|
|
|
MIRA INFORM REPORT
|
Report No. : |
511134 |
|
Report Date : |
24.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
ITOCHU SINGAPORE
PTE LTD |
|
|
|
|
Formerly Known As : |
·
ITOCHU ASIA PTE., LTD.
·
C. ITOH (ASIA) PTE.
LTD. |
|
|
|
|
Registered Office : |
1, Wallich Street, 32-03, Guoco Tower,
078881 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.03.2017 |
|
|
|
|
Date of Incorporation : |
02.10.1989 |
|
|
|
|
Com. Reg. No.: |
198904241G |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
The subject is principally engaged in the
investment holding, trading of chemical, foodstuff, machinery, aerospace,
ICT, paper, coal, cement, textiles. |
|
|
|
|
No. of Employees : |
200 [2018] |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
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 electronics,
petroleum products, chemicals, medical and optical devices, pharmaceuticals,
and on Singapore’s 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 from 2012-2017 was slower
than during the previous decade, a result of slowing structural growth - as
Singapore reached high-income levels - and soft global demand for exports.
Growth recovered to 3.6% in 2017 with a strengthening global economy.
The government is attempting to restructure Singapore’s economy to
reduce its dependence on foreign labor, raise productivity growth, and increase
wages amid slowing labor force growth and an aging population. 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 signatory of the Comprehensive and Progressive Agreement for Trans-Pacific
Partnership (CPTPP), and a party to the Regional Comprehensive Economic
Partnership (RCEP) negotiations with 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. |
: |
198904241G |
|
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 (LIMITED BY SHARE) |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
1, WALLICH STREET, 32-03, GUOCO TOWER,
078881, SINGAPORE. |
|
BUSINESS ADDRESS |
: |
1, WALLICH STREET, 32-03, GUOCO TOWER,,
078881, SINGAPORE. |
|
TEL.NO. |
: |
65-62300400 |
|
FAX.NO. |
: |
65-62300560 |
|
WEB SITE |
: |
WWW.ITOCHU.COM.SG |
|
CONTACT PERSON |
: |
FUKUDA YUJI ( CEO ) |
|
PRINCIPAL ACTIVITY |
: |
INVESTMENT HOLDING, TRADING OF CHEMICAL,
FOODSTUFF, MACHINERY, AEROSPACE, ICT, PAPER, COAL, CEMENT, TEXTILES |
|
ISSUED AND PAID UP CAPITAL |
: |
37,694,887.00 ORDINARY SHARE, OF A VALUE OF
SGD 37,694,887.00 |
|
SALES |
: |
USD 1,946,025,000 [2017] |
|
NET WORTH |
: |
USD 52,891,000 [2017] |
|
STAFF STRENGTH |
: |
200 [2018] |
|
LITIGATION |
: |
TRACED |
|
FINANCIAL CONDITION |
: |
STABLE |
|
PAYMENT |
: |
REGULAR |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL RISK |
: |
LOW |
|
CURRENCY EXPOSURE |
: |
HIGH |
|
GENERAL REPUTATION |
: |
GOOD |
|
INDUSTRY OUTLOOK |
: |
MARGINAL GROWTH |
HISTORY / BACKGROUND
|
The Subject is a private limited company and
is allowed to have a minimum of one and a maximum of forty-nine shareholders.
As a private limited company, the Subject must have at least two directors. A
private limited company is a separate legal entity from its shareholders. As a
separate legal entity, the Subject is capable of owning assets, entering into
contracts, sue or be sued by other companies. The liabilities of the
shareholders are to the extent of the equity they have taken up and the creditors
cannot claim on shareholders' personal assets even if the Subject is insolvent.
The Subject is governed by the Companies Act and the company must file its
annual returns, together with its financial statements with the Registrar of
Companies.
The Subject is principally engaged in the (as
a / as an) investment holding, trading of chemical, foodstuff, machinery,
aerospace, ict, paper, coal, cement, textiles.
