MIRA INFORM REPORT

 

 

Report No. :

316839

Report Date :

08.04.2015

 

IDENTIFICATION DETAILS

 

Name :

CHEVRON PHILLIPS SINGAPORE CHEMICALS (PRIVATE) LIMITED

 

 

Registered Office :

5, Temasek Boulevard, 05- 01, Suntec Tower 5, 038985

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

24.04.1980

 

 

Com. Reg. No.:

198001367-K

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Subject is Manufacturing of High Density Polyethylene (HDPE)

 

 

No. of Employee :

140 [2015]

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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

 

 

Company name and address

 

REGISTRATION NO.

:

198001367-K

COMPANY NAME

:

CHEVRON PHILLIPS SINGAPORE CHEMICALS (PRIVATE) LIMITED

FORMER NAME

:

PHILLIPS PETROLEUM SINGAPORE CHEMICALS (PRIVATE) LIMITED (08/08/2000)

INCORPORATION DATE

:

24/04/1980

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

5, TEMASEK BOULEVARD, 05- 01, SUNTEC TOWER 5, 038985, SINGAPORE.

BUSINESS ADDRESS

:

5 TEMASEK BOULEVARD, 05-01, SUNTEC TOWER 5,, 038985, SINGAPORE.

TEL.NO.

:

65-65173186

FAX.NO.

:

65-65173276

CONTACT PERSON

:

DAVID STEWART SMITH ( DIRECTOR )

PRINCIPAL ACTIVITY

:

MANUFACTURING OF HIGH DENSITY POLYETHYLENE (HDPE)

ISSUED AND PAID UP CAPITAL

:

282,857,144.00 ORDINARY SHARE, OF A VALUE OF SGD 282,857,144.00

SALES

:

SGD 653,603,000 [2013]

NET WORTH

:

SGD 44,040,000 [2013]

STAFF STRENGTH

:

140 [2015]

BANKER (S)

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

POOR

PAYMENT

:

AVERAGE

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

MODERATE

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

MATURE

 

 

HISTORY / BACKGROUND

 

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) manufacturing of high density polyethylene (hdpe).

Share Capital History

Date

Issue & Paid Up Capital

12/02/2015

SGD 282,857,144.00

 

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

 

Name

Address

IC/PP/Loc No

Shareholding

(%)

CHEVRON PHILLIPS CHEMICAL INTERNATIONAL HOLDINGS

1209,ORANGE STREET, CORPORATE TRUST CENTER, WILMINGTON, DELAWARE, 19801, UNITED STATES.

S80UF0388

141,428,572.00

50.00

EDB INVESTMENTS PTE LTD

250, NORTH BRIDGE ROAD, 20 - 03, RAFFLES CITY TOWER, 179101, SINGAPORE.

199102957K

84,857,143.00

30.00

SUMITOMO CHEMICAL COMPANY, LIMITED

27-1, SHINKAWA 2-CHOME, CHUO-KU, TOKYO, 104-82, JAPAN.

S80UF0203

56,571,429.00

20.00

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

------

282,857,144.00

100.00

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

=====

+ Also Director

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

KAZUYUKI SAITO

Address

:

2, MARINA BOULEVARD, 43-08, SAIL @ THE MARINA BAY, 018987, SINGAPORE.

IC / PP No

:

G5680829P

Nationality

:

AMERICAN

Date of Appointment

:

31/10/2011

 

DIRECTOR 2

 

Name Of Subject

:

ROBERT ALLEN RHOADES

Address

:

32A, CAIRNHILL ROAD, 16-03, URBAN RESORT CONDOMINIUM, 229720, SINGAPORE.

IC / PP No

:

G5489244L

Nationality

:

AMERICAN

Date of Appointment

:

01/02/2014

 

DIRECTOR 3

 

Name Of Subject

:

MR. DAVID STEWART SMITH

Address

:

10001, SIX PINES DRIVE, WOODLANS, TX, 77380, UNITED STATES.

IC / PP No

:

425095135

Nationality

:

AMERICAN

Date of Appointment

:

01/10/2009

 

DIRECTOR 4

 

Name Of Subject

:

DIRK ALDON PERRIN

Address

:

9, ARDMORE PARK, 14-01, ARDMORE PARK, 259955, SINGAPORE.

