|
Report No. : |
347096 |
|
Report Date : |
31.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
ROHM AND HAAS SINGAPORE (PTE) LTD |
|
|
|
|
Formerly Known As : |
MORTON INTERNATIONAL PTE. LTD. DYNACHEM SINGAPORE PTE LTD |
|
|
|
|
Registered Office : |
260, Orchard Road, 18-01, The Heeren, 238855 |
|
|
|
|
Country : |
Singapore
|
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
02.08.1979 |
|
|
|
|
Com. Reg. No.: |
197902295-R |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Subject is engaged in the trading of chemical related products. |
|
|
|
|
No. of Employees : |
100 [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 |
|
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) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
CHINA - ECONOMIC OVERVIEW
Since the late 1970s China has moved from a closed, centrally planned system to a more market-oriented one that plays a major global role - in 2010 China became the world's largest exporter. Reforms began with the phasing out of collectivized agriculture, and expanded to include the gradual liberalization of prices, fiscal decentralization, increased autonomy for state enterprises, growth of the private sector, development of stock markets and a modern banking system, and opening to foreign trade and investment. China has implemented reforms in a gradualist fashion. In recent years, China has renewed its support for state-owned enterprises in sectors considered important to "economic security," explicitly looking to foster globally competitive industries. The restructuring of the economy and resulting efficiency gains have contributed to a more than tenfold increase in GDP since 1978. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2014 stood as the largest economy in the world, surpassing the US for the first time in modern history. Still, China's per capita income is below the world average.
After keeping its currency tightly linked to the US dollar for years, in July 2005 China moved to an exchange rate system that references a basket of currencies. From mid-2005 to late 2008 cumulative appreciation of the renminbi against the US dollar was more than 20%, but the exchange rate remained virtually pegged to the dollar from the onset of the global financial crisis until June 2010, when Beijing allowed resumption of a gradual appreciation. In 2014 the People’s Bank of China (PBOC) doubled the daily trading band within which the RMB is permitted to fluctuate.
The Chinese government faces numerous economic challenges, including: (a) reducing its high domestic savings rate and correspondingly low domestic consumption; (b) facilitating higher-wage job opportunities for the aspiring middle class, including rural migrants and increasing numbers of college graduates; (c) reducing corruption and other economic crimes; and (d) containing environmental damage and social strife related to the economy's rapid transformation. Economic development has progressed further in coastal provinces than in the interior, and by 2014 more than 274 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of population control policy is that China is now one of the most rapidly aging countries in the world. Deterioration in the environment - notably air pollution, soil erosion, and the steady fall of the water table, especially in the North - is another long-term problem. China continues to lose arable land because of erosion and economic development. The Chinese government is seeking to add energy production capacity from sources other than coal and oil, focusing on nuclear and alternative energy development.
Several factors are converging to slow China's growth, including debt overhang from its credit-fueled stimulus program, industrial overcapacity, inefficient allocation of capital by state-owned banks, and the slow recovery of China's trading partners. The government's 12th Five-Year Plan, adopted in March 2011 and reiterated at the Communist Party's "Third Plenum" meeting in November 2013, emphasizes continued economic reforms and the need to increase domestic consumption in order to make the economy less dependent in the future on fixed investments, exports, and heavy industry. However, China has made only marginal progress toward these rebalancing goals. The new government of President XI Jinping has signaled a greater willingness to undertake reforms that focus on China's long-term economic health, including giving the market a more decisive role in allocating resources. In 2014 China agreed to begin limiting carbon dioxide emissions by 2030. China also implemented several economic reforms in 2014, including passing legislation to allow local governments to issue bonds, opening several state-owned enterprises to further private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape.
