MIRA INFORM REPORT

           

 

 

Report Date :

17.05.2013

 

IDENTIFICATION DETAILS

 

Name :

PEGASUS SEWING MACHINE PTE. LTD.

 

 

Registered Office :

135 Joo Seng Road #03-04 Singapore 368363

 

 

Country :

Singapore

 

 

Financials (as on) :

December 2011

 

 

Date of Incorporation :

03.11.1981

 

 

Com. Reg. No.:

198105124G

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

General wholesale trade (including general importers and exporters)

Importers, exporters& wholesalers of industrial sewing machines

 

 

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 :

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:

PEGASUS SEWING MACHINE PTE. LTD.

198105124G

 

Date Incorporated:

Registered Office:

Telephone Number:

03/11/1981

135 JOO SENG ROAD #03-04 SINGAPORE 368363

6296 3638

Age of Company:

Website:

Industry Type:

32

http://www.pegasus.com.sg

COMMERCE-WHOLESALE

 

Risk Dashboard

Days Beyond Terms

Trend:

No. of Litigation Counts:

Company DTC:

NA

NA

blank

The entity is paying current to the creditors

No. of Charges(s):
0

Industry DTC

 

36

 

Directors

 

Corporate Structure

Number of Current Directors

6

Holding Company:

PEGASUS SEWING MACHINE MANUFACTURING CO. LTD.

Number that are shareholders

1

No. of Subsidiaries & Associated Companies:

NA

 

EXECUTIVE SUMMARY

 

Company Name

:

PEGASUS SEWING MACHINE PTE. LTD.

Registration No

:

198105124G

Date of Registration

:

03/11/1981

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

135 JOO SENG ROAD #03-04 SINGAPORE 368363

Date of Change of Address

:

07/03/2008

Contact No.

:

6296 3638

Fax No.

:

6297 2353

Website

:

http://www.pegasus.com.sg

Registered Activities

:

GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS)

IMPORTERS,EXPORTERS&WHOLESALERS OF INDUSTRIAL SEWING MACHINES

Issued Ordinary Capital*

:

$400,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 400,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$400,000.00 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

:

DELOITTE & TOUCHE LLP

Bankers / Financiers

:

NA

Turnover

:

SINGAPORE, DOLLARS 58,361,552.15 (FY2011)

Net Worth

:

SINGAPORE, DOLLARS 9,844,055.35 (FY2011)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

NA

S1000 / SME 1000 / FG50 Ranking

:

1320 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2007/2008)

792 POSITION IN Singapore 1000 Companies Ranked by Return on Equities (2007/2008)

1198 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2006/2007)

570 POSITION IN Singapore 1000 Companies Ranked by Return on Equities (2006/2007)

Compounded Annual Growth Rate (CAGR)

:

NA

 

 

SHAREHOLDER DETAILS

 

NAME

:

PEGASUS SEWING MACHINE MANUFACTURING CO. LTD.

SHAREHOLDER ID

:

S81UF0229F

NATIONALITY

:

JAPAN

ADDRESS

:

7-2 SAGISU 5-CHOME, FUKUSHIMA-KU OSAKA 553, JAPAN

NO. OF ORD SHARES

:

400,000

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

TAN CHOON CHUAN

 

ADDRESS

:

3 ST. MICHAEL'S ROAD #25-05 ONE ST MICHAEL'S SINGAPORE 328007

 

POSITION

:

DIRECTOR

 

DATE OF APPT

:

21/07/2003

 

NATIONALITY

:

SINGAPORE CITIZEN

 

I/C PASSPORT

:

S1658663C

 

 

 

NAME

:

CHAN LILY

ADDRESS

:

259A COMPASSVALE ROAD #13-609 SINGAPORE 541259

POSITION

:

SECRETARY

 

DATE OF APPT

:

13/11/2000

 

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S2668267C

 

 

NAME

:

YASUYUKI FUNABIKI

ADDRESS

:

B501, 1-2 AKUTAGAWA-CHO, TAKATSUKI-SHI OSAKA, JAPAN

POSITION

:

DIRECTOR

DATE OF APPT

:

23/06/2009

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TG6156436

 

 

NAME

:

KOJI SUENAGA

ADDRESS

:

4-22-9 HIMURO-CHO, TAKATSUKI-SHI OSAKA, JAPAN

POSITION

:

DIRECTOR

DATE OF APPT

:

23/06/2009

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TH7494174

 

 

NAME

:

MORIAKI SHIMIZU

ADDRESS

:

12-31 OKAMOTO 5-CHOME HIGASHINADA-KU KOBE-CITY, HYOGO PREFECTURE, JAPAN

POSITION

:

DIRECTOR

DATE OF APPT

:

05/01/1998

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TK0345742

 

 

NAME

:

MASAO KATSURA

ADDRESS

:

6-3-25 TANABE, HIGASHI-SUMIYOSHI-KU OSAKA, JAPAN

POSITION

:

DIRECTOR

DATE OF APPT

:

10/07/2000

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TK0845403

 

 

NAME

:

TAKASHI ASAKO

ADDRESS

:

173-19, KUMAKOUJI KOWATA UJI-CITY KYOTO 611-0002, JAPAN

POSITION

:

DIRECTOR

DATE OF APPT

:

01/03/2013

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TZ0454108

 

 

KEY PERSONNEL PROFILE

 

Name:

MASAO KATSURA

NRIC Number:

TK0845403

Available Address:

6-3-25 TANABE, HIGASHI-SUMIYOSHI-KU OSAKA, JAPAN

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

PEGASUS SEWING MACHINE PTE. LTD.

DIRECTOR

10/07/2000

-

-

2

PEGASUS SEWING MACHINE PTE. LTD.

MANAGING DIRECTOR

10/07/2000

-

-

 

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

 

Clear

 

 

COMPLIANCE

 

Date of Last AGM

:

28/05/2012

Date of Last AR

:

08/06/2012

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

SINGAPORE, DOLLARS

 

SGD - SIN

SGD - SIN

SINGAPORE, DOLLARS

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

58,361,552

-3.88

60,719,233

44,729,346

54,824,360

84,466,327

Profit/(Loss) Before Tax

(455,586)

NA

192,200

(1,213,985)

32,718

3,365,121

Profit After Tax attributable

 to Shareholders

(455,586)

NA

192,200

(1,221,305)

46,667

2,822,382

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

40,293,482

8.62

37,094,552

34,819,160

37,366,315

46,855,143

Current Assets

40,205,374

8.74

36,973,399

34,627,761

37,128,326

46,528,200

Non Current Assets

88,108

-27.28

121,153

191,399

237,989

326,943

 

 

 

 

 

 

 

Total Liabilities

30,449,427

17.42

25,931,479

23,087,339

24,806,046

33,529,027

Current Liabilities

30,449,427

17.42

25,931,479

22,985,379

24,520,302

33,490,919

Non Current Liabilities

0

NA

0

101,960

285,744

38,108

 

 

 

 

 

 

 

Shareholders' Funds

9,844,055

-11.82

11,163,072

11,731,822

12,560,269

13,326,117

Share Capital

230,301

-7.73

249,608

266,921

258,825

275,631

Total Reserves

9,613,754

-11.91

10,913,464

11,464,901

12,301,444

13,050,486

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS 

 

 

Company

 

DEC 2011

DEC 2010

DEC 2009

DEC 2008

DEC 2007

Growth %

 

 

 

 

 

Year-on-Year Growth

-3.88

35.75

-18.41

-35.09

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

-0.78

0.32

-2.73

0.09

3.34

Return on Equity (%)

-4.63

1.72

-10.41

0.37

21.18

Return on Assets (%)

-1.13

0.52

-3.51

0.12

6.02

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

3.09

2.32

1.97

1.97

2.52

Current Debt/Equity (Times)

3.09

2.32

1.96

1.95

2.51

Long Term Debt To Equity (Times)

0.00

0.00

0.01

0.02

0.00

Total Asset To Total Equity (Times)

4.09

3.32

2.97

2.97

3.52

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

1.45

1.64

1.28

1.47

1.80

Fixed Assets Turnover (Times)

662.38

501.18

233.70

230.36

258.35

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.32

1.43

1.51

1.51

1.39

 

 

FINANCIAL COMMENTARY

 

Profitability

We are unable to comment on Subject's profitability.

 

 

Liquidity

 

Current ratio stood at 1.32 times in FY11 (FY10: 1.43 times). This means that the company has SINGAPORE, DOLLARS 1.32 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 3.09 times in FY11, compared with 2.32 times in FY10. This means that the company requires additional external financing of SINGAPORE, DOLLARS 3.09 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

 

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 1.45 times in FY11 (FY10: 1.64 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.54.77

UK Pound

1

Rs.83.31

Euro

1

Rs.70.46

 

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.