MIRA INFORM REPORT

 

 

Report Date :

17.07.2013

 

IDENTIFICATION DETAILS

 

Name :

LUCITE INTERNATIONAL SINGAPORE PTE. LTD.

 

 

Registered Office :

2 International Business Park #03-30/31 Strategy, The Singapore 609930

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

01.12.2005

 

 

Com. Reg. No.:

200516637N

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

·         Manufacture of Derivatives And Intermediates Produced From Basic Building Blocks (Eg Acetyls, Acrylics, Oxochemicals, Styrenirs, Phenolics And Ethylene Oxide Derivatives)

·         Manufacturing Of Chemicals

 

 

No. of Employees :

Not Available

 

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:

LUCITE INTERNATIONAL SINGAPORE PTE. LTD.

200516637N

 

Date Incorporated:

Registered Office:

Telephone Number:

01/12/2005

2 INTERNATIONAL BUSINESS PARK #03-30/31 STRATEGY, THE SINGAPORE 609930

6303 4830

Age of Company:

Website:

Industry Type:

8

NA

MANUFACTURING

 

 

Risk Dashboard

Days Beyond Terms

Trend:

No. of Litigation Counts:

Company DTC:

NA

46

Payment pattern as per previous month

No. of Charges(s):
0

Industry DTC

 

24

 

Directors

 

Corporate Structure

Number of Current Directors

4

Holding Company:

LUCITE INTERNATIONAL UK OVERSEAS HOLDCO 1 LTD

Number that are shareholders

1

No. of Subsidiaries & Associated Companies:

NA

 

EXECUTIVE SUMMARY

 

Company Name

:

LUCITE INTERNATIONAL SINGAPORE PTE. LTD.

Registration No

:

200516637N

Date of Registration

:

01/12/2005

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

2 INTERNATIONAL BUSINESS PARK #03-30/31 STRATEGY, THE SINGAPORE 609930

Date of Change of Address

:

25/10/2011

Contact No.

:

6303 4830

Fax No.

:

6323 6424

Website

:

NA

Registered Activities

:

1. MANUFACTURE OF DERIVATIVES AND INTERMEDIATES PRODUCED FROM BASIC BUILDING BLOCKS (EG ACETYLS, ACRYLICS, OXOCHEMICALS, STYRENIRS, PHENOLICS AND ETHYLENE OXIDE DERIVATIVES)

MANUFACTURING OF CHEMICALS

2. WHOLESALE OF CHEMICALS AND CHEMICAL PRODUCTS NEC

TRADING OF CHEMICALS

Issued Ordinary Capital*

:

$122,550,901.00 UNITED STATES OF AMERICA, DOLLARS ,NO. OF SHARE : 122,550,901

Issued Preference Capital

:

$32,000,000.00 UNITED STATES OF AMERICA, DOLLARS NO. OF SHARE : 32,000,000

Paid-Up Ordinary Capital

:

$122,550,901.00 UNITED STATES OF AMERICA, DOLLARS

Paid-Up Preference Capital

:

$32,000,000.00 UNITED STATES OF AMERICA, DOLLARS

* 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

:

ERNST & YOUNG LLP

Bankers / Financiers

:

NA

 

Turnover

:

SINGAPORE, DOLLARS 320,259,959.95 (FY2012)

Net Worth

:

SINGAPORE, DOLLARS 325,366,745.24 (FY2012)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

NA

S1000 / SME 1000 / FG50 Ranking

:

608 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2011/2012)

889 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2011/2012)

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

438 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2010/2011)

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

Compounded Annual Growth Rate (CAGR)

:

NA

 

 

SHAREHOLDER DETAILS

 

NAME

:

LUCITE INTERNATIONAL UK OVERSEAS HOLDCO 1 LTD

SHAREHOLDER ID

:

S94UF0613G

NATIONALITY

:

NA

ADDRESS

:

CUMBERLAND HOUSE, 15-17 CUMBERLAND PLACE SOUTHAMPTON, HAMPSHIRE, SO15 2BG, UNITED KINGDOM

NO. OF ORD SHARES

:

122,550,901

32,000,000

% OF SHAREHOLDING

:

79.3%

20.7%

CURRENCY

:

UNITED STATES OF AMERICA, DOLLARS

UNITED STATES OF AMERICA, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

LIOU SEI-JIN

ADDRESS

:

NO. 13, ALLEY 10, LANE 319, SECTION 3, JIANGUO ROAD FENGSHAN DIST., KAOHSIUNG CITY, TAIWAN 830, R.O.C.

