|
Report Date : |
18.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
BASF SOUTH EAST ASIA PTE. LTD. |
|
|
|
|
Formerly Known As : |
BASF SOUTH EAST ASIA REGIONAL HEADQUARTERS PTE LTD (22/01/1998) |
|
|
|
|
Registered Office : |
7 Temasek Boulevard, 35-01, Suntec Tower One, 038987 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
28.06.1978 |
|
|
|
|
Com. Reg. No.: |
197801536-N |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
Trading of Chemical Products, Raw Materials, Act as Service Company to
Its Holding Company and Related Company |
|
|
|
|
No. of Employees : |
480 |
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 : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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 |
|
REGISTRATION NO. |
: |
197801536-N |
|
COMPANY NAME |
: |
BASF SOUTH EAST ASIA PTE. LTD. |
|
FORMER NAME |
: |
BASF SOUTH EAST ASIA REGIONAL HEADQUARTERS
PTE LTD (22/01/1998) |
|
INCORPORATION DATE |
: |
28/06/1978 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY SHARE) |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
7 TEMASEK BOULEVARD, 35-01, SUNTEC TOWER ONE, 038987, SINGAPORE. |
|
BUSINESS ADDRESS |
: |
7, TEMASEK BOULEVARD, #35-01, SUNTEC TOWER ONE, 038987, SINGAPORE. |
|
TEL.NO. |
: |
65-63370330 |
|
FAX.NO. |
: |
65-63340330 |
|
WEB SITE |
: |
WWW.BASF.COM.SG |
|
CONTACT PERSON |
: |
DRAPER DEAN TREVOR ( DIRECTOR ) |
|
PRINCIPAL ACTIVITY |
: |
TRADING OF CHEMICAL PRODUCTS, RAW MATERIALS, ACT AS SERVICE COMPANY TO
ITS HOLDING COMPANY AND RELATED COMPANY |
|
ISSUED AND PAID UP CAPITAL |
: |
520,300.00 ORDINARY SHARE, OF A VALUE OF SGD 520,300,000.00 |
|
SALES |
: |
USD 6,255,000,000 [2012] |
|
NET WORTH |
: |
USD 557,000,000 [2012] |
|
BANKER (S) |
|
DEUTSCHE BANK AKTIENGESELLSCHAFT |
|
STAFF STRENGTH |
: |
480 [2013] |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
FAIR |
|
PAYMENT |
: |
GOOD |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL RISK |
: |
LOW |
|
CURRENCY EXPOSURE |
: |
MODERATE |
|
GENERAL REPUTATION |
: |
GOOD |
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
The SC is a private limited company and is allowed to have a minimum of
one and a maximum of forty-nine shareholders. As a private limited company, the
SC must have at least two directors. A private limited company is a separate
legal entity from its shareholders. As a separate legal entity, the SC is
capable of owning assets, entering into contracts, sue or be sued by other
companies. The liabilities of the shareholders are to the extent of the equity
they have taken up and the creditors cannot claim on shareholders' personal
assets even if the SC is insolvent. The SC is governed by the Companies Act and
the company must file its annual returns, together with its financial
statements with the Registrar of Companies.
The SC is principally engaged in the (as a / as an) trading of chemical
products, raw materials, act as service company to its holding company and
related company.
The immediate holding company of the SC is BASF NEDERLAND B.V., a
company incorporated in NETHERLANDS.
The ultimate holding company of the SC is BASF SE, a company
incorporated in GERMANY.
