|
Report No. : |
306392 |
|
Report Date : |
14.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
SUMITOMO CORPORATION ASIA & OCEANIA PTE.
LTD. |
|
|
|
|
Formerly Known as : |
SUMITOMO CORPORATION ASIA PTE. LTD. |
|
|
|
|
Registered Office : |
60 Anson Road #05-01 Mapletree Anson, 079914 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation : |
27.04.1991 |
|
|
|
|
Com. Reg. No.: |
199101899-M |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Engaged in trading of plastic, chemicals
as well as Petroleum & carbon |
|
|
|
|
No of Employees : |
200 (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 |
* Adopted abbreviations : |
SC - Subject Company (the company enquired
by you) |
|
|
N/A - Not Applicable |
|
REGISTRATION NO. |
: |
199101899-M |
||||
|
COMPANY NAME |
: |
SUMITOMO
CORPORATION ASIA & OCEANIA PTE. LTD. |
||||
|
FORMER NAME |
: |
SUMITOMO CORPORATION ASIA PTE. LTD.
(01/10/2013) |
||||
|
INCORPORATION DATE |
: |
27/04/1991 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
60 ANSON ROAD #05-01 MAPLETREE ANSON,
079914, SINGAPORE. |
||||
|
BUSINESS ADDRESS |
: |
60 ANSON ROAD #4-01/04 & #05-01/04
MAPLETREE ANSON, 079914, SINGAPORE. |
||||
|
TEL.NO. |
: |
65-65300031 |
||||
|
FAX.NO. |
: |
65-65386526 |
||||
|
CONTACT PERSON |
: |
KOHEI HIRAO ( MANAGING DIRECTOR ) |
||||
|
PRINCIPAL ACTIVITY |
: |
Engaged
in trading of plastic, chemicals as well as Petroleum & carbon |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
206,939,269.00 ORDINARY SHARE, OF A VALUE
OF SGD 206,939,269.00 |
||||
|
SALES |
: |
USD 126,958,000 [2014] |
||||
|
NET WORTH |
: |
USD 423,885,000 [2014] |
||||
|
STAFF STRENGTH |
: |
200 (2014) |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
FAIR |
||||
|
PAYMENT |
: |
Slow but Correct |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
LOW |
||||
|
CURRENCY EXPOSURE |
: |
MODERATE |
||||
|
GENERAL REPUTATION |
: |
SATISFACTORY |
||||
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
||||
The Subject is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the Subject is insolvent. The Subject is governed by the Companies Act and the company must file its annual returns, together with its financial statements with the Registrar of Companies.
The Subject is principally engaged in the (as a / as an) trading of plastic, chemicals as well as Petroleum & carbon
The immediate holding company of the Subject is SUMMIT GLOBAL MANAGEMENT II B.V., a company incorporated in NETHERLANDS.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
04/12/2014 |
SGD 206,939,269.00 & USD 110,229,943.00 |
|
13/11/2014 |
USD 206,939,269.00 & SGD 110,229,943.00 |
The major
shareholder(s) of the Subject are shown as follows :
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
SUMMIT GLOBAL MANAGEMENT II B.V. |
STRAWINSKYLAAN 917, 1077XX, THE AMSTERDAM, NETHERLANDS. |
T05UF1977 |
317,169,212.00 |
100.00 |
|
--------------- |
------ |
|||
|
317,169,212.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject's
interest in other companies (Subsidiaries/Associates) are shown as follow :
Local No |
Country |
Company |
(%) |
As At |
|
199508404N |
SINGAPORE |
SUMITOMO CORPORATION CAPITAL ASIA PTE. LTD. |
100.00 |
26/11/2014 |
|
200106969E |
SINGAPORE |
SC ASIAN TUBULAR SUPPLY PTE LTD |
60.00 |
26/11/2014 |
|
201009540N |
SINGAPORE |
OMS HOLDINGS PTE. LTD. |
60.00 |
26/11/2014 |
|
199403370Z |
SINGAPORE |
PETRO SUMMIT PTE. LTD. |
20.00 |
26/11/2014 |
|
199301030H |
SINGAPORE |
CITRA SUMIT VALIND INVESTMENTS PTE LTD |
6.00 |
26/11/2014 |
|
199200708Z |
SINGAPORE |
VAM FAR EAST PTE LTD |
4.08 |
26/11/2014 |
DIRECTOR 1
|
