|
|
|
MIRA INFORM REPORT
|
Report No. : |
487982 |
|
Report Date : |
29.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
INDOCEAN LPG PTE. LTD. |
|
|
|
|
Registered Office : |
133, Cecil Street, 13- 03, Keck Seng Tower, 069535 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
2016 |
|
|
|
|
Date of Incorporation : |
19.09.2014 |
|
|
|
|
Com. Reg. No.: |
201427861M |
|
|
|
|
Legal Form : |
Private Limited (Limited by Share) |
|
|
|
|
Line of Business : |
The Subject is principally engaged in the trading of
solid, liquid and gaseous fuels. |
|
|
|
|
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 |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
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. |
: |
201427861M |
|
COMPANY
NAME |
: |
INDOCEAN
LPG PTE. LTD. |
|
FORMER
NAME |
: |
N/A |
|
INCORPORATION
DATE |
: |
19/09/2014 |
|
COMPANY
STATUS |
: |
EXIST |
|
LEGAL
FORM |
: |
PRIVATE
LIMITED (LIMITED BY SHARE) |
|
LISTED
STATUS |
: |
NO |
|
REGISTERED
ADDRESS |
: |
133,
CECIL STREET, 13- 03, KECK SENG TOWER, 069535, SINGAPORE. |
|
BUSINESS
ADDRESS |
: |
133,
CECIL STREET, 13- 03, KECK SENG TOWER, 069535, SINGAPORE. |
|
TEL.NO. |
: |
65-65327600 |
|
FAX.NO. |
: |
65-62217182 |
|
CONTACT
PERSON |
: |
RANDHIR
JUGASING ( DIRECTOR ) |
|
PRINCIPAL
ACTIVITY |
: |
TRADING
OF SOLID, LIQUID AND GASEOUS FUELS |
|
ISSUED
AND PAID UP CAPITAL |
: |
50,000.00
ORDINARY SHARE, OF A VALUE OF USD 50,000.00 |
|
SALES |
: |
USD
518,361,508 [2017] |
|
NET
WORTH |
: |
USD
629,398 [2017] |
|
STAFF
STRENGTH |
: |
N/A |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL
CONDITION |
: |
STABLE |
|
PAYMENT |
: |
Slow
but Correct |
|
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) trading of solid, liquid and gaseous fuels.
The immediate and ultimate holding company of
the Subject is YORDY HOLDINGS, a company incorporated in MAURITIUS.
Share
Capital History
|
Date |
Issue
& Paid Up Capital |
|
25/01/2018 |
USD
50,000.00 |
The
major shareholder(s) of the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
YORDY
HOLDINGS |
C/O
CIM CORPORATE SERVICES LTD, LES CASCADES BUILDING EDITH CAVELL STREET, PORT
LOUIS MAURITIUS |
T14UF3759 |
30,000.00 |
60.00 |
|
ITOCHU
PETROLEUM CO., (SINGAPORE) PTE. LTD. |
1,
WALLICH STREET, 33-01, GUOCO TOWER 078881 ,SINGAPORE |
198400703G |
20,000.00 |
40.00 |
|
--------------- |
------ |
|||
|
50,000.00 |
100.00 |
|||
|
============ |
===== |
+
Also Director
DIRECTORS
|
DIRECTOR 1
|
Name
Of Subject |
: |
RANDHIR
JUGASING |
|
Address |
: |
JUGASING
RD, CAROLINE, BEL AIR, MAURITIUS. |
|
IC
/ PP No |
: |
1230504 |
|
Nationality |
: |
MAURITIAN |
|
Date
of Appointment |
: |
02/06/2015 |
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 |
201427861M |
INDOCEAN
LPG PTE. LTD. |
Director |
02/06/2015 |
0.00 |
- |
USD332,180.00 |
2017 |
- |
25/01/2018 |
DIRECTOR 2
|
Name
Of Subject |
: |
RAJESH
APPADOO |
|
Address |
: |
5,
PASIR RIS LINK, 03-09, SEASTRAND, 518187, SINGAPORE. |
|
IC
/ PP No |
: |
S7587540A |
|
Nationality |
: |
MAURITIAN |
|
Date
of Appointment |
: |
19/09/2014 |
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 |
201427861M |
INDOCEAN
LPG PTE. LTD. |
Secretary
Director |
19/09/2014
19/09/2014 |
0.00 |
- |
USD332,180.00 |
2017 |
- |
25/01/2018 |
|
2 |
201214131W |
LINK
HEALTHCARE SINGAPORE PTE. LTD. |
Secretary |
07/02/2014 |
0.00 |
- |
SGD1,337,632.00 |
2015 |
- |
08/07/2016 |
|
3 |
201119975G |
SEEDWORKS
SINGAPORE PTE. LTD. |
Secretary |
30/10/2013 |
0.00 |
- |
SGD6,007,653.93 |