|
Source
: CIA |
EXECUTIVE
SUMMARY
|
|
REGISTRATION NO. |
: |
197902295-R |
|
COMPANY NAME |
: |
ROHM AND HAAS SINGAPORE (PTE) LTD |
|
FORMER NAME |
: |
MORTON INTERNATIONAL PTE. LTD. (01/07/2000) |
|
INCORPORATION DATE |
: |
02/08/1979 |
|
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 |
|
WEB SITE |
: |
WWW.ROHMHAAS.COM |
|
CONTACT PERSON |
: |
LIM YOKE LOON ( DIRECTOR ) |
|
PRINCIPAL ACTIVITY |
: |
TRADING OF CHEMICAL RELATED PRODUCTS |
|
ISSUED AND PAID UP CAPITAL |
: |
24,665,000.00 ORDINARY SHARE, OF A VALUE OF SGD 24,665,000.00 |
|
SALES |
: |
USD 261,882,000 [2014] |
|
NET WORTH |
: |
USD (45,714,000) [2014] |
|
STAFF STRENGTH |
: |
100 [2015] |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
POOR |
|
PAYMENT |
: |
AVERAGE |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL RISK |
: |
MODERATE |
|
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
chemical related products.
The immediate holding company of the Subject is ROHM AND HAAS DENMARK
FINANCE A/S, a company incorporated in DENMARK.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
28/10/2015 |
SGD 24,665,000.00 |
The major shareholder(s) of the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
ROHM AND HAAS DENMARK FINANCE A/S |
VESTER FARIMAGSGADE, 6, DK-1606, COPENHAGEN V, DENMARK. |
S79UF0319 |
24,665,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
24,665,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
SUINIATY BASIRUN |
|
Address |
: |
87, PASIR PANJANG HILL, 02-06, 118892, SINGAPORE. |
|
IC / PP No |
: |
S6972845F |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
13/10/2003 |
DIRECTOR 2
|
Name Of Subject |
: |
LIM YOKE LOON |
|
Address |
: |
133, JALAN PELATOK, EAST VIEW GARDEN, 488468, SINGAPORE. |
|
IC / PP No |
: |
S7135645J |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
04/10/2010 |
DIRECTOR 3
|
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 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
LIM YOKE LOON |
|
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 |
: |
7, BISHAN STREET 15, 31-09, SKY HABITAT, 573908, SINGAPORE. |
|
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 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 |
[ |
] |
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 |
: |
AS AGREED |
|||
|
Payment Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Goods Traded |
: |
CHEMICAL RELATED PRODUCTS |
|
|
Ownership of premises |
: |
LEASED/RENTED |
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2015 |
2014 |
2013 |
2012 |
2011 |
||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
||||
|
COMPANY |
100 |
100 |
70 |
70 |
75 |
||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) trading of chemical
related products.
The Subject is engaged in the trading and distribution of chemical related
products for industrial use.
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 SINGAPORE 238855 |
|
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.
The Subject refused to disclose its bankers.
FINANCIAL
ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2010 - 2014 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2010 - 2014 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
6.07% |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
3.73% |
] |
|
|
The fluctuating turnover reflects the fierce competition among the existing
and new market players.The Subject could be more efficient in controlling its
operating costs and had managed to reduce its losses during the year. The
unfavourable return on shareholders' funds could indicate that the Subject
was inefficient in utilising its assets to generate returns. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Favourable |
[ |
47 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
36 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
