|
Report No. : |
322471 |
|
Report Date : |
18.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
ASIA POLYURETHANE MFG PTE LTD |
|
|
|
|
Registered Office : |
22, TUAS CRESCENT, 638716 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
07.03.1985 |
|
|
|
|
Com. Reg. No.: |
198500541-K |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Subject is manufacture of petrochemical products |
|
|
|
|
No. of Employee : |
30 [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 : |
Slow but correct |
|
|
|
|
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. Unemployment is very low. 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. Growth in 2014 was slower at 13.9%, 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. Singapore is a member of the 12-nation Trans-Pacific Partnership free trade agreement negotiations and, with the nine other ASEAN members, will form the ASEAN Economic Community in 2015.
|
Source
: CIA |
EXECUTIVE SUMMARY
|
|
REGISTRATION NO. |
: |
198500541-K |
||||
|
COMPANY NAME |
: |
ASIA POLYURETHANE MFG PTE LTD |
||||
|
FORMER NAME |
: |
HAGER & KASSNER (ASIA) MFG PTE LTD (03/03/1988) |
||||
|
INCORPORATION DATE |
: |
07/03/1985 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
22, TUAS CRESCENT, 638716, SINGAPORE. |
||||
|
BUSINESS ADDRESS |
: |
22, TUAS CRESCENT, 638716, SINGAPORE. |
||||
|
TEL.NO. |
: |
65-68616688 |
||||
|
FAX.NO. |
: |
65-68612277 |
||||
|
WEB SITE |
: |
WWW.APU.COM.SG |
||||
|
CONTACT PERSON |
: |
LIM ING PO (LIAN PO) @ DIAN ANISAH SALIM @ LIM CHAI HOON ( MANAGING
DIRECTOR ) |
||||
|
PRINCIPAL ACTIVITY |
: |
MANUFACTURE OF PETROCHEMICAL PRODUCTS |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
3,550,000.00 ORDINARY SHARE, OF A VALUE OF SGD 3,550,000.00 |
||||
|
SALES |
: |
SGD 35,699,120 [2013] |
||||
|
NET WORTH |
: |
SGD 4,399,420 [2013] |
||||
|
STAFF STRENGTH |
: |
30 [2015] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
LIMITED |
||||
|
PAYMENT |
: |
FAIR |
||||
|
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) manufacture of petrochemical
products.
The immediate
holding company of the Subject is TAN & LIM INVESTMENTPTE. LTD., a company
incorporated in SINGAPORE.
Share Capital
History
|
Date |
Issue & Paid
Up Capital |
|
05/03/2015 |
SGD 3,550,000.00
|
The major shareholder(s)
of the Subject are shown as follows :
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
TAN & LIM
INVESTMENTPTE. LTD. |
22, TUAS
CRESCENT, 638716, SINGAPORE. |
200509685G |
3,550,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
3,550,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
ERMAN TANDJUNG @
TAN ENG MENG @ TAN AIK BENG |
|
Address |
: |
2, ONTARIO
AVENUE, 576208, SINGAPORE. |
|
IC / PP No |
: |
S2187181H |
|
Nationality |
: |
SINGAPOREAN |
|
Date of
Appointment |
: |
29/12/2004 |
DIRECTOR 2
|
Name Of Subject |
: |
LIM ING PO (LIAN
PO) @ DIAN ANISAH SALIM @ LIM CHAI HOON |
|
Address |
: |
14A, BUTTERFLY
AVENUE, 1334, SINGAPORE. |
|
IC / PP No |
: |
S2175908B |
|
Nationality |
: |
SINGAPOREAN |
|
Date of
Appointment |
: |
02/12/1986 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
LIM ING PO (LIAN
PO) @ DIAN ANISAH SALIM @ LIM CHAI HOON |
|
Position |
: |
MANAGING
DIRECTOR |
|
AUDITOR
|
|
Auditor |
: |
RSM CHIO LIM LLP |
|
Auditor' Address |
: |
N/A |
COMPANY SECRETARIES
|
|
1) |
Company
Secretary |
: |
ERMAN TANDJUNG @
TAN ENG MENG @ TAN AIK BENG |
|
IC / PP No |
: |
S2187181H |
|
|
Address |
: |
2, ONTARIO
AVENUE, 576208, SINGAPORE. |
|
BANKING
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
OVERSEA-CHINESE
BANKING CORPORATION LTD |
|
2) |
Name |
: |
STANDARD
CHARTERED BANK |
|
3) |
Name |
: |
UNITED OVERSEAS
BANK LIMITED |
ENCUMBRANCE (S)
|
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
C200404729 |
24/09/2004 |
N/A |
UNITED OVERSEAS
BANK LTD |
- |
Unsatisfied |
|
C200405497 |
04/11/2004 |
N/A |
OVERSEA-CHINESE
BANKING CORPORATION LTD |
- |
Unsatisfied |
|
C200501280 |
01/03/2005 |
N/A |
UNITED OVERSEAS
BANK LTD |
- |
Unsatisfied |
|
C201111186 |
08/09/2011 |
N/A |
UNITED OVERSEAS
BANK LIMITED |
- |
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 :
|
OVERALL PAYMENT
HABIT |
||||||||||||||
|
Prompt 0-30 Days |
[ |
] |
Good 31-60 Days |
[ |
] |
Average 61-90
Days |
[ |
] |
||||||
|
Fair 91-120 Days |
[ |
X |
] |
Poor >120
Days |
[ |
] |
||||||||
CLIENTELE
|
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
WORLDWIDE |
|||
|
Credit Term |
: |
AS AGREED |
|||
|
Payment Mode |
: |
TELEGRAPHIC
TRANSFER (TT) |
|||
OPERATIONS
|
|
Products
manufactured |
: |
|
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2015 |
2013 |
2012 |
2011 |
|||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
|||||
|
COMPANY |
30 |
30 |
30 |
30 |
|||||
|
Branch |
: |
|
Other Information:
The Subject is principally engaged in the (as a / as an) manufacture of
petrochemical products.
