MIPL-Logo

 

MIRA INFORM REPORT

 

 

Report No. :

332671

Report Date :

18.07.2015

 

IDENTIFICATION DETAILS

 

Name :

HUNTSMAN (SINGAPORE) PTE LTD

 

 

Registered Office :

150, Beach Road, 37-00, Gateway West, 189720

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

29.06.2000

 

 

Com. Reg. No.:

200005669-C

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacture of Chemical Products

 

 

No. of Employee :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

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 – 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

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

200005669-C

COMPANY NAME

:

HUNTSMAN (SINGAPORE) PTE LTD

FORMER NAME

:

N/A

INCORPORATION DATE

:

29/06/2000

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

150, BEACH ROAD, 37-00, GATEWAY WEST, 189720, SINGAPORE.

BUSINESS ADDRESS

:

150, BEACH ROAD, 37-00, GATEWAY WEST, 189720, SINGAPORE.

TEL.NO.

:

65-63900315

FAX.NO.

:

65-62963368

WEB SITE

:

WWW.HUNTSMAN.COM

CONTACT PERSON

:

PANG AI CHEE ( DIRECTOR )

PRINCIPAL ACTIVITY

:

MANUFACTURE OF CHEMICAL PRODUCTS

ISSUED AND PAID UP CAPITAL

:

12,630,230.00 ORDINARY SHARE, OF A VALUE OF SGD 12,630,230.00

SALES

:

USD 395,908,036 [2013]

NET WORTH

:

USD 31,297,572 [2013]

STAFF STRENGTH

:

N/A

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

LIMITED

PAYMENT

:

NO COMPLAINTS

MANAGEMENT CAPABILITY

:

WEAK

COMMERCIAL RISK

:

LOW

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) manufacture of chemical products.

The immediate holding company of the Subject is HUNTSMAN INVESTMENTS (NETHERLANDS) B.V., a company incorporated in NETHERLANDS.

Share Capital History

Date

Issue & Paid Up Capital

30/03/2015

SGD 12,630,230.00

 

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

 

Name

Address

IC/PP/Loc No

Shareholding

(%)

HUNTSMAN INVESTMENTS (NETHERLANDS) B.V.

MERSEYWEG, 10, 3197, KG BOTLEK, ROTTERDAM, NETHERLANDS.

S95UF0726G

12,630,230.00

100.00

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

------

12,630,230.00

100.00

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

=====

+ Also Director


DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

PANG AI CHEE

Address

:

51, HILLVIEW AVENUE, 04-06, HILLINGTON GREEN, 669565, SINGAPORE.

IC / PP No

:

S1346928H

Nationality

:

SINGAPOREAN

Date of Appointment

:

29/04/2002

 

DIRECTOR 2

 

Name Of Subject

:

PAUL GRAHAM HULME

Address

:

138, GRANGE ROAD, 04-02, PARKVIEW ECLAT, 249617, SINGAPORE.

IC / PP No

:

G6262999T

Nationality

:

BRITISH

Date of Appointment

:

18/09/2009

 

DIRECTOR 3

 

Name Of Subject

:

ALBERT ARTHUR MARIO DECELIS

Address

:

3, ANTHONY ROAD, ORCHARD SCOTTS, 229953, SINGAPORE.

IC / PP No

:

G5371111T

Nationality

:

AUSTRALIAN

Date of Appointment

:

06/09/2013

 

DIRECTOR 4

 

Name Of Subject

:

RICHARD JUSTIN JAMES PHILLIPSON

Address

:

2, VANDA AVENUE, ORCHID VILLAGE, 287941, SINGAPORE.

IC / PP No

:

G6288375N

Nationality

:

BRITISH

Date of Appointment

:

06/09/2013




MANAGEMENT

 

 

1)

Name of Subject

:

PANG AI CHEE

Position

:

DIRECTOR

 

 

AUDITOR

 

Auditor

:

DELOITTE & TOUCHE LLP

Auditor' Address

:

N/A

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

CHAN KOK CHYE

IC / PP No

:

S0165806I

Address

:

35, GOODMAN ROAD, 438998, SINGAPORE.

