|
Report Date : |
12.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
SOJITZ ASIA PTE. LTD. |
|
|
|
|
Formerly Known As : |
NICHIMEN ASIA OCEANIA PTE LTD |
|
|
|
|
Registered Office : |
77, Robinson Road, 32-00, Robinson 77, 068896 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
15.08.1998 |
|
|
|
|
Com. Reg. No.: |
199803975-R |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Engaged in building construction service and also engaged in trading of agriculture product, chemical and plastic product, textile |
|
|
|
|
No of Employees : |
70 |
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 But Correct |
|
|
|
|
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 – 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 |
|
REGISTRATION NO. |
: |
199803975-R |
|
COMPANY NAME |
: |
SOJITZ ASIA PTE.
LTD. |
|
FORMER NAME |
: |
NICHIMEN ASIA OCEANIA PTE LTD (01/04/2004) |
|
INCORPORATION DATE |
: |
15/08/1998 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
77, ROBINSON ROAD, 32-00, ROBINSON 77, 068896,
SINGAPORE. |
|
BUSINESS ADDRESS |
: |
77, ROBINSON ROAD, 32-00, ROBINSON 77,
068896, SINGAPORE. |
|
TEL.NO. |
: |
65-64382566/64289165 |
|
FAX.NO. |
: |
65-64382766 |
|
CONTACT PERSON |
: |
TOSHIHARU YOSHIMURA ( MANAGING DIRECTOR ) |
|
PRINCIPAL ACTIVITY |
: |
BUILDING CONSTRUCTION & TRADING
RELATED PRODUCTS |
|
ISSUED AND PAID UP CAPITAL |
: |
134,956,632.00 ORDINARY SHARE, OF A VALUE
OF USD 136,507,473.60 |
|
SALES |
: |
USD 694,310,000 [2013] |
|
NET WORTH |
: |
USD 170,471,000 [2013] |
|
STAFF STRENGTH |
: |
N/A |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
FAIR |
|
PAYMENT |
: |
POOR |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL RISK |
: |
LOW |
|
CURRENCY EXPOSURE |
: |
MODERATE |
|
GENERAL REPUTATION |
: |
SATISFACTORY |
|
INDUSTRY OUTLOOK |
: |
MARGINAL GROWTH |
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) building
construction & trading related products.
The immediate holding company of the Subject is SOJITZ CORPORATION, a
company incorporated in JAPAN.
Share Capital
History
|
Date |
Authorised
Shared Capital |
Issue & Paid
Up Capital |
|
31/07/2013 |
USD 136,507,473.60 |
USD 136,507,473.60 |
The major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
SOJITZ CORPORATION |
1-1, UCHISAIWAICHO 2-CHOME, CHIYODA-KU,
TOKYO 100-8691, JAPAN. |
JPT04UF1077 |
134,956,632.00 |
100.00 |
|
--------------- |
------ |
|||
|
134,956,632.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject interest in other companies (Subsidiaries/Associates) are
shown as follow :
|
Local
No |
Country |
Company |
(%) |
As
At |
|
INDONESIA |
P.T. SOJITZ INDONESIA |
100.00 |
31/03/2013 |
|
|
INDIA |
SOJITZ INDIA PTE LTD |
100.00 |
31/03/2013 |
|
|
VIETNAM |
SOJITZ VIETNAM CO. LTD |
100.00 |
31/03/2013 |
|
|
THAILAND |
SOJITZ (THAILAND) CO. LTD |
100.00 |
31/03/2013 |
|
|
PHILIPPINES |
SOJITZ PHILIPPINES CORPORATION |
60.00 |
31/03/2013 |
DIRECTOR 1
|
Name Of Subject |
: |
FUMIHIKO USHIJIMA |
|
Address |
: |
8, SCOTTS ROAD, 10-07, SCOTTS SQUARE,
228238, SINGAPORE. |
|
IC / PP No |
: |
G5068603K |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
01/12/2010 |
DIRECTOR 2
|
Name Of Subject |
: |
TAKASHI SATO |
|
Address |
: |
1, RODYK STREET, 08-11, WATERMARK
ROBERTSON QUAY, 238212, SINGAPORE. |
|
IC / PP No |
: |
G5140884K |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
01/06/2011 |
DIRECTOR 3
|
Name Of Subject |
: |
MR. TOSHIHARU YOSHIMURA |
|
Address |
: |
6C, ORANGE GROVE ROAD, 13-02, ORION,
258333, SINGAPORE. |
|
IC / PP No |
: |
G5412824Q |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
01/04/2013 |
|
1) |
Name of Subject |
: |
TOSHIHARU YOSHIMURA |
|
Position |
: |
MANAGING DIRECTOR |
|
Auditor |
: |
KPMG LLP |
|
Auditor' Address |
: |
N/A |
|
1) |
Company Secretary |
: |
CHAN CHOW PHENG |
|
IC / PP No |
: |
S1298885J |
|
|
Address |
: |
59, TELOK BLANGAH HEIGHTS, 04-11, 100059,
SINGAPORE. |
|
|
2) |
Company Secretary |
: |
CHANG SOW KUEN |
|
IC / PP No |
: |
S1365694J |
|
|
Address |
: |
130, GEYLANG EAST AVENUE 1, 02 - 299,
380130, SINGAPORE. |
No Banker found in our databank.
