MIRA INFORM REPORT

 

 

Report Date :

14.08.2013

 

IDENTIFICATION DETAILS

 

Name :

VINYL CHEM PTE LTD

 

 

Registered Office :

10 UBI Crescent #07-21 Ubi Tech Park Singapore 408564

 

 

Country :

Singapore

 

 

Financials (as on) :

December, 2010

 

 

Date of Incorporation :

03.08.1999

 

 

Com. Reg. No.:

199904546K

 

 

Legal Form :

Limited Exempt Private Company

 

 

Line of Business :

Wholesale of Chemicals and Chemical Products Nec

 

 

No. of Employees :

No Complaints

 

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

 

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 – March, 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Singapore

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

SINGAPORE - ECONOMIC OVERVIEW

 

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. Real GDP growth averaged 8.6% between 2004 and 2007. The economy contracted 0.8% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010, on the strength of renewed exports, before slowing to 5.2% in 2011 and 1.3% in 2012, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to an average of about 1.0% in the last decade. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub.

 

Source : CIA

 

Company Name:

Registered Number:

VINYL CHEM PTE LTD

199904546K

 

Date Incorporated:

Registered Office:

Telephone Number:

03/08/1999

10 UBI CRESCENT #07-21 UBI TECH PARK SINGAPORE 408564

90678232

Age of Company:

Website:

Industry Type:

14

NA

COMMERCE-WHOLESALE

 

 

Risk Dashboard

Debts Turn Cash

Trend:

No. of Litigation Counts:

Company DTC:

NA

NA

blank

The entity is paying current to the creditors

No. of Charges(s):
0

Industry DTC

 

23

 

Directors

 

Corporate Structure

Number of Current Directors

2

Holding Company:

NA

Number that are shareholders

2

No. of Subsidiaries & Associated Companies:

NA

 

EXECUTIVE SUMMARY

 

Company Name

:

VINYL CHEM PTE LTD

Registration No

:

199904546K

Date of Registration

:

03/08/1999

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED EXEMPT PRIVATE COMPANY

Registered Address

:

10 UBI CRESCENT #07-21 UBI TECH PARK SINGAPORE 408564

Date of Change of Address

:

26/09/2001

Contact No.

:

90678232

Fax No.

:

67424404

Website

:

NA

Registered Activities

:

1. WHOLESALE OF CHEMICALS AND CHEMICAL PRODUCTS NEC

2. GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS)

Issued Ordinary Capital*

:

$250,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 250,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$250,000.00 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

:

SAMUEL SEOW & CO

Bankers / Financiers

:

THE DEVELOPMENT BANK OF SINGAPORE LIMITED

Turnover

:

SINGAPORE, DOLLARS 5,268,260.00 (FY2010)

Net Worth

:

SINGAPORE, DOLLARS 1,195,436.00 (FY2010)

No. of Bank Charges

:

0

No. of Litigation Suits

:

NA

S1000 / SME 1000 / FG50 Ranking

:

No found for SINGAPORE 1000 and SME 1000

Compounded Annual Growth Rate (CAGR)

:

5.39% (4 years)

 

 

SHAREHOLDER DETAILS

 

NAME

:

TYO ENG SER

SHAREHOLDER ID

:

S1536213H

NATIONALITY

:

SINGAPORE CITIZEN

ADDRESS

:

892 TAMPINES AVENUE 8 #08-02 SINGAPORE 520892

NO. OF ORD SHARES

:

187,500

% OF SHAREHOLDING

:

75%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

TAN BOON HONG

SHAREHOLDER ID

:

S0989803D

NATIONALITY

:

SINGAPORE CITIZEN

ADDRESS

:

171 BUKIT BATOK WEST AVENUE 8 #21-357 SINGAPORE 650171

NO. OF ORD SHARES

:

62,500

% OF SHAREHOLDING

:

25%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

TAN BOON HONG

ADDRESS

:

171 BUKIT BATOK WEST AVENUE 8 #21-357 SINGAPORE 650171

POSITION

:

DIRECTOR

DATE OF APPT

:

03/08/1999

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0989803D

 

NAME

:

TYO ENG SER

ADDRESS

:

892 TAMPINES AVENUE 8 #08-02 SINGAPORE 520892

POSITION

:

DIRECTOR

DATE OF APPT

:

18/05/2001

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1536213H

 

NAME

:

TANG SIEW LAN,ALICE

ADDRESS

:

125 PENDING ROAD #10-14 SINGAPORE 670125

POSITION

:

SECRETARY

DATE OF APPT

:

18/09/1999

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1687911H

 

 

KEY PERSONNEL PROFILE

 

Name:

TYO ENG SER

NRIC Number:

S1536213H

Available Address:

892 TAMPINES AVENUE 8 #08-02  SINGAPORE 520892

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

CHAIYO PTE. LTD.

