MIRA INFORM REPORT

 

 

Report Date :

16.05.2013

 

IDENTIFICATION DETAILS

 

Name :

MEMC SINGAPORE PTE. LTD.

 

 

Registered Office :

80 Robinson Road, 02-00, 068898

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

05.10.2006

 

 

Com. Reg. No.:

200614794-D

 

 

Legal Form :

Private Limited (Limited By Share)

 

 

Line of Business :

Marketing and sales of semiconductor devices, polysilicon

 

 

No. of Employees :

20 [2013]

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

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 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

 

* Adopted abbreviations :

SC - Subject Company (the company enquired by you)

 

 

 

N/A - Not Applicable

 

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

200614794-D

COMPANY NAME

:

MEMC SINGAPORE PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

05/10/2006

 

 

 

 

 

 

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED (LIMITED BY SHARE)

LISTED STATUS

:

NO

 

 

 

 

 

 

REGISTERED ADDRESS

:

80 ROBINSON ROAD, 02-00, 068898, SINGAPORE.

BUSINESS ADDRESS

:

11 LORONG 3 TOA PAYOH,BLK B JACKSON SQUARE 4TH FLOOR, 319579, SINGAPORE.

TEL.NO.

:

65-66819300

FAX.NO.

:

65-66819301

WEB SITE

:

WWW.MEMC.COM

CONTACT PERSON

:

VIJAYAN ( DIRECTOR )

 

 

 

 

 

 

PRINCIPAL ACTIVITY

:

MARKETING AND SALES OF SEMICONDUCTOR DEVICES, POLYSILICON

 

 

 

ISSUED AND PAID UP CAPITAL

:

100.00 ORDINARY SHARE, OF A VALUE OF SGD 3,836,180.71

 

 

 

SALES

:

USD 1,643,860,000 [2011]

NET WORTH

:

USD <134,277,000> [2011]

 

 

 

STAFF STRENGTH

:

20 [2013]

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

POOR

PAYMENT

:

POOR

MANAGEMENT CAPABILITY

:

WEAK

 

 

 

COMMERCIAL RISK

:

MODERATE

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

HISTORY / BACKGROUND

 

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) marketing and sales of semiconductor devices, polysilicon.

 

The immediate holding company of the SC is MEMC INTERNATIONAL INC, a company incorporated in UNITED STATES.

 

The ultimate holding company of the SC is MEMC ELECTRONIC MATERIALS INC, a company incorporated in UNITED STATES.

 

The major shareholder(s) of the SC are shown as follows :

Name

Address

IC/PP/Loc No

Shareholding

(%)

MEMC INTERNATIONAL INC

501 PEARL DRIVE (CITY OF O'FALLON), P.O. BOX 8, ST PETERS, MISSOURI, MISSOURI, UNITED STATES.

T06UF2816

100.00

100.00

 

 

 

---------------

------

 

 

 

100.00

100.00

 

 

 

============

=====

 

+ Also Director

 

The SC interest in other companies (Subsidiaries/Associates) are shown as follow :

Local No

Country

Company

(%)

As At

899488

MALAYSIA

MEMC KUCHING SDN. BHD.

100.00

01/04/2013

 

 

 

 

 

 

 

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

WOO MAY POH

Address

:

2, ROCHOR ROAD, 05-590, ROCHOR CENTRE, 180002, SINGAPORE.

IC / PP No

:

S7128630D

 

 

 

 

 

 

 

 

 

Nationality

:

SINGAPOREAN

Date of Appointment

:

05/10/2006

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 2

 

Name Of Subject

:

BRIAN ANTHONY WUEBBELS

Address

:

11964 SPORTSMAN ROAS, HIGHLAND IL 62249, UNITED STATES.

IC / PP No

:

215163369

 

 

 

 

 

 

 

 

 

Nationality

:

AMERICAN

Date of Appointment

:

02/07/2012

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 3

 

Name Of Subject

:

MR. BRADLEY DAVID KOHN

Address

:

4020, PRINCETON RIDGE DRIVE, MO 63025, EUREKA, UNITED STATES.

IC / PP No

:

P058015944

 

 

 

 

 

 

 

 

 

Nationality

:

AMERICAN

Date of Appointment

:

05/11/2006

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 4

 

Name Of Subject

:

KOH BOON HOCK

Address

:

1B PINE GROVE, 06-08 PINE GROVE, 591001, SINGAPORE.

