|
|
|
MIRA INFORM REPORT
|
Report No. : |
486417 |
|
Report Date : |
15.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
ARLANXEO SINGAPORE PTE. LTD. |
|
|
|
|
Formerly Known As : |
LANXESS BUTYL PTE. LTD. |
|
|
|
|
Registered Office : |
3A, International Business Park, 07-10/18,
Icon@Ibp, 609935 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2015 |
|
|
|
|
Date of Incorporation : |
14.03.2008 |
|
|
|
|
Com. Reg. No.: |
200805083-D |
|
|
|
|
Legal Form : |
Private Limited (Limited by Share) |
|
|
|
|
Line of Business : |
Subject is engaged in
manufacturing of chemicals. |
|
|
|
|
No. of Employees : |
100 [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 : |
Satisfactory |
|
|
|
|
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
|
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. |
: |
200805083-D |
|
COMPANY NAME |
: |
ARLANXEO SINGAPORE PTE. LTD. |
|
FORMER NAME |
: |
LANXESS BUTYL PTE. LTD.
(01/04/2016) |
|
INCORPORATION DATE |
: |
14/03/2008 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY
SHARE) |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
3A, INTERNATIONAL BUSINESS PARK,
07-10/18, ICON@IBP, 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 |
: |
GEORGES BARBEY, SIMON, GUY (
MANAGING 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 749,685,701 [2015] |
|
NET WORTH |
: |
USD 461,747,126 [2015] |
|
STAFF STRENGTH |
: |
100 [2017] |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
POOR |
|
PAYMENT |
: |
SLOW BUT CORRECT |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL RISK |
: |
LOW |
|
CURRENCY EXPOSURE |
: |
MODERATE |
|
GENERAL REPUTATION |
: |
SATISFACTORY |
|
INDUSTRY OUTLOOK |
: |
MATURE |
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) manufacturing of chemicals.
The immediate holding company
of the Subject is ARLANXEO HOLDING B.V., a company incorporated in NETHERLANDS.
The ultimate holding company
of the Subject is LANXESS AG, a company incorporated in GERMANY.
Share Capital
History
|
Date |
Issue & Paid Up Capital |
|
21/06/2017 |
SGD 40,050,000.00 & USD
350,000,000.00 |
The major shareholder(s) of
the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
ARLANXEO HOLDING B.V. |
STATIONSPLEIN 8, 6221 BT
MAASTRICHT NETHERLANDS |
T16UF2130 |
390,050,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
390,050,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
LIM JOO JOON |
|
Address |
: |
65 SUMMER PLACE, SUMMER
PLACE, 555747, SINGAPORE. |
|
IC / PP No |
: |
S1248311B |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
30/09/2008 |
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 (Number of
Share) |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
1 |
200805083D |
ARLANXEO SINGAPORE PTE. LTD. |
Director |
30/09/2008 |
0.00 |
USD(34,316,704.00) |
2015 |
- |
21/06/2017 |
|
2 |
200405025N |
LANXESS PTE LTD |
Director |
01/07/2004 |
0.00 |
USD6,955,575.00 |
2015 |
- |
08/12/2016 |
|
3 |
995342V |
LANXESS PTE. LTD. |
Director |
16/12/2011 |
0.00 |
- |
- |
- |
29/05/2017 |
DIRECTOR 2
|
Name Of Subject |
: |
GEORGES BARBEY, SIMON, GUY |
|
Address |
: |
5, THOMSON LANE, 11-01,
SKY@ELEVEN, 297724, SINGAPORE. |
|
IC / PP No |
: |
G3233609X |
|
Nationality |
: |
FRENCH |
|
Date of Appointment |
: |
01/01/2016 |
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 (Number of
Share) |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
1 |
200805083D |
ARLANXEO SINGAPORE PTE. LTD. |
Director |
01/01/2016 |
0.00 |
USD(34,316,704.00) |
2015 |
- |
21/06/2017 |
|
2 |
200405025N |
LANXESS PTE LTD |
Director |
01/01/2016 |
0.00 |
USD6,955,575.00 |
2015 |
- |
08/12/2016 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
GEORGES BARBEY, SIMON, GUY |
|
Position |
: |
MANAGING DIRECTOR |
|
|
|
AUDITOR
|
|
Auditor |
: |
PRICEWATERHOUSECOOPERS LLP |
|
Auditor' Address |
: |
N/A |
COMPANY SECRETARIES
|
|
1) |
Company Secretary |
: |
YVONNE ANG RUEY SHYA |
|
IC / PP No |
: |
S8426403B |
|
|
Address |
: |
38, BEACH ROAD, 29-11, SOUTH
BEACH TOWER, 189767, 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 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 |
[ |
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 |
|||
OPERATIONS
|
|
Products manufactured |
: |
|
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2017 |
2016 |
2015 |
2014 |
|||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
|||||
|
COMPANY |
100 |
100 |
100 |
100 |
|||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) manufacturing of
chemicals.