The major shareholder(s) of the SC are shown as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
BASF NEDERLAND B.V. |
POSTBUS 1019 GREBOUW RIJNPOORT GRONINGGENSINGEL NL-6835EA ARNHEM 1,
NETHERLANDS. |
T08UF4122 |
520,300.00 |
100.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
520,300.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
The SC interest in other companies (Subsidiaries/Associates) are shown
as follow :
|
Local No |
Country |
Company |
(%) |
As At |
|
011039 |
VIETNAM |
BASF VIETNAM LTD |
100.00 |
31/12/2012 |
|
199903598Z |
SINGAPORE |
ELLBA EASTERN (PTE) LTD |
50.00 |
31/12/2012 |
DIRECTOR 1
|
Name Of Subject |
: |
DEAN TREVOR DRAPER |
|
Address |
: |
7 TEMASEK BOULEVARD, 35-01, SUNTEC TOWER ONE, 038987, SINGAPORE. |
|
IC / PP No |
: |
F5658246X |
|
Nationality |
: |
AUSTRALIAN |
|
Date of Appointment |
: |
01/03/2011 |
DIRECTOR 2
|
Name Of Subject |
: |
JOANE LEONG LAI FUN |
|
Address |
: |
136B HILLVIEW AVENUE, 08-06 MERAWOODS, 669607, SINGAPORE. |
|
IC / PP No |
: |
S1527868D |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
04/08/2010 |
DIRECTOR 3
|
Name Of Subject |
: |
GOPALAN PILLAY |
|
Address |
: |
FLAT A, 33/F, TOWER 2, 23 OLD PEAK ROAD, DYNASTY COURT, MID LEVELS,
HONG KONG. |
|
IC / PP No |
: |
M00042411 |
|
Nationality |
: |
SOUTH AFRICAN |
|
Date of Appointment |
: |
17/05/2013 |
|
1) |
Name of Subject |
: |
DRAPER DEAN TREVOR |
|
|
Position |
: |
DIRECTOR |
|
Auditor |
: |
KPMG LLP |
|
Auditor' Address |
: |
N/A |
|
1) |
Company Secretary |
: |
TAN TER YEE |
|
|
IC / PP No |
: |
S1654262H |
|
|
Address |
: |
17, HUME AVENUE, 04-01, HUME PARK 1, 598726, SINGAPORE. |
|
|
|
|
|
|
2) |
Company Secretary |
: |
YANG NELLIE |
|
|
IC / PP No |
: |
S0163132B |
|
|
Address |
: |
38 CORONATION ROAD WEST, 03-01, ASTRID MEADOWS, 269257, SINGAPORE. |
Banking relations are maintained principally with :
|
1) |
Name |
: |
DEUTSCHE BANK AKTIENGESELLSCHAFT |
No encumbrance was found in our databank at the time of investigation.
* A check has been conducted in our databank againt the SC whether the subject
has been involved in any litigation.
No legal action was found in our databank.
No winding up petition was found in our databank.
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
YES |
|
Overseas |
: |
YES |
The SC refused to provide any name of trade/service supplier and we are unable
to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL PAYMENT HABIT |
||||||||||||||
|
Prompt 0-30 Days |
[ |
|
] |
|
Good 31-60 Days |
[ |
X |
] |
|
Average 61-90 Days |
[ |
|
] |
|
|
Fair 91-120 Days |
[ |
|
] |
|
Poor >120 Days |
[ |
|
] |
|
|
|
|
|
|
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|
|
|
|
Export Market |
: |
ASIA PACIFIC |
|||
|
Credit Term |
: |
AS AGREED |
|||
|
Payment Mode |
: |
TELEGRAPHIC TRANSFER (TT) |
|||
|
Goods Traded |
: |
CHEMICAL PRODUCTS, RAW MATERIALS
|
|
|
|
|
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2013 |
2012 |
2011 |
2010 |
|
||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
|
|
|
|
|
|
COMPANY |
480 |
700 |
650 |
650 |
|
|
|
|
|
|
Branch |
: |
NO
|
Other Information:
The SC is principally engaged in the (as a / as an) trading of chemical
products, raw materials, act as service company to its holding company and
related company.
The Group is a leading chemical company producing comprehensivre range of
chemicals.
