MIRA INFORM REPORT

 

 

Report Date :

26.08.2014 

 

IDENTIFICATION DETAILS

 

Name :

NOMURA SINGAPORE LIMITED

 

 

Formerly Known As :

SINGAPORE NOMURA MERCHANT BANKING LIMITED

 

 

Registered Office :

10, Marina Boulevard, 36-01, Marina Bay Financial Centre, 018983,

 

 

Country :

Singapore

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

17.10.1972

 

 

Com. Reg. No.:

197201440-E

 

 

Legal Form :

Public

 

 

Line of Business :

Subject is engaged in asset management, financial services, investment holding.

 

 

No. of Employees

200 [2014]

 

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but rebounded 15.1% in 2010, on the strength of renewed exports, before slowing to in 2011-13, 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. 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 and address

 

 

REGISTRATION NO.

:

197201440-E

COMPANY NAME

:

NOMURA SINGAPORE LIMITED

FORMER NAME

:

SINGAPORE NOMURA MERCHANT BANKING LIMITED (01/04/1989)

INCORPORATION DATE

:

17/10/1972

 

 

 

 

 

 

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PUBLIC

LISTED STATUS

:

NO

 

 

 

 

 

 

REGISTERED ADDRESS

:

10, MARINA BOULEVARD, 36-01, MARINA BAY FINANCIAL CENTRE, 018983, SINGAPORE.

BUSINESS ADDRESS

:

10 MARINA BOULEVARD MARINA BAY FINANCIAL CENTRE TOWER 2 # 36-01, 018983, SINGAPORE.

TEL.NO.

:

65-64336288

FAX.NO.

:

65-63046220

WEB SITE

:

WWW.NOMURA.COM

CONTACT PERSON

:

LIM CHOO SAN MICHAEL ( DIRECTOR )

 

 

 

 

 

 

PRINCIPAL ACTIVITY

:

ASSET MANAGEMENT, FINANCIAL SERVICES, INVESTMENT HOLDING

 

 

 

ISSUED AND PAID UP CAPITAL

:

239,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 239,000,000.00

 

 

 

SALES

:

SGD 28,159,000 [2014]

NET WORTH

:

SGD 398,854,000 [2014]

 

 

 

STAFF STRENGTH

:

200 [2014]

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

LIMITED

PAYMENT

:

GOOD

MANAGEMENT CAPABILITY

:

AVERAGE

 

 

 

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

GOOD

INDUSTRY OUTLOOK

:

MARGINAL GROWTH

 

 

HISTORY / BACKGROUND

 

As a public limited company, the Subject must have at least one shareholder but there is no limit on the maximum number of shareholders. The Subject must have at least two directors. A public limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject is capable of owning assets, entering into contracts, suing or be sued by other companies. The liabilities of the shareholders are only up to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the Subject is insolvent. The Subject is governed by the Companies Act and must file in its annual return, together with its financial statements with the Registrar of Companies.

The Subject is principally engaged in the (as a / as an) asset management, financial services, investment holding.

 

The immediate holding company of the Subject is NOMURA ASIA HOLDING N.V., a company incorporated in NETHERLANDS.

The ultimate holding company of the Subject is NOMURA HOLDINGS INC., a company incorporated in JAPAN.

 

Share Capital History

Date

Issue & Paid Up Capital

20/08/2014

SGD 239,000,000.00

 

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

 

Name

Address

IC/PP/Loc No

Shareholding

(%)

NOMURA ASIA HOLDING N.V.

REMBRANDT TOWER, AMSTELPLEIN 1, AMSTERDAM, 1096HA, NETHERLANDS.

T05UF0034

239,000,000.00

100.00

 

 

 

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

------

 

 

 

239,000,000.00

100.00

 

 

 

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

=====

+ Also Director



DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

PHILIP CHOW WING LUN

Address

:

1, FARRER ROAD, 13-06, TULIP GARDEN, 268817, SINGAPORE.

IC / PP No

:

S2720656E

 

 

 

 

 

 

 

 

 

Nationality

:

BRITISH

Date of Appointment

:

28/06/2010

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 2

 

Name Of Subject

:

MICHAEL LIM CHOO SAN

Address

:

11, CALDECOTT CLOSE, CALDECOTT HILL ESTATE, 299120, SINGAPORE.

