|
|
REGISTRATION NO.
|
:
|
995131-U
|
|
COMPANY NAME
|
:
|
MITSUI & CO (ASIA PACIFIC) PTE LTD
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION DATE
|
:
|
17/03/2008
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL STATUS
|
:
|
FOREIGN
|
|
LISTED STATUS
|
:
|
NO
|
|
REGISTERED ADDRESS
|
:
|
MILLENNIUM OFFICE BLOCK, 160 JALAN BUKIT BINTANG, 5TH FLOOR, 55100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
BUSINESS ADDRESS
|
:
|
MILLENNIUM OFFICE BLOCK, 5TH FLOOR, 160 JALAN BUKIT BINTANG, 55100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
TEL.NO.
|
:
|
03-21418099
|
|
FAX.NO.
|
:
|
03-21481606
|
|
CONTACT PERSON
|
:
|
RAVINDREN ( DEPUTY GENERAL MANAGER )
|
|
|
|
|
|
INDUSTRY CODE
|
:
|
50301 5149
|
|
PRINCIPAL ACTIVITY
|
:
|
TRADING OF
CHEMICALS, STEEL, IRON, PARTS FOR CARS AND OTHER RELATED PRODUCTS
|
|
AUTHORISED CAPITAL
|
:
|
USD 30,000,000.00
DIVIDED INTO
ORDINARY SHARE 30,000,000.00 OF USD 1.00 EACH.
|
|
ISSUED AND PAID UP CAPITAL
|
:
|
N/A
|
|
SALES
|
:
|
MYR
1,343,122,722 [2009]
|
|
NET WORTH
|
:
|
MYR 57,281,033
[2009]
|
|
STAFF STRENGTH
|
:
|
78 [2010]
|
|
BANKER (S)
|
|
MALAYAN BANKING BHD
|
|
LITIGATION
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
N/A
|
|
PAYMENT
|
:
|
GOOD
|
|
MANAGEMENT CAPABILITY
|
:
|
AVERAGE
|
|
COMMERCIAL RISK
|
:
|
MODERATE
|
|
CURRENCY EXPOSURE
|
:
|
HIGH
|
|
GENERAL REPUTATION
|
:
|
GOOD
|
|
INDUSTRY OUTLOOK
|
:
|
AVERAGE GROWTH
|
|
PROPOSED CREDIT LIMIT
|
:
|
USD2,451,163
|
HISTORY / BACKGROUND
The SC is principally engaged in the (as a
/ as an) trading of chemicals, steel, iron, parts for cars and other related
products.
The SC is not listed on Bursa Malaysia
(Malaysia Stock Exchange).
The immediate holding company of the SC is MITSUI & CO. LTD, a company
incorporated in JAPAN.
No shareholders was found in our databank at the time of investigation
The SC interest in other companies
(Subsidiaries/Associates) are shown as follow :
Local No
|
Company
|
(%)
|
As At
|
|
731407
|
TEJANA TRADING & MANAGEMENT SERVICES SDN BHD
|
70
|
31/03/2009
|
|
|
|
|
|
|
|
737637
|
HEXA MALAYSIA
SDN BHD
|
28
|
31/03/2009
|
|
|
|
|
|
|
|
|
420384
|
MITSUI & CO. TRANSPORTATION SYSTEMS ASIA
SDN BHD
|
20
|
31/03/2009
|
|
|
|
|
|
|
|
|
230490
|
TOKYO GAS-MITSUI & CO HOLDINGS SDN BHD
|
20
|
31/03/2009
|
|
|
|
|
|
|
|
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
TOSHIMASA FURUKAWA
|
|
Address
|
:
|
5B, TANGLIN HILL, 248038, SINGAPORE.
|
|
IC / PP No
|
:
|
G6071201N
|
|
Nationality
|
:
|
JAPANESE
|
|
Date of Appointment
|
:
|
07/05/2008
|
DIRECTOR 2
|
Name Of Subject
|
:
|
KAZUO NAKAYAMA
|
|
Address
|
:
|
44, KEPPEL BAY DRIVE, 04-121, CARIBBIEN AT KEPPEL BAY, 098657,
SINGAPORE.
