MIRA INFORM REPORT

 

 

Report No. :

345149

Report Date :

19.10.2015

 

IDENTIFICATION DETAILS

 

Name :

COVESTRO (HONG KONG) LIMITED SINGAPORE

 

 

Formerly Known As :

BAYER MATERIALSCIENCE LIMITED SINGAPORE BRANCH

 

 

Registered Office :

3, Temasek Avenue, 21-00, Centennial Tower, 039190

 

 

Country :

Singapore

 

 

Date of Incorporation :

23.04.2015

 

 

Com. Reg. No.:

T15FC0056-G

 

 

Legal Form :

Foreign

 

 

Line of Business :

Subject is engaged in wholesale of chemicals and chemical products & other business support services activities

 

 

No. of Employee :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

NB

 

RATING

STATUS

PROPOSED CREDIT LINE

--

NB

                                       New Business

 

--

 

Status :

New business 

 

 

Payment Behaviour :

Unknown

 

 

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.

:

T15FC0056-G

COMPANY NAME

:

COVESTRO (HONG KONG) LIMITED SINGAPORE

FORMER NAME

:

BAYER MATERIALSCIENCE LIMITED SINGAPORE BRANCH (24/08/2015)

INCORPORATION DATE

:

23/04/2015

 

 

 

 

 

 

COMPANY STATUS

:

EXIST

LEGAL FORM

:

FOREIGN

LISTED STATUS

:

NO

 

 

 

 

 

 

REGISTERED ADDRESS

:

3, TEMASEK AVENUE, 21-00, CENTENNIAL TOWER, 039190, SINGAPORE.

BUSINESS ADDRESS

:

3 TEMASEK AVENUE #21 - 00 CENTENNIAL TOWER, 039190, SINGAPORE.

TEL.NO.

:

65-65497902

FAX.NO.

:

N/A

CONTACT PERSON

:

CHENG JIE ( DIRECTOR )

 

 

 

 

 

 

PRINCIPAL ACTIVITY

:

WHOLESALE OF CHEMICALS AND CHEMICAL PRODUCTS & OTHER BUSINESS SUPPORT SERVICES ACTIVITIES

AUTHORISED CAPITAL

:

HKD 3,917,786.00

 

 

 

 

 

 

SALES

:

N/A

NET WORTH

:

N/A

 

 

 

STAFF STRENGTH

:

N/A

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

N/A

PAYMENT

:

N/A

MANAGEMENT CAPABILITY

:

WEAK

 

 

 

COMMERCIAL RISK

:

N/A

CURRENCY EXPOSURE

:

N/A

GENERAL REPUTATION

:

NOT YET DETERMINED

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

 

 

HISTORY / BACKGROUND

 

The Subject is principally engaged in the (as a / as an) wholesale of chemicals and chemical products & other business support services activities.

 

Share Capital History

Date

Authorised Shared Capital

Issue & Paid Up Capital

13/10/2015

HKD 3,917,786.00

HKD 0.00

No shareholders was found in our databank at the time of investigation



DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

CHENG JIE

Address

:

ROOM 901, 3, LANE 199, BAIYANG ROAD, SHANGHAI, CHINA.

IC / PP No

:

E11157028

 

 

 

 

 

 

 

 

 

Nationality

:

CHINESE

Date of Appointment

:

01/06/2015

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 2

 

Name Of Subject

:

STEFFAN HUBER

Address

:

UNIT 47, LANE 358, BAOLE ROAD, MINHANG DISTRICT RISEN GARDEN VILLAS, SHANGHAI, 201702, CHINA.

IC / PP No

:

C4KZ6FM7J

 

 

 

 

 

 

 

 

 

Nationality

:

GERMAN

Date of Appointment

:

01/04/2015

 

 

 

 

 

 

 

 

 

 

 

 



MANAGEMENT

 

 

 

1)

Name of Subject

:

CHENG JIE

 

Position

:

DIRECTOR

 

 

 

AUDITOR


No Auditor found in our databank

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

JONAS LIM GUO JIANN

 

IC / PP No

:

S1784393A

 

 

 

 

 

Address

:

538, HOUGANG STREET 52, 08-86, 530538, SINGAPORE.

 

 

 

 

 

Remarks

:

AGENT

 

 

 

 

 

2)

Company Secretary

:

WILFREDO DELA CRUZ AGUILAR

 

IC / PP No

:

S7262117D

 

 

 

 

 

Address

:

42, SOUTH BUONA VISTA ROAD, 01-01, BAYVILLE CONDOMINIUM, 118166, SINGAPORE.

 

 

 

 

 

Remarks

:

AGENT

 

 

 

BANKING


No Banker found in our databank.

 

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

:

N/A

Overseas

:

N/A

 

 

 


The staff from the registered office refused to disclose the Subject's suppliers.

 

 

CLIENTELE

 

Local

:

N/A

 

 

 

Overseas

:

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


The staff from the registered office refused to disclose the Subject's clientele.

 

 

OPERATIONS

 

Goods Traded

:

CHEMICALS

 

 

 

 

Services

:

BUSINESS SUPPORT SERVICES ACTIVITIES

 

 

 

 

 

Branch

:

NO

 

Other Information:


The Subject is principally engaged in the (as a / as an) wholesale of chemicals and chemical products & other business support services activities.


The staff from the registered office refused to disclose 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

:

65-65497902

Match

:

N/A

 

 

 

Address Provided by Client

:

LEVEL 21 CENTENNIAL TOWER 3 TEMASEK AVENUE SINGAPORE 039190

Current Address

:

3 TEMASEK AVENUE #21 - 00 CENTENNIAL TOWER, 039190, SINGAPORE.

Match

:

NO

 

 

 


We have contacted the Subject's Accountant and its Company Secretary for the latest financial accounts. However they have rejected our request in view of the confidentiality of the documents.

 

 

Other Investigations


We contacted one of the staff from the Subject's registered office and she only provided limited information.

The address provided is incomplete.


She refused to disclose the fax number and number of employees.

FINANCIAL ANALYSIS

 

No latest financial accounts are available at the Registry Office, thus we are not able to comment on the Subject's financial performance.

 

 

 

 

 

 

 

Overall financial condition of the Subject : N/A

 

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

 

 

Incorporated in 2015, the Subject is a Foreign company, focusing on wholesale of chemicals and chemical products & other business support services activities. The Subject was newly established and it has yet to build up a stable clientele base in the market. It is likely to incur start-up costs during the initial years of its operations.

We regard that the Subject's management capability is weak. Without capable management, the Subject is unlikely to be successful and often contribute to unacceptable levels of accountability. Weak management can affect productivity, profitability, sales growth and ultimately can result in the failure of a business.


No financial accounts are available for analysis. As such, we are not able to comment on the Subject's current financial standing.


The industry shows an upward trend and this trend is very likely to sustain in the near terms.


Based on the above unfavourable condition, we regard granting credit to the Subject to be quite risky. Hence, credit is not recommended.

 



FINANCIAL ACCOUNT


No latest financial accounts are available at the Registry Office.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.64.97

UK Pound

1

Rs.100.55

Euro

1

Rs.73.99

 

INFORMATION DETAILS

 

Analysis Done by :

KAS

 

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.