|
Report No. : |
350360 |
|
Report Date : |
21.11.2015 |
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) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
24.04.1980 |
|
|
|
|
Com. Reg. No.: |
198001367-K |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Subject is engaged in the manufacturing of high density polyethylene
(hdpe). |
|
|
|
|
No. of Employees : |
140 [2015] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
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 – 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. |
: |
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 |
: |
ROBERT ALLEN RHOADES ( MANAGING 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 286,268,144.00 |
||||
|
SALES |
: |
SGD 760,574,000 [2014] |
||||
|
NET WORTH |
: |
SGD 70,992,000 [2014] |
||||
|
STAFF STRENGTH |
: |
140 [2015] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
FAIR |
||||
|
PAYMENT |
: |
AVERAGE |
||||
|
MANAGEMENT CAPABILITY |
: |
GOOD |
||||
|
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 |
|
18/11/2015 |
SGD 286,268,144.00 |
The major shareholder(s) of the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
CHEVRON PHILLIPS CHEMICAL INTERNATIONAL HOLDINGS |
1209, ORANGE STREET, CORPORATE TRUST CENTER, WILMINGTON, DELAWARE |
S80UF0388 |
141,428,572.00 |
50.00 |
|
EDB INVESTMENTS PTE LTD |
250, NORTH BRIDGE ROAD, 20-03, RAFFLES CITY TOWER |
199102957K |
84,857,143.00 |
30.00 |
|
SUMITOMO CHEMICAL COMPANY, LIMITED |
27-1, SHINKAWA 2-CHOME, CHUO-KU, TOKYO |
S80UF0203 |
56,571,429.00 |
20.00 |
|
--------------- |
------ |
|||
|
282,857,144.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
DIRECTORS
|
DIRECTOR 1
|
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 2
|
Name Of Subject |
: |
DAVID EVAN MORGAN |
|
Address |
: |
10001, SIX PINES DRIVE, THE WOODLANDS, TEXAS, 77380, UNITED STATES. |
|
IC / PP No |
: |
466063325 |
|
Nationality |
: |
AMERICAN |
|
Date of Appointment |
: |
01/08/2015 |
DIRECTOR 3
|
Name Of Subject |
: |
KAZUYUKI SAITO |
|
Address |
: |
2, MARINA BOULEVARD, 43-08, SAIL @ THE MARINA BAY, 018987, SINGAPORE. |
|
IC / PP No |
: |
G5680829P |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
31/10/2011 |
DIRECTOR 4
|
Name Of Subject |
: |
NICHOLAS SPENCER |
|
Address |
: |
9, ARDMORE PARK, 14-01, ARDMORE PARK, 259955, SINGAPORE. |
|
IC / PP No |
: |
G3167132P |
|
Nationality |
: |
AMERICAN |
|
Date of Appointment |
: |
01/07/2015 |
|
Remark |
: |
ALTERNATE DIRECTOR TO ROBERT ALLEN RHOADES |
DIRECTOR 5
|
Name Of Subject |
: |
JAMES LUTHER TARUM |
|
Address |
: |
11, ARDMORE PARK, 12-02, ARDMORE PARK, 259957, SINGAPORE. |
|
IC / PP No |
: |
G3184713W |
|
Nationality |
: |
AMERICAN |
|
Date of Appointment |
: |
01/09/2015 |
|
Remark |
: |
ALTERNATE DIRECTOR TO DAVID EVAN MORGAN |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
ROBERT ALLEN RHOADES |
|
Position |
: |
MANAGING DIRECTOR |
|
AUDITOR
|
|
Auditor |
: |
ERNST & YOUNG LLP |
|
Auditor' Address |
: |
N/A |
COMPANY
SECRETARIES
|
|
1) |
Company Secretary |
: |
LEONG YUKE CHUN |
|
IC / PP No |
: |
S0153670B |
|
|
Address |
: |
310, SERANGOON AVENUE 2, 03-170, 550310, SINGAPORE. |
|
BANKING
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
ENCUMBRANCE
(S)
|
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
C201005044 |
17/06/2010 |
N/A |
THE HONG KONG AND SHANGHAI BANKING CORPORATION LIMITED |
USD 80,000,000.00 |
Unsatisfied |
|
C201005045 |
17/06/2010 |
N/A |
THE HONG KONG AND SHANGHAI BANKING CORPORATION LIMITED |
USD 80,000,000.00 |
Unsatisfied |
|
C201005049 |
17/06/2010 |
N/A |
THE HONG KONG AND SHANGHAI BANKING CORPORATION LIMITED |
USD 80,000,000.00 |
Unsatisfied |
|
C201115291 |
05/12/2011 |
N/A |
THE HONG KONG AND SHANGHAI BANKING CORPORATION LIMITED |
USD 80,000,000.00 |
Unsatisfied |
|
C201405776 |
10/06/2014 |
N/A |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
USD 76,000,000.00 |
Unsatisfied |
|
C201405778 |
10/06/2014 |
N/A |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
USD 76,000,000.00 |
Unsatisfied |
|
C201405780 |
10/06/2014 |
N/A |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
USD 76,000,000.00 |
Unsatisfied |
LITIGATION
CHECK AGAINST SUBJECT
|
* A check has been conducted in our databank againt the Subject whether the
subject has been involved in any litigation.
