|
Report Date : |
06.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
DU PONT COMPANY ( |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
19.08.2002 |
|
|
|
|
Com. Reg. No.: |
200207203-C |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Engaged in manufacturing and sale of chemical products such as
polymers and zytel resin. |
|
|
|
|
No. of Employees : |
300 [2014] |
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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 |
|
REGISTRATION NO. |
: |
200207203-C |
|
COMPANY NAME |
: |
DU PONT COMPANY
(SINGAPORE) PTE. LTD. |
|
FORMER NAME |
: |
N/A |
|
INCORPORATION DATE |
: |
19/08/2002 |
|
|
|
|
|
|
|
|
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED |
|
LISTED STATUS |
: |
NO |
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS |
: |
1 HARBOURFRONT PLACE, 11-01, HARBOURFRONT
TOWER ONE, 098633, SINGAPORE. |
|
BUSINESS ADDRESS |
: |
1 HARBOURFRONT PLACE, 11-01 HARBOURFRONT
TOWER ONE, 098633, SINGAPORE. |
|
TEL.NO. |
: |
65-65863688 |
|
FAX.NO. |
: |
65-62727494 |
|
WEB SITE |
: |
|
|
CONTACT PERSON |
: |
HO HSING CHAN ( MANAGING DIRECTOR ) |
|
|
|
|
|
|
|
|
|
PRINCIPAL ACTIVITY |
: |
MANUFACTURE AND SALE OF CHEMICALS,
CHEMICAL PRODUCTS AND RELATED PRODUCTS |
|
|
|
|
|
ISSUED AND PAID UP CAPITAL |
: |
44,844,029.00 ORDINARY SHARE, OF A VALUE
OF SGD 111,177,780.00 |
|
|
|
|
|
SALES |
: |
USD 1,335,162,000 [2012] |
|
NET WORTH |
: |
USD 1,276,770,000 [2012] |
|
|
|
|
|
STAFF STRENGTH |
: |
300 [2014] |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
STRONG |
|
PAYMENT |
: |
AVERAGE |
|
MANAGEMENT CAPABILITY |
: |
GOOD |
|
|
|
|
|
COMMERCIAL RISK |
: |
LOW |
|
CURRENCY EXPOSURE |
: |
MODERATE |
|
GENERAL REPUTATION |
: |
GOOD |
|
INDUSTRY OUTLOOK |
: |
MATURE |
The Subject 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 Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject 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 Subject is insolvent. The Subject 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 Subject is principally engaged in the manufacturing and sale of chemicals, chemical products and related products.
The immediate holding company of the Subject is DU PONT CHEMICAL AND ENERGY OPERATIONS, INC, a company incorporated in UNITED STATES.
The ultimate holding company of the Subject is E.I. DU PONT DE NEMOURS AND COMPANY, a company incorporated in UNITED STATES.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
19/06/2012 |
SGD 111,177,780.00 |
The major
shareholder(s) of the Subject are shown as follows :
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
DU PONT CHEMICAL AND ENERGY OPERATIONS, INC |
D-8045, 1007 MARKET STREET, WILMINGTON, DELAWARE, 19898, UNITED STATES OF AMERICA, UNITED STATES. |
T03UF0807 |
44,844,029.00 |
100.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
44,844,029.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
The Subject's
interest in other companies (Subsidiaries/Associates) are shown as follow :
Local No |
Country |
Company |
(%) |
As At |
|
199600005Z |
SINGAPORE |
DANISCO SINGAPORE PTE. LTD. |
100.00 |
04/02/2014 |
|
|
|
|
|
|
|
105619P |
MALAYSIA |
DANISCO MALAYSIA SDN. BHD. |
67.00 |
31/12/2012 |
|
|
|
|
|
|
DIRECTOR 1
|
Name Of Subject |
: |
LIM CHER TONG |
|
Address |
: |
1, OXLEY RISE, 09-04, ONE OXLEY RISE, 238714, SINGAPORE. |
|
IC / PP No |
: |
S2550549B |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
19/08/2002 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject |
: |
HSING CHAN HO |
|
Address |
: |
15, LEWIS ROAD, 258600, SINGAPORE. |
|
IC / PP No |
: |
S2173034C |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
20/05/2005 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject |
: |
YONG WUI POH |
|
Address |
: |
512, BUKIT BATOK STREET 52, 04-522, 650512, SINGAPORE. |
|
IC / PP No |
: |
S2620868H |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
14/08/2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1) |
Name of Subject |
: |
HO HSING CHAN |
|
|
Position |
: |
MANAGING DIRECTOR |
|
Auditor |
: |
PRICEWATER HOUSECOOPERS LLP |
|
Auditor' Address |
: |
N/A |
|
|
|
|
|
1) |
Company Secretary |
: |
LIM I-AN CHRISTOPHER JR. |
|
|
IC / PP No |
: |
S7107421H |
|
|
|
|
|
|
|
Address |
: |
57A, DUCHESS AVENUE, 269122, SINGAPORE. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2) |
Company Secretary |
: |
LIM CHOON MUI |
|
|
IC / PP No |
: |
S7044728B |
|
|
|
|
|
|
|
Address |
: |
12, JALAN RENGKAM, TAI PENG GARDENS, 537569, SINGAPORE. |
|
|
|
|
|
|
|
|
|
|
No Banker found in our databank.