The Subject specializes in the production of chemicals used in the manufacture of
tire sidewalls, tire cover strips, pharmaceutical rubber products, protective
clothing, adhesives, shoe soles, and sealants.
CURRENT INVESTIGATION
|
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 NO 7-10/18 ICON AT IBP SINGAPORE 609935 |
|
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.
She refused to disclose the Subject's bankers.
FINANCIAL ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Decreased |
[ |
2011 - 2015 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2011 - 2015 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
(7.43%) |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
(6.07%) |
] |
|
|
The continuous fall in
turnover could be due to the lower demand for the Subject's products / services.Higher
losses before tax during the year could be due to the higher operating costs
incurred. 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 |
[ |
43 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
20 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
13 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 |
[ |
0.17 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
0.36 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 |
[ |
(6.40 Times) |
] |
|
|
Gearing Ratio |
: |
Acceptable |
[ |
0.84 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's gearing was slightly high. The
Subject is utilising the leverage concept to fund its expansion. However, the
high gearing has added financial risks to the Subject. It will be more
vulnerable in times of economy downturn. |
||||||
|
Overall Assessment : |
||||||
|
The Subject's losses could
be attributed to the lower turnover which in turn could be the result of
unfavourable market conditions. 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's gearing was slightly high and its financial risk was
also high. If no plans are made to reduce its gearing, the Subject's
performance may deteriorate in the coming year. |
||||||
|
Overall financial condition
of the Subject : POOR |
||||||
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 : |
MANUFACTURING |
|
In the third quarter of 2015, manufacturing output contracted by 6.2%,
extending the 4.8% decline in the previous quarter. The contraction was
mainly due to a fall in the output of the transport engineering and
electronics clusters. Although the chemicals and biomedical manufacturing
clusters saw higher output, it was not sufficient to offset the decline in
output in the other clusters. |
|
|
In the chemicals cluster, output increased by 3.7% in the third
quarter of 2015, with all segments, except for the other chemical products
segment, posting output gains. In particular, growth was led by the specialty
chemicals and petrochemicals segments, which grew by 7.2% and 2.0%
respectively, on the back of capacity expansions. Growth was further
supported by the petroleum segment, which grew by 4.1%. |
|
|
Besides, output of the biomedical manufacturing cluster grew by 1.3%
in the third quarter of 2015, supported by a robust expansion in the medical technology
segment (17%), which came on the back of higher export demand for medical
devices and supplies. On the other hand, the pharmaceuticals segment fell by
2.5% due to a different product mix which resulted in a lower volume of
active pharmaceutical ingredients produced. |
|
|
In the third quarter of 2015, the general manufacturing industries
shrank by 2.9%, with all segments within the cluster registering declines in
output. The food, beverages & tobacco segment contracted by 3.6 % due to
lower export demand. At the same time, the output of the miscellaneous
industries and printing segments declined by 1.9% and 4.8% respectively. The