|
|
IC / PP No
|
:
|
G6095386X
|
|
Nationality
|
:
|
JAPANESE
|
|
Date of Appointment
|
:
|
01/07/2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject
|
:
|
IKUO OTSUKI
|
|
Address
|
:
|
177B, RIVER VALLEY ROAD,
1507, LIANG COURT,
179032, SINGAPORE.
|
|
IC / PP No
|
:
|
G6197891M
|
|
Nationality
|
:
|
JAPANESE
|
|
Date of Appointment
|
:
|
22/09/2008
|
DIRECTOR 4
|
Name Of Subject
|
:
|
KOJIRO MORI
|
|
Address
|
:
|
177B, RIVER VALLEY ROAD,
24-03, LIANG COURT,
179032, SINGAPORE.
|
|
IC / PP No
|
:
|
TK0517646
|
|
Nationality
|
:
|
JAPANESE
|
|
Date of Appointment
|
:
|
14/05/2010
|
DIRECTOR 5
|
Name Of Subject
|
:
|
MASANOBU ITOH
|
|
Address
|
:
|
7 ORANGE
GROVE ROAD, 04-204, TREETOPS EXECUTIVE RESIDENCES,
258355, SINGAPORE.
|
|
IC / PP No
|
:
|
TG3782341
|
|
Nationality
|
:
|
JAPANESE
|
|
Date of Appointment
|
:
|
18/05/2010
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
RAVINDREN
|
|
|
Position
|
:
|
DEPUTY GENERAL MANAGER
|
|
|
|
|
|
|
2)
|
Name of Subject
|
:
|
SARINA MOHD DERUS
|
|
|
Position
|
:
|
ASSISTANT HUMAN RESOURCE MANAGER
|
|
|
|
|
|
|
3)
|
Name of Subject
|
:
|
SUE ANN
|
|
|
Position
|
:
|
DEPUTY HUMAN RESOURCE MANAGER
|
|
|
|
|
|
|
4)
|
Name of Subject
|
:
|
ANITA TEE
|
|
|
Position
|
:
|
HUMAN RESOURCE MANAGER
|
|
|
|
|
|
|
5)
|
Name of Subject
|
:
|
KEIICHI IZUMI
|
|
|
Position
|
:
|
BRANCH MANAGER
|
|
|
|
|
|
AUDITOR
No Auditor found in our databank
COMPANY SECRETARIES
|
1)
|
Company Secretary
|
:
|
KEIICHI IZUMI
|
|
|
IC / PP No
|
:
|
TG4808008
|
|
|
|
|
|
|
|
Address
|
:
|
30, JALAN LANGGAK GOLF, 55000 KUALA LUMPUR,
WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
|
|
|
|
|
|
Remarks
|
:
|
AGENT
|
|
|
|
|
|
BANKING
Banking relations are maintained principally with :
|
1)
|
Name
|
:
|
MALAYAN BANKING BHD
|
|
|
|
|
|
|
The SC enjoys normal banking routine with above mentioned banker(s).
No adverse record was found during our investigation.
|
ENCUMBRANCE (S)
No encumbrance was found in our databank at the time of investigation.
LEGAL CHECK
AGAINST SC
* A check has been conducted in our databank againt the SC whether the
subject has been involved in any litigation. Our databank consists of 99% of
the wound up companies in Malaysia.
No legal action was found in our databank.
No winding up petition was found in our databank.
