|
|
|
MIRA
INFORM REPORT
|
Report No. : |
507598 |
|
Report Date : |
03.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
LOUIS DREYFUS COMPANY ASIA PTE. LTD. |
|
|
|
|
Formerly Known As : |
·
LOUIS DREYFUS COMMODITIES
ASIA PTE. LTD. ·
LOUIS DREYFUS ASIA PTE
LTD |
|
|
|
|
Registered Office : |
12, Marina Boulevard, 33-03, Marina Bay
Financial Centre, 018982 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
|
Date of Incorporation : |
05.10.1993 |
|
|
|
|
Com. Reg. No.: |
199306551-Z |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
The Subject is engaged in
wholesale of agricultural, mineral, metal, commodities, investment holding. |
|
|
|
|
No. of Employees : |
200 (2016) |
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 : |
No Complaints |
|
|
|
|
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 electronics, petroleum products, chemicals, medical and optical devices, pharmaceuticals, and on Singapore’s 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 from 2012-2017 was slower than during the previous decade, a result of slowing structural growth - as Singapore reached high-income levels - and soft global demand for exports. Growth recovered to 3.6% in 2017 with a strengthening global economy.
The government is attempting to restructure Singapore’s economy to reduce its dependence on foreign labor, raise productivity growth, and increase wages amid slowing labor force growth and an aging population. 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 signatory of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and a party to the Regional Comprehensive Economic Partnership (RCEP) negotiations with 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. |
: |
199306551-Z |
|
COMPANY NAME |
: |
LOUIS DREYFUS COMPANY ASIA PTE.
LTD. |
|
FORMER NAME |
: |
LOUIS DREYFUS COMMODITIES
ASIA PTE. LTD. (23/03/2016) |
|
INCORPORATION DATE |
: |
05/10/1993 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY
SHARE) |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
12, MARINA BOULEVARD, 33-03,
MARINA BAY FINANCIAL CENTRE, 018982, SINGAPORE. |
|
BUSINESS ADDRESS |
: |
12, MARINA BOULEVARD, 33-03,
MARINA BAY FINANCIAL CENTRE, TOWER 3, 018982, SINGAPORE. |
|
TEL.NO. |
: |
65-67359700 |
|
FAX.NO. |
: |
65-67359600 |
|
CONTACT PERSON |
: |
MASSIMILIANO TALLI (
DIRECTOR ) |
|
PRINCIPAL ACTIVITY |
: |
WHOLESALE OF AGRICULTURAL,
MINERAL, METAL, COMMODITIES, INVESTMENT HOLDING |
|
ISSUED AND PAID UP CAPITAL |
: |
103,231,300.00 ORDINARY
SHARE, OF A VALUE OF SGD 103,231,300.00 |
|
SALES |
: |
USD 10,637,980,000 [2016] |
|
NET WORTH |
: |
USD 336,960,000 [2016] |
|
STAFF STRENGTH |
: |
200 (2016) |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
LIMITED |
|
PAYMENT |
: |
NO COMPLAINTS |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL RISK |
: |
LOW |
|
CURRENCY EXPOSURE |
: |
MODERATE |
|
GENERAL REPUTATION |
: |
GOOD |
|
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 agricultural, mineral, metal,
commodities, investment holding.
The immediate holding company
of the Subject is LOUIS DREYFUS COMPANY INTERNATIONAL AG, a company
incorporated in SWITZERLAND.
The ultimate holding company
of the Subject is KUROSAWA B. V., a company incorporated in NETHERLANDS.
