MIRA INFORM REPORT

 

 

Report Date :

20.06.2013

 

IDENTIFICATION DETAILS

 

Name :

BARUDAN ASIA PTE LTD

 

 

Registered Office :

33 Ubi Avenue 3 #07-08 Vertex Singapore 408868

 

 

Country :

Singapore

 

 

Financials (as on) :

30.09.2012

 

 

Date of Incorporation :

22.12.1990

 

 

Com. Reg. No.:

199006273M

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Wholesale of Industrial Machinery and Equipment.

Sale & Distribution of Computerised Monogramming & Embroidery Machines & Parts.

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Unknown

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:

BARUDAN ASIA PTE LTD

199006273M

 

Date Incorporated:

Registered Office:

Telephone Number:

22/12/1990

33 UBI AVENUE 3 #07-08 VERTEX SINGAPORE 408868

66349780

Age of Company:

Website:

Industry Type:

23

www.barudanasia.com

COMMERCE-WHOLESALE

 

 

Risk Dashboard

Days Beyond Terms

Trend:

No. of Litigation Counts:

Company DTC:

NA

NA

The entity is paying current to the creditors

No. of Charges(s):
1

Industry DTC

 

37

 

Directors

 

Corporate Structure

Number of Current Directors

3

Holding Company:

BARUDAN CO., LTD

Number that are shareholders

4

No. of Subsidiaries & Associated Companies:

NA

 

EXECUTIVE SUMMARY

 

Company Name

:

BARUDAN ASIA PTE LTD

Registration No

:

199006273M

Date of Registration

:

22/12/1990

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

33 UBI AVENUE 3 #07-08 VERTEX SINGAPORE 408868

Date of Change of Address

:

01/07/2010

Contact No.

:

66349780

Fax No.

:

6738 6008

Website

:

www.barudanasia.com

Registered Activities

:

WHOLESALE OF INDUSTRIAL MACHINERY AND EQUIPMENT

SALE & DISTRIBUTION OF COMPUTERISED MONOGRAMMING & EMBROIDERY MACHINES & PARTS

Issued Ordinary Capital*

:

$6,230,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 6,230,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$6,230,000.00 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

:

NA

No. of Local Associates

:

NA

Auditor

:

S M YEO & CO

Bankers / Financiers

:

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., ICHINOMIYA BRANCH

Turnover

:

SINGAPORE, DOLLARS 23,721,504.00 (FY2012)

Net Worth

:

SINGAPORE, DOLLARS 3,502,128.00 (FY2012)

No. of Bank Charges

:

1

No. of Litigation Suits

:

NA

 

S1000 / SME 1000 / FG50 Ranking

:

857 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2003/2004)

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

Compounded Annual Growth Rate (CAGR)

:

NA

 

 

SHAREHOLDER DETAILS

 

NAME

:

BARUDAN CO., LTD

SHAREHOLDER ID

:

T08UF0093K

NATIONALITY

:

JAPAN

ADDRESS

:

20 TSUKAGOSHI JOSUIJI ICHINOMIYA-CITY AICHI-PREF JAPAN

NO. OF ORD SHARES

:

6,000,000

% OF SHAREHOLDING

:

96.3%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

CHOW KIN CHEE

SHAREHOLDER ID

:

S1112531Z

NATIONALITY

:

SINGAPORE CITIZEN

ADDRESS

:

712 UPPER CHANGI ROAD EAST #02-05 CHANGI GREEN SINGAPORE 486842

NO. OF ORD SHARES

:

100,000

% OF SHAREHOLDING

:

1.6%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

LIM LEE TING STEVEN

SHAREHOLDER ID

:

S1517773Z

NATIONALITY

:

SINGAPORE CITIZEN

ADDRESS

:

13 ST. GEORGE'S ROAD #20-260 SINGAPORE 320013

NO. OF ORD SHARES

:

100,000

% OF SHAREHOLDING

:

1.6%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

KASUMI SHIBATA

SHAREHOLDER ID

:

TH3840523

NATIONALITY

:

JAPANESE

ADDRESS

:

40 SHINYASHIKI, KADOMA KISOGWA-CHO, ICHINOMIYA-CITY AICHI-PREF. 494-0002 JAPAN

NO. OF ORD SHARES

:

30,000

% OF SHAREHOLDING

:

0.5%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

 

OFFICER DETAILS

 

NAME

:

DOROTHY CHIANG KAR FONG

ADDRESS

:

14B HARLYN ROAD SINGAPORE 299456

POSITION

:

SECRETARY

DATE OF APPT

:

16/05/2008

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1459902I

 

NAME

:

LIM LEE TING STEVEN

ADDRESS

:

13 ST. GEORGE'S ROAD #20-260 SINGAPORE 320013

POSITION

:

DIRECTOR

DATE OF APPT

:

01/04/2002

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1517773Z

 

NAME

:

ANG SOR KIOW

ADDRESS

:

141 BISHAN STREET 12 #13-504 BISHAN GREEN SINGAPORE 570141

POSITION

:

SECRETARY

DATE OF APPT

:

25/08/2010

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S7308535G

 

NAME

:

KENICHI TATEMATSU

ADDRESS

:

59 MINAMITATSUIKE KAMISOBUE ICHINOMIYA-CITY AICHI-PREF.  494-0014 JAPAN

POSITION

:

DIRECTOR

MANAGING DIRECTOR

DATE OF APPT

:

13/12/2010

14/01/2011

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TH9160333

 

NAME

:

SHIN HASEGAWA

ADDRESS

:

2-16 KAMIYASHIRO,  MEITO-KU, NAGOYA-CITY, AICHI-PREF. 465-0025 JAPAN

POSITION

:

DIRECTOR

DATE OF APPT

:

13/12/2010

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TK6411687

 

 

KEY PERSONNEL PROFILE

 

Name:

KENICHI TATEMATSU

NRIC Number:

TH9160333

Available Address:

59 MINAMITATSUIKE KAMISOBUE ICHINOMIYA-CITY AICHI-PREF.  494-0014 JAPAN

 

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

BARUDAN ASIA PTE LTD

MANAGING DIRECTOR

14/01/2011

-

NA

2

BARUDAN ASIA PTE LTD

DIRECTOR

13/12/2010

-

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 (%)

 

NA

 

 

BANKERS/ FINANCIERS

 

Subject enjoys a normal banking routine with its bankers. To date, there have been 1 bank charges registered against Subject by its bankers. The charge numbers are:

 

1)

Charge No.

:

C201101573

 

Date of Registration

:

08/02/2011

 

Chargee

:

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., ICHINOMIYA BRANCH

 

Amount Secured  and Currency

:

1,534,452,369.00 JAPAN, YEN

 

Address

:

---

 

 

LITIGATION

 

Clear

 

 

COMPLIANCE

 

Date of Last AGM

:

31/03/2013

Date of Last AR

:

30/04/2013

Date of A/C Laid At Last AGM

:

30/09/2012
 

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

 

SEP 2009

% Change

SEP 2008

Currency

SINGAPORE, DOLLARS

 

SGD - SIN

Profit and Loss Key Figures

 

 

 

Turnover

39,694,886

-21.71

50,701,457

Profit/(Loss) Before Tax

(10,132,075)

NA

110,365

Profit After Tax attributable to Shareholders

(9,439,654)

NA

169,109

 

 

 

 

Balance Sheet Key Figures

 

 

 

Total Assets

67,204,784

3.81

64,737,818

Current Assets

55,682,234

3.96

53,563,239

Non Current Assets

11,522,550

3.11

11,174,579

 

 

 

 

Total Liabilities

55,338,379

19.52

46,301,523

Current Liabilities

47,076,229

5.03

44,823,386

Non Current Liabilities

8,262,150

458.96

1,478,137

 

 

 

 

Shareholders' Funds

11,866,405

-35.64

18,436,293

Share Capital

7,204,189

19.13

6,047,363

Total Reserves

4,662,216

-62.37

12,388,930

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Group

 

SEP 2009

SEP 2008

Growth %

 

 

Year-on-Year Growth

-21.71

NA

 

 

 