IC / PP No

:

S0124541D

 

 

 

 

 

 

 

 

 

Nationality

:

SINGAPOREAN

Date of Appointment

:

03/03/2009

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 5

 

Name Of Subject

:

VIJAYAN S CHINNASAMI

Address

:

6 SINARAN DRIVE, 17-8, SOLEIL @ SINARAN, 308468, SINGAPORE.

IC / PP No

:

G5029336Q

 

 

 

 

 

 

 

 

 

Nationality

:

MALAYSIAN

Date of Appointment

:

31/03/2012

 

 

 

 

 

 

 

 

 

 

 

 

MANAGEMENT

 

 

 

1)

Name of Subject

:

VIJAYAN

 

Position

:

DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

KPMG LLP

Auditor' Address

:

N/A

 

 

 

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

WOO MAY POH

 

IC / PP No

:

S7128630D

 

 

 

 

 

Address

:

2, ROCHOR ROAD, 05-590, ROCHOR CENTRE, 180002, SINGAPORE.

 

 

 

 

 

 

 

 

 

 

 

 

 

2)

Company Secretary

:

JOANNA LIM LAN SIM

 

IC / PP No

:

S1572261D

 

 

 

 

 

Address

:

165 TAMPINES STREET 12, 09-305, 521165, SINGAPORE.

 

 

 

 

 

 

 

 

 

 

 

BANKING


No Banker found in our databank. 

ENCUMBRANCE (S)


No encumbrance was found in our databank at the time of investigation. 

 

 

LEGAL CHECK AGAINST SC


* A check has been conducted in our databank against 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. 

PAYMENT RECORD

 

 

SOURCES OF RAW MATERIALS:

Local

:

N/A

Overseas

:

N/A

 

 

 


The SC refused to disclose any information on its payment record. 

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

[

 

]

 

Average 61-90 Days

[

 

]

 

Fair 91-120 Days

[

 

]

 

Poor >120 Days

[

X

]

 

 

 

 

 

 

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

 

 

 

Export Market

:

WORLDWIDE

Credit Term

:

AS AGREED

 

 

 

 

 

 

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

OPERATIONS

 

Goods Traded

:

SEMICONDUCTOR DEVICES, POLYSILICON

 

 

 

 

 

Total Number of Employees:

YEAR

2013

2012

 

GROUP

N/A

N/A

 

 

 

 

 

 

 

COMPANY

20

20

 

 

 

 

 

 

 

 

Branch

:

NO

 

 

Other Information:


The SC is principally engaged in the (as a / as an) marketing and sales of semiconductor devices, polysilicon. 

The Group is a global leader in the manufacturing and sale of wafers and related intermediate products to the semiconductor and solar industries.

MEMC has been a pioneer in the design and development of wafer technologies over the past four decades.

With R&D and manufacturing facilities in the U.S., Europe and Asia, MEMC enables the next generation of high performance semiconductor devices and solar cells. 

CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client

:

65 650093100

Current Telephone Number

:

65-66819300

Match

:

NO

 

 

 

Address Provided by Client

:

11 LORONG 3 TOA PAUOH BLOCK B 4/F JACKSON SQUARE SINGAPORE 319579

Current Address

:

11 LORONG 3 TOA PAYOH,BLK B JACKSON SQUARE 4TH FLOOR, 319579, SINGAPORE.

Match

:

YES

 

Other Investigations

we contacted one of the staff from HR Department of SC and she provided some information on the SC.

The SC refused to disclose its banker.

There is no 2012 financial statement as per Registry Office.

FINANCIAL ANALYSIS

 

 

Profitability

 

 

 

 

 

 

Turnover

:

Increased

[

2008 - 2011

]

 

Profit/(Loss) Before Tax

:

Decreased

[

2008 - 2011

]

 

Return on Shareholder Funds

:

Unfavourable

[

418.02%

]

 

Return on Net Assets

:

Unfavourable

[

<98.01%>

]

 

 

 

 

 

 

 

 

The SC's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.The SC incurred losses during the year due to the inefficient control of its operating costs. Although the SC's returns showed positive figures it is not reflective of the true situation. The SC incurred losses during the year and its shareholders' funds have turned red. The positive returns on shareholders' funds is the result of losses divided by negative shareholders' funds. The SC's management was inefficient in utilising the assets to generate returns.