Share Capital
History
|
Date |
Issue & Paid Up Capital |
|
25/11/2016 |
SGD 103,231,300.00 |
The major shareholder(s) of
the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
LOUIS DREYFUS COMPANY
INTERNATIONAL AG |
HALDENSTRASSE 37, 6006
LUZERN SWITZERLAND |
T14UF2119 |
103,231,300.00 |
100.00 |
|
--------------- |
------ |
|||
|
103,231,300.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject's interest in
other companies (Subsidiaries/Associates) are shown as follow :
Local No |
Country |
Company |
Status |
(%) |
As At |
|
INDIA |
FOCUS ORUDENT
AGRI-COMMODITIES INDIA PRIVATE LIMITED |
- |
99.98 |
31/12/2016 |
|
|
200913439M |
SINGAPORE |
KENCANA LDC PTE. LTD. |
- |
50.00 |
25/11/2016 |
|
CHINA |
LDC (BAZHOU) FEEDSTUFF
PROTEIN COMPANY LIMITED |
- |
100.00 |
31/12/2016 |
|
|
CHINA |
LDC (CHINA) TRADING COMPANY
LIMITED |
- |
100.00 |
31/12/2016 |
|
|
CHINA |
LDC (FUJIAN) REFINED SUGAR
COMPANY LIMITED |
- |
67.00 |
31/12/2016 |
|
|
201224321 |
SINGAPORE |
LDC ASIA INVESTMENTS PTE.
LTD. |
- |
100.00 |
25/11/2016 |
|
200921421W |
SINGAPORE |
LDC KENCANA TRADING PTE.
LTD. |
- |
50.00 |
25/11/2016 |
|
CHINA |
LOUIS DREYFUS (SHANGHAI) CO
LTD |
- |
100.00 |
31/12/2016 |
|
|
201212970C |
SINGAPORE |
LOUIS DREYFUS COMMODITIES
FREIGHT ASIA PTE. LTD. |
- |
100.00 |
25/11/2016 |
|
INDIA |
LOUIS DREYFUS COMMODITIES
INDIA PRIVATE LTD |
- |
100.00 |
31/12/2016 |
|
|
VIRGIN ISLANDS, BRITISH |
LOUIS DREYFUS COMMODITIES
INVESTMENT LIMITED |
- |
100.00 |
31/12/2016 |
|
|
AUSTRALIA |
LOUIS DREYFUS COMMODITIES
MELBOURNE HOLDINGS PTY. LTD |
- |
100.00 |
31/12/2016 |
|
|
INDIA |
LOUIS DREYFUS COMMODITIES
SERVICES INDIA PRIVATE LTD |
- |
99.97 |
31/12/2016 |
|
|
392043000006 |
VIETNAM |
LOUIS DREYFUS COMMODITIES
VIETNAM COMPANY LIMITED |
- |
100.00 |
31/12/2016 |
|
CHINA |
LOUIS DREYFUS COMPANY (HK)
ENTERPRISES LIMITED |
- |
100.00 |
31/12/2016 |
|
|
CHINA |
LOUIS DREYFUS COMPANY (HK)
HOLDINGS LIMITED |
- |
100.00 |
31/12/2016 |
|
|
AUSTRALIA |
LOUIS DREYFUS COMPANY
AUSTRALIA HOLDINGS PTY LTD |
- |
100.00 |
31/12/2016 |
|
|
201311474Z |
SINGAPORE |
LOUIS DREYFUS COMPANY DAIRY
ASIA PTE. LTD. |
- |
100.00 |
31/12/2016 |
|
1062332M |
MALAYSIA |
LOUIS DREYFUS MERCHANDISING
MALAYSIA SDN. BHD. |
- |
100.00 |
31/12/2016 |
|
201311474Z |
SINGAPORE |
ORIENTAL COMMODITIES
(SINGAPORE) PTE. LTD. |
- |
100.00 |
31/12/2016 |
|
INDONESIA |
PT LDC INDONESIA |
- |
95.00 |
31/12/2016 |
|
|
INDONESIA |
PT LDC INDONESIA |
- |
95.00 |
31/12/2016 |
|
|
INDONESIA |
PT. LDC TRADING INDONESIA |
- |
74.00 |
31/12/2016 |
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
MASSIMILIANO TALLI |
|
Address |
: |
74, TIONG POH ROAD, 01-56, TIONG
BAHRU ESTATE, 160074, SINGAPORE. |
|
IC / PP No |
: |
G5377661U |
|
Nationality |
: |
ITALIAN |
|
Date of Appointment |
: |
08/10/2015 |
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 (Number of
Share) |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
1 |
199306551Z |
LOUIS DREYFUS COMPANY ASIA
PTE. LTD. |
Director |
08/10/2015 |
0.00 |
USD24,373,000.00 |
2016 |
- |
07/08/2017 |
|
2 |
200610582N |
LOUIS DREYFUS COMPANY METALS
ASIA PTE. LTD. |
Director |
03/12/2015 |
0.00 |
USD4,321,332.00 |
2015 |
- |
03/11/2016 |
DIRECTOR 2
|
Name Of Subject |
: |
GONZALO OSCAR RAMIREZ
MARTIARENA |
|
Address |
: |
