MIRA INFORM REPORT

 

 

Report Date :

24.10.2013

 

IDENTIFICATION DETAILS

 

Name :

TERAOKA WEIGH- SYSTEM PTE LTD

 

 

Registered Office :

4, Leng Kee Road, 06-01, Sis Building, 159088,

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

18.12.1986

 

 

Com. Reg. No.:

198602863-W

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Trading of weighing equipments and systems.

 

 

No. of Employees :

93

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

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

 

* Adopted abbreviations :

SC - Subject Company (the company enquired by you)

 

 

 

N/A - Not Applicable

 

 

 

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

198602863-W

COMPANY NAME

:

TERAOKA WEIGH- SYSTEM PTE LTD

FORMER NAME

:

N/A

INCORPORATION DATE

:

18/12/1986

 

 

 

 

 

 

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

 

 

 

 

 

 

REGISTERED ADDRESS

:

4, LENG KEE ROAD, 06-01, SIS BUILDING, 159088, SINGAPORE.

BUSINESS ADDRESS

:

4 LENG KEE ROAD #06-01 SIS BUILDING, 159088, SINGAPORE.

TEL.NO.

:

65-64722996

FAX.NO.

:

65-68613144

CONTACT PERSON

:

LIAW FONG CHONG ( DIRECTOR )

 

 

 

 

 

 

PRINCIPAL ACTIVITY

:

TRADING OF WEIGHING EQUIPMENTS AND SYSTEMS

 

 

 

ISSUED AND PAID UP CAPITAL

:

2,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 2,000,000.00

 

 

 

SALES

:

SGD 49,584,959 [2012]

NET WORTH

:

SGD 55,783,417 [2012]

 

 

 

STAFF STRENGTH

:

93 [2013]

LITIGATION

:

TRACED

FINANCIAL CONDITION

:

FAIR

PAYMENT

:

GOOD

MANAGEMENT CAPABILITY

:

AVERAGE

 

 

 

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

GOOD

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

 

 

HISTORY / BACKGROUND

 

The SC is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the SC must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the SC is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the SC is insolvent. The SC is governed by the Companies Act and the company must file its annual returns, together with its financial statements with the Registrar of Companies.

The SC is principally engaged in the (as a / as an) trading of weighing equipments and systems.

 

The immediate and ultimate holding company of the SC is TERAOKA SEIKO CO LTD, a company incorporated in JAPAN.

 

The major shareholder(s) of the SC are shown as follows :

 

Name

Address

IC/PP/Loc No

Shareholding

(%)

TERAOKA SEIKO CO LTD

13-12, KUGAHARA 5 CHOME, OHTA-KU, TOKYO 146, JAPAN.

S86UF0111

2,000,000.00

100.00

 

 

 

---------------

------

 

 

 

2,000,000.00

100.00

 

 

 

============

=====

+ Also Director

 

The SC interest in other companies (Subsidiaries/Associates) are shown as follow :

 

Local No

Country

Company

(%)

As At

011154

INDONESIA

PT TROPICAL ELECTORNIC

100.00

31/12/2012

 

 

 

 

 

011043

UNITED KINGDOM

DIGI EUROPE LTD

70.00

31/12/2012

 

 

 

 

 

011291

CHINA

SHANGHAI TERAOKA ELECTRONIC CO. LTD

57.00

31/12/2012

 

 

 

 

 



DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

CHEAH KIM SOO

Address

:

1, JALAN MEMBINA, 21-03, CENTRAL GREEN CONDOMINIUM, 169479, SINGAPORE.

IC / PP No

:

S1833955B

 

 

 

 

 

 

 

 

 

Nationality

:

SINGAPOREAN

Date of Appointment

:

18/12/1986

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 2

 

Name Of Subject

:

LIAW FONG CHONG

Address

:

50, CHOA CHU KANG NORTH 6, YEW MEI GREEN, 689574, SINGAPORE.

IC / PP No

:

S1529370E

 

 

 

 

 

 

 

 

 

Nationality

:

SINGAPOREAN

Date of Appointment

:

01/01/2004

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 3

 

Name Of Subject

:

HENG YONG CHIANG

Address

:

353, KANG CHING ROAD, 11-55, 610353, SINGAPORE.