IC / PP No

:

G5342972L

Nationality

:

AMERICAN

Date of Appointment

:

01/02/2014

Remark

:

ALTERNATE DIRECTOR TO ROBERT ALLEN RHOADES

 

DIRECTOR 5

 

Name Of Subject

:

DARREN LEE ERCOLANI

Address

:

23, CLAYMORE ROAD, 07-03, THE TATE RESIDENCES, 229546, SINGAPORE.

IC / PP No

:

G5098154T

Nationality

:

AMERICAN

Date of Appointment

:

01/03/2011





 

MANAGEMENT

 

 

1)

Name of Subject

:

DAVID STEWART SMITH

Position

:

DIRECTOR

 

2)

Name of Subject

:

ROBERT ALLEN RHOADES

Position

:

MANAGING DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

ERNST & YOUNG LLP

Auditor' Address

:

N/A

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

LEONG YUKE CHUN

IC / PP No

:

S0153670B

Address

:

310, SERANGOON AVENUE 2, 03-170, 550310, SINGAPORE.

 

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

 

 

ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

C201005044

17/06/2010

N/A

THE HONG KONG AND SHANGHAI BANKING CORPORATION LIMITED

USD 80,000,000.00

Unsatisfied

C201005045

17/06/2010

N/A

THE HONG KONG AND SHANGHAI BANKING CORPORATION LIMITED

USD 80,000,000.00

Unsatisfied

C201005049

17/06/2010

N/A

THE HONG KONG AND SHANGHAI BANKING CORPORATION LIMITED

USD 80,000,000.00

Unsatisfied

C201115291

05/12/2011

N/A

THE HONG KONG AND SHANGHAI BANKING CORPORATION LIMITED

USD 80,000,000.00

Unsatisfied

C201405776

10/06/2014

N/A

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

USD 76,000,000.00

Unsatisfied

C201405778

10/06/2014

N/A

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

USD 76,000,000.00

Unsatisfied

C201405780

10/06/2014

N/A

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

USD 76,000,000.00

Unsatisfied

 

 

LITIGATION CHECK AGAINST SUBJECT


* 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.

PAYMENT RECORD

 

 

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 :

 

Prompt 0-30 Days

[

]

Good 31-60 Days

[

]

Average 61-90 Days

[

X

]

Fair 91-120 Days

[

]

Poor >120 Days

[

]

 

 

CLIENTELE

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Export Market

:

WORLDWIDE

Credit Term

:

N/A

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

OPERATIONS

 

Products manufactured

:

HIGH DENSITY POLYETHYLENE (HDPE)

 

Total Number of Employees:

 

YEAR

2015

2014

2013

GROUP

N/A

N/A

N/A

COMPANY

140

140

140

 

Branch

:

NO

 

Other Information:


The Subject is principally engaged in the (as a / as an) manufacturing of high density polyethylene (hdpe).

The staff from the registered office refused to disclose any information on the Subject's operation.


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

65173100

Current Telephone Number

:

65-65173186

Match

:

NO

Address Provided by Client

:

5 TEMASEK BOULEVARD # 05 -01 SUNTEC TOWER FIVE 038985 RAFFLAA CITY SINGAPORE

Current Address

:

5 TEMASEK BOULEVARD, 05-01, SUNTEC TOWER 5,, 038985, SINGAPORE.

Match

:

YES

 

Other Investigations


We contacted one of the staff from the Subject's registered office and she only provided limited information.


FINANCIAL ANALYSIS

 

Profitability

Turnover

:

Erratic

[

2010 - 2013

]

Profit/(Loss) Before Tax

:

Decreased

[

2010 - 2013

]

Return on Shareholder Funds

:

Unfavourable

[

(33.47%)

]

Return on Net Assets

:

Unfavourable

[

(14.20%)

]

The fluctuating turnover reflects the fierce competition among the existing and new market players.The Subject could be more efficient in controlling its operating costs and had managed to reduce its losses during the year. The Subject's unfavourable returns on shareholders' funds indicate the management's inefficiency in utilising its assets to generate returns.

Working Capital Control

Stock Ratio

:

Favourable

[

26 Days

]

Debtor Ratio

:

Favourable

[

45 Days

]

Creditors Ratio

:

Favourable

[

33 Days

]

The Subject'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 Subject. 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

:

Unfavourable

[

0.57 Times

]

Current Ratio

:

Unfavourable

[

0.81 Times

]

A low liquid ratio means that the Subject may be facing working capital deficiency. If the Subject cannot obtain additional financing or injection of fresh capital, it may face difficulties in meeting its short term obligations.

