MIRA INFORM REPORT

 

 

Report Date :

11.05.2012

 

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) :

31.12.2010

 

 

Date of Incorporation :

09.11.1992

 

 

Com. Reg. No.:

199206043M

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Finance Companies (with deposit taking functions)

Financial Institutions & financial services

 

 

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 :

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 – 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:

DOW CHEMICAL PACIFIC (SINGAPORE) PRIVATE LIMITED

199206043M

 

Date Incorporated:

Registered Office:

Telephone Number:

09/11/1992

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

6835 3773

Age of Company:

Website:

Industry Type:

20

www.dow.com

COMMERCE-WHOLESALE

 

Credit Assessment

 

 

Risk Dashboard

Risk & Rating

Days Beyond Terms

Trend:

No. of Litigation Counts:

Credit Limit:

Company DTC:

NA

No Recommendation

19

 

Worse off than last month;last month the entity took 44 days to pay

No. of Charges(s):
0

 

Industry DTC

 

28

 

Directors

 

Corporate Structure

Number of Current Directors

31

Holding Company:

THE DOW CHEMICAL COMPANY

Number that are shareholders

1

No. of Subsidiaries & Associated Companies:

5

 

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

:

5

No. of Local Associates

:

NA

Auditor

:

DELOITTE & TOUCHE LLP

Bankers / Financiers

:

NA

Turnover

:

SGD - SIN 1,197,979,819.00 (FY2010)

Net Worth

:

SGD - SIN (9,213,499.00) (FY2010)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

NA

S1000 / SME 1000 / FG50 Ranking

:

278 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2010/2011)

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

279 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2006/2007)

384 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2005/2006)

485 POSITION IN Singapore 1000 Companies Ranked by Return on Equities (2005/2006)

Compounded Annual Growth Rate (CAGR)

:

13.18% (4 years)

 

 

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

:

EDDY SETIAWAN

ADDRESS

:

8A PATERSON HILL #07-03 MARQ ON PATERSON HILL, THE SINGAPORE 238568

POSITION

:

DIRECTOR

DATE OF APPT

:

16/04/2012

NATIONALITY

:

INDONESIAN

I/C PASSPORT

:

G5654068M

 

NAME

:

CHRIS NG CHEE KHIANG

ADDRESS

:

7 DRAYCOTT DRIVE #13-02 SINGAPORE 259421

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

:

CATHERINE LIM SIOK CHING

ADDRESS

:

116 BISHAN STREET 12 #05-44 BISHAN VIEW SINGAPORE 570116

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:

34 COVE WAY  SINGAPORE 98157

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

DOW CHEMICAL (SINGAPORE) PTE LTD

DIRECTOR

11/12/2007

-

-

2

DOW CHEMICAL CHINA HOLDINGS PTE. LTD.

DIRECTOR

08/02/2011

-

-

3

DOW CHEMICAL PACIFIC (SINGAPORE) PRIVATE LIMITED

DIRECTOR

12/07/2004

-

-

4

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

05/03/2012

2

STYRON HOLDINGS ASIA PTE. LTD.

LIVE COMPANY

DIRECTOR

11/06/2004

24/04/2012

3

STYRON SINGAPORE PTE. LTD.

LIVE COMPANY

DIRECTOR

08/12/2009

27/05/2011

 

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 (%)

 

K-DOW PETROCHEMICALS SINGAPORE PRIVATE LIMITED

100

K-DOW PETROCHEMICALS SINGAPORE PRIVATE LIMITED

100

K-DOW PETROCHEMICALS SINGAPORE PRIVATE LIMITED

100

K-DOW PETROCHEMICALS SINGAPORE PRIVATE LIMITED

100

A-TEC CHEMICAL PTE. LTD.

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

:

31/08/2011

Date of Last AR

:

30/09/2011

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

1,197,979,819

5.59

1,134,565,444

765,103,453

720,300,183

729,961,639

Profit/(Loss) Before Tax

(6,721,857)

NA

(69,827,863)

1,472,780

(6,354,660)

(5,848,839)

Profit After Tax attributable

 to Shareholders

(8,272,659)

NA

(73,405,242)

(650,104)

(7,510,182)

(7,415,679)

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

839,557,484

-35.58

1,303,176,742

986,407,952

825,572,281

844,454,040

Current Assets

828,641,797

-35.82

1,291,041,867

934,702,411

761,872,752

751,599,326

Non Current Assets

10,915,687

-10.05

12,134,875

51,705,541

63,699,529

92,854,714

 

 

 

 

 

 

 

Total Liabilities

848,770,983

-34.97

1,305,122,909

918,123,335

753,295,033

760,330,654

Current Liabilities

848,770,983

-34.97

1,305,122,909

918,123,335

753,295,033

760,330,654

Non Current Liabilities

0

NA

0

0

0

0

 

 

 

 

 

 

 

Shareholders' Funds

(9,213,499)

NA

(1,946,168)

68,284,616

72,277,248

84,123,386

Share Capital

65,958,655

-6.49

70,533,614

68,393,175

72,835,272

76,793,421

Total Reserves

(75,172,154)

NA

(72,479,782)

(108,559)

(558,024)

7,329,965

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS 

 

 

Company

 

DEC 2010

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Growth %

 

 

 

 

 

Year-on-Year Growth

5.59

48.29

6.22

-1.32

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

-0.69

-6.47

-0.08

-1.04

-1.02

Return on Equity (%)

89.79

3,771.78

-0.95

-10.39

-8.82

Return on Assets (%)

-0.99

-5.63

-0.07

-0.91

-0.88

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

-92.12

-670.61

13.45

10.42

9.04

Current Debt/Equity (Times)

0.00

0.00

13.45

10.42

9.04

Long Term Debt To Equity (Times)

0.00

0.00

0.00

0.00

0.00

Total Asset To Total Equity (Times)

-91.12

-669.61

14.45

11.42

10.04

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

1.43

0.87

0.78

0.87

0.86

Fixed Assets Turnover (Times)

109.75

93.50

14.80

11.31

7.86

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

0.98

0.99

1.02

1.01

0.99

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

The company's CAGR is 13.18% (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.

 

 

Liquidity

 

Current ratio stood at 0.98 times in FY10 (FY09: 0.99 times). This means that the company has SGD - SIN 0.98 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.

 

 

Efficiency Ratio

 

Return on equity was 89.79 per cent for Subject in the current financial period, as compared to 3,771.78 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.

 

We are unable to comment on Subject's return on assets.

 

Total assets turnover ratio logged at 1.43 times in FY10 (FY09: 0.87 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.53.34

UK Pound

1

Rs.86.11

Euro

1

Rs.69.07

 

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.