IC / PP No

:

S1529068D

 

 

 

 

 

 

 

 

 

Nationality

:

SINGAPOREAN

Date of Appointment

:

12/09/2008

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 4

 

Name Of Subject

:

KAZUHARU TERAOKA

Address

:

6-24-25, KUGAHARA, OHTA-KU, TOKYO, JAPAN.

IC / PP No

:

MS4936003

 

 

 

 

 

 

 

 

 

Nationality

:

JAPANESE

Date of Appointment

:

18/12/1986

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 5

 

Name Of Subject

:

TAKASHI KATAYAMA

Address

:

801-75, KAMOSHIDA-CHO, AOBA-KU, YOKOHAMA CITY, KANAGAWA, JAPAN.

IC / PP No

:

TH5821471

 

 

 

 

 

 

 

 

 

Nationality

:

JAPANESE

Date of Appointment

:

01/04/1996

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 6

 

Name Of Subject

:

KIMIYUKI TAKANO

Address

:

1-10-5, TSURUMA MACHIDA-CITY, JAPAN.

IC / PP No

:

TH8477252

 

 

 

 

 

 

 

 

 

Nationality

:

JAPANESE

Date of Appointment

:

18/12/1986

 

 

 

 

 

 

 

 

 

 

 

 



MANAGEMENT

 

 

 

1)

Name of Subject

:

LIAW FONG CHONG

 

Position

:

DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

YEO YEW SWEE & COMPANY

Auditor' Address

:

N/A

 

 

 

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

CHEAH KIM SOO

 

IC / PP No

:

S1833955B

 

 

 

 

 

Address

:

1, JALAN MEMBINA, 21-03, CENTRAL GREEN CONDOMINIUM, 169479, SINGAPORE.

 

 

 

BANKING


No Banker found in our databank.

 

ENCUMBRANCE (S)


No encumbrance was found in our databank at the time of investigation.

 

 

LEGAL CHECK AGAINST SC


* A check has been conducted in our databank against the SC whether the subject has been involved in any litigation.

LEGAL ACTION

 

 

 

Code No

:

99

Case No

:

4246

Year

:

2009

Place

:

SINGAPORE

Court

:

DISTRICT COURT

 

 

 

Date Filed

:

04/12/2009

 

 

 

Solicitor Ref

:

2009060076NSN

 

 

 

Solicitor Firm

:

NAVIN & CO LLP

Plaintiff

:

SENTIAL JOBS PTE. LTD.

 

 

 

Defendants

:

TERAOKA WEIGH- SYSTEM PTE LTD (198602863)

 

 

 

 

 

Amount Claimed

:

135320

 

 

 

 

 

 

 

 

Nature of Claim

:

SGD

 

 

 

 

 

 

 

 

Remark

:

OTHERS / MISCELLANEOUS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOTE:

Please check with creditors for confirmation as alleged debts may have been paid since recorded or are being disputed. The person wo has been sued has the same name as the subject. However, we are unable to determine whether the person sued is the one and the same person.

 

No winding up petition was found in our databank

 

 

 

 

 

 

PAYMENT RECORD

 

 

 

SOURCES OF RAW MATERIALS:

Local

:

YES

Overseas

:

YES

 

 

 



The SC refused to provide any name of trade/service supplier and we are unable to conduct any trade enquiry. However, from financial historical data we conclude that :

OVERALL PAYMENT HABIT

Prompt 0-30 Days

[

 

]

 

Good 31-60 Days

[

X

]

 

Average 61-90 Days

[

 

]

 

Fair 91-120 Days

[

 

]

 

Poor >120 Days

[

 

]

 

 

 

 

 

 



CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

 

 

 

Export Market

:

ASIA

Credit Term

:

AS AGREED

 

 

 

 

 

 

Payment Mode

:

CHEQUES,TELEGRAPHIC TRANSFER (TT)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATIONS

 

Goods Traded

:

WEIGHING EQUIPMENTS AND SYSTEMS

 

 

 

 

 

Total Number of Employees:

YEAR

2013

2012

 

GROUP

N/A

N/A

 

 

 

 

 

 

 

COMPANY

93

90

 

 

 

 

 

 

 

 

Branch

:

NO

 

Other Information:


The SC is principally engaged in the (as a / as an) trading of weighing equipments and systems.

