MIRA INFORM REPORT

 

 

Report Date :

18.06.2012

 

IDENTIFICATION DETAILS

 

Name :

EASTMAN CHEMICAL, ASIA PACIFIC PTE. LTD.

 

 

Registered Office :

3 Killiney Road #05-04 Winsland House I Singapore 239519

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

01.02.1993

 

 

Com. Reg. No.:

199300567Z

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Manufacture of Petrochemical Primary Products (Eg Olefins, Aromatics, Basic Building Blocks)

 

 

No. of Employees :

Not Available

 

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 :

Slow

Litigation :

Exist

 

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:

EASTMAN CHEMICAL, ASIA PACIFIC PTE. LTD.

199300567Z

 

Date Incorporated:

Registered Office:

Telephone Number:

01/02/1993

3 KILLINEY ROAD #05-04 WINSLAND HOUSE I SINGAPORE 239519

6738 4877

Age of Company:

Website:

Industry Type:

19

www.eastman.com

SERVICES

 

 

Risk Dashboard

Days Beyond Terms

Trend:

No. of Litigation Counts:

Company DTC:

1

5

Payment pattern as per previous month

No. of Charges(s):
0

Industry DTC

 

30

 

Directors

 

Corporate Structure

Number of Current Directors

3

Holding Company:

EASTMAN CHEMICAL ASIA PACIFIC B.V.

Number that are shareholders

1

No. of Subsidiaries & Associated Companies:

NA

 

EXECUTIVE SUMMARY

 

Company Name

:

EASTMAN CHEMICAL, ASIA PACIFIC PTE. LTD.

Registration No

:

199300567Z

Date of Registration

:

01/02/1993

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

3 KILLINEY ROAD #05-04 WINSLAND HOUSE I SINGAPORE 239519

Date of Change of Address

:

09/10/2006

Contact No.

:

6738 4877

Fax No.

:

6738 1416

Website

:

www.eastman.com

Registered Activities

:

1. ACTIVITIES OF HEAD AND REGIONAL HEAD OFFICES

PROVD MGMT, OPRNAL, TECHL & OTH SUPPT SVCS TO RLTD COS & TO ACT AS A REGNL HQ

2. MANUFACTURE OF PETROCHEMICAL PRIMARY PRODUCTS (EG OLEFINS, AROMATICS, BASIC BUILDING BLOCKS)

MANUFACTURE AND SALE OF PERTROCHEMICAL PRODUCTS

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

:

PRICEWATERHOUSECOOPERS LLP

Bankers / Financiers

:

NA

Turnover

:

SGD - SIN 1,787,938.00 (FY2010)

Net Worth

:

SGD - SIN 7,025,632.00 (FY2010)

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)

:

9.7% (4 years)

 

 

SHAREHOLDER DETAILS

 

NAME

:

EASTMAN CHEMICAL ASIA PACIFIC B.V.

SHAREHOLDER ID

:

T12UF2036L

NATIONALITY

:

NETHERLANDS

ADDRESS

:

FASCINATIO BOULEVARD 602-614 2909 VA CAPELLE AAN DEN IJSSEL, THE NETHERLANDS

NO. OF ORD SHARES

:

500,000

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

 

OFFICER DETAILS

 

NAME

:

MICHAEL HON KIT CHUNG

ADDRESS

:

4018 & 4019, 40/F, SOUTH WEST TOWER, CONVENTION PLAZA NO.1 HARBOUR ROAD, WANCHAI, HONG KONG

POSITION

:

DIRECTOR

DATE OF APPT

:

31/03/2009

NATIONALITY

:

AMERICAN

I/C PASSPORT

:

422020523

 

NAME

:

LOW NGERNG NGUANG

ADDRESS

:

5 FABER DRIVE FABER HILLS SINGAPORE 129336

POSITION

:

DIRECTOR

DATE OF APPT

:

19/12/2007

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1679213F

 

NAME

:

SIEW BOON HIM

ADDRESS

:

347 HOUGANG AVENUE 7 #02-581 HOUGANG N3 (HUDC) SINGAPORE 530347

POSITION

:

SECRETARY

DATE OF APPT

:

18/05/2006

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S2143789A

 

NAME

:

TING HANG SING

ADDRESS

:

11 LUCKY GARDENS SINGAPORE 467660

POSITION

:

DIRECTOR

DATE OF APPT

:

04/01/2005

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S2589927Z

 

 

 

KEY PERSONNEL PROFILE

 

Name:

MICHAEL HON KIT CHUNG

NRIC Number:

422020523

Available Address:

4018 & 4019, 40/F, SOUTH WEST TOWER, CONVENTION PLAZA NO.1 HARBOUR ROAD, WANCHAI, HONG KONG

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

EASTMAN CHEMICAL SINGAPORE PTE. LTD.

