|
Report Date : |
13.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
SUMITOMO CHEMICAL ASIA PTE LTD |
|
|
|
|
Formerly Known As : |
LIFE TECH ( |
|
|
|
|
Registered Office : |
150, Beach Road, 17- 07/08, Gateway West, 189720 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation : |
18.07.1990 |
|
|
|
|
Com. Reg. No.: |
199003514-C |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Wholesale of chemicals and chemical products |
|
|
|
|
No. of Employees |
150 [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 : |
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 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. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but rebounded 15.1% in 2010, on the strength of renewed exports, before slowing to in 2011-13, 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. 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 |
|
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, 17- 07/08, GATEWAY WEST, 189720, SINGAPORE. |
|
BUSINESS ADDRESS |
: |
150 BEACH ROAD, #18-05/08 GATEWAY WEST, 189720, SINGAPORE. |
|
TEL.NO. |
: |
65-63035188 |
|
FAX.NO. |
: |
65-62989621 |
|
|
: |
INFO@SCA.COM.SG |
|
WEB SITE |
: |
WWW.SCA.COM.SG |
|
CONTACT PERSON |
: |
SOJI SAKAMOTO ( MANAGING DIRECTOR ) |
|
|
|
|
|
|
|
|
|
PRINCIPAL ACTIVITY |
: |
WHOLESALE OF CHEMICALS AND CHEMICAL PRODUCTS |
|
|
|
|
|
ISSUED AND PAID UP CAPITAL |
: |
148,000,000.00 ORDINARY SHARE, OF A VALUE OF USD
148,000,000.00 |
|
|
|
|
|
SALES |
: |
USD 2,559,203,000 [2014] |
|
NET WORTH |
: |
USD 104,264,000 [2014] |
|
|
|
|
|
STAFF STRENGTH |
: |
150 [2014] |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
POOR |
|
PAYMENT |
: |
AVERAGE |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
|
|
|
|
COMMERCIAL RISK |
: |
N/A |
|
CURRENCY EXPOSURE |
: |
N/A |
|
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) wholesale of chemicals and chemical products.
The immediate and ultimate holding company of the Subject is SUMITOMO CHEMICAL COMPANY, LIMITED, a company incorporated in JAPAN.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
11/08/2014 |
USD 148,000,000.00 & SGD 4,500,000.00 |
The major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
SUMITOMO CHEMICAL COMPANY, LIMITED |
27-1, SHINKAWA 2-CHOME, CHUO-KU, TOKYO, 104-8260, JAPAN. |
S80UF0203 |
152,500,000.00 |
100.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
152,500,000.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
The Subject's interest in other companies (Subsidiaries/Associates) are shown as follow :
|
Local No |
Country |
Company |
(%) |
As At |
|
|
CHINA |
SUMIKA PLASTICS AND CHEMICALS TRADING (SHANGHAI) CO. LTD. |
100.00 |
31/03/2014 |
|
|
|
|
|
|
|
|
INDIA |
SCA SOUTH ASIA PETROCHEMICALS PRIVATE LIMITED |
99.90 |
31/03/2014 |
|
|
|
|
|
|
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
TAKANORI KUME |
|
Address |
: |
2-41-10, MAIHAMA, URAYASU-SHI, CHIBA, 279-0031, JAPAN. |
|
IC / PP No |
: |
TH4227219 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
01/07/2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject |
: |
SATOSHI SUWA |
|
Address |
: |
3-1-2-C503, OYUNIMO-CHUO, MIDORI-KU, CHIBA CITY, CHIBA 266-0032, JAPAN. |
|
IC / PP No |
: |
TZ0775261 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
28/06/2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject |
: |
SOJI SAKAMOTO |
|
Address |
: |
491A, RIVER VALLEY ROAD, 12-12, VALLEY POINT, 248372, SINGAPORE. |
|
IC / PP No |
: |
G5790618P |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
23/06/2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1) |
Name of Subject |
: |
SOJI SAKAMOTO |
|
|
Position |
: |
MANAGING DIRECTOR |
|
|
|
|
|
|
Auditor |
: |
KPMG LLP |
|
Auditor' Address |
: |
N/A |
|
|
|
|
|
|
|
|
|
1) |
Company Secretary |
: |
JEYANTHI MALA RAMA KRISHNAN |
|
|
IC / PP No |
: |
S7467154C |
|
|
|
|
|
|
|
Address |
: |
20, JALAN HAJIJAH, 01-18, LAGUNA GREEN, 468726, SINGAPORE. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
No Banker found in our databank.
