MIRA INFORM REPORT

 

 

Report Date :

28.02.2011

 

IDENTIFICATION DETAILS

 

Name :

MARUBENI-ITOCHU STEEL PTE LTD

 

 

Formerly Known As :

ITOCHU METAL MANAGEMENT PTE LTD

 

 

Registered Office :

2 Shenton Way #07-02 Sgx Centre Singapore 068804

 

 

Country :

Singapore 

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

02.02.2000

 

 

Com. Reg. No.:

200000868W

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Wholesale of Metals and Metal Ores Except General Hardware

 

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 – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

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

:

MARUBENI-ITOCHU STEEL PTE LTD

Registration No

:

200000868W

Date of Registration

:

02/02/2000

Former Name

:

ITOCHU METAL MANAGEMENT PTE LTD Eff. date : 02/02/2000 Eff. date : 02/02/2000

Date of Change of Name

:

18/09/2001

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

2 SHENTON WAY #07-02 SGX CENTRE SINGAPORE 068804

Date of Change of Address

:

12/11/2001

Contact No.

:

6415 9800

Fax No.

:

6415 9831

Website

:

NA

Registered Activities

:

WHOLESALE OF METALS AND METAL ORES EXCEPT GENERAL HARDWARE (EG STEEL PIPES)

TRADING IN ALL KINDS OF METAL PRODUCTS

Issued Ordinary Capital*

:

$20,000,000.00 U.S. DOLLAR ,NO. OF SHARE : 20,000,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$20,000,000.00 U.S. DOLLAR

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

:

NA

Auditor

:

DELOITTE & TOUCHE LLP

Bankers / Financiers

:

NA

Turnover

:

SGD - SIN 1,032,223,331.00 (FY2009)

Net Worth

:

SGD - SIN 135,264,799.00 (FY2009)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

1

S1000 / SME 500 / FG50 Ranking

:

148 POSITION IN SINGAPORE 1000 (2008/2009)

187 POSITION IN SINGAPORE 1000 (2007/2008)

189 POSITION IN SINGAPORE 1000 (2006/2007)

137 POSITION IN SINGAPORE 1000 (2004/2005)

148 POSITION IN SINGAPORE 1000 (2002/2003)

197 POSITION IN SINGAPORE 1000 (2001/2002)

Compounded Annual Growth Rate (CAGR)

:

NA

 

 

Credit Rating & Recommendation

 

Recommended Credit Line

:

S$1,000,000

 

 

SHAREHOLDER DETAILS

 

NAME

:

MARUBENI-ITOCHU STEEL INC.

SHAREHOLDER ID

:

T05UF0532A

NATIONALITY

:

JAPAN

ADDRESS

:

NIHONBASHI 1-CHOME BUILDING 4-1 NIHONBASHI 1-CHOME, CHUO-KU, TOKYO, 103-8247, JAPAN

NO. OF ORD SHARES

:

20,000,000

% OF SHAREHOLDING

:

100%

CURRENCY

:

U.S. DOLLAR

 

 

OFFICER DETAILS

 

NAME

:

SHIGERU SAITO

ADDRESS

:

93 ROBERTSON QUAY #31-03 RIVERGATE SINGAPORE 238255

POSITION

:

DIRECTOR

DATE OF APPT

:

13/04/2009

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

G6267698T

 

NAME

:

KIYOSHI TOMIKAWA

ADDRESS

:

177B RIVER VALLEY ROAD #24-05 LIANG COURT SINGAPORE 179032

POSITION

:

DIRECTOR

MANAGING DIRECTOR

DATE OF APPT

:

14/04/2009

14/04/2009

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

G6268242L

 

NAME

:

CHANG SOW KUEN

ADDRESS

:

130 GEYLANG EAST AVENUE 1 #02-299 SINGAPORE 380130

POSITION

:

SECRETARY

DATE OF APPT

:

01/11/2004

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1365694J

 

 

KEY PERSONNEL PROFILE

 

Name:

KIYOSHI TOMIKAWA

NRIC Number:

G6268242L

Available Address:

177B RIVER VALLEY ROAD #24-05 LIANG COURT  SINGAPORE 179032

 

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

ASIA-BENI STEEL INDUSTRIES (PTE) LTD

DIRECTOR

01/04/2009

-

-

2

KOBE WELDING (SINGAPORE) PTE LTD

DIRECTOR

01/04/2009

-

-

3

MARUBENI-ITOCHU STEEL PTE LTD

DIRECTOR

14/04/2009

-

-

4

MARUBENI-ITOCHU STEEL PTE LTD

MANAGING DIRECTOR

14/04/2009

-

-

 

 

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 (%)

NA

 

 

 

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 in database. 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 1 litigation suits filed against Subject.

 

 

Current Year

On/After 01 Jan 2010

Past Years

W.e.f 01 Jan 2010

 

Court (Claim under normal circumstances)

Magistrate (< $80,000)

0

0

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

0

0

High (>$250,000)

0

1

 

Winding Up Trace

 

No

In litigation/Dissolved/Struck Off/In receivership

No

 

The details are as follows:

 

1)

Court

:

Supreme Court

 

Case No.

