MIRA INFORM REPORT

 

 

Report Date :

06.04.2013

 

IDENTIFICATION DETAILS

 

Name :

SUMITOMO CHEMICAL ASIA PTE LTD

 

 

Formerly Known As :

LIFE TECH (ASIA) PTE LTD

 

 

Registered Office :

150 Beach Road, 18 - 05/08, Gateway West, 189720

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

18.07.1990

 

 

Com. Reg. No.:

199003514-C

 

 

Legal Form :

Private limited Company

 

 

Line of Business :

Trading of chemicals

 

 

No. of Employees :

100

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate  

 

 

Payment Behaviour :

Slow

 

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Singapore

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Singapore - ECONOMIC OVERVIEW

 

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. Real GDP growth averaged 8.6% between 2004 and 2007. The economy contracted 1.0% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010 and 4.9% in 2011, on the strength of renewed exports. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to a compound annual growth rate of just 1.8% in the last decade. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub.

 

Source : CIA

 

 

 

 

* Adopted abbreviations :

SC - Subject Company (the company enquired by you)

 

 

 

N/A - Not Applicable

 

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

199003514-C

COMPANY NAME

:

SUMITOMO CHEMICAL ASIA PTE LTD

FORMER NAME

:

LIFE TECH (ASIA) PTE LTD (01/04/1992)

INCORPORATION DATE

:

18/07/1990

 

 

 

 

 

 

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

 

 

 

 

 

 

REGISTERED ADDRESS

:

150 BEACH ROAD, 18 - 05/08, GATEWAY WEST, 189720, SINGAPORE.

BUSINESS ADDRESS

:

150 BEACH ROAD, 18 - 05/08, GATEWAY WEST, 189720, SINGAPORE.

TEL.NO.

:

65-63035188

FAX.NO.

:

65-62946817

CONTACT PERSON

:

LISA ( STAFF )

 

 

 

 

 

 

PRINCIPAL ACTIVITY

:

TRADING OF CHEMICALS

 

 

 

ISSUED AND PAID UP CAPITAL

:

148,000,000.00 ORDINARY SHARE, OF A VALUE OF USD 148,000,000.00
4,500,000.00 ORDINARY SHARE, OF A VALUE OF SGD 4,500,000.00

 

 

 

SALES

:

USD 2,120,442,000 [2011]

NET WORTH

:

USD 91,305,000 [2011]

 

 

 

STAFF STRENGTH

:

100 [2013]

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

LIMITED

PAYMENT

:

AVERAGE

MANAGEMENT CAPABILITY

:

AVERAGE

 

 

 

COMMERCIAL RISK

:

N/A

CURRENCY EXPOSURE

:

N/A

GENERAL REPUTATION

:

GOOD

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

 

HISTORY / BACKGROUND

 

The SC is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the SC must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the SC is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the SC is insolvent. The SC is governed by the Companies Act and the company must file its annual returns, together with its financial statements with the Registrar of Companies.

 

The SC is principally engaged in the (as a / as an) trading of chemicals.

 

The immediate and ultimate holding company of the SC is SUMITOMO CHEMICAL COMPANY, LIMITED, a company incorporated in JAPAN.

 

The major shareholder(s) of the SC are shown as follows :

Name

Address

IC/PP/Loc No

Shareholding

(%)

SUMITOMO CHEMICAL COMPANY, LIMITED

27-1, SHINKAWA 2-CHOME, CHUO-KU, 104-8260, TOKYO, JAPAN.

S80UF0203D

152,500,000.00

100.00

 

 

 

---------------

------

 

 

 

152,500,000.00

100.00

 

 

 

============

=====

 

+ Also Director

 

The SC interest in other companies (Subsidiaries/Associates) are shown as follow :

Local No

Country

Company

(%)

As At

CN011053

CHINA

SUMIKA PLASTICS AND CHEMICALS TRADING (SHANGHAI) CO. LTD.

100

31/12/2011

 

 

 

 

 

IN011024

INDIA

SCA SOUTH ASIA PETROCHEMICALS PRIVATE LIMITED

99.9

31/12/2011

 

 

 

 

 

 

 

 

DIRECTORS



DIRECTOR 1

 

Name Of Subject

:

HIROMICHI ISHIKAWA

Address

:

11, ORCHARD TURN, 24 - 06, 238800, SINGAPORE.