2015 |
- |
08/07/2016 |
|
4 |
201403734K |
SWIPE
INNOVATIONS PTE. LTD. |
Secretary |
11/02/2014 |
0.00 |
- |
SGD(1,717,698.31) |
2015 |
- |
08/07/2016 |
DIRECTOR 3
|
Name
Of Subject |
: |
TETSUYA
NEBASHI |
|
Address |
: |
2A,
LINCOLN ROAD, 17-04, PARK INFINIA AT WEE NAM, 308364, SINGAPORE. |
|
IC
/ PP No |
: |
G5433466X |
|
Nationality |
: |
JAPANESE |
|
Date
of Appointment |
: |
23/10/2014 |
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 |
201427861M |
INDOCEAN
LPG PTE. LTD. |
Director |
23/10/2014 |
0.00 |
- |
USD332,180.00 |
2017 |
- |
25/01/2018 |
DIRECTOR 4
|
Name
Of Subject |
: |
JAY
PRAKASH PERTAB |
|
Address |
: |
GANGOO
LANE, L'ESCALIER, MAURITIUS. |
|
IC
/ PP No |
: |
1228772 |
|
Nationality |
: |
MAURITIAN |
|
Date
of Appointment |
: |
19/09/2014 |
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 |
201427861M |
INDOCEAN
LPG PTE. LTD. |
Director |
19/09/2014 |
0.00 |
- |
USD332,180.00 |
2017 |
- |
25/01/2018 |
DIRECTOR 5
|
Name
Of Subject |
: |
TOMOAKI
ASAI |
|
Address |
: |
8,
CAIRNHILL CREST, 16-14, CAIRNHILL CREST, 229814, SINGAPORE. |
|
IC
/ PP No |
: |
F5524139L |
|
Nationality |
: |
JAPANESE |
|
Date
of Appointment |
: |
10/04/2017 |
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 |
201427861M |
INDOCEAN
LPG PTE. LTD. |
Director |
10/04/2017 |
0.00 |
- |
USD332,180.00 |
2017 |
- |
25/01/2018 |
|
2 |
198400703G |
ITOCHU
PETROLEUM CO., (SINGAPORE) PTE. LTD. |
Director |
17/10/2012 |
0.00 |
- |
USD7,391,000.00 |
2015 |
- |
08/07/2016 |
MANAGEMENT
|
|
1) |
Name
of Subject |
: |
RANDHIR
JUGASING |
|
Position |
: |
DIRECTOR |
|
|
|
AUDITOR
|
|
Auditor |
: |
DELOITTE
& TOUCHE LLP |
|
Auditor'
Address |
: |
N/A |
COMPANY
SECRETARIES
|
|
1) |
Company
Secretary |
: |
SATYAVARNI
VEERASAMY |
|
IC
/ PP No |
: |
G5149279Q |
|
|
Address |
: |
103,
CARDIFF GROVE, 03-22, CARDIFF RESIDENCE, 558962, SINGAPORE. |
|
|
2) |
Company
Secretary |
: |
RAJESH
APPADOO |
|
IC
/ PP No |
: |
S7587540A |
|
|
Address |
: |
5,
PASIR RIS LINK, 03-09, SEASTRAND, 518187, SINGAPORE. |
|
|
|
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.
DEFAULTER
CHECK AGAINST SUBJECT
|
* We have checked through the Subject in our
defaulters' database which comprised of debtors that have been blacklisted by
our customers and debtors that have been placed or assigned to us for
collection.
No blacklisted record & debt collection case
was found in our defaulters' 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 supplier.
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 |
: |
N/A |
|||
|
Payment
Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Goods
Traded |
: |
SOLID,
LIQUID AND GASEOUS FUELS |
|
|
Branch |
: |
NO |
Other
Information:
The Subject is principally engaged in the (as a
/ as an) trading of solid, liquid and gaseous fuels.
The Subject is dealing with Petroleum And
Derivatives.
CURRENT
INVESTIGATION
|
Latest
fresh investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
6565327600 |
|
Current
Telephone Number |
: |
65-65327600 |
|
Match |
: |
YES |
|
Address
Provided by Client |
: |
131,
CECIL STREET, #13-03 KECK SENG TOWER, 069535 SINGAPORE |
|
Current
Address |
: |
133,
CECIL STREET, 13- 03, KECK SENG TOWER, 069535, SINGAPORE. |
|
Match |
: |
YES |
Other
Investigations
On 25th January 2018, we have contacted the staff
from the Subject's registered office and she provide some information.
The staff from the registered office refused to
disclose the Subject's number of employees and banker information.
