|
|
|
MIRA
INFORM REPORT
|
Report No. : |
499893 |
|
Report Date : |
23.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
SABIC ASIA PACIFIC PTE LTD |
|
|
|
|
Formerly Known As : |
·
SABIC
SOUTH EAST ASIA PTE LTD ·
SABIC
SERVICES PACIFIC PTE. LTD. |
|
|
|
|
Registered Office : |
10, Collyer Quay,
10-01, Ocean Financial Centre, 049315 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
|
Date of Incorporation : |
30.11.1991 |
|
|
|
|
Com. Reg. No.: |
199106011H |
|
|
|
|
Legal Form : |
Private Limited
(Limited By Share) |
|
|
|
|
Line of Business : |
The Subject is principally engaged in trading of
chemical and petrochemicals products, provision of business support service
activities. |
|
|
|
|
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. |
: |
199106011H |
||||
|
COMPANY
NAME |
: |
SABIC
ASIA PACIFIC PTE LTD |
||||
|
FORMER
NAME |
: |
SABIC
SOUTH EAST ASIA PTE LTD (20/06/2000) |
||||
|
INCORPORATION
DATE |
: |
30/11/1991 |
||||
|
COMPANY
STATUS |
: |
EXIST |
||||
|
LEGAL
FORM |
: |
PRIVATE
LIMITED (LIMITED BY SHARE) |
||||
|
LISTED
STATUS |
: |
NO |
||||
|
REGISTERED
ADDRESS |
: |
10,
COLLYER QUAY, 10-01, OCEAN FINANCIAL CENTRE, 049315, SINGAPORE. |
||||
|
BUSINESS
ADDRESS |
: |
ONE
TEMASEK AVENUE, 06-01, MILLENIA TOWER, 039192, SINGAPORE. |
||||
|
TEL.NO. |
: |
65-65318200 |
||||
|
FAX.NO. |
: |
65-65318101 |
||||
|
CONTACT
PERSON |
: |
PANG
CHIN LEE ( DIRECTOR ) |
||||
|
PRINCIPAL
ACTIVITY |
: |
TRADING
OF CHEMICAL AND PETROCHEMICALS PRODUCTS, PROVISION OF BUSINESS SUPPORT
SERVICE ACTIVITIES |
||||
|
ISSUED
AND PAID UP CAPITAL |
: |
100,000.00
ORDINARY SHARE, OF A VALUE OF SGD 100,000.00 |
||||
|
SALES |
: |
USD
6,850,232,000 [2016] |
||||
|
NET
WORTH |
: |
USD
44,439,000 [2016] |
||||
|
STAFF
STRENGTH |
: |
N/A |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL
CONDITION |
: |
STABLE |
||||
|
PAYMENT |
: |
REGULAR
|
||||
|
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 chemical and petrochemicals products, provision of business
support service activities.
The
immediate holding company of the Subject is SABIC INTERNATIONAL HOLDINGS B.V.,
a company incorporated in NETHERLANDS.
The
ultimate holding company of the Subject is SAUDI BASIC INDUSTRIES CORPORATION,
a company incorporated in SAUDI ARABIA.
Share Capital History
|
Date |
Issue
& Paid Up Capital |
|
30/01/2018 |
SGD
100,000.00 |
The major
shareholder(s) of the Subject are shown as follows :
Current Shareholder(s)
:
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
SABIC
INTERNATIONAL HOLDINGS B.V. |
EUROPABOULEVARD
1, 6135 LD, SITTARD NETHERLANDS |
T12UF1361 |
100,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
100,000.00 |
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 |
SABIC
(CHINA) RESEARCH & DEVELOPMENT CO. LIMITED |
- |
100.00 |
31/12/2016 |
|
|
CHINA |
SABIC
(SHANGHAI) INDUSTRY CO. LTD |
- |
100.00 |
31/12/2016 |
|
|
CHINA |
SABIC
(SHANGHAI) TRADING CO. LTD. |
- |
100.00 |
31/12/2016 |
|
|
VIETNAM |
SABIC
VIETNAM COMPANY LIMITED |
- |
100.00 |
31/12/2016 |
DIRECTORS
|
DIRECTOR 1
|
Name Of
Subject |
: |
MR.
