|
Report No. : |
352105 |
|
Report Date : |
28.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
DOW CHEMICAL PACIFIC (SINGAPORE) PRIVATE LIMITED |
|
|
|
|
Formerly Known As : |
DOW SERVICES SINGAPORE PTE. LTD
|
|
|
|
|
Registered Office : |
260, Orchard Road, 18-01, The Heeren, 238855 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
09.11.1992 |
|
|
|
|
Com. Reg. No.: |
199206043-M |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Trading of Chemicals, Plastic Materials and Agricultural and
Specialized Products. |
|
|
|
|
No. of Employees : |
200 [2015] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Singapore |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
SINGAPORE - ECONOMIC
OVERVIEW
Singapore has a highly developed and successful free-market economy.
It enjoys a remarkably open and corruption-free environment, stable prices, and
a per capita GDP higher than that of most developed countries. Unemployment is
very low. The economy depends heavily on exports, particularly of consumer
electronics, information technology products, medical and optical devices,
pharmaceuticals, and on its vibrant transportation, business, and financial
services sectors. The economy contracted 0.6% in 2009 as a result of the global
financial crisis, but has continued to grow since 2010 on the strength of
renewed exports. Growth in 2014 was slower at 2.9%, largely a result of soft
demand for exports amid a sluggish global economy and weak growth in
Singapore’s manufacturing sector. The government is attempting to restructure
Singapore’s economy by weaning its dependence on foreign labor, addressing weak
productivity, and increasing Singaporean wages. Singapore has attracted major
investments in pharmaceuticals and medical technology production and will
continue efforts to strengthen its position as Southeast Asia's leading
financial and high-tech hub. Singapore is a member of the 12-nation
Trans-Pacific Partnership free trade negotiations, the Regional Comprehensive
Economic Partnership negotiations with the nine other ASEAN members plus
Australia, China, India, Japan, South Korea and New Zealand, and in 2015,
Singapore will form, with the other ASEAN members, the ASEAN Economic
Community.
|
Source
: CIA |
|
REGISTRATION
NO. |
: |
199206043-M |
||||
|
COMPANY
NAME |
: |
DOW
CHEMICAL PACIFIC (SINGAPORE) PRIVATE LIMITED |
||||
|
FORMER
NAME |
: |
DOW
SERVICES SINGAPORE PTE LTD (13/11/1997) |
||||
|
INCORPORATION
DATE |
: |
09/11/1992 |
||||
|
COMPANY
STATUS |
: |
EXIST |
||||
|
LEGAL
FORM |
: |
PRIVATE
LIMITED |
||||
|
LISTED
STATUS |
: |
NO |
||||
|
REGISTERED
ADDRESS |
: |
260,
ORCHARD ROAD, 18-01, THE HEEREN, 238855, SINGAPORE. |
||||
|
BUSINESS
ADDRESS |
: |
260,
ORCHARD ROAD, 18-01, THE HEEREN, 238855, SINGAPORE. |
||||
|
TEL.NO. |
: |
65-68353773 |
||||
|
FAX.NO. |
: |
65-68340315 |
||||
|
EMAIL |
: |
DOWCIG@DOW.COM |
||||
|
WEB
SITE |
: |
WWW.DOW.COM |
||||
|
CONTACT
PERSON |
: |
FONG
CHEE HOE ( DIRECTOR ) |
||||
|
PRINCIPAL
ACTIVITY |
: |
TRADING
OF CHEMICALS, PLASTIC MATERIALS, AND AGRICULTURAL AND SPECIALIZED PRODUCTS |
||||
|
ISSUED
AND PAID UP CAPITAL |
: |
79,296,436.00
ORDINARY SHARE, OF A VALUE OF SGD 79,296,436.00 |
||||
|
SALES |
: |
USD
1,549,900,610 [2013] |
||||
|
NET
WORTH |
: |
USD
(597,095,804) [2013] |
||||
|
STAFF
STRENGTH |
: |
200
[2015] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL
CONDITION |
: |
POOR |
||||
|
PAYMENT |
: |
FAIR |
||||
|
MANAGEMENT
CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL
RISK |
: |
LOW |
||||
|
CURRENCY
EXPOSURE |
: |
MODERATE |
||||
|
GENERAL
REPUTATION |
: |
SATISFACTORY |
||||
|
INDUSTRY
OUTLOOK |
: |
AVERAGE
GROWTH |
||||
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) trading of chemicals, plastic materials, and agricultural and
specialized products.