No encumbrance was found in our databank at the time of investigation.
* 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.
|
SOURCES OF RAW MATERIALS: |
|
||||
|
Local |
: |
YES |
Percentage |
: |
40% |
|
Overseas |
: |
YES |
Percentage |
: |
60% |
The Subject refused to provide any name of trade/service supplier and we are
unable to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL PAYMENT HABIT |
||||||||||||||
|
Prompt 0-30 Days |
[ |
] |
Good 31-60 Days |
[ |
] |
Average 61-90 Days |
[ |
] |
||||||
|
Fair 91-120 Days |
[ |
] |
Poor >120 Days |
[ |
X |
] |
||||||||
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
ASIA |
|||
|
Credit Term |
: |
14-30 DAYS,AS AGREED |
|||
|
Payment Mode |
: |
CHEQUES |
|||
|
Services |
: |
BUILDING CONSTRUCTION |
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2013 |
2012 |
2011 |
2010 |
|||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
|||||
|
COMPANY |
70 |
80 |
75 |
70 |
|||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) building construction
& trading related products.
The Subject engaged in building construction service.
The Subject also engaged in trading of agriculture product, chemical and
plastic product, textile etc.
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-64382566/64289165 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
7 ROBINSON ROAD, NO 32-00, ROBINSON 77
SINGAPORE 068896 |
|
Current Address |
: |
77, ROBINSON ROAD, 32-00, ROBINSON 77,
068896, SINGAPORE. |
|
Match |
: |
YES |
Other Investigations
We contacted one of the staff from the Subject and she provided some
information.
The Subject refused to disclose its number of employees.
|
Profitability |
||||||
|
Turnover |
: |
Decreased |
[ |
13.37% |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
4.19% |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
6.60% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
10.25% |
] |
|
|
The lower turnover could be due to the intense market competition. The
Subject's management have been efficient in controlling its operating costs.
The unfavourable return on shareholders' funds could indicate that the
Subject was inefficient in utilising its assets to generate returns. |
||||||
|
Working Capital
Control |
||||||
|
Stock Ratio |
: |
Favourable |
[ |
22 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
178 Days |
] |
|
|
Creditors Ratio |
: |
Unfavourable |
[ |
154 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 debtors ratio
was high. The Subject should tighten its credit control and improve its
collection period. The unfavourable creditors' ratio could be due to the Subject
taking advantage of the credit granted by its suppliers. However this may
affect the goodwill between the Subject and its suppliers and the Subject may
inadvertently have to pay more for its future supplies. |
||||||
|
Liquidity |
||||||
|
Liquid Ratio |
: |
Favourable |
[ |
1.16 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.26 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 |
: |
Acceptable |
[ |
8.75 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.36 Times |
] |
|
|
The Subject's interest cover was slightly low. If there is no sharp
fall in its profit or sudden increase in the interest rates, we believe the
Subject is able to generate sufficient income to service its interest and
repay the loans. 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 : |
||||||
|
Due to the efficient control of its operating costs, the Subject was
able to remain profitable despite lower turnover achieved during the year.
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. The Subject had
an acceptable interest cover. If there is no sudden sharp increase in
interest rate or fall in the Subject's profit, we do believe the Subject is
able to generate sufficient cash flow to service its interest payment. 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 : FAIR |
||||||
|
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) |
|
INDUSTRY : |
ECONOMY |
|
According to Ministry of Trade and Industry (MTI), the Singapore
economy is expected to grow by 1.0 to 3.0% in 2013 as growth in the global
economy is likely to remain subdued despite macroeconomic conditions
stablising in recent months of 2013. |
|
|
However, the global economic outlook is still clouded with
uncertainties. Notably, concerns remain over the extent of the fiscal cutback
with the budget sequester in the US and potential flare up of the debt crisis
in the Eurozone. Should any of these risks materialise, Singapore's economic
growth could come in lower than expected. |
|
|
Although resilient domestic demand in emerging Asia will provide some
support to global demand, it will not fully mitigate the effects of an
economic slowdown in the advanced economies. Consequently, Singapore's
externally-oriented sectors such as electronics and wholesale trade will
continue to perform poorly, while the financial services sector will be
affected by heightened uncertainties in the external environment.