Solvency

Interest Cover

:

Unfavourable

[

(2.96 Times)

]

Gearing Ratio

:

Unfavourable

[

3.21 Times

]

The Subject incurred losses in the year. It did not generate sufficient income to service its interest.  If the situation does not improve, the Subject may be vulnerable to default in servicing the interest. The Subject was highly geared, thus it had a high financial risk. The Subject was dependent on loans to finance its business needs. In times of economic downturn and / or high interest rate, the Subject will become less profitable and competitive than other firms in the same industry, which are lowly geared. This is because the Subject has to service the interest and to repay the loan, which will erode part of its profits. The profits will fluctuate depending on the Subject's turnover and the interest it needs to pay.

Overall Assessment :

The Subject's turnover showed a volatile trend but its losses were lower when compared to the previous corresponding period. This could suggest that the Subject was more efficient in its operating cost control and was more competitive. Due to its weak liquidity position, the Subject will be faced with problems in meeting all its short term obligations if no short term loan is obtained or additional capital injected into the Subject. The Subject's interest cover was negative, indicating that it did not generate sufficient income to service its interest. If its result does not show impressive improvements or succeed obtaining short term financing or capital injection, it may not be able to service its interest and repay the loans. The Subject's gearing level was high and its going concern will be in doubt if there is no injection of additional shareholders' funds in times of economic downturn and / or high interest rates.

Overall financial condition of the Subject : POOR

 

 

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

 

 

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)

 

INDUSTRY ANALYSIS

 

INDUSTRY :

MANUFACTURING

In the third quarter of 2014, manufacturing output has increased by 1.9%, extending the 1.5% growth in the previous quarter. Growth was largely driven by the biomedical manufacturing and chemicals clusters. Besides, for the whole 2013, the manufacturing sector grew by 1.7%, an uptick from the 0.3% growth recorded in the previous year. All clusters recorded an expansion in 2013, except the biomedical manufacturing cluster.

The chemicals cluster grew by 5.2% in the third quarter of 2014. Growth was led by the petrochemicals and specialty chemicals segments, which expanded by 8.9% and 7.1% respectively. By contrast, the petroleum segment contracted by 4.2% in the third quarter of 2014 due to plant maintenance shutdowns. For the year of 2013, the chemicals cluster grew only by 0.7%.

Besides, output of the biomedical manufacturing cluster expanded by 9.0% in the third quarter of 2014. The medical technology segment posted robust growth of 23% due to higher production of medical instruments and supplies, while the output of the pharmaceuticals segment rose by 6.2%. However, in the whole of 2013, the biomedical manufacturing cluster recorded only a flat growth.

In the third quarter of 2014, the transport engineering cluster contracted by 2.0%, dragged down by the aerospace segment. Output in the aerospace segment plunged by 18% on the back of fewer repair jobs from commercial airlines. This was mitigated by the 4.1% growth in the marine & offshore engineering segment, which was supported by higher contributions from rig building projects. Nonetheless, for the whole of 2013, the transport engineering cluster grew by 5.2%.

Moreover, output of the precision engineering cluster increased by 1.3% in the third quarter of 2014. The machinery & systems segment grew by 6.2%, supported by higher demand for semiconductor-related equipment and mechanical engineering work. This was partly offset by the decline in the output of the precision modules & components segment. Conversely, in the full year of 2013, the precision engineering cluster's output declined by 5.6%.

Furthermore, in the third quarter of 2014, output of the general manufacturing industries declined by 3.0%. The 2.1% growth in the food, beverages & tobacco segment was more than offset by declines in the other two segments. In particular, the miscellaneous industries segment contracted by 4.7% on the back of lower output in construction-related products, such as concrete & cement products and steel structural components. For the full year of 2013, the general manufacturing cluster grew by 2.8%.

Besides, in the third quarter of 2014, the electronics cluster expanded by 0.9%, reversing the 5.0% contraction in the previous quarter. Growth was supported by an expansion in the computer peripherals (6.3%) and data storage (2.6%) segments. Moreover, for the year 2013, the electronics cluster expanded by 3.5%.

