MIRA INFORM REPORT

 

 

Report Date :           

30.05.2011

 

IDENTIFICATION DETAILS

 

Name :

MAKINO ASIA PTE LTD

 

 

Formerly Known As :

LEBLOND MAKINO ASIA PTE LTD

 

 

Registered Office :

2 Gul Avenue Singapore 629649

 

 

Country :

Singapore

 

 

Financials (as on) :

31.03.2010 (Group)

 

 

Date of Incorporation :

23.05.1973

 

 

Com. Reg. No.:

197300960K

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

manufacture and repair of machinery and machine-tools - metal cutting types

 

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

 

Maximum Credit Limit :

S$1,000,000

 

 

Status :

Good

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Exists

 

 

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 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Singapore

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

 

Executive Summary

 

Company Name

:

MAKINO ASIA PTE LTD

Registration No

:

197300960K

Date of Registration

:

23/05/1973

Former Name

:

LEBLOND MAKINO ASIA PTE LTD Eff. date : 23/05/1973 Eff. date : 23/05/1973

Date of Change of Name

:

07/05/1992

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

2 GUL AVENUE SINGAPORE 629649

Date of Change of Address

:

NA

Contact No.

:

6861 5722

Fax No.

:

6861 1600

Website

:

www.makino.com.sg

Registered Activities

:

1. MANUFACTURE AND REPAIR OF MACHINERY AND MACHINE-TOOLS - METAL CUTTING TYPES (EG LATHES, MILLING MACHINES, SHAPING MACHINES)

2. IRON AND STEEL FOUNDRIES

Issued Ordinary Capital*

:

$13,626,377.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 1,641,377

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$13,626,377.00 SINGAPORE, DOLLARS

Paid-Up Preference Capital

:

NA

* Number of Shares includes number of Issued Treasury Shares

Issued Treasury Capital

:

NA

Paid-Up Treasury Capital

:

NA

No. of Local Subsidiaries

:

NA

No. of Local Associates

:

NA

Auditor

:

DELOITTE & TOUCHE LLP

Bankers / Financiers

:

NA

Turnover

:

SGD - SIN 216,023,905.00 (FY2010)

Net Worth

:

SGD - SIN 226,522,642.00 (FY2010)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

3

S1000 / SME 500 / FG50 Ranking

:

954 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2009/2010)

455 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2007/2008)

466 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2007/2008)

636 POSITION IN Singapore 1000 Companies Ranked by Return on Equities (2006/2007)

292 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2006/2007)

Compounded Annual Growth Rate (CAGR)

:

NA

 

 

Credit Recommendation

 

Recommended Credit Line

:

S$1,000,000

 

 

SHAREHOLDER DETAILS

 

NAME

:

MAKINO MILLING MACHINE CO., LTD

SHAREHOLDER ID

:

T05UF0531E

NATIONALITY

:

JAPAN

ADDRESS

:

3-19 NAKANE 2 CHO-ME MEGURO-KU TOKYO 152-8578 JAPAN

NO. OF ORD SHARES

:

1,641,377

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

DR MOH CHONG TAU

ADDRESS

:

30 SIMON PLACE SINGAPORE 545972

POSITION

:

DIRECTOR

SECRETARY

DATE OF APPT

:

23/04/1985

23/04/1985

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1283127G

 

NAME

:

KUMBAKONAM SUBRAMANIAM SANKARAN

ADDRESS

:

1 JALAN ANGKLONG FABER GARDEN SINGAPORE 578705

POSITION

:

DIRECTOR

DATE OF APPT

:

01/01/2002

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S2201992I

 

NAME

:

SHUN MAKINO

ADDRESS

:

4-35-5 UTSUKUSHIGAOKA MIDORI-KU YOKOHAMA CITY KANAGAWA PREF JAPAN

POSITION

:

DIRECTOR

DATE OF APPT

:

31/07/1987

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TG7871690

 

NAME

:

KIKKAWA YASUHIKO

ADDRESS

:

59 HILLVIEW AVENUE #06-03 HILLINGTON GREEN SINGAPORE 669616

POSITION

:

DIRECTOR

DATE OF APPT

:

01/04/2008

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TH0936882

 

NAME

:

TOSHIYUKI NAGANO

ADDRESS

:

SAKAEMACHI 119-1, USHIKU CITY IBARAKI-KEN, JAPAN

POSITION

:

DIRECTOR

DATE OF APPT

:

01/08/2010

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TH1412301

 

