MIRA INFORM REPORT

 

 

 

Report Date :

05.03.2013

 

IDENTIFICATION DETAILS

 

Name :

MARUBENI ASEAN PTE. LTD.

 

 

Formerly Known As :

MARUBENI SINGAPORE PTE LTD

 

 

Registered Office :

16 Raffles Quay #28-00 Hong Leong Building Singapore 048581

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

23.02.1991

 

 

Com. Reg. No.:

199100806H

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

General Wholesale Trade (Including General Importers And Exporters)

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

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 – 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

Executive Summary

 

Company Name

:

MARUBENI ASEAN PTE. LTD.

Registration No

:

199100806H

Date of Registration

:

23/02/1991

Former Name

:

MARUBENI SINGAPORE PTE LTD Eff. date : 23/02/1991 Eff. date : 23/02/1991

Date of Change of Name

:

20/04/2009

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

16 RAFFLES QUAY #28-00 HONG LEONG BUILDING SINGAPORE 048581

Date of Change of Address

:

16/07/2011

Contact No.

:

6220 4111

Fax No.

:

6225 3051

Website

:

NA

Registered Activities

:

1. GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS)

2. REAL ESTATE DEVELOPERS

Issued Ordinary Capital*

:

$82,051,574.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 114,538,041

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$82,051,574.00 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

:

1

No. of Local Associates

:

NA

Auditor

:

ERNST & YOUNG LLP

Bankers / Financiers

:

NA

Turnover

:

SGD - SIN 1,826,356,467.00 (FY2010)

Net Worth

:

SGD - SIN 95,539,618.00 (FY2010)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

NA

S1000 / SME 500 / FG50 Ranking

:

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

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

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

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

976 POSITION IN Singapore 1000 Companies Ranked by Return on Equities (2006/2007)

Compounded Annual Growth Rate (CAGR)

:

22.85% (4 years)

 

SHAREHOLDER DETAILS

 

NAME

:

MARUBENI CORPORATION

SHAREHOLDER ID

:

S88UF0173L

NATIONALITY

:

NA

ADDRESS

:

4-2 OHTEMACHI 1-CHOME, CHIYODA-KU TOKYO 100-8088 JAPAN

NO. OF ORD SHARES

:

114,538,041

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

HIROSHI IKUNO

ADDRESS

:

25 CLAYMORE ROAD #15-03 CLAYMORE, THE SINGAPORE 229543

POSITION

:

DIRECTOR

MANAGING DIRECTOR

DATE OF APPT

:

01/04/2010

01/04/2010

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

F1013691K

 

NAME

:

HIROYUKI TAKATSUKA

ADDRESS

:

6 MOUNT SOPHIA #06-03 8 @ MOUNT SOPHIA SINGAPORE 228457

POSITION

:

SECRETARY

DATE OF APPT

:

25/06/2009

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

G6267972M

 

NAME

:

KEIICHI AGATA

ADDRESS

:

57A DEVONSHIRE ROAD #20-02 SUITES AT CENTRAL, THE SINGAPORE 239897

POSITION

:

DIRECTOR

DATE OF APPT

:

18/02/2010

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

G6274649T

 

NAME

:

TAKASHI ISHIGAMI

ADDRESS

:

UNIT 35-C, PACIFIC PLAZA, APARTMENT RIDGE ROW AYALA AVENUE MAKATI CITY, PHILIPPINES

POSITION

:

DIRECTOR

DATE OF APPT

:

01/04/2010

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TH0135214

 

NAME

:

SHIGEMI NAITO

ADDRESS

:

UNIT 341, ORCHID APARTMENT,WICKHAM RESIDENCE NO.2 JALAN WICKHAM, 55000, KUALA LUMPUR, MALAYSIA

POSITION

:

DIRECTOR

DATE OF APPT

:

01/04/2010

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TH1615350

 

NAME

:

NORIAKI ISA

ADDRESS

:

SUKHUMVIT PARK-BANGKOK, ROOM #2111, 90 SUKHUMVIT SOI 24, KLONTON KLONGTOEY, BANGKOK 10110, THAILAND

POSITION

:

DIRECTOR

DATE OF APPT

:

01/04/2010

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TH1880116

 

 

NAME

:

NAOTO ITAKURA

ADDRESS

:

THE RESIDENCES OF DHARMAWANGSA, UNIT 307, JL. DHARMAWANGSA 8 KEBAYORAN BARU, JAKARTA SELATAN, 12160 INDONESIA

POSITION

:

DIRECTOR

DATE OF APPT

:

01/04/2010

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TH9922254

 

NAME

:

TSUYOSHI TOGAMI

ADDRESS

:

23 PHAN CHU TRINH STREET, HOAN KIEM DISTRICT, HANOI, VIETNAM

POSITION

:

DIRECTOR

DATE OF APPT

:

01/10/2011

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TZ0474473

 

 

KEY PERSONNEL PROFILE

 

Name:

HIROSHI IKUNO

NRIC Number:

F1013691K

Available Address:

25 CLAYMORE ROAD #15-03 CLAYMORE, THE  SINGAPORE 229543

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

JAPANESE CHAMBER OF COMMERCE AND INDUSTRY, SINGAPORE

DIRECTOR

31/03/2010

-

-

2

MARUBENI ASEAN PTE. LTD.

