MIRA INFORM REPORT

 

 

Report Date :

21.05.2013

 

IDENTIFICATION DETAILS

 

Name :

EXXONMOBIL CHEMICAL ASIA PACIFIC

 

 

Registered Office :

1 Harbourfront Place, 07-00, 098633

 

 

Country :

Singapore

 

 

Date of Incorporation :

27.05.1999

 

 

Com. Reg. No.:

52893724-C

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Other Business Support Services Activities

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Unknown

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.

:

52893724-C

COMPANY NAME

:

EXXONMOBIL CHEMICAL ASIA PACIFIC

COMMENCEMENT DATE

:

27/05/1999

REGISTRATION DATE

:

27/05/1999

EXPIRY DATE

:

27/05/2013

BUSINESS CONSTITUTION

:

SOLE PROPRIETORSHIP

 

 

 

 

 

 

 

 

 

BUSINESS ADDRESS

:

1 HARBOURFRONT PLACE, 07-00, 098633, SINGAPORE.

TEL.NO.

:

65-68858998

FAX.NO.

:

N/A

CONTACT PERSON

:

LIM ( STAFF )

 

 

 

 

 

 

PRINCIPAL ACTIVITY

:

OTHER BUSINESS SUPPORT SERVICES ACTIVITIES

 

 

 

STAFF STRENGTH

:

N/A

LITIGATION

:

CLEAR

 

 

 

PAYMENT

:

N/A

MANAGEMENT CAPABILITY

:

AVERAGE

 

 

 

COMMERCIAL RISK

:

N/A

CURRENCY EXPOSURE

:

N/A

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

MARGINAL GROWTH

 

HISTORY / BACKGROUND

The SC commenced its business on 27/05/1999 as a SOLE PROPRIETORSHIP.

The SC is a sole proprietorship, that is, it has a single owner whose liabilities are unlimited. In case the SC is unable to meet all its obligations, the creditors can claim on the owner's personal assets. The sole proprietorship ceases upon the death of the owner or any time at the discretion of the owner. The ownership is non-transferable. Under the law, the SC has to file in its information with Registrar of Business but it is not required to file in its financial statements.

The SC is principally engaged in the (as a / as an) other business support services activities.

 

The owner of the SC are shown as follows :

Name

Address

IC/PP/Loc No

Shareholding

(%)

EXXONMOBIL ASIA PACIFIC PTE. LTD.

1 HARBOURFRONT PLACE, 07-00 HARBOURFRONT TOWER ONE, , 098633, SINGAPORE.

196800312

100.00

100.00

 

 

 

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

------

 

 

 

100.00

100.00

 

 

 

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

=====

+ Also Director

OWNERS



OWNER(S) 1

 

Name Of Subject

:

EXXONMOBIL ASIA PACIFIC PTE. LTD.

Address

:

1 HARBOURFRONT PLACE, 07-00 HARBOURFRONT TOWER ONE, 098633, SINGAPORE.

IC / PP No

:

196800312

 

 

 

 

 

 

 

 

 

Date of Appointment

:

01/01/2001

Shareholding

:

100%

 

 

 

 

 

 

 

 

 



MANAGEMENT

 

 

 

1)

Name of Subject

:

LIM

 

Position

:

STAFF

 

 

 

AUDITOR


No Auditor found in our databank

BANKING


No Banker found in our databank.

LEGAL CHECK AGAINST SC


* 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.

PAYMENT RECORD

 

 

 

SOURCES OF RAW MATERIALS:

Local

:

N/A

Overseas

:

N/A

 

 

 


The SC refused to disclose its suppliers.

CLIENTELE

 

Local

:

N/A

 

 

 

Overseas

:

N/A


The SC refused to disclose its clientele.

OPERATIONS

 

Services

:

OTHER BUSINESS SUPPORT SERVICES ACTIVITIES

 

 

 

 

 

Branch

:

NO

 

Other Information:


The SC is principally engaged in the (as a / as an) other business support services activities.

The SC refused to disclose any information on its operation.


CURRENT INVESTIGATION

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-68858998

Match

:

N/A

 

 

 

Address Provided by Client

:

1 HARBOURFRONT PLACE, 06-00 HARBOURFRONT TOWER ONE SINGAPORE 098633

Current Address

:

1 HARBOURFRONT PLACE, 07-00, 098633, SINGAPORE.

Match

:

YES

 

 

 

 

Other Investigations


We contacted one of the staff from the SC and he only provided limited information on the SC.

He refused to disclose the SC's number of employees and fax number.

FINANCIAL ANALYSIS

 

 

We are unable to comment on the SC financial position as the SC is not required by the law to file its financial statement in the Registrar of Business.