12, MARINA BOULEVARD, 33-03,
MARINA BAY FINANCIAL CENTRE, 018982, SINGAPORE. |
|
IC / PP No |
: |
G3106144Q |
|
Nationality |
: |
ARGENTINE |
|
Date of Appointment |
: |
08/10/2015 |
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 (Number of
Share) |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
1 |
199306551Z |
LOUIS DREYFUS COMPANY ASIA
PTE. LTD. |
Director |
08/10/2015 |
0.00 |
USD24,373,000.00 |
2016 |
- |
07/08/2017 |
DIRECTOR 3
|
Name Of Subject |
: |
JAMES FERNANDO O'DONAHUE |
|
Address |
: |
1-2-92 TAYUAN, DIPLOMATIC
COMPAUND, 1 XINDONG LU CHAOYANG DISTRICT, BEIJING 100600, CHINA |
|
IC / PP No |
: |
503483253 |
|
Nationality |
: |
BRITISH |
|
Date of Appointment |
: |
05/10/2012 |
INTEREST CHECK
|
Interest in companies |
: |
see below |
|
Interest in business |
: |
none in our databank |
|
Former interest |
: |
none in our databank |
INTEREST IN COMPANY
|
No |
Local No |
Company |
Designation |
App Date |
Shareholding (Number of
Share) |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
1 |
199306551Z |
LOUIS DREYFUS COMPANY ASIA
PTE. LTD. |
Director |
05/10/2012 |
0.00 |
USD24,373,000.00 |
2016 |
- |
07/08/2017 |
|
2 |
200610582N |
LOUIS DREYFUS COMPANY METALS
ASIA PTE. LTD. |
Director |
22/01/2016 |
0.00 |
USD4,321,332.00 |
2015 |
- |
03/11/2016 |
|
3 |
1062332M |
LOUIS DREYFUS MERCHANDISING
MALAYSIA SDN. BHD. |
Director |
17/09/2013 |
0.00 |
MYR(9,312,715.00) |
2015 |
- |
02/10/2017 |
DIRECTOR 4
|
Name Of Subject |
: |
YEO KWEE PENG |
|
Address |
: |
3, MOUNT FABER ROAD, 07-06,
THE PEARL @ MOUNT FABERSINGAPORE, 099196, SINGAPORE. |
|
IC / PP No |
: |
S6811532I |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
07/06/2016 |
INTEREST CHECK
|
Interest in companies |
: |
see below |
|
Interest in business |
: |
none in our databank |
|
Former interest |
: |
none in our databank |
INTEREST IN COMPANY
|
No |
Local No |
Company |
Designation |
App Date |
Shareholding (Number of
Share) |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
1 |
199306551Z |
LOUIS DREYFUS COMPANY ASIA
PTE. LTD. |
Director |
07/06/2016 |
0.00 |
USD24,373,000.00 |
2016 |
- |
07/08/2017 |
DIRECTOR 5
|
Name Of Subject |
: |
ANDREA MASERATI |
|
Address |
: |
CH. DE LA, GOUILLE 12, 1291
COMMUGNY, SWITZERLAND. |
|
IC / PP No |
: |
YA6899771 |
|
Nationality |
: |
ITALIAN |
|
Date of Appointment |
: |
21/10/2016 |
INTEREST CHECK
|
Interest in companies |
: |
see below |
|
Interest in business |
: |
none in our databank |
|
Former interest |
: |
none in our databank |
INTEREST IN COMPANY
|
No |
Local No |
Company |
Designation |
App Date |
Shareholding (Number of
Share) |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
1 |
199306551Z |
LOUIS DREYFUS COMPANY ASIA
PTE. LTD. |
Director |
21/10/2016 |
0.00 |
USD24,373,000.00 |
2016 |
- |
07/08/2017 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
MASSIMILIANO TALLI |
|
Position |
: |
DIRECTOR |
|
AUDITOR
|
|
Auditor |
: |
DELOITTE & TOUCHE LLP |
|
Auditor' Address |
: |
N/A |
COMPANY
SECRETARIES
|
|
1) |
Company Secretary |
: |
LOH LI PING |
|
IC / PP No |
: |
S7625605E |
|
|
Address |
: |
911, LORONG 1, TOA PAYOH,
03-03, OLEANDER TOWERS, 319771, 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 againt the Subject whether the
subject has been involved in any litigation.
