|
Report Date : |
12.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
SUMITOMO CORPORATION ASIA & OCEANIA PTE.
LTD. |
|
|
|
|
Formerly Known as: |
SUMITOMO CORPORATION |
|
|
|
|
Registered Office : |
60, Anson Road, 05-01, Mapletree Anson, 079914 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
27.04.1991 |
|
|
|
|
Com. Reg. No.: |
199101899-M |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
engaged in trading of plastic, chemicals and other
related products. |
|
|
|
|
No. of Employees |
200 [2014] |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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 |
|
* Adopted abbreviations : |
SC - Subject Company (the company enquired
by you) |
|
|
N/A - Not Applicable |
EXECUTIVE SUMMARY
|
REGISTRATION NO. |
: |
199101899-M |
||||
|
COMPANY NAME |
: |
SUMITOMO
CORPORATION ASIA & OCEANIA PTE. LTD. |
||||
|
FORMER NAME |
: |
SUMITOMO CORPORATION ASIA PTE. LTD.
(01/10/2013) |
||||
|
INCORPORATION DATE |
: |
27/04/1991 |
||||
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|
|
||||
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|
||||
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COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
|
|
|
||||
|
|
|
|
||||
|
REGISTERED ADDRESS |
: |
60, ANSON ROAD, 05-01, MAPLETREE ANSON,
079914, SINGAPORE. |
||||
|
BUSINESS ADDRESS |
: |
60 ANSON ROAD #05-01 MAPLETREE ANSON,
079914, SINGAPORE. |
||||
|
TEL.NO. |
: |
65-65300031 |
||||
|
FAX.NO. |
: |
65-65386526 |
||||
|
CONTACT PERSON |
: |
MANABU YAMANE ( CHIEF OPERATING OFFICER ) |
||||
|
|
|
|
||||
|
|
|
|
||||
|
PRINCIPAL ACTIVITY |
: |
TRADING OF PLASTIC, CHEMICALS AND OTHER
RELATED PRODUCTS |
||||
|
|
|
|
||||
|
ISSUED AND PAID UP CAPITAL |
: |
206,939,269.00 ORDINARY SHARE, OF A VALUE
OF SGD 206,939,269.00 |
||||
|
|
|
|
||||
|
SALES |
: |
USD 139,518,000 [2013] |
||||
|
NET WORTH |
: |
USD 337,546,000 [2013] |
||||
|
|
|
|
||||
|
STAFF STRENGTH |
: |
200 [2014] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
FAIR |
||||
|
PAYMENT |
: |
POOR |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
|
|
|
||||
|
COMMERCIAL RISK |
: |
LOW |
||||
|
CURRENCY EXPOSURE |
: |
MODERATE |
||||
|
GENERAL REPUTATION |
: |
GOOD |
||||
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
||||
HISTORY / BACKGROUND
The Subject 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 Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject 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 Subject is insolvent. The Subject 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 Subject is principally engaged in the (as a / as an) trading of plastic, chemicals and other related products.
The immediate holding company of the Subject is SUMMIT GLOBAL MANAGEMENT II B.V., a company incorporated in NETHERLANDS.
