|
Report Date : |
23.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
DOW CORNING |
|
|
|
|
Registered Office : |
1, Fusionopolis Walk, 07-11, Solaris, 138628 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
11.10.1990 |
|
|
|
|
Com. Reg. No.: |
199005022-M |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Wholesale of Chemicals and Chemical Products & Investment Holding |
|
|
|
|
No. of Employees : |
50 |
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 : |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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. The economy
contracted 0.6% in 2009 as a result of the global financial crisis, but
rebounded 15.1% in 2010, on the strength of renewed exports, before slowing to
in 2011-13, 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. Singapore has attracted
major investments in pharmaceuticals and medical technology production and will
continue efforts to establish Singapore as Southeast Asia's financial and
high-tech hub
|
Source
: CIA |
|
REGISTRATION NO. |
: |
199005022-M |
|
COMPANY NAME |
: |
DOW CORNING SINGAPORE PTE. LTD. |
|
FORMER NAME |
: |
N/A |
|
INCORPORATION DATE |
: |
11/10/1990 |
|
|
|
|
|
|
|
|
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED |
|
LISTED STATUS |
: |
NO |
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS |
: |
1, FUSIONOPOLIS WALK, 07-11, SOLARIS, 138628, SINGAPORE. |
|
BUSINESS ADDRESS |
: |
1, FUSIONOPOLIS WALK, 07-11, SOLARIS, NORTH TOWER, 138628, SINGAPORE. |
|
TEL.NO. |
: |
65-62536611 |
|
FAX.NO. |
: |
65-62536070 |
|
WEB SITE |
: |
WWW.DOWCORNING.COM |
|
CONTACT PERSON |
: |
TAN KIN HUA ( DIRECTOR ) |
|
|
|
|
|
|
|
|
|
PRINCIPAL ACTIVITY |
: |
WHOLESALE OF CHEMICALS AND CHEMICAL PRODUCTS & INVESTMENT HOLDING |
|
|
|
|
|
ISSUED AND PAID UP CAPITAL |
: |
54,645,531.00 ORDINARY SHARE, OF A VALUE OF SGD 127,978,030.00 |
|
|
|
|
|
SALES |
: |
SGD 369,965,393 [2012] |
|
NET WORTH |
: |
SGD 167,500,876 [2012] |
|
|
|
|
|
STAFF STRENGTH |
: |
50 [2014] |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
LIMITED |
|
PAYMENT |
: |
GOOD |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
|
|
|
|
COMMERCIAL RISK |
: |
LOW |
|
CURRENCY EXPOSURE |
: |
MODERATE |
|
GENERAL REPUTATION |
: |
SATISFACTORY |
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
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 (as a / as an) wholesale of
chemicals and chemical products & investment holding.
The immediate holding company of the Subject is DC GLOBAL HOLDINGS
S.A.R.L., a company incorporated in LUXEMBOURG.