Name Of Subject |
: |
KOHEI HIRAO |
|
Address |
: |
11, ARDMORE PARK, 12-01, ARDMORE PARK, 259957, SINGAPORE. |
|
IC / PP No |
: |
G5278352L |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
21/05/2012 |
DIRECTOR 2
|
Name Of Subject |
: |
MASARU SHIOMI |
|
Address |
: |
30, KEPPEL BAY DRIVE, 09-42, CARIBBEAN AT KEPPEL BAY, 098650, SINGAPORE. |
|
IC / PP No |
: |
G5408246R |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
18/04/2013 |
DIRECTOR 3
|
Name Of Subject |
: |
TAKUYA OKADA |
|
Address |
: |
96, SOMERSET ROAD, 11-12, 238163, SINGAPORE. |
|
IC / PP No |
: |
F1817276M |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
07/05/2014 |
|
1) |
Name of Subject |
: |
KOHEI HIRAO |
|
Position |
: |
MANAGING DIRECTOR |
|
Auditor |
: |
KPMG LLP |
|
Auditor' Address |
: |
N/A |
|
1) |
Company Secretary |
: |
LOW SIEW TIAN |
|
IC / PP No |
: |
S6963151G |
|
|
Address |
: |
453, TAMPINES STREET, 42, 11-204, 520453, SINGAPORE. |
|
|
2) |
Company Secretary |
: |
CHAN LAI YIN |
|
IC / PP No |
: |
S7480587F |
|
|
Address |
: |
26, SIMEI STREET, 1, 11-08, MELVILLE PARK, 529947, SINGAPORE. |
|
Banking relations are maintained principally
with :
|
1) |
Name |
: |
THE SUMITOMO BANK LTD |
No encumbrance was found in our databank at the
time of investigation.
* 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.
|
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 |
[ |
] |
||||||
|
Fair 91-120 Days |
[ |
] |
Poor >120 Days |
[ |
X |
] |
||||||||
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
ASIA |
|||
|
Credit Term |
: |
N/A |
|||
|
Payment Mode |
: |
N/A |
|||
|
Type of Customer |
: |
CHEMICAL INDUSTRY,PETROCHEMICAL INDUSTRIES |
|||
|
Goods Traded |
: |
PLASTIC, CHEMICALS AND OTHER RELATED
PRODUCTS |
|
|
Ownership of premises |
: |
LEASED/RENTED |
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2014 |
2013 |
2012 |
2011 |
|||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
|||||
|
COMPANY |
200 |
200 |
170 |
170 |
|||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) trading of Plastic, Chemicals as well
as Petroleum & Carbon
The
Subject's business areas are as follows:
* Chemicals
- organic chemicals department
- inorganic, agri-science and specialty
chemicals department
- mainly export to asian region
*
Plastics
- serves asia pacific region
- has 6 joint venture companies in china,
indonesia, malaysia, india, vietname and oman
*
Petroleum & carbon
- crude oil
- trade with asian countries (vietnam &
malaysia, and middle east)
- petroleum products
- trade with taiwan, thailand, vietnam,
indonesia, myanmar and middle east
- fuel oil operations
- joint venture of blending and storage
operation at vopak terminal in 2001
- import from india, middle east & europe
and export to vietnam, australia, china, etc
- bunker
- provides bunker supply services not only to
vessels calling at singapore but also to other major ports
The
Subject is a member of the following entities:
* Japanese chamber of commerce &
industry
* Singapore international chambers of commerce
* Singapore chinese chambers of commerce &
industry
* Singapore plastic industry association
* Singapore manufacturers' federation
* Singapore chemical industry council
Latest fresh
investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-65300031 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
60 ANSON ROAD #4-01/04 & #05-01/04
MAPLETREE ANSON SINGAPORE |
|
Current Address |
: |
60 ANSON ROAD #4-01/04 & #05-01/04
MAPLETREE ANSON, 079914, SINGAPORE. |
|
Match |
: |
YES |
Other
Investigations
we
contacted one of the staff from the Subject and she provided some information.
