MIRA INFORM REPORT

 

 

Report Date :

06.12.2012

 

IDENTIFICATION DETAILS

 

Name :

ITOCHU PLASTICS PTE., LTD.

 

 

Formerly Known As :

C. Itoh Plastics International Pte. Ltd

 

 

Registered Office :

9 Raffles Place #41-01 Republic Plaza Singapore 048619

 

 

Country :

Singapore

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

28.04.1988

 

 

Com. Reg. No.:

198801314d

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

General wholesale trade (including general importers and exporters)

Wholesale trading in all kinds of plastic raw material, plastic & chemical prdts

 

 

No. of Employees :

Not Available 

 

 

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

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Singapore

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Singapore - ECONOMIC OVERVIEW

 

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. Real GDP growth averaged 8.6% between 2004 and 2007. The economy contracted 1.0% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010 and 4.9% in 2011, on the strength of renewed exports. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to a compound annual growth rate of just 1.8% in the last decade. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub.

 

Source : CIA

 

 

Company Name:

Registered Number:

ITOCHU PLASTICS PTE., LTD.

198801314D

 

Date Incorporated:

Registered Office:

Telephone Number:

28/04/1988

9 RAFFLES PLACE #41-01 REPUBLIC PLAZA SINGAPORE 048619

6536 3328

Age of Company:

Website:

Industry Type:

24

NA

COMMERCE-WHOLESALE

 

Risk Dashboard

Days Beyond Terms

Trend:

No. of Litigation Counts:

Company DTC:

NA

20

Payment pattern as per previous month

No. of Charges(s):
0

Industry DTC

 

24

 

Directors

 

Corporate Structure

Number of Current Directors

5

Holding Company:

ITOCHU CORPORATION

Number that are shareholders

2

No. of Subsidiaries & Associated Companies:

NA

 

 

EXECUTIVE SUMMARY

 

Company Name

:

ITOCHU PLASTICS PTE., LTD.

Registration No

:

198801314D

Date of Registration

:

28/04/1988

Former Name

:

C. ITOH PLASTICS INTERNATIONAL PTE. LTD. Eff. date : 28/04/1988 Eff. date : 28/04/1988

Date of Change of Name

:

03/01/1994

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

9 RAFFLES PLACE #41-01 REPUBLIC PLAZA SINGAPORE 048619

Date of Change of Address

:

18/03/1996

Contact No.

:

6536 3328

Fax No.

:

6230 0562

Website

:

NA

Registered Activities

:

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

WHOLESALE TRADING IN ALL KINDS OF PLASTIC RAW MATERIAL, PLASTIC&CHEMICAL PRDTS

2. WHOLESALE OF CHEMICALS AND CHEMICAL PRODUCTS NEC

Issued Ordinary Capital*

:

$2,750,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 2,750,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$2,750,000.00 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

:

KPMG LLP

Bankers / Financiers

:

NA

Turnover

:

SGD - SIN 2,157,521,920.00 (FY2012)

Net Worth

:

SGD - SIN 38,854,157.00 (FY2012)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

NA

S1000 / SME 1000 / FG50 Ranking

:

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

749 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2009/2010)

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

239 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2003/2004)

668 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2003/2004)

Compounded Annual Growth Rate (CAGR)

:

8.96% (5 years)

 

 

SHAREHOLDER DETAILS

 

NAME

:

ITOCHU CORPORATION

SHAREHOLDER ID

:

T06UF0268B

NATIONALITY

:

NA

ADDRESS

:

5-1, KITA-AOYAMA 2-CHOME MINATO-KU, TOKYO 107-8077, JAPAN

NO. OF ORD SHARES

:

1,925,000

% OF SHAREHOLDING

:

70%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

ITOCHU SINGAPORE PTE LTD

SHAREHOLDER ID

:

198904241G

NATIONALITY

:

SINGAPORE

ADDRESS

:

9 RAFFLES PLACE #41-01 REPUBLIC PLAZA SINGAPORE 048619

NO. OF ORD SHARES

:

825,000

% OF SHAREHOLDING

:

30%

CURRENCY

:

SINGAPORE, DOLLARS

 

OFFICER DETAILS

 

NAME

:

TSUTOMU ARAKAWA

ADDRESS

:

21 MCCALLUM STREET #19-02 CLIFT, THE SINGAPORE 069047

POSITION

:

DIRECTOR

DATE OF APPT

:

22/07/2011

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

F0379161X

 

NAME

:

JUN MURAMATSU

ADDRESS

:

28 SCOTTS ROAD #07-02 SCOTTS 28 SINGAPORE 228223

POSITION

:

DIRECTOR

DATE OF APPT

:

01/04/2012

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

G5278285L

 

NAME

:

HIROTAKA SUGIHARA

ADDRESS

:

7 ORANGE GROVE ROAD #L1-11 TREETOPS EXECUTIVE RESIDENCES SINGAPORE 258355

POSITION

:

DIRECTOR

DATE OF APPT

:

01/04/2012

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

G5281366U

 

NAME

:

YASUSHI KUNITOMI

ADDRESS

:

100 ROBERTSON QUAY #05-11 ROBERTSON 100 SINGAPORE 238250

POSITION

:

DIRECTOR

DATE OF APPT

:

22/07/2011

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

G5713486R

 

NAME

:

AKIHIRO UEDA

ADDRESS

:

1-5-12-116 NAKATEHARA, KOHOKU-KU, YOKOHAMA-CITY KANAGAWA-PREF JAPAN

POSITION

:

DIRECTOR

DATE OF APPT

:

01/07/2002

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

MZ0449863

 

NAME

:

CHAN CHOW PHENG

ADDRESS

:

59 TELOK BLANGAH HEIGHTS #04-11 SINGAPORE 100059

POSITION

:

SECRETARY

DATE OF APPT

:

22/07/2011

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1298885J

 

NAME

:

CHANG SOW KUEN

ADDRESS

:

130 GEYLANG EAST AVENUE 1 #02-299 SINGAPORE 380130

POSITION

:

SECRETARY

DATE OF APPT

:

01/01/2006

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1365694J

 

 

 

KEY PERSONNEL PROFILE

 

Name:

JUN MURAMATSU

NRIC Number:

G5278285L

Available Address:

28 SCOTTS ROAD #07-02 SCOTTS 28  SINGAPORE 228223

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

ITOCHU PLASTICS PTE., LTD.

DIRECTOR

01/04/2012

-

-

2

ITOCHU PLASTICS PTE., LTD.

MANAGING DIRECTOR

01/04/2012

-

-

 

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.

Transfer

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

:

31/07/2012

Date of Last AR

:

31/08/2012

Date of A/C Laid At Last AGM

:

31/03/2012
 

 

COMPLIANCE RATING FOR ANNUAL FILING

 

ANNUAL GENERAL MEETING,ANNUAL RETURN AND ACCOUNTS UP-TO-DATE

 

Note:

 

Provided by ACRA (Accounting and Corporate Regulatory Authority), the Compliance Rating for Annual Filing measures a company’s compliance with the provisions under S175, S197 or S201 of the Companies Act, Cap. 50.

 

Applicable to all “Live” locally incorporated companies except for the Limited Partnerships, Limited Liability Partnerships, Business Entities, Foreign Companies and Public Accounting Firms, the rating provide information on whether a company is up-to-date with the holding of its Annual General Meeting (AGM) with up-to-date financial statements and filing of its Annual Return (AR).

 

For more information: www.acra.gov.sg/compliance

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

MAR 2012

DEC 2010

DEC 2009

DEC 2008

DEC 2007

Currency

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

 

Profit and Loss Key Figures

 

 

 

 

 

Turnover

2,157,521,920

1,784,382,772

1,765,601,632

1,542,863,066

1,405,077,623

Profit/(Loss) Before Tax

12,663,447

17,786,363

30,151,811

8,537,810

5,957,876

Profit After Tax attributable

 to Shareholders

11,161,813

15,658,150

26,864,665

7,524,730

5,169,002

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

Total Assets

409,044,657

447,185,997

466,780,474

248,228,599

242,768,813

Current Assets

401,506,353

439,731,807

458,980,961

240,732,088

237,963,444

Non Current Assets

7,538,304

7,454,190

7,799,513

7,496,511

4,805,369

 

 

 

 

 

 

Total Liabilities

370,190,499

411,798,330

434,453,238

234,491,346

231,617,892

Current Liabilities

370,024,767

411,764,311

434,419,770

234,451,839

231,575,819

Non Current Liabilities

165,732

34,019

33,468

39,507

42,073

 

 

 

 

 

 

Shareholders' Funds

38,854,157

35,387,665

32,327,235

13,737,253

11,150,921

Share Capital

1,849,421

2,004,385

2,143,411

2,078,366

2,213,355

Total Reserves

37,004,736

33,383,280

30,183,824

11,658,887

8,937,566

 

 

FINANCIAL RATIOS 

 

 

Company

 

MAR 2012

DEC 2010

DEC 2009

DEC 2008

DEC 2007

Growth %

 

 

 

 

 

Year-on-Year Growth

NA

1.06

14.44

9.81

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

0.52

0.88

1.52

0.49

0.37

Return on Equity (%)

28.73

44.25

83.10

54.78

46.35

Return on Assets (%)

2.73

3.50

5.76

3.03

2.13

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

9.53

11.64

13.44

17.07

20.77

Current Debt/Equity (Times)

9.52

11.64

13.44

17.07

20.77

Long Term Debt To Equity (Times)

0.00

0.00

0.00

0.00

0.00

Total Asset To Total Equity (Times)

10.53

12.64

14.44

18.07

21.77

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

5.27

3.99

3.78

6.22

5.79

Fixed Assets Turnover (Times)

286.21

239.38

226.37

205.81

292.40

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.09

1.07

1.06

1.03

1.03

 

 

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 8.96% (5 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 0.52 per cent in FY12. The company is now able to book in SGD - SIN 0.01 of profit for every SGD - SIN of sales.

 

Liquidity

Current ratio stood at 1.09 times in FY12. This means that the company has SGD - SIN 1.09 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 9.53 times in FY12. This means that the company requires additional external financing of SGD - SIN 9.53 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 28.73 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 2.73 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 5.27 times in FY12. 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.54.57

UK Pound

1

Rs.87.90

Euro

1

Rs.71.53

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.