The immediate and ultimate holding company of
the Subject is ITOCHU CORPORATION, a company incorporated in JAPAN.
Former Address(es)
|
Address |
As At Date |
|
9, RAFFLES PLACE, 41-01, REPUBLIC PLAZA,
048619 |
N/A |
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
21/02/2018 |
SGD 37,694,887.00 |
The major shareholder(s) of the Subject are
shown as follows :
Current Shareholder(s) :
|
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 |
Status |
(%) |
As At |
|
201736175Z |
SINGAPORE |
BROWNY HEALTHCARE PTE. LTD. |
- |
60.00 |
21/02/2018 |
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
SHIMA HIDEHIRO |
|
Address |
: |
12, BALMORAL ROAD, 05-07, VOLARI, 259820,
SINGAPORE. |
|
IC / PP No |
: |
G5579086N |
|
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 |
198801314D |
ITOCHU PLASTICS PTE. LTD. |
Director |
13/10/2014 |
0.00 |
- |
USD697,000.00 |
2017 |
- |
31/10/2017 |
|
2 |
198904241G |
ITOCHU SINGAPORE PTE LTD |
Director |
01/04/2016 |
0.00 |
- |
USD16,934,000.00 |
2017 |
- |
21/02/2018 |
DIRECTOR 2
|
Name Of Subject |
: |
HORIUCHI FUMITAKA |
|
Address |
: |
3, JALAN RUMBIA, 08-04, THE IMPERIAL,
239617, SINGAPORE. |
|
IC / PP No |
: |
G3273755U |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
03/05/2016 |
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 |
198904241G |
ITOCHU SINGAPORE PTE LTD |
Director |
03/05/2016 |
0.00 |
- |
USD16,934,000.00 |
2017 |
- |
21/02/2018 |
DIRECTOR 3
|
Name Of Subject |
: |
FUKUDA YUJI |
|
Address |
: |
238, ORCHARD BOULEVARD, 13-06, THE ORCHARD
RESIDENCES, 237973, SINGAPORE. |
|
IC / PP No |
: |
G3257094T |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
26/04/2016 |
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 |
198904241G |
ITOCHU SINGAPORE PTE LTD |
Director |
26/04/2016 |
0.00 |
- |
USD16,934,000.00 |
2017 |
- |
21/02/2018 |
DIRECTOR 4
|
Name Of Subject |
: |
MOHRI MASATO |
|
Address |
: |
1, WALLICH STREET, 32-03, GUOCO TOWER,
078881, SINGAPORE. |
|
IC / PP No |
: |
G3362121W |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
08/05/2017 |
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 |
198904241G |
ITOCHU SINGAPORE PTE LTD |
Director |
08/05/2017 |
0.00 |
- |
USD16,934,000.00 |
2017 |
- |
21/02/2018 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
FUKUDA YUJI |
|
Position |
: |
CEO |
|
AUDITOR
|
No Auditor found in our databank
COMPANY SECRETARIES
|
|
1) |
Company Secretary |
: |
CHANG SOW KUEN |
|
IC / PP No |
: |
S1365694J |
|
|
Address |
: |
130, GEYLANG EAST AVENUE 1, 02-299, GEYLANG
EAST GROVE, 380130, SINGAPORE. |
|
|
2) |
Company Secretary |
: |
CHAN CHOW PHENG |
|
IC / PP No |
: |
S1298885J |
|
|
Address |
: |
112, ROBINSON ROAD, 05-01, ROBINSON 112, 068902,
SINGAPORE. |
|
|
|
|
|
|
BANKING
|
No Banker found in our databank.
ENCUMBRANCE (S)
|
No encumbrance was found in our databank at the time of investigation.
CIVIL LITIGATION CHECK - SUBJECT COMPANY AS A
DEFENDANT
|
* A check has been conducted in our databank against the Subject whether the
subject has been involved in any litigation.
