|
|
|
%20PTE%20%20LTD%20%20-%20494107%2005-Mar-2018_files/image007.jpg){kind=small}
%20PTE%20%20LTD%20%20-%20494107%2005-Mar-2018_files/image008.jpg)
%20PTE%20%20LTD%20%20-%20494107%2005-Mar-2018_files/image010.gif)
MIRA INFORM REPORT
|
Report No. : |
494107 |
|
Report Date : |
05.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
CLARIANT (SINGAPORE) PTE. LTD. |
|
|
|
|
Registered Office : |
1, International Business Park, 08-01-04, The Synergy, 609917 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
2016 |
|
|
|
|
Date of Incorporation : |
31.10.1990 |
|
|
|
|
Com. Reg. No.: |
199005381C |
|
|
|
|
Legal Form : |
Private Limited (Limited by Share) |
|
|
|
|
Line of Business : |
The Subject is principally engaged in the manufacture of
masterbatches, chemicals, additives. |
|
|
|
|
No. of Employees : |
200 |
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 : |
-- |
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 (30.09.2017) |
Current Rating (31.12.2017) |
|
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 2014-17 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. |
: |
199005381C |
|
COMPANY
NAME |
: |
CLARIANT
(SINGAPORE) PTE. LTD. |
|
FORMER
NAME |
: |
SANDOZ
CHEMICALS PTE. LTD. (07/08/1995) |
|
INCORPORATION
DATE |
: |
31/10/1990 |
|
COMPANY
STATUS |
: |
EXIST |
|
LEGAL
FORM |
: |
PRIVATE
LIMITED (LIMITED BY SHARE) |
|
LISTED
STATUS |
: |
NO |
|
REGISTERED
ADDRESS |
: |
1,
INTERNATIONAL BUSINESS PARK, 08-01-04, THE SYNERGY, 609917, SINGAPORE. |
|
BUSINESS
ADDRESS |
: |
1,
INTERNATIONAL BUSINESS PARK, 08-01/02/02/04 , THE SYNERGY, 609917, SINGAPORE. |
|
TEL.NO. |
: |
65-65630288 |
|
FAX.NO. |
: |
65-65630200 |
|
WEB
SITE |
: |
WWW.CLARIANT.COM |
|
CONTACT
PERSON |
: |
DIETER
SENG ( MANAGING DIRECTOR ) |
|
PRINCIPAL
ACTIVITY |
: |
MANUFACTURE
OF MASTERBATCHES,CHEMICALS,ADDITIVES |
|
ISSUED
AND PAID UP CAPITAL |
: |
2,500,000.00
ORDINARY SHARE, OF A VALUE OF SGD 2,500,000.00 |
|
SALES |
: |
SGD
329,508,000 [2016] |
|
NET
WORTH |
: |
SGD
30,660,000 [2016] |
|
STAFF
STRENGTH |
: |
N/A |
|
LITIGATION |
: |
TRACED |
|
FINANCIAL
CONDITION |
: |
LIMITED |
|
PAYMENT |
: |
Slow but
Correct |
|
MANAGEMENT
CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL
RISK |
: |
LOW |
|
CURRENCY
EXPOSURE |
: |
MODERATE |
|
GENERAL
REPUTATION |
: |
SATISFACTORY |
|
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) manufacture of
masterbatches,chemicals,additives.
The
immediate holding company of the Subject is CLARIANT PLASTICS & COATINGS
AG, a company incorporated in SWITZERLAND.
The
ultimate holding company of the Subject is CLARIANT AG, a company incorporated
in SWITZERLAND.