The SC's chemical products are used in a wide range of industries such as
agriculture, textile, leather, automotive, construction, electrical appliances
and electronics, paper, food, feed, cosmetics, printing and packaging
The SC has five major products categories:
* Chemicals
* Plastics
* Performance Products
* Functional Solutions
* Agricultural Solutions
* innovative special mixtures
* high purity process chemicals
* electronic chemicals
Latest fresh investigations carried out on the SC indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-63370330 |
|
Match |
: |
YES |
|
|
|
|
|
Address Provided by Client |
: |
7 TEMASEK BOULEVARD 35-01 SUNTEC TOWER ONE SINGAPORE 038987 |
|
Current Address |
: |
7, TEMASEK BOULEVARD, #35-01, SUNTEC TOWER ONE, 038987, SINGAPORE. |
|
Match |
: |
NO |
|
|
|
|
Other Investigations
On 26th September 2013, we contacted one of the staff from SC and she provided
some information on the SC.
The address provided is incomplete
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Erratic |
[ |
2009 - 2012 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2009 - 2012 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
7.36% |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
9.38% |
] |
|
|
|
|
|
|
|
|
|
|
The fluctuating turnover reflects the fierce competition among the
existing and new market players.The SC's profit fell sharply because of the
high operating costs incurred. The unfavourable return on shareholders' funds
could indicate that the SC was inefficient in utilising its assets to
generate returns. |
||||||
|
|
|
|
|
|
|
|
|
Working Capital Control |
|
|
|
|
|
|
|
Stock Ratio |
: |
Favourable |
[ |
14 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
26 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
3 Days |
] |
|
|
|
|
|
|
|
|
|
|
The SC's stocks were moving fast thus reducing its holding cost. This
had reduced funds being tied up in stocks. The favourable debtors' days could
be due to the good credit control measures implemented by the SC. The SC had a
favourable creditors' ratio where the SC could be taking advantage of the
cash discounts and also wanting to maintain goodwill with its creditors. |
||||||
|
|
|
|
|
|
|
|
|
Liquidity |
|
|
|
|
|
|
|
Liquid Ratio |
: |
Acceptable |
[ |
1.00 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.18 Times |
] |
|
|
|
|
|
|
|
|
|
|
The SC's liquid ratio was slightly low. This could indicate that the
SC's working capital was slightly deficient. The SC will have to improve its
liquidity position either by obtaining short term financing or increase its
paid up capital so that it can meet all its short term obligations as and
when they fall due. |
||||||
|
|
|
|
|
|
|
|
|
Solvency |
|
|
|
|
|
|
|
Interest Cover |
: |
Acceptable |
[ |
9.00 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.04 Times |
] |
|
|
|
|
|
|
|
|
|
|
The SC's interest cover was slightly low. If there is no sharp fall in
its profit or sudden increase in the interest rates, we believe the SC is
able to generate sufficient income to service its interest and repay the
loans. The SC was lowly geared thus it had a low financial risk. The SC was
mainly financed by its shareholders' funds and internally generated funds. In
times of economic slowdown / downturn, the SC being a lowly geared company,
will be able to compete better than those companies which are highly geared
in the same industry. |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall Assessment : |
|
|
|
|
|
|
|
The SC recorded lower profits as its turnover showed a erratic trend.
