MIRA INFORM REPORT

 

 

Report Date :

02.05.2014

 

IDENTIFICATION DETAILS

 

Name :

TOYOTA TSUSHO ASIA PACIFIC PTE. LTD.

 

 

Formerly Known As :

TOYOTA TSUSHO (SINGAPORE) PTE LTD

 

 

Registered Office :

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

 

 

Country :

Singapore 

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

03.07.1975

 

 

Com. Reg. No.:

197501152-G

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

trader of metal, chemicals, plastic, automotive parts and others.

 

 

No. of Employees :

190 [2013]

 

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 :

Regular

 

 

Litigation :

Exists

 

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – March 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Singapore 

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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.

:

197501152-G

COMPANY NAME

:

TOYOTA TSUSHO ASIA PACIFIC PTE. LTD.

FORMER NAME

:

TOYOTA TSUSHO (SINGAPORE) PTE LTD (01/07/2012)
TOYODA (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 2,534,255,000 [2013]

NET WORTH

:

USD 105,812,000 [2013]

STAFF STRENGTH

:

190 [2013]

LITIGATION

:

TRACED

FINANCIAL CONDITION

:

STABLE

PAYMENT

:

GOOD

MANAGEMENT CAPABILITY

:

GOOD

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

GOOD

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

 

HISTORY / BACKGROUND

 

The SC 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 SC must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the SC 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 SC is insolvent. The SC 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 SC is principally engaged in the (as a / as an) trading of metal, chemical, automotive parts.

 

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

 

The major shareholder(s) of the SC 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 SC interest in other companies (Subsidiaries/Associates) are shown as follow :

Local No

Country

Company

(%)

As At

011070

THAILAND

TOYOTA TSUSHO ASIA PACIFIC (THAILAND) CO., LTD

100.00

31/03/2013

 

 

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

YASUHIRO KAKIHARA

Address

:

8, ALEXANDRA VIEW, 44-06, METROPOLITAN CONDOMINIUM, 158747, 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, TOKYO 206-0013, 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, ANCHORAGE CONDOMINIUM, THE, 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, BOULEVARD RESIDENCE, THE, 249691, SINGAPORE.

IC / PP No

:

G5299804U

Nationality

:

JAPANESE

Date of Appointment

:

02/07/2012

 

DIRECTOR 5

 

Name Of Subject

:

TETSUYA KANESAKI

Address

:

42 KIM YAM ROAD, 22-03, OLEANAS RESIDENCE, 239347, SINGAPORE.

IC / PP No

:

F5509728M

Nationality

:

JAPANESE

Date of Appointment

:

02/07/2012

 

DIRECTOR 6

 

Name Of Subject

:

SHIGEMASA MIKI

Address

:

18 KEPPEL BAY DRIVE, 04-23, CARIBBEAN AT KEPPEL BAY, 098644, SINGAPORE.

IC / PP No

:

G6393287L

Nationality

:

JAPANESE

Date of Appointment

:

02/07/2012

Remark

:

ALTERNATE DIRECTOR TO YASUHIKO YOKOI

 

DIRECTOR 7

 

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 8

 

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 9

 

Name Of Subject

:

SATOSHI WADA

Address

:

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

IC / PP No

:

F5581063W

Nationality

:

JAPANESE

Date of Appointment

:

10/07/2013

Remark

:

ALTERNATE DIRECTOR TO YOSHIO SHIRAI



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. 

LEGAL CHECK AGAINST SC


* A check has been conducted in our databank against the SC 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 (MOTOR ACCIDENTS W/O DEATH/INJURY)

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 (MOTOR ACCIDENTS W/O DEATH/INJURY)

 

NOTE:

Please check with creditors for confirmation as alleged debts may have been paid since recorded or are being disputed. The person who has been sued has the same name as the subject. However, we are unable to determine whether the person sued is the one and the same person.

 

No winding up petition was found in our databank

 

 

 

PAYMENT RECORD

 

 

SOURCES OF RAW MATERIALS:

Local

:

YES

Overseas

:

YES



The SC 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

[

X

]

Average 61-90 Days

[

]

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

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

OPERATIONS

 

Goods Traded

:

METAL, CHEMICAL, AUTOMOTIVE PARTS

 

Total Number of Employees:

YEAR

2013

2012

GROUP

N/A

N/A

COMPANY

190

150

 

Branch

:

NO

 

Other Information:

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

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

The SC keeps stock of the products. 

CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-62223711/65180727

Match

:

N/A

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

:

NO

 

Other Investigations


we contacted one of the staff from the SC and she provided some information on the SC.

The address provided is incomplete.

FINANCIAL ANALYSIS

 

 

Profitability

Turnover

:

Increased

[

12.62%

]

Profit/(Loss) Before Tax

:

Increased

[

17.13%

]

Return on Shareholder Funds

:

Acceptable

[

26.29%

]

Return on Net Assets

:

Favourable

[

30.08%

]

The higher turnover could be attributed to the favourable market condition and the SC could be gaining the market share progressively.The SC's management have been efficient in controlling its operating costs. The SC's management had generated acceptable return for its shareholders using its assets.

Working Capital Control

Stock Ratio

:

Favourable

[

2 Days

]

Debtor Ratio

:

Acceptable

[

57 Days

]

Creditors Ratio

:

Favourable

[

37 Days

]

The SC's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The SC's management was quite efficient in handling its debtors. The SC's debtors days were at an acceptable range, thus the risk of its debts turning bad was minimised. The SC had a favourable creditors' ratio where the SC could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.

Liquidity

Liquid Ratio

:

Favourable

[

1.18 Times

]

Current Ratio

:

Unfavourable

[

1.22 Times

]

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

Solvency

Interest Cover

:

Favourable

[

42.58 Times

]

Gearing Ratio

:

Unfavourable

[

1.55 Times

]

The interest cover showed that the SC was able to service the interest. The favourable interest cover could indicate that the SC was making enough profit to pay for the interest accrued. The SC was highly geared, thus it had a high financial risk. The SC was dependent on loans to finance its business needs. In times of economic downturn and / or high interest rate, the SC will become less profitable and competitive than other firms in the same industry, which are lowly geared. This is because the SC has to service the interest and to repay the loan, which will erode part of its profits. The profits will fluctuate depending on the SC's turnover and the interest it needs to pay.

Overall Assessment :

Generally, the SC's performance has improved with higher turnover and profit. The SC was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the SC should be able to repay its short term obligations. With the favourable interest cover, the SC could be able to service all the accrued interest without facing any difficulties. The SC'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 SC : STABLE

 

 

 

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 1975, the SC is a Private Limited company, focusing on trading of metal, chemical, automotive parts. With its long presence in the industry coupled with its vast experiences in the business, the SC should have built up certain goodwill with its clients over times. Having strong support from its holding company has enabled the SC to remain competitive despite the challenging business environment. The capital standing of the SC is fair. With an adequate share capital, the SC has the potential of expanding its business in future. 

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

We noted that both the turnover and profits have increased compared to the previous year. The higher profit could be due to increase in turnover and better control over its operating costs. Return on shareholders' funds of the SC was at an acceptable range which indicated that the management was efficient in utilising its funds to generate income. The SC 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. The high gearing ratio clearly implied that the SC was supported by more debt than equity. Thus, the SC is exposed to high financial risk. Given a positive net worth standing at USD 105,812,000, the SC should be able to maintain its business in the near terms. 

Having a strong assets backing, the SC possesses latent assets as collateral for further financial extension. Hence, it has good chance of getting loans if the needs arises. The SC'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 SC has a good control over its resources. 

Overall, the SC's payment habit is good as the SC has a good credit control and it could be taking advantage of the cash discounts while maintaining a good reputation with its creditors. 

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

Based on the above condition, we recommend credit be granted to the SC 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

