MIRA INFORM REPORT

 

 

Report Date :

10.12.2014

 

IDENTIFICATION DETAILS

 

Name :

TOYOTA TSUSHO ASIA PACIFIC PTE. LTD.

 

 

Formerly Known As :

TOYODA TSUSHO (SINGAPORE) PTE. LTD.

TOYOTA (SINGAPORE) PTE. LTD.

 

 

Registered Office :

600, North Bridge Road, 19-01, Parkview Square, 188778

 

 

Country :

Singapore

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

03.07.1975

 

 

Com. Reg. No.:

197501152-G

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Trading of Metal, Chemical, Automotive Parts.

 

 

No. of Employees :

190 [2014]

 

 

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 :

Good 

 

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

197501152-G

COMPANY NAME

:

TOYOTA TSUSHO ASIA PACIFIC PTE. LTD.

FORMER NAME

:

TOYODA TSUSHO (SINGAPORE) PTE. LTD. (01/07/2012)
TOYOTA (SINGAPORE) PTE. LTD. (01/07/1987)

INCORPORATION DATE

:

03/07/1975

 

 

 

 

 

 

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

 

 

 

 

 

 

REGISTERED ADDRESS

:

600, NORTH BRIDGE ROAD, 19-01, PARKVIEW SQUARE, 188778, SINGAPORE.

BUSINESS ADDRESS

:

600 NORTH BRIDGE ROAD, #19-01, PARKVEIW SQUARE, 188778, SINGAPORE.

TEL.NO.

:

65-62223711/65180727

FAX.NO.

:

65-62225674

WEB SITE

:

WWW.TOYOTSU.COM.SG

CONTACT PERSON

:

JUN NAKAYAMA ( MANAGING DIRECTOR )

 

 

 

 

 

 

PRINCIPAL ACTIVITY

:

TRADING OF METAL, CHEMICAL, AUTOMOTIVE PARTS

 

 

 

ISSUED AND PAID UP CAPITAL

:

2,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 2,000,000.00

 

 

 

SALES

:

USD 2,594,015,000 [2014]

NET WORTH

:

USD 116,851,000 [2014]

 

 

 

STAFF STRENGTH

:

190 [2014]

LITIGATION

:

TRACED

FINANCIAL CONDITION

:

STABLE

PAYMENT

:

AVERAGE

MANAGEMENT CAPABILITY

:

GOOD

 

 

 

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

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 metal, chemical, automotive parts.

 

The immediate holding company of the Subject is TOYOTA TSUSHO CORPORATION, a company incorporated in JAPAN.

 

Share Capital History

Date

Issue & Paid Up Capital

09/12/2014

SGD 2,000,000.00

 

The major shareholder(s) of the Subject are shown as follows :

 

Name

Address

IC/PP/Loc No

Shareholding

(%)

TOYOTA TSUSHO CORPORATION

7-23, MEIEKI 4-CHOME NAKAMURA-KU NAGOYA, 450-8575, JAPAN.

S75UF0118

2,000,000.00

100.00

 

 

 

---------------

------

 

 

 

2,000,000.00

100.00

 

 

 

============

=====

+ Also Director

 

The Subject's interest in other companies (Subsidiaries/Associates) are shown as follow :

 

Local No

Country

Company

(%)

As At

 

THAILAND

TOYOTA TSUSHO ASIA PACIFIC (THAILAND) CO., LTD

100.00

31/03/2014

 

 

 

 

 

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

YASUHIRO KAKIHARA

Address

:

3, ALEXANDRA VIEW, 41-12, ASCENTIA SKY, 158749, SINGAPORE.

IC / PP No

:

F1908467K

 

 

 

 

 

 

 

 

 

Nationality

:

JAPANESE

Date of Appointment

:

01/04/2010

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 2

 

Name Of Subject

:

YASUHIKO YOKOI

Address

:

3-9-1, SAKURAGAOKA, TAMA-SHI, TOKYO 206-0013, JAPAN, JAPAN.

IC / PP No

:

MS7310344

 

 

 

 

 

 

 

 

 

Nationality

:

JAPANESE

Date of Appointment

:

02/07/2012

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 3

 

Name Of Subject

:

AKIRA MORIHATA

Address

:

370H, ALEXANDRA ROAD, 16-01, THE ANCHORAGE CONDOMINIUM, 159961, SINGAPORE.

