MIRA INFORM REPORT

 

 

Report Date :

02.03.2011

 

IDENTIFICATION DETAILS

 

Name :

PANASONIC INDUSTRIAL ASIA PTE LTD

 

 

Registered Office :

300 Beach Road #16-01 Concourse, The Singapore 199555

 

 

Country :

Singapore

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

14.08.2001

 

 

Com. Reg. No.:

200105385D

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

General Wholesale Trade

 

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

:

PANASONIC INDUSTRIAL ASIA PTE LTD

Registration No

:

200105385D

Date of Registration

:

14/08/2001

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

300 BEACH ROAD #16-01 CONCOURSE, THE SINGAPORE 199555

Date of Change of Address

:

01/04/2004

Contact No.

:

6299 9181

Fax No.

:

6390 3999

Website

:

www.panasonic.com.sg/industry

Registered Activities

:

GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS)

MANUFACTURERS AND DEALERS IN ALL KINDS OF ELECTRICAL AND ELECTRONIC GOODS

Issued Ordinary Capital*

:

$16,000,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 16,000,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$16,000,000.00 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

:

1

No. of Local Associates

:

NA

Auditor

:

KPMG LLP

Bankers / Financiers

:

NA

Turnover

:

U.S. DOLLAR 803,190,000.00 (FY2010)

Net Worth

:

U.S. DOLLAR 36,334,000.00 (FY2010)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

3

S1000 / SME 500 / FG50 Ranking

:

198 POSITION IN SINGAPORE 1000 (2008/2009)

167 POSITION IN SINGAPORE 1000 (2007/2008)

87 POSITION IN SINGAPORE 1000 (2006/2007)

65 POSITION IN SINGAPORE 1000 (2005/2006)

66 POSITION IN SINGAPORE 1000 (2004/2005)

Compounded Annual Growth Rate (CAGR)

:

NA

 

 

Credit Recommendation

 

Recommended Credit Line

:

S$1,000,000

 

 

SHAREHOLDER DETAILS

 

NAME

:

PANASONIC ASIA PACIFIC PTE. LTD.

SHAREHOLDER ID

:

197401131G

NATIONALITY

:

SINGAPORE

ADDRESS

:

300 BEACH ROAD #17-01 CONCOURSE, THE SINGAPORE 199555

NO. OF ORD SHARES

:

16,000,000

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

HIROSHI SUGIMURA

ADDRESS

:

90 JELLICOE ROAD #18-27 CITYLIGHTS SINGAPORE 208749

POSITION

:

DIRECTOR

DATE OF APPT

:

01/11/2008

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

G6182455W

 

NAME

:

M SIVAANANTHAN

ADDRESS

:

101B LORONG 2 TOA PAYOH #06-09 SINGAPORE 311101

POSITION

:

SECRETARY

DATE OF APPT

:

19/06/2008

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0181790F

 

NAME

:

LEONG WING WAH

ADDRESS

:

208 PASIR RIS STREET 21 #07-354 SINGAPORE 510208

POSITION

:

DIRECTOR

DATE OF APPT

:

01/04/2003

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1411846B

 

NAME

:

TAKEHIKO RYU

ADDRESS

:

261 RIVER VALLEY ROAD #09-27 ASPEN HEIGHTS SINGAPORE 238307

POSITION

:

DIRECTOR

MANAGING DIRECTOR

DATE OF APPT

:

01/10/2006

01/10/2006

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TE8259385

 

NAME

:

KOMINAMI YASUSHI

ADDRESS

:

UNIT 901 FOUR SEASONS CONDOMINIUM TORDESILLAS COR TOLEDO ST. SALCEDO VILLAGE, MAKATI CITY, THE PHILIPPINES

POSITION

:

DIRECTOR

DATE OF APPT

:

01/04/2008

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TF2744376

 

NAME

:

NITTA KAZUMASA

ADDRESS

:

1-4-7-201 NAKAHARA, ISOGO-KU YOKOHAMA, JAPAN

POSITION

:

DIRECTOR

DATE OF APPT

:

01/02/2011

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TH4735277

 

NAME

:

SHIBATA MASAHISA

ADDRESS

:

MINAMIMAGOME 5-23-1-601 OTA-KU TOKYO, JAPAN

POSITION

:

DIRECTOR

DATE OF APPT

:

01/04/2010

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TZ0267935

 

 

KEY PERSONNEL PROFILE

 

Name:

TAKEHIKO RYU

NRIC Number:

TE8259385

Available Address:

261 RIVER VALLEY ROAD #09-27 ASPEN HEIGHTS  SINGAPORE 238307

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

PANASONIC INDUSTRIAL ASIA PTE LTD

DIRECTOR

01/10/2006

-

-

2

PANASONIC INDUSTRIAL ASIA PTE LTD

MANAGING DIRECTOR

01/10/2006

-

-

 

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 (%)

PANASONIC INDUSTRIAL SINGAPORE

NA (SOLE-PROPRIETOR)

                                                                                                                       

 

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

W.e.f 01 Jan 2011

 

Court (Claim under normal circumstances)

Magistrate (< $80,000)

0

3

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

0

0

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.