Share
Capital History
|
Date |
Issue
& Paid Up Capital |
|
26/02/2018 |
SGD
2,500,000.00 |
The
major shareholder(s) of the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
CLARIANT
PLASTICS & COATINGS AG |
ROTHAUSSTRASSE
61, MUTTENZ 4132 ,SWITZERLAND |
T16UF0762 |
2,500,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
2,500,000.00 |
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 |
CLARIANT
INDIA LIMITED |
- |
99.98 |
31/12/2016 |
|
|
INDIA |
CLARIANT
MEDICAL SPECIALITIES INDIA LIMITED |
- |
99.98 |
31/12/2016 |
DIRECTORS
|
DIRECTOR
1
|
Name
Of Subject |
: |
MARIO
BROCCHI NETO |
|
Address |
: |
2,
LEONIE HILL ROAD, 23-04, LEONIE CONDOTEL, 239192, SINGAPORE. |
|
IC
/ PP No |
: |
G5452946K |
|
Nationality |
: |
BRAZILIAN |
|
Date
of Appointment |
: |
15/10/2013 |
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 |
199005381C |
CLARIANT
(SINGAPORE) PTE. LTD. |
Director |
15/10/2013 |
0.00 |
- |
SGD836,000.00 |
2016 |
- |
26/02/2018 |
|
2 |
199608423M |
CLARIANT
SOUTH EAST ASIA PTE. LTD. |
Director |
31/03/2015 |
0.00 |
- |
SGD11,627,117.00 |
2015 |
- |
05/01/2017 |
DIRECTOR
2
|
Name
Of Subject |
: |
DANIEL
HUG |
|
Address |
: |
BIERASTRASSE
24, CH-4103, BOTTMINGEN, SWITZERLAND. |
|
IC
/ PP No |
: |
X0909533 |
|
Nationality |
: |
SWISS |
|
Date
of Appointment |
: |
31/03/2013 |
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 |
38607X |
CLARIANT
(MALAYSIA) SDN. BHD. |
Director |
21/03/2014 |
0.00 |
- |
MYR2,537,881.00 |
2016 |
- |
25/01/2018 |
|
2 |
199005381C |
CLARIANT
(SINGAPORE) PTE. LTD. |
Director |
31/03/2013 |
0.00 |
- |
SGD836,000.00 |
2016 |
- |
26/02/2018 |
DIRECTOR
3
|
Name
Of Subject |
: |
ALFRED
CHRISTIAN MUENCH |
|
Address |
: |
ZELGLISTRASSE
4, CH-8127, FORCH, SWITZERLAND. |
|
Other
Address(es) |
: |
FORCH,
SWITZERLAND |
|
IC
/ PP No |
: |
X3680884 |
|
Nationality |
: |
SWISS |
|
Date
of Appointment |
: |
01/04/2010 |
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 |
38607X |
CLARIANT
(MALAYSIA) SDN. BHD. |
Director |
06/05/2010 |
0.00 |
- |
MYR2,537,881.00 |
2016 |
- |
25/01/2018 |
|
2 |
199005381C |
CLARIANT
(SINGAPORE) PTE. LTD. |
Director |
01/04/2010 |
0.00 |
- |
SGD836,000.00 |
2016 |
- |
26/02/2018 |
DIRECTOR
4
|
Name
Of Subject |
: |
MR.
DIETER SENG |
|
Address |
: |
11A,
HILLCREST ROAD, HILLCREST VILLA, 286722, SINGAPORE. |
|
IC
/ PP No |
: |
G5253377K |
|
Nationality |
: |
GERMAN |
|
Date
of Appointment |
: |
20/07/2016 |
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 |
199005381C |
CLARIANT
(SINGAPORE) PTE. LTD. |
Director |
20/07/2016 |
0.00 |
- |
SGD836,000.00 |
2016 |
- |
26/02/2018 |
|
2 |
199608423M |
CLARIANT
SOUTH EAST ASIA PTE. LTD. |
Director |
01/07/2016 |
0.00 |
- |
SGD11,627,117.00 |
2015 |
- |
05/01/2017 |
MANAGEMENT
|
|
1) |
Name
of Subject |
: |
DIETER
SENG |
|
Position |
: |
MANAGING
DIRECTOR |
|
|
|
AUDITOR
|
|
Auditor |
: |
PRICEWATERHOUSECOOPERS
LLP |
|
Auditor'
Address |
: |
N/A |
|
|
COMPANY
SECRETARIES
|
|
1) |
Company
Secretary |
: |
ESTHER
AU SIEW PENG |
|
IC
/ PP No |
: |
S2595617F |
|
|
Address |
: |
10,
COLLYER QUAY, 10-01, OCEAN FINANCIAL CENTRE, 049315, 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 against the Subject whether the
subject has been involved in any litigation.
