MIRA INFORM REPORT
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Report Date : |
4th May 2006 |
IDENTIFICATION DETAILS
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Name : |
MARUBENI
CHEMICAL ASIA PACIFIC PTE LTD |
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Registered Office : |
16 Raffles
Quay, #13-01, Hong Leong Building, Singapore |
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Date of Incorporation : |
26/02/1996 |
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Com. Reg. No.: |
199601351Z |
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Legal Form : |
PTE LTD |
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|
|
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Line of Business : |
Trading Of Various Chemical
Products, Plastic, Resin And Related Materials. |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial &
operational base are regarded healthy. General unfavourable factors will not
cause fatal effect. Satisfactory capability for payment of interest and
principal sums |
Fairly Large |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Subject Company
MARUBENI CHEMICAL ASIA PACIFIC PTE LTD
Line Of Business
TRADING OF VARIOUS CHEMICAL PRODUCTS, PLASTIC, RESIN AND
RELATED MATERIALS.
Parent Company
MARUBENI CORPORATION (PERCENTAGE OF SHAREHOLDING: 80.00%)
Financial Elements
FY 2004
Sales :
US$783,594,778
Networth :
US$5,916,807
Paid-Up
Capital : US$1,066,050
Net result :
US$1,460,336
Net
Margin(%) : 0.19
Return on
Equity(%) : 24.68
Leverage
Ratio : 15.83
Rating
Credit Rating : Sing $ 5000001 – Sing $ 10000000
COMPANY IDENTIFICATION
|
Subject Company |
MARUBENI CHEMICAL ASIA PACIFIC PTE LTD |
|
Former Name |
-- |
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Business Address |
16 RAFFLES QUAY |
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|
#13-01 |
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HONG LEONG BUILDING |
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Town |
SINGAPORE |
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Postcode |
048581 |
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County |
-- |
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Country |
Singapore |
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Telephone |
6323 7226/622 76056 |
|
Fax |
6221 9856/6324 0123 |
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ROC Number |
199601351Z |
|
Reg. Town |
-- |
SUMMARY
All amounts in this report are in:
USD unless otherwise stated
Legal Form: PTE
LTD
Date Inc.: 26/02/1996
Previous Legal Form:-
Summary year: 31/12/2004
Sales: 783,594,778
Networth: 5,916,807
Capital: 4,264,089
Paid-Up Capital: 1,066,050
Employees: 36
Net result: 1,460,336
Share value: 1
SGD
AS AT 12/12/2005:
AUTHORISED CAPITAL : S$6,000,000 VALUE/SHARE: S$1.00
ISSUED ORDINARY :
S$1,500,000 VALUE/SHARE: S$1.00
PAID-UP ORDINARY :
S$1,500,000 VALUE/SHARE: S$1.00
AUDITOR: ERNST & YOUNG
REFERENCES
Litigation: No
Company status: TRADING
Started: 6/02/1996
PRINCIPAL(S)
TAMOTSU SEI F0409341X Director
DIRECTOR(S)
TAMOTSU SEI F0409341X Director
Appointed on: 01/04/2003
Street: 177B RIVER
VALLEY ROAD
#22-08
Town: SINGAPORE
Postcode: 179023
Country: Singapore
YASUTO TAMAI F2303985X Director
Appointed on: 02/01/2002
Street: 475 RIVER
VALLEY ROAD
#12-01
Town: SINGAPORE
Postcode: 248360
Country: Singapore
HIROTO ONODA G5699008P Company
Secretary
Appointed on: 01/10/2004
Street: 475 RIVER
VALLEY ROAD
#16-04
Town: SINGAPORE
Postcode: 248360
Country: Singapore
TADASHI HIROE TE1937829
Director
Appointed on: 01/04/2005
Street: 31-31-521
MINAMIKARASUYAMA 2-CHOME
SETAGAYA-KU
Town: TOKYO
Postcode: 157-0062
Country: Japan
HIDEAKI OSAWA TF1621632
Director
Appointed on: 01/04/2005
Street: 6-3-311
SUZUYA 7-CHOME, CHUO-KU
SAITAMA-SHI, SAITAMA
Town: -
Postcode: 338-0013
Country: Japan
KOJI AOKI TF8202536 Director
Appointed on: 01/04/2004
Street: 702 MARUBENI
YOYOGI-RYO
2-24-1 NISHIHARA, SHIBUYA-KU
Town: -
Postcode: -
Country: Japan
MASAHARU NASHIMOTO G5589290W Director
Appointed on: 01/04/2005
Street: 6 HULLET
ROAD
#07-01
Town: SINGAPORE
Postcode: 229159
Country: Singapore
FORMER DIRECTOR(S)
YVONNE CHOO S0090447C
CHIA LUANG CHEW HAZEL S1407126A
KIYOSHI KOBAYASHI TZ0147818
TAKASHI YAMAGUCHI MP0308537
RYOICHI MURAKAMI MQ3137916
SHOGOG TAKAHASHI TE8547695
YOSHIHIRO KITAHARA G5699003N
KAZUMASA YAMAMOTO G5699010R
MASAYA TAKADA TF5220777
HIDEO TOKUYA TZ6043901
ACTIVITY(IES)
RESINS Code: 18420
CHEMICALS Code: 3970
PLASTIC
PRODUCTS Code: 16940
1)
MANUFACTURE OF POLYMERS
ACTIVITIES
STATED IN FINANCIAL STATEMENTS:
TRADING
OF VARIOUS CHEMICAL PRODUCTS, PLASTIC, RESIN AND RELATED MATERIALS.