The ultimate holding company of the Subject
is THE DOW CHEMICAL COMPANY, a company incorporated in UNITED STATES.
Share
Capital History
|
Date |
Issue
& Paid Up Capital |
|
03/08/2015 |
SGD
79,296,436.00 & USD 6,576,250,279.00 |
The
major shareholder(s) of the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
GWN
HOLDING, INC. |
2030,
DOW CENTRE, MIDLAND, MICHIGAN, 48674, UNITED STATES. |
T14UF4433 |
5,295,832,015.00 |
100.00 |
|
--------------- |
------ |
|||
|
5,295,832,015.00 |
100.00 |
|||
|
============ |
===== |
+
Also Director
DIRECTORS
|
DIRECTOR
1
|
Name
Of Subject |
: |
MR.
FONG CHEE HOE |
|
Address |
: |
26,
JALAN GENENG, 538334, SINGAPORE. |
|
IC
/ PP No |
: |
S2558110E |
|
Nationality |
: |
SINGAPOREAN |
|
Date
of Appointment |
: |
01/04/2014 |
DIRECTOR
2
|
Name
Of Subject |
: |
EDDY
SETIAWAN |
|
Address |
: |
8A,
PATERSON HILL, 07-03, THE MARQ ON PATERSON HILL, 238568, SINGAPORE. |
|
IC
/ PP No |
: |
G5654068M |
|
Nationality |
: |
INDONESIAN |
|
Date
of Appointment |
: |
16/04/2012 |
DIRECTOR
3
|
Name
Of Subject |
: |
YVONNE
TAN SU-MIN |
|
Address |
: |
34,
COVE WAY, 098157, SINGAPORE. |
|
IC
/ PP No |
: |
S7003992C |
|
Nationality |
: |
SINGAPOREAN |
|
Date
of Appointment |
: |
12/07/2004 |
|
1)
|
Name
of Subject |
: |
FONG
CHEE HOE |
|
Position |
: |
DIRECTOR |
AUDITOR
|
|
Auditor |
: |
DELOITTE
& TOUCHE LLP |
|
Auditor'
Address |
: |
N/A |
COMPANY
SECRETARIES
|
|
1)
|
Company
Secretary |
: |
CATHERINE
LIM SIOK CHING |
|
IC
/ PP No |
: |
S7540675D |
|
|
Address |
: |
59,
ANG MO KIO AVENUE 8, 22-10, CENTRO RESIDENCES, 567752, SINGAPORE. |
|
BANKING
|
Banking relations are maintained principally with :
|
1)
|
Name |
: |
JPMORGAN
CHASE BANK |
ENCUMBRANCE
(S)
|
No encumbrance was found in our databank at the time of investigation.
LITIGATION
CHECK AGAINST SUBJECT
|
* A check has been conducted in our databank againt the Subject whether the subject
has been involved in any litigation.
No legal action was found in our databank.
No winding up petition was found in our databank.
PAYMENT
RECORD
|
|
||
|
SOURCES
OF RAW MATERIALS: |
||
|
Local |
: |
YES |
|
Overseas |
: |
YES |
The Subject refused to provide any name of trade/service supplier and we are
unable to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL
PAYMENT HABIT |
||||||||||||||
|
Prompt
0-30 Days |
[ |
] |
Good
31-60 Days |
[ |
] |
Average
61-90 Days |
[ |
] |
||||||
|
Fair
91-120 Days |
[ |
X |
] |
Poor
>120 Days |
[ |
] |
||||||||
CLIENTELE
|
|
Local |
: |
YES |
Percentage |
: |
60% |
|
Domestic
Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
Percentage |
: |
40% |
|
Export
Market |
: |
ASIA |
|||
|
Credit
Term |
: |
N/A |
|||
|
Payment
Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Goods
Traded |
: |
CHEMICALS,
PLASTIC MATERIALS, AND AGRICULTURAL AND SPECIALIZED PRODUCTS |
|
|
Ownership
of premises |
: |
OWNED |
|
Total
Number of Employees: |
|
||||||||
|
YEAR |
2015 |
2014 |
2013 |
2012 |
2011 |
||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
||||
|
COMPANY |
200 |
200 |
200 |
170 |
170 |
||||
|
Branch |
: |
NO |
Other
Information:
The Subject is principally engaged in the (as a / as an) trading of chemicals,
plastic materials, and agricultural and specialized products.
