|
|
|
MIRA
INFORM REPORT
|
Report No. : |
506607 |
|
Report Date : |
04.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
GP GLOBAL APAC PTE. LTD |
|
|
|
|
Formerly Known As : |
GULF PETROCHEM PTE. LTD. |
|
|
|
|
Registered Office : |
8, Temasek Boulevard, 24-03, Suntec Tower Three, 038988 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
|
Date of Incorporation : |
03.06.2010 |
|
|
|
|
Com. Reg. No.: |
201011862M |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
The Subject is engaged in the trading of oil, petrochemicals,
coal. |
|
|
|
|
No. of Employees : |
25 [2018] |
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 (30.09.2017) |
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. |
: |
201011862M |
||||
|
COMPANY NAME |
: |
GP GLOBAL APAC PTE. LTD. |
||||
|
FORMER NAME |
: |
GULF PETROCHEM PTE. LTD. (02/08/2017) |
||||
|
INCORPORATION DATE |
: |
03/06/2010 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY SHARE) |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
8, TEMASEK BOULEVARD, 24-03, SUNTEC TOWER THREE, 038988,
SINGAPORE. |
||||
|
BUSINESS ADDRESS |
: |
8, TEMASEK BOULEVARD, 24-03, SUNTEC TOWER THREE, 038988,
SINGAPORE. |
||||
|
TEL.NO. |
: |
65-68846358 |
||||
|
FAX.NO. |
: |
65-68846359 |
||||
|
CONTACT PERSON |
: |
MANAN GOEL ( DIRECTOR ) |
||||
|
PRINCIPAL ACTIVITY |
: |
TRADING OF OIL, PETROCHEMICALS, COAL |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
46,865,549.00 ORDINARY SHARE, OF A VALUE OF SGD 46,865,549.00 |
||||
|
SALES |
: |
USD 759,514,875 [2016] |
||||
|
NET WORTH |
: |
USD 27,703,091 [2016] |
||||
|
STAFF STRENGTH |
: |
25 [2018] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
FAIR |
||||
|
PAYMENT |
: |
SLOW
BUT CORRECT |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
MODERATE |
||||
|
CURRENCY EXPOSURE |
: |
MODERATE |
||||
|
GENERAL REPUTATION |
: |
SATISFACTORY |
||||
|
INDUSTRY OUTLOOK |
: |
MARGINAL 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 oil, petrochemicals, coal.
The immediate and ultimate holding company of the Subject is GULF
PETROCHEM FZC, a company incorporated in UNITED ARAB EMIRATES.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
02/05/2018 |
SGD 46,865,549.00 |
The major shareholder(s) of the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
GULF PETROCHEM FZC |
P.O. BOX 41506, HAMRIYAH FREE ZONE, SHARJAH UNITED ARAB EMIRATES |
T10UF1539 |
46,865,549.00 |
100.00 |
|
--------------- |
------ |
|||
|
46,865,549.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject's interest in other companies
(Subsidiaries/Associates) are shown as follow :
Local No |
Country |
Company |
Status |
(%) |
As At |
|
PANAMA |
GP ASPHALT SHIPPING INC |
- |
100.00 |
31/12/2016 |
|
|
INDIA |
GP PETROLEUMS LTD |
- |
53.55 |
31/12/2016 |
|
|
961373P |
MALAYSIA |
GULF PETROCHEM SDN. BHD. |
- |
99.99 |
31/12/2016 |
DIRECTORS |
DIRECTOR 1
|
Name Of Subject |
: |
ARTHUR LOKE YAT KUEN |
|
Address |
: |
27, BALMORAL PARK, 07-27, 259855, SINGAPORE. |
|
IC / PP No |
: |
S1095836I |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
01/12/2013 |
INTEREST CHECK
|
Interest in companies |
: |
see below |
|
Interest in business |
: |
