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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

492428

Report Date :

14.02.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

CELANESE PTE LTD

 

 

Registered Office :

10, Hoe Chiang Road, 07-05/06, Keppel Towers, 089315

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2016

 

 

Date of Incorporation :

27.02.1999

 

 

Com. Reg. No.:

199900962-E

 

 

Legal Form :

Private Limited (Limited By Share)

 

 

Line of Business :

The Subject is principally engaged in wholesale of chemicals.

 

 

No. of Employees :

30 [2017]

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

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

 

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

Singapore

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately 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. Growth in 2014-16 was slower than during the previous decade, at under 3% annually, 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 growth, and increasing Singaporean wages. Singapore has attracted major investments in advanced manufacturing, pharmaceuticals, and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and technology hub. Singapore is a member of the Regional Comprehensive Economic Partnership negotiations with the nine other ASEAN members plus Australia, China, India, Japan, South Korea, and New Zealand. In 2015, Singapore formed, with the other ASEAN members, the ASEAN Economic Community.

 

Source : CIA

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

199900962-E

COMPANY NAME

:

CELANESE PTE LTD

FORMER NAME

:

N/A

INCORPORATION DATE

:

27/02/1999

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED (LIMITED BY SHARE)

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

10, HOE CHIANG ROAD, 07-05/06, KEPPEL TOWERS, 089315, SINGAPORE.

BUSINESS ADDRESS

:

10, HOE CHIANG ROAD KEPPEL TOWERS, 07-05/06, 089315, SINGAPORE.

TEL.NO.

:

65-65130443

FAX.NO.

:

65-62278397

WEB SITE

:

WWW.CELANESE.COM

CONTACT PERSON

:

MARTIN CRAIG LAYCOCK ( DIRECTOR )

PRINCIPAL ACTIVITY

:

WHOLESALE OF CHEMICALS

ISSUED AND PAID UP CAPITAL

:

17,097,000.00 ORDINARY SHARE, OF A VALUE OF SGD 17,097,000.00

SALES

:

USD 783,245,000 [2016]

NET WORTH

:

USD 130,052,000 [2016]

STAFF STRENGTH

:

30 [2017]

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

STRONG

PAYMENT

:

REGULAR

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

GOOD

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) wholesale of chemicals.

 

The immediate holding company of the Subject is CELANESE SALES GERMANY GMBH, a company incorporated in GERMANY.

The ultimate holding company of the Subject is CELANESE CORPORATION, a company incorporated in UNITED STATES.

 

Share Capital History

Date

Issue & Paid Up Capital

07/12/2017

SGD 17,097,000.00

 

The major shareholder(s) of the Subject are shown as follows :

 

Current Shareholder(s) :

Name

Address

IC/PP/Loc No

Shareholding

(%)

CELANESE SALES GERMANY GMBH

AM UNISYS-PARK 1, 65843, SULZBACH (TAUNUS) FRANKFURT AM MAIN GERMANY

T16UF8310

17,097,000.00

100.00

---------------

------

17,097,000.00

100.00

============

=====

+ Also Director

 

The Subject's interest in other companies (Subsidiaries/Associates) are shown as follow :


Local No

Country

Company

Status

(%)

As At

INDIA

CELANESE CHEMICALS INDIA PRIVATE LIMITED

-

100.00

31/12/2016

 

 

 

DIRECTORS


DIRECTOR 1

 

Name Of Subject

:

LI FENGTAO

Address

:

ROOM 402, BUILDING 35, YIN CHENG DONG YUAN, XUANWU DISTRICT, NANJING, CHINA.

IC / PP No

:

G37531459

Nationality

:

CHINESE

Date of Appointment

:

01/07/2017



INTEREST CHECK

Interest in companies

:

see below

Interest in business

:

none in our databank

Former interest

:

none in our databank

INTEREST IN COMPANY

No

Local No

Company

Designation

App Date

Shareholding

Profit/(loss) After Tax

Financial Year

Status

As At

No.

%

1

199900962E

CELANESE PTE LTD

Director

01/07/2017

0.00

-

USD10,353,000.00

2016

-

07/12/2017

2

200802472H

CELANESE SINGAPORE VAM PTE. LTD.

Director

01/07/2017

0.00

-

USD10,125,000.00

2016

-

16/08/2017

 

DIRECTOR 2

 

Name Of Subject

:

MARK WILLIAM OBERLE

Address

:

397, AT WILLOWBROOK, 418, JINXIU EAST ROAD, PUDONG SHANGHAI, 200135, CHINA.

