|
|
|
MIRA INFORM REPORT
|
Report No. : |
508318 |
|
Report Date : |
15.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
COFCO INTERNATIONAL SINGAPORE PTE. LTD |
|
|
|
|
Formerly Known As : |
·
COFCO RESOURCES PTE. LTD ·
NOBLE RESOURCES PTE. LTD ·
NOBLE GRAIN PTE LTD ·
BERKHAM PTE LTD |
|
|
|
|
Registered Office : |
12, Marina View, 28-01, Asia Square Tower 2, 018961 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2015 |
|
|
|
|
Date of Incorporation : |
17.03.2001 |
|
|
|
|
Com. Reg. No.: |
200101811W |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
The Subject is engaged in the trading of agriculture
commodities, investment holding. |
|
|
|
|
No. of Employees : |
280 [2018] |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
B |
|
Credit Rating |
Explanation |
Rating Comments |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow 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. |
: |
200101811W |
|
COMPANY NAME |
: |
COFCO INTERNATIONAL SINGAPORE PTE. LTD. |
|
FORMER NAME |
: |
COFCO RESOURCES PTE. LTD. (27/02/2018) |
|
INCORPORATION DATE |
: |
17/03/2001 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY SHARE) |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
12, MARINA VIEW, 28-01, ASIA SQUARE TOWER 2, 018961, SINGAPORE. |
|
BUSINESS ADDRESS |
: |
12, MARINA VIEW, 28-01, ASIA SQUARE TOWER 2, 018961, SINGAPORE. |
|
TEL.NO. |
: |
65-68058594/68058512 |
|
FAX.NO. |
: |
65-63842653 |
|
WEB SITE |
: |
WWW.COFCOINTERNATIONAL.COM |
|
CONTACT PERSON |
: |
LIM BOON KIAT ( DIRECTOR ) |
|
PRINCIPAL ACTIVITY |
: |
TRADING OF AGRICULTURE COMMODITIES, INVESTMENT HOLDING |
|
ISSUED AND PAID UP CAPITAL |
: |
402,149,307.00 ORDINARY SHARE, OF A VALUE OF SGD 417,224,217.00 |
|
SALES |
: |
USD 6,515,913,000 [2015] |
|
NET WORTH |
: |
USD 259,557,000 [2015] |
|
STAFF STRENGTH |
: |
280 [2018] |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
N/A |
|
PAYMENT |
: |
SLOW
BUT CORRECT |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL RISK |
: |
MODERATE |
|
CURRENCY EXPOSURE |
: |
N/A |
|
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 agriculture commodities, investment holding.
The immediate holding company of the Subject is COFCO AGRI
RESOURCES LIMITED, a company incorporated in BERMUDA.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
14/05/2018 |
SGD 417,224,217.00 |
The major shareholder(s) of the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
COFCO AGRI RESOURCES LIMITED |
CLARENDON HOUSE, 2, CHURCH STREET, HAMILTON HM 11 BERMUDA |
T11UF3943 |
402,149,307.00 |
100.00 |
|
--------------- |
------ |
|||
|
402,149,307.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject's interest in other companies
(Subsidiaries/Associates) are shown as follow :
Local No |
Country |
Company |
Status |
(%) |
As At |
|
53078942 |
SINGAPORE |
COFCO COTTON |
- |
100.00 |
14/05/2018 |
|
200709910N |
SINGAPORE |
COFCO PROTEIN AND FEED CO. PTE. LTD. |
- |
100.00 |
14/05/2018 |
|
201129192C |
SINGAPORE |
GLOBEAGRI TRADING PTE LTD |
- |
100.00 |
14/05/2018 |
|
200209605N |
SINGAPORE |
GREAT WALL INVESTMENTS PTE. LTD. |
- |
100.00 |
14/05/2018 |
|
201134506 |
SINGAPORE |
GREENSOFTS TRADING PTE. LTD. |
- |
100.00 |
14/05/2018 |
|
201129200Z |
SINGAPORE |
MEADOWFEED ENTERPRISES PTE. LTD. |
- |
100.00 |
14/05/2018 |
|
199405906R |
SINGAPORE |
SINO AGRI-TRADE PTE LTD |
- |
100.00 |
14/05/2018 |