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 againt 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 |
: |
N/A |
|
Overseas |
: |
N/A |
|
|
|
|
The Subject refused to disclose its suppliers.
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 |
[ |
X |
] |
|
|
Fair 91-120 Days |
[ |
|
] |
|
Poor >120 Days |
[ |
|
] |
|
|
|
|
|
|
CLIENTELE
|
|
Local |
: |
N/A |
|
|
|
|
|
Overseas |
: |
N/A |
|
|
|
|
The Subject refused to disclose its clientele information.
OPERATIONS
|
|
Goods Traded |
: |
CHEMICALS
|
|
|
|
|
|
|
Total Number of Employees: |
|||||||||
|
YEAR |
2014 |
2013 |
|
||||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
|
|
|
|
|
|
|
|
COMPANY |
150 |
150 |
|
|
|
|
|
|
|
|
Branch |
: |
NO
|
Other Information:
The Subject is principally engaged in the (as a / as an) wholesale of chemicals
and chemical products.
The Subject refused to disclose any information on its operation.
CURRENT
INVESTIGATION
|
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-63035188 |
|
Match |
: |
N/A |
|
|
|
|
|
Address Provided by Client |
: |
150 BEACH ROAD, 18-05/08 GATEWAY WEST,189720 SINGAPORE |
|
Current Address |
: |
150 BEACH ROAD, #18-05/08 GATEWAY WEST, 189720, SINGAPORE. |
|
Match |
: |
YES |
|
|
|
|
Other Investigations
we contacted one of the staff from the Subject and she provided some
information.
|
Profitability |
|
|
|
|
|
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
(22.18%) |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
(4.60%) |
] |
|
|
|
|
|
|
|
|
|
|
The Subject's unfavourable returns on shareholders' funds indicate the management's inefficiency in utilising its assets to generate returns. |
||||||
|
|
|
|
|
|
|
|
|
Working Capital Control |
|
|
|
|
|
|
|
Stock Ratio |
: |
Favourable |
[ |
25 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
14 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
2 Days |
] |
|
|
|
|
|
|
|
|
|
|
The Subject'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 Subject. The Subject had a favourable creditors' ratio where the Subject could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors. |
||||||
|
|
|
|
|
|
|
|
|
Liquidity |
|
|
|
|
|
|
|
Liquid Ratio |
: |
Unfavourable |
[ |
0.78 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.23 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 |
: |
Unfavourable |
[ |
(1.73 Times) |
] |
|
|
Gearing Ratio |
: |
Unfavourable |
[ |
2.41 Times |
] |
|
|
|
|
|
|
|
|
|
|
The Subject incurred losses in the year. It did not generate sufficient income to service its interest. If the situation does not improve, the Subject may be vulnerable to default in servicing the interest. 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. |
||||||
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
Overall Assessment : |
|
|
|
|
|
|
|