CHARGES
No Charges On Premises/Property In Our Database
PREMISES/PROPERTY INFORMATIONS
No Premises/Property Information In Our Databases
BANKERS
MIZUHO CORPORATE BANK, LTD
SHAREHOLDERS(S)
MARUBENI
SINGAPORE PTE LTD 300,000
Company
Street: 16 RAFFLES QUAY
#13-00
HONG
LEONG BUILDING
Town: SINGAPORE
Postcode: 048581
Country: Singapore
MARUBENI
CORPORATION 1,200,000 Company
Street: 4-2 OHTEMACHI 1-CHOME
CHIYODA-KU
Town: TOKYO
Postcode: 100-8088
Country: Japan
FORMER SHAREHOLDER(S)
YVONNE CHOO 1
CHIA LUANG CHEW HAZEL 1
MARUBENI
CHEMIX CORPORATION
75,000
HOLDING COMPANY
MARUBENI CORPORATION UF12663G %:
80.00
SUBSIDIARY(IES)
No Participation In Our Database
PAYMENT HISTORY AND EXPERIENCES
Trade Morality: AVERAGE
Liquidity: SUFFICIENT
Payments: REGULAR
Trend: UPWARD
Financial Situation: AVERAGE
LITIGATION(S)
No Litigation In Our Database
Singapore’s Country Rating 2005
Investment Grade
The steady political and economic environment has
positive effects on an already good payment record of companies. Very weak
default probability.
AFTER
THE ROBUST ECONOMIC RECOVERY IN 2004, GROWTH SHOULD BECOME MORE MODERATE AMID A
LIKELY SLOWDOWN OF WORLD DEMAND FOR ELECTRONIC PRODUCTS, WITH THAT SECTOR
REPRESENTING NEARLY TWO-THIRDS OF SINGAPORE'S EXPORTS. THAT SLOWDOWN SHOULD
NONETHELESS NOT JEOPARDISE THE SATISFACTORY PAYMENT RECORD OF MOST COMPANIES.
MOREOVER, PUBLIC SECTOR ACCOUNTS SHOULD AGAIN SHOW A SLIGHT SURPLUS, WITH THE
PERSISTENCE OF SUBSTANTIAL EXTERNAL ACCOUNT SURPLUSES, LIMITED FOREIGN DEBT,
AND COMFORTABLE FOREIGN EXCHANGE RESERVES. FURTHERMORE, THE BANKING SYSTEM HAS
REMAINED ONE OF ASIA'S SOUNDEST, DESPITE STIFF DOMESTIC COMPETITION AND AN
APPRECIABLE PROPORTION OF NON-PERFORMING LOANS.
HOWEVER, SINGAPORE'S RE-EXPORT ACTIVITY HAS BEEN SAGGING AND THE CURRENT
DEVELOPMENT MODEL HAS REACHED ITS LIMITS. TO OFFSET THAT TREND, THE CITY-STATE
HAS BEEN WORKING TO IMPROVE ITS POSITIONING. TO ENHANCE SINGAPORE'S
ATTRACTIVENESS COMPARED TO OTHER REGIONAL COUNTRIES, GOVERNMENT AUTHORITIES
HAVE BEEN REDUCING TAXES ON COMPANIES AND INCREASING THE NUMBER OF INCENTIVES
AVAILABLE TO THEM. THEY HAVE ALSO BEEN PROGRESSIVELY PRIVATISING STATE-OWNED
ENTERPRISES. FINALLY, WHILE DIVERSIFYING ITS INDUSTRY TOWARD PETROCHEMICAL AND
PHARMACEUTICAL PRODUCTS, THE CITY-STATE HAS BEEN FOCUSING ON HIGH VALUE-ADDED
SERVICES, BIOTECHNOLOGY DEVELOPMENT, AND ADVANCED RESEARCH.