IC / PP No

:

S2539208F

 

 

 

 

 

 

 

 

 

Nationality

:

SINGAPOREAN

Date of Appointment

:

01/07/2006

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 3

 

Name Of Subject

:

TAKEO AOKI

Address

:

11, UNITY STREET, 10-03, ROBERTSON WALK, 237995, SINGAPORE.

IC / PP No

:

G3010661Q

 

 

 

 

 

 

 

 

 

Nationality

:

JAPANESE

Date of Appointment

:

14/03/2014

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 4

 

Name Of Subject

:

HIROMASA YAMAZAKI

Address

:

96, SOMERSET ROAD, 16-06, 238163, SINGAPORE.

IC / PP No

:

G5527927L

 

 

 

 

 

 

 

 

 

Nationality

:

JAPANESE

Date of Appointment

:

11/07/2014

 

 

 

 

 

 

 

 

 

 

 

 



MANAGEMENT

 

 

 

1)

Name of Subject

:

LIM CHOO SAN MICHAEL

 

Position

:

DIRECTOR

 

 

 

 

 

 

AUDITOR

 

Auditor

:

ERNST & YOUNG LLP

Auditor' Address

:

N/A

 

 

 

 

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

CORRINNE CHIA SIEW MIN

 

IC / PP No

:

S7629936F

 

 

 

 

 

Address

:

24, CHUAN TERRACE, CHUAN TERRACE, 558492, SINGAPORE.

 

 

 

 

 

 

 

BANKING


No Banker found in our databank.

 

ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

8404724

06/11/1984

N/A

MORGAN GUARANTY TRUST COMPANY OF NEW

-

Unsatisfied

8500353

30/01/1985

N/A

MORGAN GUARANTY TRUST COMPANY OF NEW

-

Unsatisfied

C200500111

06/01/2005

N/A

ASIAN BOND FUND 1 SINGAPORE PTE. LTD.

-

Unsatisfied

C200806433

15/07/2008

N/A

EUROCLEAR BANK S.A./N.V

-

Unsatisfied

 

 

LEGAL CHECK AGAINST SUBJECT


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

No legal action was found in our databank.

No winding up petition was found in our databank.


 

PAYMENT RECORD

 

 

 

SOURCES OF RAW MATERIALS:

Local

:

N/A

Overseas

:

N/A

 

 

 


The Subject is a service provider.

The Subject 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

 

Services

:

ASSET MANAGEMENT, FINANCIAL SERVICES, INVESTMENT HOLDING

 

 

 

 

 

Total Number of Employees:

YEAR

2014

 

GROUP

N/A

 

 

 

 

 

 

 

 

COMPANY

200

 

 

 

 

 

 

 

 

 

Branch

:

NO

 

Other Information:


The Subject is principally engaged in the (as a / as an) asset management, financial services, investment holding.

The Group provides fund management, financial services, investment in trust and others.


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

(65) 6433 6288

Current Telephone Number

:

65-64336288

Match

:

YES

 

 

 

Address Provided by Client

:

10 MARINA BOULEVARD MARINA BAY FINANCIAL CENTRE TOWER 2 # 36-01 SINGAPORE 018983

Current Address

:

10 MARINA BOULEVARD MARINA BAY FINANCIAL CENTRE TOWER 2 # 36-01, 018983, SINGAPORE.

Match

:

YES

 

 

 

 

Other Investigations


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


FINANCIAL ANALYSIS

 

Profitability

 

 

 

 

 

 

Turnover

:

Decreased

[

45.72%

]

 

Profit/(Loss) Before Tax

:

Decreased

[

69.14%

]

 

Return on Shareholder Funds

:

Unfavourable

[

4.12%

]

 

Return on Net Assets

:

Unfavourable

[

6.68%

]

 

 

 

 

 

 

 

 

The shrinking turnover could be the result of more entrants into the market which eroded the Subject's market share.The Subject's profit fell sharply because of the high operating costs incurred. The unfavourable return on shareholders' funds could indicate that the Subject was inefficient in utilising its assets to generate returns.

