|
Report No. : |
306691 |
|
Report Date : |
09.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
MITSUI CHEMICALS ASIA PACIFIC, LTD. |
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Formerly Known As : |
MITSUI CHEMICALS SINGAPORE, LTD. (01/04/2007) MITSUI CHEMICALS ASIA, LTD. (28/06/2005) MITSUI TOATSU CHEMICALS ( MITSUI TOATSU CHEMICALS ( |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2014 |
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Date of Incorporation : |
29.12.1987 |
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Com. Reg. No.: |
198704060-E |
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Legal Form : |
Public (Limited By Share) |
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Line of Business : |
Trading of chemicals and chemical products |
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No of Employees : |
79 [2015] |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 Risk |
A2 |
|
Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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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. 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.
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Source
: CIA |
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EXECUTIVE SUMMARY |
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REGISTRATION NO. |
: |
198704060-E |
|
COMPANY NAME |
: |
MITSUI CHEMICALS
ASIA PACIFIC, LTD. |
|
FORMER NAME |
: |
MITSUI CHEMICALS SINGAPORE, LTD.
(01/04/2007) |
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INCORPORATION DATE |
: |
29/12/1987 |
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COMPANY STATUS |
: |
EXIST |
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LEGAL FORM |
: |
PUBLIC (LIMITED BY SHARE) |
|
LISTED STATUS |
: |
NO |
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|
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REGISTERED ADDRESS |
: |
3 HARBOURFRONT PLACE #10-01 HARBOURFRONT
TOWER TWO, 099254, SINGAPORE. |
|
BUSINESS ADDRESS |
: |
3, HARBOURFRONT PLACE, 10-01, HARBOURFRONT
TOWER 2, 099254, SINGAPORE. |
|
TEL.NO. |
: |
65-65342611 |
|
FAX.NO. |
: |
65-65355161 |
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CONTACT PERSON |
: |
TORU MORITA ( DIRECTOR ) |
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PRINCIPAL ACTIVITY |
: |
TRADING OF CHEMICALS AND CHEMICAL PRODUCTS |
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|
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ISSUED AND PAID UP CAPITAL |
: |
3,000,000.00 ORDINARY SHARE, OF A VALUE OF
SGD 3,000,000.00 |
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|
|
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SALES |
: |
USD 65,735,330 [2014] |
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NET WORTH |
: |
USD 7,680,975 [2014] |
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|
|
|
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STAFF STRENGTH |
: |
79 [2015] |
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LITIGATION |
: |
CLEAR |
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FINANCIAL CONDITION |
: |
STRONG |
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PAYMENT |
: |
GOOD |
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MANAGEMENT CAPABILITY |
: |
AVERAGE |
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COMMERCIAL RISK |
: |
LOW |
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CURRENCY EXPOSURE |
: |
MODERATE |
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GENERAL REPUTATION |
: |
SATISFACTORY |
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
HISTORY / BACKGROUND |
As a public limited company, the Subject must have at least one shareholder but there is no limit on the maximum number of shareholders. The Subject must have at least two directors. A public 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, suing or be sued by other companies. The liabilities of the shareholders are only up 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 must file in its annual return, together with its financial statements with the Registrar of Companies.
The Subject is principally engaged in the (as a / as an) trading of chemicals and chemical products.
The immediate holding company of the Subject is MITSUI CHEMICALS INCORPORATION, a company incorporated in JAPAN.
