MIRA INFORM REPORT

 

 

Report Date :

16.05.2012

 

IDENTIFICATION DETAILS

 

Name :

DAIKIN AIRCONDITIONING (SINGAPORE) PTE. LTD.

 

 

Formerly Known As :

A.C.E. DAIKIN (SINGAPORE) PTE. LTD

 

 

Registered Office :

10 Ang Mo Kio Industrial Park 2 Singapore 569501

 

 

Country :

Singapore

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

17.12.1968

 

 

Com. Reg. No.:

196800607Z

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

General Wholesale Trade (including general importers and exporters)

 

 

No. of Employees :

Not Available

 

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

 

Status :

Satisfactory

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, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Singapore

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company Name:

Registered Number:

DAIKIN AIRCONDITIONING (SINGAPORE) PTE. LTD.

196800607Z

 

Date Incorporated:

Registered Office:

Telephone Number:

17/12/1968

10 ANG MO KIO INDUSTRIAL PARK 2 SINGAPORE 569501

6583 8888

Age of Company:

Website:

Industry Type:

44

www.daikin.com.sg

COMMERCE-WHOLESALE

 

Credit Assessment

 

 

Risk Dashboard

Risk & Rating

Days Beyond Terms

Trend:

No. of Litigation Counts:

Credit Limit:

Company DTC:

5

Large

52

 

Worse off than last month;last month the entity took 29 days to pay

No. of Charges(s):
0

 

Industry DTC

 

28

 

Directors

 

Corporate Structure

Number of Current Directors

50

Holding Company:

DAIKIN INDUSTRIES LTD

Number that are shareholders

1

No. of Subsidiaries & Associated Companies:

1

 

EXECUTIVE SUMMARY

 

Company Name

:

DAIKIN AIRCONDITIONING (SINGAPORE) PTE. LTD.

Registration No

:

196800607Z

Date of Registration

:

17/12/1968

Former Name

:

A.C.E. DAIKIN (SINGAPORE) PTE. LTD. Eff. date : 17/12/1968 Eff. date : 17/12/1968

Date of Change of Name

:

27/09/2002

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

10 ANG MO KIO INDUSTRIAL PARK 2 SINGAPORE 569501

Date of Change of Address

:

28/11/1994

Contact No.

:

6583 8888

Fax No.

:

6349 7305

Website

:

www.daikin.com.sg

Registered Activities

:

1. GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS)

2. WHOLESALE OF HOUSEHOLD ELECTRICAL APPLIANCES AND EQUIPMENT (INCLUDING HOUSEHOLD AIR-CONDITIONERS)

Issued Ordinary Capital*

:

$4,000,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 4,000,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$4,000,000.00 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

:

DELOITTE & TOUCHE LLP

Bankers / Financiers

:

NA

Turnover

:

SGD - SIN 345,097,621.00 (FY2011)

Net Worth

:

SGD - SIN 80,319,068.00 (FY2011)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

5

S1000 / SME 1000 / FG50 Ranking

:

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

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

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

1062 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2008/2009)

661 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2005/2006)

Compounded Annual Growth Rate (CAGR)

:

NA

 

 

SHAREHOLDER DETAILS

 

NAME

:

DAIKIN INDUSTRIES LTD

SHAREHOLDER ID

:

T08UF0381H

NATIONALITY

:

JAPAN

ADDRESS

:

UMEDA CENTER BUILDING 4-12 NAKAZAKI-NISHI 2-CHOME KITA-KU OSAKA 530 JAPAN

NO. OF ORD SHARES

:

4,000,000

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

TOSHIO NAKANO

ADDRESS

:

15-27 SHOUEI-CHOU KAWACHINAGANO-CITY OSAKA JAPAN 586

POSITION

:

DIRECTOR

DATE OF APPT

:

31/03/1997

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

MN9271461

 

NAME

:

GOH SIEW SIONG MICHAEL

ADDRESS

:

43 ENG KONG CRESCENT ENG KONG PARK SINGAPORE 599431

POSITION

:

SECRETARY

DATE OF APPT

:

01/02/1991

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0160574G

 

NAME

:

CHING KHIM HUAT

ADDRESS

:

37 JALAN HITAM MANIS CHIP BEE GARDENS SINGAPORE 278451

POSITION

:

DIRECTOR

MANAGING DIRECTOR

DATE OF APPT

:

01/01/2011

01/07/2011

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1656722A

 

NAME

:

LIU SHAW JIUN

ADDRESS

:

10 LORONG AMPAS #17-01 D'LOTUS SINGAPORE 328784

POSITION

:

DIRECTOR

DATE OF APPT

:

01/01/2011

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S2601556A

 

NAME

:

TAKAYOSHI MIKI

ADDRESS

:

CARLTON @ 49, R.B 7-702, SOI PROMSAK KLONTON-NUA, WATTANA, BANGKOK, THAILAND

POSITION

:

DIRECTOR

DATE OF APPT

:

01/10/2009

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TH1649954

 

 

KEY PERSONNEL PROFILE

 

Name:

CHING KHIM HUAT

NRIC Number:

S1656722A

Available Address:

37 JALAN HITAM MANIS CHIP BEE GARDENS  SINGAPORE 278451

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

DAIKIN AIRCONDITIONING (SINGAPORE) PTE. LTD.

DIRECTOR

01/01/2011

-

-

2

DAIKIN AIRCONDITIONING (SINGAPORE) PTE. LTD.

MANAGING DIRECTOR

01/07/2011

-

-

 

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 (%)

 

MCQUAY AIR CONDITIONING (SINGAPORE) 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 5 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

1

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

0

0

High (>$250,000)

0

4

 

Winding Up Trace

 

No

In litigation/Dissolved/Struck Off/In receivership

No

 

The details are as follows:

 

1)

Court

:

Supreme Court

 

Case No.

:

58

 

Date of Filing

:

19/01/2004

 

Amount

:

0.00

 

Cause

:

Company

 

Case Status

:

CONCLUDED

 

Plaintiff

:

KIN WAH CO (PTE) LTD

ENG WAH ORGANISATION LIMITED

 

Last Update Date

:

30/08/2005

 

2)

Court

:

Supreme Court

 

Case No.

:

60

 

Date of Filing

:

20/01/2004

 

Amount

:

1,097,653.00

 

Cause

:

Contract - Others

 

Case Status

:

CONCLUDED

 

Plaintiff

:

GOH ENG WAH @ GOH KEE WAH

 

Last Update Date

:

18/03/2011

 

3)

Court

:

Supreme Court

 

Case No.

:

84

 

Date of Filing

:

30/01/2004

 

Amount

:

1,005,389.00

 

Cause

:

Others / Miscellaneous

 

Case Status

:

CONCLUDED

 

Plaintiff

:

GOH ENG WAH @ GOH KEE WAH

 

Last Update Date

:

18/03/2011

 

4)

Court

:

Supreme Court

 

Case No.

:

742

 

Date of Filing

:

17/10/2005

 

Amount

:

1,097,653.00

 

Cause

:

Others / Miscellaneous

 

Case Status

:

CONCLUDED

 

Plaintiff

:

GOH ENG WAH @ GOH KEE WAH

 

Last Update Date

:

18/03/2011

 

5)

Court

:

Magistrate Court

 

Case No.

:

4351

 

Date of Filing

:

16/02/2009

 

Amount

:

58,116.93

 

Cause

:

Contract - Others

 

Case Status

:

CONCLUDED

 

Plaintiff

:

DEXTRANS WORLDWIDE PTE. LTD

 

Last Update Date

:

18/03/2011

 

 

COMPLIANCE

 

Date of Last AGM

:

20/07/2011

Date of Last AR

:

10/08/2011

Date of A/C Laid At Last AGM

:

31/03/2011
 

COMPLIANCE RATING FOR ANNUAL FILING

 

ANNUAL GENERAL MEETING,ANNUAL RETURN AND ACCOUNTS UP-TO-DATE

 

Note:

 

Provided by ACRA (Accounting and Corporate Regulatory Authority), the Compliance Rating for Annual Filing measures a company’s compliance with the provisions under S175, S197 or S201 of the Companies Act, Cap. 50.

