MIRA
INFORM REPORT
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Report Date : |
22.09.2007 |
IDENTIFICATION DETAILS
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Name : |
SHIBUYA SAKURA INDUSTRIES (S) PTE LTD |
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Registered Office : |
455 Tagore Industrial Avenue Sindo
Industrial Estate, 787825 |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
03/10/1997 |
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Legal Form : |
Exempt Pte Ltd |
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Line of Business : |
Wholesale of Textiles |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
subject company
SHIBUYA SAKURA INDUSTRIES S PTE LTD
Financial Elements
FY2006
COMPANY
Sales :
S$18,917,516
Networth :
S$ 805,175
Paid-Up Capital :
S$ 410,000
Net result :
S$ 147,008
Net Margin(%) : 0.78
Return on Equity(%) : 18.26
Leverage Ratio : 3.85 TIMES
COMPANY IDENTIFICATION
Subject Company : SHIBUYA
SAKURA INDUSTRIES (S) PTE LTD
Business Address : 455 TAGORE
INDUSTRIAL AVENUE SINDO INDUSTRIAL ESTATE
Town :
Postcode :
787825
County : -
Country :
Telephone :
6459 1622
Fax :
6456 5550
ROC Number :
199706908E
SUMMARY
All amounts in this report are in : SGD
Legal Form : Exempt Pte Ltd
Date Inc. : 03/10/1997
Previous Legal Form : -
Summary year : 31/03/2006
Sales : 18,917,516
Net Worth : 805,175
Paid-Up Capital : 410,000
Employees :
4
Net Result : 147,008
Auditor : D.
ARUMUGAM & CO
PRINCIPAL(S)
SEATON
Director
F0779553W
DIRECTOR(S)
SEATON GARY DONALD
Director
F0779553W
Appointed on : 14/06/2001
Street :
Town :
Postcode :
289851
Country :
Director
S1794580G
Appointed on : 21/09/1999
Street :
Town :
Postcode :
090012
Country :
HARIKRISHNAN S/O MUTHUSAMY
Company Secretary
S2135685I
Appointed on : 03/10/1997
Street :
101 AH HOOD ROAD, #11-02
Town :
Postcode :
320101
Country :
ACTIVITY (IES)
IMPORTERS And EXPORTERS Code: 11760
SCRAP METALS Code: 19045
COMMISSION MERCHANTS Code: 4990
BASED ON ACRA'S
1) WHOLESALE OF TEXTILES
2) GENERAL WHOLESALE TRADE (INCLUDING GENERAL
IMPORTERS & EXPORTERS)
CHARGES
Date : 08/05/2007
Comments : CHARGE NO: C200703410
AMOUNT SECURED: 0.00 AND ALL
MONIES OWING
CHARGEE(S): SING INVESTMENTS
& FINANCE LIMITED
Date : 27/02/2006
Comments : CHARGE NO: C200601297
AMOUNT SECURED: 0.00 AND ALL
MONIES OWING
CHARGEE(S): INDIAN BANK
Date : 08/10/2004
Comments : CHARGE NO: C200405012
AMOUNT SECURED: 0.00 AND ALL
MONIES OWING
CHARGEE(S): INDIAN BANK
Date : 29/09/2004
Comments : CHARGE NO: C200404843
AMOUNT SECURED: 0.00 AND ALL
MONIES OWING
CHARGEE(S): INDIAN BANK
Date :
20/04/2004
Comments :
CHARGE NO: C200401985
AMOUNT SECURED: 0.00 AND ALL
MONIES OWING
CHARGEE(S): INDIAN BANK
Date : 17/12/2003
Comments : CHARGE NO: C200306100
AMOUNT SECURED: 0.00 AND ALL
MONIES OWING
CHARGEE(S): INDIAN BANK
PREMISES/PROPERTY INFORMATIONS
No Premises/Property Information In Our Databases
BANKERS
INDIAN BANK
SHAREHOLDERS(S)
SEATON GARY DONALD
1
Private Person
Street :
Town :
Postcode :
289851
Country :
249,999
Private Person
Street :
Town :
Postcode :
090012
Country :
SOMASEGARAN S/O K PONNAMPALAM
90,000
Private Person
Street :
18C JALAN PARAS, YONG SENG ESTATE
Town :
Postcode :
418873
Country :
PARIKH SAUMIL KISHORE KUMAR