 

 

 

 

 

 

 

Working Capital Control

 

 

 

 

 

 

Stock Ratio

:

Favourable

[

16 Days

]

 

Debtor Ratio

:

Favourable

[

14 Days

]

 

Creditors Ratio

:

Unfavourable

[

127 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 unfavourable creditors' ratio could be due to the SC taking advantage of the credit granted by its suppliers. However this may affect the goodwill between the SC and its suppliers and the SC may inadvertently have to pay more for its future supplies.

 

 

 

 

 

 

 

Liquidity

 

 

 

 

 

 

Liquid Ratio

:

Acceptable

[

0.89 Times

]

 

Current Ratio

:

Unfavourable

[

0.99 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

:

Nil

[

0.00 Times

]

 

Gearing Ratio

:

Favourable

[

0.00 Times

]

 

 

 

 

 

 

 

 

The SC's interest cover was nil as it did not pay any interest during the year. The SC had no gearing and hence it had virtually no financial risk. The SC was financed by its shareholders' funds and internally generated fund. During the economic downturn, the SC, having a zero gearing, will be able to compete better than those which are highly geared in the same industry.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Overall Assessment :

 

 

 

 

 

 

Although the SC's turnover increased its profits however showed a reverse trend. The losses could be due to the management's failure to maintain its competitiveness in the market. The SC's liquidity was at an acceptable range. If the SC is able to obtain further short term financing, it should be able to meet all its short term obligations. The SC did not make any interest payment during the year. The SC was dependent on its shareholders' funds to finance its business needs. The SC was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The SC has good chance of getting loans, if the needs arises.

 

 

 

 

 

 

 

Overall financial condition of the SC : POOR

 

 

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

 

 

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)

 

 

 

 

 

(Source : Department of Statistics)

 

 

 

 

 

 

INDUSTRY ANALYSIS

 

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

 

CREDIT RISK EVALUATION & RECOMMENDATION

 

 

Incorporated in 2006, the SC is a Private Limited company, focusing on marketing and sales of semiconductor devices and polysilicon. Having been in business for 7 years, the SC has established a remarkable clientele base for itself 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 capital standing of the SC is fair.


Our investigation revealed that the SC serves both local and overseas clients. Penetrating into the overseas countries has well diversified its business risk and at the same time added strength to its capabilities in capturing higher market shares. However, being a loss making company indicates that the SC faces difficulties in the market. The SC's business operation is supported by 20 employees. Overall, we regard that the SC's management capability is weak. Without capable management, the SC is unlikely to be successful and often contribute to unacceptable levels of accountability. Weak management can affect productivity, profitability, sales growth and ultimately can result in the failure of a business.


Despite the higher turnover, the SC suffered pre-tax losses which reflected a highly competitive business environment. 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 however managed to maintain an adequate liquidity level, indicating that the SC has the ability to meet its financial obligations. A zero gearing ratio indicates that the SC is mainly dependent on its internal funds to finance its business. The SC's unfavourable financial performance over the years has wiped out its shareholders' funds to a deficit of USD 134,277,000. Therefore, the SC as a going concern is much dependent on its ability to generate sufficient cash flow and obtain additional financing to meet its future obligations.


Having a strong assets backing, the SC possesses latent assets as collateral for further financial extension. Hence, it has good chance of getting loans if the needs arises.


The poor payment habit may affect the goodwill between the SC and its suppliers and the SC may inadvertently have to pay more for its future supplies.


The industry shows an upward trend and this trend is very likely to sustain in the near terms. However, the SC does not take any advantage from this favourable condition as it is making losses. The SC should adopt more competitive strategies to retain its business position in the market.


Based on the above unfavourable condition, we regard granting credit to the SC to be quite risky. Hence, credit is not recommended.



 

PROFIT AND LOSS ACCOUNT

 

 

THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS.

MEMC SINGAPORE PTE. LTD.

 

Financial Year End

31/12/2011

31/12/2010

31/12/2009

31/12/2008

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

1,643,860,000

874,249,000

606,082,000

761,653,000

 

----------------

----------------

----------------

----------------

Total Turnover

1,643,860,000

874,249,000

606,082,000

761,653,000

Costs of Goods Sold

<1,487,646,000>

<802,136,000>

<508,067,000>

<382,960,000>

 

----------------

----------------

----------------

----------------

Gross Profit

156,214,000

72,113,000

98,015,000

378,693,000

 

----------------

----------------

----------------

----------------

 

 

 

 

 

PROFIT/(LOSS) FROM OPERATIONS

<556,458,000>

47,111,000

109,399,000

82,249,000

 