The SC deals with weighing systems and equipment.


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client

:

65 68613911

Current Telephone Number

:

65-64722996

Match

:

NO

 

 

 

Address Provided by Client

:

4 LENG KEE ROAD, #06-01 SIS BUILDING SINGAPORE 159088

Current Address

:

4 LENG KEE ROAD #06-01 SIS BUILDING, 159088, SINGAPORE.

Match

:

YES

 

 

 

 

Other Investigations


we contacted one of the staff from the SC and she provided some information on the SC.

 

FINANCIAL ANALYSIS

 

 

Profitability

 

 

 

 

 

 

Turnover

:

Erratic

[

2009 - 2012

]

 

Profit/(Loss) Before Tax

:

Increased

[

2009 - 2012

]

 

Return on Shareholder Funds

:

Unfavourable

[

2.27%

]

 

Return on Net Assets

:

Unfavourable

[

2.61%

]

 

 

 

 

 

 

 

 

The fluctuating turnover reflects the fierce competition among the existing and new market players.The higher profit could be attributed to the increase in turnover. The unfavourable return on shareholders' funds could indicate that the SC was inefficient in utilising its assets to generate returns.

 

 

 

 

 

 

 

Working Capital Control

 

 

 

 

 

 

Stock Ratio

:

Unfavourable

[

76 Days

]

 

Debtor Ratio

:

Unfavourable

[

147 Days

]

 

Creditors Ratio

:

Favourable

[

46 Days

]

 

 

 

 

 

 

 

 

The SC could be incurring higher holding cost. As its capital was tied up in stocks, it could face liquidity problems. The SC's debtors ratio was high. The SC should tighten its credit control and improve its collection period. The SC had a favourable creditors' ratio where the SC could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.

 

 

 

 

 

 

 

Liquidity

 

 

 

 

 

 

Liquid Ratio

:

Favourable

[

5.64 Times

]

 

Current Ratio

:

Favourable

[

7.10 Times

]

 

 

 

 

 

 

 

 

A minimum liquid ratio of 1 should be maintained by the SC in order to assure its creditors of its ability to meet short term obligations and the SC was in a good liquidity position. Thus, we believe the SC is able to meet all its short term obligations as and when they fall due.

 

 

 

 

 

 

 

Solvency

 

 

 

 

 

 

Interest Cover

:

Favourable

[

371.69 Times

]

 

Gearing Ratio

:

Favourable

[

0.00 Times

]

 

 

 

 

 

 

 

 

The interest cover showed that the SC was able to service the interest. The favourable interest cover could indicate that the SC was making enough profit to pay for the interest accrued. The SC had no gearing and hence it had virtually no financial risk. The SC was financed by its shareholders' funds and internally generated fund. During the economic downturn, the SC, having a zero gearing, will be able to compete better than those which are highly geared in the same industry.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Overall Assessment :

 

 

 

 

 

 

Although the turnover was erratic, the SC had maintained a steady growth in its profit. This indicate the management's efficiency in controlling its costs and profitability. The SC was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the SC should be able to repay its short term obligations. With the favourable interest cover, the SC could be able to service all the accrued interest without facing any difficulties. The SC was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The SC has good chance of getting loans, if the needs arises.

 

 

 

 

 

 

 

Overall financial condition of the SC : FAIR

 

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

 

 

Major Economic Indicators :

2008

2009

2010

2011

2012

 

 

 

 

 

 

Population (Million)

4.84

4.98

5.08

5.18

5.31

Gross Domestic Products ( % )

1.5

<0.8>

14.5

4.9

1.3

Consumer Price Index

6.6

0.6

2.8

5.2

4.6

Total Imports (Million)

450,892.6

356,299.3

423,221.8

459,655.1

474,554.0

Total Exports (Million)

476,762.2

391,118.1

478,840.7

514,741.2

510,329.0

 

 

 

 

 

 

Unemployment Rate (%)

2.2

3.2

2.2

2.1

2.0

Tourist Arrival (Million)

10.12

9.68

11.64

13.17

14.37

Hotel Occupancy Rate (%)

81.0

75.8

85.6

86.5

86.4

Cellular Phone Subscriber (Million)

1.31

1.37

1.43

1.50

1.52

 

 

 

 

 

 

Registration of New Companies (No.)