PAYMENT RECORD
|
SOURCES OF RAW MATERIALS:
|
|
|
Local
|
:
|
YES
|
Percentage
|
:
|
30%
|
|
Overseas
|
:
|
YES
|
Percentage
|
:
|
70%
|
|
Import Countries
|
:
|
JAPAN
|
The SC refused to provide any name of trade/service supplier and we are
unable to conduct any trade enquiry. However, from financial historical data
we conclude that :
|
OVERALL PAYMENT HABIT
|
|
Prompt 0-30 Days
|
[
|
|
]
|
|
Good 31-60 Days
|
[
|
X
|
]
|
|
Average 61-90 Days
|
[
|
|
]
|
|
|
Fair 91-120 Days
|
[
|
|
]
|
|
Poor >120 Days
|
[
|
|
]
|
|
|
|
|
|
|
CLIENTELE
|
Local
|
:
|
YES
|
|
Domestic Markets
|
:
|
MALAYSIA
|
|
Overseas
|
:
|
YES
|
|
|
|
|
Export Market
|
:
|
ASIA
|
|
Credit Term
|
:
|
30 - 60 DAYS
|
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES,TELEGRAPHIC TRANSFER (TT),LETTER OF CREDIT (LC)
|
|
Type of Customer
|
:
|
AGENTS,CHEMICAL INDUSTRY,AUTOMOTIVE INDUSTRIES
|
|
|
|
|
|
|
|
|
CUSTOMER(S)
|
:
|
|
OPERATIONS
|
Goods Traded
|
:
|
|
CHEMICALS, STEEL, IRON, PARTS FOR CARS AND OTHER RELATED PRODUCTS
|
|
|
|
|
|
|
Competitor(s)
|
:
|
|
AUTO BAVARIA
SDN BHD
|
|
EON TRADING SDN BHD
|
|
PROTON EDAR SDN BHD
|
|
WEARNE BROTHERS (1983) SDN BHD
|
|
YHI (MALAYSIA)
SDN BHD
|
|
|
|
|
|
|
Ownership of premises
|
:
|
|
|
Total Number of Employees:
|
|
YEAR
|
2010
|
|
|
|
|
GROUP
|
N/A
|
|
|
|
|
|
|
|
|
|
COMPANY
|
78
|
|
|
|
|
|
|
|
|
Other Information:
The SC is principally engaged in the (as a / as an) trading of chemicals,
steel, iron, parts for cars and other related products.
The SC supplies its products to its related companies as well as to other
companies.
According to the SC, it does not keep stocks as it delivers the products
directly to customers upon orders.
The SC serves a wide range of customers ranging from trading, manufacturing,
construction, engineering, service providers and others.
PROJECTS
No projects found in our databank
RECENT DEVELOPMENT
We have checked with the Malaysian National News Agency's (BERNAMA)database, but
no latest development was noted in our investigation.
CURRENT INVESTIGATION
Latest fresh
investigations carried out on the SC indicated that :
|
Telephone Number Provided By Client
|
:
|
N/A
|
|
Current Telephone Number
|
:
|
03-21418099
|
|
Match
|
:
|
N/A
|
|
|
|
|
|
Address Provided by Client
|
:
|
KUALALUMPUR BR(CO NO 995131-U, 5TH FLR., MILLENIUM OFFICE, BLOCK
160, JALAN BUKIT BINTANG 55100
|
|
Current Address
|
:
|
MILLENNIUM OFFICE BLOCK, 5TH FLOOR, 160 JALAN BUKIT BINTANG, 55100 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
|
|
Match
|
:
|
YES
|
|
|
|
|
|
Latest Financial Accounts
|
:
|
YES
|
Other Investigations
We conducted an interview with Ms Suria from the SC's Admin Department. She
revealed some information pertaining to the SC.
We have asked the SC, did the current economic crisis has effected its
business operation. However the SC has refused to provide any comments on its
operation.
FINANCIAL COMMENTS
Only one year
account is available for the SC. Without any comparison with previous year
account, our comments on the SC's financial performance is restricted.