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2010 – 2014 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2010 – 2014 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
8.26% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
10.60% |
] |
|
|
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
unfavourable return on shareholders’ funds could indicate that the Subject
was inefficient in tilizing its assets to generate returns. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Unfavourable |
[ |
350 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
822 Days |
] |
|
|
Creditors Ratio |
: |
Unfavourable |
[ |
1789 Days |
] |
|
|
The Subject could be incurring higher holding cost. As its capital was
tied up in stocks, it could face liquidity problems. 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 |
: |
Unfavourable |
[ |
0.66 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
0.84 Times |
] |
|
|
A low liquid ratio means that the Subject may be facing working
capital deficiency. If the Subject cannot obtain additional financing or
injection of fresh capital, it may face difficulties in meeting its short
term obligations. |
||||||
|
Solvency |
||||||
|
Interest Cover |
: |
Favourable |
[ |
10.29 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.03 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 : |
||||||
|
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. Due to its weak liquidity position,
the Subject will be faced with problems in meeting all its short term
obligations if no short term loan is obtained or additional capital injected
into the Subject. 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 |
||||||
|
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 : |
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 |
|
|
Incorporated in 1991, the Subject is a
Private Limited company, focusing on trading of plastic, chemicals and other
related products. The Subject has been in business for over two decades. It
has built up a strong clientele base and satisfactory reputation will enable
the Subject to further enhance its business in the near term. The
Subject is expected to enjoy a stable market shares. The Subject is a large
entity with strong capital position of SGD 206,939,269 & USD 110,229,943.
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.
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. The Subject has generated an unfavourable
return on shareholders' funds indicating that the management was inefficient
in utilising its funds to generate return. Due to its weak liquidity
position, the Subject may face working capital deficiency in meeting its
short term financial obligations if no fresh capital are injected into the
Subject. Being a lowly geared company, the Subject is exposed to low
financial risk as it is mainly dependent on its internal funds to finance its
business needs. Given a positive net worth standing at USD 423,885,000, the Subject
should be able to maintain its business in the near terms. 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. Based on the above condition, we recommend
credit be granted to the Subject normally. |
|
|
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING
STANDARDS. |
|
SUMITOMO
CORPORATION ASIA & OCEANIA 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 |
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 |
FULL |
FULL |
|
Currency |
USD |
USD |
USD |
USD |
USD |
|
TURNOVER |
126,958,000 |
139,518,000 |
124,625,000 |
106,507,000 |
85,172,000 |
|
Other Income |
15,230,000 |
12,248,000 |
18,412,000 |
12,436,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
142,188,000 |
151,766,000 |
143,037,000 |
118,943,000 |
85,172,000 |
|
Costs of Goods Sold |
(25,336,000) |
(40,306,000) |
(31,427,000) |
(27,727,000) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
116,852,000 |
111,460,000 |
111,610,000 |
91,216,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
40,625,000 |
44,015,000 |
49,279,000 |
25,445,000 |
49,334,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
40,625,000 |
44,015,000 |
49,279,000 |
25,445,000 |
49,334,000 |
|
Taxation |
(5,627,000) |
(6,718,000) |
(6,793,000) |
(5,189,000) |
