|
Report Date : |
31.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
MORIMOTO SINGAPORE PTE. LTD. |
|
|
|
|
Registered Office : |
51, Penjuru Road, 02-02, 609143 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.07.2012 |
|
|
|
|
Date of Incorporation : |
02.10.2000 |
|
|
|
|
Com. Reg. No.: |
200008502-D |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Sales of industrial sewing machines and spare parts |
|
|
|
|
No of Employees : |
10 |
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 |
EXECUTIVE SUMMARY |
|
|
|
REGISTRATION NO. |
: |
200008502-D |
|
COMPANY NAME |
: |
MORIMOTO
SINGAPORE PTE. LTD. |
|
FORMER NAME |
: |
N/A |
|
INCORPORATION DATE |
: |
02/10/2000 |
|
|
|
|
|
|
|
|
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED |
|
LISTED STATUS |
: |
NO |
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS |
: |
51, PENJURU ROAD, 02-02, 609143,
SINGAPORE. |
|
BUSINESS ADDRESS |
: |
51, PENJURU ROAD, 02-02, 609143,
SINGAPORE. |
|
TEL.NO. |
: |
65-63341305 |
|
FAX.NO. |
: |
N/A |
|
CONTACT PERSON |
: |
MORIMOTO YOSHIHIDE ( DIRECTOR ) |
|
|
|
|
|
|
|
|
|
PRINCIPAL ACTIVITY |
: |
SALES OF INDUSTRIAL SEWING MACHINES AND
SPARE PARTS |
|
|
|
|
|
ISSUED AND PAID UP CAPITAL |
: |
200,000.00 ORDINARY SHARE, OF A VALUE OF
SGD 200,000.00 |
|
|
|
|
|
SALES |
: |
USD 4,286,211 [2012] |
|
NET WORTH |
: |
USD 992,760 [2012] |
|
|
|
|
|
STAFF STRENGTH |
: |
10 [2014] |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
LIMITED |
|
PAYMENT |
: |
AVERAGE |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
|
|
|
|
COMMERCIAL RISK |
: |
LOW |
|
CURRENCY EXPOSURE |
: |
MODERATE |
|
GENERAL REPUTATION |
: |
SATISFACTORY |
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
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) sales of industrial sewing machines and spare parts.
The immediate and ultimate holding company of the Subject is MORIMOTO MANUFACTURING CO LTD, a company incorporated in JAPAN.
Share Capital
History
|
Date |
Issue & Paid
Up Capital |
|
16/10/2013 |
SGD 200,000.00 |
The major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
MORIMOTO MANUFACTURING CO LTD |
180, SUNA SHIJONAWATE CITY, OSAKA,
575-0001, JAPAN. |
T00UF0670 |
200,000.00 |
100.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
200,000.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
DIRECTORS |
DIRECTOR 1
|
Name Of Subject |
: |
SATOSHI MIZUNO |
|
Address |
: |
60, BAYSHORE ROAD, 10-01, BAYSHORE PARK,
469982, SINGAPORE. |
|
IC / PP No |
: |
F5504200N |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
02/10/2000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject |
: |
MR. MORIMOTO YOSHIHIDE |
|
Address |
: |
14-20-512, KOURIEN CHOU, HIRAKATA CITY,
OSAKA, OSAKA, JAPAN. |
|
IC / PP No |
: |
TH1897128 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
23/04/2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT |
|
1) |
Name of Subject |
: |
MORIMOTO YOSHIHIDE |
|
|
Position |
: |
DIRECTOR |
|
|
|
|
|
AUDITOR |
|
Auditor |
: |
BAKER TILLY TFW LLP |
|
Auditor' Address |
: |
N/A |
|
|
|
|
|
|
|
|
COMPANY SECRETARIES |
|
1) |
Company Secretary |
: |
JULIANA LOH JOO HUI |
|
|
IC / PP No |
: |
S2558149J |
|
|
|
|
|
|
|
Address |
: |
22, ST. GEORGE'S ROAD, 12-182, 321022, 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 |
[ |
|
] |
|
Good 31-60 Days |
[ |
|
] |
|
Average 61-90 Days |
[ |
X |
] |
|
|
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 |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS |
|
Goods Traded |
: |
INDUSTRIAL SEWING MACHINES AND SPARE PARTS
|
|
|
|
|
|
|
Total Number of Employees: |
|||||||||
|
YEAR |
2014 |
2013 |
|
||||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
|
|
|
|
|
|
|
|
COMPANY |
10 |
10 |
|
|
|
|
|
|
|
|
Branch |
: |
NO
|
Other Information:
The Subject is principally engaged in the (as a / as an) sales of industrial
sewing machines and spare parts.
The Subject refused to disclose its operation.
CURRENT INVESTIGATION |
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-63341305 |
|
Match |
: |
N/A |
|
|
|
|
|
Address Provided by Client |
: |
51, PENJURU ROAD, 02-02, SINGAPORE - 609143 |
|
Current Address |
: |
51, PENJURU ROAD, 02-02, 609143, SINGAPORE. |
|
Match |
: |
YES |
|
|
|
|
Other Investigations
We contacted one of the staff from the Subject and she provided some
information.