The ultimate holding company of the Subject is DOW CORNING CORPORATION,
a company incorporated in UNITED STATES.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
19/09/2014 |
SGD 127,978,030.00 |
The major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
DC GLOBAL HOLDINGS S.A.R.L. |
13-15, AVENUE DE LA LIBERTE, L-1931, LUXEMBOURG. |
T11UF5075 |
54,645,531.00 |
100.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
54,645,531.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
The Subject's interest in other companies (Subsidiaries/Associates) are
shown as follow :
|
Local No |
Country |
Company |
(%) |
As At |
|
|
CHINA |
DOW CORNING (SHANGHAI) CO., LTD. |
100.00 |
31/12/2012 |
|
|
|
|
|
|
|
|
CHINA |
DOW CORNING (CHINA) HOLDING COMPANY LIMITED |
100.00 |
31/12/2012 |
|
|
|
|
|
|
DIRECTOR 1
|
Name Of Subject |
: |
TAN KIN HUA |
|
Address |
: |
6, PARI DEDAP WALK, 10-05, TANAMERA CREST, 486060, SINGAPORE. |
|
IC / PP No |
: |
S0164983C |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
28/02/2003 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject |
: |
WANG SOO KEE |
|
Address |
: |
415, BURNING BUSH LANE, MIDLAND MI 48642, UNITED STATES. |
|
IC / PP No |
: |
A30454801 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
31/01/2014 |
|
1) |
Name of Subject |
: |
TAN KIN HUA |
|
|
Position |
: |
DIRECTOR |
|
Auditor |
: |
PRICEWATERHOUSECOOPERS LLP |
|
Auditor' Address |
: |
N/A |
|
|
|
|
|
1) |
Company Secretary |
: |
TRACY CHEN LAI FONG |
|
|
IC / PP No |
: |
S1660510G |
|
|
|
|
|
|
|
Address |
: |
9A, LANTANA AVENUE, LUCKY PARK, 277908, 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 againt 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 |
[ |
X |
] |
|
Average 61-90 Days |
[ |
|
] |
|
|
Fair 91-120 Days |
[ |
|
] |
|
Poor >120 Days |
[ |
|
] |
|
|
|
|
|
|
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|
|
|
|
Export Market |
: |
ASIA |
|||
|
Credit Term |
: |
N/A |
|||
|
|
|
|
|
|
|
|
Payment Mode |
: |
CHEQUES |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goods Traded |
: |
CHEMICALS AND CHEMICAL PRODUCTS
|
|
|
|
|
|
|
|
Services |
: |
INVESTMENT HOLDING COMPANIES
|
|
|
|
|
|
|
Total Number of Employees: |
|||||||||
|
YEAR |
2014 |
|
|||||||
|
|
|||||||||
|
GROUP |
N/A |
|
|
|
|
|
|
|
|
|
COMPANY |
50 |
|
|
|
|
|
|
|
|
|
Branch |
: |
NO
|
Other Information:
The Subject is principally engaged in the (as a / as an) wholesale of chemicals
and chemical products & investment holding.
The Subject is a global leader in silicones, silicon-based technology and innovation.
Silicones and silicon-based technology products and services for
performance-enhancement to serve the diverse needs of construction, beauty and
personal care, automotive, lighting, electronics and many other industries
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
6562536611 |
|
Current Telephone Number |
: |
65-62536611 |
|
Match |
: |
YES |
|
|
|
|
|
Address Provided by Client |
: |
1 FUSIONPOLIS WALK, 07-11 SOLARIS NORTH TOWER SINGAPORE 138628 |
|
Current Address |
: |
1, FUSIONOPOLIS WALK, 07-11, SOLARIS, NORTH TOWER, 138628, SINGAPORE. |
|
Match |
: |
YES |
|
|
|
|
Other Investigations
On 19th September 2014 we contacted one of the staff from the Subject and she
provided some information.
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Increased |
[ |
14.50% |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
5.70% |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
3.87% |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
4.34% |
] |
|
|
|
|
|
|
|
|
|
|
The higher turnover could be attributed to the favourable market condition
and the Subject could be gaining the market share progressively.The Subject's
management have been efficient in controlling its operating costs. The
unfavourable return on shareholders' funds could indicate that the Subject
was inefficient in utilising its assets to generate returns. |
||||||
|
|
|
|
|
|
|
|
|
Working Capital Control |
|
|
|
|
|
|
|
Stock Ratio |
: |
Favourable |
[ |
7 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
69 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
3 Days |
] |
|
|
|
|
|
|
|
|
|
|
The Subject's stocks were moving fast thus reducing its holding cost.