|
LEGAL
ACTION |
|
||||||||||||
|
|||||||||||||
|
Status |
: |
PENDING |
|
||||||||||
|
Code
No |
: |
99 |
Case
No |
: |
15731 |
||||||||
|
Year |
: |
2009 |
Place |
: |
SINGAPORE |
||||||||
|
Type |
: |
MAGISTRATE
COURT |
|||||||||||
|
Date
Filed |
: |
26/05/2009 |
|||||||||||
|
Solicitor
Ref |
: |
IA/5808-08/LIT-NA |
|||||||||||
|
Solicitor
Firm |
: |
NYANYANG
LAW LLC |
|||||||||||
|
Plaintiff |
: |
MOHAMMAD
NOOR BIN YUSOF |
|||||||||||
|
DEFENDANTS |
: |
|
|||||||||||
|
Hearing
Date |
: |
N/A |
|||||||||||
|
Amount
Claimed |
: |
2614.70 400 |
|||||||||||
|
Nature
of Claim |
: |
SGD SGD |
|||||||||||
|
Remark |
: |
TORT
- NEGLIGENCE |
|||||||||||
|
No
winding up petition was found in our databank |
||
|
|
||
PAYMENT
RECORD
|
|
||
|
SOURCES
OF RAW MATERIALS: |
||
|
Local |
: |
N/A |
|
Overseas |
: |
N/A |
The Subject refused to disclose its supplier.
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 |
: |
15
- 30 DAYS |
|||
|
Payment
Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Products
manufactured |
: |
|
|
|
Total
Number of Employees: |
|
||||||||
|
YEAR |
2016 |
2014 |
2013 |
||||||
|
GROUP |
N/A |
N/A |
N/A |
||||||
|
COMPANY |
200 |
200 |
200 |
||||||
|
Branch |
: |
NO |
Other
Information:
The Subject is principally engaged in the (as a / as an) manufacture of
masterbatches,chemicals,additives.
The Subject is the leading manufacturer of textile chemicals and textile dyes,
and offers comprehensive integrated ranges throughout the whole textile value
chain for all segments of the modern textile finishing industry:
- Dyeing & Printing including, dyes, pigments and dyeing and printing
auxiliaries
- Fiber
- Finishing including Technical Textile
- Pretreatment including Optical Brightening and Sizing agents
They have few market segments like Apparel & Interior, Technical Textile,
Paints, Adhesives and Construction.
CURRENT
INVESTIGATION
|
Latest
fresh investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
N/A |
|
Current
Telephone Number |
: |
65-65630288 |
|
Match |
: |
N/A |
|
Address
Provided by Client |
: |
1
INTERNATIONAL BUSINESS PARK NO.08-01/02/03/04, THE SYNERGY SINGAPORE 609917 |
|
Current
Address |
: |
1,
INTERNATIONAL BUSINESS PARK, 08-01/02/02/04 , THE SYNERGY, 609917, SINGAPORE. |
|
Match |
: |
YES |
Other
Investigations
On 27th February 2018, we contacted one of the staff from the Subject and she
provided some information.
The Subject refused to disclose its number of employees and bankers.
FINANCIAL
ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2012
- 2016 |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Increased |
[ |
2012
- 2016 |
] |
|
|
Return
on Shareholder Funds |
: |
Unfavourable |
[ |
2.73% |
] |
|
|
Return
on Net Assets |
: |
Unfavourable |
[ |
6.61% |
] |
|
|
The
fluctuating turnover reflects the fierce competition among the existing and
new market players.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 |
[ |
18
Days |
] |
|
|
Debtor
Ratio |
: |
Favourable |
[ |
32
Days |
] |
|
|
Creditors
Ratio |
: |
Favourable |
[ |
8
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 |
[ |
0.68
Times |
] |
|
|
Current
Ratio |
: |
Unfavourable |
[ |
0.84
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 |
: |
Acceptable |
[ |
8.27
Times |
] |
|
|
Gearing
Ratio |
: |
Favourable |
[ |
0.64
Times |
] |
|
|
The
Subject's interest cover was slightly low. If there is no sharp fall in its
profit or sudden increase in the interest rates, we believe the Subject is
able to generate sufficient income to service its interest and repay the
loans. The Subject was lowly geared thus it had a low financial risk. The
Subject was mainly financed by its shareholders' funds and internally
generated funds. In times of economic slowdown / downturn, the Subject being
a lowly geared company, will be able to compete better than those companies
which are highly geared in the same industry. |
||||||
|
Overall
Assessment : |
||||||
|
Although
the turnover was erratic, the Subject had maintained a steady growth in its profit.