OVERALL INDUSTRY OUTLOOK : MATURE



CREDIT RISK EVALUATION & RECOMMENDATION

 


Incorporated in 1980, the Subject is a Private Limited company, focusing on manufacturing of high density polyethylene (hdpe). The Subject has been in business for over two decades. It has built up a strong clientele base and satisfactory reputation will enable the Subject to further enhance its business in the near term.  The Subject is expected to enjoy a stable market shares. Presently, the issued and paid up capital of the Subject stands at SGD 282,857,144. The Subject have a strong support from its shareholders.

Over the years, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. The Subject is a fairly large and rapidly growing company with over 140 staff in its operations Overall, we regard that the Subject's management capability is average. This indicates that the Subject has greater potential to improve its business performance and raising income for the Subject.

Despite the higher turnover, the Subject suffered pre-tax losses which reflected a highly competitive business environment. The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. Due to its weak liquidity position, the Subject may face working capital deficiency in meeting its short term financial obligations if no fresh capital are injected into the Subject. The high gearing ratio clearly implied that the Subject was supported by more debt than equity. Thus, the Subject is exposed to high financial risk. Given a positive net worth standing at SGD 44,040,000, the Subject should be able to maintain its business in the near terms.

Without a strong assets backing, the Subject may face difficulties in getting loans for its future expansion and continued growth . The Subject's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials. Overall the Subject has a good control over its resources.

The Subject's payment habit is average. With its adequate working capital, the Subject should be able to pay its short term debts.

The industry has reached its optimum level and is generally stable. It is saturated and very competitive. Thus, the Subject's growth prospect is very much depends on its capacity in sustaining its performance in the market.

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

 



PROFIT AND LOSS ACCOUNT

 

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

CHEVRON PHILLIPS SINGAPORE CHEMICALS (PRIVATE) LIMITED

 

Financial Year End

2013-12-31

2012-12-31

2011-12-31

2010-12-31

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

SGD

SGD

SGD

SGD

TURNOVER

653,603,000

593,493,000

625,070,000

670,819,000

Other Income

222,000

57,000

66,000

205,000

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

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

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

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

Total Turnover

653,825,000

593,550,000

625,136,000

671,024,000

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

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

(15,365,000)

(33,465,000)

(52,498,000)

(21,453,000)

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

(15,365,000)

(33,465,000)

(52,498,000)

(21,453,000)

Taxation

627,000

-

-

-

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

(14,738,000)

(33,465,000)

(52,498,000)

(21,453,000)

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

(227,490,000)

(194,025,000)

(141,527,000)

(120,074,000)

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

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

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

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

As restated

(227,490,000)

(194,025,000)

(141,527,000)

(120,074,000)

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

(242,228,000)

(227,490,000)

(194,025,000)

(141,527,000)

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

(242,228,000)

(227,490,000)

(194,025,000)

(141,527,000)

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

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

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

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

INTEREST EXPENSE (as per notes to P&L)

Revolving loans

3,106,000

2,644,000

2,211,000

1,348,000

Others

774,000

654,000

413,000

354,000

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

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

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

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

3,880,000

3,298,000

2,624,000

1,702,000

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

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

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

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

 

 

 

BALANCE SHEET

 

CHEVRON PHILLIPS SINGAPORE CHEMICALS (PRIVATE) LIMITED

 

ASSETS EMPLOYED:

FIXED ASSETS

116,285,000

120,020,000

129,130,000

138,345,000

Deferred assets

627,000

-

-

-

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

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

627,000

-

-

-

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

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

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

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

TOTAL LONG TERM ASSETS

116,912,000

120,020,000

129,130,000

138,345,000

Stocks

46,685,000

43,360,000

38,130,000

53,563,000

Trade debtors

79,767,000

72,262,000

77,595,000

76,798,000

Other debtors, deposits & prepayments

59,000

38,000

26,000

45,000

Short term deposits

-

-

-

15,519,000

Amount due from related companies

13,082,000

8,701,000

10,319,000

12,849,000

Cash & bank balances

15,783,000

14,498,000

19,718,000

6,275,000

Others

260,000

435,000

301,000

341,000

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

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

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

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

TOTAL CURRENT ASSETS

155,636,000

139,294,000

146,089,000

165,390,000

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

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

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

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

TOTAL ASSET

272,548,000

259,314,000

275,219,000

303,735,000

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

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

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

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

CURRENT LIABILITIES

Trade creditors

59,656,000

3,751,000

6,327,000

10,344,000

Short term borrowings/Term loans

101,280,000

97,517,000

33,800,000

-

Other borrowings

-

-

-

19,140,000

Other liabilities & accruals

8,248,000

53,377,000

52,847,000

56,141,000

Amounts owing to related companies

2,707,000

1,461,000

-

-

Other liabilities

19,776,000

18,731,000

25,002,000

8,707,000

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

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

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

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

TOTAL CURRENT LIABILITIES

191,667,000

174,837,000

117,976,000

94,332,000

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

(36,031,000)

