MIRA INFORM REPORT

 

 

Report Date :

04.06.2013

 

IDENTIFICATION DETAILS

 

Name :

FUJITEC SINGAPORE CORPORATION LTD

 

 

Registered Office :

204 Bedok South Avenue 1 Singapore 469333

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2012

 

 

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 (Eg Lifts, Escalators, Travellators)

 

 

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 :

No Complaints

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 – March 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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 0.8% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010, on the strength of renewed exports, before slowing to 5.2% in 2011 and 1.3% in 2012, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to an average of about 1.0% 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:

FUJITEC SINGAPORE CORPORATION LTD

197201108W

 

Date Incorporated:

Registered Office:

Telephone Number:

23/08/1972

204 BEDOK SOUTH AVENUE 1 SINGAPORE 469333

6241 6222

Age of Company:

Website:

Industry Type:

41

www.fujitecsg.com

MANUFACTURING

 

 

Risk Dashboard

Days Beyond Terms

Trend:

No. of Litigation Counts:

Company DTC:

7

34

up

Worse off than last month;last month the entity took 19 days to pay

No. of Charges(s):
0

Industry DTC

 

25

 

Directors

 

Corporate Structure

Number of Current Directors

5

Holding Company:

NA

Number that are shareholders

NA

No. of Subsidiaries & Associated Companies:

1

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 : 6,250,000

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 167,171,052.00 (FY2012)

Net Worth

:

SGD - SIN 117,850,475.00 (FY2012)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

7

S1000 / SME 1000 / FG50 Ranking

:

1455 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2011/2012)

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)

Compounded Annual Growth Rate (CAGR)

:

1.36% (4 years)

 

 

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

:

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

:

34 SELETAR HILLS DRIVE SELETAR HILLS ESTATE SINGAPORE 807049

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

-

NA

 

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.

Transfer

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

 

To date, there have been 7 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

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

:

Magistrate Court

 

Case No.

:

10149

 

Transfer

:

-

 

Date of Filing

:

21/04/2010

 

Amount

:

21,571.20

 

Cause

:

Contract - Others

 

Case Status

:

PENDING

 

Plaintiff

:

BES-GRO ENTERPRISE PTE. LTD.

 

2)

Court

:

District Court

 

Case No.

:

231

 

Transfer

:

-

 

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

 

3)

Court

:

Magistrate Court

 

Case No.

:

89

 

Transfer

:

-

 

Date of Filing

:

03/01/2001

 

Amount

:

0.00

 

Cause

:

NEGLIGENCE-MOTOR ACCIDENTS(NOT INJURIES/DEATH)

 

Case Status

:

PENDING

 

Plaintiff

:

ABDULL MALIK B SALLEH

 

4)

Court

:

District Court

 

Case No.

:

600558

 

Transfer

:

-

 

Date of Filing

:

15/02/2000

 

Amount

:

0.00

 

Cause

:

NEGLIGENCE-OTHERS(INJURIES)

 

Case Status

:

PENDING

 

Plaintiff

:

KOH NAM HOCK MOSES

 

5)

Court

:

District Court

 

Case No.

:

188

 

Transfer

:

-

 

Date of Filing

:

14/01/1997

 

Amount

:

0.00

 

Cause

:

NA

 

Case Status

:

P

 

Plaintiff

:

MANIMARAN A/L HG JAMES APPU

 

6)

Court

:

Magistrate Court

 

Case No.

:

4573

 

Transfer

:

-

 

Date of Filing

:

27/03/1995

 

Amount

:

12,180.38

 

Cause

:

NA

 

Case Status

:

NA

 

Plaintiff

:

RED FORKLIFTS REPAIRERS

 

7)

Court

:

District Court

 

Case No.

:

360

 

Transfer

:

-

 

Date of Filing

:

03/02/1995

 

Amount

:

0.00

 

Cause

:

NA

 

Case Status

:

NA

 

Plaintiff

:

LEE KIM SIM KELVIN

 

 

COMPLIANCE

 

Date of Last AGM

:

12/04/2013

Date of Last AR

:

07/05/2013

Date of A/C Laid At Last AGM

:

31/12/2012
 

COMPLIANCE RATING FOR ANNUAL FILING

 

http://www.bizfile.gov.sg/mybizfile/prod/pop_up/Tick.png

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

 

DEC 2012

% Change

DEC 2011

DEC 2010

DEC 2009

DEC 2008

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

167,171,052

8.75

153,717,179

149,847,192

158,403,201

158,362,586

Profit/(Loss) Before Tax

25,013,149

-2.67

25,698,161

25,278,483

23,128,559

22,001,440

Profit After Tax attributable to Shareholders

20,367,342

-3.76

21,164,032

20,412,424

18,778,925

17,701,023

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

146,125,667

2.30

142,846,366

139,166,223

135,611,169

144,876,653

Current Assets

128,804,304

3.49

124,462,678

121,477,012

115,667,632

128,094,791

Non Current Assets

17,321,363

-5.78

18,383,688

17,689,211

19,943,537

16,781,862

 

