|
Report No. : |
319452 |
|
Report Date : |
27.04.2015 |
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) : |
31.03.2014 |
|
|
|
|
Date of Incorporation : |
15.08.1998 |
|
|
|
|
Com. Reg. No.: |
199803975-R |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Subject is engaged in Building Construction. |
|
|
|
|
No of Employees : |
70 [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 : |
Satisfactory |
|
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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. |
: |
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 |
: |
HIDEAKI KATO ( MANAGING DIRECTOR ) |
|
PRINCIPAL ACTIVITY |
: |
BUILDING CONSTRUCTION |
|
ISSUED AND PAID UP CAPITAL |
: |
134,956,632.00 ORDINARY SHARE, OF A VALUE
OF USD 136,507,473.60 |
|
SALES |
: |
USD 827,553,000 [2014] |
|
NET WORTH |
: |
USD 173,771,000 [2014] |
|
STAFF STRENGTH |
: |
70 [2014] |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
FAIR |
|
PAYMENT |
: |
POOR |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL RISK |
: |
LOW |
|
CURRENCY EXPOSURE |
: |
MODERATE |
|
GENERAL REPUTATION |
: |
GOOD |
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
HISTORY
/ BACKGROUND
|
The Subject is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the Subject is insolvent. The Subject is governed by the Companies Act and the company must file its annual returns, together with its financial statements with the Registrar of Companies.
The Subject is principally engaged in the (as a / as an) building construction.
The immediate holding company of the Subject is SIJITZ CORPORATION, a company incorporated in JAPAN.
Share Capital
History
|
Date |
Issue & Paid
Up Capital |
|
04/12/2014 |
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. |
- |
134,956,632.00 |
100.00 |
|
--------------- |
------ |
|||
|
134,956,632.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject's interest in other companies (Subsidiaries/Associates) are shown as follow :
|
Local No |
Country |
Company |
(%) |
As At |
|
INDIA |
SOJITZ INDIA PTE LTD |
100.00 |
31/03/2014 |
|
|
THAILAND |
SOJITZ (THAILAND) CO. LTD |
100.00 |
31/03/2014 |
|
|
INDONESIA |
P.T. SOJITZ INDONESIA |
100.00 |
31/03/2014 |
|
|
VIETNAM |
SOJITZ VIETNAM CO. LTD |
100.00 |
31/03/2014 |
|
|
PHILIPPINES |
SOJITZ PHILIPPINES CORPORATION |
60.00 |
31/03/2014 |
|
|
PHILIPPINES |
SOJITZ PHILIPPINES TRADING |
60.00 |
31/03/2014 |
|
|
63094A |
MALAYSIA |
SOJITZ (MALAYSIA) SDN. BHD. |
40.00 |
31/03/2014 |
DIRECTORS
|
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 |
: |
HIDEAKI KATO |
|
Address |
: |
3, GRANGE GARDEN 06-03, THE GRANGE, 249633, SINGAPORE. |
|
IC / PP No |
: |
G3030830T |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
01/04/2014 |
DIRECTOR 3
|
Name Of Subject |
: |
TSUTOMU TANAKA |
|
Address |
: |
NAKASAIWAICHO 3-16-4, SANCTUS KAWASAKI TOWER, 2701 KAWASAKI SAIWAI-KU, KANAGAWA, 212-0012, JAPAN. |
|
IC / PP No |
: |
TZ0477871 |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
02/04/2014 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
HIDEAKI KATO |
|
Position |
: |
MANAGING DIRECTOR |
AUDITOR
|
|
Auditor |
: |
KPMG LLP |
|
Auditor' Address |
: |
N/A |
COMPANY
SECRETARIES
|
|
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. |
|
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.
No legal action was found in our databank.
No winding up petition was found in our databank.
PAYMENT
RECORD
|
|
||
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
N/A |
|
Overseas |
: |
N/A |
The Subject is a service provider.
