MIRA INFORM REPORT

 

 

Report Date :           

21.02.2012

 

IDENTIFICATION DETAILS

 

Name :

SUMITOMO CORPORATION ASIA PTE. LTD.

 

 

Formerly Known As :

SUMITOMO CORPORATION (SINGAPORE) PTE. LTD

 

 

Registered Office :

60 Anson Road #05-01 Mapletree Anson Singapore 079914

 

 

Country :

Singapore

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

27.04.1991

 

 

Com. Reg. No.:

199101899M

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

General Wholesale Trade (Including General Importers and Exporters)

 

 

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 :

Exists

 

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

:

SUMITOMO CORPORATION ASIA PTE. LTD.

Registration No

:

199101899M

Date of Registration

:

27/04/1991

Former Name

:

SUMITOMO CORPORATION (SINGAPORE) PTE. LTD. Eff. date : 27/04/1991 Eff. date : 27/04/1991

Date of Change of Name

:

01/04/2008

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

60 ANSON ROAD #05-01 MAPLETREE ANSON SINGAPORE 079914

Date of Change of Address

:

22/02/2010

Contact No.

:

6533 7722

Fax No.

:

6533 9693

Website

:

www.sumitomocorp.co.jp/english/

Registered Activities

:

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

INTEGRATED BUSINESS ENTERPRISE (SOGO JIGYOO GAISHA)

2. BUILDING CONSTRUCTION NEC

MIXED CONSTRUCTION ACTIVITIES

Issued Ordinary Capital*

:

$206,939,269.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 206,939,269

$20,000,000.00 U.S. DOLLAR ,NO. OF SHARE : 20,000,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$20,000,000.00 U.S. DOLLAR

$206,939,269.00 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

:

3

No. of Local Associates

:

4

Auditor

:

KPMG LLP

Bankers / Financiers

:

NA

Turnover

:

SGD - SIN 141,441,296.00 (FY2011)

Net Worth

:

SGD - SIN 410,851,328.00 (FY2011)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

1

S1000 / SME 500 / FG50 Ranking

:

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

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

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

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

580 POSITION IN Singapore 1000 Companies Ranked by Return on Equities (2007/2008)

Compounded Annual Growth Rate (CAGR)

:

NA

 

 

Credit Recommendation

 

Recommended Credit Line

:

S$1,000,000

 

 

SHAREHOLDER DETAILS

 

NAME

:

SUMMIT GLOBAL MANAGEMENT II B.V.

SHAREHOLDER ID

:

T05UF1977L

NATIONALITY

:

NA

ADDRESS

:

STRAWINSKYLAAN 917, 1077XX AMSTERDAM THE NETHERLANDS

NO. OF ORD SHARES

:

20,000,000

206,939,269

% OF SHAREHOLDING

:

8.8%

91.2%

CURRENCY

:

U.S. DOLLAR

SINGAPORE, DOLLARS

 

OFFICER DETAILS

 

NAME

:

MANABU YAMANE

ADDRESS

:

25 CLAYMORE ROAD #03-03 CLAYMORE, THE SINGAPORE 229543

POSITION

:

DIRECTOR

DATE OF APPT

:

03/05/2010

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

F1608255N

 

NAME

:

MASATOSHI DEGUCHI

ADDRESS

:

1A LADY HILL ROAD #02-14 SHANGRI-LA RESIDENCES SINGAPORE 258685

POSITION

:

DIRECTOR

DATE OF APPT

:

01/04/2008

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

G6080825U

 

NAME

:

KAZUHIRO TAKEUCHI

ADDRESS

:

5 ANTHONY ROAD #08-10 ORCHARD SCOTTS SINGAPORE 229954

POSITION

:

DIRECTOR

MANAGING DIRECTOR

DATE OF APPT

:

17/05/2010

18/04/2011

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

G6415926M

 

NAME

:

LOW SIEW TIAN

ADDRESS

:

453 TAMPINES STREET 42 #11-204 SINGAPORE 520453

POSITION

:

SECRETARY

DATE OF APPT

:

15/09/2010

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S6963151G

 

NAME

:

CHAN LAI YIN

ADDRESS

:

26 SIMEI STREET 1 #11-08 MELVILLE PARK SINGAPORE 529947

POSITION

:

SECRETARY

DATE OF APPT

:

16/06/2010

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S7480587F

 

 

KEY PERSONNEL PROFILE

 

Name:

KAZUHIRO TAKEUCHI

NRIC Number:

G6415926M

Available Address:

5 ANTHONY ROAD #08-10 ORCHARD SCOTTS  SINGAPORE 229954

 

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

OMS HOLDINGS PTE. LTD.

DIRECTOR

23/08/2010

-

-

2

SUMITOMO CORPORATION ASIA PTE. LTD.

DIRECTOR

17/05/2010

-

-

3

SUMITOMO CORPORATION ASIA PTE. LTD.

MANAGING DIRECTOR

18/04/2011

-

-

4

SUMITOMO CORPORATION CAPITAL ASIA PTE. LTD.

DIRECTOR

18/04/2011

-

-

 

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 (%)

SUMITOMO CORPORATION CAPITAL ASIA PTE. LTD.

100

SC ASIAN TUBULAR SUPPLY PTE LTD

60

OMS HOLDINGS PTE. LTD.

60

PETRO SUMMIT PTE. LTD.

20

PETRO SUMMIT PTE. LTD.

20

PETRO SUMMIT PTE. LTD.

20

PETRO SUMMIT 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

 

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

 

To date, there have been 1 litigation suits filed against Subject.