The Subject's products are as follows:
* Rigid foam
* Integral skin foam
* Flexible foam
* Structural foam
* Viscoelastic foam
* Polyurea
* Case
* Mould release
* Slab stock & base polyol
* General chemical
- Acetone
- Butyl carbonate
- Carbon tetrachloride
- Castor oil
- Cyclohexanone
- Diethylene glycol
- Dioctylphthalate
- Glycerine
- Hexylene glycol
- Methylene chloride
- Monoethanol amine
- Monoethylene glycol
- Paraffin wax
- Perchloroethylene
- Polyethylene glycol 400
- Propylene glycol
- Tetrahydrofuran
- Triethanol amine
- Triethyl amine
- Triethylene glycol
- White oil (cosmetic grade)
The industries served:
* Building industry
* Food industry
* Automotive industries
* Furnitures industries
* Toys industries
The Subject's philosophy is providing excellent quality, service, fair and
competitive pricing.
The Subject strives to reduce cost of customers’ operations through the supply
of systems that enhance productivity and improve on the properties of the
polyurethane system.
CURRENT INVESTIGATION
|
Latest fresh
investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-68616688 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
22, TUAS CRESCENT,638716,SINGAPORE |
|
Current Address |
: |
22, TUAS CRESCENT, 638716, SINGAPORE. |
|
Match |
: |
YES |
Other Investigations
On 14th May 2015 we contacted one of the staff from the Subject and she
provided some information on the Subject.
FINANCIAL ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2009 - 2013 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2009 - 2013 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
1.05% |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
7.77% |
] |
|
|
The fluctuating turnover reflects the fierce competition among the existing
and new market players.The higher profit could be attributed to the increase
in turnover. The unfavourable return on shareholders' funds could indicate
that the Subject was inefficient in utilising its assets to generate returns. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Favourable |
[ |
54 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
67 Days |
] |
|
|
Creditors Ratio |
: |
Unfavourable |
[ |
69 Days |
] |
|
|
The Subject's stocks were moving fast thus reducing its holding cost.