ASSETS
- A STRATEGIC REGIONAL HUB,
SINGAPORE HAS ATTRACTED INVESTORS THANKS TO THE QUALITY OF ITS
INFRASTRUCTURE AND FINANCIAL SYSTEM.
- THE WORKFORCE IS VERY WELL
TRAINED AND HIGHLY SKILLED.
- ECONOMIC FUNDAMENTALS HAVE BEEN
PARTICULARLY GOOD.
- THE BUSINESS ENVIRONMENT HAS
BEEN VERY FAVOURABLE.
- POLITICAL CONTINUITY HAS BEEN
REMARKABLE.
WEAKNESSES
- THE ECONOMY'S SPECIALISATION IN
ELECTRONIC HAS TENDED TO INCREASE ITS EXPOSURE TO SHIFTS IN WORLD ECONOMIC
CONDITIONS.
- THE DIVERSIFICATION UNDER WAY,
NOTABLY IN SERVICES, SHOULD BE ACCELERATED TO BOLSTER THE ECONOMY'S
COMPETITIVENESS IN A REGIONAL ENVIRONMENT UNDERGOING PROFOUND CHANGE.
- REFORMS ARE STILL NEEDED TO
FOSTER ENTREPRENEURIAL SPIRIT AND INNOVATION AS WELL AS MODERNISATION OF THE
EDUCATION SYSTEM.
WHOLESALE AND RETAIL TRADE
SECTOR
PAST PERFORMANCE
AFTER GAINING 6.9% IN THE
PREVIOUS QUARTER, THE WHOLESALE AND RETAIL TRADE SECTOR GREW FURTHER BY 8.3% IN
2Q2005. ROBUST GROWTH IN NON-OIL RE-EXPORTS AND RETAIL SALES BOTH CONTRIBUTED
TO THE IMPROVED PERFORMANCE OF THE SECTOR.
WHOLESALE TRADE
DOMESTIC WHOLESALE
TRADE INDEX
THE OVERALL DOMESTIC WHOLESALE TRADE
INDEX ROSE BY 16.3% OVER THE SAME PERIOD A YEAR AGO. EXCLUDING PETROLEUM, THE
INDEX ROSE BY 5.9%.
THE SURGE IN THE OVERALL INDEX WAS
MAINLY DUE TO HIGHER SALES OF PETROLEUM & PETROLEUM PRODUCTS. IT POSTED THE
YEAR-OVER-YEAR SALES INCREASE FOR SIX CONSECUTIVE QUARTERS. THE BETTER SALES IN
2Q2005 WAS MAINLY ATTRIBUTED TO HIGHER OIL PRICES. OTHER WHOLESALE SECTORS ALSO
FARED WELL IN 2Q2005, EXCEPT ELECTRONIC COMPONENTS AND INDUSTRIAL &
CONSTRUCTION MACHINERY SECTORS.
AT CONSTANT PRICES, THE OVERALL INDEX
ROSE SLIGHTLY BY 0.4% IN 2Q2005 OVER 2Q2004. EXCLUDING PETROLEUM, IT WAS 1.1%
HIGHER THAN A YEAR AGO.
THE OVERALL DOMESTIC WHOLESALE TRADE
ROSE BY 8.6% IN 2Q2005 AS COMPARED TO 1Q2005. EXCLUDING PETROLEUM, THE INDEX
INCREASED BY 9.3%.
MOST WHOLESALE SECTORS PERFORMED BETTER
IN 2005, ESPECIALLY GENERAL WHOLESALE, SHIP CHANDLERS & BUNKERING,
WHOLESALING OF ELECTRONIC COMPONENTS AND TIMBER, PAINTS & CONSTRUCTION
MATERIALS.
IN CONTRAST, DOMESTIC SALES IN THE
WHOLESALE TRADE OF TELECOMMUNICATIONS & COMPUTERS, INDUSTRIAL &
CONSTRUCTION MACHINERY AND FOOD, BEVERAGES & TOBACCO FELL.
FOREIGN WHOLESALE
TRADE INDEX
AS COMPARED TO 2Q2004, THE OVERALL
FOREIGN WHOLESALE TRADE FOR 2Q2005 ROSE BY 21.9%. EXCLUDING PETROLUEM, THE
INDEX ROSE BY 11.9%.