ECONOMIC / INDUSTRY OUTLOOK
|
Major Economic Indicators:
|
2006
|
2007
|
2008
|
2009*
|
2010**
|
|
|
|
|
|
|
|
|
Population ( Million)
|
26.64
|
27.17
|
27.73
|
28.31
|
28.88
|
|
Gross Domestic Products ( % )
|
5.8
|
6.3
|
4.6
|
<3.5>
|
4.5
|
|
Domestic Demand ( % )
|
7.0
|
9.0
|
6.9
|
2.9
|
4.6
|
|
Private Expenditure ( % )
|
7.0
|
8.6
|
7.1
|
<0.3>
|
-
|
|
Consumption ( % )
|
7.1
|
9.0
|
8.4
|
3.5
|
-
|
|
Investment ( % )
|
7.0
|
7.1
|
1.5
|
<17.7>
|
-
|
|
Public Expenditure ( % )
|
6.8
|
10.1
|
6.5
|
11.4
|
-
|
|
Consumption ( % )
|
5.0
|
10.8
|
11.6
|
7.3
|
-
|
|
Investment ( % )
|
8.9
|
9.3
|
0.7
|
16.6
|
-
|
|
|
|
|
|
|
|
|
Balance of Trade ( MYR Million )
|
108,192
|
100,340
|
129,563
|
89,650
|
90,960
|
|
Government Finance ( MYR Million )
|
<19,109>
|
<19,948>
|
<34,462>
|
<28,450>
|
<40,482>
|
|
Government Finance to GDP / Fiscal Deficit ( % )
|
<3.3>
|
<3.2>
|
<4.8>
|
<4.8>
|
<5.6>
|
|
Inflation ( % Change in Composite CPI)
|
3.9
|
2.0
|
<3.3>
|
<5.2>
|
5.1
|
|
Unemployment Rate
|
3.4
|
3.2
|
3.7
|
4.5
|
3.9
|
|
|
|
|
|
|
|
|
Net International Reserves ( MYR Billion )
|
290
|
336
|
388
|
331
|
-
|
|
Average Risk-Weighted Capital Adequacy Ratio ( % )
|
4.21
|
3.04
|
1.91
|
2.87
|
-
|
|
Average 3 Months of Non-performing Loans ( % )
|
12.91
|
13.30
|
13.24
|
11.08
|
-
|
|
Average Base Lending Rate ( % )
|
6.61
|
6.72
|
6.72
|
5.53
|
-
|
|
Business Loans Disbursed( % )
|
<2.5>
|
9.1
|
11.6
|
13.7
|
-
|
|
Foreign Investment ( MYR Million )
|
20,228.0
|
33,426.0
|
23,261.4
|
22,156.8
|
-
|
|
Consumer Loans ( % )
|
-
|
-
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
Registration of New Companies ( No. )
|
38,293
|
43,337
|
41,599
|
41,578
|
-
|
|
Registration of New Companies ( % )
|
2.2
|
13.2
|
<4.0>
|
<0.1>
|
-
|
|
Liquidation of Companies ( No. )
|
8,647
|
22,629
|
27,992
|
-
|
-
|
|
Liquidation of Companies ( % )
|
181.8
|
161.5
|
23.7
|
-
|
-
|
|
|
|
|
|
|
|
|
Registration of New Business ( No. )
|
216,147
|
227,410
|
269,866
|
312,581
|
-
|
|
Registration of New Business ( % )
|
-
|
-
|
-
|
-
|
-
|
|
Business Dissolved ( No. )
|
52,879
|
20,431
|
18,885
|
-
|
-
|
|
Business Dissolved ( % )
|
<27.9>
|
<61.4>
|
<7.6>
|
-
|
-
|
|
|
|
|
|
|
|
|
Sales of New Passenger Cars (' 000 Unit )
|
446.2
|
442.9
|
497.5
|
319.4
|
-
|
|
Cellular Phone Subscribers ( Million )
|
19.5
|
23.3
|
25.1
|
-
|
-
|
|
Tourist Arrival ( Million Persons )
|
17.5
|
20.9
|
21.5
|
-
|
-
|
|
Hotel Occupancy Rate ( % )
|
64.8
|
70.0
|
68.0
|
-
|
-
|
|
|
|
|
|
|
|
|
Credit Cards Spending ( % )
|
15.4
|
20.1
|
17.1
|
-
|
-
|
|
Bad Cheque Offenders (No.)