----------------

----------------

----------------

----------------

PROFIT/(LOSS) BEFORE TAXATION

<556,458,000>

47,111,000

109,399,000

82,249,000

Taxation

<4,849,000>

<7,200,000>

<4,909,000>

<29,853,000>

 

----------------

----------------

----------------

----------------

PROFIT/(LOSS) AFTER TAXATION

<561,307,000>

39,911,000

104,490,000

52,396,000

 

----------------

----------------

----------------

----------------

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

 

 

 

 

As previously reported

437,773,000

397,862,000

389,502,000

337,106,000

Prior year adjustment

-

-

<6,130,000>

-

 

----------------

----------------

----------------

----------------

As restated

437,773,000

397,862,000

383,372,000

337,106,000

 

----------------

----------------

----------------

----------------

PROFIT AVAILABLE FOR APPROPRIATIONS

<123,534,000>

437,773,000

487,862,000

389,502,000

DIVIDENDS - Ordinary (paid & proposed)

<84,000,000>

-

<90,000,000>

-

 

----------------

----------------

----------------

----------------

RETAINED PROFIT/(LOSS) CARRIED FORWARD

<207,534,000>

437,773,000

397,862,000

389,502,000

 

=============

=============

=============

=============

 

 

 

 

 

 

 

 

BALANCE SHEET

 

 

MEMC SINGAPORE PTE. LTD.

 

ASSETS EMPLOYED:

 

 

 

 

FIXED ASSETS

1,772,000

205,000

35,000

51,000

 

 

 

 

 

LONG TERM INVESTMENTS/OTHER ASSETS

 

 

 

 

Subsidiary companies

311,989,000

152,031,000

7,850,000

7,555,000

Investments

41,245,000

100,232,000

207,991,000

254,132,000

Others

220,093,000

173,434,000

149,651,000

-

 

----------------

----------------

----------------

----------------

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

573,327,000

425,697,000

365,492,000

261,687,000

 

 

 

 

 

INTANGIBLE ASSETS

 

 

 

 

Goodwill on consolidation

44,000

44,000

67,000

89,000

 

----------------

----------------

----------------

----------------

TOTAL INTANGIBLE ASSETS

44,000

44,000

67,000

89,000

 

----------------

----------------

----------------

----------------

TOTAL LONG TERM ASSETS

575,143,000

425,946,000

365,594,000

261,827,000

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

Short term quoted/unquoted investments

-

-

42,913,000

104,469,000

Stocks

70,539,000

14,467,000

28,318,000

2,794,000

Trade debtors

63,695,000

121,132,000

46,253,000

107,148,000

Other debtors, deposits & prepayments

7,352,000

175,620,000

72,000

640,000

Short term deposits

-

63,531,000

181,816,000

310,036,000

Deposits with financial institutions

2,993,000

-

-

-

Amount due from holding company

4,611,000

-

-

-

Amount due from subsidiary companies

98,324,000

-

-

-

Amount due from related companies

297,028,000

-

100,989,000

49,631,000

Cash & bank balances

155,975,000

135,562,000

60,015,000

10,289,000

Others

1,742,000

572,000

436,000

65,000

 

----------------

----------------

----------------

----------------

TOTAL CURRENT ASSETS

702,259,000

510,884,000

460,812,000

585,072,000

 

----------------

----------------

----------------

----------------

TOTAL ASSET

1,277,402,000

936,830,000

826,406,000

846,899,000

 

=============

=============

=============

=============

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

Trade creditors

517,150,000

90,831,000

28,388,000

22,666,000

Other creditors & accruals

4,749,000

48,230,000

2,649,000

2,603,000

Deposits from customers

36,850,000

90,657,000

83,138,000

186,306,000

Amounts owing to holding company

82,621,000

-

-

-

Amounts owing to subsidiary companies

940,000

-

-

-

Amounts owing to related companies

63,096,000

-

5,733,000

21,021,000

Provision for taxation

-

3,913,000

4,691,000

38,014,000

Other liabilities

4,231,000

-

39,918,000

34,576,000

 

----------------

----------------

----------------

----------------

TOTAL CURRENT LIABILITIES

709,637,000

233,631,000

164,517,000

305,186,000

 

----------------

----------------

----------------

----------------

NET CURRENT ASSETS/(LIABILITIES)

<7,378,000>

277,253,000

296,295,000

279,886,000

 