AS OIL PRICES CONTINUED TO CLIMB DURING
2Q2005, OVERSEAS SALES OF PETROLEUM & PETROLEUM PRODUCTS, SHIP CHANDLERS &
BUNKERING, CHEMICALS & CHEMICAL PRODUCTS CONTINUED TO RISE BY 29% TO 37%
COMAPRED TO THE CORRESPONDING QUARTER LAST YEAR.
MOST OF THE WHOLESALE SECTORS REGISTERED
BETTER SALES. THOSE SECTORS RECORDING DOUBLE-DIGIT GROWTHS WERE WHOLESALERS OF
INDUSTRIAL & CONSTRUCTION MACHINERY, FOOD, BEVERAGES & TOBACCO,
TELECOMMUNICATIONS & COMPUTERS, ELECTRONIC COMPONENTS AND GENERAL WHOLESALE
TRADE.
ON THE OTHER HAND, THE WHOLESALING OF
HOUSEHOLD EQUIPMENT & FURNITURE RECORDED ITS THIRD CONSECUTIVE DECLINE ON
YEAR-OVER-YEAR BASIS. IT WAS THE ONLY SECTOR THAT REGISTERED LOWER OVERSEAS
SALES IN 2Q2005.
AT CONSTANT PRICES, THE OVERALL INDEX IN
2Q2005 ROSE BY 7.3% OVER THE SAME PERIOD A YEAR AGO. EXCLUDING PETROLUEM, THE
INDEX ROSE BY 11.7%.
ON A QUARTER-ON-QUARTER BASIS, THE
OVERALL INDEX POSTED A RISE OF 11.5% IN 2Q2005. EXCLUDING PETROLEUM, IT ROSE BY
10.8%.
ALL WHOLESALE SECTORS REGISTERED
IMPROVED FOREIGN TRADE IN 2Q2005 OVER 1Q2005 WITH SHIP CHANDLERS &
BUNKERING REGISTERING THE LARGEST RISE OF 23.4%.
RETAIL TRADE
RETAIL SALES EXPANDED BY 11.0% IN
2Q2005, ALMOST TWICE THE 6.1% GROWTH IN 1Q2005. THE RISE IN RETAIL SALES WAS MAINLY DUE TO MOTOR VEHICLE SALES,
WHICH ROSE 15% IN 2Q2005, MORE THAN TWICE THE 6.9% GROWTH IN 1Q2005. EXCLUDING
MOTOR VEHICLES, RETAIL SALES GREW BY 6.9% IN REAL TERMS, UP FROM THE 5.2%
GROWTH IN THE FIRST QUARTER.
RETAIL SEGMENTS THAT EXPERIENCED
IMPROVED SALES INCLUDED RECREATIONAL GOODS (15%), DEPARTMENT STORES (11%),
PROVISION AND SUNDRY SHOPS (9.1%), WEARING APPAREL AND FOOTWEAR (8.8%),
FURNITURE AND HOUSEHOLD EQUIPMENT (7.4%), FOOD AND BEVERAGES (6.5%), WATCHES
AND JEWELLERY (5.7%), MEDICAL GOODS AND TOILETRIES (1.6%), OPTICAL GOODS AND
BOOKS (1.5%), PETROL SERVICE STATIONS (1.3%) AND SUPERMARKETS (0.4%). MEANWHILE,
THE TELECOMMUNICATIONS AND COMPUTERS (-0.9%) SEGMENT EXPERIENCED FALLING SALES.
AHEAD
AN OVERALL NET BALANCE OF 26% OF FIRMS
IN THE SERVICES SECTOR IS OPTIMISTIC ABOUT THE BUSINESS OUTLOOK FOR THE NEXT 3
MOTNHS ENDING DECEMBER 2005. THE MAGNITUDE IS SLIGHTLY LOWER COMPARED TO THAT
REGISTERED IN THE SAME PERIOD OF 2004 (31%), BUT HIGHER THAN THAT OF 2 YEARS
AGO (19%).IN ADDITION TO THE BULLISH SENTIMENTS RECORDED IN THE REAL ESTATE
INDUSTRY, THE OPTIMISM FOR THE FINAL QUARTER OF THE YEAR IS PARTLY DUE TO
SEASONAL FACTORS WHEN FIRMS IN THE RETAIL, HOTEL AND CATERING INDUSTRIES EXPECT
BETTER BUSINESS CONDITIONS DURING YEAR-END FESTIVE SEASONS.