The ultimate holding company of the Subject is SUMITOMO CORPORATION, a company incorporated in JAPAN.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
12/03/2014 |
SGD 206,939,269.00 & USD 20,000,000.00 |
The major
shareholder(s) of the Subject are shown as follows :
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
SUMMIT GLOBAL MANAGEMENT II B.V. |
STRAWINSKYLAAN 917, 1077XX, AMSTERDAM, THE, NETHERLANDS. |
T05UF1977 |
226,939,269.00 |
100.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
226,939,269.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
The Subject's
interest in other companies (Subsidiaries/Associates) are shown as follow :
Local No |
Country |
Company |
(%) |
As At |
|
|
VIETNAM |
SUMITOMO CORPORATION VIETNAM LLC |
100.00 |
31/03/2013 |
|
|
|
|
|
|
|
|
PHILIPPINES |
SUMITOMO CORPORATION OF PHILIPPINES |
100.00 |
31/03/2013 |
|
|
|
|
|
|
|
|
THAILAND |
SUMITOMO CORPORATION THAILAND, LTD |
100.00 |
31/03/2013 |
|
|
|
|
|
|
|
|
INDIA |
SUMITOMO CORPORATION INDIA PRIVATE LIMITED |
100.00 |
31/03/2013 |
|
|
|
|
|
|
|
199508404N |
SINGAPORE |
SUMITOMO CORPORATION CAPITAL ASIA PTE. LTD. |
100.00 |
31/03/2013 |
|
|
|
|
|
|
|
|
INDONESIA |
PT. SUMITOMO INDONESIA |
100.00 |
31/03/2013 |
|
|
|
|
|
|
|
201009540N |
SINGAPORE |
OMS HOLDINGS PTE. LTD. |
60.00 |
31/03/2013 |
|
|
|
|
|
|
|
200106969E |
SINGAPORE |
SC ASIAN TUBULAR SUPPLY PTE LTD |
60.00 |
31/03/2013 |
|
|
|
|
|
|
DIRECTORS
DIRECTOR 1
|
Name Of Subject |
: |
MANABU YAMANE |
|
Address |
: |
25, CLAYMORE ROAD, 03 - 03, CLAYMORE, THE, 229543, SINGAPORE. |
|
IC / PP No |
: |
F1608255N |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
03/05/2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject |
: |
KOHEI HIRAO |
|
Address |
: |
11, ARDMORE PARK, 12 - 01, ARDMORE PARK, 259957, SINGAPORE. |
|
IC / PP No |
: |
G5278352L |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
21/05/2012 |
|
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|
|
|
|
|
|
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DIRECTOR 3
|
Name Of Subject |
: |
MASARU SHIOMI |
|
Address |
: |
30, KEPPEL BAY DRIVE, 09 - 42, CARIBBEAN AT KEPPEL BAY, 098650, SINGAPORE. |
|
IC / PP No |
: |
G5408246R |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
18/04/2013 |
|
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MANAGEMENT
|
1) |
Name of Subject |
: |
MANABU YAMANE |
|
|
Position |
: |
CHIEF OPERATING OFFICER |
|
|
|
|
|
|
2) |
Name of Subject |
: |
KOHEI HIRAO |
|
|
Position |
: |
MANAGER |
AUDITOR
|
Auditor |
: |
KPMG LLP |
|
Auditor' Address |
: |
N/A |
|
|
|
|
COMPANY SECRETARIES
|
1) |
Company Secretary |
: |
LOW SIEW TIAN |
|
|
IC / PP No |
: |
S6963151G |
|
|
|
|
|
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|
Address |
: |
453, TAMPINES STREET 42, 11-204, 520453, SINGAPORE. |
|
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2) |
Company Secretary |
: |
CHAN LAI YIN |
|
|
IC / PP No |
: |
S7480587F |
|
|
|
|
|
|
|
Address |
: |
26, SIMEI STREET 1, 11-08, MELVILLE PARK, 529947, SINGAPORE. |
|
|
|
|
|
|
|
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BANKING
Banking relations are maintained principally with :
|
1) |
Name |
: |
THE SUMITOMO BANK LTD |
|
|
|
|
|
|
|
ENCUMBRANCE (S)
No encumbrance was found in our databank at the time of investigation.
LEGAL CHECK AGAINST SUBJECT
* A check has been conducted in our databank against the Subject 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 |
: |
YES |
|
|
Overseas |
: |
YES |
|
|
Import Countries |
: |
ASIA,EUROPE |
|
The Subject 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 |
[ |
|
] |
|
|
Fair 91-120 Days |
[ |
|
] |
|
Poor >120 Days |
[ |
X |
] |
|
|
|
|
|
|
CLIENTELE
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|
|
|
|
Export Market |
: |
ASIA |
|||
|
Credit Term |
: |
AS AGREED |
|||
|
|
|
|
|
|
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|
Payment Mode |
: |
CHEQUES |
|||
|
Type of Customer |
: |
CHEMICAL INDUSTRY,PETROCHEMICAL INDUSTRIES |
|||
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|
OPERATIONS
|
Goods Traded |
: |
PLASTIC, CHEMICALS AND OTHER RELATED
PRODUCTS
|
|
|
|
|
|
|
|
Ownership of premises |
: |
LEASED/RENTED
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2014 |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
|
|
|
|
|
|
COMPANY |
200 |
200 |
170 |
170 |
|
|
|
|
|
|
Branch |
: |
NO
|
Other
Information:
The Subject is principally engaged in the (as a / as an) trading of plastic,
chemicals and other related products.