(3,114,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
34,998,000 |
37,297,000 |
42,486,000 |
20,256,000 |
46,220,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
166,495,000 |
171,549,000 |
141,227,000 |
134,251,000 |
112,729,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
166,495,000 |
171,549,000 |
141,227,000 |
134,251,000 |
112,729,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
201,493,000 |
208,846,000 |
183,713,000 |
154,507,000 |
158,949,000 |
|
DIVIDENDS - Ordinary (paid & proposed) |
(38,050,000) |
(42,351,000) |
(12,164,000) |
(13,280,000) |
(24,698,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
163,443,000 |
166,495,000 |
171,549,000 |
141,227,000 |
134,251,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE
(as per notes to P&L) |
|||||
|
Loan from associated companies |
22,000 |
- |
- |
- |
- |
|
Loan from holding company |
49,000 |
82,000 |
34,000 |
- |
- |
|
Loan from subsidiary companies |
4,019,000 |
2,133,000 |
1,439,000 |
996,000 |
638,000 |
|
Term loan / Borrowing |
- |
- |
199,000 |
32,000 |
7,000 |
|
Others |
285,000 |
295,000 |
- |
64,000 |
228,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
4,375,000 |
2,510,000 |
1,672,000 |
1,092,000 |
873,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
SUMITOMO
CORPORATION ASIA & OCEANIA PTE. LTD. |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
4,652,000 |
4,638,000 |
5,356,000 |
6,114,000 |
10,811,000 |
|
LONG TERM
INVESTMENTS/OTHER ASSETS |
|||||
|
Subsidiary companies |
421,549,000 |
326,529,000 |
184,022,000 |
184,022,000 |
148,022,000 |
|
Associated companies |
28,760,000 |
26,805,000 |
26,805,000 |
29,061,000 |
4,739,000 |
|
Investments |
72,449,000 |
71,328,000 |
- |
- |
- |
|
Deferred assets |
57,000 |
33,000 |
- |
- |
243,000 |
|
Others |
- |
- |
15,554,000 |
11,342,000 |
16,718,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
522,815,000 |
424,695,000 |
226,381,000 |
224,425,000 |
169,722,000 |
|
Others |
1,004,000 |
1,057,000 |
1,110,000 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL INTANGIBLE ASSETS |
1,004,000 |
1,057,000 |
1,110,000 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
528,471,000 |
430,390,000 |
232,847,000 |
230,539,000 |
180,533,000 |
|
Stocks |
121,688,000 |
111,823,000 |
71,677,000 |
63,854,000 |
59,644,000 |
|
Trade debtors |
285,829,000 |
238,212,000 |
249,244,000 |
281,367,000 |
209,273,000 |
|
Other debtors, deposits & prepayments |
32,544,000 |
33,689,000 |
8,102,000 |
6,250,000 |
7,682,000 |
|
Short term deposits |
857,000 |
- |
240,000 |
- |
5,552,000 |
|
Amount due from holding company |
38,892,000 |
41,354,000 |
31,362,000 |
23,331,000 |
11,609,000 |
|
Amount due from subsidiary companies |
54,728,000 |
124,022,000 |
61,189,000 |
59,349,000 |
18,926,000 |
|
Amount due from related companies |
- |
- |
25,582,000 |
14,043,000 |
7,179,000 |
|
Amount due from associated companies |
22,161,000 |
338,000 |
289,000 |
222,000 |
209,000 |
|
Cash & bank balances |
5,552,000 |
6,530,000 |
4,314,000 |
6,492,000 |
6,007,000 |
|
Others |
- |
- |
- |
253,000 |
17,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
562,251,000 |
555,968,000 |
451,999,000 |
455,161,000 |
326,098,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
1,090,722,000 |
986,358,000 |
684,846,000 |
685,700,000 |
506,631,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade creditors |
124,193,000 |
134,292,000 |
121,920,000 |
124,808,000 |
113,095,000 |
|
Other creditors & accruals |
8,272,000 |
12,078,000 |
51,000 |
- |
462,000 |
|
Short term borrowings/Term loans |
11,994,000 |
5,107,000 |
5,481,000 |
1,984,000 |
397,000 |
|
Other borrowings |
- |
- |
162,449,000 |
154,014,000 |
11,787,000 |
|
Amounts owing to holding company |
63,217,000 |
71,810,000 |
28,961,000 |
69,443,000 |
53,268,000 |
|
Amounts owing to subsidiary companies |
450,071,000 |
412,464,000 |
2,637,000 |
2,693,000 |
2,375,000 |
|
Amounts owing to related companies |
- |
- |
8,411,000 |
13,173,000 |
8,947,000 |
|
Amounts owing to associated companies |
1,687,000 |
517,000 |
1,000 |
- |
1,000 |
|
Provision for taxation |
6,753,000 |
7,012,000 |
6,488,000 |
4,783,000 |
3,655,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
