|
Report No. : |
334746 |
|
Report Date : |
01.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
SHELL EASTERN CHEMICALS (S) |
|
|
|
|
Registered Office : |
9, North Buona Vista Drive, 07-01, The Metropolis, 138588 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Date of Incorporation : |
20.12.1995 |
|
|
|
|
Com. Reg. No.: |
52812669-E |
|
|
|
|
Legal Form : |
Sole Proprietorship |
|
|
|
|
Line of Business : |
Manufacturer and marketer of petrochemicals for industrial,
agricultural, automotive and pharmaceutical applications |
|
|
|
|
No. of Employees : |
1000 [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 : |
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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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. Unemployment is very low. The economy depends heavily on exports, particularly of consumer electronics, information technology products, medical and optical devices, pharmaceuticals, and on its vibrant transportation, business, and financial services sectors. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but has continued to grow since 2010 on the strength of renewed exports. Growth in 2014 was slower at 2.9%, largely a result of soft demand for exports amid a sluggish global economy and weak growth in Singapore’s manufacturing sector. The government is attempting to restructure Singapore’s economy by weaning its dependence on foreign labor, addressing weak productivity, and increasing Singaporean wages. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and high-tech hub. Singapore is a member of the 12-nation Trans-Pacific Partnership free trade negotiations, the Regional Comprehensive Economic Partnership negotiations with the nine other ASEAN members plus Australia, China, India, Japan, South Korea and New Zealand, and in 2015, Singapore will form, with the other ASEAN members, the ASEAN Economic Community.
|
Source
: CIA |
|
REGISTRATION
NO. |
: |
52812669-E |
|
COMPANY
NAME |
: |
SHELL
EASTERN CHEMICALS (S) |
|
COMMENCEMENT
DATE |
: |
20/12/1995 |
|
REGISTRATION
DATE |
: |
20/12/1995 |
|
EXPIRY
DATE |
: |
20/12/2015 |
|
BUSINESS
CONSTITUTION |
: |
SOLE
PROPRIETORSHIP |
|
REGISTERED
ADDRESS |
: |
9,
NORTH BUONA VISTA DRIVE, 07-01, THE METROPOLIS, 138588, SINGAPORE. |
|
BUSINESS
ADDRESS |
: |
9,
NORTH BUONA VISTA DRIVE, 09-01, THE METROPOLIS TOWER 1, 138588, SINGAPORE. |
|
TEL.NO. |
: |
65-62353261/63848000 |
|
FAX.NO. |
: |
65-63848454 |
|
WEB
SITE |
: |
WWW.SHELL.COM.SG |
|
CONTACT
PERSON |
: |
DIANA
( STAFF ) |
|
PRINCIPAL
ACTIVITY |
: |
MANUFACTURER
AND MARKETER OF PETROCHEMICALS FOR INDUSTRIAL, AGRICULTURAL, AUTOMOTIVE AND PHARMACEUTICAL
APPLICATIONS |
|
STAFF
STRENGTH |
: |
1000
[2015] |
|
|
|
|
|
BANKER
(S) |
|
STANDARD
CHARTERED BANK |
|
|
|
|
|
LITIGATION |
: |
CLEAR |
|
PAYMENT |
: |
N/A |
|
MANAGEMENT
CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL
RISK |
: |
MODERATE |
|
CURRENCY
EXPOSURE |
: |
MODERATE |
|
GENERAL
REPUTATION |
: |
SATISFACTORY |
|
INDUSTRY
OUTLOOK |
: |
MATURE |
The
Subject commenced its business on 20/12/1995 as a SOLE PROPRIETORSHIP.
The Subject is a sole proprietorship, that
is, it has a single owner whose liabilities are unlimited. In case the Subject
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 Subject has to file in its information with Registrar of
Business but it is not required to file in its financial statements.
The Subject is principally engaged in the (as
a / as an) manufacturer and marketer of petrochemicals for industrial,
agricultural, automotive and pharmaceutical applications.
The
owner of the Subject are shown as follows :
Current
Shareholder(s) :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
SHELL
EASTERN TRADING (PTE) LTD |
9,
NORTH BUONA VISTA DRIVE, 07-01, THE METROPOLIS , 138588, SINGAPORE. |
198902087 |
100.00 |
100.00 |
|
--------------- |
------ |
|||
|
100.00 |
100.00 |
|||
|
============ |
===== |
+
Also Director
OWNER(S)
1
|
Name
Of Subject |
: |
SHELL
EASTERN TRADING (PTE) LTD |
|
Address |
: |
9,
NORTH BUONA VISTA DRIVE, 07-01, THE METROPOLIS, 138588, SINGAPORE. |
|
IC
/ PP No |
: |
198902087 |
|
Date
of Appointment |
: |
14/12/1995 |
|
Shareholding |
: |
100%
|
|
1)
|
Name
of Subject |
: |
DIANA |
|
Position |
: |
STAFF |
|
|
2)
|
Name
of Subject |
: |
O'DWYER
PAUL FRANCIS |
|
Position |
: |
MANAGER |
No Auditor found in our databank
Banking relations are maintained principally with :
|
1)
|
Name |
: |
STANDARD
CHARTERED BANK |
*
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.
