MIRA INFORM REPORT

 

 

Report Date :

20.02.2013

 

IDENTIFICATION DETAILS

 

Name :

MAKINO ASIA PTE LTD

 

 

Formerly Known As :

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

 

 

Registered Office :

2 Gul Avenue Singapore 629649

 

 

Country :

Singapore

 

 

Financials (as on) :

March, 2012

 

 

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 (Eg Lathes, Milling Machines, Shaping Machines)

 

 

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

 

Status :

Good

Payment Behaviour :

Regular

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:

MAKINO ASIA PTE LTD

197300960K

 

Date Incorporated:

Registered Office:

Telephone Number:

23/05/1973

2 GUL AVENUE SINGAPORE 629649

6861 5722

Age of Company:

Website:

Industry Type:

40

www.makino.com.sg

MANUFACTURING

 

 

Risk Dashboard

Days Beyond Terms

Trend:

No. of Litigation Counts:

Company DTC:

NA

5

Payment pattern as per previous month

No. of Charges(s):
0

Industry DTC

 

46

 

Directors

 

Corporate Structure

Number of Current Directors

7

Holding Company:

MAKINO MILLING MACHINE CO., LTD

Number that are shareholders

1

No. of Subsidiaries & Associated Companies:

NA

 

Company name

 

MAKINO ASIA PTE LTD

 

 

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 489,171,945.00 (FY2012)

Net Worth

:

SGD - SIN 264,325,087.00 (FY2012)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

NA

S1000 / SME 1000 / FG50 Ranking

:

908 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2011/2012)

644 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2011/2012)

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)

Compounded Annual Growth Rate (CAGR)

:

3.3% (4 years)

 

 

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

:

TAMURA YASUYUKI

ADDRESS

:

1-14-1-707, KAMOI MIDORI-KU, YOKOHAMA KANAGAWA 226-0003, JAPAN

POSITION

:

DIRECTOR

DATE OF APPT

:

19/07/2011

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TH3774429

 

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@SMF PTE. LTD.

DIRECTOR

23/06/2010

-

NA

2

MAKINO ASIA PTE LTD

DIRECTOR

23/04/1985

-

NA

3

MAKINO ASIA PTE LTD

SECRETARY

23/04/1985

-

NA

4

SINGAPORE INNOVATION AND PRODUCTIVITY INSTITUTE PTE. LTD.

DIRECTOR

01/03/2012

-

NA

5

SMF CENTRE FOR CORPORATE LEARNING PTE. LTD.

DIRECTOR

16/07/2010

-

NA

6

SMF ENTERPRISES PTE. LTD.

SHAREHOLDER

-

100000

50.00

7

SMF INSTITUTE OF HIGHER LEARNING PTE. LTD.

DIRECTOR

28/05/2003

-

NA

8

SPETA RESOURCES DEVELOPMENT CENTRE PTE. LTD.

DIRECTOR

23/01/2006

-

NA

 

Previous Business

 

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

MAKINO RESOURCE DEVELOPMENT PTE LTD

LIVE COMPANY

DIRECTOR

31/07/1985

18/07/2012

2

MAKINO RESOURCE DEVELOPMENT PTE LTD

LIVE COMPANY

SECRETARY

31/07/1985

18/07/2012

3

SMF ENTERPRISES PTE. LTD.

LIVE COMPANY

DIRECTOR

01/12/2002

14/02/2013

4

SMF INSTITUTE OF HIGHER LEARNING PTE. LTD.

LIVE COMPANY

SHAREHOLDER

-

14/02/2013

5

THE SINGAPORE MANUFACTURERS' ASSOCIATION

DISSOLVED - MEMBERS' VOLUNTARY WINDING UP

DIRECTOR

24/06/1982

31/05/1985

 

 

KEY PERSONNEL PROFILE

 

Bankruptcy Record

 

(Status include petition filed, order made, discharge, annulment, set aside, rescinded and withdrawn)

 

Case No.

