|
Report No. : |
339371 |
|
Report Date : |
09.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
LANXESS BUTYL PTE. LTD. |
|
|
|
|
Registered Office : |
3A, International Business Park, 07-10/18, ICON@IB, 609935 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
14.03.2008 |
|
|
|
|
Com. Reg. No.: |
200805083-D |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Manufacturing of chemicals |
|
|
|
|
No. of Employees : |
100 [2015] |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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. |
: |
200805083-D |
|
COMPANY NAME |
: |
LANXESS BUTYL
PTE. LTD. |
|
FORMER NAME |
: |
N/A |
|
INCORPORATION DATE |
: |
14/03/2008 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
3A, INTERNATIONAL BUSINESS PARK, 07-10/18,
ICON@IB, 609935, SINGAPORE. |
|
BUSINESS ADDRESS |
: |
3A, INTERNATIONAL BUSINESS PARK, TOWER B,
07-10/18, ICON @ IBP, 609935, SINGAPORE. |
|
TEL.NO. |
: |
65-67255888 |
|
FAX.NO. |
: |
65-67254888 |
|
CONTACT PERSON |
: |
WU YIJING ( DIRECTOR ) |
|
PRINCIPAL ACTIVITY |
: |
MANUFACTURING OF CHEMICALS |
|
ISSUED AND PAID UP CAPITAL |
: |
40,050,000.00 ORDINARY SHARE, OF A VALUE
OF SGD 40,050,000.00 |
|
SALES |
: |
USD 1,024,939,756 [2014] |
|
NET WORTH |
: |
USD 495,392,797 [2014] |
|
STAFF STRENGTH |
: |
100 [2015] |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
POOR |
|
PAYMENT |
: |
AVERAGE |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL RISK |
: |
N/A |
|
CURRENCY EXPOSURE |
: |
N/A |
|
GENERAL REPUTATION |
: |
SATISFACTORY |
|
INDUSTRY OUTLOOK |
: |
MATURE |
The Subject is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the Subject is insolvent. The Subject is governed by the Companies Act and the company must file its annual returns, together with its financial statements with the Registrar of Companies.
The Subject is principally engaged in the (as a / as an) manufacturing of chemicals.
The immediate holding company of the Subject is LANXESS INTERNATIONAL HOLDING GMBH, a company incorporated in GERMANY.
Share Capital
History
|
Date |
Issue & Paid
Up Capital |
|
13/08/2015 |
SGD 40,050,000.00 |
The major
shareholder(s) of the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
LANXESS INTERNATIONAL HOLDING GMBH |
LANXESS TOWER, KENNEDYPLATZ 1, ROOM T,
E03.126, COLOGNE, 50569, GERMANY. |
T08UF1609K |
40,050,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
40,050,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject's interest in other companies (Subsidiaries/Associates) are shown as follow :
|
Local No |
Country |
Company |
(%) |
As At |
|
200308517C |
SINGAPORE |
PCTS SPECIALTY CHEMICALS PTE. LTD. |
100.00 |
18/02/2014 |
DIRECTOR
1
|
Name Of Subject |
: |
DR RAINIER ARNOLD QUIRINUS MARIA VAN
ROESSEL |
|
Address |
: |
PESTALOZZISTRASSE 15, 51427, BERGISCH
GLADBACH, GERMANY. |
|
IC / PP No |
: |
BV7F2JPJ9 |
|
Nationality |
: |
DUTCH |
|
Date of Appointment |
: |
01/09/2014 |
DIRECTOR
2
|
Name Of Subject |
: |
WU YIJING |
|
Address |
: |
33, TANGLIN ROAD, 19-07, ST. REGIS
RESIDENCES, 247913, SINGAPORE. |
|
IC / PP No |
: |
G5322925K |
|
Nationality |
: |
CHINESE |
|
Date of Appointment |
: |
01/05/2014 |
DIRECTOR
3
|
Name Of Subject |
: |
MR. LIM JOO JOON |
|
Address |
: |
65, SUMMER PLACE, SUMMER PLACE, 555747,
SINGAPORE. |
|
IC / PP No |
: |
S1248311B |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
30/09/2008 |
|
1) |
Name of Subject |
: |
WU YIJING |
|
Position |
: |
DIRECTOR |
|
Auditor |
: |
PRICEWATERHOUSECOOPERS LLP |
|
Auditor' Address |
: |
N/A |
|
1) |
Company Secretary |
: |
YVONNE ANG RUEY SHYA |
|
IC / PP No |
: |
S8426403B |
|
|
Address |
: |
213B, COMPASSVALE LANE, 15-262, 542213, SINGAPORE. |
|
|
2) |
Company Secretary |
: |
SHARON LIM SIEW CHOO |
|
IC / PP No |
: |
S7700641I |
|
|
Address |
: |
498F, TAMPINES STREET 45, 06-424, 524498, 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.