 

 

 

 

 

 

 

Working Capital Control

 

 

 

 

 

 

Stock Ratio

:

Nil

[

0 Days

]

 

Debtor Ratio

:

Favourable

[

8 Days

]

 

Creditors Ratio

:

Favourable

[

15 Days

]

 

 

 

 

 

 

 

 

As the Subject is a service oriented company, the Subject does not need to keep stocks. The favourable debtors' days could be due to the good credit control measures implemented by the Subject. The Subject had a favourable creditors' ratio where the Subject could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.

 

 

 

 

 

 

 

Liquidity

 

 

 

 

 

 

Liquid Ratio

:

Favourable

[

1.13 Times

]

 

Current Ratio

:

Unfavourable

[

1.13 Times

]

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

Solvency

 

 

 

 

 

 

Interest Cover

:

Acceptable

[

3.29 Times

]

 

Gearing Ratio

:

Favourable

[

0.00 Times

]

 

 

 

 

 

 

 

 

The Subject's interest cover was slightly low. If there is no sharp fall in its profit or sudden increase in the interest rates, we believe the Subject is able to generate sufficient income to service its interest and repay the loans. The Subject had no gearing and hence it had virtually no financial risk. The Subject was financed by its shareholders' funds and internally generated fund. During the economic downturn, the Subject, having a zero gearing, will be able to compete better than those which are highly geared in the same industry.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Overall Assessment :

 

 

 

 

 

 

The Subject's performance deteriorated over the years with lower turnover and profit. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. The Subject had an acceptable interest cover. If there is no sudden sharp increase in interest rate or fall in the Subject's profit, we do believe the Subject is able to generate sufficient cash flow to service its interest payment. The Subject was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The Subject has good chance of getting loans, if the needs arises.

 

 

 

 

 

 

 

Overall financial condition of the Subject : LIMITED

 

 

 

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

 

 

Major Economic Indicators :

2009

2010

2011

2012

2013

 

 

 

 

 

 

Population (Million)

4.98

5.08

5.18

5.31

5.40

Gross Domestic Products ( % )

(0.8)

14.5

4.9

1.3

3.7

Consumer Price Index

0.6

2.8

5.2

4.6

2.4

Total Imports (Million)

356,299.3

423,221.8

459,655.1

474,554.0

466,762.0

Total Exports (Million)

391,118.1

478,840.7

514,741.2

510,329.0

513,391.0

 

 

 

 

 

 

Unemployment Rate (%)

3.2

2.2

2.1

2.0

1.9

Tourist Arrival (Million)

9.68

11.64

13.17

14.49

15.46

Hotel Occupancy Rate (%)

75.8

85.6

86.5

86.4

86.3

Cellular Phone Subscriber (Million)

1.37

1.43

1.50

1.52

1.97

 

 

 

 

 

 

Registration of New Companies (No.)

26,414

29,798

32,317

31,892

37,288

Registration of New Companies (%)

4.3

12.8

8.5

(1.3)

9.8

Liquidation of Companies (No.)

22,393

15,126

19,005

17,218

17,369

Liquidation of Companies (%)

113.4

(32.5)

25.6

9.4

(5.3)

 

 

 

 

 

 

Registration of New Businesses (No.)

26,876

23,978

23,494

24,788

22,893

Registration of New Businesses (%)

8.15

(10.78)

2.02

5.51

1.70

Liquidation of Businesses (No.)

23,552

24,211

23,005

22,489

22,598

Liquidation of Businesses (%)

11.4

2.8

(5)

(2.2)

0.5

 

 

 

 

 

 

Bankruptcy Orders (No.)

2,058

1,537

1,527

1,748

1,992

Bankruptcy Orders (%)

(11.5)

(25.3)

(0.7)

14.5

14.0

Bankruptcy Discharges (No.)