No legal action was found in our databank.
No winding up petition was found in our databank.
PAYMENT RECORD
|
|
||
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
YES |
|
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 |
[ |
] |
Average 61-90 Days |
[ |
X |
] |
|||||
|
Fair 91-120 Days |
[ |
] |
Poor >120 Days |
[ |
] |
|||||||||
CLIENTELE
|
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
WORLDWIDE |
|||
|
Credit Term |
: |
AS AGREED |
|||
|
Payment Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Goods Traded |
: |
AGRICULTURAL, MINERAL, METAL
AND COMMODITIES |
|
|
Services |
: |
INVESTMENT HOLDING |
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2016 |
2015 |
2014 |
2013 |
|||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
|||||
|
COMPANY |
200 |
200 |
200 |
180 |
|||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) wholesale of
agricultural, mineral, metal, commodities, investment holding.
The Group is engaged in the trading of commodity products including,
agricultural, metal, cotton and others.
The Group mainly focused on the agricultural products such as soya bean and
others.
The Group also undertakes trading, warehousing, processing and consultancy
services.
CURRENT
INVESTIGATION
|
Latest fresh investigations
carried out on the Subject indicated that :
|
Telephone Number Provided By
Client |
: |
N/A |
|
Current Telephone Number |
: |
65-67359700 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
12 MARINA BOULEVARD, MARINA
BAY FINANCIAL CENTRE TOWER, 3 HEX 33-03 018982 |
|
Current Address |
: |
12, MARINA BOULEVARD, 33-03,
MARINA BAY FINANCIAL CENTRE, TOWER 3, 018982, SINGAPORE. |
|
Match |
: |
YES |
Other Investigations
We contacted one of the staff from the Subject's registered office and he
provided some information.
He refused to disclose the Subject's number of employees.
FINANCIAL
ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Decreased |
[ |
2012 - 2016 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2012 - 2016 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
7.23% |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
5.87% |
] |
|
|
The continuous fall in
turnover could be due to the lower demand for the Subject's products /
services.The Subject's profit fell sharply because of the high operating
costs incurred. The unfavourable return on shareholders' funds could indicate
that the Subject was inefficient in utilising its assets to generate returns. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Favourable |
[ |
0 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
49 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
26 Days |
] |
|
|
The Subject's stocks were
moving fast thus reducing its holding cost. This had reduced funds being tied
up in stocks. The favourable debtors' days could be due to the good credit
control measures implemented by the Subject. The Subject had a favourable
creditors' ratio where the Subject could be taking advantage of the cash
discounts and also wanting to maintain goodwill with its creditors. |
||||||
|
Liquidity |
||||||
|
Liquid Ratio |
: |
Favourable |
[ |
1.24 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.24 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 |
[ |
2.44 Times |
] |
|
|
Gearing Ratio |
: |
Unfavourable |
[ |
2.94 Times |
] |
|
|
The Subject's interest cover
was low. If its profits fall or when interest rate rises, it may not be
able to meet all its interest payment. 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 performance
