|
Report Date : |
25.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
NIHON SUPERIOR ( |
|
|
|
|
Formerly Known As : |
NIHON SUPERIOR TRADING ( |
|
|
|
|
Registered Office : |
80, Marine Parade Road, 16-09, Parkway Parade, 449269 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
30.04.2014 |
|
|
|
|
Date of Incorporation : |
08.01.1988 |
|
|
|
|
Com. Reg. No.: |
198800075-K |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Wholesale of Electronic Products, Solder Products |
|
|
|
|
No. of Employees : |
9 [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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
|
Source
: CIA |
|
REGISTRATION NO. |
: |
198800075-K |
|
COMPANY NAME |
: |
NIHON SUPERIOR ( |
|
FORMER NAME |
: |
NIHON SUPERIOR TRADING ( |
|
INCORPORATION DATE |
: |
08/01/1988 |
|
|
|
|
|
|
|
|
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED |
|
LISTED STATUS |
: |
NO |
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS |
: |
80, MARINE PARADE ROAD, 16-09, PARKWAY
PARADE, 449269, SINGAPORE. |
|
BUSINESS ADDRESS |
: |
12 LITTLE ROAD, #01-01, LIAN CHEONG INDUSTRIAL
BUILDING, 536986, SINGAPORE. |
|
TEL.NO. |
: |
65-67414633 |
|
FAX.NO. |
: |
65-67416636 |
|
CONTACT PERSON |
: |
DAISUKE WATANABE ( MANAGING DIRECTOR ) |
|
|
|
|
|
|
|
|
|
PRINCIPAL ACTIVITY |
: |
WHOLESALE OF ELECTRONIC PRODUCTS, SOLDER PRODUCTS |
|
|
|
|
|
ISSUED AND PAID UP CAPITAL |
: |
500.00 ORDINARY SHARE, OF A VALUE OF SGD
500,000.00 |
|
|
|
|
|
SALES |
: |
USD 11,162,683 [2014] |
|
NET WORTH |
: |
USD 3,390,889 [2014] |
|
|
|
|
|
STAFF STRENGTH |
: |
9 [2014] |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
FAIR |
|
PAYMENT |
: |
GOOD |
|
MANAGEMENT CAPABILITY |
: |
WEAK |
|
|
|
|
|
COMMERCIAL RISK |
: |
LOW |
|
CURRENCY EXPOSURE |
: |
MODERATE |
|
GENERAL REPUTATION |
: |
SATISFACTORY |
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
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) wholesale of
electronic products, solder products.
The immediate and ultimate holding company of the Subject is NIHON
SUPERIOR CO. LTD, a company incorporated in JAPAN.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
21/11/2014 |
SGD 500,000.00 |
The major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
NIHON SUPERIOR CO. LTD |
NS BUILDING, 16-15, ESAKA-CHO, 1-CHOME,
SUITE 564, JAPAN. |
S88UF0134 |
500.00 |
100.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
500.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
DIRECTOR 1
|
Name Of Subject |
: |
MR. DAISUKE WATANABE |
|
Address |
: |
356, CLEMENTI AVENUE 2, 05-279, 120356,
SINGAPORE. |
|
IC / PP No |
: |
S7168918B |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
01/05/2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject |
: |
TETSURO NISHIMURA |
|
Address |
: |
9-15, OKADA-CHO, MONDO, NISHINOMIYA-SHI,
HYOGO-KEN, 6620826, JAPAN. |
|
IC / PP No |
: |
TG7149913 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
11/09/2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1) |
Name of Subject |
: |
DAISUKE WATANABE |
|
|
Position |
: |
MANAGING DIRECTOR |
|
|
|
|
|
|
Auditor |
: |
PATRICK KAN & CO |
|
Auditor' Address |
: |
N/A |
|
|
|
|
|
|
|
|
|
Auditor |
: |
PATRICK KAN & CO |
|
Auditor' Address |
: |
N/A |
|
|
|
|
|
|
|
|
|
1) |
Company Secretary |
: |
LAU GEK SIN |
|
|
IC / PP No |
: |
S1524169A |
|
|
|
|
|
|
|
Address |
: |
71, TOH TUCK PLACE, TOH TUCK GARDEN,
596836, SINGAPORE. |
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|
|
|
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|
No Banker found in our databank
No encumbrance was found in our databank at the time of investigation.
