MIRA INFORM REPORT

 

 

Report Date :           

09.08.2011

 

IDENTIFICATION DETAILS

 

Name :

INVISTA (SINGAPORE) PTE. LTD.

 

 

Formerly Known As :

DUPONT TEXTILES AND INTERIORS (SINGAPORE) PTE. LTD.

 

 

Registered Office :

39 Tuas Crescent Singapore 638726

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

02.02.1989

 

 

Com. Reg. No.:

198900445N

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Manufacture of Basic Industrial Acids and Alkalis

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Maximum Credit Limit :

S$1,000,000

Status :

Satisfactory

Payment Behaviour :

No Complaints

Litigation :

Exists

 

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Singapore

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

 

Executive Summary

 

Company Name

:

INVISTA (SINGAPORE) PTE. LTD.

Registration No

:

198900445N

Date of Registration

:

02/02/1989

Former Name

:

1.DU PONT SINGAPORE PTE. LTD. Eff. date : 02/02/1989 Eff. date : 02/02/1989

2.DUPONT TEXTILES AND INTERIORS (SINGAPORE) PTE. LTD. Eff. date : 01/01/2003 Eff. date : 01/01/2003

Date of Change of Name

:

01/10/2003

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

39 TUAS CRESCENT SINGAPORE 638726

Date of Change of Address

:

01/10/2003

Contact No.

:

6867 1205

Fax No.

:

6867 1430

Website

:

www.invista.com

Registered Activities

:

1. MANUFACTURE OF BASIC INDUSTRIAL ACIDS AND ALKALIS

MANUFACTURE AND SALE OF CHEMICALS, CHEMICAL PRODUCTS AND RELATED PRODUCTS

2. WHOLESALE OF CHEMICALS AND CHEMICAL PRODUCTS NEC

Issued Ordinary Capital*

:

$194,807,535.00 SINGAPORE, DOLLARS, NO. OF SHARE : 194,807,535

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$194,807,535.00 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

:

1

No. of Local Associates

:

NA

Auditor

:

ERNST & YOUNG LLP

Bankers / Financiers

:

NA

Turnover

:

SGD - SIN 406,479,158.00 (FY2010)

Net Worth

:

SGD - SIN 175,425,169.00 (FY2010)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

3

S1000 / SME 500 / FG50 Ranking

:

1228 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2009/2010)

600 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2008/2009)

485 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2008/2009)

804 POSITION IN Singapore 1000 Companies Ranked by Return on Equities (2008/2009)

267 POSITION IN Singapore 1000 Companies Ranked by Return on Equities (2006/2007)

Compounded Annual Growth Rate (CAGR)

:

NA

 

 

Credit Recommendation

 

Recommended Credit Line

:

S$1,000,000

 

 

SHAREHOLDER DETAILS

 

NAME

:

SINGAPORE INVESTMENTS COMPANY LLC

SHAREHOLDER ID

:

T04UF1047F

NATIONALITY

:

UNITED STATES

ADDRESS

:

1209 ORANGE STREET, WILMINGTON DELAWARE 19801 UNITED STATES OF AMERICA

NO. OF ORD SHARES

:

194,807,535

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

OFFICER DETAILS

 

NAME

:

CHUA CHOO CHING

ADDRESS

:

6 VANDA ROAD SINGAPORE 287776

POSITION

:

DIRECTOR

DATE OF APPT

:

01/01/2003

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0130531Z

 

NAME

:

LEE KAI MENG

ADDRESS

:

12 JALAN LEMPENG #04-01 PARK WEST SINGAPORE 128798

POSITION

:

DIRECTOR

DATE OF APPT

:

01/01/2003

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1343302Z

 

NAME

:

SIEW WAI FAN

ADDRESS

:

27 HAZEL PARK TERRACE #14-04 HAZEL PARK CONDOMINIUM SINGAPORE 678949

POSITION

:

DIRECTOR

DATE OF APPT

:

30/04/2004

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1668089C

 

NAME

:

ABDUL JABBAR BIN KARAM DIN

ADDRESS

:

21 SIGLAP HILL FRANKEL ESTATE SINGAPORE 456076

POSITION

:

SECRETARY

DATE OF APPT

:

01/07/2005

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S6936625B

 

NAME

:

CHAN HOOI TZE

ADDRESS

:

930 HOUGANG STREET 91 #06-119 SINGAPORE 530930

POSITION

:

SECRETARY

DATE OF APPT

:

05/12/2007

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S7516979E

 

 

KEY PERSONNEL PROFILE

 

Name:

CHUA CHOO CHING

NRIC Number:

S0130531Z

Available Address:

6 VANDA ROAD  SINGAPORE 287776

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

INVISTA (SINGAPORE) PTE. LTD.

DIRECTOR

01/01/2003

-

-

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

AMHS & CO PTE LIMITED

DISSOLVED - MEMBERS' VOLUNTARY WINDING UP

DIRECTOR

08/01/1986

-

2

INVISTA SINGAPORE FIBRES PTE. LTD.

LIVE COMPANY

DIRECTOR

19/08/2003

07/07/2011

3

ISH-TORAY PTE. LTD.

LIVE COMPANY

ALTERNATE DIRECTOR

03/09/2003

30/04/2004

4

NAUNG INN LAY PTE LTD

STRUCK OFF

DIRECTOR

28/08/1982

17/11/2000

5

YENTINE PROPERTY PTE LTD

STRUCK OFF

DIRECTOR

08/01/1986

-

 

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

H

452

1997

04/03/1997

 -

Negligence Related

 

 

SUBSIDIARIES AND ASSOCIATE COMPANIES

 

Company

Shareholdings (%)

INVISTA SINGAPORE FIBRES PTE. LTD.