IC / PP No

:

G5263560N

 

 

 

 

 

 

 

 

 

Nationality

:

JAPANESE

Date of Appointment

:

10/04/2012

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 4

 

Name Of Subject

:

MR. JUN NAKAYAMA

Address

:

6, CUSCADEN WALK, 28-01, THE BOULEVARD RESIDENCE, 249691, SINGAPORE.

IC / PP No

:

G5299804U

 

 

 

 

 

 

 

 

 

Nationality

:

JAPANESE

Date of Appointment

:

02/07/2012

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 5

 

Name Of Subject

:

SHIGEMASA MIKI

Address

:

18, KEPPEL BAY DRIVE, 04-23, CARIBBEAN AT KEPPEL BAY, 098651, SINGAPORE.

IC / PP No

:

G6393287L

 

 

 

 

 

 

 

 

 

Nationality

:

JAPANESE

Date of Appointment

:

02/07/2012

Remark

:

ALTERNATE DIRECTOR TO YASUHIKO YOKOI

 

 

 

 

 

 

 

 

 

 

DIRECTOR 6

 

Name Of Subject

:

KOJI UEDA

Address

:

26, CUSCADEN ROAD, 15-04, CUSCADEN RESIDENCES, 249722, SINGAPORE.

IC / PP No

:

F2480989R

 

 

 

 

 

 

 

 

 

Nationality

:

JAPANESE

Date of Appointment

:

05/04/2013

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 7

 

Name Of Subject

:

YOSHIO SHIRAI

Address

:

1-121, AZANAGANE, HOSOKAWA-CHO, OKAZAKI-CITY, AICHI, 444-2149, JAPAN.

IC / PP No

:

TH2409931

 

 

 

 

 

 

 

 

 

Nationality

:

JAPANESE

Date of Appointment

:

10/07/2013

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 8

 

Name Of Subject

:

SATOSHI WADA

Address

:

38, SHANGHAI ROAD, 04-04, THE MERCURY, 248201, SINGAPORE.

IC / PP No

:

F5581063W

 

 

 

 

 

 

 

 

 

Nationality

:

JAPANESE

Date of Appointment

:

10/07/2013

Remark

:

ALTERNATE DIRECTOR TO YOSHIO SHIRAI

 

 

 

 

 

 

 

 

 

 

DIRECTOR 9

 

Name Of Subject

:

TOSHIHARU TANAKA

Address

:

29, KEPPEL BAY VIEW, 30-87, REFLECTIONS AT KEPPEL BAY, 098417, SINGAPORE.

IC / PP No

:

G3030789K

 

 

 

 

 

 

 

 

 

Nationality

:

JAPANESE

Date of Appointment

:

11/04/2014

 

 

 

 

 

 

 

 

 

 

 

 

 


MANAGEMENT

 

 

 

 

1)

Name of Subject

:

JUN NAKAYAMA

 

Position

:

MANAGING DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

PRICEWATERHOUSECOOPERS LLP

Auditor' Address

:

N/A

 

 

 

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

CHAN LAI YIN

 

IC / PP No

:

S7480587F

 

 

 

 

 

Address

:

26, SIMEI STREET, 1, 11-08, MELVILLE PARK, 529947, SINGAPORE.

 

 

 

 

 

 

 

 

 

 

 

 

 

2)

Company Secretary

:

LOW SIEW TIAN

 

IC / PP No

:

S6963151G

 

 

 

 

 

Address

:

453, TAMPINES STREET, 42, 11-204, 520453, SINGAPORE.

 

 

 

 

 

 

 

 

 

 

 

BANKING


No Banker found in our databank.

ENCUMBRANCE (S)


No encumbrance was found in our databank at the time of investigation.

 

LITIGATION CHECK AGAINST SUBJECT


* A check has been conducted in our databank against the Subject whether the subject has been involved in any litigation.

LEGAL ACTION

 

 

 

Code No

:

99

Case No

:

27006

Year

:

2009

Place

:

SINGAPORE

Court

:

MAGISTRATE COURT

 

 

 

Date Filed

:

02/09/2009

 

 

 

Solicitor Ref

:

AW-INS-S100-66193-09

 

 

 

Solicitor Firm

:

VISION LAW LLC

Plaintiff

:

HENG YEW LAI JACKSON

 

 

 

Defendants

:

TOYOTA TSUSHO (SINGAPORE) PTE LTD (197501152)

600, NORTH BRIDGE ROAD, 19-01, PARKVIEW SQUARE, 188778, SINGAPORE.