No legal action was found in our databank.
No winding up petition was found in our databank.
PAYMENT
RECORD
|
|
||
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
YES |
|
Overseas |
: |
YES |
The Subject refused to provide any name of trade/service supplier and we are unable
to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL PAYMENT HABIT |
||||||||||||||
|
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 |
: |
N/A |
|
Current Telephone Number |
: |
65-65173186 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
5 TEMASEK BOULEVARD, 05-01, SUNTEC TOWER 5,,038985 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 |
: |
Increased |
[ |
2010 - 2014 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2010 - 2014 |
] |
|
|
Return on Shareholder Funds |
: |
Favourable |
[ |
37.96% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
27.77% |
] |
|
|
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. Generally the Subject was profitable.
The favourable return on shareholders' funds and return on net assets
indicate that the Subject's management was efficient in utilising the assets
to generate returns. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Favourable |
[ |
22 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
35 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
21 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 |
[ |
0.70 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.01 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 |
: |
Acceptable |
[ |
8.83 Times |
] |
|
|
Gearing Ratio |
: |
Unfavourable |
[ |
1.72 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 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 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. 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
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 : FAIR |
||||||
|
|
||||||
SINGAPORE
ECONOMIC / INDUSTRY OUTLOOK
|
|
Major Economic Indicators : |
2010 |
2011 |
2012 |
2013 |
2014 |
|
|
|||||
|
Population (Million) |
5.08 |
5.18 |
5.31 |
5.40 |
5.47 |
|
Gross Domestic Products ( % ) |
14.5 |
4.9 |
1.3 |
3.7 |
(3.5) |
|
Consumer Price Index |
2.8 |
5.2 |
4.6 |
2.4 |
2.4 |
|
Total Imports (Million) |
423,221.8 |
459,655.1 |
474,554.0 |
466,762.0 |
463,779.1 |
|
Total Exports (Million) |
478,840.7 |
514,741.2 |
510,329.0 |
513,391.0 |
518,922.7 |
|
|
|||||
|
Unemployment Rate (%) |
2.2 |
2.1 |
2.0 |
1.9 |
1.9 |
|
Tourist Arrival (Million) |
11.64 |
13.17 |
14.49 |
15.46 |
15.01 |
|
Hotel Occupancy Rate (%) |
85.6 |
86.5 |
86.4 |
86.3 |
85.5 |
|
Cellular Phone Subscriber (Million) |
1.43 |
1.50 |
1.52 |
1.97 |
1.98 |
|
|
|||||
|
Registration of New Companies (No.) |
29,798 |
32,317 |
31,892 |
37,288 |
41,589 |
|
Registration of New Companies (%) |
12.8 |
8.5 |
(1.3) |
9.8 |
11.5 |
|
Liquidation of Companies (No.) |
15,126 |
19,005 |
17,218 |
17,369 |
18,767 |
|
Liquidation of Companies (%) |
(32.5) |
25.6 |
9.4 |
(5.3) |
8.0 |
|
|
|||||
|
Registration of New Businesses (No.) |
23,978 |
23,494 |
24,788 |
22,893 |
35,773 |
|
Registration of New Businesses (%) |
(10.78) |
2.02 |
5.51 |
1.70 |
56.30 |
|
Liquidation of Businesses (No.) |
24,211 |
23,005 |
22,489 |
22,598 |
22,098 |
|
Liquidation of Businesses (%) |
2.8 |
(5) |
(2.2) |
0.5 |
(2.2) |
|
|
|||||
|
Bankruptcy Orders (No.) |
1,537 |
