MIRA INFORM REPORT

 

 

Report Date :

15.06.2012

 

IDENTIFICATION DETAILS

 

Name :

CHUGOKU MARINE PAINTS (SINGAPORE) PTE LTD

 

 

Registered Office :

21 Tuas Street Singapore 638458

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

10.03.1980

 

 

Com. Reg. No.:

198000761g

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Wholesale of Paints (including Varnishes and Supplies)

Manufacturer & Merchandising of Marine Paints

 

 

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Singapore

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

 

Company Name:

Registered Number:

CHUGOKU MARINE PAINTS (SINGAPORE) PTE LTD

198000761G

 

Date Incorporated:

Registered Office:

Telephone Number:

10/03/1980

21 TUAS STREET SINGAPORE 638458

6861 6500

Age of Company:

Website:

Industry Type:

32

www.cmp.co.jp

MANUFACTURING

 

 

 

Risk Dashboard

 

Days Beyond Terms

Trend:

No. of Litigation Counts:

 

Company DTC:

1

 

5

 

Payment pattern as per previous month

No. of Charges(s):
0

 

Industry DTC

 

28

 

Directors

 

Corporate Structure

Number of Current Directors

4

Holding Company:

CHUGOKU MARINE PAINTS, LTD

Number that are shareholders

1

No. of Subsidiaries & Associated Companies:

NA

                                   


 

EXECUTIVE SUMMARY

 

Company Name

:

CHUGOKU MARINE PAINTS (SINGAPORE) PTE LTD

Registration No

:

198000761G

Date of Registration

:

10/03/1980

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

21 TUAS STREET SINGAPORE 638458

Date of Change of Address

:

15/12/1986

Contact No.

:

6861 6500

Fax No.

:

6863 8540

Website

:

www.cmp.co.jp

Registered Activities

:

WHOLESALE OF PAINTS (INCLUDING VARNISHES AND SUPPLIES)

MANUF & MERCHANDISING OF MARINE PAINTS

Issued Ordinary Capital*

:

$26,516,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 26,516,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$26,516,000.00 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

:

ERNST & YOUNG LLP

Bankers / Financiers

:

NA

Turnover

:

SGD - SIN 122,708,388.00 (FY2011)

Net Worth

:

SGD - SIN 57,977,642.00 (FY2011)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

1

S1000 / SME 1000 / FG50 Ranking

:

1552 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2010/2011)

1643 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2009/2010)

1107 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2008/2009)

1038 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2007/2008)

989 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2006/2007)

Compounded Annual Growth Rate (CAGR)

:

NA

 

 

SHAREHOLDER DETAILS

 

NAME

:

CHUGOKU MARINE PAINTS, LTD

SHAREHOLDER ID

:

S80UF0195F

NATIONALITY

:

JAPAN

ADDRESS

:

TOKYO CLUB BUILDING (12F,13F), 2-6, KASUMIGASEKI 3-CHOME, CHIYODA-KU, TOKYO, 100-0013, JAPAN.

NO. OF ORD SHARES

:

26,516,000

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

JUNJI TOMOCHIKA

ADDRESS

:

11 GILSTEAD ROAD #05-03 MORIMASA GARDENS SINGAPORE 309065

POSITION

:

DIRECTOR

DATE OF APPT

:

18/09/2007

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

F2327877N

 

NAME

:

CHONG KIM FOO

ADDRESS

:

444 JURONG WEST AVENUE 1 #07-768 SINGAPORE 640444

POSITION

:

SECRETARY

 

DATE OF APPT

:

01/10/1990

 

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0183647A

 

NAME

:

MASATAKA UETAKE

ADDRESS

:

104, 28-14, CHITOSEDAI 3-CHOME, SETAGAYA-KU, TOKYO, 157-0071 JAPAN

POSITION

:

DIRECTOR

DATE OF APPT

:

01/04/2009

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TH0032839

 

NAME

:

MITSUAKI MIYAUCHI

ADDRESS

:

19-12, DAITA 1-CHOME, SETAGAYA-KU, TOKYO 155-0033, JAPAN.

