|
Report Date : |
06.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
TOAGOSEI SINGAPORE PTE. LTD. |
|
|
|
|
Registered Office : |
460, Alexandra Road, 22-04, Psa Building, 119963 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
18.07.1996 |
|
|
|
|
Com. Reg. No.: |
199605233-G |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Subject is engaged in the manufacturing chemical products. |
|
|
|
|
No of Employees : |
30 [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 |
EXECUTIVE
SUMMARY
|
|
REGISTRATION NO. |
: |
199605233-G |
|
COMPANY NAME |
: |
TOAGOSEI
SINGAPORE PTE. LTD. |
|
FORMER NAME |
: |
SINGAPORE ACRYLIC ESTER PTE LTD
(01/10/2004) |
|
INCORPORATION DATE |
: |
18/07/1996 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
Private Limited |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
460, Alexandra Road, 22-04, Psa Building,
119963, Singapore. |
|
BUSINESS ADDRESS |
: |
460, Alexandra Road, 22-04, Psa Building,
119963, Singapore. |
|
TEL.NO. |
: |
65-62730800 |
|
FAX.NO. |
: |
N/A |
|
CONTACT PERSON |
: |
KEN OZEKI ( DIRECTOR ) |
|
PRINCIPAL ACTIVITY |
: |
MANUFACTURING CHEMICAL PRODUCTS |
|
ISSUED AND PAID UP CAPITAL |
: |
60,571,600.00 ORDINARY SHARE, OF A VALUE
OF SGD 60,571,600.00 |
|
SALES |
: |
USD 111,661,351 [2013] |
|
NET WORTH |
: |
USD 69,719,820 [2013] |
|
STAFF STRENGTH |
: |
30 [2014] |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
FAIR |
|
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) manufacturing chemical products.
The immediate holding company of the Subject is TOAGOSEI
CO., LTD, a company incorporated in JAPAN.
Share Capital History
|
Date |
Issue & Paid
Up Capital |
|
06/11/2014 |
SGD 60,571,600.00 |
The major shareholder(s) of the Subject are shown as follows :
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
TOAGOSEI CO., LTD |
1-14-1, NISHI SHIMBASHI, MINATO-KU, TOKYO,
105, JAPAN. |
S95UF0337 |
60,571,600.00 |
100.00 |
|
--------------- |
------ |
|||
|
60,571,600.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
KEN OZEKI |
|
Address |
: |
6-1-814, NAKAZATO-CHO, SHINJUKU-KU, TOKYO,
JAPAN. |
|
IC / PP No |
: |
TK6551659 |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
01/04/2013 |
DIRECTOR 2
|
Name Of Subject |
: |
KENTARO MORI |
|
Address |
: |
6, ALEXANDRA VIEW, 04-05, METROPOLITAN
CONDOMINIUM, 15874, JAPAN. |
|
IC / PP No |
: |
G5211124U |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
01/04/2012 |
DIRECTOR 3
|
Name Of Subject |
: |
NORIYASU HASHIMOTO |
|
Address |
: |
36, KIM TIAN ROAD, 34-02, REGENCY SUITES,
169279, SINGAPORE. |
|
IC / PP No |
: |
G3078139U |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
01/09/2014 |
DIRECTOR 4
|
Name Of Subject |
: |
SUSUMU MIHO |
|
Address |
: |
2-37-603, YATOMIDORI MIZUHO-KU, NAGOYA,
AICHI, JAPAN. |
|
IC / PP No |
: |
TG7315057 |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
01/04/2013 |
DIRECTOR 5
|
Name Of Subject |
: |
MIKISHI TAKAMURA |
|
Address |
: |
2-14-37-105, MINOWA-CHO, KOHOKUKU,
YOKOHAMA, KANAGAWA, 223-0051, JAPAN. |
|
IC / PP No |
: |
TL0068548 |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
01/09/2014 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
KEN OZEKI |
|
Position |
: |
DIRECTOR |
|
|
2) |
Name of Subject |
: |
NORIYASU HASHIMOTO |
|
Position |
: |
MANAGING DIRECTOR |
|
AUDITOR
|
|
Auditor |
: |
FOO KON TAN GRANT THORNTON LLP |
|
Auditor' Address |
: |
N/A |
COMPANY
SECRETARIES
|
|
1) |
Company Secretary |
: |
WONG YOEN HAR |
|
IC / PP No |
: |
S1771279I |
|
|
Address |
: |
243, BISHAN STREET 22, 21-280, 570243,
SINGAPORE. |
|
BANKING
|
No Banker found in our databank.