1,527 |
1,748 |
1,992 |
1,757 |
|
Bankruptcy Orders (%) |
(25.3) |
(0.7) |
14.5 |
14.0 |
(11.8) |
|
Bankruptcy Discharges (No.) |
2,252 |
1,391 |
1,881 |
2,584 |
3,546 |
|
Bankruptcy Discharges (%) |
(26.3) |
(38.2) |
35.2 |
37.4 |
37.2 |
|
|
|||||
|
INDUSTRIES ( % of Growth ) : |
|||||
|
Agriculture |
|||||
|
Production of Principal Crops |
(0.48) |
4.25 |
3.64 |
- |
|
|
Fish Supply & Wholesale |
(10.5) |
12.10 |
(0.5) |
- |
2.80 |
|
|
|||||
|
Manufacturing * |
92.8 |
100.0 |
100.3 |
102.0 |
|
|
Food, Beverages & Tobacco |
96.4 |
100.0 |
103.5 |
103.5 |
105.0 |
|
Textiles |
122.1 |
100.0 |
104.0 |
87.1 |
74.9 |
|
Wearing Apparel |
123.3 |
100.0 |
92.1 |
77.8 |
49.5 |
|
Leather Products & Footwear |
81.8 |
100.0 |
98.6 |
109.8 |
95.9 |
|
Wood & Wood Products |
104.0 |
100.0 |
95.5 |
107.4 |
112.0 |
|
Paper & Paper Products |
106.1 |
100.0 |
97.4 |
103.2 |
103.4 |
|
Printing & Media |
103.5 |
100.0 |
93.0 |
86.1 |
80.3 |
|
Crude Oil Refineries |
95.6 |
100.0 |
99.4 |
93.5 |
85.6 |
|
Chemical & Chemical Products |
97.6 |
100.0 |
100.5 |
104.1 |
114.0 |
|
Pharmaceutical Products |
75.3 |
100.0 |
109.7 |
107.2 |
115.7 |
|
Rubber & Plastic Products |
112.3 |
100.0 |
96.5 |
92.9 |
92.8 |
|
Non-metallic Mineral |
92.5 |
100.0 |
98.2 |
97.6 |
82.2 |
|
Basic Metals |
102.2 |
100.0 |
90.6 |
76.5 |
98.3 |
|
Fabricated Metal Products |
103.6 |
100.0 |
104.3 |
105.1 |
105.1 |
|
Machinery & Equipment |
78.5 |
100.0 |
112.9 |
114.5 |
124.0 |
|
Electrical Machinery |
124.1 |
100.0 |
99.3 |
108.5 |
121.3 |
|
Electronic Components |
113.6 |
100.0 |
90.6 |
94.3 |
95.0 |
|
Transport Equipment |
94.0 |
100.0 |
106.3 |
107.5 |
103.2 |
|
|
|||||
|
Construction |
14.20 |
20.50 |
28.70 |
- |
22.00 |
|
Real Estate |
21.3 |
25.4 |
31.9 |
- |
145.1 |
|
|
|||||
|
Services |
|||||
|
Electricity, Gas & Water |
4.00 |
7.00 |
6.30 |
- |
|
|
Transport, Storage & Communication |
12.80 |
7.40 |
5.30 |
- |
14.20 |
|
Finance & Insurance |
(0.4) |
8.90 |
0.50 |
- |
6.00 |
|
Government Services |
9.70 |
6.90 |
6.00 |
- |
|
|
Education Services |
(0.9) |
(1.4) |
0.30 |
- |
5.98 |
|
|
|||||
|
* Based on Index of Industrial Production (2011 = 100) |
INDUSTRY
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 |
2014-12-31 |
2013-12-31 |
2012-12-31 |
2011-12-31 |
2010-12-31 |
|
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 |
760,574,000 |
653,603,000 |
593,493,000 |
625,070,000 |
670,819,000 |
|
Other Income |
271,000 |
222,000 |
57,000 |
66,000 |
205,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
760,845,000 |
653,825,000 |
593,550,000 |
625,136,000 |
671,024,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
26,952,000 |
(15,365,000) |
(33,465,000) |
(52,498,000) |
(21,453,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
26,952,000 |
(15,365,000) |
(33,465,000) |
(52,498,000) |
(21,453,000) |
|
Taxation |
- |
627,000 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
26,952,000 |
(14,738,000) |
(33,465,000) |
(52,498,000) |
(21,453,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
(242,228,000) |
(227,490,000) |
(194,025,000) |
(141,527,000) |
(120,074,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
(242,228,000) |
(227,490,000) |
(194,025,000) |
(141,527,000) |
(120,074,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
(215,276,000) |
(242,228,000) |
(227,490,000) |