The Subject's business areas are as
follows:
* Chemicals
- organic chemicals department
- inorganic, agri-science and specialty chemicals department
- mainly export to asian region
* Plastics
- serves asia pacific region
- has 6 joint venture companies in china, indonesia, malaysia, india, vietname
and oman
* Petroleum & carbon
- crude oil
- trade with asian countries (vietnam & malaysia, and middle east)
- petroleum products
- trade with taiwan, thailand, vietnam, indonesia, myanmar and middle east
- fuel oil operations
- joint venture of blending and storage operation at vopak terminal in 2001
- import from india, middle east & europe and export to vietnam, australia,
china, etc
- bunker
- provides bunker supply services not only to vessels calling at singapore but
also to other major ports
The Subject is a member of the following entities:
* Japanese chamber of commerce & industry
* Singapore international chambers of commerce
* Singapore Chinese chambers of commerce & industry
* Singapore plastic industry association
* Singapore manufacturers' federation
* Singapore chemical industry council
CURRENT INVESTIGATION
Latest fresh
investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-65300031 |
|
Match |
: |
N/A |
|
|
|
|
|
Address Provided by Client |
: |
60 ANSON ROAD, #05-01, MAPLETREE ANSON,
SINGAPORE 079914 |
|
Current Address |
: |
60 ANSON ROAD #05-01 MAPLETREE ANSON,
079914, SINGAPORE. |
|
Match |
: |
YES |
Other
Investigations
we contacted one of the staff from the Subject and he provided some
information.
FINANCIAL ANALYSIS
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Increased |
[ |
2010 - 2013 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2010 - 2013 |
] |
|
|
Return on Shareholder Funds |
: |
Acceptable |
[ |
11.05% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
13.56% |
] |
|
|
|
|
|
|
|
|
|
|
The Subject's turnover increased steadily as
the demand for its products / services increased due to the goodwill built up
over the years.The dip in profit could be due to the stiff market competition
which reduced the Subject's profit margin. The Subject's management had
generated acceptable return for its shareholders using its assets. |
||||||
|
|
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|
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|
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Working Capital
Control |
|
|
|
|
|
|
|
Stock Ratio |
: |
Unfavourable |
[ |
293 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
628 Days |
] |
|
|
Creditors Ratio |
: |
Unfavourable |
[ |
1216 Days |
] |
|
|
|
|
|
|
|
|
|
|
The Subject could be incurring higher
holding cost. As its capital was tied up in stocks, it could face liquidity
problems. The Subject's debtors ratio was high. The Subject should tighten
its credit control and improve its collection period. The unfavourable
creditors' ratio could be due to the Subject taking advantage of the credit
granted by its suppliers. However this may affect the goodwill between the
Subject and its suppliers and the Subject may inadvertently have to pay more
for its future supplies. |
||||||
|
|
|
|
|
|
|
|
|
Liquidity |
|
|
|
|
|
|
|
Liquid Ratio |
: |
Unfavourable |
[ |
0.69 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
0.86 Times |
] |
|
|
|
|
|
|
|
|
|
|
A low liquid ratio means that the Subject
may be facing working capital deficiency. If the Subject cannot obtain
additional financing or injection of fresh capital, it may face difficulties
in meeting its short term obligations. |
||||||
|
|
|
|
|
|
|
|
|
Solvency |
|
|
|
|
|
|
|
Interest Cover |
: |
Favourable |
[ |
18.54 Times |
] |
|
|
Gearing Ratio |
: |
Unfavourable |
[ |
1.24 Times |
] |
|
|
|
|
|
|
|
|
|
|
The interest cover showed that the Subject
was able to service the interest. The favourable interest cover could
indicate that the Subject was making enough profit to pay for the interest
accrued. The Subject was highly geared, thus it had a high financial risk.