The Subject refused to provide any name of trade/service supplier and we are
unable to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL PAYMENT HABIT |
||||||||||||||
|
Prompt 0-30 Days |
[ |
] |
Good 31-60 Days |
[ |
] |
Average 61-90 Days |
[ |
] |
||||||
|
Fair 91-120 Days |
[ |
] |
Poor >120 Days |
[ |
X |
] |
||||||||
CLIENTELE
|
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
ASIA |
|||
|
Credit Term |
: |
N/A |
|||
|
Payment Mode |
: |
N/A |
|||
OPERATIONS
|
|
Services |
: |
BUILDING CONSTRUCTION |
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2014 |
2013 |
2012 |
2011 |
2010 |
||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
||||
|
COMPANY |
70 |
70 |
80 |
75 |
70 |
||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) building construction.
The Subject engaged in building construction service.
The Subject also engaged in trading of agriculture product, chemical and
plastic product, textile etc.
RECENT
DEVELOPMENT
|
Sojitz Wins Contract for Electrification Works on Western Dedicated Freight Corridor Project in India.
CURRENT
INVESTIGATION
|
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 |
: |
77 ROBINSON ROAD #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 on the Subject.
The Subject refused to disclose it's bankers.
FINANCIAL
ANALYSIS
|
|
|
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2012 - 2014 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2012 - 2014 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
8.46% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
11.78% |
] |
|
|
The fluctuating turnover reflects the fierce competition among the
existing and new market players. 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 |
[ |
23 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
172 Days |
] |
|
|
Creditors Ratio |
: |
Unfavourable |
[ |
114 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 |
[ |
1.28 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 |
[ |
11.66 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.36 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 turnover was erratic, the Subject had maintained a steady
growth in its profit. This indicate the management's efficiency in controlling
its costs and profitability. 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 : FAIR |
||||||
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 : |
CONSTRUCTION |
|
For the whole of 2013, the sector expanded by 5.9%, slower than the
growth of 8.6% in the previous year. Total construction output increased by 5.4%
on the back of robust private and public residential building activities.
Besides, total construction demand increased by 17% to $36 billion in 2013,
setting a new record high. The increase was driven by robust construction
demand from the public sector. |
|
|
Public sector construction demand rose by 56% to $15 billion in 2013.
The increase was supported by a ramp-up of public-housing developments and
significant increase in civil engineering construction demand on account of
the award of various Thomson MRT Line contracts. Besides, despite a slight
drop of 1.1%, total private sector construction demand remained relatively
strong at $21 billion. Demand was fuelled by residential developments, where
contracts awarded increased by 15% to reach $9.8 billion in 2013, the highest
on record. Besides, civil engineering construction demand contracted by 45%
due to the high base in 2012. However, the value of civil engineering
contracts awarded in 2013 was still higher than that achieved between 2009
and 2011, supported largely by the construction of major utilities and berth
facilities. |
|
|
In 2013, construction output has increased by 5.4% to reach $33
billion, surpassing the previous peak of $32 billion in 2012. Growth was underpinned
by strong on-site construction activities for public and private residential,
private industrial and civil engineering developments. Total construction
output in 2014 is projected to rise to between $34 billion and $36 billion,
supported by record high levels of contracts awarded in 2013 and continued
robust on-site activities from the high levels of demand since 2011. |
|
|
Public sector construction output reached $12 billion in 2013,
comparable to that achieved in 2012, supported largely by an increase in
onsite construction activities for public housing (18%) and institutional and
other building (4.7%) projects. Some of the major institutional building
projects under construction included the Singapore University of Technology
and Design (SUTD) Campus Phase 1, Ng Teng Fong Hospital, National Heart
Centre, National Art Gallery and Victoria Concert Hall. Additionally, even
though civil engineering construction output has contracted by 9.6% in 2013,
progress payments remained robust at $4.8 billion, supported by new rail
construction such as the Downtown Line Stages 2 & 3 as well as other
infrastructure projects like Tuas West Extension and Marina Coastal
Expressway. |
|
|
Private sector construction output expanded by 8.3% to $21 billion in
2013, underpinned by growth across all development types. In particular,
robust growth in on-site construction activities for residential developments
(13%) and civil engineering (14%) projects supported overall output growth. |
|
|
BCA forecasts total construction demand in 2014 to be between $31
billion and $38 billion. Demand from the public sector is expected to
strengthen to between $19 billion and $22 billion, contributing close to 60%
of projected total construction demand. The boost to overall demand is likely
to come from stronger institutional and civil engineering construction works.
