|
Report Date : |
02.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
INABATA |
|
|
|
|
Registered Office : |
78, Shenton Way , 18-00, 079120 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation : |
01.11.1976 |
|
|
|
|
Com. Reg. No.: |
197602186-H |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Trading of Chemical Products, Plastic Resins |
|
|
|
|
No. of Employees : |
37 [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 |
|
REGISTRATION NO. |
: |
197602186-H |
|
COMPANY NAME |
: |
INABATA SINGAPORE (PTE.) LTD. |
|
FORMER NAME |
: |
N/A |
|
INCORPORATION DATE |
: |
01/11/1976 |
|
|
|
|
|
|
|
|
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED |
|
LISTED STATUS |
: |
NO |
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS |
: |
78, SHENTON WAY , 18-00, 079120, SINGAPORE. |
|
BUSINESS ADDRESS |
: |
78 SHENTON WAY #18-00, 079120, SINGAPORE. |
|
TEL.NO. |
: |
65-62264464 |
|
FAX.NO. |
: |
65-62227972 |
|
CONTACT PERSON |
: |
OHASHI MOTOO ( DIRECTOR ) |
|
|
|
|
|
|
|
|
|
PRINCIPAL ACTIVITY |
: |
TRADING OF CHEMICAL PRODUCTS, PLASTIC RESINS |
|
|
|
|
|
ISSUED AND PAID UP CAPITAL |
: |
16,200,000.00 ORDINARY SHARE, OF A VALUE OF SGD 26,136,693.00 |
|
|
|
|
|
SALES |
: |
USD 419,604,000 [2014] |
|
NET WORTH |
: |
USD 50,176,000 [2014] |
|
|
|
|
|
STAFF STRENGTH |
: |
37 [2014] |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
STABLE |
|
PAYMENT |
: |
PROMPT |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
|
|
|
|
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) trading of
chemical products, plastic resins.
The immediate holding company of the Subject is INABATA & CO LTD, a
company incorporated in JAPAN.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
20/08/2014 |
SGD 26,136,693.00 |
The major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
INABATA & CO LTD |
8-2, NIHONBASHIHONCHO 2-CHOME, CHUO-KU, TOKYO, 103-8448, JAPAN. |
T05UF0116 |
16,200,000.00 |
100.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
16,200,000.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
The Subject's interest in other companies (Subsidiaries/Associates) are
shown as follow :
|
Local No |
Country |
Company |
(%) |
As At |
|
|
MALAYSIA |
IK PLASTIC COMPOUND PHILS., INC |
100.00 |
31/03/2014 |
|
|
|
|
|
|
|
299567P |
MALAYSIA |
SIK COLOR (M) SDN. BHD. |
100.00 |
31/03/2014 |
|
|
|
|
|
|
|
|
VIETNAM |
INABATA VIETNAM CO., LTD |
100.00 |
31/03/2014 |
|
|
|
|
|
|
|
168522U |
MALAYSIA |
INABATA MALAYSIA SDN. BHD. |
100.00 |
31/03/2014 |
|
|
|
|
|
|
|
|
INDIA |
INABATA INDIA PTE LTD |
100.00 |
31/03/2014 |
|
|
|
|
|
|
|
|
VIETNAM |
SIK VIETNAM CO., LTD |
95.00 |
31/03/2014 |
|
|
|
|
|
|
|
|
INDONESIA |
PT IK PRECISION INDONESIA |
51.00 |
31/03/2014 |
DIRECTOR 1
|
Name Of Subject |
: |
MR. OHASHI MOTOO |
|
Address |
: |
THE PLAZA RESIDENCE, UNIT 25L, JALAN JENDERAL SUDIRMAN, KAV 10-11,
JAKARTA, INDONESIA. |
|
IC / PP No |
: |
TZ0067604 |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
01/08/2011 |
DIRECTOR 2
|
Name Of Subject |
: |
YASUSHI AKINAGA |
|
Address |
: |
2-2-12-906, OKUBO SHINJUKU-KU, TOKYO, JAPAN. |
|
IC / PP No |
: |
TH4100460 |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
16/06/2010 |
DIRECTOR 3
|
Name Of Subject |
: |
SHINYA KAWAI |
|
Address |
: |
11, NASSIM ROAD, 02-01, 258378, SINGAPORE. |
|
IC / PP No |
: |
F1217418R |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
01/04/2013 |
|
1) |
Name of Subject |
: |
OHASHI MOTOO |
|
|
Position |
: |
DIRECTOR |
|
|
|
|
|
|
2) |
Name of Subject |
: |
SHINYA KAWAI |
|
|
Position |
: |
MANAGING DIRECTOR |
|
Auditor |
: |
KPMG LLP |
|
Auditor' Address |
: |
N/A |
|
1) |
Company Secretary |
: |
CHANG SOW KUEN |
|
|
IC / PP No |
: |
S1365694J |
|
|
|
|
|
|
|
Address |
: |
130, GEYLANG EAST AVENUE 1, 02-299, 380130, SINGAPORE. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2) |
Company Secretary |
: |
CHAN CHOW PHENG |
|
|
IC / PP No |
: |