No encumbrance was found in our databank at the time of investigation.
* A check has been conducted in our databank against the Subject 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 Subject 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 |
[ |
X |
] |
|
|
Fair 91-120 Days |
[ |
|
] |
|
Poor >120 Days |
[ |
|
] |
|
|
|
|
|
|
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|
|
|
|
Export Market |
: |
WORLDWIDE |
|||
|
Credit Term |
: |
AS AGREED |
|||
|
|
|
|
|
|
|
|
Payment Mode |
: |
CHEQUES |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Products manufactured |
: |
|
|
|
|
|
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
|
|
|
|
|
|
|
COMPANY |
300 |
300 |
300 |
|
|
|
|
|
|
|
Branch |
: |
NO
|
Other
Information:
The Subject is principally engaged in the (as a / as an) manufacture and sale
of chemicals, chemical products and related products.
The Subject manufacture and sale chemical products such as polymers and zytel
resin.
Industries served:
* agriculture
* building and construction
* electronics
* energy and utilities
* health care and medical
* manufacturing
* packaging and graphic arts
* plastics
* safety and protection
* transportation
The Subject is a member of the
following entities:
* Singapore international chamber of commerce
* Singapore chemical industry council
Latest fresh
investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-65863688 |
|
Match |
: |
N/A |
|
|
|
|
|
Address Provided by Client |
: |
1 HARBOUR FRONT PLACE # 11-01 HARBOURFRONT
TOWER ONE SINGAPORE 098633 |
|
Current Address |
: |
1 HARBOURFRONT PLACE, 11-01 HARBOURFRONT
TOWER ONE, 098633, SINGAPORE. |
|
Match |
: |
YES |
Other
Investigations
we contacted one of the staff from the Subject and she provided some information
on the Subject.
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Erratic |
[ |
2010 - 2012 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2010 - 2012 |
] |
|
|
Return on Shareholder Funds |
: |
Acceptable |
[ |
21.63% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
22.64% |
] |
|
|
|
|
|
|
|
|
|
|
The fluctuating turnover reflects the fierce competition among the
existing and new market players.The dip in profit could be due to the stiff market
competition which reduced the Subject's profit margin. The Subject's
management had generated acceptable return for its shareholders using its
assets. |
||||||
|
|
|
|
|
|
|
|
|
Working Capital
Control |
|
|
|
|
|
|
|
Stock Ratio |
: |
Unfavourable |
[ |
67 Days |
] |
|
|
Debtor Ratio |
: |
Acceptable |
[ |
63 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
59 Days |
] |
|
|
|
|
|
|
|
|
|
|
The Subject could be incurring higher holding cost. As its capital was
tied up in stocks, it could face liquidity problems. The Subject's management
was quite efficient in handling its debtors. The Subject's debtors days were
at an acceptable range, thus the risk of its debts turning bad was minimised.
