|
Report No. : |
345035 |
|
Report Date : |
15.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
ASHLAND SINGAPORE PTE. LTD. |
|
|
|
|
Formerly Known As : |
HERCULES CHEMICALS SOLUTIONS PTE. LTD HERCULES CHEMICALS INTERNATIONAL (SINGAPORE) PTE. LTD. |
|
|
|
|
Registered Office : |
8, Marina Boulevard, 05-02, Marina Bay Financial Centre, 018981 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
30.09.2014 |
|
|
|
|
Date of Incorporation : |
02.04.2002 |
|
|
|
|
Com. Reg. No.: |
200202678-C |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Wholesale of chemicals and chemical products. |
|
|
|
|
No. of Employee : |
70 [2015] |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
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. |
: |
200202678-C |
|
COMPANY
NAME |
: |
ASHLAND
SINGAPORE PTE. LTD. |
|
FORMER
NAME |
: |
HERCULES
CHEMICALS SOLUTIONS PTE. LTD. (20/06/2011) |
|
INCORPORATION
DATE |
: |
02/04/2002 |
|
COMPANY
STATUS |
: |
EXIST |
|
LEGAL
FORM |
: |
PRIVATE
LIMITED |
|
LISTED
STATUS |
: |
NO |
|
REGISTERED
ADDRESS |
: |
8,
MARINA BOULEVARD, 05-02, MARINA BAY FINANCIAL CENTRE, 018981, SINGAPORE. |
|
BUSINESS
ADDRESS |
: |
200,
PANDAN LOOP, 07-01/02, PANTECH 21, 128388, SINGAPORE. |
|
TEL.NO. |
: |
65-67755366 |
|
FAX.NO. |
: |
65-67755433 |
|
WEB
SITE |
: |
WWW.ASHLAND.COM |
|
CONTACT
PERSON |
: |
SANJAY
SURESH KARKHANIS ( DIRECTOR ) |
|
PRINCIPAL
ACTIVITY |
: |
WHOLESALE
OF CHEMICALS AND CHEMICAL PRODUCTS |
|
ISSUED
AND PAID UP CAPITAL |
: |
15,050,000.00
ORDINARY SHARE, OF A VALUE OF SGD 15,050,000.00 |
|
SALES |
: |
USD
57,604,584 [2014] |
|
NET
WORTH |
: |
USD
23,506,251 [2014] |
|
STAFF
STRENGTH |
: |
70
[2015] |
|
LITIGATION |
: |
TRACED |
|
FINANCIAL
CONDITION |
: |
STABLE |
|
PAYMENT |
: |
REGULAR
|
|
MANAGEMENT
CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL
RISK |
: |
LOW |
|
CURRENCY
EXPOSURE |
: |
MODERATE |
|
GENERAL
REPUTATION |
: |
GOOD |
|
INDUSTRY
OUTLOOK |
: |
AVERAGE
GROWTH |
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) wholesale of chemicals and
chemical products.
The
immediate holding company of the Subject is ASHLAND INDUSTRIES EUROPE GMBH, a
company incorporated in SWITZERLAND.
Share
Capital History
|
Date |
Issue
& Paid Up Capital |
|
13/10/2015 |
SGD
15,050,000.00 |
The
major shareholder(s) of the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
ASHLAND
INDUSTRIES EUROPE GMBH |
RHEINWEG,
11, 8200, SCHAFFHAUSEN, SWITZERLAND. |
T13UF1736 |
15,050,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
15,050,000.00 |
100.00 |
|||
|
============ |
===== |
+
Also Director
DIRECTOR
1
|
Name
Of Subject |
: |
MR.
SANJAY SURESH KARKHANIS |
|
Address |
: |
4,
KEPPEL BAY DRIVE, 05-01, CARIBBEAN AT KEPPEL BAY, 98637, SINGAPORE. |
|
IC
/ PP No |
: |
G3098715U |
|
Nationality |
: |
INDIAN |
|
Date
of Appointment |
: |
02/10/2015 |
DIRECTOR
2
|
Name
Of Subject |
: |
ZHAO
QUAN |
|
Address |
: |
RM
2501, 25/F, 29, LANE 58, MACAU ROAD, SHANGHAI, CHINA. |
|
IC
/ PP No |
: |
S7675552C |
|
Nationality |
: |
SINGAPOREAN |
|
Date
of Appointment |
: |
01/07/2015 |
|
1)
|
Name
of Subject |
: |
SANJAY
SURESH KARKHANIS |
|
Position |
: |
DIRECTOR |
|
Auditor |
: |
ERNST
& YOUNG LLP |
|
Auditor'
Address |
: |
N/A |
|
1)
|
Company
Secretary |
: |
ANTHONY
ANNE CATHARINE |
|
IC
/ PP No |
: |
S1347717E |
|
|
Address |
: |
8,
LORONG 29, GEYLANG, 07-06, 388064, SINGAPORE. |
|
No Banker found in our databank.