IC / PP No

:

531254137

Nationality

:

AMERICAN

Date of Appointment

:

11/11/2016



INTEREST CHECK

Interest in companies

:

see below

Interest in business

:

none in our databank

Former interest

:

none in our databank

INTEREST IN COMPANY

No

Local No

Company

Designation

App Date

Shareholding

Profit/(loss) After Tax

Financial Year

Status

As At

No.

%

1

199900962E

CELANESE PTE LTD

Director

11/11/2016

0.00

-

USD10,353,000.00

2016

-

07/12/2017

2

200802472H

CELANESE SINGAPORE VAM PTE. LTD.

Director

11/11/2016

0.00

-

USD10,125,000.00

2016

-

16/08/2017

 

DIRECTOR 3

 

Name Of Subject

:

MARTIN CRAIG LAYCOCK

Address

:

71F, JALAN LIM TAI SEE, VENTURA HEIGHTS, 266275, SINGAPORE.

IC / PP No

:

G3287618N

Nationality

:

BRITISH

Date of Appointment

:

08/08/2016



INTEREST CHECK

Interest in companies

:

see below

Interest in business

:

none in our databank

Former interest

:

none in our databank

INTEREST IN COMPANY

No

Local No

Company

Designation

App Date

Shareholding

Profit/(loss) After Tax

Financial Year

Status

As At

No.

%

1

199900962E

CELANESE PTE LTD

Director

08/08/2016

0.00

-

USD10,353,000.00

2016

-

07/12/2017

2

200802472H

CELANESE SINGAPORE VAM PTE. LTD.

Director

08/08/2016

0.00

-

USD10,125,000.00

2016

-

16/08/2017



MANAGEMENT

 

 

1)

Name of Subject

:

MARTIN CRAIG LAYCOCK

Position

:

DIRECTOR

 

 

AUDITOR

 

Auditor

:

KPMG LLP

Auditor' Address

:

N/A

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

CHANG SOW KUEN

IC / PP No

:

S1365694J

Address

:

130, GEYLANG EAST AVENUE 1, 02-299, GEYLANG EAST GROVE, 380130, SINGAPORE.

 

2)

Company Secretary

:

CHAN CHOW PHENG

IC / PP No

:

S1298885J

Address

:

112, ROBINSON ROAD, 05-01, ROBINSON 112, 068902, SINGAPORE.

 

 

BANKING


No Banker found in our databank.

 

ENCUMBRANCE (S)


No encumbrance was found in our databank at the time of investigation.

 

 

LITIGATION CHECK - SUBJECT COMPANY AS A DEFENDANT


* A check has been conducted in our databank againt the Subject whether the subject has been involved in any litigation.

No legal action was found in our databank.

No winding up petition was found in our databank.

 

PAYMENT RECORD

 

 

SOURCES OF RAW MATERIALS:

Local

:

YES

Overseas

:

YES



The Subject refused to provide any name of trade/service supplier and we are unable to conduct any trade enquiry. However, from financial historical data we conclude that :

OVERALL PAYMENT HABIT

Prompt 0-30 Days

[

]

Good 31-60 Days

[

X

]

Average 61-90 Days

[

]

Fair 91-120 Days

[

]

Poor >120 Days

[

]

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Export Market

:

WORLDWIDE

Credit Term

:

N/A

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

OPERATIONS

 

Goods Traded

:

CHEMICALS

 

Total Number of Employees:

 

YEAR

2017

2016

2014

GROUP

N/A

N/A

N/A

COMPANY

30

30

20

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) wholesale of chemicals.

The Subject sells broad array of chemicals including acetaldehyde, acetal, acetic acid, acetic acid n-butyl ester, acetic acid ethyl ester, basic chemicals, organic chemicals and others.

The Subject sells the products according to its customers' orders.


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-65130443

Match

:

N/A

Address Provided by Client

:

10 HOE, CHIANG ROAD, #07-05/06 KEPPEL TOWERS 089315

Current Address

:

10, HOE CHIANG ROAD KEPPEL TOWERS, 07-05/06, 089315, SINGAPORE.

Match

:

YES

 

Other Investigations


We contacted one of the staff from the Subject and she provided some information.