none in our databank |
|
Former interest |
: |
none in our databank |
INTEREST IN COMPANY
|
No |
Local No |
Company |
Designation |
App Date |
Shareholding |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
|
No. |
% |
|||||||||
|
1 |
200721477Z |
EURTRUE OVERSEAS PTE. LTD. |
Secretary |
17/11/2011 |
0.00 |
- |
SGD(191,936.00) |
2015 |
- |
08/07/2016 |
|
2 |
201011862M |
GP GLOBAL APAC PTE. LTD. |
Director |
01/12/2013 |
0.00 |
- |
USD2,080,124.00 |
2016 |
- |
02/05/2018 |
DIRECTOR 2
|
Name Of Subject |
: |
MANAN GOEL |
|
Address |
: |
EASTLEIGH HOLDINGS LIMITED, VILLA 394, EMIRATES HILL, THIRD POST
BOX 41506, SHARJAH, UNITED ARAB EMIRATES (DUBAI). |
|
Other Address(es) |
: |
C-87, ANTRIKSH APARTMENTS, SECTOR 14, EXTENSION ROHINI, NEW
DELHI, 110085, INDIA. |
|
IC / PP No |
: |
Z3315978 |
|
Nationality |
: |
INDIAN |
|
Date of Appointment |
: |
19/07/2011 |
INTEREST CHECK
|
Interest in companies |
: |
see below |
|
Interest in business |
: |
none in our databank |
|
Former interest |
: |
none in our databank |
INTEREST IN COMPANY
|
No |
Local No |
Company |
Designation |
App Date |
Shareholding |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
|
No. |
% |
|||||||||
|
1 |
201011862M |
GP GLOBAL APAC PTE. LTD. |
Director |
19/07/2011 |
0.00 |
- |
USD2,080,124.00 |
2016 |
- |
02/05/2018 |
DIRECTOR 3
|
Name Of Subject |
: |
PRERIT GOEL |
|
Address |
: |
EMIRATES HILLS VILLA MDA2, PK4132, 394AL, THANYAH FOURTH, PO BOX
41506, SHARJAH, UNITED ARAB EMIRATES (DUBAI). |
|
Other Address(es) |
: |
H 105, AKASHNEEM MARG DLF, PHASE II, GURGAON HARYANA, 122001,
INDIA. |
|
IC / PP No |
: |
Z3726296 |
|
Nationality |
: |
INDIAN |
|
Date of Appointment |
: |
03/06/2010 |
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 |
201011862M |
GP GLOBAL APAC PTE. LTD. |
Director |
03/06/2010 |
0.00 |
- |
USD2,080,124.00 |
2016 |
- |
02/05/2018 |
MANAGEMENT |
|
1) |
Name of Subject |
: |
MANAN GOEL |
|
Position |
: |
DIRECTOR |
AUDITOR |
|
Auditor |
: |
NATARAJAN & SWAMINATHAN |
|
Auditor' Address |
: |
N/A |
COMPANY SECRETARIES |
|
1) |
Company Secretary |
: |
RAJA MUHAMMAD SHAH BIN ABDULLAH |
|
IC / PP No |
: |
S1392101F |
|
|
Address |
: |
506, WEST COAST DRIVE, 11-209, WEST COAST VISTA, 120506,
SINGAPORE. |
|
BANKING |
Banking relations are maintained principally with :
|
1) |
Name |
: |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
|
2) |
Name |
: |
CITIBANK N.A. |
|
3) |
Name |
: |
SOCIETE GENERALE |
|
4) |
Name |
: |
UNITED OVERSEAS BANK LIMITED |
|
5) |
Name |
: |
NATIXIS |
ENCUMBRANCE (S) |
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
C201207201 |
29/06/2012 |
N/A |
COOPERATIEVE CENTRALE RAIFFEISENBOERENLEENBANK B.A. |
- |
Unsatisfied |
|
C201308786 |
28/06/2013 |
N/A |
SOCIETE GENERALE |
- |
Unsatisfied |
|
C201308788 |
28/06/2013 |
N/A |
SOCIETE GENERALE |
- |
Unsatisfied |
|
C201308793 |
28/06/2013 |
N/A |
SOCIETE GENERALE |
- |
Unsatisfied |
|
C201311650 |
27/08/2013 |
N/A |
DBS BANK LTD. |
- |
Unsatisfied |
|
C201311652 |
27/08/2013 |
N/A |
DBS BANK LTD. |
- |
Unsatisfied |
|
C201314583 |
29/10/2013 |
N/A |
CREDIT SUISSE AG |
- |
Unsatisfied |
|
C201314588 |
29/10/2013 |
N/A |
CREDIT SUISSE (SCHWEIZ) AG |
