|
|
|
MIRA
INFORM REPORT
|
Report No. : |
510224 |
|
Report Date : |
18.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
SUMITOMO CHEMICAL
ASIA PTE LTD |
|
|
|
|
Formerly Known As : |
LIFE TECH (ASIA) PTE LTD (01/04/2017) |
|
|
|
|
Registered Office : |
3, Fraser Street, 07-28, Duo Tower, 189352 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.03.2017 |
|
|
|
|
Date of Incorporation : |
18.07.1990 |
|
|
|
|
Com. Reg. No.: |
199003514C |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
The subject is principally engaged in the
trading of chemicals, chemical products, petrochemical and plastic. |
|
|
|
|
No. of Employees : |
N/A [2018] |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
C |
|
Credit Rating |
Explanation |
Rating Comments |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow & Delayed |
|
|
|
|
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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
Singapore |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
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. 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. Growth in 2014-16 was slower than
during the previous decade, at under 3% annually, 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 growth,
and increasing Singaporean wages. Singapore has attracted major investments in
advanced manufacturing, pharmaceuticals, and medical technology production and
will continue efforts to strengthen its position as Southeast Asia's leading
financial and technology hub. Singapore is a member of the Regional
Comprehensive Economic Partnership negotiations with the nine other ASEAN
members plus Australia, China, India, Japan, South Korea, and New Zealand. In
2015, Singapore formed, with the other ASEAN members, the ASEAN Economic
Community.
|
Source
: CIA |
EXECUTIVE
SUMMARY
|
|
REGISTRATION NO. |
: |
199003514C |
|
COMPANY NAME |
: |
SUMITOMO CHEMICAL ASIA PTE LTD |
|
FORMER NAME |
: |
LIFE TECH (ASIA) PTE LTD (01/04/2017) |
|
INCORPORATION DATE |
: |
18/07/1990 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY SHARE) |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
3, FRASER STREET, 07-28, DUO TOWER, 189352,
SINGAPORE. |
|
BUSINESS ADDRESS |
: |
3 FRASER STREET, #07-28 DUO TOWER, 189352,
SINGAPORE. |
|
TEL.NO. |
: |
65-63035188 |
|
FAX.NO. |
: |
65-62989621 |
|
CONTACT PERSON |
: |
TAKAZAWA SATOSHI ( DIRECTOR ) |
|
PRINCIPAL ACTIVITY |
: |
TRADING OF CHEMICALS,CHEMICAL PRODUCTS,PETROCHEMICAL
AND PLASTIC |
|
ISSUED AND PAID UP CAPITAL |
: |
4,500,000.00 ORDINARY SHARE, OF A VALUE OF
SGD 4,500,000.00 |
|
SALES |
: |
USD 950,828,000 [2017] |
|
NET WORTH |
: |
USD (126,411,000) [2017] |
|
STAFF STRENGTH |
: |
N/A [2018] |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
POOR |
|
PAYMENT |
: |
SLOW & DELAYED |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL RISK |
: |
MODERATE |
|
CURRENCY EXPOSURE |
: |
MODERATE |
|
GENERAL REPUTATION |
: |
SATISFACTORY |
|
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) trading of chemicals, chemical products, petrochemical and plastic.
The immediate and ultimate holding company of
the Subject is SUMITOMO CHEMICAL COMPANY, LIMITED, a company incorporated in
JAPAN.