 

 

 

 

 

 

 

Overall financial condition of the SC : N/A

 

 

 

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

 

 

Major Economic Indicators :

2006

2007

2008

2009

2010

 

 

 

 

 

 

Population (Million)

4.40

4.58

4.84

4.98

5.08

Gross Domestic Products ( % )

8.7

8.8

1.5

<0.8>

14.5

Consumer Price Index

1.0

2.1

6.6

0.6

2.8

Total Imports (Million)

378,924.1

395,979.7

450,892.6

356,299.3

423,221.8

Total Exports (Million)

431,559.2

450,627.7

476,762.2

391,118.1

478,840.7

 

 

 

 

 

 

Unemployment Rate (%)

2.7

2.3

2.2

3.2

2.2

Tourist Arrival (Million)

9.75

10.28

10.12

9.68

11.64

Hotel Occupancy Rate (%)

85.2

87.0

81.0

75.8

85.6

Cellular Phone Subscriber (Million)

1.05

1.22

1.31

1.37

1.43

 

 

 

 

 

 

Registration of New Companies (No.)

21,495

25,903

25,327

26,414

29,798

Registration of New Companies (%)

10.2

20.5

<2.2>

4.3

12.8

Liquidation of Companies (No.)

8,980

9,226

10,493

22,393

15,126

Liquidation of Companies (%)

28.1

2.7

13.7

113.4

<32.5>

 

 

 

 

 

 

Registration of New Businesses (No.)

24,219

24,762

24,850

26,876

23,978

Registration of New Businesses (%)

3.17

2.24

0.36

8.15

<10.78>

Liquidation of Businesses (No.)

26,843

21,322

21,150

23,552

24,211

Liquidation of Businesses (%)

<52.3>

<20.6>

<0.8>

11.4

2.8

 

 

 

 

 

 

Bankruptcy Orders (No.)

2,983

2,767

2,326

2,058

1,537

Bankruptcy Orders (%)

15.8

<7.2>

<15.9>

<11.5>

<25.3>

Bankruptcy Discharges (No.)

1,634

1,626

1,500

3,056

2,252

Bankruptcy Discharges (%)

<2.9>

<0.5>

<7.7>

103.7

<26.3>

 

 

 

 

 

 

INDUSTRIES ( % of Growth ) :

 

 

 

 

 

Agriculture

 

 

 

 

 

Production of Principal Crops

3.91

5.26

<0.32>

3.25

<0.48>

Fish Supply & Wholesale

1.33

<3.91>

<6.31>

<1.93>

3.60

 

 

 

 

 

 

Manufacturing *

94.4

100.0

95.8

91.8

119.1

Food, Beverages & Tobacco

89.9

100.0

107.7

102.7

109.5

Textiles

119.9

100.0

92.6

75.0

62.8

Wearing Apparel

114.5

100.0

71.8

45.3

26.4

Leather Products & Footwear

100.3

100.0

84.7

52.6

54.1

Wood & Wood Products

107.1

100.0

88.8

68.3

70.0

Paper & Paper Products

92.5

100.0

98.8

93.3

103.7

Printing & Media

97.6

100.0

96.7

82.5

84.7

Crude Oil Refineries

100.2

100.0

101.0

86.1

85.4

Chemical & Chemical Products

93.8

100.0

95.1

90.4

109.9

Pharmaceutical Products

102.1

100.0

92.8

104.4

159.9

Rubber & Plastic Products

100.1

100.0

92.2

77.6

86.1

Non-metallic Mineral

113.1

100.0

83.1

79.1

79.7

Basic Metals

110.0

100.0

120.9

101.9

112.5

Fabricated Metal Products

97.8

100.0

95.0

85.2

97.2

Machinery & Equipment

83.9

100.0

97.4

85.8

117.7

Electrical Machinery

98.8

100.0

98.1

104.2

149.1

Electronic Components

96.1

100.0

93.0

85.1

115.5

Transport Equipment

85.3

100.0

106.7

100.2

99.3

 

 

 

 

 

 

Construction

46.60

45.60

45.90

<36.9>

14.20

Real Estate

12.9

40.8

<11.2>

1.4

21.3

 

 

 

 

 

 

Services

 

 

 

 

 

Electricity, Gas & Water

<5.3>

11.00

<1.3>

1.70

4.00

Transport, Storage & Communication

6.00

8.50

11.60

3.90

12.80

Finance & Insurance

6.40

41.50

<5.9>

<16.4>

<0.4>

Government Services

13.50

3.80

17.40

4.50

9.70

Education Services

1.10

1.80

0.50

0.10

<0.9>

 