This had reduced funds being tied up in stocks. The high debtors' ratio could
indicate that the Subject was weak in its credit control. However, the
Subject could also giving longer credit periods to its customers in order to
boost its sales or to capture / retain its market share. The unfavourable
creditors' ratio could be due to the Subject taking advantage of the credit
granted by its suppliers. However this may affect the goodwill between the
Subject and its suppliers and the Subject may inadvertently have to pay more
for its future supplies. |
||||||
|
Liquidity |
||||||
|
Liquid Ratio |
: |
Acceptable |
[ |
0.85 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.36 Times |
] |
|
|
The Subject's liquid ratio was slightly low. This could indicate that
the Subject's working capital was slightly deficient. The Subject will have to
improve its liquidity position either by obtaining short term financing or
increase its paid up capital so that it can meet all its short term
obligations as and when they fall due. |
||||||
|
Solvency |
||||||
|
Interest Cover |
: |
Acceptable |
[ |
3.56 Times |
] |
|
|
Gearing Ratio |
: |
Acceptable |
[ |
0.89 Times |
] |
|
|
The Subject's interest cover was slightly low. If there is no sharp
fall in its profit or sudden increase in the interest rates, we believe the Subject
is able to generate sufficient income to service its interest and repay the
loans. The Subject's gearing was slightly high. The Subject is utilising the
leverage concept to fund its expansion. However, the high gearing has added
financial risks to the Subject. It will be more vulnerable in times of
economy downturn. |
||||||
|
Overall Assessment : |
||||||
|
Although the turnover was erratic, the Subject had maintained a steady
growth in its profit. This indicate the management's efficiency in
controlling its costs and profitability. The Subject's liquidity was at an
acceptable range. If the Subject is able to obtain further short term
financing, it should be able to meet all its short term obligations. The
Subject had an acceptable interest cover. If there is no sudden sharp
increase in interest rate or fall in the Subject's profit, we do believe the
Subject is able to generate sufficient cash flow to service its interest
payment. The Subject's gearing was slightly high and its financial risk was
also high. If no plans are made to reduce its gearing, the Subject's
performance may deteriorate in the coming year. |
||||||
|
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 |
|
PROFIT
AND LOSS ACCOUNT
|
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING
STANDARDS. |
|
ASIA
POLYURETHANE MFG 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 |
FULL |
|
Currency |
SGD |
SGD |
SGD |
SGD |
SGD |
|
TURNOVER |
35,699,120 |
34,325,976 |
34,767,522 |
28,213,506 |
28,440,610 |
|
Other Income |
65,549 |
86,161 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
35,764,669 |
34,412,137 |
34,767,522 |
28,213,506 |
28,440,610 |
|
Costs of Goods Sold |
(30,709,779) |
(30,196,955) |
(31,105,982) |
(24,856,920) |
(23,406,035) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
5,054,890 |
4,215,182 |
3,661,540 |
3,356,586 |
5,034,575 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
246,088 |
46,675 |
(577,423) |
(310,369) |
905,665 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
246,088 |
46,675 |
(577,423) |
(310,369) |
905,665 |
|
Taxation |
(200,000) |
329,000 |
(7,624) |
6,024 |
(136,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
46,088 |
375,675 |
(585,047) |
(304,345) |
769,665 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
303,332 |
(72,343) |
512,704 |
1,317,049 |
689,384 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
303,332 |
(72,343) |
512,704 |
1,317,049 |
689,384 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
349,420 |
303,332 |
(72,343) |
1,012,704 |
1,459,049 |
|
DIVIDENDS - Ordinary (paid & proposed) |
- |
- |
- |
(500,000) |
(142,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
349,420 |
303,332 |
(72,343) |
512,704 |
1,317,049 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Others |
95,958 |
95,428 |
123,242 |
135,514 |
90,007 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
95,958 |
95,428 |
123,242 |
135,514 |
90,007 |
|
|
============= |
============= |
============= |
============= |
============= |
|
BALANCE
SHEET
|
|
ASIA POLYURETHANE
MFG PTE LTD |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
529,674 |
644,544 |
494,816 |
631,464 |
770,561 |
|
Deferred assets |
112,000 |
312,000 |
- |
- |
- |
|
Others |
31,500 |
31,500 |
31,500 |
31,500 |
31,500 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
143,500 |
343,500 |
31,500 |
31,500 |
31,500 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
673,174 |
988,044 |
526,316 |
662,964 |
802,061 |
|
Stocks |
5,280,428 |
5,354,570 |
5,480,509 |
3,441,243 |