No winding up petition was found in our databank.
|
LEGAL ACTION |
|
||||||
|
|||||||
|
|||||||
|
Total PENDING Case(s) : 2 |
|
||||||
|
|||||||
|
Case Status |
: |
PENDING |
|||||
|
Code No |
: |
99 |
Case No |
: |
1364 |
||
|
Year |
: |
2016 |
Place |
: |
SINGAPORE |
||
|
Court |
: |
SUPREME COURT |
|||||
|
Date Filed |
: |
31/08/2016 |
|||||
|
Solicitor |
: |
MANSURHUSAIN AKBAR HUSSEIN |
|||||
|
Solicitor Firm |
: |
JACOB MANSUR & PILLAI |
|||||
|
Plaintiff |
: |
TAN KOK YONG STEVE |
|||||
|
DEFENDANTS |
: |
ITOCHU SINGAPORE PTE LTD (198904241) |
|||||
|
Amount Claimed |
: |
79345 |
|||||
|
Nature of Claim |
: |
SGD |
|||||
|
Remark |
: |
EMPLOYMENT |
|||||
|
Case Status |
: |
PENDING |
|||||
|
Code No |
: |
99 |
Case No |
: |
2773 |
||
|
Year |
: |
2016 |
Place |
: |
SINGAPORE |
||
|
Court |
: |
DISTRICT COURT |
|||||
|
Date Filed |
: |
31/08/2016 |
|||||
|
Solicitor |
: |
MANSURHUSAIN AKBAR HUSSEIN |
|||||
|
Solicitor Firm |
: |
JACOB MANSUR & PILLAI |
|||||
|
Plaintiff |
: |
TAN KOK YONG STEVE |
|||||
|
DEFENDANTS |
: |
ITOCHU SINGAPORE PTE LTD (198904241) |
|||||
|
Amount Claimed |
: |
79345 |
|||||
|
Nature of Claim |
: |
SGD |
|||||
|
Remark |
: |
EMPLOYMENT |
|||||
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, FOODSTUFF, MACHINERY, AEROSPACE,
IT, PAPER, COAL, CEMENT, TEXTILES |
|
|
Services |
: |
INVESTMENT HOLDING |
|
|
Ownership of premises |
: |
OWNED |
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2018 |
2017 |
2016 |
2015 |
2014 |
||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
||||
|
COMPANY |
200 |
200 |
200 |
180 |
160 |
||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) investment holding,
trading of chemical, foodstuff, machinery, aerospace, ict, paper, coal, cement,
textiles.
The Subject the following business divisions which specializes 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 |
: |
GUOCO TOWER 078881 |
|
Current Address |
: |
1, WALLICH STREET, 32-03, GUOCO TOWER,,
078881, SINGAPORE. |
|
Match |
: |
NO |
Other Investigations
We contacted one of the staff from the Subject and he provided some
information.
The address provided is incomplete.
The Subject refused to disclose its bankers.
