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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

516096

Report Date :

26.06.2018

 

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.:

199900962E

 

 

Legal Form :

Private Limited (Limited By Share)

 

 

Line of Business :

The Subject is principally engaged in wholesale of chemical products.

 

 

No. of Employees :

30 [2018]

 

 

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+

Low Risk

Business dealings permissible with low 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

(31.12.2017)

Current Rating

(01.04.2018)

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 electronics, petroleum products, chemicals, medical and optical devices, pharmaceuticals, and on Singapore’s 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 from 2012-2017 was slower than during the previous decade, a result of slowing structural growth - as Singapore reached high-income levels - and soft global demand for exports. Growth recovered to 3.6% in 2017 with a strengthening global economy.

The government is attempting to restructure Singapore’s economy to reduce its dependence on foreign labor, raise productivity growth, and increase wages amid slowing labor force growth and an aging population. 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 signatory of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and a party to the Regional Comprehensive Economic Partnership (RCEP) negotiations with 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.

:

199900962E

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 CHEMICAL PRODUCTS

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 [2018]

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

STRONG

PAYMENT

:

REGULAR

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

GOOD

INDUSTRY OUTLOOK

:

MARGINAL 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 chemical products.

 

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

22/06/2018

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

-

22/06/2018

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

-

22/06/2018

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

-

22/06/2018

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.

Date of Appointment

:

21/07/2005

 

2)

Company Secretary

:

CHAN CHOW PHENG

IC / PP No

:

S1298885J

Address

:

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

Date of Appointment

:

01/07/2012

 

 

BANKING


No Banker found in our databank.

 

ENCUMBRANCE (S)


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

 

 

CIVIL LITIGATION CHECK - SUBJECT COMPANY AS A DEFENDANT


* 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.

 

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

[

]

Average 61-90 Days

[

X

]

Fair 91-120 Days

[

]

Poor >120 Days

[

]

 

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Export Market

:

WORLDWIDE

Credit Term

:

N/A

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

OPERATIONS

 

Goods Traded

:

CHEMICAL PRODUCTS

 

Total Number of Employees:

 

YEAR

2018

2017

2016

2014

GROUP

N/A

N/A

N/A

N/A

COMPANY

30

30

30

20

 

Branch

:

NO

Other Information:


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

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, HOECHIANG ROAD 07 05/06 KEPPEL TOWERS, 089315 SINGAPORE

Current Address

:

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

Match

:

YES

 

Other Investigations


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

The Subject refused to disclose its bankers 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 :

2013

2014

2015

2016

2017*

 

Population (Million)

5.40

5.47

5.54

5.61

5.61

Gross Domestic Products ( % )

5.1

3.9

2.2

2.4

3.6

Consumer Price Index

2.4

1.0

(0.5)

(0.5)

0.6

Total Imports (Million)

466,762.0

463,779.1

407,767.9

398,372.0

403,300.0

Total Exports (Million)

513,391.0

518,922.7

476,285.4

468,552.0

466,900.0

 

Unemployment Rate (%)

1.9

1.9

1.9

2.1

-

Tourist Arrival (Million)

15.46

15.01

15.23

16.28

-

Hotel Occupancy Rate (%)

86.3

85.5

84.0

83.1

84.7

Cellular Phone Subscriber (Million)

1.97

1.98

1.99

-

-

 

Registration of New Companies (No.)

37,288

41,589

34,243

35,227

37,395

Registration of New Companies (%)

9.8

11.5

(17.7)

2.9

6.2

Liquidation of Companies (No.)

17,369

18,767

21,384

23,218

22,379

Liquidation of Companies (%)

(5.3)

8.0

13.9

8.6

(3.6)

 

Registration of New Businesses (No.)

22,893

35,773

28,480

27,120

22,148

Registration of New Businesses (%)

1.70

56.30

(20.39)

(4.78)

(18.33)

Liquidation of Businesses (No.)

22,598

22,098

26,116

35,866

24,344

Liquidation of Businesses (%)

0.5

(2.2)

18.2

37.3

(32.1)

 

Bankruptcy Orders (No.)

1,992

1,757

1,776

1,797

1,638

Bankruptcy Orders (%)

14.0

(11.8)

1.0

1.2

(8.9)

Bankruptcy Discharges (No.)

2,584

3,546

3,499

4,359

2,030

Bankruptcy Discharges (%)

37.4

37.2

(1.3)

24.6

(53.4)

 

INDUSTRIES ( % of Growth ) :

Agriculture

Production of Principal Crops

1.78

4.29

3.04

-

-

Fish Supply & Wholesale

(3.8)

(8.6)

(8.5)

(9.9)

-

 