Former Address(es)
|
Address |
As At Date |
|
150, BEACH ROAD, 17- 07/08, GATEWAY WEST,
189720 |
N/A |
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
11/01/2018 |
SGD 4,500,000.00 & USD 148,000,000.00 |
The major shareholder(s) of the Subject are
shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
SUMITOMO CHEMICAL COMPANY, LIMITED |
27-1, SHINKAWA 2-CHOME, CHUO-KU TOKYO
104-8260 ,JAPAN |
S80UF0203 |
152,500,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
152,500,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject's interest in other companies
(Subsidiaries/Associates) are shown as follow :
|
Local No |
Country |
Company |
Status |
(%) |
As At |
|
INDIA |
SCA SOUTH ASIA PETROCHEMICALS PRIVATE
LIMITED |
- |
99.90 |
31/03/2017 |
|
|
199605203H |
SINGAPORE |
SINGAPORE METHYL METHACRYLATE PTE. LTD. |
- |
100.00 |
11/01/2018 |
|
CHINA |
SUMIKA PLASTICS AND CHEMICALS TRADING
(SHANGHAI) CO. LTD. |
- |
100.00 |
31/03/2017 |
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
TAKAZAWA SATOSHI |
|
Address |
: |
11, ORCHARD TURN, 18-01, ORCHARD
PARKSUITES, 238800, SINGAPORE. |
|
IC / PP No |
: |
G3258583W |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
01/04/2016 |
INTEREST CHECK
|
Interest in companies |
: |
see below |
|
Interest in business |
: |
none in our databank |
|
Former interest |
: |
none in our databank |
INTEREST IN COMPANY
|
No |
Local No |
Company |
Designation |
App Date |
Shareholding |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
|
No. |
% |
|||||||||
|
1 |
201306392M |
SUMITOMO CHEMICAL (ASIA PACIFIC) PTE. LTD. |
Director |
01/04/2016 |
0.00 |
- |
USD2,002,091.00 |
2016 |
- |
02/12/2016 |
|
2 |
199003514C |
SUMITOMO CHEMICAL ASIA PTE LTD |
Director |
01/04/2016 |
0.00 |
- |
USD(70,789,000.00) |
2017 |
- |
11/01/2018 |
DIRECTOR 2
|
Name Of Subject |
: |
ICHIRO KOSAKA |
|
Address |
: |
4-47-11, NISHITSUTSUZIGAOKA, CHOFU-SHI,
TOKYO, 182-0006, JAPAN. |
|
IC / PP No |
: |
TH7733319 |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
11/05/2017 |
INTEREST CHECK
|
Interest in companies |
: |
see below |
|
Interest in business |
: |
none in our databank |
|
Former interest |
: |
none in our databank |
INTEREST IN COMPANY
|
No |
Local No |
Company |
Designation |
App Date |
Shareholding |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
|
No. |
% |
|||||||||
|
1 |
199003514C |
SUMITOMO CHEMICAL ASIA PTE LTD |
Director |
11/05/2017 |
0.00 |
- |
USD(70,789,000.00) |
2017 |
- |
11/01/2018 |
DIRECTOR 3
|
Name Of Subject |
: |
HIDEO WADA |
|
Address |
: |
1980-60, DAI, KAMAKURA-SHI, KANAGAWA,
247-0061, JAPAN. |
|
IC / PP No |
: |
TH6476671 |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
11/05/2017 |
INTEREST CHECK
|
Interest in companies |
: |
see below |
|
Interest in business |
: |
none in our databank |
|
Former interest |
: |
none in our databank |
INTEREST IN COMPANY
|
No |
Local No |
Company |
Designation |
App Date |
Shareholding |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
|
No. |
% |
|||||||||
|
1 |
199003514C |
SUMITOMO CHEMICAL ASIA PTE LTD |
Director |
11/05/2017 |
0.00 |
- |
USD(70,789,000.00) |
2017 |
- |
11/01/2018 |
DIRECTOR 4
|
Name Of Subject |
: |
AKIRA IWASAKI |
|
Address |
: |
SETOGAYA-CHO 298-2-105, HODOGAYA-KU,
YOKOHAMA CITY, KANAGAWA PREF, JAPAN. |
|
IC / PP No |
: |
TH4529571 |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
11/05/2017 |
INTEREST CHECK
|
Interest in companies |
: |
see below |
|
Interest in business |
: |
none in our databank |
|
Former interest |
: |
none in our databank |
INTEREST IN COMPANY
|
No |
Local No |
Company |
Designation |
App Date |
Shareholding |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
|
No. |
% |
|||||||||
|
1 |
201306392M |
SUMITOMO CHEMICAL (ASIA PACIFIC) PTE. LTD. |
Director |
01/04/2016 |
0.00 |
- |
USD2,002,091.00 |
2016 |
- |
02/12/2016 |
|
2 |
199003514C |
SUMITOMO CHEMICAL ASIA PTE LTD |
Director |
11/05/2017 |
0.00 |
- |
USD(70,789,000.00) |