25,327

26,414

29,798

32,317

31,892

Registration of New Companies (%)

<2.2>

4.3

12.8

8.5

<1.3>

Liquidation of Companies (No.)

10,493

22,393

15,126

19,005

17,218

Liquidation of Companies (%)

13.7

113.4

<32.5>

25.6

9.4

 

 

 

 

 

 

Registration of New Businesses (No.)

24,850

26,876

23,978

23,494

24,788

Registration of New Businesses (%)

0.36

8.15

<10.78>

2.02

5.51

Liquidation of Businesses (No.)

21,150

23,552

24,211

23,005

22,489

Liquidation of Businesses (%)

<0.8>

11.4

2.8

<5>

<2.2>

 

 

 

 

 

 

Bankruptcy Orders (No.)

2,326

2,058

1,537

1,527

1,748

Bankruptcy Orders (%)

<15.9>

<11.5>

<25.3>

<0.7>

14.5

Bankruptcy Discharges (No.)

1,500

3,056

2,252

1,391

1,881

Bankruptcy Discharges (%)

<7.7>

103.7

<26.3>

<38.2>

35.2

 

 

 

 

 

 

INDUSTRIES ( % of Growth ) :

 

 

 

 

 

Agriculture

 

 

 

 

 

Production of Principal Crops

<0.32>

3.25

<0.48>

4.25

3.64

Fish Supply & Wholesale

<6.31>

<1.93>

<10.5>

12.10

<0.5>

 

 

 

 

 

 

Manufacturing *

74.6

71.5

92.8

100.0

100.3

Food, Beverages & Tobacco

94.8

90.4

96.4

100.0

103.5

Textiles

180.1

145.9

122.1

100.0

104.0

Wearing Apparel

334.6

211.0

123.3

100.0

92.1

Leather Products & Footwear

128.2

79.5

81.8

100.0

98.6

Wood & Wood Products

132.0

101.4

104.0

100.0

95.5

Paper & Paper Products

101.0

95.4

106.1

100.0

97.4

Printing & Media

118.2

100.9

103.5

100.0

93.0

Crude Oil Refineries

113.1

96.4

95.6

100.0

99.4

Chemical & Chemical Products

84.5

80.3

97.6

100.0

100.5

Pharmaceutical Products

43.7

49.1

75.3

100.0

109.7

Rubber & Plastic Products

120.1

101.2

112.3

100.0

96.5

Non-metallic Mineral

96.5

91.9

92.5

100.0

98.2

Basic Metals

109.8

92.6

102.2

100.0

90.6

Fabricated Metal Products

101.3

90.8

103.6

100.0

104.3

Machinery & Equipment

65.0

57.3

78.5

100.0

112.9

Electrical Machinery

81.7

86.8

124.1

100.0

99.3

Electronic Components

93.1

85.2

113.6

100.0

90.6

Transport Equipment

102.0

96.0

94.0

100.0

106.3

 

 

 

 

 

 

Construction

45.90

<36.9>

14.20

20.50

28.70

Real Estate

<11.2>

1.4

21.3

25.4

31.9

 

 

 

 

 

 

Services

 

 

 

 

 

Electricity, Gas & Water

<1.3>

1.70

4.00

7.00

6.30

Transport, Storage & Communication

11.60

3.90

12.80

7.40

5.30

Finance & Insurance

<5.9>

<16.4>

<0.4>

8.90

0.50

Government Services

17.40

4.50

9.70

6.90

6.00

Education Services

0.50

0.10

<0.9>

<1.4>

0.30

 

 

 

 

 

 

* Based on Index of Industrial Production (2011 = 100)

 

 

 

 

 

(Source : Department of Statistics)

 

 

 

 

 



INDUSTRY ANALYSIS

 

INDUSTRY :

TRADING

 

 

 

The wholesale and retail trade sector contracted by 1.5% in the fourth quarter of 2012, extending the 0.2% decline in the preceding quarter. For the whole of 2012, the sector declined by 0.7%, reversing the 1.6% growth in 2011. The sector was weighed down primarily by the wholesale trade segment. In 2012, the wholesale trade segment contracted by 1.0%, a reversal from the 1.4% growth in 2011. Growth of the retail trade segment also moderated to 2.0%, from 3.2% in the year 2011.