FINANCIAL
ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
2015
- 2017 |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Increased |
[ |
2015
- 2017 |
] |
|
|
Return
on Shareholder Funds |
: |
Favourable |
[ |
52.78% |
] |
|
|
Return
on Net Assets |
: |
Favourable |
[ |
150.82% |
] |
|
|
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. 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 |
: |
Unfavourable |
[ |
69
Days |
] |
|
|
Creditors
Ratio |
: |
Favourable |
[ |
0
Days |
] |
|
|
The
high debtors' ratio could indicate that the Subject was weak in its credit
control. However, the Subject could also giving longer credit periods to its customers
in order to boost its sales or to capture / retain its market share. 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 |
[ |
1.01
Times |
] |
|
|
Current
Ratio |
: |
Unfavourable |
[ |
1.01
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 |
: |
Nil |
[ |
0.00
Times |
] |
|
|
Gearing
Ratio |
: |
Favourable |
[ |
0.00
Times |
] |
|
|
The
Subject's interest cover was nil as it did not pay any interest during the year.
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. The Subject did not make
any interest payment during the year. The Subject was dependent on its
shareholders' funds to finance its business needs. 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 : STABLE |
||||||
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) |
|||||
|
(Source
: Department of Statistics) |
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
|
|
|
PROFIT
AND LOSS ACCOUNT
|
|
THE
FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL
REPORTING STANDARDS. |
|
INDOCEAN
LPG PTE. LTD. |
|
Financial
Year End |
2017-03-31 |
2016-03-31 |
2015-03-31 |
|
Months |
12 |
12 |
12 |
|
Consolidated
Account |
Company |
Company |
Company |
|
Audited
Account |
YES |
YES |
YES |
|
Unqualified
Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
|
Financial
Type |
FULL |
FULL |
FULL |
|
Currency |
USD |
USD |
USD |
|
TURNOVER |
518,361,508 |
265,794,112 |
149,086,604 |
|
---------------- |
---------------- |
---------------- |
|
|
Total
Turnover |
518,361,508 |
265,794,112 |
149,086,604 |
|
Costs
of Goods Sold |
(514,583,066) |
(265,593,991) |
(147,291,303) |
|
---------------- |
---------------- |
---------------- |
|
|
Gross
Profit |
3,778,442 |
200,121 |
1,795,301 |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
949,268 |
34,112 |
484,214 |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
949,268 |
34,112 |
484,214 |
|
Taxation |
(617,088) |
(11,246) |
(239,862) |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
332,180 |
22,866 |
244,352 |
|
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||
|
As
previously reported |
267,218 |
244,352 |
- |
|
---------------- |
---------------- |
---------------- |
|
|
As
restated |
267,218 |
244,352 |
- |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
599,398 |
267,218 |
244,352 |
|
DIVIDENDS
- Ordinary (paid & proposed) |
(20,000) |
- |
- |
|
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
579,398 |
267,218 |
244,352 |
|
============= |
============= |
============= |
|
|
INTEREST
EXPENSE (as per notes to P&L) |
|||
|
Term
loan / Borrowing |
- |
- |
121,909 |
|
---------------- |
---------------- |
---------------- |
|
|
- |
- |
121,909 |
|
|
|
============= |
============= |
============= |
BALANCE
SHEET
|
|
INDOCEAN
LPG PTE. LTD. |
|
---------------- |
---------------- |
---------------- |
|
|
CURRENT
ASSETS |
|||
|
Trade
debtors |
97,596,670 |
5,709,806 |
27,736,813 |
|
Other
debtors, deposits & prepayments |
2,505 |
2,442 |
8,220 |
|
Short
term deposits |
2,726,555 |
500,000 |
500,000 |
|
Interest
receivable |
10,400 |
2,444 |
70 |
|
Cash
& bank balances |
1,258,489 |
1,276,576 |
1,007,015 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT ASSETS |
101,594,619 |
7,491,268 |
29,252,118 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL
ASSET |