2017 |
- |
11/01/2018 |
DIRECTOR 5
|
Name Of Subject |
: |
SOJI SAKAMOTO |
|
Address |
: |
18-8, 1-CHOME, HANAZONOHIGASHIMACHI,
HIGASHIOSAKA, OSAKA, 578-0931, JAPAN. |
|
IC / PP No |
: |
TZ0686848 |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
11/05/2017 |
INTEREST CHECK
|
Interest in companies |
: |
see below |
|
Interest in business |
: |
none in our databank |
|
Former interest |
: |
none in our databank |
INTEREST IN COMPANY
|
No |
Local No |
Company |
Designation |
App Date |
Shareholding |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
|
No. |
% |
|||||||||
|
1 |
199003514C |
SUMITOMO CHEMICAL ASIA PTE LTD |
Director |
11/05/2017 |
0.00 |
- |
USD(70,789,000.00) |
2017 |
- |
11/01/2018 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
TAKAZAWA SATOSHI |
|
Position |
: |
DIRECTOR |
|
AUDITOR
|
|
Auditor |
: |
KPMG LLP |
|
Auditor' Address |
: |
N/A |
COMPANY
SECRETARIES
|
|
1) |
Company Secretary |
: |
ELAINE SIN MEI LIN @ TAN MEI LIN |
|
IC / PP No |
: |
S6978193D |
|
|
Address |
: |
20, EAST SUSSEX LANE, 279806, SINGAPORE. |
|
BANKING
|
No Banker found in our databank.
ENCUMBRANCE (S)
|
No encumbrance was found in our databank at the time of investigation.
LITIGATION
CHECK - SUBJECT COMPANY AS A DEFENDANT
|
* A check has been conducted in our databank againt the Subject whether the
subject has been involved in any litigation.
No legal action was found in our databank.
No winding up petition was found in our databank.
PAYMENT RECORD
|
|
||
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
N/A |
|
Overseas |
: |
N/A |
The Subject refused to disclose its suppliers.
The Subject refused to provide any name of trade/service supplier and we are
unable to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL PAYMENT HABIT |
||||||||||||||
|
Prompt 0-30 Days |
[ |
] |
Good 31-60 Days |
[ |
] |
Average 61-90 Days |
[ |
X |
] |
|||||
|
Fair 91-120 Days |
[ |
] |
Poor >120 Days |
[ |
] |
|||||||||
CLIENTELE
|
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
ASIA |
|||
|
Credit Term |
: |
N/A |
|||
|
Payment Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Goods Traded |
: |
CHEMICALS,CHEMICAL PRODUCTS,PETROCHEMICAL
AND PLASTIC |
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2018 |
2017 |
2016 |
2014 |
2013 |
||||
|
|
|||||||||
|
N/A |
N/A |
N/A |
N/A |
||||||
|
COMPANY |
n/a |
150 |
150 |
150 |
150 |
||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) trading of chemicals, chemical
products, petrochemical and plastic.
Sumitomo Chemical Asia works closely with Group Companies in the Asia Pacific
in the sectors of Petrochemical & Plastics, Energy & Functional
Materials, Health & Crop Sciences, IT-related Chemicals, and
Pharmaceuticals.
Its network includes Singapore, Malaysia, Thailand, Vietnam, the Philippines,
India, and Australia.
CURRENT
INVESTIGATION
|
Latest fresh investigations carried out on
the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-63035188 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
3 FRASER STREET NO. 07-28, DUO TOWER,
SINGAPORE 189352. |
|
Current Address |
: |
3 FRASER STREET, #07-28 DUO TOWER, 189352,
SINGAPORE. |
|
Match |
: |
YES |
Other Investigations
We have contacted one of the staff from the Subject and she provided some information.
FINANCIAL
ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2012 - 2017 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2012 - 2017 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
56.00% |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
161.80% |
] |
|
|
The fluctuating turnover reflects the
fierce competition among the existing and new market players.The Subject
could be more efficient in controlling its operating costs and had managed to
reduce its losses during the year. Although the Subject's returns showed
positive figures it is not reflective of the true situation. The Subject
incurred losses during the year and its shareholders' funds have turned red.