AN OVERALL NET BALANCE OF 22% OF
WHOLESALERS PREDICTS POSITIVE BUSINESS CONDITIONS FOR THE COMING MONTHS. THOSE
DEALING IN ELECTRICAL ACCESSORIES & EQUIPMENT, TELECOMMUNICATIONS EQUIPMENT
AND COSMETICS & TOILETRIES ARE AMONG THOSE WHO ARE OPTIMISTIC ABOUT THE
BUSINESS OUTLOOK AHEAD.
RETAILERS ALSO EXPRESS UPBEAT BUSINESS
SENTIMENTS FOR THE COMING MONTHS. IN ANTICIPATION OF THE YEAR-END FESTIVE
SHOPPING, RETAILERS OF WEARING APPAREL AND FURNITURE & FURNISHINGS,
ESPECIALLY DEPARTMENT STORE OWNERS, FORESEE BETTER BUSINESS OUTLOOK DURING THE
PERIOD.
HOTELIERS EXPRESS POSITIVE SENTIMENTS IN
THE COMING MONTHS, WITH A POSITIVE NET BALANCE OF 57%. SIMILARLY, IN CATERING
TRADE, FAST FOOD OUTLETS AND RESTAURANTS FORESEE FAVOURABLE BUSINESS CONDITIONS
IN THE MONTHS AHEAD.
EXTRACTED FROM: MINISTRY OF TRADE AND
INDUSTRY, SINGAPORE
SINGAPORE DEPARTMENT OF STATISTICS
FINANCIAL ELEMENTS
All amounts in this report are in: USD unless otherwise stated
Audit Qualification: UNQUALIFIED
(CLEAN) UNQUALIFIED (CLEAN) UNQUALIFIED (CLEAN)
Date Account Lodged: 01/06/2005
Balance Sheet Date: 31/12/2004 31/12/2003 31/12/2002
Number of weeks: 52 52 52
Consolidation Code: COMPANY COMPANY COMPANY
--- ASSETS
Tangible Fixed Assets: 262,485 461,806
388,898
Investments 79,660 117,670
117,670
Total Fixed Assets: 342,145 579,476
506,568
Inventories: 51,725 58,985
202,538
Receivables: 97,516,971 51,308,771
70,158,518
Cash, Banks, Securities: 214,991 149,083
84,969
Other current assets: 1,427,746 966,775
3,014,469
Total Current Assets: 99,211,433 52,483,614 73,460,494
TOTAL
ASSETS: 99,553,578 53,063,090 73,967,062
---
LIABILITIES
Equity capital: 1,066,050 1,066,050 1,066,050
Profit & loss Account: 4,850,757 3,390,421 2,801,223
Total Equity:
5,916,807
4,456,471
3,867,273
Trade Creditors: 70,660,292 37,935,273 49,391,248
Advanced payments: 1,534,730 992,206 268,282
Due to Bank: - 3,700,000
7,864,620
Provisions: 413,039 228,873
415,827
Prepay. & Def. charges: 284,291 220,948 502,625
Other Short term Liab.: 20,744,419 5,529,319
11,657,187
Total short term Liab.: 93,636,771 48,606,619 70,099,789
TOTAL
LIABILITIES: 93,636,771 48,606,619 70,099,789
--- PROFIT
& LOSS ACCOUNT
Net Sales 783,594,778 530,139,822
492,823,929
Gross Profit: 24,105,818 25,069,306
26,014,210
Result of ordinary operations 2,489,898 1,152,377
2,542,691
NET RESULT BEFORE TAX: 1,832,920 778,411
1,701,264
Tax: 372,584 189,213 317,529
Net income/loss year: 1,460,336 589,198
1,383,735
Interest Paid: 656,958 373,966
841,427
Depreciation: 110,475
129,434 120,872
Directors Emoluments: 392,145 322,016
340,928
Wages and Salaries: 1,355,062 1,580,544 1,504,396
Financial Income: 85 1,873 499,555
RATIOS
31/12/2004
31/12/2003 31/12/2002
Turnover per employee: 21,766,521.61 14,726,106.17
13,689,553.58
Net Margin(%): 0.19
0.11 0.28
Return on Equity(%): 24.68 13.22 35.78
Return on Assets(%): 1.47 1.11 1.87
Net Working capital: 5,574,662.00
3,876,995.00 3,360,705.00
Quick Ratio: 1.04 1.06 1.00
Current ratio: 1.06 1.08 1.05
Receivables Turnover: 44.80
34.84 51.25
Leverage Ratio: 15.83 10.91 18.13
Net Margin : (100*Net income loss
year)/Net sales
Return on Equity : (100*Net income
loss year)/Total equity
Return on Assets : (100*Net income
loss year)/Total fixed assets
Net Working capital : Total current
assets - Total short term liabilities
Quick Ratio : (Cash Bank securities +
Receivables)/Total Short term liabilities
Current ratio : Total current
assets/Total short term liabilities
Inventory Turnover :
(360*Inventories)/Net sales
Receivables Turnover :
(Receivable*360)/Net sales
Leverage Ratio : Total liabilities/(Total equity-Intangible assets)
FINANCIAL COMMENTS
THE FINANCIAL CONDITION OF THE COMPANY WAS SEEN TO BE FAIR TO STABLE IN VIEW OF THE FOLLOWING:
BALANCE SHEET
RELATIONSHIP:
THE BALANCE SHEET WAS CONSIDERED PASSABLE WITH NET WORTH IMPROVED BY 32.77% TO US$5,916,807 IN FY 2004 (2003: US$4,456,471). THIS WAS A RESULT OF HIGHER ACCUMULATED PROFIT OF US$4,850,757, FROM US$3,390,421; AN IMPROVEMENT OF 43.07% FROM THE PRIOR FINANCIAL YEAR.