This indicate the management's efficiency in controlling its costs and
profitability. 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 had
an acceptable interest cover. If there is no sudden sharp increase in
interest rate or fall in the Subject's profit, we do believe the Subject is
able to generate sufficient cash flow to service its interest payment. The
Subject as a lowly geared company, will be more secured compared to those
highly geared companies. It has the ability to meet all its long term
obligations. |
||||||
|
Overall
financial condition of the Subject : LIMITED |
||||||
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 |
- |
7.40 |
|
Government
Services |
6.00 |
6.50 |
6.30 |
- |
- |
|
Education
Services |
0.30 |
3.10 |
5.98 |
- |
2.40 |
|
|
|||||
|
*
Estimate / Preliminary |
|||||
|
#
Based on Index of Industrial Production (2015 = 100) |
|||||
|
(Source
: Department of Statistics) |
INDUSTRY
ANALYSIS
|
|
INDUSTRY
: |
MANUFACTURING |
|
In
the first quarter of 2017, manufacturing output rose by 8.0%, following the increase
of 11% in the previous quarter. The robust performance of the sector was
underpinned by sustained growth in the electronics, precision engineering and
chemicals clusters. For the whole year of 2016, the manufacturing sector grew
by 3.6%, a reversal from the 5.1% contraction in the previous year. |
|
|
The
electronics cluster increased by 33% in the first quarter, largely driven by
the semiconductors segment, which saw its output surge by 50%. The strong
performance of the semiconductors segment can be attributed to the continued
recovery in global semiconductors demand, driven in turn by healthy demand in
key end markets such as smartphone and automotive applications. At the same
time, the other electronic modules & components and computer peripherals
segments grew by 9.0% and 1.2% respectively. For the full year of 2016, the
electronics cluster expanded by 16%. |
|
|
Besides,
biomedical manufacturing cluster contracted by 7.5% in the first quarter of
2017. Within the cluster, the medical technology segment recorded robust
growth of 14%, supported by higher export demand for medical instruments.
However, this was outweighed by a 14% decline in the output of the
pharmaceuticals segment as the production of active pharmaceutical
ingredients fell. For 2016 as a whole, the biomedical manufacturing cluster
expanded by 14%, with both the pharmaceuticals and medical technology
segments supporting growth. |
|
|
In
the first quarter of 2017, output of the transport engineering cluster fell by
11%, dragged down by the marine & offshore engineering (M&OE)
segment. This more than offset expansions in the aerospace (10%) and land
(7.0%) segments. The aerospace segment, in particular, was supported by an
increase in demand for aircraft and engine maintenance work. For the whole
year of 2016, the transport engineering cluster contracted by 18%. |
|
|
The
precision engineering cluster expanded by 19% in the first quarter of 2017,
supported by both the machinery & systems (M&S) and precision modules
& components (PMC) segments. Output in the M&S segment rose by 24 %
on the back of robust export demand for semiconductor manufacturing
equipment. Meanwhile, the PMC segment grew by 11% due to an increase in the
production of dies, moulds, tools, jigs & fixtures, optical instruments
and metal precision components. In 2016, the precision engineering cluster’s
output rose by 0.8%. |
|
|
Moreover,
output of the general manufacturing industries shrank by 6.7% in the first quarter
2017. In particular, the output of the miscellaneous industries segment fell
by 12% due to a decline in the production of fibre glass products and
construction-related products & materials. The printing segment
contracted by 21%, as demand for commercial printing remained weak and the
