MIRA INFORM REPORT

 

 

Report Date :

17.10.2011

 

IDENTIFICATION DETAILS

 

Name :

MITSUI & CO. (ASIA PACIFIC) PTE. LTD.

 

 

Registered Office :

16 Raffles Quay #29-00 Hong Leong Building Singapore 048581

 

 

Country :

Singapore

 

 

Financials (as on) :

31.03.2010 (Group)

 

 

Date of Incorporation :

06.02.2007

 

 

Com. Reg. No.:

200702159M

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Other Investment Holding Companies

 

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 – 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

:

MITSUI & CO. (ASIA PACIFIC) PTE. LTD.

Registration No

:

200702159M

Date of Registration

:

06/02/2007

Former Name

:

MITSUI & CO (ASIA PACIFIC) PTE. LTD. Eff. date : 06/02/2007 Eff. date : 06/02/2007

Date of Change of Name

:

22/02/2007

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

16 RAFFLES QUAY #29-00 HONG LEONG BUILDING SINGAPORE 048581

Date of Change of Address

:

06/02/2007

Contact No.

:

6321 3128

Fax No.

:

6226 2957

Website

:

NA

Operating address

:

80 Robinson Road, #25-00, Singapore 068898, Singapore

Registered Activities

:

1. OTHER INVESTMENT HOLDING COMPANIES

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

Issued Ordinary Capital*

:

$225,101,415.00 U.S. DOLLAR ,NO. OF SHARE : 225,101,415

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$225,101,415.00 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

:

6

Auditor

:

DELOITTE & TOUCHE LLP

Bankers / Financiers

:

NA

Turnover

:

SGD - SIN 3,405,872,758.00 (FY2010)

Net Worth

:

SGD - SIN 401,516,657.00 (FY2010)

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

:

MITSUI & CO., LTD.

SHAREHOLDER ID

:

T06UF0139C

NATIONALITY

:

NA

ADDRESS

:

2-1 OHTEMACHI 1-CHOME CHIYODA-KU TOKYO 100-0004, JAPAN

NO. OF ORD SHARES

:

195,101,415

% OF SHAREHOLDING

:

86.7%

CURRENCY

:

U.S. DOLLAR

 

NAME

:

MITSUI & CO., LTD.

SHAREHOLDER ID

:

S55FC1167J

NATIONALITY

:

JAPAN

ADDRESS

:

16 RAFFLES QUAY #29-00 HONG LEONG BUILDING SINGAPORE 048581

NO. OF ORD SHARES

:

30,000,000

% OF SHAREHOLDING

:

13.3%

CURRENCY

:

U.S. DOLLAR

 

 

OFFICER DETAILS

 

NAME

:

TOSHIMASA FURUKAWA

ADDRESS

:

5B TANGLIN HILL SINGAPORE 248038

POSITION

:

DIRECTOR

MANAGING DIRECTOR

DATE OF APPT

:

07/05/2008

07/05/2008

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

G6071201N

 

NAME

:

MASANOBU ITOH

ADDRESS

:

7 ORANGE GROVE ROAD #04-204 TREETOPS EXECUTIVE RESIDENCES SINGAPORE 258355

POSITION

:

DIRECTOR

DATE OF APPT

:

18/05/2010

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

G6091573W

 

NAME

:

KAZUO NAKAYAMA

ADDRESS

:

44 KEPPEL BAY DRIVE #05-122 CARIBBEAN AT KEPPEL BAY SINGAPORE 098657

POSITION

:

DIRECTOR

DATE OF APPT

:

01/07/2008

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

G6095386X

 

NAME

:

IKUO OTSUKI

ADDRESS

:

177B RIVER VALLEY ROAD #15-07 LIANG COURT SINGAPORE 179032

POSITION

:

DIRECTOR

DATE OF APPT

:

22/09/2008

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

G6197891M

 

NAME

:

YAMATO KIMPARA

ADDRESS

:

10 MOUNT SOPHIA #09-40 8 @ MOUNT SOPHIA SINGAPORE 228459

POSITION

:

SECRETARY

DATE OF APPT

:

17/07/2009

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

G6296566K

 

NAME

:

KENJI FUTAMURA

ADDRESS

:

81A CLEMENCEAU AVENUE #09-23 SINGAPORE 239918

POSITION

:

SECRETARY

DATE OF APPT

:

28/04/2010

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

G6389950Q

 

 