|
36,555
|
30,004
|
34,834
|
-
|
-
|
|
Individual Bankruptcy ( No.)
|
13,596
|
13,238
|
13,907
|
-
|
-
|
|
Individual Bankruptcy ( % )
|
<14.3>
|
<2.6>
|
5.1
|
-
|
-
|
|
INDUSTRIES ( % of Growth ):
|
2006
|
2007
|
2008
|
2009*
|
2010**
|
|
|
|
|
|
|
|
|
Agriculture
|
5.3
|
3.1
|
3.6
|
<2.0>
|
2.5
|
|
Palm Oil
|
5.8
|
<0.6>
|
7.0
|
<3.5>
|
-
|
|
Rubber
|
12.6
|
1.0
|
<1.1>
|
<23.0>
|
-
|
|
Forestry & Logging
|
<0.4>
|
2.8
|
<1.5>
|
<14.3>
|
-
|
|
Fishing
|
9.3
|
5.2
|
4.0
|
7.9
|
-
|
|
Other Agriculture
|
5.3
|
7.0
|
5.9
|
5.3
|
-
|
|
Industry Non-Performing Loans ( MYR Million )
|
516.5
|
487.3
|
393.0
|
413.7
|
-
|
|
% of Industry Non-Performing Loans
|
1.1
|
1.1
|
<2.0>
|
1.3
|
-
|
|
|
|
|
|
|
|
|
Mining
|
<0.4>
|
3.3
|
<0.8>
|
<0.4>
|
1.1
|
|
Oil & Gas
|
4.6
|
2.2
|
12.7
|
2.1
|
-
|
|
Other Mining
|
5.1
|
-
|
-
|
-
|
-
|
|
Industry Non-performing Loans ( MYR Million )
|
55.4
|
42.2
|
36.0
|
44.2
|
-
|
|
% of Industry Non-performing Loans
|
0.1
|
0.1
|
0.1
|
0.1
|
-
|
|
|
|
|
|
|
|
|
Manufacturing #
|
7.3
|
3.1
|
1.3
|
<8.0>
|
1.7
|
|
Exported-oriented Industries
|
11.1
|
<1.9>
|
2.7
|
<19.0>
|
-
|
|
Electrical & Electronics
|
13.4
|
3.0
|
2.4
|
<30.3>
|
-
|
|
Rubber Products
|
0.4
|
8.0
|
4.2
|
<10.1>
|
-
|
|
Wood Products
|
0.7
|
3.3
|
<6.0>
|
-
|
-
|
|
Textiles & Apparel
|
12.6
|
<10.1>
|
1.9
|
<19.5>
|
-
|
|
Domestic-oriented Industries
|
5.0
|
5.3
|
9.9
|
<9.8>
|
-
|
|
Food, Beverages & Tobacco
|
4.8
|
5.6
|
9.5
|
0.2
|
-
|
|
Chemical & Chemical Products
|
1.7
|
9.2
|
1.4
|
<7.7>
|
-
|
|
Plastic Products
|
21.3
|
<3.6>
|
6.5
|
<9.1>
|
-
|
|
Iron & Steel
|
<6.9>
|
17.5
|
16.8
|
<32.7>
|
-
|
|
Fabricated Metal Products
|
20.0
|
26.2
|
14.7
|
<2.5>
|
-
|
|
Non-metallic Mineral
|
<1.9>
|
6.6
|
8.3
|
<15.5>
|
-
|
|
Transport Equipment
|
5.3
|
<19.0>
|
27.1
|
<13.5>
|
-
|
|
Paper & Paper Products
|
4.1
|
14.9
|
8.6
|
<5.0>
|
-
|
|
Crude Oil Refineries
|
12.1
|
8.6
|
7.8
|
0.2
|
-
|
|
Industry Non-Performing Loans ( MYR Million )
|
6,181.3
|
6,366.2
|
5,729.4
|
6,007.3
|
-
|
|
% of Industry Non-Performing Loans
|
12.7
|
14.1
|
16.8
|
18.3
|
-
|
|
|
|
|
|
|
|
|
Construction
|
<0.5>
|
4.6
|
2.1
|
3.0
|
3.2
|
|
Industry Non-Performing Loans ( MYR Million )
|
5,527.3
|
5,116.7
|
4,149.8
|
3,241.8
|
-
|
|
% of Industry Non-Performing Loans
|
11.4
|
11.3
|
12.2
|
9.9
|
-
|
|
|
|
|
|
|
|
|
Services
|
7.2
|
9.7
|
7.3
|
4.5
|
3.6
|
|
Electric, Gas & Water
|
5.2
