MIRA INFORM REPORT
|
Report No. : |
332194 |
|
Report Date : |
20.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
ITOCHU SINGAPORE PTE LTD |
|
|
|
|
Formerly Known As : |
ITOCHU ASIA PTE., LTD. (01/10/2002) |
|
|
|
|
Registered Office : |
9, Raffles Place, 41-01, Republic Plaza, 048619 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation : |
02.10.1989 |
|
|
|
|
Com. Reg. No.: |
198904241-G |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
The Subject is principally engaged in the (as a / as an) investment
holding, trading of chemical, paper & other related product. |
|
|
|
|
No. of Employee : |
180 |
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. Unemployment
is very low. The economy depends heavily on exports, particularly of consumer
electronics, information technology products, medical and optical devices,
pharmaceuticals, and on its vibrant transportation, business, and financial
services sectors. The economy contracted 0.6% in 2009 as a result of the global
financial crisis, but has continued to grow since 2010 on the strength of
renewed exports. Growth in 2014 was slower at 2.9%, largely a result of soft
demand for exports amid a sluggish global economy and weak growth in
Singapore’s manufacturing sector. The government is attempting to restructure
Singapore’s economy by weaning its dependence on foreign labor, addressing weak
productivity, and increasing Singaporean wages. Singapore has attracted major
investments in pharmaceuticals and medical technology production and will
continue efforts to strengthen its position as Southeast Asia's leading
financial and high-tech hub. Singapore is a member of the 12-nation
Trans-Pacific Partnership free trade negotiations, the Regional Comprehensive
Economic Partnership negotiations with the nine other ASEAN members plus
Australia, China, India, Japan, South Korea and New Zealand, and in 2015,
Singapore will form, with the other ASEAN members, the ASEAN Economic
Community.
|
Source
: CIA |
EXECUTIVE
SUMMARY
|
REGISTRATION NO. |
: |
198904241-G |
|
COMPANY NAME |
: |
ITOCHU SINGAPORE PTE LTD |
|
FORMER NAME |
: |
ITOCHU ASIA PTE., LTD. (01/10/2002) |
|
INCORPORATION DATE |
: |
02/10/1989 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
9, RAFFLES PLACE, 41-01, REPUBLIC PLAZA, 048619, SINGAPORE. |
|
BUSINESS ADDRESS |
: |
9 RAFFLES PLACE, #41-01 REPUBLIC PLAZA, 048619, SINGAPORE. |
|
TEL.NO. |
: |
65-62300400 |
|
FAX.NO. |
: |
65-62300560 |
|
WEB SITE |
: |
WWW.ITOCHU.COM.SG |
|
CONTACT PERSON |
: |
JUNICHI SASAKI ( MANAGING DIRECTOR ) |
|
PRINCIPAL ACTIVITY |
: |
INVESTMENT HOLDING, TRADING OF CHEMICAL, PAPER & OTHER RELATED
PRODUCT |
|
ISSUED AND PAID UP CAPITAL |
: |
37,694,887.00 ORDINARY SHARE, OF A VALUE OF SGD 37,694,887.00 |
|
SALES |
: |
USD 2,084,327,000 [2014] |
|
NET WORTH |
: |
USD 94,147,000 [2014] |
|
STAFF STRENGTH |
: |
180 [2015] |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
STABLE |
|
PAYMENT |
: |
GOOD |
|
MANAGEMENT CAPABILITY |
: |
GOOD |
|
COMMERCIAL RISK |
: |
LOW |
|
CURRENCY EXPOSURE |
: |
MODERATE |
|
GENERAL REPUTATION |
: |
GOOD |
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
HISTORY
/ BACKGROUND
The Subject is a private limited company and is allowed to have a minimum
of one and a maximum of forty-nine shareholders. As a private limited company,
the Subject must have at least two directors. A private limited company is a
separate legal entity from its shareholders. As a separate legal entity, the
Subject is capable of owning assets, entering into contracts, sue or be sued by
other companies. The liabilities of the shareholders are to the extent of the
equity they have taken up and the creditors cannot claim on shareholders'
personal assets even if the Subject is insolvent. The Subject is governed by
the Companies Act and the company must file its annual returns, together with
its financial statements with the Registrar of Companies.
The Subject is principally engaged in the (as a / as an) investment
holding, trading of chemical, paper & other related product.