|
201129177K |
SINGAPORE |
UNIAGRO INTERNATIONAL PTE. LTD. |
- |
100.00 |
14/05/2018 |
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
LI YEBIN |
|
Address |
: |
43B, LONDON STREET BENTLEIGH, VIC 3204, MELBOURNE, AUSTRALIA. |
|
IC / PP No |
: |
PE0828859 |
|
Nationality |
: |
CHINESE |
|
Date of Appointment |
: |
10/08/2017 |
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 |
201526081H |
COFCO AGRI COMMODITIES PTE. LTD. |
Director |
10/08/2017 |
0.00 |
- |
USD(853,254.00) |
2016 |
- |
21/02/2018 |
|
2 |
200101811W |
COFCO INTERNATIONAL SINGAPORE PTE. LTD. |
Director |
10/08/2017 |
0.00 |
- |
USD(48,126,000.00) |
2015 |
- |
14/05/2018 |
|
3 |
198500536M |
CONCORDIA AGRITRADING PTE LTD |
Director |
30/06/2017 |
0.00 |
- |
USD953,845.00 |
2016 |
- |
14/12/2017 |
DIRECTOR 2
|
Name Of Subject |
: |
LIM BOON KIAT |
|
Address |
: |
12, MARINA VIEW, 28-01, ASIA SQUARE TOWER 2, 018961, SINGAPORE. |
|
Other Address(es) |
: |
86, WILKIE ROAD, 01-11, WILKIE STUDIO, 228096, SINGAPORE. |
|
IC / PP No |
: |
S7030024I |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
10/08/2017 |
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 |
201526081H |
COFCO AGRI COMMODITIES PTE. LTD. |
Director |
10/08/2017 |
0.00 |
- |
USD(853,254.00) |
2016 |
- |
21/02/2018 |
|
2 |
200101811W |
COFCO INTERNATIONAL SINGAPORE PTE. LTD. |
Director |
10/08/2017 |
0.00 |
- |
USD(48,126,000.00) |
2015 |
- |
14/05/2018 |
|
3 |
198500536M |
CONCORDIA AGRITRADING PTE LTD |
Director |
16/05/2011 |
0.00 |
- |
USD953,845.00 |
2016 |
- |
14/12/2017 |
|
4 |
199800189G |
TRANSGRAIN SHIPPING (SINGAPORE) PTE. LTD. |
Director Secretary |
29/10/2015 01/09/2010 |
0.00 |
- |
USD262,196.00 |
2015 |
- |
15/12/2016 |
DIRECTOR 3
|
Name Of Subject |
: |
DAVID JAMES MOFFAT |
|
Address |
: |
12, MARINA VIEW, 28-01, ASIA SQUARE TOWER 2, 018961, SINGAPORE. |
|
IC / PP No |
: |
S7789756I |
|
Nationality |
: |
BRITISH |
|
Date of Appointment |
: |
10/08/2017 |
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 |
200101811W |
COFCO INTERNATIONAL SINGAPORE PTE. LTD. |
Director |
10/08/2017 |
0.00 |
- |
USD(48,126,000.00) |
2015 |
- |
14/05/2018 |
DIRECTOR 4
|
Name Of Subject |
: |
FREDERIK CHRISTOPH GROTH |
|
Address |
: |
12, MARINA VIEW, 28-01, ASIA SQUARE TOWER 2, 018961, SINGAPORE. |
|
IC / PP No |
: |
S7365827F |
|
Nationality |
: |
GERMAN |
|
Date of Appointment |
: |
05/02/2018 |
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 |
200101811W |
COFCO INTERNATIONAL SINGAPORE PTE. LTD. |
Director |
05/02/2018 |
0.00 |
- |
USD(48,126,000.00) |
2015 |
- |
14/05/2018 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
LIM BOON KIAT |
|
Position |
: |
DIRECTOR |
AUDITOR
|
|
Auditor |
: |
ERNST & YOUNG LLP |
|
Auditor' Address |
: |
N/A |
COMPANY
SECRETARIES
|
|
1) |
Company Secretary |
: |
JESLYN HENG FOOK PYNG |
|
IC / PP No |
: |
S2587198G |
|
|
Address |
: |
12, MARINA VIEW, 28-01, ASIA SQUARE TOWER 2, 018961, SINGAPORE. |
|
BANKING
|
No Banker found in our databank.
ENCUMBRANCE
(S)
|
No encumbrance was found in our databank at the time of
investigation.
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 legal action was found in our databank.
No winding up petition was found in our databank.
PAYMENT
RECORD
|
|
||
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
N/A |
|
Overseas |
: |
N/A |
The Subject refused to disclose its suppliers.