Manufacturing #

Food, Beverages & Tobacco

97.9

99.4

100.0

103.7

110.3

Textiles

119.5

102.7

100.0

92.4

84.4

Wearing Apparel

334.1

212.6

100.0

83.4

88.2

Leather Products & Footwear

122.0

106.5

100.0

88.8

79.0

Wood & Wood Products

103.0

107.2

100.0

95.0

92.9

Paper & Paper Products

104.4

104.5

100.0

97.3

96.1

Printing & Media

113.8

105.968

100.0

85.1

73.1

Crude Oil Refineries

100.7

92.2

100.0

104.2

113.5

Chemical & Chemical Products

88.4

96.7

100.0

98.9

105.3

Pharmaceutical Products

101.421

109.4

100.0

113.8

96.0

Rubber & Plastic Products

109.497

109.2

100.0

91.4

93.7

Non-metallic Mineral

107.4

90.759

100.0

89.8

72.9

Basic Metals

77.2

99.3

100.0

106.2

108.3

Fabricated Metal Products

107.5

107.757

100.0

93.8

91.3

Machinery & Equipment

109.1

118.2

100.0

80.8

86.1

Electrical Machinery

87.4

97.871

100.0

101.5

111.7

Electronic Components

105.0

105.6

100.0

114.1

151.4

Transport Equipment

111.1

106.68

100.0

101.0

99.5

 

Construction

25.40

22.00

-

-

-

Real Estate

88.5

145.1

-

-

-

 

Services

Electricity, Gas & Water

6.70

6.50

-

-

-

Transport, Storage & Communication

9.80

14.20

-

-

-

Finance & Insurance

3.30

6.00

-

7.40

-

Government Services

6.50

6.30

-

-

-

Education Services

3.10

5.98

-

2.40

-

 

* Estimate / Preliminary

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



INDUSTRY ANALYSIS

 

INDUSTRY :

TRADING

According to the Ministry of Trade and Industry, the wholesale & retail trade sector expanded to 3.0% in the fourth quarter of 2017, moderating from the 3.3% growth in the previous quarter. The wholesale trade segment was boosted by an improvement in foreign wholesale sales volume, which more than offset the weakness in domestic wholesale sales volume. For the whole of 2017, the sector expanded by 2.3%, faster than the 1.0% growth in 2016. The improvement in growth can be attributed to the wholesale segment.

The domestic wholesale sales volume fell by 1.1% in the fourth quarter 2017, reversing the 2.0% growth in the preceding quarter. The poorer outturn was led by declines in the sales volume of household equipment & furniture (-27%) and general wholesale merchandise (-19%), which outweighed the increase in the sales volume of telecommunications & computers (20%). For the whole of 2017, the domestic wholesale trade index expanded by 1.0%, a turnaround from the 2.7% decline in 2016.

On the other hand, foreign wholesale sales volume rose to 6.2% in the fourth quarter 2017, a step-up from the 5.1% growth in the preceding quarter. Growth was driven by expansions in the sales of petroleum & petroleum-related products (11%t), telecommunications & computers (19%) and electronic components (16%). However, growth was partly offset by a 20% decline in the sales volume of metals, timber & construction materials. For the full year 2017, the foreign wholesale trade index rose by 3.6%, faster than the increase of 1.5% in the previous year.

Besides, retail sales volume rose by 2.1% in the fourth quarter 2017, improving from the 0.9% growth recorded in the third quarter. Growth was supported by improvements in both motor vehicle and non-motor vehicle sales volumes. While motor vehicle sales benefitted from an on-year increase in COE supply, growth in non-motor vehicle sales came on the back of an improvement in consumer sentiments. Notably, the sales volume of discretionary goods such as recreational goods, computer & telecommunication equipment and wearing apparel & footwear grew by 4.6%, 4.3 % and 3.1% respectively.

For the full year 2017, retail sales volume expanded by 1.3%, similar to the 1.5% growth recorded in 2016. Growth was driven by both motor vehicle sales and non-motor vehicle sales, which the former rising by 1.5% and the latter increasing by 1.3%. The rise in non-motor vehicle sales was underpinned by higher sales of discretionary goods. For instance, the sales volume of recreational goods (3.9%), watches & jewellery (2.4%), computer & telecommunications equipment (1.7%) and wearing apparel & footwear (1.5%) improved in 2017.

OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH



CREDIT RISK EVALUATION & RECOMMENDATION

 


Incorporated in 1999, the Subject is a Private Limited company, focusing on wholesale of chemical products. Having been in the industry for over a decade, the Subject has achieved a certain market share and has built up a satisfactory reputation in the market. It should have received supports from its regular customers. With a large issued and paid up capital of SGD 17,097,000 and strong backing from its holding company, the Subject enjoys timely financial assistance should the needs arise. These favourable conditions has minimised its risk in the industry compared to other players.

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. 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.

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 maturity stage and only enjoying a marginal growth. The steady growth of the country's economy will further enhance the industry activities. Thus, the Subject's future performance is very much depend on its marketing strategies in order to retain its position in the market.

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

CURRENT ASSETS

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

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

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

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

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

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

FINANCED BY:

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

RESERVES

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

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

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

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

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

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

 

 

 

 

 

 

 

 

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)

14,423,000

7,903,000

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 68.15

UK Pound

1

INR 90.27

Euro

1

INR 79.35

SGD

1

INR 50.12 

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

VIV

 

 

Report Prepared by :

SYL

                                                


 

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.