IC / PP No

:

G5640566L

 

 

 

 

 

 

 

 

 

Nationality

:

JAPANESE

Date of Appointment

:

01/05/2006

 

 

 

 

 

 

 

DIRECTOR 2

 

Name Of Subject

:

HIROAKI YOSHIDA

Address

:

NAKAGAWA TSUZUKI-KU, YOKOHAMA-SHI KANAGAWA, 1-2-C108, 224-0001, JAPAN.

IC / PP No

:

TG8604041

 

 

 

 

 

 

 

 

 

Nationality

:

JAPANESE

Date of Appointment

:

05/03/2010

 

 

 

 

 

DIRECTOR 3

 

Name Of Subject

:

SOJI SAKAMOTO

Address

:

18-8, 1-CHOME, HANAZONOHIGASHIMACHI HIGASHIOSAKA, OSAKA, 578-0931, JAPAN.

IC / PP No

:

TZ0686848

 

 

 

 

 

 

 

 

 

Nationality

:

JAPANESE

Date of Appointment

:

23/06/2011

                                   

DIRECTOR 4

 

Name Of Subject

:

YOSHIO KAWAI

Address

:

2-17-16-202, MINAMI-CHO, CHIBA CHUO-KU CHIBA, 260-0842, JAPAN.

IC / PP No

:

TH7800438

 

 

 

 

 

 

 

 

 

Nationality

:

JAPANESE

Date of Appointment

:

22/06/2012

 

 

 

 

 

MANAGEMENT

 

 

 

1)

Name of Subject

:

LISA

 

Position

:

STAFF

 

 

 

AUDITOR

 

Auditor

:

KPMG LLP

Auditor' Address

:

N/A

 

 

 

 

                              

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

JEYANTHI MALA RAMA KRISHNAN

 

IC / PP No

:

S7467154C

 

 

 

 

 

Address

:

20 JALAN HAJIJAH, 01-18, LAGUNA GREEN, 468726, SINGAPORE.

 

 

 

 

 

 

 

 

                                       

 

BANKING


No Banker found in our databank. 

 

ENCUMBRANCE (S)


No encumbrance was found in our databank at the time of investigation. 

 

 

LEGAL CHECK AGAINST SC


* A check has been conducted in our databank against the SC whether the subject has been involved in any litigation. 

No legal action was found in our databank. 

No winding up petition was found in our databank. 

PAYMENT RECORD

 

 

SOURCES OF RAW MATERIALS:

Local

:

N/A

Overseas

:

N/A

 

 

 


The SC refused to disclose its suppliers. 

The SC refused to provide any name of trade/service supplier and we are unable to conduct any trade enquiry.

However, from financial historical data we conclude that :

 

OVERALL PAYMENT HABIT

Prompt 0-30 Days

[

 

]

 

Good 31-60 Days

[

 

]

 

Average 61-90 Days

[

X

]

 

Fair 91-120 Days

[

 

]

 

Poor >120 Days

[

 

]

 

 

 

 

 

 

 

CLIENTELE

 

Local

:

N/A

 

 

 

Overseas

:

N/A

 

 

 

 

 

 

 

 

 


The SC refused to disclose its clientele information. 

OPERATIONS

 

Goods Traded

:

CHEMICALS

 

 

 

 

 

Total Number of Employees:

YEAR

2013

 

 

GROUP

N/A

 

 

 

 

 

 

 

 

COMPANY

100

 

 

 

 

 

 

 

 

 

Branch

:

NO

 

 

Other Information:


The SC is principally engaged in the (as a / as an) trading of chemicals. 

The SC refused to disclose any information on its operation. 


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client

:

65 6303 5188

Current Telephone Number

:

65-63035188

Match

:

YES

 

 

 

Address Provided by Client

:

150 BEACH ROAD NO.18-05/08 GATEWAY WEST, SINGAPORE 189720

Current Address

:

150 BEACH ROAD, 18 - 05/08, GATEWAY WEST, 189720, SINGAPORE.

Match

:

YES

 

 

 

 

Other Investigations

we contacted one of the staff from the SC and she only provided limited information on the SC.

FINANCIAL ANALYSIS

 

 

Profitability

 

 

 

 

 

 

Turnover

:

Increased

[

15.68%

]

 

Profit/(Loss) Before Tax

:

Decreased

[

45.72%

]

 

Return on Shareholder Funds

:

Unfavourable

[

9.33%

]

 

Return on Net Assets

:

Unfavourable

[

6.72%

]

 

 

 

 

 

 

 

 

The higher turnover could be attributed to the favourable market condition and the SC could be gaining the market share progressively.The SC's profit fell sharply because of the high operating costs incurred. The unfavourable return on shareholders' funds could indicate that the SC was inefficient in utilising its assets to generate returns.