- |
Unsatisfied |
|
C201403953 |
21/04/2014 |
N/A |
ICICI BANK LIMITED |
- |
Unsatisfied |
|
C201406369 |
26/06/2014 |
N/A |
CREDIT SUISSE AG |
- |
Unsatisfied |
|
C201501110 |
23/01/2015 |
N/A |
COOPERATIEVE RABOBANK U.A. |
- |
Unsatisfied |
|
C201514448 |
21/12/2015 |
N/A |
NATIXIS |
- |
Unsatisfied |
|
C201514493 |
21/12/2015 |
N/A |
NATIXIS |
- |
Unsatisfied |
|
C201514494 |
21/12/2015 |
N/A |
NATIXIS |
- |
Unsatisfied |
|
C201604311 |
26/04/2016 |
N/A |
LH ASIAN TRADE FINANCE FUND LTD |
- |
Unsatisfied |
|
C201606848 |
13/07/2016 |
N/A |
CA INDOSUEZ (SWITZERLAND) SA |
- |
Unsatisfied |
|
C201606849 |
13/07/2016 |
N/A |
CA INDOSUEZ (SWITZERLAND) SA |
- |
Unsatisfied |
|
C201608179 |
17/08/2016 |
N/A |
CA INDOSUEZ (SWITZERLAND) SA |
- |
Unsatisfied |
|
C201608779 |
31/08/2016 |
N/A |
CA INDOSUEZ (SWITZERLAND) SA |
- |
Unsatisfied |
|
C201608780 |
31/08/2016 |
N/A |
CA INDOSUEZ (SWITZERLAND) SA |
- |
Unsatisfied |
|
C201608781 |
31/08/2016 |
N/A |
CA INDOSUEZ (SWITZERLAND) SA |
- |
Unsatisfied |
|
C201612168 |
02/12/2016 |
N/A |
UBS SWITZERLAND AG |
- |
Unsatisfied |
|
C201612576 |
14/12/2016 |
N/A |
BANQUE CANTONALE DE GENEVE |
- |
Unsatisfied |
|
C201612577 |
14/12/2016 |
N/A |
BANQUE CANTONALE DE GENEVE |
- |
Unsatisfied |
|
C201612579 |
14/12/2016 |
N/A |
BANQUE CANTONALE DE GENEVE |
- |
Unsatisfied |
|
C201612584 |
14/12/2016 |
N/A |
BANQUE CANTONALE DE GENEVE |
- |
Unsatisfied |
|
C201612587 |
14/12/2016 |
N/A |
BANQUE CANTONALE DE GENEVE |
- |
Unsatisfied |
|
C201612588 |
14/12/2016 |
N/A |
BANQUE CANTONALE DE GENEVE |
- |
Unsatisfied |
|
C201612589 |
14/12/2016 |
N/A |
BANQUE CANTONALE DE GENEVE |
- |
Unsatisfied |
|
C201612590 |
14/12/2016 |
N/A |
BANQUE CANTONALE DE GENEVE |
- |
Unsatisfied |
|
C201612591 |
14/12/2016 |
N/A |
BANQUE CANTONALE DE GENEVE |
- |
Unsatisfied |
|
C201612592 |
14/12/2016 |
N/A |
BANQUE CANTONALE DE GENEVE |
- |
Unsatisfied |
|
C201612608 |
15/12/2016 |
N/A |
CREDIT SUISSE (SCHWEIZ) AG |
- |
Unsatisfied |
|
C201700712 |
19/01/2017 |
N/A |
BANQUE CANTONALE VAUDOISE |
- |
Unsatisfied |
|
C201702229 |
08/03/2017 |
N/A |
COOPERATIEVE RABOBANK U.A. |
- |
Unsatisfied |
|
C201708734 |
29/08/2017 |
N/A |
CA INDOSUEZ (SWITZERLAND) SA |
- |
Unsatisfied |
|
C201710528 |
12/10/2017 |
N/A |
COOPERATIEVE RABOBANK U.A. |
- |
Unsatisfied |
CIVIL 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 winding up petition was found in our databank.
|
LEGAL ACTION |
|
||||||
|
|||||||
|
|||||||
|
Total SETTLED Case(s) : 1 |
|
||||||
|
|||||||
|
Case Status |
: |
SETTLED |
|||||
|
Code No |
: |
99 |
Case No |
: |
588 |
||
|
Year |
: |
2014 |
Place |
: |
SINGAPORE |
||
|
Court |
: |
SUPREME COURT |
|||||
|
Date Filed |
: |
03/06/2014 |
|||||
|
Solicitor |
: |
TOH KELLY (DU KELLY) |
|||||
|
Solicitor Firm |
: |
OON & BAZUL LLP |
|||||
|
Plaintiff |
: |
G-FUEL PTE LTD |
|||||
|
DEFENDANTS |
: |
GULF PETROCHEM PTE. LTD. (201011862) |
|||||
|
Amount Claimed |
: |
2002404.78 |
|||||
|
Nature of Claim |
: |
USD |
|||||
|
Remark |
: |
CONTRACT-OTHERS |
|||||
PAYMENT RECORD |
|
||
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
N/A |
|
Overseas |
: |
N/A |
The Subject refused to disclose its suppliers.