Nevertheless, there will be some modest support to growth from the biomedical
manufacturing cluster and tourism-related sectors. The former will likely see
increased production of active pharmaceutical ingredients and biologics while
the latter will benefit from rising visitor arrivals from the region. |
|
|
For the whole of 2012, Singapore's GDP growth slowed to 1.3%, from
5.2% in 2011, mainly due to weakness in the externally-oriented sectors.
Manufacturing sector growth slowed sharply from 7.8% in the year 2011 to
0.1%. The hudge decline was largely due to a rebound in the output of the
biomedical manufacturing and transport engineering clusters, which together
helped to mitigate part of the fall in output in the electronics cluster. By
contrast, the construction sector growth accelerated from 6.3% to 8.2% in
2012, due to the expansion in both public and private building activities. |
|
|
Growth in the services producing industries also moderated to 1.2% in
2012, compared to 4.6% in 2011. This was mainly due to the slowdown in
wholesale and retail trade, accommodation and food services as well as other
services industries. In particular, the wholesale and retail trade sector
contracted by 0.7%, compared to the 1.6% growth in year 2011. The
accommodation and food services as well as other services industries posted
lower gains of 2.8% and 0.1% respectively, compared to 8.2% and 6.3% in 2011.
|
|
|
For the whole of 2012, all sectors, except the wholesale and retail
trade, contributed to growth. Business services was the largest contributor
with 0.4 percentage-points, followed by construction with 0.3
percentage-points and transportation and storage at 0.2 percentage points.
Besides, growth in total demand moderated to 2.4%, compared to 4.2% in 2011.
Domestic demand was the key contributor to total demand growth, accounting
for 2.2 percentage-points, or over 90 per cent, of the increase. |
|
|
In 2012, total domestic demand rose by 9.7%, following the 6.5%
increase in 2011. The growth in total domestic demand was broad-based across
consumption, gross fixed capital formation (GFCF) and changes in inventories.
The total consumption expenditure in 2012 grew slightly by 0.9%, easing from
the 3.7% growth in 2011. Public consumption expenditure fell by 3.6%,
reversing the 0.5% growth in 2011. Private consumption expenditure registered
a 2.2% gain, moderating from the 4.6% increase in the preceding year. |
|
|
Overall, the Singapore economy is expected
to grow by 1.0 to 3.0% in 2013. |
|
|
OVERALL INDUSTRY
OUTLOOK : MARGINAL GROWTH |
|
Incorporated in 1998, the Subject is a Private Limited company, focusing
on building construction & trading related products. Having been in the
industry for over a decade, the Subject has achieved a certain market share and
has built up a satisfactory reputation in the market. It should have received
supports from its regular customers. Having strong support from its holding
company has enabled the Subject to remain competitive despite the challenging
business environment. The Subject has strong capital position.
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. Overall, we regard that the Subject's
management capability is average. This indicates that the Subject has greater
potential to improve its business performance and raising income for the
Subject.
Despite the lower turnover, the Subject's pre-tax profit have increased
compared to the previous year. The higher profit could be due to better control
of its operating costs and efficiency in utilising its resources. The Subject
has generated an unfavourable return on shareholders' funds indicating that the
management was inefficient in utilising its funds to generate return. 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
170,471,000, the Subject should be able to maintain its business in the near
terms.
Without a strong assets backing, the Subject may face difficulties in getting
loans for its future expansion and continued growth. 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 poor payment habit may affect the goodwill between the Subject and its
suppliers and the Subject may inadvertently have to pay more for its future
supplies.
The industry has reached its maturity stage and only enjoying a marginal
growth. The steady growth of the country's economy will further enhance the
industry activities. Thus, the Subject's future performance is very much depend
on its marketing strategies in order to retain its position in the market.
Based on the above condition, we recommend credit be granted to the Subject
normally.
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING
STANDARDS. |
|
SOJITZ ASIA PTE.