 

 

 

 

 

 

Total Liabilities

28,275,192

-11.93

32,107,137

33,072,388

33,594,646

32,663,689

Current Liabilities

27,531,717

-12.39

31,426,845

32,771,366

32,507,580

31,193,276

Non Current Liabilities

743,475

9.29

680,292

301,022

1,087,066

1,470,413

 

 

 

 

 

 

 

Shareholders' Funds

117,850,475

6.42

110,739,229

106,093,835

102,016,523

112,212,964

Share Capital

5,290,000

0.00

5,290,000

5,290,000

5,290,000

8,200,000

Total Reserves

112,560,475

6.74

105,449,229

100,803,835

96,726,523

104,012,964

 

 

FINANCIAL RATIOS

 

 

Group

 

DEC 2012

DEC 2011

DEC 2010

DEC 2009

DEC 2008

Growth %

 

 

 

 

 

Year-on-Year Growth

8.75

2.58

-5.40

0.03

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

12.18

13.77

13.62

11.86

11.18

Return on Equity (%)

17.28

19.11

19.24

18.41

15.77

Return on Assets (%)

13.94

14.82

14.67

13.85

12.22

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

0.24

0.29

0.31

0.33

0.29

Current Debt/Equity (Times)

0.23

0.28

0.31

0.32

0.28

Long Term Debt To Equity (Times)

0.01

0.01

0.00

0.01

0.01

Total Asset To Total Equity (Times)

1.24

1.29

1.31

1.33

1.29

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

1.14

1.08

1.08

1.17

1.09

Fixed Assets Turnover (Times)

9.65

8.36

8.47

7.94

9.44

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

4.68

3.96

3.71

3.56

4.11

 

 

 

 

 

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

DEC 2011

DEC 2010

DEC 2009

DEC 2008

Currency

SINGAPORE, DOLLARS

SINGAPORE, DOLLARS

SINGAPORE, DOLLARS

 

Profit and Loss Key Figures

 

 

 

 

Turnover

*

0

0

0

Profit/(Loss) Before Tax

*

0

0

0

Profit After Tax attributable

 to Shareholders

*

0

0

0

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

Total Assets

128,878,425

126,181,299

124,014,959

135,988,377

Current Assets

103,100,175

102,083,177

95,086,278

117,589,763

Non Current Assets

25,778,250

24,098,122

28,928,681

18,398,614

 

 

 

 

 

Total Liabilities

28,628,501

30,094,419

30,835,075

29,406,924

Current Liabilities

28,290,368

30,094,419

30,760,426

28,858,804

Non Current Liabilities

338,133

0

74,649

548,120

 

 

 

 

 

Shareholders' Funds

100,249,924

96,086,880

93,179,884

106,581,453

Share Capital

5,290,000

5,290,000

5,290,000

8,200,000

Total Reserves

94,959,924

90,796,880

87,889,884

98,381,453

 

 

 

 

 

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

 

 

 

FINANCIAL RATIOS 

 

 

Company

 

DEC 2011

DEC 2010

DEC 2009

DEC 2008

Growth %

 

 

 

 

Year-on-Year Growth

NA

NA

NA

NA

 

 

 

 

 

Profitability

 

 

 

 

Profit Margin (%)

0.00

0.00

0.00

0.00

Return on Equity (%)

0.00

0.00

0.00

0.00

Return on Assets (%)

0.00

0.00

0.00

0.00

 

 

 

 

 

Leverage

 

 

 

 

Total Debt/Equity (Times)

0.29

0.31

0.33

0.28

Current Debt/Equity (Times)

0.28

0.31

0.33

0.27

Long Term Debt To Equity (Times)

0.00

0.00

0.00

0.01

Total Asset To Total Equity (Times)

1.29

1.31

1.33

1.28

 

 

 

 

 

Asset Management

 

 

 

 

Total Assets Turnover (Times)

0.00

0.00

0.00

0.00

Fixed Assets Turnover (Times)

0.00

0.00

0.00

0.00

 

 

 

 

 

Liquidity

 

 

 

 

Current Ratio (Times)

3.64

3.39

3.09

4.07

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 1.36% (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 12.18 per cent in FY12. The group is now able to book in SGD - SIN 0.12 of profit for every SGD - SIN of sales.

 

 

Liquidity

 

Current ratio stood at 4.68 times in FY12. This means that the group has SGD - SIN 4.68 of current assets for every SGD - SIN of current liability incurred.

FINANCIAL COMMENTARY

 

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 0.24 times in FY12. This means that the group requires additional external financing of SGD - SIN 0.24 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 17.28 per cent for Subject in the current financial period. 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 13.94 per cent. The return on asset measures the overall effectiveness of management in generating profit with its available assets.

 

FINANCIAL COMMENTARY

 

Total assets turnover ratio logged at 1.14 times in FY12. 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.56.57

UK Pound

1

Rs.86.15

Euro

1

Rs.73.64

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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 exercissed

 

 

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.