The Subject refused to provide any name of trade/service supplier and we are
unable to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL PAYMENT HABIT |
||||||||||||||
|
Prompt 0-30 Days |
[ |
] |
Good 31-60 Days |
[ |
] |
Average 61-90 Days |
[ |
X |
] |
|||||
|
Fair 91-120 Days |
[ |
] |
Poor >120 Days |
[ |
] |
|||||||||
CLIENTELE |
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
WORLDWIDE |
|||
|
Credit Term |
: |
N/A |
|||
|
Payment Mode |
: |
CHEQUES |
|||
OPERATIONS |
|
Goods Traded |
: |
|
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2018 |
2017 |
2016 |
2015 |
2014 |
||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
||||
|
COMPANY |
25 |
28 |
28 |
28 |
20 |
||||
|
Branch |
: |
|
Other Information:
The Subject is principally engaged in the (as a / as an) trading of oil,
petrochemicals, coal.
Gulf Petrochem has firmly established itself into six strategic business units
(SBUs); Oil trading & bunkering, Oil Refining, Grease Manufacturing, Oil
Storage Terminals, Bitumen Manufacturing and Shipping & Logistics.
The Group trades Oil by following mode of transportation
1. Bulk vessel supply
2. Road tankers
3. On flexi bags
4. Drums
CURRENT INVESTIGATION |
Latest fresh investigations carried out on the Subject indicated
that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-68846358 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
TEMASEK BOULEVARD SUNTEC TOWER 3 24-03 038988 SINGAPORE |
|
Current Address |
: |
8, TEMASEK BOULEVARD, 24-03, SUNTEC TOWER THREE, 038988,
SINGAPORE. |
|
Match |
: |
NO |
Other Investigations
We contacted one of the staff from the Subject and she provided some information.
The address provided also can be used for the Subject.
FINANCIAL ANALYSIS |
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2012 - 2016 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2012 - 2016 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
7.51% |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
9.74% |
] |
|
|
The fluctuating turnover reflects the fierce competition among
the existing and new market players.The Subject's profit fell sharply because
of the high operating costs incurred. The unfavourable return on
shareholders' funds could indicate that the Subject was inefficient in
utilising its assets to generate returns. |
||||||
|
Working Capital Control |
||||||
|
Debtor Ratio |
: |
Favourable |
[ |
43 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
14 Days |
] |
|
|
The favourable debtors' days could be due to the good credit
control measures implemented by the Subject. The Subject had a favourable
creditors' ratio where the Subject could be taking advantage of the cash
discounts and also wanting to maintain goodwill with its creditors. |
||||||
|
Liquidity |
||||||
|
Liquid Ratio |
: |
Favourable |
[ |
1.14 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.14 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 |
: |
Acceptable |
[ |
3.37 Times |
] |
|
|
Gearing Ratio |
: |
Unfavourable |
[ |
1.25 Times |
] |
|
|
The Subject's interest cover was slightly low. If there is no
sharp fall in its profit or sudden increase in the interest rates, we believe
the Subject is able to generate sufficient income to service its interest and
repay the loans. 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 recorded lower profits as its turnover showed a
erratic trend. The Subject's management was unable to control its costs
efficiently as its profit showed a downward trend. The Subject was in good
liquidity position with its total current liabilities well covered by its
total current assets. With its current net assets, the Subject should be able
to repay its short term obligations. The Subject had an acceptable interest cover.
