|
Report Date : |
28.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
KANEKA SINGAPORE
CO. (PTE) LTD |
|
|
|
|
Registered Office : |
50, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
25.01.1979 |
|
|
|
|
Com. Reg. No.: |
197900210-G |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
· manufacturer of pharmaceutical intermediates and fine chemicals for human use. Engaged
in production and supply center for
hpg, an intermediate for semi-synthetic penicillin, and d-amino
acids |
|
|
|
|
No of Employees : |
89 [2014] |
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Singapore |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 |
* Adopted abbreviations : |
SC - Subject Company (the company enquired
by you) |
|
|
N/A - Not Applicable |
|
REGISTRATION NO. |
: |
197900210-G |
||||
|
COMPANY NAME |
: |
KANEKA SINGAPORE
CO. (PTE) LTD . |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
25/01/1979 |
||||
|
|
|
|
||||
|
|
|
|
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
|
|
|
||||
|
|
|
|
||||
|
REGISTERED ADDRESS |
: |
50, RAFFLES PLACE, 06-00, SINGAPORE LAND
TOWER, 048623, SINGAPORE. |
||||
|
BUSINESS ADDRESS |
: |
29 GUL CRESCENT, 629534, SINGAPORE. |
||||
|
TEL.NO. |
: |
65-68613711/68647412 |
||||
|
FAX.NO. |
: |
65-68621858 |
||||
|
EMAIL |
: |
|||||
|
WEB SITE |
: |
|||||
|
CONTACT PERSON |
: |
MANO TAKUMI ( DIRECTOR ) |
||||
|
|
|
|
||||
|
|
|
|
||||
|
PRINCIPAL ACTIVITY |
: |
MANUFACTURE OF PHARMACEUTICAL
INTERMEDIATES AND FINE CHEMICALS FOR HUMAN USE |
||||
|
|
|
|
||||
|
ISSUED AND PAID UP CAPITAL |
: |
1,600,000.00 ORDINARY SHARE, OF A VALUE OF
SGD 16,000,000.00 |
||||
|
|
|
|
||||
|
SALES |
: |
SGD 50,356,863 [2013] |
||||
|
NET WORTH |
: |
SGD 45,252,585 [2013] |
||||
|
|
|
|
||||
|
STAFF STRENGTH |
: |
89 [2014] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
FAIR |
||||
|
PAYMENT |
: |
PROMPT |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
|
|
|
||||
|
COMMERCIAL RISK |
: |
LOW |
||||
|
CURRENCY EXPOSURE |
: |
MODERATE |
||||
|
GENERAL REPUTATION |
: |
GOOD |
||||
|
INDUSTRY OUTLOOK |
: |
MATURE |
||||
The Subject 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 Subject must have at least two directors. A private 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, 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 Subject is insolvent. The Subject 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 Subject is principally engaged in the (as a / as an) manufacture of pharmaceutical intermediates and fine chemicals for human use.
The immediate and ultimate holding company of the Subject is KANEKA CORPORATION, a company incorporated in JAPAN.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
22/07/2014 |
SGD 16,000,000.00 |
The major
shareholder(s) of the Subject are shown as follows :
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
KANEKA CORPORATION |
2-4, 3-CHOME NAKANOSHIMA, KITA-KU, OSAKA, JAPAN. |
S79UF0179 |
1,600,000.00 |
100.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
1,600,000.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
DIRECTOR 1
|
Name Of Subject |
: |
MANO TAKUMI |
|
Address |
: |
30, ROBERTSON QUAY, 08-01, 238251, SINGAPORE. |
|
IC / PP No |
: |
G6418763K |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
23/06/2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject |
: |
YOSHIKAZU KOGAME |
|
Address |
: |
108, ANASEWATASHIBA, SHIKAMA-KU, HIMEJI-SHI, HYOGO, JAPAN. |
|
IC / PP No |
: |
TG1315400 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
11/06/2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject |
: |
HITOSHI YAHARA |
|
Address |
: |
3-16-17-425, NAKAHOZUMI IBARAKI, OSAKA, 5670034, JAPAN. |
|
IC / PP No |
: |
TH6591445 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
20/06/2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of Subject |
: |
SATORU KODA |
|
Address |
: |
22-13, NAKATSUCHO IBARAKI, OSAKA, 5670824, JAPAN. |
|
IC / PP No |
: |
TH8188720 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
20/06/2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1) |
Name of Subject |
: |
MANO TAKUMI |
|
|
Position |
: |
DIRECTOR |
|
Auditor |
: |
KPMG LLP |
|
Auditor' Address |
: |
N/A |
|
1) |
Company Secretary |
: |
ADRIAN CHAN PENGEE |
|
|
IC / PP No |
: |
S1658599H |
|
|
|
|
|
|
|
Address |
: |
87, FARRER DRIVE, 01-06, SOMMERVILLE PARK, 259287, SINGAPORE. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2) |
Company Secretary |
: |
LUN CHEE LEONG |
|
|
IC / PP No |
: |
S7003795E |
|
|
|
|
|
|
|
Address |
: |
60, LORONG 4, TOA PAYOH, 23-117, 310060, SINGAPORE. |
|
|
|
|
|
|
|
|
|
|
Banking relations are maintained
principally with :
|
1) |
Name |
: |
DBS BANK LTD |
|
|
|
|
|
|
|
|
|
|
|
2) |
Name |
: |
SUMITOMO MITSUI BANKING CORPORATION SINGAPORE BRANCH |
|
|
|
|
|
|
|
No encumbrance was found in our databank at the time of investigation.
