|
Report No. : |
328884 |
|
Report Date : |
25.06.2015 |
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 – 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. 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] |
||||
|
||||||
|
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 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 |
|||
OPERATIONS
|
|
Products manufactured |
: |
|
|
|
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 |
||||||
|
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
|
|
|
|
|
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 |
|
|
|
============= |
============= |
============= |
============= |
|
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.63.66 |
|
|
1 |
Rs.100.50 |
|
Euro |
1 |
Rs.71.31 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.