If there is no sudden sharp increase in interest rate or fall in the
Subject's profit, we do believe the Subject is able to generate sufficient
cash flow to service its interest payment. 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 : FAIR |
||||||
SINGAPORE ECONOMIC / INDUSTRY OUTLOOK |
|
Major Economic Indicators : |
2013 |
2014 |
2015 |
2016 |
2017* |
|
|
|||||
|
Population (Million) |
5.40 |
5.47 |
5.54 |
5.61 |
5.61 |
|
Gross Domestic Products ( % ) |
5.1 |
3.9 |
2.2 |
2.4 |
3.6 |
|
Consumer Price Index |
2.4 |
1.0 |
(0.5) |
(0.5) |
0.6 |
|
Total Imports (Million) |
466,762.0 |
463,779.1 |
407,767.9 |
398,372.0 |
403,300.0 |
|
Total Exports (Million) |
513,391.0 |
518,922.7 |
476,285.4 |
468,552.0 |
466,900.0 |
|
|
|||||
|
Unemployment Rate (%) |
1.9 |
1.9 |
1.9 |
2.1 |
- |
|
Tourist Arrival (Million) |
15.46 |
15.01 |
15.23 |
16.28 |
- |
|
Hotel Occupancy Rate (%) |
86.3 |
85.5 |
84.0 |
83.1 |
84.7 |
|
Cellular Phone Subscriber (Million) |
1.97 |
1.98 |
1.99 |
- |
- |
|
|
|||||
|
Registration of New Companies (No.) |
37,288 |
41,589 |
34,243 |
35,227 |
37,395 |
|
Registration of New Companies (%) |
9.8 |
11.5 |
(17.7) |
2.9 |
6.2 |
|
Liquidation of Companies (No.) |
17,369 |
18,767 |
21,384 |
23,218 |
22,379 |
|
Liquidation of Companies (%) |
(5.3) |
8.0 |
13.9 |
8.6 |
(3.6) |
|
|
|||||
|
Registration of New Businesses (No.) |
22,893 |
35,773 |
28,480 |
27,120 |
22,148 |
|
Registration of New Businesses (%) |
1.70 |
56.30 |
(20.39) |
(4.78) |
(18.33) |
|
Liquidation of Businesses (No.) |
22,598 |
22,098 |
26,116 |
35,866 |
24,344 |
|
Liquidation of Businesses (%) |
0.5 |
(2.2) |
18.2 |
37.3 |
(32.1) |
|
|
|||||
|
Bankruptcy Orders (No.) |
1,992 |
1,757 |
1,776 |
1,797 |
1,638 |
|
Bankruptcy Orders (%) |
14.0 |
(11.8) |
1.0 |
1.2 |
(8.9) |
|
Bankruptcy Discharges (No.) |
2,584 |
3,546 |
3,499 |
4,359 |
2,030 |
|
Bankruptcy Discharges (%) |
37.4 |
37.2 |
(1.3) |
24.6 |
(53.4) |
|
|
|||||
|
INDUSTRIES ( % of Growth ) : |
|||||
|
Agriculture |
|||||
|
Production of Principal Crops |
1.78 |
4.29 |
3.04 |
- |
- |
|
Fish Supply & Wholesale |
(3.8) |
(8.6) |
(8.5) |
(9.9) |
- |
|
|
|||||
|
Manufacturing # |
|||||
|
Food, Beverages & Tobacco |
97.9 |
99.4 |
100.0 |
103.7 |
110.3 |
|
Textiles |
119.5 |
102.7 |
100.0 |
92.4 |
84.4 |
|
Wearing Apparel |
334.1 |
212.6 |
100.0 |
83.4 |
88.2 |
|
Leather Products & Footwear |
122.0 |
106.5 |
100.0 |
88.8 |
79.0 |
|
Wood & Wood Products |
103.0 |
107.2 |
100.0 |
95.0 |
92.9 |
|
Paper & Paper Products |
104.4 |
104.5 |
100.0 |
97.3 |
96.1 |
|
Printing & Media |
113.8 |
105.968 |
100.0 |
85.1 |
73.1 |
|
Crude Oil Refineries |
100.7 |
92.2 |
100.0 |
104.2 |
113.5 |
|
Chemical & Chemical Products |
88.4 |
96.7 |
100.0 |
98.9 |
105.3 |
|
Pharmaceutical Products |
101.421 |
109.4 |
100.0 |
113.8 |
96.0 |
|
Rubber & Plastic Products |
109.497 |
109.2 |
100.0 |
91.4 |
93.7 |
|
Non-metallic Mineral |
107.4 |
90.759 |
100.0 |
89.8 |
72.9 |
|
Basic Metals |
77.2 |
99.3 |
100.0 |
106.2 |
108.3 |
|
Fabricated Metal Products |
107.5 |
107.757 |
100.0 |
93.8 |
91.3 |
|
Machinery & Equipment |
109.1 |
118.2 |
100.0 |
80.8 |
86.1 |
|
Electrical Machinery |
87.4 |
97.871 |
100.0 |
101.5 |
111.7 |
|
Electronic Components |
105.0 |
105.6 |
100.0 |
114.1 |
151.4 |
|
Transport Equipment |
111.1 |
106.68 |
100.0 |
101.0 |
99.5 |
|
|
|||||
|
Construction |
25.40 |
22.00 |
- |
- |
- |
|
Real Estate |
88.5 |
145.1 |
- |
- |
- |
|
|
|||||
|
Services |
|||||
|
Electricity, Gas & Water |
6.70 |
6.50 |
- |
- |
- |
|
Transport, Storage & Communication |
9.80 |
14.20 |
- |
- |
- |
|
Finance & Insurance |
3.30 |
6.00 |
- |
7.40 |
- |
|
Government Services |
6.50 |
6.30 |
- |
- |
- |
|
Education Services |
3.10 |
5.98 |
- |
2.40 |
- |
|
|
|||||
|
* Estimate / Preliminary |
|||||
|
# Based on Index of Industrial Production (2015 = 100) |
INDUSTRY ANALYSIS |
|
INDUSTRY : |
TRADING |
|
According to the Ministry of Trade and Industry, the wholesale
& retail trade sector expanded to 3.0% in the fourth quarter of 2017,
moderating from the 3.3% growth in the previous quarter. The wholesale trade
segment was boosted by an improvement in foreign wholesale sales volume,
which more than offset the weakness in domestic wholesale sales volume. For
the whole of 2017, the sector expanded by 2.3%, faster than the 1.0% growth
in 2016. The improvement in growth can be attributed to the wholesale
segment. |
|
|
The domestic wholesale sales volume fell by 1.1% in the fourth
quarter 2017, reversing the 2.0% growth in the preceding quarter. The poorer
outturn was led by declines in the sales volume of household equipment &
furniture (-27%) and general wholesale merchandise (-19%), which outweighed
the increase in the sales volume of telecommunications & computers (20%).