----------------

----------------

----------------

----------------

TOTAL NET ASSETS

567,765,000

703,199,000

661,889,000

541,713,000

 

=============

=============

=============

=============

 

 

 

 

 

SHARE CAPITAL

 

 

 

 

Ordinary share capital

69,105,000

69,105,000

69,105,000

1,250,000

 

----------------

----------------

----------------

----------------

TOTAL SHARE CAPITAL

69,105,000

69,105,000

69,105,000

1,250,000

 

 

 

 

 

RESERVES

 

 

 

 

Retained profit/(loss) carried forward

<207,534,000>

437,773,000

397,862,000

389,502,000

Others

4,152,000

23,582,000

31,955,000

<43,481,000>

 

----------------

----------------

----------------

----------------

TOTAL RESERVES

<203,382,000>

461,355,000

429,817,000

346,021,000

 

 

 

 

 

 

----------------

----------------

----------------

----------------

SHAREHOLDERS' FUNDS/EQUITY

<134,277,000>

530,460,000

498,922,000

347,271,000

 

 

 

 

 

LONG TERM LIABILITIES

 

 

 

 

Deposits from customers

208,540,000

104,385,000

117,178,000

-

Deferred taxation

51,169,000

58,186,000

45,789,000

-

Others

442,333,000

10,168,000

-

194,442,000

 

----------------

----------------

----------------

----------------

TOTAL LONG TERM LIABILITIES

702,042,000

172,739,000

162,967,000

194,442,000

 

----------------

----------------

----------------

----------------

 

567,765,000

703,199,000

661,889,000

541,713,000

 

=============

=============

=============

=============

 

 

 

 

 

 

 

 

FINANCIAL RATIO

 

 

MEMC SINGAPORE PTE. LTD.

 

TYPES OF FUNDS

 

 

 

 

Cash

155,975,000

199,093,000

241,831,000

320,325,000

Net Liquid Funds

155,975,000

199,093,000

241,831,000

320,325,000

Net Liquid Assets

<77,917,000>

262,786,000

267,977,000

277,092,000

Net Current Assets/(Liabilities)

<7,378,000>

277,253,000

296,295,000

279,886,000

Net Tangible Assets

567,721,000

703,155,000

661,822,000

541,624,000

Net Monetary Assets

<779,959,000>

90,047,000

105,010,000

82,650,000

BALANCE SHEET ITEMS

 

 

 

 

Total Borrowings

0

0

0

0

Total Liabilities

1,411,679,000

406,370,000

327,484,000

499,628,000

Total Assets

1,277,402,000

936,830,000

826,406,000

846,899,000

Net Assets

567,765,000

703,199,000

661,889,000

541,713,000

Net Assets Backing

<134,277,000>

530,460,000

498,922,000

347,271,000

Shareholders' Funds

<134,277,000>

530,460,000

498,922,000

347,271,000

Total Share Capital

69,105,000

69,105,000

69,105,000

1,250,000

Total Reserves

<203,382,000>

461,355,000

429,817,000

346,021,000

LIQUIDITY (Times)

 

 

 

 

Cash Ratio

0.22

0.85

1.47

1.05

Liquid Ratio

0.89

2.12

2.63

1.91

Current Ratio

0.99

2.19

2.80

1.92

WORKING CAPITAL CONTROL (Days)

 

 

 

 

Stock Ratio

16

6

17

1

Debtors Ratio

14

51

28

51

Creditors Ratio

127

41

20

22

SOLVENCY RATIOS (Times)

 

 

 

 

Gearing Ratio

0.00

0.00

0.00

0.00

Liabilities Ratio

<10.51>

0.77

0.66

1.44

Times Interest Earned Ratio

0.00

0.00

0.00

0.00

Assets Backing Ratio

8.22

10.18

9.58

433.30

PERFORMANCE RATIO (%)

 

 

 

 

Operating Profit Margin

<33.85>

5.39

18.05

10.80

Net Profit Margin

<34.15>

4.57

17.24

6.88

Return On Net Assets

<98.01>

6.70

16.53

15.18

Return On Capital Employed

<98.00>

6.70

16.53

15.18

Return On Shareholders' Funds/Equity

418.02

7.52

20.94

15.09

Dividend Pay Out Ratio (Times)

0.15

0.00

0.86

0.00

NOTES TO ACCOUNTS

 

 

 

 

Contingent Liabilities

0

0

0

0

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.78

UK Pound

1

Rs.83.38

Euro

1

Rs.70.72

 

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.