MIRA INFORM REPORT

 

 

Report Date :

09.03.2011

 

IDENTIFICATION DETAILS

 

Name :

SOJITZ ASIA PTE. LTD.

 

 

Formerly Known as :

Nichimen Asia Oceania Pte. Ltd

 

 

Registered Office :

77 Robinson Road #32-00 Robinson 77 Singapore 068896

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2009 (Group)

 

 

Date of Incorporation :

15.08.1998

 

 

Com. Reg. No.:

199803975r

 

 

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 :

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

:

SOJITZ ASIA PTE. LTD.

Registration No

:

199803975R

Date of Registration

:

15/08/1998

Former Name

:

NICHIMEN ASIA OCEANIA PTE. LTD. Eff. date : 15/08/1998 Eff. date : 15/08/1998

Date of Change of Name

:

01/04/2004

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

77 ROBINSON ROAD #32-00 ROBINSON 77 SINGAPORE 068896

Date of Change of Address

:

01/05/2007

Contact No.

:

6438 2566

Fax No.

:

6438 2766

Website

:

www.sojitz.com

Registered Activities

:

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

2. BUILDING CONSTRUCTION NEC

BUILDING CONSTRUCTION (MIXED ACTIVITIES)

Issued Ordinary Capital*

:

$136,507,473.60 U.S. DOLLAR ,NO. OF SHARE : 134,956,632

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$136,507,473.60 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

:

1

Auditor

:

KPMG LLP

Bankers / Financiers

:

NA

Turnover

:

SGD - SIN 1,957,961,484.00 (FY2009)

Net Worth

:

SGD - SIN 220,365,341.00 (FY2009)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

NA

S1000 / SME 500 / FG50 Ranking

:

102 POSITION IN SINGAPORE 1000 (2008/2009)

113 POSITION IN SINGAPORE 1000 (2007/2008)

91 POSITION IN SINGAPORE 1000 (2006/2007)

105 POSITION IN SINGAPORE 1000 (2005/2006)

152 POSITION IN SINGAPORE 1000 (2004/2005)

208 POSITION IN SINGAPORE 1000 (2003/2004)

174 POSITION IN SINGAPORE 1000 (2002/2003)

106 POSITION IN SINGAPORE 1000 (2001/2002)

Compounded Annual Growth Rate (CAGR)

:

NA

 

 

Credit Recommendation

 

Recommended Credit Line

:

S$1,000,000

 

 

SHAREHOLDER DETAILS

 

NAME

:

SOJITZ CORPORATION

SHAREHOLDER ID

:

T04UF1077K

NATIONALITY

:

JAPAN

ADDRESS

:

1-20, AKASAKA 6-CHOME, MINATO-KU TOKYO 107-8655, JAPAN

NO. OF ORD SHARES

:

134,956,632

% OF SHAREHOLDING

:

100%

CURRENCY

:

U.S. DOLLAR

 

 

OFFICER DETAILS

 

NAME

:

FUMIHIKO SATO

ADDRESS

:

7 CLAYMORE ROAD #10-01 SINGAPORE 229538

POSITION

:

DIRECTOR

DATE OF APPT

:

01/04/2008

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

G6066768W

 

NAME

:

MASAHIRO TAKAO

ADDRESS

:

180A BENCOOLEN STREET #15-09 BENCOOLEN, THE SINGAPORE 189647

POSITION

:

DIRECTOR

DATE OF APPT

:

02/02/2009

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

G6092786W

 

NAME

:

TAKASHI IKEDA

ADDRESS

:

6C ORANGE GROVE ROAD #13-02 ORION SINGAPORE 258333

POSITION

:

DIRECTOR

MANAGING DIRECTOR

DATE OF APPT

:

01/04/2009

01/04/2009

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

G6266440T

 

NAME

:

CHANG SOW KUEN

ADDRESS

:

130 GEYLANG EAST AVENUE 1 #02-299 SINGAPORE 380130

POSITION

:

SECRETARY

DATE OF APPT

:

19/12/2005

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1365694J

 

 

KEY PERSONNEL PROFILE

 

Name:

TAKASHI IKEDA

NRIC Number:

G6266440T

Available Address:

6C ORANGE GROVE ROAD #13-02 ORION  SINGAPORE 258333

 

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

SOJITZ ASIA PTE. LTD.

DIRECTOR

01/04/2009

-

-

2

SOJITZ ASIA PTE. LTD.

MANAGING DIRECTOR

01/04/2009

-

-

3

SOJITZ CORPORATION SINGAPORE BRANCH

AGENT

01/04/2009

-

-

4

SOJITZ GROUP MANAGEMENT OF ASIA LTD.

DIRECTOR

01/04/2009

-

-

5

SOJITZ GROUP MANAGEMENT OF ASIA LTD.

MANAGING DIRECTOR

01/04/2009

-

-

 

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 (%)

CAPITAL DISTRIBUTORS (S) PTE LTD

25

                                                                                                                       

 

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

:

11/05/2010

Date of Last AR

:

12/05/2010

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

1,957,961,484

-40.60

3,296,026,312

2,874,326,007

2,978,839,406

2,260,994,956

Profit/(Loss) Before Tax

7,499,755

43.93

5,210,731

8,304,964

24,898,466

29,274,966

Profit After Tax attributable to Shareholders

(2,163,783)

NA

1,880,830

5,709,945

17,355,733

21,662,508

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

689,264,490

-13.34

795,322,866

1,022,111,638

965,951,478

993,914,020

Current Assets

652,641,702

-13.26

752,440,514

966,322,474

917,217,595

902,439,542

Non Current Assets

36,622,788

-14.60

42,882,352

55,789,164

48,733,883

91,474,478

 

 

 

 

 

 

 

Total Liabilities

468,899,148

-19.48

582,326,314

778,747,789

703,332,548

726,601,430

Current Liabilities

468,856,949

-19.48

582,276,930

778,630,585

703,246,997

726,548,103

Non Current Liabilities

42,199

-14.55

49,384

117,204

85,551

53,327

 

 

 

 

 

 

 

Shareholders' Funds

220,365,341

3.46

212,996,553

243,363,850

262,618,929

267,312,587

Share Capital

198,635,840

3.13

192,607,964

205,117,739

216,264,627

224,902,467

Total Reserves

21,729,501

6.58

20,388,589

38,246,111

46,354,302

42,410,120

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Group

 

DEC 2009

DEC 2008

DEC 2007

DEC 2006

DEC 2005

Growth %

 

 

 

 

 

Year-on-Year Growth

-40.60

14.67

-3.51

31.75

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

NA

0.06

0.20

0.58

0.96

Return on Equity (%)

NA

0.88

2.35

6.61

8.10

Return on Assets (%)

NA

0.24

0.56

1.80

2.18

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

2.13

2.73

3.20

2.68

2.72

Current Debt/Equity (Times)

2.13

2.73

3.20

2.68

2.72

Long Term Debt To Equity (Times)

0.00

0.00

0.00

0.00

0.00

Total Asset To Total Equity (Times)

3.13

3.73

4.20

3.68

3.72

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

2.84

4.14

2.81

3.08

2.27

Fixed Assets Turnover (Times)

53.46

76.86

51.52

61.12

24.72

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.39

1.29

1.24

1.30

1.24

 

 

FINANCIAL COMMENTARY

 

Profitability

We are unable to comment on Subject's profitability.

 

 

Liquidity

 

 

Current ratio stood at 1.39 times in FY09. This means that the group has SGD - SIN 1.39 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 2.13 times in FY09. This means that the group requires additional external financing of SGD - SIN 2.13 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 2.84 times in FY09. 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.45.03

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.