(35,543,000)

28,113,000

71,058,000

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

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

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

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

TOTAL NET ASSETS

80,881,000

84,477,000

157,243,000

209,403,000

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

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

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

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

SHARE CAPITAL

Ordinary share capital

286,268,000

286,268,000

286,268,000

286,268,000

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

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

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

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

TOTAL SHARE CAPITAL

286,268,000

286,268,000

286,268,000

286,268,000

Retained profit/(loss) carried forward

(242,228,000)

(227,490,000)

(194,025,000)

(141,527,000)

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

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

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

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

TOTAL RESERVES

(242,228,000)

(227,490,000)

(194,025,000)

(141,527,000)

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

44,040,000

58,778,000

92,243,000

144,741,000

Long term loans

36,841,000

25,699,000

65,000,000

64,662,000

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

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

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

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

TOTAL LONG TERM LIABILITIES

36,841,000

25,699,000

65,000,000

64,662,000

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

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

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

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

80,881,000

84,477,000

157,243,000

209,403,000

 

 

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

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

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

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

 

FINANCIAL RATIO

 

CHEVRON PHILLIPS SINGAPORE CHEMICALS (PRIVATE) LIMITED

 

TYPES OF FUNDS

Cash

15,783,000

14,498,000

19,718,000

21,794,000

Net Liquid Funds

15,783,000

14,498,000

19,718,000

21,794,000

Net Liquid Assets

(82,716,000)

(78,903,000)

(10,017,000)

17,495,000

Net Current Assets/(Liabilities)

(36,031,000)

(35,543,000)

28,113,000

71,058,000

Net Tangible Assets

80,881,000

84,477,000

157,243,000

209,403,000

Net Monetary Assets

(119,557,000)

(104,602,000)

(75,017,000)

(47,167,000)

BALANCE SHEET ITEMS

Total Borrowings

141,227,000

125,860,000

101,011,000

85,150,000

Total Liabilities

228,508,000

200,536,000

182,976,000

158,994,000

Total Assets

272,548,000

259,314,000

275,219,000

303,735,000

Net Assets

80,881,000

84,477,000

157,243,000

209,403,000

Net Assets Backing

44,040,000

58,778,000

92,243,000

144,741,000

Shareholders' Funds

44,040,000

58,778,000

92,243,000

144,741,000

Total Share Capital

286,268,000

286,268,000

286,268,000

286,268,000

Total Reserves

(242,228,000)

(227,490,000)

(194,025,000)

(141,527,000)

LIQUIDITY (Times)

Cash Ratio

0.08

0.08

0.17

0.23

Liquid Ratio

0.57

0.55

0.92

1.19

Current Ratio

0.81

0.80

1.24

1.75

WORKING CAPITAL CONTROL (Days)

Stock Ratio

26

27

22

29

Debtors Ratio

45

44

45

42

Creditors Ratio

33

2

4

6

SOLVENCY RATIOS (Times)

Gearing Ratio

3.21

2.14

1.10

0.59

Liabilities Ratio

5.19

3.41

1.98

1.10

Times Interest Earned Ratio

(2.96)

(9.15)

(19.01)

(11.60)

Assets Backing Ratio

0.28

0.30

0.55

0.73

PERFORMANCE RATIO (%)

Operating Profit Margin

(2.35)

(5.64)

(8.40)

(3.20)

Net Profit Margin

(2.25)

(5.64)

(8.40)

(3.20)

Return On Net Assets

(14.20)

(35.71)

(31.72)

(9.43)

Return On Capital Employed

(13.67)

(34.63)

(31.28)

(9.37)

Return On Shareholders' Funds/Equity

(33.47)

(56.93)

(56.91)

(14.82)

Dividend Pay Out Ratio (Times)

0.00

0.00

0.00

0.00

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

0

0

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.33

UK Pound

1

Rs.92.83

Euro

1

Rs.68.08

 

INFORMATION DETAILS

 

Report Prepared by :

TPT

 

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.