DIRECTOR

31/03/2009

-

-

2

EASTMAN CHEMICAL, ASIA PACIFIC PTE. LTD.

DIRECTOR

31/03/2009

-

-

3

EASTMAN CHEMICAL, ASIA PACIFIC PTE. LTD.

MANAGING DIRECTOR

31/03/2009

-

-

 

Previous Business

 

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

EASTMAN CHEMICAL SINGAPORE PTE. LTD.

LIVE COMPANY

MANAGING DIRECTOR

31/03/2009

16/04/2012

 

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

 

To date, there have been 1 litigation suits filed against Subject.

 

 

Current Year

On/After 01 Jan 2012

Past Years

Bef 01 Jan 2012

 

Court (Claim under normal circumstances)

Magistrate (< $80,000)

0

0

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

0

1

High (>$250,000)

0

0

 

Winding Up Trace

 

No

In litigation/Dissolved/Struck Off/In receivership

No

 

The details are as follows:

 

1)

Court

:

District Court

 

Case No.

:

2724

 

Transfer

:

-

 

Date of Filing

:

20/10/2000

 

Amount

:

0.00

 

Cause

:

CONTRACTS-SALE OF GOODS

 

Case Status

:

PENDING

 

Plaintiff

:

LAN BAO XING TRADING PTE LTD

 

 

COMPLIANCE RECORDS

 

Date of Last AGM

:

30/06/2011

Date of Last AR

:

29/07/2011

Date of A/C Laid At Last AGM

:

31/12/2010
 

COMPLIANCE RATING FOR ANNUAL FILING

 

ANNUAL GENERAL MEETING,ANNUAL RETURN AND ACCOUNTS UP-TO-DATE

 

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

 

 

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

1,787,938

28.24

1,394,209

1,446,319

1,526,427

1,234,517

Profit/(Loss) Before Tax

1,123,064

31.18

856,122

890,101

976,682

935,392

Profit After Tax attributable

 to Shareholders

950,999

27.37

746,648

813,087

745,783

792,741

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

17,230,979

25.61

13,717,770

11,704,255

7,555,475

9,941,089

Current Assets

10,476,056

57.09

6,668,854

9,906,990

5,966,388

7,988,524

Non Current Assets

6,754,923

-4.17

7,048,916

1,797,265

1,589,087

1,952,565

 

 

 

 

 

 

 

Total Liabilities

10,205,347

29.40

7,886,958

7,160,126

4,174,348

7,587,087

Current Liabilities

10,205,347

29.40

7,886,958

7,160,126

4,174,348

7,587,087

Non Current Liabilities

0

NA

0

0

0

0

 

 

 

 

 

 

 

Shareholders' Funds

7,025,632

20.49

5,830,812

4,544,129

3,381,127

2,354,002

Share Capital

500,000

0.00

500,000

500,000

500,000

500,000

Total Reserves

6,525,632

22.41

5,330,812

4,044,129

2,881,127

1,854,002

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS 

 

 

Company

 

DEC 2010

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Growth %

 

 

 

 

 

Year-on-Year Growth

28.24

-3.60

-5.25

23.65

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

53.19

53.55

56.22

48.86

64.21

Return on Equity (%)

13.54

12.81

17.89

22.06

33.68

Return on Assets (%)

5.52

5.44

6.95

9.87

7.97

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

1.45

1.35

1.58

1.23

3.22

Current Debt/Equity (Times)

1.45

1.35

1.58

1.23

3.22

Long Term Debt To Equity (Times)

0.00

0.00

0.00

0.00

0.00

Total Asset To Total Equity (Times)

2.45

2.35

2.58

2.23

4.22

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

0.10

0.10

0.12

0.20

0.12

Fixed Assets Turnover (Times)

0.26

0.20

0.80

0.96

0.63

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.03

0.85

1.38

1.43

1.05

 

 

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 9.7% (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 company yielded a rate of net profit on sales of 53.19 per cent in FY10 (FY09: 53.55 per cent). The company is now able to book in SGD - SIN 0.53 of profit for every SGD - SIN of sales in FY10, as compared with SGD - SIN 0.54 a year ago.

 

Liquidity

Current ratio stood at 1.03 times in FY10 (FY09: 0.85 times). This means that the company 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 1.45 times in FY10, compared with 1.35 times in FY09. This means that the company requires additional external financing of SGD - SIN 1.45 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 13.54 per cent for Subject in the current financial period, as compared to 12.81 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 5.52 per cent (FY09: 5.44 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 0.10 times in FY10 (FY09: 0.10 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.55.76

UK Pound

1

Rs.86.69

Euro

1

Rs.70.44

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.