This had reduced funds being tied up in stocks. The high debtors' ratio could
indicate that the Subject was weak in its credit control. However, the
Subject could also giving longer credit periods to its customers in order to
boost its sales or to capture / retain its market share. 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 |
: |
Acceptable |
[ |
0.97 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.06 Times |
] |
|
|
|
|
|
|
|
|
|
|
The Subject's liquid ratio was slightly low. This could indicate that
the Subject's working capital was slightly deficient. The Subject 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 Subject's interest cover was nil as it did not pay any interest during
the year. 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 : |
|
|
|
|
|
|
|
Generally, the Subject's performance has improved with higher turnover
and profit. The Subject's liquidity was at an acceptable range. If the
Subject is able to obtain further short term financing, it should be able to
meet all its short term obligations. The Subject did not make any interest
payment during the year. The Subject was dependent on its shareholders' funds
to finance its business needs. 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 : LIMITED |
||||||
|
Major Economic Indicators : |
2009 |
2010 |
2011 |
2012 |
2013 |
|
|
|
|
|
|
|
|
Population (Million) |
4.98 |
5.08 |
5.18 |
5.31 |
5.40 |
|
Gross Domestic Products ( % ) |
(0.8) |
14.5 |
4.9 |
1.3 |
3.7 |
|
Consumer Price Index |
0.6 |
2.8 |
5.2 |
4.6 |
2.4 |
|
Total Imports (Million) |
356,299.3 |
423,221.8 |
459,655.1 |
474,554.0 |
466,762.0 |
|
Total Exports (Million) |
391,118.1 |
478,840.7 |
514,741.2 |
510,329.0 |
513,391.0 |
|
|
|
|
|
|
|
|
Unemployment Rate (%) |
3.2 |
2.2 |
2.1 |
2.0 |
1.9 |
|
Tourist Arrival (Million) |
9.68 |
11.64 |
13.17 |
14.49 |
15.46 |
|
Hotel Occupancy Rate (%) |
75.8 |
85.6 |
86.5 |
86.4 |
86.3 |
|
Cellular Phone Subscriber (Million) |
1.37 |
1.43 |
1.50 |
1.52 |
1.97 |
|
|
|
|
|
|
|
|
Registration of New Companies (No.) |
26,414 |
29,798 |
32,317 |
31,892 |
37,288 |
|
Registration of New Companies (%) |
4.3 |
12.8 |
8.5 |
(1.3) |
9.8 |
|
Liquidation of Companies (No.) |
22,393 |
15,126 |
19,005 |
17,218 |
17,369 |
|
Liquidation of Companies (%) |
113.4 |
(32.5) |
25.6 |
9.4 |
(5.3) |
|
|
|
|
|
|
|
|
Registration of New Businesses (No.) |
26,876 |
23,978 |
23,494 |
24,788 |
22,893 |
|
Registration of New Businesses (%) |
8.15 |
(10.78) |
2.02 |
5.51 |
1.70 |
|
Liquidation of Businesses (No.) |
23,552 |
24,211 |
23,005 |
22,489 |
22,598 |
|
Liquidation of Businesses (%) |
11.4 |
2.8 |
(5) |
(2.2) |
0.5 |
|
|
|
|
|
|
|
|
Bankruptcy Orders (No.) |
2,058 |
1,537 |
1,527 |
1,748 |
1,992 |
|
Bankruptcy Orders (%) |
(11.5) |
(25.3) |
(0.7) |
14.5 |
14.0 |
|
Bankruptcy Discharges (No.) |
3,056 |
2,252 |
1,391 |
1,881 |
2,584 |
|
Bankruptcy Discharges (%) |
103.7 |
(26.3) |
(38.2) |
35.2 |
37.4 |
|
|
|
|
|
|
|
|
INDUSTRIES ( % of Growth ) : |
|
|
|
|
|
|
Agriculture |
|
|
|
|
|
|
Production of Principal Crops |
3.25 |
(0.48) |
4.25 |
3.64 |
- |
|
Fish Supply & Wholesale |
(1.93) |
(10.5) |
12.10 |
(0.5) |
- |
|
|
|
|
|
|
|
|
Manufacturing * |
71.5 |
92.8 |
100.0 |
100.3 |
102.0 |
|
Food, Beverages & Tobacco |
90.4 |
96.4 |
100.0 |
103.5 |
103.5 |
|
Textiles |
145.9 |
122.1 |
100.0 |