No encumbrance was found in our databank at the time of investigation.
* A check has been conducted in our databank against the Subject whether the
subject has been involved in any litigation.
|
Code
No |
: |
99 |
Case
No |
: |
19957 |
|
Year |
: |
2007 |
Place |
: |
SINGAPORE |
|
Court |
: |
MAGISTRATE
COURT |
|||
|
Date
Filed |
: |
03/09/2007 |
|||
|
Solicitor |
: |
KWOK
LING LING BONNIE |
|||
|
Solicitor
Ref |
: |
BK.5507.07 |
|||
|
Solicitor
Firm |
: |
BONNIE
KWOK & CO |
|||
|
Plaintiff |
: |
WOO
KAW CHUAN |
|||
|
Defendants |
: |
ASHLAND SINGAPORE PTE. LTD. (200202678) 8 MARINE BOULEVARD, 05-02, MARINA BAY FINANCIAL CENTRE, 018981, SINGAPORE. |
|||
|
Hearing
Date |
: |
N/A |
|||
|
Amount
Claimed |
: |
2350 |
|||
|
Nature
of Claim |
: |
SGD |
|||
|
Remark |
: |
TORT-NEGLIGENCE |
|||
|
No
winding up petition was found in our databank |
|
SOURCES
OF RAW MATERIALS: |
||
|
Local |
: |
N/A |
|
Overseas |
: |
N/A |
The Subject refused to disclose its suppliers.
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 |
[ |
X |
] |
Good
31-60 Days |
[ |
] |
Average
61-90 Days |
[ |
] |
|||||
|
Fair
91-120 Days |
[ |
] |
Poor
>120 Days |
[ |
] |
|||||||||
|
Local |
: |
YES |
|
||
|
Domestic
Markets |
: |
SINGAPORE |
|
||
|
Overseas |
: |
YES |
|
||
|
Export
Market |
: |
WORLDWIDE |
|
||
|
Credit
Term |
: |
N/A |
|
||
|
Payment
Mode |
: |
N/A |
|
||
|
Goods
Traded |
: |
CHEMICALS |
|
|
Services |
: |
CHEMICAL
TREATMENT ENGINEERING |
|
|
Total
Number of Employees: |
||
|
YEAR |
2015 |
2013 |
|
GROUP |
N/A |
N/A |
|
COMPANY |
70 |
70 |
|
Branch |
: |
NO |
Other
Information:
The Subject is principally engaged in the (as a / as an) wholesale of chemicals
and chemical products.
The Subject's engineered specialty chemical treatment programs includes:
* Water treatment application and pulp & paper
* Application and aqualon-water soluble polymer.
Latest
fresh investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
N/A |
|
Current
Telephone Number |
: |
65-67755366 |
|
Match |
: |
N/A |
|
Address
Provided by Client |
: |
200
PANDAN LOOP NO. 07-01/02 PANTECH 21,128388,SINGAPORE |
|
Current
Address |
: |
200,
PANDAN LOOP, 07-01/02, PANTECH 21, 128388, SINGAPORE. |
|
Match |
: |
YES |
Other
Investigations
We contacted one of the staff from the Subject and she provided some
information.
The Subject refused to disclose its bankers.
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2010
- 2014 |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Increased |
[ |
2010
- 2014 |
] |
|
|
Return
on Shareholder Funds |
: |
Favourable |
[ |
265.21% |
] |
|
|
Return
on Net Assets |
: |
Unfavourable |
[ |
(6.52%) |
] |
|
|
The fluctuating turnover reflects the
fierce competition among the existing and new market players.Higher losses
before tax during the year could be due to the higher operating costs incurred.
