1,324,329) |
(426,593) |
(398,983) |
23,437 |
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
6,387,795 |
7,712,124 |
8,138,717 |
8,537,700 |
10,825,995 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
6,387,795 |
7,712,124 |
8,138,717 |
8,537,700 |
10,825,995 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
4,570,733 |
6,387,795 |
7,712,124 |
8,138,717 |
10,849,432 |
|
TRANSFER TO RESERVES - General |
431,484 |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
5,002,217 |
6,387,795 |
7,712,124 |
8,138,717 |
10,849,432 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Term loan / Borrowing |
504,376 |
1,087,027 |
2,445,402 |
5,088,686 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
504,376 |
1,087,027 |
2,445,402 |
5,088,686 |
- |
|
|
============= |
============= |
============= |
============= |
- |
|
|
DEPRECIATION (as per notes to P&L) |
3,371 |
20,176 |
27,774 |
7,860 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
3,371 |
20,176 |
27,774 |
7,860 |
- |
|
|
============= |
============= |
============= |
============= |
BALANCE
SHEET
|
SOUTHLAND GLOBAL PTE. LTD. |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
398 |
8,391,342 |
18,558 |
2,952 |
695,040 |
|
Others |
757,801 |
757,801 |
585,324 |
500,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
757,801 |
757,801 |
585,324 |
500,000 |
- |
|
Goodwill on consolidation |
- |
4,119,470 |
- |
- |
- |
|
Others |
- |
- |
94,957 |
94,957 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL INTANGIBLE ASSETS |
- |
4,119,470 |
94,957 |
94,957 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
758,199 |
13,268,613 |
698,839 |
597,909 |
695,040 |
|
Stocks |
- |
755,849 |
- |
- |
- |
|
Trade debtors |
13,570,233 |
16,856,501 |
48,816,459 |
37,378,165 |
- |
|
Other debtors, deposits & prepayments |
1,552 |
13,632 |
293,775 |
1,341,222 |
- |
|
Short term deposits |
33,455 |
35,771 |
- |
- |
- |
|
Amount due from agents, brokers & reinsurers |
750,742 |
1,320,183 |
- |
- |
- |
|
Amount due from related companies |
6,540,539 |
6,495 |
5,265,946 |
- |
- |
|
Cash & bank balances |
8,131,122 |
5,127,790 |
14,659,521 |
11,139,367 |
- |
|
Others |
15,192 |
123,123 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
29,042,835 |
24,239,344 |
69,035,701 |
49,858,754 |
85,104,575 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
29,801,034 |
37,507,957 |
69,734,540 |
50,456,663 |
85,799,615 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
7,062,703 |
7,533,566 |
42,386,250 |
25,317,629 |
- |
|
Other creditors & accruals |
1,391,838 |
1,683,750 |
- |
64 |
- |
|
Short term borrowings/Term loans |
11,101,976 |
4,175,395 |
4,566,657 |
10,130,255 |
- |
|
Deposits from customers |
- |
35,927 |
- |
- |
- |
|
Other liabilities & accruals |
- |
- |
2,210,284 |
1,544,602 |
- |
|
Amounts owing to holding company |
23,530 |
9,834,250 |
- |
- |
- |
|
Amounts owing to related companies |
316,255 |
2,912,873 |
7,924,215 |
354,297 |
- |
|
Provision for taxation |
- |
3,311 |
- |
48,634 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
19,896,302 |
26,179,072 |
57,087,406 |
37,395,481 |
72,306,781 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
9,146,533 |
(1,939,728) |
11,948,295 |
12,463,273 |
12,797,794 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
9,904,732 |
11,328,885 |
12,647,134 |
13,061,182 |
13,492,834 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
4,893,547 |
4,893,547 |
4,893,547 |
4,893,547 |
6,137,487 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
4,893,547 |
4,893,547 |
4,893,547 |
4,893,547 |
6,137,487 |
|
Exchange equalisation/fluctuation reserve |
(5,201) |
(2,255) |
19,898 |
8,303 |
- |
|
Retained profit/(loss) carried forward |
5,002,217 |