At the same time, private sector demand is projected to soften to between $12
billion and $16 billion, due to the anticipated reduction in residential
construction demand as property market sentiments remain subdued following
the various property cooling measures. |
|
|
Furthermore, BMI continues to expect construction and infrastructure
growth in Singapore to moderate over the 2014-2020 period. Real growth for
the construction sector is forecast to slow from 5.9% in 2014 to3.0% in 2019,
while real growth for the infrastructure sector is expected to fall from
12.7% in 2014 to 4.0%in 2019. This moderation is primarily due to declining
housing demand, longer construction periods for planned infrastructure
projects and a poor export outlook, which could curb investment in
non-residential buildings. |
|
|
In September 2014, Singapore's Land Transit Authority (LTA) announced that
Phase 2 of the Mass Rapid Transit (MRT) system's Downtown Line would open
ahead of schedule in Q116. The project had previously been delayed by
financial troubles at one of its key contractors, and was expected to come
online only by Q216. Phase 2 of the Downtown Line will include 12 stations,
nine of which will be completely new. The project's total cost is estimated
at approximately SGD800mn. |
|
|
OVERALL INDUSTRY
OUTLOOK : AVERAGE GROWTH |
|
CREDIT
RISK EVALUATION & RECOMMENDATION
|
|
|
|
|
PROFIT
AND LOSS ACCOUNT
|
|
|
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING
STANDARDS. |
|
SOJITZ ASIA PTE.
LTD. |
|
Financial Year End |
2014-03-31 |
2013-03-31 |
2012-03-31 |
2010-12-31 |
2009-12-31 |
|
Months |
12 |
12 |
15 |
12 |
12 |
|
Consolidated Account |
GROUP |
GROUP |
GROUP |
GROUP |
GROUP |
|
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 |
827,553,000 |
694,310,000 |
801,442,000 |
1,532,470,000 |
1,345,555,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
827,553,000 |
694,310,000 |
801,442,000 |
1,532,470,000 |
1,345,555,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
19,828,000 |
15,492,000 |
14,869,000 |
13,665,000 |
5,154,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
19,828,000 |
15,492,000 |
14,869,000 |
13,665,000 |
5,154,000 |
|
Taxation |
(4,922,000) |
(4,315,000) |
(2,849,000) |
(4,370,000) |
(6,641,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
14,906,000 |
11,177,000 |
12,020,000 |
9,295,000 |
(1,487,000) |
|
Minority interests |
(207,000) |
66,000 |
(470,000) |
(680,000) |
(651,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS |
14,699,000 |
11,243,000 |
11,550,000 |
8,615,000 |
(2,138,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS |
14,699,000 |
11,243,000 |
11,550,000 |
8,615,000 |
(2,138,000) |
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
20,185,000 |
14,950,000 |
15,400,000 |
6,785,000 |
9,423,000 |
|
Prior year adjustment |
79,000 |
(8,000) |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
20,264,000 |
14,942,000 |
15,400,000 |
6,785,000 |
9,423,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
34,963,000 |
26,185,000 |
26,950,000 |
15,400,000 |
7,285,000 |
|
DIVIDENDS - Ordinary (paid & proposed) |
(7,000,000) |
(6,000,000) |
(12,000,000) |
- |
(500,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
27,963,000 |
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 |
2,000 |
4,000 |
- |
- |
|
Others |
1,858,000 |
2,247,000 |
3,083,000 |
2,571,000 |
3,901,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
1,860,000 |
2,249,000 |
3,087,000 |
2,571,000 |
3,901,000 |
|
|
============= |
============= |
============= |
============= |
============= |
BALANCE
SHEET
|
|
|
|
SOJITZ ASIA PTE.
