MIRA INFORM REPORT

 

 

Report Date :           

28.03.2012

 

IDENTIFICATION DETAILS

 

Name :

FUJITEC SINGAPORE CORPORATION LTD

 

 

Registered Office :

204 Bedok South Avenue 1 Singapore 469333

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2010 (Group)

31.12.2008 (Company)

 

 

Date of Incorporation :

23.08.1972

 

 

Com. Reg. No.:

197201108W

 

 

Legal Form :

Public company limited by shares

 

 

Line of Business :

Installation and erection of building equipment

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Singapore

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Executive Summary

 

Company Name

:

FUJITEC SINGAPORE CORPORATION LTD

Registration No

:

197201108W

Date of Registration

:

23/08/1972

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

PUBLIC COMPANY LIMITED BY SHARES

Registered Address

:

204 BEDOK SOUTH AVENUE 1 SINGAPORE 469333

Date of Change of Address

:

NA

Contact No.

:

6241 6222

Fax No.

:

6444 7626

Website

:

www.fujitecsg.com

Registered Activities

:

1. INSTALLATION AND ERECTION OF BUILDING EQUIPMENT (EG LIFTS, ESCALATORS, TRAVELLATORS)

2. MANUFACTURE AND REPAIR OF LIFTS AND ESCALATORS

Issued Ordinary Capital*

:

$5,290,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 6,400,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$5,290,000.00 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

:

1

No. of Local Associates

:

NA

Auditor

:

FOO KON TAN GRANT THORNTON LLP

Bankers / Financiers

:

NA

Turnover

:

SGD - SIN 149,847,192.00 (FY2010)

Net Worth

:

SGD - SIN 106,093,835.00 (FY2010)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

7

S1000 / SME 500 / FG50 Ranking

:

1361 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2010/2011)

952 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2009/2010)

1218 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2009/2010)

1048 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2008/2009)

785 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2008/2009)

Compounded Annual Growth Rate (CAGR)

:

5.71% (4 years)

 

 

Credit Recommendation

 

Recommended Credit Line

:

S$1,000,000

 

 

SHAREHOLDER DETAILS

 

As Subject is registered as a public company limited by shares, its shareholder details are not available. Please refer to documentary for information.

 

 

OFFICER DETAILS

 

NAME

:

SATO TAKESHI

ADDRESS

:

370E ALEXANDRA ROAD #06-09 ANCHORAGE CONDOMINIUM, THE SINGAPORE 159958

POSITION

:

DIRECTOR

DATE OF APPT

:

10/06/2010

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

G6367501L

 

NAME

:

TAKAKAZU UCHIYAMA

ADDRESS

:

2-10 MIKAGE-YAMATC 1-CHOME HIGASHINADA-KU KOBE JAPAN

POSITION

:

DIRECTOR

DATE OF APPT

:

19/12/1986

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

MH0407346

 

NAME

:

FOO SOON SOO

ADDRESS

:

4 MIMOSA VALE MIMOSA VALE SINGAPORE 807927

POSITION

:

SECRETARY

DATE OF APPT

:

18/02/2005

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1310912E

 

NAME

:

WONG MENG KWONG

ADDRESS

:

10 PARI DEDAP WALK #08-19 TANAMERA CREST SINGAPORE 486062

POSITION

:

DIRECTOR

DATE OF APPT

:

01/07/2011

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1418839H

 

NAME

:

LOH HWA ANN

ADDRESS

:

70 WEST COAST ROAD #04-95 VARSITY PARK CONDOMINIUM SINGAPORE 126829

POSITION

:

DIRECTOR

DATE OF APPT

:

01/07/2010

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1600463D

 

NAME

:

NARAYANAPILLAI SUGUMARAN

ADDRESS

:

641 BEDOK RESERVOIR ROAD #13-67 SINGAPORE 410641

POSITION

:

DIRECTOR

DATE OF APPT

:

01/07/1991

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S2191752D

 

NAME

:

IWATARO SEKIGUCHI

ADDRESS

:

2-2-34 HESO, RITTO-CITY, SHIGA, JAPAN

POSITION

:

DIRECTOR

DATE OF APPT

:

01/09/2009

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TZ0568107

 

 

KEY PERSONNEL PROFILE

 

Name:

TAKAKAZU UCHIYAMA

NRIC Number:

MH0407346

Available Address:

2-10 MIKAGE-YAMATC 1-CHOME HIGASHINADA-KU KOBE JAPAN

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

FUJITEC SINGAPORE CORPORATION LTD

DIRECTOR

19/12/1986

-

-

 

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

No Trace

 

 

 

 

 

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

No Trace

 

 

 

 

 

 

 

SUBSIDIARIES AND ASSOCIATE COMPANIES

 

Company

Shareholdings (%)

FSP PTE. LTD.

