MIRA INFORM REPORT

 

 

Report Date :           

08.03.2011

 

IDENTIFICATION DETAILS

 

Name :

DOW CHEMICAL PACIFIC (SINGAPORE) PRIVATE LIMITED

 

 

Formerly Known As :

Dow Services Singapore Pte Ltd

 

 

Registered Office :

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

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

09.11.1992

 

 

Com. Reg. No.:

199206043m

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Finance 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

 

Status :

Moderate

 

 

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

:

DOW CHEMICAL PACIFIC (SINGAPORE) PRIVATE LIMITED

Registration No

:

199206043M

Date of Registration

:

09/11/1992

Former Name

:

DOW SERVICES SINGAPORE PTE LTD Eff. date : 09/11/1992 Eff. date : 09/11/1992

Date of Change of Name

:

13/11/1997

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

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

Date of Change of Address

:

02/05/1997

Contact No.

:

6835 3773

Fax No.

:

6834 0315

Website

:

www.dow.com

Registered Activities

:

1. FINANCE COMPANIES (WITH DEPOSIT TAKING FUNCTIONS)

FINANCIAL INSTITUTIONS & FINANCIAL SERVICES NEC

2. WHOLESALE OF CHEMICALS AND CHEMICAL PRODUCTS NEC

MARKET AND DISTRIBUTE INDUSTRIAL CHEMICALS,PLASTICS AND OTHER PRODUCTS

Issued Ordinary Capital*

:

$79,296,436.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 79,296,436

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$79,296,436.00 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

:

4

No. of Local Associates

:

NA

Auditor

:

DELOITTE & TOUCHE LLP

Bankers / Financiers

:

NA

Turnover

:

SGD - SIN 1,134,565,444.00 (FY2009)

Net Worth

:

SGD - SIN (1,946,168.00) (FY2009)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

NA

S1000 / SME 500 / FG50 Ranking

:

279 POSITION IN SINGAPORE 1000 (2006/2007)

267 POSITION IN SINGAPORE 1000 (2005/2006)

212 POSITION IN SINGAPORE 1000 (2004/2005)

218 POSITION IN SINGAPORE 1000 (2003/2004)

192 POSITION IN SINGAPORE 1000 (2002/2003)

202 POSITION IN SINGAPORE 1000 (2001/2002)

288 POSITION IN SINGAPORE 1000 (2000/2001)

300 POSITION IN SINGAPORE 1000 (1999/2000)

309 POSITION IN SINGAPORE 1000 (1998/1999)

Compounded Annual Growth Rate (CAGR)

:

14.41% (4 years)

 

 

Credit Recommendation

 

Recommended Credit Line

:

No Recommendation

 

 

SHAREHOLDER DETAILS

 

NAME

:

THE DOW CHEMICAL COMPANY

SHAREHOLDER ID

:

S92UF0125F

NATIONALITY

:

NA

ADDRESS

:

2030 DOW CENTRE MIDLAND MICHIGAN USA 48674

NO. OF ORD SHARES

:

79,296,436

% 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

:

01/05/2006

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1245188A

 

NAME

:

TAN SU-MIN YVONNE

ADDRESS

:

34 COVE WAY SINGAPORE 098157

POSITION

:

DIRECTOR

DATE OF APPT

:

12/07/2004

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S7003992C

 

NAME

:

LIM YOKE LOON

ADDRESS

:

133 JALAN PELATOK EAST VIEW GARDEN SINGAPORE 488468

POSITION

:

DIRECTOR

DATE OF APPT

:

20/08/2010

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S7135645J

 

NAME

:

CATHERINE LIM SIOK CHING

ADDRESS

:

405 SIN MING AVENUE #10-267 SINGAPORE 570405

POSITION

:

SECRETARY

DATE OF APPT

:

01/02/2008

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S7540675D

 

 

KEY PERSONNEL PROFILE

 

Name:

TAN SU-MIN YVONNE

NRIC Number:

S7003992C

Available Address:

1 CHATSWORTH ROAD #08-21 ONE CHATSWORTH  SINGAPORE 249745

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

DOW CHEMICAL (SINGAPORE) PTE LTD

DIRECTOR

11/12/2007

-

-

2

DOW CHEMICAL PACIFIC (SINGAPORE) PRIVATE LIMITED

DIRECTOR

12/07/2004

-

-

3

K-DOW PETROCHEMICALS SINGAPORE PRIVATE LIMITED

DIRECTOR

20/06/2008

-

-

 

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

DOVER ASIA TRADING PRIVATE LIMITED

LIVE COMPANY

DIRECTOR/SHR

23/05/1997

01/03/2011

2

STYRON HOLDINGS ASIA PTE. LTD.

