MIRA
INFORM REPORT
|
Report Date : |
06.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
SUMITOMO CORPORATION |
|
|
|
|
Formerly Known As : |
SUMITOMO CORPORATION ( |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
March 2012 |
|
|
|
|
Date of Incorporation : |
27.04.1991 |
|
|
|
|
Com. Reg. No.: |
199101899M |
|
|
|
|
Legal Form : |
Limited Private Company |
|
|
|
|
Line of Business : |
General
wholesale trade (including general importers and exporters) - Integrated
business enterprise (sogo jigyoo gaisha) Building construction nec - Mixed construction activities |
|
|
|
|
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 : |
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 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 0.8% in 2009 as a result of the global
financial crisis, but rebounded 14.8% in 2010, on the strength of renewed
exports, before slowing to 5.2% in 2011 and 1.3% in 2012, largely a result of
soft demand for exports during the second European recession. Over the longer
term, the government hopes to establish a new growth path that focuses on
raising productivity, which has sunk to an average of about 1.0% 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 CORPORATION ASIA PTE. LTD. |
199101899M |
|
Date Incorporated: |
Registered Office: |
Telephone Number: |
|
27/04/1991 |
60 ANSON ROAD #05-01 MAPLETREE ANSON SINGAPORE 079914 |
6533 7722 |
|
Age of Company: |
Website: |
Industry Type: |
|
22 |
www.sumitomocorp.co.jp/english/ |
COMMERCE-WHOLESALE |
|
Risk Dashboard |
||
|
Days Beyond Terms |
Trend: |
No. of Litigation Counts: |
|
Company DTC: |
0 |
|
|
NA |
||
|
The entity is
paying current to the creditors |
No. of Charges(s): |
|
|
Industry DTC |
|
|
|
37 |
||
|
Directors |
|
Corporate Structure |
||
|
Number of Current Directors |
3 |
Holding Company: |
SUMMIT GLOBAL MANAGEMENT II B.V. |
|
|
Number that are shareholders |
1 |
No. of Subsidiaries & Associated Companies: |
8 |
|
EXECUTIVE SUMMARY
SHAREHOLDER DETAILS
|
: |
SUMMIT GLOBAL MANAGEMENT II B.V. |
|
|
SHAREHOLDER ID |
: |
T05UF1977L |
|
NATIONALITY |
: |
NA |
|
ADDRESS |
: |
STRAWINSKYLAAN 917, 1077XX AMSTERDAM THE NETHERLANDS |
|
NO. OF ORD SHARES |
: |
20,000,000 206,939,269 |
|
% OF SHAREHOLDING |
: |
8.8% 91.2% |
|
CURRENCY |
: |
UNITED STATES OF AMERICA, DOLLARS SINGAPORE, DOLLARS |
OFFICER DETAILS
|
: |
MANABU
YAMANE |
|
|
ADDRESS |
: |
25 CLAYMORE
ROAD #03-03 CLAYMORE, THE SINGAPORE 229543 |
|
POSITION |
: |
DIRECTOR |
|
DATE OF APPT |
: |
03/05/2010 |
|
NATIONALITY |
: |
JAPANESE |
|
I/C PASSPORT |
: |
F1608255N |
|
|
||
|
NAME |
: |
KOHEI
HIRAO |
|
ADDRESS |
: |
11 ARDMORE
PARK #12-01 ARDMORE PARK SINGAPORE 259957 |
|
POSITION |
: |
DIRECTOR MANAGING
DIRECTOR |
|
DATE OF APPT |
: |
21/05/2012 21/05/2012 |
|
NATIONALITY |
: |
JAPANESE |
|
I/C PASSPORT |
: |
G5278352L |
|
|
||
|
NAME |
: |
MASARU
SHIOMI |
|
ADDRESS |
: |
81A CLEMENCEAU
AVENUE #12-12 SINGAPORE 239918 |
|
POSITION |
: |
DIRECTOR |
|
DATE OF APPT |
: |
18/04/2013 |
|
NATIONALITY |
: |
JAPANESE |
|
I/C PASSPORT |
: |
G5408246R |
|
|
||
|
NAME |
: |
LOW
SIEW TIAN |
|
ADDRESS |
: |
453 TAMPINES
STREET 42 #11-204 SINGAPORE 520453 |
|
POSITION |
: |
SECRETARY |
|
DATE OF APPT |
: |
15/09/2010 |
|
NATIONALITY |
: |
SINGAPORE
P.R. |
|
I/C PASSPORT |
: |
S6963151G |
|
|
||
|
NAME |
: |
CHAN
LAI YIN |
|
ADDRESS |
: |
26 SIMEI
STREET 1 #11-08 MELVILLE PARK SINGAPORE 529947 |
|
POSITION |
: |
SECRETARY |
|
DATE OF APPT |
: |
16/06/2010 |
|
NATIONALITY |
: |
SINGAPORE
P.R. |
|
I/C PASSPORT |
: |
S7480587F |
KEY PERSONNEL PROFILE
|
KOHEI HIRAO |
|
|
NRIC Number: |
G5278352L |
|
Available Address: |
11 ARDMORE PARK #12-01 ARDMORE
PARK SINGAPORE 259957 |
Current Business Interest
|
No. |
Name |
Position |
Appt Date |
#of Share |
% |
|
OMS HOLDINGS PTE. LTD. |
DIRECTOR |
31/05/2012 |
- |
NA |
|
|
2 |
SUMITOMO CORPORATION ASIA PTE.