|
4.6
|
5.0
|
<1.4>
|
1.8
|
|
Transport, Storage & Communication
|
5.2
|
7.6
|
7.8
|
7.3
|
8.7
|
|
Wholesale, Retail, Hotel & Restaurant
|
7.1
|
11.6
|
10.0
|
7.4
|
3.5
|
|
Finance, Insurance & Real Estate
|
7.7
|
10.7
|
9.2
|
8.1
|
7.1
|
|
Government Services
|
9.8
|
4.6
|
8.6
|
4.0
|
2.8
|
|
Other Services
|
4.7
|
5.0
|
5.9
|
5.4
|
5.0
|
|
Industry Non-Performing Loans ( MYR Million )
|
11,593.2
|
10,207.8
|
8,281.4
|
6,631.3
|
-
|
|
% of Industry Non-Performing Loans
|
23.9
|
22.6
|
24.3
|
20.2
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Estimate / Preliminary
|
|
|
|
|
|
|
** Forecast
|
|
|
|
|
|
|
# Based On
Manufacturing Production Index
(Source : Department of Statistics / Economic Report / Bank Negara Report)
|
INDUSTRY COMMENTS
|
MSIC CODE
|
|
50301 : Wholesale of parts and accessories for cars, vans and
four-wheel drives
|
|
5149 : Wholesale of other intermediate products, waste and scrap
|
|
|
|
|
INDUSTRY :
|
MOTOR VECHICLE
|
|
|
|
|
|
|
According to Malaysian Automotive Association (MAA), vehicle sales rose in May
2010, with the year-on-year volume up 16 per cent to 50,845 units from
43,985 units. For January to May 2010 period, sales rose by 20 per cent to
247,072 units compared with 206,060 units in the same period of year 2009.
|
|
MAA cited the continued favourable market conditions and the increase in
output to keep up with demand and delivery of outstanding orders for the
good sales.
|
|
Sales of passenger vehicles in May 2010 rose to 46,229 units from 40,159
units in May 2009 while that of commercial vehicles increased to 4,616
units from 3,826 units.
|
|
For the first five months of year 2010, sales of passenger vehicles rose to
222,947 units from 187,270 units in the corresponding period of year 2009
while sales of commercial vehicles increased to 24,125 units from 18,790
units previously.
|
|
A total of 49,666 units were produced in May 2010, up from 36,391 units in
May 2009. Passenger vehicle production in May 2010 increased to 46,045 units
from 33,473 units in the same month of 2009 while commercial vehicles rose
to 3,621 units from 2,918 units.
|
|
In the five-month period, passenger vehicle production rose to 221,626
units from 172,363 units in the same period of year 2009 while that of
commercial vehicles went up to 20,032 units from 17,611 units.
|
|
MAA was expected year-on-year sales to continue on the uptrend.