PANG CHIN LEE |
|
Address |
: |
28,
CASSIA CRESCENT, 07-22, 391028, SINGAPORE. |
|
IC / PP
No |
: |
S7380312H |
|
Nationality |
: |
MALAYSIAN |
|
Date of
Appointment |
: |
01/04/2017 |
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 |
199106011H |
SABIC
ASIA PACIFIC PTE LTD |
Director |
01/04/2017 |
0.00 |
- |
USD114,995,000.00 |
2016 |
- |
30/01/2018 |
DIRECTOR 2
|
Name Of
Subject |
: |
JANARDHANAN
RAMANUJALU |
|
Address |
: |
PLOT
14, 30, FOURTH LAYOUT, TEACHERS COLONY, CHENNAI, TAMIL NADU, 600099, INDIA. |
|
IC / PP
No |
: |
Z2798957 |
|
Nationality |
: |
INDIAN |
|
Date of
Appointment |
: |
22/08/2014 |
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 |
199106011H |
SABIC
ASIA PACIFIC PTE LTD |
Director |
22/08/2014 |
0.00 |
- |
USD114,995,000.00 |
2016 |
- |
30/01/2018 |
DIRECTOR 3
|
Name Of
Subject |
: |
ZUBAIR
ALI |
|
Address |
: |
11,
KING'S DRIVE, KINGSVILLE, 266378, SINGAPORE. |
|
IC / PP
No |
: |
G3345716U |
|
Nationality |
: |
BRITISH |
|
Date of
Appointment |
: |
19/05/2017 |
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 |
199106011H |
SABIC
ASIA PACIFIC PTE LTD |
Director |
19/05/2017 |
0.00 |
- |
USD114,995,000.00 |
2016 |
- |
30/01/2018 |
MANAGEMENT
|
|
1) |
Name of
Subject |
: |
PANG
CHIN LEE |
|
Position |
: |
DIRECTOR |
AUDITOR
|
|
Auditor |
: |
ERNST
& YOUNG LLP |
|
Auditor'
Address |
: |
N/A |
COMPANY SECRETARIES
|
|
1) |
Company
Secretary |
: |
MADELYN
KWANG YEIT LAM |
|
IC / PP
No |
: |
S1426198B |
|
|
Address |
: |
10,
COLLYER QUAY, 10-01, OCEAN FINANCIAL CENTRE, 049315, SINGAPORE. |
|
BANKING
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
CITIBANK
N.A. |
|
2) |
Name |
: |
THE
HONGKONG & SHANGHAI BANKING CORPORATION LIMITED |
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 |
: |
YES |
|
Overseas |
: |
YES |
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 |
: |
ASIA
PACIFIC |
|||
|
Credit
Term |
: |
30 - 90
DAYS |
|||
|
Payment
Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Goods
Traded |
: |
CHEMICAL
AND PETROCHEMICALS PRODUCTS |
|
|
Services |
: |
BUSINESS
SUPPORT SERVICE ACTIVITIES |
|
|
Total
Number of Employees: |
|||||||||
|
YEAR |
2017 |
2014 |
|||||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
|||||||
|
COMPANY |
200 |
150 |
|||||||
|
Branch |
: |
NO |
Other
Information:
The Subject is principally engaged in the (as a / as an) trading of chemical
and petrochemicals products, provision of business support service activities.
The Subject engages in the trading of petrochemical.
The Subject supply petrochemical such as:
* Chemicals
* Plastics
* Fertilizers
CURRENT INVESTIGATION
|
Latest fresh
investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
N/A |
|
Current
Telephone Number |
: |
65-65318200 |
|
Match |
: |
N/A |
|
Address
Provided by Client |
: |
ONE
TEMASEK AVENUE, #06-01 MILLENIA TOWER, SINGAPORE 039192 |
|
Current
Address |
: |
ONE
TEMASEK AVENUE, 06-01, MILLENIA TOWER, 039192, SINGAPORE. |
|
Match |
: |
YES |
Other
Investigations
We have contacted one of the staff from the Subject and she provided some
information.
The Subject refused to disclose its number of employees.