SIMILARLY, NET WORKING CAPITAL INCREASED FROM US$3,876,995 TO US$5,574,662; AN INCREASE OF 43.79%.
LEVERAGE:
IN THE SHORT-TERM, SUBJECT WAS LARGELY FINANCED BY TRADE CREDITORS AND ACCRUALS WHICH MADE UP 75.46% (2003: 78.05%) OF THE TOTAL CURRENT LIABILITIES AND AMOUNTED TO US$70,660,292 IN FY 2004 (2003: US$37,935,273). THE BREAKDOWN IS AS FOLLOWS:
-HOLDING COMPANY - 2004: US$4,023,386 (2003: US$5,075,880)
-RELATEDCOMPANIES - 2004: US$3,292,855 (2003: US$3,118,847)
-OTHER TRADE ACCOUNT PAYABLE AND ACCRUALS - 2004: US$63,344,051 (2003: US$29,740,546)
TRADE ACCOUNT PAYABLE AND ACCRUALS COMPRISE:
-NOTES AND BILLS PAYABLE - 2004: US$18,127,993 (2003: US$8,376,682)
-TRADE ACCOUNT PAYABLE - 2004: US$51,707,434 (2003: US$29,196,783)
-ACCRUED CHARGES PAYABLE - 2004: US$824,865 (2003: US$361,808)
OTHER SHORT-TERM LIABILITIES OF US$20,744,419 (2003: US$5,529,319) CONSISTED OF THE FOLLOWING:
-DEPOSITS PAYABLE - 2004: US$2,080,755 (2003: US$2,299,287)
-AMOUNT DUE TO RELATED COMPANY (IE SHORT-TERM LOAN) - 2004: US$18,663,664 (2003: US$3,230,032)
IN ALL, LEVERAGE RATIO ROSE TO 15.83 TIMES, UP FROM 10.91 TIMES DUE TO A GREATER RISE IN TOTAL LIABILITIES THAN TOTAL EQUITY.
LIQUIDITY:
SUBJECT'S LIQUIDITY SITUATION WAS PASSABLE AS SEEN FROM THE RISE IN NET WORKING CAPITAL. HOWEVER, LIQUIDITY RATIOS HAD FALLEN. QUICK RATIO DROPPED FROM 1.06 TIMES TO 1.04 TIMES AND CURRENT RATIO DECLINED FROM 1.08 TIMES TO 1.06 TIMES IN FY 2004.
CASH AT BANK ROSE BY 44.21% TO US$214,991 IN FY 2004 (2003: US$149,083).
PROFITABILITY:
REVENUE ROSE BY 47.81% TO US$783,594,778 (2003: US$530,139,822) AND HENCE A SHARP RISE IN NET PROFITS BY 1.48 TIMES TO US$1,460,336 IN FY 2004 (2003: US$589,198). AS A RESULT, NET MARGIN ROSE TO 0.19% IN FY 2004, UP FROM 0.11%.
REVENUE:
-SALES OF GOODS - 2004: US$783,381,902 (2003: US$529,899,432)
-COMMISSION INCOME - 2004: US$212,876 (2003: US$240,390)
DEBT SERVICING:
DEBT SERVICING PROBLEMS MIGHT NOT BE EXPECTED IF REVENUE AND EARNINGS CAN BE MAINTAINED AND PAYMENT BY TRADE DEBTORS ARE FORTHCOMING. IN ADDITION, INTEREST COVERAGE WAS SUFFICIENT AT 3.39 TIMES (2003: 2.92 TIMES).
