MIRA
INFORM REPORT
|
Report Date : |
18.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
SUMITOMO CHEMICAL ASIA PTE LTD |
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Formerly Known As : |
LIFE TECH ( |
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Registered Office : |
150 Beach Road #18-05/08 Gateway West Singapore 189720 |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
18.07.1990 |
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Com. Reg. No.: |
199003514C |
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Legal Form : |
Limited Private Company |
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Line of Business : |
Wholesale of Chemicals and Chemical Products |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRAs Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Executive
Summary
SHAREHOLDER DETAILS
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: |
SUMITOMO CHEMICAL COMPANY, LIMITED |
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SHAREHOLDER ID |
: |
S80UF0203D |
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NATIONALITY |
: |
JAPAN |
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ADDRESS |
: |
27-1, SHINKAWA 2-CHOME, CHUO-KU TOKYO 104-8260, JAPAN |
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NO. OF ORD SHARES |
: |
118,000,000 4,500,000 |
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% OF SHAREHOLDING |
: |
96.3% 3.7% |
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CURRENCY |
: |
U.S. DOLLAR SINGAPORE, DOLLARS |
OFFICER DETAILS
|
: |
HIROMICHI ISHIKAWA |
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|
ADDRESS |
: |
11 ORCHARD TURN
#24-06 SINGAPORE 238800 |
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POSITION |
: |
DIRECTOR MANAGING
DIRECTOR |
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DATE OF APPT |
: |
01/05/2006 03/05/2006 |
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NATIONALITY |
: |
JAPANESE |
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I/C PASSPORT |
: |
G5640566L |
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||
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NAME |
: |
JEYANTHI MALA RAMA
KRISHNAN |
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ADDRESS |
: |
8B JALAN MASJID
#04-01 SINGAPORE 418929 |
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POSITION |
: |
SECRETARY |
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DATE OF APPT |
: |
01/10/2009 |
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NATIONALITY |
: |
SINGAPORE
CITIZEN |
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I/C PASSPORT |
: |
S7467154C |
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NAME |
: |
TAKAO KASAMATSU |
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ADDRESS |
: |
5-27-1-615
KUGAHARA OTA-KU TOKYO 146-0085, JAPAN |
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POSITION |
: |
DIRECTOR |
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DATE OF APPT |
: |
30/10/2009 |
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NATIONALITY |
: |
JAPANESE |
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I/C PASSPORT |
: |
TG5169606 |
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NAME |
: |
HIROAKI YOSHIDA |
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ADDRESS |
: |
NAKAGAWA
TSUZUKI-KU, YOKOHAMA-SHI KANAGAWA, 1-2-C108, 224-0001, JAPAN |
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POSITION |
: |
DIRECTOR |
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DATE OF APPT |
: |
05/03/2010 |
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NATIONALITY |
: |
JAPANESE |
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I/C PASSPORT |
: |
TG8604041 |
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NAME |
: |
SOJI SAKAMOTO |
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ADDRESS |
: |
18-8, 1-CHOME, HANAZONOHIGASHIMACHI
HIGASHIOSAKA, OSAKA, 578-0931, JAPAN |
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POSITION |
: |
DIRECTOR |
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DATE OF APPT |
: |
23/06/2011 |
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NATIONALITY |
: |
JAPANESE |
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I/C PASSPORT |
: |
TZ0686848 |
KEY PERSONNEL PROFILE
|
HIROMICHI ISHIKAWA |
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NRIC Number: |
G5640566L |
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Available Address: |
11 ORCHARD TURN #24-06 SINGAPORE 238800 |
Current Business Interest
|
No. |
Name |
Position |
Appt Date |
#of Share |
% |
|
SUMITOMO CHEMICAL ASIA PTE LTD |
DIRECTOR |
01/05/2006 |
- |
- |
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2 |
SUMITOMO CHEMICAL ASIA PTE LTD |
MANAGING DIRECTOR |
03/05/2006 |
- |
- |
Previous Business
|
No. |
Name |
Status |
Position |
Appt Date |
Last Known
Inactive Date |
|
JAPANESE CHAMBER OF COMMERCE AND
INDUSTRY, SINGAPORE |
LIVE COMPANY |
DIRECTOR |
09/04/2002 |
11/08/2011 |
|
|
2 |
THE POLYOLEFIN COMPANY
(SINGAPORE) PTE. LTD. |
LIVE COMPANY |
DIRECTOR |
16/01/2002 |
29/12/2011 |
Bankruptcy Record
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Case No. |
Year |
Date of Filing |
Petitioner Name |
Amount |
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Litigation Search Writ of Summons
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Court |
Case No. |
Year |
Date of Filing |
Amount |
Cause Category |
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SUBSIDIARIES AND ASSOCIATE
COMPANIES
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Company |
Shareholdings (%) |
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BANKERS/
FINANCIERS
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Subject enjoys a normal banking routine
with its bankers. To date, there are no bank charges registered against
Subject by its bankers. |
LITIGATION
COMPLIANCE
|
Date of Last AGM |
: |
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|
Date of Last AR |
: |
05/07/2011 |
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Date of A/C Laid At Last AGM |
: |
31/12/2010 |
FINANCIAL HIGHLIGHTS
|
Financial
Figures |
||
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|
DEC 2009 |
DEC 2008 |
|
Currency |
SGD - SIN |
SGD - SIN |
|
Profit and Loss
Key Figures |
|
|
|
626,865,822 |
82,967,111 |
|
|
Profit/(Loss)
Before Tax |
(39,318,861) |
(28,498,183) |
|
Profit After Tax
attributable to Shareholders |
(39,390,216) |
(28,503,682) |
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Balance Sheet
Key Figures |
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Total Assets |
698,116,391 |
287,320,436 |
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Current Assets |