The Subject was dependent on loans to finance its business needs. In times of
economic downturn and / or high interest rate, the Subject will become less
profitable and competitive than other firms in the same industry, which are
lowly geared. This is because the Subject has to service the interest and to
repay the loan, which will erode part of its profits. The profits will
fluctuate depending on the Subject's turnover and the interest it needs to
pay. |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall
Assessment : |
|
|
|
|
|
|
|
Although the Subject'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 Subject's profit margin. Due to its weak liquidity
position, the Subject 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 Subject. With the favourable interest cover, the Subject
could be able to service all the accrued interest without facing any
difficulties. The Subject'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 Subject : FAIR |
||||||
SINGAPORE ECONOMIC / INDUSTRY OUTLOOK
|
Major Economic
Indicators : |
2008 |
2009 |
2010 |
2011 |
2012 |
|
|
|
|
|
|
|
|
Population (Million) |
4.84 |
4.98 |
5.08 |
5.18 |
5.31 |
|
Gross Domestic Products ( % ) |
1.5 |
(0.8) |
14.5 |
4.9 |
1.3 |
|
Consumer Price Index |
6.6 |
0.6 |
2.8 |
5.2 |
4.6 |
|
Total Imports (Million) |
450,892.6 |
356,299.3 |
423,221.8 |
459,655.1 |
474,554.0 |
|
Total Exports (Million) |
476,762.2 |
391,118.1 |
478,840.7 |
514,741.2 |
510,329.0 |
|
|
|
|
|
|
|
|
Unemployment Rate (%) |
2.2 |
3.2 |
2.2 |
2.1 |
2.0 |
|
Tourist Arrival (Million) |
10.12 |
9.68 |
11.64 |
13.17 |
14.37 |
|
Hotel Occupancy Rate (%) |
81.0 |
75.8 |
85.6 |
86.5 |
86.4 |
|
Cellular Phone Subscriber (Million) |
1.31 |
1.37 |
1.43 |
1.50 |
1.52 |
|
|
|
|
|
|
|
|
Registration of New Companies (No.) |
25,327 |
26,414 |
29,798 |
32,317 |
31,892 |
|
Registration of New Companies (%) |
(2.2) |
4.3 |
12.8 |
8.5 |
(1.3) |
|
Liquidation of Companies (No.) |
10,493 |
22,393 |
15,126 |
19,005 |
17,218 |
|
Liquidation of Companies (%) |
13.7 |
113.4 |
(32.5) |
25.6 |
9.4 |
|
|
|
|
|
|
|
|
Registration of New Businesses (No.) |
24,850 |
26,876 |
23,978 |
23,494 |
24,788 |
|
Registration of New Businesses (%) |
0.36 |
8.15 |
(10.78) |
2.02 |
5.51 |
|
Liquidation of Businesses (No.) |
21,150 |
23,552 |
24,211 |
23,005 |
22,489 |
|
Liquidation of Businesses (%) |
(0.8) |
11.4 |
2.8 |
(5) |
(2.2) |
|
|
|
|
|
|
|
|
Bankruptcy Orders (No.) |
2,326 |
2,058 |
1,537 |
1,527 |
1,748 |
|
Bankruptcy Orders (%) |
(15.9) |
(11.5) |
(25.3) |
(0.7) |
14.5 |
|
Bankruptcy Discharges (No.) |
1,500 |
3,056 |
2,252 |
1,391 |
1,881 |
|
Bankruptcy Discharges (%) |
(7.7) |
103.7 |
(26.3) |
(38.2) |
35.2 |
|
|
|
|
|
|
|
|
INDUSTRIES ( %
of Growth ) : |
|
|
|
|
|
|
Agriculture |
|
|
|
|
|
|
Production of Principal Crops |
(0.32) |
3.25 |
(0.48) |
4.25 |
3.64 |
|
Fish Supply & Wholesale |
(6.31) |
(1.93) |
(10.5) |
12.10 |
(0.5) |
|
|
|
|
|
|
|
|
Manufacturing * |
74.6 |
71.5 |
92.8 |
100.0 |
100.3 |
|
Food, Beverages & Tobacco |
94.8 |
90.4 |
96.4 |
100.0 |
103.5 |
|
Textiles |
180.1 |
145.9 |
122.1 |
100.0 |
104.0 |
|
Wearing Apparel |
334.6 |
211.0 |
123.3 |
100.0 |
92.1 |
|
Leather Products & Footwear |
128.2 |
79.5 |
81.8 |
100.0 |
98.6 |
|
Wood & Wood Products |
132.0 |
101.4 |
104.0 |
100.0 |
95.5 |
|
Paper & Paper Products |
101.0 |
95.4 |
106.1 |
100.0 |
97.4 |
|
Printing & Media |
118.2 |
100.9 |
103.5 |
100.0 |
93.0 |
|
Crude Oil Refineries |
113.1 |
96.4 |
95.6 |
100.0 |
99.4 |
|
Chemical & Chemical Products |
84.5 |
80.3 |
97.6 |
100.0 |
100.5 |
|