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. The Subject's interest cover was negative, indicating that it did not generate sufficient income to service its interest. If its result does not show impressive improvements or succeed obtaining short term financing or capital injection, it may not be able to service its interest and repay the loans. 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 : POOR |
||||||
|
SINGAPORE
ECONOMIC / INDUSTRY OUTLOOK |
|
Major Economic Indicators : |
2009 |
2010 |
2011 |
2012 |
2013 |
|
|
|
|
|
|
|
|
Population (Million) |
4.98 |
5.08 |
5.18 |
5.31 |
5.40 |
|
Gross Domestic Products ( % ) |
(0.8) |
14.5 |
4.9 |
1.3 |
3.7 |
|
Consumer Price Index |
0.6 |
2.8 |
5.2 |
4.6 |
2.4 |
|
Total Imports (Million) |
356,299.3 |
423,221.8 |
459,655.1 |
474,554.0 |
466,762.0 |
|
Total Exports (Million) |
391,118.1 |
478,840.7 |
514,741.2 |
510,329.0 |
513,391.0 |
|
|
|
|
|
|
|
|
Unemployment Rate (%) |
3.2 |
2.2 |
2.1 |
2.0 |
1.9 |
|
Tourist Arrival (Million) |
9.68 |
11.64 |
13.17 |
14.49 |
15.46 |
|
Hotel Occupancy Rate (%) |
75.8 |
85.6 |
86.5 |
86.4 |
86.3 |
|
Cellular Phone Subscriber (Million) |
1.37 |
1.43 |
1.50 |
1.52 |
1.97 |
|
|
|
|
|
|
|
|
Registration of New Companies (No.) |
26,414 |
29,798 |
32,317 |
31,892 |
37,288 |
|
Registration of New Companies (%) |
4.3 |
12.8 |
8.5 |
(1.3) |
9.8 |
|
Liquidation of Companies (No.) |
22,393 |
15,126 |
19,005 |
17,218 |
17,369 |
|
Liquidation of Companies (%) |
113.4 |
(32.5) |
25.6 |
9.4 |
(5.3) |
|
|
|
|
|
|
|
|
Registration of New Businesses (No.) |
26,876 |
23,978 |
23,494 |
24,788 |
22,893 |
|
Registration of New Businesses (%) |
8.15 |
(10.78) |
2.02 |
5.51 |
1.70 |
|
Liquidation of Businesses (No.) |
23,552 |
24,211 |
23,005 |
22,489 |
22,598 |
|
Liquidation of Businesses (%) |
11.4 |
2.8 |
(5) |
(2.2) |
0.5 |
|
|
|
|
|
|
|
|
Bankruptcy Orders (No.) |
2,058 |
1,537 |
1,527 |
1,748 |
1,992 |
|
Bankruptcy Orders (%) |
(11.5) |
(25.3) |
(0.7) |
14.5 |
14.0 |
|
Bankruptcy Discharges (No.) |
3,056 |
2,252 |
1,391 |
1,881 |
2,584 |
|
Bankruptcy Discharges (%) |
103.7 |
(26.3) |
(38.2) |
35.2 |
37.4 |
|
|
|
|
|
|
|
|
INDUSTRIES ( % of Growth ) : |
|
|
|
|
|
|
Agriculture |
|
|
|
|
|
|
Production of Principal Crops |
3.25 |
(0.48) |
4.25 |
3.64 |
- |
|
Fish Supply & Wholesale |
(1.93) |
(10.5) |
12.10 |
(0.5) |
- |
|
|
|
|
|
|
|
|
Manufacturing * |
71.5 |
92.8 |
100.0 |
100.3 |
102.0 |
|
Food, Beverages & Tobacco |
90.4 |
96.4 |
100.0 |
103.5 |
103.5 |
|
Textiles |
145.9 |
122.1 |
100.0 |
104.0 |
87.1 |
|
Wearing Apparel |
211.0 |
123.3 |
100.0 |
92.1 |
77.8 |
|
Leather Products & Footwear |
79.5 |
81.8 |
100.0 |
98.6 |
109.8 |
|
Wood & Wood Products |
101.4 |
104.0 |
100.0 |
95.5 |
107.4 |
|
Paper & Paper Products |
95.4 |
106.1 |
100.0 |
97.4 |
103.2 |
|
Printing & Media |
100.9 |
103.5 |
100.0 |
93.0 |
86.1 |
|
Crude Oil Refineries |
96.4 |
95.6 |
100.0 |
99.4 |
93.5 |
|
Chemical & Chemical Products |
80.3 |
97.6 |
100.0 |
100.5 |
104.1 |
|
Pharmaceutical Products |
49.1 |
75.3 |
100.0 |
109.7 |
107.2 |
|
Rubber & Plastic Products |
101.2 |
112.3 |
100.0 |
96.5 |
92.9 |
|
Non-metallic Mineral |
91.9 |
92.5 |
100.0 |
98.2 |
97.6 |
|