LIVE COMPANY

DIRECTOR

11/06/2004

28/12/2010

3

STYRON SINGAPORE PTE. LTD.

LIVE COMPANY

DIRECTOR

08/12/2009

20/12/2010

 

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 (%)

K-DOW PETROCHEMICALS SINGAPORE PRIVATE LIMITED

100

K-DOW PETROCHEMICALS SINGAPORE PRIVATE LIMITED

100

K-DOW PETROCHEMICALS SINGAPORE PRIVATE LIMITED

100K-DOW PETROCHEMICALS SINGAPORE PRIVATE LIMITED

100

 

                                                                                                                       

 

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

:

19/08/2010

Date of Last AR

:

19/08/2010

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

1,134,565,444

48.29

765,103,453

720,300,183

729,961,639

662,082,895

Profit/(Loss) Before Tax

(69,827,863)

NA

1,472,780

(6,354,660)

(5,848,839)

26,563,328

Profit After Tax attributable to Shareholders

(73,405,242)

NA

(650,104)

(7,510,182)

(7,415,679)

25,233,376

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

1,303,176,742

32.11

986,407,952

825,572,281

844,454,040

920,509,574

Current Assets

1,291,027,316

38.12

934,702,411

761,872,752

751,599,326

825,248,611

Non Current Assets

12,149,426

-76.50

51,705,541

63,699,529

92,854,714

95,260,963

 

 

 

 

 

 

 

Total Liabilities

1,305,122,909

42.15

918,123,335

753,295,033

760,330,654

824,570,438

Current Liabilities

1,305,122,909

42.15

918,123,335

753,295,033

760,330,654

824,570,438

Non Current Liabilities

0

NA

0

0

0

0

 

 

 

 

 

 

 

Shareholders' Funds

(1,946,168)

NA

68,284,616

72,277,248

84,123,386

95,939,136

Share Capital

70,533,614

3.13

68,393,175

72,835,272

76,793,421

80,777,843

Total Reserves

(72,479,782)

NA

(108,559)

(558,024)

7,329,965

15,161,293

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

DEC 2009

DEC 2008

DEC 2007

DEC 2006

DEC 2005

Growth %

 

 

 

 

 

Year-on-Year Growth

48.29

6.22

-1.32

10.25

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

-6.47

-0.08

-1.04

-1.02

3.81

Return on Equity (%)

-3,771.78

-0.95

-10.39

-8.82

26.30

Return on Assets (%)

-5.63

-0.07

-0.91

-0.88

2.74

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

-670.61

13.45

10.42

9.04

8.59

Current Debt/Equity (Times)

0.00

13.45

10.42

9.04

8.59

Long Term Debt To Equity (Times)

0.00

0.00

0.00

0.00

0.00

Total Asset To Total Equity (Times)

-669.61

14.45

11.42

10.04

9.59

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

0.87

0.78

0.87

0.86

0.72

Fixed Assets Turnover (Times)

93.38

14.80

11.31

7.86

6.95

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

0.99

1.02

1.01

0.99

1.00

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 14.41% (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. Subject posted losses for the financial year end under review.

 

Liquidity

 

Current ratio stood at 0.99 times in FY09 (FY08: 1.02 times). This means that the company has SGD - SIN 0.99 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

We are unable to comment on Subject's leverage. Subject is in net deficit position for FY09.

 

 

Efficiency Ratio

 

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

 

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

 

Total assets turnover ratio logged at 0.87 times in FY09 (FY08: 0.78 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.45.13

UK Pound

1

Rs.73.36

Euro

1

Rs.60.06

 

 

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.