POSITION

:

DIRECTOR

DATE OF APPT

:

26/01/2006

NATIONALITY

:

TAIWANESE

I/C PASSPORT

:

300659525

 

NAME

:

WU CHIANG-KUANG

ADDRESS

:

9 PARK VALE WATTEN ESTATE SINGAPORE 288569

POSITION

:

DIRECTOR

DATE OF APPT

:

01/01/2010

NATIONALITY

:

TAIWANESE

I/C PASSPORT

:

G5888602K

 

NAME

:

NICHOLAS JAMES CORDINGLEY

ADDRESS

:

49 JALAN SAMPURNA SINGAPORE 268299

POSITION

:

DIRECTOR

MANAGER

DATE OF APPT

:

26/01/2006

01/07/2006

NATIONALITY

:

BRITISH

I/C PASSPORT

:

G5922367X

 

NAME

:

DIAN HENG FONG

ADDRESS

:

449 HOUGANG AVENUE 10 #06-501 SINGAPORE 530449

POSITION

:

SECRETARY

DIRECTOR

DATE OF APPT

:

10/02/2006

01/01/2010

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1683745H

 

 

KEY PERSONNEL PROFILE

 

Name:

LIOU SEI-JIN

NRIC Number:

300659525

Available Address:

NO. 13, ALLEY 10, LANE 319, SECTION 3, JIANGUO ROAD FENGSHAN DIST., KAOHSIUNG CITY, TAIWAN 830, R.O.C.

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

LUCITE INTERNATIONAL SINGAPORE PTE. LTD.

DIRECTOR

26/01/2006

-

NA

 

Previous Business

 

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

No Trace

 

 

 

 

 

 

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

 

Clear

 

 

COMPLIANCE

 

Date of Last AGM

:

11/06/2013

Date of Last AR

:

08/07/2013

Date of A/C Laid At Last AGM

:

31/12/2012
 

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 2012

% Change

DEC 2011

DEC 2010

DEC 2009

DEC 2008

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

320,259,960

-0.35

321,387,160

348,336,773

214,994,948

0

Profit/(Loss) Before Tax

28,546,326

-44.41

51,352,924

81,644,646

12,710,488

(34,355,459)

Profit After Tax attributable

 to Shareholders

27,892,952

-41.27

47,495,842

66,644,874

11,001,996

(34,370,406)

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

403,070,646

10.22

365,705,882

427,658,605

460,802,288

414,079,242

Current Assets

112,395,045

84.92

60,780,876

85,293,862

78,915,699

18,827,974

Non Current Assets

290,675,601

-4.67

304,925,006

342,364,743

381,886,589

395,251,268

 

 

 

 

 

 

 

Total Liabilities

77,703,901

-40.83

131,331,516

225,105,774

315,467,616

283,823,076

Current Liabilities

33,079,802

-63.34

90,222,219

185,849,670

289,966,997

261,814,866

Non Current Liabilities

44,624,099

8.55

41,109,297

39,256,104

25,500,619

22,008,210

 

 

 

 

 

 

 

Shareholders' Funds

325,366,745

38.82

234,374,366

202,552,831

145,334,671

130,256,166

Share Capital

217,542,788

41.39

153,856,529

166,761,139

178,327,860

172,916,258

Total Reserves

107,823,957

33.91

80,517,837

35,791,692

(32,993,189)

(42,660,092)

 

 

 

 

 

 

 

 

FINANCIAL RATIOS 

 

 

Company

 

DEC 2012

DEC 2011

DEC 2010

DEC 2009

DEC 2008

Growth %

 

 

 

 

 

Year-on-Year Growth

-0.35

-7.74

62.02

NA

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

8.71

14.78

19.13

5.12

0.00

Return on Equity (%)

8.57

20.26

32.90

7.57

-26.39

Return on Assets (%)

6.92

12.99

15.58

2.39

-8.30

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

0.24

0.56

1.11

2.17

2.18

Current Debt/Equity (Times)

0.10

0.38

0.92

2.00

2.01

Long Term Debt To Equity (Times)

0.14

0.18

0.19

0.18

0.17

Total Asset To Total Equity (Times)

1.24

1.56

2.11

3.17

3.18

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

0.79

0.88

0.81

0.47

0.00

Fixed Assets Turnover (Times)

1.10

1.05

1.02

0.56

0.00

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

3.40

0.67

0.46

0.27

0.07

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Profitability

The company yielded a rate of net profit on sales of 8.71 per cent in FY12 (FY11: 14.78 per cent). The company is now able to book in SINGAPORE, DOLLARS 0.09 of profit for every SINGAPORE, DOLLARS of sales in FY12, as compared with SINGAPORE, DOLLARS 0.15 a year ago.

 

 

Liquidity

Current ratio stood at 3.40 times in FY12 (FY11: 0.67 times). This means that the company has SINGAPORE, DOLLARS 3.40 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.

FINANCIAL COMMENTARY

 

Leverage

Total debt-to-equity ratio notched 0.24 times in FY12, compared with 0.56 times in FY11. This means that the company requires additional external financing of SINGAPORE, DOLLARS 0.24 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 8.57 per cent for Subject in the current financial period, as compared to 20.26 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 6.92 per cent (FY11: 12.99 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 0.79 times in FY12 (FY11: 0.88 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.59.39

UK Pound

1

Rs.89.89

Euro

1

Rs.77.72

 

 

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.