MIRA INFORM REPORT

 

 

Report No. :

337113

Report Date :

17.08.2015

 

IDENTIFICATION DETAILS

 

Name :

MITSUI & CO. (ASIA PACIFIC) PTE. LTD.

 

 

Formerly Known As :

MITSUI & CO (ASIA PASIFIC) PTE. LTD. (22/02/2007)

 

 

Registered Office :

80, Robinson Road, 27-00, 068898

 

 

Country :

Singapore

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

06.02.2007

 

 

Com. Reg. No.:

200702159-M

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Trading and Investment

 

 

No. of Employees :

300

 

 

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 :

No complaints

Litigation :

Clear

 

NOTES:

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

 

 

ECGC Country Risk Classification List – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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.

:

200702159-M

COMPANY NAME

:

MITSUI & CO. (ASIA PACIFIC) PTE. LTD.

FORMER NAME

:

MITSUI & CO (ASIA PASIFIC) PTE. LTD. (22/02/2007)

INCORPORATION DATE

:

06/02/2007

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

80, ROBINSON ROAD, 27-00, 068898, SINGAPORE.

BUSINESS ADDRESS

:

80 ROBINSON ROAD 27-00, 068898, SINGAPORE.

TEL.NO.

:

65-64219500

FAX.NO.

:

65-62243458

WEB SITE

:

WWW.MITSUI.COM

CONTACT PERSON

:

YAMAUCHI TAKASHI ( MANAGING DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING AND INVESTMENT

ISSUED AND PAID UP CAPITAL

:

225,101,415.00 ORDINARY SHARE, OF A VALUE OF USD 225,101,415.00

SALES

:

USD 2,551,958,000 [2014]

NET WORTH

:

USD 287,847,000 [2014]

STAFF STRENGTH

:

300 [2014]

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

FAIR

PAYMENT

:

AVERAGE

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

MARGINAL GROWTH

 

 

HISTORY / BACKGROUND

 

The Subject is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the Subject is insolvent. The Subject is governed by the Companies Act and the company must file its annual returns, together with its financial statements with the Registrar of Companies.

The Subject is principally engaged in the (as a / as an) trading and investment.

 

The immediate holding company of the Subject is MITSUI & CO., LTD., a company incorporated in JAPAN.

 

Share Capital History

Date

Issue & Paid Up Capital

02/12/2014

USD 225,101,415.00

 

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

 

Name

Address

IC/PP/Loc No

Shareholding

(%)

MITSUI & CO., LTD.

1-3, MARUNOUCHI 1-CHOME, CHIYODAKU, TOKYO, JAPAN.

T06UF0139

225,101,415.00

100.00

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

------

225,101,415.00

100.00

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

=====

+ Also Director

 

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

 

Local No

Country

Company

(%)

As At

199505844N

SINGAPORE

MI-MI INVESTMENT SINGAPORE PTE. LTD.

50.00

31/03/2014



DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

SHINJI SATO

Address

:

1, ANDERSON ROAD, 08-03, THE SHANGRI-LA APARTMENTS, 259983, SINGAPORE.

IC / PP No

:

G5268595N

Nationality

:

JAPANESE

Date of Appointment

:

02/04/2012

 

DIRECTOR 2

 

Name Of Subject

:

TOMOAKI WATANABE

Address

:

18, MARINA BOULEVARD, 42-09, MARINA BAY RESIDENCES, 018980, SINGAPORE.

IC / PP No

:

G5411054K

Nationality

:

JAPANESE

Date of Appointment

:

01/04/2013

 

DIRECTOR 3

 

Name Of Subject

:

YAMAUCHI TAKASHI

Address

:

5B, TANGLIN HILL, 248038, SINGAPORE.

IC / PP No

:

G5126500P

Nationality

:

JAPANESE

Date of Appointment

:

28/04/2011

 

DIRECTOR 4

 

Name Of Subject

:

KOHEI TAKATA

Address

:

7, ORANGE GROVE ROAD, 03-169, TREETOPS EXECUTIVE RESIDENCES, 258355, SINGAPORE.