The SC's management was unable to control its costs efficiently as its profit
showed a downward trend. The SC had an acceptable interest cover. If there is
no sudden sharp increase in interest rate or fall in the SC's profit, we do
believe the SC is able to generate sufficient cash flow to service its
interest payment. The SC as a lowly geared company, will be more secured
compared to those highly geared companies. It has the ability to meet all its
long term obligations. |
||||||
|
|
|
|
|
|
|
|
|
Overall financial condition of the SC : FAIR |
||||||
|
Major Economic Indicators : |
2008 |
2009 |
2010 |
2011 |
2012 |
|
|
|
|
|
|
|
|
Population (Million) |
4.84 |
4.98 |
5.08 |
5.18 |
5.31 |
|
Gross Domestic Products ( % ) |
1.5 |
<0.8> |
14.5 |
4.9 |
1.3 |
|
Consumer Price Index |
6.6 |
0.6 |
2.8 |
5.2 |
4.6 |
|
Total Imports (Million) |
450,892.6 |
356,299.3 |
423,221.8 |
459,655.1 |
474,554.0 |
|
Total Exports (Million) |
476,762.2 |
391,118.1 |
478,840.7 |
514,741.2 |
510,329.0 |
|
|
|
|
|
|
|
|
Unemployment Rate (%) |
2.2 |
3.2 |
2.2 |
2.1 |
2.0 |
|
Tourist Arrival (Million) |
10.12 |
9.68 |
11.64 |
13.17 |
14.37 |
|
Hotel Occupancy Rate (%) |
81.0 |
75.8 |
85.6 |
86.5 |
86.4 |
|
Cellular Phone Subscriber (Million) |
1.31 |
1.37 |
1.43 |
1.50 |
1.52 |
|
|
|
|
|
|
|
|
Registration of New Companies (No.) |
25,327 |
26,414 |
29,798 |
32,317 |
31,892 |
|
Registration of New Companies (%) |
<2.2> |
4.3 |
12.8 |
8.5 |
<1.3> |
|
Liquidation of Companies (No.) |
10,493 |
22,393 |
15,126 |
19,005 |
17,218 |
|
Liquidation of Companies (%) |
13.7 |
113.4 |
<32.5> |
25.6 |
9.4 |
|
|
|
|
|
|
|
|
Registration of New Businesses (No.) |
24,850 |
26,876 |
23,978 |
23,494 |
24,788 |
|
Registration of New Businesses (%) |
0.36 |
8.15 |
<10.78> |
2.02 |
5.51 |
|
Liquidation of Businesses (No.) |
21,150 |
23,552 |
24,211 |
23,005 |
22,489 |
|
Liquidation of Businesses (%) |
<0.8> |
11.4 |
2.8 |
<5> |
<2.2> |
|
|
|
|
|
|
|
|
Bankruptcy Orders (No.) |
2,326 |
2,058 |
1,537 |
1,527 |
1,748 |
|
Bankruptcy Orders (%) |
<15.9> |
<11.5> |
<25.3> |
<0.7> |
14.5 |
|
Bankruptcy Discharges (No.) |
1,500 |
3,056 |
2,252 |
1,391 |
1,881 |
|
Bankruptcy Discharges (%) |
<7.7> |
103.7 |
<26.3> |
<38.2> |
35.2 |
|
|
|
|
|
|
|
|
INDUSTRIES ( % of Growth ) : |
|
|
|
|
|
|
Agriculture |
|
|
|
|
|
|
Production of Principal Crops |
<0.32> |
3.25 |
<0.48> |
4.25 |
3.64 |
|
Fish Supply & Wholesale |
<6.31> |
<1.93> |
<10.5> |
12.10 |
<0.5> |
|
|
|
|
|
|
|
|
Manufacturing * |
74.6 |
71.5 |
92.8 |
100.0 |
100.3 |
|
Food, Beverages & Tobacco |
94.8 |
90.4 |
96.4 |
100.0 |
103.5 |
|
Textiles |
180.1 |
145.9 |
122.1 |
100.0 |
104.0 |
|
Wearing Apparel |
334.6 |
211.0 |
123.3 |
100.0 |
92.1 |
|
Leather Products & Footwear |
128.2 |
79.5 |
81.8 |
100.0 |
98.6 |
|
Wood & Wood Products |
132.0 |
101.4 |
104.0 |
100.0 |
95.5 |
|
Paper & Paper Products |
101.0 |
95.4 |
106.1 |
100.0 |
97.4 |
|
Printing & Media |
118.2 |
100.9 |
103.5 |
100.0 |
93.0 |
|
Crude Oil Refineries |
113.1 |
96.4 |
95.6 |
100.0 |
99.4 |
|
Chemical & Chemical Products |
84.5 |
80.3 |
97.6 |
100.0 |
100.5 |
|
Pharmaceutical Products |
43.7 |
49.1 |
75.3 |
100.0 |
109.7 |
|
Rubber & Plastic Products |
120.1 |
101.2 |
112.3 |
100.0 |
96.5 |
|
Non-metallic Mineral |
96.5 |
91.9 |
92.5 |
100.0 |
98.2 |
|
Basic Metals |
109.8 |
92.6 |
102.2 |
100.0 |
90.6 |
|
Fabricated Metal Products |
101.3 |
90.8 |
103.6 |
100.0 |
104.3 |
|
Machinery & Equipment |
65.0 |
57.3 |
78.5 |
100.0 |
112.9 |
|
Electrical Machinery |
81.7 |
86.8 |
124.1 |
100.0 |
99.3 |
|
Electronic Components |
93.1 |