* A check has been conducted in our databank against 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.
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
YES |
|
Overseas |
: |
YES |
|
|
|
|
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 |
[ |
X |
] |
|
Good 31-60 Days |
[ |
|
] |
|
Average 61-90 Days |
[ |
|
] |
|
|
Fair 91-120 Days |
[ |
|
] |
|
Poor >120 Days |
[ |
|
] |
|
|
|
|
|
|
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|
|
|
|
Export Market |
: |
EUROPE |
|||
|
Credit Term |
: |
N/A |
|||
|
|
|
|
|
|
|
|
Payment Mode |
: |
CHEQUES |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Products manufactured |
: |
|
|
|
|
|
|
|
Total Number of Employees: |
|||||||||
|
YEAR |
2014 |
|
|||||||
|
|
|||||||||
|
GROUP |
N/A |
|
|
|
|
|
|
|
|
|
COMPANY |
89 |
|
|
|
|
|
|
|
|
|
Branch |
: |
NO
|
Other
Information:
The Subject is
principally engaged in the (as a / as an) manufacture of pharmaceutical intermediates
and fine chemicals for human use.
Activities:
* production and supply center for
hpg, an intermediate for semi-synthetic penicillin, and d-amino
acids
* manufacturing pharmaceutical intermediate
Products dealing:
* chemicals: pharmaceutical
* epoxy resin diluents
* subject serves as the production and supply center for thousands mt per
annual of hpg-kaneka, d-p-hydroxyphenylglycine,
* a side chain for semi-synthetic antibiotics such as amoxycillin.
* subject's production spans its derivatives, other d-amino acids and valuable
chiral compounds processed to many pharmaceuticals.
Brands:
* hpg-kaneka - chemicals
* hpg-kaneka dane salt - chemicals
* kane-ace - chemicals
Subject is a member of the following entities:
* Japanese Chamber Of Commerce & Industry
* Singapore Business Federation
Latest fresh
investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-68613711/68647412 |
|
Match |
: |
N/A |
|
|
|
|
|
Address Provided by Client |
: |
29 GUL CRESCENT,629534 SINGAPORE |
|
Current Address |
: |
29 GUL CRESCENT, 629534, SINGAPORE. |
|
Match |
: |
YES |
Other
Investigations
we contacted one of the staff from the Subject and she provided some
information.
|
Profitability |
|
|
|
|
|
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
(7.63%) |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
(8.82%) |
] |
|
|
|
|
|
|
|
|
|
|
The Subject's unfavourable returns on
shareholders' funds indicate the management's inefficiency in utilising its
assets to generate returns. |
||||||
|
|
|
|
|
|
|
|
|
Working Capital
Control |
|
|
|
|
|
|
|
Stock Ratio |
: |
Unfavourable |
[ |
158 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
31 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
16 Days |
] |
|
|
|
|
|
|
|
|
|
|
The Subject could be incurring higher holding
cost. As its capital was tied up in stocks, it could face liquidity problems.
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 |
[ |
3.52 Times |
] |
|
|
Current Ratio |
: |
Favourable |
[ |
9.53 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 |
: |
Nil |
[ |
0.00 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.00 Times |
] |
|
|
|
|
|
|
|
|
|
|
The Subject's interest cover was nil as it
did not pay any interest during the year. 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 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 did not make any interest payment during the year.