Year

Date of Filing

Petitioner Name

Amount

No Trace

 

 

 

 

 

Note: Please purchase case details to know the latest status.

 

Litigation Search – Writ of Summons

 

Court

Case No.

Transfer

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

 

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

 

 

Current Year

On/After 01 Jan 2013

Past Years

Bef 01 Jan 2013

 

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

:

Magistrate Court

 

Case No.

:

23805

 

Transfer

:

-

 

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

 

2)

Court

:

Magistrate Court

 

Case No.

:

20695

 

Transfer

:

-

 

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

:

District Court

 

Case No.

:

3530

 

Transfer

:

-

 

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

 

 

COMPLIANCE

 

Date of Last AGM

:

27/09/2012

Date of Last AR

:

17/10/2012

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

Group

 

MAR 2012

% Change

MAR 2011

MAR 2010

MAR 2009

MAR 2008

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

489,171,945

8.06

452,700,440

216,023,905

315,862,015

429,610,521

Profit/(Loss) Before Tax

32,944,828

42.54

23,113,219

(10,993,550)

2,057,596

38,295,850

Profit After Tax attributable to Shareholders

27,345,982

36.53

20,028,847

(9,425,955)

1,545,196

32,988,081

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

429,973,203

-7.61

465,368,421

330,928,265

333,117,370

400,382,263

Current Assets

328,200,270

-11.38

370,339,376

235,557,887

239,564,915

312,056,688

Non Current Assets

101,772,933

7.10

95,029,045

95,370,378

93,552,455

88,325,575

 

 

 

 

 

 

 

Total Liabilities

165,648,116

-24.98

220,813,929

104,405,623

98,345,824

165,934,581

Current Liabilities

162,817,660

-25.10

217,374,952

100,365,346

93,486,160

160,103,155

Non Current Liabilities

2,830,456

-17.69

3,438,977

4,040,277

4,859,664

5,831,426

 

 

 

 

 

 

 

Shareholders' Funds

264,325,087

8.08

244,554,492

226,522,642

234,771,546

234,447,682

Share Capital

13,626,377

0.00

13,626,377

13,626,377

13,626,377

13,626,377

Total Reserves

250,698,710

8.56

230,928,115

212,896,265

221,145,169

220,821,305

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Group

 

MAR 2012

MAR 2011

MAR 2010

MAR 2009

MAR 2008

Growth %

 

 

 

 

 

Year-on-Year Growth

8.06

109.56

-31.61

-26.48

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

5.59

4.42

NA

0.49

7.68

Return on Equity (%)

10.35

8.19

NA

0.66

14.07

Return on Assets (%)

6.36

4.30

NA

0.46

8.24

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

0.63

0.90

0.46

0.42

0.71

Current Debt/Equity (Times)

0.62

0.89

0.44

0.40

0.68

Long Term Debt To Equity (Times)

0.01

0.01

0.02

0.02

0.02

Total Asset To Total Equity (Times)

1.63

1.90

1.46

1.42

1.71

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

1.14

0.97

0.65

0.95

1.07

Fixed Assets Turnover (Times)

4.81

4.76

2.27

3.38

4.86

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

2.02

1.70

2.35

2.56

1.95

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 3.3% (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 5.59 per cent in FY12 (FY11: 4.42 per cent). The group is now able to book in SGD - SIN 0.06 of profit for every SGD - SIN of sales in FY12, as compared with SGD - SIN 0.04 a year ago.

 

Liquidity

Current ratio stood at 2.02 times in FY12 (FY11: 1.70 times). This means that the group has SGD - SIN 2.02 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 0.63 times in FY12, compared with 0.90 times in FY11. This means that the group requires additional external financing of SGD - SIN 0.63 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 10.35 per cent for Subject in the current financial period, as compared to 8.19 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 6.36 per cent (FY11: 4.30 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 1.14 times in FY12 (FY11: 0.97 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.54.29

UK Pound

1

Rs.84.09

Euro

1

Rs.72.44

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

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.