IC / PP No

:

G5413474L

Nationality

:

JAPANESE

Date of Appointment

:

08/04/2013

 

DIRECTOR 5

 

Name Of Subject

:

YOSHIO KOMETANI

Address

:

33, TANGLIN ROAD, 08-07, ST. REGIS RESIDENCES, 247913, SINGAPORE.

IC / PP No

:

G3046817T

Nationality

:

JAPANESE

Date of Appointment

:

03/06/2014

 

DIRECTOR 6

 

Name Of Subject

:

YUJI MURAKAMI

Address

:

7, ORANGE GROVE ROAD, 03-155, TREETOPS EXECUTIVE RESIDENCES, 258355, SINGAPORE.

IC / PP No

:

G5404416Q

Nationality

:

JAPANESE

Date of Appointment

:

04/04/2013



MANAGEMENT

 

 

 

1)

Name of Subject

:

YAMAUCHI TAKASHI

Position

:

MANAGING DIRECTOR

 

 

AUDITOR

 

Auditor

:

DELOITTE & TOUCHE LLP

Auditor' Address

:

N/A

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

KAZUYA KUWADA

IC / PP No

:

G3065808L

Address

:

12, KEPPEL BAY DRIVE, 02-29, CARIBBEAN AT KEPPEL BAY, 098641, SINGAPORE.

 

2)

Company Secretary

:

KOSUKE IWATA

IC / PP No

:

G5497957L

Address

:

39, OXLEY RISE, 07-27, VISIONCREST, 238713, SINGAPORE.

 

3)

Company Secretary

:

TAKASHI NAGAHORI

IC / PP No

:

G5478367T

Address

:

6, MOUNT SOPHIA, 08-05, 8 @ MOUNT SOPHIA, 228457, 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 againt the Subject whether the subject has been involved in any litigation.

No legal action was found in our databank.

No winding up petition was found in our databank.

PAYMENT RECORD

 

 

SOURCES OF RAW MATERIALS:

Local

:

N/A

Overseas

:

N/A


The Subject refused to disclose it's suppliers.

The Subject refused to provide any name of trade/service supplier and we are unable to conduct any trade enquiry. However, from financial historical data we conclude that :

OVERALL PAYMENT HABIT

Prompt 0-30 Days

[

]

Good 31-60 Days

[

]

Average 61-90 Days

[

X

]

Fair 91-120 Days

[

]

Poor >120 Days

[

]

 

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Export Market

:

ASIA PACIFIC

Credit Term

:

N/A

Payment Mode

:

N/A

 

 

OPERATIONS

 

Services

:

TRADING AND INVESTMENT

 

Total Number of Employees:

 

YEAR

2014

2013

2012

2011

2010

GROUP

N/A

N/A

N/A

N/A

N/A

COMPANY

300

300

300

300

290

 

Branch

:

NO

 

Other Information:


The Subject is principally engaged in the (as a / as an) trading and investment.

The Subject engaged in business consultation and investment holding company.

However, the Subject refused to disclose detail information regarding to its business operation.


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

+65-6321-9324

Current Telephone Number

:

65-64219500

Match

:

NO

Address Provided by Client

:

80, ROBINSON ROAD, #25-00, SINGAPORE 068898

Current Address

:

80 ROBINSON ROAD 27-00, 068898, SINGAPORE.

Match

:

NO

 

Other Investigations


On 3rd December 2014 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.

The address provided belongs to the Subject's another office.


FINANCIAL ANALYSIS

 

 

Profitability

Turnover

:

Erratic

[

2010 - 2014

]

Profit/(Loss) Before Tax

:

Decreased

[

2010 - 2014

]

Return on Shareholder Funds

:

Acceptable

[

13.09%

]

Return on Net Assets

:

Acceptable

[

14.46%

]

The fluctuating turnover reflects the fierce competition among the existing and new market players.The dip in profit could be due to the stiff market competition which reduced the Subject's profit margin. The Subject's management had generated acceptable return for its shareholders using its assets.