NOTES TO THE FINANCIAL STATEMENTS:
SHARE CAPITAL:
AUTHORISED:
6,000,000 ORDINARY SHARES OF $1 EACH AT US$ EQUIVALENT
-2004: US$4,264,089 (2003: US$4,264,089)
ISSUED AND FULLY PAID:
1,500,000 ORDINARY SHARES OF$1 EACH AT US$ EQUIVALENT
-2004: US$1,066,050 (2003: US$1,066,050)
CONTINGENT LIABILITIES:
-BANKER GUARANTEE- 2004: US$8,000,000 (2003: US$2,000,000)
BACKGROUND/OPERATION
THE COMPANY WAS INCORPORATED IN THE REPUBLIC OF SINGAPORE ON 26/02/1996 AS A LIMITED PRIVATE
COMPANY AND IS TRADING UNDER ITS PRESENT
NAMESTYLE AS "MARUBENI CHEMICAL ASIA PACIFIC PTE LTD".
AS AT 12/12/2005, THE COMPANY HAS AN AUTHORISED CAPITAL OF
6,000,000 SHARES, OF WHICH
1,500,000 SHARES OF A PAR VALUE OF S$1.00 EACH WERE ISSUED AND PAID-UP.
PRINCIPAL
ACTIVITIES:
SUBJECT IS REGISTERED WITH THE ACCOUNTING & CORPORATE REGULATORY AUTHORITY (ACRA) TO BE PRINCIPALLY ENGAGED IN THE BUSINESS OF:
1) MANUFACTURE OF POLYMERS
DURING THE FINANCIAL YEAR(S), UNDER REVIEW, SUBJECT'S
PRINCIPAL ACTIVITY IS TO ENGAGE
IN THE TRADING OF VARIOUS CHEMICAL PRODUCTS, PLASTIC, RESIN AND RELATED MATERIALS.
FROM THE RESEARCH DONE, SUBJECT IS IN THE TRADING OF PLASTIC
RESINS, SPECIALTY CHEMICALS,
ORGANIC AND SYNTHETIC FIBER INTERMEDIATES.
PRODUCTS INCLUDE VARIOUS CHEMICALS SUCH AS ORGANIC CHEMICALS/INORGANIC
CHEMICALS, SYNTHETIC FIBER INTERMEDIATES AND SPECIALTY CHEMICALS, INCLUDING EXPORT-IMPORT BUSINESS,
OFF-SHORE TRADE.
PRODUCTS:
PLASTICS:
*POLYOLEFINS
-LDPE (LOW
DENSITY POLYETHYLENE)
-EVA (ETHYLENE
VINYL ACETATE COPOLYMER)
-LLDPE (LINEAR
LOW DENSITY POLYETHYLENE)
-HDPE (HIGH
DENSITY POLYETHYLENE)
-PP
(POLYPROPYLENE) HOMOPOLYMER, RANDOM COPOLYMER, BLOCK COPOLYMER, TERPOLYMER
-ALPHA-OLEFIN
COPOLYMER
*STYRENE RESINS
-PS
(POLYSTYRENE) GENERAL PURPOASE, HIGH IMPACT
-EPS
(EXPANDABLE POLYSTYRENE)
-ABS (ACRYLONITRILE BUTADIENE STRYRENE
COPOLYMER)
-AS
(ACRYLONITRILE STYRENE, SAN)
-AES
(ACRYLONITRILE ETHYLENE STYRENE)
-ASA
(ACRYLONITRILE STYRENE ACRYLATE)
*ENGINEERING
PLASTICSPC (POLYCARBONATE)
-POM
(POLYACETAL)
-PA (POLYAMIDE,
NYLON)
-PBT
(POLYBUTYLENETEREPHTHALATE)
-PPE
(POLYPHENYLENE ETHER, PPO = POLYPHENYLENE OXIDE)
-PMMA
(POLYMETHYLMETHACRYLATE)
-LCD (LIQUID
CRYSTAL POLYMER)
-PTFE
(POLYTETRAFLUOROETHYLENE)
*PLASTIC
PRODUCTS
-ONF (BIAXIALLY ORIENTED NYLON FILM)
-BOPP FILM
(BIAXIALLY ORIENTED POLYPROPYLENE FILM)
-PA (POLYAMIDE,
NYLON)
-CPP FILM (CAST
POLYPROPYLENE FILM)
-PE BAGS
(POLYETHYLENE BAGS)
CHEMICALS:
*BASIC CHEMICALS
-OLEFINS (ETHYLENE,
PROPYLENE, BUTADIENE, BUTENE-1, HEXENE-1,
ISOBUTANE, NORMAL HEXENE, ETC.)
