MIRA INFORM REPORT

 

 

Report Date :

29.06.2013

 

IDENTIFICATION DETAILS

 

Name :

SKK (S) PTE LTD

 

 

Registered Office :

14 Pandan Road Singapore 609262

 

 

Country :

Singapore

 

 

Financials (as on) :

December 2011

 

 

Date of Incorporation :

17.08.1981

 

 

Com. Reg. No.:

198103872W

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Manufacturer of paints

 

 

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 :

Slow but Correct 

 

 

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 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:

SKK (S) PTE LTD

198103872W

 

Date Incorporated:

Registered Office:

Telephone Number:

17/08/1981

14 PANDAN ROAD SINGAPORE 609262

6274 0020

Age of Company:

Website:

Industry Type:

32

www.skk.com.sg

MANUFACTURING

 

Risk Dashboard

Days Beyond Terms

Trend:

No. of Litigation Counts:

Company DTC:

18

22

eq

Payment pattern as per previous month

No. of Charges(s):
0

Industry DTC

 

25

 

Directors

 

Corporate Structure

Number of Current Directors

4

Holding Company:

SK KAKEN CO LTD

Number that are shareholders

1

No. of Subsidiaries & Associated Companies:

NA

 

EXECUTIVE SUMMARY

 

Company Name

:

SKK (S) PTE LTD

Registration No

:

198103872W

Date of Registration

:

17/08/1981

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

14 PANDAN ROAD SINGAPORE 609262

Date of Change of Address

:

17/01/2004

Contact No.

:

6274 0020

Fax No.

:

6278 0060

Website

:

www.skk.com.sg

Registered Activities

:

1. MANUFACTURE OF PAINTS

2. BUILDING CONSTRUCTION NEC

Issued Ordinary Capital*

:

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

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$6,000,000.00 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

:

NA

No. of Local Associates

:

NA

Auditor

:

PKF-CAP  LLP

Bankers / Financiers

:

NA

Turnover

:

SGD - SIN 60,596,446.00 (FY2011)

Net Worth

:

SGD - SIN 12,150,863.00 (FY2011)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

18

S1000 / SME 1000 / FG50 Ranking

:

975 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (1997/1998)

Compounded Annual Growth Rate (CAGR)

:

9.11% (4 years)

SHAREHOLDER DETAILS

 

NAME

:

SK KAKEN CO LTD

SHAREHOLDER ID

:

S81UF0394H

NATIONALITY

:

NA

ADDRESS

:

3-5-25, NAKAHOZUMI, IBARAKI, OSAKA, JAPAN, 567-0034

NO. OF ORD SHARES

:

6,000,000

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

SEKIGUCHI SATOSHI

ADDRESS

:

3B RIDLEY PARK #03-04 TANGLIN PARK SINGAPORE 248473

POSITION

:

DIRECTOR

MANAGING DIRECTOR

DATE OF APPT

:

15/12/2004

15/12/2004

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

F1980868T

 

NAME

:

YAMAMOTO BUICHI

ADDRESS

:

180A BENCOOLEN STREET #10-08 BENCOOLEN, THE SINGAPORE 189647

POSITION

:

SECRETARY

DIRECTOR

DATE OF APPT

:

01/03/2006

01/06/2011

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

G5865788W

 

NAME

:

FUJII MITSUHIRO

ADDRESS

:

2-13-3-603 MAITANI TAKARAZUKA HYOGO JAPAN

POSITION

:

DIRECTOR

DATE OF APPT

:

09/06/2000

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TF1456370

 

NAME

:

FUJII MINORU

ADDRESS

:

6-5, MAITANI 1-CHOME, TAKARAZUKA CITY, HYOGO PREFECTURE, JAPAN

POSITION

:

DIRECTOR

DATE OF APPT

:

10/04/2012

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TK5309624

 

KEY PERSONNEL PROFILE

 

Name:

SEKIGUCHI SATOSHI

NRIC Number:

F1980868T

Available Address:

3B RIDLEY PARK #03-04 TANGLIN PARK  SINGAPORE 248473

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

SKK (S) PTE LTD

DIRECTOR

15/12/2004

-

NA

2

SKK (S) PTE LTD

MANAGING DIRECTOR

15/12/2004

-

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 are no bank charges registered against Subject by its bankers.