No legal action was found in our databank.
No winding up petition was found in our databank.
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
N/A |
|
Overseas |
: |
N/A |
The staff from the registered office refused to disclose the Subject's
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 |
[ |
] |
|||||||||
|
Local |
: |
N/A |
|
Overseas |
: |
N/A |
The staff from the registered office refused to disclose the Subject's
clientele.
|
Products manufactured |
: |
|
|
|
Total Number of Employees: |
|||||||||
|
YEAR |
2015 |
2014 |
|||||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
|||||||
|
COMPANY |
100 |
100 |
|||||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) manufacturing of
chemicals.
The staff from the registered office refused to disclose the Subject's
operation.
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-67255888 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
3A, INTERNATIONAL BUSINESS PARK, TOWER B, 07-10/18, ICON @ IBP,609935,SINGAPORE |
|
Current Address |
: |
3A, INTERNATIONAL BUSINESS PARK, TOWER B, 07-10/18, ICON @ IBP, 609935, SINGAPORE. |
|
Match |
: |
YES |
Other Investigations
We contacted one of the staff from the Subject's registered office and she
provided limited information.
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2010 - 2014 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2010 - 2014 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
(5.68%) |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
(4.87%) |
] |
|
|
The fluctuating turnover reflects the fierce competition among the existing
and new market players. The Subject incurred losses during the year due to
the inefficient control of its operating costs. The Subject's unfavourable
returns on shareholders' funds indicate the management's inefficiency in
utilising its assets to generate returns. |
||||||
|
Working Capital
Control |
||||||
|
Stock Ratio |
: |
Favourable |
[ |
44 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
25 Days |
] |
|
|
Creditors Ratio |
: |
Unfavourable |
[ |
72 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 |
[ |
0.15 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
0.37 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 |
[ |
(10.10 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 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. 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 |
||||||
|
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 :MANUFACTURING
In the third quarter of 2014, manufacturing output has increased by 1.9%,
extending the 1.5% growth in the previous quarter. Growth was largely driven by
the biomedical manufacturing and chemicals clusters. Besides, for the whole 2013,
the manufacturing sector grew by 1.7%, an uptick from the 0.3% growth recorded
in the previous year. All clusters recorded an expansion in 2013, except the
biomedical manufacturing cluster.
The chemicals cluster grew by 5.2% in the third quarter of 2014. Growth was led
by the petrochemicals and specialty chemicals segments, which expanded by 8.9%
and 7.1% respectively. By contrast, the petroleum segment contracted by 4.2% in
the third quarter of 2014 due to plant maintenance shutdowns. For the year of
2013, the chemicals cluster grew only by 0.7%.
Besides, output of the biomedical manufacturing cluster expanded by 9.0% in the
third quarter of 2014. The medical technology segment posted robust growth of
23% due to higher production of medical instruments and supplies, while the
output of the pharmaceuticals segment rose by 6.2%. However, in the whole of
2013, the biomedical manufacturing cluster recorded only a flat growth.
In the third quarter of 2014, the transport engineering cluster contracted by 2.0%,
dragged down by the aerospace segment. Output in the aerospace segment plunged
by 18% on the back of fewer repair jobs from commercial airlines. This was
mitigated by the 4.1% growth in the marine & offshore engineering segment,
which was supported by higher contributions from rig building projects.
Nonetheless, for the whole of 2013, the transport engineering cluster grew by
5.2%.
Moreover, output of the precision engineering cluster increased by 1.3% in the
third quarter of 2014. The machinery & systems segment grew by 6.2%,
supported by higher demand for semiconductor-related equipment and mechanical
engineering work. This was partly offset by the decline in the output of the
precision modules & components segment. Conversely, in the full year of 2013,
the precision engineering cluster's output declined by 5.6%.