|
SOURCES
OF RAW MATERIALS: |
||
|
Local |
: |
YES |
|
Overseas |
: |
YES |
|
Local |
: |
YES |
|||
|
Domestic
Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export
Market |
: |
ASIA
PACIFIC |
|||
|
Credit
Term |
: |
AS
AGREED |
|||
|
Payment
Mode |
: |
CHEQUES |
|||
|
Products
manufactured |
: |
|
|
|
Total
Number of Employees: |
|
||||||||
|
YEAR |
2015 |
2014 |
2013 |
2012 |
|||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
|||||
|
COMPANY |
1000 |
1,000 |
1,000 |
1,000 |
|||||
|
Branch |
: |
|
Other
Information:
The Subject is principally engaged in the (as a / as an) manufacturer and
marketer of petrochemicals for industrial, agricultural, automotive and pharmaceutical
applications.
Background of Shell:
Shell was established in Singapore more than a century ago in 1891. Since then,
Shell, which employs about 2000 staff, has become one of Singapore's largest
foreign investors. Assets held by Shell companies in Singapore in petroleum,
petrochemicals and other activities are in excess of us$6 billion. Total
petrochemicals investments alone amount to US$2.5 billion.
Shell's long-standing relationship with Singapore includes the setting up of
Singapore's first oil refinery for which the company was awarded "pioneer
certificate no. 1" by the Singapore government in 1961. On its centenary
in 1991, Shell received Singapore's first "distinguished partner in
progress" award in recognition of its contributions to Singapore. In
September 2000, Shell was awarded the prestigious one-time millennium trade
award in recognition of the company's significant contribution to the nation's
international trade development over the years.
Shell International Eastern Trading Company (SIETCO) handles the trading of
exports manufactured by the Bukom refinery and other oil products. SIETCO is a
vital link in Shell's global trading network and a major market player across
the whole of Asia Pacific.
The Subject's products and services:
* blowing agents
* chemicals: polyurethane
* chemicals: urethane
* elastomers
* epoxy resin diluents
* liquefied petroleum gas
* resins: epoxy
* solvents
Trade names/ brands:
* Caradol - Chemicals
* Cariflex - Chemicals
* Dutrex - Chemicals
* Epikure - Chemicals
* Epon - Chemicals
* Kraton - Chemicals
* Neodol - Detergents
* Shellflex - Process Oils
* Shellsol - Chemicals
* Styrocell - Chemicals
* Teepol - Detergents
The subject is also a member of following entities:
* Singapore Manufacturers' Federation
Latest
fresh investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
65
6384 8000 |
|
Current
Telephone Number |
: |
65-62353261/63848000 |
|
Match |
: |
YES |
|
Address
Provided by Client |
: |
THE
METROPOLIS TOWER 1, 9 NORTH BWNA VISTA DRIVE #07-01 SINGAPORE - 132588 |
|
Current
Address |
: |
9,
NORTH BUONA VISTA DRIVE, 09-01, THE METROPOLIS TOWER 1, 138588, SINGAPORE. |
|
Match |
: |
NO |
Other
Investigations
We contacted one of the staff from the Subject's registered office and
she provided some information.
The address provided belongs to the Subject's registered office.
|
We
are unable to comment on the Subject financial position as the Subject is not
required by the law to file its financial statement in the Registrar of
Business. |
||
|
Overall
financial condition of the Subject : N/A |
||
|
Major
Economic Indicators : |
2010 |
2011 |
2012 |
2013 |
2014 |
|
|
|||||
|
Population
(Million) |
5.08 |
5.18 |
5.31 |
5.40 |
5.47 |
|
Gross
Domestic Products ( % ) |
14.5 |
4.9 |
1.3 |
3.7 |
(3.5) |
|
Consumer
Price Index |
2.8 |
5.2 |
4.6 |
2.4 |
2.4 |
|
Total
Imports (Million) |
423,221.8 |
459,655.1 |
474,554.0 |
466,762.0 |
463,779.1 |
|
Total
Exports (Million) |
478,840.7 |
514,741.2 |
510,329.0 |
513,391.0 |
518,922.7 |
|
|
|||||
|
Unemployment
Rate (%) |
2.2 |
2.1 |
2.0 |
1.9 |
1.9 |
|
Tourist
Arrival (Million) |
11.64 |
13.17 |
14.49 |
15.46 |
15.01 |
|
Hotel
Occupancy Rate (%) |
85.6 |
86.5 |
86.4 |
86.3 |
85.5 |
|
Cellular
Phone Subscriber (Million) |
1.43 |
1.50 |
1.52 |
1.97 |
1.98 |
|
|
|||||
|
Registration
of New Companies (No.) |
29,798 |
32,317 |
31,892 |
37,288 |
41,589 |
|
Registration