 

 

Current Year

On/After 01 Jan 2012

Past Years

W.e.f 01 Jan 2012

 

Court (Claim under normal circumstances)

Magistrate (< $80,000)

0

0

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.

:

526

 

Date of Filing

:

29/07/2008

 

Amount

:

580,296.67

 

Cause

:

Contract - Sale of Goods & Services

 

Case Status

:

CONCLUDED

 

Plaintiff

:

S&W HEAT EXCHANGERS (S) PTE LTD

 

Last Update Date

:

04/01/2011

 

 

COMPLIANCE

 

Date of Last AGM

:

30/06/2011

Date of Last AR

:

07/07/2011

Date of A/C Laid At Last AGM

:

31/03/2011
 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Group

 

MAR 2008

% Change

MAR 2007

Currency

SGD - SIN

 

SGD - SIN

Profit and Loss Key Figures

 

 

 

Turnover

4,086,194,162

-18.89

5,037,843,425

Profit/(Loss) Before Tax

73,182,600

4.42

70,086,729

Profit After Tax attributable to Shareholders

62,168,742

3.24

60,216,084

 

 

 

 

Balance Sheet Key Figures

 

 

 

Total Assets

1,072,782,096

22.55

875,365,691

Current Assets

1,003,393,321

24.72

804,537,923

Non Current Assets

69,388,775

-2.03

70,827,768

 

 

 

 

Total Liabilities

852,579,935

25.76

677,915,346

Current Liabilities

846,740,678

25.31

675,704,709

Non Current Liabilities

5,839,257

164.14

2,210,637

 

 

 

 

Shareholders' Funds

220,202,161

11.52

197,450,345

Share Capital

40,752,744

-5.74

43,236,140

Total Reserves

179,449,417

16.36

154,214,205

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Group

 

MAR 2008

MAR 2007

Growth %

 

 

Year-on-Year Growth

-18.89

NA

 

 

 

Profitability

 

 

Profit Margin (%)

1.52

1.20

Return on Equity (%)

28.23

30.50

Return on Assets (%)

5.80

6.88

 

 

 

Leverage

 

 

Total Debt/Equity (Times)

3.87

3.43

Current Debt/Equity (Times)

3.85

3.42

Long Term Debt To Equity (Times)

0.03

0.01

Total Asset To Total Equity (Times)

4.87

4.43

 

 

 

Asset Management

 

 

Total Assets Turnover (Times)

3.81

5.76

Fixed Assets Turnover (Times)

58.89

71.13

 

 

 

Liquidity

 

 

Current Ratio (Times)

1.19

1.19

 

 

 

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

141,441,296

16.53

121,382,194

2,696,243,991

4,080,801,931

5,057,425,587

Profit/(Loss) Before Tax

33,790,960

-51.94

70,307,955

60,958,038

66,727,215

63,671,667

Profit After Tax attributable to Shareholders

26,899,968

-59.16

65,870,063

52,510,194

57,122,072

55,072,490

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

910,609,600

26.12

722,021,117

610,928,978

1,027,564,988

824,432,100

Current Assets

604,453,808

30.06

464,735,956

400,485,786

980,196,577

771,367,438

Non Current Assets

306,155,792

18.99

257,285,161

210,443,192

47,368,411

53,064,662

 

 

 

 

 

 

 

Total Liabilities

499,758,272

72.10

290,382,658

235,470,849

839,022,154

656,659,215

Current Liabilities

492,552,544

78.16

276,459,021

227,014,351

832,902,037

654,052,317

Non Current Liabilities

7,205,728

-48.25

13,923,637

8,456,498

6,120,117

2,606,898

 

 

 

 

 

 

 

Shareholders' Funds

410,851,328

-4.82

431,638,458

375,458,129

188,542,834

167,772,886

Share Capital

218,729,568

-6.82

234,729,438

208,716,699

40,752,744

43,236,140

Total Reserves

192,121,760

-2.43

196,909,020

166,741,430

147,790,090

124,536,746

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

MAR 2011

MAR 2010

MAR 2009

MAR 2008

MAR 2007

Growth %

 

 

 

 

 

Year-on-Year Growth

16.53

-95.50

-33.93

-19.31

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

19.02

54.27

1.95

1.40

1.09

Return on Equity (%)

6.55

15.26

13.99

30.30

32.83

Return on Assets (%)

2.95

9.12

8.60

5.56

6.68

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

1.22

0.67

0.63

4.45

3.91

Current Debt/Equity (Times)

1.20

0.64

0.60

4.42

3.90

Long Term Debt To Equity (Times)

0.02

0.03

0.02

0.03

0.02

Total Asset To Total Equity (Times)

2.22

1.67

1.63

5.45

4.91

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

0.16

0.17

4.41

3.97

6.13

Fixed Assets Turnover (Times)

0.46

0.47

12.81

86.15

95.31

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.23

1.68

1.76

1.18

1.18

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Profitability

The company yielded a rate of net profit on sales of 19.02 per cent in FY11 (FY10: 54.27 per cent). The company is now able to book in SGD - SIN 0.19 of profit for every SGD - SIN of sales in FY11, as compared with SGD - SIN 0.54 a year ago.

 

 

Liquidity

 

Current ratio stood at 1.23 times in FY11 (FY10: 1.68 times). This means that the company has SGD - SIN 1.23 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 1.22 times in FY11, as compared with 0.67 times in FY10. This means that the company requires additional external financing of SGD - SIN 1.22 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 6.55 per cent for Subject in the current financial period, as compared to 15.26 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 2.95 per cent (FY10: 9.12 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 0.16 times in FY11 (FY10: 0.17 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%)

 

 

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.