Furthermore, in the third quarter of 2014, output of the general manufacturing
industries declined by 3.0%. The 2.1% growth in the food, beverages &
tobacco segment was more than offset by declines in the other two segments. In
particular, the miscellaneous industries segment contracted by 4.7% on the back
of lower output in construction-related products, such as concrete & cement
products and steel structural components. For the full year of 2013, the
general manufacturing cluster grew by 2.8%.
Besides, in the third quarter of 2014, the electronics cluster expanded by
0.9%, reversing the 5.0% contraction in the previous quarter. Growth was
supported by an expansion in the computer peripherals (6.3%) and data storage
(2.6%) segments. Moreover, for the year 2013, the electronics cluster expanded
by 3.5%.
OVERALL INDUSTRY OUTLOOK : MATURE
Incorporated in 2008, the Subject is a Private Limited company, focusing on manufacturing of chemicals. Having been in business for more than 5 years, the Subject has established a remarkable clientele base for itself which has contributed to its business growth. The Subject have a strong capital position of SGD 40,050,000. We are confident with the Subject's business and its future growth prospect. Having strong support from its holding company has enabled the Subject to remain competitive despite the challenging business environment.
Being a moderate size company, the Subject has a total workforce of 100
employees in its business operations. Overall, we regard that the Subject's
management capability is average. This indicates that the Subject has greater
potential to improve its business performance and raising income for the
Subject.
Due to the challenging market conditions, the Subject's business performance
seems to be deteriorating and losses incurred. The Subject has generated an
unfavourable return on shareholders' funds indicating that the management was
inefficient in utilising its funds to generate return. Due to its weak
liquidity position, the Subject may face working capital deficiency in meeting
its short term financial obligations if no fresh capital are injected into the
Subject. Being a zero geared company, the Subject virtually has no financial
risk as it is mainly dependent on its internal funds to finance its business.
Given a positive net worth standing at USD 495,392,797, the Subject should be
able to maintain its business in the near terms.
The Subject's payment habit is average. With its adequate working capital, the
Subject should be able to pay its short term debts.
The industry has reached its optimum level and is generally stable. It is
saturated and very competitive. Thus, the Subject's growth prospect is very
much depends on its capacity in sustaining its performance in the market.
Based on the above condition, we recommend credit be granted to the Subject
normally.
|
THE FINANCIAL STATEMENTS
WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS. |
|
LANXESS BUTYL
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 |
SUMMARY |
|
Currency |
USD |
USD |
USD |
USD |
SGD |
|
TURNOVER |
1,024,939,756 |
1,365,259,948 |
1,353,715,152 |
878,831,424 |
613,021,170 |
|
Other Income |
465,791 |
4,320,687 |
80,605 |
13,903 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
1,025,405,547 |
1,369,580,635 |
1,353,795,757 |
878,845,327 |
613,021,170 |
|
Costs of Goods Sold |
(976,314,748) |
(1,198,277,947) |
(1,088,592,956) |
(659,945,310) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
49,090,799 |
171,302,688 |
265,202,801 |
218,900,017 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
(28,050,940) |
57,554,361 |
182,278,251 |
167,791,817 |
131,686,230 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
(28,050,940) |
57,554,361 |
182,278,251 |
167,791,817 |
131,686,230 |
|
Taxation |
(80,649) |
- |