The immediate holding company of the Subject is ITOCHU CORPORATION, a
company incorporated in JAPAN.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
10/07/2015 |
SGD 37,694,887.00 |
The major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
ITOCHU CORPORATION |
5-1, KITA-AOYAMA 2-CHOME, MINATO-KU, TOKYO, 107-8077, JAPAN. |
T06UF0268 |
37,694,887.00 |
100.00 |
|
--------------- |
------ |
|||
|
37,694,887.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject's interest in other companies (Subsidiaries/Associates) are
shown as follow :
|
Local No |
Country |
Company |
(%) |
As At |
|
201133879N |
SINGAPORE |
RAFFLES CEMENT PTE. LTD. |
100.00 |
10/07/2015 |
DIRECTORS
DIRECTOR 1
|
Name Of Subject |
: |
JUNICHI SASAKI |
|
Address |
: |
6, CUSCADEN WALK, 29-01, BOULEVARD RESIDENCE, THE, 249691, SINGAPORE. |
|
IC / PP No |
: |
G5122900U |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
02/04/2011 |
DIRECTOR 2
|
Name Of Subject |
: |
TATSUYA IZUMI |
|
Address |
: |
26, CUSCADEN ROAD, 14-03, CUSCADEN RESIDENCES, 24972, SINGAPORE. |
|
IC / PP No |
: |
G5414547R |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
12/04/2013 |
DIRECTOR 3
|
Name Of Subject |
: |
KIYOSU TADAHIRO |
|
Address |
: |
25, KEPPEL BAY VIEW, 13-78, REFLECTIONS AT KEPPEL BAY, 098415,
SINGAPORE. |
|
IC / PP No |
: |
G5133369T |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
01/04/2014 |
DIRECTOR 4
|
Name Of Subject |
: |
TAKASHI OGATA |
|
Address |
: |
63, PATERSON ROAD, 05-04, PATERSON, THE, 238539, SINGAPORE. |
|
IC / PP No |
: |
G3042609L |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
14/04/2014 |
MANAGEMENT
|
1) |
Name of Subject |
: |
JUNICHI SASAKI |
|
Position |
: |
MANAGING DIRECTOR |
AUDITOR
|
Auditor |
: |
KPMG LLP |
|
Auditor' Address |
: |
N/A |
COMPANY
SECRETARIES
|
1) |
Company Secretary |
: |
CHAN CHOW PHENG |
|
IC / PP No |
: |
S1298885J |
|
|
Address |
: |
59, TELOK BLANGAH HEIGHTS, 04-11, 100059, SINGAPORE. |
|
|
2) |
Company Secretary |
: |
CHANG SOW KUEN |
|
IC / PP No |
: |
S1365694J |
|
|
Address |
: |
130, GEYLANG EAST AVENUE 1, 02-299, 380130, SINGAPORE. |
BANKING
No Banker found in our databank.
ENCUMBRANCE
(S)
No encumbrance was found in our databank at the time of investigation.
LITIGATION
CHECK AGAINST SUBJECT
* A check has been conducted in our databank 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 |
: |
YES |
Percentage |
: |
45% |
|
Overseas |
: |
YES |
Percentage |
: |
55% |
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 |
[ |
X |
] |
Average 61-90 Days |
[ |
] |
|||||
|
Fair 91-120 Days |
[ |
] |
Poor >120 Days |
[ |
] |
|||||||||
CLIENTELE
|
Local |
: |
YES |
Percentage |
: |
60% |
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
Percentage |
: |
40% |
|
Export Market |
: |
WORLDWIDE |
|||
|
Credit Term |
: |
AS AGREED |
|||
|
Payment Mode |
: |
CHEQUES |
|||
OPERATIONS
|
Goods Traded |
: |
CHEMICAL, PAPER & OTHER RELATED PRODUCT |
|
|
Services |
: |
INVESTMENT HOLDING |
|
|
Ownership of premises |
: |
OWNED |
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2015 |
2014 |
2013 |
2012 |
2011 |
||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
||||
|
COMPANY |
180 |
160 |
160 |
180 |
181 |
||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) investment holding,
trading of chemical, paper & other related product.
The Subject the following business divisions which specialises in different products
as below:
AEROSPACE , ELECTRONICS & MULTIMEDIA
Project areas on satellites communications, mobile multimedia, broadband
internet, bioinformatics and security equipment.
MACHINERY
Plants for the chemical and power generation industries, transport link
ways, huge gas and power projects and ship transportation projects.
CEMENT
The main commodities are Cement, Clinker, Gypsum and Slag.