 

 

 

 

Amount Claimed

:

7937.90

 

 

 

 

 

 

 

 

Nature of Claim

:

SGD

 

 

 

 

 

 

 

 

Remark

:

TORT-NEGLIGENCE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Source Ref.

:

GOVERNMENT GAZETTE

 

 

 

Source Address

:

LEVEL 14, BLOCK 8, GOVERNMENT OFFICES COMPLEX, JALAN DUTA, 50622 KUALA LUMPUR MALAYSIA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consent was given by the Subject for the disclosure of the above case in complying to the Credit Reporting Agencies Act 2010 Section 24(1)(a).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Date

:

01/01/1970

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Code No

:

99

Case No

:

19905

 

 

 

 

 

Year

:

2009

Place

:

SINGAPORE

 

 

 

 

 

Court

:

MAGISTRATE COURT

 

 

 

 

 

 

 

 

Date Filed

:

30/06/2009

 

 

 

 

 

 

 

 

Solicitor Ref

:

HLH.ACC.LCH.20202.09.CT

 

 

 

 

 

 

 

 

Solicitor Firm

:

CHING & COMPANY

 

 

 

 

 

Plaintiff

:

TAY SIEW LAY

 

 

 

Defendants

:

TOYOTA TSUSHO (SINGAPORE) PTE LTD (197501152)

600, NORTH BRIDGE ROAD, 19-01, PARKVIEW SQUARE, 188778, SINGAPORE.

 

 

 

 

Amount Claimed

:

20710

 

 

 

 

 

 

 

 

Nature of Claim

:

SGD

 

 

 

 

 

 

 

 

Remark

:

TORT-NEGLIGENCE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Source Ref.

:

GOVERNMENT GAZETTE

 

 

 

Source Address

:

LEVEL 14, BLOCK 8, GOVERNMENT OFFICES COMPLEX, JALAN DUTA, 50622 KUALA LUMPUR MALAYSIA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consent was given by the Subject for the disclosure of the above case in complying to the Credit Reporting Agencies Act 2010 Section 24(1)(a).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Date

:

01/01/1970

 

 

 

No winding up petition was found in our databank

 

PAYMENT RECORD

 

 

 

 

SOURCES OF RAW MATERIALS:

Local

:

YES

Overseas

:

YES

 

 

 



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

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

 

 

 

Export Market

:

WORLDWIDE

Credit Term

:

30 - 60 DAYS

 

 

 

 

 

 

Payment Mode

:

TELEGRAPHIC TRANSFER (TT)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATIONS

 

Goods Traded

:

METAL, CHEMICAL, AUTOMOTIVE PARTS

 

 

 

 

 

Total Number of Employees:

 

YEAR

2014

2013

2012

 

GROUP

N/A

N/A

N/A

 

 

 

 

 

 

COMPANY

190

190

150

 

 

 

 

 

 

 

Branch

:

NO

 

 

Other Information:


The Subject is principally engaged in the (as a / as an) trading of metal, chemical, automotive parts.

The Subject sells variety of products such as chemicals, plastic, automotive parts and others.

CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

 

Telephone Number Provided By Client

:

6562223711

Current Telephone Number

:

65-62223711/65180727

Match

:

YES

 

 

 

Address Provided by Client

:

600 NORTH BRIDGE ROAD, NO. 19-01 PARKVIEW SQUARE SINGAPORE 188778

Current Address

:

600 NORTH BRIDGE ROAD, #19-01, PARKVEIW SQUARE, 188778, SINGAPORE.

Match

:

YES

 

Other Investigations


We contacted one of the staff from the Subject and she provided some information.

FINANCIAL ANALYSIS

 

 

Profitability

 

 

 

 

 

 

Turnover

:

Increased

[

2010 - 2014

]

 

Profit/(Loss) Before Tax

:

Decreased

[

2010 - 2014

]

 

Return on Shareholder Funds

:

Acceptable

[

22.09%

]

 

Return on Net Assets

:

Acceptable

[

25.73%

]

 

 

 

 

 

 

 

 

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.