FINANCIAL ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
2013 - 2017 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2013 - 2017 |
] |
|
|
Return on Shareholder Funds |
: |
Favourable |
[ |
32.02% |
] |
|
|
Return on Net Assets |
: |
Favourable |
[ |
37.41% |
] |
|
|
The Subject's turnover increased steadily
as the demand for its products / services increased due to the goodwill built
up over the years.The dip in profit could be due to the stiff market
competition which reduced the Subject's profit margin. Generally the Subject
was profitable. The favourable return on shareholders' funds and return on
net assets indicate that the Subject's management was efficient in utilising
the assets to generate returns. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Favourable |
[ |
1 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
40 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
28 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 |
[ |
1.12 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.14 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 |
[ |
13.10 Times |
] |
|
|
Gearing Ratio |
: |
Unfavourable |
[ |
1.45 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 Subject's turnover had
increased, its profits had declined over the same corresponding period. This
could be due to the stiffer market competition and / or higher operating
costs which lowered the Subject's profit margin. 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 : |
2013 |
2014 |
2015 |
2016 |
2017* |
|
|
|||||
|
Population (Million) |
5.40 |
5.47 |
5.54 |
5.61 |
5.61 |
|
Gross Domestic Products ( % ) |
5.1 |
3.9 |
2.2 |
2.4 |
3.6 |
|
Consumer Price Index |
2.4 |
1.0 |
(0.5) |
(0.5) |
0.6 |
|
Total Imports (Million) |
466,762.0 |
463,779.1 |
407,767.9 |
398,372.0 |
403,300.0 |
|
Total Exports (Million) |
513,391.0 |
518,922.7 |
476,285.4 |
468,552.0 |
466,900.0 |
|
|
|||||
|
Unemployment Rate (%) |
1.9 |
1.9 |
1.9 |
2.1 |
- |
|
Tourist Arrival (Million) |
15.46 |
15.01 |
15.23 |
16.28 |
- |
|
Hotel Occupancy Rate (%) |
86.3 |
85.5 |
84.0 |
83.1 |
84.7 |
|
Cellular Phone Subscriber (Million) |
1.97 |
1.98 |
1.99 |
- |
- |
|
|
|||||
|
Registration of New Companies (No.) |
37,288 |
41,589 |
34,243 |
35,227 |
37,395 |
|
Registration of New Companies (%) |
9.8 |
11.5 |
(17.7) |
2.9 |
6.2 |
|
Liquidation of Companies (No.) |
17,369 |
18,767 |
21,384 |
23,218 |
22,379 |
|
Liquidation of Companies (%) |
(5.3) |
8.0 |
13.9 |
8.6 |
(3.6) |
|
|
|||||
|
Registration of New Businesses (No.) |
22,893 |
35,773 |
28,480 |
27,120 |
22,148 |
|
Registration of New Businesses (%) |
1.70 |
56.30 |
(20.39) |
(4.78) |
(18.33) |
|
Liquidation of Businesses (No.) |
22,598 |
22,098 |
26,116 |
35,866 |
24,344 |
|
Liquidation of Businesses (%) |
0.5 |
(2.2) |
18.2 |
37.3 |
(32.1) |
|
|
|||||
|
Bankruptcy Orders (No.) |
1,992 |
1,757 |
1,776 |
1,797 |
1,638 |
|
Bankruptcy Orders (%) |
14.0 |
(11.8) |
1.0 |
1.2 |
(8.9) |
|
Bankruptcy Discharges (No.) |
2,584 |
3,546 |
3,499 |
4,359 |
2,030 |
|
Bankruptcy Discharges (%) |
37.4 |
37.2 |
(1.3) |
24.6 |
(53.4) |
|
|
|||||
|
INDUSTRIES ( % of Growth ) : |
|||||
|
Agriculture |
|||||
|
Production of Principal Crops |
1.78 |
4.29 |
3.04 |
- |
- |
|
Fish Supply & Wholesale |
(3.8) |
(8.6) |
(8.5) |
(9.9) |
- |
|
|
|||||
|
Manufacturing # |
|||||
|
Food, Beverages & Tobacco |
97.9 |
99.4 |
100.0 |
103.7 |
110.3 |
|
Textiles |
119.5 |
102.7 |
100.0 |
92.4 |
84.4 |
|
Wearing Apparel |
334.1 |
