MIRA INFORM REPORT

 

 

Report Date :

29.04.2011

 

IDENTIFICATION DETAILS

 

Name :

INABATA SINGAPORE (PTE.) LTD.

 

 

Registered Office :

78 Shenton Way #18-00 Singapore 079120

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

01.11.1976

 

 

Com. Reg. No.:

197602186H

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Wholesale of Chemicals and Chemical Products

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

S$ 1,000,000

Status :

Satisfactory

Payment Behaviour :

No complaints

Litigation :

Exists

 

 

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 – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

Singapore

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Executive Summary

 

Company Name

:

INABATA SINGAPORE (PTE.) LTD.

Registration No

:

197602186H

Date of Registration

:

01/11/1976

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

78 SHENTON WAY #18-00 SINGAPORE 079120

Date of Change of Address

:

15/03/1999

Contact No.

:

6220 0796

Fax No.

:

6222 7972

Website

:

www.inabata.co.jp

Registered Activities

:

WHOLESALE OF CHEMICALS AND CHEMICAL PRODUCTS NEC

Issued Ordinary Capital*

:

$26,136,693.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 16,200,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$26,136,693.00 SINGAPORE, DOLLARS

Paid-Up Preference Capital

:

NA

* Number of Shares includes number of Issued Treasury Shares

Issued Treasury Capital

:

NA

Paid-Up Treasury Capital

:

NA

No. of Local Subsidiaries

:

NA

No. of Local Associates

:

1

Auditor

:

KPMG LLP

Bankers / Financiers

:

NA

Turnover

:

SGD - SIN 374,231,105.00 (FY2009)

Net Worth

:

SGD - SIN 56,070,640.00 (FY2009)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

3

 

S1000 / SME 500 / FG50 Ranking

:

413 POSITION IN SINGAPORE 1000 (2008/2009)

374 POSITION IN SINGAPORE 1000 (2007/2008)

367 POSITION IN SINGAPORE 1000 (2006/2007)

485 POSITION IN SINGAPORE 1000 (2004/2005)

539 POSITION IN SINGAPORE 1000 (2003/2004)

517 POSITION IN SINGAPORE 1000 (2002/2003)

447 POSITION IN SINGAPORE 1000 (2001/2002)

307 POSITION IN SINGAPORE 1000 (2000/2001)

398 POSITION IN SINGAPORE 1000 (1999/2000)

364 POSITION IN SINGAPORE 1000 (1998/1999)

310 POSITION IN SINGAPORE 1000 (1997/1998)

Compounded Annual Growth Rate (CAGR)

:

NA

 

 

Credit Recommendation

 

Recommended Credit Line

:

S$1,000,000

 

 

SHAREHOLDER DETAILS

 

NAME

:

INABATA & CO LTD

SHAREHOLDER ID

:

T05UF0116L

NATIONALITY

:

JAPAN

ADDRESS

:

8-2 NIHONBASHIHONCHO 2-CHOME CHUO-KU, TOKYO, 103-8448, JAPAN

NO. OF ORD SHARES

:

16,200,000

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

ICHIRO OZAKI

ADDRESS

:

9 JALAN RUMBIA #08-14 IMPERIAL, THE SINGAPORE 239620

POSITION

:

DIRECTOR

MANAGING DIRECTOR

DATE OF APPT

:

14/05/2007

05/10/2009

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

F1933287W

 

NAME

:

NORIOMI YASUE

ADDRESS

:

80 MOHAMED SULTAN ROAD #08-11 SINGAPORE 239013

POSITION

:

DIRECTOR

MANAGING DIRECTOR

DATE OF APPT

:

01/02/2008

13/12/2010

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

G6050577U

 

NAME

:

CHANG SOW KUEN

ADDRESS

:

130 GEYLANG EAST AVENUE 1 #02-299 SINGAPORE 380130

POSITION

:

SECRETARY

DATE OF APPT

:

09/07/2009

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1365694J

 

NAME

:

YASUSHI AKINAGA

ADDRESS

:

2-2-12-906, OKUBO, SHINJUKU-KU, TOKYO JAPAN

POSITION

:

DIRECTOR

DATE OF APPT

:

16/06/2010

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TH4100460

 

 

KEY PERSONNEL PROFILE

 

Name:

ICHIRO OZAKI

NRIC Number:

F1933287W

Available Address:

9 JALAN RUMBIA #08-14 IMPERIAL, THE  SINGAPORE 239620

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

INABATA SINGAPORE (PTE.) LTD.

DIRECTOR

14/05/2007

-

-

2

SANYO-IK COLOR (PTE) LTD

DIRECTOR

10/10/2007

-

-

3

ULVAC SINGAPORE PTE LTD

DIRECTOR

08/10/2009

-

-

 

Previous Business

 

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

No Trace

 

 

 

 

 

Bankruptcy Record

 

Case No.