LTD. |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
5,692,000 |
2,991,000 |
2,725,000 |
2,812,000 |
2,757,000 |
|
Associated companies |
7,966,000 |
7,829,000 |
6,061,000 |
3,897,000 |
1,938,000 |
|
Investments |
12,742,000 |
14,276,000 |
13,332,000 |
6,119,000 |
5,628,000 |
|
Loans & advances - non-current |
35,000,000 |
31,750,000 |
17,500,000 |
- |
- |
|
Deferred assets |
1,684,000 |
1,804,000 |
2,303,000 |
1,505,000 |
1,456,000 |
|
Others |
1,822,000 |
758,000 |
714,000 |
308,000 |
13,389,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
59,214,000 |
56,417,000 |
39,910,000 |
11,829,000 |
22,411,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
64,906,000 |
59,408,000 |
42,635,000 |
14,641,000 |
25,168,000 |
|
Short term quoted/unquoted investments |
- |
- |
- |
245,000 |
- |
|
Stocks |
52,962,000 |
41,145,000 |
39,796,000 |
29,271,000 |
19,286,000 |
|
Trade debtors |
390,132,000 |
339,476,000 |
347,973,000 |
292,114,000 |
252,965,000 |
|
Other debtors, deposits & prepayments |
16,849,000 |
16,127,000 |
13,408,000 |
10,712,000 |
10,833,000 |
|
Short term deposits |
11,434,000 |
71,346,000 |
15,973,000 |
- |
- |
|
Amount due from related companies |
- |
- |
39,025,000 |
39,081,000 |
49,454,000 |
|
Cash & bank balances |
27,123,000 |
40,410,000 |
31,828,000 |
149,187,000 |
112,107,000 |
|
Others |
41,530,000 |
34,026,000 |
- |
14,642,000 |
3,865,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
540,030,000 |
542,530,000 |
488,003,000 |
535,252,000 |
448,510,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
604,936,000 |
601,938,000 |
530,638,000 |
549,893,000 |
473,678,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade creditors |
258,256,000 |
293,551,000 |
231,492,000 |
231,054,000 |
179,678,000 |
|
Other creditors & accruals |
11,568,000 |
8,545,000 |
12,515,000 |
- |
- |
|
Hire purchase & lease creditors |
15,000 |
35,000 |
25,000 |
19,000 |
36,000 |
|
Short term borrowings/Term loans |
63,276,000 |
61,512,000 |
63,405,000 |
122,744,000 |
113,326,000 |
|
Bill & acceptances payable |
- |
88,000 |
- |
- |
- |
|
Amounts owing to related companies |
- |
- |
56,115,000 |
26,866,000 |
26,628,000 |
|
Provision for taxation |
4,595,000 |
4,614,000 |
3,831,000 |
4,260,000 |
2,541,000 |
|
Other liabilities |
83,097,000 |
62,937,000 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
420,807,000 |
431,282,000 |
367,383,000 |
384,943,000 |
322,209,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
119,223,000 |
111,248,000 |
120,620,000 |
150,309,000 |
126,301,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
184,129,000 |
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 |
136,507,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
136,507,000 |
136,507,000 |
136,507,000 |
136,507,000 |
136,507,000 |
|
Exchange equalisation/fluctuation reserve |
3,566,000 |
7,785,000 |
- |
- |
- |
|
Retained profit/(loss) carried forward |
27,963,000 |
20,185,000 |
14,950,000 |
15,400,000 |
6,785,000 |
|
Others |
1,771,000 |
1,620,000 |
7,381,000 |
9,246,000 |
5,341,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
33,300,000 |
29,590,000 |
22,331,000 |
24,646,000 |
12,126,000 |
|
MINORITY INTEREST |
3,964,000 |
4,374,000 |
4,300,000 |
3,730,000 |
2,807,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
173,771,000 |
170,471,000 |
163,138,000 |
164,883,000 |
151,440,000 |
|
Hire purchase creditors |
14,000 |
24,000 |
26,000 |
5,000 |
19,000 |
|
Deferred taxation |
124,000 |
161,000 |
91,000 |
62,000 |
10,000 |
|
Others |
10,220,000 |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
10,358,000 |
185,000 |
117,000 |
67,000 |
29,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
184,129,000 |
170,656,000 |
163,255,000 |
164,950,000 |
151,469,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
FINANCIAL
RATIO
|
|
|
|
SOJITZ ASIA PTE.
