MIRA INFORM REPORT

 

 

Report Date :

04.06.2014

 

IDENTIFICATION DETAILS

 

Name :

MAKINO ASIA PTE LTD

 

 

Formerly Known As :

LEBLOND MAKINO ASIA PTE LTD (07/05/1992)

 

 

Registered Office :

2, Gul Avenue, 629649, Singapore

 

 

Country :

Singapore

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

23.05.1973

 

 

Com. Reg. No.:

197300960-K

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Manufacturer and Repair of machinery and machine-tools - metal cutting types

 

 

No of Employees :

500 [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 – 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

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

197300960-K

COMPANY NAME

:

MAKINO ASIA PTE LTD

FORMER NAME

:

LEBLOND MAKINO ASIA PTE LTD (07/05/1992)

INCORPORATION DATE

:

23/05/1973

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

2, GUL AVENUE, 629649, SINGAPORE.

BUSINESS ADDRESS

:

2 GUL AVENUE, 629649, SINGAPORE.

TEL.NO.

:

65-68615722

FAX.NO.

:

65-68611600

WEB SITE

:

WWW.MAKINO.COM.SG

CONTACT PERSON

:

DR MOH CHONG TAU ( DIRECTOR )

PRINCIPAL ACTIVITY

:

MANUFACTURE AND REPAIR OF MACHINERY AND MACHINE-TOOLS - METAL CUTTING TYPES

ISSUED AND PAID UP CAPITAL

:

1,641,377.00 ORDINARY SHARE, OF A VALUE OF SGD 13,626,377.00

SALES

:

SGD 628,171,509 [2013]

NET WORTH

:

SGD 287,026,905 [2013]

STAFF STRENGTH

:

500 [2014]

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

STRONG

PAYMENT

:

PROMPT

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

GOOD

INDUSTRY OUTLOOK

:

MATURE

 

HISTORY / BACKGROUND

 

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 and repair of machinery and machine-tools - metal cutting types.

 

The ultimate holding company of the Subject is MAKINO MILLING MACHINE CO., LTD, a company incorporated in JAPAN.

 

Share Capital History

Date

Issue & Paid Up Capital

03/06/2014

SGD 13,626,377.00

 

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

 

Name

Address

IC/PP/Loc No

Shareholding

(%)

MAKINO MILLING MACHINE CO., LTD

3-19, NAKANE 2, CHO-ME, MEGURO-KU, TOKYO, 152-8578, JAPAN.

T05UF0531

1,641,377.00

100.00

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

------

1,641,377.00

100.00

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

=====

 

+ Also Director

 

The Subject's interest in other companies (Subsidiaries/Associates) are shown as follow :

 

Local No

Country

Company

(%)

As At

INDONESIA

PT MAKINO INDONESIA

100.00

31/03/2013

THAILAND

MAKINO (THAILAND) CO., LTD

100.00

31/03/2013

INDIA

MAKINO (INDIA) PRIVATE LIMITED

100.00

31/03/2013

CHINA

MAKINO (CHINA) CO., LTD

100.00

31/03/2013



DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

DR MOH CHONG TAU

Address

:

30, SIMON PLACE, 545972, SINGAPORE.

IC / PP No

:

S1283127G

Nationality

:

SINGAPOREAN

Date of Appointment

:

23/04/1985

 

DIRECTOR 2

 

Name Of Subject

:

MATSUNAGA KAZUHIKO

Address

:

33, HUME AVENUE, 10-08, SYMPHONY HEIGHTS, 598734, SINGAPORE.

IC / PP No

:

TZ0560257

Nationality

:

JAPANESE

Date of Appointment

:

01/04/2008

 

DIRECTOR 3

 

Name Of Subject

:

TAMURA YASUYUKI

Address

:

1-14-1-707, KAMOI MIDORI-KU, YOKOHAMA, KANAGAWA 226-0003, JAPAN.

