# EDGAR Filing Document

**Accession Number:** 0001949478
**File Stem:** 0000000000-23-001613
**Filing Date:** 2023-2
**Character Count:** 9498
**Document Hash:** 5b5c226eec180e5a9076d2a729b4d517
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-23-001613.hdr.sgml**: 20231017

**ACCESSION NUMBER**: 0000000000-23-001613

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230216

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DAVIS COMMODITIES Ltd
- **CENTRAL INDEX KEY:** 0001949478
- **STANDARD INDUSTRIAL CLASSIFICATION:** WHOLESALE-FARM PRODUCT RAW MATERIALS [5150]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD

**BUSINESS ADDRESS:**
- **STREET 1:** 10 BUKIT BATOK CRESCENT #10-01 THE SPIRE
- **CITY:** SINGAPORE
- **STATE:** U0
- **ZIP:** 658079
- **BUSINESS PHONE:** 65-6893 5333

**MAIL ADDRESS:**
- **STREET 1:** 10 BUKIT BATOK CRESCENT #10-01 THE SPIRE
- **CITY:** SINGAPORE
- **STATE:** U0
- **ZIP:** 658079
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001683168-22-006998

## Text-Extract

```

United States securities and exchange commission logo

                            February 16, 2023

       Li Peng Leck
       Executive Chairwoman and Executive Director
       Davis Commodities Limited
       10 Bukit Batok Crescent
       #10-01, The Spire
       Singapore 658079

                                                        Re: Davis Commodities
Limited
                                                            Amendment No. 1 to
Draft Registration Statement on Form F-1
                                                            Submitted February
3, 2023
                                                            CIK No. 0001949478

       Dear Li Peng Leck:

             We have reviewed your amended draft registration statement and
have the following
       comments. In some of our comments, we may ask you to provide us with
information so we
       may better understand your disclosure.

              Please respond to this letter by providing the requested
information and either submitting
       an amended draft registration statement or publicly filing your
registration statement on
       EDGAR. If you do not believe our comments apply to your facts and
circumstances or do not
       believe an amendment is appropriate, please tell us why in your
response.

             After reviewing the information you provide in response to these
comments and your
       amended draft registration statement or filed registration statement, we
may have additional
       comments.

       Amendment No. 1 to Draft Registration Statement on Form F-1 Submitted
February 3, 2023

       Management's Discussion and Analysis of Financial Condition and Results
of Operations
       Results of Operations, page 45

   1.                                                   We note the revisions
in response to prior comment 11. Please further expand your
                                                        discussion to more
specifically describe the extent to which changes in results of
                                                        operations are
attributable to changes in prices or changes in the volume or amount of
                                                        products being sold.
For example, you disclose total revenue increased by approximately
                                                        US$62.6 million, or
47.6%, from approximately US$131.6 million in FY2020 to
                                                        approximately US$194.2
million in FY2021. Your disclosure should discuss the amount
 Li Peng Leck
Davis Commodities Limited
February 16, 2023
Page 2

      of the change attributable to changes in prices of your commodities and
the amount
      attributable to changes in amount of products being sold.
Liquidity and Capital Resource, page 54

2.    We note you disclose in this section that the funds raised in this
initial public offering will
      be used for "(b) repayment of certain bank borrowings with the incurred
interest expense."
      However, in the Use of Proceeds section you do not disclose repayment of
      borrowings. Please clarify this discrepancy. In addition, if any of the
indebtedness was
      incurred within the last year, describe the use of the proceeds of such
indebtedness. Refer
      to Item 3.C.3 of Form 20-F, incorporated by Item 4.a of Form F-1.
Business, page 76

3.    We note your response to comment 21 and reissue in part. We note that
Customer A,
      disclosed on pages F-48, has been responsible for 10% of your revenue for
over a year. In
      this section, please disclose the identity of Customer A.
Compensation of Directors and Executive Officers, page 112

4.    Please update this disclosure for the fiscal year ended December 31,
2022. Refer to Item
      6. B of Form 20-F, incorporated by Item 4.a of Form F-1.
General

5.    We note the disclosure of industry data and market data derived from
various sources. To
      the extent you commissioned any of the third party data you cited,
provide the consent of
      the third party in accordance with Rule 436.
       You may contact Patrick Kuhn at 202-551-3308 or Theresa Brillant at
202-551-3307 if
you have questions regarding comments on the financial statements and related
matters. Please
contact Nicholas Nalbantian at 202-551-7470 or Mara Ransom at 202-551-3264 with
any other
questions.

                                                             Sincerely,
FirstName LastNameLi Peng Leck
                                                             Division of
Corporation Finance
Comapany NameDavis Commodities Limited
                                                             Office of Trade &
Services
February 16, 2023 Page 2
cc:       Ying Li
FirstName LastName