3,056

2,252

1,391

1,881

2,584

Bankruptcy Discharges (%)

103.7

(26.3)

(38.2)

35.2

37.4

 

 

 

 

 

 

INDUSTRIES ( % of Growth ) :

 

 

 

 

 

Agriculture

 

 

 

 

 

Production of Principal Crops

3.25

(0.48)

4.25

3.64

-

Fish Supply & Wholesale

(1.93)

(10.5)

12.10

(0.5)

-

 

 

 

 

 

 

Manufacturing *

71.5

92.8

100.0

100.3

102.0

Food, Beverages & Tobacco

90.4

96.4

100.0

103.5

103.5

Textiles

145.9

122.1

100.0

104.0

87.1

Wearing Apparel

211.0

123.3

100.0

92.1

77.8

Leather Products & Footwear

79.5

81.8

100.0

98.6

109.8

Wood & Wood Products

101.4

104.0

100.0

95.5

107.4

Paper & Paper Products

95.4

106.1

100.0

97.4

103.2

Printing & Media

100.9

103.5

100.0

93.0

86.1

Crude Oil Refineries

96.4

95.6

100.0

99.4

93.5

Chemical & Chemical Products

80.3

97.6

100.0

100.5

104.1

Pharmaceutical Products

49.1

75.3

100.0

109.7

107.2

Rubber & Plastic Products

101.2

112.3

100.0

96.5

92.9

Non-metallic Mineral

91.9

92.5

100.0

98.2

97.6

Basic Metals

92.6

102.2

100.0

90.6

76.5

Fabricated Metal Products

90.8

103.6

100.0

104.3

105.1

Machinery & Equipment

57.3

78.5

100.0

112.9

114.5

Electrical Machinery

86.8

124.1

100.0

99.3

108.5

Electronic Components

85.2

113.6

100.0

90.6

94.3

Transport Equipment

96.0

94.0

100.0

106.3

107.5

 

 

 

 

 

 

Construction

(36.9)

14.20

20.50

28.70

-

Real Estate

1.4

21.3

25.4

31.9

-

 

 

 

 

 

 

Services

 

 

 

 

 

Electricity, Gas & Water

1.70

4.00

7.00

6.30

-

Transport, Storage & Communication

3.90

12.80

7.40

5.30

-

Finance & Insurance

(16.4)

(0.4)

8.90

0.50

-

Government Services

4.50

9.70

6.90

6.00

-

Education Services

0.10

(0.9)

(1.4)

0.30

-

 

 

 

 

 

 

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

 

 

 

 

 



INDUSTRY ANALYSIS

 

INDUSTRY :

ECONOMY

 

 

 

According to Ministry of Trade and Industry (MTI), the Singapore economy is expected to grow by 1.0 to 3.0% in 2013 as growth in the global economy is likely to remain subdued despite macroeconomic conditions stablising in recent months of 2013.

 

However, the global economic outlook is still clouded with uncertainties. Notably, concerns remain over the extent of the fiscal cutback with the budget sequester in the US and potential flareup of the debt crisis in the Eurozone. Should any of these risks materialise, Singapore's economic growth could come in lower than expected.

 

Although resilient domestic demand in emerging Asia will provide some support to global demand, it will not fully mitigate the effects of an economic slowdown in the advanced economies. Consequently, Singapore's externally-oriented sectors such as electronics and wholesale trade will continue to perform poorly, while the financial services sector will be affected by heightened uncertainties in the external environment. Nevertheless, there will be some modest support to growth from the biomedical manufacturing cluster and tourism-related sectors. The former will likely see increased production of active pharmaceutical ingredients and biologics while the latter will benefit from rising visitor arrivals from the region.

 

For the whole of 2012, Singapore's GDP growth slowed to 1.3%, from 5.2% in 2011, mainly due to weakness in the externally-oriented sectors. Manufacturing sector growth slowed sharply from 7.8% in the year 2011 to 0.1%. The hudge decline was largely due to a rebound in the output of the biomedical manufacturing and transport engineering clusters, which together helped to mitigate part of the fall in output in the electronics cluster. By contrast, the construction sector growth accelerated from 6.3% to 8.2% in 2012, due to the expansion in both public and private building activities.

 

Growth in the services producing industries also moderated to 1.2% in 2012, compared to 4.6% in 2011. This was mainly due to the slowdown in wholesale and retail trade, accommodation and food services as well as other services industries. In particular, the wholesale and retail trade sector contracted by 0.7%, compared to the 1.6% growth in year 2011. The accommodation and food services as well as other services industries posted lower gains of 2.8% and 0.1% respectively, compared to 8.2% and 6.3% in 2011.