She refused to disclose the fax number.
FINANCIAL ANALYSIS |
|
|
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Erratic |
[ |
2010 - 2012 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2010 - 2012 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
(22.81%) |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
(23.75%) |
] |
|
|
|
|
|
|
|
|
|
|
The fluctuating turnover reflects the fierce competition among the
existing and new market players. The Subject incurred losses during the year
due to the inefficient control of its operating costs. 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 |
[ |
105 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
67 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
33 Days |
] |
|
|
|
|
|
|
|
|
|
|
The Subject could be incurring higher holding cost. As its capital was
tied up in stocks, it could face liquidity problems. The high debtors' ratio could
indicate that the Subject was weak in its credit control. However, the
Subject could also giving longer credit periods to its customers in order to
boost its sales or to capture / retain its market share. 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 |
: |
Acceptable |
[ |
0.91 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.33 Times |
] |
|
|
|
|
|
|
|
|
|
|
The Subject's liquid ratio was slightly low. This could indicate that
the Subject's working capital was slightly deficient. The Subject will have to
improve its liquidity position either by obtaining short term financing or
increase its paid up capital so that it can meet all its short term
obligations as and when they fall due. |
||||||
|
|
|
|
|
|
|
|
|
Solvency |
|
|
|
|
|
|
|
Interest Cover |
: |
Unfavourable |
[ |
(1,003.46 Times) |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.00 Times |
] |
|
|
|
|
|
|
|
|
|
|
The Subject incurred losses in the year. It did not generate
sufficient income to service its interest. If the situation does not improve,
the Subject may be vulnerable to default in servicing the interest. 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 losses increased but its turnover showed a
fluctuating trend. This indicate the Subject was slowly losing its
market share due to its competitors. The Subject's liquidity was at an
acceptable range. If the Subject is able to obtain further short term
financing, it should be able to meet all its short term obligations. The
Subject's interest cover was negative, indicating that it did not generate
sufficient income to service its interest. If its result does not show
impressive improvements or succeed obtaining short term financing or capital
injection, it may not be able to service its interest and repay the loans.
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 : |
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 |
|
|
|
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 small company, the Subject's business operation is supported by 10
employees. 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. 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. The Subject's payment habit is average.
With its adequate working capital, the Subject should be able to pay its
short term debts. The industry shows an upward trend and
this trend is very likely to sustain in the near terms. Hence, the Subject is
expected to benefit from the favourable outlook of the industry. Based on the above condition, we recommend
credit be granted to the Subject normally. |
|
|
PROFIT AND LOSS ACCOUNT |
|
|
|
THE FINANCIAL STATEMENTS
WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS. |
|
MORIMOTO
SINGAPORE PTE. LTD. |
|
Financial Year End |
2012-07-31 |
2011-07-31 |
2010-07-31 |
|
Months |
12 |
12 |
12 |
|
Consolidated Account |
Company |
Company |
Company |
|
Audited Account |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean
Opinion) |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
|
Currency |
USD |
USD |
USD |
|
|
|
|
|
|
TURNOVER |
4,286,211 |
6,672,882 |
6,307,268 |
|
Other Income |
33,892 |
72,008 |
7,267 |
|
|
---------------- |
---------------- |
---------------- |
|
Total Turnover |
4,320,103 |
6,744,890 |
6,314,535 |
|
Costs of Goods Sold |
(3,652,120) |
(5,651,499) |
(5,375,606) |
|
|
---------------- |
---------------- |
---------------- |
|
Gross Profit |
667,983 |
1,093,391 |
938,929 |
|
|
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
(236,048) |
232,789 |
116,722 |
|
|
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
(236,048) |
232,789 |
116,722 |
|
Taxation |
9,638 |
(21,000) |
29,297 |
|
|
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
(226,410) |
211,789 |
146,019 |
|
|
---------------- |
---------------- |
---------------- |
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
As previously reported |
1,104,557 |