104.0 |
87.1 |
|
Wearing Apparel |
211.0 |
123.3 |
100.0 |
92.1 |
77.8 |
|
Leather Products & Footwear |
79.5 |
81.8 |
100.0 |
98.6 |
109.8 |
|
Wood & Wood Products |
101.4 |
104.0 |
100.0 |
95.5 |
107.4 |
|
Paper & Paper Products |
95.4 |
106.1 |
100.0 |
97.4 |
103.2 |
|
Printing & Media |
100.9 |
103.5 |
100.0 |
93.0 |
86.1 |
|
Crude Oil Refineries |
96.4 |
95.6 |
100.0 |
99.4 |
93.5 |
|
Chemical & Chemical Products |
80.3 |
97.6 |
100.0 |
100.5 |
104.1 |
|
Pharmaceutical Products |
49.1 |
75.3 |
100.0 |
109.7 |
107.2 |
|
Rubber & Plastic Products |
101.2 |
112.3 |
100.0 |
96.5 |
92.9 |
|
Non-metallic Mineral |
91.9 |
92.5 |
100.0 |
98.2 |
97.6 |
|
Basic Metals |
92.6 |
102.2 |
100.0 |
90.6 |
76.5 |
|
Fabricated Metal Products |
90.8 |
103.6 |
100.0 |
104.3 |
105.1 |
|
Machinery & Equipment |
57.3 |
78.5 |
100.0 |
112.9 |
114.5 |
|
Electrical Machinery |
86.8 |
124.1 |
100.0 |
99.3 |
108.5 |
|
Electronic Components |
85.2 |
113.6 |
100.0 |
90.6 |
94.3 |
|
Transport Equipment |
96.0 |
94.0 |
100.0 |
106.3 |
107.5 |
|
|
|
|
|
|
|
|
Construction |
(36.9) |
14.20 |
20.50 |
28.70 |
- |
|
Real Estate |
1.4 |
21.3 |
25.4 |
31.9 |
- |
|
|
|
|
|
|
|
|
Services |
|
|
|
|
|
|
Electricity, Gas & Water |
1.70 |
4.00 |
7.00 |
6.30 |
- |
|
Transport, Storage & Communication |
3.90 |
12.80 |
7.40 |
5.30 |
- |
|
Finance & Insurance |
(16.4) |
(0.4) |
8.90 |
0.50 |
- |
|
Government Services |
4.50 |
9.70 |
6.90 |
6.00 |
- |
|
Education Services |
0.10 |
(0.9) |
(1.4) |
0.30 |
- |
|
|
|
|
|
|
|
|
* Based on Index of Industrial Production (2011 = 100) |
|
|
|
|
|
|
(Source : Department of Statistics) |
|
|
|
|
|
|
INDUSTRY : |
TRADING |
|
|
|
|
|
|
|
The wholesale and retail trade sector contracted by 1.5% in the fourth
quarter of 2012, extending the 0.2% decline in the preceding quarter. For the
whole of 2012, the sector declined by 0.7%, reversing the 1.6% growth in
2011. The sector was weighed down primarily by the wholesale trade segment.
In 2012, the wholesale trade segment contracted by 1.0%, a reversal from the
1.4% growth in 2011. Growth of the retail trade segment also moderated to
2.0%, from 3.2% in the year 2011. |
|
|
|
|
|
The domestic wholesale trade index grew by 1.2% in the fourth quarter
of 2012, an improvement from the 5.4% decline in the third quarter. This was
partly due to an increase in the sales of chemicals & chemical products
and ship chandlers & bunkering. For the full year of 2012, the domestic
wholesale trade index contracted by 2.2%, extending the 1.7% decline in 2011.
The foreign wholesale trade index grew by 8.6% in the fourth quarter, an
increase from the 6.6% growth in the third quarter. The expansion was partly
due to resilient sales of petroleum & petroleum products. For the whole
of 2012, the foreign wholesale trade index expanded by 9.1%, faster than the
4.3% increase in 2011. |
|
|
|
|
|
In the fourth quarter of 2012, retail sales volume declined by 2.0%, extending
the 0.3% decline in the third quarter. Excluding motor vehicles, retail sales
volume grew by 0.4%, a slight moderation compared to the 1.5% gain in the
third quarter of 2012. The sales volume of motor vehicles fell by 11% in the
fourth quarter of 2012, after contracting by 6.1% in the third quarter. The
sales of several discretionary items also declined in the fourth quarter.
