MIRA INFORM REPORT

 

 

Report Date :           

20.06.2011

 

IDENTIFICATION DETAILS

 

Name :

SUMITOMO CHEMICAL ASIA PTE LTD

 

 

Formerly Known As :

LIFE TECH (ASIA) PTE LTD

 

 

Registered Office :

150 Beach Road #18-05/08 Gateway West Singapore 189720

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2009 (Group)

31.12.2009 (Company)

 

 

Date of Incorporation :

18.07.1990

 

 

Com. Reg. No.:

199003514C

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Wholesale of Chemicals and Chemical Products

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

S$1,000,000

Status :

Moderate

Payment Behaviour :

Unknown

Litigation :

Clear

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

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

:

SUMITOMO CHEMICAL ASIA PTE LTD

Registration No

:

199003514C

Date of Registration

:

18/07/1990

Former Name

:

LIFE TECH (ASIA) PTE LTD Eff. date : 18/07/1990 Eff. date : 18/07/1990

Date of Change of Name

:

01/04/1992

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

150 BEACH ROAD #18-05/08 GATEWAY WEST SINGAPORE 189720

Date of Change of Address

:

01/10/2009

Contact No.

:

6291 9636

Fax No.

:

6296 3779

Website

:

www.sumitomo-chem.co.jp

Registered Activities

:

1. WHOLESALE OF CHEMICALS AND CHEMICAL PRODUCTS NEC

2. ACTIVITIES OF HEAD AND REGIONAL HEAD OFFICES

PROVIDE LIAISON SERVICES TO ITS PARENT COMPANY

Issued Ordinary Capital*

:

$4,500,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 4,500,000

$98,000,000.00 U.S. DOLLAR ,NO. OF SHARE : 98,000,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$98,000,000.00 U.S. DOLLAR

$4,500,000.00 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

:

NA

Auditor

:

KPMG LLP

Bankers / Financiers

:

NA

Turnover

:

SGD - SIN 626,865,822.00 (FY2009)

Net Worth

:

SGD - SIN 59,889,500.00 (FY2009)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

NA

S1000 / SME 500 / FG50 Ranking

:

398 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2009/2010)

756 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2001/2002)

761 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2001/2002)

539 POSITION IN Singapore 1000 Companies Ranked by Return on Equities (2000/2001)

700 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2000/2001)

Compounded Annual Growth Rate (CAGR)

:

NA

 

 

Credit Recommendation

 

Recommended Credit Line

:

S$1,000,000

 

 

SHAREHOLDER DETAILS

 

NAME

:

SUMITOMO CHEMICAL COMPANY, LIMITED

SHAREHOLDER ID

:

S80UF0203D

NATIONALITY

:

JAPAN

ADDRESS

:

27-1, SHINKAWA 2-CHOME, CHUO-KU TOKYO 104-8260, JAPAN

NO. OF ORD SHARES

:

4,500,000

98,000,000

% OF SHAREHOLDING

:

4.4%

95.6%

CURRENCY

:

SINGAPORE, DOLLARS

U.S. DOLLAR

 

 

OFFICER DETAILS

 

NAME

:

HIROMICHI ISHIKAWA

ADDRESS

:

11 ORCHARD TURN #24-06 SINGAPORE 238800

POSITION

:

DIRECTOR

MANAGING DIRECTOR

DATE OF APPT

:

01/05/2006

03/05/2006

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

G5640566L

 

NAME

:

JEYANTHI MALA RAMA KRISHNAN

ADDRESS

:

8B JALAN MASJID #04-01 SINGAPORE 418929

POSITION

:

SECRETARY

DATE OF APPT

:

01/10/2009

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S7467154C

 

NAME

:

TAKAO KASAMATSU

ADDRESS

:

5-27-1-615 KUGAHARA OTA-KU TOKYO 146-0085, JAPAN

POSITION

:

DIRECTOR

DATE OF APPT

:

30/10/2009

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TG5169606

 

NAME

:

YOSHIMASA TAKAO

ADDRESS

:

1-20-11 FUKAZAWA, SETAGAYA-KU TOKYO, 158-0081 JAPAN

POSITION

:

DIRECTOR

DATE OF APPT

:

30/10/2009

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TG7463330

 

NAME

:

HIROAKI YOSHIDA

ADDRESS

:

NAKAGAWA TSUZUKI-KU, YOKOHAMA-SHI KANAGAWA, 1-2-C108, 224-0001, JAPAN

POSITION

:

DIRECTOR

DATE OF APPT

:

05/03/2010

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TG8604041

 

 

 

KEY PERSONNEL PROFILE

 

Name:

HIROMICHI ISHIKAWA

NRIC Number:

G5640566L

Available Address:

11 ORCHARD TURN #24-06  SINGAPORE 238800

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

SUMITOMO CHEMICAL ASIA PTE LTD

DIRECTOR

01/05/2006

-

-

2

SUMITOMO CHEMICAL ASIA PTE LTD

MANAGING DIRECTOR

03/05/2006

-

-

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

JAPANESE CHAMBER OF COMMERCE AND INDUSTRY, SINGAPORE

LIVE COMPANY

DIRECTOR

09/04/2002

07/04/2011

2

THE POLYOLEFIN COMPANY (SINGAPORE) PTE. LTD.