212.6 |
100.0 |
83.4 |
88.2 |
|
Leather Products & Footwear |
122.0 |
106.5 |
100.0 |
88.8 |
79.0 |
|
Wood & Wood Products |
103.0 |
107.2 |
100.0 |
95.0 |
92.9 |
|
Paper & Paper Products |
104.4 |
104.5 |
100.0 |
97.3 |
96.1 |
|
Printing & Media |
113.8 |
105.968 |
100.0 |
85.1 |
73.1 |
|
Crude Oil Refineries |
100.7 |
92.2 |
100.0 |
104.2 |
113.5 |
|
Chemical & Chemical Products |
88.4 |
96.7 |
100.0 |
98.9 |
105.3 |
|
Pharmaceutical Products |
101.421 |
109.4 |
100.0 |
113.8 |
96.0 |
|
Rubber & Plastic Products |
109.497 |
109.2 |
100.0 |
91.4 |
93.7 |
|
Non-metallic Mineral |
107.4 |
90.759 |
100.0 |
89.8 |
72.9 |
|
Basic Metals |
77.2 |
99.3 |
100.0 |
106.2 |
108.3 |
|
Fabricated Metal Products |
107.5 |
107.757 |
100.0 |
93.8 |
91.3 |
|
Machinery & Equipment |
109.1 |
118.2 |
100.0 |
80.8 |
86.1 |
|
Electrical Machinery |
87.4 |
97.871 |
100.0 |
101.5 |
111.7 |
|
Electronic Components |
105.0 |
105.6 |
100.0 |
114.1 |
151.4 |
|
Transport Equipment |
111.1 |
106.68 |
100.0 |
101.0 |
99.5 |
|
|
|||||
|
Construction |
25.40 |
22.00 |
- |
- |
- |
|
Real Estate |
88.5 |
145.1 |
- |
- |
- |
|
|
|||||
|
Services |
|||||
|
Electricity, Gas & Water |
6.70 |
6.50 |
- |
- |
- |
|
Transport, Storage & Communication |
9.80 |
14.20 |
- |
- |
- |
|
Finance & Insurance |
3.30 |
6.00 |
- |
7.40 |
- |
|
Government Services |
6.50 |
6.30 |
- |
- |
- |
|
Education Services |
3.10 |
5.98 |
- |
2.40 |
- |
|
|
|||||
|
* Estimate / Preliminary |
|||||
|
# Based on Index of Industrial Production
(2015 = 100) |
|||||
INDUSTRY ANALYSIS
|
|
INDUSTRY : |
TRADING |
|
According to the Ministry of Trade and
Industry, the wholesale & retail trade sector expanded to 3.0% in the
fourth quarter of 2017, moderating from the 3.3% growth in the previous
quarter. The wholesale trade segment was boosted by an improvement in foreign
wholesale sales volume, which more than offset the weakness in domestic
wholesale sales volume. For the whole of 2017, the sector expanded by 2.3%,
faster than the 1.0% growth in 2016. The improvement in growth can be
attributed to the wholesale segment. |
|
|
The domestic wholesale sales volume fell by
1.1% in the fourth quarter 2017, reversing the 2.0% growth in the preceding
quarter. The poorer outturn was led by declines in the sales volume of
household equipment & furniture (-27%) and general wholesale merchandise
(-19%), which outweighed the increase in the sales volume of
telecommunications & computers (20%). For the whole of 2017, the domestic
wholesale trade index expanded by 1.0%, a turnaround from the 2.7% decline in
2016. |
|
|
On the other hand, foreign wholesale sales
volume rose to 6.2% in the fourth quarter 2017, a step-up from the 5.1%
growth in the preceding quarter. Growth was driven by expansions in the sales
of petroleum & petroleum-related products (11%t), telecommunications
& computers (19%) and electronic components (16%). However, growth was
partly offset by a 20% decline in the sales volume of metals, timber &
construction materials. For the full year 2017, the foreign wholesale trade
index rose by 3.6%, faster than the increase of 1.5% in the previous year. |
|
|
Besides, retail sales volume rose by 2.1% in
the fourth quarter 2017, improving from the 0.9% growth recorded in the third
quarter. Growth was supported by improvements in both motor vehicle and
non-motor vehicle sales volumes. While motor vehicle sales benefitted from an
on-year increase in COE supply, growth in non-motor vehicle sales came on the