 

 

 

 

 

 

 

Working Capital Control

 

 

 

 

 

 

Stock Ratio

:

Favourable

[

45 Days

]

 

Debtor Ratio

:

Favourable

[

41 Days

]

 

Creditors Ratio

:

Favourable

[

1 Days

]

 

 

 

 

 

 

 

 

The SC's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The favourable debtors' days could be due to the good credit control measures implemented by the SC. The SC had a favourable creditors' ratio as evidenced by its favourable collection days. The SC could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.

 

 

 

 

 

 

 

Liquidity

 

 

 

 

 

 

Liquid Ratio

:

Unfavourable

[

0.77 Times

]

 

Current Ratio

:

Unfavourable

[

1.22 Times

]

 

 

 

 

 

 

 

 

A low liquid ratio means that the SC may be facing working capital deficiency. If the SC cannot obtain additional financing or injection of fresh capital, it may face difficulties in meeting its short term obligations.

 

 

 

 

 

 

 

Solvency

 

 

 

 

 

 

Interest Cover

:

Unfavourable

[

2.29 Times

]

 

Gearing Ratio

:

Unfavourable

[

4.03 Times

]

 

 

 

 

 

 

 

 

The SC's interest cover was low. If its profits fall or when interest rate rises, it may not be able to meet all its interest payment. The SC was highly geared, thus it had a high financial risk. The SC was dependent on loans to finance its business needs. In times of economic downturn and / or high interest rate, the SC will become less profitable and competitive than other firms in the same industry, which are lowly geared. This is because the SC has to service the interest and to repay the loan, which will erode part of its profits. The profits will fluctuate depending on the SC's turnover and the interest it needs to pay.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Overall Assessment :

 

 

 

 

 

 

Although the SC's turnover had increased, its profits had declined over the same corresponding period. This could be due to the stiffer market competition and / or higher operating costs which lowered the SC's profit margin. Due to its weak liquidity position, the SC will be faced with problems in meeting all its short term obligations if no short term loan is obtained or additional capital injected into the SC. If there is a fall in the SC's profit or any increase in interest rate, the SC may not be able to generate sufficient cash-flow to service its interest. The SC's gearing level was high and its going concern will be in doubt if there is no injection of additional shareholders' funds in times of economic downturn and / or high interest rates.

 

 

 

 

 

 

 

Overall financial condition of the SC : LIMITED

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

 

 

Major Economic Indicators :

2006

2007

2008

2009

2010

 

 

 

 

 

 

Population (Million)

4.40

4.58

4.84

4.98

5.08

Gross Domestic Products ( % )

8.7

8.8

1.5

<0.8>

14.5

Consumer Price Index

1.0

2.1

6.6

0.6

2.8

Total Imports (Million)

378,924.1

395,979.7

450,892.6

356,299.3

423,221.8

Total Exports (Million)

431,559.2

450,627.7

476,762.2

391,118.1

478,840.7

 

 

 

 

 

 

Unemployment Rate (%)

2.7

2.3

2.2

3.2

2.2

Tourist Arrival (Million)

9.75

10.28

10.12

9.68

11.64

Hotel Occupancy Rate (%)

85.2

87.0

81.0

75.8

85.6

Cellular Phone Subscriber (Million)

1.05

1.22

1.31

1.37

1.43

 

 

 

 

 

 

Registration of New Companies (No.)

21,495

25,903

25,327

26,414

29,798

Registration of New Companies (%)

10.2

20.5

<2.2>

4.3

12.8

Liquidation of Companies (No.)

8,980

9,226

10,493

22,393

15,126

Liquidation of Companies (%)

28.1

2.7

13.7

113.4

<32.5>

 

 

 

 

 

 

Registration of New Businesses (No.)

24,219

24,762

24,850

26,876

23,978

Registration of New Businesses (%)

3.17

2.24

0.36

8.15

<10.78>

Liquidation of Businesses (No.)

26,843

21,322

21,150

23,552

24,211

Liquidation of Businesses (%)

<52.3>

<20.6>

<0.8>

11.4

2.8

 

 

 

 

 

 

Bankruptcy Orders (No.)

