MIRA INFORM REPORT

 

 

Report Date :

25.04.2012

 

IDENTIFICATION DETAILS

 

Name :

TOSHIBA SINGAPORE PTE LTD

 

 

Registered Office :

438b Alexandra Road #06-01 Alexandra Technopark Singapore 119968

 

 

Country :

Singapore

 

 

Financials (as on) :

2011

 

 

Date of Incorporation :

21.09.1974

 

 

Com. Reg. No.:

197401688Z

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

General Wholesale Trade (Including General Importers And Exporters)

Trading In Audio Visual, Ha, Pc, Copier And Other Electronic Products

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

S$1,000,000

Status :

Moderate

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 30, 2011

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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

:

TOSHIBA SINGAPORE PTE LTD

Registration No

:

197401688Z

Date of Registration

:

21/09/1974

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

438B ALEXANDRA ROAD #06-01 ALEXANDRA TECHNOPARK SINGAPORE 119968

Date of Change of Address

:

05/04/2006

Contact No.

:

6273 7555

Fax No.

:

65160239

Website

:

www.toshiba.com.sg

Registered Activities

:

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

TRADING IN AUDIO VISUAL, HA, PC, COPIER AND OTHER ELECTRONIC PRODUCTS

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

COMMISSION AGENT AND MANAGEMENT SERVICES

Issued Ordinary Capital*

:

$11,600,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 11,600,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$11,600,000.00 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

:

1

Auditor

:

ERNST & YOUNG LLP

Bankers / Financiers

:

NA

Turnover

:

SGD - SIN 1,325,093,701.00 (FY2011)

Net Worth

:

SGD - SIN 17,736,797.00 (FY2011)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

3

S1000 / SME 500 / FG50 Ranking

:

258 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2010/2011)

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

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

1117 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2008/2009)

570 POSITION IN Singapore 1000 Companies Ranked by Return on Equities (2008/2009)

Compounded Annual Growth Rate (CAGR)

:

11.09% (4 years)

 

 

Credit Recommendation

 

Recommended Credit Line

:

S$1,000,000

 

 

SHAREHOLDER DETAILS

 

NAME

:

TOSHIBA CORPORATION

SHAREHOLDER ID

:

S74UF0080C

NATIONALITY

:

NA

ADDRESS

:

1-1 SHIBAURA 1-CHOME, MINATO-KU TOKYO 105-8001, JAPAN

NO. OF ORD SHARES

:

11,474,563

% OF SHAREHOLDING

:

98.9%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

TOSHIBA HOME APPLIANCES CORPORATION

SHAREHOLDER ID

:

T08UF2277C

NATIONALITY

:

JAPAN

ADDRESS

:

2-15, SOTOKANDA 2-CHOME CHIYODA-KU, TOKYO 101-0021, JAPAN

NO. OF ORD SHARES

:

125,437

% OF SHAREHOLDING

:

1.1%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

 

OFFICER DETAILS

 

NAME

:

YOSUKE GOTO

ADDRESS

:

7 CLAYMORE ROAD #08-01 SINGAPORE 229538

POSITION

:

DIRECTOR

DATE OF APPT

:

01/06/2010

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

F2486489T

 

NAME

:

HIDEMI MURATA

ADDRESS

:

81A CLEMENCEAU AVENUE #06-18 SINGAPORE 239918

POSITION

:

DIRECTOR

MANAGING DIRECTOR

DATE OF APPT

:

01/11/2008

01/11/2008

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

G6228808L

 

NAME

:

SHOJI YOSHIOKA

ADDRESS

:

491A RIVER VALLEY ROAD #03-05 VALLEY POINT SINGAPORE 248372

POSITION

:

DIRECTOR

DATE OF APPT

:

01/03/2010

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

G6292922M

 

NAME

:

GOH SIEW HUANG

ADDRESS

:

1 JALAN SELANTING #04-01 SINGAPORE 598368

POSITION

:

SECRETARY

DIRECTOR

DATE OF APPT

:

20/08/2007

12/08/2009

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1136673B

 

NAME

:

SHIGENORI TOKUMITSU

ADDRESS

:

ROOM 530,DAIA PALACE BW FUKAYA 2352 UENODAI, FUKAYA CITY.SAITAMA .JAPAN 366-0801

POSITION

:

DIRECTOR

DATE OF APPT

:

03/12/2010

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TH0021723

 

 

 

KEY PERSONNEL PROFILE

 

 

Name:

HIDEMI MURATA

NRIC Number:

G6228808L

Available Address:

81A CLEMENCEAU AVENUE #06-18  SINGAPORE 239918

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

TOSHIBA DATA DYNAMICS PTE LTD

DIRECTOR

01/11/2008

-

-

2

TOSHIBA SINGAPORE PTE LTD

DIRECTOR

01/11/2008

-

-

3

TOSHIBA SINGAPORE PTE LTD

MANAGING DIRECTOR

01/11/2008

-

-

 

Previous Business

 

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

No Trace

 

 

 

 

 

Bankruptcy Record

 

(Status include petition filed, order made, discharge, annulment, set aside, rescinded and withdrawn)

 

Case No.

Year

Date of Filing

Petitioner Name

Amount

No Trace

 

 

 

 

 

Note: Please purchase case details to know the latest status.

 

Litigation Search – Writ of Summons

 

Court

Case No.