Some of the product that the Subject offer are as follows:
- plastics
- dow automotive:
- dow epoxy
- electronics
- fabricated products
- chemical (acrylics, solvents and intermediates)
- industrial chemicals
- performance chemicals
- propylene oxide and propylene glycols
- specialty polymers
- water soluble polymers
CURRENT
INVESTIGATION
|
Latest
fresh investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
N/A |
|
Current
Telephone Number |
: |
65-68353773 |
|
Match |
: |
N/A |
|
Address
Provided by Client |
: |
260,
ORCHARD ROAD, 18-01, THE HEEREN,238855,SINGAPORE |
|
Current
Address |
: |
260,
ORCHARD ROAD, 18-01, THE HEEREN, 238855, SINGAPORE. |
|
Match |
: |
YES |
Other
Investigations
We contacted one of the staff from the Subject and she provided some information.
FINANCIAL
ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
2009
- 2013 |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Decreased |
[ |
2009
- 2013 |
] |
|
|
Return
on Shareholder Funds |
: |
Unfavourable |
[ |
33.85% |
] |
|
|
Return
on Net Assets |
: |
Unfavourable |
[ |
32.74% |
] |
|
|
The
Subject's turnover increased steadily as the demand for its products /
services increased due to the goodwill built up over the years.The Subject could
be more efficient in controlling its operating costs and had managed to
reduce its losses during the year. Although the Subject's returns showed
positive figures it is not reflective of the true situation. The Subject
incurred losses during the year and its shareholders' funds have turned red.
The positive returns on shareholders' funds is the result of losses divided
by negative shareholders' funds. The Subject's management was inefficient in
utilising the assets to generate returns. |
||||||
|
Working
Capital Control |
||||||
|
Stock
Ratio |
: |
Favourable |
[ |
30
Days |
] |
|
|
Debtor
Ratio |
: |
Favourable |
[ |
35
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 favourable debtors' days could be
due to the good credit control measures implemented by the Subject. 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 |
: |
Unfavourable |
[ |
0.34
Times |
] |
|
|
Current
Ratio |
: |
Unfavourable |
[ |
0.45
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 |
[ |
(40.10
Times) |
] |
|
|
Gearing
Ratio |
: |
Favourable |
[ |
0.00
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 had no
gearing and hence it had virtually no financial risk. The Subject was
financed by its shareholders' funds and internally generated fund. During the
economic downturn, the Subject, having a zero gearing, will be able to
compete better than those which are highly geared in the same industry. |
||||||
|
Overall
Assessment : |
||||||
|
The
higher turnover had helped to reduce the Subject's losses. Due to its weak
liquidity position, the Subject will be faced with problems in meeting all
its short term obligations if no short term loan is obtained or additional
capital injected into the Subject. 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 was a zero gearing
company, it was solely dependant on its shareholders to provide funds to
finance its business. The Subject has good chance of getting loans, if the
needs arises. |
||||||
|
Overall
financial condition of the Subject : POOR |
||||||
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
: |
TRADING |
|
The
wholesale and retail trade sectors have expanded by 2.0% in the third quarter
of 2014, extending the 1.8 per cent growth in the previous quarter. In 2013,
the wholesale and retail sector expanded by 5.0%, after declining by 1.4% the
year before. Growth of the sector was driven by the wholesale trade segment. |
|
|
The
domestic wholesale trade index has increased by 3.2% in the fourth quarter of