S1298885J |
|
|
|
|
|
|
|
Address |
: |
59, TELOK BLANGAH HEIGHTS, 04-11, 100059, SINGAPORE. |
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 |
: |
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 |
[ |
|
] |
|
|
|
|
|
|
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|
|
|
|
Export Market |
: |
ASIA |
|||
|
Credit Term |
: |
30 - 60 DAYS |
|||
|
|
|
|
|
|
|
|
Payment Mode |
: |
CHEQUES |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goods Traded |
: |
TRADING OF CHEMICAL PRODUCTS, PLASTIC RESINS
|
|
|
|
|
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
|
|
|
|
|
|
|
COMPANY |
37 |
35 |
37 |
|
|
|
|
|
|
|
Branch |
: |
NO
|
Other Information:
The Subject is principally engaged in the (as a /
as an) trading of chemical products, plastic resins.
The Subject sells a wide range of chemicals for
industrial.
The Subject also sells plastic resins.
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-62264464 |
|
Match |
: |
N/A |
|
|
|
|
|
Address Provided by Client |
: |
78 SHENTON WAY 18-00,079120 SINGAPORE |
|
Current Address |
: |
78 SHENTON WAY #18-00, 079120, SINGAPORE. |
|
Match |
: |
YES |
Other
Investigations
On 18th September 2014 we contacted one of the
staff from the Subject and she provided some information.
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Decreased |
[ |
19.21% |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
170.23% |
] |
|
|
Return on Shareholder Funds |
: |
Acceptable |
[ |
24.53% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
26.27% |
] |
|
|
|
|
|
|
|
|
|
|
The lower turnover could be due to the intense market competition.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 |
: |
Favourable |
[ |
34 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
46 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
26 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 |
: |
Acceptable |
[ |
0.91 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.31 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 |
: |
Favourable |
[ |
28.37 Times |
] |
|
|
Gearing Ratio |
: |
Unfavourable |
[ |
1.09 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 was highly
geared, thus it had a high financial risk. The Subject was dependent on loans
to finance its business needs. In times of economic downturn and / or high
interest rate, the Subject will become less profitable and competitive than
other firms in the same industry, which are lowly geared. This is because the
Subject has to service the interest and to repay the loan, which will erode
part of its profits. The profits will fluctuate depending on the Subject's
turnover and the interest it needs to pay. |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall Assessment : |
|
|
|
|
|
|
|
Due to the efficient control of its operating costs, the Subject was
able to remain profitable despite lower turnover achieved during the year. 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. With the favourable interest cover, the Subject could be
able to service all the accrued interest without facing any difficulties. The
Subject's gearing level was high and its going concern will be in doubt if
there is no injection of additional shareholders' funds in times of economic
downturn and / or high interest rates. |
||||||
|
|
|
|
|
|
|
|
|
Overall financial condition of the Subject : STABLE |
||||||
|
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 : |
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
1976, the Subject is a Private Limited company, focusing on trading of chemical
products, plastic resins. The Subject has been in business for over two
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 holding company 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. The
Subject is operating on a medium scale and it has approximately 37 employees in
its business operations. 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.