Working Capital Control

Stock Ratio

:

Favourable

[

2 Days

]

Debtor Ratio

:

Unfavourable

[

68 Days

]

Creditors Ratio

:

Favourable

[

49 Days

]

The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The high debtors' ratio could indicate that the Subject was weak in its credit control. However, the Subject could also giving longer credit periods to its customers in order to boost its sales or to capture / retain its market share. The Subject had a favourable creditors' ratio where the Subject could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.

Liquidity

Liquid Ratio

:

Acceptable

[

0.99 Times

]

Current Ratio

:

Unfavourable

[

1.03 Times

]

The Subject's liquid ratio was slightly low. This could indicate that the Subject's working capital was slightly deficient. The Subject will have to improve its liquidity position either by obtaining short term financing or increase its paid up capital so that it can meet all its short term obligations as and when they fall due.

Solvency

Interest Cover

:

Favourable

[

33.73 Times

]

Gearing Ratio

:

Favourable

[

0.00 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 had no gearing and hence it had virtually no financial risk. The Subject was financed by its shareholders' funds and internally generated fund. During the economic downturn, the Subject, having a zero gearing, will be able to compete better than those which are highly geared in the same industry.

Overall Assessment :

The Subject recorded lower profits as its turnover showed a erratic trend. The Subject's management was unable to control its costs efficiently as its profit showed a downward trend. With the favourable interest cover, the Subject could be able to service all the accrued interest without facing any difficulties. The Subject was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The Subject has good chance of getting loans, if the needs arises.

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)

(Source : Department of Statistics)



INDUSTRY ANALYSIS

 

INDUSTRY :

ECONOMY

The Ministry of Trade and Industry (MTI) announced that it expects the Singapore economy to grow by around 3.0% in 2014, and by 2.0 to 4.0% in 2015. Besides that in 2013, the economy grew by 4.1%, higher than the 1.9% growth in 2012. This was mainly due to strong growth in the services producing industries, particularly the finance & insurance, as well as wholesale & retail trade sectors.

In 2013, all sectors contributed positively to growth. Finance & insurance was the largest contributor (1.2 percentage-points), followed by wholesale & retail trade (0.8 percentage-points) and business services (0.6 percentage-points). Growth in the manufacturing sector was improved by 1.7%, on the back of strong growth in the electronics and transport engineering clusters. By contrast, growth in the construction sector moderated to 5.9%, from 8.6% in 2012.

Growth in the services producing industries picked up to 5.3% in 2013, from 2.0% in 2012. This was mainly due to stronger growth in the finance & insurance and wholesale & retail trade sectors. The finance & insurance sector grew by 11%, up from 1.3% in the previous year. The wholesale & retail trade sector has expanded by 5.0%, after declining by 1.4% the year before.

For the whole of 2013, growth in total demand was 3.1%, similar to the pace of growth in 2012. External demand was the key contributor to total demand growth, accounting for 2.7 percentage-points, or almost 90%, of the increase. External demand grew at a faster pace of 3.6%, compared to the 1.4% growth in 2012. This was supported mainly by growth in the exports of machinery & transport equipment, miscellaneous manufactures, and transport services. Total domestic demand rose by a modest 1.7%, following the 8.6% increase in 2012. The slower growth in total domestic demand was primarily due to the decline in gross fixed capital formation (GFCF).

For the full year, total consumption expenditure grew by 4.4% in 2013, faster than the 2.8% growth in 2012. Public consumption expenditure increased by 11%, a strong rebound from the 1.9% decline in 2012. Private consumption expenditure recorded gains of 2.7%, moderating from the 4.1% increase in the preceding year.

Furthermore, in the first three quarters of 2014, the Singapore economy grew by 3.3% on a year-on-year basis. For the rest of the year, growth is expected to ease slightly on a year-on-year basis, in line with a projected slowdown in the global economy. Externally-oriented sectors such as the manufacturing and transportation & storage sectors are likely to slow, whereas growth in the construction sector will continue to be weighed down by the weakness in private sector construction activities. On the other hand, domestically-oriented sectors like business services are likely to remain resilient.