 

 

 

 

 

 

 

Working Capital Control

 

 

 

 

 

 

Stock Ratio

:

Favourable

[

3 Days

]

 

Debtor Ratio

:

Acceptable

[

59 Days

]

 

Creditors Ratio

:

Favourable

[

42 Days

]

 

 

 

 

 

 

 

 

The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The Subject's management was quite efficient in handling its debtors. The Subject's debtors days were at an acceptable range, thus the risk of its debts turning bad was minimised. 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

:

Favourable

[

1.21 Times

]

 

Current Ratio

:

Unfavourable

[

1.27 Times

]

 

 

 

 

 

 

 

 

A minimum liquid ratio of 1 should be maintained by the Subject in order to assure its creditors of its ability to meet short term obligations and the Subject was in a good liquidity position. Thus, we believe the Subject is able to meet all its short term obligations as and when they fall due.

 

 

 

 

 

 

 

Solvency

 

 

 

 

 

 

Interest Cover

:

Favourable

[

25.41 Times

]

 

Gearing Ratio

:

Favourable

[

0.55 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 lowly geared thus it had a low financial risk. The Subject was mainly financed by its shareholders' funds and internally generated funds. In times of economic slowdown / downturn, the Subject being a lowly geared company, will be able to compete better than those companies which are highly geared in the same industry.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. With the favourable interest cover, the Subject could be able to service all the accrued interest without facing any difficulties. The Subject as a lowly geared company, will be more secured compared to those highly geared companies. It has the ability to meet all its long term obligations.

 

 

 

 

 

 

 

Overall financial condition of the Subject : STABLE

 

 

 

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 sectors have expanded by 2.0% in the third quarter of 2014, extending the 1.8 per cent growth in the previous quarter. In 2013, the wholesale and retail sector expanded by 5.0%, after declining by 1.4% the year before. Growth of the sector was driven by the wholesale trade segment.

 

The domestic wholesale trade index has increased by 3.2% in the fourth quarter of 2013, moderating from the 6.6% growth in the previous quarter. The slower growth was due to a decline in the sales of furniture and household equipment (-12%) and petroleum and petroleum products (-0.6%). For the full year, the domestic wholesale trade index grew by 5.2% reversing the 2.2% decline in 2012. On the other hand, the foreign wholesale trade index has increased by a slower pace of 5.6% in the fourth quarter, compared to the 7.7% expansion in the preceding quarter. The slowdown was due to a fall in the sales of telecommunication equipment and computer (-3.8%) and petroleum and petroleum products (-2.5%). For the full year, the growth of the foreign wholesale trade index moderated slightly to 8.6% from 9.1% in the previous year.

 

In the fourth quarter of 2013, retail sales volume fell by 6.2%, extending the 5.6% decline in the previous quarter. Excluding motor vehicles, retail sales volume increased by 0.4%, a slower pace of expansion as compared to the 1.6% gain in the preceding quarter. The sales volume of motor vehicles fell by 33% in the fourth quarter of 2013, extending the 32% decline in the previous quarter. Meanwhile, the sales of several discretionary items also fell in the fourth quarter of 2013. For instance, the sales of telecommunications apparatus and computers fell by 12%, while the sales of furniture and household equipment declined by 5.4%.

 

For the full year, retail sales volume contracted by 4.3%, a reversal from the 1.3% expansion in 2012. Excluding motor vehicle sales, the retail sales volume grew by 1.1% in 2013, slower than the 1.7% increase in 2012. Watches and jewellery recorded the largest increase (11%) in sales in 2013, followed by optical goods and book (3%) and medical goods and toiletries (3%). By contrast, the sales of telecommunications apparatus and computer (-7.3%), furniture and household equipment (-4.2%) and petrol service stations (-1.4) declined in 2013.

 

 

OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH

 

CREDIT RISK EVALUATION & RECOMMENDATION

 

 

Incorporated in 1975, the Subject is a Private Limited company, focusing on trading of metal, chemical, automotive parts. The Subject has been in business for over two decades. It has built up a strong clientele base and satisfactory reputation will enable the Subject to further enhance its business in the near term.  The Subject is expected to enjoy a stable market shares. A paid up capital of SGD 2,000,000 allows the Subject to expand its business more comfortably. With a strong backing from its holding company, the Subject enjoys timely financial assistance should the needs arise.

Over the years, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. The Subject is a fairly large and rapidly growing company with over 190 staff in its operations The Subject has a good  management capability. Its capable management team has enabled the Subject to keep its business on going. Hence, the future prospect of the Subject is bright.