2013, moderating from the 6.6% growth in the previous quarter. The slower growth
was due to a decline in the sales of furniture and household equipment (-12%)
and petroleum and petroleum products (-0.6%). For the full year, the domestic
wholesale trade index grew by 5.2% reversing the 2.2% decline in 2012. On the
other hand, the foreign wholesale trade index has increased by a slower pace
of 5.6% in the fourth quarter, compared to the 7.7% expansion in the
preceding quarter. The slowdown was due to a fall in the sales of
telecommunication equipment and computer (-3.8%) and petroleum and petroleum
products (-2.5%). For the full year, the growth of the foreign wholesale
trade index moderated slightly to 8.6% from 9.1% in the previous year. |
|
|
In
the fourth quarter of 2013, retail sales volume fell by 6.2%, extending the
5.6% decline in the previous quarter. Excluding motor vehicles, retail sales
volume increased by 0.4%, a slower pace of expansion as compared to the 1.6%
gain in the preceding quarter. The sales volume of motor vehicles fell by 33%
in the fourth quarter of 2013, extending the 32% decline in the previous
quarter. Meanwhile, the sales of several discretionary items also fell in the
fourth quarter of 2013. For instance, the sales of telecommunications
apparatus and computers fell by 12%, while the sales of furniture and
household equipment declined by 5.4%. |
|
|
For
the full year, retail sales volume contracted by 4.3%, a reversal from the
1.3% expansion in 2012. Excluding motor vehicle sales, the retail sales
volume grew by 1.1% in 2013, slower than the 1.7% increase in 2012. Watches
and jewellery recorded the largest increase (11%) in sales in 2013, followed
by optical goods and book (3%) and medical goods and toiletries (3%). By
contrast, the sales of telecommunications apparatus and computer (-7.3%),
furniture and household equipment (-4.2%) and petrol service stations (-1.4)
declined in 2013. |
|
|
OVERALL
INDUSTRY OUTLOOK : AVERAGE GROWTH |
|
CREDIT
RISK EVALUATION & RECOMMENDATION
|
|
|
|
|
PROFIT
AND LOSS ACCOUNT
|
|
THE
FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL
REPORTING STANDARDS. |
|
DOW
CHEMICAL PACIFIC (SINGAPORE) PRIVATE LIMITED |
|
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 |
USD |
USD |
USD |
USD |
USD |
|
TURNOVER |
1,549,900,610 |
1,361,008,395 |
1,303,427,655 |
880,382,009 |
779,698,793 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total
Turnover |
1,549,900,610 |
1,361,008,395 |
1,303,427,655 |
880,382,009 |
779,698,793 |
|
Costs
of Goods Sold |
(1,701,726,232) |
(1,542,857,745) |
(1,403,680,596) |
(842,194,777) |
(770,320,623) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross
Profit |
(151,825,622) |
(181,849,350) |
(100,252,941) |
38,187,232 |
9,378,170 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
(200,349,389) |
(234,043,803) |
(152,759,024) |
(4,939,818) |
(47,987,272) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
(200,349,389) |
(234,043,803) |
(152,759,024) |
(4,939,818) |
(47,987,272) |
|
Taxation |
(1,765,677) |
(433,544) |
(1,167,895) |
(1,139,667) |
(2,458,455) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
(202,115,066) |
(234,477,347) |
(153,926,919) |
(6,079,485) |
(50,445,727) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As
previously reported |
(446,268,282) |
(211,790,935) |
(57,864,016) |
(51,784,531) |
(1,338,804) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As
restated |
(446,268,282) |
(211,790,935) |
(57,864,016) |
(51,784,531) |
(1,338,804) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
(648,383,348) |
(446,268,282) |
(211,790,935) |
(57,864,016) |
(51,784,531) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
(648,383,348) |
(446,268,282) |
(211,790,935) |