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 |
[ |
17
Days |
] |
|
|
Debtor
Ratio |
: |
Favourable |
[ |
37
Days |
] |
|
|
Creditors
Ratio |
: |
Favourable |
[ |
20
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 |
: |
Favourable |
[ |
4.16
Times |
] |
|
|
Current
Ratio |
: |
Favourable |
[ |
4.56
Times |
] |
|
|
A minimum liquid ratio of 1 should be
maintained by the Subject in order to assure its creditors of its ability to
meet short term obligations and the Subject was in a good liquidity position.
Thus, we believe the Subject is able to meet all its short term obligations
as and when they fall due. |
||||||
|
Solvency |
||||||
|
Interest
Cover |
: |
Unfavourable |
[ |
(98.45
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 Subject's losses increased but its
turnover showed a fluctuating trend. This indicate the Subject was
slowly losing its market share due to its competitors. The Subject was in
good liquidity position with its total current liabilities well covered by
its total current assets. With its current net assets, the Subject should be
able to repay its short term obligations. 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 : STABLE |
||||||
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
: |
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 |
|
|
Incorporated in 2002, the Subject is a Private
Limited company, focusing on wholesale of chemicals and chemical products.
Having been in the industry for over a decade, the Subject has achieved a
certain market share and has built up a good reputation in the market. It
should have received supports from its regular customers. With a large issued
and paid up capital of SGD 15,050,000 and strong backing from its holding
company, the Subject enjoys timely financial assistance should the needs
arise. These favourable conditions has minimised its risk in the industry
compared to other players.
.
|
|
|
|
THE
FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL
REPORTING STANDARDS. |
|
ASHLAND
SINGAPORE PTE. LTD. |
|
Financial
Year End |
2014-09-30 |
2013-09-30 |
2012-09-30 |
2011-09-30 |
2010-09-30 |
|
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 |
57,604,584 |
45,929,606 |
55,914,830 |
40,304,318 |
22,333,275 |
|
Other
Income |
3,130,912 |
3,018,762 |
2,848,496 |
5,219,692 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total
Turnover |
60,735,496 |
48,948,368 |
58,763,326 |
45,524,010 |
22,333,275 |
|
Costs
of Goods Sold |
(51,258,967) |
(40,451,615) |
(44,707,718) |
(31,709,928) |
(15,471,935) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross
Profit |
9,476,529 |
8,496,753 |
14,055,608 |
13,814,082 |
6,861,340 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
(1,549,207) |
(420,062) |
4,791,173 |
5,000,757 |
4,342,286 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
(1,549,207) |
(420,062) |
4,791,173 |
5,000,757 |
4,342,286 |
|
Taxation |
- |
- |
(714,010) |
(493,379) |
(929,932) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
(1,549,207) |
(420,062) |
4,077,163 |
4,507,378 |
3,412,354 |
|
Profit/(Loss)
from discontinued operation |
63,889,735 |
2,960,169 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE EXTRAORDINARY ITEMS |
62,340,528 |
2,540,107 |
4,077,163 |
4,507,378 |
3,412,354 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
ATTRIBUTABLE TO SHAREHOLDERS |
62,340,528 |
2,540,107 |
4,077,163 |
4,507,378 |
3,412,354 |
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As
previously reported |
3,496,621 |
5,967,861 |
1,890,698 |
(2,616,680) |
(6,029,034) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As