85.2 |
113.6 |
100.0 |
90.6 |
|
Transport Equipment |
102.0 |
96.0 |
94.0 |
100.0 |
106.3 |
|
|
|
|
|
|
|
|
Construction |
45.90 |
<36.9> |
14.20 |
20.50 |
28.70 |
|
Real Estate |
<11.2> |
1.4 |
21.3 |
25.4 |
31.9 |
|
|
|
|
|
|
|
|
Services |
|
|
|
|
|
|
Electricity, Gas & Water |
<1.3> |
1.70 |
4.00 |
7.00 |
6.30 |
|
Transport, Storage & Communication |
11.60 |
3.90 |
12.80 |
7.40 |
5.30 |
|
Finance & Insurance |
<5.9> |
<16.4> |
<0.4> |
8.90 |
0.50 |
|
Government Services |
17.40 |
4.50 |
9.70 |
6.90 |
6.00 |
|
Education Services |
0.50 |
0.10 |
<0.9> |
<1.4> |
0.30 |
|
|
|
|
|
|
|
|
* Based on Index of Industrial Production (2011 = 100) |
|
|
|
|
|
|
INDUSTRY : |
TRADING |
|
|
|
|
The wholesale and retail trade sector contracted by 1.5% in the fourth
quarter of 2012, extending the 0.2% decline in the preceding quarter. For the
whole of 2012, the sector declined by 0.7%, reversing the 1.6% growth in
2011. The sector was weighed down primarily by the wholesale trade segment.
In 2012, the wholesale trade segment contracted by 1.0%, a reversal from the
1.4% growth in 2011. Growth of the retail trade segment also moderated to
2.0%, from 3.2% in the year 2011. |
|
|
The domestic wholesale trade index grew by 1.2% in the fourth quarter
of 2012, an improvement from the 5.4% decline in the third quarter. This was
partly due to an increase in the sales of chemicals & chemical products
and ship chandlers & bunkering. For the full year of 2012, the domestic
wholesale trade index contracted by 2.2%, extending the 1.7% decline in 2011.
The foreign wholesale trade index grew by 8.6% in the fourth quarter, an
increase from the 6.6% growth in the third quarter. The expansion was partly
due to resilient sales of petroleum & petroleum products. For the whole
of 2012, the foreign wholesale trade index expanded by 9.1%, faster than the
4.3% increase in 2011. |
|
|
In the fourth quarter of 2012, retail sales volume declined by 2.0%,
extending the 0.3% decline in the third quarter. Excluding motor vehicles,
retail sales volume grew by 0.4%, a slight moderation compared to the 1.5%
gain in the third quarter of 2012. The sales volume of motor vehicles fell by
11% in the fourth quarter of 2012, after contracting by 6.1% in the third
quarter. The sales of several discretionary items also declined in the fourth
quarter. Besides, the sales of optical goods & books in 2012 fell by
3.6%, while the sales of telecommunications apparatus & computers
declined by 1.4%. |
|
|
For 2012 as a whole, retail sales volume grew by 1.3%, compared to the
2.0% expansion in 2011. Excluding motor vehicle sales, the increase in retail
sales volume also moderated from 5.4% in 2011 to 1.7% in 2012. Medical goods
& toiletries registered the largest increase (9.3%) in sales, followed by
telecommunications apparatus & computers (6.9%). By contrast, the sales
of watches & jewellery (-2.2%) and optical goods & books (-3.6%)
declined. |
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH |
|
Incorporated in 1978, the SC is a Private Limited company, focusing on trading
of chemical products, raw materials, act as service company to its holding
company and related company. With experiences for about 36 years in the
industry, the SC's operation has been running relatively stable since it has
built up a relatively sound and stable clientele base which has contributed to
its business growth. Having strong support from its shareholder has enabled the
SC to remain competitive despite the challenging business environment. The SC
has strong capital position.