481,978,912 |
63,170,664 |
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Non Current
Assets |
216,137,479 |
224,149,772 |
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Total
Liabilities |
638,226,890 |
233,388,435 |
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Current
Liabilities |
362,174,341 |
33,627,200 |
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Non Current
Liabilities |
276,052,549 |
199,761,235 |
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Shareholders'
Funds |
59,889,500 |
53,932,001 |
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Share Capital |
146,336,105 |
99,566,086 |
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Total Reserves |
(86,446,605) |
(45,634,085) |
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FINANCIAL RATIOS
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DEC 2009 |
DEC 2008 |
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Growth % |
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NA |
NA |
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Profitability |
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Profit Margin (%) |
NA |
NA |
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Return on Equity (%) |
NA |
NA |
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Return on Assets (%) |
NA |
NA |
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Leverage |
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Total Debt/Equity (Times) |
10.66 |
4.33 |
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Current Debt/Equity (Times) |
6.05 |
0.62 |
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Long Term Debt To Equity (Times) |
4.61 |
3.70 |
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Total Asset To Total Equity (Times) |
11.66 |
5.33 |
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Asset Management |
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Total Assets Turnover (Times) |
0.90 |
0.29 |
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Fixed Assets Turnover (Times) |
2.90 |
0.37 |
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Liquidity |
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Current Ratio (Times) |
1.33 |
1.88 |
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FINANCIAL
HIGHLIGHTS
|
Financial
Figures |
||||||
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|
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 |
|
|
|
|
|
|
|
2,494,241,143 |
297.89 |
626,865,476 |
82,967,111 |
16,435,102 |
54,581 |
|
|
Profit/(Loss) Before
Tax |
25,391,595 |
NA |
(39,505,406) |
(28,516,680) |
(14,413,983) |
(3,962,381) |
|
Profit After Tax
attributable to Shareholders |
29,574,541 |
NA |
(39,505,406) |
(28,511,094) |
(14,432,094) |
(3,974,330) |
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Balance Sheet Key
Figures |
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Total Assets |
845,831,314 |
21.17 |
698,078,229 |
287,505,259 |
54,144,305 |
7,901,907 |
|
Current Assets |
658,028,763 |
36.78 |
481,101,893 |
62,816,539 |
46,742,741 |
6,879,409 |
|
Non Current
Assets |
187,802,551 |
-13.45 |
216,976,336 |
224,688,720 |
7,401,564 |
1,022,498 |
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Total
Liabilities |
760,399,347 |
19.12 |
638,346,475 |
233,608,267 |
14,467,607 |
1,549,435 |
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Current
Liabilities |
490,951,796 |
35.51 |
362,294,649 |
33,847,032 |
14,467,607 |
1,549,435 |
|
Non Current
Liabilities |
269,447,551 |
-2.39 |
276,051,826 |
199,761,235 |
0 |
0 |
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Shareholders'
Funds |
85,431,967 |
43.03 |
59,731,755 |
53,896,992 |
39,676,698 |
6,352,472 |
|
Share Capital |
136,843,824 |
-6.49 |
146,335,450 |
99,566,086 |
57,949,101 |
10,401,478 |
|
Total Reserves |
(51,411,857) |
NA |
(86,603,695) |
(45,669,094) |
(18,272,403) |
(4,049,006) |
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FINANCIAL RATIOS
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DEC 2010 |
DEC 2009 |
DEC 2008 |
DEC 2007 |
DEC 2006 |
|
Growth % |
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|
|
|
|
|
297.89 |
655.56 |
404.82 |
30,011.40 |
NA |
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Profitability |
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Profit Margin (%) |
1.19 |
-6.30 |
-34.36 |
-87.81 |
-7,281.53 |
|
Return on Equity (%) |
34.62 |
-66.14 |
-52.90 |
-36.37 |
-62.56 |
|
Return on Assets (%) |
3.50 |
-5.66 |
-9.92 |
-26.65 |
-50.30 |
|
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Leverage |
|
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|
|
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Total Debt/Equity (Times) |
8.90 |
10.69 |
4.33 |
0.36 |
0.24 |
|
Current Debt/Equity (Times) |
5.75 |
6.07 |
0.63 |
0.36 |
0.24 |
|
Long Term Debt To Equity (Times) |
3.15 |
4.62 |
3.71 |
0.00 |
0.00 |
|
Total Asset To Total Equity (Times) |
9.90 |
11.69 |
5.33 |
1.36 |
1.24 |
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|
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Asset Management |
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Total Assets Turnover (Times) |
2.95 |
0.90 |
0.29 |
0.30 |
0.01 |
|
Fixed Assets Turnover (Times) |
13.28 |
2.89 |
0.37 |
2.22 |
0.05 |
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|
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Liquidity |
|
|
|
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|
Current Ratio (Times) |
1.34 |
1.33 |
1.86 |
3.23 |
4.44 |
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FINANCIAL
COMMENTARY
Compound Annual Growth Rate
The company's CAGR is 1362.09% (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 companys performance over a given period.
Profitability
The company yielded a rate of net profit on
sales of 1.19 per cent in FY10. The company is now able to book in SGD - SIN
0.01 of profit for every SGD - SIN of sales.
Liquidity
Current ratio stood at 1.34 times in FY10
(FY09: 1.33 times). This means that the company has SGD - SIN 1.34 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 8.90
times in FY10, compared with 10.69 times in FY09. This means that the company
requires additional external financing of SGD - SIN 8.90 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 34.62 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 3.50 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 2.95 times in FY10 (FY09: 0.90
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.54.29 |
|
UK Pound |
1 |
Rs.86.61 |
|
Euro |
1 |
Rs.68.87 |
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 SCs 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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.