6,387,795 |
7,712,124 |
8,138,717 |
10,849,432 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
4,997,016 |
6,385,540 |
7,732,022 |
8,147,020 |
7,355,347 |
|
MINORITY INTEREST |
14,169 |
49,798 |
21,565 |
20,615 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
9,904,732 |
11,328,885 |
12,647,134 |
13,061,182 |
13,492,834 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
9,904,732 |
11,328,885 |
12,647,134 |
13,061,182 |
13,492,834 |
|
|
============= |
============= |
============= |
============= |
============= |
|
FINANCIAL
RATIO
|
|
|
|
SOUTHLAND GLOBAL PTE. LTD. |
|
TYPES OF FUNDS |
|||||
|
Cash |
8,164,577 |
5,163,561 |
14,659,521 |
11,139,367 |
- |
|
Net Liquid Funds |
8,164,577 |
5,163,561 |
14,659,521 |
11,139,367 |
- |
|
Net Liquid Assets |
9,146,533 |
(2,695,577) |
11,948,295 |
12,463,273 |
12,797,794 |
|
Net Current Assets/(Liabilities) |
9,146,533 |
(1,939,728) |
11,948,295 |
12,463,273 |
12,797,794 |
|
Net Tangible Assets |
9,904,732 |
7,209,415 |
12,552,177 |
12,966,225 |
13,492,834 |
|
Net Monetary Assets |
9,146,533 |
(2,695,577) |
11,948,295 |
12,463,273 |
12,797,794 |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest & Tax (EBIT) |
(1,363,925) |
(247,366) |
2,006,023 |
4,731,328 |
- |
|
Earnings Before Interest, Taxes, Depreciation And Amortization
(EBITDA) |
(1,360,554) |
(227,190) |
2,033,797 |
4,739,188 |
- |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
11,101,976 |
4,175,395 |
4,566,657 |
10,130,255 |
- |
|
Total Liabilities |
19,896,302 |
26,179,072 |
57,087,406 |
37,395,481 |
72,306,781 |
|
Total Assets |
29,801,034 |
37,507,957 |
69,734,540 |
50,456,663 |
85,799,615 |
|
Net Assets |
9,904,732 |
11,328,885 |
12,647,134 |
13,061,182 |
13,492,834 |
|
Net Assets Backing |
9,904,732 |
11,328,885 |
12,647,134 |
13,061,182 |
13,492,834 |
|
Shareholders' Funds |
9,904,732 |
11,328,885 |
12,647,134 |
13,061,182 |
13,492,834 |
|
Total Share Capital |
4,893,547 |
4,893,547 |
4,893,547 |
4,893,547 |
6,137,487 |
|
Total Reserves |
4,997,016 |
6,385,540 |
7,732,022 |
8,147,020 |
7,355,347 |
|
GROWTH RATIOS (Year on Year) |
|||||
|
Revenue |
(42.39) |
(45.65) |
(6.94) |
(57.09) |
87.15 |
|
Proft/(Loss) Before Tax |
(40.01) |
(203.70) |
(22.95) |
(708.16) |
(97.61) |
|
Proft/(Loss) After Tax |
(37.10) |
(211.45) |
(6.41) |
(1,809.11) |
(99.03) |
|
Total Assets |
(20.55) |
(46.21) |
38.21 |
(41.19) |
(24.70) |
|
Total Liabilities |
(24.00) |
(54.14) |
52.66 |
(48.28) |
(25.44) |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.41 |
0.20 |
0.26 |
0.30 |
- |
|
Liquid Ratio |
1.46 |
0.90 |
1.21 |
1.33 |
- |
|
Current Ratio |
1.46 |
0.93 |
1.21 |
1.33 |
1.18 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
0 |
1 |
0 |
0 |
- |
|
Debtors Ratio |
21 |
15 |
24 |
17 |
- |
|
Creditors Ratio |
11 |
7 |
21 |
11 |
- |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
1.12 |
0.37 |
0.36 |
0.78 |
- |
|
Liabilities Ratio |
2.01 |
2.31 |
4.51 |
2.86 |
5.36 |
|
Times Interest Earned Ratio |
(2.70) |
(0.23) |
0.82 |
0.93 |
- |
|
Assets Backing Ratio |
2.02 |
1.47 |
2.57 |
2.65 |
2.20 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
(0.79) |
(0.32) |
(0.06) |
(0.04) |
0 |
|
Net Profit Margin |
(0.77) |
(0.32) |
(0.06) |
(0.05) |
0 |
|
Return On Net Assets |
(13.77) |
(2.18) |
15.86 |
36.22 |
0.44 |
|
Return On Capital Employed |
(13.75) |
(1.60) |
15.72 |
35.91 |
0.44 |
|
Return On Shareholders' Funds/Equity |
(18.35) |
(11.69) |
(3.37) |
(3.05) |
0.17 |
|
Dividend Pay Out Ratio (Times) |
0 |
0 |
0 |
0 |
- |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.35 |
|
|
1 |
INR 85.89 |
|
Euro |
1 |
INR 76.15 |
|
SGD |
1 |
INR 47.67 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
NIT |
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.