MIRA INFORM REPORT

 

Report Date :

11.06.2012

 

IDENTIFICATION DETAILS

 

Name :

ITOCHU SINGAPORE PTE LTD

 

 

Formerly Known As :

ITOCHU ASIA PTE., LTD.

 

 

Registered Office :

9 Raffles Place #41-01 Republic Plaza Singapore 048619

 

 

Country :

Singapore

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

02.10.1989

 

 

Com. Reg. No.:

198904241G

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Other Investment Holding Companies Investment Companies

 

 

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 – 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

 

Executive Summary

 

Company Name

:

ITOCHU SINGAPORE PTE LTD

Registration No

:

198904241G

Date of Registration

:

02/10/1989

Former Name

:

1.C. ITOH (ASIA) PTE. LTD. Eff. date : 02/10/1989 Eff. date : 02/10/1989

2.ITOCHU ASIA PTE., LTD. Eff. date : 01/10/1992 Eff. date : 01/10/1992

Date of Change of Name

:

01/10/2002

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.

:

6230 0400

Fax No.

:

6230 0560

Website

:

http://www.itochu.com.sg

Registered Activities

:

1. OTHER INVESTMENT HOLDING COMPANIES

INVESTMENT COMPANIES

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

GENERAL TRADING

Issued Ordinary Capital*

:

$37,397,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 37,397,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$37,397,000.00 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

:

3

Auditor

:

KPMG LLP

Bankers / Financiers

:

NA

Turnover

:

SGD - SIN 2,151,194,000.00 (FY2011)

Net Worth

:

SGD - SIN 87,155,312.00 (FY2011)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

7

S1000 / SME 500 / FG50 Ranking

:

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

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

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

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

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

Compounded Annual Growth Rate (CAGR)

:

7.79% (4 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

:

37,397,000

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

JUNICHI SASAKI

ADDRESS

:

31 JALAN MUTIARA #11-01 LATITUDE SINGAPORE 249206

POSITION

:

DIRECTOR

MANAGING DIRECTOR

DATE OF APPT

:

02/04/2011

02/04/2011

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

G5122900U

 

NAME

:

TOYOHIRO SUNAYAMA

ADDRESS

:

28 SCOTTS ROAD #07-02 SCOTTS 28 SINGAPORE 228223

POSITION

:

DIRECTOR

DATE OF APPT

:

22/04/2009

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

G6269185P

 

NAME

:

ATSUSHI KATSU

ADDRESS

:

177B RIVER VALLEY ROAD #20-11 LIANG COURT SINGAPORE 179032

POSITION

:

DIRECTOR

DATE OF APPT

:

01/10/2010

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

G6285022T

 

NAME

:

TATSUO INOUE

ADDRESS

:

3 BIDEFORD ROAD #15-01 SINGAPORE 229920

POSITION

:

DIRECTOR

DATE OF APPT

:

19/04/2010

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

G6419434N

 

NAME

:

CHAN CHOW PHENG

ADDRESS

:

59 TELOK BLANGAH HEIGHTS #04-11 SINGAPORE 100059

POSITION

:

SECRETARY

DATE OF APPT

:

03/06/2011

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

:

01/04/2006

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1365694J

 

 

KEY PERSONNEL PROFILE

 

Name:

JUNICHI SASAKI

NRIC Number:

G5122900U

Available Address:

31 JALAN MUTIARA #11-01 LATITUDE  SINGAPORE 249206

 

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

ITOCHU CORPORATION

AGENT

01/06/2011

-

-

2

ITOCHU SINGAPORE PTE LTD

DIRECTOR

02/04/2011

-

-

3

ITOCHU SINGAPORE PTE LTD

MANAGING DIRECTOR

02/04/2011

-

-

4

ITOCHU TREASURY CENTRE ASIA PTE. LTD.

DIRECTOR

01/04/2011

-

-

 

 

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 (%)

 

RAFFLES CEMENT PTE. LTD.

50

ITOCHU PLASTICS PTE., LTD.

30

JCR1 PTE. LTD.