POSITION

:

DIRECTOR

DATE OF APPT

:

01/08/2000

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TH9657264

 

NAME

:

KATSUNORI KOBAYASHI

ADDRESS

:

N-HOUSE 101, 14-5, RYOUKE 1-CHOME, URAWA-KU, SAITAMA-SHI, SAITAMA-KEN, 330-0072 JAPAN

POSITION

:

DIRECTOR

DATE OF APPT

:

01/04/2012

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TZ0440573

 

 

KEY PERSONNEL PROFILE

 

Name:

JUNJI TOMOCHIKA

NRIC Number:

F2327877N

Available Address:

11 GILSTEAD ROAD #05-03 MORIMASA GARDENS  SINGAPORE 309065

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

CHUGOKU MARINE PAINTS (SINGAPORE) PTE LTD

DIRECTOR

18/09/2007

-

-

2

CHUGOKU MARINE PAINTS (SINGAPORE) PTE LTD

MANAGING DIRECTOR

18/09/2007

-

-

 

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

 

there have been 1 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

1

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

0

0

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.

:

27249

 

Transfer

:

-

 

Date of Filing

:

10/11/2011

 

Amount

:

10,000.00

 

Cause

:

Tort - Negligence (Motor Accidents Without Death/ Injury)

 

Case Status

:

PENDING

 

Plaintiff

:

WONG TZE HONG

 

Last Update Date

:

11/11/2011

 

COMPLIANCE

 

Date of Last AGM

:

23/03/2012

Date of Last AR

:

28/03/2012

Date of A/C Laid At Last AGM

:

31/12/2011
 

 

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

 

DEC 2011

% Change

DEC 2010

DEC 2009

DEC 2008

DEC 2007

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

122,708,388

-0.92

123,843,783

106,623,204

147,247,050

133,133,889

Profit/(Loss) Before Tax

5,888,207

-10.25

6,560,890

4,820,763

7,472,832

6,843,058

Profit After Tax attributable

 to Shareholders

4,851,815

-9.71

5,373,782

4,027,995

6,016,246

5,707,930

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

80,117,036

-0.31

80,367,634

66,474,108

70,946,339

64,162,278

Current Assets

74,131,878

0.03

74,106,023

59,391,677

63,198,709

55,768,211

Non Current Assets

5,985,158

-4.42

6,261,611

7,082,431

7,747,630

8,394,067

 

 

 

 

 

 

 

Total Liabilities

22,139,394

-11.59

25,041,807

16,522,063

23,622,289

21,654,474

Current Liabilities

21,619,501

-11.84

24,521,914

16,002,170

22,993,834

21,026,019

Non Current Liabilities

519,893

0.00

519,893

519,893

628,455

628,455

 

 

 

 

 

 

 

Shareholders' Funds

57,977,642

4.79

55,325,827

49,952,045

47,324,050

42,507,804

Share Capital

26,516,000

0.00

26,516,000

26,516,000

26,516,000

26,516,000

Total Reserves

31,461,642

9.20

28,809,827

23,436,045

20,808,050

15,991,804

 

 

FINANCIAL RATIOS 

 

 

Company

 

DEC 2011

DEC 2010

DEC 2009

DEC 2008

DEC 2007

Growth %

 

 

 

 

 

Year-on-Year Growth

-0.92

16.15

-27.59

10.60

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

3.95

4.34

3.78

4.09

4.29

Return on Equity (%)

8.37

9.71

8.06

12.71

13.43

Return on Assets (%)

6.06

6.69

6.06

8.48

8.90

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

0.38

0.45

0.33

0.50

0.51

Current Debt/Equity (Times)

0.37

0.44

0.32

0.49

0.49

Long Term Debt To Equity (Times)

0.01

0.01

0.01

0.01

0.01

Total Asset To Total Equity (Times)

1.38

1.45

1.33

1.50

1.51

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

1.53

1.54

1.60

2.08

2.07

Fixed Assets Turnover (Times)

20.50

19.78

15.05

19.01

15.86

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

3.43

3.02

3.71

2.75

2.65

 

 

 

 

 

FINANCIAL COMMENTARY

 

 

Profitability

The company yielded a rate of net profit on sales of 3.95 per cent in FY11 (FY10: 4.34 per cent). The company is now able to book in SGD - SIN 0.04 of profit for every SGD - SIN of sales in FY11, as compared with SGD - SIN 0.04 a year ago.

 

 

Liquidity

 

Current ratio stood at 3.43 times in FY11 (FY10: 3.02 times). This means that the company has SGD - SIN 3.43 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 0.38 times in FY11, compared with 0.45 times in FY10. This means that the company requires additional external financing of SGD - SIN 0.38 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 8.37 per cent for Subject in the current financial period, as compared to 9.71 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 6.06 per cent (FY10: 6.69 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 1.53 times in FY11 (FY10: 1.54 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.55.79

UK Pound

1

Rs.86.37

Euro

1

Rs.70.07

 

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.