MIRA INFORM REPORT

 

 

Report Date :           

12.01.2012

 

IDENTIFICATION DETAILS

 

Name :

IGAWARA INDUSTRIAL SERVICE AND TRADING PTE LTD

 

 

Registered Office :

2 Jurong East Street 21 #05-04 Imm Building Singapore 609601

 

 

Country :

Singapore

 

 

Financials (as on) :

31.03.2011 (Group)

 

 

Date of Incorporation :

19.03.1988

 

 

Com. Reg. No.:

198800840n

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Wholesale of construction materials, hardware, plumbing and heating equipment and supplies nec (eg cement, sand)

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

S$1,000,000

 

 

Status :

Good

 

 

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

:

IGAWARA INDUSTRIAL SERVICE AND TRADING PTE LTD

Registration No

:

198800840N

Date of Registration

:

19/03/1988

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

2 JURONG EAST STREET 21 #05-04 IMM BUILDING SINGAPORE 609601

Date of Change of Address

:

15/10/1995

Contact No.

:

6566 1191

Fax No.

:

6566 1194

Website

:

www.igawara.com

Registered Activities

:

1. WHOLESALE OF CONSTRUCTION MATERIALS, HARDWARE, PLUMBING AND HEATING EQUIPMENT AND SUPPLIES NEC (EG CEMENT, SAND)

PIPE FITTINGS ACCESSARIES PLATES STRUCTURAL TUBES FERTILIZER & POWER PLANTS

2. WHOLESALE OF INDUSTRIAL MACHINERY AND EQUIPMENT

Issued Ordinary Capital*

:

$1,244,600.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 3,680,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$1,244,600.00 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

:

HENG LEE SENG LLP

Bankers / Financiers

:

SUMITOMO MITSUI BANKING CORPORATION SINGAPORE BRANCH

CITIBANK N.A.

Turnover

:

SGD - SIN 97,357,600.00 (FY2011)

Net Worth

:

SGD - SIN 42,236,809.00 (FY2011)

No. of Bank Charges

:

2

No. of Litigation Suits

:

NA

S1000 / SME 500 / FG50 Ranking

:

No found for SINGAPORE 1000 and SME 1000

Compounded Annual Growth Rate (CAGR)

:

0.87% (4 years)

 

 

Credit Recommendation

 

Recommended Credit Line

:

S$1,000,000

 

 

SHAREHOLDER DETAILS

 

NAME

:

LIM KIM HOK

SHAREHOLDER ID

:

S2538469E

NATIONALITY

:

SINGAPORE P.R.

ADDRESS

:

293 OCEAN DRIVE #11-16 OCEANFRONT @ SENTOSA COVE, THE SINGAPORE 098533

NO. OF ORD SHARES

:

2,760,000

% OF SHAREHOLDING

:

75%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

FUKUSUKE KIKO CO LTD

SHAREHOLDER ID

:

T07UF0437L

NATIONALITY

:

NA

ADDRESS

:

KYOEI BUILDING 2-1-2, KAIGAN-DORI CHUO-KU KOBE, 650-0024, JAPAN

NO. OF ORD SHARES

:

744,000

% OF SHAREHOLDING

:

20.2%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

KEIMI IGAHARA

SHAREHOLDER ID

:

TH3932194

NATIONALITY

:

JAPANESE

ADDRESS

:

360 YAMATSUYA IBOGAWA-CHO IBO-GUN HYOGO-KEN 671-1631 JAPAN

NO. OF ORD SHARES

:

156,000

% OF SHAREHOLDING

:

4.2%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

TAKAYUKI IGAHARA

SHAREHOLDER ID

:

MS5638163

NATIONALITY

:

JAPANESE

ADDRESS

:

3-1-6 OHMACHI TARUMI-KU KOBE 655 JAPAN

NO. OF ORD SHARES

:

20,000

% OF SHAREHOLDING

:

0.5%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

TAKAYUKI IGAHARA

ADDRESS

:

3-1-6 OHMACHI TARUMI-KU KOBE 655 JAPAN

POSITION

:

DIRECTOR

DATE OF APPT

:

31/08/1997

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

MS5638163

 

NAME

:

LIM HOCK LEONG

ADDRESS

:

7 PEMIMPIN PLACE CORAL PARK SINGAPORE 576005

POSITION

:

DIRECTOR

DATE OF APPT

:

03/02/2010

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1631321A

 

NAME

:

LIM KIM HOK

ADDRESS

:

293 OCEAN DRIVE #11-16 OCEANFRONT @ SENTOSA COVE, THE SINGAPORE 098533

POSITION

:

DIRECTOR

DATE OF APPT

:

19/03/1988

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S2538469E

 

NAME

:

KUPPUSAMY KUMARASAMY

ADDRESS

:

287A JURONG EAST STREET 21 #13-352 SINGAPORE 601287

POSITION

:

DIRECTOR

DATE OF APPT

:

03/02/2010

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S2660785Z

 

NAME

:

SUZES CHUAH GEIK SUAN

ADDRESS

:

59 WEST COAST WAY #02-16 CARABELLE SINGAPORE 127019

POSITION

:

SECRETARY

DATE OF APPT

:

30/06/2007

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S7260089D

 

NAME

:

LEE SU FAU

ADDRESS

:

131 JALAN BUKIT MERAH #04-1573 SINGAPORE 160131

POSITION

:

SECRETARY

DATE OF APPT

:

30/06/2007

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S7276389J

 