LIVE COMPANY

DIRECTOR

16/01/2002

15/06/2011

 

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

 

Clear

 

 

COMPLIANCE

 

Date of Last AGM

:

30/06/2010

Date of Last AR

:

08/07/2010

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

U.S. DOLLAR

U.S. DOLLAR

U.S. DOLLAR

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

626,865,822

655.56

82,967,111

0

0

0

Profit/(Loss) Before Tax

(39,318,861)

NA

(28,498,183)

0

0

0

Profit After Tax attributable to Shareholders

(39,390,216)

NA

(28,503,682)

0

0

0

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

698,116,391

142.97

287,320,436

0

0

0

Current Assets

481,978,912

662.98

63,170,664

0

0

0

Non Current Assets

216,137,479

-3.57

224,149,772

0

0

0

 

 

 

 

 

 

 

Total Liabilities

638,226,890

173.46

233,388,435

0

0

0

Current Liabilities

362,174,341

977.03

33,627,200

0

0

0

Non Current Liabilities

276,052,549

38.19

199,761,235

0

0

0

 

 

 

 

 

 

 

Shareholders' Funds

59,889,500

11.05

53,932,001

0

0

0

Share Capital

146,336,105

46.97

99,566,086

0

0

0

Total Reserves

(86,446,605)

NA

(45,634,085)

0

0

0

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Group

 

DEC 2009

DEC 2008

DEC 2007

DEC 2006

DEC 2005

Growth %

 

 

 

 

 

Year-on-Year Growth

655.56

NA

NA

NA

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

NA

NA

NA

NA

NA

Return on Equity (%)

NA

NA

NA

NA

NA

Return on Assets (%)

NA

NA

NA

NA

NA

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

10.66

4.33

NA

NA

NA

Current Debt/Equity (Times)

6.05

0.62

NA

NA

NA

Long Term Debt To Equity (Times)

4.61

3.70

NA

NA

NA

Total Asset To Total Equity (Times)

11.66

5.33

NA

NA

NA

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

0.90

0.29

NA

NA

NA

Fixed Assets Turnover (Times)

2.90

0.37

NA

NA

NA

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.33

1.88

NA

NA

NA

 

 

 

 

 

 

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

626,865,822

655.56

82,967,111

16,435,102

54,581

9,314

Profit/(Loss) Before Tax

(39,505,679)

NA

(28,516,680)

(14,413,983)

(3,962,381)

4,041

Profit After Tax attributable to Shareholders

(39,505,679)

NA

(28,511,094)

(14,432,094)

(3,974,330)

3,774

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

698,079,379

142.81

287,505,259

54,144,305

7,901,907

4,302,944

Current Assets

481,101,890

665.88

62,816,539

46,742,741

6,879,409

4,302,944

Non Current Assets

216,977,489

-3.43

224,688,720

7,401,564

1,022,498

0

 

 

 

 

 

 

 

Total Liabilities

638,347,311

173.26

233,608,267

14,467,607

1,549,435

106,239

Current Liabilities

362,294,762

970.39

33,847,032

14,467,607

1,549,435

106,239

Non Current Liabilities

276,052,549

38.19

199,761,235

0

0

0

 

 

 

 

 

 

 

Shareholders' Funds

59,732,067

10.83

53,896,992

39,676,698

6,352,472

4,196,706

Share Capital

146,336,105

46.97

99,566,086

57,949,101

10,401,478

4,275,258

Total Reserves

(86,604,038)

NA

(45,669,094)

(18,272,403)

(4,049,006)

(78,552)

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

DEC 2009

DEC 2008

DEC 2007

DEC 2006

DEC 2005

Growth %

 

 

 

 

 

Year-on-Year Growth

655.56

404.82

30,011.40

486.01

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

-6.30

-34.36

-87.81

-7,281.53

40.52

Return on Equity (%)

-66.14

-52.90

-36.37

-62.56

0.09

Return on Assets (%)

-5.66

-9.92

-26.65

-50.30

0.09

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

10.69

4.33

0.36

0.24

0.03

Current Debt/Equity (Times)

6.07

0.63

0.36

0.24

0.03

Long Term Debt To Equity (Times)

4.62

3.71

0.00

0.00

0.00

Total Asset To Total Equity (Times)

11.69

5.33

1.36

1.24

1.03

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

0.90

0.29

0.30

0.01

0.00

Fixed Assets Turnover (Times)

2.89

0.37

2.22

0.05

0.00

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.33

1.86

3.23

4.44

40.50

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Profitability

We are unable to comment on Subject's profitability.

 

 

Liquidity

 

Current ratio stood at 1.33 times in FY09 (FY08: 1.88 times). This means that the group has SGD - SIN 1.33 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 10.66 times in FY09, as compared with 4.33 times in FY08. This means that the group requires additional external financing of SGD - SIN 10.66 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

 

 

We are unable to comment on Subject's return on equity.

 

We are unable to comment on Subject's return on assets.

 

Total assets turnover ratio logged at 0.90 times in FY09 (FY08: 0.29 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.44.93

UK Pound

1

Rs.72.43

Euro

1

Rs.63.62

 

 

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 Business

----

 

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%)

 

 

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.