2,871,453 |
|
Trade debtors |
6,522,042 |
4,965,877 |
4,817,998 |
3,943,110 |
3,815,063 |
|
Other debtors, deposits & prepayments |
62,523 |
128,282 |
223,998 |
124,201 |
36,826 |
|
Amount due from related companies |
43,972 |
- |
- |
60,171 |
- |
|
Amount due from director |
- |
- |
- |
225 |
- |
|
Cash & bank balances |
1,160,081 |
884,104 |
1,453,202 |
2,542,942 |
2,584,774 |
|
Others |
1,004,728 |
904,465 |
929,122 |
641,500 |
702,500 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
14,073,774 |
12,237,298 |
12,904,829 |
10,753,392 |
10,010,616 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
14,746,948 |
13,225,342 |
13,431,145 |
11,416,356 |
10,812,677 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
5,773,604 |
3,305,826 |
4,305,524 |
5,140,264 |
2,737,372 |
|
Other creditors & accruals |
- |
10,000 |
553,262 |
133,271 |
183,565 |
|
Bank overdraft |
- |
93,775 |
698,092 |
- |
131,009 |
|
Short term borrowings/Term loans |
500,000 |
634,276 |
762,224 |
1,410,997 |
2,180,642 |
|
Other borrowings |
3,421,442 |
4,128,178 |
3,017,570 |
- |
- |
|
Amounts owing to related companies |
202,482 |
199,586 |
116,816 |
109,992 |
68,304 |
|
Provision for taxation |
- |
- |
- |
59,128 |
144,736 |
|
Other liabilities |
450,000 |
500,369 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
10,347,528 |
8,872,010 |
9,453,488 |
6,853,652 |
5,445,628 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
3,726,246 |
3,365,288 |
3,451,341 |
3,899,740 |
4,564,988 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
4,399,420 |
4,353,332 |
3,977,657 |
4,562,704 |
5,367,049 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
3,550,000 |
3,550,000 |
3,550,000 |
3,550,000 |
3,550,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
3,550,000 |
3,550,000 |
3,550,000 |
3,550,000 |
3,550,000 |
|
Retained profit/(loss) carried forward |
349,420 |
303,332 |
(72,343) |
512,704 |
1,317,049 |
|
Others |
500,000 |
500,000 |
500,000 |
500,000 |
500,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
849,420 |
803,332 |
427,657 |
1,012,704 |
1,817,049 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
4,399,420 |
4,353,332 |
3,977,657 |
4,562,704 |
5,367,049 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
4,399,420 |
4,353,332 |
3,977,657 |
4,562,704 |
5,367,049 |
|
|
============= |
============= |
============= |
============= |
============= |
|
FINANCIAL
RATIO
|
|
ASIA
POLYURETHANE MFG PTE LTD |
|
TYPES OF FUNDS |
|||||
|
Cash |
1,160,081 |
884,104 |
1,453,202 |
2,542,942 |
2,584,774 |
|
Net Liquid Funds |
1,160,081 |
790,329 |
755,110 |
2,542,942 |
2,453,765 |
|
Net Liquid Assets |
(1,554,182) |
(1,989,282) |
(2,029,168) |
458,497 |
1,693,535 |
|
Net Current Assets/(Liabilities) |
3,726,246 |
3,365,288 |
3,451,341 |
3,899,740 |
4,564,988 |
|
Net Tangible Assets |
4,399,420 |
4,353,332 |
3,977,657 |
4,562,704 |
5,367,049 |
|
Net Monetary Assets |
(1,554,182) |
(1,989,282) |
(2,029,168) |
458,497 |
1,693,535 |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
3,921,442 |
4,856,229 |
4,477,886 |
1,410,997 |
2,311,651 |
|
Total Liabilities |
10,347,528 |
8,872,010 |
9,453,488 |
6,853,652 |
5,445,628 |
|
Total Assets |
14,746,948 |
13,225,342 |
13,431,145 |
11,416,356 |
10,812,677 |
|
Net Assets |
4,399,420 |
4,353,332 |
3,977,657 |
4,562,704 |
5,367,049 |
|
Net Assets Backing |
4,399,420 |
4,353,332 |
3,977,657 |
4,562,704 |
5,367,049 |
|
Shareholders' Funds |
4,399,420 |
4,353,332 |
3,977,657 |
4,562,704 |
5,367,049 |
|
Total Share Capital |
3,550,000 |
3,550,000 |
3,550,000 |
3,550,000 |
3,550,000 |
|
Total Reserves |
849,420 |
803,332 |
427,657 |
1,012,704 |
1,817,049 |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.11 |
0.10 |
0.15 |
0.37 |
0.47 |
|
Liquid Ratio |
0.85 |
0.78 |
0.79 |
1.07 |
1.31 |
|
Current Ratio |
1.36 |
1.38 |
1.37 |
1.57 |
1.84 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
54 |
57 |
58 |
45 |
37 |
|
Debtors Ratio |
67 |
53 |
51 |
51 |
49 |
|
Creditors Ratio |
69 |
40 |
51 |
75 |
43 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
0.89 |
1.12 |
1.13 |
0.31 |
0.43 |
|
Liabilities Ratio |
2.35 |
2.04 |
2.38 |
1.50 |
1.01 |
|
Times Interest Earned Ratio |
3.56 |
1.49 |
(3.69) |
(1.29) |
11.06 |
|
Assets Backing Ratio |
1.24 |
1.23 |
1.12 |
1.29 |
1.51 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
0.69 |
0.14 |
(1.66) |
(1.10) |
3.18 |
|
Net Profit Margin |
0.13 |
1.09 |
(1.68) |
(1.08) |
2.71 |
|
Return On Net Assets |
7.77 |
3.26 |
(11.42) |
(3.83) |
18.55 |
|
Return On Capital Employed |
7.77 |
3.20 |
(9.71) |
(3.83) |
18.11 |
|
Return On Shareholders' Funds/Equity |
1.05 |
8.63 |
(14.71) |
(6.67) |
14.34 |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.00 |
0.00 |
1.64 |
0.18 |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.58 |
|
|
1 |
Rs.100.30 |
|
Euro |
1 |
Rs.72.38 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.