MIRA INFORM REPORT

 

 

Report Date :

09.06.2012

 

IDENTIFICATION DETAILS

 

Name :

ASHLAND SINGAPORE PTE. LTD.

 

 

Formerly Known As :

HERCULES CHEMICAL SOLUTIONS PTE. LTD

 

 

Registered Office :

8 Marina Boulevard #05-02 Marina Bay Financial Centre Singapore 018981

 

 

Country :

Singapore

 

 

Financials (as on) :

30.09.2009

 

 

Date of Incorporation :

02.04.2002

 

 

Com. Reg. No.:

200202678c

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Wholesale of chemicals and chemical products

Other investment holding companies

 

 

No. of Employees :

Not Available 

 

RATING & COMMENTS

 

MIRA’s Rating :

C

 

RATING

STATUS

PROPOSED CREDIT LINE

<10

C

Absolute credit risk exists. Caution needed to be exercised

Credit not recommended

 

Status :

Poor

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Exists

 

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, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Singapore

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Company Name:

Registered Number:

ASHLAND SINGAPORE PTE. LTD.

200202678C

 

Date Incorporated:

Registered Office:

Telephone Number:

02/04/2002

8 MARINA BOULEVARD #05-02 MARINA BAY FINANCIAL CENTRE SINGAPORE 018981

6775 5366

Age of Company:

Website:

Industry Type:

10

NA

COMMERCE-WHOLESALE

 

 

Risk Dashboard

 

Days Beyond Terms

Trend:

No. of Litigation Counts:

 

Company DTC:

1

 

22

 

Worse off than last month;last month the entity took 55 days to pay

No. of Charges(s):
0

 

Industry DTC

 

25

 

Directors

 

Corporate Structure

Number of Current Directors

12

Holding Company:

ASHLAND HOLDINGS B.V.

Number that are shareholders

1

No. of Subsidiaries & Associated Companies:

NA

 

EXECUTIVE SUMMARY

 

Company Name

:

ASHLAND SINGAPORE PTE. LTD.

Registration No

:

200202678C

Date of Registration

:

02/04/2002

Former Name

:

1.HERCULES CHEMICALS INTERNATIONAL (SINGAPORE) PTE. LTD. Eff. Date : 02/04/2002 Eff. Date : 02/04/2002

2.HERCULES CHEMICAL SOLUTIONS PTE. LTD. Eff. Date : 30/04/2002 Eff. Date : 30/04/2002

Date of Change of Name

:

20/06/2011

Type of Company

:

LIMITED PRIVATE COMPANY

Operating Address

:

200 Pandan Loop #07-01/02 Pantech 21, Singapore 128388, Singapore

Registered Address

:

8 MARINA BOULEVARD #05-02 MARINA BAY FINANCIAL CENTRE SINGAPORE 018981

Date of Change of Address

:

01/10/2010

Contact No.

:

6775 5366

Fax No.

:

6774 2574

Website

:

NA

Registered Activities

:

1. WHOLESALE OF CHEMICALS AND CHEMICAL PRODUCTS NEC

2. OTHER INVESTMENT HOLDING COMPANIES

Issued Ordinary Capital*

:

$15,050,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 15,050,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$15,050,000.00 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

:

PRICEWATERHOUSECOOPERS LLP

Bankers / Financiers

:

NA

Turnover

:

SGD - SIN 6,149,328.00 (FY2009)

Net Worth

:

SGD - SIN 6,329,227.00 (FY2009)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

1

S1000 / SME 1000 / FG50 Ranking

:

No found for SINGAPORE 1000 and SME 1000

Compounded Annual Growth Rate (CAGR)

:

NA

 

 

SHAREHOLDER DETAILS

 

NAME

:

ASHLAND HOLDINGS B.V.

SHAREHOLDER ID

:

T09UF1554C

NATIONALITY

:

NETHERLANDS

ADDRESS

:

PESETASTRAAT 5 2991 XT BARENDRECHT, THE NETHERLANDS

NO. OF ORD SHARES

:

15,050,000

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

LYNN PANNELL FREEMAN

ADDRESS

:

2321 SUMMERWOODS DRIVE HEBRON, KY 41048, U.S.A

POSITION

:

DIRECTOR

DATE OF APPT

:

21/02/2012

NATIONALITY

:

AMERICAN

I/C PASSPORT

:

465587879

 

NAME

:

BRADLEY EARL MILLWOOD

ADDRESS

:

2 KIM SENG WALK #33-12 SINGAPORE 239404

POSITION

:

DIRECTOR

DATE OF APPT

:

29/04/2009

NATIONALITY

:

AMERICAN

I/C PASSPORT

:

G6267206X

 

NAME

:

ANTHONY ANNE CATHARINE

ADDRESS

:

8 LORONG 29 GEYLANG #07-06 SINGAPORE 388064

POSITION

:

SECRETARY

DATE OF APPT

:

01/01/2005

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1347717E

KEY PERSONNEL PROFILE

 

Name:

BRADLEY EARL MILLWOOD

NRIC Number:

G6267206X

Available Address:

2 KIM SENG WALK #33-12  SINGAPORE 239404

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

ASHLAND SINGAPORE PTE. LTD.