Year

Date of Filing

Amount

Cause Category

No Trace

 

 

 

 

 

 

 

SUBSIDIARIES AND ASSOCIATE COMPANIES

 

Company

Shareholdings (%)

 

TOSHIBA DATA DYNAMICS PTE LTD

50

                                                                                                                       

 

 

 

 

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

 

The following litigation suits were traced against Subject. Case status is as per available in DP Information Network Pte Ltd database. For the latest status of the suit, please obtain the full details of the suit through Litigation Detail Search (DLIT) offered by DP Information Network Pte Ltd.

 

To date, there have been 3 litigation suits filed against Subject.

 

 

Current Year

On/After 01 Jan 2012

Past Years

Bef 01 Jan 2012

 

Court (Claim under normal circumstances)

Magistrate (< $80,000)

0

2

District ($80,000 - $250,000)

0

0

High (>$250,000)

0

1

 

Winding Up Trace

 

No

In litigation/Dissolved/Struck Off/In receivership

No

 

The details are as follows:

 

1)

Court

:

Supreme Court

 

Case No.

:

145

 

Date of Filing

:

08/02/2002

 

Amount

:

0.00

 

Cause

:

General Contract

 

Case Status

:

CONCLUDED

 

Plaintiff

:

ECON AV CONCEPTS PTE LTD

 

2)

Court

:

Magistrate Court

 

Case No.

:

2448

 

Date of Filing

:

20/01/2003

 

Amount

:

0.00

 

Cause

:

Negligence - Motor Accidents (Not Injuries / Death)

 

Case Status

:

CONCLUDED

 

Plaintiff

:

FOO PHILIP @ CHEONG GOH TEE

 

3)

Court

:

Magistrate Court

 

Case No.

:

21940

 

Date of Filing

:

27/08/1998

 

Amount

:

0.00

 

Cause

:

Negligence - Motor Accidents (Not Injuries / Death)

 

Case Status

:

CONCLUDED

 

Plaintiff

:

CHENG SIEW CHERNG ROY

 

 

COMPLIANCE

 

Date of Last AGM

:

19/08/2011

Date of Last AR

:

14/09/2011

Date of A/C Laid At Last AGM

:

31/03/2011

 

 

 FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

MAR 2011

% Change

MAR 2010

MAR 2009

MAR 2008

MAR 2007

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

1,325,093,701

73.57

763,429,253

656,058,306

807,608,527

870,058,721

Profit/(Loss) Before Tax

14,212,912

81.84

7,815,997

12,978,792

3,833,539

1,607,137

Profit After Tax attributable to Shareholders

10,811,827

57.66

6,857,829

10,975,584

(13,167,758)

18,637,457

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

422,450,429

27.88

330,346,112

157,843,580

259,154,541

300,166,893

Current Assets

397,226,880

31.16

302,858,337

130,177,061

229,272,002

270,594,268

Non Current Assets

25,223,549

-8.24

27,487,775

27,666,519

29,882,539

29,572,625

 

 

 

 

 

 

 

Total Liabilities

404,713,630

36.41

296,687,699

130,719,389

208,333,397

209,563,818

Current Liabilities

400,246,674

37.62

290,827,022

127,345,421

208,333,397

209,530,869

Non Current Liabilities

4,466,956

-23.78

5,860,677

3,373,968

0

32,949

 

 

 

 

 

 

 

Shareholders' Funds

17,736,797

-47.30

33,658,414

27,124,191

50,821,144

90,603,075

Share Capital

7,895,928

-6.82

8,473,508

8,575,822

8,743,046

9,275,831

Total Reserves

9,840,869

-60.93

25,184,906

18,548,369

42,078,098

81,327,244

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

MAR 2011

MAR 2010

MAR 2009

MAR 2008

MAR 2007

Growth %

 

 

 

 

 

Year-on-Year Growth

73.57

16.37

-18.77

-7.18

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

0.82

0.90

1.67

-1.63

2.14

Return on Equity (%)

60.96

20.37

40.46

-25.91

20.57

Return on Assets (%)

2.56

2.08

6.95

-5.08

6.21

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

22.82

8.81

4.82

4.10

2.31

Current Debt/Equity (Times)

22.57

8.64

4.69

4.10

2.31

Long Term Debt To Equity (Times)

0.25

0.17

0.12

0.00

0.00

Total Asset To Total Equity (Times)

23.82

9.81

5.82

5.10

3.31

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

3.14

2.31

4.16

3.12

2.90

Fixed Assets Turnover (Times)

52.53

27.77

23.71

27.03

29.42

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

0.99

1.04

1.02

1.10

1.29

 

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 11.09% (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 0.82 per cent in FY11 (FY10: 0.90 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 0.01 a year ago.

 

Liquidity

Current ratio stood at 0.99 times in FY11 (FY10: 1.04 times). This means that the company has SGD - SIN 0.99 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 22.82 times in FY11, compared with 8.81 times in FY10. This means that the company requires additional external financing of SGD - SIN 22.82 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 60.96 per cent for Subject in the current financial period, as compared to 20.37 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 2.56 per cent (FY10: 2.08 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 3.14 times in FY11 (FY10: 2.31 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.52.79

UK Pound

1

Rs.85.17

Euro

1

Rs.69.53

 

 

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%)

 

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