LTD. |
DIRECTOR |
21/05/2012 |
- |
NA |
|
3 |
SUMITOMO CORPORATION ASIA PTE.
LTD. |
MANAGING DIRECTOR |
21/05/2012 |
- |
NA |
|
4 |
SUMITOMO CORPORATION CAPITAL
ASIA PTE. LTD. |
DIRECTOR |
21/05/2012 |
- |
NA |
Previous Business
|
No. |
Name |
Status |
Position |
Appt Date |
Last Known Inactive Date |
|
|
|
|
|
||
Bankruptcy Record
|
Case
No. |
Year |
Date
of Filing |
Petitioner
Name |
Amount |
|
|
|
|
|
Litigation Search – Writ of Summons
|
Court |
Case No. |
Transfer |
Year |
Date
of Filing |
Amount |
Cause
Category |
|
|
|
|
|
|
|
SUBSIDIARIES AND ASSOCIATE
COMPANIES
|
Company |
Shareholdings (%) |
|
|
|
|
100 |
|
|
SUMMIT ENVIRO HOLDINGS PTE. LTD. |
100 |
|
SC ASIAN TUBULAR SUPPLY PTE LTD |
60 |
|
OMS HOLDINGS PTE. LTD. |
60 |
|
PETRO SUMMIT PTE. LTD. |
20 |
|
PETRO SUMMIT PTE. LTD. |
20 |
|
PETRO SUMMIT PTE. LTD. |
20 |
|
PETRO SUMMIT PTE. LTD. |
20 |
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.
The details are as follows:
|
Court |
: |
Supreme
Court |
|
|
|
Case
No. |
: |
526 |
|
|
Transfer |
: |
- |
|
|
Date
of Filing |
: |
29/07/2008 |
|
|
Amount
|
: |
580,296.67 |
|
|
Cause |
: |
Contract
- Sale of Goods & Services |
|
|
Case
Status |
: |
CONCLUDED |
|
|
Plaintiff |
: |
S&W HEAT EXCHANGERS (S) PTE LTD |
|
|
Last
Update Date |
: |
04/01/2011 |
COMPLIANCE
|
Date of Last AGM |
: |
|
|
Date of Last AR |
: |
01/08/2012 |
|
Date of A/C Laid At Last AGM |
: |
31/03/2012 |
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 |
||||||
|
|
MAR 2012 |
% Change |
MAR 2011 |
MAR 2010 |
MAR 2009 |
MAR 2008 |
|
Currency |
SGD - SIN |
|
SGD - SIN |
SGD - SIN |
SGD - SIN |
SGD - SIN |
|
Profit and Loss Key Figures |
|
|
|
|
|
|
|
155,905,875 |
10.23 |
141,441,296 |
121,382,194 |
2,696,243,991 |
4,080,801,931 |
|
|
Profit/(Loss) Before Tax |
61,648,029 |
82.44 |
33,790,960 |
70,307,955 |
60,958,038 |
66,727,215 |
|
Profit After Tax attributable to
Shareholders |
53,149,986 |
97.58 |
26,899,968 |
65,870,063 |
52,510,194 |
57,122,072 |
|
|
|
|
|
|
|
|
|
Balance Sheet Key Figures |
|
|
|
|
|
|
|
Total Assets |
856,742,346 |
-5.92 |
910,609,600 |
722,021,117 |
610,928,978 |
1,027,564,988 |
|
Current Assets |
565,425,729 |
-6.46 |
604,453,808 |
464,735,956 |
400,485,786 |
980,196,577 |
|
Non Current Assets |
291,316,617 |
-4.85 |
306,155,792 |
257,285,161 |
210,443,192 |
47,368,411 |
|
|
|
|
|
|
|
|
|
Total Liabilities |
428,289,858 |
-14.30 |
499,758,272 |
290,382,658 |
235,470,849 |
839,022,154 |
|
Current Liabilities |