9 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 |
[ |
0.45 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
0.68 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 |
[ |
(1.91 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 turnover showed a volatile trend but its losses were
lower when compared to the previous corresponding period. This could suggest that
the Subject was more efficient in its operating cost control and was more
competitive. 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. |
|
ROHM AND HAAS SINGAPORE (PTE) LTD |
|
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 |
USD |
USD |
SGD |
SGD |
SGD |
|
TURNOVER |
261,882,000 |
250,857,000 |
314,477,000 |
304,158,000 |
331,356,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
261,882,000 |
250,857,000 |
314,477,000 |
304,158,000 |
331,356,000 |
|
Costs of Goods Sold |
(251,518,000) |
(246,893,000) |
(301,405,000) |
(300,991,000) |
(323,813,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
10,364,000 |
3,964,000 |
13,072,000 |
3,167,000 |
7,543,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
(2,600,000) |
(4,846,000) |
(743,000) |
(3,023,000) |
(1,738,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
(2,600,000) |
(4,846,000) |
(743,000) |
(3,023,000) |
(1,738,000) |
|
Taxation |
(175,000) |
(235,000) |
- |
- |
23,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
(2,775,000) |
(5,081,000) |
(743,000) |
(3,023,000) |
(1,715,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
(57,651,000) |
(52,570,000) |
(70,724,000) |
(67,701,000) |
(65,986,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
(57,651,000) |
(52,570,000) |
(70,724,000) |
(67,701,000) |
(65,986,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
(60,426,000) |
(57,651,000) |
(71,467,000) |
(70,724,000) |
(67,701,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
(60,426,000) |
(57,651,000) |
(71,467,000) |
(70,724,000) |
(67,701,000) |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Others |
893,000 |
2,905,000 |
1,744,000 |
1,272,000 |
1,562,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
893,000 |
2,905,000 |
1,744,000 |
1,272,000 |
1,562,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION (as per notes to P&L) |
44,000 |
65,000 |
168,000 |
243,000 |
458,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
44,000 |
65,000 |
168,000 |
243,000 |
458,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
BALANCE
SHEET
|
|
ROHM AND HAAS SINGAPORE (PTE) LTD |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
213,000 |
302,000 |
448,000 |
552,000 |
670,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
213,000 |
302,000 |
448,000 |
552,000 |
670,000 |
|
Stocks |
33,861,000 |
36,485,000 |
35,533,000 |
43,128,000 |
23,299,000 |
|
Trade debtors |
25,727,000 |
28,076,000 |
41,555,000 |
34,743,000 |
61,667,000 |
|
Other debtors, deposits & prepayments |
27,000 |
120,000 |
140,000 |
562,000 |
46,156,000 |
|
Amount due from related companies |
39,437,000 |
58,205,000 |
413,262,000 |
162,138,000 |
- |
|
Cash & bank balances |
694,000 |
986,000 |
324,000 |
3,315,000 |
1,391,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
99,746,000 |
123,872,000 |
490,814,000 |
243,886,000 |
132,513,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
99,959,000 |
124,174,000 |
491,262,000 |
244,438,000 |
133,183,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
5,865,000 |
10,333,000 |
2,167,000 |
7,079,000 |
56,694,000 |
|
Other creditors & accruals |
2,979,000 |
3,717,000 |
1,863,000 |
2,372,000 |
6,574,000 |
|
Amounts owing to holding company |
1,272,000 |
874,000 |
760,000 |
1,266,000 |
- |
|
Amounts owing to related companies |
135,557,000 |
152,294,000 |
532,969,000 |
279,547,000 |
112,951,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
145,673,000 |
167,218,000 |
537,759,000 |
290,264,000 |
