MIRA INFORM REPORT

 

Report Date :

27.03.2012

 

IDENTIFICATION DETAILS

 

Name :

IDEMITSU LUBE (SINGAPORE) PTE LTD

 

 

Formerly Known As :

ULTRALINE PETROLEUM PTE LTD

 

 

Registered Office :

37 Pandan Road Singapore 609280

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

14.09.1990

 

 

Com. Reg. No.:

199004551R

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Wholesale of solid, liquid and gaseous fuels and related products (eg bitumen)

 

 

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 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

:

IDEMITSU LUBE (SINGAPORE) PTE LTD

Registration No

:

199004551R

Date of Registration

:

14/09/1990

Former Name

:

ULTRALINE PETROLEUM PTE LTD Eff. date : 06/10/1990 Eff. date : 06/10/1990

Date of Change of Name

:

27/11/1998

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

37 PANDAN ROAD SINGAPORE 609280

Date of Change of Address

:

NA

Contact No.

:

6268 5888

Fax No.

:

6265 5610

Website

:

http://www.idemitsu-ils.com.sg/

Registered Activities

:

1. WHOLESALE OF SOLID, LIQUID AND GASEOUS FUELS AND RELATED PRODUCTS NEC (EG BITUMEN)

2. MANUFACTURE OF REFINED PETROLEUM PRODUCTS NEC

Issued Ordinary Capital*

:

$2,400,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 2,400,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$2,400,000.00 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

:

OVERSEAS UNION BANK LIMITED

Turnover

:

SGD - SIN 167,961,941.00 (FY2010)

Net Worth

:

SGD - SIN 46,169,334.00 (FY2010)

No. of Bank Charges

:

2

No. of Litigation Suits

:

NA

S1000 / SME 500 / FG50 Ranking

:

1250 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2010/2011)

1723 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2009/2010)

1235 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2008/2009)

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

1435 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2006/2007)

Compounded Annual Growth Rate (CAGR)

:

28.19% (4 years)

 

 

Credit Rating & Recommendation

 

Recommended Credit Line

:

S$1,000,000

 

SHAREHOLDER DETAILS

 

NAME

:

IDEMITSU INTERNATIONAL (ASIA) PTE. LTD.

SHAREHOLDER ID

:

197702494G

NATIONALITY

:

SINGAPORE

ADDRESS

:

163 PENANG ROAD #06-01 WINSLAND HOUSE II SINGAPORE 238463

NO. OF ORD SHARES

:

2,400,000

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

FUJIKAKE SHINYA

ADDRESS

:

8 RIVER VALLEY GROVE #20-01 RIVIERA GARDENS SINGAPORE 238406

POSITION

:

DIRECTOR

MANAGING DIRECTOR

DATE OF APPT

:

03/05/2011

01/07/2011

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

G5122328X

 

NAME

:

MASARU IIJIMA

ADDRESS

:

83 DEVONSHIRE ROAD #07-06 METZ, THE SINGAPORE 239864

POSITION

:

DIRECTOR

DATE OF APPT

:

01/07/2011

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

G5160846T

 

NAME

:

TORU HOSOI

ADDRESS

:

1 RIVER VALLEY CLOSE #22-04 URBANA SINGAPORE 238427

POSITION

:

DIRECTOR

DATE OF APPT

:

03/05/2011

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

G5533343U

 

NAME

:

TOON CHOI FAN

ADDRESS

:

443C FERNVALE ROAD #24-381 SINGAPORE 793443

POSITION

:

SECRETARY

DATE OF APPT

:

14/11/2007

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S2681354I

 

NAME

:

SHINICHI NARUUCHI

ADDRESS

:

GRAND PRESIDENT 14,16 SOI 11, SUKHUMVIT, BANGKOK 10110, THAILAND

POSITION

:

DIRECTOR

DATE OF APPT

:

01/04/2011

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TG03446200

 

 

KEY PERSONNEL PROFILE

 

Name:

FUJIKAKE SHINYA

NRIC Number:

G5122328X

Available Address:

8 RIVER VALLEY GROVE #20-01 RIVIERA GARDENS  SINGAPORE 238406

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

IDEMITSU LUBE (SINGAPORE) PTE LTD

DIRECTOR

03/05/2011

-

-

2

IDEMITSU LUBE (SINGAPORE) PTE LTD

MANAGING DIRECTOR

01/07/2011

-

-

 

 

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 (%)

 

NA

 

 

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.