The Subject had a favourable creditors' ratio where the Subject could be
taking advantage of the cash discounts and also wanting to maintain goodwill
with its creditors. |
||||||
|
|
|
|
|
|
|
|
|
Liquidity |
|
|
|
|
|
|
|
Liquid Ratio |
: |
Favourable |
[ |
2.86 Times |
] |
|
|
Current Ratio |
: |
Favourable |
[ |
3.36 Times |
] |
|
|
|
|
|
|
|
|
|
|
A minimum liquid ratio of 1 should be maintained by the Subject in
order to assure its creditors of its ability to meet short term obligations and
the Subject was in a good liquidity position. Thus, we believe the Subject is
able to meet all its short term obligations as and when they fall due. |
||||||
|
|
|
|
|
|
|
|
|
Solvency |
|
|
|
|
|
|
|
Interest Cover |
: |
Favourable |
[ |
43.41 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.00 Times |
] |
|
|
|
|
|
|
|
|
|
|
The interest cover showed that the Subject was able to service the
interest. The favourable interest cover could indicate that the Subject was making
enough profit to pay for the interest accrued. The Subject had no gearing and
hence it had virtually no financial risk. The Subject was financed by its
shareholders' funds and internally generated fund. During the economic
downturn, the Subject, having a zero gearing, will be able to compete better
than those which are highly geared in the same industry. |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall
Assessment : |
|
|
|
|
|
|
|
The Subject recorded lower profits as its turnover showed a erratic
trend. The Subject's management was unable to control its costs efficiently
as its profit showed a downward trend. The Subject was in good liquidity
position with its total current liabilities well covered by its total current
assets. With its current net assets, the Subject should be able to repay its
short term obligations. With the favourable interest cover, the Subject could
be able to service all the accrued interest without facing any difficulties.
The Subject was a zero gearing company, it was solely dependant on its
shareholders to provide funds to finance its business. The Subject has good
chance of getting loans, if the needs arises. |
||||||
|
|
|
|
|
|
|
|
|
Overall
financial condition of the Subject : STRONG |
||||||
|
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 : |
MANUFACTURING |
|
|
|
|
|
|
|
The manufacturing sector contracted by 1.1% in the fourth quarter of 2012,
led by declines in the electronics and precision engineering clusters. These
clusters were weighed down by weak global demand for semiconductors and
semiconductor-related equipment. For the whole year of 2012, the
manufacturing sector grew by 0.1%, significantly lower than the 7.8% recorded
in 2011 when the sector was boosted by a surge in the growth of the
biomedical manufacturing cluster. |
|
|
|
|
|
Output of the biomedical manufacturing cluster grew by 2.4% in the
fourth quarter. The expansion was driven by the medical technology segment
which grew by a healthy 9.2%, benefitting from robust export demand for
medical devices. The pharmaceuticals segment also grew by a modest 1.1%. For
2012, the biomedical manufacturing cluster expanded by 9.9%. |
|
|
|
|
|
Output of the transport engineering cluster expanded by 4.9% in the
fourth quarter. The aerospace segment grew by 6.2%, supported by higher
demand for repair jobs from commercial airlines. Similarly, the marine & offshore
engineering segment expanded by 5.0%, on the back of higher contributions
from oil rig projects and oilfield equipment components. In the year 2012,
the transport engineering cluster surged by 11%. |
|
|
|
|
|
The output of the precision engineering cluster shrank by 1.3% in the
fourth quarter. The decline was led by the 5.3% contraction in the machinery
& systems segment, which saw weak export demand for semiconductor-related
equipment. On the other hand, the precision modules & components segment
grew by 2.9%, supported by higher production of optical instruments &
photographic equipment and electronic connectors. In 2012, the precision
engineering cluster expanded by 1.3%. |
|
|
|
|
|
The general manufacturing cluster's output grew by 1.2% in the fourth
quarter, driven by the 6.4% growth in the miscellaneous industries segment.
The segment's growth was supported by higher production of batteries and
constructionrelated materials. By contrast, the printing and food, beverages
& tobacco segments declined by 6.4% and 1.3% respectively. For 2012, the
general manufacturing cluster grew by 2.0%. |
|
|
|
|
|
The chemicals cluster's output grew by 7.7% in the fourth quarter. The
petrochemicals and petroleum segments registered growth of 9.3% and 6.3%
respectively, partly due to the low base from plant shutdowns in end of 2011.