ENCUMBRANCE
(S)
|
No encumbrance was found in our databank at the time of investigation.
LITIGATION
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 |
: |
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 |
[ |
] |
|||||||||
CLIENTELE
|
|
Local |
: |
YES |
|
Overseas |
: |
YES |
OPERATIONS
|
|
Products manufactured |
: |
|
|
|
Total Number of Employees: |
|||||||||
|
YEAR |
2014 |
||||||||
|
GROUP |
N/A |
||||||||
|
COMPANY |
30 |
||||||||
|
Branch |
: |
YES |
Other Information:
The Subject is principally engaged in the (as a / as an) manufacturing chemical
products.
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 |
: |
65-62730800 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
ALEXANDRA RD, 22-04 PSA BLDG, SINGAPORE
119963 |
|
Current Address |
: |
460, ALEXANDRA ROAD, 22-04, PSA BUILDING, 119963,
SINGAPORE. |
|
Match |
: |
NO |
Other
Investigations
On 6th November 2014 we contacted one of the staff from the Subject and collect
some information.
The address provided is as per stated in the report.
The Subject refused to disclose its fax facility.
FINANCIAL
ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Decreased |
[ |
2011 - 2013 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2011 - 2013 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
2.63% |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
2.84% |
] |
|
|
The continuous fall in turnover could be
due to the lower demand for the Subject's products / services.The dip in profit
could be due to the stiff market competition which reduced the Subject's
profit margin. 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 |
: |
Favourable |
[ |
19 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
29 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
10 Days |
] |
|
|
The Subject's stocks were moving fast thus
reducing its holding cost. This had reduced funds being tied up in 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 |
[ |
9.42 Times |
] |
|
|
Current Ratio |
: |
Favourable |
[ |
10.28 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'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 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 |
||||||
|
|
||||||
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 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 |
|
CREDIT
RISK EVALUATION & RECOMMENDATION
|
|
|
|
|
PROFIT
AND LOSS ACCOUNT
|
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS. |
|
TOAGOSEI
SINGAPORE PTE. LTD. |
|
Financial
Year End |
2013-12-31 |
2012-12-31 |
2011-12-31 |
|
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 |
SUMMARY |
|
Currency |
USD |
USD |
USD |
|
TURNOVER |
111,661,351 |
114,132,868 |
170,583,203 |
|
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
111,661,351 |
114,132,868 |
170,583,203 |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
1,983,460 |
2,064,668 |
30,266,899 |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
1,983,460 |
2,064,668 |
30,266,899 |
|
Taxation |
(153,132) |
10,035 |
690,000 |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
1,830,328 |
2,074,703 |
30,956,899 |
|
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||
|
As previously reported |
30,282,418 |
28,207,715 |
(2,749,184) |
|
---------------- |
---------------- |
---------------- |
|
|
As restated |
30,282,418 |
28,207,715 |
(2,749,184) |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
32,112,746 |
30,282,418 |
28,207,715 |
|
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
32,112,746 |
30,282,418 |
28,207,715 |
|
============= |
============= |
============= |
|
|
|
|
|
|
BALANCE
SHEET
|
|
TOAGOSEI
SINGAPORE PTE. LTD. |
|
ASSETS EMPLOYED: |
|||
|
FIXED ASSETS |
7,134,617 |
7,785,866 |
9,440,731 |
|
Investments |
65,471 |
72,082 |
- |
|
Deferred assets |
564,000 |
850,000 |
- |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