Profitability

 

 

Profit Margin (%)

NA

0.33

Return on Equity (%)

NA

0.92

Return on Assets (%)

NA

0.26

 

 

 

Leverage

 

 

Total Debt/Equity (Times)

4.66

2.51

Current Debt/Equity (Times)

3.97

2.43

Long Term Debt To Equity (Times)

0.70

0.08

Total Asset To Total Equity (Times)

5.66

3.51

 

 

 

Asset Management

 

 

Total Assets Turnover (Times)

0.59

0.78

Fixed Assets Turnover (Times)

3.44

4.54

 

 

 

Liquidity

 

 

Current Ratio (Times)

1.18

1.19

 

 

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

 

SEP 2012

% Change

SEP 2011

SEP 2010

SEP 2009

SEP 2008

Currency

SINGAPORE, DOLLARS

 

SINGAPORE, DOLLARS

SGD - SIN

SGD - SIN

SINGAPORE, DOLLARS

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

23,721,504

-10.74

26,574,982

37,943,648

38,999,992

0

Profit/(Loss) Before Tax

193,776

NA

(2,148,341)

(5,458,459)

(9,969,038)

0

Profit After Tax attributable

 to Shareholders

193,776

NA

(2,404,361)

(5,461,210)

(9,276,528)

0

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

34,231,104

-0.75

34,488,331

48,000,193

66,878,083

61,896,242

Current Assets

26,131,888

-0.43

26,243,539

40,528,765

55,361,669

51,552,430

Non Current Assets

8,099,216

-1.77

8,244,792

7,471,428

11,516,414

10,343,812

 

 

 

 

 

 

 

Total Liabilities

30,728,976

-1.67

31,250,112

42,414,025

55,211,905

46,293,802

Current Liabilities

30,727,296

-1.67

31,250,112

42,283,363

46,948,696

44,815,100

Non Current Liabilities

1,680

NA

0

130,662

8,263,209

1,478,702

 

 

 

 

 

 

 

Shareholders' Funds

3,502,128

8.15

3,238,219

5,586,168

11,666,177

15,602,441

Share Capital

6,899,424

1.91

6,770,060

6,701,928

7,205,113

6,049,672

Total Reserves

(3,397,296)

NA

(3,531,841)

(1,115,760)

4,461,064

9,552,769

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS 

 

 

Company

 

SEP 2012

SEP 2011

SEP 2010

SEP 2009

SEP 2008

Growth %

 

 

 

 

 

Year-on-Year Growth

-10.74

-29.96

-2.71

NA

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

0.82

-9.05

-14.39

-23.79

0.00

Return on Equity (%)

5.53

-74.25

-97.76

-79.52

0.00

Return on Assets (%)

0.57

-6.97

-11.38

-13.87

0.00

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

8.77

9.65

7.59

4.73

2.97

Current Debt/Equity (Times)

8.77

9.65

7.57

4.02

2.87

Long Term Debt To Equity (Times)

0.00

0.00

0.02

0.71

0.09

Total Asset To Total Equity (Times)

9.77

10.65

8.59

5.73

3.97

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

0.69

0.77

0.79

0.58

0.00

Fixed Assets Turnover (Times)

2.93

3.22

5.08

3.39

0.00

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

0.85

0.84

0.96

1.18

1.15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Profitability

The company yielded a rate of net profit on sales of 0.82 per cent in FY12. The company is now able to book in SINGAPORE, DOLLARS 0.01 of profit for every SINGAPORE, DOLLARS of sales.

 

 

Liquidity

Current ratio stood at 0.85 times in FY12 (FY11: 0.84 times). This means that the company has SINGAPORE, DOLLARS 0.85 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.

FINANCIAL COMMENTARY

 

Leverage

Total debt-to-equity ratio notched 8.77 times in FY12, compared with 9.65 times in FY11. This means that the company requires additional external financing of SINGAPORE, DOLLARS 8.77 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 5.53 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 0.57 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 0.69 times in FY12 (FY11: 0.77 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.58.74

UK Pound

1

Rs.91.99

Euro

1

Rs.78.70

 

 

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 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.