Share Capital History
|
Date |
Authorised
Shared Capital |
Issue & Paid
Up Capital |
|
09/02/2015 |
SGD 3,000,000.00 |
SGD 3,000,000.00 |
The major shareholder(s) of the Subject are
shown as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
MITSUI CHEMICALS INCORPORATION |
SHIDOME CITY CENTER, 1-5-2,
HIGASHI-SHIMBASHI, MINATO-KU, TOKYO, 105-7117, JAPAN. |
T03UF0448 |
3,000,000.00 |
100.00 |
|
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|
--------------- |
------ |
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|
3,000,000.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
DIRECTORS |
DIRECTOR 1
|
Name Of Subject |
: |
SHIGEHARU MATSUZAKA |
|
Address |
: |
3 HARBOURFRONT PLACE, 10-01, HARBOURFRONT
TOWER TWO, 099254, SINGAPORE. |
|
IC / PP No |
: |
G5399733W |
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|
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|
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Nationality |
: |
SINGAPOREAN |
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Date of Appointment |
: |
01/04/2013 |
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DIRECTOR 2
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Name Of Subject |
: |
YASUSHI NAWA |
|
Address |
: |
3, HARBOURFRONT PLACE, 10-01, HARBOURFRONT
TOWER TWO, 099254, SINGAPORE. |
|
IC / PP No |
: |
G5954943Q |
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Nationality |
: |
JAPANESE |
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Date of Appointment |
: |
01/04/2012 |
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DIRECTOR 3
|
Name Of Subject |
: |
AKIRA SATO |
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Address |
: |
3 HARBOURFRONT PLACE, 10-01, HARBOURFRONT
TOWER TWO, 099254, SINGAPORE. |
|
IC / PP No |
: |
G5107598L |
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Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
01/10/2011 |
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DIRECTOR 4
|
Name Of Subject |
: |
SOH KIM PHEOH |
|
Address |
: |
124 JURONG EAST STREET 13, 11-13, IVORY
HEIGHTS, 600124, SINGAPORE. |
|
IC / PP No |
: |
S1155734A |
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Nationality |
: |
SINGAPOREAN |
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Date of Appointment |
: |
01/08/2012 |
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DIRECTOR 5
|
Name Of Subject |
: |
TORU MORITA |
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Address |
: |
4-13-12-303, HIGASHI-CHO, KOGANEI CITY,
TOKYO 184-0011, JAPAN. |
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IC / PP No |
: |
TH0697445 |
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Nationality |
: |
JAPANESE |
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Date of Appointment |
: |
01/04/2014 |
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MANAGEMENT |
|
1) |
Name of Subject |
: |
TORU MORITA |
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Position |
: |
DIRECTOR |
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AUDITOR |
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Auditor |
: |
ERNST & YOUNG LLP |
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Auditor' Address |
: |
N/A |
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COMPANY SECRETARIES |
|
1) |
Company Secretary |
: |
ABDUL JABBAR BIN KARAM DIN |
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IC / PP No |
: |
S6936625B |
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Address |
: |
21, SIGLAP HILL, FARNKEL ESTATE, 456076, SINGAPORE. |
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2) |
Company Secretary |
: |
MIYOKO UENO |
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IC / PP No |
: |
S2206586F |
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Address |
: |
512, UPPER EAST COAST ROAD, 466537, SINGAPORE. |
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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 |
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SOURCES OF RAW MATERIALS: |
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Local |
: |
N/A |
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Overseas |
: |
N/A |
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The Subject refused to disclose any information on its trade 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 |
[ |
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] |
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Good 31-60 Days |
[ |
X |
] |
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Average 61-90 Days |
[ |
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] |
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Fair 91-120 Days |
[ |
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] |
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Poor >120 Days |
[ |
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] |
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CLIENTELE |
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Local |
: |
YES |
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Domestic Markets |
: |
SINGAPORE |
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Overseas |
: |
YES |
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Export Market |
: |
ASIA |
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Credit Term |
: |
N/A |
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Payment Mode |
: |
CHEQUES |
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OPERATIONS |
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Goods Traded |
: |
CHEMICALS AND CHEMICAL PRODUCTS
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Total Number of Employees: |
|||||||||
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YEAR |
2015 |
2013 |
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GROUP |
N/A |
N/A |
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COMPANY |
79 |
0 |
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Branch |
: |
NO
|
Other Information:
The Subject is principally engaged in the (as a / as an) trading of chemicals
and chemical products.
The Subject refused to disclose any information on its business operations.
CURRENT INVESTIGATION |
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-65342611 |
|
Match |
: |
N/A |
|
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|
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|
Address Provided by Client |
: |
3, HARBOURFRONT PLACE, 10-01, HARBOURFRONT
TOWER 2,099254,SINGAPORE |
|
Current Address |
: |
3, HARBOURFRONT PLACE, 10-01, HARBOURFRONT
TOWER 2, 099254, SINGAPORE. |
|
Match |
: |
YES |
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|
Other
Investigations
We contacted one of the staff from the Subject and she provided some
information.