* 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.
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
YES |
|
Overseas |
: |
YES |
|
Import Countries |
: |
JAPAN |
The Subject refused to provide any name of trade/service supplier and we are
unable to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL PAYMENT HABIT |
||||||||||||||
|
Prompt 0-30 Days |
[ |
|
] |
|
Good 31-60 Days |
[ |
X |
] |
|
Average 61-90 Days |
[ |
|
] |
|
|
Fair 91-120 Days |
[ |
|
] |
|
Poor >120 Days |
[ |
|
] |
|
|
|
|
|
|
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|
|
|
|
Export Market |
: |
ASIA PACIFIC |
|||
|
Credit Term |
: |
30 - 60 DAYS |
|||
|
|
|
|
|
|
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Payment Mode |
: |
CHEQUES |
|||
|
Type of Customer |
: |
ELECTRICAL & ELECTRONIC INDUSTRIES |
|||
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|
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|
Goods Traded |
: |
ELECTRONIC PRODUCTS, SOLDER PRODUCTS
|
|
|
|
|
|
|
|
Ownership of premises |
: |
LEASED/RENTED
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
|
|
|
|
|
|
|
COMPANY |
9 |
10 |
10 |
|
|
|
|
|
|
|
Branch |
: |
NO
|
Other Information:
The Subject is principally engaged in the (as a / as an) wholesale of
electronic products, solder products.
The Subject refused to disclose its operation.
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
6567414633 |
|
Current Telephone Number |
: |
65-67414633 |
|
Match |
: |
YES |
|
|
|
|
|
Address Provided by Client |
: |
12 LITTLE ROAD, 01-01, LIAN CHEONG INDUSTRIAL BUILDING,536986
SINGAPORE |
|
Current Address |
: |
12 LITTLE ROAD, #01-01, LIAN CHEONG INDUSTRIAL BUILDING, 536986,
SINGAPORE. |
|
Match |
: |
YES |
|
|
|
|
Other Investigations
On 19th November 2014 we contacted one of the staff from the Subject and she
provided some information.
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Erratic |
[ |
2010 - 2014 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2010 - 2014 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
(0.28%) |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
(0.41%) |
] |
|
|
|
|
|
|
|
|
|
|
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. |
||||||
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Working Capital Control |
|
|
|
|
|
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|
Stock Ratio |
: |
Favourable |
[ |
42 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
74 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
2 Days |
] |
|
|
|
|
|
|
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|
|
The Subject's stocks were moving fast thus reducing its holding cost.
This had reduced funds being tied up in stocks. 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 |
: |
Favourable |
[ |
1.52 Times |
] |
|
|
Current Ratio |
: |
Favourable |
[ |
2.12 Times |
] |
|
|
|
|
|
|
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|
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. |
||||||
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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. |
||||||
|
|
|
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|
|
|
|
|
|
|
|
|
|
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 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 : 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
Incorporated in 1988, the Subject is a Private Limited company, focusing on
wholesale of electronic products, solder products. The Subject has been in
business for over two decades. It has built up a strong clientele base and
satisfactory reputation will enable the Subject to further enhance its business
in the near term. The Subject is expected to enjoy a stable market shares.
Presently, the issued and paid up capital of the Subject stands at SGD 500,000.
However, having strong support from its holding company has enabled the Subject
to remain competitive despite the challenging business environment.
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 9 employees. Overall, we regard that the
Subject's management capability is weak. Without capable management, the
Subject is unlikely to be successful and often contribute to unacceptable
levels of accountability. Weak management can affect productivity,
profitability, sales growth and ultimately can result in the failure of a
business.
Despite the higher turnover, the Subject suffered pre-tax losses which
reflected a highly competitive business environment. 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 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 USD 3,390,889, 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. 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.
Overall, the Subject's payment habit is good as the Subject has a good credit
control and it could be taking advantage of the cash discounts while
maintaining a good reputation with its creditors.
The industry 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
promptly.