restated |
3,496,621 |
5,967,861 |
1,890,698 |
(2,616,680) |
(6,029,034) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
65,837,149 |
8,507,968 |
5,967,861 |
1,890,698 |
(2,616,680) |
|
DIVIDENDS
- Ordinary (paid & proposed) |
(52,934,677) |
(5,011,347) |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
12,902,472 |
3,496,621 |
5,967,861 |
1,890,698 |
(2,616,680) |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST
EXPENSE (as per notes to P&L) |
|||||
|
Others |
15,577 |
44,427 |
47,976 |
32,560 |
125,744 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
15,577 |
44,427 |
47,976 |
32,560 |
125,744 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION
(as per notes to P&L) |
69,166 |
177,099 |
119,409 |
194,483 |
188,283 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
69,166 |
177,099 |
119,409 |
194,483 |
188,283 |
|
|
============= |
============= |
============= |
============= |
============= |
|
ASHLAND
SINGAPORE PTE. LTD. |
|
ASSETS
EMPLOYED: |
|||||
|
FIXED
ASSETS |
14,539 |
273,419 |
362,473 |
305,955 |
306,052 |
|
Associated
companies |
- |
645,798 |
645,798 |
645,798 |
645,798 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM INVESTMENTS/OTHER ASSETS |
- |
645,798 |
645,798 |
645,798 |
645,798 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM ASSETS |
14,539 |
919,217 |
1,008,271 |
951,753 |
951,850 |
|
Stocks |
2,612,528 |
4,347,770 |
3,369,065 |
3,320,218 |
2,532,061 |
|
Trade
debtors |
5,811,234 |
11,513,916 |
9,257,498 |
6,866,220 |
5,157,702 |
|
Other
debtors, deposits & prepayments |
360,357 |
192,378 |
242,268 |
138,859 |
222,416 |
|
Amount
due from holding company |
734,577 |
777,868 |
204,492 |
- |
1,702 |
|
Amount
due from related companies |
551,957 |
954,107 |
237,595 |
1,790,937 |
1,926,856 |
|
Amount
due from associated companies |
- |
136,735 |
23,197 |
148,229 |
25,115 |
|
Cash
& bank balances |
20,022,643 |
7,032,013 |
8,632,019 |
8,837,019 |
4,311,801 |
|
Others |
- |
50,190 |
- |
59,281 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT ASSETS |
30,093,296 |
25,004,977 |
21,966,134 |
21,160,763 |
14,177,653 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
ASSET |
30,107,835 |
25,924,194 |
22,974,405 |
22,112,516 |
15,129,503 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade
creditors |
2,785,700 |
2,309,390 |
2,252,569 |
3,191,258 |
5,077,052 |
|
Other
creditors & accruals |
1,639,167 |
1,613,369 |
1,941,148 |
1,468,555 |
1,463,559 |
|
Short
term borrowings/Term loans |
- |
- |
- |
1,547,537 |
- |
|
Other
borrowings |
- |
1,602,769 |
1,641,719 |
- |
- |
|
Amounts
owing to holding company |
1,111,745 |
3,250,588 |
- |
724,904 |
8,461 |
|
Amounts
owing to related companies |
711,269 |
2,750,542 |
21,348 |
2,339,523 |
111,237 |
|
Amounts
owing to associated companies |
- |
- |
- |
34,700 |
- |
|
Provision
for taxation |
292,490 |
365,714 |
588,962 |
381,576 |
552,792 |
|
Other
liabilities |
61,213 |
- |
24,490 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT LIABILITIES |
6,601,584 |
11,892,372 |
6,470,236 |
9,688,053 |
7,213,101 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET
CURRENT ASSETS/(LIABILITIES) |
23,491,712 |
13,112,605 |
15,495,898 |
11,472,710 |
6,964,552 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
NET ASSETS |
23,506,251 |
14,031,822 |
16,504,169 |
12,424,463 |
7,916,402 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE
CAPITAL |
|||||
|
Ordinary
share capital |
10,603,779 |
10,603,779 |
10,603,779 |
10,603,779 |
10,603,779 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
SHARE CAPITAL |
10,603,779 |
10,603,779 |
10,603,779 |