DIRECTOR

29/04/2009

-

-

 

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.

Transfer

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

 

there have been 1 litigation suits filed against Subject.

 

 

Current Year

On/After 01 Jan 2012

Past Years

W.e.f 01 Jan 2012

 

Court (Claim under normal circumstances)

Magistrate (< $80,000)

0

1

District ($80,000 - $250,000)

0

0

High (>$250,000)

0

0

 

Winding Up Trace

 

No

In litigation/Dissolved/Struck Off/In receivership

No

 

The details are as follows:

 

1)

Court

:

Magistrate Court

 

Case No.

:

19957

 

Transfer

:

-

 

Date of Filing

:

03/09/2007

 

Amount

:

2,350.00

 

Cause

:

Tort - Negligence (Professional  Accidents Without Death/ Injury)

 

Case Status

:

PENDING

 

Plaintiff

:

WOO KAW CHUAN

 

Last Update Date

:

22/12/2010

 

 

COMPLIANCE RECORDS

 

Date of Last AGM

:

19/04/2011

Date of Last AR

:

06/05/2011

Date of A/C Laid At Last AGM

:

30/09/2009
 

COMPLIANCE RATING FOR ANNUAL FILING

 

ANNUAL GENERAL MEETING,ANNUAL RETURN OR ACCOUNTS LATE

 

Note:

 

Provided by ACRA (Accounting and Corporate Regulatory Authority), the Compliance Rating for Annual Filing measures a company’s compliance with the provisions under S175, S197 or S201 of the Companies Act, Cap. 50.

 

Applicable to all “Live” locally incorporated companies except for the Limited Partnerships, Limited Liability Partnerships, Business Entities, Foreign Companies and Public Accounting Firms, the rating provide information on whether a company is up-to-date with the holding of its Annual General Meeting (AGM) with up-to-date financial statements and filing of its Annual Return (AR).

 

For more information: www.acra.gov.sg/compliance

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

SEP 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

6,149,328

-16.46

7,361,226

7,739,743

8,890,607

10,322,076

Profit/(Loss) Before Tax

1,926,380

-40.83

3,255,694

2,126,173

(415,862)

(10,218,786)

Profit After Tax attributable

 to Shareholders

1,656,805

-29.38

2,346,248

2,705,454

(415,862)

(10,218,786)

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

16,063,392

135.78

6,813,012

5,056,801

3,072,532

3,834,691

Current Assets

14,642,079

118.76

6,693,169

4,349,758

2,876,041

3,520,057

Non Current Assets

1,421,313

1,085.98

119,843

707,043

196,491

314,634

 

 

 

 

 

 

 

Total Liabilities

9,734,165

392.41

1,976,855

2,566,892

3,288,077

3,634,374

Current Liabilities

9,674,308

389.38

1,976,855

2,566,892

3,288,077

3,634,374

Non Current Liabilities

59,857

NA

0

0

0

0

 

 

 

 

 

 

 

Shareholders' Funds

6,329,227

30.87

4,836,157

2,489,909

(215,545)

200,317

Share Capital

15,050,000

0.00

15,050,000

15,050,000

15,050,000

15,050,000

Total Reserves

(8,720,773)

NA

(10,213,843)

(12,560,091)

(15,265,545)

(14,849,683)

 

 

FINANCIAL RATIOS 

 

 

Company

 

SEP 2009

DEC 2008

DEC 2007

DEC 2006

DEC 2005

Growth %

 

 

 

 

 

Year-on-Year Growth

-16.46

-4.89

-12.94

-13.87

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

26.94

31.87

34.96

-4.68

-99.00

Return on Equity (%)

26.18

48.51

108.66

192.94

-5,101.31

Return on Assets (%)

10.31

34.44

53.50

-13.53

-266.48

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

1.54

0.41

1.03

-15.25

18.14

Current Debt/Equity (Times)

1.53

0.41

1.03

0.00

18.14

Long Term Debt To Equity (Times)

0.01

0.00

0.00

0.00

0.00

Total Asset To Total Equity (Times)

2.54

1.41

2.03

-14.25

19.14

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

0.38

1.08

1.53

2.89

2.69

Fixed Assets Turnover (Times)

4.33

61.42

10.95

45.25

32.81

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.51

3.39

1.69

0.87

0.97

 

 

FINANCIAL COMMENTARY

 

Profitability

The company yielded a rate of net profit on sales of 26.94 per cent in FY09 (FY08: 31.87 per cent). The company is now able to book in SGD - SIN 0.27 of profit for every SGD - SIN of sales in FY09, as compared with SGD - SIN 0.32 a year ago.

 

 

Liquidity

 

Current ratio stood at 1.51 times in FY09 (FY08: 3.39 times). This means that the company has SGD - SIN 1.51 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 1.54 times in FY09, as compared with 0.41 times in FY08. This means that the company requires additional external financing of SGD - SIN 1.54 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 26.18 per cent for Subject in the current financial period, as compared to 48.51 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 10.31 per cent (FY08: 34.44 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 0.38 times in FY09 (FY08: 1.08 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.55.36

UK Pound

1

Rs.85.64

Euro

1

Rs.69.21

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.