CHEMICAL
The leading distributor and marketer of organic, inorganic, functional and
specialty chemicals.
FOODSTUFF
Responsible for the vegetable oil origination, grain and foodstuff products
in bulk and/or packed.
PAPER, PULP AND HYGIENE MATERIAL
The main commodities are Fluff Pulp, Coated and un-coated paper
products, Super Absorbent Polymer and export hygiene commodity.
CURRENT
INVESTIGATION
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-62300400 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
9 RAFFLES PLACE, 41-01 REPUBLIC PLAZA,048619,SINGAPORE |
|
Current Address |
: |
9 RAFFLES PLACE, #41-01 REPUBLIC PLAZA, 048619, SINGAPORE. |
|
Match |
: |
YES |
Other Investigations
On 13th July 2015 we contacted one of the staff from the Subject and she
provided some information.
FINANCIAL
ANALYSIS
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2010 - 2014 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2010 - 2014 |
] |
|
|
Return on Shareholder Funds |
: |
Acceptable |
[ |
23.49% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
20.38% |
] |
|
|
The fluctuating turnover reflects the fierce competition among the existing
and new market players.The Subject's management have been efficient in
controlling its operating costs. The Subject's management had generated
acceptable return for its shareholders using its assets. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Favourable |
[ |
5 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
50 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
29 Days |
] |
|
|
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. |
||||||
|
Liquidity |
||||||
|
Liquid Ratio |
: |
Favourable |
[ |
1.15 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.25 Times |
] |
|
|
A minimum liquid ratio of 1 should be maintained by the Subject in
order to assure its creditors of its ability to meet short term obligations and
the Subject was in a good liquidity position. Thus, we believe the Subject is
able to meet all its short term obligations as and when they fall due. |
||||||
|
Solvency |
||||||
|
Interest Cover |
: |
Favourable |
[ |
28.17 Times |
] |
|
|
Gearing Ratio |
: |
Unfavourable |
[ |
1.37 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 highly
geared, thus it had a high financial risk. The Subject was dependent on loans
to finance its business needs. In times of economic downturn and / or high
interest rate, the Subject will become less profitable and competitive than
other firms in the same industry, which are lowly geared. This is because the
Subject has to service the interest and to repay the loan, which will erode
part of its profits. The profits will fluctuate depending on the Subject's
turnover and the interest it needs to pay. |
||||||
|
Overall Assessment : |
||||||
|
Although the turnover was erratic, the Subject had maintained a steady
growth in its profit. This indicate the management's efficiency in
controlling its costs and profitability. The Subject was in good liquidity
position with its total current liabilities well covered by its total current
assets. With its current net assets, the Subject should be able to repay its
short term obligations. With the favourable interest cover, the Subject could
be able to service all the accrued interest without facing any difficulties.
The Subject's gearing level was high and its going concern will be in doubt
if there is no injection of additional shareholders' funds in times of
economic downturn and / or high interest rates. |
||||||
|
Overall financial condition of the Subject : STABLE |
||||||
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
|
|
|
|
PROFIT
AND LOSS ACCOUNT
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE
FINANCIAL REPORTING STANDARDS. |
|
ITOCHU SINGAPORE 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 |
2,084,327,000 |
2,091,391,000 |
2,011,504,000 |
1,619,875,000 |
1,187,239,000 |
|
Other Income |
182,000 |
1,053,000 |
425,000 |
(314,000) |
849,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
2,084,509,000 |
2,092,444,000 |
2,011,929,000 |
1,619,561,000 |
1,188,088,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
