MIRA INFORM REPORT

 

 

Report Date :

17.04.2013

 

IDENTIFICATION DETAILS

 

Name :

SUMITOMO FORESTRY (SINGAPORE) LTD

 

 

Formerly Known As :

SUMITOMO FORESTRY (SINGAPORE) PTE LTD

 

 

Registered Office :

55 Market Street #11-02 Singapore 048941

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

09.09.1987

 

 

Com. Reg. No.:

198702804R

 

 

Legal Form :

Public Company Limited By Shares

 

 

Line of Business :

l      Wholesaler of logs, sawn timber, plywood and related products

l     Wholesaler on a fee or contract basis (eg commission agents)

 

 

No. of Employees :

Not Available 

 

 

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 but Correct

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

 

 

 

Company Name:

Registered Number:

SUMITOMO FORESTRY (SINGAPORE) LTD.

198702804R

 

Date Incorporated:

Registered Office:

Telephone Number:

09/09/1987

55 MARKET STREET #11-02 SINGAPORE 048941

6435 0150

Age of Company:

Website:

Industry Type:

25

NA

COMMERCE-WHOLESALE

 

Risk Dashboard

Days Beyond Terms

Trend:

No. of Litigation Counts:

Company DTC:

NA

NA

The entity is paying current to the creditors

No. of Charges(s):
0

Industry DTC

 

24

 

Directors

 

Corporate Structure

Number of Current Directors

4

Holding Company:

SUMITOMO FORESTRY CO., LTD.

Number that are shareholders

1

No. of Subsidiaries & Associated Companies:

NA

 

 

 

EXECUTIVE SUMMARY

 

Company Name

:

SUMITOMO FORESTRY (SINGAPORE) LTD.

Registration No

:

198702804R

Date of Registration

:

09/09/1987

Former Name

:

SUMITOMO FORESTRY (SINGAPORE) PTE LTD Eff. date : 09/09/1987 Eff. date : 09/09/1987

Date of Change of Name

:

10/08/1999

Type of Company

:

PUBLIC COMPANY LIMITED BY SHARES

Registered Address

:

55 MARKET STREET #11-02 SINGAPORE 048941

Date of Change of Address

:

14/06/2010

Contact No.

:

6435 0150

Fax No.

:

6435 0151

Website

:

NA

Registered Activities

:

1. WHOLESALE OF LOGS, SAWN TIMBER, PLYWOOD AND RELATED PRODUCTS

2. WHOLESALE ON A FEE OR CONTRACT BASIS (EG COMMISSION AGENTS)

Issued Ordinary Capital*

:

$2,510,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 2,510,000

$26,758,500.00 U.S. DOLLAR ,NO. OF SHARE : 26,758,500

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$26,758,500.00 U.S. DOLLAR

$2,510,000.00 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

:

RSM CHIO LIM LLP

Bankers / Financiers

:

NA

Turnover

:

SGD - SIN 67,532,347.00 (FY2011)

Net Worth

:

SGD - SIN 40,855,908.00 (FY2011)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

NA

S1000 / SME 1000 / FG50 Ranking

:

726 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2004/2005)

846 POSITION IN Singapore 1000 Companies Ranked by Return on Equities (2004/2005)

753 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2003/2004)

789 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2003/2004)

744 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2002/2003)

Compounded Annual Growth Rate (CAGR)

:

6.53% (4 years)

 

 

SHAREHOLDER DETAILS

 

NAME

:

SUMITOMO FORESTRY CO., LTD.

SHAREHOLDER ID

:

T03UF0800A

NATIONALITY

:

JAPAN

ADDRESS

:

KEIDANREN KAIKAN, 1-3-2 OTEMACHI CHIYODA-KU, TOKYO 100-8270, JAPAN

NO. OF ORD SHARES

:

2,510,000

26,758,500

% OF SHAREHOLDING

:

8.6%

91.4%

CURRENCY

:

SINGAPORE, DOLLARS

U.S. DOLLAR

 

 

OFFICER DETAILS

 

NAME

:

YASUYUKI SHINDO

ADDRESS

:

29 JALAN SEMPADAN #04-07 VILLA MARINA SINGAPORE 457402

POSITION

:

DIRECTOR

DATE OF APPT

:

20/10/2008

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

G6181686R

 

NAME

:

JOANNA LIM LAN SIM

ADDRESS

:

165 TAMPINES STREET 12 #09-305 SINGAPORE 521165

POSITION

:

SECRETARY

 

DATE OF APPT

:

20/04/2007

 

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1572261D

 

NAME

:

LEE WEI HSIUNG

ADDRESS

:

633 JURONG WEST STREET 65 #10-310 SINGAPORE 640633

POSITION

:

SECRETARY

 

DATE OF APPT

:

25/11/2009

 

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S7927166G

 

NAME

:

ATSUSHI KAWAMURA

ADDRESS

:

4-37-17 MATSUBARA, SETAGAYA-KU TOKYO, 156-0043 JAPAN

POSITION

:

DIRECTOR

DATE OF APPT

:

01/04/2012

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TH1217646

 

NAME

:

HIROYA SATO

ADDRESS

:

3-6-18 TAKANODAI, NERIMA-KU TOKYO, 177-0033 JAPAN

POSITION

:

DIRECTOR

DATE OF APPT

:

01/04/2012

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TH2908924

 

NAME

:

MASUHIKO IKEZAWA

 

ADDRESS

:

2-22-9, NAGAMINE, INAGI-SHI, TOKYO, JAPAN

 

POSITION

:

DIRECTOR

 

DATE OF APPT

:

01/04/2010

 

NATIONALITY

:

JAPANESE

 

I/C PASSPORT

:

TH4023800

 

 

 

KEY PERSONNEL PROFILE

 

Name:

YASUYUKI SHINDO

NRIC Number:

G6181686R

Available Address:

31 AMBER ROAD #15-08 SEA VIEW, THE  SINGAPORE 439943

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

SUMITOMO FORESTRY (SINGAPORE) LTD.

DIRECTOR

20/10/2008

-

-

2

SUMITOMO FORESTRY (SINGAPORE) LTD.

MANAGING DIRECTOR

20/10/2008

-

-

 

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

 

Clear

 

COMPLIANCE

 

Date of Last AGM

:

30/05/2012

Date of Last AR

:

07/06/2012

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

67,532,347

23.31

54,766,440

58,903,327

50,770,780

52,433,203

Profit/(Loss) Before Tax

(4,408,611)

NA

2,071,760

1,523,497

2,394,828

1,927,503

Profit After Tax attributable

 to Shareholders

(4,595,277)

NA

1,738,376

1,290,675

2,013,865

1,602,637

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

108,619,815

11.51

97,411,491

65,205,901

65,039,516

60,028,040

Current Assets

50,575,128

98.24

25,512,372

17,148,157

15,434,371

9,519,362

Non Current Assets

58,044,687

-19.27

71,899,119

48,057,744

49,605,145

50,508,678

 

 

 

 

 

 

 

Total Liabilities

67,763,907

40.74

48,148,119

53,321,701

54,767,463

51,233,488

Current Liabilities

60,844,224

60.42

37,927,859

39,482,530

40,624,366

36,157,448

Non Current Liabilities

6,919,683

-32.29

10,220,260

13,839,171

14,143,097

15,076,040

 

 

 

 

 

 

 

Shareholders' Funds

40,855,908

-17.07

49,263,372

11,884,202

10,272,052

8,794,551

Share Capital

35,743,225

-7.74

38,741,163

2,491,113

2,415,517

2,572,404

Total Reserves

5,112,683

-51.41

10,522,209

9,393,089

7,856,535

6,222,147

 

 

FINANCIAL RATIOS 

 

 

Company

 

DEC 2011

DEC 2010

DEC 2009

DEC 2008

DEC 2007

Growth %

 

 

 

 

 

Year-on-Year Growth

23.31

-7.02

16.02

-3.17

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

-6.80

3.17

2.19

3.97

3.06

Return on Equity (%)

-11.25

3.53

10.86

19.61

18.22

Return on Assets (%)

-4.23

1.78

1.98

3.10

2.67

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

1.66

0.98

4.49

5.33

5.83

Current Debt/Equity (Times)

1.49

0.77

3.32

3.95

4.11

Long Term Debt To Equity (Times)

0.17

0.21

1.16

1.38

1.71

Total Asset To Total Equity (Times)

2.66

1.98

5.49

6.33

6.83

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

0.62

0.56

0.90

0.78

0.87

Fixed Assets Turnover (Times)

1.16

0.76

1.23

1.02

1.04

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

0.83

0.67

0.43

0.38

0.26

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 6.53% (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

We are unable to comment on Subject's profitability.

 

 

Liquidity

 

Current ratio stood at 0.83 times in FY11 (FY10: 0.67 times). This means that the company has SGD - SIN 0.83 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 1.66 times in FY11, compared with 0.98 times in FY10. This means that the company requires additional external financing of SGD - SIN 1.66 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

 

We are unable to comment on Subject's return on equity.

 

We are unable to comment on Subject's return on assets.

 

Total assets turnover ratio logged at 0.62 times in FY11 (FY10: 0.56 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.54.33

UK Pound

1

Rs.83.17

Euro

1

Rs.71.05

 

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.