FINANCIAL ANALYSIS |
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Profitability |
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Turnover |
: |
Decreased |
[ |
16.08% |
] |
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|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
27.38% |
] |
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|
Return on Shareholder Funds |
: |
Acceptable |
[ |
23.75% |
] |
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|
Return on Net Assets |
: |
Acceptable |
[ |
25.77% |
] |
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|
The lower turnover could be due to the intense market competition. 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. |
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Working Capital
Control |
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Stock Ratio |
: |
Favourable |
[ |
0 Days |
] |
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|
Debtor Ratio |
: |
Favourable |
[ |
32 Days |
] |
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|
Creditors Ratio |
: |
Favourable |
[ |
2 Days |
] |
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The Subject's stocks were moving fast thus reducing its holding cost. This
had reduced funds being tied up in stocks. The favourable debtors' days could
be due to the good credit control measures implemented by the Subject. 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. |
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Liquidity |
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Liquid Ratio |
: |
Favourable |
[ |
1.52 Times |
] |
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|
Current Ratio |
: |
Unfavourable |
[ |
1.53 Times |
] |
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|
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. |
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Solvency |
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Interest Cover |
: |
Nil |
[ |
0.00 Times |
] |
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|
Gearing Ratio |
: |
Favourable |
[ |
0.00 Times |
] |
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|
The Subject's interest cover was nil as it did not pay any interest
during the year. 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. |
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Overall
Assessment : |
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|
The Subject's performance deteriorated over the years with lower
turnover and profit. 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 did not make any interest payment during the year.
The Subject was dependent on its shareholders' funds to finance its business
needs. 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. |
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Overall
financial condition of the Subject : STRONG |
||||||
SINGAPORE ECONOMIC / INDUSTRY OUTLOOK |
|
|
|
Major Economic
Indicators : |
2009 |
2010 |
2011 |
2012 |
2013 |
|
|
|
|
|
|
|
|
Population (Million) |
4.98 |
5.08 |
5.18 |
5.31 |
5.40 |
|
Gross Domestic Products ( % ) |
(0.8) |
14.5 |
4.9 |
1.3 |
3.7 |
|
Consumer Price Index |
0.6 |
2.8 |
5.2 |
4.6 |
2.4 |
|
Total Imports (Million) |
356,299.3 |
423,221.8 |
459,655.1 |
474,554.0 |
466,762.0 |
|
Total Exports (Million) |
391,118.1 |
478,840.7 |
514,741.2 |
510,329.0 |
513,391.0 |
|
|
|
|
|
|
|
|
Unemployment Rate (%) |
3.2 |
2.2 |
2.1 |
2.0 |
1.9 |
|
Tourist Arrival (Million) |
9.68 |
11.64 |
13.17 |
14.49 |
15.46 |
|
Hotel Occupancy Rate (%) |
75.8 |
85.6 |
86.5 |
86.4 |
86.3 |
|
Cellular Phone Subscriber (Million) |
1.37 |
1.43 |
1.50 |
1.52 |
1.97 |
|
|
|
|
|
|