Despite the lower turnover, the Subject's
pre-tax profit have increased compared to the previous year. The higher profit
could be due to better control of its operating costs and efficiency in
utilising its resources. 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 managed to maintain an adequate
liquidity level, indicating that the Subject has the ability to meet its
financial obligations. The high gearing ratio clearly implied that the Subject
was supported by more debt than equity. Thus, the Subject is exposed to high financial
risk. Given a positive net worth standing at USD 50,176,000, the Subject should
be able to maintain its business in the near terms.
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 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. |
|
INABATA SINGAPORE (PTE.)
LTD. |
|
Financial Year End |
2014-03-31 |
2013-03-31 |
2011-12-31 |
2010-12-31 |
2009-12-31 |
|
Months |
12 |
15 |
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 |
419,604,000 |
519,388,000 |
401,401,000 |
355,270,000 |
257,180,000 |
|
Other Income |
332,000 |
359,000 |
371,000 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Total Turnover |
419,936,000 |
519,747,000 |
401,772,000 |
355,270,000 |
257,180,000 |
|
Costs of Goods Sold |
(401,657,000) |
(498,242,000) |
(381,479,000) |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Gross Profit |
18,279,000 |
21,505,000 |
20,293,000 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
12,755,000 |
4,720,000 |
6,975,000 |
(4,509,000) |
3,752,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
12,755,000 |
4,720,000 |
6,975,000 |
(4,509,000) |
3,752,000 |
|
Taxation |
(445,000) |
(588,000) |
(927,000) |
(1,417,000) |
(784,000) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
12,310,000 |
4,132,000 |
6,048,000 |
(5,926,000) |
2,968,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
|
|
As previously reported |
18,665,000 |
17,847,000 |
14,210,000 |
21,120,000 |
19,201,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
As restated |
18,665,000 |
17,847,000 |
14,210,000 |
21,120,000 |
19,201,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
30,975,000 |
21,979,000 |
20,258,000 |
15,194,000 |
22,169,000 |
|
DIVIDENDS - Ordinary (paid & proposed) |
- |
(3,314,000) |
(2,411,000) |
(984,000) |
(1,049,000) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
30,975,000 |
18,665,000 |
17,847,000 |
14,210,000 |
21,120,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
INTEREST EXPENSE (as per notes to P&L) |
|
|
|
|
|
|
Term loan / Borrowing |
466,000 |
571,000 |
400,000 |
- |
- |
|
Others |
- |
- |
- |
13,068,000 |
2,422,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
466,000 |
571,000 |
400,000 |
13,068,000 |
2,422,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
INABATA SINGAPORE (PTE.)