Pharmaceutical Products |
43.7 |
49.1 |
75.3 |
100.0 |
109.7 |
|
Rubber & Plastic Products |
120.1 |
101.2 |
112.3 |
100.0 |
96.5 |
|
Non-metallic Mineral |
96.5 |
91.9 |
92.5 |
100.0 |
98.2 |
|
Basic Metals |
109.8 |
92.6 |
102.2 |
100.0 |
90.6 |
|
Fabricated Metal Products |
101.3 |
90.8 |
103.6 |
100.0 |
104.3 |
|
Machinery & Equipment |
65.0 |
57.3 |
78.5 |
100.0 |
112.9 |
|
Electrical Machinery |
81.7 |
86.8 |
124.1 |
100.0 |
99.3 |
|
Electronic Components |
93.1 |
85.2 |
113.6 |
100.0 |
90.6 |
|
Transport Equipment |
102.0 |
96.0 |
94.0 |
100.0 |
106.3 |
|
|
|
|
|
|
|
|
Construction |
45.90 |
(36.9) |
14.20 |
20.50 |
28.70 |
|
Real Estate |
(11.2) |
1.4 |
21.3 |
25.4 |
31.9 |
|
|
|
|
|
|
|
|
Services |
|
|
|
|
|
|
Electricity, Gas & Water |
(1.3) |
1.70 |
4.00 |
7.00 |
6.30 |
|
Transport, Storage & Communication |
11.60 |
3.90 |
12.80 |
7.40 |
5.30 |
|
Finance & Insurance |
(5.9) |
(16.4) |
(0.4) |
8.90 |
0.50 |
|
Government Services |
17.40 |
4.50 |
9.70 |
6.90 |
6.00 |
|
Education Services |
0.50 |
0.10 |
(0.9) |
(1.4) |
0.30 |
|
|
|
|
|
|
|
|
* 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
1991, the Subject is a Private Limited company, focusing on trading of
plastic, chemicals and other related products. The Subject has been in business
for over two decades. It has built up a strong clientele base and good
reputation will enable the Subject to further enhance its business in the
near term. The Subject is expected to enjoy a stable market shares. Having
strong support from its holding company has enabled the Subject to remain
competitive despite the challenging business environment. The Subject is a
large entity with strong capital position. We are confident with the
Subject's business and its future growth prospect. |
|
|
PROFIT AND LOSS ACCOUNT
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING
STANDARDS. |
|
SUMITOMO
CORPORATION ASIA & OCEANIA PTE. LTD. |
|
Financial Year End |
2013-03-31 |
2012-03-31 |
2011-03-31 |
2010-03-31 |
|
Months |
12 |
12 |
12 |
12 |
|
Consolidated Account |
Company |
Company |
Company |
Company |
|
Audited Account |
YES |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean
Opinion) |
YES |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
FULL |
|
Currency |
USD |
USD |
USD |
USD |
|
|
|
|
|
|
|
TURNOVER |
139,518,000 |
124,625,000 |
106,507,000 |
85,172,000 |
|
Other Income |
12,248,000 |
18,412,000 |
12,436,000 |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
Total Turnover |
151,766,000 |
143,037,000 |
118,943,000 |
85,172,000 |
|
Costs of Goods Sold |
(40,306,000) |
(31,427,000) |
(27,727,000) |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
Gross Profit |
111,460,000 |
111,610,000 |
91,216,000 |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
44,015,000 |
49,279,000 |
25,445,000 |
49,334,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
44,015,000 |
49,279,000 |
25,445,000 |
49,334,000 |
|
Taxation |
(6,718,000) |
(6,793,000) |
(5,189,000) |
(3,114,000) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
37,297,000 |
42,486,000 |
20,256,000 |
46,220,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
|
As previously reported |
171,549,000 |
141,227,000 |
134,251,000 |
112,729,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
As restated |
171,549,000 |
141,227,000 |
134,251,000 |
112,729,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
208,846,000 |
183,713,000 |
154,507,000 |
158,949,000 |
|
DIVIDENDS - Ordinary (paid & proposed) |
(42,351,000) |
(12,164,000) |
(13,280,000) |