160,000
Private Person
Street :
48A LORONG J TELOK KURAU
Town :
Postcode :
425838
Country :
SUBSIDIARY (IES)
No Participation In Our Database
PAYMENT HISTORY AND EXPERIENCES
Trade Morality : AVERAGE
Liquidity : SUFFICIENT
Payments : REGULAR
Trend : DOWNWARD
Financial Situation :
AVERAGE
LITIGATION(S)
No Litigation In Our Database
FINANCIAL ELEMENTS
All amounts in this report are in : SGD
Audit Qualification: UNQUALIFIED (CLEAN) UNQUALIFIED (CLEAN)
Date Account Lodged: 03/05/2007
Balance Sheet Date: 31/03/2006 31/03/2005
Number of weeks: 52 52
Consolidation Code: COMPANY COMPANY
--- ASSETS ---
Tangible Fixed Assets: 1,308 2,735
Investments 2,000 48,000
Total Fixed Assets: 3,308 50,735
Receivables: 1,676,746 2,737,289
Cash, Banks, Securities: 587,122 453,380
Other current assets: 1,635,758 1,182,889
Total Current Assets:
3,899,626
4,373,558
TOTAL ASSETS:
3,902,934
4,424,293
--- LIABILITIES ---
Equity capital: 410,000 250,000
Reserves:
15,000
Profit & loss Account: 395,175 248,167
Total Equity: 805,175 513,167
Trade Creditors: 989,869 821,101
Short term liabilities:
860
Due to Bank: 621,106 1,696,895
Provisions: 52,352 18,572
Other Short term Liab.: 1,303,209 1,241,030
Prepay. & Def. charges: 131,223 132,668
Total short term Liab.:
3,097,759
3,911,126
TOTAL LIABILITIES:
3,097,759
3,911,126
PROFIT & LOSS
ACCOUNT
Net Sales 18,917,516 19,145,392
Purchases,Sces & Other Goods: 17,673,624 18,224,237
Gross Profit:
1,243,892 921,155
Result of ordinary operations 577,889 286,522
NET RESULT BEFORE TAX: 188,288 167,071
Tax : 41,280 19,567
Net income/loss year: 147,008 147,504
Interest Paid: 389,601 286,522
Depreciation: 1,427 1,427
Directors Emoluments: 24,000 6,000
Wages and Salaries: 173,070 163,895
Financial Income: 7,874 19,356
RATIOS
31/03/2006
31/03/2005
Turnover per employee: 4729379.00 4786348.00
Net result / Turnover(%): 0.01 0.01
Fin. Charges / Turnover(%):
0.02
0.01
Net Margin(%): 0.78 0.77
Return on Equity(%): 18.26 28.74
Return on Assets(%): 3.77 3.33
Net Working capital: 801867.00 462432.00
Cash Ratio: 0.19 0.12
Quick Ratio: 0.73 0.82
Current ratio: 1.26 1.12
Receivables Turnover: 31.91 51.47
Leverage Ratio: 3.85 7.62
Net Margin : (100*Net income loss
year)/Net sales
Return on
Equity : (100*Net income loss
year)/Total equity
Return on
Assets : (100*Net income loss
year)/Total fixed assets
Net Working
capital : (Total current assets-Total
short term liabilities)
Cash Ratio : Cash Bank securities/Total
short term liabilities
Quick Ratio : (Cash Bank
securities+Receivables)/Total Short term liabilities
Current ratio
: Total current
assets/Total short term liabilities
Receivables
Turnover : (Receivable*360)/Net sales
Leverage
Ratio : Total
liabilities/(Total equity-Intangible assets)
FINANCIAL COMMENTS
THE FINANCIAL
CONDITION OF THE COMPANY WAS DEEMED TO BE FAIR IN VIEW OF THE FOLLOWING:
NET WORTH:
THE BALANCE SHEET
WAS PASSABLE WITH TOTAL EQUITY RISING BY 56.90% AMOUNTING TO S$805,175 (2005:
S$513,167). THIS WAS CONTRIBUTED BY HIGHER RETAINED EARNINGS BROUGHT FORWARD OF
S$395,175(2005: S$248,167).
LEVERAGE:
THE LEVERAGE RATIO
HAD IMPROVED TO 3.85 TIMES (2005: 7.62 TIMES),INDICATING THAT THE COMPANY'S
TOTAL LIABILITIES WERE LESS SUBSTANTIAL IN RELATION TO ITS TOTAL EQUITY.