 

             

LITIGATION

 

there have been 18 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)

1

6

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

0

10

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.

:

13649

 

 

Transfer

:

-

 

 

Date of Filing

:

20/06/2013

 

 

Amount

:

60,000.00

 

 

Cause

:

Tort - Negligence (Industrial Accidents With Injury)

 

 

Case Status

:

PENDING

 

 

Plaintiff

:

ZILLUR RAHMAN BHUIYAN MD AMIR CHAN BHUIYAN

 

 

Last Update Date

:

21/06/2013

 

 

 

2)

Court

:

District Court

 

 

Case No.

:

3679

 

 

Transfer

:

-

 

 

Date of Filing

:

08/12/2011

 

 

Amount

:

90,000.00

 

 

Cause

:

Tort - Negligence (Industrial Accidents With Injury)

 

 

Case Status

:

CONCLUDED

 

 

Plaintiff

:

KANAGARAJI PRAKASAM

 

 

Last Update Date

:

25/06/2012

 

 

 

3)

Court

:

Supreme Court

 

 

Case No.

:

81

 

 

Transfer

:

-

 

 

Date of Filing

:

23/01/2009

 

 

Amount

:

900,000.00

 

 

Cause

:

Building and Construction Law

 

 

Case Status

:

CONCLUDED

 

 

Plaintiff

:

THE MANAGEMENT CORPORATION STRATA TITLE PLAN NO. 2813 (SUING ON BEHALF OF ITSELF AND ALL SUB. PROPRIETORS OF TESSARINA

 

 

Last Update Date

:

30/09/2010

 

 

 

4)

Court

:

District Court

 

 

Case No.

:

3133

 

 

Transfer

:

-

 

 

Date of Filing

:

29/09/2008

 

 

Amount

:

128,366.48

 

 

Cause

:

Others / Miscellaneous

 

 

Case Status

:

CONCLUDED

 

 

Plaintiff

:

CCM INDUSTRIAL PTE LTD

 

 

Last Update Date

:

23/06/2010

 

 

 

5)

Court

:

Magistrate Court

 

 

Case No.

:

6749

 

 

Transfer

:

-

 

 

Date of Filing

:

26/03/2007

 

 

Amount

:

4,050.00

 

 

Cause

:

Tort - Negligence (Professional  Accidents Without Death/ Injury)

 

 

Case Status

:

CONCLUDED

 

 

Plaintiff

:

POWER-VAC SERVICES (S) PTE LTD

 

 

Last Update Date

:

30/09/2010

 

 

 

6)

Court

:

District Court

 

 

Case No.

:

4114

 

 

Transfer

:

-

 

 

Date of Filing

:

30/10/2006

 

 

Amount

:

250,000.00

 

 

Cause

:

Tort - Negligence (Industrial Accidents With Injury)

 

 

Case Status

:

CONCLUDED

 

 

Plaintiff

:

LIM CHEE TIONG

 

 

Last Update Date

:

30/09/2010

 

 

 

7)

Court

:

District Court

 

Case No.

:

4545

 

Transfer

:

-

 

Date of Filing

:

22/12/2005

 

Amount

:

64,000.00

 

Cause

:

Contract - Others

 

Case Status

:

DEEMED DISCONTINUED

 

Plaintiff

:

THE MANAGEMENT CORPORATION STRATA TILE PLAN NO. 2547

 

Last Update Date

:

30/09/2010

 

8)

Court

:

District Court

 

Case No.