The positive returns on shareholders' funds is the result of losses divided
by negative shareholders' funds. The Subject's management was inefficient in
utilising the assets to generate returns. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Favourable |
[ |
23 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
30 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
1 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 |
: |
Unfavourable |
[ |
0.53 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
0.72 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 |
: |
Unfavourable |
[ |
(11.67 Times) |
] |
|
|
Gearing Ratio |
: |
Unfavourable |
[ |
(2.04 Times) |
] |
|
|
The Subject incurred losses in the year. It
did not generate sufficient income to service its interest. If the
situation does not improve, the Subject may be vulnerable to default in
servicing the interest. The Subject's gearing was negative during the year as
its shareholders' funds was in the red. This means the Subject is running its
business using borrowed money. We consider the Subject as facing high
financial risks. |
||||||
|
Overall Assessment : |
||||||
|
The Subject's turnover showed a volatile
trend but its losses were lower when compared to the previous corresponding
period. This could suggest that the Subject was more efficient in its
operating cost control and was more competitive. 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. The Subject's interest cover was negative,
indicating that it did not generate sufficient income to service its
interest. If its result does not show impressive improvements or succeed
obtaining short term financing or capital injection, it may not be able to
service its interest and repay the loans. The Subject has high financial
risks. If its shareholders do not inject more capital into the company or if
its business performance does not improve, its going concern may be in
question. |
||||||
|
Overall financial condition of the Subject
: POOR |
||||||
|
|
||||||
SINGAPORE
ECONOMIC / INDUSTRY OUTLOOK
|
|
Major Economic Indicators : |
2012 |
2013 |
2014 |
2015 |
2016* |
|
|
|||||
|
Population (Million) |
5.31 |
5.40 |
5.47 |
5.54 |
5.63 |
|
Gross Domestic Products ( % ) |
1.3 |
3.7 |
(3.5) |
3.7 |
4.8 |
|
Consumer Price Index |
4.6 |
2.4 |
2.4 |
(0.5) |
(0.7) |
|
Total Imports (Million) |
474,554.0 |
466,762.0 |
463,779.1 |
407,767.9 |
398,372.0 |
|
Total Exports (Million) |
510,329.0 |
513,391.0 |
518,922.7 |
476,285.4 |
468,552.0 |
|
|
|||||
|
Unemployment Rate (%) |
2.0 |
1.9 |
1.9 |
1.9 |
2.1 |
|
Tourist Arrival (Million) |
14.49 |
15.46 |
15.01 |
15.23 |
16.28 |
|
Hotel Occupancy Rate (%) |
86.4 |
86.3 |
85.5 |
85.0 |
- |
|
Cellular Phone Subscriber (Million) |
1.52 |
1.97 |
1.98 |
1.99 |
- |
|
|
|||||
|
Registration of New Companies (No.) |
31,892 |
37,288 |
41,589 |
34,243 |
35,528 |
|
Registration of New Companies (%) |
(1.3) |
9.8 |
11.5 |
(17.7) |
3.8 |
|
Liquidation of Companies (No.) |
17,218 |
17,369 |
18,767 |
21,384 |
- |
|
Liquidation of Companies (%) |
9.4 |
(5.3) |
8.0 |
13.9 |
- |
|
|
|||||
|
Registration of New Businesses (No.) |
24,788 |
22,893 |
35,773 |
28,480 |
33,326 |
|
Registration of New Businesses (%) |
5.51 |
1.70 |
56.30 |
(20.39) |
17.02 |
|
Liquidation of Businesses (No.) |
22,489 |
22,598 |
22,098 |
26,116 |
- |
|
Liquidation of Businesses (%) |
(2.2) |
0.5 |
(2.2) |
18.2 |
- |
|
|
|||||
|
Bankruptcy Orders (No.) |
1,748 |
1,992 |
1,757 |
1,776 |
- |
|
Bankruptcy Orders (%) |
14.5 |
14.0 |
(11.8) |
1.0 |
- |
|
Bankruptcy Discharges (No.) |
1,881 |
2,584 |
3,546 |
3,499 |
- |
|
Bankruptcy Discharges (%) |
35.2 |
37.4 |
37.2 |
(1.3) |
- |
|
|
|||||
|
INDUSTRIES ( % of Growth ) : |
|||||
|
Agriculture |
|||||
|
Production of Principal Crops |
5.16 |
1.78 |
4.29 |
3.04 |
- |
|
Fish Supply & Wholesale |
(0.5) |
(3.8) |
(8.6) |
(8.5) |
(9.9) |
|
|
|||||
|
Manufacturing # |
|||||