FINANCIAL ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Decreased |
[ |
2012 -
2016 |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Increased |
[ |
2012 -
2016 |
] |
|
|
Return
on Shareholder Funds |
: |
Favourable |
[ |
258.77% |
] |
|
|
Return
on Net Assets |
: |
Favourable |
[ |
275.32% |
] |
|
|
The
continuous fall in turnover could be due to the lower demand for the
Subject's products / services.The Subject's management have been efficient in
controlling its operating costs. 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 |
[ |
44 Days |
] |
|
|
Creditors
Ratio |
: |
Favourable |
[ |
2 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 |
: |
Acceptable |
[ |
0.97
Times |
] |
|
|
Current
Ratio |
: |
Unfavourable |
[ |
0.97
Times |
] |
|
|
The
Subject's liquid ratio was slightly low. This could indicate that the
Subject's working capital was slightly deficient. The Subject will have to
improve its liquidity position either by obtaining short term financing or
increase its paid up capital so that it can meet all its short term
obligations as and when they fall due. |
||||||
|
Solvency |
||||||
|
Interest
Cover |
: |
Favourable |
[ |
100.78
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 : |
||||||
|
Due to
the efficient control of its operating costs, the Subject was able to remain
profitable despite lower turnover achieved during the year. The Subject's
liquidity was at an acceptable range. If the Subject is able to obtain
further short term financing, it should be able to meet all 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 : 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) |
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. |
|
SABIC
ASIA PACIFIC PTE LTD |
|
Financial
Year End |
2016-12-31 |
2015-12-31 |
2014-12-31 |
2013-12-31 |
2012-12-31 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated
Account |
Company |
Company |
Company |
Company |
Company |
|
Audited
Account |
YES |
YES |
YES |
YES |
YES |
|
Unqualified
Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
YES |
YES |
|
Financial
Type |
FULL |
FULL |
FULL |
FULL |
FULL |
|
Currency |
USD |
USD |
USD |
USD |
USD |
|
TURNOVER |
6,850,232,000 |
7,529,190,000 |
9,583,195,000 |
10,165,648,000 |
10,005,934,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total
Turnover |
6,850,232,000 |
7,529,190,000 |
9,583,195,000 |
10,165,648,000 |
10,005,934,000 |
|
Costs
of Goods Sold |
(6,773,491,000) |
(7,440,321,000) |
(9,466,437,000) |
(10,049,760,000) |
(9,894,179,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross
Profit |
76,741,000 |
88,869,000 |
116,758,000 |
115,888,000 |
111,755,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
121,135,000 |
46,451,000 |
70,265,000 |
116,403,000 |
100,977,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
121,135,000 |
46,451,000 |
70,265,000 |
116,403,000 |
100,977,000 |
|
Taxation |
(6,140,000) |
(2,782,000) |
(3,283,000) |
(1,876,000) |
(9,364,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
114,995,000 |
43,669,000 |
66,982,000 |
114,527,000 |
91,613,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As
previously reported |
70,884,000 |
127,215,000 |
115,233,000 |
81,706,000 |
5,093,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As
restated |
70,884,000 |
127,215,000 |
115,233,000 |
81,706,000 |
5,093,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
185,879,000 |
170,884,000 |
182,215,000 |
196,233,000 |
96,706,000 |
|
DIVIDENDS
- Ordinary (paid & proposed) |
(141,500,000) |
(100,000,000) |
(55,000,000) |
(81,000,000) |
(15,000,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
44,379,000 |
70,884,000 |
127,215,000 |
115,233,000 |
81,706,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST
EXPENSE (as per notes to P&L) |
|||||
|
Others |
1,214,000 |