 

 

BANKING


No Banker found in our databank.

ENCUMBRANCE (S)


No encumbrance was found in our databank at the time of investigation.

 

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 :

OVERALL PAYMENT HABIT

Prompt 0-30 Days

[

]

Good 31-60 Days

[

X

]

Average 61-90 Days

[

]

Fair 91-120 Days

[

]

Poor >120 Days

[

]

 

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Export Market

:

WORLDWIDE

Credit Term

:

AS AGREED

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

OPERATIONS

 

Products manufactured

:

INKS, DYESTUFF, PIGMENTS

 

Total Number of Employees:

YEAR

2014

GROUP

N/A

COMPANY

1,000

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) manufacture of chemical products.

The Subject is a global manufacturer and marketer of differentiated chemicals.

Its Group manufactures products for a variety of global Industries, including chemicals, plastics, automotive, aviation, textiles, footwear, paints and coatings, construction, technology, agriculture, health care, detergent, personal care, furniture, appliances and packaging.


RECENT DEVELOPMENT


4th November 2014

Huntsman Inaugurates New India Subcontinent Headquarters in Mumbai.

CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-63900315

Match

:

N/A

Address Provided by Client

:

150, BEACH ROAD, 37-00, GATEWAY WEST,189720, SINGAPORE

Current Address

:

150, BEACH ROAD, 37-00, GATEWAY WEST, 189720, SINGAPORE.

Match

:

YES

 

Other Investigations


On 26th March 2015 we contacted one of the staff from the Subject and she provided some information.

The Subject refused to disclose its number of employees and bankers.


FINANCIAL ANALYSIS

 

Profitability

Turnover

:

Increased

[

2009 - 2013

]

Profit/(Loss) Before Tax

:

Decreased

[

2009 - 2013

]

Return on Shareholder Funds

:

Unfavourable

[

(0.26%)

]

Return on Net Assets

:

Unfavourable

[

2.96%

]

The Subject's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.The management had succeeded in turning the Subject into a profit making company. The profit could be due to better control of its operating costs and efficiency in utilising its resources. 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

:

Acceptable

[

64 Days

]

Debtor Ratio

:

Favourable

[

53 Days

]

Creditors Ratio

:

Favourable

[

4 Days

]

The Subject kept adequate stocks to meet its normal business transactions without incurring excessive storage costs. 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

[

0.64 Times

]

Current Ratio

:

Unfavourable

[

1.15 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

[

1.04 Times

]

Gearing Ratio

:

Favourable

[

0.00 Times

]

The Subject's interest cover was low. If its profits fall or when interest rate rises, it  may not be able to meet all its interest payment. 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 higher turnover had helped to reduce the Subject's losses. 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. If there is a fall in the Subject's profit or any increase in interest rate, the Subject may not be able to generate sufficient cash-flow to service its interest. 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

 

 

 

 

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 2000, the Subject is a Private Limited company, focusing on manufacture of chemical 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. With an issued and paid up capital of SGD 12,630,230 and strong backing from its holding company, the Subject enjoys timely financial assistance should the needs arise. These favourable conditions has minimised its risk in the industry compared to other players.

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. Overall, we regard that the Subject's management capability is weak. Without capable management, the Subject is unlikely to be successful and often contribute to unacceptable levels of accountability. Weak management can affect productivity, profitability, sales growth and ultimately can result in the failure of a business.

We noted that both the turnover and profits have increased compared to the previous year. The higher profit could be due to increase in turnover and better control over its operating costs. 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. Being a zero geared company, the Subject virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. Given a positive net worth standing at USD 31,297,572, the Subject should be able to maintain its business in the near terms.

Having a strong assets backing, the Subject possesses latent assets as collateral for further financial extension. Hence, it has good chance of getting loans if the needs arises. 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.