deteriorated over the years with lower 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. If there is a fall in the Subject's
profit or any increase in interest rate, the Subject may not be able to
generate sufficient cash-flow to service its interest. 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 : LIMITED |
||||||
|
|
||||||
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
|
|
|
PROFIT AND LOSS
ACCOUNT
|
|
THE FINANCIAL STATEMENTS
WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS. |
|
LOUIS DREYFUS COMPANY ASIA
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 |
10,637,980,000 |
10,757,487,000 |
11,018,338,000 |
9,401,647,000 |
8,696,379,000 |
|
Other Income |
22,853,000 |
64,222,000 |
136,776,000 |
5,025,000 |
5,085,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
10,660,833,000 |
10,821,709,000 |
11,155,114,000 |
9,406,672,000 |
8,701,464,000 |
|
Costs of Goods Sold |
(10,558,402,000) |
(10,682,516,000) |
(10,881,955,000) |
(9,262,223,000) |
(8,534,407,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
102,431,000 |
139,193,000 |
273,159,000 |
144,449,000 |
167,057,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM
OPERATIONS |
23,785,000 |
66,289,000 |
181,725,000 |
65,492,000 |
89,178,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE
TAXATION |
23,785,000 |
66,289,000 |
181,725,000 |
65,492,000 |
89,178,000 |
|
Taxation |
588,000 |
(3,171,000) |
(3,857,000) |
(4,714,000) |
(8,673,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
24,373,000 |
63,118,000 |
177,868,000 |
60,778,000 |
80,505,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS)
BROUGHT FORWARD |
|||||
|
As previously reported |
239,290,000 |
241,172,000 |
290,304,000 |
244,526,000 |
164,021,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
239,290,000 |
241,172,000 |
290,304,000 |
244,526,000 |
164,021,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR
APPROPRIATIONS |
263,663,000 |
304,290,000 |
468,172,000 |
305,304,000 |
244,526,000 |
|
DIVIDENDS - Ordinary (paid
& proposed) |
- |
(65,000,000) |
(227,000,000) |
(15,000,000) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS)
CARRIED FORWARD |
263,663,000 |
239,290,000 |
241,172,000 |
290,304,000 |
244,526,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per
notes to P&L) |
|||||
|
Bank overdraft |
- |
- |
- |
- |
23,981,000 |
|
Loan from associated
companies |
620,000 |
271,000 |
684,000 |
27,000 |
739,000 |
|
Term loan / Borrowing |
15,953,000 |
14,408,000 |
19,098,000 |
26,724,000 |
- |
|
Others |
- |
331,000 |
17,000 |
33,000 |
6,901,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
16,573,000 |
15,010,000 |
19,799,000 |
26,784,000 |
31,621,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION (as per notes
to P&L) |
799,000 |
1,021,000 |
1,062,000 |
1,075,000 |
886,000 |
|
AMORTIZATION |
- |
443,000 |
459,000 |
399,000 |
323,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
799,000 |
1,464,000 |
1,521,000 |
1,474,000 |
1,209,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
BALANCE SHEET
|
|
LOUIS DREYFUS COMPANY ASIA
PTE. LTD. |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
960,000 |
1,636,000 |
2,374,000 |
3,166,000 |
2,771,000 |
|
LONG TERM INVESTMENTS/OTHER
ASSETS |
|||||
|
Subsidiary companies |
- |
159,303,000 |
159,303,000 |
154,161,000 |
111,463,000 |
|
Associated companies |
- |
8,100,000 |
8,100,000 |
3,333,000 |
3,333,000 |
|
Deferred assets |
1,111,000 |
524,000 |
556,000 |
- |
- |
|
Others |
213,365,000 |
25,077,000 |
25,697,000 |
190,571,000 |
193,511,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM
INVESTMENTS/OTHER ASSETS |
214,476,000 |
193,004,000 |
193,656,000 |
348,065,000 |
308,307,000 |
|
Own goodwill |
- |
- |
- |
- |
1,147,000 |
|
Computer software |
4,304,000 |
3,913,000 |
3,331,000 |
1,520,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL INTANGIBLE ASSETS |
4,304,000 |
3,913,000 |
3,331,000 |
1,520,000 |
1,147,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
219,740,000 |
198,553,000 |
199,361,000 |
352,751,000 |
312,225,000 |
|
Stocks |
10,496,000 |
46,293,000 |
33,194,000 |
27,703,000 |
4,294,000 |
|
Trade debtors |
1,439,202,000 |
892,540,000 |
945,290,000 |
992,456,000 |
536,392,000 |
|
Other debtors, deposits
& prepayments |
231,155,000 |
220,511,000 |
301,710,000 |
297,968,000 |
252,313,000 |
|
Short term deposits |
- |
- |
- |
- |
19,300,000 |
|
Amount due from related
companies |
222,205,000 |
125,702,000 |
59,877,000 |
79,536,000 |
- |
|
Cash & bank balances |
541,000 |
1,223,000 |
- |
20,307,000 |
17,674,000 |
|
Others |
494,229,000 |
450,627,000 |
388,133,000 |
331,736,000 |
332,440,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
2,397,828,000 |
1,736,896,000 |
1,728,204,000 |
1,749,706,000 |
1,162,413,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
2,617,568,000 |
1,935,449,000 |
1,927,565,000 |
2,102,457,000 |
1,474,638,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
746,454,000 |
598,417,000 |
681,334,000 |
698,067,000 |
292,254,000 |
|
Other creditors &
accruals |
195,601,000 |
35,011,000 |
38,360,000 |
21,694,000 |
49,281,000 |
|
Short term borrowings/Term
loans |
640,716,000 |
286,752,000 |
229,336,000 |
80,000,000 |
- |
|
Deposits from customers |
19,927,000 |
14,069,000 |
11,303,000 |
22,859,000 |
- |
|
Other liabilities &
accruals |
673,000 |
698,000 |
3,711,000 |
- |
- |
|
Amounts owing to related
companies |
130,990,000 |
145,768,000 |
- |
- |
- |
|
Amounts owing to associated companies |
- |
- |
116,288,000 |
325,800,000 |
- |
|
Provision for taxation |
1,647,000 |
4,470,000 |
2,969,000 |
3,631,000 |
7,422,000 |
|
Other liabilities |
194,277,000 |
237,638,000 |
230,533,000 |
288,485,000 |
213,235,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
1,930,285,000 |
1,322,823,000 |
1,313,834,000 |
1,440,536,000 |
562,192,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT
ASSETS/(LIABILITIES) |
467,543,000 |
414,073,000 |
414,370,000 |
309,170,000 |
600,221,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
687,283,000 |
612,626,000 |
613,731,000 |
661,921,000 |
912,446,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
73,574,000 |
73,574,000 |
73,574,000 |
73,574,000 |
73,574,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
73,574,000 |
73,574,000 |
73,574,000 |
73,574,000 |
73,574,000 |
|
Capital reserve |
652,000 |
652,000 |
652,000 |
652,000 |
652,000 |
|
General reserve |
- |
- |
- |
- |
211,000 |
|
Retained profit/(loss)
carried forward |
263,663,000 |
239,290,000 |
241,172,000 |
290,304,000 |
244,526,000 |
|
Others |
(929,000) |
(1,214,000) |
(1,992,000) |
(62,000) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
263,386,000 |
238,728,000 |
239,832,000 |
290,894,000 |
245,389,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
336,960,000 |
312,302,000 |
313,406,000 |
364,468,000 |
318,963,000 |
|
Long term loans |
350,000,000 |
300,000,000 |
300,000,000 |
297,128,000 |
593,463,000 |
|
Other long term borrowings |
305,000 |
305,000 |
305,000 |
305,000 |
- |
|
Deferred taxation |
18,000 |
19,000 |
20,000 |
20,000 |
20,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
350,323,000 |
