MIRA INFORM REPORT

 

 

Report Date :           

01.11.2011

 

IDENTIFICATION DETAILS

 

Name :

POKKA CORPORATION (SINGAPORE) PTE. LTD.

 

 

Formerly Known As :

Pokka Corporation (Singapore) Limited

 

 

Registered Office :

39 Quality Road Singapore 618810

 

 

Country :

Singapore

 

 

Financials (as on) :

31.01.2009 (Group)

31.01.2011 (Company)

 

 

Date of Incorporation :

18.01.1977

 

 

Com. Reg. No.:

197700135e

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Manufacture Of Soft Drinks, Production Of Mineral Waters (Including Carbonated Waters, Soya Bean Milk, Barley Water, Chrysanthemum Water)

 

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 :

Usually Correct

 

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

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

:

POKKA CORPORATION (SINGAPORE) PTE. LTD.

Registration No

:

197700135E

Date of Registration

:

18/01/1977

Former Name

:

1.POKKA CORPORATION (SINGAPORE) PTE LTD Eff. date : 18/01/1977 Eff. date : 18/01/1977

2.POKKA CORPORATION (SINGAPORE) LIMITED Eff. date : 06/09/1994 Eff. date : 06/09/1994

Date of Change of Name

:

02/12/2008

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

39 QUALITY ROAD SINGAPORE 618810

Date of Change of Address

:

15/06/1994

Contact No.

:

6795 9840

Fax No.

:

6268 1975

Website

:

www.pokka.com.sg

Registered Activities

:

1. MANUFACTURE OF SOFT DRINKS, PRODUCTION OF MINERAL WATERS (INCLUDING CARBONATED WATERS, SOYA BEAN MILK, BARLEY WATER, CHRYSANTHEMUM WATER)

MANUF OF BEVERAGES

2. WHOLESALE OF HEALTH SUPPLEMENTS

WHOLES FOODSTUFFS NEC

Issued Ordinary Capital*

:

$26,800,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 84,000,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$26,800,000.00 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

:

4

No. of Local Associates

:

NA

Auditor

:

ERNST & YOUNG LLP

Bankers / Financiers

:

NA

Turnover

:

SGD - SIN 125,109,000.00 (FY2011)

Net Worth

:

SGD - SIN 39,224,000.00 (FY2011)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

NA

S1000 / SME 500 / FG50 Ranking

:

1498 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2009/2010)

952 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2008/2009)

552 POSITION IN Singapore 1000 Companies Ranked by Return on Equities (2007/2008)

963 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2007/2008)

877 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2007/2008)

Compounded Annual Growth Rate (CAGR)

:

NA

 

 

Credit Recommendation

 

Recommended Credit Line

:

S$1,000,000 (Generally, it is the policy of DP Info to limit our credit recommendation to a maximum of S$1,000,000)

 

 

SHAREHOLDER DETAILS

 

NAME

:

POKKA CORPORATION

SHAREHOLDER ID

:

T08UF4278C

NATIONALITY

:

NA

ADDRESS

:

 

NO. OF ORD SHARES

:

84,000,000

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

OFFICER DETAILS

 

NAME

:

SHINJI MORIKAWA

ADDRESS

:

11 WEST COAST WALK #07-21 PARC CONDOMINIUM, THE SINGAPORE 127161

POSITION

:

DIRECTOR

DATE OF APPT

:

01/02/2011

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

G5065757X

 

NAME

:

MASAHIRO HIRATA

ADDRESS

:

39 QUALITY ROAD SINGAPORE 618810

POSITION

:

DIRECTOR

DATE OF APPT

:

30/11/2006

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

G6210207T

 

NAME

:

TAN YING SAN

ADDRESS

:

14 HERTFORD ROAD SINGAPORE 219403

POSITION

:

DIRECTOR

DATE OF APPT

:

17/04/2009

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S2539454B

 

NAME

:

WONG WAI CHIN

ADDRESS

:

273 TOH GUAN ROAD #05-65 SINGAPORE 600273

POSITION

:

SECRETARY

DATE OF APPT

:

01/06/2011

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S6814709C

 

NAME

:

ONG ENG SING (WANG YONG SHENG)

ADDRESS

:

1 SIN MING WALK #14-38 GARDENS AT BISHAN, THE SINGAPORE 575574

POSITION

:

DIRECTOR

DATE OF APPT

:

01/07/2010

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S7516877B

 

NAME

:

MASAHIKO KUSADA

ADDRESS

:

2-37-2 #202, HARUSATO-CHO, CHIKUSA-KU NAGOYA, JAPAN

POSITION

:

DIRECTOR

DATE OF APPT

:

30/11/2006

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TK2209810

 

NAME

:

SHINICHI SOYA

ADDRESS

:

2-9-4 NARASHINODAI, FUNABASHI-SHI, CHIBA 274-0063, JAPAN

POSITION

:

DIRECTOR

DATE OF APPT

:

01/08/2011

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TK4453151

 

 

KEY PERSONNEL PROFILE

 

Name:

MASAHIRO HIRATA

NRIC Number:

G6210207T

Available Address:

39 QUALITY ROAD  SINGAPORE 618810

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

POKKA CORPORATION (SINGAPORE) PTE. LTD.

DIRECTOR

30/11/2006

-

-

2

POKKA DINING PTE. LTD.

DIRECTOR

01/11/2008

-

-

3

POKKA FOOD (SINGAPORE) PTE. LTD.

DIRECTOR

30/11/2006

-

-

4

POKKA SALES & MARKETING PTE. LTD.