FINANCIAL ANALYSIS

 

Profitability

Turnover

:

Increased

[

2012 - 2016

]

Profit/(Loss) Before Tax

:

Increased

[

2012 - 2016

]

Return on Shareholder Funds

:

Unfavourable

[

7.96%

]

Return on Net Assets

:

Acceptable

[

11.09%

]

The Subject's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.The higher profit could be attributed to the increase in turnover. 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

[

11 Days

]

Debtor Ratio

:

Acceptable

[

58 Days

]

Creditors Ratio

:

Favourable

[

3 Days

]

The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The Subject's management was quite efficient in handling its debtors. The Subject's debtors days were at an acceptable range, thus the risk of its debts turning bad was minimised. 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

[

2.02 Times

]

Current Ratio

:

Favourable

[

2.25 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

:

Favourable

[

801.28 Times

]

Gearing Ratio

:

Favourable

[

0.00 Times

]

The interest cover showed that the Subject was able to service the interest. The favourable interest cover could indicate that the Subject was making enough profit to pay for the interest accrued. 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 :

Generally, the Subject's performance has improved with higher turnover and profit. 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. With the favourable interest cover, the Subject could be able to service all the accrued interest without facing any difficulties. 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 : STRONG

 

 

 

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

 

Major Economic Indicators :

2012

2013

2014

2015

2016*

 

Population (Million)

5.31

5.40

5.47

5.54

5.63

Gross Domestic Products ( % )

1.3

3.7

(3.5)

3.7

4.8

Consumer Price Index

4.6

2.4

2.4

(0.5)

(0.7)

Total Imports (Million)

474,554.0

466,762.0

463,779.1

407,767.9

398,372.0

Total Exports (Million)

510,329.0

513,391.0

518,922.7

476,285.4

468,552.0

 

Unemployment Rate (%)

2.0

1.9

1.9

1.9

2.1

Tourist Arrival (Million)

14.49

15.46

15.01

15.23

16.28

Hotel Occupancy Rate (%)

86.4

86.3

85.5

85.0

-

Cellular Phone Subscriber (Million)

1.52

1.97

1.98

1.99

-

 

Registration of New Companies (No.)

31,892

37,288

41,589

34,243

35,528

Registration of New Companies (%)

(1.3)

9.8

11.5

(17.7)

3.8

Liquidation of Companies (No.)

17,218

17,369

18,767

21,384

-

Liquidation of Companies (%)

9.4

(5.3)

8.0

13.9

-

 

Registration of New Businesses (No.)

24,788

22,893

35,773

28,480

33,326

Registration of New Businesses (%)

5.51

1.70

56.30

(20.39)

17.02

Liquidation of Businesses (No.)

22,489

22,598

22,098

26,116

-

Liquidation of Businesses (%)

(2.2)

0.5

(2.2)

18.2

-

 

Bankruptcy Orders (No.)

1,748

1,992

1,757

1,776

-

Bankruptcy Orders (%)

14.5

14.0

(11.8)

1.0

-

Bankruptcy Discharges (No.)

1,881

2,584

3,546

3,499

-

Bankruptcy Discharges (%)

35.2

37.4

37.2

(1.3)

-

 

INDUSTRIES ( % of Growth ) :

Agriculture

Production of Principal Crops

5.16

1.78

4.29

3.04

-

Fish Supply & Wholesale

(0.5)

(3.8)

(8.6)

(8.5)

(9.9)

 

Manufacturing #

Food, Beverages & Tobacco

97.9

97.9

99.4

100.0

103.7

Textiles

140.1

119.5

102.7

100.0

93.3

Wearing Apparel

395.4

334.1

212.6

100.0

80.3

Leather Products & Footwear

109.5

122.0

106.5

100.0

93.2

Wood & Wood Products

93.3

103.0

107.2

100.0

90.5

Paper & Paper Products

98.5

104.4

104.5

100.0

99.7

Printing & Media

122.8

113.8

105.968

100.0

86.9

Crude Oil Refineries

107.1

100.7

92.2

100.0

100.5

Chemical & Chemical Products

85.3

88.4

96.7

100.0

97.6

Pharmaceutical Products

103.8

101.421

109.4

100.0

115.9

Rubber & Plastic Products

113.5

109.497

109.2

100.0

87.9

Non-metallic Mineral

108.8

107.4

90.759

100.0

93.6

Basic Metals

91.5

77.2

99.3

100.0

113.1

Fabricated Metal Products

107.314

107.5

107.757

100.0

91.7

Machinery & Equipment

107.3

109.1

118.2

100.0

79.3

Electrical Machinery

80.102

87.4

97.871

100.0

99.3

Electronic Components

100.7

105.0

105.6

100.0

106.3

Transport Equipment

109.9

111.1

106.68

100.0

98.7

 