(194,025,000) |
(141,527,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
(215,276,000) |
(242,228,000) |
(227,490,000) |
(194,025,000) |
(141,527,000) |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Revolving loans |
2,864,000 |
3,106,000 |
2,644,000 |
2,211,000 |
1,348,000 |
|
Others |
577,000 |
774,000 |
654,000 |
413,000 |
354,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
3,441,000 |
3,880,000 |
3,298,000 |
2,624,000 |
1,702,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION (as per notes to P&L) |
10,775,000 |
10,659,000 |
10,804,000 |
10,987,000 |
11,806,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
10,775,000 |
10,659,000 |
10,804,000 |
10,987,000 |
11,806,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
BALANCE
SHEET
|
|
CHEVRON PHILLIPS SINGAPORE CHEMICALS (PRIVATE) LIMITED |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
107,166,000 |
116,285,000 |
120,020,000 |
129,130,000 |
138,345,000 |
|
Deferred assets |
627,000 |
627,000 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
627,000 |
627,000 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
107,793,000 |
116,912,000 |
120,020,000 |
129,130,000 |
138,345,000 |
|
Stocks |
44,982,000 |
46,685,000 |
43,360,000 |
38,130,000 |
53,563,000 |
|
Trade debtors |
73,533,000 |
79,767,000 |
72,262,000 |
77,595,000 |
76,798,000 |
|
Other debtors, deposits & prepayments |
38,000 |
59,000 |
38,000 |
26,000 |
45,000 |
|
Short term deposits |
- |
- |
- |
- |
15,519,000 |
|
Amount due from related companies |
7,977,000 |
13,082,000 |
8,701,000 |
10,319,000 |
12,849,000 |
|
Cash & bank balances |
17,167,000 |
15,783,000 |
14,498,000 |
19,718,000 |
6,275,000 |
|
Others |
328,000 |
260,000 |
435,000 |
301,000 |
341,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
144,025,000 |
155,636,000 |
139,294,000 |
146,089,000 |
165,390,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
251,818,000 |
272,548,000 |
259,314,000 |
275,219,000 |
303,735,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
44,749,000 |
59,656,000 |
3,751,000 |
6,327,000 |
10,344,000 |
|
Short term borrowings/Term loans |
60,754,000 |
63,300,000 |
97,517,000 |
33,800,000 |
- |
|
Other borrowings |
19,811,000 |
37,980,000 |
- |
- |
19,140,000 |
|
Other liabilities & accruals |
9,607,000 |
8,248,000 |
53,377,000 |
52,847,000 |
56,141,000 |
|
Amounts owing to related companies |
2,242,000 |
2,707,000 |
1,461,000 |
- |
- |
|
Other liabilities |
5,229,000 |
19,776,000 |
18,731,000 |
25,002,000 |
8,707,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
142,392,000 |
191,667,000 |
174,837,000 |
117,976,000 |
94,332,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
1,633,000 |
(36,031,000) |
(35,543,000) |
28,113,000 |
71,058,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
109,426,000 |
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 |
286,268,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
286,268,000 |
286,268,000 |
286,268,000 |
286,268,000 |
286,268,000 |
|
Retained profit/(loss) carried forward |
(215,276,000) |
(242,228,000) |
(227,490,000) |
(194,025,000) |
(141,527,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
(215,276,000) |
(242,228,000) |
(227,490,000) |
(194,025,000) |
(141,527,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
70,992,000 |
44,040,000 |