LTD. |
|
ASSETS EMPLOYED: |
|
|
|
|
|
|
FIXED ASSETS |
76,000 |
156,000 |
718,000 |
613,000 |
137,000 |
|
|
|
|
|
|
|
|
LONG TERM INVESTMENTS/OTHER ASSETS |
|
|
|
|
|
|
Subsidiary companies |
13,151,000 |
7,240,000 |
7,700,000 |
6,838,000 |
6,408,000 |
|
Associated companies |
850,000 |
3,284,000 |
3,184,000 |
1,696,000 |
14,845,000 |
|
Others |
5,679,000 |
5,250,000 |
6,559,000 |
8,563,000 |
5,355,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
19,680,000 |
15,774,000 |
17,443,000 |
17,097,000 |
26,608,000 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
19,756,000 |
15,930,000 |
18,161,000 |
17,710,000 |
26,745,000 |
|
|
|
|
|
|
|
|
Stocks |
39,082,000 |
33,333,000 |
33,887,000 |
34,050,000 |
27,296,000 |
|
Trade debtors |
53,022,000 |
56,258,000 |
51,818,000 |
52,646,000 |
39,110,000 |
|
Other debtors, deposits & prepayments |
560,000 |
646,000 |
737,000 |
349,000 |
393,000 |
|
Short term deposits |
1,194,000 |
1,207,000 |
1,154,000 |
1,164,000 |
1,069,000 |
|
Amount due from holding company |
586,000 |
379,000 |
29,000 |
349,000 |
523,000 |
|
Amount due from subsidiary companies |
20,509,000 |
16,937,000 |
14,006,000 |
11,315,000 |
8,893,000 |
|
Amount due from related companies |
5,856,000 |
6,709,000 |
4,741,000 |
- |
- |
|
Amount due from associated companies |
5,091,000 |
6,502,000 |
6,382,000 |
2,954,000 |
4,339,000 |
|
Cash & bank balances |
4,515,000 |
2,320,000 |
8,851,000 |
2,486,000 |
1,750,000 |
|
Others |
- |
- |
- |
4,645,000 |
4,906,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
130,415,000 |
124,291,000 |
121,605,000 |
109,958,000 |
88,279,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL ASSET |
150,171,000 |
140,221,000 |
139,766,000 |
127,668,000 |
115,024,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
Trade creditors |
28,688,000 |
30,924,000 |
44,571,000 |
29,233,000 |
20,830,000 |
|
Other creditors & accruals |
4,210,000 |
4,167,000 |
4,571,000 |
6,057,000 |
3,285,000 |
|
Short term borrowings/Term loans |
54,455,000 |
59,476,000 |
53,073,000 |
- |
- |
|
Amounts owing to holding company |
3,609,000 |
3,424,000 |
- |
5,539,000 |
10,186,000 |
|
Amounts owing to subsidiary companies |
1,753,000 |
603,000 |
- |
319,000 |
195,000 |
|
Amounts owing to related companies |
6,506,000 |
4,340,000 |
- |
- |
- |
|
Amounts owing to associated companies |
- |
812,000 |
- |
737,000 |
652,000 |
|
Provision for taxation |
626,000 |
283,000 |
835,000 |
1,155,000 |
622,000 |
|
Other liabilities |
- |
- |
- |
49,589,000 |
40,473,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
99,847,000 |
104,029,000 |
103,050,000 |
92,629,000 |
76,243,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
30,568,000 |
20,262,000 |
18,555,000 |
17,329,000 |
12,036,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL NET ASSETS |
50,324,000 |
36,192,000 |
36,716,000 |
35,039,000 |
38,781,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
SHARE CAPITAL |
|
|
|
|
|
|
Ordinary share capital |
16,200,000 |
16,200,000 |
16,200,000 |
16,200,000 |
16,200,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
16,200,000 |
16,200,000 |
16,200,000 |
16,200,000 |
16,200,000 |
|
|
|
|
|
|
|
|
General reserve |
- |
- |
2,164,000 |
- |
- |
|
Retained profit/(loss) carried forward |
30,975,000 |
18,665,000 |
17,847,000 |
14,210,000 |
21,120,000 |
|
Others |
3,001,000 |
1,095,000 |
- |
3,821,000 |
1,213,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL RESERVES |
33,976,000 |
19,760,000 |
20,011,000 |
18,031,000 |
22,333,000 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
50,176,000 |
35,960,000 |
36,211,000 |
34,231,000 |
38,533,000 |
|
|
|
|
|
|
|
|
Deferred taxation |
148,000 |
232,000 |
505,000 |
808,000 |
248,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
148,000 |
232,000 |
505,000 |
808,000 |
248,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
50,324,000 |
36,192,000 |
36,716,000 |
35,039,000 |
38,781,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
INABATA SINGAPORE (PTE.)