Construction

28.70

25.40

22.00

-

-

Real Estate

31.9

88.5

145.1

-

-

 

Services

Electricity, Gas & Water

6.30

6.70

6.50

-

-

Transport, Storage & Communication

5.30

9.80

14.20

-

-

Finance & Insurance

0.50

3.30

6.00

-

-

Government Services

6.00

6.50

6.30

-

-

Education Services

0.30

3.10

5.98

-

-

 

* Estimate / Preliminary

# Based on Index of Industrial Production (2015 = 100)



INDUSTRY ANALYSIS

 

INDUSTRY :

TRADING

The wholesale & retail trade sector expanded by 6.8% in the third quarter of 2015, higher than the 6.0% growth in the preceding quarter. Growth was supported by both the wholesale trade and retail trade segments. The wholesale trade segment was boosted by an increase in both domestic and foreign wholesale trade sales volume. In particular, the domestic wholesale trade index rose by 7.4%, following the 8.1 % increase in the previous quarter. The strong performance in domestic wholesale trade was due to a surge in the sales of petroleum and petroleum products (14%), chemicals & chemical products (39%) and telecommunications & computers (18%).

Similarly, the foreign wholesale trade index rose by 10% in the third quarter of 2015, accelerating from the 6.9% rise in the previous quarter. Growth was driven by improvements in the sales of petroleum & petroleum products (21%), metals, timber & construction materials (10%) and general wholesale trade (8.8%).

Overall retail trade sales volume also recorded resilient growth of 5.6% in the third quarter of 2015, extending the 6.4 % expansion in the second quarter. Growth was supported by a surge in the volume of motor vehicle sales (44%), which was in turn due to a substantial increase in the supply of Certificate of Entitlements. Excluding motor vehicles, retail sales volume increased at a much slower pace of 0.7% over the same period. The increase in retail sales volume (excluding motor vehicles) was due to improved non-discretionary goods sales. For instance, the sales of medical goods & toiletries and department store goods rose by 8.1% and 3.6% respectively.

According to the Retail News Asia, Food and beverage has overtaken fashion as the primary driver of demand for retail real estate in Singapore. Despite declining retail sales and consumer spending, the prime retail sector remained in good shape during the third quarter 2015.

OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH



CREDIT RISK EVALUATION & RECOMMENDATION

 


Incorporated in 1999, the Subject is a Private Limited company, focusing on wholesale of chemicals. 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. The Subject has a strong capital position of SGD 17,097,000. 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.

Over the years, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. Being a small company, the Subject's business operation is supported by 30 employees. 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.

We noted that both the turnover and profits have increased compared to the previous year. The higher profit could be due to increase in turnover and better control over its operating costs. The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. The Subject is in good liquidity position with its current liabilities well covered by it current assets. Hence, it has sufficient working capital to meet its short term financial obligations. 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 130,052,000, the Subject should be able to maintain its business in the near terms.

 
The Subject's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials. Overall the Subject has a good control over its resources.

 
Overall, the Subject's payment habit is good as the Subject has a good credit control and it could be taking advantage of the cash discounts while maintaining a good reputation with its creditors.

 
The industry shows an upward trend and this trend is very likely to sustain in the near terms. Hence, the Subject is expected to benefit from the favourable outlook of the industry.


Based on the above condition, we recommend credit be granted to the Subject promptly.

 

 

 

PROFIT AND LOSS ACCOUNT

 

THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS.

CELANESE PTE LTD

 

Financial Year End

2016-12-31

2015-12-31

2014-12-31

2013-12-31

2012-12-31

Months

12

12

12

12

12

Consolidated Account

Company

Company

Company

Company

Company

Audited Account

YES

YES

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

YES

YES

Financial Type

FULL

FULL

FULL

FULL

FULL

Currency

USD

USD

USD

USD

USD

TURNOVER

783,245,000

728,756,000

666,129,000

595,633,000

572,153,000

----------------

----------------

----------------

----------------

----------------

Total Turnover

783,245,000

728,756,000

666,129,000

595,633,000

572,153,000

Costs of Goods Sold

(723,686,000)

(679,423,000)

(610,375,000)

(539,835,000)

(525,670,000)