(57,864,016) |
(51,784,531) |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST
EXPENSE (as per notes to P&L) |
|||||
|
Loan
from subsidiary companies |
543,367 |
- |
- |
- |
6,221 |
|
Others |
4,331,046 |
3,352,480 |
4,190,815 |
8,551,394 |
11,532,690 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
4,874,413 |
3,352,480 |
4,190,815 |
8,551,394 |
11,538,911 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION
(as per notes to P&L) |
1,041,880 |
818,578 |
657,772 |
648,380 |
553,404 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
1,041,880 |
818,578 |
657,772 |
648,380 |
553,404 |
|
|
============= |
============= |
============= |
============= |
============= |
BALANCE
SHEET
|
|
DOW
CHEMICAL PACIFIC (SINGAPORE) PRIVATE LIMITED |
|
ASSETS
EMPLOYED: |
|||||
|
FIXED
ASSETS |
7,398,817 |
7,683,568 |
5,981,139 |
3,939,808 |
4,149,113 |
|
LONG
TERM INVESTMENTS/OTHER ASSETS |
|||||
|
Subsidiary
companies |
7,854,385 |
7,818,463 |
7,966,943 |
1,608,500 |
1,460,000 |
|
Investments |
3,000 |
2,473,509 |
2,473,509 |
2,473,509 |
2,730,245 |
|
Others |
- |
- |
21,339,013 |
14,790,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM INVESTMENTS/OTHER ASSETS |
7,857,385 |
10,291,972 |
31,779,465 |
18,872,009 |
4,190,245 |
|
Others |
244,475 |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
INTANGIBLE ASSETS |
244,475 |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM ASSETS |
15,500,677 |
17,975,540 |
37,760,604 |
22,811,817 |
8,339,358 |
|
Stocks |
127,189,253 |
128,742,356 |
110,996,129 |
78,449,604 |
54,066,941 |
|
Trade
debtors |
147,071,215 |
124,187,813 |
143,091,535 |
173,453,255 |
165,586,029 |
|
Other
debtors, deposits & prepayments |
62,889,062 |
329,755,221 |
3,517,720 |
342,093,249 |
666,667,633 |
|
Amount
due from holding company |
209,841 |
847,217 |
2,312,410 |
- |
- |
|
Amount
due from subsidiary companies |
48,723,090 |
4,069,590 |
12,217,789 |
- |
- |
|
Amount
due from related companies |
116,087,427 |
147,525,224 |
526,178,077 |
- |
- |
|
Cash
& bank balances |
3,060,598 |
5,911,146 |
1,183,095 |
173,507 |
902,294 |
|
Others |
2,732,804 |
6,549,013 |
19,518,633 |
- |
10,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT ASSETS |
507,963,290 |
747,587,580 |
819,015,388 |
594,169,615 |
887,232,897 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
ASSET |
523,463,967 |
765,563,120 |
856,775,992 |
616,981,432 |
895,572,255 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade
creditors |
321,640,437 |
274,166,226 |
7,614,745 |
183,528,511 |
117,654,564 |
|
Other
creditors & accruals |
17,525,789 |
14,822,558 |
10,025,995 |
412,035,960 |
749,668,466 |
|
Bank
overdraft |
- |
65,099 |
22,740 |
20,227 |
635,518 |
|
Interest
payable |
2,542,830 |
1,093,525 |
- |
- |
- |
|
Amounts
owing to holding company |
- |
- |
114,148,854 |
28,167,632 |
28,167,632 |
|
Amounts
owing to subsidiary companies |
27,530,229 |
3,733,187 |
8,570,548 |
- |
- |
|
Amounts
owing to related companies |
646,020,486 |
761,247,468 |
772,273,178 |
- |
- |
|
Provision
for taxation |
105,300,000 |
105,300,000 |
- |
- |
783,525 |
|
Other
liabilities |
- |
- |
105,300,000 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT LIABILITIES |
1,120,559,771 |
1,160,428,063 |
1,017,956,060 |
623,752,330 |
896,909,705 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET
CURRENT ASSETS/(LIABILITIES) |
(612,596,481) |
(412,840,483) |
(198,940,672) |
(29,582,715) |
(9,676,808) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
NET ASSETS |
(597,095,804) |
(394,864,943) |
(161,180,068) |
(6,770,898) |
(1,337,450) |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE
CAPITAL |
|||||
|
Ordinary
share capital |
48,472,280 |
48,472,280 |
48,472,280 |
48,472,280 |