176,219,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
(45,927,000) |
(43,346,000) |
(46,945,000) |
(46,378,000) |
(43,706,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
(45,714,000) |
(43,044,000) |
(46,497,000) |
(45,826,000) |
(43,036,000) |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
14,297,000 |
14,297,000 |
24,665,000 |
24,665,000 |
24,665,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
14,297,000 |
14,297,000 |
24,665,000 |
24,665,000 |
24,665,000 |
|
Capital reserve |
415,000 |
310,000 |
305,000 |
233,000 |
- |
|
Retained profit/(loss) carried forward |
(60,426,000) |
(57,651,000) |
(71,467,000) |
(70,724,000) |
(67,701,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
(60,011,000) |
(57,341,000) |
(71,162,000) |
(70,491,000) |
(67,701,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
(45,714,000) |
(43,044,000) |
(46,497,000) |
(45,826,000) |
(43,036,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
(45,714,000) |
(43,044,000) |
(46,497,000) |
(45,826,000) |
(43,036,000) |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
FINANCIAL RATIO
|
|
ROHM AND HAAS SINGAPORE (PTE) LTD |
|
TYPES OF FUNDS |
|||||
|
Cash |
694,000 |
986,000 |
324,000 |
3,315,000 |
1,391,000 |
|
Net Liquid Funds |
694,000 |
986,000 |
324,000 |
3,315,000 |
1,391,000 |
|
Net Liquid Assets |
(79,788,000) |
(79,831,000) |
(82,478,000) |
(89,506,000) |
(67,005,000) |
|
Net Current Assets/(Liabilities) |
(45,927,000) |
(43,346,000) |
(46,945,000) |
(46,378,000) |
(43,706,000) |
|
Net Tangible Assets |
(45,714,000) |
(43,044,000) |
(46,497,000) |
(45,826,000) |
(43,036,000) |
|
Net Monetary Assets |
(79,788,000) |
(79,831,000) |
(82,478,000) |
(89,506,000) |
(67,005,000) |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest & Tax (EBIT) |
(1,707,000) |
(1,941,000) |
1,001,000 |
(1,751,000) |
(176,000) |
|
Earnings Before Interest, Taxes, Depreciation And Amortization
(EBITDA) |
(1,663,000) |
(1,876,000) |
1,169,000 |
(1,508,000) |
282,000 |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
0 |
0 |
0 |
0 |
0 |
|
Total Liabilities |
145,673,000 |
167,218,000 |
537,759,000 |
290,264,000 |
176,219,000 |
|
Total Assets |
99,959,000 |
124,174,000 |
491,262,000 |
244,438,000 |
133,183,000 |
|
Net Assets |
(45,714,000) |
(43,044,000) |
(46,497,000) |
(45,826,000) |
(43,036,000) |
|
Net Assets Backing |
(45,714,000) |
(43,044,000) |
(46,497,000) |
(45,826,000) |
(43,036,000) |
|
Shareholders' Funds |
(45,714,000) |
(43,044,000) |
(46,497,000) |
(45,826,000) |
(43,036,000) |
|
Total Share Capital |
14,297,000 |
14,297,000 |
24,665,000 |
24,665,000 |
24,665,000 |
|
Total Reserves |
(60,011,000) |
(57,341,000) |
(71,162,000) |
(70,491,000) |
(67,701,000) |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0 |
0.01 |
0 |
0.01 |
0.01 |
|
Liquid Ratio |
0.45 |
0.52 |
0.85 |
0.69 |
0.62 |
|
Current Ratio |
0.68 |
0.74 |
0.91 |
0.84 |
0.75 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
47 |
53 |
41 |
52 |
26 |
|
Debtors Ratio |
36 |
41 |
48 |
42 |
68 |
|
Creditors Ratio |
9 |
15 |
3 |
9 |
64 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
0 |
0 |
0 |
0 |
0 |
|
Liabilities Ratio |
(3.19) |
(3.88) |
(11.57) |
(6.33) |
(4.09) |
|
Times Interest Earned Ratio |
(1.91) |
(0.67) |
0.57 |
(1.38) |
(0.11) |
|
Assets Backing Ratio |
(3.20) |
(3.01) |
(1.89) |
(1.86) |
(1.74) |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
(0.99) |
(1.93) |
(0.24) |
(0.99) |
(0.52) |
|
Net Profit Margin |
(1.06) |
(2.03) |
(0.24) |
(0.99) |
(0.52) |
|
Return On Net Assets |
3.73 |
4.51 |
(2.15) |
3.82 |
0.41 |
|
Return On Capital Employed |
3.73 |
4.51 |
(2.15) |
3.82 |
0.41 |
|
Return On Shareholders' Funds/Equity |
6.07 |
11.80 |
1.60 |
6.60 |
3.99 |
|
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.65.22 |
|
|
1 |
Rs.99.93 |
|
Euro |
1 |
Rs.71.67 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.