LTD. |
|
Financial Year End |
2013-03-31 |
2012-03-31 |
2010-12-31 |
2009-12-31 |
|
Months |
12 |
15 |
12 |
12 |
|
Consolidated Account |
GROUP |
GROUP |
GROUP |
GROUP |
|
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 |
694,310,000 |
801,442,000 |
1,532,470,000 |
1,345,555,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
694,310,000 |
801,442,000 |
1,532,470,000 |
1,345,555,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
15,492,000 |
14,869,000 |
13,665,000 |
5,154,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
15,492,000 |
14,869,000 |
13,665,000 |
5,154,000 |
|
Taxation |
(4,315,000) |
(2,849,000) |
(4,370,000) |
(6,641,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
11,177,000 |
12,020,000 |
9,295,000 |
(1,487,000) |
|
Minority interests |
66,000 |
(470,000) |
(680,000) |
(651,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS |
11,243,000 |
11,550,000 |
8,615,000 |
(2,138,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS |
11,243,000 |
11,550,000 |
8,615,000 |
(2,138,000) |
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
||||
|
As previously reported |
14,950,000 |
15,400,000 |
6,785,000 |
9,423,000 |
|
Prior year adjustment |
(8,000) |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
14,942,000 |
15,400,000 |
6,785,000 |
9,423,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
26,185,000 |
26,950,000 |
15,400,000 |
7,285,000 |
|
DIVIDENDS - Ordinary (paid & proposed) |
(6,000,000) |
(12,000,000) |
- |
(500,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
20,185,000 |
14,950,000 |
15,400,000 |
6,785,000 |
|
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE
(as per notes to P&L) |
||||
|
Loan from holding company |
2,000 |
4,000 |
- |
- |
|
Others |
1,997,000 |
3,083,000 |
2,571,000 |
3,901,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
1,999,000 |
3,087,000 |
2,571,000 |
3,901,000 |
|
|
============= |
============= |
============= |
============= |
|
SOJITZ ASIA PTE.
LTD. |
|
ASSETS EMPLOYED: |
||||
|
FIXED ASSETS |
2,991,000 |
2,725,000 |
2,812,000 |
2,757,000 |
|
LONG TERM
INVESTMENTS/OTHER ASSETS |
||||
|
Associated companies |
7,829,000 |
6,061,000 |
3,897,000 |
1,938,000 |
|
Investments |
14,276,000 |
13,332,000 |
6,119,000 |
5,628,000 |
|
Loans & advances - non-current |
31,750,000 |
17,500,000 |
- |
- |
|
Deferred assets |
1,804,000 |
2,303,000 |
1,505,000 |
1,456,000 |
|
Others |
758,000 |
714,000 |
308,000 |
13,389,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
56,417,000 |
39,910,000 |
11,829,000 |
22,411,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
59,408,000 |
42,635,000 |
14,641,000 |
25,168,000 |
|
CURRENT ASSETS |
||||
|
Short term quoted/unquoted investments |
- |
- |
245,000 |
- |
|
Stocks |
41,145,000 |
39,796,000 |
29,271,000 |
19,286,000 |
|
Trade debtors |
339,476,000 |
347,973,000 |
292,114,000 |
252,965,000 |
|
Other debtors, deposits & prepayments |
16,127,000 |
13,408,000 |
10,712,000 |
10,833,000 |
|
Short term deposits |
71,346,000 |
15,973,000 |
- |
- |
|
Amount due from related companies |
34,026,000 |
39,025,000 |
39,081,000 |
49,454,000 |
|
Cash & bank balances |
40,410,000 |
31,828,000 |
149,187,000 |
112,107,000 |
|
Others |
- |
- |
14,642,000 |
3,865,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
542,530,000 |
488,003,000 |
535,252,000 |
448,510,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
601,938,000 |
530,638,000 |
549,893,000 |
473,678,000 |
|
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
||||
|
Trade creditors |
293,551,000 |
231,492,000 |
231,054,000 |
179,678,000 |
|
Other creditors & accruals |
8,545,000 |
12,515,000 |
- |
- |
|
Hire purchase & lease creditors |
35,000 |
25,000 |
19,000 |
36,000 |
|
Short term borrowings/Term loans |
61,512,000 |
63,405,000 |
122,744,000 |
113,326,000 |
|
Bill & acceptances payable |
88,000 |
- |
- |
- |
|
Amounts owing to related companies |
62,937,000 |
56,115,000 |
26,866,000 |
26,628,000 |
|
Provision for taxation |
4,614,000 |
3,831,000 |
4,260,000 |
2,541,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
431,282,000 |
367,383,000 |
384,943,000 |
322,209,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
111,248,000 |
120,620,000 |
150,309,000 |
126,301,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
170,656,000 |
163,255,000 |
164,950,000 |
151,469,000 |
|
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
||||
|
Ordinary share capital |
136,507,000 |
136,507,000 |
136,507,000 |
136,507,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
136,507,000 |
136,507,000 |
136,507,000 |
136,507,000 |
|
RESERVES |
||||
|
Retained profit/(loss) carried forward |
20,185,000 |
14,950,000 |
15,400,000 |
6,785,000 |
|
Others |
9,405,000 |
7,381,000 |
9,246,000 |
5,341,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
29,590,000 |
22,331,000 |
24,646,000 |
12,126,000 |
|
MINORITY INTEREST |
4,374,000 |
4,300,000 |
3,730,000 |
2,807,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
170,471,000 |
163,138,000 |
164,883,000 |
151,440,000 |
|
LONG TERM
LIABILITIES |
||||
|
Hire purchase creditors |
24,000 |
26,000 |
5,000 |
19,000 |
|
Deferred taxation |
161,000 |
91,000 |
62,000 |
10,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
185,000 |
117,000 |
67,000 |
29,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
170,656,000 |
163,255,000 |
164,950,000 |
151,469,000 |
|
|
============= |
============= |
============= |
============= |
|
SOJITZ ASIA PTE.