Overall, the Subject's payment habit is good as the Subject has a good credit control and it could be taking advantage of the cash discounts while maintaining a good reputation with its creditors.

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.

Based on the above condition, we recommend credit be granted to the Subject normally.



PROFIT AND LOSS ACCOUNT

 

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

HUNTSMAN (SINGAPORE) PTE LTD

 

Financial Year End

2013-12-31

2012-12-31

2011-12-31

2010-12-31

2009-12-31

Months

12

12

12

12

12

Consolidated Account

Company

Company

Company

Company

Company

Audited Account

YES

YES

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

YES

YES

Financial Type

FULL

FULL

FULL

FULL

SUMMARY

Currency

USD

USD

USD

USD

SGD

TURNOVER

395,908,036

340,098,424

339,605,269

357,345,299

314,281,361

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

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

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

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

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

Total Turnover

395,908,036

340,098,424

339,605,269

357,345,299

314,281,361

Costs of Goods Sold

(341,562,332)

(294,085,315)

(291,237,011)

(310,447,026)

-

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

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

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

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

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

Gross Profit

54,345,704

46,013,109

48,368,258

46,898,273

-

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

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

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

58,947

(3,495,281)

2,665,020

17,140,917

-

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

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

58,947

(3,495,281)

2,665,020

17,140,917

-

Taxation

(140,000)

688,881

(454,383)

322,676

-

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

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

(81,053)

(2,806,400)

2,210,637

17,463,593

-

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

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

23,470,039

26,276,439

24,065,802

6,602,209

5,733,181

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

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

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

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

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

As restated

23,470,039

26,276,439

24,065,802

6,602,209

5,733,181

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

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

23,388,986

23,470,039

26,276,439

24,065,802

5,733,181

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

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

23,388,986

23,470,039

26,276,439

24,065,802

5,733,181

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

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

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

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

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

INTEREST EXPENSE (as per notes to P&L)

Others

1,586,908

1,283,947

1,236,698

-

-

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

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

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

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

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

1,586,908

1,283,947

1,236,698

-

-

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

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

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

 

 

BALANCE SHEET

 

HUNTSMAN (SINGAPORE) PTE LTD

 

ASSETS EMPLOYED:

FIXED ASSETS

35,161,115

36,848,089

38,405,953

35,444,073

45,937,727

Deferred assets

80,291

220,291

-

949,000

-

Others

159,239

159,239

159,239

159,239

-

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

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

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

239,530

379,530

159,239

1,108,239

-

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

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

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

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

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

TOTAL LONG TERM ASSETS

35,400,645

37,227,619

38,565,192

36,552,312

45,937,727

Stocks

69,020,506

57,454,922

63,429,576

60,497,327

-

Trade debtors

57,273,351

48,058,355

42,254,035

51,374,138

-

Other debtors, deposits & prepayments

1,151,494

1,229,757

1,344,282

1,572,040

-

Amount due from related companies

27,560,381

22,476,200

15,165,572

23,511,740

-

Cash & bank balances

688,728

1,614,494

1,747,655

1,118,261

-

Others

324,557

331,286

461,667

-

-

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

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

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

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

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

TOTAL CURRENT ASSETS

156,019,017

131,165,014

124,402,787

138,073,506

126,788,753

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

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

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

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

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

TOTAL ASSET

191,419,662

168,392,633

162,967,979

174,625,818

172,726,480

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

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

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

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

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

CURRENT LIABILITIES

Trade creditors

3,743,686

1,423,568

89,585,845

104,962,599

-

Other creditors & accruals

15,887,035

15,481,786

10,906,461

10,128,783

-

Amounts owing to related companies

116,190,480

95,580,840

4,173,728

2,872,298

-

Provision for taxation

-

-

-

574,739

-

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

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

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

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

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

TOTAL CURRENT LIABILITIES

135,821,201

112,486,194

104,666,034

118,538,419

124,460,616

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

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

20,197,816

18,678,820

19,736,753

19,535,087

2,328,137

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

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

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

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

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

TOTAL NET ASSETS

55,598,461

55,906,439

58,301,945

56,087,399

48,265,864

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

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

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

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

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

SHARE CAPITAL

Ordinary share capital

7,908,586

7,908,586

7,908,586

7,908,586

12,630,230

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

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

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

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

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

TOTAL SHARE CAPITAL

7,908,586

7,908,586

7,908,586

7,908,586

12,630,230

Retained profit/(loss) carried forward

23,388,986

23,470,039

26,276,439

24,065,802

5,733,181

Others

-

-

-

-

0

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

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

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

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

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

TOTAL RESERVES

23,388,986

23,470,039

26,276,439

24,065,802

5,733,181

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

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

31,297,572

31,378,625

34,185,025

31,974,388

18,363,411

Retirement benefits provision

32,723

59,970

30,643

22,861

-

Others

24,268,166

24,467,844

24,086,277

24,090,150

-

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

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

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

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

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

TOTAL LONG TERM LIABILITIES

24,300,889

24,527,814

24,116,920

24,113,011

29,902,453

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

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

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

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

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

55,598,461

55,906,439

58,301,945

56,087,399

48,265,864

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

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

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

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

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

 

 

FINANCIAL RATIO

 

HUNTSMAN (SINGAPORE) PTE LTD

 

TYPES OF FUNDS

Cash

688,728

1,614,494

1,747,655

1,118,261

-

Net Liquid Funds

688,728

1,614,494

1,747,655

1,118,261

-

Net Liquid Assets

(48,822,690)

(38,776,102)

(43,692,823)

(40,962,240)

2,328,137

Net Current Assets/(Liabilities)

20,197,816

18,678,820

19,736,753

19,535,087

2,328,137

Net Tangible Assets

55,598,461

55,906,439

58,301,945

56,087,399

48,265,864

Net Monetary Assets

(73,123,579)

(63,303,916)

(67,809,743)

(65,075,251)

(27,574,316)

BALANCE SHEET ITEMS

Total Borrowings

0

0

0

0

-

Total Liabilities

160,122,090

137,014,008

128,782,954

142,651,430

154,363,069

Total Assets

191,419,662

168,392,633

162,967,979

174,625,818

172,726,480

Net Assets

55,598,461

55,906,439

58,301,945

56,087,399

48,265,864

Net Assets Backing

31,297,572

31,378,625

34,185,025

31,974,388

18,363,411

Shareholders' Funds

31,297,572

31,378,625

34,185,025

31,974,388

18,363,411

Total Share Capital

7,908,586

7,908,586

7,908,586

7,908,586

12,630,230

Total Reserves

23,388,986

23,470,039

26,276,439

24,065,802

5,733,181

LIQUIDITY (Times)

Cash Ratio

0.01

0.01

0.02

0.01

-

Liquid Ratio

0.64

0.66

0.58

0.65

-

Current Ratio

1.15

1.17

1.19

1.16

1.02

WORKING CAPITAL CONTROL (Days)

Stock Ratio

64

62

68

62

-

Debtors Ratio

53

52

45

52

-

Creditors Ratio

4

2

112

123

-

SOLVENCY RATIOS (Times)

Gearing Ratio

0.00

0.00

0.00

0.00

-

Liabilities Ratio

5.12

4.37

3.77

4.46

8.41

Times Interest Earned Ratio

1.04

(1.72)

3.15

0.00

-

Assets Backing Ratio

7.03

7.07

7.37

7.09

3.82

PERFORMANCE RATIO (%)

Operating Profit Margin

0.01

(1.03)

0.78

4.80

-

Net Profit Margin

(0.02)

(0.83)

0.65

4.89

-

Return On Net Assets

2.96

(3.96)

6.69

30.56

-

Return On Capital Employed

2.96

(3.96)

6.69

30.56

-

Return On Shareholders' Funds/Equity

(0.26)

(8.94)

6.47

54.62

-

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.63.49

UK Pound

1

Rs.99.43

Euro

1

Rs.69.14

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

ASH

 

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.