629,471 |
922,082 |
- |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
7,764,088 |
8,707,948 |
9,440,731 |
|
Stocks |
5,752,732 |
10,066,508 |
- |
|
Trade debtors |
8,856,000 |
6,935,002 |
- |
|
Other debtors, deposits & prepayments |
2,450,274 |
3,016,640 |
- |
|
Short term deposits |
49,698,805 |
41,561,800 |
- |
|
Amount due from holding company |
990,295 |
3,116,832 |
- |
|
Amount due from related companies |
3,286 |
1,490,226 |
- |
|
Cash & bank balances |
881,022 |
1,245,964 |
- |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
68,632,414 |
67,432,972 |
66,263,848 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
76,396,502 |
76,140,920 |
75,704,579 |
|
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||
|
Trade creditors |
3,199,008 |
2,534,249 |
- |
|
Other creditors & accruals |
1,557,700 |
1,675,890 |
- |
|
Amounts owing to holding company |
696,693 |
848,142 |
- |
|
Amounts owing to related companies |
1,220,992 |
3,190,546 |
- |
|
Provision for taxation |
2,289 |
2,601 |
- |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
6,676,682 |
8,251,428 |
9,889,790 |
|
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
61,955,732 |
59,181,544 |
56,374,058 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
69,719,820 |
67,889,492 |
65,814,789 |
|
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||
|
Ordinary share capital |
37,607,074 |
37,607,074 |
60,571,600 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
37,607,074 |
37,607,074 |
60,571,600 |
|
Retained profit/(loss) carried forward |
32,112,746 |
30,282,418 |
28,207,715 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
32,112,746 |
30,282,418 |
5,243,189 |
|
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
69,719,820 |
67,889,492 |
65,814,789 |
|
---------------- |
---------------- |
---------------- |
|
|
69,719,820 |
67,889,492 |
65,814,789 |
|
|
============= |
============= |
============= |
|
|
|
|
|
|
|
FINANCIAL RATIO |
|
TOAGOSEI
SINGAPORE PTE. LTD. |
|
TYPES OF FUNDS |
|||
|
Cash |
50,579,827 |
42,807,764 |
- |
|
Net Liquid Funds |
50,579,827 |
42,807,764 |
- |
|
Net Liquid Assets |
56,203,000 |
49,115,036 |
56,374,058 |
|
Net Current Assets/(Liabilities) |
61,955,732 |
59,181,544 |
56,374,058 |
|
Net Tangible Assets |
69,719,820 |
67,889,492 |
65,814,789 |
|
Net Monetary Assets |
56,203,000 |
49,115,036 |
56,374,058 |
|
BALANCE SHEET
ITEMS |
|||
|
Total Borrowings |
0 |
0 |
- |
|
Total Liabilities |
6,676,682 |
8,251,428 |
9,889,790 |
|
Total Assets |
76,396,502 |
76,140,920 |
75,704,579 |
|
Net Assets |
69,719,820 |
67,889,492 |
65,814,789 |
|
Net Assets Backing |
69,719,820 |
67,889,492 |
65,814,789 |
|
Shareholders' Funds |
69,719,820 |
67,889,492 |
65,814,789 |
|
Total Share Capital |
37,607,074 |
37,607,074 |
60,571,600 |
|
Total Reserves |
32,112,746 |
30,282,418 |
5,243,189 |
|
LIQUIDITY
(Times) |
|||
|
Cash Ratio |
7.58 |
5.19 |
- |
|
Liquid Ratio |
9.42 |
6.95 |
- |
|
Current Ratio |
10.28 |
8.17 |
6.70 |
|
WORKING CAPITAL
CONTROL (Days) |
|||
|
Stock Ratio |
19 |
32 |
- |
|
Debtors Ratio |
29 |
22 |
- |
|
Creditors Ratio |
10 |
8 |
- |
|
SOLVENCY RATIOS
(Times) |
|||
|
Gearing Ratio |
0.00 |
0.00 |
- |
|
Liabilities Ratio |
0.10 |
0.12 |
0.15 |
|
Times Interest Earned Ratio |
0.00 |
0.00 |
- |
|
Assets Backing Ratio |
1.85 |
1.81 |
1.09 |
|
PERFORMANCE
RATIO (%) |
|||
|
Operating Profit Margin |
1.78 |
1.81 |
17.74 |
|
Net Profit Margin |
1.64 |
1.82 |
18.15 |
|
Return On Net Assets |
2.84 |
3.04 |
45.99 |
|
Return On Capital Employed |
2.84 |
3.04 |
45.99 |
|
Return On Shareholders' Funds/Equity |
2.63 |
3.06 |
47.04 |
|
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.61.41 |
|
|
1 |
Rs.98.06 |
|
Euro |
1 |
Rs.76.67 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared by
: |
TPT |
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.