 

 

 

 

 

* Based on Index of Industrial Production (2007 = 100)

 

 

 

 

 

(Source : Department of Statistics)

 

 

 

 

 

 

INDUSTRY ANALYSIS

 

INDUSTRY :

ECONOMY

 

 

 


According to Ministry of Trade and Industry (MTI), the Singapore economy is expected to grow by 1.0 to 3.0% in 2012. Global economic conditions are expected to remain subdued in 2012, with the outlook clouded by increased uncertainty and financial volatility. In the advanced economies, final demand is likely to be restrained by continued household deleveraging, ongoing fiscal tightening as well as structural weaknesses in labour and housing markets.


Although resilient domestic demand in emerging Asia will provide some support to global demand, it will not fully mitigate the effects of an economic slowdown in the advanced economies. Consequently, Singapore's externally-oriented sectors such as electronics and wholesale trade will continue to perform poorly, while the financial services sector will be affected by heightened uncertainties in the external environment. Nevertheless, there will be some modest support to growth from the biomedical manufacturing cluster and tourism-related sectors. The former will likely see increased production of active pharmaceutical ingredients and biologics while the latter will benefit from rising visitor arrivals from the region.


For the 4th quarter of 2011, growth in the Singapore economy will likely weaken alongside deteriorating external macroeconomic conditions. Within the manufacturing sector, the electronics cluster is expected to register a lower level of output given the downturn in the global electronics cycle. This in turn will have knock-on effects on the precision engineering cluster and wholesale trade. The biomedical manufacturing (BMS) cluster is expected to see a pullback in growth following the strong surge in the 3rd quarter of 2011. In the financial services sector, activity in the core financial intermediation will moderate and the sentiment-sensitive segments are expected to continue to perform poorly.


The manufacturing sector expanded by 14.2 % on a year-on-year basis, reversing from the 5.6 % decline in the preceding quarter. On a sequential basis, the sector grew by an annualised rate of 11.7 %. This was largely due to a rebound in biomedical manufacturing output, as some companies switched to producing a higher value mix of pharmaceutical products. By contrast, the electronics cluster continued to contract, as global demand for semiconductor chips and other electronic components moderated.


The construction sector grew marginally by 0.3 % on a year-on-year basis, moderating from the 1.5 % growth in the preceding quarter. On a sequential basis, the sector contracted by an annualised rate of 11.8 %, largely due to a decline in private sector building activities.


The wholesale and retail trade sector saw a small year-on-year decline of 0.2 %, mainly due to weakening export activities. Supported by air travel demand, the transport and storage sector grew by 4.2 %, similar to the pace of growth in the preceding quarter. On a sequential basis, growth momentum in both sectors declined, by annualised rates of 0.6 % and 4.5 % respectively.


The financial services sector grew at 10.5 % on a year-on-year basis, anchored by gains in domestic and offshore lending activities. However, the business services sector registered a weak growth of 1.7 %, largely due to a moderation in the real estate services segment. On a sequential basis, both sectors grew marginally by 0.8 % and 0.9 % respectively.


Supported by healthy visitor inflows, the hotels and restaurants sector and the 'other services' industries (which include arts, entertainment and recreation activities) grew by 5.6 % and 4.0 % respectively. However, on a sequential basis, these sectors declined by 2.6 and 0.7 % respectively.


Overall, the Singapore economy is expected to grow by around 5.0% in 2011 and by 1.0 to 3.0% in 2012.

 

 

OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH

 

CREDIT RISK EVALUATION & RECOMMENDATION

 


Incorporated in 1999, the SC is a Sole Proprietorship company, focusing on other business support services activities. Having been in the industry for over a decade, the SC has achieved a certain market share and has built up a satisfactory reputation in the market. It should have received supports from its regular customers. Having strong support from its shareholder has enabled the SC to remain competitive despite the challenging business environment.


Overall, we regard that the SC's management capability is average.


As the SC is registered as a sole-proprietorship, its financial statement are not available for analysis. As such, we are unable to ascertain the SC's financial health. The SC's ability to meet its obligations is very much dependent on the owner's financial strength.


The industry has reached its maturity stage and only enjoying a marginal growth. The steady growth of the country's economy will further enhance the industry activities. Thus, the SC's future performance is very much depend on its marketing strategies in order to retain its position in the market.


In view of the above, we only recommend credit be proceeded to the SC with guarantee.


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.04

UK Pound

1

Rs.83.61

Euro

1

Rs.70.68

 

INFORMATION DETAILS

 

Report Prepared by :

NIT

 

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.