Besides, the sales of optical goods & books in 2012 fell by 3.6%, while
the sales of telecommunications apparatus & computers declined by 1.4%. |
|
|
|
|
|
For 2012 as a whole, retail sales volume grew by 1.3%, compared to the
2.0% expansion in 2011. Excluding motor vehicle sales, the increase in retail
sales volume also moderated from 5.4% in 2011 to 1.7% in 2012. Medical goods
& toiletries registered the largest increase (9.3%) in sales, followed by
telecommunications apparatus & computers (6.9%). By contrast, the sales
of watches & jewellery (-2.2%) and optical goods & books (-3.6%)
declined. |
|
|
|
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH |
|
|
Incorporated in 1990, the Subject is a
Private Limited company, focusing on wholesale of chemicals and chemical
products & investment holding. The Subject has been in business for over
two decades. It has built up a strong clientele base and good reputation will
enable the Subject to further enhance its business in the near term.
The Subject is expected to enjoy a stable market shares. Having strong
support from its shareholder has enabled the Subject to remain competitive
despite the challenging business environment. |
|
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE
FINANCIAL REPORTING STANDARDS. |
|
DOW CORNING SINGAPORE PTE. LTD. |
|
Financial Year End |
2012-12-31 |
2011-12-31 |
|
Months |
12 |
12 |
|
Consolidated Account |
Company |
Company |
|
Audited Account |
YES |
YES |
|
Unqualified Auditor's Report (Clean Opinion) |
YES |
YES |
|
Financial Type |
FULL |
FULL |
|
Currency |
SGD |
SGD |
|
|
|
|
|
TURNOVER |
369,965,393 |
323,108,180 |
|
|
---------------- |
---------------- |
|
Total Turnover |
369,965,393 |
323,108,180 |
|
Costs of Goods Sold |
(326,131,358) |
(285,042,100) |
|
|
---------------- |
---------------- |
|
Gross Profit |
43,834,035 |
38,066,080 |
|
|
---------------- |
---------------- |
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
7,300,262 |
6,906,534 |
|
|
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
7,300,262 |
6,906,534 |
|
Taxation |
(825,932) |
(1,034,529) |
|
|
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
6,474,330 |
5,872,005 |
|
|
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
As previously reported |
27,720,203 |
21,848,198 |
|
|
---------------- |
---------------- |
|
As restated |
27,720,203 |
21,848,198 |
|
|
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
34,194,533 |
27,720,203 |
|
|
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
34,194,533 |
27,720,203 |
|
|
============= |
============= |
|
|
|
|
|
DOW CORNING SINGAPORE PTE. LTD. |
|
ASSETS EMPLOYED: |
|
|
|
FIXED ASSETS |
5,280,205 |
5,261,796 |
|
|
|
|
|
LONG TERM INVESTMENTS/OTHER ASSETS |
|
|
|
Subsidiary companies |
158,404,428 |
119,740,649 |
|
|
---------------- |
---------------- |
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
158,404,428 |
119,740,649 |
|
|
|
|
|
Others |
44,153 |
44,153 |
|
|
---------------- |
---------------- |
|
TOTAL INTANGIBLE ASSETS |
44,153 |
44,153 |
|
|
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
163,728,786 |
125,046,598 |
|
|
|
|
|
Stocks |
7,047,353 |
7,633,496 |
|
Trade debtors |
69,472,395 |
61,335,902 |
|
Other debtors, deposits & prepayments |
577,357 |
778,083 |
|
Amount due from holding company |
168,522 |
66,953 |
|
Amount due from related companies |
2,579,916 |
2,315,178 |