back of an improvement in consumer sentiments. Notably, the sales volume of
discretionary goods such as recreational goods, computer &
telecommunication equipment and wearing apparel & footwear grew by 4.6%,
4.3 % and 3.1% respectively. |
|
|
For the full year 2017, retail sales volume
expanded by 1.3%, similar to the 1.5% growth recorded in 2016. Growth was
driven by both motor vehicle sales and non-motor vehicle sales, which the
former rising by 1.5% and the latter increasing by 1.3%. The rise in
non-motor vehicle sales was underpinned by higher sales of discretionary
goods. For instance, the sales volume of recreational goods (3.9%), watches
& jewellery (2.4%), computer & telecommunications equipment (1.7%)
and wearing apparel & footwear (1.5%) improved in 2017. |
|
|
OVERALL INDUSTRY OUTLOOK : MARGINAL 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 |
2017-03-31 |
2016-03-31 |
2015-03-31 |
2014-03-31 |
2013-03-31 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated Account |
Company |
Company |
Company |
Company |
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 |
1,946,025,000 |
1,920,186,000 |
1,764,254,000 |
1,804,356,000 |
2,091,391,000 |
|
Other Income |
3,399,000 |
11,688,000 |
3,373,000 |
(60,000) |
1,053,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
1,949,424,000 |
1,931,874,000 |
1,767,627,000 |
1,804,296,000 |
2,092,444,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
18,276,000 |
22,793,000 |
17,540,000 |
14,964,000 |
25,066,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
18,276,000 |
22,793,000 |
17,540,000 |
14,964,000 |
25,066,000 |
|
Taxation |
(1,342,000) |
(1,874,000) |
(1,705,000) |
(1,391,000) |
(4,487,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
16,934,000 |
20,919,000 |
15,835,000 |
13,573,000 |
20,579,000 |
|
Minority interests |
- |
- |
- |
- |
(328,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
27,386,000 |
25,692,000 |
20,748,000 |
16,054,000 |
51,849,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
27,386,000 |
25,692,000 |
20,748,000 |
16,054,000 |
51,849,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
44,320,000 |
46,611,000 |
36,583,000 |
29,627,000 |
72,100,000 |
|
DIVIDENDS - Ordinary (paid & proposed) |
(13,370,000) |
(19,225,000) |
(10,891,000) |
(8,879,000) |
(9,560,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
30,950,000 |
27,386,000 |
25,692,000 |
20,748,000 |
62,540,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Loan from holding company |
22,000 |
6,000 |
1,000 |
1,000 |
23,000 |
|
Term loan / Borrowing |
- |
- |
- |
- |
32,000 |
|
Others |
1,489,000 |
1,226,000 |
709,000 |
678,000 |
751,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
1,511,000 |
1,232,000 |
710,000 |
679,000 |
806,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION (as per notes to P&L) |
235,000 |
158,000 |
243,000 |
290,000 |
733,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Amortization And Depreciation |
235,000 |
158,000 |
243,000 |
290,000 |
733,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
BALANCE SHEET
|
|
ITOCHU SINGAPORE PTE LTD |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
716,000 |
431,000 |
522,000 |
777,000 |
3,385,000 |
|
LONG TERM INVESTMENTS/OTHER ASSETS |
|||||
|
Subsidiary companies |
38,876,000 |
38,876,000 |
38,886,000 |
38,886,000 |
- |
|
Associated companies |
19,994,000 |
16,552,000 |
16,552,000 |
520,000 |
46,869,000 |
|
Investments |
7,528,000 |