IC / PP No

:

TH3774429

Nationality

:

JAPANESE

Date of Appointment

:

19/07/2011

 

DIRECTOR 4

 

Name Of Subject

:

KUMBAKONAM SUBRAMANIAM SANKARAN

Address

:

1, JALAN ANGKLONG, FABER GARDEN, 578705, SINGAPORE.

IC / PP No

:

S2201992I

Nationality

:

SINGAPOREAN

Date of Appointment

:

01/01/2002

 

DIRECTOR 5

 

Name Of Subject

:

SUZUKI SHINGO

Address

:

3-3-10, MIWAMIDORIYAMA MACHIDA, TOKYO, JAPAN.

IC / PP No

:

TH8078180

Nationality

:

JAPANESE

Date of Appointment

:

01/08/2013

 

DIRECTOR 6

 

Name Of Subject

:

TOSHIYUKI NAGANO

Address

:

SAKAEMACHI 119-1, USHIKU CITY, IBARAKI-KEN, JAPAN.

IC / PP No

:

TH1412301

Nationality

:

JAPANESE

Date of Appointment

:

01/08/2010

 

DIRECTOR 7

 

Name Of Subject

:

SHUN MAKINO

Address

:

4-35-5, UTSUKUSHIGAOKA MIDORI-KU, YOKOHAMA CITY, KANAGAWA PREF, JAPAN.

IC / PP No

:

TG7871690

Nationality

:

JAPANESE

Date of Appointment

:

31/07/1987

 

 

MANAGEMENT

 

 

1)

Name of Subject

:

DR MOH CHONG TAU

Position

:

DIRECTOR

 

 

AUDITOR

 

Auditor

:

DELOITTE & TOUCHE LLP

Auditor' Address

:

N/A

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

DR MOH CHONG TAU

IC / PP No

:

S1283127G

Address

:

30, SIMON PLACE, 545972, 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 SUBJECT


* 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.

 

PAYMENT RECORD

 

 

SOURCES OF RAW MATERIALS:

Local

:

N/A

Overseas

:

N/A


The Subject refused to disclose its suppliers.


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

[

]

 

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Export Market

:

WORLDWIDE

Credit Term

:

N/A

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

OPERATIONS

 

Products manufactured

:

MACHINERY AND MACHINE- TOOLS - METAL CUTTING TYPES

 

Total Number of Employees:

YEAR

2014

GROUP

N/A

COMPANY

500

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) manufacture and repair of machinery and machine-tools - metal cutting types.


Makino Asia developed into a fully integrated manufacturing company, incorporating Research and Development (R&D), engineering production and business administration under one roof.


Advanced processing, manufacturing and assembly are the key integral functions of its enterprise.


Makino Asia produces the F- and E-series milling machines as well as the EDAF- and EDGE- electrical discharge machines and DUO-series and newly launched U3 wire electrical discharge machines on site.

 

CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

 

Telephone Number Provided By Client

:

6568615722

Current Telephone Number

:

65-68615722

Match

:

YES

Address Provided by Client

:

2 GUL AVENUE,629649 SINGAPORE

Current Address

:

2 GUL AVENUE, 629649, SINGAPORE.

Match

:

YES

 

Other Investigations


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



FINANCIAL ANALYSIS

 

 

Profitability

Turnover

:

Increased

[

28.42%

]

Profit/(Loss) Before Tax

:

Increased

[

22.65%

]

Return on Shareholder Funds

:

Acceptable

[

12.25%

]

Return on Net Assets

:

Acceptable

[

13.94%

]

The higher turnover could be attributed to the favourable market condition and the Subject could be gaining the market share progressively. The Subject's management have been efficient in controlling its operating costs. The Subject's management had generated acceptable return for its shareholders using its assets.