 

NAME

:

HIDEKI MORIMATSU

ADDRESS

:

6 MOUNT SOPHIA #07-05 8 @ MOUNT SOPHIA SINGAPORE 228457

POSITION

:

SECRETARY

DATE OF APPT

:

28/04/2010

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

G6400263K

 

NAME

:

MORI KOJIRO

ADDRESS

:

177B RIVER VALLEY ROAD #24-03 LIANG COURT SINGAPORE 179032

POSITION

:

DIRECTOR

DATE OF APPT

:

14/05/2010

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

G6419918N

 

 

KEY PERSONNEL PROFILE

 

Name:

TOSHIMASA FURUKAWA

NRIC Number:

G6071201N

Available Address:

5B TANGLIN HILL  SINGAPORE 248038

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

MITSUI & CO. (ASIA PACIFIC) PTE. LTD.

DIRECTOR

07/05/2008

-

-

2

MITSUI & CO. (ASIA PACIFIC) PTE. LTD.

MANAGING DIRECTOR

07/05/2008

-

-

 

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 (%)

MI-MI INVESTMENT SINGAPORE PTE. LTD.

50

MITORIENT HOLDING PTE LTD

49

MITSUI ELECTRONICS ASIA PTE. LTD.

40

PAYMENTLINK PTE. LTD.

37.1

REGENCY STEEL ASIA PTE. LTD.

27.2

TRI-NET LOGISTICS (ASIA) PTE LTD

20

                                                                                                                       

 

 

 

 

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

:

28/09/2010

Date of Last AR

:

22/10/2010

Date of A/C Laid At Last AGM

:

31/03/2010

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Group

 

MAR 2010

% Change

MAR 2009

MAR 2008

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

Turnover

3,405,872,758

18.06

2,884,851,447

10,212,133,545

Profit/(Loss) Before Tax

52,304,137

NA

(15,962,487)

21,504,617

Profit After Tax attributable to Shareholders

46,669,125

NA

(18,263,036)

20,255,810

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

Total Assets

1,385,862,235

44.26

960,639,716

1,908,311,259

Current Assets

899,358,661

30.78

687,706,710

1,766,779,221

Non Current Assets

486,503,574

78.25

272,933,006

141,532,038

 

 

 

 

 

Total Liabilities

984,345,580

44.18

682,711,853

1,796,709,226

Current Liabilities

816,054,837

30.68

624,475,529

1,796,664,890

Non Current Liabilities

168,290,743

188.98

58,236,324

44,336

 

 

 

 

 

Shareholders' Funds

401,516,657

44.47

277,927,864

111,602,033

Share Capital

219,926,488

26.21

174,248,861

44,336,370

Total Reserves

181,590,169

75.15

103,679,003

67,265,663

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Group

 

MAR 2010

MAR 2009

MAR 2008

Growth %

 

 

 

Year-on-Year Growth

18.06

-71.75

NA

 

 

 

 

Profitability

 

 

 

Profit Margin (%)

1.37

NA

0.20

Return on Equity (%)

11.62

NA

18.15

Return on Assets (%)

3.37

NA

1.06

 

 

 

 

Leverage

 

 

 

Total Debt/Equity (Times)

2.45

2.46

16.10

Current Debt/Equity (Times)

2.03

2.25

16.10

Long Term Debt To Equity (Times)

0.42

0.21

0.00

Total Asset To Total Equity (Times)

3.45

3.46

17.10

 

 

 

 

Asset Management

 

 

 

Total Assets Turnover (Times)

2.46

3.00

5.35

Fixed Assets Turnover (Times)

7.00

10.57

72.15

 

 

 

 

Liquidity

 

 

 

Current Ratio (Times)

1.10

1.10

0.98

 

 

 

 

 

FINANCIAL COMMENTARY

 

Profitability

The group yielded a rate of net profit on sales of 1.37 per cent in FY10. The group is now able to book in SGD - SIN 0.01 of profit for every SGD - SIN of sales.

 

 

Liquidity

 

Current ratio stood at 1.10 times in FY10. This means that the group has SGD - SIN 1.10 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 at 2.45 times in FY10. This means that the group requires additional external financing of SGD - SIN 2.45 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 11.62 per cent for Subject in the current financial period. 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 3.37 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 2.46 times in FY10. 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.49.07

UK Pound

1

Rs.77.42

Euro

1

Rs.67.72

 

 

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.