For the whole of 2017, the domestic wholesale trade index expanded by 1.0%, a
turnaround from the 2.7% decline in 2016. |
|
|
On the other hand, foreign wholesale sales volume rose to 6.2%
in the fourth quarter 2017, a step-up from the 5.1% growth in the preceding
quarter. Growth was driven by expansions in the sales of petroleum & petroleum-related
products (11%t), telecommunications & computers (19%) and electronic
components (16%). However, growth was partly offset by a 20% decline in the
sales volume of metals, timber & construction materials. For the full
year 2017, the foreign wholesale trade index rose by 3.6%, faster than the
increase of 1.5% in the previous year. |
|
|
Besides, retail sales volume rose by 2.1% in the fourth quarter
2017, improving from the 0.9% growth recorded in the third quarter. Growth
was supported by improvements in both motor vehicle and non-motor vehicle
sales volumes. While motor vehicle sales benefitted from an on-year increase
in COE supply, growth in non-motor vehicle sales came on the back of an
improvement in consumer sentiments. Notably, the sales volume of
discretionary goods such as recreational goods, computer &
telecommunication equipment and wearing apparel & footwear grew by 4.6%,
4.3 % and 3.1% respectively. |
|
|
For the full year 2017, retail sales volume expanded by 1.3%,
similar to the 1.5% growth recorded in 2016. Growth was driven by both motor
vehicle sales and non-motor vehicle sales, which the former rising by 1.5%
and the latter increasing by 1.3%. The rise in non-motor vehicle sales was
underpinned by higher sales of discretionary goods. For instance, the sales
volume of recreational goods (3.9%), watches & jewellery (2.4%), computer
& telecommunications equipment (1.7%) and wearing apparel & footwear
(1.5%) improved in 2017. |
|
|
OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH |
|
CREDIT RISK EVALUATION & RECOMMENDATION |
|
|
Financials
|
PROFIT AND LOSS ACCOUNT |
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH
SINGAPORE FINANCIAL REPORTING STANDARDS. |
|
GP GLOBAL APAC 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 |
759,514,875 |
878,648,579 |
642,503,234 |
384,855,416 |
162,547,028 |
|
Other Income |
1,873,553 |
1,295,616 |
805,516 |
1,412,762 |
730,690 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
761,388,428 |
879,944,195 |
643,308,750 |
386,268,178 |
163,277,718 |
|
Costs of Goods Sold |
(746,663,959) |
(868,765,575) |
(627,849,440) |
(378,960,669) |
(159,766,700) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
14,724,469 |
11,178,620 |
15,459,310 |
7,307,509 |
3,511,018 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
1,896,795 |
4,937,943 |
(22,624,251) |
3,006,439 |
1,765,275 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
1,896,795 |
4,937,943 |
(22,624,251) |
3,006,439 |
1,765,275 |
|
Taxation |
183,329 |
(510,000) |
1,987,594 |
(288,761) |
(191,369) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
2,080,124 |
4,427,943 |
(20,636,657) |
2,717,678 |
1,573,906 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
(10,905,204) |
(15,333,147) |
5,303,510 |
2,585,832 |
1,011,926 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
(10,905,204) |
(15,333,147) |
5,303,510 |
2,585,832 |
1,011,926 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
(8,825,080) |
(10,905,204) |
(15,333,147) |
5,303,510 |
2,585,832 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
(8,825,080) |
(10,905,204) |
(15,333,147) |
5,303,510 |
2,585,832 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Others |
800,567 |
461,814 |
811,740 |
1,581,139 |