NAME

:

AKIO KOMURA

ADDRESS

:

2-39-3 NAKAZAWA ASAHI-KU YOKOHAMA CITY KANAGAWA, JAPAN

POSITION

:

DIRECTOR

DATE OF APPT

:

01/08/2008

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TK0669474

 

NAME

:

MATSUNAGA KAZUHIKO

ADDRESS

:

33 HUME AVENUE #10-08 SYMPHONY HEIGHTS SINGAPORE 598734

POSITION

:

DIRECTOR

DATE OF APPT

:

01/04/2008

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TZ0560257

 

 

KEY PERSONNEL PROFILE

 

Name:

DR MOH CHONG TAU

NRIC Number:

S1283127G

Available Address:

30 SIMON PLACE  SINGAPORE 545972

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

EDC@SMA PTE. LTD.

DIRECTOR

23/06/2010

-

-

2

MAKINO ASIA PTE LTD

DIRECTOR

23/04/1985

-

-

3

MAKINO ASIA PTE LTD

SECRETARY

23/04/1985

-

-

4

SMA CENTRE FOR CORPORATE LEARNING PTE. LTD.

DIRECTOR

16/07/2010

-

-

5

SMA FEDERATION ENTERPRISES PTE. LTD.

DIRECTOR

01/12/2002

100000

50.00

6

SMA INSTITUTE OF HIGHER LEARNING PTE. LTD.

DIRECTOR

28/05/2003

-

-

7

SPETA RESOURCES DEVELOPMENT CENTRE PTE. LTD.

DIRECTOR

23/01/2006

-

-

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

MAKINO RESOURCE DEVELOPMENT PTE LTD

LIVE COMPANY

DIRECTOR

31/07/1985

01/01/2002

2

MAKINO RESOURCE DEVELOPMENT PTE LTD

LIVE COMPANY

SECRETARY

31/07/1985

01/01/2002

3

SMA INSTITUTE OF HIGHER LEARNING PTE. LTD.

LIVE COMPANY

SHAREHOLDER

-

05/05/2011

4

THE SINGAPORE MANUFACTURERS' ASSOCIATION

DISSOLVED - MEMBERS' VOLUNTARY WINDING UP

DIRECTOR

24/06/1982

31/05/1985

 

Bankruptcy Record

Case No.

Year

Date of Filing

Petitioner Name

Amount

No Trace

 

 

 

 

 

Litigation Search – Writ of Summons

Court

Case No.

Year

Date of Filing

Amount

Cause Category

M

39865

2001

19/12/2001

 -

Negligence Related

 

SUBSIDIARIES AND ASSOCIATE COMPANIES

 

Company

Shareholdings (%)

NA

 

 

                                                                                                                       

BANKERS/ FINANCIERS

 

Subject enjoys a normal banking routine with its bankers. To date, there are no bank charges registered against Subject by its bankers.

             

 

LITIGATION

 

The following litigation suits were traced against Subject. Case status is as per available. For the latest status of the suit, please obtain the full details of the suit through Litigation Detail Search (DLIT) offered.

 

To date, there have been 3 litigation suits filed against Subject.

 

 

Current Year

On/After 01 Jan 2011

Past Years

W.e.f 01 Jan 2011

 

Court (Claim under normal circumstances)

Magistrate (< $80,000)

0

2

District ($80,000 - $250,000)

0

1

High (>$250,000)

0

0

 

Winding Up Trace

 

No

In litigation/Dissolved/Struck Off/In receivership

No

 

The details are as follows:

 

1)

Court

:

District Court

 

Case No.

:

3530

 

Date of Filing

:

15/08/1997

 

Amount

:

53,047.06

 

Cause

:

Contracts - Sale of Goods

 

Case Status

:

CONCLUDED

 

Plaintiff

:

IDEAL TECHNOLOGY S PTE LTD

 

Last Update Date

:

05/06/2006

 

2)

Court

:

Magistrate Court

 

Case No.

:

20695

 

Date of Filing

:

15/10/1997

 

Amount

:

15,491.20

 

Cause

:

Contracts - Sale of Goods

 

Case Status

:

CONCLUDED

 

Plaintiff

:

OPEN TECHNOLOGY PTE LTD

 

Last Update Date

:

05/06/2006

 

3)

Court

:

Magistrate Court

 

Case No.