The Subject was dependent on its shareholders' funds to finance its business
needs. 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 : FAIR |
||||||
|
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) |
|
|
|
|
|
|
(Source : Department of Statistics) |
|
|
|
|
|
|
INDUSTRY : |
MANUFACTURING |
|
|
|
|
|
|
|
The manufacturing sector contracted by 1.1% in the fourth quarter of
2012, led by declines in the electronics and precision engineering clusters. These
clusters were weighed down by weak global demand for semiconductors and
semiconductor-related equipment. For the whole year of 2012, the
manufacturing sector grew by 0.1%, significantly lower than the 7.8% recorded
in 2011 when the sector was boosted by a surge in the growth of the
biomedical manufacturing cluster. |
|
|
|
|
|
Output of the biomedical manufacturing cluster grew by 2.4% in the
fourth quarter. The expansion was driven by the medical technology segment
which grew by a healthy 9.2%, benefitting from robust export demand for
medical devices. The pharmaceuticals segment also grew by a modest 1.1%. For
2012, the biomedical manufacturing cluster expanded by 9.9%. |
|
|
|
|
|
Output of the transport engineering cluster expanded by 4.9% in the fourth
quarter. The aerospace segment grew by 6.2%, supported by higher demand for
repair jobs from commercial airlines. Similarly, the marine & offshore
engineering segment expanded by 5.0%, on the back of higher contributions
from oil rig projects and oilfield equipment components. In the year 2012,
the transport engineering cluster surged by 11%. |
|
|
|
|
|
The output of the precision engineering cluster shrank by 1.3% in the
fourth quarter. The decline was led by the 5.3% contraction in the machinery
& systems segment, which saw weak export demand for semiconductor-related
equipment. On the other hand, the precision modules & components segment
grew by 2.9%, supported by higher production of optical instruments &
photographic equipment and electronic connectors. In 2012, the precision
engineering cluster expanded by 1.3%. |
|
|
|
|
|
The general manufacturing cluster's output grew by 1.2% in the fourth
quarter, driven by the 6.4% growth in the miscellaneous industries segment.
The segment's growth was supported by higher production of batteries and
constructionrelated materials. By contrast, the printing and food, beverages
& tobacco segments declined by 6.4% and 1.3% respectively. For 2012, the
general manufacturing cluster grew by 2.0%. |
|
|
|
|
|
The chemicals cluster's output grew by 7.7% in the fourth quarter. The
petrochemicals and petroleum segments registered growth of 9.3% and 6.3%
respectively, partly due to the low base from plant shutdowns in end of 2011.
The specialty chemicals segment also expanded by 8.0% on the back of higher
regional demand. For the year 2012, the chemicals cluster declined by 0.4%,
primarily due to weak regional demand for specialty chemicals in the second
and third quarter of 2012. |
|
|
|
|
|
Output of the electronics cluster contracted by 10% in the fourth
quarter, led by the semiconductors and computer peripherals segments which
contracted by 13% and 15% respectively. By contrast, the data storage segment
grew by 7.8%, mainly due to the low base in end of 2011 when floods in
Thailand had disrupted the supply chain for data storage products. For the
whole of 2012, the electronics cluster contracted by 11%. |
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : MATURE |
|
|
Incorporated in 1979, the Subject is a
Private Limited company, focusing on manufacture of pharmaceutical
intermediates and fine chemicals for human use. The Subject has been in business
for over 3 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 shareholder 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. 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 45,252,585, the
Subject should be able to maintain its business in the near terms. The Subject'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 Subject has a good control over its
resources. We regard that the Subject's overall
payment habit is prompt. The Subject had a favourable creditors' ratio as
evidenced by its favourable collection days. The industry has reached its optimum level
and is generally stable. It is saturated and very competitive. In spite of
the difficult and challenging business environment, the Subject's competitive
capability is strong and it is adapting well to meet the challenges of this
sector. |
|
|
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING
STANDARDS. |
|
KANEKA SINGAPORE
CO. (PTE) LTD . |
|
Financial Year End |
2013-03-31 |
2011-12-31 |
|
Months |
15 |
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 |
50,356,863 |
41,796,928 |
|
Other Income |
24,456 |
27,971 |
|
|
---------------- |
---------------- |
|
Total Turnover |
50,381,319 |