The specialty chemicals segment also expanded by 8.0% on the back of higher
regional demand. For the year 2012, the chemicals cluster declined by 0.4%,
primarily due to weak regional demand for specialty chemicals in the second
and third quarter of 2012. |
|
|
|
|
|
Output of the electronics cluster contracted by 10% in the fourth
quarter, led by the semiconductors and computer peripherals segments which
contracted by 13% and 15% respectively. By contrast, the data storage segment
grew by 7.8%, mainly due to the low base in end of 2011 when floods in
Thailand had disrupted the supply chain for data storage products. For the
whole of 2012, the electronics cluster contracted by 11%. |
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : MATURE |
|
|
Incorporated in 2002,
the Subject is a Private Limited company, focusing on manufacture and sale of
chemicals, chemical products and related products. With its long
establishment in the market, the Subject has received strong support from its
stable customers base. Its business position in the market is quite stable
and it is expected to enjoy better market shares over its rivals. Having
strong support from its shareholder has enabled the Subject to remain
competitive despite the challenging business environment. The Subject is a
large entity with strong capital position. We are confident with the
Subject's business and its future growth prospect. |
|
|
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING
STANDARDS. |
|
DU PONT COMPANY
(SINGAPORE) PTE. LTD. |
|
Financial Year End |
2012-12-31 |
2011-12-31 |
2010-12-31 |
|
Months |
12 |
12 |
12 |
|
Consolidated Account |
Company |
Company |
Company |
|
Audited Account |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean
Opinion) |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
|
Currency |
USD |
USD |
USD |
|
|
|
|
|
|
TURNOVER |
1,335,162,000 |
1,427,581,000 |
1,192,428,000 |
|
Other Income |
53,329,000 |
49,063,000 |
82,283,000 |
|
|
---------------- |
---------------- |
---------------- |
|
Total Turnover |
1,388,491,000 |
1,476,644,000 |
1,274,711,000 |
|
|
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
282,748,000 |
323,538,000 |
283,923,000 |
|
|
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
282,748,000 |
323,538,000 |
283,923,000 |
|
Taxation |
(6,569,000) |
(7,876,000) |
(7,967,000) |
|
|
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
276,179,000 |
315,662,000 |
275,956,000 |
|
|
---------------- |
---------------- |
---------------- |
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
As previously reported |
924,682,000 |
609,020,000 |
353,064,000 |
|
|
---------------- |
---------------- |
---------------- |
|
As restated |
924,682,000 |
609,020,000 |
353,064,000 |
|
|
---------------- |
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
1,200,861,000 |
924,682,000 |
629,020,000 |
|
DIVIDENDS - Ordinary (paid & proposed) |
- |
- |
(20,000,000) |
|
|
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
1,200,861,000 |
924,682,000 |
609,020,000 |
|
|
============= |
============= |
============= |
|
|
|
|
|
|
INTEREST EXPENSE
(as per notes to P&L) |
|
|
|
|
Hire purchase |
- |
- |
3,000 |
|
Lease interest |
2,000 |
7,000 |
- |
|
Others |
6,665,000 |
4,504,000 |
10,000 |
|
|
---------------- |
---------------- |
---------------- |
|
|
6,667,000 |
4,511,000 |
13,000 |
|
|
============= |
============= |
============= |
|
DU PONT COMPANY
(SINGAPORE) PTE. LTD. |
|
ASSETS EMPLOYED: |
|
|
|
|
FIXED ASSETS |
52,910,000 |
39,849,000 |
31,174,000 |
|
|
|
|
|
|
LONG TERM
INVESTMENTS/OTHER ASSETS |
|
|
|
|
Subsidiary companies |
75,556,000 |
- |
- |
|
Deferred assets |
- |
- |
1,850,000 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
75,556,000 |
- |
1,850,000 |
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
128,466,000 |
39,849,000 |
33,024,000 |
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
Stocks |
245,779,000 |
165,227,000 |
106,409,000 |
|
Trade debtors |
229,686,000 |
204,145,000 |
205,738,000 |
|
Other debtors, deposits & prepayments |
12,503,000 |
4,884,000 |
3,051,000 |
|
Short term deposits |
50,005,000 |
105,033,000 |
115,021,000 |
|