IN THE SHORT
TERM, TRADE CREDITORS INCREASED BY 20.55%, AMOUNTING TO S$989,869 (2005:
S$821,101). AMOUNT DUE TO BANKS OF S$621,106 (2005: S$1,696,895) COMPRISED OF:
*
DISCOUNTED BILLS OF S$52,840 (2005: NIL)
*
TRUST RECEIPTS OF S$549,873 (2005: S$1,366,895)
*
SHORT TERM BANK LOANS (SECURED) OF S$18,225 (2005: S$330,000)
*
BANK OVERDRAFT OF S$168 (2005: NIL)
LIQUIDITY:
THE OVERALL
LIQUIDITY OF THE COMPANY WAS FAIRLY HEALTHY. NET WORKING CAPITAL REGISTERED
HIGHER AT S$801,867 (2005: S$462,432).
ON THE OTHER
HAND, THE QUICK RATIO WAS LACKING AT 0.73 TIMES (2005: 0.82 TIMES) WHILE THE
CURRENT RATIO WAS SUFFICIENT AT 1.26 TIMES
(2005: 1.12 TIMES).
PROFITABILITY:
REVENUE FOR
FY2006 POSTED LOWER BY 1.19%, TOTALLING S$18,917,516 (2005: S$19,145,392). NET
INCOME ALSO REGISTERED LOWER AT S$147,008 (2005: S$147,504).
THUS, NET MARGIN
STOOD HIGHER AT 0.78% (2005: 0.77%).
DEBT SERVICING:
DEBT SERVICING
PROBLEMS MIGHT NOT BE ANTICIPATED IN VIEW OF THE SUFFICIENT LIQUIDITY AND IF
TRADE RECEIVABLES WERE FORTHCOMING.
AVERAGE
COLLECTION PERIOD HAD ALSO SHORTENED TO 32 DAYS (2005: 51 DAYS).
NOTES TO THE FINANCIAL STATEMENTS:
SECURITIES
OFFERED TO THE BANK
TRADE FACILITIES
ARE SECURED BY:
FIXED DEPOSIT
PLUS INTEREST ACCRUED IN THE NAME OF THE COMPANY FOR S$581,726 (2005:
S$416,344)
PERSONAL JOINT
GUARANTEES FOR USD5,400,000 (2005: USD3,800,000) FROM THE DIRECTORS
ADDITIONAL CASH
MARGIN FOR USD100,000 TO BE PLACED AS COLLATERAL FOR THE INCREASE IN CREDIT
LINES
DEBENTURE CHARGE
ON FIXED AND FLOATING ASSETS (EXISTING AND FUTURE) IN FAVOUR OF THE BANK
EVENTS AFTER THE
BALANCE SHEET DATE
THE COMPANY
ISSUED 90,000 ORDINARY SHARES TO AN INDIVIDUAL OTHER THAN THE DIRECTORS FOR
S$90,000 ON 24 AUGUST 2006.
LIMITED EXEMPT PRIVATE COMPANY
WHERE THE SHARES
OF A PRIVATE COMPANY ARE NOT OWNED BY ANY CORPORATE BODY AND THERE ARE NO MORE
THAN 20 MEMBERS, THE PRIVATE COMPANY IS KNOWN AS AN EXEMPT PRIVATE COMPANY.
AN EXEMPT PRIVATE
COMPANY ENJOYS A GREATER AMOUNT OF PRIVACY THAN A PRIVATE COMPANY. IT IS NOT
REQUIRED TO FILE ACCOUNTS WITH THE REGISTRAR IF IT CAN PRODUCE A CERTIFICATE
SIGNED BY ONE OF ITS DIRECTORS, SECRETARY AND AUDITOR CONFIRMING THE FOLLOWING
POINTS:
1. THE COMPANY IS AN EXEMPT PRIVATE
COMPANY.
2. THE AUDITED ACCOUNTS HAVE BEEN TABLED
BEFORE THE SHAREHOLDERS
AT THE ANNUAL GENERAL MEETING.
3. THE COMPANY IS ABLE TO MEET ITS
LIABILITIES.
THERE IS
THEREFORE NO DISCLOSURE TO THE PUBLIC OF THE ACCOUNTS OF THE COMPANY ALTHOUGH
THE ACCOUNTS STILL HAVE TO BE AUDITED EVERY YEAR AND APPROVED AT AN ANNUAL GENERAL
MEETING OF THE COMPANY.
A PRIVATE COMPANY
THAT IS WHOLLY OWNED BY THE GOVERNMENT MAY BECOME AN EXEMPT PRIVATE COMPANY IF
THE MINISTER FOR FINANCE, IN THE NATIONAL INTEREST, DECLARES IT TO BE SUCH BY A
GAZETTE NOTIFICATION.
