MIRA INFORM REPORT

 

 

Report Date :           

12.08.2011

 

IDENTIFICATION DETAILS

 

Name :

TOTAL PETROCHEMICALS SOUTH EAST ASIA PTE. LTD.

 

 

Formerly Known As :

Atofina South East Asia Pte Ltd Eff

 

 

Registered Office :

53 Tuas Crescent Singapore 638732

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

12.11.1983

 

 

Com. Reg. No.:

198305378k

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Manufacturer of Polymers

 

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 :

----

 

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

 

Executive Summary

 

Company Name

:

TOTAL PETROCHEMICALS SOUTH EAST ASIA PTE. LTD.

Registration No

:

198305378K

Date of Registration

:

12/11/1983

Former Name

:

1.ATOCHEM SOUTH EAST ASIA PTE LTD Eff. date : 12/11/1983 Eff. date : 12/11/1983

2.ELF ATOCHEM SOUTH EAST ASIA PTE LTD Eff. date : 01/01/1992 Eff. date : 01/01/1992

3.ATOFINA SOUTH EAST ASIA PTE LTD Eff. date : 15/04/2000 Eff. date : 15/04/2000

Date of Change of Name

:

08/10/2004

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

53 TUAS CRESCENT SINGAPORE 638732

Date of Change of Address

:

08/03/1993

Contact No.

:

6862 1228

Fax No.

:

6869 0337

Website

:

www.total.com

Registered Activities

:

1. MANUFACTURE OF POLYMERS

MANUFACTURING OF POLYSTYRENE PLASTIC RAW MATERIALS

2. SPECIALISED STORAGE NEC

TRADING OF CHEMICAL GOODS

Issued Ordinary Capital*

:

$83,585,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 83,585,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$83,585,000.00 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

:

KPMG LLP

Bankers / Financiers

:

NA

Turnover

:

SINGAPORE, DOLLARS 224,199,817.60 (FY2010)

Net Worth

:

SINGAPORE, DOLLARS 10,793,072.40 (FY2010)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

NA

S1000 / SME 500 / FG50 Ranking

:

1059 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2009/2010)

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

669 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2007/2008)

595 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2006/2007)

582 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2005/2006)

Compounded Annual Growth Rate (CAGR)

:

NA

 

 

Credit Recommendation

 

Recommended Credit Line

:

No Recommendation

 

 

SHAREHOLDER DETAILS

 

NAME

:

TOTAL PETROCHEMICALS FRANCE

SHAREHOLDER ID

:

T05UF2177H

NATIONALITY

:

NA

ADDRESS

:

2 PLACE JEAN MILLIER, LA DEFENSE 6 92400 COURBEVOIE

NO. OF ORD SHARES

:

83,585,000

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

OFFICER DETAILS

 

NAME

:

JEAN, HUGUES, HENRI VIALLEFONT

ADDRESS

:

FLAT 2A, 1/F., 6 HEADLAND ROAD, HONG KONG

POSITION

:

DIRECTOR

DATE OF APPT

:

01/10/2009

NATIONALITY

:

FRENCH

I/C PASSPORT

:

09RF13253

 

NAME

:

JEAN LUC PELAGIE ADELE GILES LAYON

ADDRESS

:

CHEMIN DU PAUVRE DIABLE 10, 1300 WAVRE, BELGIUM

POSITION

:

DIRECTOR

DATE OF APPT

:

01/04/2010

NATIONALITY

:

BELGIAN

I/C PASSPORT

:

EH848042

 

NAME

:

NICOLAS R. G. HENNEBICQ

ADDRESS

:

BON-POINT, UNIT 11/A, 11 BONHAM ROAD HONG KONG

POSITION

:

DIRECTOR

DATE OF APPT

:

01/06/2008

NATIONALITY

:

BELGIAN

I/C PASSPORT

:

EH956506

 

NAME

:

THIERRY HENRI BOULFROY

ADDRESS

:

125 WHITLEY ROAD #01-14 VILLA DES FLORES SINGAPORE 297820

POSITION

:

DIRECTOR

DATE OF APPT

:

01/06/2008

NATIONALITY

:

FRENCH

I/C PASSPORT

:

G5760428Q

 

NAME

:

JOANNA LIM LAN SIM

ADDRESS

:

165 TAMPINES STREET 12 #09-305 SINGAPORE 521165

POSITION

:

SECRETARY

DATE OF APPT

:

29/06/2007

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1572261D

 

NAME

:

TAY TUAN LENG

ADDRESS

:

635 PASIR RIS DRIVE 1 #11-600 SINGAPORE 510635

POSITION

:

SECRETARY

DATE OF APPT

:

30/10/2004

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S7432140B

 

 

 

KEY PERSONNEL PROFILE

 

Name:

NICOLAS R. G. HENNEBICQ

NRIC Number:

EH956506

Available Address:

BON-POINT, UNIT 11/A, 11 BONHAM ROAD HONG KONG

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

TOTAL PETROCHEMICALS SOUTH EAST ASIA PTE. LTD.

DIRECTOR

01/06/2008

-

-

 

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

:

14/07/2011

Date of Last AR

:

02/08/2011

Date of A/C Laid At Last AGM

:

31/12/2010

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

DEC 2010

% Change

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

224,199,818

16.46

192,517,006

254,843,250

259,479,417

259,329,975

Profit/(Loss) Before Tax

8,274,417

53.89

5,376,716

(15,263,928)

(2,018,015)

(2,222,738)

Profit After Tax attributable to Shareholders

8,274,417

53.89

5,376,716

(15,263,928)

(2,018,015)

(2,222,738)

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

108,243,685

24.67

86,824,876

84,892,722

112,830,009

105,211,702

Current Assets

86,301,037

27.61

67,630,217

64,506,955

93,883,511

86,501,416

Non Current Assets

21,942,648

14.32

19,194,659

20,385,767

18,946,498

18,710,286

 

 

 

 

 

 

 

Total Liabilities

97,450,613

15.83

84,131,425

87,494,560

99,345,523

88,866,737

Current Liabilities

97,450,613

15.83

84,131,425

87,494,560

99,345,523

35,254,871

Non Current Liabilities

0

NA

0

0

0

53,611,866

 

 

 

 

 

 

 

Shareholders' Funds

10,793,072

300.72

2,693,451

(2,601,838)

13,484,485

16,344,965

Share Capital

73,966,291

-6.49

79,099,575

76,699,190

81,680,758

86,119,605

Total Reserves

(63,173,219)

NA

(76,406,124)

(79,301,028)

(68,196,273)

(69,774,640)

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

DEC 2010

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Growth %

 

 

 

 

 

Year-on-Year Growth

16.46

-24.46

-1.79

0.06

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

3.69

2.79

-5.99

-0.78

-0.86

Return on Equity (%)

76.66

199.62

586.66

-14.97

-13.60

Return on Assets (%)

7.64

6.19

-17.98

-1.79

-2.11

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

9.03

31.24

-33.63

7.37

5.44

Current Debt/Equity (Times)

9.03

31.24

0.00

7.37

2.16

Long Term Debt To Equity (Times)

0.00

0.00

0.00

0.00

3.28

Total Asset To Total Equity (Times)

10.03

32.24

-32.63

8.37

6.44

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

2.07

2.22

3.00

2.30

2.46

Fixed Assets Turnover (Times)

10.22

10.03

12.50

13.70

13.86

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

0.89

0.80

0.74

0.95

2.45

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Profitability

The company yielded a rate of net profit on sales of 3.69 per cent in FY10 (FY09: 2.79 per cent). The company is now able to book in SINGAPORE, DOLLARS 0.04 of profit for every SINGAPORE, DOLLARS of sales in FY10, as compared with SINGAPORE, DOLLARS 0.03 a year ago.

 

 

Liquidity

 

Current ratio stood at 0.89 times in FY10 (FY09: 0.80 times). This means that the company has SINGAPORE, DOLLARS 0.89 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

Total debt-to-equity ratio notched 9.03 times in FY10, as compared with 31.24 times in FY09. This means that the company requires additional external financing of SINGAPORE, DOLLARS 9.03 for every SINGAPORE, DOLLARS 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 76.66 per cent for Subject in the current financial period, as compared to 199.62 per cent a year ago. 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 7.64 per cent (FY09: 6.19 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 2.07 times in FY10 (FY09: 2.22 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.45.27

UK Pound

1

Rs.73.34

Euro

1

Rs.64.58

 

 

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%)

 

 

 

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