DIRECTOR

01/04/2010

-

-

3

MARUBENI ASEAN PTE. LTD.

MANAGING DIRECTOR

01/04/2010

-

-

4

MARUBENI CHEMICAL ASIA PACIFIC PTE LTD

DIRECTOR

01/04/2010

-

-

5

MARUBENI GRAIN & OILSEEDS TRADING ASIA PTE. LTD.

DIRECTOR

01/12/2010

-

-

6

MARUBENI INTERNATIONAL COMMODITIES (SINGAPORE) PTE LTD

DIRECTOR

01/04/2010

-

-

7

MARUBENI INTERNATIONAL PETROLEUM (SINGAPORE) PTE LTD

DIRECTOR

01/04/2011

-

-

8

SPRING GROVE DEVELOPMENT PTE LTD

DIRECTOR

01/04/2010

-

-

 

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

 

 

 

 

OFFICER DETAILS

 

Litigation Search – Writ of Summons

 

Court

Case No.

Year

Date of Filing

Amount

Cause Category

No Trace

 

 

 

 

 

 

 

SUBSIDIARIES AND ASSOCIATE COMPANIES

 

Company

Shareholdings (%)

 

MARUBENI CHEMICAL ASIA PACIFIC PTE LTD

100

 

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

:

24/06/2011

Date of Last AR

:

21/07/2011

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

1,826,356,467

267.54

496,907,548

579,081,072

697,626,005

801,747,712

Profit/(Loss) Before Tax

8,544,149

35.98

6,283,264

2,899,554

2,757,302

5,264,546

Profit After Tax attributable to Shareholders

8,269,278

36.34

6,064,994

2,899,554

2,757,302

5,264,546

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

342,725,300

42.96

239,727,342

166,004,031

211,551,944

119,432,156

Current Assets

289,189,312

51.68

190,652,981

163,777,512

209,167,291

116,865,630

Non Current Assets

53,535,988

9.09

49,074,361

2,226,519

2,384,653

2,566,526

 

 

 

 

 

 

 

Total Liabilities

247,185,682

68.84

146,403,841

126,808,556

172,898,626

81,585,410

Current Liabilities

247,155,745

68.85

146,379,104

126,787,391

172,898,626

81,368,364

Non Current Liabilities

29,937

21.02

24,737

21,165

0

217,046

 

 

 

 

 

 

 

Shareholders' Funds

95,539,618

2.37

93,323,500

39,195,475

38,653,320

37,846,745

Share Capital

71,783,645

-6.49

76,762,631

29,018,112

30,902,821

32,582,200

Total Reserves

23,755,973

43.45

16,560,869

10,177,363

7,750,499

5,264,545

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

DEC 2010

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Growth %

 

 

 

 

 

Year-on-Year Growth

267.54

-14.19

-16.99

-12.99

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

0.45

1.22

0.50

0.40

0.66

Return on Equity (%)

8.66

6.50

7.40

7.13

13.91

Return on Assets (%)

2.41

2.53

1.75

1.30

4.41

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

2.59

1.57

3.24

4.47

2.16

Current Debt/Equity (Times)

2.59

1.57

3.23

4.47

2.15

Long Term Debt To Equity (Times)

0.00

0.00

0.00

0.00

0.01

Total Asset To Total Equity (Times)

3.59

2.57

4.24

5.47

3.16

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

5.33

2.07

3.49

3.30

6.71

Fixed Assets Turnover (Times)

34.11

10.13

260.08

292.55

312.39

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.17

1.30

1.29

1.21

1.44

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

Compound Annual Growth Rate

 

The company's CAGR is 22.85% (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 0.45 per cent in FY10 (FY09: 1.22 per cent). The company is now able to book in SGD - SIN 0.00 of profit for every SGD - SIN of sales in FY10, as compared with SGD - SIN 0.01 a year ago.

 

Liquidity

 

Current ratio stood at 1.17 times in FY10 (FY09: 1.30 times). This means that the company has SGD - SIN 1.17 of current assets for every SGD - SIN of current liability incurred.

 

FINANCIAL COMMENTARY

 

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 2.59 times in FY10, as compared with 1.57 times in FY09. This means that the company requires additional external financing of SGD - SIN 2.59 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 8.66 per cent for Subject in the current financial period, as compared to 6.50 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.

 

FINANCIAL COMMENTARY

 

Return on assets stood at 2.41 per cent (FY09: 2.53 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 5.33 times in FY10 (FY09: 2.07 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.55.05

UK Pound

1

Rs.82.75

Euro

1

Rs.71.61

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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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