2013-03-31

2012-03-31

2011-03-31

2010-03-31

2009-03-31

Months

12

12

12

12

12

Consolidated Account

GROUP

GROUP

Company

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

2,534,255,000

2,250,214,821

2,172,619,780

1,561,995,828

1,572,900,216

Other Income

11,358,000

10,451,525

4,516,644

-

-

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

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

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

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

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

Total Turnover

2,545,613,000

2,260,666,346

2,177,136,424

1,561,995,828

1,572,900,216

Costs of Goods Sold

<2,465,835,000>

<2,187,236,378>

<2,118,029,020>

<1,518,439,467>

<1,524,250,047>

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

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

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

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

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

Gross Profit

79,778,000

73,429,968

59,107,404

43,556,361

48,650,169

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

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

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

31,490,000

27,202,484

27,549,830

25,754,666

22,256,515

SHARE OF PROFITS/(LOSSES) OF ASSOCIATED COMPANIES

71,000

<256,435>

144,106

-

-

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

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

31,561,000

26,946,049

27,693,936

25,754,666

22,256,515

Taxation

<3,739,000>

<3,474,926>

<4,021,025>

<2,753,000>

<2,346,377>

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

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

27,822,000

23,471,123

23,672,911

23,001,666

19,910,138

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

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

85,731,149

74,024,026

71,851,115

48,849,449

36,532,311

Prior year adjustment

<149>

-

-

-

-

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

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

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

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

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

As restated

85,731,000

74,024,026

71,851,115

48,849,449

36,532,311

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

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

113,553,000

97,495,149

95,524,026

71,851,115

56,442,449

DIVIDENDS - Ordinary (paid & proposed)

<11,736,000>

<11,764,000>

<21,500,000>

-

<7,593,000>

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

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

101,817,000

85,731,149

74,024,026

71,851,115

48,849,449

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

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

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

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

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

INTEREST EXPENSE (as per notes to P&L)

Bank overdraft

-

-

914

-

-

Term loan / Borrowing

723,000

677,640

308,791

-

-

Others

36,000

65,604

44,924

842,993

785,330

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

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

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

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

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

759,000

743,244

354,629

842,993

785,330

 

 

 

BALANCE SHEET

 

 

TOYOTA TSUSHO ASIA PACIFIC PTE. LTD.

 

ASSETS EMPLOYED:

FIXED ASSETS

1,934,000

1,861,433

1,544,276

1,145,176

518,313

LONG TERM INVESTMENTS/OTHER ASSETS

Associated companies

1,525,000

1,495,175

1,706,306

1,483,785

-

Others

2,684,000

1,933,627

1,908,197

2,134,098

1,824,774

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

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

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

4,209,000

3,428,802

3,614,503

3,617,883

1,824,774

INTANGIBLE ASSETS

Computer software

9,154,000

11,986,704

-

-

-

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

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

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

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

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

TOTAL INTANGIBLE ASSETS

9,154,000

11,986,704

-

-

-

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

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

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

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

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

TOTAL LONG TERM ASSETS

15,297,000

17,276,939

5,158,779

4,763,059

2,343,087

CURRENT ASSETS

Stocks

15,407,000

20,025,920

16,605,216

12,815,114

13,539,514

Trade debtors

396,772,000

327,162,119

289,553,688

271,248,251

162,918,107

Other debtors, deposits & prepayments

7,838,000

1,032,055

532,278

15,670,168

9,543,928

Short term deposits

-

-

-

4,170,103

16,758,602

Short term loans & advances

5,000,000

-

-

-

-

Loans & advances - current portion

15,903,000

14,430,830

16,983,917

-

-

Deposits with financial institutions

-

-

3,535,941

-

-

Amount due from holding company

19,475,000

-

-

-

-

Amount due from related companies

7,758,000

27,921,184

22,339,705

-

-

Cash & bank balances

48,889,000

11,972,476

11,750,397

7,748,821

16,910,561

Others

3,608,000

2,080,643

1,363,087

2,826,538

3,866

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

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

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

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

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

TOTAL CURRENT ASSETS

520,650,000

404,625,227

362,664,229

314,478,995

219,674,578

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

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

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

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

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

TOTAL ASSET

535,947,000

421,902,166

367,823,008

319,242,054

222,017,665

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

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

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

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

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

CURRENT LIABILITIES

Trade creditors

250,456,000

201,339,559

170,682,511

164,959,218

92,307,882

Other creditors & accruals

8,830,000

9,332,614

7,643,428

7,452,512

16,274,263

Short term borrowings/Term loans

137,833,000

89,310,104

98,347,936

63,222,172

58,629,160

Other borrowings

26,346,000

-

-

-

-

Provision for taxation

3,791,000

1,555,677

3,198,911

2,741,470

2,241,888

Other liabilities

1,228,000

30,748,650

11,570,718

6,773,268

1,154,736

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

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

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

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

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

TOTAL CURRENT LIABILITIES

428,484,000

332,286,604

291,443,504

245,148,640

170,607,929

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

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

92,166,000

72,338,623

71,220,725

69,330,355

49,066,649

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

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

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

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

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

TOTAL NET ASSETS

107,463,000

89,615,562

76,379,504

74,093,414

51,409,736

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

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

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

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

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

SHARE CAPITAL

Ordinary share capital

1,211,000

1,210,977

1,210,977

1,210,977

1,210,977

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

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

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

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

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

TOTAL SHARE CAPITAL

1,211,000

1,210,977

1,210,977

1,210,977

1,210,977

RESERVES

Exchange equalisation/fluctuation reserve

139,000

123,719

78,415

-

-

General reserve

294,000

293,871

293,871

-

-

Retained profit/(loss) carried forward

101,817,000

85,731,149

74,024,026

71,851,115

48,849,449

Others

2,351,000

544,157

646,799

993,961

1,343,655

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

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

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

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

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

TOTAL RESERVES

104,601,000

86,692,896

75,043,111

72,845,076

50,193,104

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

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

105,812,000

87,903,873

76,254,088

74,056,053

51,404,081

LONG TERM LIABILITIES

Deferred taxation

1,651,000

1,711,689

125,416

37,361

5,655

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

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

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

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

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

TOTAL LONG TERM LIABILITIES

1,651,000

1,711,689

125,416

37,361

5,655

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

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

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

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

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

107,463,000

89,615,562

76,379,504

74,093,414

51,409,736

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

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

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

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

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

 

 

 

FINANCIAL RATIO

 

 

TOYOTA TSUSHO ASIA PACIFIC PTE. LTD.

 

TYPES OF FUNDS

Cash

48,889,000

11,972,476

11,750,397

11,918,924

33,669,163

Net Liquid Funds

48,889,000

11,972,476

11,750,397

11,918,924

33,669,163

Net Liquid Assets

76,759,000

52,312,703

54,615,509

56,515,241

35,527,135

Net Current Assets/(Liabilities)

92,166,000

72,338,623

71,220,725

69,330,355

49,066,649

Net Tangible Assets

98,309,000

77,628,858

76,379,504

74,093,414

51,409,736

Net Monetary Assets

75,108,000

50,601,014

54,490,093

56,477,880

35,521,480

BALANCE SHEET ITEMS

Total Borrowings

164,179,000

89,310,104

98,347,936

63,222,172

58,629,160

Total Liabilities

430,135,000

333,998,293

291,568,920

245,186,001

170,613,584

Total Assets

535,947,000

421,902,166

367,823,008

319,242,054

222,017,665

Net Assets

107,463,000

89,615,562

76,379,504

74,093,414

51,409,736

Net Assets Backing

105,812,000

87,903,873

76,254,088

74,056,053

51,404,081

Shareholders' Funds

105,812,000

87,903,873

76,254,088

74,056,053

51,404,081

Total Share Capital

1,211,000

1,210,977

1,210,977

1,210,977

1,210,977

Total Reserves

104,601,000

86,692,896

75,043,111

72,845,076

50,193,104

LIQUIDITY (Times)

Cash Ratio

0.11

0.04

0.04

0.05

0.20

Liquid Ratio

1.18

1.16

1.19

1.23

1.21

Current Ratio

1.22

1.22

1.24

1.28

1.29

WORKING CAPITAL CONTROL (Days)

Stock Ratio

2

3

3

3

3

Debtors Ratio

57

53

49

63

38

Creditors Ratio

37

34

29

40

22

SOLVENCY RATIOS (Times)

Gearing Ratio

1.55

1.02

1.29

0.85

1.14

Liabilities Ratio

4.07

3.80

3.82

3.31

3.32

Times Interest Earned Ratio

42.58

37.25

79.09

31.55

29.34

Assets Backing Ratio

81.18

64.10

63.07

61.18

42.45

PERFORMANCE RATIO (%)

Operating Profit Margin

1.25

1.20

1.27

1.65

1.41

Net Profit Margin

1.10

1.04

1.09

1.47

1.27

Return On Net Assets

30.08

30.90

36.72

35.90

44.82

Return On Capital Employed

27.71

27.25

36.72

35.90

44.82

Return On Shareholders' Funds/Equity

26.29

26.70

31.04

31.06

38.73

Dividend Pay Out Ratio (Times)

0.42

0.50

0.91

0.00

0.38

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

0

0

0

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.34

UK Pound

1

Rs.101.45

Euro

1

Rs.83.31

 

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%)

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.