MIRA INFORM REPORT

 

 

Report Date :           

02.06.2011

 

IDENTIFICATION DETAILS

 

Name :

HUNTSMAN (SINGAPORE) PTE LTD

 

 

Registered Office :

150 Beach Road #37-00 Gateway West Singapore 189720

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

29.06.2000

 

 

Com. Reg. No.:

200005669C

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Other Investment Holding Companies

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

S$1,000,000

Status :

Moderate

Payment Behaviour :

No Complaints

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

:

HUNTSMAN (SINGAPORE) PTE LTD

Registration No

:

200005669C

Date of Registration

:

29/06/2000

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

150 BEACH ROAD #37-00 GATEWAY WEST SINGAPORE 189720

Date of Change of Address

:

12/06/2006

Contact No.

:

6297 3363

Fax No.

:

62988606

Website

:

NA

Registered Activities

:

1. OTHER INVESTMENT HOLDING COMPANIES

2. MANUFACTURE OF INKS, DYESTUFFS, PIGMENTS AND CARBON BLACK

MANUFACTURE OF ALL DYES AND TEXTILE CHEMICAL PRODUCTS

Issued Ordinary Capital*

:

$12,630,230.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 12,630,230

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$12,630,230.00 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

:

SGD - SIN 361,375,882.00 (FY2009)

Net Worth

:

SGD - SIN 21,115,137.00 (FY2009)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

NA

S1000 / SME 500 / FG50 Ranking

:

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

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

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

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

Compounded Annual Growth Rate (CAGR)

:

21.31% (4 years)

 

 

Credit Recommendation

 

Recommended Credit Line

:

S$1,000,000

 

 

SHAREHOLDER DETAILS

 

NAME

:

HUNTSMAN INVESTMENTS (NETHERLANDS) B.V.

SHAREHOLDER ID

:

S95UF0726G

NATIONALITY

:

NETHERLANDS

ADDRESS

:

MERSEYWEG 10 3197 KG BOTLEK ROTTERDAM THE NETHERLANDS

NO. OF ORD SHARES

:

12,630,230

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

STEPHEN JAMES STILLIARD

ADDRESS

:

10 PRINSEP LINK #12-18 SINGAPORE 187948

POSITION

:

DIRECTOR

DATE OF APPT

:

23/06/2005

NATIONALITY

:

BRITISH

I/C PASSPORT

:

099060866

 

NAME

:

PAUL GRAHAM HULME

ADDRESS

:

138 GRANGE ROAD #04-02 PARKVIEW ECLAT SINGAPORE 249617

POSITION

:

DIRECTOR

DATE OF APPT

:

18/09/2009

NATIONALITY

:

BRITISH SUBJECT

I/C PASSPORT

:

G6262999T

 

NAME

:

CHAN KOK CHYE

ADDRESS

:

35 GOODMAN ROAD SINGAPORE 438998

POSITION

:

SECRETARY

DATE OF APPT

:

01/10/2001

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0165806I

 

NAME

:

PANG AI CHEE

ADDRESS

:

51 HILLVIEW AVENUE #04-06 HILLINGTON GREEN SINGAPORE 669565

POSITION

:

DIRECTOR

DATE OF APPT

:

29/04/2002

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1346928H

 

NAME

:

WANG SHUN SHENG

ADDRESS

:

FLAT D, 17TH FLOOR, TOWER 2, THE HARBOURSIDE NO. 1 AUSTIN ROAD WEST, KOWLOON, HONG KONG

POSITION

:

DIRECTOR

DATE OF APPT

:

26/11/2004

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S2633444F

 

 

KEY PERSONNEL PROFILE

 

Name:

PANG AI CHEE

NRIC Number:

S1346928H

Available Address:

51 HILLVIEW AVENUE #04-06 HILLINGTON GREEN  SINGAPORE 669565

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

HUNTSMAN (ASIA PACIFIC) PTE LTD

DIRECTOR

12/09/2003

-

-

2

HUNTSMAN (SINGAPORE) PTE LTD

DIRECTOR

29/04/2002

-

-

3

HUNTSMAN ADVANCED MATERIALS (SINGAPORE) PTE. LTD.

DIRECTOR

04/11/2003

-

-

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

WHIRLPOOL SINGAPORE PTE LTD

DISSOLVED - CREDITORS' VOLUNTARY WINDING UP

DIRECTOR

15/05/1997

-

2

WHIRLPOOL SOUTHEAST ASIA PTE

LIVE COMPANY

DIRECTOR

01/12/1997

25/02/2011

 

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

:

30/06/2010

Date of Last AR

:

27/07/2010

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

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

361,375,882

7.23

337,008,443

347,634,272

265,905,394

166,859,279

Profit/(Loss) Before Tax

(13,182,660)

NA

17,633,372

6,726,809

25,948,370

5,004,961

Profit After Tax attributable to Shareholders

(12,855,255)

NA

15,105,608

6,715,661

22,259,824

3,934,877

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

198,609,247

-2.70

204,119,591

186,620,230

174,459,933

45,825,292

Current Assets

145,787,830

-3.11

150,461,721

126,397,839

132,953,389

41,377,612

Non Current Assets

52,821,417

-1.56

53,657,870

60,222,391

41,506,544

4,447,680

 

 

 

 

 

 

 

Total Liabilities

177,494,110

24.16

142,960,576

137,575,682

142,268,906

35,378,808

Current Liabilities

143,110,826

32.02

108,402,548

93,168,596

142,191,085

35,377,530

Non Current Liabilities

34,383,284

-0.51

34,558,028

44,407,086

77,821

1,278

 

 

 

 

 

 

 

Shareholders' Funds

21,115,137

-65.48

61,159,013

49,044,547

32,191,028

10,446,483

Share Capital

11,508,044

3.13

11,158,817

11,883,576

91,202

95,934

Total Reserves

9,607,093

-80.79

50,000,196

37,160,971

32,099,826

10,350,549

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

DEC 2009

DEC 2008

DEC 2007

DEC 2006

DEC 2005

Growth %

 

 

 

 

 

Year-on-Year Growth

7.23

-3.06

30.74

59.36

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

-3.56

4.48

1.93

8.37

2.36

Return on Equity (%)

-60.88

24.70

13.69

69.15

37.67

Return on Assets (%)

-6.47

7.40

3.60

12.76

8.59

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

8.41

2.34

2.81

4.42

3.39

Current Debt/Equity (Times)

6.78

1.77

1.90

4.42

3.39

Long Term Debt To Equity (Times)

1.63

0.57

0.91

0.00

0.00

Total Asset To Total Equity (Times)

9.41

3.34

3.81

5.42

4.39

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

1.82

1.65

1.86

1.52

3.64

Fixed Assets Turnover (Times)

6.84

6.28

5.77

6.41

37.52

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.02

1.39

1.36

0.94

1.17

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 21.31% (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 as Subject posted losses for the financial year end under review.

 

Liquidity

Current ratio stood at 1.02 times in FY09 (FY08: 1.39 times). This means that the company has SGD - SIN 1.02 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 8.41 times in FY09, as compared with 2.34 times in FY08. This means that the company requires additional external financing of SGD - SIN 8.41 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

 

We are unable to comment on Subject's return on equity as Subject posted losses for the financial year end under review.

 

We are unable to comment on Subject's return on assets as Subject posted losses for the financial year end under review.

 

Total assets turnover ratio logged at 1.82 times in FY09 (FY08: 1.65 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.44.89

UK Pound

1

Rs.73.85

Euro

1

Rs.64.76

 

 

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.