:

2152

 

Transfer

:

-

 

Date of Filing

:

22/06/2005

 

Amount

:

64,000.00

 

Cause

:

Contract - Others

 

Case Status

:

DEEMED DISCONTINUED

 

Plaintiff

:

THE MANAGEMENT CORPORATION STRATA TILE PLAN NO. 2547

 

Last Update Date

:

20/11/2008

 

9)

Court

:

District Court

 

Case No.

:

5808

 

Transfer

:

-

 

Date of Filing

:

22/12/2004

 

Amount

:

64,000.00

 

Cause

:

Contract - Others

 

Case Status

:

DEEMED DISCONTINUED

 

Plaintiff

:

THE MANAGEMENT CORPORATION STRATA TITLE PLAN NO. 2547

 

Last Update Date

:

20/11/2008

 

10)

Court

:

District Court

 

Case No.

:

584

 

Transfer

:

-

 

Date of Filing

:

08/02/2002

 

Amount

:

108,005.03

 

Cause

:

Contracts - Sale of Goods

 

Case Status

:

CONCLUDED

 

Plaintiff

:

SEAH BOON OON

 

Last Update Date

:

06/04/2004

 

11)

Court

:

Magistrate Court

 

Case No.

:

19297

 

Transfer

:

-

 

Date of Filing

:

12/09/2000

 

Amount

:

32,480.00

 

Cause

:

CONTRACTS-GENERAL

 

Case Status

:

CONCLUDED

 

Plaintiff

:

HONG LIAN BUILDING CONTRACTOR PTE LTD

 

Last Update Date

:

16/01/2002

 

12)

Court

:

District Court

 

Case No.

:

3173

 

Transfer

:

-

 

Date of Filing

:

30/11/2000

 

Amount

:

74,631.52

 

Cause

:

CONTRACTS-WORK DONE & SERVICES RENDERED

 

Case Status

:

CONCLUDED

 

Plaintiff

:

KCH ENVIRONMENTAL TECHNOLOGY PTE LTD

 

Last Update Date

:

03/04/2002

 

13)

Court

:

Magistrate Court

 

Case No.

:

60823

 

Transfer

:

-

 

Date of Filing

:

24/11/1999

 

Amount

:

34,796.84

 

Cause

:

CONTRACTS-RENTAL/HIRE PURCHASE

 

Case Status

:

CONCLUDED

 

Plaintiff

:

KLIE RENTALS PTE LTD

 

Last Update Date

:

04/10/2000

 

14)

Court

:

Magistrate Court

 

Case No.

:

60595

 

Transfer

:

-

 

Date of Filing

:

25/10/1999

 

Amount

:

40,600.00

 

Cause

:

Contracts - Work Done And Service Rendered

 

Case Status

:

CONCLUDED

 

Plaintiff

:

HONG LIAN BUILDING CONTRACTOR PTE LTD

 

Last Update Date

:

14/05/2012

 

15)

Court

:

Magistrate Court

 

Case No.

:

19827

 

Transfer

:

-

 

Date of Filing

:

16/08/1999

 

Amount

:

6,489.00

 

Cause

:

Contracts - Sale of Goods

 

Case Status

:

CONCLUDED

 

Plaintiff

:

GUARDIAN LABORATORIES PTE LTD

 

Last Update Date

:

14/05/2012

 

16)

Court

:

Magistrate Court

 

Case No.

:

5904

 

Transfer

:

-

 

Date of Filing

:

11/03/1999

 

Amount

:

2,753.95

 

Cause

:

CONTRACTS-WORK DONE & SERVICES RENDERED

 

Case Status

:

CONCLUDED

 

Plaintiff

:

FREIGHT LINKS EXPRESS PTE LTD

 

Last Update Date

:

04/10/2000

 

17)

Court

:

District Court

 

Case No.

:

337

 

Transfer

:

-

 

Date of Filing

:

22/01/1997

 

Amount

:

30,472.59

 

Cause

:

CONTRACTS-SALE OF GOODS

 

Case Status

:

CONCLUDED

 

Plaintiff

:

EHB S PTE LTD

 

Last Update Date

:

16/01/2002

 

18)

Court

:

District Court

 

Case No.