300,324,000 |
300,325,000 |
297,453,000 |
593,483,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
687,283,000 |
612,626,000 |
613,731,000 |
661,921,000 |
912,446,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
FINANCIAL RATIO
|
|
LOUIS DREYFUS COMPANY ASIA
PTE. LTD. |
|
TYPES OF FUNDS |
|||||
|
Cash |
541,000 |
1,223,000 |
0 |
20,307,000 |
36,974,000 |
|
Net Liquid Funds |
541,000 |
1,223,000 |
0 |
20,307,000 |
36,974,000 |
|
Net Liquid Assets |
457,047,000 |
367,780,000 |
381,176,000 |
281,467,000 |
595,927,000 |
|
Net Current Assets/(Liabilities) |
467,543,000 |
414,073,000 |
414,370,000 |
309,170,000 |
600,221,000 |
|
Net Tangible Assets |
682,979,000 |
608,713,000 |
610,400,000 |
660,401,000 |
911,299,000 |
|
Net Monetary Assets |
106,724,000 |
67,456,000 |
80,851,000 |
(15,986,000) |
2,444,000 |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest
& Tax (EBIT) |
0 |
81,299,000 |
201,524,000 |
92,276,000 |
120,799,000 |
|
Earnings Before Interest,
Taxes, Depreciation And Amortization (EBITDA) |
41,157,000 |
82,763,000 |
203,045,000 |
93,750,000 |
122,008,000 |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
991,021,000 |
587,057,000 |
529,641,000 |
377,433,000 |
593,463,000 |
|
Total Liabilities |
2,280,608,000 |
1,623,147,000 |
1,614,159,000 |
1,737,989,000 |
1,155,675,000 |
|
Total Assets |
2,617,568,000 |
1,935,449,000 |
1,927,565,000 |
2,102,457,000 |
1,474,638,000 |
|
Net Assets |
687,283,000 |
612,626,000 |
613,731,000 |
661,921,000 |
912,446,000 |
|
Net Assets Backing |
336,960,000 |
312,302,000 |
313,406,000 |
364,468,000 |
318,963,000 |
|
Shareholders' Funds |
336,960,000 |
312,302,000 |
313,406,000 |
364,468,000 |
318,963,000 |
|
Total Share Capital |
73,574,000 |
73,574,000 |
73,574,000 |
73,574,000 |
73,574,000 |
|
Total Reserves |
263,386,000 |
238,728,000 |
239,832,000 |
290,894,000 |
245,389,000 |
|
GROWTH RATIOS (Year on Year) |
|||||
|
Revenue |
(1.11) |
(2.37) |
17.20 |
8.11 |
10.95 |
|
Proft/(Loss) Before Tax |
(64.12) |
(63.52) |
177.48 |
(26.56) |
(31.20) |
|
Proft/(Loss) After Tax |
(61.39) |
(64.51) |
192.65 |
(24.50) |
(31.56) |
|
Total Assets |
35.24 |
0.41 |
(8.32) |
42.57 |
(8.29) |
|
Total Liabilities |
40.51 |
0.56 |
(7.12) |
50.39 |
(15.61) |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0 |
0 |
0 |
0.01 |
0.07 |
|
Liquid Ratio |
1.24 |
1.28 |
1.29 |
1.20 |
2.06 |
|
Current Ratio |
1.24 |
1.31 |
1.32 |
1.21 |
2.07 |
|
WORKING CAPITAL CONTROL
(Days) |
|||||
|
Stock Ratio |
0 |
2 |
1 |
1 |
0 |
|
Debtors Ratio |
49 |
30 |
31 |
39 |
23 |
|
Creditors Ratio |
26 |
20 |
23 |
28 |
12 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
2.94 |
1.88 |
1.69 |
1.04 |
1.86 |
|
Liabilities Ratio |
6.77 |
5.20 |
5.15 |
4.77 |
3.62 |
|
Times Interest Earned Ratio |
2.44 |
5.42 |
10.18 |
3.45 |
3.82 |
|
Assets Backing Ratio |
9.28 |
8.27 |
8.30 |
8.98 |
12.39 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
0.22 |
0.62 |
1.65 |
0.70 |
1.03 |
|
Net Profit Margin |
0.23 |
0.59 |
1.61 |
0.65 |
0.93 |
|
Return On Net Assets |
5.87 |
13.27 |
32.84 |
13.94 |
13.24 |
|
Return On Capital Employed |
5.84 |
13.19 |
32.66 |
13.91 |
13.22 |
|
Return On Shareholders'
Funds/Equity |
7.23 |
20.21 |
56.75 |
16.68 |
25.24 |
|
Dividend Pay Out Ratio
(Times) |
0 |
1.03 |
1.28 |
0.25 |
0 |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 66.66 |
|
|
1 |
INR 91.66 |
|
Euro |
1 |
INR 81.01 |
|
SGD |
1 |
INR 49.97 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
|
|
|
|
Report Prepared
by : |
KET |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.