|
Report Date : |
02.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
JUKI SINGAPORE
PTE LTD |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
17.03.1995 |
|
|
|
|
Com. Reg. No.: |
199501853-K |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Engaged in trading of
Industrial Sewing Machines. subject product ranges includes : General Machines
Category (1-2 Needle, Lockstitch Machine, Overlock/Safety Stitch Machine,
Zigzag Stitching Machine, Covering Stitch Machine, Double Chainstitch
Machine, Special Purpose Machine) Automatic
Machine Category Button Sewing Machine, Artacking/Shape-Tacking Machine, Eyelet
Buttonholing Machine, Computer-Controlled, Cycle Machine, Automatic Button
Sewing Indexed, Automatic Machine Lhd Machine Category Flat-Bed Sewing Machine, Long Arm Sewing Machine, Cylinder-Bed Sewing Machine, Post-Bed Sewing Machine, Extra Heavy-Weight Material Machine |
|
|
|
|
No of Employees : |
50 [2014] |
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 – 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 |
* Adopted abbreviations : |
SC - Subject Company (the company enquired
by you) |
|
|
N/A - Not Applicable |
|
REGISTRATION NO. |
: |
199501853-K |
||||
|
COMPANY NAME |
: |
JUKI SINGAPORE
PTE LTD |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
17/03/1995 |
||||
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|
||||
|
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|
|
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
|
|
|
||||
|
|
|
|
||||
|
REGISTERED ADDRESS |
: |
20 BENDEMEER ROAD, 04-12, 339914,
SINGAPORE. |
||||
|
BUSINESS ADDRESS |
: |
20 BENDEMEER ROAD #04-12 CYBERHUB, 339914,
SINGAPORE. |
||||
|
TEL.NO. |
: |
65-65534388 |
||||
|
FAX.NO. |
: |
65-65525568 |
||||
|
EMAIL |
: |
|||||
|
WEB SITE |
: |
|||||
|
CONTACT PERSON |
: |
MINORU NITTA ( MANAGING DIRECTOR ) |
||||
|
|
|
|
||||
|
|
|
|
||||
|
PRINCIPAL ACTIVITY |
: |
TRADING OF INDUSTRIAL SEWING MACHINES |
||||
|
|
|
|
||||
|
ISSUED AND PAID UP CAPITAL |
: |
13,000,000.00 ORDINARY SHARE, OF A VALUE
OF SGD 13,000,000.00 |
||||
|
|
|
|
||||
|
SALES |
: |
USD 215,217,126 [2012] |
||||
|
NET WORTH |
: |
USD 13,636,157 [2012] |
||||
|
|
|
|
||||
|
STAFF STRENGTH |
: |
50 [2014] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
POOR |
||||
|
PAYMENT |
: |
AVERAGE |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
|
|
|
||||
|
COMMERCIAL RISK |
: |
MODERATE |
||||
|
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 industrial sewing machines.
The immediate and ultimate holding company of the Subject is JUKI CORPORATION, a company incorporated in JAPAN.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
01/07/2014 |
SGD 13,000,000.00 |
The major
shareholder(s) of the Subject are shown as follows :
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
JUKI CORPORATION |
2-11-1, TSURUMAKI, TAMA-SHI, TOKYO, 206-8551, JAPAN. |
S95UF0314 |
13,000,000.00 |
100.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
13,000,000.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
The Subject's
interest in other companies (Subsidiaries/Associates) are shown as follow :
Local No |
Country |
Company |
(%) |
As At |
|
|
VIETNAM |
JUKI MACHINERY VIETNAM COMPANY LTD |
100.00 |
31/12/2012 |
|
|
|
|
|
|
|
|
INDIA |
JUKI INDIA PRIVATE LIMITED |
100.00 |
31/12/2012 |
|
|
|
|
|
|
|
|
SRI LANKA |
JUKI LANKA SERVICE CENTRE (PRIVATE) LIMITED |
100.00 |
31/12/2012 |
|
|
|
|
|
|
DIRECTOR 1
|
Name Of Subject |
: |
NORIAKI SAITO |
|
Address |
: |
30, BAYSHORE ROAD, 15-01, THE BAYSHORE, 469974, SINGAPORE. |
|
IC / PP No |
: |
F2316424T |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
17/06/2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject |
: |
RYUZO NAKAGAWA |
|
Address |
: |
ROOM 3E, SHERWOOD RESIDENCE, 127 PASTEUR ST, DIST. 3, HO CHI MINH CITY, VIETNAM. |
|
IC / PP No |
: |
TZ0666102 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
01/02/2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
DIRECTOR 3
|
Name Of Subject |
: |
MR. MINORU NITTA |
|
Address |
: |
12, KITCHENER LINK, 22-26, CITY SQUARE RESIDENCES, 207224, SINGAPORE. |
|
IC / PP No |
: |
G5102673Q |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
01/02/2011 |
|
|
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|
|
|
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|
|
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|
|
|
|
|
DIRECTOR 4
|
Name Of Subject |
: |
NORIHIKO ISHIZUKA |
|
Address |
: |
766 SUKHUMVIT ROAD, 766/180 KEYNE BY SANSIRI KLONGTON, KLONGTOEY, BANGKOK, 239013, THAILAND. |
|
IC / PP No |
: |
G5332761W |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
26/07/2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 5
|
Name Of Subject |
: |
LOOI KAM HONG @ LOOI AHA HONG |
|
Address |
: |
137, SUNSET WAY, 08-14, CLEMENTI PARK, 597159, SINGAPORE. |
|
IC / PP No |
: |
S2530975H |
|
|
|
|
|
|
|
|
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|
|
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|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
01/12/1996 |
|
|
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|
|
1) |
Name of Subject |
: |
MINORU NITTA |
|
|
Position |
: |
MANAGING DIRECTOR |
|
Auditor |
: |
DELOITTE & TOUCHE LLP |
|
Auditor' Address |
: |
N/A |
|
|
|
|
|
|
|
|
|
1) |
Company Secretary |
: |
JENNIFER LEE SIEW JEE |
|
|
IC / PP No |
: |
S1336064B |
|
|
|
|
|
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|
Address |
: |
2, ENG KONG ROAD, 599081, SINGAPORE. |
|
|
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|
Banking relations are maintained principally with :
|
1) |
Name |
: |
DBS BANK LTD |
|
|
|
|
|
|
|
|
Charge No |
Creation Date |
Charge
Description |
Chargee Name |
Total Charge |
Status |
|
C201307603 |
05/06/2013 |
N/A |
DBS BANK LTD. |
- |
Unsatisfied |
* 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.