666,187,000 |
643,280,000 |
336,399,000 |
370,898,000 |
193,987,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
(103,936,000) |
(87,312,000) |
115,600,000 |
84,263,000 |
132,111,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
424,535,000 |
343,078,000 |
348,447,000 |
314,802,000 |
312,644,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
254,936,000 |
164,706,000 |
164,706,000 |
164,706,000 |
164,706,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
254,936,000 |
164,706,000 |
164,706,000 |
164,706,000 |
164,706,000 |
|
Retained profit/(loss) carried forward |
163,443,000 |
166,495,000 |
171,549,000 |
141,227,000 |
134,251,000 |
|
Others |
5,506,000 |
6,345,000 |
6,233,000 |
3,443,000 |
3,917,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
168,949,000 |
172,840,000 |
177,782,000 |
144,670,000 |
138,168,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
423,885,000 |
337,546,000 |
342,488,000 |
309,376,000 |
302,874,000 |
|
Long term loans |
- |
5,000,000 |
5,000,000 |
- |
- |
|
Other long term borrowings |
- |
- |
- |
4,200,000 |
8,100,000 |
|
Deferred taxation |
451,000 |
296,000 |
504,000 |
652,000 |
964,000 |
|
Others |
199,000 |
236,000 |
455,000 |
574,000 |
706,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
650,000 |
5,532,000 |
5,959,000 |
5,426,000 |
9,770,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
424,535,000 |
343,078,000 |
348,447,000 |
314,802,000 |
312,644,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
SUMITOMO
CORPORATION ASIA & OCEANIA PTE. LTD. |
|
TYPES OF FUNDS |
|||||
|
Cash |
6,409,000 |
6,530,000 |
4,554,000 |
6,492,000 |
11,559,000 |
|
Net Liquid Funds |
6,409,000 |
6,530,000 |
4,554,000 |
6,492,000 |
11,559,000 |
|
Net Liquid Assets |
(225,624,000) |
(199,135,000) |
43,923,000 |
20,409,000 |
72,467,000 |
|
Net Current Assets/(Liabilities) |
(103,936,000) |
(87,312,000) |
115,600,000 |
84,263,000 |
132,111,000 |
|
Net Tangible Assets |
423,531,000 |
342,021,000 |
347,337,000 |
314,802,000 |
312,644,000 |
|
Net Monetary Assets |
(226,274,000) |
(204,667,000) |
37,964,000 |
14,983,000 |
62,697,000 |
|
BALANCE SHEET
ITEMS |
|||||
|
Total Borrowings |
11,994,000 |
10,107,000 |
172,930,000 |
160,198,000 |
20,284,000 |
|
Total Liabilities |
666,837,000 |
648,812,000 |
342,358,000 |
376,324,000 |
203,757,000 |
|
Total Assets |
1,090,722,000 |
986,358,000 |
684,846,000 |
685,700,000 |
506,631,000 |
|
Net Assets |
424,535,000 |
343,078,000 |
348,447,000 |
314,802,000 |
312,644,000 |
|
Net Assets Backing |
423,885,000 |
337,546,000 |
342,488,000 |
309,376,000 |
302,874,000 |
|
Shareholders' Funds |
423,885,000 |
337,546,000 |
342,488,000 |
309,376,000 |
302,874,000 |
|
Total Share Capital |
254,936,000 |
164,706,000 |
164,706,000 |
164,706,000 |
164,706,000 |
|
Total Reserves |
168,949,000 |
172,840,000 |
177,782,000 |
144,670,000 |
138,168,000 |
|
LIQUIDITY
(Times) |
|||||
|
Cash Ratio |
0.01 |
0.01 |
0.01 |
0.02 |
0.06 |
|
Liquid Ratio |
0.66 |
0.69 |
1.13 |
1.06 |
1.37 |
|
Current Ratio |
0.84 |
0.86 |
1.34 |
1.23 |
1.68 |
|
WORKING CAPITAL
CONTROL (Days) |
|||||
|
Stock Ratio |
350 |
293 |
210 |
219 |
256 |
|
Debtors Ratio |
822 |
623 |
730 |
964 |
897 |
|
Creditors Ratio |
1,789 |
1,216 |
1,416 |
1,643 |
485 |
|
SOLVENCY RATIOS
(Times) |
|||||
|
Gearing Ratio |
0.03 |
0.03 |
0.50 |
0.52 |
0.07 |
|
Liabilities Ratio |
1.57 |
1.92 |
1.00 |
1.22 |
0.67 |
|
Times Interest Earned Ratio |
10.29 |
18.54 |
30.47 |
24.30 |
57.51 |
|
Assets Backing Ratio |
1.66 |
2.08 |
2.11 |
1.91 |
1.90 |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating Profit Margin |
32.00 |
31.55 |
39.54 |
23.89 |
57.92 |
|
Net Profit Margin |
27.57 |
26.73 |
34.09 |
19.02 |
54.27 |
|
Return On Net Assets |
10.60 |
13.56 |
14.62 |
8.43 |
16.06 |
|
Return On Capital Employed |
10.57 |
13.52 |
14.58 |
8.43 |
16.06 |
|
Return On Shareholders' Funds/Equity |
8.26 |
11.05 |
12.41 |
6.55 |
15.26 |
|
Dividend Pay Out Ratio (Times) |
1.09 |
1.14 |
0.29 |
0.66 |
0.53 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.25 |
|
UK Pound |
1 |
Rs.95.57 |
|
Euro |
1 |
Rs.71.01 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MNL |
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.