 

The domestic wholesale trade index grew by 1.2% in the fourth quarter of 2012, an improvement from the 5.4% decline in the third quarter. This was partly due to an increase in the sales of chemicals & chemical products and ship chandlers & bunkering. For the full year of 2012, the domestic wholesale trade index contracted by 2.2%, extending the 1.7% decline in 2011. The foreign wholesale trade index grew by 8.6% in the fourth quarter, an increase from the 6.6% growth in the third quarter. The expansion was partly due to resilient sales of petroleum & petroleum products. For the whole of 2012, the foreign wholesale trade index expanded by 9.1%, faster than the 4.3% increase in 2011.

 

In the fourth quarter of 2012, retail sales volume declined by 2.0%, extending the 0.3% decline in the third quarter. Excluding motor vehicles, retail sales volume grew by 0.4%, a slight moderation compared to the 1.5% gain in the third quarter of 2012. The sales volume of motor vehicles fell by 11% in the fourth quarter of 2012, after contracting by 6.1% in the third quarter. The sales of several discretionary items also declined in the fourth quarter. Besides, the sales of optical goods & books in 2012 fell by 3.6%, while the sales of telecommunications apparatus & computers declined by 1.4%.

 

For 2012 as a whole, retail sales volume grew by 1.3%, compared to the 2.0% expansion in 2011. Excluding motor vehicle sales, the increase in retail sales volume also moderated from 5.4% in 2011 to 1.7% in 2012. Medical goods & toiletries registered the largest increase (9.3%) in sales, followed by telecommunications apparatus & computers (6.9%). By contrast, the sales of watches & jewellery (-2.2%) and optical goods & books (-3.6%) declined.

 

 

 

OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH



CREDIT RISK EVALUATION & RECOMMENDATION

 


Incorporated in 1986, the SC is a Private Limited company, focusing on trading of weighing equipments and systems. The SC has been in business for over two decades. It has built up a strong clientele base and good reputation will enable the SC to further enhance its business in the near term. The SC is expected to enjoy a stable market shares. Having strong support from its holding company has enabled the SC to remain competitive despite the challenging business environment. The capital standing of the SC is fair. With an adequate share capital, the SC has the potential of expanding its business in future.

Over the years, the SC has penetrated into both the local and overseas market. The SC has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the SC to further enhance its business in the near term. Being a moderate size company, the SC has a total workforce of 93 employees in its business operations. Overall, we regard that the SC's management capability is average. This indicates that the SC has greater potential to improve its business performance and raising income for the SC.

Despite the lower turnover, the SC's pre-tax profit have increased compared to the previous year. The higher profit could be due to better control of its operating costs and efficiency in utilising its resources. The SC has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. However, the SC is in good liquidity position with its current liabilities well covered by it current assets. Hence, it has sufficient working capital to meet its short term financial obligations. Being a zero geared company, the SC virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. Given a positive net worth standing at SGD 55,783,417, the SC should be able to maintain its business in the near terms.

Having a strong assets backing, the SC possesses latent assets as collateral for further financial extension. Hence, it has good chance of getting loans if the needs arises. The SC's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials. Overall the SC has a good control over its resources.

Overall, the SC's payment habit is good as the SC has a good credit control and it could be taking advantage of the cash discounts while maintaining a good reputation with its creditors.

The industry shows an upward trend and this trend is very likely to sustain in the near terms. Hence, the SC is expected to benefit from the favourable outlook of the industry.

Based on the above condition, we recommend credit be granted to the SC promptly.

 



PROFIT AND LOSS ACCOUNT

 

 

THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS.