LTD. |
|
TYPES OF FUNDS |
|||||
|
Cash |
38,557,000 |
111,756,000 |
47,801,000 |
149,187,000 |
112,107,000 |
|
Net Liquid Funds |
38,557,000 |
111,668,000 |
47,801,000 |
149,187,000 |
112,107,000 |
|
Net Liquid Assets |
66,261,000 |
70,103,000 |
80,824,000 |
121,038,000 |
107,015,000 |
|
Net Current Assets/(Liabilities) |
119,223,000 |
111,248,000 |
120,620,000 |
150,309,000 |
126,301,000 |
|
Net Tangible Assets |
184,129,000 |
170,656,000 |
163,255,000 |
164,950,000 |
151,469,000 |
|
Net Monetary Assets |
55,903,000 |
69,918,000 |
80,707,000 |
120,971,000 |
106,986,000 |
|
BALANCE SHEET
ITEMS |
|||||
|
Total Borrowings |
63,305,000 |
61,659,000 |
63,456,000 |
122,768,000 |
113,381,000 |
|
Total Liabilities |
431,165,000 |
431,467,000 |
367,500,000 |
385,010,000 |
322,238,000 |
|
Total Assets |
604,936,000 |
601,938,000 |
530,638,000 |
549,893,000 |
473,678,000 |
|
Net Assets |
184,129,000 |
170,656,000 |
163,255,000 |
164,950,000 |
151,469,000 |
|
Net Assets Backing |
173,771,000 |
170,471,000 |
163,138,000 |
164,883,000 |
151,440,000 |
|
Shareholders' Funds |
173,771,000 |
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 |
136,507,000 |
|
Total Reserves |
33,300,000 |
29,590,000 |
22,331,000 |
24,646,000 |
12,126,000 |
|
LIQUIDITY
(Times) |
|||||
|
Cash Ratio |
0.09 |
0.26 |
0.13 |
0.39 |
0.35 |
|
Liquid Ratio |
1.16 |
1.16 |
1.22 |
1.31 |
1.33 |
|
Current Ratio |
1.28 |
1.26 |
1.33 |
1.39 |
1.39 |
|
WORKING CAPITAL
CONTROL (Days) |
|||||
|
Stock Ratio |
23 |
22 |
18 |
7 |
5 |
|
Debtors Ratio |
172 |
178 |
158 |
70 |
69 |
|
Creditors Ratio |
114 |
154 |
105 |
55 |
49 |
|
SOLVENCY RATIOS
(Times) |
|||||
|
Gearing Ratio |
0.36 |
0.36 |
0.39 |
0.74 |
0.75 |
|
Liabilities Ratio |
2.48 |
2.53 |
2.25 |
2.34 |
2.13 |
|
Times Interest Earned Ratio |
11.66 |
7.89 |
5.82 |
6.32 |
2.32 |
|
Assets Backing Ratio |
1.35 |
1.25 |
1.20 |
1.21 |
1.11 |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating Profit Margin |
2.40 |
2.23 |
1.86 |
0.89 |
0.38 |
|
Net Profit Margin |
1.78 |
1.62 |
1.44 |
0.56 |
(0.16) |
|
Return On Net Assets |
11.78 |
10.40 |
11.00 |
9.84 |
5.98 |
|
Return On Capital Employed |
11.53 |
10.13 |
10.71 |
9.62 |
5.87 |
|
Return On Shareholders' Funds/Equity |
8.46 |
6.60 |
7.08 |
5.22 |
(1.41) |
|
Dividend Pay Out Ratio (Times) |
0.48 |
0.53 |
1.04 |
0.00 |
0.23 |
|
NOTES TO
ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.40 |
|
|
1 |
Rs.95.42 |
|
Euro |
1 |
Rs.68.49 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
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.