- |
(695) |
(6,253) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
(28,131,589) |
57,554,361 |
182,278,251 |
167,791,122 |
131,679,978 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
501,614,133 |
444,059,772 |
261,781,521 |
93,990,399 |
(16,566,284) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
501,614,133 |
444,059,772 |
261,781,521 |
93,990,399 |
(16,566,284) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
473,482,544 |
501,614,133 |
444,059,772 |
261,781,521 |
115,113,694 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
473,482,544 |
501,614,133 |
444,059,772 |
261,781,521 |
115,113,694 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE
(as per notes to P&L) |
|||||
|
Lease interest |
89,138 |
- |
- |
- |
- |
|
Loan from subsidiary companies |
2,437,624 |
1,630,552 |
1,405,925 |
297,383 |
- |
|
Others |
- |
282 |
23,368 |
12 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
2,526,762 |
1,630,834 |
1,429,293 |
297,395 |
- |
|
|
============= |
============= |
============= |
============= |
- |
|
|
DEPRECIATION (as per notes to P&L) |
49,218,608 |
44,297,865 |
4,678,603 |
269,846 |
- |
|
AMORTIZATION |
1,020,825 |
158,246 |
166,508 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
50,239,433 |
44,456,111 |
4,845,111 |
269,846 |
- |
|
|
============= |
============= |
============= |
============= |
|
LANXESS BUTYL
PTE. LTD. |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
855,051,955 |
707,017,926 |
616,845,829 |
400,881,778 |
249,702,958 |
|
LONG TERM
INVESTMENTS/OTHER ASSETS |
|||||
|
Subsidiary companies |
1 |
17,300,172 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
1 |
17,300,172 |
- |
- |
- |
|
Goodwill on consolidation |
3,035,976 |
- |
- |
- |
- |
|
Computer software |
435,672 |
553,914 |
- |
- |
- |
|
Others |
5,866,641 |
- |
527,392 |
400,824 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL INTANGIBLE ASSETS |
9,338,289 |
553,914 |
527,392 |
400,824 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
864,390,245 |
724,872,012 |
617,373,221 |
401,282,602 |
249,702,958 |
|
Stocks |
122,346,545 |
123,665,531 |
119,812,506 |
83,036,242 |
- |
|
Trade debtors |
69,965,938 |
150,222,131 |
127,476,805 |
146,332,288 |
- |
|
Other debtors, deposits & prepayments |
9,077,288 |
23,268,725 |
23,535,815 |
37,316,550 |
- |
|
Amount due from holding company |
- |
35,664,990 |
21,065,573 |
- |
- |
|
Cash & bank balances |
1,611 |
3,093 |
3,093 |
1,155,991 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
201,391,382 |
332,824,470 |
291,893,792 |
267,841,071 |
112,742,667 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
1,065,781,627 |
1,057,696,482 |
909,267,013 |
669,123,673 |
362,445,625 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade creditors |
193,212,580 |
298,523,294 |
262,892,167 |
312,822,683 |
- |
|
Other creditors & accruals |
9,201,246 |
8,950,550 |
15,471,135 |
3,875,370 |
- |
|
Hire purchase & lease creditors |
1,732,335 |
- |
- |
- |
- |
|
Bank overdraft |
18,389 |
17,849 |
4,098 |
- |
- |
|
Amounts owing to holding company |
10,042,170 |
- |
- |
9,910,691 |
- |
|
Amounts owing to subsidiary companies |
324,376,160 |
215,000,000 |
150,067,245 |
45,348,574 |
- |
|
Provision for taxation |
291,202 |
- |
- |
- |
- |
|
Other liabilities |
3,246,102 |
84,627 |
712,672 |
476,565 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
542,120,184 |
522,576,320 |
429,147,317 |
372,433,883 |
207,182,245 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
(340,728,802) |
(189,751,850) |
(137,253,525) |
(104,592,812) |
(94,439,578) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
523,661,443 |
535,120,162 |
480,119,696 |
296,689,790 |
155,263,380 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
28,620,185 |
28,620,185 |
28,620,185 |
28,620,185 |
40,050,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
