MIRA INFORM REPORT

 

 

Report Date :

25.04.2011

 

IDENTIFICATION DETAILS

 

Name :

ROHM AND HAAS SINGAPORE (PTE) LTD

 

 

Formerly Known As :

MORTON INTERNATIONAL PTE. LTD.

 

 

Registered Office :

260 Orchard Road #18-01 Heeren, The Singapore 238855

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

02.08.1979

 

 

Com. Reg. No.:

197902295R

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Manufacture of waxes and polishes and deodorising preparations

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

Limited with full security

 

Status :

Poor

Payment Behaviour :

Unknown

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 – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

Singapore

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

Executive Summary

 

Company Name

:

ROHM AND HAAS SINGAPORE (PTE) LTD

Registration No

:

197902295R

Date of Registration

:

02/08/1979

Former Name

:

1.DYNACHEM SINGAPORE PTE LTD Eff. date : 02/08/1979 Eff. date : 02/08/1979

2.MORTON INTERNATIONAL PTE. LTD. Eff. date : 15/03/1990 Eff. date : 15/03/1990

Date of Change of Name

:

01/07/2000

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

260 ORCHARD ROAD #18-01 HEEREN, THE SINGAPORE 238855

Operating Office

 

11 Tuas Avenue 12 Singapore 639034

Date of Change of Address

:

10/11/2010

Contact No.

:

6861 1077

Fax No.

:

6861 6865

Website

:

NA

Registered Activities

:

1. MANUFACTURE OF WAXES AND POLISHES AND DEODORISING PREPARATIONS

MANUFACTURING AND SALES OF CHEMICALS RELATED PRODUCTS.

2. BUSINESS AND MANAGEMENT CONSULTANCY SERVICES

PROV OF MANAGEMENT, ADMINISTRATION & TECHNICAL SRVS TO ITS RELATED CORP.

Issued Ordinary Capital*

:

$24,665,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 24,665,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$24,665,000.00 SINGAPORE, DOLLARS

Paid-Up Preference Capital

:

NA

* Number of Shares includes number of Issued Treasury Shares

Issued Treasury Capital

:

NA

Paid-Up Treasury Capital

:

NA

No. of Local Subsidiaries

:

NA

No. of Local Associates

:

NA

Auditor

:

DELOITTE & TOUCHE LLP

Bankers / Financiers

:

NA

Turnover

:

SINGAPORE, DOLLARS 295,214,000.00 (FY2009)

Net Worth

:

SINGAPORE, DOLLARS (41,321,000.00) (FY2009)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

NA

S1000 / SME 500 / FG50 Ranking

:

564 POSITION IN SINGAPORE 1000 (2006/2007)

544 POSITION IN SINGAPORE 1000 (2005/2006)

Compounded Annual Growth Rate (CAGR)

:

3.13% (4 years)

 

 

Credit Recommendation

 

Recommended Credit Line

:

No Recommendation

 

SHAREHOLDER DETAILS

 

NAME

:

ROHM AND HAAS DENMARK FINANCE A/S

SHAREHOLDER ID

:

S79UF0319G

NATIONALITY

:

DENMARK

ADDRESS

:

VESTER FARIMAGSGADE 6 DK-1606 COPENHAGEN V, DENMARK

NO. OF ORD SHARES

:

24,665,000

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

CHRIS NG CHEE KHIANG

ADDRESS

:

59 HOLLAND GROVE DRIVE HOLLAND GROVE PARK SINGAPORE 278887

POSITION

:

DIRECTOR

DATE OF APPT

:

01/11/2009

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1245188A

 

NAME

:

LIAN KIM SENG

ADDRESS

:

33 WEST COAST RISE #12-23 MONTEREY PARK CONDOMINIUM SINGAPORE 127476

POSITION

:

SECRETARY

DATE OF APPT

:

10/02/2003

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S2586702E

 

NAME

:

SUINIATY BASIRUN

ADDRESS

:

87 PASIR PANJANG HILL #02-06 SINGAPORE 118892

POSITION

:

DIRECTOR

DATE OF APPT

:

13/10/2003

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S6972845F

 

NAME

:

LIM YOKE LOON

ADDRESS

:

133 JALAN PELATOK EAST VIEW GARDEN SINGAPORE 488468

POSITION

:

DIRECTOR

DATE OF APPT

:

04/10/2010

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S7135645J

 

 

KEY PERSONNEL PROFILE

 

Name:

SUINIATY BASIRUN

NRIC Number:

S6972845F

Available Address:

87 PASIR PANJANG HILL #02-06  SINGAPORE 118892

 

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

ROHM AND HAAS SINGAPORE (PTE) LTD

DIRECTOR

13/10/2003

-

-

 

 

Previous Business

 

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

No Trace

 

 

 

 

 

 

Bankruptcy Record

 

 

Case No.