10,603,779 |
10,603,779 |
|
Retained
profit/(loss) carried forward |
12,902,472 |
3,496,621 |
5,967,861 |
1,890,698 |
(2,616,680) |
|
Others |
- |
(115,363) |
(115,363) |
(115,363) |
(115,363) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
RESERVES |
12,902,472 |
3,381,258 |
5,852,498 |
1,775,335 |
(2,732,043) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
23,506,251 |
13,985,037 |
16,456,277 |
12,379,114 |
7,871,736 |
|
Deferred
taxation |
- |
46,785 |
47,892 |
45,349 |
44,666 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM LIABILITIES |
- |
46,785 |
47,892 |
45,349 |
44,666 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
23,506,251 |
14,031,822 |
16,504,169 |
12,424,463 |
7,916,402 |
|
|
============= |
============= |
============= |
============= |
============= |
|
ASHLAND
SINGAPORE PTE. LTD. |
|
TYPES
OF FUNDS |
|||||
|
Cash |
20,022,643 |
7,032,013 |
8,632,019 |
8,837,019 |
4,311,801 |
|
Net
Liquid Funds |
20,022,643 |
7,032,013 |
8,632,019 |
8,837,019 |
4,311,801 |
|
Net
Liquid Assets |
20,879,184 |
8,764,835 |
12,126,833 |
8,152,492 |
4,432,491 |
|
Net
Current Assets/(Liabilities) |
23,491,712 |
13,112,605 |
15,495,898 |
11,472,710 |
6,964,552 |
|
Net
Tangible Assets |
23,506,251 |
14,031,822 |
16,504,169 |
12,424,463 |
7,916,402 |
|
Net
Monetary Assets |
20,879,184 |
8,718,050 |
12,078,941 |
8,107,143 |
4,387,825 |
|
PROFIT
& LOSS ITEMS |
|||||
|
Earnings
Before Interest & Tax (EBIT) |
(1,533,630) |
(375,635) |
4,839,149 |
5,033,317 |
4,468,030 |
|
Earnings
Before Interest, Taxes, Depreciation And Amortization (EBITDA) |
(1,464,464) |
(198,536) |
4,958,558 |
5,227,800 |
4,656,313 |
|
BALANCE
SHEET ITEMS |
|||||
|
Total
Borrowings |
0 |
1,602,769 |
1,641,719 |
1,547,537 |
0 |
|
Total
Liabilities |
6,601,584 |
11,939,157 |
6,518,128 |
9,733,402 |
7,257,767 |
|
Total
Assets |
30,107,835 |
25,924,194 |
22,974,405 |
22,112,516 |
15,129,503 |
|
Net
Assets |
23,506,251 |
14,031,822 |
16,504,169 |
12,424,463 |
7,916,402 |
|
Net
Assets Backing |
23,506,251 |
13,985,037 |
16,456,277 |
12,379,114 |
7,871,736 |
|
Shareholders'
Funds |
23,506,251 |
13,985,037 |
16,456,277 |
12,379,114 |
7,871,736 |
|
Total
Share Capital |
10,603,779 |
10,603,779 |
10,603,779 |
10,603,779 |
10,603,779 |
|
Total
Reserves |
12,902,472 |
3,381,258 |
5,852,498 |
1,775,335 |
(2,732,043) |
|
LIQUIDITY
(Times) |
|||||
|
Cash
Ratio |
3.03 |
0.59 |
1.33 |
0.91 |
0.60 |
|
Liquid
Ratio |
4.16 |
1.74 |
2.87 |
1.84 |
1.61 |
|
Current
Ratio |
4.56 |
2.10 |
3.39 |
2.18 |
1.97 |
|
WORKING
CAPITAL CONTROL (Days) |
|||||
|
Stock
Ratio |
17 |
35 |
22 |
30 |
41 |
|
Debtors
Ratio |
37 |
92 |
60 |
62 |
84 |
|
Creditors
Ratio |
20 |
21 |
18 |
37 |
120 |
|
SOLVENCY
RATIOS (Times) |
|||||
|
Gearing
Ratio |
0 |
0.11 |
0.10 |
0.13 |
0 |
|
Liabilities
Ratio |
0.28 |
0.85 |
0.40 |
0.79 |
0.92 |
|
Times
Interest Earned Ratio |
(98.45) |
(8.46) |
100.87 |
154.59 |
35.53 |
|
Assets
Backing Ratio |
2.22 |
1.32 |
1.56 |
1.17 |
0.75 |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating
Profit Margin |
(2.69) |
(0.91) |
8.57 |
12.41 |
19.44 |
|
Net
Profit Margin |
108.22 |
5.53 |
7.29 |
11.18 |
15.28 |
|
Return
On Net Assets |
(6.52) |
(2.68) |
29.32 |
40.51 |
56.44 |
|
Return
On Capital Employed |
(6.52) |
(2.68) |
29.32 |
40.51 |
56.44 |
|
Return
On Shareholders' Funds/Equity |
265.21 |
18.16 |
24.78 |
36.41 |
43.35 |
|
Dividend
Pay Out Ratio (Times) |
0.85 |
1.97 |
0 |
0 |
0 |
|
NOTES
TO ACCOUNTS |
|||||
|
Contingent
Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.11 |
|
|
1 |
Rs.99.50 |
|
Euro |
1 |
Rs.74.24 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.