|
|
Registration of New Companies (No.) |
26,414 |
29,798 |
32,317 |
31,892 |
37,288 |
|
Registration of New Companies (%) |
4.3 |
12.8 |
8.5 |
(1.3) |
9.8 |
|
Liquidation of Companies (No.) |
22,393 |
15,126 |
19,005 |
17,218 |
17,369 |
|
Liquidation of Companies (%) |
113.4 |
(32.5) |
25.6 |
9.4 |
(5.3) |
|
|
|
|
|
|
|
|
Registration of New Businesses (No.) |
26,876 |
23,978 |
23,494 |
24,788 |
22,893 |
|
Registration of New Businesses (%) |
8.15 |
(10.78) |
2.02 |
5.51 |
1.70 |
|
Liquidation of Businesses (No.) |
23,552 |
24,211 |
23,005 |
22,489 |
22,598 |
|
Liquidation of Businesses (%) |
11.4 |
2.8 |
(5) |
(2.2) |
0.5 |
|
|
|
|
|
|
|
|
Bankruptcy Orders (No.) |
2,058 |
1,537 |
1,527 |
1,748 |
1,992 |
|
Bankruptcy Orders (%) |
(11.5) |
(25.3) |
(0.7) |
14.5 |
14.0 |
|
Bankruptcy Discharges (No.) |
3,056 |
2,252 |
1,391 |
1,881 |
2,584 |
|
Bankruptcy Discharges (%) |
103.7 |
(26.3) |
(38.2) |
35.2 |
37.4 |
|
|
|
|
|
|
|
|
INDUSTRIES ( %
of Growth ) : |
|
|
|
|
|
|
Agriculture |
|
|
|
|
|
|
Production of Principal Crops |
3.25 |
(0.48) |
4.25 |
3.64 |
- |
|
Fish Supply & Wholesale |
(1.93) |
(10.5) |
12.10 |
(0.5) |
- |
|
|
|
|
|
|
|
|
Manufacturing * |
71.5 |
92.8 |
100.0 |
100.3 |
102.0 |
|
Food, Beverages & Tobacco |
90.4 |
96.4 |
100.0 |
103.5 |
103.5 |
|
Textiles |
145.9 |
122.1 |
100.0 |
104.0 |
87.1 |
|
Wearing Apparel |
211.0 |
123.3 |
100.0 |
92.1 |
77.8 |
|
Leather Products & Footwear |
79.5 |
81.8 |
100.0 |
98.6 |
109.8 |
|
Wood & Wood Products |
101.4 |
104.0 |
100.0 |
95.5 |
107.4 |
|
Paper & Paper Products |
95.4 |
106.1 |
100.0 |
97.4 |
103.2 |
|
Printing & Media |
100.9 |
103.5 |
100.0 |
93.0 |
86.1 |
|
Crude Oil Refineries |
96.4 |
95.6 |
100.0 |
99.4 |
93.5 |
|
Chemical & Chemical Products |
80.3 |
97.6 |
100.0 |
100.5 |
104.1 |
|
Pharmaceutical Products |
49.1 |
75.3 |
100.0 |
109.7 |
107.2 |
|
Rubber & Plastic Products |
101.2 |
112.3 |
100.0 |
96.5 |
92.9 |
|
Non-metallic Mineral |
91.9 |
92.5 |
100.0 |
98.2 |
97.6 |
|
Basic Metals |
92.6 |
102.2 |
100.0 |
90.6 |
76.5 |
|
Fabricated Metal Products |
90.8 |
103.6 |
100.0 |
104.3 |
105.1 |
|
Machinery & Equipment |
57.3 |
78.5 |
100.0 |
112.9 |
114.5 |
|
Electrical Machinery |
86.8 |
124.1 |
100.0 |
99.3 |
108.5 |
|
Electronic Components |
85.2 |
113.6 |
100.0 |
90.6 |
94.3 |
|
Transport Equipment |
96.0 |
94.0 |
100.0 |
106.3 |
107.5 |
|
|
|
|
|
|
|
|
Construction |
(36.9) |
14.20 |
20.50 |
28.70 |
- |
|
Real Estate |
1.4 |
21.3 |
25.4 |
31.9 |
- |
|
|
|
|
|
|
|
|
Services |
|
|
|
|
|
|
Electricity, Gas & Water |
1.70 |
4.00 |
7.00 |
6.30 |
- |
|
Transport, Storage & Communication |
3.90 |
12.80 |
7.40 |
5.30 |
- |
|
Finance & Insurance |
(16.4) |
(0.4) |
8.90 |
0.50 |
- |
|
Government Services |
4.50 |
9.70 |
6.90 |
6.00 |
- |
|
Education Services |
0.10 |
(0.9) |
(1.4) |
0.30 |
- |
|
|
|
|
|
|
|
|
* Based on Index of Industrial Production
(2011 = 100) |
|
|
|
|
|
INDUSTRY ANALYSIS |
|
INDUSTRY : |
TRADING |
|
|
|
|
|
|
|
The wholesale and retail trade sectors have expanded by 2.0% in the
third quarter of 2014, extending the 1.8 per cent growth in the previous
quarter. In 2013, the wholesale and retail sector expanded by 5.0%, after
declining by 1.4% the year before. Growth of the sector was driven by the
wholesale trade segment. |
|
|
|
|
|
The domestic wholesale trade index has increased by 3.2% in the fourth
quarter of 2013, moderating from the 6.6% growth in the previous quarter. The
slower growth was due to a decline in the sales of furniture and household
equipment (-12%) and petroleum and petroleum products (-0.6%). For the full
year, the domestic wholesale trade index grew by 5.2% reversing the 2.2%