Over the years, the SC has penetrated into both the local and overseas market.
The SC has positioned itself in the global market and is competing in the
industry. Its stable clientele base will enable the SC to further enhance its
business in the near term. The SC is a fairly large and rapidly growing company
with over 480 staff in its operations Overall, we regard that the SC's management
capability is average. This indicates that the SC has greater potential to
improve its business performance and raising income for the SC.
The SC's business performance showed a reverse trend as both its turnover and
pre-tax profit have decreased compared to the previous year. The SC has
generated an unfavourable return on shareholders' funds indicating that the
management was inefficient in utilising its funds to generate return. The SC is
in good liquidity position with its current liabilities well covered by it
current assets. Hence, it has sufficient working capital to meet its short term
financial obligations. Being a lowly geared company, the SC is exposed to low
financial risk as it is mainly dependent on its internal funds to finance its
business needs. Given a positive net worth standing at USD 557,000,000, the SC
should be able to maintain its business in the near terms.
The SC's supplier are from both the local and overseas countries. This will
eliminates the risk of dependency on deliveries from a number of key suppliers
and insufficient quantities of its raw materials. Overall the SC has a good
control over its resources.
Overall, the SC's payment habit is good as the SC has a good credit control and
it could be taking advantage of the cash discounts while maintaining a good
reputation with its creditors.
The industry shows an upward trend and this trend is very likely to sustain in
the near terms. Hence, the SC is expected to benefit from the favourable
outlook of the industry.
Based on the above condition, we recommend credit be granted to the SC
promptly.
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE
FINANCIAL REPORTING STANDARDS. |
|
BASF SOUTH EAST ASIA PTE. LTD. |
|
Financial Year End |
2012-12-31 |
2011-12-31 |
2010-12-31 |
2009-12-31 |
|
Months |
12 |
12 |
12 |
12 |
|
Consolidated Account |
Company |
Company |
Company |
Company |
|
Audited Account |
YES |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
FULL |
|
Currency |
USD |
USD |
USD |
USD |
|
|
|
|
|
|
|
TURNOVER |
6,255,000,000 |
6,267,000,000 |
5,565,000,000 |
3,237,000,000 |
|
Other Income |
- |
27,000,000 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
Total Turnover |
6,255,000,000 |
6,294,000,000 |
5,565,000,000 |
3,237,000,000 |
|
Costs of Goods Sold |
<5,834,000,000> |
<5,756,000,000> |
<5,128,000,000> |
<2,939,000,000> |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
Gross Profit |
421,000,000 |
538,000,000 |
437,000,000 |
298,000,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
48,000,000 |
188,000,000 |
136,000,000 |
82,000,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
48,000,000 |
188,000,000 |
136,000,000 |
82,000,000 |
|
Taxation |
<7,000,000> |
<22,000,000> |
<5,000,000> |
<7,000,000> |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
41,000,000 |
166,000,000 |
131,000,000 |
75,000,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
|
As previously reported |
382,000,000 |
347,000,000 |
341,000,000 |