EXEMPT FROM AUDIT
AN EXEMPT PRIVATE
COMPANY IS EXEMPT FROM AUDIT REQUIREMENTS IF THE STARTING DATE OF ITS FINANCIAL
YEAR IS BETWEEN 15 MAY 2003 AND 31 MAY 2004 AND ITS TURNOVER FOR THAT FINANCIAL
YEAR DOES NOT EXCEED $2.5 MILLION. FOR FINANCIAL YEARS STARTING 1 JUNE 2004,
THE AMOUNT OF THE TURNOVER HAS BEEN RAISED TO $5 MILLION. THESE COMPANIES ARE
STILL REQUIRED TO MAINTAIN PROPER
ACCOUNTING.
BACKGROUND/OPERATION
THE COMPANY WAS INCORPORATED IN THE
AS AT 12/06/2007, SUBJECT HAS AN
ISSUED AND PAID-UP CAPITAL OF 500,000 SHARES OF A VALUE OF S$500,000.
PRINCIPAL ACTIVITIES:
SUBJECT IS REGISTERED WITH THE
ACCOUNTING & CORPORATE REGULATORY
AUTHORITY (ACRA) TO BE PRINCIPALLY ENGAGED IN THE BUSINESS OF:
1) WHOLESALE OF TEXTILES
2) GENERAL WHOLESALE TRADE
(INCLUDING GENERAL IMPORTERS & EXPORTERS)
DURING THE FINANCIAL YEAR(S), UNDER REVIEW, SUBJECT'S PRINCIPAL
ACTIVITIES ARE THAT OF IMPORTERS, EXPORTERS AND WHOLESALERS OF SCRAP, BUYING
AND SELLING OF VESSELS, COMMISSION AGENT AND GENERAL WHOLESALE TRADE INCLUDING
GENERAL IMPORTERS AND EXPORTERS.
FROM THE RESEARCH CONDUCTED, THE FOLLOWING INFORMATION WAS GATHERED:
SUBJECT IS LISTED IN THE
TERMS OF PAYMENT:
* TRADE & OTHER
RECEIVABLES: 30-90 DAYS TERM
* TRADE & OTHER
PAYABLES : 30-90 DAYS TERM
NUMBER OF EMPLOYEES (31 MARCH):
* COMPANY - 2006: 4 (2005: 4)
NO OTHER TRADE INFORMATION WAS MADE AVAILABLE ON 15/06/2007 AS A
TELE-INTERVIEW REQUEST WAS NOT GRANTED.
REGISTERED AND BUSINESS ADDRESS:
SINDO INDUSTRIAL ESTATE
DATE OF CHANGE OF ADDRESS: 01/04/2005
-- RENTED PREMISE
-- PREMISE OWNED BY:
WEBSITE: NA
EMAIL: NA
MANAGEMENT
THE DIRECTORS AT THE TIME OF THIS REPORT ARE:
1) SEATON GARY DONALD, AN AUSTRALIAN
- BASED IN
2) N ANANDARAJA S/O NADARAJAH, A
SINGAPOREAN - HOLDS NO OTHER DIRECTORSHIP AS RECORDED IN OUR DATABASE
Investment Grade
IN
EXTERNAL ACCOUNTS HAVE REMAINED SUBSTANTIALLY IN SURPLUS,
CONTRIBUTED TO THE DYNAMISM OF THE ELECTRONICS AND PHARMACEUTICALS SECTORS AND
TO REPATRIATION OF PROFITS FROM
THE GOVERNMENT USES FOREIGN DIRECT INVESTMENT TO DEVELOP
PRIORITY SECTORS (ELECTRONICS, CHEMICALS, BIOTECHNOLOGY). THE AIM IS TO
ENCOURAGE THE GROWTH OF HIGH ADDED-VALUE ACTIVITIES AND TURN
CERTAIN SECTORS (MEDIA, LEGAL AND FINANCIAL SERVICES) ARE HOWEVER ONLY PARTIALLY OPEN TO FOREIGN INVESTMENT. THESE SECTORS ARE SLOWLY OPENING UP, BUT THE PROGRESS IS SLOW.
AFTER HIGH GROWTH IN 2006, BUOYED BY THE DYNAMISM OF BOTH EXPORTS AND HOUSEHOLD CONSUMPTION, A SLOWDOWN IS EXPECTED IN 2007.