:

897

 

Transfer

:

-

 

Date of Filing

:

01/03/1996

 

Amount

:

35,525.91

 

Cause

:

Contracts - Sale of Goods

 

Case Status

:

CONCLUDED

 

Plaintiff

:

SUMBER CO PTE LTD

 

Last Update Date

:

14/05/2012

 

 

COMPLIANCE

 

Date of Last AGM

:

08/05/2012

Date of Last AR

:

14/05/2012

Date of A/C Laid At Last AGM

:

31/12/2011

 

COMPLIANCE RATING FOR ANNUAL FILING

 

wImage225

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

 

DEC 2011

% Change

DEC 2010

DEC 2009

DEC 2008

DEC 2007

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

60,596,446

8.44

55,881,857

47,680,774

57,801,684

42,758,809

Profit/(Loss) Before Tax

(1,341,744)

NA

550,945

635,377

(270,565)

(88,330)

Profit After Tax attributable

 to Shareholders

(1,341,744)

NA

416,492

538,377

(55,890)

(188,330)

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

28,530,074

-5.02

30,037,386

28,233,812

27,241,873

23,230,558

Current Assets

22,999,940

-7.79

24,943,589

22,873,378

21,835,710

17,462,913

Non Current Assets

5,530,134

8.57

5,093,797

5,360,434

5,406,163

5,767,645

 

 

 

 

 

 

 

Total Liabilities

16,379,211

-1.00

16,544,779

15,157,697

14,704,135

10,636,930

Current Liabilities

16,086,777

-1.24

16,288,779

14,910,697

14,554,135

10,256,930

Non Current Liabilities

292,434

14.23

256,000

247,000

150,000

380,000

 

 

 

 

 

 

 

Shareholders' Funds

12,150,863

-9.94

13,492,607

13,076,115

12,537,738

12,593,628

Share Capital

6,000,000

0.00

6,000,000

6,000,000

6,000,000

6,000,000

Total Reserves

6,150,863

-17.91

7,492,607

7,076,115

6,537,738

6,593,628

 

 

FINANCIAL RATIOS 

 

 

Company

 

DEC 2011

DEC 2010

DEC 2009

DEC 2008

DEC 2007

Growth %

 

 

 

 

 

Year-on-Year Growth

8.44

17.20

-17.51

35.18

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

-2.21

0.75

1.13

-0.10

-0.44

Return on Equity (%)

-11.04

3.09

4.12

-0.45

-1.50

Return on Assets (%)

-4.70

1.39

1.91

-0.21

-0.81

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

1.35

1.23

1.16

1.17

0.84

Current Debt/Equity (Times)

1.32

1.21

1.14

1.16

0.81

Long Term Debt To Equity (Times)

0.02

0.02

0.02

0.01

0.03

Total Asset To Total Equity (Times)

2.35

2.23

2.16

2.17

1.84

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

2.12

1.86

1.69

2.12

1.84

Fixed Assets Turnover (Times)

10.96

10.97

8.89

10.69

7.41

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.43

1.53

1.53

1.50

1.70

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

The company's CAGR is 9.11% (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

We are unable to comment on Subject's profitability.

 

Liquidity

 

Current ratio stood at 1.43 times in FY11 (FY10: 1.53 times). This means that the company has SGD - SIN 1.43 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 1.35 times in FY11, compared with 1.23 times in FY10. This means that the company requires additional external financing of SGD - SIN 1.35 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

 

We are unable to comment on Subject's return on equity.

 

We are unable to comment on Subject's return on assets.

 

Total assets turnover ratio logged at 2.12 times in FY11 (FY10: 1.86 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.

s

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.59.70

UK Pound

1

Rs.91.14

Euro

1

Rs.77.98

 

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.