(24,698,000) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
166,495,000 |
171,549,000 |
141,227,000 |
134,251,000 |
|
|
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
INTEREST EXPENSE
(as per notes to P&L) |
|
|
|
|
|
Loan from holding company |
82,000 |
34,000 |
- |
- |
|
Loan from subsidiary companies |
2,133,000 |
1,439,000 |
996,000 |
638,000 |
|
Term loan / Borrowing |
295,000 |
199,000 |
32,000 |
7,000 |
|
Others |
- |
- |
64,000 |
228,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
2,510,000 |
1,672,000 |
1,092,000 |
873,000 |
|
|
============= |
============= |
============= |
============= |
BALANCE SHEET
|
SUMITOMO
CORPORATION ASIA & OCEANIA PTE. LTD. |
|
ASSETS EMPLOYED: |
|
|
|
|
|
FIXED ASSETS |
4,638,000 |
5,356,000 |
6,114,000 |
10,811,000 |
|
|
|
|
|
|
|
LONG TERM
INVESTMENTS/OTHER ASSETS |
|
|
|
|
|
Subsidiary companies |
326,529,000 |
184,022,000 |
184,022,000 |
148,022,000 |
|
Associated companies |
26,805,000 |
26,805,000 |
29,061,000 |
4,739,000 |
|
Deferred assets |
33,000 |
- |
- |
243,000 |
|
Others |
72,385,000 |
16,664,000 |
11,342,000 |
16,718,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
425,752,000 |
227,491,000 |
224,425,000 |
169,722,000 |
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
430,390,000 |
232,847,000 |
230,539,000 |
180,533,000 |
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
Stocks |
111,823,000 |
71,677,000 |
63,854,000 |
59,644,000 |
|
Trade debtors |
240,209,000 |
249,244,000 |
281,367,000 |
209,273,000 |
|
Other debtors, deposits & prepayments |
7,052,000 |
8,102,000 |
6,250,000 |
7,682,000 |
|
Short term deposits |
- |
240,000 |
- |
5,552,000 |
|
Amount due from holding company |
41,354,000 |
31,362,000 |
23,331,000 |
11,609,000 |
|
Amount due from subsidiary companies |
124,022,000 |
61,189,000 |
59,349,000 |
18,926,000 |
|
Amount due from related companies |
24,640,000 |
25,582,000 |
14,043,000 |
7,179,000 |
|
Amount due from associated companies |
338,000 |
289,000 |
222,000 |
209,000 |
|
Cash & bank balances |
6,530,000 |
4,314,000 |
6,492,000 |
6,007,000 |
|
Others |
- |
- |
253,000 |
17,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
555,968,000 |
451,999,000 |
455,161,000 |
326,098,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL ASSET |
986,358,000 |
684,846,000 |
685,700,000 |
506,631,000 |
|
|
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
Trade creditors |
134,292,000 |
121,920,000 |
124,808,000 |
113,095,000 |
|
Other creditors & accruals |
39,000 |
51,000 |
- |
462,000 |
|
Short term borrowings/Term loans |
5,107,000 |
5,481,000 |
1,984,000 |
397,000 |
|
Other borrowings |
409,854,000 |
162,449,000 |
154,014,000 |
11,787,000 |
|
Amounts owing to holding company |
71,810,000 |
28,961,000 |
69,443,000 |
53,268,000 |
|
Amounts owing to subsidiary companies |
2,610,000 |
2,637,000 |
2,693,000 |
2,375,000 |
|
Amounts owing to related companies |
12,039,000 |
8,411,000 |
13,173,000 |
8,947,000 |
|
Amounts owing to associated companies |
517,000 |
1,000 |
- |
1,000 |
|
Provision for taxation |
7,012,000 |
6,488,000 |
4,783,000 |
3,655,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
643,280,000 |
336,399,000 |
370,898,000 |
193,987,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
(87,312,000) |
115,600,000 |
84,263,000 |
132,111,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL NET ASSETS |
343,078,000 |
348,447,000 |
314,802,000 |
312,644,000 |
|
|
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
SHARE CAPITAL |
|
|
|
|
|
Ordinary share capital |
164,706,000 |