48,472,280 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
SHARE CAPITAL |
48,472,280 |
48,472,280 |
48,472,280 |
48,472,280 |
48,472,280 |
|
Capital
reserve |
2,815,264 |
2,931,059 |
2,138,587 |
2,620,838 |
1,974,801 |
|
Retained
profit/(loss) carried forward |
(648,383,348) |
(446,268,282) |
(211,790,935) |
(57,864,016) |
(51,784,531) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
RESERVES |
(645,568,084) |
(443,337,223) |
(209,652,348) |
(55,243,178) |
(49,809,730) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
(597,095,804) |
(394,864,943) |
(161,180,068) |
(6,770,898) |
(1,337,450) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
(597,095,804) |
(394,864,943) |
(161,180,068) |
(6,770,898) |
(1,337,450) |
|
|
============= |
============= |
============= |
============= |
============= |
FINANCIAL
RATIO
|
|
DOW
CHEMICAL PACIFIC (SINGAPORE) PRIVATE LIMITED |
|
TYPES
OF FUNDS |
|||||
|
Cash |
3,060,598 |
5,911,146 |
1,183,095 |
173,507 |
902,294 |
|
Net
Liquid Funds |
3,060,598 |
5,846,047 |
1,160,355 |
153,280 |
266,776 |
|
Net
Liquid Assets |
(739,785,734) |
(541,582,839) |
(309,936,801) |
(108,032,319) |
(63,743,749) |
|
Net
Current Assets/(Liabilities) |
(612,596,481) |
(412,840,483) |
(198,940,672) |
(29,582,715) |
(9,676,808) |
|
Net
Tangible Assets |
(597,340,279) |
(394,864,943) |
(161,180,068) |
(6,770,898) |
(1,337,450) |
|
Net
Monetary Assets |
(739,785,734) |
(541,582,839) |
(309,936,801) |
(108,032,319) |
(63,743,749) |
|
PROFIT
& LOSS ITEMS |
|||||
|
Earnings
Before Interest & Tax (EBIT) |
(195,474,976) |
(230,691,323) |
(148,568,209) |
3,611,576 |
(36,448,361) |
|
Earnings
Before Interest, Taxes, Depreciation And Amortization (EBITDA) |
(194,433,096) |
(229,872,745) |
(147,910,437) |
4,259,956 |
(35,894,957) |
|
BALANCE
SHEET ITEMS |
|||||
|
Total
Borrowings |
0 |
65,099 |
22,740 |
20,227 |
635,518 |
|
Total
Liabilities |
1,120,559,771 |
1,160,428,063 |
1,017,956,060 |
623,752,330 |
896,909,705 |
|
Total
Assets |
523,463,967 |
765,563,120 |
856,775,992 |
616,981,432 |
895,572,255 |
|
Net
Assets |
(597,095,804) |
(394,864,943) |
(161,180,068) |
(6,770,898) |
(1,337,450) |
|
Net
Assets Backing |
(597,095,804) |
(394,864,943) |
(161,180,068) |
(6,770,898) |
(1,337,450) |
|
Shareholders'
Funds |
(597,095,804) |
(394,864,943) |
(161,180,068) |
(6,770,898) |
(1,337,450) |
|
Total
Share Capital |
48,472,280 |
48,472,280 |
48,472,280 |
48,472,280 |
48,472,280 |
|
Total
Reserves |
(645,568,084) |
(443,337,223) |
(209,652,348) |
(55,243,178) |
(49,809,730) |
|
LIQUIDITY
(Times) |
|||||
|
Cash
Ratio |
0 |
0.01 |
0 |
0 |
0 |
|
Liquid
Ratio |
0.34 |
0.53 |
0.70 |
0.83 |
0.93 |
|
Current
Ratio |
0.45 |
0.64 |
0.80 |
0.95 |
0.99 |
|
WORKING
CAPITAL CONTROL (Days) |
|||||
|
Stock
Ratio |
30 |
35 |
31 |
33 |
25 |
|
Debtors
Ratio |
35 |
33 |
40 |
72 |
78 |
|
Creditors
Ratio |
69 |
65 |
2 |
80 |
56 |
|
SOLVENCY
RATIOS (Times) |
|||||
|
Gearing
Ratio |
0 |
0 |
0 |
0 |
(0.48) |
|
Liabilities
Ratio |
(1.88) |
(2.94) |
(6.32) |
(92.12) |
(670.61) |
|
Times
Interest Earned Ratio |
(40.10) |
(68.81) |
(35.45) |
0.42 |
(3.16) |
|
Assets
Backing Ratio |
(12.32) |
(8.15) |
(3.33) |
(0.14) |
(0.03) |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating
Profit Margin |
(12.93) |
(17.20) |
(11.72) |
(0.56) |
(6.15) |
|
Net
Profit Margin |
(13.04) |
(17.23) |
(11.81) |
(0.69) |
(6.47) |
|
Return
On Net Assets |
32.74 |
58.42 |
92.18 |
(53.34) |
2,725.21 |
|
Return
On Capital Employed |
32.75 |
58.43 |
92.19 |
(53.50) |
5,192.58 |
|
Return
On Shareholders' Funds/Equity |
33.85 |
59.38 |
95.50 |
89.79 |
3,771.78 |
|
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.66.75 |
|
|
1 |
Rs.100.67 |
|
Euro |
1 |
Rs.70.87 |
|
SGD |
1 |
Rs.47.26 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.