decline in 2012. On the other hand, the foreign wholesale trade index has
increased by a slower pace of 5.6% in the fourth quarter, compared to the
7.7% expansion in the preceding quarter. The slowdown was due to a fall in
the sales of telecommunication equipment and computer (-3.8%) and petroleum
and petroleum products (-2.5%). For the full year, the growth of the foreign
wholesale trade index moderated slightly to 8.6% from 9.1% in the previous
year. |
|
|
|
|
|
In the fourth quarter of 2013, retail sales volume fell by 6.2%,
extending the 5.6% decline in the previous quarter. Excluding motor vehicles,
retail sales volume increased by 0.4%, a slower pace of expansion as compared
to the 1.6% gain in the preceding quarter. The sales volume of motor vehicles
fell by 33% in the fourth quarter of 2013, extending the 32% decline in the previous
quarter. Meanwhile, the sales of several discretionary items also fell in the
fourth quarter of 2013. For instance, the sales of telecommunications
apparatus and computers fell by 12%, while the sales of furniture and
household equipment declined by 5.4%. |
|
|
|
|
|
For the full year, retail sales volume contracted by 4.3%, a reversal
from the 1.3% expansion in 2012. Excluding motor vehicle sales, the retail
sales volume grew by 1.1% in 2013, slower than the 1.7% increase in 2012. Watches
and jewellery recorded the largest increase (11%) in sales in 2013, followed
by optical goods and book (3%) and medical goods and toiletries (3%). By
contrast, the sales of telecommunications apparatus and computer (-7.3%),
furniture and household equipment (-4.2%) and petrol service stations (-1.4)
declined in 2013. |
|
|
|
|
|
OVERALL INDUSTRY
OUTLOOK : AVERAGE GROWTH |
|
CREDIT RISK EVALUATION & RECOMMENDATION |
|
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.
Being a moderate size company, the Subject has a total workforce of 79
employees in its business 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. The Subject's business performance showed
a reverse trend as both its turnover and pre-tax profit have decreased
compared to the previous year. Return on shareholders' funds of the Subject
was at a favourable range which indicated that the management was efficient
in utilising its funds to generate income. The Subject is in good liquidity
position with its current liabilities well covered by it current assets.
Hence, it has sufficient working capital to meet its short term financial
obligations. Being a 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 7,680,975, the Subject
should be able to maintain its business in the near terms. Having a strong assets backing, the
Subject possesses latent assets as collateral for further financial
extension. Hence, it has good chance of getting loans if the needs arises. Overall, the Subject's payment habit is
good as the Subject has a good credit control and it could be taking
advantage of the cash discounts while maintaining a good reputation with its
creditors. The industry shows an upward trend and
this trend is very likely to sustain in the near terms. Hence, the Subject is
expected to benefit from the favourable outlook of the industry. In view of the above favourable condition,
we recommend credit be proceeded to the Subject with favourable term. |
|
|
PROFIT AND LOSS ACCOUNT |
|
|
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING
STANDARDS. |
|
MITSUI CHEMICALS
ASIA PACIFIC, LTD. |
|
Financial Year End |
2014-03-31 |
2013-03-31 |
2011-12-31 |
2010-12-31 |
2009-12-31 |
|
Months |
12 |
15 |
12 |
12 |
12 |
|
Consolidated Account |
Company |
Company |
Company |
Company |
Company |
|
Audited Account |
YES |