80

 

 

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

 

The following litigation suits were traced against Subject. Case status is as per available database. For the latest status of the suit, please obtain the full details of the suit through Litigation Detail Search (DLIT) offered.

 

To date, there have been 3 litigation suits filed against Subject.

 

 

Current Year

On/After 01 Jan 2011

Past Years

W.e.f 01 Jan 2011

 

Court (Claim under normal circumstances)

Magistrate (< $80,000)

0

1

District ($80,000 - $250,000)

0

1

High (>$250,000)

0

1

 

Winding Up Trace

 

No

In litigation/Dissolved/Struck Off/In receivership

No

 

The details are as follows:

 

1)

Court

:

Supreme Court

 

Case No.

:

211

 

Date of Filing

:

17/03/2004

 

Amount

:

SGD 164,800.00

SGD 77,250.00

SGD 287,851.46

 

Cause

:

Contract - Provision of services

 

Case Status

:

CONCLUDED

 

Plaintiff

:

ENSURE ENGINEERING PTE LTD

 

Last Update Date

:

08/12/2009

 

2)

Court

:

Magistrate Court

 

Case No.

:

22119

 

Date of Filing

:

20/09/2005

 

Amount

:

38,994.90

 

Cause

:

Contract - Others

 

Case Status

:

CONCLUDED

 

Plaintiff

:

ADEMCO (FAR EAST) PTE LTD

 

Last Update Date

:

08/12/2009

 

3)

Court

:

District Court

 

Case No.

:

3825

 

Date of Filing

:

06/10/2006

 

Amount

:

60,000.00

 

Cause

:

Tort - Negligence (Industrial Accidents With Injury)

 

Case Status

:

PENDING

 

Plaintiff

:

MENNEM M ORIAS

 

Last Update Date

:

08/12/2009

 

 

COMPLIANCE

 

Date of Last AGM

:

28/06/2011

Date of Last AR

:

13/07/2011

Date of A/C Laid At Last AGM

:

31/12/2010

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

DEC 2010

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Currency

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

Turnover

406,479,158

156,567,945

338,505,601

450,335,818

448,112,184

Profit/(Loss) Before Tax

35,184,913

9,378,332

34,563,244

150,991,972

29,348,694

Profit After Tax attributable to Shareholders

42,858,182

10,185,931

35,971,397

158,290,183

33,222,246

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

Total Assets

315,713,051

265,569,049

224,941,867

142,353,000

182,975,840

Current Assets

176,682,502

104,367,959

113,620,172

163,480,222

169,110,265

Non Current Assets

139,030,549

161,201,090

111,321,695

50,421,817

13,865,575

 

 

 

 

 

 

Total Liabilities

140,287,882

123,807,081

97,358,686

77,425,000

107,588,115

Current Liabilities

120,369,224

105,663,028

76,819,123

95,661,106

71,705,871

Non Current Liabilities

19,918,659

18,144,053

20,539,563

20,679,015

35,882,244

 

 

 

 

 

 

Shareholders' Funds

175,425,169

141,761,967

127,583,181

97,561,917

75,387,725

Share Capital

64,751,289

69,242,504

67,141,245

71,502,030

868,452,027

Total Reserves

110,673,880

72,519,463

60,441,936

26,059,887

(793,064,302)

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

DEC 2010

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Growth %

 

 

 

 

 

Year-on-Year Growth

NA

NA

NA

NA

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

10.54

6.51

10.63

35.15

7.41

Return on Equity (%)

24.43

7.19

28.19

162.25

44.07

Return on Assets (%)

13.58

3.84

15.99

111.20

18.16

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

0.80

0.87

0.76

0.79

1.43

Current Debt/Equity (Times)

0.69

0.75

0.60

0.98

0.95

Long Term Debt To Equity (Times)

0.11

0.13

0.16

0.21

0.48

Total Asset To Total Equity (Times)

1.80

1.87

1.76

1.46

2.43

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

1.29

0.59

1.50

3.16

2.45

Fixed Assets Turnover (Times)

2.92

0.97

3.04

8.93

32.32

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.47

0.99

1.48

1.71

2.36

 

FINANCIAL COMMENTARY

 

Profitability

The company yielded a rate of net profit on sales of 10.54 per cent in FY10. The company is now able to book in SGD - SIN 0.11 of profit for every SGD - SIN of sales.

 

 

Liquidity

 

Current ratio stood at 1.47 times in FY10. This means that the company has SGD - SIN 1.47 of current assets for every SGD - SIN 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

Total debt-to-equity ratio notched 0.80 times in FY10. This means that the company requires additional external financing of SGD - SIN 0.80 for every SGD - SIN injected into its operations.

 

Generally, a total debt-to-equity ratio of less than 0.5 times is preferred. The ratio measures the proportion of the company's reliance on external debt for financing, relative to the shareholder's fund. A lower ratio would imply a greater financial safety and operating freedom for the company.

 

 

Efficiency Ratio

 

Return on equity was 24.43 per cent for Subject in the current financial period. The return on equity measures the return earned on the owner's investment.  Generally, the higher this return, the better off the owner.

 

Return on assets stood at 13.58 per cent. The return on asset measures the overall effectiveness of management in generating profit with its available assets.

 

Total assets turnover ratio logged at 1.29 times in FY10. 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.44.96

UK Pound

1

Rs.73.94

Euro

1

Rs.64.56

 

 

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

----

NB

New Business

----

 

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.