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE
FINANCIAL REPORTING STANDARDS. |
|
NIHON SUPERIOR (SINGAPORE) PTE. LTD. |
|
Financial Year End |
2014-04-30 |
2013-04-30 |
2012-04-30 |
2011-04-30 |
2010-04-30 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated Account |
Company |
Company |
Company |
Company |
Company |
|
Audited Account |
YES |
YES |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
FULL |
FULL |
|
Currency |
USD |
USD |
USD |
USD |
USD |
|
|
|
|
|
|
|
|
TURNOVER |
11,162,683 |
9,815,947 |
11,517,746 |
9,932,868 |
7,079,377 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Total Turnover |
11,162,683 |
9,815,947 |
11,517,746 |
9,932,868 |
7,079,377 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
(19,517) |
243,790 |
158,798 |
604,940 |
288,215 |
|
SHARE OF PROFITS/(LOSSES) OF ASSOCIATED COMPANIES |
5,484 |
- |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
(14,033) |
243,790 |
158,798 |
604,940 |
288,215 |
|
Taxation |
4,418 |
(23,214) |
(54,153) |
(74,000) |
(35,819) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
(9,615) |
220,576 |
104,645 |
530,940 |
252,396 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
|
|
As previously reported |
3,753,627 |
3,928,421 |
3,903,867 |
3,400,647 |
3,175,971 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
As restated |
3,753,627 |
3,928,421 |
3,903,867 |
3,400,647 |
3,175,971 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
3,744,012 |
4,148,997 |
4,008,512 |
3,931,587 |
3,428,367 |
|
DIVIDENDS - Ordinary (paid & proposed) |
(600,000) |
(395,370) |
(80,091) |
(27,720) |
(27,720) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
3,144,012 |
3,753,627 |
3,928,421 |
3,903,867 |
3,400,647 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
INTEREST EXPENSE (as per notes to P&L) |
|
|
|
|
|
|
Others |
- |
927 |
1,386 |
- |
39,759 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
- |
927 |
1,386 |
- |
39,759 |
|
|
============= |
============= |
============= |
============= |
============= |
|
NIHON SUPERIOR (SINGAPORE) PTE. LTD. |
|
ASSETS EMPLOYED: |
|
|
|
|
|
|
FIXED ASSETS |
31,025 |
13,521 |
22,316 |
31,491 |
18,317 |
|
|
|
|
|
|
|
|
Associated companies |
1,005,484 |
- |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
1,005,484 |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
1,036,509 |
13,521 |
22,316 |
31,491 |
18,317 |
|
|
|
|
|
|
|
|
Stocks |
1,276,323 |
996,567 |
1,281,825 |
3,987,605 |
1,283,929 |
|
Trade debtors |
2,274,110 |
1,468,597 |
1,821,972 |
2,437,899 |
1,061,955 |
|
Other debtors, deposits & prepayments |
58,155 |
62,100 |
377,278 |
58,199 |
45,214 |
|
Amount due from subsidiary companies |
159 |
- |
- |
- |
- |
|
Cash & bank balances |
838,792 |
2,171,400 |
2,000,002 |
383,083 |
1,969,790 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
4,447,539 |
4,698,664 |
5,481,077 |
6,866,786 |
4,360,888 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL ASSET |
5,484,048 |
4,712,185 |
5,503,393 |
6,898,277 |
4,379,205 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
Trade creditors |
50,287 |
31,109 |
110,608 |
2,527,785 |
385,246 |
|
Other creditors & accruals |
64,071 |
73,095 |
63,710 |
117,860 |
277,772 |
|
Amounts owing to holding company |
1,974,184 |
584,415 |
243,360 |
- |
- |
|
Amounts owing to subsidiary companies |
794 |
390 |
- |
- |
- |
|
Provision for taxation |
3,823 |
22,672 |
78,748 |
101,888 |
68,663 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
2,093,159 |
711,681 |
496,426 |
2,747,533 |
731,681 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
2,354,380 |
