MIRA INFORM REPORT

 

 

Report Date :

30.10.2012

 

IDENTIFICATION DETAILS

 

Name :

NEC ASIA PACIFIC PTE. LTD.

 

 

Formerly Known As :

NEC ASIA PTE. LTD

 

 

Registered Office :

1 Maritime Square #12-10 Harbourfront Centre Singapore 099253

 

 

Country :

Singapore

 

 

Financials (as on) :

March 2012

 

 

Date of Incorporation :

07.04.1977

 

 

Com. Reg. No.:

197700754G

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Computer systems integration activities

Activities of head and regional head offices

 

 

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 :

Slow but Correct

Litigation :

Clear

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Singapore

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

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. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. Real GDP growth averaged 8.6% between 2004 and 2007. The economy contracted 1.0% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010 and 4.9% in 2011, on the strength of renewed exports. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to a compound annual growth rate of just 1.8% in the last decade. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub.

 

Source : CIA

 

 

 

Company Name:

Registered Number:

NEC ASIA PACIFIC PTE. LTD.

197700754G

 

Date Incorporated:

Registered Office:

Telephone Number:

07/04/1977

1 MARITIME SQUARE #12-10 HARBOURFRONT CENTRE SINGAPORE 099253

6278 1818

Age of Company:

Website:

Industry Type:

35

www.nec.com.sg

INFORMATION & COMMUNICATIONS

 

Risk Dashboard

Days Beyond Terms

Trend:

No. of Litigation Counts:

Company DTC:

5

NA

The entity is paying current to the creditors

No. of Charges(s):
0

Industry DTC

 

39

 

Directors

 

Corporate Structure

Number of Current Directors

7

Holding Company:

NEC CORPORATION

Number that are shareholders

1

No. of Subsidiaries & Associated Companies:

2

 

EXECUTIVE SUMMARY

 

Company Name

:

NEC ASIA PACIFIC PTE. LTD.

Registration No

:

197700754G

Date of Registration

:

07/04/1977

Former Name

:

1.NEC COMPUTERS SINGAPORE PTE. L TD. Eff. date : 07/04/1977 Eff. date : 07/04/1977

2.NEC SINGAPORE PTE LTD Eff. date : 23/04/1987 Eff. date : 23/04/1987

3.NEC SOLUTIONS ASIA PACIFIC PTE. LTD. Eff. date : 24/02/2003 Eff. date : 24/02/2003

4.NEC ASIA PTE. LTD. Eff. date : 24/09/2007 Eff. date : 24/09/2007

Date of Change of Name

:

01/04/2010

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

1 MARITIME SQUARE #12-10 HARBOURFRONT CENTRE SINGAPORE 099253

Date of Change of Address

:

01/04/2003

Amalgamated With

:

NEC ASIA PTE. LTD. 197700754G

NEC ASIA PTE. LTD. 197700754G

Amalgamated To Form

:

NEC ASIA 197700754G

Amalgamation Eff Date

:

01/10/2007

Contact No.

:

6278 1818

Fax No.

:

6271 6988

Website

:

www.nec.com.sg

Registered Activities

:

1. COMPUTER SYSTEMS INTEGRATION ACTIVITIES

2. ACTIVITIES OF HEAD AND REGIONAL HEAD OFFICES

Issued Ordinary Capital*

:

$80,280,480.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 80,280,480

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$80,280,480.00 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

:

2

No. of Local Associates

:

NA

Auditor

:

KPMG LLP

Bankers / Financiers

:

NA

Turnover

:

SINGAPORE, DOLLARS 207,718,000.00 (FY2012)

Net Worth

:

SINGAPORE, DOLLARS 99,325,000.00 (FY2012)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

5

S1000 / SME 1000 / FG50 Ranking

:

1241 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2010/2011)

1326 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2009/2010)

899 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2006/2007)

841 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2004/2005)

765 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2003/2004)

Compounded Annual Growth Rate (CAGR)

:

9.9% (4 years)

 

 

SHAREHOLDER DETAILS

 

NAME

:

NEC CORPORATION

SHAREHOLDER ID

:

S96UF0034L

NATIONALITY

:

JAPAN

ADDRESS

:

7-1 SHIBA 5-CHOME, MINATO-KU TOKYO 108-8001 JAPAN

NO. OF ORD SHARES

:

80,280,480

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

KIYOFUMI KUSAKA

ADDRESS

:

30 MOUNT SOPHIA #10-05 CATHAY RESIDENCE, THE SINGAPORE 228464

POSITION

:

DIRECTOR

DATE OF APPT

:

02/04/2007

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

G6098060N

 

NAME

:

TI LIAN BEE

ADDRESS

:

3 PINE GROVE #15-02 SINGAPORE 597590

POSITION

:

SECRETARY

 

DATE OF APPT

:

02/03/2009

 