Year

Date of Filing

Petitioner Name

Amount

No Trace

 

 

 

 

 

 

Litigation Search – Writ of Summons

 

Court

Case No.

Year

Date of Filing

Amount

Cause Category

No Trace

 

 

 

 

 

 

 

SUBSIDIARIES AND ASSOCIATE COMPANIES

 

Company

Shareholdings (%)

 

SANYO-IK COLOR (PTE) LTD

50

 

 

BANKERS/ FINANCIERS

 

Subject enjoys a normal banking routine with its bankers. To date, there are no bank charges registered against Subject by its bankers.

             

 

LITIGATION

 

The following litigation suits were traced against Subject. Case status is as per available. For the latest status of the suit, please obtain the full details of the suit through Litigation Detail Search (DLIT) offered.

 

To date, there have been 3 litigation suits filed against Subject.

 

 

Current Year

On/After 01 Jan 2011

Past Years

Bef 01 Jan 2011

 

Court (Claim under normal circumstances)

Magistrate (< $80,000)

0

2

District ($80,000 - $250,000)

0

1

High (>$250,000)

0

0

 

Winding Up Trace

 

No

In litigation/Dissolved/Struck Off/In receivership

No

 

 

The details are as follows:

 

1)

Court

:

Magistrate Court

 

Case No.

:

7299

 

Date of Filing

:

01/04/1998

 

Amount

:

0.00

 

Cause

:

Negligence - Motor Accidents (Not Injuries / Death)

 

Case Status

:

CONCLUDED

 

Plaintiff

:

NG HOCK BIN

 

Last Update Date

:

03/05/2010

 

2)

Court

:

District Court

 

Case No.

:

563

 

Date of Filing

:

29/01/1999

 

Amount

:

0.00

 

Cause

:

Negligence - Motor Accidents (Injuries)

 

Case Status

:

CONCLUDED

 

Plaintiff

:

CHUA CHER YONG

 

Last Update Date

:

03/05/2010

 

3)

Court

:

Magistrate Court

 

Case No.

:

2163

 

Date of Filing

:

27/01/1999

 

Amount

:

0.00

 

Cause

:

Negligence - Motor Accidents (Injuries)

 

Case Status

:

CONCLUDED

 

Plaintiff

:

CHUA CHER YONG

 

Last Update Date

:

03/05/2010

 

 

COMPLIANCE

 

Date of Last AGM

:

15/06/2010

Date of Last AR

:

16/07/2010

Date of A/C Laid At Last AGM

:

31/12/2009
 

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Group

 

DEC 2008

DEC 2007

DEC 2006

DEC 2005

Currency

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

Turnover

514,073,221

534,577,034

501,638,499

377,436,590

Profit/(Loss) Before Tax

4,512,298

7,887,237

6,606,427

4,654,465

Profit After Tax attributable to Shareholders

2,620,181

5,649,840

4,946,107

3,144,639

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

Total Assets

181,561,443

208,591,790

188,571,500

143,035,218

Current Assets

138,869,572

160,392,344

150,544,148

118,683,020

Non Current Assets

42,691,871

48,199,446

38,027,352

24,352,198

 

 

 

 

 

Total Liabilities

124,285,733

137,633,707

132,169,726

103,189,800

Current Liabilities

124,185,554

137,569,094

132,115,861

103,144,805

Non Current Liabilities

100,179

64,613

53,865

44,995

 

 

 

 

 

Shareholders' Funds

57,275,708

70,958,083

56,401,775

39,845,419

Share Capital

22,857,795

24,342,395

25,665,255

14,205,033

Total Reserves

34,417,913

46,615,688

30,736,520

25,640,386

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Group

 

DEC 2008

DEC 2007

DEC 2006

DEC 2005

Growth %

 

 

 

 

Year-on-Year Growth

NA

NA

NA

NA

 

 

 

 

 

Profitability

 

 

 

 

Profit Margin (%)

0.51

1.06

0.99

0.83

Return on Equity (%)

4.57

7.96

8.77

7.89

Return on Assets (%)

1.44

2.71

2.62

2.20

 

 

 

 

 

Leverage

 

 

 

 

Total Debt/Equity (Times)

2.17

1.94

2.34

2.59

Current Debt/Equity (Times)

2.17

1.94

2.34

2.59

Long Term Debt To Equity (Times)

0.00

0.00

0.00

0.00

Total Asset To Total Equity (Times)

3.17

2.94

3.34

3.59

 

 

 

 

 

Asset Management

 

 

 

 