2,983

2,767

2,326

2,058

1,537

Bankruptcy Orders (%)

15.8

<7.2>

<15.9>

<11.5>

<25.3>

Bankruptcy Discharges (No.)

1,634

1,626

1,500

3,056

2,252

Bankruptcy Discharges (%)

<2.9>

<0.5>

<7.7>

103.7

<26.3>

 

 

 

 

 

 

INDUSTRIES ( % of Growth ) :

 

 

 

 

 

Agriculture

 

 

 

 

 

Production of Principal Crops

3.91

5.26

<0.32>

3.25

<0.48>

Fish Supply & Wholesale

1.33

<3.91>

<6.31>

<1.93>

<10.5>

 

 

 

 

 

 

Manufacturing *

73.5

77.9

74.6

71.5

92.8

Food, Beverages & Tobacco

79.1

88.0

94.8

90.4

96.4

Textiles

233.3

194.5

180.1

145.9

122.1

Wearing Apparel

533.9

466.2

334.6

211.0

123.3

Leather Products & Footwear

151.7

151.3

128.2

79.5

81.8

Wood & Wood Products

159.1

148.6

132.0

101.4

104.0

Paper & Paper Products

94.6

102.2

101.0

95.4

106.1

Printing & Media

119.4

122.2

118.2

100.9

103.5

Crude Oil Refineries

112.2

112.0

113.1

96.4

95.6

Chemical & Chemical Products

83.4

88.8

84.5

80.3

97.6

Pharmaceutical Products

48.1

47.1

43.7

49.1

75.3

Rubber & Plastic Products

130.6

130.4

120.1

101.2

112.3

Non-metallic Mineral

131.3

116.2

96.5

91.9

92.5

Basic Metals

99.9

90.9

109.8

92.6

102.2

Fabricated Metal Products

104.4

106.5

101.3

90.8

103.6

Machinery & Equipment

56.0

66.7

65.0

57.3

78.5

Electrical Machinery

82.3

83.2

81.7

86.8

124.1

Electronic Components

96.9

99.7

93.1

85.2

113.6

Transport Equipment

80.5

94.3

102.0

96.0

94.0

 

 

 

 

 

 

Construction

46.60

45.60

45.90

<36.9>

14.20

Real Estate

12.9

40.8

<11.2>

1.4

21.3

 

 

 

 

 

 

Services

 

 

 

 

 

Electricity, Gas & Water

<5.3>

11.00

<1.3>

1.70

4.00

Transport, Storage & Communication

6.00

8.50

11.60

3.90

12.80

Finance & Insurance

6.40

41.50

<5.9>

<16.4>

<0.4>

Government Services

13.50

3.80

17.40

4.50

9.70

Education Services

1.10

1.80

0.50

0.10

<0.9>

 

 

 

 

 

 

* Based on Index of Industrial Production (2011 = 100)

 

 

 

 

 

(Source : Department of Statistics)

 

 

 

 

 

 

INDUSTRY ANALYSIS

 

INDUSTRY :

TRADING

 

 

 


The wholesale and retail trade sector contracted by 1.5% in the fourth quarter of 2012, extending the 0.2% decline in the preceding quarter. For the whole of 2012, the sector declined by 0.7%, reversing the 1.6% growth in 2011. The sector was weighed down primarily by the wholesale trade segment. In 2012, the wholesale trade segment contracted by 1.0%, a reversal from the 1.4% growth in 2011. Growth of the retail trade segment also moderated to 2.0%, from 3.2% in the year 2011.


The domestic wholesale trade index grew by 1.2% in the fourth quarter of 2012, an improvement from the 5.4% decline in the third quarter. This was partly due to an increase in the sales of chemicals & chemical products and ship chandlers & bunkering. For the full year of 2012, the domestic wholesale trade index contracted by 2.2%, extending the 1.7% decline in 2011. The foreign wholesale trade index grew by 8.6% in the fourth quarter, an increase from the 6.6% growth in the third quarter. The expansion was partly due to resilient sales of petroleum & petroleum products. For the whole of 2012, the foreign wholesale trade index expanded by 9.1%, faster than the 4.3% increase in 2011.


In the fourth quarter of 2012, retail sales volume declined by 2.0%, extending the 0.3% decline in the third quarter. Excluding motor vehicles, retail sales volume grew by 0.4%, a slight moderation compared to the 1.5% gain in the third quarter of 2012. The sales volume of motor vehicles fell by 11% in the fourth quarter of 2012, after contracting by 6.1% in the third quarter. The sales of several discretionary items also declined in the fourth quarter. Besides, the sales of optical goods & books in 2012 fell by 3.6%, while the sales of telecommunications apparatus & computers declined by 1.4%. 


