MIRA INFORM REPORT

Report Date :

23.08.2013

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) :	31.12.2011

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 · Wholesaler of chemicals and chemical products · Marketing and distributing industrial chemicals, plastics and other products

No. of Employees :	Not available

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

Payment Behaviour :	Slow but correct

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 31^st 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Singapore

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:
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:
21	www.dow.com	COMMERCE-WHOLESALE

Risk Dashboard
Debts Turn Cash	Trend:	No. of Litigation Counts:
Company DTC:		NA
13
Better than last month; last month the entity took 31 days to pay		No. of Charges(s): 0
Industry DTC
22

Directors		Corporate Structure
Number of Current Directors	3	Holding Company:	THE DOW CHEMICAL COMPANY
Number that are shareholders	1	No. of Subsidiaries & Associated Companies:	1

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	:	1
No. of Local Associates	:	NA
Auditor	:	DELOITTE & TOUCHE LLP
Bankers / Financiers	:	NA
Turnover	:	SGD - SIN 1,636,388,249.00 (FY2011)
Net Worth	:	SGD - SIN (202,353,516.00) (FY2011)
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)	:	22.77% (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	-	NA
2	DOW CHEMICAL CHINA HOLDINGS PTE. LTD.	DIRECTOR	08/02/2011	-	NA
3	DOW CHEMICAL PACIFIC (SINGAPORE) PRIVATE LIMITED	DIRECTOR	12/07/2004	-	NA

Previous Business

No.	Name	Status	Position	Appt Date	Last Known Inactive Date
1	DOVER ASIA TRADING PRIVATE LIMITED	LIVE COMPANY	DIRECTOR	23/05/1997	19/08/2013
2	DOVER ASIA TRADING PRIVATE LIMITED	LIVE COMPANY	SHAREHOLDER	-	19/08/2013
3	K-DOW PETROCHEMICALS SINGAPORE PRIVATE LIMITED	IN LIQUIDATION - MEMBERS' VOLUNTARY WINDING UP	DIRECTOR	20/06/2008	-
4	STYRON HOLDINGS ASIA PTE. LTD.	LIVE COMPANY	DIRECTOR	11/06/2004	21/08/2013
5	STYRON SINGAPORE PTE. LTD.	LIVE COMPANY	DIRECTOR	08/12/2009	11/06/2013

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 (%)

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	:	30/09/2012
Date of Last AR	:	18/10/2012
Date of A/C Laid At Last AGM	:	31/12/2011

FINANCIAL HIGHLIGHTS

Financial Figures	Company
	DEC 2011	% Change	DEC 2010	DEC 2009	DEC 2008	DEC 2007
Currency	SGD - SIN		SGD - SIN	SGD - SIN	SGD - SIN	SGD - SIN
Profit and Loss Key Figures
Turnover	1,636,388,249	36.60	1,197,979,819	1,134,565,444	765,103,453	720,300,183
Profit/(Loss) Before Tax	(191,781,317)	NA	(6,721,857)	(69,827,863)	1,472,780	(6,354,660)
Profit After Tax attributable to Shareholders	(193,247,550)	NA	(8,272,659)	(73,405,242)	(650,104)	(7,510,182)

Balance Sheet Key Figures
Total Assets	1,075,639,420	28.12	839,557,484	1,303,176,742	986,407,952	825,572,281
Current Assets	1,028,232,869	24.09	828,641,797	1,291,041,867	934,702,411	761,872,752
Non Current Assets	47,406,551	334.30	10,915,687	12,134,875	51,705,541	63,699,529

Total Liabilities	1,277,992,936	50.57	848,770,983	1,305,122,909	918,123,335	753,295,033
Current Liabilities	1,277,992,936	50.57	848,770,983	1,305,122,909	918,123,335	753,295,033
Non Current Liabilities	0	NA	0	0	0	0

Shareholders' Funds	(202,353,516)	NA	(9,213,499)	(1,946,168)	68,284,616	72,277,248
Share Capital	60,854,524	-7.74	65,958,655	70,533,614	68,393,175	72,835,272
Total Reserves	(263,208,040)	NA	(75,172,154)	(72,479,782)	(108,559)	(558,024)

FINANCIAL RATIOS

	Company
	DEC 2011	DEC 2010	DEC 2009	DEC 2008	DEC 2007
Growth %
Year-on-Year Growth	36.60	5.59	48.29	6.22	NA

Profitability
Profit Margin (%)	-11.81	-0.69	-6.47	-0.08	-1.04
Return on Equity (%)	95.50	89.79	3,771.78	-0.95	-10.39
Return on Assets (%)	-17.97	-0.99	-5.63	-0.07	-0.91

Leverage
Total Debt/Equity (Times)	-6.32	-92.12	-670.61	13.45	10.42
Current Debt/Equity (Times)	0.00	0.00	0.00	13.45	10.42
Long Term Debt To Equity (Times)	0.00	0.00	0.00	0.00	0.00
Total Asset To Total Equity (Times)	-5.32	-91.12	-669.61	14.45	11.42

Asset Management
Total Assets Turnover (Times)	1.52	1.43	0.87	0.78	0.87
Fixed Assets Turnover (Times)	34.52	109.75	93.50	14.80	11.31

Liquidity
Current Ratio (Times)	0.80	0.98	0.99	1.02	1.01

FINANCIAL COMMENTARY

Compound Annual Growth Rate

The company's CAGR is 22.77% (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 0.80 times in FY11 (FY10: 0.98 times). This means that the company has SGD - SIN 0.80 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 95.50 per cent for Subject in the current financial period, as compared to 89.79 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 1.52 times in FY11 (FY10: 1.43 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 utilizing its resources.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.42
UK Pound	1	Rs.102.09
Euro	1	Rs.87.32

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.