164,706,000 |
164,706,000 |
164,706,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
164,706,000 |
164,706,000 |
164,706,000 |
164,706,000 |
|
|
|
|
|
|
|
RESERVES |
|
|
|
|
|
Retained profit/(loss) carried forward |
166,495,000 |
171,549,000 |
141,227,000 |
134,251,000 |
|
Others |
6,345,000 |
6,233,000 |
3,443,000 |
3,917,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL RESERVES |
172,840,000 |
177,782,000 |
144,670,000 |
138,168,000 |
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
337,546,000 |
342,488,000 |
309,376,000 |
302,874,000 |
|
|
|
|
|
|
|
LONG TERM
LIABILITIES |
|
|
|
|
|
Long term loans |
5,000,000 |
5,000,000 |
- |
- |
|
Other long term borrowings |
- |
- |
4,200,000 |
8,100,000 |
|
Deferred taxation |
296,000 |
504,000 |
652,000 |
964,000 |
|
Others |
236,000 |
455,000 |
574,000 |
706,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
5,532,000 |
5,959,000 |
5,426,000 |
9,770,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
343,078,000 |
348,447,000 |
314,802,000 |
312,644,000 |
|
|
============= |
============= |
============= |
============= |
|
|
|
|
|
|
FINANCIAL RATIO
|
SUMITOMO
CORPORATION ASIA & OCEANIA PTE. LTD. |
|
TYPES OF FUNDS |
|
|
|
|
|
Cash |
6,530,000 |
4,554,000 |
6,492,000 |
11,559,000 |
|
Net Liquid Funds |
6,530,000 |
4,554,000 |
6,492,000 |
11,559,000 |
|
Net Liquid Assets |
(199,135,000) |
43,923,000 |
20,409,000 |
72,467,000 |
|
Net Current Assets/(Liabilities) |
(87,312,000) |
115,600,000 |
84,263,000 |
132,111,000 |
|
Net Tangible Assets |
343,078,000 |
348,447,000 |
314,802,000 |
312,644,000 |
|
Net Monetary Assets |
(204,667,000) |
37,964,000 |
14,983,000 |
62,697,000 |
|
BALANCE SHEET
ITEMS |
|
|
|
|
|
Total Borrowings |
419,961,000 |
172,930,000 |
160,198,000 |
20,284,000 |
|
Total Liabilities |
648,812,000 |
342,358,000 |
376,324,000 |
203,757,000 |
|
Total Assets |
986,358,000 |
684,846,000 |
685,700,000 |
506,631,000 |
|
Net Assets |
343,078,000 |
348,447,000 |
314,802,000 |
312,644,000 |
|
Net Assets Backing |
337,546,000 |
342,488,000 |
309,376,000 |
302,874,000 |
|
Shareholders' Funds |
337,546,000 |
342,488,000 |
309,376,000 |
302,874,000 |
|
Total Share Capital |
164,706,000 |
164,706,000 |
164,706,000 |
164,706,000 |
|
Total Reserves |
172,840,000 |
177,782,000 |
144,670,000 |
138,168,000 |
|
LIQUIDITY
(Times) |
|
|
|
|
|
Cash Ratio |
0.01 |
0.01 |
0.02 |
0.06 |
|
Liquid Ratio |
0.69 |
1.13 |
1.06 |
1.37 |
|
Current Ratio |
0.86 |
1.34 |
1.23 |
1.68 |
|
WORKING CAPITAL
CONTROL (Days) |
|
|
|
|
|
Stock Ratio |
293 |
210 |
219 |
256 |
|
Debtors Ratio |
628 |
730 |
964 |
897 |
|
Creditors Ratio |
1,216 |
1,416 |
1,643 |
485 |
|
SOLVENCY RATIOS
(Times) |
|
|
|
|
|
Gearing Ratio |
1.24 |
0.50 |
0.52 |
0.07 |
|
Liabilities Ratio |
1.92 |
1.00 |
1.22 |
0.67 |
|
Times Interest Earned Ratio |
18.54 |
30.47 |
24.30 |
57.51 |
|
Assets Backing Ratio |
2.08 |
2.12 |
1.91 |
1.90 |
|
PERFORMANCE
RATIO (%) |
|
|
|
|
|
Operating Profit Margin |
31.55 |
39.54 |
23.89 |
57.92 |
|
Net Profit Margin |
26.73 |
34.09 |
19.02 |
54.27 |
|
Return On Net Assets |
13.56 |
14.62 |
8.43 |
16.06 |
|
Return On Capital Employed |
13.56 |
14.62 |
8.43 |
16.06 |
|
Return On Shareholders' Funds/Equity |
11.05 |
12.41 |
6.55 |
15.26 |
|
Dividend Pay Out Ratio (Times) |
1.14 |
0.29 |
0.66 |
0.53 |
|
NOTES TO
ACCOUNTS |
|
|
|
|
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.12 |
|
|
1 |
Rs.103.54 |
|
Euro |
1 |
Rs.81.87 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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.