MIRA INFORM REPORT

 

 

Report Date :

01.03.2011

 

IDENTIFICATION DETAILS

 

Name :

SABIC ASIA PACIFIC PTE LTD

 

 

Formerly Known As :

SABIC SOUTH EAST ASIA PTE LTD

 

 

Registered Office :

20 Raffles Place #09-01 Ocean Towers Singapore 048620

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

30.11.1991

 

 

Com. Reg. No.:

199106011H

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Wholesale of chemicals and chemical products

 

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 :

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 – June 30, 2010

 

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

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

:

SABIC ASIA PACIFIC PTE LTD

Registration No

:

199106011H

Date of Registration

:

30/11/1991

Former Name

:

1.SABIC SERVICES PACIFIC PTE. LTD. Eff. date : 30/11/1991 Eff. date : 30/11/1991

2.SABIC SOUTH EAST ASIA PTE LTD Eff. date : 24/08/1993 Eff. date : 24/08/1993

Date of Change of Name

:

20/06/2000

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

20 RAFFLES PLACE #09-01 OCEAN TOWERS SINGAPORE 048620

Operating Address

:

One Temasek Avenue NO. 06-01 Millenia Tower Singapore 039192

Date of Change of Address

:

01/07/2008

Contact No.

:

6557 2555

Fax No.

:

6557 2557

Website

:

www.sabic.com

Registered Activities

:

1. WHOLESALE OF CHEMICALS AND CHEMICAL PRODUCTS NEC

TRADING OF PETROCHEMICAL AND OTHER RELATED PRODUCTS

2. OTHER BUSINESS SUPPORT SERVICES ACTIVITIES NEC (EG ADMINISTRATION OF LOYALTY PROGRAMMES)

PROVISION OF SUPPORT SERVICES TO THE HOLDING AND RELATED COMPANIES

Issued Ordinary Capital*

:

$100,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 100,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$100,000.00 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 6,771,036,517.00 (FY2009)

Net Worth

:

SGD - SIN 57,665,466.00 (FY2009)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

NA

S1000 / SME 500 / FG50 Ranking

:

43 POSITION IN SINGAPORE 1000 (2008/2009)

41 POSITION IN SINGAPORE 1000 (2007/2008)

42 POSITION IN SINGAPORE 1000 (2006/2007)

36 POSITION IN SINGAPORE 1000 (2005/2006)

35 POSITION IN SINGAPORE 1000 (2004/2005)

49 POSITION IN SINGAPORE 1000 (2003/2004)

58 POSITION IN SINGAPORE 1000 (2002/2003)

70 POSITION IN SINGAPORE 1000 (2001/2002)

99 POSITION IN SINGAPORE 1000 (2000/2001)

191 POSITION IN SINGAPORE 1000 (1999/2000)

199 POSITION IN SINGAPORE 1000 (1998/1999)

168 POSITION IN SINGAPORE 1000 (1997/1998)

Compounded Annual Growth Rate (CAGR)

:

1.41% (4 years)

 

 

Credit recommendation

 

Recommended Credit Line

:

S$1,000,000

 

 

SHAREHOLDER DETAILS

 

NAME

:

SAUDI BASIC INDUSTRIES CORP.

SHAREHOLDER ID

:

T04UF1758K

NATIONALITY

:

SAUDI ARABIA

ADDRESS

:

P.O. BOX 5101, RIYADH 11422 KINGDOM OF SAUDI ARABIA

NO. OF ORD SHARES

:

100,000

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

AHMED MOHAMMED K AL UMAR

ADDRESS

:

20 CUSCADEN ROAD #03-02 TOMLINSON, THE SINGAPORE 249726

POSITION

:

DIRECTOR

MANAGER

DATE OF APPT

:

01/03/2008

01/05/2008

NATIONALITY

:

SAUDI ARABIAN

I/C PASSPORT

:

G6086500R

 

NAME

:

YOUSEF ABDULLAH M ALBENYAN

ADDRESS

:

4 ALNAKEEL STREET, WEST ALNAKEEL, P. O. BOX 55635 RIYADH 11544, SAUDI ARABIA

POSITION

:

DIRECTOR

DATE OF APPT

:

01/03/2008

NATIONALITY

:

SAUDI ARABIAN

I/C PASSPORT

:

G664423

 

NAME

:

KHALID ABDULRAHMAN M ALJASER

ADDRESS

:

2ND HOUSE, MAYMOON ALAQRAN STREET BADEE'AH DISTRICT, RIYADH, SAUDI ARABIA

POSITION

:

DIRECTOR

DATE OF APPT

:

01/03/2008

NATIONALITY

:

SAUDI ARABIAN

I/C PASSPORT

:

G938289

 

NAME

:

SULTAN MOHAMMED A BIN BATTAL

ADDRESS

:

ALEZDEHAR, #4 RASHAD STREET RIYADH, SAUDI ARABIA

POSITION

:

DIRECTOR

DATE OF APPT

:

01/03/2008

NATIONALITY

:

SAUDI ARABIAN

I/C PASSPORT

:

H276095

 

NAME

:

MADELYN KWANG YEIT LAM

ADDRESS

:

869 TAMPINES STREET 83 #12-179 SINGAPORE 520869

POSITION

:

SECRETARY

DATE OF APPT

:

26/07/2010

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1426198B

 

 

 

KEY PERSONNEL PROFILE

 

Name:

AHMED MOHAMMED K AL UMAR

NRIC Number:

G6086500R

Available Address:

20 CUSCADEN ROAD #03-02 TOMLINSON, THE  SINGAPORE 249726

 

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

SABIC ASIA PACIFIC PTE LTD

DIRECTOR

01/03/2008

-

-

2

SABIC ASIA PACIFIC PTE LTD

MANAGER

01/05/2008

-

-

 