|
Food, Beverages & Tobacco |
97.9 |
97.9 |
99.4 |
100.0 |
103.7 |
|
Textiles |
140.1 |
119.5 |
102.7 |
100.0 |
93.3 |
|
Wearing Apparel |
395.4 |
334.1 |
212.6 |
100.0 |
80.3 |
|
Leather Products & Footwear |
109.5 |
122.0 |
106.5 |
100.0 |
93.2 |
|
Wood & Wood Products |
93.3 |
103.0 |
107.2 |
100.0 |
90.5 |
|
Paper & Paper Products |
98.5 |
104.4 |
104.5 |
100.0 |
99.7 |
|
Printing & Media |
122.8 |
113.8 |
105.968 |
100.0 |
86.9 |
|
Crude Oil Refineries |
107.1 |
100.7 |
92.2 |
100.0 |
100.5 |
|
Chemical & Chemical Products |
85.3 |
88.4 |
96.7 |
100.0 |
97.6 |
|
Pharmaceutical Products |
103.8 |
101.421 |
109.4 |
100.0 |
115.9 |
|
Rubber & Plastic Products |
113.5 |
109.497 |
109.2 |
100.0 |
87.9 |
|
Non-metallic Mineral |
108.8 |
107.4 |
90.759 |
100.0 |
93.6 |
|
Basic Metals |
91.5 |
77.2 |
99.3 |
100.0 |
113.1 |
|
Fabricated Metal Products |
107.314 |
107.5 |
107.757 |
100.0 |
91.7 |
|
Machinery & Equipment |
107.3 |
109.1 |
118.2 |
100.0 |
79.3 |
|
Electrical Machinery |
80.102 |
87.4 |
97.871 |
100.0 |
99.3 |
|
Electronic Components |
100.7 |
105.0 |
105.6 |
100.0 |
106.3 |
|
Transport Equipment |
109.9 |
111.1 |
106.68 |
100.0 |
98.7 |
|
|
|||||
|
Construction |
28.70 |
25.40 |
22.00 |
- |
- |
|
Real Estate |
31.9 |
88.5 |
145.1 |
- |
- |
|
|
|||||
|
Services |
|||||
|
Electricity, Gas & Water |
6.30 |
6.70 |
6.50 |
- |
- |
|
Transport, Storage & Communication |
5.30 |
9.80 |
14.20 |
- |
- |
|
Finance & Insurance |
0.50 |
3.30 |
6.00 |
- |
7.40 |
|
Government Services |
6.00 |
6.50 |
6.30 |
- |
- |
|
Education Services |
0.30 |
3.10 |
5.98 |
- |
2.40 |
|
|
|||||
|
* Estimate / Preliminary |
|||||
|
# Based on Index of Industrial Production
(2015 = 100) |
INDUSTRY
ANALYSIS
|
|
INDUSTRY : |
TRADING |
|
The wholesale & retail trade sector
expanded by 6.8% in the third quarter of 2015, higher than the 6.0% growth in
the preceding quarter. Growth was supported by both the wholesale trade and
retail trade segments. The wholesale trade segment was boosted by an increase
in both domestic and foreign wholesale trade sales volume. In particular, the
domestic wholesale trade index rose by 7.4%, following the 8.1 % increase in
the previous quarter. The strong performance in domestic wholesale trade was
due to a surge in the sales of petroleum and petroleum products (14%),
chemicals & chemical products (39%) and telecommunications &
computers (18%). |
|
|
Similarly, the foreign wholesale trade
index rose by 10% in the third quarter of 2015, accelerating from the 6.9%
rise in the previous quarter. Growth was driven by improvements in the sales
of petroleum & petroleum products (21%), metals, timber &
construction materials (10%) and general wholesale trade (8.8%). |
|
|
Overall retail trade sales volume also
recorded resilient growth of 5.6% in the third quarter of 2015, extending the
6.4 % expansion in the second quarter. Growth was supported by a surge in the
volume of motor vehicle sales (44%), which was in turn due to a substantial
increase in the supply of Certificate of Entitlements. Excluding motor
vehicles, retail sales volume increased at a much slower pace of 0.7% over
the same period. The increase in retail sales volume (excluding motor
vehicles) was due to improved non-discretionary goods sales. For instance,
the sales of medical goods & toiletries and department store goods rose
by 8.1% and 3.6% respectively. |
|
|
According to the Retail News Asia, Food and
beverage has overtaken fashion as the primary driver of demand for retail
real estate in Singapore. Despite declining retail sales and consumer
spending, the prime retail sector remained in good shape during the third
quarter 2015. |
|
|
OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH |
|
CREDIT RISK
EVALUATION & RECOMMENDATION
|
|
Despite the higher turnover, the Subject
suffered pre-tax losses which reflected a highly competitive business environment.