```

### Attached PDF Documents

**Attachment 1:** `filename1`

![img-0.jpeg](img-0.jpeg)

CORPORATION FINANCE

# UNITED STATES  
SECURITIES AND EXCHANGE COMMISSION  
WASHINGTON, D.C. 20549

February 16, 2023

Li Peng Leck  
Executive Chairwoman and Executive Director  
Davis Commodities Limited  
10 Bukit Batok Crescent  
#10-01, The Spire  
Singapore 658079

# **Re: Davis Commodities Limited  
Amendment No. 1 to Draft Registration Statement on Form F-1  
Submitted February 3, 2023  
CIK No. 0001949478**

Dear Li Peng Leck:

We have reviewed your amended draft registration statement and have the following comments. In some of our comments, we may ask you to provide us with information so we may better understand your disclosure.

Please respond to this letter by providing the requested information and either submitting an amended draft registration statement or publicly filing your registration statement on EDGAR. If you do not believe our comments apply to your facts and circumstances or do not believe an amendment is appropriate, please tell us why in your response.

After reviewing the information you provide in response to these comments and your amended draft registration statement or filed registration statement, we may have additional comments.

Amendment No. 1 to Draft Registration Statement on Form F-1 Submitted February 3, 2023

Management's Discussion and Analysis of Financial Condition and Results of Operations

1. We note the revisions in response to prior comment 11. Please further expand your discussion to more specifically describe the extent to which changes in results of operations are attributable to changes in prices or changes in the volume or amount of products being sold. For example, you disclose total revenue increased by approximately US$62.6 million, or 47.6%, from approximately US$131.6 million in FY2020 to approximately US$194.2 million in FY2021. Your disclosure should discuss the amount

Li Peng Leck  
Davis Commodities Limited  
February 16, 2023  
Page 2

of the change attributable to changes in prices of your commodities and the amount attributable to changes in amount of products being sold.

# Liquidity and Capital Resource, page 54

2. We note you disclose in this section that the funds raised in this initial public offering will be used for '(b) repayment of certain bank borrowings with the incurred interest expense.' However, in the Use of Proceeds section you do not disclose repayment of borrowings. Please clarify this discrepancy. In addition, if any of the indebtedness was incurred within the last year, describe the use of the proceeds of such indebtedness. Refer to Item 3.C.3 of Form 20-F, incorporated by Item 4.a of Form F-1.

# Business, page 76

3. We note your response to comment 21 and reissue in part. We note that Customer A, disclosed on pages F-48, has been responsible for 10% of your revenue for over a year. In this section, please disclose the identity of Customer A.

# Compensation of Directors and Executive Officers, page 112

4. Please update this disclosure for the fiscal year ended December 31, 2022. Refer to Item 6.B of Form 20-F, incorporated by Item 4.a of Form F-1.

# General

5. We note the disclosure of industry data and market data derived from various sources. To the extent you commissioned any of the third party data you cited, provide the consent of the third party in accordance with Rule 436.

You may contact Patrick Kuhn at 202-551-3308 or Theresa Brillant at 202-551-3307 if you have questions regarding comments on the financial statements and related matters. Please contact Nicholas Nalbantian at 202-551-7470 or Mara Ransom at 202-551-3264 with any other questions.

Sincerely,

Division of Corporation Finance

cc: Ying Li