YES |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean
Opinion) |
YES |
YES |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
SUMMARY |
SUMMARY |
|
Currency |
USD |
USD |
USD |
SGD |
SGD |
|
|
|
|
|
|
|
|
TURNOVER |
65,735,330 |
78,327,407 |
44,050,190 |
42,466,233 |
24,798,933 |
|
Other Income |
296,158 |
598,410 |
375,671 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Total Turnover |
66,031,488 |
78,925,817 |
44,425,861 |
42,466,233 |
24,798,933 |
|
Costs of Goods Sold |
(48,397,412) |
(56,253,564) |
(28,928,226) |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Gross Profit |
17,634,076 |
22,672,253 |
15,497,635 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
2,060,842 |
2,837,684 |
1,466,276 |
1,690,189 |
605,033 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
2,060,842 |
2,837,684 |
1,466,276 |
1,690,189 |
605,033 |
|
Taxation |
(236,413) |
(77,272) |
(105,229) |
(506,656) |
(104,959) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
1,824,429 |
2,760,412 |
1,361,047 |
1,183,534 |
500,074 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS)
BROUGHT FORWARD |
|
|
|
|
|
|
As previously reported |
5,695,944 |
8,217,532 |
7,856,485 |
6,672,951 |
6,172,877 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
As restated |
5,695,944 |
8,217,532 |
7,856,485 |
6,672,951 |
6,172,877 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
7,520,373 |
10,977,944 |
9,217,532 |
7,856,485 |
6,672,951 |
|
DIVIDENDS - Ordinary (paid & proposed) |
(1,572,000) |
(5,282,000) |
(1,000,000) |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
5,948,373 |
5,695,944 |
8,217,532 |
7,856,485 |
6,672,951 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
BALANCE SHEET |
|
|
|
MITSUI CHEMICALS
ASIA PACIFIC, LTD. |
|
ASSETS EMPLOYED: |
|
|
|
|
|
|
FIXED ASSETS |
1,284,790 |
1,683,675 |
975,539 |
3,518,519 |
1,935,735 |
|
|
|
|
|
|
|
|
Others |
39,033 |
39,033 |
39,033 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
39,033 |
39,033 |
39,033 |
- |
- |
|
|
|
|
|
|
|
|
Own goodwill |
72,000 |
- |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL INTANGIBLE ASSETS |
72,000 |
- |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
1,395,823 |
1,722,708 |
1,014,572 |
3,518,519 |
1,935,735 |
|
|
|
|
|
|
|
|
Stocks |
76,538 |
- |
- |
- |
- |
|
Trade debtors |
5,757,362 |
8,433,110 |
4,123,298 |
- |
- |
|
Other debtors, deposits & prepayments |
530,411 |
543,984 |
450,693 |
- |
- |
|
Short term deposits |
7,300,000 |
7,070,000 |
9,943,005 |
- |
- |
|
Amount due from holding company |
1,573,690 |
1,514,776 |
1,228,034 |
- |
- |
|
Amount due from related companies |
1,493,263 |
1,485,648 |
1,371,836 |
- |
- |
|
Cash & bank balances |
2,412,785 |
2,822,992 |
498,084 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
19,144,049 |
21,870,510 |
17,614,950 |
35,202,319 |
37,917,031 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL ASSET |
20,539,872 |
23,593,218 |
18,629,522 |
38,720,838 |
39,852,767 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
|
Trade creditors |
315,436 |
385,743 |
454,303 |
- |
- |
|
Other creditors & accruals |
2,463,360 |
2,328,013 |
1,417,245 |
- |
- |
|
Amounts owing to holding company |
6,500,168 |
10,012,544 |
588,084 |
- |
- |
|
Amounts owing to related companies |
3,026,081 |
2,899,154 |
5,701,447 |
- |
- |
|
Provision for taxation |
239,097 |
230,628 |
325,000 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
12,544,142 |
15,856,082 |
8,486,079 |
26,376,271 |
28,743,207 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
6,599,907 |
6,014,428 |
9,128,871 |
8,826,048 |
9,173,825 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL NET ASSETS |