CLIENTELE
|
|
Local |
: |
YES |
Percentage |
: |
60% |
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
Percentage |
: |
40% |
|
Export Market |
: |
WORLDWIDE |
|||
|
Credit Term |
: |
30 - 90 DAYS |
|||
|
Payment Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Goods Traded |
: |
|
|
|
Services |
: |
|
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2018 |
2017 |
2016 |
2015 |
2014 |
||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
||||
|
COMPANY |
280 |
280 |
280 |
280 |
280 |
||||
|
Branch |
: |
|
Other Information:
The Subject is principally engaged in the (as a / as an) trading of agriculture
commodities, investment holding.
The Subject's main activities include:
* international trading - traditional c&f trading to local importers. the
main commodities are corn, soyabean meal, oilseeds, wheat and pulses.
* importation and local distribution, the core activity of noble grain, of feed
and food items such as wheat flour, sugar, fishmeal and rice.
* origination and export of agricommodities, such as pulses, soyabean meal,
sugar, wheat and oilseeds.
CURRENT
INVESTIGATION
|
Latest fresh investigations carried out on the Subject indicated
that :
|
Telephone Number Provided By Client |
: |
+65 6805 8594 |
|
Current Telephone Number |
: |
65-68058594/68058512 |
|
Match |
: |
YES |
|
Address Provided by Client |
: |
12, MARINA VIEW, #28-01, ASIA SQUARE TOWER 2, 018961 SINGAPORE |
|
Current Address |
: |
12, MARINA VIEW, 28-01, ASIA SQUARE TOWER 2, 018961, SINGAPORE. |
|
Match |
: |
YES |
|
We have contacted the Subject's Accountant and its Company
Secretary for the latest financial accounts. However they have rejected our
request in view of the confidentiality of the documents. |
Other Investigations
We have contacted one of the staff from the Subject and she provided some
information.
The Subject refused to disclose its banker information.
FINANCIAL
ANALYSIS
|
|
The Subject's latest financial accounts are up to 2015 which is out
dated in our opinion. Therefore, our comment on the Subject financial
performance is restricted thereto. |
||||||
|
Overall financial condition of the Subject : N/A |
||||||
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. |
|
COFCO INTERNATIONAL SINGAPORE PTE. LTD. |
|
Financial Year End |
2015-12-31 |
2014-12-31 |
2013-12-31 |
2012-12-31 |
2011-12-31 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated Account |
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 |
6,515,913,000 |
2,406,725,000 |
1,794,979,000 |
1,561,154,000 |
4,026,790,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
6,515,913,000 |
2,406,725,000 |
1,794,979,000 |
1,561,154,000 |
4,026,790,000 |
|
Costs of Goods Sold |
(6,531,270,000) |
(2,457,332,000) |
(1,693,986,000) |
(1,510,088,000) |
(4,084,061,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
(15,357,000) |
(50,607,000) |
100,993,000 |
51,066,000 |
(57,271,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
(40,000,000) |
(82,473,000) |
59,821,000 |
1,269,000 |
(140,621,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
(40,000,000) |
(82,473,000) |
59,821,000 |
1,269,000 |
(140,621,000) |
|
Taxation |
(8,126,000) |
18,021,000 |
(4,375,000) |
(5,985,000) |
3,816,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
(48,126,000) |
(64,452,000) |
55,446,000 |
(4,716,000) |
(136,805,000) |
|
Pre-acquisition profit/(loss) |
- |
- |
- |
- |
61,111,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS |
(48,126,000) |
(64,452,000) |
55,446,000 |
(4,716,000) |
(75,694,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS |
(48,126,000) |
(64,452,000) |
55,446,000 |
(4,716,000) |
(75,694,000) |
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
5,930,000 |
70,382,000 |
14,936,000 |
269,652,000 |
345,346,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
5,930,000 |
70,382,000 |
14,936,000 |
269,652,000 |
