MIRA INFORM REPORT

 

 

Report Date :

11.11.2011

 

IDENTIFICATION DETAILS

 

Name :

SHINKO SHOJI SINGAPORE PTE LTD

 

 

Registered Office :

101 Cecil Street #17-12 Tong Eng Building Singapore 069533

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

25.09.1989

 

 

Com. Reg. No.:

198904104N

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

General Wholesale Trade (Including General Importers And Exporters)

 

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$587,000

Status :

Satisfactory

Payment Behaviour :

Regular

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 30, 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

:

SHINKO SHOJI SINGAPORE PTE LTD

Registration No

:

198904104N

Date of Registration

:

25/09/1989

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

101 CECIL STREET #17-12 TONG ENG BUILDING SINGAPORE 069533

Date of Change of Address

:

01/04/2008

Contact No.

:

6220 3329

Fax No.

:

6224 4700

Website

:

NA

Registered Activities

:

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

2. WHOLESALE ON A FEE OR CONTRACT BASIS (EG COMMISSION AGENTS)

Issued Ordinary Capital*

:

$2,400,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 2,400,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$2,400,000.00 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

:

PATRICK KAN & CO

Bankers / Financiers

:

NA

Turnover

:

SINGAPORE, DOLLARS 150,692,074.04 (FY2010)

Net Worth

:

SINGAPORE, DOLLARS 5,865,221.15 (FY2010)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

NA

S1000 / SME 500 / FG50 Ranking

:

1209 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2008/2009)

1289 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2001/2002)

911 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2000/2001)

Compounded Annual Growth Rate (CAGR)

:

8.03% (4 years)

 

 

Credit Rating & Recommendation

 

Recommended Credit Line

:

S$587,000

 

 

SHAREHOLDER DETAILS

 

NAME

:

SHINSHO CORPORATION

SHAREHOLDER ID

:

S89UF0178G

NATIONALITY

:

JAPAN

ADDRESS

:

EITARO BLDG 2-5 NIHONBASHI, 1-CHOME CHUO-KU TOKYO 103 JAPAN

NO. OF ORD SHARES

:

2,400,000

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

 

OFFICER DETAILS

 

NAME

:

TAKAFUMI TANAKA

ADDRESS

:

57A DEVONSHIRE ROAD #08-03 SUITES AT CENTRAL, THE SINGAPORE 239897

POSITION

:

DIRECTOR

MANAGING DIRECTOR

DATE OF APPT

:

29/09/2011

29/09/2011

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

G5662816P

 

NAME

:

KIYOFUMI KOBAYASHI

ADDRESS

:

6-15-1-110 OSHIMA KOHTO-KU, TOKYO, JAPAN ZIP CODE: 136-0072

POSITION

:

DIRECTOR

DATE OF APPT

:

28/06/2007

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

MR8383608

 

NAME

:

KAN SOW HAR LAREEN

ADDRESS

:

3 AMBER GARDENS #11-11 ONE AMBER SINGAPORE 439972

POSITION

:

SECRETARY

DATE OF APPT

:

01/07/1995

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0123800J

 

NAME

:

GAN SIANG KIONG

ADDRESS

:

18 TAMAN SERASI #09-18 BOTANIC GARDEN MANSIONS SINGAPORE 257722

POSITION

:

DIRECTOR

DATE OF APPT

:

25/09/1989

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1277912G

 

 

KEY PERSONNEL PROFILE

 

Name:

TAKAFUMI TANAKA

NRIC Number:

G5662816P

Available Address:

57A DEVONSHIRE ROAD #08-03 SUITES AT CENTRAL, THE  SINGAPORE 239897

 

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

No Trace

 

 

 

 

 

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

SINGAPORE KOBE PTE. LTD

LIVE COMPANY

DIRECTOR

30/07/2002

25/10/2011

 

 

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

 

Date of Last AGM

:

18/04/2011

Date of Last AR

:

26/04/2011

Date of A/C Laid At Last AGM

:

31/12/2010

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

DEC 2010

% Change

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Currency

SINGAPORE, DOLLARS

 

SGD - SIN

SGD - SIN

SINGAPORE, DOLLARS

SINGAPORE, DOLLARS

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

150,692,074

108.37

72,320,985

130,152,637

130,623,713

110,641,800

Profit/(Loss) Before Tax

1,156,204

30.36

886,950

901,681

171,391

230,843

Profit After Tax attributable to Shareholders

985,420

29.41

761,493

730,508

159,471

160,543

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

42,368,159

28.61

32,942,046

28,664,392

30,134,916

29,891,367

Current Assets

42,298,477

28.80

32,841,605

28,494,124

30,031,870

29,725,582

Non Current Assets

69,683

-30.62

100,441

170,268

103,046

165,785

 

 

 

 

 

 

 

Total Liabilities

36,502,938

31.67

27,723,585

24,342,677

26,438,682

26,354,604

Current Liabilities

36,499,264

31.68

27,719,074

24,335,904

26,438,182

26,354,104

Non Current Liabilities

3,674

-18.56

4,511

6,773

500

500

 

 

 

 

 

 

 

Shareholders' Funds

5,865,221

12.39

5,218,461

4,321,715

3,696,234

3,536,763

Share Capital

1,817,841

-6.49

1,943,999

1,885,006

2,400,000

2,400,000

Total Reserves

4,047,380

23.60

3,274,462

2,436,709

1,296,234

1,136,763

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

DEC 2010

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Growth %

 

 

 

 

 

Year-on-Year Growth

108.37

-44.43

-0.36

18.06

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

0.65

1.05

0.56

0.12

0.15

Return on Equity (%)

16.80

14.59

16.90

4.31

4.54

Return on Assets (%)

2.33

2.31

2.55

0.53

0.54

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

6.22

5.31

5.63

7.15

7.45

Current Debt/Equity (Times)

6.22

5.31

5.63

7.15

7.45

Long Term Debt To Equity (Times)

0.00

0.00

0.00

0.00

0.00

Total Asset To Total Equity (Times)

7.22

6.31

6.63

8.15

8.45

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

3.56

2.20

4.54

4.33

3.70

Fixed Assets Turnover (Times)

2,162.54

720.03

764.40

1,267.63

667.38

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.16

1.18

1.17

1.14

1.13

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 8.03% (4 years).

 

CAGR is the year-over-year growth rate of a company over a specified period. Instead of looking at the average growth rate, CAGR allow users to look at the annualized growth rate of a company over a given period, a more indicative measure of growth of a company’s performance over a given period.

 

Profitability

The company yielded a rate of net profit on sales of 0.65 per cent in FY10 (FY09: 1.05 per cent). The company is now able to book in SINGAPORE, DOLLARS 0.01 of profit for every SINGAPORE, DOLLARS of sales in FY10, as compared with SINGAPORE, DOLLARS 0.01 a year ago.

 

Liquidity

 

Current ratio stood at 1.16 times in FY10 (FY09: 1.18 times). This means that the company has SINGAPORE, DOLLARS 1.16 of current assets for every SINGAPORE, DOLLARS of current liability incurred.

 

FINANCIAL COMMENTARY

 

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 6.22 times in FY10, compared with 5.31 times in FY09. This means that the company requires additional external financing of SINGAPORE, DOLLARS 6.22 for every SINGAPORE, DOLLARS 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 16.80 per cent for Subject in the current financial period, as compared to 14.59 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.

 

FINANCIAL COMMENTARY

 

Return on assets stood at 2.33 per cent (FY09: 2.31 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 3.56 times in FY10 (FY09: 2.20 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.49.78

UK Pound

1

Rs.80.10

Euro

1

Rs.68.82

 

 

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.