DIRECTOR

01/11/2002

2

66.66

2

POLYWOOD MARKETING

MANAGER

02/05/2001

-

NA

3

POLYWOOD MARKETING

OWNER

02/05/2001

-

NA

4

REPUBLIC POLYMERS PTE. LTD.

DIRECTOR

12/11/2010

1

33.33

5

SYMPHONY ENVIRONMENTAL PRODUCTS PTE. LTD.

DIRECTOR

26/12/2006

50

50.00

6

VINYL CHEM PTE LTD

DIRECTOR

18/05/2001

75000

30.00

 

Previous Business

 

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

ACEZ ENGINEERING AND TRADING

TERMINATION

OWNER

08/06/1985

16/04/1988

2

GOOD FORTUNE ENTERPRISE & MARKETING

TERMINATION

OWNER

26/07/2000

01/07/2002

3

MASHA TRADING PTE LTD

STRUCK OFF

DIRECTOR

15/09/2003

-

 

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 have been 1 bank charges registered against Subject by its bankers. The charge numbers are:

 

1)

Charge No.

:

C200302710

 

Date of Registration

:

12/06/2003

 

Chargee

:

THE DEVELOPMENT BANK OF SINGAPORE LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

 

LITIGATION

 

Clear

 

 

COMPLIANCE

 

Date of Last AGM

:

31/07/2012

Date of Last AR

:

27/08/2012

Date of A/C Laid At Last AGM

:

31/12/2010

 

 

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

5,268,260

32.29

3,982,445

5,831,382

7,973,011

4,269,690

Profit/(Loss) Before Tax

146,242

16.70

125,312

398,693

263,176

178,901

Profit After Tax attributable

 to Shareholders

144,474

25.91

114,742

353,973

236,806

155,841

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

1,421,528

4.24

1,363,686

1,431,282

995,781

916,177

Current Assets

1,268,038

-6.59

1,357,442

1,424,978

989,417

909,933

Non Current Assets

153,490

2,358.20

6,244

6,304

6,364

6,244

 

 

 

 

 

 

 

Total Liabilities

226,092

-27.70

312,724

245,062

163,534

320,736

Current Liabilities

226,092

-27.70

312,724

245,062

163,534

320,736

Non Current Liabilities

0

NA

0

0

0

0

 

 

 

 

 

 

 

Shareholders' Funds

1,195,436

13.75

1,050,962

1,186,220

832,247

595,441

Share Capital

250,000

0.00

250,000

250,000

250,000

250,000

Total Reserves

945,436

18.04

800,962

936,220

582,247

345,441

 

 

 

FINANCIAL RATIOS 

 

 

Company

 

DEC 2010

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Growth %

 

 

 

 

 

Year-on-Year Growth

32.29

-31.71

-26.86

86.74

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

2.74

2.88

6.07

2.97

3.65

Return on Equity (%)

12.09

10.92

29.84

28.45

26.17

Return on Assets (%)

10.16

8.41

24.73

23.78

17.01

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

0.19

0.30

0.21

0.20

0.54

Current Debt/Equity (Times)

0.19

0.30

0.21

0.20

0.54

Long Term Debt To Equity (Times)

0.00

0.00

0.00

0.00

0.00

Total Asset To Total Equity (Times)

1.19

1.30

1.21

1.20

1.54

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

3.71

2.92

4.07

8.01

4.66

Fixed Assets Turnover (Times)

34.32

637.80

925.03

1,252.83

683.81

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

5.61

4.34

5.81

6.05

2.84

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 5.39% (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 2.74 per cent in FY10 (FY09: 2.88 per cent). The company is now able to book in SINGAPORE, DOLLARS 0.03 of profit for every SINGAPORE, DOLLARS of sales in FY10, as compared with SINGAPORE, DOLLARS 0.03 a year ago.

 

Liquidity

 

Current ratio stood at 5.61 times in FY10 (FY09: 4.34 times). This means that the company has SINGAPORE, DOLLARS 5.61 of current assets for every SINGAPORE, DOLLARS 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 0.19 times in FY10, compared with 0.30 times in FY09. This means that the company requires additional external financing of SINGAPORE, DOLLARS 0.19 for every SINGAPORE, DOLLARS 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 12.09 per cent for Subject in the current financial period, as compared to 10.92 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 10.16 per cent (FY09: 8.41 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 3.71 times in FY10 (FY09: 2.92 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.61.43

UK Pound

1

Rs.95.76

Euro

1

Rs.81.76

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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

s

 

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.