TERAOKA WEIGH- SYSTEM PTE LTD

 

Financial Year End

2012-12-31

2011-12-31

2010-12-31

2009-12-31

Months

12

12

12

12

Consolidated Account

Company

Company

Company

Company

Audited Account

YES

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

YES

Financial Type

FULL

FULL

FULL

FULL

Currency

SGD

SGD

SGD

SGD

 

 

 

 

 

TURNOVER

49,584,959

50,029,674

47,256,025

38,079,388

Other Income

976,022

1,786,788

731,525

-

 

----------------

----------------

----------------

----------------

Total Turnover

50,560,981

51,816,462

47,987,550

38,079,388

Costs of Goods Sold

<44,178,173>

<44,271,621>

<42,152,799>

-

 

----------------

----------------

----------------

----------------

Gross Profit

6,382,808

7,544,841

5,834,751

-

 

----------------

----------------

----------------

----------------

 

 

 

 

 

PROFIT/(LOSS) FROM OPERATIONS

1,349,089

630,563

<778,142>

<1,860,626>

SHARE OF PROFITS/(LOSSES) OF ASSOCIATED COMPANIES

109,191

150,610

91,713

-

 

----------------

----------------

----------------

----------------

PROFIT/(LOSS) BEFORE TAXATION

1,458,280

781,173

<686,429>

<1,860,626>

Taxation

<193,276>

195,303

<70,192>

91,246

 

----------------

----------------

----------------

----------------

PROFIT/(LOSS) AFTER TAXATION

1,265,004

976,476

<756,621>

<1,769,380>

 

----------------

----------------

----------------

----------------

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

 

 

 

 

As previously reported

52,508,413

51,531,937

52,288,558

54,057,938

 

----------------

----------------

----------------

----------------

As restated

52,508,413

51,531,937

52,288,558

54,057,938

 

----------------

----------------

----------------

----------------

PROFIT AVAILABLE FOR APPROPRIATIONS

53,773,417

52,508,413

51,531,937

52,288,558

 

----------------

----------------

----------------

----------------

RETAINED PROFIT/(LOSS) CARRIED FORWARD

53,773,417

52,508,413

51,531,937

52,288,558

 

=============

=============

=============

=============

 

 

 

 

 

INTEREST EXPENSE (as per notes to P&L)

 

 

 

 

Bank overdraft

64

-

83

53

Others

3,870

-

-

-

 

----------------

----------------

----------------

----------------

 

3,934

-

83

53

 

BALANCE SHEET

 

TERAOKA WEIGH- SYSTEM PTE LTD

 

ASSETS EMPLOYED:

 

 

 

 

FIXED ASSETS

2,977,717

2,833,784

2,992,405

3,707,078

 

 

 

 

 

LONG TERM INVESTMENTS/OTHER ASSETS

 

 

 

 

Subsidiary companies

6,657,797

6,657,797

6,657,797

6,657,797

Associated companies

1,280,941

1,171,750

1,021,140

929,427

Investments

1,660

1,660

1,660

1,660

Investment securities

60,000

60,000

60,000

60,000

Others

1,615,100

1,713,000

2,095,200

-

 

----------------

----------------

----------------

----------------

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

9,615,498

9,604,207

9,835,797

7,648,884

 

 

 

 

 

 

----------------

----------------

----------------

----------------

TOTAL LONG TERM ASSETS

12,593,215

12,437,991

12,828,202

11,355,962

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

Stocks

10,387,211

7,815,862

9,474,185

9,079,471

Trade debtors

19,949,273

18,050,605

7,330,476

4,494,023

Other debtors, deposits & prepayments

1,235,517

1,269,033

1,062,043

968,147

Short term deposits

12,848,291

5,227,244

12,121,600

14,201,700

Interest receivable

21,596

4,447

-

-

Cash & bank balances

6,178,511

13,754,700

7,615,845

6,525,073

Others

-

-

9,086,079

12,664,979

 

----------------

----------------

----------------

----------------

TOTAL CURRENT ASSETS

50,620,399

46,121,891

46,690,228

47,933,393

 

----------------

----------------

----------------

----------------

TOTAL ASSET

63,213,614

58,559,882

59,518,430

59,289,355

 

=============

=============

=============

=============

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

Trade creditors

5,615,752

2,759,371

2,598,343

2,589,886

Other creditors & accruals

1,512,943

1,057,275

1,897,507

1,228,390

Provision for taxation

5,410

-

-

-

Other liabilities

-

-

1,060,517

822,128

 

----------------

----------------

----------------

----------------

TOTAL CURRENT LIABILITIES

7,134,105

3,816,646

5,556,367

4,640,404

 

----------------

----------------

----------------

----------------

NET CURRENT ASSETS/(LIABILITIES)

43,486,294

42,305,245

41,133,861

43,292,989

 