----------------

----------------

----------------

----------------

----------------

Gross Profit

59,559,000

49,333,000

55,754,000

55,798,000

46,483,000

----------------

----------------

----------------

----------------

----------------

PROFIT/(LOSS) FROM OPERATIONS

14,405,000

7,860,000

9,239,000

10,255,000

7,130,000

----------------

----------------

----------------

----------------

----------------

PROFIT/(LOSS) BEFORE TAXATION

14,405,000

7,860,000

9,239,000

10,255,000

7,130,000

Taxation

(4,052,000)

(1,407,000)

(1,850,000)

(5,164,000)

(2,744,000)

----------------

----------------

----------------

----------------

----------------

PROFIT/(LOSS) AFTER TAXATION

10,353,000

6,453,000

7,389,000

5,091,000

4,386,000

----------------

----------------

----------------

----------------

----------------

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

109,705,000

103,252,000

95,863,000

90,772,000

86,386,000

----------------

----------------

----------------

----------------

----------------

As restated

109,705,000

103,252,000

95,863,000

90,772,000

86,386,000

----------------

----------------

----------------

----------------

----------------

PROFIT AVAILABLE FOR APPROPRIATIONS

120,058,000

109,705,000

103,252,000

95,863,000

90,772,000

----------------

----------------

----------------

----------------

----------------

RETAINED PROFIT/(LOSS) CARRIED FORWARD

120,058,000

109,705,000

103,252,000

95,863,000

90,772,000

=============

=============

=============

=============

=============

INTEREST EXPENSE (as per notes to P&L)

Others

18,000

43,000

25,000

23,000

-

----------------

----------------

----------------

----------------

----------------

18,000

43,000

25,000

23,000

-

=============

=============

=============

=============

-

DEPRECIATION (as per notes to P&L)

29,000

27,000

32,000

51,000

42,000

----------------

----------------

----------------

----------------

----------------

Total Amortization And Depreciation

29,000

27,000

32,000

51,000

42,000

=============

=============

=============

=============

=============

 

 

 

 

 

 

 

 

BALANCE SHEET

 

CELANESE PTE LTD

 

ASSETS EMPLOYED:

FIXED ASSETS

111,000

36,000

63,000

90,000

144,000

LONG TERM INVESTMENTS/OTHER ASSETS

Subsidiary companies

178,000

178,000

178,000

178,000

178,000

Deposits

44,000

43,000

-

-

-

----------------

----------------

----------------

----------------

----------------

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

222,000

221,000

178,000

178,000

178,000

----------------

----------------

----------------

----------------

----------------

TOTAL LONG TERM ASSETS

333,000

257,000

241,000

268,000

322,000

Stocks

23,911,000

25,770,000

30,590,000

24,256,000

19,908,000

Trade debtors

125,204,000

102,442,000

102,875,000

90,110,000

97,826,000

Other debtors, deposits & prepayments

79,000

287,000

389,000

489,000

308,000

Amount due from related companies

79,034,000

77,296,000

84,893,000

52,510,000

39,797,000

Cash & bank balances

5,073,000

5,895,000

1,485,000

646,000

10,444,000

----------------

----------------

----------------

----------------

----------------

TOTAL CURRENT ASSETS

233,301,000

211,690,000

220,232,000

168,011,000

168,283,000

----------------

----------------

----------------

----------------

----------------

TOTAL ASSET

233,634,000

211,947,000

220,473,000

168,279,000

168,605,000

=============

=============

=============

=============

=============

CURRENT LIABILITIES

Trade creditors

6,369,000

3,955,000

6,775,000

4,819,000

3,474,000

Other creditors & accruals

9,300,000

9,871,000

15,784,000

10,557,000

8,503,000

Amounts owing to related companies

78,079,000

71,307,000

76,615,000

38,923,000

51,753,000

Provision for taxation

9,834,000

7,093,000

8,037,000

8,107,000

4,093,000

----------------

----------------

----------------

----------------

----------------

TOTAL CURRENT LIABILITIES

103,582,000

92,226,000

107,211,000

62,406,000

67,823,000

----------------

----------------

----------------

----------------

----------------

NET CURRENT ASSETS/(LIABILITIES)

129,719,000

119,464,000

113,021,000

105,605,000

100,460,000

----------------

----------------

----------------

----------------

----------------

TOTAL NET ASSETS

130,052,000

119,721,000

113,262,000

105,873,000

100,782,000

=============

=============

=============

=============

=============

SHARE CAPITAL

Ordinary share capital

10,000,000

10,000,000

10,000,000

10,000,000

10,000,000

----------------

----------------

----------------

----------------

----------------

TOTAL SHARE CAPITAL

10,000,000

10,000,000

10,000,000

10,000,000

10,000,000

Retained profit/(loss) carried forward

120,058,000

109,705,000

103,252,000

95,863,000

90,772,000

Others

(6,000)