-AROMATICS
(BENZENE, STYRENE MONOMER, ETC.)
-SYNTHETIC
FIBER RAW MATERIALS (PARAXYLENE, MONOETHYLENE GLYCOL, CAPROLACTAM, ETC.)
-VCM (VYNYL
CHLORIDE MONOMER)
*PRODUCTS
CHEMICALS
-PVA (POLYVINYL
ALCOHOL)
-ACRYLATES
(ACRYLIC ACID, BUTYL ACRYLATE, ETHYL ACRYLATE, METHYL ACRYLATE, ETC.)
-ETHYLENE AMINS
(EDA, DETA, TETA, ETC.)
-POLYURETHANE
RAW MATERIAL (ADIPIC ACID, PPG, SILICONE SURFACTANT, AMINE CATALIST, TIN
CATALIST)
-POLYURETHANE
SYSTEMS
*SPECIALTY
CHEMICALS
-OLEOCHEMICALS
(FATTY ACID, GLYCERINE, ETC.)
-PLASTIC
RELATED MATERIALS (INITIATOR, CATALYST, ADDITIVES, ETC.)
-ELECTRONIC
MATERIALS (OPTICAL DISK RELATED MATERIALS, LCP RELATED MATERIALS, ETC.)
MARKETS:
*POLYOLRFINS
*OLEFINS
*CRUDE OIL &
NAPHTHA
TERMS
OF PAYMENT:
*TRADE AND OTHER
ACCOUNTS RECEIVABLES: 30-120 DAYS TERM
*TRADE AND OTHER
ACCOUNTS PAYABLES : 14-90 DAYS TERM
THE COMPANY IS A SUBSIDIARY OF MARUBENI CORPORATION,
INCORPORATED IN JAPAN, WHICH IS
ALSO THE COMPANY'S ULTIMATE HOLDING COMPANY.
NUMBER
OF EMPLOYEES (31 DECEMBER):
*2004: 36 (2003:
38; 2002: 41; 2001: 43)
STATUS/RANKING
OF SUBJECT IN SINGAPORE
SINGAPORE 1000
COMPANIES RANKING OF SUBJECT FOR YEAR:
*2004/2005: 150
*2003/2004: 147
*2002/2003: -
SUBJECT
IS A MEMBER OF THE FOLLOWING ENTITIES:
*SINGAPORE
INTERNATIONAL CHAMBERS OF COMMERCE
*SINGAPORE
PLASTIC INDUSTRY ASSOCIATION
REGISTERED
ADDRESS:
10 COLLYER QUAY
#19-08
OCEAN BUILDING
SINGAPORE 049315
DATE OF CHANGE
OF ADDRESS: -
BUSINESS
ADDRESS:
16 RAFFLES QUAY
#13-01
HONG LEONG
BUILDING
SINGAPORE 048581
WEBSITE:
www.marubeni.com
(HOLDING COMPANY'S)
www.mcap.com.sg
EMAIL:
segawa-i@sgr.marubeni.com.jp
MCAP-eSales@marubeni.com
MANAGEMENT
THE DIRECTORS AT THE TIME OF THIS REPORT ARE:
1) TAMOTSU SEI, A JAPANESE
- BASED IN SINGAPORE.
2) YASUTO TAMAI, A JAPANESE
- BASED IN SINGAPORE.
3) MASAHARU NASHIMOTO, A JAPANESE
- BASED IN SINGAPORE.
4) TADASHI HIROE, A JAPANESE
- BASED IN JAPAN.
5) HIDEAKI OSAWA, A JAPANESE
- BASED IN JAPAN.
6) KOJI AOKI, A JAPANESE
- BASED IN JAPAN.
RATING EXPLANATIONS
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely
sound financial base with the strongest capability for timely payment of
interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate
working capital. No caution needed for credit transaction. It has above
average (strong) capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial &
operational base are regarded healthy. General unfavourable factors will not
cause fatal effect. Satisfactory capability for payment of interest and
principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are
apparent. Repayment of interest and principal sums in default or expected to
be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk
exists. Caution needed to be exercised |
Credit not recommended |