26,657,000 |
25,066,000 |
22,289,000 |
20,095,000 |
20,989,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
26,657,000 |
25,066,000 |
22,289,000 |
20,095,000 |
20,989,000 |
|
Taxation |
(4,543,000) |
(4,487,000) |
(3,937,000) |
(3,108,000) |
(3,382,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
22,114,000 |
20,579,000 |
18,352,000 |
16,987,000 |
17,607,000 |
|
Minority interests |
- |
(328,000) |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS |
22,114,000 |
20,251,000 |
18,352,000 |
16,987,000 |
17,607,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS |
22,114,000 |
20,251,000 |
18,352,000 |
16,987,000 |
17,607,000 |
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
62,540,000 |
51,849,000 |
42,697,000 |
33,810,000 |
23,981,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
62,540,000 |
51,849,000 |
42,697,000 |
33,810,000 |
23,981,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
84,654,000 |
72,100,000 |
61,049,000 |
50,797,000 |
41,588,000 |
|
DIVIDENDS - Ordinary (paid & proposed) |
(8,879,000) |
(9,560,000) |
(9,200,000) |
(8,100,000) |
(7,778,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
75,775,000 |
62,540,000 |
51,849,000 |
42,697,000 |
33,810,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Loan from holding company |
5,000 |
23,000 |
1,000 |
1,000 |
1,000 |
|
Term loan / Borrowing |
165,000 |
10,000 |
- |
- |
- |
|
Others |
811,000 |
773,000 |
788,000 |
748,000 |
650,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
981,000 |
806,000 |
789,000 |
749,000 |
651,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION (as per notes to P&L) |
821,000 |
733,000 |
595,000 |
58,100 |
585,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
821,000 |
733,000 |
595,000 |
58,100 |
585,000 |
|
|
============= |
============= |
============= |
============= |
============= |
BALANCE
SHEET
|
ITOCHU SINGAPORE PTE LTD |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
3,051,000 |
3,385,000 |
2,805,000 |
4,413,000 |
4,654,000 |
|
Associated companies |
48,166,000 |
46,869,000 |
31,172,000 |
29,971,000 |
26,608,000 |
|
Investments |
14,169,000 |
8,963,000 |
2,693,000 |
2,240,000 |
2,246,000 |
|
Deferred assets |
2,654,000 |
1,658,000 |
986,000 |
960,000 |
872,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
64,989,000 |
57,490,000 |
34,851,000 |
33,171,000 |
29,726,000 |
|
Own goodwill |
1,810,000 |
1,810,000 |
1,810,000 |
1,810,000 |
1,810,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL INTANGIBLE ASSETS |
1,810,000 |
1,810,000 |
1,810,000 |
1,810,000 |
1,810,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
69,850,000 |
62,685,000 |
39,466,000 |
39,394,000 |
36,190,000 |
|
Stocks |
25,799,000 |
36,990,000 |
23,276,000 |
29,339,000 |
11,829,000 |
|
Trade debtors |
284,330,000 |
299,223,000 |
268,915,000 |
226,375,000 |
150,479,000 |
|
Other debtors, deposits & prepayments |
11,832,000 |
13,825,000 |
12,453,000 |
11,167,000 |
17,469,000 |
|
Short term deposits |
210,000 |
442,000 |
213,000 |
- |
- |
|
Deposits with financial institutions |
- |
- |
- |
122,000 |
661,000 |
|
Amount due from related companies |
2,414,000 |
1,025,000 |
1,298,000 |
- |
- |
|
Cash & bank balances |
4,687,000 |
7,995,000 |
2,724,000 |
2,303,000 |
5,593,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
329,272,000 |
359,500,000 |
308,879,000 |
269,306,000 |
186,031,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
399,122,000 |
422,185,000 |
348,345,000 |
308,700,000 |
222,221,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
167,111,000 |
228,950,000 |
184,676,000 |
179,749,000 |
121,242,000 |
|
Other creditors & accruals |
7,549,000 |
10,436,000 |
5,872,000 |
5,789,000 |
5,368,000 |
|
Bank overdraft |
25,000 |
- |
- |
64,000 |
47,000 |
|
Short term borrowings/Term loans |
87,174,000 |
58,739,000 |
64,019,000 |
38,156,000 |
37,615,000 |
|
Provision for taxation |
1,665,000 |
1,403,000 |
1,570,000 |
1,713,000 |
1,908,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
263,524,000 |
299,528,000 |
256,137,000 |
225,471,000 |
166,180,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
65,748,000 |
59,972,000 |
52,742,000 |