252,000,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
As restated |
382,000,000 |
347,000,000 |
341,000,000 |
252,000,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
423,000,000 |
513,000,000 |
472,000,000 |
327,000,000 |
|
TRANSFER TO RESERVES - General |
- |
- |
<21,000,000> |
14,000,000 |
|
DIVIDENDS - Ordinary (paid & proposed) |
<166,000,000> |
<131,000,000> |
<104,000,000> |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
257,000,000 |
382,000,000 |
347,000,000 |
341,000,000 |
|
|
============= |
============= |
============= |
============= |
|
INTEREST EXPENSE (as per notes to P&L) |
|
|
|
|
|
Others |
6,000,000 |
7,000,000 |
5,000,000 |
- |
|
|
---------------- |
---------------- |
---------------- |
|
|
|
6,000,000 |
7,000,000 |
5,000,000 |
|
|
BASF SOUTH EAST ASIA PTE. LTD. |
|
ASSETS EMPLOYED: |
|
|
|
|
|
FIXED ASSETS |
162,000,000 |
156,000,000 |
171,000,000 |
60,000,000 |
|
|
|
|
|
|
|
LONG TERM INVESTMENTS/OTHER ASSETS |
|
|
|
|
|
Subsidiary companies |
2,000,000 |
2,000,000 |
2,000,000 |
40,000,000 |
|
Investments |
144,000,000 |
155,000,000 |
- |
- |
|
Others |
- |
- |
170,000,000 |
188,000,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
146,000,000 |
157,000,000 |
172,000,000 |
228,000,000 |
|
|
|
|
|
|
|
INTANGIBLE ASSETS |
|
|
|
|
|
Deferred/Expenditure carried forward |
38,000,000 |
42,000,000 |
- |
- |
|
Goodwill on consolidation |
- |
- |
46,000,000 |
11,000,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL INTANGIBLE ASSETS |
38,000,000 |
42,000,000 |
46,000,000 |
11,000,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
346,000,000 |
355,000,000 |
389,000,000 |
299,000,000 |
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
Stocks |
232,000,000 |
163,000,000 |
190,000,000 |
92,000,000 |
|
Trade debtors |
439,000,000 |
434,000,000 |
1,134,000,000 |
856,000,000 |
|
Other debtors, deposits & prepayments |
2,000,000 |
1,000,000 |
- |
- |
|
Short term deposits |
8,000,000 |
209,000,000 |
- |
- |
|
Amount due from related companies |
801,000,000 |
768,000,000 |
- |
- |
|
Cash & bank balances |
6,000,000 |
2,000,000 |
70,000,000 |
107,000,000 |
|
Others |
17,000,000 |
14,000,000 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
1,505,000,000 |
1,591,000,000 |
1,394,000,000 |
1,055,000,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL ASSET |
1,851,000,000 |
1,946,000,000 |
1,783,000,000 |
1,354,000,000 |
|
|
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
Trade creditors |
48,000,000 |
47,000,000 |
1,051,000,000 |
682,000,000 |
|
Other creditors & accruals |
67,000,000 |
63,000,000 |
- |
- |
|
Short term borrowings/Term loans |
20,000,000 |
1,000,000 |
- |
- |
|
Other borrowings |
- |
47,000,000 |
48,000,000 |
- |
|
Amounts owing to holding company |
559,000,000 |
532,000,000 |
- |
- |
|
Amounts owing to related companies |
509,000,000 |
462,000,000 |
- |
- |
|
Provision for taxation |
9,000,000 |
22,000,000 |
17,000,000 |
11,000,000 |
|
Other liabilities |
63,000,000 |
70,000,000 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
1,275,000,000 |
1,244,000,000 |
1,116,000,000 |
693,000,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
230,000,000 |
347,000,000 |
278,000,000 |
362,000,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL NET ASSETS |
576,000,000 |
702,000,000 |
667,000,000 |
661,000,000 |
|
|
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