345,346,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
(42,196,000) |
5,930,000 |
70,382,000 |
264,936,000 |
269,652,000 |
|
DIVIDENDS - Ordinary (paid & proposed) |
- |
- |
- |
(250,000,000) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
(42,196,000) |
5,930,000 |
70,382,000 |
14,936,000 |
269,652,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Others |
3,642,000 |
8,237,000 |
11,193,000 |
591,000 |
31,646,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
3,642,000 |
8,237,000 |
11,193,000 |
591,000 |
31,646,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION (as per notes to P&L) |
40,000 |
70,000 |
1,243,000 |
1,671,000 |
2,545,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Amortization And Depreciation |
40,000 |
70,000 |
1,243,000 |
1,671,000 |
2,545,000 |
|
============= |
============= |
============= |
============= |
============= |
|
BALANCE SHEET |
|
COFCO INTERNATIONAL SINGAPORE PTE. LTD. |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
129,000 |
37,000 |
71,000 |
2,850,000 |
4,417,000 |
|
LONG TERM INVESTMENTS/OTHER ASSETS |
|||||
|
Subsidiary companies |
239,847,000 |
198,023,000 |
240,608,000 |
162,394,000 |
152,056,000 |
|
Investments |
835,000 |
1,085,000 |
996,000 |
1,274,000 |
1,446,000 |
|
Deferred assets |
4,775,000 |
3,040,000 |
- |
- |
- |
|
Others |
5,032,000 |
12,668,000 |
29,339,000 |
25,832,000 |
4,032,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
250,489,000 |
214,816,000 |
270,943,000 |
189,500,000 |
157,534,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
250,618,000 |
214,853,000 |
271,014,000 |
192,350,000 |
161,951,000 |
|
CURRENT ASSETS |
|||||
|
Stocks |
21,730,000 |
953,000 |
14,185,000 |
23,490,000 |
139,878,000 |
|
Trade debtors |
73,447,000 |
146,975,000 |
63,684,000 |
89,796,000 |
78,832,000 |
|
Other debtors, deposits & prepayments |
2,779,000 |
12,331,000 |
16,860,000 |
26,362,000 |
100,632,000 |
|
Amount due from agents, brokers & reinsurers |
- |
- |
- |
- |
5,715,000 |
|
Amount due from holding company |
47,239,000 |
101,180,000 |
3,723,000 |
- |
54,943,000 |
|
Amount due from subsidiary companies |
179,136,000 |
318,576,000 |
257,005,000 |
172,803,000 |
220,088,000 |
|
Amount due from related companies |
208,831,000 |
331,872,000 |
228,339,000 |
425,745,000 |
220,313,000 |
|
Cash & bank balances |
237,000 |
256,000 |
285,000 |
1,563,000 |
4,688,000 |
|
Others |
80,360,000 |
102,259,000 |
56,063,000 |
88,020,000 |
2,174,755,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
613,759,000 |
1,014,402,000 |
640,144,000 |
827,779,000 |
2,999,844,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
864,377,000 |
1,229,255,000 |
911,158,000 |
1,020,129,000 |
3,161,795,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
344,849,000 |
577,219,000 |
77,109,000 |
14,811,000 |
72,560,000 |
|
Other creditors & accruals |
107,474,000 |
155,513,000 |
34,434,000 |
165,530,000 |
193,550,000 |
|
Amounts owing to holding company |
- |
1,371,000 |
- |
272,941,000 |
- |
|
Amounts owing to subsidiary companies |
615,000 |
607,000 |
89,755,000 |
97,355,000 |
6,000 |
|
Amounts owing to related companies |
82,735,000 |
109,616,000 |
272,247,000 |
101,152,000 |
2,289,034,000 |
|
Provision for taxation |
- |
- |
12,708,000 |
5,212,000 |
- |
|
Other liabilities |
69,147,000 |
76,996,000 |
52,609,000 |
63,170,000 |
81,830,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
604,820,000 |
921,322,000 |
538,862,000 |
720,171,000 |
2,636,980,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
8,939,000 |
93,080,000 |
101,282,000 |
107,608,000 |
362,864,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
259,557,000 |
307,933,000 |
372,296,000 |
299,958,000 |
524,815,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
FINANCED BY: |
|||||
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
301,780,000 |
301,780,000 |
301,780,000 |
284,610,000 |