weak performance of the miscellaneous industries was due to lower output in
construction-related products, such as metal doors, windows, grilles &
gratings and wooden furniture & fixtures. |
|
|
Moreover, the precision engineering cluster contracted 7.6% in the
third quarter of 2015. In particular, the machinery & systems segment
shrank by 8.6%, weighed down by a lower volume of mechanical engineering
work, as well as lower production of process control equipment. In addition,
the semiconductor equipment manufacturing firms in the segment were affected
by a slowdown in global demand. The precision modules & components segment
contracted by 6.3% due to a fall in the production of industrial rubber and
fabricated metal products. |
|
|
Output in the electronics cluster fell by 9.2% in the third quarter of
2015, with all segments, except the other electronic modules & components
segment, recording lower output. The semiconductors, computer peripherals and
data storage segments posed the biggest drag on the cluster, contracting by
12%, 22% and 5.4% respectively. The poor performance of the semiconductors
segment could be attributed to weak global semiconductor demand due to the
softening of the PC and mobility devices markets. On the other hand, the
other electronic modules & components segment recorded output growth of
44% on the back of an expansion in capacity and higher demand for components
used in communication devices. |
|
|
The transport engineering cluster posted a sharp 16% contraction in
the third quarter of 2015. This was largely because of a 24% fall in the
output of the marine & offshore engineering segment which had come on the
back of a lower level of rig building and ship building activities. On the
other hand, the aerospace segment expanded by 5.2%, largely due to a low base
effect. |
|
|
OVERALL INDUSTRY OUTLOOK :
MATURE |
|
CREDIT RISK EVALUATION & RECOMMENDATION
|
|
|
PROFIT AND LOSS ACCOUNT
|
|
THE FINANCIAL STATEMENTS
WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS. |
|
ARLANXEO SINGAPORE PTE. LTD. |
|
Financial Year End |
2015-12-31 |
2014-12-31 |
2013-12-31 |
2012-12-31 |
2011-12-31 |
|
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 |
749,685,701 |
1,024,939,756 |
1,365,259,948 |
1,353,715,152 |
878,831,424 |
|
Other Income |
19,325,284 |
465,791 |
4,320,687 |
80,605 |
13,903 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
769,010,985 |
1,025,405,547 |
1,369,580,635 |
1,353,795,757 |
878,845,327 |
|
Costs of Goods Sold |
(755,691,433) |
(976,314,748) |
(1,198,277,947) |
(1,088,592,956) |
(659,945,310) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
13,319,552 |
49,090,799 |
171,302,688 |
265,202,801 |
218,900,017 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM
OPERATIONS |
(34,396,492) |
(28,050,940) |
57,554,361 |
182,278,251 |
167,791,817 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE
TAXATION |
(34,396,492) |
(28,050,940) |
57,554,361 |
182,278,251 |
167,791,817 |
|
Taxation |
79,788 |
(80,649) |
- |
- |
(695) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
(34,316,704) |
(28,131,589) |
57,554,361 |
182,278,251 |
167,791,122 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS)
BROUGHT FORWARD |
|||||
|
As previously reported |
473,482,544 |
501,614,133 |
444,059,772 |
261,781,521 |
93,990,399 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
473,482,544 |
501,614,133 |
444,059,772 |
261,781,521 |
93,990,399 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR
APPROPRIATIONS |
439,165,840 |
473,482,544 |
501,614,133 |
444,059,772 |
261,781,521 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS)
CARRIED FORWARD |
439,165,840 |
473,482,544 |
501,614,133 |
444,059,772 |
261,781,521 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per
notes to P&L) |
|||||
|