420,835,149 |
-14.56 |
492,552,544 |
276,459,021 |
227,014,351 |
832,902,037 |
|
Non Current Liabilities |
7,454,709 |
3.46 |
7,205,728 |
13,923,637 |
8,456,498 |
6,120,117 |
|
|
|
|
|
|
|
|
|
Shareholders' Funds |
428,452,488 |
4.28 |
410,851,328 |
431,638,458 |
375,458,129 |
188,542,834 |
|
Share Capital |
206,047,206 |
-5.80 |
218,729,568 |
234,729,438 |
208,716,699 |
40,752,744 |
|
Total Reserves |
222,405,282 |
15.76 |
192,121,760 |
196,909,020 |
166,741,430 |
147,790,090 |
FINANCIAL RATIOS
|
|
|||||
|
|
MAR
2012 |
MAR
2011 |
MAR
2010 |
MAR
2009 |
MAR
2008 |
|
Growth % |
|
|
|
|
|
|
10.23 |
16.53 |
-95.50 |
-33.93 |
NA |
|
|
|
|
|
|
|
|
|
Profitability |
|
|
|
|
|
|
Profit Margin (%) |
34.09 |
19.02 |
54.27 |
1.95 |
1.40 |
|
Return on Equity (%) |
12.41 |
6.55 |
15.26 |
13.99 |
30.30 |
|
Return on Assets (%) |
6.20 |
2.95 |
9.12 |
8.60 |
5.56 |
|
|
|
|
|
|
|
|
Leverage |
|
|
|
|
|
|
Total Debt/Equity (Times) |
1.00 |
1.22 |
0.67 |
0.63 |
4.45 |
|
Current Debt/Equity (Times) |
0.98 |
1.20 |
0.64 |
0.60 |
4.42 |
|
Long Term Debt To Equity (Times) |
0.02 |
0.02 |
0.03 |
0.02 |
0.03 |
|
Total Asset To Total Equity (Times) |
2.00 |
2.22 |
1.67 |
1.63 |
5.45 |
|
|
|
|
|
|
|
|
Asset Management |
|
|
|
|
|
|
Total Assets Turnover (Times) |
0.18 |
0.16 |
0.17 |
4.41 |
3.97 |
|
Fixed Assets Turnover (Times) |
0.54 |
0.46 |
0.47 |
12.81 |
86.15 |
|
|
|
|
|
|
|
|
Liquidity |
|
|
|
|
|
|
Current Ratio (Times) |
1.34 |
1.23 |
1.68 |
1.76 |
1.18 |
FINANCIAL COMMENTARY
Profitability
The company yielded a rate of
net profit on sales of 34.09 per cent in FY12 (FY11: 19.02 per cent). The company
is now able to book in SGD - SIN 0.34 of profit for every SGD - SIN of sales in
FY12, as compared with SGD - SIN 0.19 a year ago.
Liquidity
Current ratio stood at 1.34 times in FY12 (FY11:
1.23 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 1.00 times in FY12, compared with 1.22 times in FY11. This means that the
company requires additional external financing of SGD - SIN 1.00 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 12.41 per cent for Subject in the current financial
period, as compared to 6.55 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 6.20 per cent (FY11: 2.95 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 0.18 times in FY12 (FY11: 0.16
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.56.42 |
|
UK Pound |
1 |
Rs.86.54 |
|
Euro |
1 |
Rs.73.86 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.