Additionally, the labour market in Singapore is expected to remain tight in 2015, with low unemployment and rising vacancy rates. Against this global and domestic backdrop, the growth outlook for the Singapore economy remains modest. In tandem with the expected pick-up in external demand, externally-oriented sectors such as manufacturing, wholesale trade and finance & insurance are likely to provide support to growth. While some domestically-oriented sectors such as businesses services are expected to remain resilient, labour-intensive ones like construction, retail and food services may see their growth weighed down by labour constraints.

OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH



CREDIT RISK EVALUATION & RECOMMENDATION

 

 


Incorporated in 2007, the Subject is a Private Limited company, focusing on trading and investment. Having been in business for more than 5 years, the Subject has established a remarkable clientele base for itself which has contributed to its business growth. The Subject is a large entity with strong capital position of USD 225,101,415. We are confident with the Subject's business and its future growth prospect. Having strong support from its holding company has enabled the Subject to remain competitive despite the challenging business environment.

Over the years, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. The Subject is a fairly large and rapidly growing company with over 300 staff in its operations 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.

Financially, the Subject registered a higher turnover compared to previous year. However, its profits showed a reverse trend. The lower profit achieved was a result of higher operating cost and increased competition. Return on shareholders' funds of the Subject was at an acceptable range which indicated that the management was efficient in utilising its funds to generate income. The Subject managed to maintain an adequate liquidity level, indicating that the Subject has the ability to meet its financial obligations. Being a zero geared company, the Subject virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. Given a positive net worth standing at USD 287,847,000, 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 payment habit is average. With its adequate working capital, the Subject should be able to pay its short term debts.

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.

 



PROFIT AND LOSS ACCOUNT

 

 

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

MITSUI & CO. (ASIA PACIFIC) PTE. LTD.

 

Financial Year End

2014-03-31

2013-03-31

2012-03-31

2011-03-31

2010-03-31

Months

12

12

12

12

12

Consolidated Account

GROUP

GROUP

GROUP

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

2,551,958,000

2,335,519,000

4,519,999,000

4,435,713,000

2,389,848,000

Other Income

-

-

22,411,000

-

-

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

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

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

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

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

Total Turnover

2,551,958,000

2,335,519,000

4,542,410,000

4,435,713,000

2,389,848,000

Costs of Goods Sold

(2,455,230,000)

(2,235,448,000)

-

-

-

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

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

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

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

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

Gross Profit

96,728,000

100,071,000

-

-

-

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

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

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

40,522,000

54,317,000

63,872,000

186,331,000

36,701,000

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

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

40,522,000

54,317,000

63,872,000

186,331,000

36,701,000

Taxation

(2,841,000)

(1,783,000)

(11,414,000)

(5,080,000)

(3,954,000)

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

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

37,681,000

52,534,000

52,458,000

181,251,000

32,747,000

Minority interests

-

-

(123,000)

(256,000)

(180,000)

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

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

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

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

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

PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS

37,681,000

52,534,000

52,335,000

180,995,000

32,567,000

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

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

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

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

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

PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS

37,681,000

52,534,000

52,335,000

180,995,000

32,567,000

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

77,177,000

126,796,000

74,461,000

33,466,000

899,000

Prior year adjustment

-

(52,153,000)

-

-

-

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

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

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

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

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

As restated

77,177,000

74,643,000

74,461,000

33,466,000

899,000

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

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

114,858,000

127,177,000

126,796,000

214,461,000

33,466,000

DIVIDENDS - Ordinary (paid & proposed)

(52,000,000)

(50,000,000)

-

(140,000,000)

-

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

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

62,858,000

77,177,000

126,796,000

74,461,000

33,466,000

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

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

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

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

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

INTEREST EXPENSE (as per notes to P&L)

Bank overdraft

-

-

7,215,000

6,270,000

3,767,000

Term loan / Borrowing

1,238,000

822,000

-

-

-

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

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

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

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

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

1,238,000

822,000

7,215,000

6,270,000

3,767,000

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

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

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

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

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

 

 

 

BALANCE SHEET

 

 

MITSUI & CO. (ASIA PACIFIC) PTE. LTD.