For 2012 as a whole, retail sales volume grew by 1.3%, compared to the 2.0% expansion in 2011. Excluding motor vehicle sales, the increase in retail sales volume also moderated from 5.4% in 2011 to 1.7% in 2012. Medical goods & toiletries registered the largest increase (9.3%) in sales, followed by telecommunications apparatus & computers (6.9%). By contrast, the sales of watches & jewellery (-2.2%) and optical goods & books (-3.6%) declined.

 

 

OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH

 

CREDIT RISK EVALUATION & RECOMMENDATION

 

 

Incorporated in 1990, the SC is a Private Limited company, focusing on trading of chemicals. The SC has been in business for over two decades. It has built up a strong clientele base and good reputation will enable the SC to further enhance its business in the near term. The SC is expected to enjoy a stable market shares. Having strong support from its holding company has enabled the SC to remain competitive despite the challenging business environment. The SC is a large entity with strong capital position. 


To date, the SC has a total workforce of 100 employees in its business operations. Overall, we regard that the SC's management capability is average. 


Financially, the SC registered a higher turnover compared to previous year. However, its profits showed a reverse trend. The lower profit achieved was a result of higher operating cost and increased competition. The SC has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. Due to its weak liquidity position, the SC may face working capital deficiency in meeting its short term financial obligations if no fresh capital are injected into the SC. The high gearing ratio clearly implied that the SC was supported by more debt than equity. Thus, the SC is exposed to high financial risk. Overall financial performance of the SC is limited.


The SC's payment habit is average. With its adequate working capital, the SC should be able to pay its short term debts.


The industry shows an upward trend and this trend is very likely to sustain in the near terms. Hence, the SC is expected to benefit from the favourable outlook of the industry. 


Although having support from its holding company with large capital, the SC posted a limited financial performance. In view of the above, we recommend credit be granted to the SC with close monitoring.

 

PROFIT AND LOSS ACCOUNT

 

 

THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS.

SUMITOMO CHEMICAL ASIA PTE LTD

 

Financial Year End

31/12/2011

31/12/2010

Months

12

12

Consolidated Account

Company

Company

Audited Account

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

Financial Type

FULL

FULL

Currency

USD

USD

 

 

 

TURNOVER

2,120,442,000

1,832,990,000

 

----------------

----------------

Total Turnover

2,120,442,000

1,832,990,000

Costs of Goods Sold

<1,902,001,000>

<1,610,692,000>

 

----------------

----------------

Gross Profit

218,441,000

222,298,000

 

----------------

----------------

 

 

 

PROFIT/(LOSS) FROM OPERATIONS

10,129,000

18,660,000

 

----------------

----------------

PROFIT/(LOSS) BEFORE TAXATION

10,129,000

18,660,000

Taxation

<1,607,000>

3,074,000

 

----------------

----------------

PROFIT/(LOSS) AFTER TAXATION

8,522,000

21,734,000

 

----------------

----------------

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

 

 

As previously reported

<37,782,000>

<59,516,000>

 

----------------

----------------

As restated

<37,782,000>

<59,516,000>

 

----------------

----------------

PROFIT AVAILABLE FOR APPROPRIATIONS

<29,260,000>

<37,782,000>

 

----------------

----------------

RETAINED PROFIT/(LOSS) CARRIED FORWARD

<29,260,000>

<37,782,000>

 

=============

=============

 

 

 

INTEREST EXPENSE (as per notes to P&L)

 

 

Lease interest

6,287,000

6,799,000

Term loan / Borrowing

1,535,000

1,429,000

 

----------------

----------------

 

7,822,000

8,228,000

 

 

 

BALANCE SHEET

 

 

SUMITOMO CHEMICAL ASIA PTE LTD

 

ASSETS EMPLOYED:

 

 

FIXED ASSETS

131,906,000

127,521,000

 

 

 

LONG TERM INVESTMENTS/OTHER ASSETS

 

 

Subsidiary companies

800,000

800,000

Deferred assets

1,467,000

3,074,000

Others

112,000

123,000

 

----------------

----------------

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

2,379,000

3,997,000

 

 

 

INTANGIBLE ASSETS

 

 

Deferred/Expenditure carried forward

5,090,000

6,496,000

 