Basic Metals |
92.6 |
102.2 |
100.0 |
90.6 |
76.5 |
|
Fabricated Metal Products |
90.8 |
103.6 |
100.0 |
104.3 |
105.1 |
|
Machinery & Equipment |
57.3 |
78.5 |
100.0 |
112.9 |
114.5 |
|
Electrical Machinery |
86.8 |
124.1 |
100.0 |
99.3 |
108.5 |
|
Electronic Components |
85.2 |
113.6 |
100.0 |
90.6 |
94.3 |
|
Transport Equipment |
96.0 |
94.0 |
100.0 |
106.3 |
107.5 |
|
|
|
|
|
|
|
|
Construction |
(36.9) |
14.20 |
20.50 |
28.70 |
- |
|
Real Estate |
1.4 |
21.3 |
25.4 |
31.9 |
- |
|
|
|
|
|
|
|
|
Services |
|
|
|
|
|
|
Electricity, Gas & Water |
1.70 |
4.00 |
7.00 |
6.30 |
- |
|
Transport, Storage & Communication |
3.90 |
12.80 |
7.40 |
5.30 |
- |
|
Finance & Insurance |
(16.4) |
(0.4) |
8.90 |
0.50 |
- |
|
Government Services |
4.50 |
9.70 |
6.90 |
6.00 |
- |
|
Education Services |
0.10 |
(0.9) |
(1.4) |
0.30 |
- |
|
|
|
|
|
|
|
|
* Based on Index of Industrial Production (2011 = 100) |
|
|
|
|
|
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
|
|
|
|
|
PROFIT AND LOSS ACCOUNT
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE
WITH SINGAPORE FINANCIAL REPORTING STANDARDS. |
|
SUMITOMO CHEMICAL ASIA PTE LTD |
|
Financial Year End |
2014-03-31 |
2012-12-31 |
2011-12-31 |
2010-12-31 |
|
Months |
15 |
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 |
2,559,203,000 |
2,539,777,000 |
2,120,442,000 |
1,832,990,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
Total Turnover |
2,559,203,000 |
2,539,777,000 |
2,120,442,000 |
1,832,990,000 |
|
Costs of Goods Sold |
(2,369,962,000) |
(2,288,025,000) |
(1,902,001,000) |
(1,610,692,000) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
Gross Profit |
189,241,000 |
251,752,000 |
218,441,000 |
222,298,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
(24,315,000) |
8,073,000 |
10,129,000 |
18,660,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
(24,315,000) |
8,073,000 |
10,129,000 |
18,660,000 |
|
Taxation |
1,193,000 |
(1,253,000) |
(1,607,000) |
3,074,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
(23,122,000) |
6,820,000 |
8,522,000 |
21,734,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
|
As previously reported |
(22,440,000) |
(29,260,000) |
(37,782,000) |
(59,516,000) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
As restated |
(22,440,000) |
(29,260,000) |
(37,782,000) |
(59,516,000) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
(45,562,000) |
(22,440,000) |
(29,260,000) |
(37,782,000) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
(45,562,000) |
(22,440,000) |
(29,260,000) |
(37,782,000) |
|
|
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
INTEREST EXPENSE (as per notes to P&L) |
|
|
|
|
|
Lease interest |
6,267,000 |
5,715,000 |
6,287,000 |
6,799,000 |
|
Term loan / Borrowing |
2,637,000 |
1,558,000 |
1,535,000 |
1,429,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
8,904,000 |
7,273,000 |
7,822,000 |
8,228,000 |
|
|
============= |
============= |
============= |
============= |
|
BALANCE SHEET |
|
SUMITOMO CHEMICAL ASIA PTE LTD |