30

 

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

 

To date, there have been 7 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

6

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

0

1

High (>$250,000)

0

0

 

Winding Up Trace

 

No

In litigation/Dissolved/Struck Off/In receivership

No

 

The details are as follows:

 

1)

Court

:

Magistrate Court

 

Case No.

:

19632

 

Date of Filing

:

05/06/2003

 

Amount

:

0.00

 

Cause

:

Negligence - Motor Accidents (Not Injuries / Death)

 

Case Status

:

CONCLUDED

 

Plaintiff

:

CITYCAB PTE LTD

 

2)

Court

:

Magistrate Court

 

Case No.

:

14527

 

Date of Filing

:

14/09/1994

 

Amount

:

2,672.00

 

Cause

:

Contracts - Sale of Goods

 

Case Status

:

DEEMED DISCONTINUED

 

Plaintiff

:

TELECOM EQUIPMENT PTE LTD

 

3)

Court

:

District Court

 

Case No.

:

783

 

Date of Filing

:

22/02/1996

 

Amount

:

63,782.75

 

Cause

:

Contracts - Work Done And Service Rendered

 

Case Status

:

CONCLUDED

 

Plaintiff

:

UIC COMPUTER SYSTEMS PTE LTD

 

4)

Court

:

Magistrate Court

 

Case No.

:

5790

 

Date of Filing

:

09/04/1996

 

Amount

:

2,255.70

 

Cause

:

CONTRACTS-SALE OF GOODS

 

Case Status

:

CONCLUDED

 

Plaintiff

:

DAVID STEPHENSON TRADING PTE LTD

 

5)

Court

:

Magistrate Court

 

Case No.

:

9431

 

Date of Filing

:

05/06/1996

 

Amount

:

23,369.67

 

Cause

:

CONTRACTS-SALE OF GOODS

 

Case Status

:

CONCLUDED

 

Plaintiff

:

ADDON SYSTEMS PTE LTD

 

6)

Court

:

Magistrate Court

 

Case No.

:

20416

 

Date of Filing

:

06/11/1996

 

Amount

:

1,874.60

 

Cause

:

CONTRACTS-SALE OF GOODS

 

Case Status

:

CONCLUDED

 

Plaintiff

:

MAROON TRDG S PTE LTD

 

7)

Court

:

Magistrate Court

 

Case No.

:

21466

 

Date of Filing

:

21/11/1996

 

Amount

:

0.00

 

Cause

:

NEGLIGENCE-MOTOR ACCIDENTS(NOT INJURIES/DEATH)

 

Case Status

:

CONCLUDED

 

Plaintiff

:

YUEN HOCK LIONG

 

COMPLIANCE

 

Date of Last AGM

:

14/06/2011

Date of Last AR

:

17/06/2011

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

2,151,194,000

27.14

1,691,984,163

1,842,785,303

1,787,629,989

1,593,386,092

Profit/(Loss) Before Tax

26,686,160

-10.79

29,912,305

17,505,802

24,676,041

17,271,679

Profit After Tax attributable to Shareholders

22,558,736

-10.10

25,092,475

14,792,742

20,151,389

13,625,765

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

409,953,600

29.45

316,696,481

277,981,231

319,948,890

291,378,265

Current Assets

357,638,368

34.90

265,120,592

237,930,056

291,062,880

267,973,896

Non Current Assets

52,315,232

1.43

51,575,889

40,051,175

28,886,010

23,404,369

 

 

 

 

 

 

 

Total Liabilities

322,798,288

36.30

236,830,098

214,962,074

236,302,391

216,647,168

Current Liabilities

299,425,488

26.43

236,830,098

214,491,868

236,178,871

216,516,121

Non Current Liabilities

23,372,800

NA

0

470,206

123,520

131,047

 

 

 

 

 

 

 

Shareholders' Funds

87,155,312

9.13

79,866,383

63,019,156

83,646,500

74,731,097

Share Capital

28,396,624

-6.82

30,473,811

30,841,770

31,443,167

33,359,255

Total Reserves

58,758,688

18.96

49,392,572

32,177,386

52,203,333

41,371,842

 