----------------

----------------

----------------

----------------

TOTAL NET ASSETS

56,079,509

54,743,236

53,962,063

54,648,951

 

=============

=============

=============

=============

 

 

 

 

 

SHARE CAPITAL

 

 

 

 

Ordinary share capital

2,000,000

2,000,000

2,000,000

2,000,000

 

----------------

----------------

----------------

----------------

TOTAL SHARE CAPITAL

2,000,000

2,000,000

2,000,000

2,000,000

 

 

 

 

 

RESERVES

 

 

 

 

Retained profit/(loss) carried forward

53,773,417

52,508,413

51,531,937

52,288,558

Others

10,000

10,000

10,000

10,000

 

----------------

----------------

----------------

----------------

TOTAL RESERVES

53,783,417

52,518,413

51,541,937

52,298,558

 

 

 

 

 

 

----------------

----------------

----------------

----------------

SHAREHOLDERS' FUNDS/EQUITY

55,783,417

54,518,413

53,541,937

54,298,558

 

 

 

 

 

LONG TERM LIABILITIES

 

 

 

 

Deferred taxation

296,092

224,823

420,126

350,393

 

----------------

----------------

----------------

----------------

TOTAL LONG TERM LIABILITIES

296,092

224,823

420,126

350,393

 

----------------

----------------

----------------

----------------

 

56,079,509

54,743,236

53,962,063

54,648,951

 

=============

=============

=============

=============

 

FINANCIAL RATIO

 

TERAOKA WEIGH- SYSTEM PTE LTD

 

TYPES OF FUNDS

 

 

 

 

Cash

19,026,802

18,981,944

19,737,445

20,726,773

Net Liquid Funds

19,026,802

18,981,944

19,737,445

20,726,773

Net Liquid Assets

33,099,083

34,489,383

31,659,676

34,213,518

Net Current Assets/(Liabilities)

43,486,294

42,305,245

41,133,861

43,292,989

Net Tangible Assets

56,079,509

54,743,236

53,962,063

54,648,951

Net Monetary Assets

32,802,991

34,264,560

31,239,550

33,863,125

BALANCE SHEET ITEMS

 

 

 

 

Total Borrowings

0

0

0

0

Total Liabilities

7,430,197

4,041,469

5,976,493

4,990,797

Total Assets

63,213,614

58,559,882

59,518,430

59,289,355

Net Assets

56,079,509

54,743,236

53,962,063

54,648,951

Net Assets Backing

55,783,417

54,518,413

53,541,937

54,298,558

Shareholders' Funds

55,783,417

54,518,413

53,541,937

54,298,558

Total Share Capital

2,000,000

2,000,000

2,000,000

2,000,000

Total Reserves

53,783,417

52,518,413

51,541,937

52,298,558

LIQUIDITY (Times)

 

 

 

 

Cash Ratio

2.67

4.97

3.55

4.47

Liquid Ratio

5.64

10.04

6.70

8.37

Current Ratio

7.10

12.08

8.40

10.33

WORKING CAPITAL CONTROL (Days)

 

 

 

 

Stock Ratio

76

57

73

87

Debtors Ratio

147

132

57

43

Creditors Ratio

46

23

22

25

SOLVENCY RATIOS (Times)

 

 

 

 

Gearing Ratio

0.00

0.00

0.00

0.00

Liabilities Ratio

0.13

0.07

0.11

0.09

Times Interest Earned Ratio

371.69

0.00

<8,269.23>

<35,105.15>

Assets Backing Ratio

28.04

27.37

26.98

27.32

PERFORMANCE RATIO (%)

 

 

 

 

Operating Profit Margin

2.94

1.56

<1.45>

<4.89>

Net Profit Margin

2.55

1.95

<1.60>

<4.65>

Return On Net Assets

2.61

1.43

<1.27>

<3.40>

Return On Capital Employed

2.61

1.43

<1.27>

<3.40>

Return On Shareholders' Funds/Equity

2.27

1.79

<1.41>

<3.26>

Dividend Pay Out Ratio (Times)

0.00

0.00

0.00

0.00

NOTES TO ACCOUNTS

 

 

 

 

Contingent Liabilities

0

0

0

0




 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.53

UK Pound

1

Rs.99.75

Euro

1

Rs.84.75

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIS

 

 

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.