Total Assets Turnover (Times)

2.83

2.56

2.66

2.64

Fixed Assets Turnover (Times)

12.04

11.09

13.19

15.50

 

 

 

 

 

Liquidity

 

 

 

 

Current Ratio (Times)

1.12

1.17

1.14

1.15

 

 

 

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

DEC 2009

% Change

DEC 2008

DEC 2007

DEC 2006

DEC 2005

Currency

SGD - SIN

 

SGD - SIN

 

 

SINGAPORE, DOLLARS

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

374,231,105

-11.52

422,970,798

0

0

0

Profit/(Loss) Before Tax

5,459,659

-11.70

6,182,892

0

0

0

Profit After Tax attributable to Shareholders

4,318,835

-17.67

5,246,005

0

0

0

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

167,375,217

14.36

146,357,616

0

0

126,988,000

Current Assets

128,457,686

18.30

108,582,993

0

0

113,290,000

Non Current Assets

38,917,531

3.03

37,774,623

0

0

13,698,000

 

 

 

 

 

 

 

Total Liabilities

111,304,578

16.85

95,252,100

0

0

92,160,000

Current Liabilities

110,943,705

16.47

95,252,100

0

0

92,160,000

Non Current Liabilities

360,873

NA

0

0

0

0

 

 

 

 

 

 

 

Shareholders' Funds

56,070,640

9.72

51,105,515

0

0

0

Share Capital

23,573,155

3.13

22,857,795

0

0

14,000,000

Total Reserves

32,497,485

15.04

28,247,720

0

0

20,828,000

 

 

 

FINANCIAL RATIOS

 

 

Company

 

DEC 2009

DEC 2008

DEC 2007

DEC 2006

DEC 2005

Growth %

 

 

 

 

 

Year-on-Year Growth

-11.52

NA

NA

NA

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

1.15

1.24

0.00

0.00

0.00

Return on Equity (%)

7.70

10.27

0.00

0.00

0.00

Return on Assets (%)

2.58

3.58

0.00

0.00

0.00

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

1.99

1.86

0.00

0.00

0.00

Current Debt/Equity (Times)

1.98

1.86

0.00

0.00

0.00

Long Term Debt To Equity (Times)

0.01

0.00

0.00

0.00

0.00

Total Asset To Total Equity (Times)

2.99

2.86

0.00

0.00

0.00

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

2.24

2.89

0.00

0.00

0.00

Fixed Assets Turnover (Times)

9.62

11.20

0.00

0.00

0.00

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.16

1.14

0.00

0.00

1.23

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Profitability

The company yielded a rate of net profit on sales of 1.15 per cent in FY09 (FY08: 1.24 per cent). The company is now able to book in SGD - SIN 0.01 of profit for every SGD - SIN of sales in FY09, as compared with SGD - SIN 0.01 a year ago.

 

 

Liquidity

 

Current ratio stood at 1.16 times in FY09 (FY08: 1.14 times). This means that the company has SGD - SIN 1.16 of current assets for every SGD - SIN of current liability incurred.

 

A minimum figure of 1.0 would be considered the lowest limit that this figure should reach. Any business that has a current ratio near 1.0 may be heading for liquidity problems, and would need to be closely monitored. A figure greater than 2.0 would be more desirable, to act as a buffer against any short-term liquidity problems, and give creditors/bank managers a degree of comfort when granting credit/finance.

 

 

 

 

Leverage

Total debt-to-equity ratio notched 1.99 times in FY09, as compared with 1.86 times in FY08. This means that the company requires additional external financing of SGD - SIN 1.99 for every SGD - SIN injected into its operations.

 

Generally, a total debt-to-equity ratio of less than 0.5 times is preferred. The ratio measures the proportion of the company's reliance on external debt for financing, relative to the shareholder's fund. A lower ratio would imply a greater financial safety and operating freedom for the company.

 

 

Efficiency Ratio

 

 

Return on equity was 7.70 per cent for Subject in the current financial period, as compared to 10.27 per cent a year ago. The return on equity measures the return earned on the owner's investment.  Generally, the higher this return, the better off the owner.

 

Return on assets stood at 2.58 per cent (FY08: 3.58 per cent). The return on asset measures the overall effectiveness of management in generating profit with its available assets.

 

Total assets turnover ratio logged at 2.24 times in FY09 (FY08: 2.89 times). This ratio measures the company's ability to make productive use of its total assets to generate sales which reflects the efficiency of the management in utilising its resources.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.33

UK Pound

1

Rs.74.14

Euro

1

Rs.65.78

 

 

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

Capability to overcome financial difficulties seems comparatively below average.

 

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

----

NB

New Company

----

 

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 and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

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.