:

9101299

 

Date of Registration

:

03/04/1991

 

Chargee

:

OVERSEAS UNION BANK LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

80 RAFFLES PLACE UOB PLAZA SINGAPORE 048624

 

2)

Charge No.

:

9101298

 

Date of Registration

:

03/04/1991

 

Chargee

:

OVERSEAS UNION BANK LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

80 RAFFLES PLACE UOB PLAZA SINGAPORE 048624

 

 

LITIGATION

 

Clear

 

 

COMPLIANCE

 

Date of Last AGM

:

15/04/2011

Date of Last AR

:

28/04/2011

Date of A/C Laid At Last AGM

:

31/12/2010

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

DEC 2010

% Change

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

167,961,941

69.07

99,342,422

126,460,681

78,541,450

62,196,307

Profit/(Loss) Before Tax

8,831,194

-13.68

10,231,200

9,061,498

5,897,160

4,424,281

Profit After Tax attributable to Shareholders

7,396,834

-11.24

8,333,902

7,466,971

4,667,717

3,090,329

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

61,073,807

12.78

54,153,661

42,311,980

35,764,250

31,557,993

Current Assets

59,242,015

11.28

53,236,095

41,260,306

34,666,794

30,279,947

Non Current Assets

1,831,792

99.64

917,566

1,051,674

1,097,456

1,278,046

 

 

 

 

 

 

 

Total Liabilities

14,904,473

7.94

13,808,161

9,001,382

9,920,623

10,382,083

Current Liabilities

14,783,473

7.36

13,770,161

8,995,382

9,920,623

10,382,083

Non Current Liabilities

121,000

218.42

38,000

6,000

0

0

 

 

 

 

 

 

 

Shareholders' Funds

46,169,334

14.43

40,345,500

33,310,598

25,843,627

21,175,910

Share Capital

2,400,000

0.00

2,400,000

2,400,000

2,400,000

2,400,000

Total Reserves

43,769,334

15.35

37,945,500

30,910,598

23,443,627

18,775,910

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

DEC 2010

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Growth %

 

 

 

 

 

Year-on-Year Growth

69.07

-21.44

61.01

26.28

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

4.40

8.39

5.90

5.94

4.97

Return on Equity (%)

16.02

20.66

22.42

18.06

14.59

Return on Assets (%)

12.11

15.39

17.65

13.05

9.79

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

0.32

0.34

0.27

0.38

0.49

Current Debt/Equity (Times)

0.32

0.34

0.27

0.38

0.49

Long Term Debt To Equity (Times)

0.00

0.00

0.00

0.00

0.00

Total Asset To Total Equity (Times)

1.32

1.34

1.27

1.38

1.49

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

2.75

1.83

2.99

2.20

1.97

Fixed Assets Turnover (Times)

91.69

108.27

120.25

71.57

48.67

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

4.01

3.87

4.59

3.49

2.92

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 28.19% (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 company yielded a rate of net profit on sales of 4.40 per cent in FY10 (FY09: 8.39 per cent). The company is now able to book in SGD - SIN 0.04 of profit for every SGD - SIN of sales in FY10, as compared with SGD - SIN 0.08 a year ago.

 

Liquidity

Current ratio stood at 4.01 times in FY10 (FY09: 3.87 times). This means that the company has SGD - SIN 4.01 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 0.32 times in FY10, compared with 0.34 times in FY09. This means that the company requires additional external financing of SGD - SIN 0.32 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 16.02 per cent for Subject in the current financial period, as compared to 20.66 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 12.11 per cent (FY09: 15.39 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 2.75 times in FY10 (FY09: 1.83 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.51.30

UK Pound

1

Rs.81.36

Euro

1

Rs.67.97

 

 

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.