food, beverage & tobacco segment expanded by 3.2%, supported by healthy
export demand. For the full year 2016, the general manufacturing industries
contracted by 2.5%. |
|
|
The
output of the chemicals cluster increased by 2.9% in the first quarter of
2017 supported primarily by growth in the petrochemicals (9.8%) and specialty
chemicals (2.9%) segments. Growth in the petrochemicals segment was partly
the result of a low base effect as production levels a year ago were weak due
to plant maintenance shutdowns. On the other hand, the other chemicals
segment contracted to 5.6% on account of a lower level of production of
fragrances. For the full year 2016, the chemicals cluster contracted by 0.9
per cent. This was due to a decline in the output of the petrochemicals
segment arising from major plant maintenance shutdowns, even as the output of
all other segments expanded. |
|
|
OVERALL
INDUSTRY OUTLOOK : MARGINAL GROWTH |
|
CREDIT
RISK EVALUATION & RECOMMENDATION
|
|
Incorporated
in 1990, the Subject is a Private Limited company, focusing on manufacture of
masterbatches,chemicals,additives. The Subject has been in business for over
two decades. It has built up a strong clientele base and satisfactory
reputation will enable the Subject to further enhance its business in the
near term. The Subject is expected to enjoy a stable market shares. A paid up
capital of SGD 2,500,000 allows the Subject to expand its business more
comfortably. With a strong backing from its holding company, the Subject
enjoys timely financial assistance should the needs arise. |
Financial
|
PROFIT
AND LOSS ACCOUNT |
|
THE
FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING
STANDARDS. |
|
CLARIANT
(SINGAPORE) 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 |
SGD |
SGD |
SGD |
SGD |
SGD |
|
TURNOVER |
329,508,000 |
177,514,000 |
204,578,306 |
166,023,129 |
147,750,862 |
|
Other
Income |
235,000 |
204,000 |
16,675,537 |
1,062,270 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total
Turnover |
329,743,000 |
177,718,000 |
221,253,843 |
167,085,399 |
147,750,862 |
|
Costs
of Goods Sold |
- |
- |
(158,176,930) |
(127,641,785) |
(107,834,612) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross
Profit |
- |
- |
63,076,913 |
39,443,614 |
39,916,250 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
1,781,000 |
455,000 |
26,086,309 |
5,676,320 |
12,179,574 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
1,781,000 |
455,000 |
26,086,309 |
5,676,320 |
12,179,574 |
|
Taxation |
(945,000) |
82,000 |
(1,538,201) |
(1,191,139) |
(1,737,210) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
836,000 |
537,000 |
24,548,108 |
4,485,181 |
10,442,364 |
|
Pre-acquisition
profit/(loss) |
- |
- |
- |
- |
7,273,010 |
|
Profit/(Loss)
from discontinued operation |
- |
3,095,000 |
(3,248,272) |
17,863,623 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE EXTRAORDINARY ITEMS |
836,000 |
3,632,000 |
21,299,836 |
22,348,804 |
17,715,374 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
ATTRIBUTABLE TO SHAREHOLDERS |
836,000 |
3,632,000 |
21,299,836 |
22,348,804 |
17,715,374 |
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As
previously reported |
27,324,000 |
37,692,843 |
24,393,007 |
32,044,203 |
19,328,829 |
|
Prior
year adjustment |
- |
(843) |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As
restated |
27,324,000 |
37,692,000 |
24,393,007 |
32,044,203 |
19,328,829 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
28,160,000 |
41,324,000 |
45,692,843 |
54,393,007 |
37,044,203 |
|
DIVIDENDS
- Ordinary (paid & proposed) |
- |
(14,000,000) |
(8,000,000) |
(30,000,000) |
(5,000,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
28,160,000 |
27,324,000 |
37,692,843 |
24,393,007 |
32,044,203 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST
EXPENSE (as per notes to P&L) |
|||||
|
Term
loan / Borrowing |