FINANCIAL RATIOS

 

 

Group

 

MAR 2011

MAR 2010

MAR 2009

MAR 2008

MAR 2007

Growth %

 

 

 

 

 

Year-on-Year Growth

27.14

-8.18

3.09

12.19

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

1.05

1.48

0.80

1.13

0.86

Return on Equity (%)

25.88

31.42

23.47

24.09

18.23

Return on Assets (%)

5.50

7.92

5.32

6.30

4.68

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

3.70

2.97

3.41

2.83

2.90

Current Debt/Equity (Times)

3.44

2.97

3.40

2.82

2.90

Long Term Debt To Equity (Times)

0.27

NA

0.01

0.00

0.00

Total Asset To Total Equity (Times)

4.70

3.97

4.41

3.83

3.90

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

5.25

5.34

6.63

5.59

5.47

Fixed Assets Turnover (Times)

41.12

32.81

46.01

61.89

68.08

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.19

1.12

1.11

1.23

1.24

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

MAR 2010

MAR 2009

MAR 2008

MAR 2007

Currency

U.S. DOLLAR

U.S. DOLLAR

U.S. DOLLAR

U.S. DOLLAR

Profit and Loss Key Figures

 

 

 

 

Turnover

*

0

0

0

Profit/(Loss) Before Tax

*

0

0

0

Profit After Tax attributable to Shareholders

*

0

0

0

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

Total Assets

150,171,000

133,472,000

164,135,000

152,439,000

Current Assets

141,412,000

124,425,000

155,619,000

144,071,000

Non Current Assets

8,759,000

9,047,000

8,516,000

8,368,000

 

 

 

 

 

Total Liabilities

119,275,000

104,943,000

123,116,000

116,648,000

Current Liabilities

119,275,000

104,943,000

123,032,000

116,564,000

Non Current Liabilities

0

0

84,000

84,000

 

 

 

 

 

Shareholders' Funds

30,896,000

28,529,000

41,019,000

35,791,000

Share Capital

21,383,000

21,383,000

21,383,000

21,383,000

Total Reserves

9,513,000

7,146,000

19,636,000

14,408,000

 

 

 

 

 

 

* As per Companies Act, section 201 Accounts, Consolidated accounts and directors report, sub-section 3A.

 

 

FINANCIAL RATIOS

 

 

Company

 

MAR 2010

MAR 2009

MAR 2008

MAR 2007

Growth %

 

 

 

 

Year-on-Year Growth

NA

NA

NA

NA

 

 

 

 

 

Profitability

 

 

 

 

Profit Margin (%)

0.00

0.00

0.00

0.00

Return on Equity (%)

0.00

0.00

0.00

0.00

Return on Assets (%)

0.00

0.00

0.00

0.00

 

 

 

 

 

Leverage

 

 

 

 

Total Debt/Equity (Times)

3.86

3.68

3.00

3.26

Current Debt/Equity (Times)

3.86

3.68

3.00

3.26

Long Term Debt To Equity (Times)

0.00

0.00

0.00

0.00

Total Asset To Total Equity (Times)

4.86

4.68

4.00

4.26

 

 

 

 

 

Asset Management

 

 

 

 

Total Assets Turnover (Times)

0.00

0.00

0.00

0.00

Fixed Assets Turnover (Times)

0.00

0.00

0.00

0.00

 

 

 

 

 

Liquidity

 

 

 

 

Current Ratio (Times)

1.19

1.19

1.26

1.24

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 7.79% (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 1.05 per cent in FY11. The group is now able to book in SGD - SIN 0.01 of profit for every SGD - SIN of sales.

 

Liquidity

 

Current ratio stood at 1.19 times in FY11. This means that the group has SGD - SIN 1.19 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 3.70 times in FY11. This means that the group requires additional external financing of SGD - SIN 3.70 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 25.88 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 5.50 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 5.25 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.55.36

UK Pound

1

Rs.85.64

Euro

1

Rs.69.21

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

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.