 

Applicable to all “Live” locally incorporated companies except for the Limited Partnerships, Limited Liability Partnerships, Business Entities, Foreign Companies and Public Accounting Firms, the rating provide information on whether a company is up-to-date with the holding of its Annual General Meeting (AGM) with up-to-date financial statements and filing of its Annual Return (AR).

 

For more information: www.acra.gov.sg/compliance

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

MAR 2011

% Change

MAR 2010

MAR 2009

MAR 2008

MAR 2007

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

345,097,621

28.94

267,651,205

244,347,097

307,308,991

0

Profit/(Loss) Before Tax

16,418,915

30.39

12,592,201

13,811,875

12,820,434

0

Profit After Tax attributable

 to Shareholders

13,873,530

43.77

9,649,977

11,761,307

10,640,785

0

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

147,065,585

26.57

116,188,890

108,761,476

106,431,612

85,327,015

Current Assets

127,948,991

32.50

96,566,717

89,173,168

86,231,401

64,728,384

Non Current Assets

19,116,594

-2.58

19,622,173

19,588,308

20,200,211

20,598,631

 

 

 

 

 

 

 

Total Liabilities

66,746,517

34.18

49,743,352

35,965,915

45,397,358

34,933,546

Current Liabilities

66,746,517

34.18

49,743,352

35,202,101

44,268,109

33,726,571

Non Current Liabilities

0

NA

0

763,814

1,129,249

1,206,975

 

 

 

 

 

 

 

Shareholders' Funds

80,319,068

20.88

66,445,538

72,795,561

61,034,254

50,393,469

Share Capital

4,000,000

0.00

4,000,000

4,000,000

4,000,000

4,000,000

Total Reserves

76,319,068

22.22

62,445,538

68,795,561

57,034,254

46,393,469

                                                                                                                                                                          

 

FINANCIAL RATIOS 

 

 

Company

 

MAR 2011

MAR 2010

MAR 2009

MAR 2008

MAR 2007

Growth %

 

 

 

 

 

Year-on-Year Growth

28.94

9.54

-20.49

NA

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

4.02

3.61

4.81

3.46

0.00

Return on Equity (%)

17.27

14.52

16.16

17.43

0.00

Return on Assets (%)

9.43

8.31

10.81

10.00

0.00

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

0.83

0.75

0.49

0.74

0.69

Current Debt/Equity (Times)

0.83

0.75

0.48

0.73

0.67

Long Term Debt To Equity (Times)

0.00

0.00

0.01

0.02

0.02

Total Asset To Total Equity (Times)

1.83

1.75

1.49

1.74

1.69

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

2.35

2.30

2.25

2.89

0.00

Fixed Assets Turnover (Times)

18.05

13.64

12.47

15.21

0.00

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.92

1.94

2.53

1.95

1.92

                                                                                                                                                     s

 

 

 

 

 

FINANCIAL COMMENTARY

 

 

Profitability

The company yielded a rate of net profit on sales of 4.02 per cent in FY11 (FY10: 3.61 per cent). The company is now able to book in SGD - SIN 0.04 of profit for every SGD - SIN of sales in FY11, as compared with SGD - SIN 0.04 a year ago.

 

 

Liquidity

 

Current ratio stood at 1.92 times in FY11 (FY10: 1.94 times). This means that the company has SGD - SIN 1.92 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 0.83 times in FY11, compared with 0.75 times in FY10. This means that the company requires additional external financing of SGD - SIN 0.83 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 17.27 per cent for Subject in the current financial period, as compared to 14.52 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 9.43 per cent (FY10: 8.31 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 2.35 times in FY11 (FY10: 2.30 times). This ratio measures the company'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.53.84

UK Pound

1

Rs.86.72

Euro

1

Rs.69.17

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.