:

425

 

Date of Filing

:

09/07/2007

 

Amount

:

259,330.72

 

Cause

:

Contract - Sale of Goods & Services

 

Case Status

:

CONCLUDED

 

Plaintiff

:

ANGKASA HONG LEONG PTE LTD

 

Last Update Date

:

11/12/2007

 

 

COMPLIANCE

 

Date of Last AGM

:

16/06/2010

Date of Last AR

:

16/06/2010

Date of A/C Laid At Last AGM

:

31/12/2009

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Group

 

DEC 2009

% Change

DEC 2008

DEC 2007

DEC 2006

DEC 2005

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

1,032,223,331

-49.02

2,024,616,493

1,391,600,651

1,129,513,614

1,272,760,282

Profit/(Loss) Before Tax

10,719,965

-65.27

30,863,667

23,670,726

23,412,416

44,939,831

Profit After Tax attributable to Shareholders

6,553,919

-72.51

23,839,834

17,954,771

17,197,305

38,783,872

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

367,610,250

-16.10

438,174,055

271,542,425

277,967,386

214,655,311

Current Assets

288,269,123

-19.89

359,853,653

240,194,830

244,299,958

181,009,181

Non Current Assets

79,341,127

1.30

78,320,402

31,347,595

33,667,428

33,646,130

 

 

 

 

 

 

 

Total Liabilities

232,345,452

-26.54

316,291,211

175,618,362

155,929,098

103,444,770

Current Liabilities

225,114,896

-26.25

305,255,976

175,050,373

155,433,220

103,024,818

Non Current Liabilities

7,230,556

-34.48

11,035,235

567,989

495,878

419,952

 

 

 

 

 

 

 

Shareholders' Funds

135,264,799

10.98

121,882,843

95,924,064

122,038,288

111,210,542

Share Capital

29,102,660

3.13

28,219,500

30,052,340

31,685,500

33,329,500

Total Reserves

106,162,139

13.34

93,663,343

65,871,724

90,352,788

77,881,042

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Group

 

DEC 2009

DEC 2008

DEC 2007

DEC 2006

DEC 2005

Growth %

 

 

 

 

 

Year-on-Year Growth

-49.02

45.49

23.20

-11.25

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

0.63

1.18

1.29

1.52

3.05

Return on Equity (%)

4.85

19.56

18.72

14.09

34.87

Return on Assets (%)

1.78

5.44

6.61

6.19

18.07

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

1.72

2.60

1.83

1.28

0.93

Current Debt/Equity (Times)

1.66

2.50

1.82

1.27

0.93

Long Term Debt To Equity (Times)

0.05

0.09

0.01

0.00

0.00

Total Asset To Total Equity (Times)

2.72

3.60

2.83

2.28

1.93

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

2.81

4.62

5.12

4.06

5.93

Fixed Assets Turnover (Times)

13.01

25.85

44.39

33.55

37.83

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.28

1.18

1.37

1.57

1.76

 

 

 

 

 

 

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

DEC 2009

% Change

DEC 2008

DEC 2007

DEC 2006

DEC 2005

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

910,358,852

-52.65

1,922,532,452

1,326,187,225

1,058,769,398

1,201,705,121

Profit/(Loss) Before Tax

12,001,937

-54.14

26,169,353

20,159,110

20,232,776

42,033,499

Profit After Tax attributable to Shareholders

9,212,447

-53.83

19,954,008

14,907,463

14,405,813

36,182,505

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

255,947,710

-14.43

299,095,659

229,777,186

238,512,601

173,800,009

Current Assets

218,095,334

-17.32

263,787,420

202,246,237

209,174,996

145,404,942

Non Current Assets

37,852,376

7.21

35,308,239

27,530,949

29,337,605

28,395,067

 

 

 

 

 

 

 

Total Liabilities

149,415,966

-27.81

206,968,867

151,065,600

130,582,283

73,698,191

Current Liabilities

148,897,939

-27.90

206,528,643

150,656,888

130,236,911

73,419,890

Non Current Liabilities

518,027

17.67

440,224

408,712

345,372

278,301

 

 

 

 

 

 

 

Shareholders' Funds

106,531,742

15.64

92,126,791

78,711,586

107,930,318

100,101,819

Share Capital

29,102,660

3.13

28,219,500

30,052,340

31,685,500

33,329,500

Total Reserves

77,429,082

21.16

63,907,291

48,659,246

76,244,818

66,772,319

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

DEC 2009

DEC 2008

DEC 2007

DEC 2006

DEC 2005

Growth %

 

 

 

 

 

Year-on-Year Growth

-52.65

44.97

25.26

-11.89

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

1.01

1.04

1.12

1.36

3.01

Return on Equity (%)

8.65

21.66

18.94

13.35

36.15

Return on Assets (%)

3.60

6.67

6.49

6.04

20.82

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

1.40

2.25

1.92

1.21

0.74

Current Debt/Equity (Times)

1.40

2.24

1.91

1.21

0.73

Long Term Debt To Equity (Times)

0.00

0.00

0.01

0.00

0.00

Total Asset To Total Equity (Times)

2.40

3.25

2.92

2.21

1.74

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

3.56

6.43

5.77

4.44

6.91

Fixed Assets Turnover (Times)

24.05

54.45

48.17

36.09

42.32

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.46

1.28

1.34

1.61

1.98

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Profitability

The group yielded a rate of net profit on sales of 0.63 per cent in FY09 (FY08: 1.18 per cent). The group 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 1.28 times in FY09 (FY08: 1.18 times). This means that the group has SGD - SIN 1.28 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 1.72 times in FY09, as compared with 2.60 times in FY08. This means that the group requires additional external financing of SGD - SIN 1.72 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 4.85 per cent for Subject in the current financial period, as compared to 19.56 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 1.78 per cent (FY08: 5.44 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 2.81 times in FY09 (FY08: 4.62 times). This ratio measures the group'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.45.37

UK Pound

1

Rs.73.25

Euro

1

Rs.62.68

 

 

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

 

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.