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : Average Growth
|
COMMENTS & RECOMMENDATION
|
Established in 2008, the SC is a foreign company with core business in the
trading of chemicals, steel, iron, parts for cars and other related
products. The SC's Headquater is based in Japan. Presently, the SC has a
paid up capital of USD154,319,462. Such a favourable paid up capital
enables the SC to expand its business comfortably in future.
|
|
Although the SC has been in the business for only 2 years, it has
established an extensive marketing network to support its business
operation. Apart from supplying its products to the local market, the SC
has broaden its reach and penetrated into the Asia
market. Such wide market coverage has minimised its business risk. Headed
by its Deputy general Manager, the SC currently has about 78 staff in its
business operations. The overall management capability of the SC is
average.
|
|
As at 2009, the SC has reported total turnover and pre-tax profit of RM1.34
billion and RM19.32 million respectively. Return on shareholders' funds of
the SC was at an acceptable range which indicated that the management was
efficient in utilising its funds to generate income. Besides, the SC
managed to maintain an adequate liquidity level, indicating that the SC has
the ability to meet its financial obligations. Being a lowly geared company,
the SC is exposed to low financial risk as it is mainly dependent on its
internal funds to finance its business needs. Given a positive net worth
standing at RM57.28 million, the SC should be able to maintain its business
in the near terms.
|
|
To reduce the risk of component shortages, the SC sources its raw materials
locally and imported from overseas countries. Thus, it is subjected to the
currency fluctuation risk.
|
|
Based on our historical financial data, we concluded that the SC's pattern
of payment habit is good. This implies good credit control and the SC could
be taking advantage of the cash discounts while maintaining a good
reputation with its creditors.
|
|
This industry shows an upward trend and this trend is very likely to sustain
in the near future. Nonetheless, the SC is still faces competition from
local and foreign players in the industry. As a well established company,
the SC should have strong competitive edge against other players in the
same fields.
|
|
Based on the above condition, we recommend a fairly large amount of credit
be granted to the SC promptly.
|
PROFIT AND LOSS ACCOUNT
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH MALAYSIA ACCOUNTING STANDARD.
|
|
MITSUI &
CO (ASIA PACIFIC) PTE LTD
|
|
For The Year
Ended 31-March-2009
|
|
|
13 month
|
|
|
2009
|
|
|
MYR
|
|
|
|
|
|
|
|
TURNOVER
|
1,343,122,722
|
|
|
==========
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
19,324,524
|
|
|
|
|
|
------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
19,324,524
|
|
Taxation
|
<3,955,018>
|
|
PROFIT/(LOSS) AFTER TAXATION
|
------------
15,369,506
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS
|
------------
15,369,506
|
|
|
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS
RETAINED PROFIT/(ACCUMULATED LOSS) BROUGHT FORWARD
|
------------
15,369,506
|
|
|
------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
15,369,506
|
|
RETAINED PROFIT/(ACCUMULATED LOSS) CARRIED FORWAD
|
------------
15,369,506
==========
|
|
RETAINED BY: The Company
|
15,369,506
|
|
|
|
|
|
|
|
|
------------
15,369,506
==========
|
|
INTEREST EXPENSE (as per notes to PL)
|