:

18891

 

Date of Filing

:

31/07/2004

 

Amount

:

0.00

 

Cause

:

Tort - Negligence (Motor Accidents Without Death/ Injury)

 

Case Status

:

CONCLUDED

 

Plaintiff

:

NG TIEN CHUNG RUSSELL KENNETH

 

Last Update Date

:

27/05/2008

 

2)

Court

:

Magistrate Court

 

Case No.

:

12210

 

Date of Filing

:

28/05/2007

 

Amount

:

3,650.00

 

Cause

:

Tort - Negligence (Motor Accidents With Injury)

 

Case Status

:

CONCLUDED

 

Plaintiff

:

LIM AI DI EDDIE (NRIC NO. S8732278/E) AN INFANT SUING BY HIS MOTHER AND LITIGATION REPRESENTATIVE MADELEINE SIA YI KUAN

 

Last Update Date

:

27/05/2008

 

3)

Court

:

Magistrate Court

 

Case No.

:

25897

 

Date of Filing

:

06/10/2008

 

Amount

:

5,800.00

 

Cause

:

Tort - Negligence (Motor Accidents Without Death/ Injury)

 

Case Status

:

PENDING

 

Plaintiff

:

SHUSHIL HARPREET KAUR MAAN

 

Last Update Date

:

16/10/2008

 

 

COMPLIANCE

 

Date of Last AGM

:

04/06/2010

Date of Last AR

:

05/07/2010

Date of A/C Laid At Last AGM

:

31/03/2010

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

MAR 2010

% Change

MAR 2009

MAR 2008

MAR 2007

MAR 2006

Currency

U.S. DOLLAR

 

U.S. DOLLAR

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

803,190,000

-10.99

902,368,000

1,687,714,154

3,143,461,159

3,913,560,645

Profit/(Loss) Before Tax

4,469,000

-39.40

7,375,000

13,847,463

16,204,582

23,445,267

Profit After Tax attributable to Shareholders

3,056,000

-48.65

5,951,000

10,988,860

12,617,951

18,497,170

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

126,955,000

20.04

105,762,000

218,740,509

249,045,412

388,470,506

Current Assets

126,782,000

20.00

105,654,000

218,224,372

248,603,907

386,959,142

Non Current Assets

173,000

60.19

108,000

516,137

441,505

1,511,364

 

 

 

 

 

 

 

Total Liabilities

90,621,000

31.50

68,913,000

166,713,633

197,935,533

341,242,450

Current Liabilities

89,575,000

31.66

68,034,000

165,128,461

196,231,922

339,450,095

Non Current Liabilities

1,046,000

19.00

879,000

1,585,172

1,703,611

1,792,355

 

 

 

 

 

 

 

Shareholders' Funds

36,334,000

-1.40

36,849,000

52,026,876

51,109,879

47,228,056

Share Capital

9,056,000

0.00

9,056,000

13,316,622

14,128,112

15,057,112

Total Reserves

27,278,000

-1.85

27,793,000

38,710,254

36,981,767

32,170,944

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

MAR 2010

MAR 2009

MAR 2008

MAR 2007

MAR 2006

Growth %

 

 

 

 

 

Year-on-Year Growth

-10.99

-46.53

-46.31

-19.68

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

0.38

0.66

0.65

0.40

0.47

Return on Equity (%)

8.41

16.15

21.12

24.69

39.17

Return on Assets (%)

2.41

5.63

5.02

5.07

4.76

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

2.49

1.87

3.20

3.87

7.23

Current Debt/Equity (Times)

2.47

1.85

3.17

3.84

7.19

Long Term Debt To Equity (Times)

0.03

0.02

0.03

0.03

0.04

Total Asset To Total Equity (Times)

3.49

2.87

4.20

4.87

8.23

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

6.33

8.53

7.72

12.62

10.07

Fixed Assets Turnover (Times)

4,642.72

8,355.26

3,269.90

7,119.88

2,589.42

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.42

1.55

1.32

1.27

1.14

 

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Profitability

The company yielded a rate of net profit on sales of 0.38 per cent in FY10 (FY09: 0.66 per cent). The company is now able to book in U.S. DOLLAR 0.00 of profit for every U.S. DOLLAR of sales in FY10, as compared with U.S. DOLLAR 0.01 a year ago.

 

Liquidity

 

Current ratio stood at 1.42 times in FY10 (FY09: 1.55 times). This means that the company has U.S. DOLLAR 1.42 of current assets for every U.S. DOLLAR 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 2.49 times in FY10, as compared with 1.87 times in FY09. This means that the company requires additional external financing of U.S. DOLLAR 2.49 for every U.S. DOLLAR 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 8.41 per cent for Subject in the current financial period, as compared to 16.15 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 2.41 per cent (FY09: 5.63 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 6.33 times in FY10 (FY09: 8.53 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.45.12

UK Pound

1

Rs.73.43

Euro

1

Rs.62.32

 

 

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.