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. The Subject has generated an
unfavourable gearing ratio indicated that the Subject is in high financial
risk. The Subject's unfavourable financial performance over the years has
wiped out its shareholders' funds to a deficit of USD -126,411,000.
Therefore, the Subject as a going concern is much dependent on its ability to
generate sufficient cash flow and obtain additional financing to meet its
future obligations. The industry shows an upward trend and this
trend is very likely to sustain in the near terms.
|
PROFIT AND LOSS
ACCOUNT
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN
ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS. |
|
SUMITOMO CHEMICAL ASIA PTE LTD |
|
Financial Year End |
2017-03-31 |
2016-03-31 |
2015-03-31 |
2014-03-31 |
2012-12-31 |
|
Months |
12 |
12 |
12 |
15 |
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 |
950,828,000 |
828,964,000 |
1,692,645,000 |
2,559,203,000 |
2,539,777,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
950,828,000 |
828,964,000 |
1,692,645,000 |
2,559,203,000 |
2,539,777,000 |
|
Costs of Goods Sold |
(889,029,000) |
(779,324,000) |
(1,578,217,000) |
(2,369,962,000) |
(2,288,025,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
61,799,000 |
49,640,000 |
114,428,000 |
189,241,000 |
251,752,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
(71,704,000) |
(101,251,000) |
(56,795,000) |
(24,315,000) |
8,073,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
(71,704,000) |
(101,251,000) |
(56,795,000) |
(24,315,000) |
8,073,000 |
|
Taxation |
915,000 |
(2,611,000) |
141,000 |
1,193,000 |
(1,253,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
(70,789,000) |
(103,862,000) |
(56,654,000) |
(23,122,000) |
6,820,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
(206,078,000) |
(102,216,000) |
(45,562,000) |
(22,440,000) |
(29,260,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
(206,078,000) |
(102,216,000) |
(45,562,000) |
(22,440,000) |
(29,260,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
(276,867,000) |
(206,078,000) |
(102,216,000) |
(45,562,000) |
(22,440,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
(276,867,000) |
(206,078,000) |
(102,216,000) |
(45,562,000) |
(22,440,000) |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Lease interest |
2,175,000 |
2,534,000 |
4,520,000 |
6,267,000 |
5,715,000 |
|
Term loan / Borrowing |
3,360,000 |
3,489,000 |
3,652,000 |
2,637,000 |
1,558,000 |
|
Others |
126,000 |
43,000 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
5,661,000 |
6,066,000 |
8,172,000 |
8,904,000 |
7,273,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION (as per notes to P&L) |
12,236,000 |
21,613,000 |
25,104,000 |
160,551,000 |
10,848,000 |
|
AMORTIZATION |
1,293,000 |
1,424,000 |
1,414,000 |
2,040,000 |
3,804,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Amortization And Depreciation |
13,529,000 |
23,037,000 |
26,518,000 |
162,591,000 |
14,652,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
BALANCE SHEET
|
|
SUMITOMO CHEMICAL ASIA PTE LTD |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
40,660,000 |
93,365,000 |
182,665,000 |
238,301,000 |
164,034,000 |
|
LONG TERM INVESTMENTS/OTHER ASSETS |
|||||
|
Subsidiary companies |
800,000 |
800,000 |
800,000 |
800,000 |
800,000 |
|
Deferred assets |
- |
- |
1,555,000 |
1,414,000 |
211,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