|
Cash & bank balances |
5,682,809 |
13,220,736 |
|
|
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
85,528,352 |
85,350,348 |
|
|
---------------- |
---------------- |
|
TOTAL ASSET |
249,257,138 |
210,396,946 |
|
|
============= |
============= |
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
Trade creditors |
2,806,885 |
4,172,800 |
|
Other creditors & accruals |
3,163,940 |
2,097,342 |
|
Amounts owing to holding company |
32,867,778 |
25,340,069 |
|
Amounts owing to related companies |
40,915,376 |
55,346,401 |
|
Provision for taxation |
961,933 |
406,855 |
|
Other liabilities |
210,622 |
71,446 |
|
|
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
80,926,534 |
87,434,913 |
|
|
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
4,601,818 |
(2,084,565) |
|
|
---------------- |
---------------- |
|
TOTAL NET ASSETS |
168,330,604 |
122,962,033 |
|
|
============= |
============= |
|
|
|
|
|
SHARE CAPITAL |
|
|
|
Ordinary share capital |
127,978,030 |
89,314,030 |
|
|
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
127,978,030 |
89,314,030 |
|
|
|
|
|
Retained profit/(loss) carried forward |
34,194,533 |
27,720,203 |
|
Others |
5,328,313 |
5,328,313 |
|
|
---------------- |
---------------- |
|
TOTAL RESERVES |
39,522,846 |
33,048,516 |
|
|
|
|
|
|
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
167,500,876 |
122,362,546 |
|
|
|
|
|
Deferred taxation |
511,534 |
599,487 |
|
Others |
318,194 |
- |
|
|
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
829,728 |
599,487 |
|
|
---------------- |
---------------- |
|
|
168,330,604 |
122,962,033 |
|
|
============= |
============= |
|
|
|
|
|
DOW CORNING SINGAPORE PTE. LTD. |
|
TYPES OF FUNDS |
|
|
|
Cash |
5,682,809 |
13,220,736 |
|
Net Liquid Funds |
5,682,809 |
13,220,736 |
|
Net Liquid Assets |
(2,445,535) |
(9,718,061) |
|
Net Current Assets/(Liabilities) |
4,601,818 |
(2,084,565) |
|
Net Tangible Assets |
168,286,451 |
122,917,880 |
|
Net Monetary Assets |
(3,275,263) |
(10,317,548) |
|
BALANCE SHEET ITEMS |
|
|
|
Total Borrowings |
0 |
0 |
|
Total Liabilities |
81,756,262 |
88,034,400 |
|
Total Assets |
249,257,138 |
210,396,946 |
|
Net Assets |
168,330,604 |
122,962,033 |
|
Net Assets Backing |
167,500,876 |
122,362,546 |
|
Shareholders' Funds |
167,500,876 |
122,362,546 |
|
Total Share Capital |
127,978,030 |
89,314,030 |
|
Total Reserves |
39,522,846 |
33,048,516 |
|
LIQUIDITY (Times) |
|
|
|
Cash Ratio |
0.07 |
0.15 |
|
Liquid Ratio |
0.97 |
0.89 |
|
Current Ratio |
1.06 |
0.98 |
|
WORKING CAPITAL CONTROL (Days) |
|
|
|
Stock Ratio |
7 |
9 |
|
Debtors Ratio |
69 |
69 |
|
Creditors Ratio |
3 |
5 |
|
SOLVENCY RATIOS (Times) |
|
|
|
Gearing Ratio |
0.00 |
0.00 |
|
Liabilities Ratio |
0.49 |
0.72 |
|
Times Interest Earned Ratio |
0.00 |
0.00 |
|
Assets Backing Ratio |
1.31 |
1.38 |
|
PERFORMANCE RATIO (%) |
|
|
|
Operating Profit Margin |
1.97 |
2.14 |
|
Net Profit Margin |
1.75 |
1.82 |
|
Return On Net Assets |
4.34 |
5.62 |
|
Return On Capital Employed |
4.34 |
5.61 |
|
Return On Shareholders' Funds/Equity |
3.87 |
4.80 |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.00 |
|
NOTES TO ACCOUNTS |
|
|
|
Contingent Liabilities |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.78 |
|
|
1 |
Rs.99.29 |
|
Euro |
1 |
Rs.78.16 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
PDT |
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.