Financially, the Subject registered a higher turnover compared to previous year. However, its profits showed a reverse trend. The lower profit achieved was a result of higher operating cost and increased competition. Return on shareholders' funds of the Subject was at a favourable range which indicated that the management was efficient in utilising its funds to generate income. The Subject is in good liquidity position with its current liabilities well covered by it current assets. Hence, it has sufficient working capital to meet its short term financial obligations. Being a lowly geared company, the Subject is exposed to low financial risk as it is mainly dependent on its internal funds to finance its business needs. Given a positive net worth standing at USD 116,851,000, the Subject should be able to maintain its business in the near terms.

Having a strong assets backing, the Subject possesses latent assets as collateral for further financial extension. Hence, it has good chance of getting loans if the needs arises. The Subject's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials. Overall the Subject has a good control over its resources.

The Subject's payment habit is average. With its adequate working capital, the Subject should be able to pay its short term debts.

The industry shows an upward trend and this trend is very likely to sustain in the near terms. Hence, the Subject is expected to benefit from the favourable outlook of the industry.

Based on the above condition, we recommend credit be granted to the Subject promptly.

 

 

PROFIT AND LOSS ACCOUNT

 

 

THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS.

TOYOTA TSUSHO ASIA PACIFIC PTE. LTD.

 

Financial Year End

2014-03-31

2013-03-31

2012-03-31

2011-03-31

2010-03-31

Months

12

12

12

12

12

Consolidated Account

GROUP

GROUP

GROUP

Company

Company

Audited Account

YES

YES

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

YES

YES

Financial Type

FULL

FULL

FULL

FULL

FULL

Currency

USD

USD

USD

USD

USD

 

 

 

 

 

 

TURNOVER

2,594,015,000

2,534,255,000

2,250,215,000

2,172,619,780

1,561,995,828

Other Income

11,743,000

11,358,000

10,451,000

4,516,644

-

 

----------------

----------------

----------------

----------------

----------------

Total Turnover

2,605,758,000

2,545,613,000

2,260,666,000

2,177,136,424

1,561,995,828

Costs of Goods Sold

(2,524,668,000)

(2,465,835,000)

(2,187,236,000)

(2,118,029,020)

(1,518,439,467)

 

----------------

----------------

----------------

----------------

----------------

Gross Profit

81,090,000

79,778,000

73,430,000

59,107,404

43,556,361

 

----------------

----------------

----------------

----------------

----------------

 

 

 

 

 

 

PROFIT/(LOSS) FROM OPERATIONS

28,572,000

31,490,000

27,203,000

27,549,830

25,754,666

SHARE OF PROFITS/(LOSSES) OF ASSOCIATED COMPANIES

478,000

71,000

(257,000)

144,106

-

 

----------------

----------------

----------------

----------------

----------------

PROFIT/(LOSS) BEFORE TAXATION

29,050,000

31,561,000

26,946,000

27,693,936

25,754,666

Taxation

(3,240,000)

(3,739,000)

(3,475,000)

(4,021,025)

(2,753,000)

 

----------------

----------------

----------------

----------------

----------------

PROFIT/(LOSS) AFTER TAXATION

25,810,000

27,822,000

23,471,000

23,672,911

23,001,666

 

----------------

----------------

----------------

----------------

----------------

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

 

 

 

 

 

As previously reported

101,817,000

85,731,000

74,024,000

71,851,115

48,849,449

 

----------------

----------------

----------------

----------------

----------------

As restated

101,817,000

85,731,000

74,024,000

71,851,115

48,849,449

 

----------------

----------------

----------------

----------------

----------------

PROFIT AVAILABLE FOR APPROPRIATIONS

127,627,000

113,553,000

97,495,000

95,524,026

71,851,115

DIVIDENDS - Ordinary (paid & proposed)

(13,069,000)

(11,736,000)

(11,764,000)

(21,500,000)

-

 

----------------

----------------

----------------

----------------

----------------

RETAINED PROFIT/(LOSS) CARRIED FORWARD

114,558,000

101,817,000

85,731,000

74,024,026

71,851,115

 

=============

=============

=============

=============

=============

 

 

 

 

 

 

INTEREST EXPENSE (as per notes to P&L)

 

 

 

 

 

Bank overdraft

-

-

-

914

-

Term loan / Borrowing

1,178,000

723,000

678,000

308,791

-

Others

12,000

671,000

(482,000)

44,924

842,993

 

----------------

----------------

----------------

----------------

----------------

 

1,190,000

1,394,000

196,000

354,629

842,993

 

=============

=============

=============

=============

=============

 

 

 

BALANCE SHEET

 

 

TOYOTA TSUSHO ASIA PACIFIC PTE. LTD.