16,000

10,000

10,000

10,000

----------------

----------------

----------------

----------------

----------------

TOTAL RESERVES

120,052,000

109,721,000

103,262,000

95,873,000

90,782,000

----------------

----------------

----------------

----------------

----------------

SHAREHOLDERS' FUNDS/EQUITY

130,052,000

119,721,000

113,262,000

105,873,000

100,782,000

----------------

----------------

----------------

----------------

----------------

130,052,000

119,721,000

113,262,000

105,873,000

100,782,000

=============

=============

=============

=============

=============

 

 

 

 

 

 

 

 

FINANCIAL RATIO

 

CELANESE PTE LTD

 

TYPES OF FUNDS

Cash

5,073,000

5,895,000

1,485,000

646,000

10,444,000

Net Liquid Funds

5,073,000

5,895,000

1,485,000

646,000

10,444,000

Net Liquid Assets

105,808,000

93,694,000

82,431,000

81,349,000

80,552,000

Net Current Assets/(Liabilities)

129,719,000

119,464,000

113,021,000

105,605,000

100,460,000

Net Tangible Assets

130,052,000

119,721,000

113,262,000

105,873,000

100,782,000

Net Monetary Assets

105,808,000

93,694,000

82,431,000

81,349,000

80,552,000

PROFIT & LOSS ITEMS

Earnings Before Interest & Tax (EBIT)

0

0

9,264,000

10,278,000

7,130,000

Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)

14,452,000

7,930,000

9,296,000

10,329,000

7,172,000

BALANCE SHEET ITEMS

Total Borrowings

0

0

0

0

0

Total Liabilities

103,582,000

92,226,000

107,211,000

62,406,000

67,823,000

Total Assets

233,634,000

211,947,000

220,473,000

168,279,000

168,605,000

Net Assets

130,052,000

119,721,000

113,262,000

105,873,000

100,782,000

Net Assets Backing

130,052,000

119,721,000

113,262,000

105,873,000

100,782,000

Shareholders' Funds

130,052,000

119,721,000

113,262,000

105,873,000

100,782,000

Total Share Capital

10,000,000

10,000,000

10,000,000

10,000,000

10,000,000

Total Reserves

120,052,000

109,721,000

103,262,000

95,873,000

90,782,000

GROWTH RATIOS (Year on Year)

Revenue

7.48

9.40

11.84

4.10

(22.54)

Proft/(Loss) Before Tax

83.27

(14.93)

(9.91)

43.83

(34.54)

Proft/(Loss) After Tax

60.44

(12.67)

45.14

16.07

(46.66)

Total Assets

10.23

(3.87)

31.02

(0.19)

(22.33)

Total Liabilities

12.31

(13.98)

71.80

(7.99)

(43.80)

LIQUIDITY (Times)

Cash Ratio

0.05

0.06

0.01

0.01

0.15

Liquid Ratio

2.02

2.02

1.77

2.30

2.19

Current Ratio

2.25

2.30

2.05

2.69

2.48

WORKING CAPITAL CONTROL (Days)

Stock Ratio

11

13

17

15

13

Debtors Ratio

58

51

56

55

62

Creditors Ratio

3

2

4

3

2

SOLVENCY RATIOS (Times)

Gearing Ratio

0

0

0

0

0

Liabilities Ratio

0.80

0.77

0.95

0.59

0.67

Times Interest Earned Ratio

801.28

183.79

370.56

446.87

0

Assets Backing Ratio

13.01

11.97

11.33

10.59

10.08

PERFORMANCE RATIO (%)

Operating Profit Margin

1.84

1.08

1.39

1.72

1.25

Net Profit Margin

1.32

0.89

1.11

0.85

0.77

Return On Net Assets

11.09

6.60

8.18

9.71

7.07

Return On Capital Employed

11.09

6.60

8.18

9.71

7.07

Return On Shareholders' Funds/Equity

7.96

5.39

6.52

4.81

4.35

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

INR 64.28

UK Pound

1

INR 89.02

Euro

1

INR 78.89

SGD

1

INR 48.59

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

NIS

 

 

Report Prepared by :

TRU

                                                


 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

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.