Year

Date of Filing

Petitioner Name

Amount

No Trace

 

 

 

 

 

 

 

Litigation Search – Writ of Summons

 

Court

Case No.

Year

Date of Filing

Amount

Cause Category

No Trace

 

 

 

 

 

 

SUBSIDIARIES AND ASSOCIATE COMPANIES

 

Company

Shareholdings (%)

 

NA

 

 

BANKERS/ FINANCIERS

 

Subject enjoys a normal banking routine with its bankers. To date, there are no bank charges registered against Subject by its bankers.

             

 

LITIGATION

 

Clear                                           

 

COMPLIANCE

 

Date of Last AGM

:

30/09/2010

Date of Last AR

:

04/10/2010

Date of A/C Laid At Last AGM

:

31/12/2009

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

DEC 2009

% Change

DEC 2008

DEC 2007

DEC 2006

DEC 2005

Currency

SINGAPORE, DOLLARS

 

SINGAPORE, DOLLARS

SINGAPORE, DOLLARS

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

295,214,000

-1.61

300,057,000

308,031,859

283,819,863

260,923,462

Profit/(Loss) Before Tax

(6,588,000)

NA

(5,723,000)

(7,783,864)

(3,650,965)

1,277,528

Profit After Tax attributable to Shareholders

(6,593,000)

NA

(5,728,000)

(7,809,302)

(3,650,965)

1,277,528

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

88,823,000

39.68

63,592,000

93,289,454

76,635,754

96,096,480

Current Assets

87,695,000

41.63

61,919,000

91,790,444

75,249,848

94,536,753

Non Current Assets

1,128,000

-32.58

1,673,000

1,499,010

1,385,906

1,559,727

 

 

 

 

 

 

 

Total Liabilities

130,144,000

32.37

98,320,000

122,289,537

97,826,535

113,636,296

Current Liabilities

130,144,000

32.37

98,320,000

122,289,537

97,826,535

113,636,296

Non Current Liabilities

0

NA

0

0

0

0

 

 

 

 

 

 

 

Shareholders' Funds

(41,321,000)

NA

(34,728,000)

(29,000,083)

(21,190,781)

(17,539,816)

Share Capital

24,665,000

0.00

24,665,000

24,665,000

24,665,000

24,665,000

Total Reserves

(65,986,000)

NA

(59,393,000)

(53,665,083)

(45,855,781)

(42,204,816)

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

DEC 2009

DEC 2008

DEC 2007

DEC 2006

DEC 2005

Growth %

 

 

 

 

 

Year-on-Year Growth

-1.61

-2.59

8.53

8.78

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

NA

NA

NA

NA

0.49

Return on Equity (%)

NA

NA

NA

NA

NA

Return on Assets (%)

NA

NA

NA

NA

1.33

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

NA

NA

NA

NA

NA

Current Debt/Equity (Times)

NA

NA

NA

NA

NA

Long Term Debt To Equity (Times)

NA

NA

NA

NA

NA

Total Asset To Total Equity (Times)

NA

NA

NA

NA

NA

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

3.32

4.72

3.30

3.70

2.72

Fixed Assets Turnover (Times)

261.71

179.35

205.49

204.79

167.29

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

0.67

0.63

0.75

0.77

0.83

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 3.13% (4 years).

 

CAGR is the year-over-year growth rate of a company over a specified period. Instead of looking at the average growth rate, CAGR allow users to look at the annualized growth rate of a company over a given period, a more indicative measure of growth of a company’s performance over a given period.

 

Profitability

We are unable to comment on Subject's profitability.

 

Liquidity

 

Current ratio stood at 0.67 times in FY09 (FY08: 0.63 times). This means that the company has SINGAPORE, DOLLARS 0.67 of current assets for every SINGAPORE, DOLLARS of current liability incurred.

 

A minimum figure of 1.0 would be considered the lowest limit that this figure should reach. Any business that has a current ratio near 1.0 may be heading for liquidity problems, and would need to be closely monitored. A figure greater than 2.0 would be more desirable, to act as a buffer against any short-term liquidity problems, and give creditors/bank managers a degree of comfort when granting credit/finance.

 

 

Leverage

We are unable to comment on Subject's leverage.

 

 

Efficiency Ratio

 

We are unable to comment on Subject's return on equity.

 

We are unable to comment on Subject's return on assets.

 

Total assets turnover ratio logged at 3.32 times in FY09 (FY08: 4.72 times). This ratio measures the company's ability to make productive use of its total assets to generate sales which reflects the efficiency of the management in utilising its resources.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.30

UK Pound

1

Rs.72.92

Euro

1

Rs.64.69

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

 

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 and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.