|
ASSETS EMPLOYED: |
|
|
|
|
|
FIXED ASSETS |
238,301,000 |
164,034,000 |
131,906,000 |
127,521,000 |
|
|
|
|
|
|
|
LONG TERM INVESTMENTS/OTHER ASSETS |
|
|
|
|
|
Subsidiary companies |
800,000 |
800,000 |
800,000 |
800,000 |
|
Deferred assets |
1,414,000 |
211,000 |
1,467,000 |
3,074,000 |
|
Others |
- |
- |
- |
123,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
2,214,000 |
1,011,000 |
2,267,000 |
3,997,000 |
|
|
|
|
|
|
|
INTANGIBLE ASSETS |
|
|
|
|
|
Deferred/Expenditure carried forward |
- |
- |
- |
6,496,000 |
|
Computer software |
5,320,000 |
3,147,000 |
5,003,000 |
- |
|
Others |
87,000 |
101,000 |
199,000 |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL INTANGIBLE ASSETS |
5,407,000 |
3,248,000 |
5,202,000 |
6,496,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
245,922,000 |
168,293,000 |
139,375,000 |
138,014,000 |
|
|
|
|
|
|
|
Stocks |
175,576,000 |
250,030,000 |
258,953,000 |
159,360,000 |
|
Trade debtors |
98,602,000 |
52,861,000 |
428,682,000 |
181,469,000 |
|
Other debtors, deposits & prepayments |
7,070,000 |
4,985,000 |
5,393,000 |
4,719,000 |
|
Amount due from holding company |
5,348,000 |
902,000 |
- |
- |
|
Amount due from related companies |
181,038,000 |
203,679,000 |
1,195,000 |
129,355,000 |
|
Cash & bank balances |
6,546,000 |
11,829,000 |
6,741,000 |
8,675,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
474,180,000 |
524,286,000 |
700,964,000 |
483,578,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL ASSET |
720,102,000 |
692,579,000 |
840,339,000 |
621,592,000 |
|
|
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
Trade creditors |
12,413,000 |
12,373,000 |
257,760,000 |
19,565,000 |
|
Other creditors & accruals |
97,129,000 |
142,590,000 |
122,441,000 |
61,998,000 |
|
Hire purchase & lease creditors |
10,761,000 |
12,217,000 |
12,308,000 |
11,747,000 |
|
Short term borrowings/Term loans |
10,000,000 |
10,000,000 |
179,966,000 |
96,912,000 |
|
Amounts owing to holding company |
23,774,000 |
22,967,000 |
621,000 |
4,998,000 |
|
Amounts owing to related companies |
230,847,000 |
210,818,000 |
232,000 |
165,575,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
384,924,000 |
410,965,000 |
573,328,000 |
360,795,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
89,256,000 |
113,321,000 |
127,636,000 |
122,783,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL NET ASSETS |
335,178,000 |
281,614,000 |
267,011,000 |
260,797,000 |
|
|
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
SHARE CAPITAL |
|
|
|
|
|
Ordinary share capital |
150,565,000 |
150,565,000 |
120,565,000 |
100,565,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
150,565,000 |
150,565,000 |
120,565,000 |
100,565,000 |
|
|
|
|
|
|
|
Retained profit/(loss) carried forward |
(45,562,000) |
(22,440,000) |
(29,260,000) |
(37,782,000) |
|
Others |
(739,000) |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL RESERVES |
(46,301,000) |
(22,440,000) |
(29,260,000) |
(37,782,000) |