of New Companies (%) |
12.8 |
8.5 |
(1.3) |
9.8 |
11.5 |
|
Liquidation
of Companies (No.) |
15,126 |
19,005 |
17,218 |
17,369 |
18,767 |
|
Liquidation
of Companies (%) |
(32.5) |
25.6 |
9.4 |
(5.3) |
8.0 |
|
|
|||||
|
Registration
of New Businesses (No.) |
23,978 |
23,494 |
24,788 |
22,893 |
35,773 |
|
Registration
of New Businesses (%) |
(10.78) |
2.02 |
5.51 |
1.70 |
56.30 |
|
Liquidation
of Businesses (No.) |
24,211 |
23,005 |
22,489 |
22,598 |
22,098 |
|
Liquidation
of Businesses (%) |
2.8 |
(5) |
(2.2) |
0.5 |
(2.2) |
|
|
|||||
|
Bankruptcy
Orders (No.) |
1,537 |
1,527 |
1,748 |
1,992 |
1,757 |
|
Bankruptcy
Orders (%) |
(25.3) |
(0.7) |
14.5 |
14.0 |
(11.8) |
|
Bankruptcy
Discharges (No.) |
2,252 |
1,391 |
1,881 |
2,584 |
3,546 |
|
Bankruptcy
Discharges (%) |
(26.3) |
(38.2) |
35.2 |
37.4 |
37.2 |
|
|
|||||
|
INDUSTRIES
( % of Growth ) : |
|||||
|
Agriculture |
|||||
|
Production
of Principal Crops |
(0.48) |
4.25 |
3.64 |
- |
|
|
Fish
Supply & Wholesale |
(10.5) |
12.10 |
(0.5) |
- |
2.80 |
|
|
|||||
|
Manufacturing
* |
92.8 |
100.0 |
100.3 |
102.0 |
|
|
Food,
Beverages & Tobacco |
96.4 |
100.0 |
103.5 |
103.5 |
105.0 |
|
Textiles |
122.1 |
100.0 |
104.0 |
87.1 |
74.9 |
|
Wearing
Apparel |
123.3 |
100.0 |
92.1 |
77.8 |
49.5 |
|
Leather
Products & Footwear |
81.8 |
100.0 |
98.6 |
109.8 |
95.9 |
|
Wood
& Wood Products |
104.0 |
100.0 |
95.5 |
107.4 |
112.0 |
|
Paper
& Paper Products |
106.1 |
100.0 |
97.4 |
103.2 |
103.4 |
|
Printing
& Media |
103.5 |
100.0 |
93.0 |
86.1 |
80.3 |
|
Crude
Oil Refineries |
95.6 |
100.0 |
99.4 |
93.5 |
85.6 |
|
Chemical
& Chemical Products |
97.6 |
100.0 |
100.5 |
104.1 |
114.0 |
|
Pharmaceutical
Products |
75.3 |
100.0 |
109.7 |
107.2 |
115.7 |
|
Rubber
& Plastic Products |
112.3 |
100.0 |
96.5 |
92.9 |
92.8 |
|
Non-metallic
Mineral |
92.5 |
100.0 |
98.2 |
97.6 |
82.2 |
|
Basic
Metals |
102.2 |
100.0 |
90.6 |
76.5 |
98.3 |
|
Fabricated
Metal Products |
103.6 |
100.0 |
104.3 |
105.1 |
105.1 |
|
Machinery
& Equipment |
78.5 |
100.0 |
112.9 |
114.5 |
124.0 |
|
Electrical
Machinery |
124.1 |
100.0 |
99.3 |
108.5 |
121.3 |
|
Electronic
Components |
113.6 |
100.0 |
90.6 |
94.3 |
95.0 |
|
Transport
Equipment |
94.0 |
100.0 |
106.3 |
107.5 |
103.2 |
|
|
|||||
|
Construction |
14.20 |
20.50 |
28.70 |
- |
22.00 |
|
Real
Estate |
21.3 |
25.4 |
31.9 |
- |
145.1 |
|
|
|||||
|
Services |
|||||
|
Electricity,
Gas & Water |
4.00 |
7.00 |
6.30 |
- |
|
|
Transport,
Storage & Communication |
12.80 |
7.40 |
5.30 |
- |
14.20 |
|
Finance
& Insurance |
(0.4) |
8.90 |
0.50 |
- |
6.00 |
|
Government
Services |
9.70 |
6.90 |
6.00 |
- |
|
|
Education
Services |
(0.9) |
(1.4) |
0.30 |
- |
5.98 |
|
|
|||||
|
*
Based on Index of Industrial Production (2011 = 100) |
|
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 |
|
Incorporated in 1995, the Subject is a Sole Proprietorship, focusing on manufacturer
and marketer of petrochemicals for industrial, agricultural, automotive and
pharmaceutical applications. 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.
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. Being a large entity, the Subject has a
steady workforce of 1000 personnel to support its business operations. Its
future prospects seem to be fairly good as its business operations are running
relatively stable. 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.
As the Subject is registered as a sole-proprietorship, its financial statement
are not available for analysis. As such, we are unable to ascertain the
Subject's financial health. The Subject's ability to meet its obligations is
very much dependent on the owner's financial strength.
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 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 recommend credit be granted to the Subject with close
monitoring.
No latest financial accounts are available at the Registry Office.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.01 |
|
UK Pound |
1 |
Rs.99.84 |
|
Euro |
1 |
Rs.70.16 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
VNT |
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.