3,986,983 |
4,984,651 |
4,119,253 |
3,629,207 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL NET ASSETS |
3,390,889 |
4,000,504 |
5,006,967 |
4,150,744 |
3,647,524 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
SHARE CAPITAL |
|
|
|
|
|
|
Ordinary share capital |
246,877 |
246,877 |
246,877 |
246,877 |
246,877 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
246,877 |
246,877 |
246,877 |
246,877 |
246,877 |
|
|
|
|
|
|
|
|
Retained profit/(loss) carried forward |
3,144,012 |
3,753,627 |
3,928,421 |
3,903,867 |
3,400,647 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL RESERVES |
3,144,012 |
3,753,627 |
3,928,421 |
3,903,867 |
3,400,647 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
3,390,889 |
4,000,504 |
4,175,298 |
4,150,744 |
3,647,524 |
|
|
|
|
|
|
|
|
Others |
- |
- |
831,669 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
- |
- |
831,669 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
3,390,889 |
4,000,504 |
5,006,967 |
4,150,744 |
3,647,524 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
NIHON SUPERIOR (SINGAPORE) PTE. LTD. |
|
TYPES OF FUNDS |
|
|
|
|
|
|
Cash |
838,792 |
2,171,400 |
2,000,002 |
383,083 |
1,969,790 |
|
Net Liquid Funds |
838,792 |
2,171,400 |
2,000,002 |
383,083 |
1,969,790 |
|
Net Liquid Assets |
1,078,057 |
2,990,416 |
3,702,826 |
131,648 |
2,345,278 |
|
Net Current Assets/(Liabilities) |
2,354,380 |
3,986,983 |
4,984,651 |
4,119,253 |
3,629,207 |
|
Net Tangible Assets |
3,390,889 |
4,000,504 |
5,006,967 |
4,150,744 |
3,647,524 |
|
Net Monetary Assets |
1,078,057 |
2,990,416 |
2,871,157 |
131,648 |
2,345,278 |
|
BALANCE SHEET ITEMS |
|
|
|
|
|
|
Total Borrowings |
0 |
0 |
0 |
0 |
0 |
|
Total Liabilities |
2,093,159 |
711,681 |
1,328,095 |
2,747,533 |
731,681 |
|
Total Assets |
5,484,048 |
4,712,185 |
5,503,393 |
6,898,277 |
4,379,205 |
|
Net Assets |
3,390,889 |
4,000,504 |
5,006,967 |
4,150,744 |
3,647,524 |
|
Net Assets Backing |
3,390,889 |
4,000,504 |
4,175,298 |
4,150,744 |
3,647,524 |
|
Shareholders' Funds |
3,390,889 |
4,000,504 |
4,175,298 |
4,150,744 |
3,647,524 |
|
Total Share Capital |
246,877 |
246,877 |
246,877 |
246,877 |
246,877 |
|
Total Reserves |
3,144,012 |
3,753,627 |
3,928,421 |
3,903,867 |
3,400,647 |
|
LIQUIDITY (Times) |
|
|
|
|
|
|
Cash Ratio |
0.40 |
3.05 |
4.03 |
0.14 |
2.69 |
|
Liquid Ratio |
1.52 |
5.20 |
8.46 |
1.05 |
4.21 |
|
Current Ratio |
2.12 |
6.60 |
11.04 |
2.50 |
5.96 |
|
WORKING CAPITAL CONTROL (Days) |
|
|
|
|
|
|
Stock Ratio |
42 |
37 |
41 |
147 |
66 |
|
Debtors Ratio |
74 |
55 |
58 |
90 |
55 |
|
Creditors Ratio |
2 |
1 |
4 |
93 |
20 |
|
SOLVENCY RATIOS (Times) |
|
|
|
|
|
|
Gearing Ratio |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Liabilities Ratio |
0.62 |
0.18 |
0.32 |
0.66 |
0.20 |
|
Times Interest Earned Ratio |
0.00 |
263.99 |
115.57 |
0.00 |
8.25 |
|
Assets Backing Ratio |
13.74 |
16.20 |
20.28 |
16.81 |
14.77 |
|
PERFORMANCE RATIO (%) |
|
|
|
|
|
|
Operating Profit Margin |
(0.13) |
2.48 |
1.38 |
6.09 |
4.07 |
|
Net Profit Margin |
(0.09) |
2.25 |
0.91 |
5.35 |
3.57 |
|
Return On Net Assets |
(0.41) |
6.12 |
3.20 |
14.57 |
8.99 |
|
Return On Capital Employed |
(0.41) |
6.12 |
3.20 |
14.57 |
8.99 |
|
Return On Shareholders' Funds/Equity |
(0.28) |
5.51 |
2.51 |
12.79 |
6.92 |
|
Dividend Pay Out Ratio (Times) |
62.40 |
1.79 |
0.77 |
0.05 |
0.11 |
|
NOTES TO ACCOUNTS |
|
|
|
|
|
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.78 |
|
UK Pound |
1 |
Rs.96.78 |
|
Euro |
1 |
Rs.76.59 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
SHG |
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.