7,995,730 |
7,737,136 |
10,143,443 |
12,344,567 |
11,109,560 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
SHARE CAPITAL |
|
|
|
|
|
|
Ordinary share capital |
1,732,602 |
1,732,602 |
1,732,602 |
3,000,000 |
3,000,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
1,732,602 |
1,732,602 |
1,732,602 |
3,000,000 |
3,000,000 |
|
|
|
|
|
|
|
|
Retained profit/(loss) carried forward |
5,948,373 |
5,695,944 |
8,217,532 |
7,856,485 |
6,672,951 |
|
Others |
- |
- |
- |
0 |
0 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL RESERVES |
5,948,373 |
5,695,944 |
8,217,532 |
9,134,990 |
7,951,456 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
7,680,975 |
7,428,546 |
9,950,134 |
12,134,990 |
10,951,456 |
|
|
|
|
|
|
|
|
Deferred taxation |
53,398 |
53,398 |
53,978 |
- |
- |
|
Others |
261,357 |
255,192 |
139,331 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
314,755 |
308,590 |
193,309 |
209,577 |
158,104 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
7,995,730 |
7,737,136 |
10,143,443 |
12,344,567 |
11,109,560 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
FINANCIAL RATIO |
|
|
|
MITSUI CHEMICALS
ASIA PACIFIC, LTD. |
|
TYPES OF FUNDS |
|
|
|
|
|
|
Cash |
9,712,785 |
9,892,992 |
10,441,089 |
- |
- |
|
Net Liquid Funds |
9,712,785 |
9,892,992 |
10,441,089 |
- |
- |
|
Net Liquid Assets |
6,523,369 |
6,014,428 |
9,128,871 |
8,826,048 |
9,173,824 |
|
Net Current Assets/(Liabilities) |
6,599,907 |
6,014,428 |
9,128,871 |
8,826,048 |
9,173,824 |
|
Net Tangible Assets |
7,923,730 |
7,737,136 |
10,143,443 |
12,344,567 |
11,109,560 |
|
Net Monetary Assets |
6,208,614 |
5,705,838 |
8,935,562 |
8,616,471 |
9,015,720 |
|
BALANCE SHEET
ITEMS |
|
|
|
|
|
|
Total Borrowings |
0 |
0 |
0 |
- |
- |
|
Total Liabilities |
12,858,897 |
16,164,672 |
8,679,388 |
26,585,848 |
28,901,311 |
|
Total Assets |
20,539,872 |
23,593,218 |
18,629,522 |
38,720,838 |
39,852,766 |
|
Net Assets |
7,995,730 |
7,737,136 |
10,143,443 |
12,344,567 |
11,109,560 |
|
Net Assets Backing |
7,680,975 |
7,428,546 |
9,950,134 |
12,134,990 |
10,951,455 |
|
Shareholders' Funds |
7,680,975 |
7,428,546 |
9,950,134 |
12,134,990 |
10,951,456 |
|
Total Share Capital |
1,732,602 |
1,732,602 |
1,732,602 |
3,000,000 |
3,000,000 |
|
Total Reserves |
5,948,373 |
5,695,944 |
8,217,532 |
9,134,990 |
7,951,456 |
|
LIQUIDITY
(Times) |
|
|
|
|
|
|
Cash Ratio |
0.77 |
0.62 |
1.23 |
- |
- |
|
Liquid Ratio |
1.52 |
1.38 |
2.08 |
- |
- |
|
Current Ratio |
1.53 |
1.38 |
2.08 |
1.33 |
1.32 |
|
WORKING CAPITAL
CONTROL (Days) |
|
|
|
|
|
|
Stock Ratio |
0 |
0 |
0 |
- |
- |
|
Debtors Ratio |
32 |
39 |
34 |
- |
- |
|
Creditors Ratio |
2 |
3 |
6 |
- |
- |
|
SOLVENCY RATIOS
(Times) |
|
|
|
|
|
|
Gearing Ratio |
0.00 |
0.00 |
0.00 |
- |
- |
|
Liabilities Ratio |
1.67 |
2.18 |
0.87 |
2.19 |
2.64 |
|
Times Interest Earned Ratio |
0.00 |
0.00 |
0.00 |
- |
- |
|
Assets Backing Ratio |
4.57 |
4.47 |
5.85 |
4.11 |
3.70 |
|
PERFORMANCE
RATIO (%) |
|
|
|
|
|
|
Operating Profit Margin |
3.14 |
3.62 |
3.33 |
3.98 |
2.44 |
|
Net Profit Margin |
2.78 |
3.52 |
3.09 |
2.79 |
2.02 |
|
Return On Net Assets |
25.77 |
36.68 |
14.46 |
13.69 |
5.45 |
|
Return On Capital Employed |
25.54 |
36.68 |
14.46 |
13.69 |
5.45 |
|
Return On Shareholders' Funds/Equity |
23.75 |
37.16 |
13.68 |
9.75 |
4.57 |
|
Dividend Pay Out Ratio (Times) |
0.86 |
1.91 |
0.73 |
- |
- |
|
NOTES TO
ACCOUNTS |
|
|
|
|
|
|
Contingent Liabilities |
0 |
0 |
0 |
|
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 61.73 |
|
|
1 |
Rs. 94.65 |
|
Euro |
1 |
Rs. 70.78 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
DPT |
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.