922,000 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
1,214,000 |
922,000 |
- |
- |
- |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION
(as per notes to P&L) |
136,000 |
157,000 |
329,000 |
344,000 |
364,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total
Amortization And Depreciation |
136,000 |
157,000 |
329,000 |
344,000 |
364,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
BALANCE SHEET
|
|
SABIC
ASIA PACIFIC PTE LTD |
|
ASSETS
EMPLOYED: |
|||||
|
FIXED
ASSETS |
162,000 |
276,000 |
338,000 |
411,000 |
572,000 |
|
LONG
TERM INVESTMENTS/OTHER ASSETS |
|||||
|
Subsidiary
companies |
47,569,000 |
47,569,000 |
46,869,000 |
46,949,000 |
46,989,000 |
|
Associated
companies |
42,000,000 |
42,000,000 |
42,000,000 |
42,000,000 |
22,000,000 |
|
Investments |
- |
- |
- |
- |
10,000,000 |
|
Others |
- |
- |
- |
12,000,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM INVESTMENTS/OTHER ASSETS |
89,569,000 |
89,569,000 |
88,869,000 |
100,949,000 |
78,989,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM ASSETS |
89,731,000 |
89,845,000 |
89,207,000 |
101,360,000 |
79,561,000 |
|
CURRENT
ASSETS |
|||||
|
Trade
debtors |
819,184,000 |
771,227,000 |
985,256,000 |
1,736,318,000 |
1,872,448,000 |
|
Other
debtors, deposits & prepayments |
783,000 |
320,531,000 |
1,079,000 |
1,261,000 |
776,000 |
|
Amount
due from holding company |
35,089,000 |
5,886,000 |
2,098,000 |
4,369,000 |
214,000 |
|
Amount
due from subsidiary companies |
176,455,000 |
26,254,000 |
29,865,000 |
573,000 |
1,914,000 |
|
Amount
due from related companies |
251,841,000 |
3,781,000 |
310,578,000 |
335,242,000 |
269,738,000 |
|
Amount
due from associated companies |
- |
- |
- |
3,000 |
- |
|
Cash
& bank balances |
25,450,000 |
4,187,000 |
28,060,000 |
21,987,000 |
9,076,000 |
|
Others |
40,000 |
- |
- |
- |
413,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT ASSETS |
1,308,842,000 |
1,131,866,000 |
1,356,936,000 |
2,099,753,000 |
2,154,579,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
ASSET |
1,398,573,000 |
1,221,711,000 |
1,446,143,000 |
2,201,113,000 |
2,234,140,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade
creditors |
33,178,000 |
43,177,000 |
36,640,000 |
15,636,000 |
2,138,603,000 |
|
Other
creditors & accruals |
3,894,000 |
128,625,000 |
5,161,000 |
3,057,000 |
2,851,000 |
|
Deposits
from customers |
15,064,000 |
15,106,000 |
25,086,000 |
19,683,000 |
- |
|
Amounts
owing to holding company |
1,290,203,000 |
959,490,000 |
1,243,859,000 |
2,038,100,000 |
1,161,000 |
|
Amounts
owing to subsidiary companies |
3,915,000 |
- |
2,390,000 |
3,379,000 |
1,645,000 |
|
Amounts
owing to related companies |
5,097,000 |
1,419,000 |
2,176,000 |
1,984,000 |
81,000 |
|
Amounts
owing to associated companies |
467,000 |
- |
- |
- |
- |
|
Provision
for taxation |
2,146,000 |
2,725,000 |
3,350,000 |
3,753,000 |
3,841,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT LIABILITIES |
1,353,964,000 |
1,150,542,000 |
1,318,662,000 |
2,085,592,000 |
2,148,182,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET
CURRENT ASSETS/(LIABILITIES) |
(45,122,000) |
(18,676,000) |
38,274,000 |
14,161,000 |
6,397,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
LONG
TERM LIABILITIES |
|||||
|
Deferred
taxation |
104,000 |
36,000 |
86,000 |
47,000 |
4,046,000 |
|
Others |
66,000 |
189,000 |
120,000 |
181,000 |
146,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM LIABILITIES |
170,000 |
225,000 |
206,000 |
228,000 |
4,192,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
NET ASSETS |
44,439,000 |
70,944,000 |
127,275,000 |
115,293,000 |
81,766,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
FINANCED
BY: |
|||||
|
SHARE
CAPITAL |
|||||
|
Ordinary
share capital |
60,000 |
60,000 |
60,000 |
60,000 |
60,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