101,594,619 |
7,491,268 |
29,252,118 |
|
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||
|
Trade
creditors |
- |
5,897,385 |
27,071,564 |
|
Other
creditors & accruals |
32,177 |
19,323 |
24,698 |
|
Amounts
owing to holding company |
3,001,108 |
752,444 |
1,121,263 |
|
Amounts
owing to related companies |
96,835,198 |
- |
379 |
|
Provision
for taxation |
596,738 |
4,898 |
239,862 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT LIABILITIES |
100,465,221 |
6,674,050 |
28,457,766 |
|
---------------- |
---------------- |
---------------- |
|
|
NET
CURRENT ASSETS/(LIABILITIES) |
1,129,398 |
817,218 |
794,352 |
|
---------------- |
---------------- |
---------------- |
|
|
LONG
TERM LIABILITIES |
|||
|
Others |
500,000 |
500,000 |
500,000 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM LIABILITIES |
500,000 |
500,000 |
500,000 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL
NET ASSETS |
629,398 |
317,218 |
294,352 |
|
============= |
============= |
============= |
|
|
FINANCED
BY: |
|||
|
SHARE
CAPITAL |
|||
|
Ordinary
share capital |
50,000 |
50,000 |
50,000 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL
SHARE CAPITAL |
50,000 |
50,000 |
50,000 |
|
RESERVES |
|||
|
Retained
profit/(loss) carried forward |
579,398 |
267,218 |
244,352 |
|
Others |
- |
- |
0 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL
RESERVES |
579,398 |
267,218 |
244,352 |
|
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
629,398 |
317,218 |
294,352 |
|
|
============= |
============= |
============= |
FINANCIAL
RATIO
|
|
INDOCEAN
LPG PTE. LTD. |
|
TYPES
OF FUNDS |
|||
|
Cash |
3,985,044 |
1,776,576 |
1,507,015 |
|
Net
Liquid Funds |
3,985,044 |
1,776,576 |
1,507,015 |
|
Net
Liquid Assets |
1,129,398 |
817,218 |
794,352 |
|
Net
Current Assets/(Liabilities) |
1,129,398 |
817,218 |
794,352 |
|
Net
Tangible Assets |
629,398 |
317,218 |
294,352 |
|
Net
Monetary Assets |
629,398 |
317,218 |
294,352 |
|
PROFIT
& LOSS ITEMS |
|||
|
Earnings
Before Interest & Tax (EBIT) |
949,268 |
34,112 |
606,123 |
|
Earnings
Before Interest, Taxes, Depreciation And Amortization (EBITDA) |
949,268 |
34,112 |
606,123 |
|
BALANCE
SHEET ITEMS |
|||
|
Total
Borrowings |
0 |
0 |
0 |
|
Total
Liabilities |
100,965,221 |
7,174,050 |
28,957,766 |
|
Total
Assets |
101,594,619 |
7,491,268 |
29,252,118 |
|
Net
Assets |
629,398 |
317,218 |
294,352 |
|
Net
Assets Backing |
629,398 |
317,218 |
294,352 |
|
Shareholders'
Funds |
629,398 |
317,218 |
294,352 |
|
Total
Share Capital |
50,000 |
50,000 |
50,000 |
|
Total
Reserves |
579,398 |
267,218 |
244,352 |
|
GROWTH
RATIOS (Year on Year) (%) |
|||
|
Revenue |
95.02 |
78.28 |
- |
|
Proft/(Loss)
Before Tax |
2,682.80 |
(92.96) |
- |
|
Proft/(Loss)
After Tax |
1,352.72 |
(90.64) |
- |
|
Total
Assets |
1,256.17 |
(74.39) |
- |
|
Total
Liabilities |
1,307.37 |
(75.23) |
- |
|
LIQUIDITY
(Times) |
|||
|
Cash
Ratio |
0.04 |
0.27 |
0.05 |
|
Liquid
Ratio |
1.01 |
1.12 |
1.03 |
|
Current
Ratio |
1.01 |
1.12 |
1.03 |
|
WORKING
CAPITAL CONTROL (Days) |
|||
|
Stock
Ratio |
0 |
0 |
0 |
|
Debtors
Ratio |
69 |
8 |
68 |
|
Creditors
Ratio |
0 |
8 |
67 |
|
SOLVENCY
RATIOS (Times) |
|||
|
Gearing
Ratio |
0 |
0 |
0 |
|
Liabilities
Ratio |
160.42 |
22.62 |
98.38 |
|
Times
Interest Earned Ratio |
0 |
0 |
4.97 |
|
Assets
Backing Ratio |
12.59 |
6.34 |
5.89 |
|
PERFORMANCE
RATIO (%) |
|||
|
Operating
Profit Margin |
0.18 |
0.01 |
0.32 |
|
Net
Profit Margin |
0.06 |
0.01 |
0.16 |
|
Return
On Net Assets |
150.82 |
10.75 |
205.92 |
|
Return
On Capital Employed |
84.05 |
4.17 |
76.30 |
|
Return
On Shareholders' Funds/Equity |
52.78 |
7.21 |
83.01 |
|
Dividend
Pay Out Ratio (Times) |
0.06 |
0 |
0 |
|
NOTES
TO ACCOUNTS |
|||
|
Contingent
Liabilities |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.50 |
|
|
1 |
INR 90.92 |
|
Euro |
1 |
INR 79.07 |
|
SGD |
1 |
INR 48.63 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
DNS |
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.