43,835,000 |
19,851,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
135,598,000 |
122,657,000 |
92,208,000 |
83,229,000 |
56,041,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
21,625,000 |
21,625,000 |
21,383,000 |
21,383,000 |
21,383,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
21,625,000 |
21,625,000 |
21,383,000 |
21,383,000 |
21,383,000 |
|
Capital reserve |
631,000 |
631,000 |
19,000 |
19,000 |
19,000 |
|
Exchange equalisation/fluctuation reserve |
(4,195,000) |
78,000 |
1,163,000 |
- |
- |
|
General reserve |
311,000 |
1,483,000 |
194,000 |
- |
- |
|
Retained profit/(loss) carried forward |
75,775,000 |
62,540,000 |
51,849,000 |
42,697,000 |
33,810,000 |
|
Others |
- |
- |
- |
1,530,000 |
829,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
72,522,000 |
64,732,000 |
53,225,000 |
44,246,000 |
34,658,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
94,147,000 |
86,357,000 |
74,608,000 |
65,629,000 |
56,041,000 |
|
Long term loans |
41,451,000 |
36,300,000 |
17,600,000 |
17,600,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
41,451,000 |
36,300,000 |
17,600,000 |
17,600,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
135,598,000 |
122,657,000 |
92,208,000 |
83,229,000 |
56,041,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
FINANCIAL
RATIO
|
ITOCHU SINGAPORE PTE LTD |
|
TYPES OF FUNDS |
|||||
|
Cash |
4,897,000 |
8,437,000 |
2,937,000 |
2,303,000 |
5,593,000 |
|
Net Liquid Funds |
4,872,000 |
8,437,000 |
2,937,000 |
2,239,000 |
5,546,000 |
|
Net Liquid Assets |
39,949,000 |
22,982,000 |
29,466,000 |
14,496,000 |
8,022,000 |
|
Net Current Assets/(Liabilities) |
65,748,000 |
59,972,000 |
52,742,000 |
43,835,000 |
19,851,000 |
|
Net Tangible Assets |
133,788,000 |
120,847,000 |
90,398,000 |
81,419,000 |
54,231,000 |
|
Net Monetary Assets |
(1,502,000) |
(13,318,000) |
11,866,000 |
(3,104,000) |
8,022,000 |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest & Tax (EBIT) |
27,638,000 |
25,872,000 |
23,078,000 |
20,844,000 |
21,640,000 |
|
Earnings Before Interest, Taxes, Depreciation And Amortization
(EBITDA) |
28,459,000 |
26,605,000 |
23,673,000 |
20,902,100 |
22,225,000 |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
128,650,000 |
95,039,000 |
81,619,000 |
55,820,000 |
37,662,000 |
|
Total Liabilities |
304,975,000 |
335,828,000 |
273,737,000 |
243,071,000 |
166,180,000 |
|
Total Assets |
399,122,000 |
422,185,000 |
348,345,000 |
308,700,000 |
222,221,000 |
|
Net Assets |
135,598,000 |
122,657,000 |
92,208,000 |
83,229,000 |
56,041,000 |
|
Net Assets Backing |
94,147,000 |
86,357,000 |
74,608,000 |
65,629,000 |
56,041,000 |
|
Shareholders' Funds |
94,147,000 |
86,357,000 |
74,608,000 |
65,629,000 |
56,041,000 |
|
Total Share Capital |
21,625,000 |
21,625,000 |
21,383,000 |
21,383,000 |
21,383,000 |
|
Total Reserves |
72,522,000 |
64,732,000 |
53,225,000 |
44,246,000 |
34,658,000 |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.02 |
0.03 |
0.01 |
0.01 |
0.03 |
|
Liquid Ratio |
1.15 |
1.08 |
1.12 |
1.06 |
1.05 |
|
Current Ratio |
1.25 |
1.20 |
1.21 |
1.19 |
1.12 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
5 |
6 |
4 |
7 |
4 |
|
Debtors Ratio |
50 |
52 |
49 |
51 |
46 |
|
Creditors Ratio |
29 |
40 |
34 |
41 |
37 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
1.37 |
1.10 |
1.09 |
0.85 |
0.67 |
|
Liabilities Ratio |
3.24 |
3.89 |
3.67 |
3.70 |
2.97 |
|
Times Interest Earned Ratio |
28.17 |
32.10 |
29.25 |
27.83 |
33.24 |
|
Assets Backing Ratio |
6.19 |
5.59 |
4.23 |
3.81 |
2.54 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
1.28 |
1.20 |
1.11 |
1.24 |
1.77 |
|
Net Profit Margin |
1.06 |
0.97 |
0.91 |
1.05 |
1.48 |
|
Return On Net Assets |
20.38 |
21.09 |
25.03 |
25.04 |
38.61 |
|
Return On Capital Employed |
20.11 |
20.79 |
24.55 |
24.49 |
37.38 |
|
Return On Shareholders' Funds/Equity |
23.49 |
23.45 |
24.60 |
25.88 |
31.42 |
|
Dividend Pay Out Ratio (Times) |
0.40 |
0.47 |
0.50 |
0.48 |
0.44 |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.49 |
|
|
1 |
Rs.99.43 |
|
Euro |
1 |
Rs.69.14 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
SDA |
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.