MIRA INFORM REPORT

 

Report Date :

18.02.2012

 

IDENTIFICATION DETAILS

 

Name :

ITOCHU CORPORATION

 

 

Formerly Known As :

C. ITOH & CO. LTD

 

 

Registered Office :

9 Raffles Place #41-01 Republic Plaza Singapore 048619

 

 

Country :

Singapore

 

 

Financials (as on) :

31.03.2008

 

 

Date of Incorporation :

27.02.1963

 

 

Com. Reg. No.:

S63FC1531H

 

 

Legal Form :

Foreign Company Registered In Singapore

 

 

Line of Business :

General Wholesale Trade (Including General Importers And Exporters)

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

Payment Behaviour :

Unknown

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

 

Company name

 

ITOCHU CORPORATION

 

 

Executive Summary

 

Company Name

:

ITOCHU CORPORATION

Registration No

:

S63FC1531H

Date of Registration

:

27/02/1963

Former Name

:

C. ITOH & CO. LTD. Eff. date : 27/02/1963 Eff. date : 27/02/1963

Date of Change of Name

:

01/10/1992

Type of Company

:

FOREIGN COMPANY REGISTERED IN SINGAPORE

Registered Address

:

9 RAFFLES PLACE #41-01 REPUBLIC PLAZA SINGAPORE 048619

Date of Change of Address

:

18/03/1996

Contact No.

:

81 3 3497 6860

Fax No.

:

6339 7357

Website

:

NA

Registered Activities

:

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

2. BRANCHES OF FOREIGN SHIPPING LINES

Issued Ordinary Capital*

:

NA

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

NA

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 2,930,207.00 (FY2008)

Net Worth

:

SGD - SIN (30,292.00) (FY2008)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

NA

S1000 / SME 500 / FG50 Ranking

:

No found for SINGAPORE 1000 and SME 1000

Compounded Annual Growth Rate (CAGR)

:

NA

 

SHAREHOLDER DETAILS

 

No Trace

 

 

OFFICER DETAILS

 

NAME

:

JUNICHI SASAKI

ADDRESS

:

31 JALAN MUTIARA #11-01 LATITUDE SINGAPORE 249206

POSITION

:

AGENT

DATE OF APPT

:

01/06/2011

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

G5122900U

 

NAME

:

TOYOHIRO SUNAYAMA

ADDRESS

:

28 SCOTTS ROAD #07-02 SCOTTS 28 SINGAPORE 228223

POSITION

:

AGENT

DATE OF APPT

:

09/03/2010

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

G6269185P

 

NAME

:

TAKAYANAGI KOJI

ADDRESS

:

4-10-4, BENTEN  URAYASU-CITY CHIBA 279-0026, JAPAN

POSITION

:

DIRECTOR

DATE OF APPT

:

25/06/2008

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

MR6667918

 

NAME

:

MASAHIRO OKAFUJI

ADDRESS

:

1-2-3, SHIKANODAI-KITA, IKOMA-CITY NARA 630-0111, JAPAN

POSITION

:

DIRECTOR

DATE OF APPT

:

29/06/2004

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TE1469981

 

NAME

:

KOBAYASHI EIZO

ADDRESS

:

4-7-27, MINAMI-TANAKA, NERIMA-KU, TOKYO 177-0035, JAPAN

POSITION

:

DIRECTOR

DATE OF APPT

:

27/06/2003

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TE6760533

 

NAME

:

TORU MATSUSHIMA

ADDRESS

:

3-37-4-C703, Taishidou, Setagaya-ku Tokyo 154-0004, Japan

POSITION

:

DIRECTOR

DATE OF APPT

:

25/06/2010

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TF9033663

 

NAME

:

KIKUCHI SATOSHI

ADDRESS

:

4-21-1-2817, SHIBAURA MINATO-KU TOKYO 108-0023, JAPAN

POSITION

:

DIRECTOR

DATE OF APPT

:

25/06/2008

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TG1389139

 

NAME

:

YOICHI KOBAYASHI

ADDRESS

:

2-23-33, AZAMINO, AOBA-KU, YOKOHAMA-CITY KANAGAWA 225-0011, JAPAN

POSITION

:

DIRECTOR

DATE OF APPT

:

27/06/2006

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TG4152655

 

NAME

:

AOKI YOSHIHISA

ADDRESS

:

1-34-17 UENOMIYA TSURUMI-KU YOKOHAMA-CITY KANAGAWA 230-0075, JAPAN

POSITION

:

DIRECTOR

DATE OF APPT

:

24/06/2009

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TG6671755

 

NAME

:

HITOSHI OKAMOTO

ADDRESS

:

1-6-17-1205, EDOBORI, NISHI-KU, OSAKA-CITY OSAKA 550-0002, JAPAN

POSITION

:

DIRECTOR

DATE OF APPT

:

25/06/2010

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TH2511697

 

NAME

:

AKAMATSU YOSHIO

ADDRESS

:

5-5-27-1004, KITASHINAGAWA, SHINAGAWA-KU TOKYO 141-0001, JAPAN

POSITION

:

DIRECTOR

DATE OF APPT

:

25/06/2010

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TH4724855

 

NAME

:

OKADA KENJI

ADDRESS

:

31-8-1102, HONCHO WAKO-CITY SAITAMA 351-0114, JAPAN

POSITION

:

DIRECTOR

DATE OF APPT

:

25/06/2008

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TH5617062

 

NAME

:

SEKI TADAYUKI

ADDRESS

:

4-2,C-203, KOUYOUDAI,INAGI-CITY TOKYO 206-0803, JAPAN

POSITION

:

DIRECTOR

DATE OF APPT

:

24/06/2009

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TH6075147

 

NAME

:

NAKAMURA ICHIRO

ADDRESS

:

2-13-46-122, IGUCHI, MITAKA-CITY TOKYO 181-0011, JAPAN

POSITION

:

DIRECTOR

DATE OF APPT

:

24/06/2011

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TK3242799

 

 

 

KEY PERSONNEL PROFILE

 

Name:

KOBAYASHI EIZO

NRIC Number:

TE6760533

Available Address:

4-7-27, MINAMI-TANAKA, NERIMA-KU, TOKYO 177-0035, JAPAN

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

ITOCHU CORPORATION

DIRECTOR

27/06/2003

-

-

 

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 (%)

 

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 RECORDS

 

Date of Last AGM

:

24/06/2011

Date of Last AR

:

NA

Date of A/C Laid At Last AGM

:

31/03/2011

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

MAR 2008

% Change

MAR 2007

Currency

SGD - SIN

 

SGD - SIN

Profit and Loss Key Figures

 

 

 

Turnover

2,930,207

136.71

1,237,874

Profit/(Loss) Before Tax

(102,992)

NA

63,391

Profit After Tax attributable to Shareholders

(84,454)

NA

57,463

 

 

 

 

Balance Sheet Key Figures

 

 

 

Total Assets

504,716

85.39

272,252

Current Assets

504,716

85.39

272,252

Non Current Assets

0

NA

0

 

 

 

 

Total Liabilities

535,007

149.08

214,789

Current Liabilities

535,007

149.08

214,789

Non Current Liabilities

0

NA

0

 

 

 

 

Shareholders' Funds

(30,292)

NA

57,463

Share Capital

0

NA

0

Total Reserves

(30,292)

NA

57,463

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

MAR 2008

MAR 2007

Growth %

 

 

Year-on-Year Growth

136.71

NA

 

 

 

Profitability

 

 

Profit Margin (%)

-2.88

4.64

Return on Equity (%)

278.80

100.00

Return on Assets (%)

-16.73

21.11

 

 

 

Leverage

 

 

Total Debt/Equity (Times)

-17.66

3.74

Current Debt/Equity (Times)

0.00

3.74

Long Term Debt To Equity (Times)

0.00

0.00

Total Asset To Total Equity (Times)

-16.66

4.74

 

 

 

Asset Management

 

 

Total Assets Turnover (Times)

5.81

4.55

Fixed Assets Turnover (Times)

0.00

0.00

 

 

 

Liquidity

 

 

Current Ratio (Times)

0.94

1.27

 

 

 

 

 

FINANCIAL COMMENTARY

 

Profitability

We are unable to comment on Subject's profitability.

 

Liquidity

 

Current ratio stood at 0.94 times in FY08 (FY07: 1.27 times). This means that the company has SGD - SIN 0.94 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

We are unable to comment on Subject's leverage.

 

Efficiency Ratio

 

Return on equity was 278.80 per cent for Subject in the current financial period, as compared to 100.00 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.

 

We are unable to comment on Subject's return on assets.

 

Total assets turnover ratio logged at 5.81 times in FY08 (FY07: 4.55 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.49.21

UK Pound

1

Rs.77.75

Euro

1

Rs.64.58

 

 

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.