800,000 |
800,000 |
2,355,000 |
2,214,000 |
1,011,000 |
|
Computer software |
2,208,000 |
2,957,000 |
4,849,000 |
5,320,000 |
3,147,000 |
|
Others |
89,000 |
1,524,000 |
75,000 |
87,000 |
101,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL INTANGIBLE ASSETS |
2,297,000 |
4,481,000 |
4,924,000 |
5,407,000 |
3,248,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
43,757,000 |
98,646,000 |
189,944,000 |
245,922,000 |
168,293,000 |
|
Stocks |
60,209,000 |
45,657,000 |
93,657,000 |
175,576,000 |
250,030,000 |
|
Trade debtors |
77,053,000 |
25,699,000 |
26,433,000 |
98,602,000 |
52,861,000 |
|
Other debtors, deposits & prepayments |
4,859,000 |
7,344,000 |
6,347,000 |
7,070,000 |
4,985,000 |
|
Amount due from holding company |
5,705,000 |
5,422,000 |
5,800,000 |
5,348,000 |
902,000 |
|
Amount due from related companies |
63,350,000 |
28,976,000 |
108,447,000 |
181,038,000 |
203,679,000 |
|
Cash & bank balances |
10,151,000 |
4,110,000 |
3,764,000 |
6,546,000 |
11,829,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
221,327,000 |
117,208,000 |
244,448,000 |
474,180,000 |
524,286,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
265,084,000 |
215,854,000 |
434,392,000 |
720,102,000 |
692,579,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
3,137,000 |
7,039,000 |
27,591,000 |
12,413,000 |
12,373,000 |
|
Other creditors & accruals |
17,218,000 |
4,467,000 |
44,707,000 |
97,129,000 |
142,590,000 |
|
Hire purchase & lease creditors |
7,969,000 |
7,590,000 |
7,227,000 |
10,761,000 |
12,217,000 |
|
Short term borrowings/Term loans |
167,199,000 |
62,355,000 |
85,867,000 |
10,000,000 |
10,000,000 |
|
Amounts owing to holding company |
16,029,000 |
12,668,000 |
18,564,000 |
23,774,000 |
22,967,000 |
|
Amounts owing to related companies |
94,208,000 |
60,800,000 |
59,398,000 |
230,847,000 |
210,818,000 |
|
Provision for taxation |
141,000 |
1,056,000 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
305,901,000 |
155,975,000 |
243,354,000 |
384,924,000 |
410,965,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
(84,574,000) |
(38,767,000) |
1,094,000 |
89,256,000 |
113,321,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
(40,817,000) |
59,879,000 |
191,038,000 |
335,178,000 |
281,614,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
150,565,000 |
150,565,000 |
150,565,000 |
150,565,000 |
150,565,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
150,565,000 |
150,565,000 |
150,565,000 |
150,565,000 |
150,565,000 |
|
Retained profit/(loss) carried forward |
(276,867,000) |
(206,078,000) |
(102,216,000) |
(45,562,000) |
(22,440,000) |
|
Others |
(109,000) |
(2,008,000) |
(1,942,000) |
(739,000) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
(276,976,000) |
(208,086,000) |
(104,158,000) |
(46,301,000) |
(22,440,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
(126,411,000) |
(57,521,000) |
46,407,000 |
104,264,000 |
128,125,000 |
|
Long term loans |
55,000,000 |
77,000,000 |
99,000,000 |
150,000,000 |
60,000,000 |
|
Lease obligations |
28,130,000 |
36,099,000 |
43,689,000 |
80,175,000 |
93,489,000 |
|
Others |
2,464,000 |
4,301,000 |
1,942,000 |
739,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
85,594,000 |
117,400,000 |
144,631,000 |
230,914,000 |
153,489,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
(40,817,000) |
59,879,000 |
191,038,000 |
335,178,000 |
281,614,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