LTD. |
|
TYPES OF FUNDS |
||||
|
Cash |
111,756,000 |
47,801,000 |
149,187,000 |
112,107,000 |
|
Net Liquid Funds |
111,668,000 |
47,801,000 |
149,187,000 |
112,107,000 |
|
Net Liquid Assets |
70,103,000 |
80,824,000 |
121,038,000 |
107,015,000 |
|
Net Current Assets/(Liabilities) |
111,248,000 |
120,620,000 |
150,309,000 |
126,301,000 |
|
Net Tangible Assets |
170,656,000 |
163,255,000 |
164,950,000 |
151,469,000 |
|
Net Monetary Assets |
69,918,000 |
80,707,000 |
120,971,000 |
106,986,000 |
|
BALANCE SHEET
ITEMS |
||||
|
Total Borrowings |
61,659,000 |
63,456,000 |
122,768,000 |
113,381,000 |
|
Total Liabilities |
431,467,000 |
367,500,000 |
385,010,000 |
322,238,000 |
|
Total Assets |
601,938,000 |
530,638,000 |
549,893,000 |
473,678,000 |
|
Net Assets |
170,656,000 |
163,255,000 |
164,950,000 |
151,469,000 |
|
Net Assets Backing |
170,471,000 |
163,138,000 |
164,883,000 |
151,440,000 |
|
Shareholders' Funds |
170,471,000 |
163,138,000 |
164,883,000 |
151,440,000 |
|
Total Share Capital |
136,507,000 |
136,507,000 |
136,507,000 |
136,507,000 |
|
Total Reserves |
29,590,000 |
22,331,000 |
24,646,000 |
12,126,000 |
|
LIQUIDITY
(Times) |
||||
|
Cash Ratio |
0.26 |
0.13 |
0.39 |
0.35 |
|
Liquid Ratio |
1.16 |
1.22 |
1.31 |
1.33 |
|
Current Ratio |
1.26 |
1.33 |
1.39 |
1.39 |
|
WORKING CAPITAL
CONTROL (Days) |
||||
|
Stock Ratio |
22 |
18 |
7 |
5 |
|
Debtors Ratio |
178 |
158 |
70 |
69 |
|
Creditors Ratio |
154 |
105 |
55 |
49 |
|
SOLVENCY RATIOS
(Times) |
||||
|
Gearing Ratio |
0.36 |
0.39 |
0.74 |
0.75 |
|
Liabilities Ratio |
2.53 |
2.25 |
2.34 |
2.13 |
|
Times Interest Earned Ratio |
8.75 |
5.82 |
6.32 |
2.32 |
|
Assets Backing Ratio |
1.25 |
1.20 |
1.21 |
1.11 |
|
PERFORMANCE
RATIO (%) |
||||
|
Operating Profit Margin |
2.23 |
1.86 |
0.89 |
0.38 |
|
Net Profit Margin |
1.62 |
1.44 |
0.56 |
(0.16) |
|
Return On Net Assets |
10.25 |
11.00 |
9.84 |
5.98 |
|
Return On Capital Employed |
9.99 |
10.71 |
9.62 |
5.87 |
|
Return On Shareholders' Funds/Equity |
6.60 |
7.08 |
5.22 |
(1.41) |
|
Dividend Pay Out Ratio (Times) |
0.53 |
1.04 |
0.00 |
0.23 |
|
NOTES TO
ACCOUNTS |
||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.05 |
|
|
1 |
Rs.101.65 |
|
Euro |
1 |
Rs.83.07 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to
overcome financial difficulties seems comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.