167,000 |
22,000 |
84,280 |
161,477 |
286,393 |
|
Others |
78,000 |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
245,000 |
22,000 |
84,280 |
161,477 |
286,393 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION
(as per notes to P&L) |
1,540,000 |
1,575,000 |
1,575,235 |
1,866,857 |
1,630,692 |
|
AMORTIZATION |
59,000 |
- |
397,254 |
953,410 |
953,409 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total
Amortization And Depreciation |
1,599,000 |
1,575,000 |
1,972,489 |
2,820,267 |
2,584,101 |
|
============= |
============= |
============= |
============= |
============= |
|
BALANCE
SHEET |
|
CLARIANT
(SINGAPORE) PTE. LTD. |
|
ASSETS
EMPLOYED: |
|||||
|
FIXED
ASSETS |
9,236,000 |
8,518,000 |
9,043,964 |
11,263,938 |
10,029,437 |
|
LONG
TERM INVESTMENTS/OTHER ASSETS |
|||||
|
Subsidiary
companies |
38,570,000 |
9,093,000 |
- |
- |
- |
|
Loans
& advances - non-current |
- |
- |
330,361 |
318,042 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM INVESTMENTS/OTHER ASSETS |
38,570,000 |
9,093,000 |
330,361 |
318,042 |
- |
|
INTANGIBLE
ASSETS |
|||||
|
Goodwill
on consolidation |
569,000 |
- |
- |
- |
- |
|
Others |
- |
- |
- |
397,254 |
1,350,664 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
INTANGIBLE ASSETS |
569,000 |
- |
- |
397,254 |
1,350,664 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM ASSETS |
48,375,000 |
17,611,000 |
9,374,325 |
11,979,234 |
11,380,101 |
|
CURRENT
ASSETS |
|||||
|
Stocks |
16,081,000 |
10,379,000 |
10,631,622 |
8,665,437 |
4,406,280 |
|
Trade
debtors |
28,841,000 |
18,609,000 |
20,511,505 |
16,875,513 |
34,207,581 |
|
Other
debtors, deposits & prepayments |
661,000 |
992,000 |
1,267,505 |
1,499,626 |
857,958 |
|
Amount
due from holding company |
102,000 |
1,319,000 |
2,512,061 |
5,785,497 |
- |
|
Amount
due from related companies |
40,621,000 |
21,123,000 |
28,481,072 |
22,477,509 |
12,207,186 |
|
Cash
& bank balances |
1,616,000 |
9,042,000 |
6,949,797 |
6,222,527 |
8,080,608 |
|
Others |
- |
2,395,000 |
- |
8,368,230 |
20,056,944 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT ASSETS |
87,922,000 |
63,859,000 |
70,353,562 |
69,894,339 |
79,816,557 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
ASSET |
136,297,000 |
81,470,000 |
79,727,887 |
81,873,573 |
91,196,658 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade
creditors |
7,449,000 |
4,398,000 |
3,580,904 |
3,573,366 |
20,477,520 |
|
Other
creditors & accruals |
9,319,000 |
10,012,000 |
8,812,858 |
10,808,752 |
10,055,113 |
|
Short
term borrowings/Term loans |
19,507,000 |
6,630,000 |
- |
10,755,390 |
12,000,000 |
|
Amounts
owing to holding company |
19,578,000 |
8,599,000 |
7,441,718 |
6,836,492 |
- |
|
Amounts
owing to related companies |
48,176,000 |
19,895,000 |
17,519,430 |
11,663,088 |
574,492 |
|
Provision
for taxation |
996,000 |
631,000 |
1,650,166 |
1,387,023 |
2,022,977 |
|
Other
liabilities |
- |
883,000 |
- |
9,304,189 |
10,649,722 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT LIABILITIES |
105,025,000 |
51,048,000 |
39,005,076 |
54,328,300 |
55,779,824 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET
CURRENT ASSETS/(LIABILITIES) |
(17,103,000) |
12,811,000 |
31,348,486 |
15,566,039 |
24,036,733 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
LONG
TERM LIABILITIES |
|||||
|
Deferred
taxation |
612,000 |
598,000 |
529,968 |
652,266 |
872,631 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM LIABILITIES |
612,000 |
598,000 |
529,968 |
652,266 |
872,631 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
NET ASSETS |
30,660,000 |
29,824,000 |
40,722,811 |
27,545,273 |
35,416,834 |
|
============= |
============= |
============= |
============= |
============= |
|
|
FINANCED
BY: |
|||||
|
SHARE
CAPITAL |
|||||
|
Ordinary
share capital |
2,500,000 |
2,500,000 |
2,500,000 |
2,500,000 |