Lease interest |
1,237,334 |
89,138 |
- |
- |
- |
|
Loan from subsidiary
companies |
3,405,710 |
2,437,624 |
1,630,552 |
1,405,925 |
297,383 |
|
Others |
6,951 |
- |
282 |
23,368 |
12 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
4,649,995 |
2,526,762 |
1,630,834 |
1,429,293 |
297,395 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION (as per notes
to P&L) |
70,079,742 |
49,218,608 |
44,297,865 |
4,678,603 |
269,846 |
|
AMORTIZATION |
679,838 |
1,020,825 |
158,246 |
166,508 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
70,759,580 |
50,239,433 |
44,456,111 |
4,845,111 |
269,846 |
|
|
============= |
============= |
============= |
============= |
============= |
BALANCE SHEET
|
|
ARLANXEO SINGAPORE PTE. LTD. |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
794,994,318 |
855,051,955 |
707,017,926 |
616,845,829 |
400,881,778 |
|
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 |
270,436 |
435,672 |
553,914 |
- |
- |
|
Others |
- |
5,866,641 |
- |
527,392 |
400,824 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL INTANGIBLE ASSETS |
270,436 |
9,338,289 |
553,914 |
527,392 |
400,824 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
795,264,754 |
864,390,245 |
724,872,012 |
617,373,221 |
401,282,602 |
|
Stocks |
89,323,772 |
122,346,545 |
123,665,531 |
119,812,506 |
83,036,242 |
|
Trade debtors |
40,303,696 |
62,322,829 |
116,011,243 |
127,476,805 |
146,332,288 |
|
Other debtors, deposits
& prepayments |
8,379,833 |
9,077,288 |
23,268,725 |
23,535,815 |
37,316,550 |
|
Amount due from holding
company |
7,048,243 |
- |
35,664,990 |
21,065,573 |
- |
|
Amount due from subsidiary
companies |
23,035,418 |
7,643,109 |
34,210,888 |
- |
- |
|
Cash & bank balances |
759 |
1,611 |
3,093 |
3,093 |
1,155,991 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
168,091,721 |
201,391,382 |
332,824,470 |
291,893,792 |
267,841,071 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
963,356,475 |
1,065,781,627 |
1,057,696,482 |
909,267,013 |
669,123,673 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
27,485,402 |
78,221,847 |
82,568,831 |
262,892,167 |
312,822,683 |
|
Other creditors &
accruals |
7,834,144 |
9,201,246 |
7,022,317 |
15,471,135 |
3,875,370 |
|
Hire purchase & lease
creditors |
896,162 |
1,732,335 |
- |
- |
- |
|
Bank overdraft |
- |
18,389 |
17,849 |
4,098 |
- |
|
Other borrowings |
370,000,000 |
324,000,000 |
- |
- |
- |
|
Amounts owing to holding
company |
- |
10,266,078 |
307,335 |
- |
9,910,691 |
|
Amounts owing to subsidiary
companies |
62,889,501 |
115,142,985 |
431,433,968 |
150,067,245 |
45,348,574 |
|
Provision for taxation |
291,200 |
291,202 |
- |
- |
- |
|
Other liabilities |
3,607,969 |
3,246,102 |
931,506 |
712,672 |
476,565 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
473,004,378 |
542,120,184 |
522,281,806 |
429,147,317 |
372,433,883 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT
ASSETS/(LIABILITIES) |
(304,912,657) |
(340,728,802) |
(189,457,336) |
(137,253,525) |
(104,592,812) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
490,352,097 |
523,661,443 |
535,414,676 |
480,119,696 |
296,689,790 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
28,620,185 |
28,620,185 |
28,620,185 |
28,620,185 |
28,620,185 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
28,620,185 |
28,620,185 |
28,620,185 |
28,620,185 |
28,620,185 |
|
General reserve |
(6,038,899) |
(6,709,932) |
(1,141,393) |
928,160 |
- |
|
Retained profit/(loss)
carried forward |
439,165,840 |
473,482,544 |
501,614,133 |
444,059,772 |
261,781,521 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
433,126,941 |
466,772,612 |
500,472,740 |
444,987,932 |
261,781,521 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
461,747,126 |
495,392,797 |
529,092,925 |
473,608,117 |
290,401,706 |