LTD. |
|
TYPES OF FUNDS |
|
|
|
|
|
|
Cash |
5,709,000 |
3,527,000 |
10,005,000 |
3,650,000 |
2,819,000 |
|
Net Liquid Funds |
5,709,000 |
3,527,000 |
10,005,000 |
3,650,000 |
2,819,000 |
|
Net Liquid Assets |
(8,514,000) |
(13,071,000) |
(15,332,000) |
(16,721,000) |
(15,260,000) |
|
Net Current Assets/(Liabilities) |
30,568,000 |
20,262,000 |
18,555,000 |
17,329,000 |
12,036,000 |
|
Net Tangible Assets |
50,324,000 |
36,192,000 |
36,716,000 |
35,039,000 |
38,781,000 |
|
Net Monetary Assets |
(8,662,000) |
(13,303,000) |
(15,837,000) |
(17,529,000) |
(15,508,000) |
|
BALANCE SHEET ITEMS |
|
|
|
|
|
|
Total Borrowings |
54,455,000 |
59,476,000 |
53,073,000 |
0 |
0 |
|
Total Liabilities |
99,995,000 |
104,261,000 |
103,555,000 |
93,437,000 |
76,491,000 |
|
Total Assets |
150,171,000 |
140,221,000 |
139,766,000 |
127,668,000 |
115,024,000 |
|
Net Assets |
50,324,000 |
36,192,000 |
36,716,000 |
35,039,000 |
38,781,000 |
|
Net Assets Backing |
50,176,000 |
35,960,000 |
36,211,000 |
34,231,000 |
38,533,000 |
|
Shareholders' Funds |
50,176,000 |
35,960,000 |
36,211,000 |
34,231,000 |
38,533,000 |
|
Total Share Capital |
16,200,000 |
16,200,000 |
16,200,000 |
16,200,000 |
16,200,000 |
|
Total Reserves |
33,976,000 |
19,760,000 |
20,011,000 |
18,031,000 |
22,333,000 |
|
LIQUIDITY (Times) |
|
|
|
|
|
|
Cash Ratio |
0.06 |
0.03 |
0.10 |
0.04 |
0.04 |
|
Liquid Ratio |
0.91 |
0.87 |
0.85 |
0.82 |
0.80 |
|
Current Ratio |
1.31 |
1.19 |
1.18 |
1.19 |
1.16 |
|
WORKING CAPITAL CONTROL (Days) |
|
|
|
|
|
|
Stock Ratio |
34 |
23 |
31 |
35 |
39 |
|
Debtors Ratio |
46 |
40 |
47 |
54 |
56 |
|
Creditors Ratio |
26 |
23 |
43 |
30 |
30 |
|
SOLVENCY RATIOS (Times) |
|
|
|
|
|
|
Gearing Ratio |
1.09 |
1.65 |
1.47 |
0.00 |
0.00 |
|
Liabilities Ratio |
1.99 |
2.90 |
2.86 |
2.73 |
1.99 |
|
Times Interest Earned Ratio |
28.37 |
9.27 |
18.44 |
0.65 |
2.55 |
|
Assets Backing Ratio |
3.11 |
2.23 |
2.27 |
2.16 |
2.39 |
|
PERFORMANCE RATIO (%) |
|
|
|
|
|
|
Operating Profit Margin |
3.04 |
0.91 |
1.74 |
(1.27) |
1.46 |
|
Net Profit Margin |
2.93 |
0.80 |
1.51 |
(1.67) |
1.15 |
|
Return On Net Assets |
26.27 |
14.62 |
20.09 |
24.43 |
15.92 |
|
Return On Capital Employed |
26.27 |
14.62 |
20.09 |
24.43 |
15.92 |
|
Return On Shareholders' Funds/Equity |
24.53 |
11.49 |
16.70 |
(17.31) |
7.70 |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.80 |
0.40 |
0.17 |
0.35 |
|
NOTES TO ACCOUNTS |
|
|
|
|
|
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.75 |
|
|
1 |
Rs.100.07 |
|
Euro |
1 |
Rs.77.95 |
INFORMATION DETAILS
|
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.