MIRA INFORM REPORT

 

 

Report Date :           

22.08.2011

 

IDENTIFICATION DETAILS

 

Name :

CHEVRON PHILLIPS CHEMICALS ASIA PTE. LTD.

 

 

Formerly Known As :

Phillips Petroleum Chemicals Asia Pte. Ltd.

 

 

Registered Office :

5 Temasek Boulevard #05-01 Suntec City Tower Five Singapore 038985

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

25.08.1988

 

 

Com. Reg. No.:

198803058g

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Wholesale of chemicals and chemical products

 

RATING & COMMENTS

 

MIRA’s Rating :

Aaa

 

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

 

Maximum Credit Limit :

S$1,000,000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

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 – 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

:

CHEVRON PHILLIPS CHEMICALS ASIA PTE. LTD.

Registration No

:

198803058G

Date of Registration

:

25/08/1988

Former Name

:

PHILLIPS PETROLEUM CHEMICALS ASIA PTE. LTD. Eff. date : 25/08/1988 Eff. date : 25/08/1988

Date of Change of Name

:

08/08/2000

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

5 TEMASEK BOULEVARD #05-01 SUNTEC CITY TOWER FIVE SINGAPORE 038985

Date of Change of Address

:

10/08/1999

Contact No.

:

6517 3100

Fax No.

:

6517 3270

Website

:

www.cpchem.com

Registered Activities

:

1. WHOLESALE OF CHEMICALS AND CHEMICAL PRODUCTS NEC

2. WHOLESALE OF SOLID, LIQUID AND GASEOUS FUELS AND RELATED PRODUCTS NEC (EG BITUMEN)

Issued Ordinary Capital*

:

$500,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 500,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$500,000.00 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

:

ERNST & YOUNG LLP

Bankers / Financiers

:

NA

Turnover

:

SGD - SIN 521,485,916.00 (FY2010)

Net Worth

:

SGD - SIN 60,492,250.00 (FY2010)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

NA

S1000 / SME 500 / FG50 Ranking

:

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

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

1115 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2008/2009)

929 POSITION IN Singapore 1000 Companies Ranked by Return on Equities (2007/2008)

911 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2007/2008)

Compounded Annual Growth Rate (CAGR)

:

NA

 

 

Credit Recommendation

 

Recommended Credit Line

:

S$1,000,000

 

 

SHAREHOLDER DETAILS

 

NAME

:

CHEVRON PHILLIPS CHEMICAL INTERNATIONAL HOLDINGS

SHAREHOLDER ID

:

S80UF0388D

NATIONALITY

:

UNITED STATES

ADDRESS

:

NORTH MARKET ST WILMINGTON NEW CASTLE COUNTRY DELAWARE 19801 USA

NO. OF ORD SHARES

:

500,000

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

MARK A. HANEY

ADDRESS

:

10001 SIX PINES DRIVE, THE WOODLANDS TEXAS 77380, USA

POSITION

:

DIRECTOR

DATE OF APPT

:

06/10/2008

NATIONALITY

:

AMERICAN

I/C PASSPORT

:

134547261

 

NAME

:

TIMOTHY GARTH TAYLOR

ADDRESS

:

71 HERITAGE HILL CIRCLE,THE WOODLANDS,TX 77381, USA

POSITION

:

DIRECTOR

DATE OF APPT

:

01/01/2001

NATIONALITY

:

AMERICAN

I/C PASSPORT

:

135397483

 

NAME

:

MICHAEL L. MEISSNER

ADDRESS

:

2 WEEPING SPRUCE PL. THE WOODLANDS TX 77384, USA

POSITION

:

DIRECTOR

DATE OF APPT

:

01/07/2007

NATIONALITY

:

AMERICAN

I/C PASSPORT

:

305530716

 

NAME

:

TREVOR RICHARD ROBERTS

ADDRESS

:

9 HOLLYMEAD DRIVE, THE WOODLANDS TEXAS 77381, USA

POSITION

:

DIRECTOR

DATE OF APPT

:

01/12/2008

NATIONALITY

:

BRITISH SUBJECT

I/C PASSPORT

:

761253495

 

NAME

:

ROBERT CHNG CHONG BOO

ADDRESS

:

1N PINE GROVE PINE GROVE SINGAPORE 591301

POSITION

:

DIRECTOR

DATE OF APPT

:

01/04/2004

NATIONALITY

:

MALAYSIAN

I/C PASSPORT

:

A24486063

 

NAME

:

DARREN LEE ERCOLANI

ADDRESS

:

3 ANTHONY ROAD #13-05 ORCHARD SCOTTS SINGAPORE 229953

POSITION

:

DIRECTOR

DATE OF APPT

:

01/03/2011

NATIONALITY

:

AMERICAN

I/C PASSPORT

:

G5098154T

 

NAME

:

JAMES TOLBERT BECKER

ADDRESS

:

9 ARDMORE PARK #23-04 ARDMORE PARK SINGAPORE 259955

POSITION

:

DIRECTOR

MANAGING DIRECTOR

DATE OF APPT

:

18/06/2010

18/06/2010

NATIONALITY

:

AMERICAN

I/C PASSPORT

:

G6432340M

 

NAME

:

LEONG YUKE CHUN

ADDRESS

:

310 SERANGOON AVENUE 2 #03-170 SINGAPORE 550310

POSITION

:

SECRETARY

DATE OF APPT

:

15/03/1990

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0153670B

 

KEY PERSONNEL PROFILE

 

Name:

JAMES TOLBERT BECKER

NRIC Number:

G6432340M

Available Address:

9 ARDMORE PARK #23-04 ARDMORE PARK  SINGAPORE 259955

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

CHEVRON PHILLIPS CHEMICALS ASIA PTE. LTD.

DIRECTOR

18/06/2010

-

-

2

CHEVRON PHILLIPS CHEMICALS ASIA PTE. LTD.

MANAGING DIRECTOR

18/06/2010

-

-

3

CHEVRON PHILLIPS SINGAPORE CHEMICALS (PRIVATE) LIMITED

DIRECTOR

18/06/2010

-

-

4

CHEVRON PHILLIPS SINGAPORE CHEMICALS (PRIVATE) LIMITED

MANAGING DIRECTOR

18/06/2010

-

-

 

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

:

23/05/2011

Date of Last AR

:

17/06/2011

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

521,485,916

-34.38

794,752,927

657,429,940

825,172,222

723,130,103

Profit/(Loss) Before Tax

17,656,122

275.05

4,707,700

13,741,810

12,376,075

11,504,213

Profit After Tax attributable to Shareholders

14,773,493

251.52

4,202,733

10,995,215

10,469,194

9,236,998

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

118,452,878

-49.21

233,242,023

150,123,492

202,682,912

142,651,666

Current Assets

117,261,005

-49.39

231,711,301

141,302,799

192,975,829

131,223,071

Non Current Assets

1,191,873

-22.14

1,530,722

8,820,693

9,707,083

11,428,595

 

 

 

 

 

 

 

Total Liabilities

57,960,628

-63.69

159,614,906

82,805,884

142,702,413

90,449,726

Current Liabilities

57,841,956

-63.76

159,614,906

81,798,331

141,544,707

88,777,343

Non Current Liabilities

118,672

NA

0

1,007,553

1,157,706

1,672,383

 

 

 

 

 

 

 

Shareholders' Funds

60,492,250

-17.84

73,627,118

67,317,607

59,980,499

52,201,940

Share Capital

345,807

-6.49

369,793

358,571

381,860

402,612

Total Reserves

60,146,443

-17.90

73,257,325

66,959,036

59,598,639

51,799,328

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

DEC 2010

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Growth %

 

 

 

 

 

Year-on-Year Growth

-34.38

20.89

-20.33

14.11

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

2.83

0.53

1.67

1.27

1.28

Return on Equity (%)

24.42

5.71

16.33

17.45

17.69

Return on Assets (%)

12.47

1.80

7.32

5.17

6.48

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

0.96

2.17

1.23

2.38

1.73

Current Debt/Equity (Times)

0.96

2.17

1.22

2.36

1.70

Long Term Debt To Equity (Times)

0.00

0.00

0.01

0.02

0.03

Total Asset To Total Equity (Times)

1.96

3.17

2.23

3.38

2.73

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

4.40

3.41

4.38

4.07

5.07

Fixed Assets Turnover (Times)

437.53

519.20

74.53

85.01

63.27

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

2.03

1.45

1.73

1.36

1.48

 

FINANCIAL COMMENTARY

 

Profitability

The company yielded a rate of net profit on sales of 2.83 per cent in FY10 (FY09: 0.53 per cent). The company is now able to book in SGD - SIN 0.03 of profit for every SGD - SIN of sales in FY10, as compared with SGD - SIN 0.01 a year ago.

 

 

Liquidity

 

Current ratio stood at 2.03 times in FY10 (FY09: 1.45 times). This means that the company has SGD - SIN 2.03 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 0.96 times in FY10, as compared with 2.17 times in FY09. This means that the company requires additional external financing of SGD - SIN 0.96 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 24.42 per cent for Subject in the current financial period, as compared to 5.71 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 12.47 per cent (FY09: 1.80 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 4.40 times in FY10 (FY09: 3.41 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.45.61

UK Pound

1

Rs.75.32

Euro

1

Rs.65.68

 

 

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.