Working Capital Control

Stock Ratio

:

Acceptable

[

56 Days

]

Debtor Ratio

:

Favourable

[

44 Days

]

Creditors Ratio

:

Favourable

[

8 Days

]

The Subject kept adequate stocks to meet its normal business transactions without incurring excessive storage costs. 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

[

1.54 Times

]

Current Ratio

:

Favourable

[

2.15 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

:

Favourable

[

125.77 Times

]

Gearing Ratio

:

Favourable

[

0.01 Times

]

The interest cover showed that the Subject was able to service the interest. The favourable interest cover could indicate that the Subject was making enough profit to pay for the interest accrued. 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 :

Generally, the Subject's performance has improved with higher 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. With the favourable interest cover, the Subject could be able to service all the accrued interest without facing any difficulties. The Subject as a lowly geared company, will be more secured compared to those highly geared companies. It has the ability to meet all its long term obligations.

Overall financial condition of the Subject : STRONG

 

 

 

 

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 :

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 construction related 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



CREDIT RISK EVALUATION & RECOMMENDATION

 


Incorporated in 1973, the Subject is a Private Limited company, focusing on manufacture and repair of machinery and machine-tools - metal cutting types. 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 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.

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. Being a large entity, the Subject has a steady workforce of 500 personnel to support its business operations. Its future prospects seem to be fairly good as its business operations are running relatively stable. 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.


We noted that both the turnover and profits have increased compared to the previous year. The higher profit could be due to increase in turnover and better control over its operating costs. Return on shareholders' funds of the Subject was at an acceptable range which indicated that the management was efficient in utilising its funds to generate income. The Subject 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 lowly geared company, the Subject is exposed to low financial risk as it is mainly dependent on its internal funds to finance its business needs. Given a positive net worth standing at SGD 287,026,905, the Subject should be able to maintain its business in the near terms.


Having a strong assets backing, the Subject possesses latent assets as collateral for further financial extension. Hence, it has good chance of getting loans if the needs arises.


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. With the Subject’s favourable conditions, it should have acquired competitive edge from its competitors.


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.

MAKINO ASIA PTE LTD

 

Financial Year End

2013-03-31

2012-03-31

2011-03-31

Months

12

12

12

Consolidated Account

GROUP

GROUP

Company

Audited Account

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

Financial Type

FULL

FULL

SUMMARY

Currency

SGD

SGD

SGD

TURNOVER

628,171,509

489,171,945

452,700,440

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

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

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

Total Turnover

628,171,509

489,171,945

452,700,440

Costs of Goods Sold

(525,454,890)

(402,002,123)

-

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

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

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

Gross Profit

102,716,619

87,169,822

-

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

40,405,825

32,944,828

23,113,219

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

40,405,825

32,944,828

23,113,219

Taxation

(5,231,655)

(5,598,846)

(3,084,372)

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

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

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

PROFIT/(LOSS) AFTER TAXATION

35,174,170

27,345,982

20,028,847

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

256,320,440

234,974,458

217,489,797

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

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

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

As restated

256,320,440

234,974,458

217,489,797

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

291,494,610

262,320,440

237,518,644

DIVIDENDS - Ordinary (paid & proposed)

(10,000,000)

(6,000,000)

-

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

281,494,610

256,320,440

237,518,644

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

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

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

INTEREST EXPENSE (as per notes to P&L)

Bank overdraft

-

12,801

-

Others

323,853

266,841

-

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

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

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

323,853

279,642

-

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

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

 

 

 

 

BALANCE SHEET

 

 

MAKINO ASIA PTE LTD

 

ASSETS EMPLOYED:

FIXED ASSETS

104,957,134

96,258,567

102,440,127

Deferred assets

624,674

632,217

-

Deposits

1,122,874

1,085,395

-

Others

3,148,629

3,763,648

-

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

4,896,177

5,481,260

-

INTANGIBLE ASSETS

Deferred/Expenditure carried forward

54,733

33,106

-

Others

1,694,636

-

-

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

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

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

TOTAL INTANGIBLE ASSETS

1,749,369

33,106

-

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

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

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

TOTAL LONG TERM ASSETS

111,602,680

101,772,933

102,440,127

Stocks

96,420,992

102,027,668

-

Trade debtors

74,888,796

99,778,842

-

Other debtors, deposits & prepayments

13,648,104

14,623,417

-

Amount due from holding company

3,937,095

2,290,609

-

Amount due from related companies

27,716,746

22,362,797

-

Cash & bank balances

120,532,876

87,029,411

-

Others

61,501

87,526

-

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

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

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

TOTAL CURRENT ASSETS

337,206,110

328,200,270

337,179,342

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

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

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

TOTAL ASSET

448,808,790

429,973,203

439,619,469

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

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

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

CURRENT LIABILITIES

Trade creditors

11,227,430

13,469,163

-

Other creditors & accruals

54,923,669

54,247,684

-

Hire purchase & lease creditors

-

817

-

Amounts owing to holding company

46,028,755

56,511,739

-

Amounts owing to related companies

39,709,989

34,365,838

-

Provision for taxation

4,648,597

4,222,419

-

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

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

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

TOTAL CURRENT LIABILITIES

156,538,440

162,817,660

188,474,448

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

180,667,670

165,382,610

148,704,894

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

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

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

TOTAL NET ASSETS

292,270,350

267,155,543

251,145,021

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

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

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

SHARE CAPITAL

Ordinary share capital

13,626,377

13,626,377

13,626,377

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

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

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

TOTAL SHARE CAPITAL

13,626,377

13,626,377

13,626,377

General reserve

(8,094,082)

(5,621,730)

-

Retained profit/(loss) carried forward

281,494,610

256,320,440

237,518,644

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

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

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

TOTAL RESERVES

273,400,528

250,698,710

237,518,644

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

287,026,905

264,325,087

251,145,021

Hire purchase creditors

2,523,000

-

-

Deferred taxation

2,720,445

2,830,456

-

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

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

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

TOTAL LONG TERM LIABILITIES

5,243,445

2,830,456

-

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

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

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

292,270,350

267,155,543

251,145,021

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

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

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

 

 

 

 

FINANCIAL RATIO

 

 

MAKINO ASIA PTE LTD

 

TYPES OF FUNDS

Cash

120,532,876

87,029,411

-

Net Liquid Funds

120,532,876

87,029,411

-

Net Liquid Assets

84,246,678

63,354,942

148,704,894

Net Current Assets/(Liabilities)

180,667,670

165,382,610

148,704,894

Net Tangible Assets

290,520,981

267,122,437

251,145,021

Net Monetary Assets

79,003,233

60,524,486

148,704,894

BALANCE SHEET ITEMS

Total Borrowings

2,523,000

817

-

Total Liabilities

161,781,885

165,648,116

188,474,448

Total Assets

448,808,790

429,973,203

439,619,469

Net Assets

292,270,350

267,155,543

251,145,021

Net Assets Backing

287,026,905

264,325,087

251,145,021

Shareholders' Funds

287,026,905

264,325,087

251,145,021

Total Share Capital

13,626,377

13,626,377

13,626,377

Total Reserves

273,400,528

250,698,710

237,518,644

LIQUIDITY (Times)

Cash Ratio

0.77

0.53

-

Liquid Ratio

1.54

1.39

-

Current Ratio

2.15

2.02

1.79

WORKING CAPITAL CONTROL (Days)

Stock Ratio

56

76

-

Debtors Ratio

44

74

-

Creditors Ratio

8

12

-

SOLVENCY RATIOS (Times)

Gearing Ratio

0.01

0.00

-

Liabilities Ratio

0.56

0.63

0.75

Times Interest Earned Ratio

125.77

118.81

-

Assets Backing Ratio

21.32

19.60

18.43

PERFORMANCE RATIO (%)

Operating Profit Margin

6.43

6.73

5.11

Net Profit Margin

5.60

5.59

4.42

Return On Net Assets

13.94

12.44

9.20

Return On Capital Employed

13.85

12.43

9.20

Return On Shareholders' Funds/Equity

12.25

10.35

7.98

Dividend Pay Out Ratio (Times)

0.28

0.22

-

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 59.21

UK Pound

1

Rs. 99.16

Euro

1

Rs. 80.56

 

 

INFORMATION DETAILS

 

Analysis Done by :

SMT

 

 

Report Prepared by :

DPT

 

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.