FINANCIAL RATIO
|
|
SUMITOMO CHEMICAL ASIA PTE LTD |
|
TYPES OF FUNDS |
|||||
|
Cash |
10,151,000 |
4,110,000 |
3,764,000 |
6,546,000 |
11,829,000 |
|
Net Liquid Funds |
10,151,000 |
4,110,000 |
3,764,000 |
6,546,000 |
11,829,000 |
|
Net Liquid Assets |
(144,783,000) |
(84,424,000) |
(92,563,000) |
(86,320,000) |
(136,709,000) |
|
Net Current Assets/(Liabilities) |
(84,574,000) |
(38,767,000) |
1,094,000 |
89,256,000 |
113,321,000 |
|
Net Tangible Assets |
(43,114,000) |
55,398,000 |
186,114,000 |
329,771,000 |
278,366,000 |
|
Net Monetary Assets |
(230,377,000) |
(201,824,000) |
(237,194,000) |
(317,234,000) |
(290,198,000) |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest & Tax (EBIT) |
0 |
(95,185,000) |
(48,623,000) |
(15,411,000) |
15,346,000 |
|
Earnings Before Interest, Taxes,
Depreciation And Amortization (EBITDA) |
(52,514,000) |
(72,148,000) |
(22,105,000) |
147,180,000 |
29,998,000 |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
258,298,000 |
183,044,000 |
235,783,000 |
250,936,000 |
175,706,000 |
|
Total Liabilities |
391,495,000 |
273,375,000 |
387,985,000 |
615,838,000 |
564,454,000 |
|
Total Assets |
265,084,000 |
215,854,000 |
434,392,000 |
720,102,000 |
692,579,000 |
|
Net Assets |
(40,817,000) |
59,879,000 |
191,038,000 |
335,178,000 |
281,614,000 |
|
Net Assets Backing |
(126,411,000) |
(57,521,000) |
46,407,000 |
104,264,000 |
128,125,000 |
|
Shareholders' Funds |
(126,411,000) |
(57,521,000) |
46,407,000 |
104,264,000 |
128,125,000 |
|
Total Share Capital |
150,565,000 |
150,565,000 |
150,565,000 |
150,565,000 |
150,565,000 |
|
Total Reserves |
(276,976,000) |
(208,086,000) |
(104,158,000) |
(46,301,000) |
(22,440,000) |
|
GROWTH RATIOS (Year on Year) |
|||||
|
Revenue |
14.70 |
(51.03) |
(33.86) |
0.76 |
19.78 |
|
Proft/(Loss) Before Tax |
29.18 |
(78.27) |
(133.58) |
(401.19) |
(20.30) |
|
Proft/(Loss) After Tax |
31.84 |
(83.33) |
(145.02) |
(439.03) |
(19.97) |
|
Total Assets |
22.81 |
(50.31) |
(39.68) |
3.97 |
(17.58) |
|
Total Liabilities |
43.21 |
(29.54) |
(37.00) |
9.10 |
(24.64) |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.03 |
0.03 |
0.02 |
0.02 |
0.03 |
|
Liquid Ratio |
0.53 |
0.46 |
0.62 |
0.78 |
0.67 |
|
Current Ratio |
0.72 |
0.75 |
1.00 |
1.23 |
1.28 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
23 |
20 |
20 |
25 |
36 |
|
Debtors Ratio |
30 |
11 |
6 |
14 |
8 |
|
Creditors Ratio |
1 |
3 |
6 |
2 |
2 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
(2.04) |
(3.18) |
5.08 |
2.41 |
1.37 |
|
Liabilities Ratio |
(3.10) |
(4.75) |
8.36 |
5.91 |
4.41 |
|
Times Interest Earned Ratio |
(11.67) |
(15.69) |
(5.95) |
(1.73) |
2.11 |
|
Assets Backing Ratio |
(0.29) |
0.37 |
1.24 |
2.19 |
1.85 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
(7.54) |
(12.21) |
(3.36) |
(0.95) |
0.32 |
|
Net Profit Margin |
(7.44) |
(12.53) |
(3.35) |
(0.90) |
0.27 |
|
Return On Net Assets |
161.80 |
(158.96) |
(25.45) |
(4.60) |
5.45 |
|
Return On Capital Employed |
216.17 |
(132.29) |
(23.93) |
(4.39) |
5.17 |
|
Return On Shareholders' Funds/Equity |
56.00 |
180.56 |
(122.08) |
(22.18) |
5.32 |
|
Dividend Pay Out Ratio (Times) |
0 |
0 |
0 |
0 |
0 |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 67.71 |
|
|
1 |
INR 91.89 |
|
Euro |
1 |
INR 79.89 |
|
SGD |
1 |
INR 50.63 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
DNS |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.