28,620,185 |
28,620,185 |
28,620,185 |
28,620,185 |
40,050,000 |
|
General reserve |
(4,279,002) |
(1,141,393) |
928,160 |
- |
- |
|
Retained profit/(loss) carried forward |
473,482,544 |
501,614,133 |
444,059,772 |
261,781,521 |
115,113,694 |
|
Others |
(2,430,930) |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
466,772,612 |
500,472,740 |
444,987,932 |
261,781,521 |
115,113,694 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
495,392,797 |
529,092,925 |
473,608,117 |
290,401,706 |
155,163,694 |
|
Deferred taxation |
977,329 |
- |
- |
- |
- |
|
Others |
27,291,317 |
6,027,237 |
6,511,579 |
6,288,084 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
28,268,646 |
6,027,237 |
6,511,579 |
6,288,084 |
99,686 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
523,661,443 |
535,120,162 |
480,119,696 |
296,689,790 |
155,263,380 |
|
|
============= |
============= |
============= |
============= |
============= |
|
LANXESS BUTYL
PTE. LTD. |
|
TYPES OF FUNDS |
|||||
|
Cash |
1,611 |
3,093 |
3,093 |
1,155,991 |
- |
|
Net Liquid Funds |
(16,778) |
(14,756) |
(1,005) |
1,155,991 |
- |
|
Net Liquid Assets |
(463,075,347) |
(313,417,381) |
(257,066,031) |
(187,629,054) |
(94,439,578) |
|
Net Current Assets/(Liabilities) |
(340,728,802) |
(189,751,850) |
(137,253,525) |
(104,592,812) |
(94,439,578) |
|
Net Tangible Assets |
514,323,154 |
534,566,248 |
479,592,304 |
296,288,966 |
155,263,380 |
|
Net Monetary Assets |
(491,343,993) |
(319,444,618) |
(263,577,610) |
(193,917,138) |
(94,539,264) |
|
PROFIT &
LOSS ITEMS |
|||||
|
Earnings Before Interest & Tax (EBIT) |
(25,524,178) |
59,185,195 |
183,707,544 |
168,089,212 |
- |
|
Earnings Before Interest, Taxes,
Depreciation And Amortization (EBITDA) |
24,715,255 |
103,641,306 |
188,552,655 |
168,359,058 |
- |
|
BALANCE SHEET
ITEMS |
|||||
|
Total Borrowings |
1,750,724 |
17,849 |
4,098 |
0 |
- |
|
Total Liabilities |
570,388,830 |
528,603,557 |
435,658,896 |
378,721,967 |
207,281,931 |
|
Total Assets |
1,065,781,627 |
1,057,696,482 |
909,267,013 |
669,123,673 |
362,445,625 |
|
Net Assets |
523,661,443 |
535,120,162 |
480,119,696 |
296,689,790 |
155,263,380 |
|
Net Assets Backing |
495,392,797 |
529,092,925 |
473,608,117 |
290,401,706 |
155,163,694 |
|
Shareholders' Funds |
495,392,797 |
529,092,925 |
473,608,117 |
290,401,706 |
155,163,694 |
|
Total Share Capital |
28,620,185 |
28,620,185 |
28,620,185 |
28,620,185 |
40,050,000 |
|
Total Reserves |
466,772,612 |
500,472,740 |
444,987,932 |
261,781,521 |
115,113,694 |
|
LIQUIDITY
(Times) |
|||||
|
Cash Ratio |
0 |
0 |
0 |
0 |
- |
|
Liquid Ratio |
0.15 |
0.40 |
0.40 |
0.50 |
- |
|
Current Ratio |
0.37 |
0.64 |
0.68 |
0.72 |
0.54 |
|
WORKING CAPITAL
CONTROL (Days) |
|||||
|
Stock Ratio |
44 |
33 |
32 |
34 |
- |
|
Debtors Ratio |
25 |
40 |
34 |
61 |
- |
|
Creditors Ratio |
72 |
91 |
88 |
173 |
- |
|
SOLVENCY RATIOS
(Times) |
|||||
|
Gearing Ratio |
0 |
0 |
0 |
0 |
- |
|
Liabilities Ratio |
1.15 |
1.00 |
0.92 |
1.30 |
1.34 |
|
Times Interest Earned Ratio |
(10.10) |
36.29 |
128.53 |
565.21 |
- |
|
Assets Backing Ratio |
17.97 |
18.68 |
16.76 |
10.35 |
3.88 |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating Profit Margin |
(2.74) |
4.22 |
13.47 |
19.09 |
21.48 |
|
Net Profit Margin |
(2.74) |
4.22 |
13.47 |
19.09 |
21.48 |
|
Return On Net Assets |
(4.87) |
11.06 |
38.26 |
56.65 |
84.81 |
|
Return On Capital Employed |
(4.77) |
11.05 |
38.22 |
56.58 |
84.81 |
|
Return On Shareholders' Funds/Equity |
(5.68) |
10.88 |
38.49 |
57.78 |
84.87 |
|
Dividend Pay Out Ratio (Times) |
0 |
0 |
0 |
0 |
- |
|
NOTES TO
ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 66.60 |
|
|
1 |
Rs. 102.30 |
|
Euro |
1 |
Rs. 74.60 |
INFORMATION DETAILS
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
DPT |
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.