MIRA INFORM REPORT

 

 

Report Date :           

09.03.2011

 

IDENTIFICATION DETAILS

 

Name :

POLYPLASTICS ASIA PACIFIC SINGAPORE PTE. LTD.

 

 

Registered Office :

6 Temasek Boulevard #25-01 Suntec Tower 4 Singapore 038986

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

11.07.1997

 

 

Com. Reg. No.:

199704814g

 

 

Legal Form :

Limited Private Company             

 

 

Line of Business :

General Building Engineering Services

Manufacturing and Sales of Engineering Plastics

 

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 :

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 – 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

:

POLYPLASTICS ASIA PACIFIC SINGAPORE PTE. LTD.

Registration No

:

199704814G

Date of Registration

:

11/07/1997

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

6 TEMASEK BOULEVARD #25-01 SUNTEC TOWER 4 SINGAPORE 038986

Date of Change of Address

:

06/10/1997

Contact No.

:

6737 3693

Fax No.

:

6737 7823

Website

:

www.polyplastics.com

Registered Activities

:

1. GENERAL BUILDING ENGINEERING SERVICES

MANUFACTURING AND SALES OF ENGINEERING PLASTICS

2. GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS)

Issued Ordinary Capital*

:

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

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$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

:

DELOITTE & TOUCHE LLP

Bankers / Financiers

:

NA

Turnover

:

SGD - SIN 54,671,006.00 (FY2009)

Net Worth

:

SGD - SIN 8,365,790.00 (FY2009)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

NA

S1000 / SME 500 / FG50 Ranking

:

No found for SINGAPORE 1000 and SME 500

Compounded Annual Growth Rate (CAGR)

:

NA

 

 

Credit Recommendation

 

Recommended Credit Line

:

S$1,000,000

 

 

SHAREHOLDER DETAILS

 

NAME

:

POLYPLASTICS CO., LTD

SHAREHOLDER ID

:

T04UF0244J

NATIONALITY

:

JAPAN

ADDRESS

:

13TH FLOOR JR SHINAGAWA EAST BUILDING, 18-1, KONAN 2-CHOME MINATO-KU, TOKYO 108-8280, JAPAN

NO. OF ORD SHARES

:

500,000

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

JUN UCHIDA

ADDRESS

:

1 TAMAN NAKHODA #04-02 HOLLAND GEMS SINGAPORE 257742

POSITION

:

DIRECTOR

MANAGING DIRECTOR

DATE OF APPT

:

01/08/2010

01/08/2010

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

G6390807Q

 

NAME

:

YUJI TAKAHASHI

ADDRESS

:

KANEHODA 4-11-7 KAWASAKI-CITY KANAGAWA PREF JAPAN

POSITION

:

DIRECTOR

DATE OF APPT

:

01/04/2000

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

MQ2921516

 

NAME

:

TAN CHENG SIEW @ NUR FARAH TAN

ADDRESS

:

97 BEDOK NORTH AVENUE 4 #20-1513 SINGAPORE 460097

POSITION

:

SECRETARY

DATE OF APPT

:

15/05/2000

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S6920790A

 

NAME

:

MINORU HIROSE

ADDRESS

:

PARK CITY MIZONOGUCHI C510, HISAMOTO 3-6-3, TAKATSU WARD KAWASAKI CITY, KANAGAWA PREFECTURE, 213-0011, JAPAN

POSITION

:

DIRECTOR

DATE OF APPT

:

09/04/2006

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TF2500058

 

 

KEY PERSONNEL PROFILE

 

Name:

JUN UCHIDA

NRIC Number:

G6390807Q

Available Address:

1 TAMAN NAKHODA #04-02 HOLLAND GEMS  SINGAPORE 257742

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

POLYPLASTICS ASIA PACIFIC SINGAPORE PTE. LTD.

DIRECTOR

01/08/2010

-

-

2

POLYPLASTICS ASIA PACIFIC SINGAPORE PTE. LTD.

MANAGING DIRECTOR

01/08/2010

-

-

 

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

 

Clear

 

 

COMPLIANCE RECORDS

 

Date of Last AGM

:

27/05/2010

Date of Last AR

:

21/06/2010

Date of A/C Laid At Last AGM

:

31/12/2009

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

DEC 2009

% Change

DEC 2008

DEC 2007

DEC 2006

DEC 2005

Currency

SGD - SIN

 

SGD - SIN

U.S. DOLLAR

U.S. DOLLAR

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

54,671,006

-16.65

65,593,965

44,163,460

42,706,153

71,155,623

Profit/(Loss) Before Tax

801,093

-72.70

2,934,698

1,725,998

1,852,880

4,424,368

Profit After Tax attributable to Shareholders

680,777

-71.57

2,394,760

1,412,039

1,487,477

3,502,102

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

20,566,204

9.18

18,836,586

15,286,931

14,673,167

23,508,458

Current Assets

20,202,793

9.26

18,491,252

15,089,739

14,468,727

23,256,575

Non Current Assets

363,411

5.23

345,334

197,192

204,440

251,883

 

 

 

 

 

 

 

Total Liabilities

12,200,414

7.16

11,384,786

11,702,856

12,501,131

12,368,808

Current Liabilities

12,200,414

7.16

11,384,786

11,702,856

12,501,131

12,368,003

Non Current Liabilities

0

NA

0

0

0

805

 

 

 

 

 

 

 

Shareholders' Funds

8,365,790

12.27

7,451,801

3,584,075

2,172,036

11,139,650

Share Capital

460,486

3.13

446,512

316,456

316,456

527,366

Total Reserves

7,905,304

12.85

7,005,289

3,267,619

1,855,580

10,612,284

 

FINANCIAL RATIOS

 

 

Company

 

DEC 2009

DEC 2008

DEC 2007

DEC 2006

DEC 2005

Growth %

 

 

 

 

 

Year-on-Year Growth

-16.65

48.53

3.41

-39.98

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

1.25

3.65

3.20

3.48

4.92

Return on Equity (%)

8.14

32.14

39.40

68.48

31.44

Return on Assets (%)

3.31

12.71

9.24

10.14

14.90

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

1.46

1.53

3.27

5.76

1.11

Current Debt/Equity (Times)

1.46

1.53

3.27

5.76

1.11

Long Term Debt To Equity (Times)

0.00

0.00

0.00

0.00

0.00

Total Asset To Total Equity (Times)

2.46

2.53

4.27

6.76

2.11

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

2.66

3.48

2.89

2.91

3.03

Fixed Assets Turnover (Times)

150.44

189.94

223.96

208.89

282.49

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.66

1.62

1.29

1.16

1.88

 

 

FINANCIAL COMMENTARY

 

Profitability

The company yielded a rate of net profit on sales of 1.25 per cent in FY09 (FY08: 3.65 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 0.04 a year ago.

 

 

Liquidity

 

Current ratio stood at 1.66 times in FY09 (FY08: 1.62 times). This means that the company has SGD - SIN 1.66 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 1.46 times in FY09, as compared with 1.53 times in FY08. This means that the company requires additional external financing of SGD - SIN 1.46 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 8.14 per cent for Subject in the current financial period, as compared to 32.14 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 3.31 per cent (FY08: 12.71 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 2.66 times in FY09 (FY08: 3.48 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.45.03

UK Pound

1

Rs.72.98

Euro

1

Rs.62.94

 

 

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.