DIRECTOR

30/11/2006

-

-

 

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 (%)

POKKA FOOD (SINGAPORE) PTE. LTD.

100

POKKA SALES & MARKETING PTE. LTD.

100

B & G DISTRIBUTION PTE LTD

60

SOUTHERN CROSS SOUVENIR SHOP

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

 

Clear

 

 

COMPLIANCE

 

Date of Last AGM

:

17/06/2011

Date of Last AR

:

19/07/2011

Date of A/C Laid At Last AGM

:

31/01/2011
 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Group

 

JAN 2009

% Change

JAN 2008

JAN 2007

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

Turnover

181,081,000

9.03

166,086,000

145,521,000

Profit/(Loss) Before Tax

8,393,000

-25.05

11,198,000

3,620,000

Profit After Tax attributable to Shareholders

7,234,000

-23.32

9,434,000

2,527,000

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

Total Assets

99,747,000

16.32

85,755,000

83,336,000

Current Assets

62,995,000

21.31

51,929,000

49,033,000

Non Current Assets

36,752,000

8.65

33,826,000

34,303,000

 

 

 

 

 

Total Liabilities

54,233,000

14.14

47,513,000

50,874,000

Current Liabilities

50,862,000

18.12

43,059,000

45,300,000

Non Current Liabilities

3,371,000

-24.32

4,454,000

5,574,000

 

 

 

 

 

Shareholders' Funds

45,514,000

19.02

38,242,000

32,462,000

Share Capital

26,800,000

0.00

26,800,000

26,800,000

Total Reserves

18,714,000

63.56

11,442,000

5,662,000

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Group

 

JAN 2009

JAN 2008

JAN 2007

Growth %

 

 

 

Year-on-Year Growth

9.03

14.13

NA

 

 

 

 

Profitability

 

 

 

Profit Margin (%)

3.99

5.68

1.74

Return on Equity (%)

15.89

24.67

7.78

Return on Assets (%)

7.25

11.00

3.03

 

 

 

 

Leverage

 

 

 

Total Debt/Equity (Times)

1.19

1.24

1.57

Current Debt/Equity (Times)

1.12

1.13

1.40

Long Term Debt To Equity (Times)

0.07

0.12

0.17

Total Asset To Total Equity (Times)

2.19

2.24

2.57

 

 

 

 

Asset Management

 

 

 

Total Assets Turnover (Times)

1.82

1.94

1.75

Fixed Assets Turnover (Times)

4.93

4.91

4.24

 

 

 

 

Liquidity

 

 

 

Current Ratio (Times)

1.24

1.21

1.08

 

 

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

JAN 2011

% Change

JAN 2010

JAN 2009

JAN 2008

JAN 2007

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

125,109,000

2.46

122,108,000

96,475,000

0

0

Profit/(Loss) Before Tax

1,248,000

-85.66

8,702,000

4,738,000

0

0

Profit After Tax attributable to Shareholders

668,000

-91.04

7,456,000

4,261,000

0

0

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

104,833,000

-9.89

116,337,000

69,731,000

0

57,742,000

Current Assets

46,533,000

-19.57

57,857,000

49,889,000

0

37,201,000

Non Current Assets

58,300,000

-0.31

58,480,000

19,842,000

0

20,541,000

 

 

 

 

 

 

 

Total Liabilities

65,609,000

-15.18

77,352,000

38,356,000

0

33,288,000

Current Liabilities

36,638,000

-25.69

49,307,000

37,228,000

0

30,067,000

Non Current Liabilities

28,971,000

3.30

28,045,000

1,128,000

0

3,221,000

 

 

 

 

 

 

 

Shareholders' Funds

39,224,000

0.61

38,985,000

31,375,000

0

0

Share Capital

26,800,000

0.00

26,800,000

26,800,000

0

26,800,000

Total Reserves

12,424,000

1.96

12,185,000

4,575,000

0

(2,346,000)

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

JAN 2011

JAN 2010

JAN 2009

JAN 2008

JAN 2007

Growth %

 

 

 

 

 

Year-on-Year Growth

2.46

26.57

NA

NA

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

0.53

6.11

4.42

0.00

0.00

Return on Equity (%)

1.70

19.13

13.58

0.00

0.00

Return on Assets (%)

0.64

6.41

6.11

0.00

0.00

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

1.67

1.98

1.22

0.00

0.00

Current Debt/Equity (Times)

0.93

1.26

1.19

0.00

0.00

Long Term Debt To Equity (Times)

0.74

0.72

0.04

0.00

0.00

Total Asset To Total Equity (Times)

2.67

2.98

2.22

0.00

0.00

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

1.19

1.05

1.38

0.00

0.00

Fixed Assets Turnover (Times)

2.15

2.09

4.86

0.00

0.00

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.27

1.17

1.34

0.00

1.24

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Profitability

The company yielded a rate of net profit on sales of 0.53 per cent in FY11 (FY10: 6.11 per cent). The company is now able to book in SGD - SIN 0.01 of profit for every SGD - SIN of sales in FY11, as compared with SGD - SIN 0.06 a year ago.

 

 

Liquidity

 

Current ratio stood at 1.27 times in FY11 (FY10: 1.17 times). This means that the company has SGD - SIN 1.27 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 1.67 times in FY11, as compared with 1.98 times in FY10. This means that the company requires additional external financing of SGD - SIN 1.67 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 1.70 per cent for Subject in the current financial period, as compared to 19.13 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 0.64 per cent (FY10: 6.41 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 1.19 times in FY11 (FY10: 1.05 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.48.87

UK Pound

1

Rs.78.11

Euro

1

Rs.68.36

 

 

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%)

 

 

 

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.