128,856 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
800,567 |
461,814 |
811,740 |
1,581,139 |
128,856 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION (as per notes to P&L) |
670,718 |
667,400 |
666,039 |
166,296 |
7,638 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Amortization And Depreciation |
670,718 |
667,400 |
666,039 |
166,296 |
7,638 |
|
============= |
============= |
============= |
============= |
============= |
|
BALANCE SHEET |
|
GP GLOBAL APAC PTE. LTD. |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
6,902,330 |
7,552,230 |
8,206,765 |
8,827,552 |
53,661 |
|
LONG TERM INVESTMENTS/OTHER ASSETS |
|||||
|
Subsidiary companies |
7,181,260 |
7,181,260 |
7,181,260 |
32,416 |
32,416 |
|
Deferred assets |
1,888,000 |
1,490,000 |
2,000,000 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
9,069,260 |
8,671,260 |
9,181,260 |
32,416 |
32,416 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
15,971,590 |
16,223,490 |
17,388,025 |
8,859,968 |
86,077 |
|
CURRENT ASSETS |
|||||
|
Stocks |
- |
- |
1,602,989 |
40,863,140 |
20,809,871 |
|
Trade debtors |
89,555,881 |
36,706,320 |
51,920,512 |
47,570,106 |
15,931,915 |
|
Other debtors, deposits & prepayments |
3,743,737 |
6,340,720 |
2,059,699 |
151,118 |
2,567,574 |
|
Short term deposits |
- |
- |
- |
850,857 |
- |
|
Amount due from holding company |
- |
639,469 |
2,161,520 |
- |
- |
|
Amount due from subsidiary companies |
1,272 |
1,582 |
1,272 |
804 |
- |
|
Amount due from related companies |
17,758 |
455,686 |
- |
- |
- |
|
Cash & bank balances |
32,036,042 |
5,853,285 |
5,772,769 |
2,107,249 |
2,425,410 |
|
Others |
- |
35,156 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
125,354,690 |
50,032,218 |
63,518,761 |
91,543,274 |
41,734,770 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
141,326,280 |
66,255,708 |
80,906,786 |
100,403,242 |
41,820,847 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
29,034,027 |
21,259,434 |
29,277,907 |
40,833,472 |
18,537,210 |
|
Other creditors & accruals |
4,024,716 |
4,570,375 |
2,216,678 |
535,719 |
1,962,537 |
|
Short term borrowings/Term loans |
- |
8,745,163 |
21,680,002 |
32,390,850 |
3,572,069 |
|
Other borrowings |
31,155,948 |
578,111 |
621,832 |
- |
- |
|
Deposits from customers |
- |
140,306 |
29,999 |
49,438 |
- |
|
Amounts owing to holding company |
45,761,762 |
- |
- |
5,066,419 |
9,937,454 |
|
Amounts owing to subsidiary companies |
217,000 |
338,280 |
- |
- |
- |
|
Amounts owing to related companies |
- |
904,078 |
887,465 |
- |
- |
|
Amounts owing to director |
- |
- |
- |
- |
6,787 |
|
Provision for taxation |
- |
- |
12,406 |
311,588 |
190,888 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
110,193,453 |
36,535,747 |
54,726,289 |
79,187,486 |
34,206,945 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
15,161,237 |
13,496,471 |
8,792,472 |
12,355,788 |
7,527,825 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
LONG TERM LIABILITIES |
|||||
|
Long term loans |
3,429,736 |
4,096,994 |
4,985,473 |
5,884,076 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
3,429,736 |
4,096,994 |
4,985,473 |
5,884,076 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
27,703,091 |
25,622,967 |
21,195,024 |
15,331,680 |
7,613,902 |
|
============= |
============= |
============= |
============= |
============= |
|
|
FINANCED BY: |
|||||
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
36,528,171 |
36,528,171 |
36,528,171 |
10,028,170 |
5,028,070 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
36,528,171 |
36,528,171 |
36,528,171 |
10,028,170 |
5,028,070 |
|
RESERVES |
|||||
|
Retained profit/(loss) carried forward |