 

ASSETS EMPLOYED:

 

 

 

 

 

FIXED ASSETS

1,480,000

1,934,000

1,862,000

1,544,276

1,145,176

 

 

 

 

 

 

Associated companies

1,911,000

1,525,000

1,495,000

1,706,306

1,483,785

Others

3,280,000

2,444,000

1,933,000

1,908,197

2,134,098

 

----------------

----------------

----------------

----------------

----------------

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

5,191,000

3,969,000

3,428,000

3,614,503

3,617,883

 

 

 

 

 

 

Computer software

6,452,000

9,154,000

11,987,000

-

-

Others

243,000

240,000

-

-

-

 

----------------

----------------

----------------

----------------

----------------

TOTAL INTANGIBLE ASSETS

6,695,000

9,394,000

11,987,000

-

-

 

----------------

----------------

----------------

----------------

----------------

TOTAL LONG TERM ASSETS

13,366,000

15,297,000

17,277,000

5,158,779

4,763,059

 

 

 

 

 

 

Stocks

22,307,000

15,407,000

20,026,000

16,605,216

12,815,114

Trade debtors

417,693,000

396,772,000

153,785,000

289,553,688

271,248,251

Other debtors, deposits & prepayments

9,190,000

7,838,000

2,019,000

532,278

15,670,168

Short term deposits

-

-

-

-

4,170,103

Short term loans & advances

5,000,000

5,000,000

-

-

-

Loans & advances - current portion

9,443,000

15,903,000

14,498,000

16,983,917

-

Deposits with financial institutions

-

-

-

3,535,941

-

Amount due from holding company

7,992,000

19,475,000

11,155,000

-

-

Amount due from related companies

11,341,000

7,758,000

190,143,000

22,339,705

-

Cash & bank balances

5,659,000

48,889,000

11,972,000

11,750,397

7,748,821

Others

357,000

3,608,000

1,027,000

1,363,087

2,826,538

 

----------------

----------------

----------------

----------------

----------------

TOTAL CURRENT ASSETS

488,982,000

520,650,000

404,625,000

362,664,229

314,478,995

 

----------------

----------------

----------------

----------------

----------------

TOTAL ASSET

502,348,000

535,947,000

421,902,000

367,823,008

319,242,054

 

=============

=============

=============

=============

=============

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

Trade creditors

291,313,000

250,456,000

124,921,000

170,682,511

164,959,218

Other creditors & accruals

9,278,000

8,830,000

9,332,000

7,643,428

7,452,512

Short term borrowings/Term loans

64,667,000

142,833,000

119,294,000

98,347,936

63,222,172

Amounts owing to holding company

-

-

10,102,000

-

-

Amounts owing to related companies

15,419,000

21,346,000

66,316,000

-

-

Provision for taxation

3,431,000

3,791,000

1,556,000

3,198,911

2,741,470

Other liabilities

703,000

1,228,000

765,000

11,570,718

6,773,268

 

----------------

----------------

----------------

----------------

----------------

TOTAL CURRENT LIABILITIES

384,811,000

428,484,000

332,286,000

291,443,504

245,148,640

 

----------------

----------------

----------------

----------------

----------------

NET CURRENT ASSETS/(LIABILITIES)

104,171,000

92,166,000

72,339,000

71,220,725

69,330,355

 

----------------

----------------

----------------

----------------

----------------

TOTAL NET ASSETS

117,537,000

107,463,000

89,616,000

76,379,504

74,093,414

 

=============

=============

=============

=============

=============

 

 

 

 

 

 

SHARE CAPITAL

 

 

 

 

 

Ordinary share capital

1,211,000

1,211,000

1,211,000

1,210,977

1,210,977

 

----------------

----------------

----------------

----------------

----------------

TOTAL SHARE CAPITAL

1,211,000

1,211,000

1,211,000

1,210,977

1,210,977

 

 

 

 

 

 

Exchange equalisation/fluctuation reserve

(130,000)

139,000

124,000

78,415

-

General reserve

294,000

294,000

294,000

293,871

-

Retained profit/(loss) carried forward

114,558,000

101,817,000

85,731,000

74,024,026

71,851,115

Others

918,000

2,351,000

544,000

646,799

993,961

 