 

For the whole of 2012, all sectors, except the wholesale and retail trade, contributed to growth. Business services was the largest contributor with 0.4 percentage-points, followed by construction with 0.3 percentage-points and transportation and storage at 0.2 percentagepoints. Besides, growth in total demand moderated to 2.4%, compared to 4.2% in 2011. Domestic demand was the key contributor to total demand growth, accounting for 2.2 percentage-points, or over 90 per cent, of the increase.

 

In 2012, total domestic demand rose by 9.7%, following the 6.5% increase in 2011. The growth in total domestic demand was broad-based across consumption, gross fixed capital formation (GFCF) and changes in inventories. The total consumption expenditure in 2012 grew slightly by 0.9%, easing from the 3.7% growth in 2011. Public consumption expenditure fell by 3.6%, reversing the 0.5% growth in 2011. Private consumption expenditure registered a 2.2% gain, moderating from the 4.6% increase in the preceding year.

 

Overall, the Singapore economy is expected to grow by 1.0 to 3.0% in 2013.

 

 

 

OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH



CREDIT RISK EVALUATION & RECOMMENDATION

 


Incorporated in 1972, the Subject is a Public Limited Company company, focusing on asset management, financial services and investment holding. The Subject has been in business for over 4 decades. It has built up a strong clientele base and good reputation will enable the Subject to further enhance its business in the near term. The Subject is expected to enjoy a stable market shares. Having strong support from its holding company has enabled the Subject to remain competitive despite the challenging business environment. The Subject is a large entity with strong capital position. We are confident with the Subject's business and its future growth prospect.

Over the years, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. The Subject is a fairly large and rapidly growing company with over 200 staff in its operations. Overall, we regard that the Subject's management capability is average. This indicates that the Subject has greater potential to improve its business performance and raising income for the Subject.

The Subject's business performance showed a reverse trend as both its turnover and pre-tax profit have decreased compared to the previous year. The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. The Subject however 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 Subject 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 398,854,000, the Subject should be able to maintain its business in the near terms.

Overall, the Subject's payment habit is good as the Subject 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 has reached its maturity stage and only enjoying a marginal growth. The steady growth of the country's economy will further enhance the industry activities. As the Subject is long presence in the market, it should have acquired competitive edge against other players in the same fields.

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

 

 

PROFIT AND LOSS ACCOUNT

 

 

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

NOMURA SINGAPORE LIMITED

 

Financial Year End

2014-03-31

2013-03-31

Months

12

12

Consolidated Account

Company

Company

Audited Account

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

Financial Type

FULL

FULL

Currency

SGD

SGD

 

 

 

TURNOVER

28,159,000

51,875,000

Other Income

181,795,000

249,615,000

 

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

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

Total Turnover

209,954,000

301,490,000

 

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

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

 

 

 

PROFIT/(LOSS) FROM OPERATIONS

18,601,000

60,269,000

 

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

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

PROFIT/(LOSS) BEFORE TAXATION

18,601,000

60,269,000

Taxation

(2,166,000)

(1,806,000)

 

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

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

PROFIT/(LOSS) AFTER TAXATION

16,435,000

58,463,000

 

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

 

 

As previously reported

92,037,000

33,574,000

 

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

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

As restated

92,037,000

33,574,000

 

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

108,472,000

92,037,000

 

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

108,472,000

92,037,000

 

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

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

 

 

 

INTEREST EXPENSE (as per notes to P&L)

 

 

Others

8,130,000

15,600,000

 

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

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

 

8,130,000

15,600,000

 

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

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

 

BALANCE SHEET

 

NOMURA SINGAPORE LIMITED

 

ASSETS EMPLOYED:

 

 

FIXED ASSETS

11,953,000

14,157,000

 

 

 

Deferred assets

2,527,000

523,000

Others

-

100,000

 

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

2,527,000

623,000

 

 

 

 

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

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

TOTAL LONG TERM ASSETS

14,480,000

14,780,000

 