(8,825,080) |
(10,905,204) |
(15,333,147) |
5,303,510 |
2,585,832 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
(8,825,080) |
(10,905,204) |
(15,333,147) |
5,303,510 |
2,585,832 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
27,703,091 |
25,622,967 |
21,195,024 |
15,331,680 |
7,613,902 |
|
============= |
============= |
============= |
============= |
============= |
|
|
FINANCIAL RATIO |
|
GP GLOBAL APAC PTE. LTD. |
|
TYPES OF FUNDS |
|||||
|
Cash |
32,036,042 |
5,853,285 |
5,772,769 |
2,958,106 |
2,425,410 |
|
Net Liquid Funds |
32,036,042 |
5,853,285 |
5,772,769 |
2,958,106 |
2,425,410 |
|
Net Liquid Assets |
15,161,237 |
13,496,471 |
7,189,483 |
(28,507,352) |
(13,282,046) |
|
Net Current Assets/(Liabilities) |
15,161,237 |
13,496,471 |
8,792,472 |
12,355,788 |
7,527,825 |
|
Net Tangible Assets |
27,703,091 |
25,622,967 |
21,195,024 |
15,331,680 |
7,613,902 |
|
Net Monetary Assets |
11,731,501 |
9,399,477 |
2,204,010 |
(34,391,428) |
(13,282,046) |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest & Tax (EBIT) |
2,697,362 |
5,399,757 |
(21,812,511) |
4,587,578 |
1,894,131 |
|
Earnings Before Interest, Taxes, Depreciation And Amortization
(EBITDA) |
3,368,080 |
6,067,157 |
(21,146,472) |
4,753,874 |
1,901,769 |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
34,585,684 |
13,420,268 |
27,287,307 |
38,274,926 |
3,572,069 |
|
Total Liabilities |
113,623,189 |
40,632,741 |
59,711,762 |
85,071,562 |
34,206,945 |
|
Total Assets |
141,326,280 |
66,255,708 |
80,906,786 |
100,403,242 |
41,820,847 |
|
Net Assets |
27,703,091 |
25,622,967 |
21,195,024 |
15,331,680 |
7,613,902 |
|
Net Assets Backing |
27,703,091 |
25,622,967 |
21,195,024 |
15,331,680 |
7,613,902 |
|
Shareholders' Funds |
27,703,091 |
25,622,967 |
21,195,024 |
15,331,680 |
7,613,902 |
|
Total Share Capital |
36,528,171 |
36,528,171 |
36,528,171 |
10,028,170 |
5,028,070 |
|
Total Reserves |
(8,825,080) |
(10,905,204) |
(15,333,147) |
5,303,510 |
2,585,832 |
|
GROWTH RATIOS (Year on Year) (%) |
|||||
|
Revenue |
(13.56) |
36.75 |
66.95 |
136.77 |
178.52 |
|
Proft/(Loss) Before Tax |
(61.59) |
121.83 |
(852.53) |
70.31 |
88.67 |
|
Proft/(Loss) After Tax |
(53.02) |
121.46 |
(859.35) |
72.67 |
93.42 |
|
Total Assets |
113.30 |
(18.11) |
(19.42) |
140.08 |
283.46 |
|
Total Liabilities |
179.63 |
(31.95) |
(29.81) |
148.70 |
602.96 |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.29 |
0.16 |
0.11 |
0.04 |
0.07 |
|
Liquid Ratio |
1.14 |
1.37 |
1.13 |
0.64 |
0.61 |
|
Current Ratio |
1.14 |
1.37 |
1.16 |
1.16 |
1.22 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
0 |
0 |
1 |
39 |
47 |
|
Debtors Ratio |
43 |
15 |
29 |
45 |
36 |
|
Creditors Ratio |
14 |
9 |
17 |
39 |
42 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
1.25 |
0.52 |
1.29 |
2.50 |
0.47 |
|
Liabilities Ratio |
4.10 |
1.59 |
2.82 |
5.55 |
4.49 |
|
Times Interest Earned Ratio |
3.37 |
11.69 |
(26.87) |
2.90 |
14.70 |
|
Assets Backing Ratio |
0.76 |
0.70 |
0.58 |
1.53 |
1.51 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
0.25 |
0.56 |
(3.52) |
0.78 |
1.09 |
|
Net Profit Margin |
0.27 |
0.50 |
(3.21) |
0.71 |
0.97 |
|
Return On Net Assets |
9.74 |
21.07 |
(102.91) |
29.92 |
24.88 |
|
Return On Capital Employed |
8.66 |
18.17 |
(83.32) |
21.62 |
24.88 |
|
Return On Shareholders' Funds/Equity |
7.51 |
17.28 |
(97.37) |
17.73 |
20.67 |
|
Dividend Pay Out Ratio (Times) |
0 |
0 |
0 |
0 |
0 |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 66.61 |
|
|
1 |
INR 90.60 |
|
Euro |
1 |
INR 79.86 |
|
SGD |
1 |
INR 50.17 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
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.