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S7065542Z

 

NAME

:

HIROYUKI SEKIZAWA

ADDRESS

:

535-3 CHUOGAIKU C-1111, SHINANOCHO TOTSUKAKU YOKOHAMA KANAGAWA 244-0801, JAPAN

POSITION

:

DIRECTOR

DATE OF APPT

:

01/09/2011

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TG2107432

 

NAME

:

TAKAO MARUYAMA

ADDRESS

:

8-8-20-407, NOBITOME, NIIZA SAITAMA 352-0011, JAPAN

POSITION

:

DIRECTOR

DATE OF APPT

:

14/06/2010

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TH4798364

 

NAME

:

TAKAYUKI MORITA

ADDRESS

:

5-1-20-111, MINAMIKARASUYAMA SETAGAYA-KU, TOKYO 157-0062, JAPAN

POSITION

:

DIRECTOR

DATE OF APPT

:

01/09/2011

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TH4837935

 

NAME

:

MAKOTO SATO

ADDRESS

:

5-32-9 NARASHINODAI, FUNABASHI-SHI CHIBA, TOKYO, JAPAN

POSITION

:

DIRECTOR

DATE OF APPT

:

05/07/2012

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TH6127127

 

NAME

:

HAJIME MATSUKURA

ADDRESS

:

2-7-407 IZUMI, ABIKO-SHI, CHIBA JAPAN

POSITION

:

DIRECTOR

DATE OF APPT

:

05/07/2012

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TK1515067

 

NAME

:

NOBUYUKI YANAGINUMA

ADDRESS

:

774-2 KAMIMIZO, CHUOU-KU SAGAMIHARA-SHI, KANAGAWA, JAPAN

POSITION

:

DIRECTOR

DATE OF APPT

:

05/07/2012

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TK6270486

 

KEY PERSONNEL PROFILE

 

Name:

KIYOFUMI KUSAKA

NRIC Number:

G6098060N

Available Address:

30 MOUNT SOPHIA #10-05 CATHAY RESIDENCE, THE  SINGAPORE 228464

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

DECILLION SOLUTIONS PTE LTD

DIRECTOR

10/06/2008

-

-

2

JAPANESE CHAMBER OF COMMERCE AND INDUSTRY, SINGAPORE

DIRECTOR

08/07/2008

-

-

3

JCCI SINGAPORE FOUNDATION LIMITED

DIRECTOR

13/04/2010

-

-

4

NEC ASIA PACIFIC PTE. LTD.

DIRECTOR

02/04/2007

-

-

5

NEC ASIA PACIFIC PTE. LTD.

MANAGING DIRECTOR

16/06/2008

-

-

6

NEC STEE CLOUD SERVICES PTE. LTD.

DIRECTOR

25/07/2011

-

-

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

NEC COMPUTERS SINGAPORE PTE LTD

DISSOLVED - MEMBERS' VOLUNTARY WINDING UP

DIRECTOR

28/10/2008

01/09/2010

 

Bankruptcy Record

Case No.

Year

Date of Filing

Petitioner Name

Amount

No Trace

 

 

 

 

 

Litigation Search – Writ of Summons

Court

Case No.

Transfer

Year

Date of Filing

Amount

Cause Category

No Trace

 

 

 

 

 

 

 

 

SUBSIDIARIES AND ASSOCIATE COMPANIES

 

Company

Shareholdings (%)

 

DECILLION SOLUTIONS PTE LTD

74.28

NEC STEE CLOUD SERVICES PTE. LTD.

60

                                                                                                                       

 

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

Bef 01 Jan 2012

 

Court (Claim under normal circumstances)

Magistrate (< $80,000)

0

3

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

0

1

High (>$250,000)

0

1

 

Winding Up Trace

 

No

In litigation/Dissolved/Struck Off/In receivership

No

 

The details are as follows:

 

1)

Court

:

Magistrate Court

 

Case No.

:

600917

 

Transfer

:

-

 

Date of Filing

:

12/01/2000

 

Amount

:

471.00

 

Cause

:

Contracts - Work Done And Service Rendered

 

Case Status

:

CONCLUDED

 

Plaintiff

:

LEE SHENG MOTOR WORKS (SUING AS A FIRM)

 

Last Update Date

:

14/04/2010

 

2)

Court

:

Supreme Court

 

Case No.

:

808

 

Transfer

:

-

 

Date of Filing

:

31/05/1999

 

Amount

:

SGD 2,196,682.49

SGD 2,072,344.71

SGD 1,000,000.00

 

Cause

:

Contracts - Work Done And Service Rendered

 

Case Status

:

CONCLUDED

 

Plaintiff

:

ORIX LEASING SINGAPORE LTD

 

Last Update Date

:

14/04/2010

 

3)

Court

:

Magistrate Court

 

Case No.