|
|
Other interest expenses
|
2,685,853
|
|
|
------------
2,685,853
==========
|
|
|
|
BALANCE SHEET
|
MITSUI &
CO (ASIA PACIFIC) PTE LTD
|
|
As At
31-March-2009
|
|
|
13 month
|
|
|
2009
|
|
|
MYR
|
|
|
|
|
|
ASSET EMPLOYED:
|
|
|
FIXED ASSETS
|
7,925,211
|
|
LONG TERM INVESTMENTS/OTHER ASSETS
|
|
|
|
Investments
|
30,088,819
|
|
|
Loans & advances - non-current
|
255,337
|
|
Deffered assets
|
1,442,766
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS
|
------------
31,786,922
|
|
TOTAL LONG TERM ASSETS
|
------------
39,712,133
|
|
|
|
|
|
CURRENT ASSETS
|
|
|
|
Trade debtors
|
126,182,174
|
|
|
Other debtors, deposits & prepayments
|
1,370,805
|
|
|
|
|
|
|
Amount due from related companies
|
4,909,911
|
|
|
Cash & bank balances
|
23,166,933
|
|
|
|
|
|
TOTAL CURRENT ASSETS
|
------------
155,629,823
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
Trade creditors
|
45,845,768
|
|
|
Other creditors & accruals
|
5,546,100
|
|
|
|
|
|
|
|
|
|
|
Short term borrowings/Term loans
|
530,583
|
|
|
Amounts owing to holding companies
|
75,810,045
|
|
|
|
|
|
|
Amounts owing to related companies
|
768,153
|
|
|
|
|
|
|
|
|
|
|
Provision for taxation
|
654,802
|
|
|
|
|
|
|
Provision for contingent liabilities
|
4,584,083
|
|
TOTAL CURRENT LIABILITIES
|
------------
133,739,534
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
------------
21,890,289
|
|
TOTAL NET ASSETS
|
------------
61,602,422
==========
|
|
|
|
|
|
FINANCED BY:
|
|
|
RESERVES
|
|
|
|
|
|
|
|
Exchange equalisation/fluctuation reserve
|
2,623,886
|
|
|
Retain profit/(Accumulated loss) carried forward
|
15,369,506
|
|
|
Head office working fund
|
39,287,641
|
|
TOTAL RESERVES
|
------------
57,281,033
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
------------
57,281,033
|
|
LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
|
|
|
Retirement benefits provision
|
4,321,389
|
|
TOTAL LONG TERM & DEFERRED LIABILITIES & PROVISIONS
|
------------
4,321,389
|
|
|
------------
|
|
|
61,602,422
|
|
|
==========
|
|
|
|
|
FINANCIAL RATIOS
|
MITSUI &
CO (ASIA PACIFIC) PTE LTD
|
|
As At
31-March-2009
|
|
|
13 month
|
|
|
2009
|
|
|
MYR
|
|
|
|
|
|
|
|
|
|
TYPES OF FUNDS
|
|
|
|
Cash
|
23,166,933
|
|
|
Net Liquid Funds
|
22,636,350
|
|
|
Net Liquid Assets
|
21,890,289
|
|
|
Net Current Assets/(Liabilities)
|
21,890,289
|
|
|
Net Tangible Assets
|
61,602,422
|
|
|
Net Monetary Assets
|
17,568,900
|
|
|
|
|
|
BALANCE SHEET ITEMS
|
|
|
|
Total Borrowings
|
530,583
|
|
|
Total Liabilities
|
138,060,923
|
|
|
Total Assets
|
195,341,956
|
|
|
Net Assets
|
61,602,422
|
|
|
Net Assets Backing
|
57,281,033
|
|
|
Shareholders" Funds
|
57,281,033
|
|
|
Total Share Capital
|
0
|
|
|
Total Reserves
|
57,281,033
|
|
|
|
|
|
LIQUIDITY(Times)
|
|
|
|
Cash Ratio
|
0.17
|
|
|
Liquid Ratio
|
1.16
|
|
|
Current Ratio
|
1.16
|
|
|
|
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
Stock Ratio
|
0
|
|
|
Debtors Ratio
|
34
|
|
|
Creditors Ratio
|
12
|
|
|
|
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
Gearing Ratio
|
0.01
|
|
|
Liabilities Ratio
|
2.41
|
|
|
Times Interest Earned Ratio
|
8.19
|
|
|
|
|
|
PERFORMANCE RATIO (%)
|
|
|
|
Operating Profit Margin
|
1.44
|
|
|
Net Profit Margin
|
1.14
|
|
|
Return On Net Assets
|
35.73
|
|
|
Return On Capital Employed
|
35.42
|
|
|
Return On Shareholders' Funds/Equity
|
26.83
|
|
|
Dividend Pay Out Ratio (Times)
|
0
|
|
|
|
|
|
NOTES TO ACCOUNTS
|
|
|
|
Contingent Liabilities
|
0.00
|
|
|
|
|
|
|
|
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