7,652,000 |
7,889,000 |
14,109,000 |
8,963,000 |
|
Deferred assets |
- |
- |
- |
- |
1,658,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
66,398,000 |
63,080,000 |
63,327,000 |
53,515,000 |
57,490,000 |
|
INTANGIBLE ASSETS |
|||||
|
Own goodwill |
1,726,000 |
1,726,000 |
1,726,000 |
1,726,000 |
- |
|
Goodwill on consolidation |
- |
- |
- |
- |
1,810,000 |
|
Others |
729,000 |
729,000 |
729,000 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL INTANGIBLE ASSETS |
2,455,000 |
2,455,000 |
2,455,000 |
1,726,000 |
1,810,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
69,569,000 |
65,966,000 |
66,304,000 |
56,018,000 |
62,685,000 |
|
CURRENT ASSETS |
|||||
|
Stocks |
3,877,000 |
1,509,000 |
7,911,000 |
3,282,000 |
34,035,000 |
|
Contract work-in-progress |
- |
- |
- |
- |
2,955,000 |
|
Trade debtors |
215,005,000 |
241,322,000 |
225,030,000 |
236,401,000 |
299,223,000 |
|
Other debtors, deposits & prepayments |
5,224,000 |
1,530,000 |
3,056,000 |
2,413,000 |
13,825,000 |
|
Short term deposits |
- |
- |
- |
- |
442,000 |
|
Short term loan to financial institutions |
- |
- |
- |
211,000 |
- |
|
Amount due from related companies |
- |
743,000 |
1,061,000 |
1,281,000 |
1,025,000 |
|
Cash & bank balances |
1,604,000 |
1,859,000 |
434,000 |
768,000 |
7,995,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
225,710,000 |
246,963,000 |
237,492,000 |
244,356,000 |
359,500,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
295,279,000 |
312,929,000 |
303,796,000 |
300,374,000 |
422,185,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
150,442,000 |
163,509,000 |
131,671,000 |
139,732,000 |
228,950,000 |
|
Other creditors & accruals |
11,778,000 |
13,066,000 |
7,572,000 |
3,014,000 |
10,436,000 |
|
Bank overdraft |
83,000 |
- |
18,000 |
25,000 |
- |
|
Short term borrowings/Term loans |
31,587,000 |
37,314,000 |
61,325,000 |
71,142,000 |
976,000 |
|
Other borrowings |
- |
- |
397,000 |
- |
- |
|
Deposits from customers |
1,896,000 |
2,309,000 |
1,967,000 |
1,087,000 |
- |
|
Amounts owing to related companies |
92,000 |
- |
- |
- |
57,763,000 |
|
Provision for taxation |
1,569,000 |
2,121,000 |
1,767,000 |
1,557,000 |
1,403,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
197,447,000 |
218,319,000 |
204,717,000 |
216,557,000 |
299,528,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
28,263,000 |
28,644,000 |
32,775,000 |
27,799,000 |
59,972,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
LONG TERM LIABILITIES |
|||||
|
Long term loans |
44,941,000 |
46,210,000 |
51,361,000 |
41,451,000 |
36,300,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
44,941,000 |
46,210,000 |
51,361,000 |
41,451,000 |
36,300,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
52,891,000 |
48,400,000 |
47,718,000 |
42,366,000 |
86,357,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
FINANCED BY: |
|||||
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
21,625,000 |
21,625,000 |
21,625,000 |
21,625,000 |
21,625,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
21,625,000 |
21,625,000 |
21,625,000 |
21,625,000 |
21,625,000 |
|
RESERVES |
|||||
|
Capital reserve |
- |
- |
- |
- |
631,000 |
|
Exchange equalisation/fluctuation reserve |
- |
- |
- |
- |
78,000 |
|
General reserve |
316,000 |
(611,000) |
401,000 |
(7,000) |
1,483,000 |
|
Retained profit/(loss) carried forward |
30,950,000 |
27,386,000 |
25,692,000 |
20,748,000 |
62,540,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
31,266,000 |