254,710,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
301,780,000 |
301,780,000 |
301,780,000 |
284,610,000 |
254,710,000 |
|
RESERVES |
|||||
|
Retained profit/(loss) carried forward |
(42,196,000) |
5,930,000 |
70,382,000 |
14,936,000 |
269,652,000 |
|
Others |
(27,000) |
223,000 |
134,000 |
412,000 |
453,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
(42,223,000) |
6,153,000 |
70,516,000 |
15,348,000 |
270,105,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
259,557,000 |
307,933,000 |
372,296,000 |
299,958,000 |
524,815,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
FINANCIAL RATIO |
|
COFCO INTERNATIONAL SINGAPORE PTE. LTD. |
|
TYPES OF FUNDS |
|||||
|
Cash |
237,000 |
256,000 |
285,000 |
1,563,000 |
4,688,000 |
|
Net Liquid Funds |
237,000 |
256,000 |
285,000 |
1,563,000 |
4,688,000 |
|
Net Liquid Assets |
(12,791,000) |
92,127,000 |
87,097,000 |
84,118,000 |
222,986,000 |
|
Net Current Assets/(Liabilities) |
8,939,000 |
93,080,000 |
101,282,000 |
107,608,000 |
362,864,000 |
|
Net Tangible Assets |
259,557,000 |
307,933,000 |
372,296,000 |
299,958,000 |
524,815,000 |
|
Net Monetary Assets |
(12,791,000) |
92,127,000 |
87,097,000 |
84,118,000 |
222,986,000 |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest & Tax (EBIT) |
(36,358,000) |
(74,236,000) |
71,014,000 |
1,860,000 |
(108,975,000) |
|
Earnings Before Interest, Taxes, Depreciation And Amortization
(EBITDA) |
(36,318,000) |
(74,166,000) |
72,257,000 |
3,531,000 |
(106,430,000) |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
0 |
0 |
0 |
0 |
0 |
|
Total Liabilities |
604,820,000 |
921,322,000 |
538,862,000 |
720,171,000 |
2,636,980,000 |
|
Total Assets |
864,377,000 |
1,229,255,000 |
911,158,000 |
1,020,129,000 |
3,161,795,000 |
|
Net Assets |
259,557,000 |
307,933,000 |
372,296,000 |
299,958,000 |
524,815,000 |
|
Net Assets Backing |
259,557,000 |
307,933,000 |
372,296,000 |
299,958,000 |
524,815,000 |
|
Shareholders' Funds |
259,557,000 |
307,933,000 |
372,296,000 |
299,958,000 |
524,815,000 |
|
Total Share Capital |
301,780,000 |
301,780,000 |
301,780,000 |
284,610,000 |
254,710,000 |
|
Total Reserves |
(42,223,000) |
6,153,000 |
70,516,000 |
15,348,000 |
270,105,000 |
|
GROWTH RATIOS (Year on Year) (%) |
|||||
|
Revenue |
170.74 |
34.08 |
14.98 |
(61.23) |
23.84 |
|
Proft/(Loss) Before Tax |
51.50 |
(237.87) |
4,614.03 |
100.90 |
(415.28) |
|
Proft/(Loss) After Tax |
25.33 |
(216.24) |
1,275.70 |
96.55 |
(426.60) |
|
Total Assets |
(29.68) |
34.91 |
(10.68) |
(67.74) |
0.65 |
|
Total Liabilities |
(34.35) |
70.98 |
(25.18) |
(72.69) |
(5.41) |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0 |
0 |
0 |
0 |
0 |
|
Liquid Ratio |
0.98 |
1.10 |
1.16 |
1.12 |
1.08 |
|
Current Ratio |
1.01 |
1.10 |
1.19 |
1.15 |
1.14 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
1 |
0 |
3 |
5 |
13 |
|
Debtors Ratio |
4 |
22 |
13 |
21 |
7 |
|
Creditors Ratio |
19 |
86 |
17 |
4 |
6 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
0 |
0 |
0 |
0 |
0 |
|
Liabilities Ratio |
2.33 |
2.99 |
1.45 |
2.40 |
5.02 |
|
Times Interest Earned Ratio |
(9.98) |
(9.01) |
6.34 |
3.15 |
(3.44) |
|
Assets Backing Ratio |
0.86 |
1.02 |
1.23 |
1.05 |
2.06 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
(0.61) |
(3.43) |
3.33 |
0.08 |
(3.49) |
|
Net Profit Margin |
(0.74) |
(2.68) |
3.09 |
(0.30) |
(1.88) |
|
Return On Net Assets |
(14.01) |
(24.11) |
19.07 |
0.62 |
(20.76) |
|
Return On Capital Employed |
(14.01) |
(24.11) |
19.07 |
0.62 |
(20.76) |
|
Return On Shareholders' Funds/Equity |
(18.54) |
(20.93) |
14.89 |
(1.57) |
(14.42) |
|
Dividend Pay Out Ratio (Times) |
0 |
0 |
0 |
53.01 |
0 |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 67.32 |
|
|
1 |
INR 91.25 |
|
Euro |
1 |
INR 80.51 |
|
SGD |
1 |
INR 50.50 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VIV |
|
|
|
|
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.