41,824,899 |
|
Costs of Goods Sold |
(48,509,100) |
(34,621,323) |
|
|
---------------- |
---------------- |
|
Gross Profit |
1,872,219 |
7,203,576 |
|
|
---------------- |
---------------- |
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
(4,073,895) |
1,125,401 |
|
|
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
(4,073,895) |
1,125,401 |
|
Taxation |
620,000 |
(225,671) |
|
|
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
(3,453,895) |
899,730 |
|
|
---------------- |
---------------- |
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
As previously reported |
35,986,480 |
36,306,750 |
|
|
---------------- |
---------------- |
|
As restated |
35,986,480 |
36,306,750 |
|
|
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
32,532,585 |
37,206,480 |
|
DIVIDENDS - Ordinary (paid & proposed) |
(3,280,000) |
(1,220,000) |
|
|
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
29,252,585 |
35,986,480 |
|
|
============= |
============= |
|
|
|
|
|
INTEREST EXPENSE
(as per notes to P&L) |
|
|
|
Others |
- |
72 |
|
|
---------------- |
---------------- |
|
|
- |
72 |
|
|
============= |
============= |
|
KANEKA SINGAPORE
CO. (PTE) LTD . |
|
ASSETS EMPLOYED: |
|
|
|
FIXED ASSETS |
14,581,559 |
15,845,160 |
|
|
|
|
|
Others |
592,585 |
645,083 |
|
|
---------------- |
---------------- |
|
TOTAL INTANGIBLE ASSETS |
592,585 |
645,083 |
|
|
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
15,174,144 |
16,490,243 |
|
|
|
|
|
Stocks |
21,843,524 |
26,814,836 |
|
Trade debtors |
4,240,779 |
4,963,627 |
|
Other debtors, deposits & prepayments |
246,464 |
310,714 |
|
Short term deposits |
6,050,000 |
7,120,000 |
|
Amount due from holding company |
1,500,193 |
2,469,734 |
|
Cash & bank balances |
763,945 |
547,751 |
|
|
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
34,644,905 |
42,226,662 |
|
|
---------------- |
---------------- |
|
TOTAL ASSET |
49,819,049 |
58,716,905 |
|
|
============= |
============= |
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
Trade creditors |
2,130,260 |
2,320,577 |
|
Other creditors & accruals |
961,478 |
1,699,851 |
|
Amounts owing to holding company |
480,393 |
945,681 |
|
Provision for taxation |
64,333 |
214,316 |
|
|
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
3,636,464 |
5,180,425 |
|
|
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
31,008,441 |
37,046,237 |
|
|
---------------- |
---------------- |
|
TOTAL NET ASSETS |
46,182,585 |
53,536,480 |
|
|
============= |
============= |
|
|
|
|
|
SHARE CAPITAL |
|
|
|
Ordinary share capital |
16,000,000 |
16,000,000 |
|
|
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
16,000,000 |
16,000,000 |
|
|
|
|
|
Retained profit/(loss) carried forward |
29,252,585 |
35,986,480 |
|
|
---------------- |
---------------- |
|
TOTAL RESERVES |
29,252,585 |
35,986,480 |
|
|
|
|
|
|
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
45,252,585 |
51,986,480 |
|
|
|
|
|
Deferred taxation |
930,000 |
1,550,000 |
|
|
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
930,000 |
1,550,000 |
|
|
---------------- |
---------------- |
|
|
46,182,585 |
53,536,480 |
|
|
============= |
============= |
|
|
|
|
|
KANEKA SINGAPORE
CO. (PTE) LTD . |
|
TYPES OF FUNDS |
|
|
|
Cash |
6,813,945 |
7,667,751 |
|
Net Liquid Funds |
6,813,945 |
7,667,751 |
|
Net Liquid Assets |
9,164,917 |
10,231,401 |
|
Net Current Assets/(Liabilities) |
31,008,441 |
37,046,237 |
|
Net Tangible Assets |
45,590,000 |
52,891,397 |
|
Net Monetary Assets |
8,234,917 |
8,681,401 |
|
BALANCE SHEET
ITEMS |
|
|
|
Total Borrowings |
0 |
0 |
|
Total Liabilities |
4,566,464 |
6,730,425 |
|
Total Assets |
49,819,049 |
58,716,905 |
|
Net Assets |
46,182,585 |
53,536,480 |
|
Net Assets Backing |
45,252,585 |
51,986,480 |
|
Shareholders' Funds |
45,252,585 |
51,986,480 |
|
Total Share Capital |
16,000,000 |
16,000,000 |
|
Total Reserves |
29,252,585 |
35,986,480 |
|
LIQUIDITY
(Times) |
|
|
|
Cash Ratio |
1.87 |
1.48 |
|
Liquid Ratio |
3.52 |
2.98 |
|
Current Ratio |
9.53 |
8.15 |
|
WORKING CAPITAL
CONTROL (Days) |
|
|
|
Stock Ratio |
158 |
234 |
|
Debtors Ratio |
31 |
43 |
|
Creditors Ratio |
16 |
24 |
|
SOLVENCY RATIOS
(Times) |
|
|
|
Gearing Ratio |
0.00 |
0.00 |
|
Liabilities Ratio |
0.10 |
0.13 |
|
Times Interest Earned Ratio |
0.00 |
15,631.57 |
|
Assets Backing Ratio |
2.85 |
3.31 |
|
PERFORMANCE
RATIO (%) |
|
|
|
Operating Profit Margin |
(8.09) |
2.69 |
|
Net Profit Margin |
(6.86) |
2.15 |
|
Return On Net Assets |
(8.82) |
2.10 |
|
Return On Capital Employed |
(8.71) |
2.08 |
|
Return On Shareholders' Funds/Equity |
(7.63) |
1.73 |
|
Dividend Pay Out Ratio (Times) |
0.95 |
1.36 |
|
NOTES TO
ACCOUNTS |
|
|
|
Contingent Liabilities |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.14 |
|
UK Pound |
1 |
Rs.102.22 |
|
Euro |
1 |
Rs.81.02 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.