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
104,264,000 |
128,125,000 |
91,305,000 |
62,783,000 |
|
|
|
|
|
|
|
Long term loans |
150,000,000 |
60,000,000 |
70,000,000 |
- |
|
Other long term borrowings |
- |
- |
- |
80,000,000 |
|
Lease obligations |
80,175,000 |
93,489,000 |
105,706,000 |
- |
|
Hire purchase creditors |
- |
- |
- |
118,014,000 |
|
Others |
739,000 |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
230,914,000 |
153,489,000 |
175,706,000 |
198,014,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
335,178,000 |
281,614,000 |
267,011,000 |
260,797,000 |
|
|
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
FINANCIAL RATIO |
|
SUMITOMO CHEMICAL ASIA PTE LTD |
|
TYPES OF FUNDS |
|
|
|
|
|
Cash |
6,546,000 |
11,829,000 |
6,741,000 |
8,675,000 |
|
Net Liquid Funds |
6,546,000 |
11,829,000 |
6,741,000 |
8,675,000 |
|
Net Liquid Assets |
(86,320,000) |
(136,709,000) |
(131,317,000) |
(36,577,000) |
|
Net Current Assets/(Liabilities) |
89,256,000 |
113,321,000 |
127,636,000 |
122,783,000 |
|
Net Tangible Assets |
329,771,000 |
278,366,000 |
261,809,000 |
254,301,000 |
|
Net Monetary Assets |
(317,234,000) |
(290,198,000) |
(307,023,000) |
(234,591,000) |
|
BALANCE SHEET ITEMS |
|
|
|
|
|
Total Borrowings |
250,936,000 |
175,706,000 |
367,980,000 |
306,673,000 |
|
Total Liabilities |
615,838,000 |
564,454,000 |
749,034,000 |
558,809,000 |
|
Total Assets |
720,102,000 |
692,579,000 |
840,339,000 |
621,592,000 |
|
Net Assets |
335,178,000 |
281,614,000 |
267,011,000 |
260,797,000 |
|
Net Assets Backing |
104,264,000 |
128,125,000 |
91,305,000 |
62,783,000 |
|
Shareholders' Funds |
104,264,000 |
128,125,000 |
91,305,000 |
62,783,000 |
|
Total Share Capital |
150,565,000 |
150,565,000 |
120,565,000 |
100,565,000 |
|
Total Reserves |
(46,301,000) |
(22,440,000) |
(29,260,000) |
(37,782,000) |
|
LIQUIDITY (Times) |
|
|
|
|
|
Cash Ratio |
0.02 |
0.03 |
0.01 |
0.02 |
|
Liquid Ratio |
0.78 |
0.67 |
0.77 |
0.90 |
|
Current Ratio |
1.23 |
1.28 |
1.22 |
1.34 |
|
WORKING CAPITAL CONTROL (Days) |
|
|
|
|
|
Stock Ratio |
25 |
36 |
45 |
32 |
|
Debtors Ratio |
14 |
8 |
74 |
36 |
|
Creditors Ratio |
2 |
2 |
49 |
4 |
|
SOLVENCY RATIOS (Times) |
|
|
|
|
|
Gearing Ratio |
2.41 |
1.37 |
4.03 |
4.88 |
|
Liabilities Ratio |
5.91 |
4.41 |
8.20 |
8.90 |
|
Times Interest Earned Ratio |
(1.73) |
2.11 |
2.29 |
3.27 |
|
Assets Backing Ratio |
2.19 |
1.85 |
2.17 |
2.53 |
|
PERFORMANCE RATIO (%) |
|
|
|
|
|
Operating Profit Margin |
(0.95) |
0.32 |
0.48 |
1.02 |
|
Net Profit Margin |
(0.90) |
0.27 |
0.40 |
1.19 |
|
Return On Net Assets |
(4.60) |
5.45 |
6.72 |
10.31 |
|
Return On Capital Employed |
(4.39) |
5.17 |
6.31 |
9.64 |
|
Return On Shareholders' Funds/Equity |
(22.18) |
5.32 |
9.33 |
34.62 |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.00 |
0.00 |
0.00 |
|
NOTES TO ACCOUNTS |
|
|
|
|
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.18 |
|
|
1 |
Rs.102.56 |
|
Euro |
1 |
Rs.81.78 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.