892,768 |
746,749 |
|
|
---------------- |
---------------- |
---------------- |
|
As restated |
1,104,557 |
892,768 |
746,749 |
|
|
---------------- |
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
878,147 |
1,104,557 |
892,768 |
|
|
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
878,147 |
1,104,557 |
892,768 |
|
|
============= |
============= |
============= |
|
|
|
|
|
|
Others |
235 |
3,459 |
- |
|
|
---------------- |
---------------- |
---------------- |
|
|
235 |
3,459 |
- |
|
|
============= |
============= |
|
BALANCE SHEET |
|
|
|
MORIMOTO
SINGAPORE PTE. LTD. |
|
ASSETS EMPLOYED: |
|
|
|
|
FIXED ASSETS |
18,573 |
38,497 |
63,330 |
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
18,573 |
38,497 |
63,330 |
|
|
|
|
|
|
Stocks |
1,229,454 |
1,586,688 |
1,254,670 |
|
Trade debtors |
782,177 |
1,496,025 |
1,909,809 |
|
Other debtors, deposits & prepayments |
73,311 |
73,889 |
43,230 |
|
Amount due from holding company |
1,479,374 |
1,141,575 |
- |
|
Amount due from related companies |
3,161 |
1,493 |
- |
|
Cash & bank balances |
320,510 |
77,173 |
330,527 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
3,887,987 |
4,376,843 |
3,538,236 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL ASSET |
3,906,560 |
4,415,340 |
3,601,566 |
|
|
============= |
============= |
============= |
|
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
Trade creditors |
328,305 |
303,824 |
2,196,063 |
|
Other creditors & accruals |
39,532 |
32,965 |
42,813 |
|
Amounts owing to holding company |
2,496,479 |
2,670,757 |
- |
|
Amounts owing to related companies |
49,484 |
6,933 |
- |
|
Provision for taxation |
- |
17,009 |
5,100 |
|
Other liabilities |
- |
158,882 |
344,409 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
2,913,800 |
3,190,370 |
2,588,385 |
|
|
---------------- |
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
974,187 |
1,186,473 |
949,851 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL NET ASSETS |
992,760 |
1,224,970 |
1,013,181 |
|
|
============= |
============= |
============= |
|
|
|
|
|
|
SHARE CAPITAL |
|
|
|
|
Ordinary share capital |
114,613 |
114,613 |
114,613 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
114,613 |
114,613 |
114,613 |
|
|
|
|
|
|
Retained profit/(loss) carried forward |
878,147 |
1,104,557 |
892,768 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL RESERVES |
878,147 |
1,104,557 |
892,768 |
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
992,760 |
1,219,170 |
1,007,381 |
|
|
|
|
|
|
Deferred taxation |
- |
5,800 |
5,800 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
- |
5,800 |
5,800 |
|
|
---------------- |
---------------- |
---------------- |
|
|
992,760 |
1,224,970 |
1,013,181 |
|
|
============= |
============= |
============= |
|
|
|
|
|
FINANCIAL RATIO |
|
|
|
MORIMOTO
SINGAPORE PTE. LTD. |
|
TYPES OF FUNDS |
|
|
|
|
Cash |
320,510 |
77,173 |
330,527 |
|
Net Liquid Funds |
320,510 |
77,173 |
330,527 |
|
Net Liquid Assets |
(255,267) |
(400,215) |
(304,819) |
|
Net Current Assets/(Liabilities) |
974,187 |
1,186,473 |
949,851 |
|
Net Tangible Assets |
992,760 |
1,224,970 |
1,013,181 |
|
Net Monetary Assets |
(255,267) |
(406,015) |
(310,619) |
|
BALANCE SHEET
ITEMS |
|
|
|
|
Total Borrowings |
0 |
0 |
0 |
|
Total Liabilities |
2,913,800 |
3,196,170 |
2,594,185 |
|
Total Assets |
3,906,560 |
4,415,340 |
3,601,566 |
|
Net Assets |
992,760 |
1,224,970 |
1,013,181 |
|
Net Assets Backing |
992,760 |
1,219,170 |
1,007,381 |
|
Shareholders' Funds |
992,760 |
1,219,170 |
1,007,381 |
|
Total Share Capital |
114,613 |
114,613 |
114,613 |
|
Total Reserves |
878,147 |
1,104,557 |
892,768 |
|
LIQUIDITY
(Times) |
|
|
|
|
Cash Ratio |
0.11 |
0.02 |
0.13 |
|
Liquid Ratio |
0.91 |
0.87 |
0.88 |
|
Current Ratio |
1.33 |
1.37 |
1.37 |
|
WORKING CAPITAL
CONTROL (Days) |
|
|
|
|
Stock Ratio |
105 |
87 |
73 |
|
Debtors Ratio |
67 |
82 |
111 |
|
Creditors Ratio |
33 |
20 |
149 |
|
SOLVENCY RATIOS
(Times) |
|
|
|
|
Gearing Ratio |
0.00 |
0.00 |
0.00 |
|
Liabilities Ratio |
2.94 |
2.62 |
2.58 |
|
Times Interest Earned Ratio |
(1,003.46) |
68.30 |
0.00 |
|
Assets Backing Ratio |
8.66 |
10.69 |
8.84 |
|
PERFORMANCE
RATIO (%) |
|
|
|
|
Operating Profit Margin |
(5.51) |
3.49 |
1.85 |
|
Net Profit Margin |
(5.28) |
3.17 |
2.32 |
|
Return On Net Assets |
(23.75) |
19.29 |
11.52 |
|
Return On Capital Employed |
(23.75) |
19.29 |
11.52 |
|
Return On Shareholders' Funds/Equity |
(22.81) |
17.37 |
14.49 |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.00 |
0.00 |
|
NOTES TO
ACCOUNTS |
|
|
|
|
Contingent Liabilities |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 59.03 |
|
|
1 |
Rs. 98.91 |
|
Euro |
1 |
Rs. 80.33 |
INFORMATION DETAILS
|
Analysis Done by
: |
KRN |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.