Amount due from holding company |
- |
- |
2,875,000 |
|
Amount due from related companies |
981,897,000 |
822,801,000 |
304,049,000 |
|
Cash & bank balances |
116,874,000 |
10,158,000 |
104,766,000 |
|
Others |
- |
21,000 |
2,104,000 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
1,636,744,000 |
1,312,269,000 |
844,013,000 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL ASSET |
1,765,210,000 |
1,352,118,000 |
877,037,000 |
|
|
============= |
============= |
============= |
|
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
Trade creditors |
215,344,000 |
148,532,000 |
84,231,000 |
|
Other creditors & accruals |
50,764,000 |
17,250,000 |
27,215,000 |
|
Amounts owing to holding company |
21,259,000 |
16,208,000 |
50,214,000 |
|
Amounts owing to related companies |
194,615,000 |
182,081,000 |
47,502,000 |
|
Provision for taxation |
5,142,000 |
3,180,000 |
- |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
487,124,000 |
367,251,000 |
209,162,000 |
|
|
---------------- |
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
1,149,620,000 |
945,018,000 |
634,851,000 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL NET ASSETS |
1,278,086,000 |
984,867,000 |
667,875,000 |
|
|
============= |
============= |
============= |
|
|
|
|
|
|
SHARE CAPITAL |
|
|
|
|
Ordinary share capital |
75,909,000 |
58,855,000 |
58,855,000 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
75,909,000 |
58,855,000 |
58,855,000 |
|
|
|
|
|
|
RESERVES |
|
|
|
|
Retained profit/(loss) carried forward |
1,200,861,000 |
924,682,000 |
609,020,000 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL RESERVES |
1,200,861,000 |
924,682,000 |
609,020,000 |
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
1,276,770,000 |
983,537,000 |
667,875,000 |
|
|
|
|
|
|
LONG TERM
LIABILITIES |
|
|
|
|
Deferred taxation |
1,316,000 |
1,330,000 |
- |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
1,316,000 |
1,330,000 |
- |
|
|
---------------- |
---------------- |
---------------- |
|
|
1,278,086,000 |
984,867,000 |
667,875,000 |
|
|
============= |
============= |
============= |
|
|
|
|
|
|
DU PONT COMPANY
(SINGAPORE) PTE. LTD. |
|
TYPES OF FUNDS |
|
|
|
|
Cash |
166,879,000 |
115,191,000 |
219,787,000 |
|
Net Liquid Funds |
166,879,000 |
115,191,000 |
219,787,000 |
|
Net Liquid Assets |
903,841,000 |
779,791,000 |
528,442,000 |
|
Net Current Assets/(Liabilities) |
1,149,620,000 |
945,018,000 |
634,851,000 |
|
Net Tangible Assets |
1,278,086,000 |
984,867,000 |
667,875,000 |
|
Net Monetary Assets |
902,525,000 |
778,461,000 |
528,442,000 |
|
BALANCE SHEET
ITEMS |
|
|
|
|
Total Borrowings |
0 |
0 |
0 |
|
Total Liabilities |
488,440,000 |
368,581,000 |
209,162,000 |
|
Total Assets |
1,765,210,000 |
1,352,118,000 |
877,037,000 |
|
Net Assets |
1,278,086,000 |
984,867,000 |
667,875,000 |
|
Net Assets Backing |
1,276,770,000 |
983,537,000 |
667,875,000 |
|
Shareholders' Funds |
1,276,770,000 |
983,537,000 |
667,875,000 |
|
Total Share Capital |
75,909,000 |
58,855,000 |
58,855,000 |
|
Total Reserves |
1,200,861,000 |
924,682,000 |
609,020,000 |
|
LIQUIDITY
(Times) |
|
|
|
|
Cash Ratio |
0.34 |
0.31 |
1.05 |
|
Liquid Ratio |
2.86 |
3.12 |
3.53 |
|
Current Ratio |
3.36 |
3.57 |
4.04 |
|
WORKING CAPITAL
CONTROL (Days) |
|
|
|
|
Stock Ratio |
67 |
42 |
33 |
|
Debtors Ratio |
63 |
52 |
63 |
|
Creditors Ratio |
59 |
38 |
26 |
|
SOLVENCY RATIOS
(Times) |
|
|
|
|
Gearing Ratio |
0.00 |
0.00 |
0.00 |
|
Liabilities Ratio |
0.38 |
0.37 |
0.31 |
|
Times Interest Earned Ratio |
43.41 |
72.72 |
21,841.23 |
|
Assets Backing Ratio |
16.84 |
16.73 |
11.35 |
|
PERFORMANCE
RATIO (%) |
|
|
|
|
Operating Profit Margin |
21.18 |
22.66 |
23.81 |
|
Net Profit Margin |
20.69 |
22.11 |
23.14 |
|
Return On Net Assets |
22.64 |
33.31 |
42.51 |
|
Return On Capital Employed |
22.64 |
33.31 |
42.51 |
|
Return On Shareholders' Funds/Equity |
21.63 |
32.09 |
41.32 |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.00 |
0.07 |
|
NOTES TO
ACCOUNTS |
|
|
|
|
Contingent Liabilities |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.45 |
|
UK Pound |
1 |
Rs.102.00 |
|
Euro |
1 |
Rs.84.35 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.