 

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

:

13/04/2010

Date of Last AR

:

29/04/2010

Date of A/C Laid At Last AGM

:

31/12/2009

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Group

 

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

6,771,036,517

-16.89

8,147,177,063

8,060,728,792

6,840,611,112

6,402,480,297

Profit/(Loss) Before Tax

32,063,856

-32.12

47,239,443

46,304,645

34,667,106

27,345,188

Profit After Tax attributable to Shareholders

28,538,068

-34.97

43,882,733

42,390,328

29,451,672

23,930,581

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

1,680,761,557

94.49

864,177,035

2,014,800,533

1,399,280,794

1,351,974,504

Current Assets

1,678,602,140

94.69

862,212,958

2,012,838,115

1,396,690,504

1,350,139,715

Non Current Assets

2,159,417

9.95

1,964,077

1,962,418

2,590,290

1,834,789

 

 

 

 

 

 

 

Total Liabilities

1,623,096,092

94.16

835,967,414

1,955,427,628

1,357,774,372

1,310,950,889

Current Liabilities

1,623,050,982

94.16

835,940,605

1,955,399,078

1,357,744,271

1,310,919,226

Non Current Liabilities

45,110

68.26

26,809

28,550

30,101

31,663

 

 

 

 

 

 

 

Shareholders' Funds

57,665,466

104.42

28,209,623

59,372,906

41,506,421

41,023,615

Share Capital

87,308

3.13

84,659

90,157

95,057

99,989

Total Reserves

57,578,158

104.72

28,124,964

59,282,749

41,411,364

40,923,626

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Group

 

DEC 2009

DEC 2008

DEC 2007

DEC 2006

DEC 2005

Growth %

 

 

 

 

 

Year-on-Year Growth

-16.89

1.07

17.84

6.84

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

0.42

0.54

0.53

0.43

0.37

Return on Equity (%)

49.49

155.56

71.40

70.96

58.33

Return on Assets (%)

1.70

5.08

2.10

2.10

1.77

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

28.15

29.63

32.93

32.71

31.96

Current Debt/Equity (Times)

28.15

29.63

32.93

32.71

31.96

Long Term Debt To Equity (Times)

0.00

0.00

0.00

0.00

0.00

Total Asset To Total Equity (Times)

29.15

30.63

33.93

33.71

32.96

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

4.03

9.43

4.00

4.89

4.74

Fixed Assets Turnover (Times)

3,135.59

4,148.09

4,107.55

2,640.87

3,489.49

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.03

1.03

1.03

1.03

1.03

 

 

 

 

 

 

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

6,565,074,082

-17.42

7,949,922,758

7,770,157,224

6,463,520,392

6,000,899,817

Profit/(Loss) Before Tax

30,041,221

-35.39

46,498,681

50,725,345

30,997,925

23,597,286

Profit After Tax attributable to Shareholders

27,532,571

-36.41

43,300,001

47,520,263

26,310,055

20,797,608

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

1,669,331,487

104.63

815,777,773

1,956,664,282

1,314,656,744

1,306,448,074

Current Assets

1,651,219,447

103.80

810,201,599

1,950,491,531

1,310,616,842

1,303,853,372

Non Current Assets

18,112,040

224.81

5,576,174

6,172,751

4,039,902

2,594,702

 

 

 

 

 

 

 

Total Liabilities

1,618,726,328

104.02

793,405,353

1,902,317,630

1,283,695,257

1,273,225,228

Current Liabilities

1,618,698,680

104.03

793,378,544

1,902,289,080

1,283,665,156

1,273,193,565

Non Current Liabilities

27,648

3.13

26,809

28,550

30,101

31,663

 

 

 

 

 

 

 

Shareholders' Funds

50,605,160

126.19

22,372,420

54,346,652

30,961,486

33,222,846

Share Capital

87,308

3.13

84,659

90,157

95,057

99,989

Total Reserves

50,517,852

126.66

22,287,761

54,256,495

30,866,429

33,122,857

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

DEC 2009

DEC 2008

DEC 2007

DEC 2006

DEC 2005

Growth %

 

 

 

 

 

Year-on-Year Growth

-17.42

2.31

20.22

7.71

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

0.42

0.54

0.61

0.41

0.35

Return on Equity (%)

54.41

193.54

87.44

84.98

62.60

Return on Assets (%)

1.65

5.31

2.43

2.00

1.59

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

31.99

35.46

35.00

41.46

38.32

Current Debt/Equity (Times)

31.99

35.46

35.00

41.46

38.32

Long Term Debt To Equity (Times)

0.00

0.00

0.00

0.00

0.00

Total Asset To Total Equity (Times)

32.99

36.46

36.00

42.46

39.32

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

3.93

9.75

3.97

4.92

4.59

Fixed Assets Turnover (Times)

362.47

1,425.69

1,258.78

1,599.92

2,312.75

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.02

1.02

1.03

1.02

1.02

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 1.41% (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

The group yielded a rate of net profit on sales of 0.42 per cent in FY09 (FY08: 0.54 per cent). The group is now able to book in SGD - SIN 0.00 of profit for every SGD - SIN of sales in FY09, as compared with SGD - SIN 0.01 a year ago.

 

Liquidity

 

Current ratio stood at 1.03 times in FY09 (FY08: 1.03 times). This means that the group has SGD - SIN 1.03 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 28.15 times in FY09, as compared with 29.63 times in FY08. This means that the group requires additional external financing of SGD - SIN 28.15 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 49.49 per cent for Subject in the current financial period, as compared to 155.56 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 1.70 per cent (FY08: 5.08 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 4.03 times in FY09 (FY08: 9.43 times). This ratio measures the group'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.45.18

UK Pound

1

Rs.72.79

Euro

1

Rs.62.15

 

 

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.