|
Lease obligations |
18,858,188 |
16,423,517 |
- |
- |
- |
|
Deferred taxation |
- |
997,329 |
- |
- |
- |
|
Others |
9,746,783 |
10,847,800 |
6,321,751 |
6,511,579 |
6,288,084 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
28,604,971 |
28,268,646 |
6,321,751 |
6,511,579 |
6,288,084 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
490,352,097 |
523,661,443 |
535,414,676 |
480,119,696 |
296,689,790 |
|
|
============= |
============= |
============= |
============= |
============= |
|
FINANCIAL RATIO
|
|
ARLANXEO SINGAPORE PTE. LTD. |
|
Cash Ratio |
0 |
0 |
0 |
0 |
0 |
|
TYPES OF FUNDS |
|||||
|
Cash |
759 |
1,611 |
3,093 |
3,093 |
1,155,991 |
|
Net Liquid Funds |
759 |
(16,778) |
(14,756) |
(1,005) |
1,155,991 |
|
Net Liquid Assets |
(394,236,429) |
(463,075,347) |
(313,122,867) |
(257,066,031) |
(187,629,054) |
|
Net Current
Assets/(Liabilities) |
(304,912,657) |
(340,728,802) |
(189,457,336) |
(137,253,525) |
(104,592,812) |
|
Net Tangible Assets |
490,081,661 |
514,323,154 |
534,860,762 |
479,592,304 |
296,288,966 |
|
Net Monetary Assets |
(422,841,400) |
(491,343,993) |
(319,444,618) |
(263,577,610) |
(193,917,138) |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest
& Tax (EBIT) |
0 |
(25,524,178) |
59,185,195 |
183,707,544 |
168,089,212 |
|
Earnings Before Interest,
Taxes, Depreciation And Amortization (EBITDA) |
41,013,083 |
24,715,255 |
103,641,306 |
188,552,655 |
168,359,058 |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
389,754,350 |
342,174,241 |
17,849 |
4,098 |
0 |
|
Total Liabilities |
501,609,349 |
570,388,830 |
528,603,557 |
435,658,896 |
378,721,967 |
|
Total Assets |
963,356,475 |
1,065,781,627 |
1,057,696,482 |
909,267,013 |
669,123,673 |
|
Net Assets |
490,352,097 |
523,661,443 |
535,414,676 |
480,119,696 |
296,689,790 |
|
Net Assets Backing |
461,747,126 |
495,392,797 |
529,092,925 |
473,608,117 |
290,401,706 |
|
Shareholders' Funds |
461,747,126 |
495,392,797 |
529,092,925 |
473,608,117 |
290,401,706 |
|
Total Share Capital |
28,620,185 |
28,620,185 |
28,620,185 |
28,620,185 |
28,620,185 |
|
Total Reserves |
433,126,941 |
466,772,612 |
500,472,740 |
444,987,932 |
261,781,521 |
|
GROWTH RATIOS (Year on Year) |
|||||
|
Revenue |
(26.86) |
(24.93) |
0.85 |
54.04 |
43.36 |
|
Proft/(Loss) Before Tax |
(22.62) |
(148.74) |
(68.42) |
8.63 |
27.42 |
|
Proft/(Loss) After Tax |
(21.99) |
(148.88) |
(68.42) |
8.63 |
27.42 |
|
Total Assets |
(9.61) |
0.76 |
16.32 |
35.89 |
84.61 |
|
Total Liabilities |
(12.06) |
7.90 |
21.33 |
15.03 |
82.71 |
|
LIQUIDITY (Times) |
|||||
|
Liquid Ratio |
0.17 |
0.15 |
0.40 |
0.40 |
0.50 |
|
Current Ratio |
0.36 |
0.37 |
0.64 |
0.68 |
0.72 |
|
WORKING CAPITAL CONTROL
(Days) |
|||||
|
Stock Ratio |
43 |
44 |
33 |
32 |
34 |
|
Debtors Ratio |
20 |
22 |
31 |
34 |
61 |
|
Creditors Ratio |
13 |
29 |
25 |
88 |
173 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
0.84 |
0.69 |
0 |
0 |
0 |
|
Liabilities Ratio |
1.09 |
1.15 |
1.00 |
0.92 |
1.30 |
|
Times Interest Earned Ratio |
(6.40) |
(10.10) |
36.29 |
128.53 |
565.21 |
|
Assets Backing Ratio |
17.12 |
17.97 |
18.69 |
16.76 |
10.35 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
(4.59) |
(2.74) |
4.22 |
13.47 |
19.09 |
|
Net Profit Margin |
(4.58) |
(2.74) |
4.22 |
13.47 |
19.09 |
|
Return On Net Assets |
(6.07) |
(4.87) |
11.05 |
38.26 |
56.65 |
|
Return On Capital Employed |
(6.05) |
(4.77) |
11.04 |
38.22 |
56.58 |
|
Return On Shareholders'
Funds/Equity |
(7.43) |
(5.68) |
10.88 |
38.49 |
57.78 |
|
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 63.53 |
|
|
1 |
INR 86.05 |
|
Euro |
1 |
INR 76.53 |
|
SGD |
1 |
INR 48.04 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VIV |
|
|
|
|
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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.