NAME

:

XU HUI

ADDRESS

:

21 HAZEL PARK TERRACE #05-01 HAZEL PARK CONDOMINIUM SINGAPORE 678946

POSITION

:

DIRECTOR

DATE OF APPT

:

03/02/2010

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S7277642I

 

NAME

:

KEIMI IGAHARA

ADDRESS

:

360 YAMATSUYA IBOGAWA-CHO IBO-GUN HYOGO-KEN 671-1631 JAPAN

POSITION

:

DIRECTOR

DATE OF APPT

:

24/05/1988

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TH3932194

 

NAME

:

ITSURO YAMAMOTO

ADDRESS

:

136-7 NOZUTA-MACHI MACHIDA CITY TOKYO JAPAN 195-0063

POSITION

:

DIRECTOR

DATE OF APPT

:

03/02/2010

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TH5077796

 

 

KEY PERSONNEL PROFILE

 

Name:

LIM KIM HOK

NRIC Number:

S2538469E

Available Address:

293 OCEAN DRIVE #11-16 OCEANFRONT @ SENTOSA COVE, THE  SINGAPORE 98533

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

IGAWARA GOLD FORTUNE PTE. LTD.

DIRECTOR

08/08/2003

840000

50.00

2

IGAWARA INDUSTRIAL SERVICE AND TRADING PTE LTD

DIRECTOR

19/03/1988

2760000

75.00

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

AFRICA MINERAL & COMMODITY HOLDINGS PTE. LTD.

STRUCK OFF

DIRECTOR

03/04/2002

-

 

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 (%)

IGAWARA GOLD FORTUNE PTE. LTD.

50

                                                                                                                       

 

BANKERS/ FINANCIERS

 

Subject enjoys a normal banking routine with its bankers. To date, there have been 2 bank charges registered against Subject by its bankers. The charge numbers are:

 

1)

Charge No.

:

C201007884

 

Date of Registration

:

06/09/2010

 

Chargee

:

SUMITOMO MITSUI BANKING CORPORATION SINGAPORE BRANCH

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

2)

Charge No.

:

C201002282

 

Date of Registration

:

16/03/2010

 

Chargee

:

CITIBANK N.A.

 

Amount Secured  and Currency

:

All Monies

 

Address

:

3 TEMASEK AVENUE #12-00 CENTENNIAL TOWER SINGAPORE 039190

 

             

 

 

 

 

 

LITIGATION

 

Clear

 

 

COMPLIANCE RECORDS

 

Date of Last AGM

:

29/11/2011

Date of Last AR

:

09/12/2011

Date of A/C Laid At Last AGM

:

31/03/2011
 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Group

 

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

97,357,600

12.39

86,627,450

146,802,333

135,615,763

94,040,123

Profit/(Loss) Before Tax

6,553,612

-13.65

7,589,666

13,408,325

10,763,233

8,389,632

Profit After Tax attributable to Shareholders

5,399,772

-13.34

6,230,943

10,402,194

8,900,393

6,905,522

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

50,079,020

-0.25

50,205,022

52,350,817

53,726,871

29,524,831

Current Assets

45,340,371

-9.02

49,835,695

52,223,268

53,573,061

29,326,309

Non Current Assets

4,738,649

1,183.05

369,327

127,549

153,810

198,522

 

 

 

 

 

 

 

Total Liabilities

7,842,211

-14.34

9,154,781

15,315,957

24,598,635

6,878,717

Current Liabilities

7,842,211

-14.34

9,154,781

15,315,957

24,598,635

6,878,717

Non Current Liabilities

0

NA

0

0

0

0

 

 

 

 

 

 

 

Shareholders' Funds

42,236,809

2.89

41,050,241

37,034,860

29,128,236

22,646,115

Share Capital

995,827

-6.82

1,068,671

1,056,246

1,076,842

1,142,463

Total Reserves

41,240,982

3.15

39,981,570

35,978,614

28,051,394

21,503,652

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Group

 

MAR 2011

MAR 2010

MAR 2009

MAR 2008

MAR 2007

Growth %

 

 

 

 

 

Year-on-Year Growth

12.39

-40.99

8.25

44.21

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

5.55

7.19

7.09

6.56

7.34

Return on Equity (%)

12.78

15.18

28.09

30.56

30.49

Return on Assets (%)

10.78

12.41

19.87

16.57

23.39

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

0.19

0.22

0.41

0.84

0.30

Current Debt/Equity (Times)

0.19

0.22

0.41

0.84

0.30

Long Term Debt To Equity (Times)

NA

NA

NA

NA

NA

Total Asset To Total Equity (Times)

1.19

1.22

1.41

1.84

1.30

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

1.94

1.73

2.80

2.52

3.19

Fixed Assets Turnover (Times)

20.55

234.55

1,150.95

881.71

473.70

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

5.78

5.44

3.41

2.18

4.26

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 0.87% (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 group yielded a rate of net profit on sales of 5.55 per cent in FY11. The group is now able to book in SGD - SIN 0.06 of profit for every SGD - SIN of sales.

 

 

Liquidity

 

Current ratio stood at 5.78 times in FY11. This means that the group has SGD - SIN 5.78 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 0.19 times in FY11. This means that the group requires additional external financing of SGD - SIN 0.19 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 12.78 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 10.78 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 1.94 times in FY11. 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.51.75

UK Pound

1

Rs.80.01

Euro

1

Rs.65.99

 

 

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.