58,778,000 |
92,243,000 |
144,741,000 |
|
Long term loans |
38,434,000 |
36,841,000 |
25,699,000 |
65,000,000 |
64,662,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
38,434,000 |
36,841,000 |
25,699,000 |
65,000,000 |
64,662,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
109,426,000 |
80,881,000 |
84,477,000 |
157,243,000 |
209,403,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
FINANCIAL
RATIO
|
|
CHEVRON PHILLIPS SINGAPORE CHEMICALS (PRIVATE) LIMITED |
|
TYPES OF FUNDS |
|||||
|
Cash |
17,167,000 |
15,783,000 |
14,498,000 |
19,718,000 |
21,794,000 |
|
Net Liquid Funds |
17,167,000 |
15,783,000 |
14,498,000 |
19,718,000 |
21,794,000 |
|
Net Liquid Assets |
(43,349,000) |
(82,716,000) |
(78,903,000) |
(10,017,000) |
17,495,000 |
|
Net Current Assets/(Liabilities) |
1,633,000 |
(36,031,000) |
(35,543,000) |
28,113,000 |
71,058,000 |
|
Net Tangible Assets |
109,426,000 |
80,881,000 |
84,477,000 |
157,243,000 |
209,403,000 |
|
Net Monetary Assets |
(81,783,000) |
(119,557,000) |
(104,602,000) |
(75,017,000) |
(47,167,000) |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest & Tax (EBIT) |
30,393,000 |
(11,485,000) |
(30,167,000) |
(49,874,000) |
(19,751,000) |
|
Earnings Before Interest, Taxes, Depreciation And Amortization
(EBITDA) |
41,168,000 |
(826,000) |
(19,363,000) |
(38,887,000) |
(7,945,000) |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
121,863,000 |
141,227,000 |
125,860,000 |
101,011,000 |
85,150,000 |
|
Total Liabilities |
180,826,000 |
228,508,000 |
200,536,000 |
182,976,000 |
158,994,000 |
|
Total Assets |
251,818,000 |
272,548,000 |
259,314,000 |
275,219,000 |
303,735,000 |
|
Net Assets |
109,426,000 |
80,881,000 |
84,477,000 |
157,243,000 |
209,403,000 |
|
Net Assets Backing |
70,992,000 |
44,040,000 |
58,778,000 |
92,243,000 |
144,741,000 |
|
Shareholders' Funds |
70,992,000 |
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 |
286,268,000 |
|
Total Reserves |
(215,276,000) |
(242,228,000) |
(227,490,000) |
(194,025,000) |
(141,527,000) |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.12 |
0.08 |
0.08 |
0.17 |
0.23 |
|
Liquid Ratio |
0.70 |
0.57 |
0.55 |
0.92 |
1.19 |
|
Current Ratio |
1.01 |
0.81 |
0.80 |
1.24 |
1.75 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
22 |
26 |
27 |
22 |
29 |
|
Debtors Ratio |
35 |
45 |
44 |
45 |
42 |
|
Creditors Ratio |
21 |
33 |
2 |
4 |
6 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
1.72 |
3.21 |
2.14 |
1.10 |
0.59 |
|
Liabilities Ratio |
2.55 |
5.19 |
3.41 |
1.98 |
1.10 |
|
Times Interest Earned Ratio |
8.83 |
(2.96) |
(9.15) |
(19.01) |
(11.60) |
|
Assets Backing Ratio |
0.38 |
0.28 |
0.30 |
0.55 |
0.73 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
3.54 |
(2.35) |
(5.64) |
(8.40) |
(3.20) |
|
Net Profit Margin |
3.54 |
(2.25) |
(5.64) |
(8.40) |
(3.20) |
|
Return On Net Assets |
27.77 |
(14.20) |
(35.71) |
(31.72) |
(9.43) |
|
Return On Capital Employed |
27.07 |
(13.67) |
(34.63) |
(31.28) |
(9.37) |
|
Return On Shareholders' Funds/Equity |
37.96 |
(33.47) |
(56.93) |
(56.91) |
(14.82) |
|
Dividend Pay Out Ratio (Times) |
0 |
0 |
0 |
0 |
0 |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.09 |
|
|
1 |
Rs.101.04 |
|
Euro |
1 |
Rs.70.85 |
INFORMATION DETAILS
|
Analysis Done by
: |
TRI |
|
|
|
|
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.