SHARE CAPITAL |
60,000 |
60,000 |
60,000 |
60,000 |
60,000 |
|
RESERVES |
|||||
|
Retained
profit/(loss) carried forward |
44,379,000 |
70,884,000 |
127,215,000 |
115,233,000 |
81,706,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
RESERVES |
44,379,000 |
70,884,000 |
127,215,000 |
115,233,000 |
81,706,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
44,439,000 |
70,944,000 |
127,275,000 |
115,293,000 |
81,766,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
FINANCIAL RATIO
|
|
SABIC
ASIA PACIFIC PTE LTD |
|
TYPES
OF FUNDS |
|||||
|
Cash |
25,450,000 |
4,187,000 |
28,060,000 |
21,987,000 |
9,076,000 |
|
Net
Liquid Funds |
25,450,000 |
4,187,000 |
28,060,000 |
21,987,000 |
9,076,000 |
|
Net
Liquid Assets |
(45,122,000) |
(18,676,000) |
38,274,000 |
14,161,000 |
6,397,000 |
|
Net
Current Assets/(Liabilities) |
(45,122,000) |
(18,676,000) |
38,274,000 |
14,161,000 |
6,397,000 |
|
Net
Tangible Assets |
44,439,000 |
71,169,000 |
127,481,000 |
115,521,000 |
85,958,000 |
|
Net
Monetary Assets |
(45,292,000) |
(18,901,000) |
38,068,000 |
13,933,000 |
2,205,000 |
|
PROFIT
& LOSS ITEMS |
|||||
|
Earnings
Before Interest & Tax (EBIT) |
122,349,000 |
47,373,000 |
70,265,000 |
116,403,000 |
100,977,000 |
|
Earnings
Before Interest, Taxes, Depreciation And Amortization (EBITDA) |
122,485,000 |
47,530,000 |
70,594,000 |
116,747,000 |
101,341,000 |
|
BALANCE
SHEET ITEMS |
|||||
|
Total Borrowings |
0 |
0 |
0 |
0 |
0 |
|
Total
Liabilities |
1,354,134,000 |
1,150,767,000 |
1,318,868,000 |
2,085,820,000 |
2,152,374,000 |
|
Total
Assets |
1,398,573,000 |
1,221,711,000 |
1,446,143,000 |
2,201,113,000 |
2,234,140,000 |
|
Net
Assets |
44,439,000 |
71,169,000 |
127,481,000 |
115,521,000 |
85,958,000 |
|
Net
Assets Backing |
44,439,000 |
70,944,000 |
127,275,000 |
115,293,000 |
81,766,000 |
|
Shareholders'
Funds |
44,439,000 |
70,944,000 |
127,275,000 |
115,293,000 |
81,766,000 |
|
Total
Share Capital |
60,000 |
60,000 |
60,000 |
60,000 |
60,000 |
|
Total
Reserves |
44,379,000 |
70,884,000 |
127,215,000 |
115,233,000 |
81,706,000 |
|
GROWTH
RATIOS (Year on Year) (%) |
|||||
|
Revenue |
(9.02) |
(21.43) |
(5.73) |
1.60 |
(18.42) |
|
Proft/(Loss)
Before Tax |
160.78 |
(33.89) |
(39.64) |
15.28 |
(16.21) |
|
Proft/(Loss)
After Tax |
163.33 |
(34.80) |
(41.51) |
25.01 |
(10.27) |
|
Total
Assets |
14.48 |
(15.52) |
(34.30) |
(1.48) |
(12.46) |
|
Total
Liabilities |
17.67 |
(12.75) |
(36.77) |
(3.09) |
(12.43) |
|
LIQUIDITY
(Times) |
|||||
|
Cash
Ratio |
0.02 |
0 |
0.02 |
0.01 |
0 |
|
Liquid
Ratio |
0.97 |
0.98 |
1.03 |
1.01 |
1.00 |
|
Current
Ratio |
0.97 |
0.98 |
1.03 |
1.01 |
1.00 |
|
WORKING
CAPITAL CONTROL (Days) |
|||||
|
Stock
Ratio |
0 |
0 |
0 |
0 |
0 |
|
Debtors
Ratio |
44 |
37 |
38 |
62 |
68 |
|
Creditors
Ratio |
2 |
2 |
1 |
1 |
79 |
|
SOLVENCY
RATIOS (Times) |
|||||
|
Gearing
Ratio |
0 |
0 |
0 |
0 |
0 |
|
Liabilities
Ratio |
30.47 |
16.22 |
10.36 |
18.09 |
26.32 |
|
Times
Interest Earned Ratio |
100.78 |
51.38 |
0 |
0 |
0 |
|
Assets
Backing Ratio |
740.65 |
1,186.15 |
2,124.68 |
1,925.35 |
1,432.63 |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating
Profit Margin |
1.77 |
0.62 |
0.73 |
1.15 |
1.01 |
|
Net
Profit Margin |
1.68 |
0.58 |
0.70 |
1.13 |
0.92 |
|
Return
On Net Assets |
275.32 |
66.56 |
55.12 |
100.76 |
117.47 |
|
Return
On Capital Employed |
274.27 |
66.56 |
55.12 |
100.76 |
117.47 |
|
Return
On Shareholders' Funds/Equity |
258.77 |
61.55 |
52.63 |
99.34 |
112.04 |
|
Dividend
Pay Out Ratio (Times) |
1.23 |
2.29 |
0.82 |
0.71 |
0.16 |
|
NOTES
TO ACCOUNTS |
|||||
|
Contingent
Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.06 |
|
|
1 |
INR 92.06 |
|
Euro |
1 |
INR 80.37 |
|
SGD |
1 |
INR 49.45 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
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.