 

ASSETS EMPLOYED:

FIXED ASSETS

13,473,000

6,770,000

14,527,000

10,153,000

5,872,000

LONG TERM INVESTMENTS/OTHER ASSETS

Subsidiary companies

179,540,000

179,540,000

-

-

-

Associated companies

58,951,000

33,984,000

311,225,000

308,616,000

246,773,000

Investments

20,035,000

20,405,000

-

-

-

Loans & advances - non-current

68,000

137,000

92,986,000

305,000

284,000

Deferred assets

490,000

502,000

742,000

696,000

742,000

Deposits

233,000

279,000

328,000

368,000

366,000

Others

-

25,000

106,695,000

107,973,000

84,804,000

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

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

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

259,317,000

234,872,000

511,976,000

417,958,000

332,969,000

Others

2,610,000

2,628,000

3,417,000

3,215,000

2,531,000

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

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

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

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

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

TOTAL INTANGIBLE ASSETS

2,610,000

2,628,000

3,417,000

3,215,000

2,531,000

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

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

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

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

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

TOTAL LONG TERM ASSETS

275,400,000

244,270,000

529,920,000

431,326,000

341,372,000

Stocks

16,584,000

14,591,000

86,109,000

112,822,000

62,768,000

Trade debtors

472,271,000

416,439,000

531,910,000

646,758,000

329,194,000

Other debtors, deposits & prepayments

4,445,000

6,378,000

7,654,000

10,152,000

6,442,000

Loans & advances - current portion

-

-

25,155,000

102,937,000

88,291,000

Interest receivable

-

-

46,000

2,955,000

-

Amount due from holding company

2,124,000

2,053,000

57,809,000

84,088,000

59,500,000

Amount due from subsidiary companies

863,000

712,000

-

-

-

Amount due from related companies

3,130,000

3,628,000

114,855,000

104,646,000

58,363,000

Amount due from associated companies

599,000

748,000

1,884,000

2,493,000

2,243,000

Cash & bank balances

14,557,000

32,751,000

87,155,000

81,460,000

24,129,000

Dividend Received

575,000

567,000

-

-

-

Others

38,000

258,000

242,000

45,000

136,000

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

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

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

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

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

TOTAL CURRENT ASSETS

515,186,000

478,125,000

912,819,000

1,148,356,000

631,066,000

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

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

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

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

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

TOTAL ASSET

790,586,000

722,395,000

1,442,739,000

1,579,682,000

972,438,000

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

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

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

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

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

CURRENT LIABILITIES

Trade creditors

330,645,000

315,576,000

223,205,000

315,250,000

193,854,000

Other creditors & accruals

20,102,000

16,204,000

29,998,000

26,090,000

18,827,000

Bank overdraft

-

-

149,736,000

68,134,000

50,341,000

Short term borrowings/Term loans

-

-

113,458,000

152,065,000

178,621,000

Amounts owing to holding company

125,000

327,000

270,949,000

389,193,000

84,661,000

Amounts owing to subsidiary companies

379,000

404,000

-

-

-

Amounts owing to related companies

149,303,000

84,582,000

66,503,000

32,367,000

43,253,000

Amounts owing to associated companies

3,000

312,000

1,945,000

853,000

737,000

Provision for taxation

1,265,000

1,020,000

8,532,000

3,096,000

1,525,000

Other liabilities

30,000

18,000

1,074,000

935,000

794,000

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

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

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

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

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

TOTAL CURRENT LIABILITIES

501,852,000

418,443,000

865,400,000

987,983,000

572,613,000

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

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

13,334,000

59,682,000

47,419,000

160,373,000

58,453,000

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

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

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

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

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

TOTAL NET ASSETS

288,734,000

303,952,000

577,339,000

591,699,000

399,825,000

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

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

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

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

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

SHARE CAPITAL

Ordinary share capital

225,101,000

225,101,000

225,101,000

225,101,000

154,319,000

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

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

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

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

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

TOTAL SHARE CAPITAL

225,101,000

225,101,000

225,101,000

225,101,000

154,319,000

Capital reserve

-

-

103,095,000

103,095,000

80,837,000

Exchange equalisation/fluctuation reserve

(112,000)

(22,000)