----------------

----------------

----------------

----------------

----------------

TOTAL RESERVES

115,640,000

104,601,000

86,693,000

75,043,111

72,845,076

 

 

 

 

 

 

 

----------------

----------------

----------------

----------------

----------------

SHAREHOLDERS' FUNDS/EQUITY

116,851,000

105,812,000

87,904,000

76,254,088

74,056,053

 

 

 

 

 

 

Deferred taxation

686,000

1,651,000

1,712,000

125,416

37,361

 

----------------

----------------

----------------

----------------

----------------

TOTAL LONG TERM LIABILITIES

686,000

1,651,000

1,712,000

125,416

37,361

 

----------------

----------------

----------------

----------------

----------------

 

117,537,000

107,463,000

89,616,000

76,379,504

74,093,414

 

=============

=============

=============

=============

=============

 

 

 

 

 

 

 

FINANCIAL RATIO

 

 

TOYOTA TSUSHO ASIA PACIFIC PTE. LTD.

 

TYPES OF FUNDS

 

 

 

 

 

Cash

5,659,000

48,889,000

11,972,000

11,750,397

11,918,924

Net Liquid Funds

5,659,000

48,889,000

11,972,000

11,750,397

11,918,924

Net Liquid Assets

81,864,000

76,759,000

52,313,000

54,615,509

56,515,241

Net Current Assets/(Liabilities)

104,171,000

92,166,000

72,339,000

71,220,725

69,330,355

Net Tangible Assets

110,842,000

98,069,000

77,629,000

76,379,504

74,093,414

Net Monetary Assets

81,178,000

75,108,000

50,601,000

54,490,093

56,477,880

BALANCE SHEET ITEMS

 

 

 

 

 

Total Borrowings

64,667,000

142,833,000

119,294,000

98,347,936

63,222,172

Total Liabilities

385,497,000

430,135,000

333,998,000

291,568,920

245,186,001

Total Assets

502,348,000

535,947,000

421,902,000

367,823,008

319,242,054

Net Assets

117,537,000

107,463,000

89,616,000

76,379,504

74,093,414

Net Assets Backing

116,851,000

105,812,000

87,904,000

76,254,088

74,056,053

Shareholders' Funds

116,851,000

105,812,000

87,904,000

76,254,088

74,056,053

Total Share Capital

1,211,000

1,211,000

1,211,000

1,210,977

1,210,977

Total Reserves

115,640,000

104,601,000

86,693,000

75,043,111

72,845,076

LIQUIDITY (Times)

 

 

 

 

 

Cash Ratio

0.01

0.11

0.04

0.04

0.05

Liquid Ratio

1.21

1.18

1.16

1.19

1.23

Current Ratio

1.27

1.22

1.22

1.24

1.28

WORKING CAPITAL CONTROL (Days)

 

 

 

 

 

Stock Ratio

3

2

3

3

3

Debtors Ratio

59

57

25

49

63

Creditors Ratio

42

37

21

29

40

SOLVENCY RATIOS (Times)

 

 

 

 

 

Gearing Ratio

0.55

1.35

1.36

1.29

0.85

Liabilities Ratio

3.30

4.07

3.80

3.82

3.31

Times Interest Earned Ratio

25.41

23.64

138.48

79.09

31.55

Assets Backing Ratio

91.53

80.98

64.10

63.07

61.18

PERFORMANCE RATIO (%)

 

 

 

 

 

Operating Profit Margin

1.12

1.25

1.20

1.27

1.65

Net Profit Margin

0.99

1.10

1.04

1.09

1.47

Return On Net Assets

25.73

30.67

30.29

36.72

35.90

Return On Capital Employed

24.34

28.20

26.71

36.72

35.90

Return On Shareholders' Funds/Equity

22.09

26.29

26.70

31.04

31.06

Dividend Pay Out Ratio (Times)

0.51

0.42

0.50

0.91

0.00

NOTES TO ACCOUNTS

 

 

 

 

 

Contingent Liabilities

0

0

0

0

0

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.88

UK Pound

1

Rs.96.90

Euro

1

Rs.76.29

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

NIT

 

               

RATING EXPLANATIONS

 

RATING

STATUS

PROPOSED CREDIT LINE

 

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

 

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

 

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

 

41-55

Ba

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

 

Satisfactory

 

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

 

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

 

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

Credit not recommended

 

--

NB

New Business

 

--

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                  Payment record (10%)

Credit history (10%)                   Market trend (10%)                                Operational size (10%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.