100

                                                                                                                       

 

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

 

there have been 7 litigation suits filed against Subject.

 

 

Current Year

On/After 01 Jan 2012

Past Years

Wef 01 Jan 2012

 

Court (Claim under normal circumstances)

Magistrate (< $80,000)

0

3

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

0

4

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.

:

600558

 

Date of Filing

:

15/02/2000

 

Amount

:

0.00

 

Cause

:

NEGLIGENCE-OTHERS(INJURIES)

 

Case Status

:

PENDING

 

Plaintiff

:

KOH NAM HOCK MOSES

 

Last Update Date

:

16/02/2000

 

2)

Court

:

Magistrate Court

 

Case No.

:

89

 

Date of Filing

:

03/01/2001

 

Amount

:

0.00

 

Cause

:

NEGLIGENCE-MOTOR ACCIDENTS(NOT INJURIES/DEATH)

 

Case Status

:

PENDING

 

Plaintiff

:

ABDULL MALIK B SALLEH

 

Last Update Date

:

29/01/2001

 

3)

Court

:

District Court

 

Case No.

:

231

 

Date of Filing

:

20/01/2005

 

Amount

:

59,917.76

 

Cause

:

Tort - Negligence (Motor Accidents With Injury)

 

Case Status

:

PENDING

 

Plaintiff

:

SIVAKUMAR S/O RANGANNADAN

 

Last Update Date

:

03/02/2006

 

4)

Court

:

Magistrate Court

 

Case No.

:

10149

 

Date of Filing

:

21/04/2010

 

Amount

:

21,571.20

 

Cause

:

Contract - Others

 

Case Status

:

PENDING

 

Plaintiff

:

BES-GRO ENTERPRISE PTE. LTD.

 

Last Update Date

:

13/05/2011

 

5)

Court

:

District Court

 

Case No.

:

360

 

Date of Filing

:

03/02/1995

 

Amount

:

0.00

 

Cause

:

NA

 

Case Status

:

NA

 

Plaintiff

:

LEE KIM SIM KELVIN

 

Last Update Date

:

08/08/1997

 

6)

Court

:

Magistrate Court

 

Case No.

:

4573

 

Date of Filing

:

27/03/1995

 

Amount

:

12,180.38

 

Cause

:

NA

 

Case Status

:

NA

 

Plaintiff

:

RED FORKLIFTS REPAIRERS

 

Last Update Date

:

08/08/1997

 

7)

Court

:

District Court

 

Case No.

:

188

 

Date of Filing

:

14/01/1997

 

Amount

:

0.00

 

Cause

:

NA

 

Case Status

:

P

 

Plaintiff

:

MANIMARAN A/L HG JAMES APPU

 

Last Update Date

:

08/08/1997

 

 

COMPLIANCE RECORDS

 

Date of Last AGM

:

07/04/2011

Date of Last AR

:

29/04/2011

Date of A/C Laid At Last AGM

:

31/12/2010
 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Group

 

DEC 2010

% Change

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

149,847,192

-5.40

158,403,201

158,362,586

144,670,934

119,988,326

Profit/(Loss) Before Tax

25,278,483

9.30

23,128,559

22,001,440

16,601,258

15,104,294

Profit After Tax attributable to Shareholders

20,412,424

8.70

18,778,925

17,701,023

13,189,722

11,959,597

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

139,166,223

2.62

135,611,169

144,876,653

141,025,240

127,760,505

Current Assets

121,477,012

5.02

115,667,632

128,094,791

119,535,404

105,709,098

Non Current Assets

17,689,211

-11.30

19,943,537

16,781,862

21,489,836

22,051,407

 

 

 

 

 

 

 

Total Liabilities

33,072,388

-1.55

33,594,646

32,663,689

33,356,107

21,253,891

Current Liabilities

32,771,366

0.81

32,507,580

31,193,276

31,802,910

20,254,416

Non Current Liabilities

301,022

-72.31

1,087,066

1,470,413

1,553,197

999,475

 

 

 

 

 

 

 

Shareholders' Funds

106,093,835

4.00

102,016,523

112,212,964

107,669,133

106,506,614

Share Capital

5,290,000

0.00

5,290,000

8,200,000

8,200,000

8,200,000

Total Reserves

100,803,835

4.22

96,726,523

104,012,964

99,469,133

98,306,614

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Group

 