2,500,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
SHARE CAPITAL |
2,500,000 |
2,500,000 |
2,500,000 |
2,500,000 |
2,500,000 |
|
RESERVES |
|||||
|
Retained
profit/(loss) carried forward |
28,160,000 |
27,324,000 |
37,692,843 |
24,393,007 |
32,044,203 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
RESERVES |
28,160,000 |
27,324,000 |
37,692,843 |
24,393,007 |
32,044,203 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
30,660,000 |
29,824,000 |
40,192,843 |
26,893,007 |
34,544,203 |
|
|
============= |
============= |
============= |
============= |
============= |
FINANCIAL
RATIO
|
|
CLARIANT
(SINGAPORE) PTE. LTD. |
|
TYPES
OF FUNDS |
|||||
|
Cash |
1,616,000 |
9,042,000 |
6,949,797 |
6,222,527 |
8,080,608 |
|
Net
Liquid Funds |
1,616,000 |
9,042,000 |
6,949,797 |
6,222,527 |
8,080,608 |
|
Net
Liquid Assets |
(33,184,000) |
2,432,000 |
20,716,864 |
6,900,602 |
19,630,453 |
|
Net
Current Assets/(Liabilities) |
(17,103,000) |
12,811,000 |
31,348,486 |
15,566,039 |
24,036,733 |
|
Net
Tangible Assets |
30,091,000 |
29,824,000 |
40,722,811 |
27,148,019 |
34,066,170 |
|
Net
Monetary Assets |
(33,796,000) |
1,834,000 |
20,186,896 |
6,248,336 |
18,757,822 |
|
PROFIT
& LOSS ITEMS |
|||||
|
Earnings
Before Interest & Tax (EBIT) |
2,026,000 |
477,000 |
26,170,589 |
5,837,797 |
12,465,967 |
|
Earnings
Before Interest, Taxes, Depreciation And Amortization (EBITDA) |
3,625,000 |
2,052,000 |
28,143,078 |
8,658,064 |
15,050,068 |
|
BALANCE
SHEET ITEMS |
|||||
|
Total
Borrowings |
19,507,000 |
6,630,000 |
0 |
10,755,390 |
12,000,000 |
|
Total
Liabilities |
105,637,000 |
51,646,000 |
39,535,044 |
54,980,566 |
56,652,455 |
|
Total
Assets |
136,297,000 |
81,470,000 |
79,727,887 |
81,873,573 |
91,196,658 |
|
Net
Assets |
30,660,000 |
29,824,000 |
40,722,811 |
27,545,273 |
35,416,834 |
|
Net
Assets Backing |
30,660,000 |
29,824,000 |
40,192,843 |
26,893,007 |
34,544,203 |
|
Shareholders'
Funds |
30,660,000 |
29,824,000 |
40,192,843 |
26,893,007 |
34,544,203 |
|
Total
Share Capital |
2,500,000 |
2,500,000 |
2,500,000 |
2,500,000 |
2,500,000 |
|
Total
Reserves |
28,160,000 |
27,324,000 |
37,692,843 |
24,393,007 |
32,044,203 |
|
GROWTH
RATIOS (Year on Year) (%) |
|||||
|
Revenue |
85.62 |
(13.23) |
23.22 |
12.37 |
53.01 |
|
Proft/(Loss)
Before Tax |
291.43 |
(98.26) |
359.56 |
(53.39) |
(0.55) |
|
Proft/(Loss)
After Tax |
55.68 |
(97.81) |
447.32 |
(57.05) |
(7.92) |
|
Total
Assets |
67.30 |
2.19 |
(2.62) |
(10.22) |
25.60 |
|
Total
Liabilities |
104.54 |
30.63 |
(28.09) |
(2.95) |
11.57 |
|
LIQUIDITY
(Times) |
|||||
|
Cash
Ratio |
0.02 |
0.18 |
0.18 |
0.11 |
0.14 |
|
Liquid
Ratio |
0.68 |
1.05 |
1.53 |
1.13 |
1.35 |
|
Current
Ratio |
0.84 |
1.25 |
1.80 |
1.29 |
1.43 |
|
WORKING
CAPITAL CONTROL (Days) |
|||||
|
Stock
Ratio |
18 |
21 |
19 |
19 |
11 |
|
Debtors
Ratio |
32 |
38 |
37 |
37 |
85 |
|
Creditors
Ratio |
8 |
9 |
8 |
10 |
69 |
|
SOLVENCY
RATIOS (Times) |
|||||
|
Gearing
Ratio |
0.64 |
0.22 |
0 |
0.40 |
0.35 |
|
Liabilities
Ratio |
3.45 |
1.73 |
0.98 |
2.04 |
1.64 |
|
Times
Interest Earned Ratio |
8.27 |
21.68 |
310.52 |
36.15 |
43.53 |
|
Assets
Backing Ratio |
12.04 |
11.93 |
16.29 |
10.86 |
13.63 |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating
Profit Margin |
0.54 |
0.26 |
12.75 |
3.42 |
8.24 |
|
Net
Profit Margin |
0.25 |
2.05 |
10.41 |
13.46 |
11.99 |
|
Return
On Net Assets |
6.61 |
1.60 |
64.27 |
21.19 |
35.20 |
|
Return
On Capital Employed |
6.36 |
1.57 |
64.27 |
20.89 |
33.90 |
|
Return
On Shareholders' Funds/Equity |
2.73 |
12.18 |
52.99 |
83.10 |
51.28 |
|
Dividend
Pay Out Ratio (Times) |
0 |
3.85 |
0.38 |
1.34 |
0.28 |
|
NOTES
TO ACCOUNTS |
|||||
|
Contingent
Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.22 |
|
|
1 |
INR 89.70 |
|
Euro |
1 |
INR 79.50 |
|
SGD |
1 |
INR 49.40 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
DNS |
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.