25,853,000

28,062,000

9,920,000

Retained profit/(loss) carried forward

62,858,000

77,177,000

126,796,000

74,461,000

33,466,000

Others

-

1,123,000

3,146,000

4,241,000

2,523,000

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

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

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

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

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

TOTAL RESERVES

62,746,000

78,278,000

258,890,000

209,859,000

126,746,000

MINORITY INTEREST

-

-

2,306,000

1,422,000

673,000

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

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

287,847,000

303,379,000

486,297,000

436,382,000

281,738,000

Other long term borrowings

-

-

38,983,000

102,527,000

67,966,000

Deferred taxation

83,000

301,000

4,393,000

5,336,000

8,049,000

Others

804,000

272,000

47,666,000

47,454,000

42,072,000

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

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

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

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

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

TOTAL LONG TERM LIABILITIES

887,000

573,000

91,042,000

155,317,000

118,087,000

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

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

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

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

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

288,734,000

303,952,000

577,339,000

591,699,000

399,825,000

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

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

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

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

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

 

 

 

FINANCIAL RATIO

 

 

MITSUI & CO. (ASIA PACIFIC) PTE. LTD.

 

TYPES OF FUNDS

Cash

14,557,000

32,751,000

87,155,000

81,460,000

24,129,000

Net Liquid Funds

14,557,000

32,751,000

(62,581,000)

13,326,000

(26,212,000)

Net Liquid Assets

(3,250,000)

45,091,000

(38,690,000)

47,551,000

(4,315,000)

Net Current Assets/(Liabilities)

13,334,000

59,682,000

47,419,000

160,373,000

58,453,000

Net Tangible Assets

286,124,000

301,324,000

573,922,000

588,484,000

397,294,000

Net Monetary Assets

(4,137,000)

44,518,000

(129,732,000)

(107,766,000)

(122,402,000)

BALANCE SHEET ITEMS

Total Borrowings

0

0

302,177,000

322,726,000

296,928,000

Total Liabilities

502,739,000

419,016,000

956,442,000

1,143,300,000

690,700,000

Total Assets

790,586,000

722,395,000

1,442,739,000

1,579,682,000

972,438,000

Net Assets

288,734,000

303,952,000

577,339,000

591,699,000

399,825,000

Net Assets Backing

287,847,000

303,379,000

486,297,000

436,382,000

281,738,000

Shareholders' Funds

287,847,000

303,379,000

486,297,000

436,382,000

281,738,000

Total Share Capital

225,101,000

225,101,000

225,101,000

225,101,000

154,319,000

Total Reserves

62,746,000

78,278,000

258,890,000

209,859,000

126,746,000

LIQUIDITY (Times)

Cash Ratio

0.03

0.08

0.10

0.08

0.04

Liquid Ratio

0.99

1.11

0.96

1.05

0.99

Current Ratio

1.03

1.14

1.05

1.16

1.10

WORKING CAPITAL CONTROL (Days)

Stock Ratio

2

2

7

9

10

Debtors Ratio

68

65

43

53

50

Creditors Ratio

49

52

18

26

30

SOLVENCY RATIOS (Times)

Gearing Ratio

0.00

0.00

0.62

0.74

1.05

Liabilities Ratio

1.75

1.38

1.97

2.62

2.45

Times Interest Earned Ratio

33.73

67.08

9.85

30.72

10.74

Assets Backing Ratio

1.27

1.34

2.55

2.61

2.57

PERFORMANCE RATIO (%)

Operating Profit Margin

1.59

2.33

1.41

4.20

1.54

Net Profit Margin

1.48

2.25

1.16

4.08

1.36

Return On Net Assets

14.46

18.14

12.31

32.55

10.12

Return On Capital Employed

14.33

17.99

9.70

28.99

8.93

Return On Shareholders' Funds/Equity

13.09

17.32

10.76

41.48

11.56

Dividend Pay Out Ratio (Times)

1.38

0.95

0.00

0.77

0.00

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

0

0

0

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.65.12

UK Pound

1

Rs.101.62

Euro

1

Rs.72.55

 

 

INFORMATION DETAILS

 

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%)

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.