ASSETS
MAJOR EXPORTER OF CAPITAL IN
WEAKNESSES
SKILLED MANPOWER HAS BEEN LACKING IN THE SECTORS TARGETED FOR DEVELOPMENT. AN AGEING POPULATION COULD, ULTIMATELY, AFFECT ECONOMIC PERFORMANCE. GROWING INEQUALITY AND THE EMERGENCE OF LONG-TERM UNEMPLOYMENT AMONG THE LEAST SKILLED COULD GENERATE SOCIAL TENSIONS. BEING THE WORLD’S MOST OPEN ECONOMY, IT HAS BEEN VULNERABLE TO WORLD ECONOMIC DOWNTURNS.
WHOLESALE AND RETAIL TRADE SECTOR
PAST
PERFORMANCE
DOMESTIC
WHOLESALE TRADE INDEX
DOMESTIC
WHOLESALE TRADE IN 4Q 2006 HAS DECLINED BY 6.9%. EXCLUDING PETROLEUM, DOMESTIC
SALES REMAINED AT SIMILAR LEVEL COMPARED TO THE PREVIOUS QUARTER.
GENERAL
WHOLESALE TRADE POSTED THE LARGEST SALES DECREASE OF 16.6%, FOLLOWED BY THE
SECTORS OF PETROLEUM AND PETROLEUM PRODUCTS OF 15.7% AND HOUSEHOLD EQUIPMENT
AND FURNITURE OF 13.2%.
SECTORS OF
INDUSTRIAL AND CONSTRUCTION MACHINERY AND ELECTRONIC COMPONENTS REGISTERED
GROWTHS OF 17.0% AND 12.3%, RESPECTIVELY.
FOREIGN
WHOLESALE TRADE INDEX
ON A
QUARTER-TO-QUARTER BASIS, OVERALL FOREIGN WHOLESALE TRADE CONTRACTED BY 7.9% IN
4Q 2006 AFTER TWO QUARTERS OF POSITIVE GROWTH. FOREIGN SALES WENT DOWN BY 1.6%,
EXCLUDING PETROLEUM.
THE SECTORS OF
PETROLEUM AND PETROLEUM PRODUCTS AND ELECTRONIC COMPONENTS MARKED LOWER
OVERSEAS
RETAIL
TRADE
IN GENERAL,
RETAIL SALES GREW BY 7.9% IN 4Q 2006, UP FROM THE 5.2% IN THE PREVIOUS QUARTER.
THIS BROUGHT FULL YEAR GROWTH FOR 2006 TO 6.9%, DOWN FROM 9.0% IN 2005. EXCLUDING
MOTOR VEHICLE SALES, RETAIL SALES ROSE 4.1%, SLOWING FROM THE 7.2% GAIN IN THE
PREVIOUS YEAR.
MOST RETAIL
SECTORS REPORTED BRISK BUSINESS IN DEC. 2006. SALES OF RECREATIONAL GOODS,
DEPARTMENT STORES, WEARING APPAREL AND FOOTWEAR, FURNITURE AND HOUSEHOLD
EQUIPMENT, WATCHES AND JEWELLERY CLIMBED BY 36.6% TO 44.2% IN DEC. 2006
COMPARED TO THE PREVIOUS MONTH.
LIKEWISE,
RETAILERS OF OPTICAL GOODS AND BOOKS, TELECOMMUNICATIONS APPARATUS AND
COMPUTERS, FOOD AND BEVERAGES, MEDICAL GOODS AND TOILETRIES AND SUPERMARKETS
ENJOYED GROWTH BETWEEN 12.7% TO 26.0%.
OUTLOOK
FOR WHOLESALE
TRADE, A NET WEIGHTED BALANCE OF 11% OF FIRMS ANTICIPATES BUSINESS TO BE LESS
BRISK FOR COMING MONTHS. THOSE DEALING IN JEWELLERY AND WATCHES, INDUSTRIAL
MACHINERY AND EQUIPMENT, TELECOMMUNICATIONS EQUIPMENT AND ELECTRONIC COMPONENTS
ARE AMONG THOSE WHO FORESEE SLOWER BUSINESS IN THE COMING MONTHS.
FOR RETAILERS,
A NET WEIGHTED BALANCE OF 8%, FORECAST THE BUSINESS CONDITIONS TO IMPROVE IN
THE NEXT SIX MONTHS. DEPARTMENT STORES OWNERS AND RETAILERS OF FURNITURE AND
FURNISHINGS ARE OPTIMISTIC ABOUT THE BUSINESS PROSPECTS.
EXTRACTED
FROM: MINISTRY OF TRADE AND
SINGAPORE
DEPARTMENT OF STATISTICS
TODAY
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 |
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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 |
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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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)