----------------

----------------

TOTAL INTANGIBLE ASSETS

5,090,000

6,496,000

 

----------------

----------------

TOTAL LONG TERM ASSETS

139,375,000

138,014,000

 

 

 

CURRENT ASSETS

 

 

Stocks

258,953,000

159,360,000

Trade debtors

240,867,000

181,469,000

Other debtors, deposits & prepayments

5,393,000

4,719,000

Amount due from related companies

189,010,000

129,355,000

Cash & bank balances

6,741,000

8,675,000

 

----------------

----------------

TOTAL CURRENT ASSETS

700,964,000

483,578,000

 

----------------

----------------

TOTAL ASSET

840,339,000

621,592,000

 

=============

=============

 

 

 

CURRENT LIABILITIES

 

 

Trade creditors

7,697,000

19,565,000

Other creditors & accruals

122,441,000

61,998,000

Hire purchase & lease creditors

12,308,000

11,747,000

Short term borrowings/Term loans

179,966,000

96,912,000

Amounts owing to holding company

15,225,000

4,998,000

Amounts owing to related companies

235,691,000

165,575,000

 

----------------

----------------

TOTAL CURRENT LIABILITIES

573,328,000

360,795,000

 

----------------

----------------

NET CURRENT ASSETS/(LIABILITIES)

127,636,000

122,783,000

 

----------------

----------------

TOTAL NET ASSETS

267,011,000

260,797,000

 

=============

=============

 

 

 

SHARE CAPITAL

 

 

Ordinary share capital

120,565,000

100,565,000

 

----------------

----------------

TOTAL SHARE CAPITAL

120,565,000

100,565,000

 

 

 

RESERVES

 

 

Retained profit/(loss) carried forward

<29,260,000>

<37,782,000>

 

----------------

----------------

TOTAL RESERVES

<29,260,000>

<37,782,000>

 

 

 

 

----------------

----------------

SHAREHOLDERS' FUNDS/EQUITY

91,305,000

62,783,000

 

 

 

LONG TERM LIABILITIES

 

 

Other long term borrowings

70,000,000

80,000,000

Hire purchase creditors

105,706,000

118,014,000

 

----------------

----------------

TOTAL LONG TERM LIABILITIES

175,706,000

198,014,000

 

----------------

----------------

 

267,011,000

260,797,000

 

=============

=============

 

 

 

 

 

 

FINANCIAL RATIO

 

 

SUMITOMO CHEMICAL ASIA PTE LTD

 

TYPES OF FUNDS

 

 

Cash

6,741,000

8,675,000

Net Liquid Funds

6,741,000

8,675,000

Net Liquid Assets

<131,317,000>

<36,577,000>

Net Current Assets/(Liabilities)

127,636,000

122,783,000

Net Tangible Assets

261,921,000

254,301,000

Net Monetary Assets

<307,023,000>

<234,591,000>

BALANCE SHEET ITEMS

 

 

Total Borrowings

367,980,000

306,673,000

Total Liabilities

749,034,000

558,809,000

Total Assets

840,339,000

621,592,000

Net Assets

267,011,000

260,797,000

Net Assets Backing

91,305,000

62,783,000

Shareholders' Funds

91,305,000

62,783,000

Total Share Capital

120,565,000

100,565,000

Total Reserves

<29,260,000>

<37,782,000>

LIQUIDITY (Times)

 

 

Cash Ratio

0.01

0.02

Liquid Ratio

0.77

0.90

Current Ratio

1.22

1.34

WORKING CAPITAL CONTROL (Days)

 

 

Stock Ratio

45

32

Debtors Ratio

41

36

Creditors Ratio

1

4

SOLVENCY RATIOS (Times)

 

 

Gearing Ratio

4.03

4.88

Liabilities Ratio

8.20

8.90

Times Interest Earned Ratio

2.29

3.27

Assets Backing Ratio

2.17

2.53

PERFORMANCE RATIO (%)

 

 

Operating Profit Margin

0.48

1.02

Net Profit Margin

0.40

1.19

Return On Net Assets

6.72

10.31

Return On Capital Employed

6.31

9.64

Return On Shareholders' Funds/Equity

9.33

34.62

Dividend Pay Out Ratio (Times)

0.00

0.00

NOTES TO ACCOUNTS

 

 

Contingent Liabilities

0

0




FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.88

UK Pound

1

Rs.83.54

Euro

1

Rs.70.90

 

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.