 

 

Trade debtors

587,000

2,417,000

Other debtors, deposits & prepayments

9,105,000

35,368,000

Short term loans & advances

1,272,722,000

1,105,198,000

Amount due from holding company

132,440,000

340,000

Amount due from related companies

185,580,000

104,267,000

Cash & bank balances

181,602,000

272,318,000

Others

1,669,473,000

1,768,553,000

 

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

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

TOTAL CURRENT ASSETS

3,451,509,000

3,288,461,000

 

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

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

TOTAL ASSET

3,465,989,000

3,303,241,000

 

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

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

 

 

 

CURRENT LIABILITIES

 

 

Trade creditors

1,168,000

1,062,000

Other creditors & accruals

81,403,000

73,931,000

Deposits from customers

1,649,854,000

1,414,111,000

Deposits & balances of banks & agents

997,000

165,000

Amounts owing to holding company

505,000

-

Amounts owing to related companies

1,095,289,000

920,808,000

Provision for taxation

4,181,000

3,784,000

Other liabilities

232,250,000

519,409,000

 

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

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

TOTAL CURRENT LIABILITIES

3,065,647,000

2,933,270,000

 

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

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

NET CURRENT ASSETS/(LIABILITIES)

385,862,000

355,191,000

 

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

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

TOTAL NET ASSETS

400,342,000

369,971,000

 

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

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

 

 

 

SHARE CAPITAL

 

 

Ordinary share capital

239,000,000

239,000,000

 

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

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

TOTAL SHARE CAPITAL

239,000,000

239,000,000

 

 

 

Retained profit/(loss) carried forward

108,472,000

92,037,000

Employee share option reserve

51,382,000

37,164,000

 

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

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

TOTAL RESERVES

159,854,000

129,201,000

 

 

 

 

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

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

SHAREHOLDERS' FUNDS/EQUITY

398,854,000

368,201,000

 

 

 

Deferred taxation

1,488,000

1,770,000

 

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

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

TOTAL LONG TERM LIABILITIES

1,488,000

1,770,000

 

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

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

 

400,342,000

369,971,000

 

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

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

 

 

 

 

 

 

FINANCIAL RATIO

 

 

NOMURA SINGAPORE LIMITED

 

TYPES OF FUNDS

 

 

Cash

181,602,000

272,318,000

Net Liquid Funds

181,602,000

272,318,000

Net Liquid Assets

385,862,000

355,191,000

Net Current Assets/(Liabilities)

385,862,000

355,191,000

Net Tangible Assets

400,342,000

369,971,000

Net Monetary Assets

384,374,000

353,421,000

BALANCE SHEET ITEMS

 

 

Total Borrowings

0

0

Total Liabilities

3,067,135,000

2,935,040,000

Total Assets

3,465,989,000

3,303,241,000

Net Assets

400,342,000

369,971,000

Net Assets Backing

398,854,000

368,201,000

Shareholders' Funds

398,854,000

368,201,000

Total Share Capital

239,000,000

239,000,000

Total Reserves

159,854,000

129,201,000

LIQUIDITY (Times)

 

 

Cash Ratio

0.06

0.09

Liquid Ratio

1.13

1.12

Current Ratio

1.13

1.12

WORKING CAPITAL CONTROL (Days)

 

 

Stock Ratio

0

0

Debtors Ratio

8

17

Creditors Ratio

15

7

SOLVENCY RATIOS (Times)

 

 

Gearing Ratio

0.00

0.00

Liabilities Ratio

7.69

7.97

Times Interest Earned Ratio

3.29

4.86

Assets Backing Ratio

1.68

1.55

PERFORMANCE RATIO (%)

 

 

Operating Profit Margin

66.06

116.18

Net Profit Margin

58.36

112.70

Return On Net Assets

6.68

20.51

Return On Capital Employed

6.68

20.51

Return On Shareholders' Funds/Equity

4.12

15.88

Dividend Pay Out Ratio (Times)

0.00

0.00

NOTES TO ACCOUNTS

 

 

Contingent Liabilities

0

0

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.42

UK Pound

1

Rs.100.11

Euro

1

Rs.79.74

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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.