:

27320

 

Transfer

:

-

 

Date of Filing

:

20/10/1998

 

Amount

:

482.15

 

Cause

:

Contracts - Work Done And Service Rendered

 

Case Status

:

CONCLUDED

 

Plaintiff

:

CRYSTAL FREIGHT SERVICES PTE LTD

 

Last Update Date

:

14/04/2010

 

4)

Court

:

District Court

 

Case No.

:

3970

 

Transfer

:

-

 

Date of Filing

:

13/07/1998

 

Amount

:

45,638.80

 

Cause

:

Contracts - Work Done And Service Rendered

 

Case Status

:

DEEMED DISCONTINUED

 

Plaintiff

:

ULC SYSTEMS (FAR EAST) PTE LTD (IN LIQUIDATION)

 

Last Update Date

:

14/04/2010

 

5)

Court

:

Magistrate Court

 

Case No.

:

3756

 

Transfer

:

-

 

Date of Filing

:

23/02/1998

 

Amount

:

0.00

 

Cause

:

Negligence - Motor Accidents (Not Injuries / Death)

 

Case Status

:

CONCLUDED

 

Plaintiff

:

LEE JIMMY

 

Last Update Date

:

14/04/2010

 

 

COMPLIANCE

 

Date of Last AGM

:

28/09/2012

Date of Last AR

:

16/10/2012

Date of A/C Laid At Last AGM

:

31/03/2012
 

 

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 2012

% Change

MAR 2011

MAR 2010

MAR 2009

MAR 2008

Currency

SINGAPORE, DOLLARS

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

207,718,000

22.77

169,192,000

143,628,000

138,722,000

142,396,000

Profit/(Loss) Before Tax

3,119,000

-61.41

8,082,000

827,000

810,000

(1,214,000)

Profit After Tax attributable

 to Shareholders

2,009,000

-71.01

6,930,000

733,000

278,000

(1,083,000)

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

227,931,000

43.38

158,966,000

129,073,000

127,277,000

144,528,000

Current Assets

139,995,000

8.06

129,548,000

112,797,000

114,270,000

135,118,000

Non Current Assets

87,936,000

198.92

29,418,000

16,276,000

13,007,000

9,410,000

 

 

 

 

 

 

 

Total Liabilities

128,606,000

15.81

111,048,000

101,523,000

104,110,000

122,789,000

Current Liabilities

128,606,000

15.81

111,048,000

101,523,000

104,110,000

122,789,000

Non Current Liabilities

0

NA

0

0

0

0

 

 

 

 

 

 

 

Shareholders' Funds

99,325,000

107.28

47,918,000

27,550,000

23,167,000

21,739,000

Share Capital

80,280,000

159.96

30,882,000

17,444,000

13,794,000

12,644,000

Total Reserves

19,045,000

11.79

17,036,000

10,106,000

9,373,000

9,095,000

 

 

FINANCIAL RATIOS 

 

 

Company

 

MAR 2012

MAR 2011

MAR 2010

MAR 2009

MAR 2008

Growth %

 

 

 

 

 

Year-on-Year Growth

22.77

17.80

3.54

-2.58

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

0.97

4.10

0.51

0.20

-0.76

Return on Equity (%)

2.02

14.46

2.66

1.20

-4.98

Return on Assets (%)

0.88

4.36

0.57

0.22

-0.75

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

1.29

2.32

3.69

4.49

5.65

Current Debt/Equity (Times)

1.29

2.32

3.69

4.49

5.65

Long Term Debt To Equity (Times)

0.00

0.00

0.00

0.00

0.00

Total Asset To Total Equity (Times)

2.29

3.32

4.69

5.49

6.65

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

0.91

1.06

1.11

1.09

0.99

Fixed Assets Turnover (Times)

2.36

5.75

8.82

10.67

15.13

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.09

1.17

1.11

1.10

1.10

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 9.9% (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 company yielded a rate of net profit on sales of 0.97 per cent in FY12 (FY11: 4.10 per cent). The company is now able to book in SINGAPORE, DOLLARS 0.01 of profit for every SINGAPORE, DOLLARS of sales in FY12, as compared with SINGAPORE, DOLLARS 0.04 a year ago.

 

 

Liquidity

 

Current ratio stood at 1.09 times in FY12 (FY11: 1.17 times). This means that the company has SINGAPORE, DOLLARS 1.09 of current assets for every SINGAPORE, DOLLARS 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 1.29 times in FY12, compared with 2.32 times in FY11. This means that the company requires additional external financing of SINGAPORE, DOLLARS 1.29 for every SINGAPORE, DOLLARS 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 2.02 per cent for Subject in the current financial period, as compared to 14.46 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 0.88 per cent (FY11: 4.36 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 0.91 times in FY12 (FY11: 1.06 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.53.81

UK Pound

1

Rs.86.52

Euro

1

Rs.69.50

 

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.