DEC 2010

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Growth %

 

 

 

 

 

Year-on-Year Growth

-5.40

0.03

9.46

20.57

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

13.62

11.86

11.18

9.12

9.97

Return on Equity (%)

19.24

18.41

15.77

12.25

11.23

Return on Assets (%)

14.67

13.85

12.22

9.35

9.36

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

0.31

0.33

0.29

0.31

0.20

Current Debt/Equity (Times)

0.31

0.32

0.28

0.30

0.19

Long Term Debt To Equity (Times)

0.00

0.01

0.01

0.01

0.01

Total Asset To Total Equity (Times)

1.31

1.33

1.29

1.31

1.20

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

1.08

1.17

1.09

1.03

0.94

Fixed Assets Turnover (Times)

8.47

7.94

9.44

6.73

5.44

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

3.71

3.56

4.11

3.76

5.22

 

 

 

 

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

DEC 2008

% Change

DEC 2007

DEC 2006

Currency

SINGAPORE, DOLLARS

 

SINGAPORE, DOLLARS

SINGAPORE, DOLLARS

Profit and Loss Key Figures

 

 

 

 

Turnover

*

NA

0

0

Profit/(Loss) Before Tax

*

NA

0

0

Profit After Tax attributable to Shareholders

*

NA

0

0

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

Total Assets

135,988,377

3.62

131,242,650

123,181,767

Current Assets

117,589,763

8.70

108,176,340

99,519,141

Non Current Assets

18,398,614

-20.24

23,066,310

23,662,626

 

 

 

 

 

Total Liabilities

29,406,924

3.52

28,407,348

20,634,404

Current Liabilities

28,858,804

4.74

27,552,348

19,684,404

Non Current Liabilities

548,120

-35.89

855,000

950,000

 

 

 

 

 

Shareholders' Funds

106,581,453

3.64

102,835,302

102,547,363

Share Capital

8,200,000

0.00

8,200,000

8,200,000

Total Reserves

98,381,453

3.96

94,635,302

94,347,363

 

 

 

 

 

* As per Companies Act, section 201 Accounts, Consolidated accounts and directors report, sub-section 3A.

 

 

FINANCIAL RATIOS

 

 

Company

 

DEC 2008

DEC 2007

DEC 2006

Growth %

 

 

 

Year-on-Year Growth

NA

NA

NA

 

 

 

 

Profitability

 

 

 

Profit Margin (%)

0.00

0.00

0.00

Return on Equity (%)

0.00

0.00

0.00

Return on Assets (%)

0.00

0.00

0.00

 

 

 

 

Leverage

 

 

 

Total Debt/Equity (Times)

0.28

0.28

0.20

Current Debt/Equity (Times)

0.27

0.27

0.19

Long Term Debt To Equity (Times)

0.01

0.01

0.01

Total Asset To Total Equity (Times)

1.28

1.28

1.20

 

 

 

 

Asset Management

 

 

 

Total Assets Turnover (Times)

0.00

0.00

0.00

Fixed Assets Turnover (Times)

0.00

0.00

0.00

 

 

 

 

Liquidity

 

 

 

Current Ratio (Times)

4.07

3.93

5.06

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 5.71% (4 years).

 

CAGR is the year-over-year growth rate of a company over a specified period. Instead of looking at the average growth rate, CAGR allow users to look at the annualized growth rate of a company over a given period, a more indicative measure of growth of a company’s performance over a given period.

 

 

Profitability

The group yielded a rate of net profit on sales of 13.62 per cent in FY10 (FY09: 11.86 per cent). The group is now able to book in SGD - SIN 0.14 of profit for every SGD - SIN of sales in FY10, as compared with SGD - SIN 0.12 a year ago.

 

 

Liquidity

 

Current ratio stood at 3.71 times in FY10 (FY09: 3.56 times). This means that the group has SGD - SIN 3.71 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 0.31 times in FY10, compared with 0.33 times in FY09. This means that the group requires additional external financing of SGD - SIN 0.31 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

 

Return on equity was 19.24 per cent for Subject in the current financial period, as compared to 18.41 per cent a year ago. The return on equity measures the return earned on the owner's investment.  Generally, the higher this return, the better off the owner.

 

Return on assets stood at 14.67 per cent (FY09: 13.85 per cent). The return on asset measures the overall effectiveness of management in generating profit with its available assets.

 

Total assets turnover ratio logged at 1.08 times in FY10 (FY09: 1.17 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.50.91

UK Pound

1

Rs.81.27

Euro

1

Rs.67.99

 

 

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%)

 

 

 

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