SHARE CAPITAL |
|
|
|
|
|
Ordinary share capital |
294,000,000 |
294,000,000 |
294,000,000 |
294,000,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
294,000,000 |
294,000,000 |
294,000,000 |
294,000,000 |
|
|
|
|
|
|
|
RESERVES |
|
|
|
|
|
Exchange equalisation/fluctuation reserve |
- |
- |
6,000,000 |
6,000,000 |
|
Retained profit/(loss) carried forward |
257,000,000 |
382,000,000 |
347,000,000 |
341,000,000 |
|
Others |
6,000,000 |
6,000,000 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL RESERVES |
263,000,000 |
388,000,000 |
353,000,000 |
347,000,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
557,000,000 |
682,000,000 |
647,000,000 |
641,000,000 |
|
LONG TERM LIABILITIES |
|
|
|
|
|
Deferred taxation |
19,000,000 |
20,000,000 |
20,000,000 |
20,000,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
19,000,000 |
20,000,000 |
20,000,000 |
20,000,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
576,000,000 |
702,000,000 |
667,000,000 |
661,000,000 |
|
|
============= |
============= |
============= |
============= |
|
BASF SOUTH EAST ASIA PTE. LTD. |
|
TYPES OF FUNDS |
|
|
|
|
|
Cash |
14,000,000 |
211,000,000 |
70,000,000 |
107,000,000 |
|
Net Liquid Funds |
14,000,000 |
211,000,000 |
70,000,000 |
107,000,000 |
|
Net Liquid Assets |
<2,000,000> |
184,000,000 |
88,000,000 |
270,000,000 |
|
Net Current Assets/(Liabilities) |
230,000,000 |
347,000,000 |
278,000,000 |
362,000,000 |
|
Net Tangible Assets |
538,000,000 |
660,000,000 |
621,000,000 |
650,000,000 |
|
Net Monetary Assets |
<21,000,000> |
164,000,000 |
68,000,000 |
250,000,000 |
|
BALANCE SHEET ITEMS |
|
|
|
|
|
Total Borrowings |
20,000,000 |
48,000,000 |
48,000,000 |
0 |
|
Total Liabilities |
1,294,000,000 |
1,264,000,000 |
1,136,000,000 |
713,000,000 |
|
Total Assets |
1,851,000,000 |
1,946,000,000 |
1,783,000,000 |
1,354,000,000 |
|
Net Assets |
576,000,000 |
702,000,000 |
667,000,000 |
661,000,000 |
|
Net Assets Backing |
557,000,000 |
682,000,000 |
647,000,000 |
641,000,000 |
|
Shareholders' Funds |
557,000,000 |
682,000,000 |
647,000,000 |
641,000,000 |
|
Total Share Capital |
294,000,000 |
294,000,000 |
294,000,000 |
294,000,000 |
|
Total Reserves |
263,000,000 |
388,000,000 |
353,000,000 |
347,000,000 |
|
LIQUIDITY (Times) |
|
|
|
|
|
Cash Ratio |
0.01 |
0.17 |
0.06 |
0.15 |
|
Liquid Ratio |
1.00 |
1.15 |
1.08 |
1.39 |
|
Current Ratio |
1.18 |
1.28 |
1.25 |
1.52 |
|
WORKING CAPITAL CONTROL (Days) |
|
|
|
|
|
Stock Ratio |
14 |
9 |
12 |
10 |
|
Debtors Ratio |
26 |
25 |
74 |
97 |
|
Creditors Ratio |
3 |
3 |
75 |
85 |
|
SOLVENCY RATIOS (Times) |
|
|
|
|
|
Gearing Ratio |
0.04 |
0.07 |
0.07 |
0.00 |
|
Liabilities Ratio |
2.32 |
1.85 |
1.76 |
1.11 |
|
Times Interest Earned Ratio |
9.00 |
27.86 |
28.20 |
0.00 |
|
Assets Backing Ratio |
1.83 |
2.24 |
2.11 |
2.21 |
|
PERFORMANCE RATIO (%) |
|
|
|
|
|
Operating Profit Margin |
0.77 |
3.00 |
2.44 |
2.53 |
|
Net Profit Margin |
0.66 |
2.65 |
2.35 |
2.32 |
|
Return On Net Assets |
9.38 |
27.78 |
21.14 |
12.41 |
|
Return On Capital Employed |
8.79 |
26.21 |
19.78 |
12.20 |
|
Return On Shareholders' Funds/Equity |
7.36 |
24.34 |
20.25 |
11.70 |
|
Dividend Pay Out Ratio (Times) |
4.05 |
0.79 |
0.79 |
0.00 |
|
NOTES TO ACCOUNTS |
|
|
|
|
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.96 |
|
|
1 |
Rs.101.14 |
|
Euro |
1 |
Rs.85.33 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.