26,775,000 |
26,093,000 |
20,741,000 |
64,732,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
52,891,000 |
48,400,000 |
47,718,000 |
42,366,000 |
86,357,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
FINANCIAL RATIO
|
|
ITOCHU SINGAPORE PTE LTD |
|
TYPES OF FUNDS |
|||||
|
Cash |
1,604,000 |
1,859,000 |
434,000 |
768,000 |
8,437,000 |
|
Net Liquid Funds |
1,521,000 |
1,859,000 |
416,000 |
743,000 |
8,437,000 |
|
Net Liquid Assets |
24,386,000 |
27,135,000 |
24,864,000 |
24,517,000 |
25,937,000 |
|
Net Current Assets/(Liabilities) |
28,263,000 |
28,644,000 |
32,775,000 |
27,799,000 |
59,972,000 |
|
Net Tangible Assets |
50,436,000 |
45,945,000 |
45,263,000 |
40,640,000 |
84,547,000 |
|
Net Monetary Assets |
(20,555,000) |
(19,075,000) |
(26,497,000) |
(16,934,000) |
(10,363,000) |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest & Tax (EBIT) |
19,787,000 |
24,025,000 |
18,250,000 |
15,643,000 |
25,872,000 |
|
Earnings Before Interest, Taxes,
Depreciation And Amortization (EBITDA) |
20,022,000 |
24,183,000 |
18,493,000 |
15,933,000 |
26,605,000 |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
76,611,000 |
83,524,000 |
113,101,000 |
112,618,000 |
37,276,000 |
|
Total Liabilities |
242,388,000 |
264,529,000 |
256,078,000 |
258,008,000 |
335,828,000 |
|
Total Assets |
295,279,000 |
312,929,000 |
303,796,000 |
300,374,000 |
422,185,000 |
|
Net Assets |
52,891,000 |
48,400,000 |
47,718,000 |
42,366,000 |
86,357,000 |
|
Net Assets Backing |
52,891,000 |
48,400,000 |
47,718,000 |
42,366,000 |
86,357,000 |
|
Shareholders' Funds |
52,891,000 |
48,400,000 |
47,718,000 |
42,366,000 |
86,357,000 |
|
Total Share Capital |
21,625,000 |
21,625,000 |
21,625,000 |
21,625,000 |
21,625,000 |
|
Total Reserves |
31,266,000 |
26,775,000 |
26,093,000 |
20,741,000 |
64,732,000 |
|
GROWTH RATIOS (Year on Year) (%) |
|||||
|
Revenue |
1.35 |
8.84 |
(2.22) |
(13.72) |
3.97 |
|
Proft/(Loss) Before Tax |
(19.82) |
29.95 |
17.21 |
(40.30) |
12.46 |
|
Proft/(Loss) After Tax |
(19.05) |
32.11 |
16.67 |
(34.04) |
12.13 |
|
Total Assets |
(5.64) |
3.01 |
1.14 |
(28.85) |
21.20 |
|
Total Liabilities |
(8.37) |
3.30 |
(0.75) |
(23.17) |
22.68 |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.01 |
0.01 |
0 |
0 |
0.03 |
|
Liquid Ratio |
1.12 |
1.12 |
1.12 |
1.11 |
1.09 |
|
Current Ratio |
1.14 |
1.13 |
1.16 |
1.13 |
1.20 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
1 |
0 |
2 |
1 |
6 |
|
Debtors Ratio |
40 |
46 |
47 |
48 |
52 |
|
Creditors Ratio |
28 |
31 |
27 |
28 |
40 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
1.45 |
1.73 |
2.37 |
2.66 |
0.43 |
|
Liabilities Ratio |
4.58 |
5.47 |
5.37 |
6.09 |
3.89 |
|
Times Interest Earned Ratio |
13.10 |
19.50 |
25.70 |
23.04 |
32.10 |
|
Assets Backing Ratio |
2.33 |
2.12 |
2.09 |
1.88 |
3.91 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
0.94 |
1.19 |
0.99 |
0.83 |
1.20 |
|
Net Profit Margin |
0.87 |
1.09 |
0.90 |
0.75 |
0.97 |
|
Return On Net Assets |
37.41 |
49.64 |
38.25 |
36.92 |
29.96 |
|
Return On Capital Employed |
19.71 |
24.75 |
17.97 |
18.28 |
20.79 |
|
Return On Shareholders' Funds/Equity |
32.02 |
43.22 |
33.18 |
32.04 |
23.45 |
|
Dividend Pay Out Ratio (Times) |
0.79 |
0.92 |
0.69 |
0.65 |
0.47 |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 68.21 |
|
|
1 |
INR 91.43 |
|
Euro |
1 |
INR 80.24 |
|
SGD |
1 |
INR 50.97 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
SYL |
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.