:

23805

 

Date of Filing

:

01/12/1997

 

Amount

:

13,909.12

 

Cause

:

Contracts - Sale of Goods

 

Case Status

:

CONCLUDED

 

Plaintiff

:

ACCEDE TECHNOLOGY PTE LTD

 

Last Update Date

:

05/06/2006

 

 

COMPLIANCE

 

Date of Last AGM

:

25/08/2010

Date of Last AR

:

24/09/2010

Date of A/C Laid At Last AGM

:

31/03/2010

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Group

 

MAR 2010

% Change

MAR 2009

MAR 2008

MAR 2007

MAR 2006

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

216,023,905

-31.61

315,862,015

429,610,521

412,546,170

345,298,382

Profit/(Loss) Before Tax

(10,993,550)

NA

2,057,596

38,295,850

48,386,233

43,700,108

Profit After Tax attributable to Shareholders

(9,425,955)

NA

1,545,196

32,988,081

47,202,374

42,272,475

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

330,928,265

-0.66

333,117,370

400,382,263

350,203,518

303,112,014

Current Assets

235,557,887

-1.67

239,564,915

312,056,688

260,004,588

218,504,095

Non Current Assets

95,370,378

1.94

93,552,455

88,325,575

90,198,930

84,607,919

 

 

 

 

 

 

 

Total Liabilities

104,405,623

6.16

98,345,824

165,934,581

147,333,444

147,286,098

Current Liabilities

100,365,346

7.36

93,486,160

160,103,155

140,283,541

140,211,957

Non Current Liabilities

4,040,277

-16.86

4,859,664

5,831,426

7,049,903

7,074,141

 

 

 

 

 

 

 

Shareholders' Funds

226,522,642

-3.51

234,771,546

234,447,682

202,870,074

155,825,916

Share Capital

13,626,377

0.00

13,626,377

13,626,377

13,626,377

13,626,377

Total Reserves

212,896,265

-3.73

221,145,169

220,821,305

189,243,697

142,199,539

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Group

 

MAR 2010

MAR 2009

MAR 2008

MAR 2007

MAR 2006

Growth %

 

 

 

 

 

Year-on-Year Growth

-31.61

-26.48

4.14

19.48

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

NA

0.49

7.68

11.44

12.24

Return on Equity (%)

NA

0.66

14.07

23.27

27.13

Return on Assets (%)

NA

0.46

8.24

13.48

13.95

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

0.46

0.42

0.71

0.73

0.95

Current Debt/Equity (Times)

0.44

0.40

0.68

0.69

0.90

Long Term Debt To Equity (Times)

0.02

0.02

0.02

0.03

0.05

Total Asset To Total Equity (Times)

1.46

1.42

1.71

1.73

1.95

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

0.65

0.95

1.07

1.18

1.14

Fixed Assets Turnover (Times)

2.27

3.38

4.86

4.57

4.08

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

2.35

2.56

1.95

1.85

1.56

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Profitability

We are unable to comment on Subject's profitability as Subject posted losses for the financial year end under review.

 

 

Liquidity

 

Current ratio stood at 2.35 times in FY10 (FY09: 2.56 times). This means that the group has SGD - SIN 2.35 of current assets for every SGD - SIN of current liability incurred.

 

A minimum figure of 1.0 would be considered the lowest limit that this figure should reach. Any business that has a current ratio near 1.0 may be heading for liquidity problems, and would need to be closely monitored. A figure greater than 2.0 would be more desirable, to act as a buffer against any short-term liquidity problems, and give creditors/bank managers a degree of comfort when granting credit/finance.

 

 

 

 

 

 

Leverage

Total debt-to-equity ratio notched 0.46 times in FY10, as compared with 0.42 times in FY09. This means that the group requires additional external financing of SGD - SIN 0.46 for every SGD - SIN injected into its operations.

 

Generally, a total debt-to-equity ratio of less than 0.5 times is preferred. The ratio measures the proportion of the company's reliance on external debt for financing, relative to the shareholder's fund. A lower ratio would imply a greater financial safety and operating freedom for the company.

 

 

Efficiency Ratio

 

We are unable to comment on Subject's return on equity as Subject posted losses for the financial year end under review.

 

We are unable to comment on Subject's return on assets as Subject posted losses for the financial year end under review.

 

Total assets turnover ratio logged at 0.65 times in FY10 (FY09: 0.95 times). This ratio measures the group's ability to make productive use of its total assets to generate sales which reflects the efficiency of the management in utilising its resources.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.21

UK Pound

1

Rs.74.31

Euro

1

Rs.64.40

 

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.