|
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 |
[ |
|
] |
|
Good 31-60 Days |
[ |
|
] |
|
Average 61-90 Days |
[ |
X |
] |
|
|
Fair 91-120 Days |
[ |
|
] |
|
Poor >120 Days |
[ |
|
] |
|
|
|
|
|
|
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|
|
|
|
Export Market |
: |
MIDDLE EAST |
|||
|
Credit Term |
: |
180 DAYS |
|||
|
|
|
|
|
|
|
|
Payment Mode |
: |
CHEQUES |
|||
|
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|
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|
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|
Goods Traded |
: |
INDUSTRIAL SEWING MACHINES
|
|
|
|
|
|
|
|
Product Brand Name |
: |
|
|
|
|
|
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2014 |
2013 |
2012 |
|
|
|
|
|
|
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
|
|
|
|
|
|
|
COMPANY |
50 |
50 |
50 |
|
|
|
|
|
|
|
Branch |
: |
NO
|
Other Information:
The Subject is
principally engaged in the (as a / as an) trading of industrial sewing
machines.
Background of subject:
Juki Singapore Pte Ltd ("Juki Singapore"), a wholly-owned
subsidiary of Juki Corporation, Japan, was primarily established in year 1982
as a representative office. Over the years, it has expanded its operation
significantly through expansions and become the regional head-quarters covering
the entire regions of South-East Asia, Middle East, Asia Pacific and Oceania.
Products dealings:
* general machines category: 1-2 needle, lockstitch machine,
overlock/safety stitch machine, zigzag stitching machine, covering stitch
machine, double chainstitch machine, special purpose machine
* automatic machine category: button sewing machine, artacking/shape-tacking
machine, eyelet buttonholing machine, computer-controlled, cycle machine,
automatic button sewing indexed, automatic machine
* LHD machine category: flat-bed sewing machine, long arm sewing machine,
cylinder-bed sewing machine, post-bed sewing machine, extra heavy-weight
material machine
Services:
* engineering support
- provide training and technical consultancy to factory managers and
supervisors
* support in attachment
- supply specialized assistance in training and consultancy in the area of
attachment
* maintenance support-
provide customers with machine knowledge, machine installation and maintenance
services
* after sales support
- sales & marketing section are well-trained to respond to their customers'
queries on proposal and price quotation.
Latest fresh
investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-65534388 |
|
Match |
: |
N/A |
|
|
|
|
|
Address Provided by Client |
: |
20 BENDEMEER ROAD #04-12 CYBERHUB
SINGAPORE 339914 |
|
Current Address |
: |
20 BENDEMEER ROAD #04-12 CYBERHUB, 339914,
SINGAPORE. |
|
Match |
: |
YES |
Other
Investigations
we contacted one of the staff from
the Subject and she provided some information.
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Erratic |
[ |
2010 - 2012 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2010 - 2012 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
5.11% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
16.68% |
] |
|
|
|
|
|
|
|
|
|
|
The fluctuating turnover reflects the fierce
competition among the existing and new market players.The Subject's
management have been efficient in controlling its operating costs. 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 |
: |
Unfavourable |
[ |
171 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
71 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
20 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. |
||||||
|
|
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|
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|
|
Liquidity |
|
|
|
|
|
|
|
Liquid Ratio |
: |
Unfavourable |
[ |
0.39 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.08 Times |
] |
|
|
|
|
|
|
|
|
|
|
A low liquid ratio means that the Subject
may be facing working capital deficiency. If the Subject cannot obtain
additional financing or injection of fresh capital, it may face difficulties in
meeting its short term obligations. |
||||||
|
|
|
|
|
|
|
|
|
Solvency |
|
|
|
|
|
|
|
Interest Cover |
: |
Unfavourable |
[ |
1.55 Times |
] |
|
|
Gearing Ratio |
: |
Unfavourable |
[ |
2.68 Times |
] |
|
|
|
|
|
|
|
|
|
|
The Subject's interest cover was low. If
its profits fall or when interest rate rises, it may not be able to
meet all its interest payment. 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 : |
|
|
|
|
|
|
|
Although the turnover was erratic, the
Subject had maintained a steady growth in its profit. This indicate the
management's efficiency in controlling its costs and profitability. Due to
its weak liquidity position, the Subject will be faced with problems in
meeting all its short term obligations if no short term loan is obtained or
additional capital injected into the Subject. If there is a fall in the
Subject's profit or any increase in interest rate, the Subject may not be
able to generate sufficient cash-flow to service its interest. 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 : POOR |
||||||
|
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 1995, the Subject is a
Private Limited company, focusing on trading of industrial sewing machines.
Having been in the industry for over a decade, the Subject has achieved a certain
market share and has built up a satisfactory reputation in the market. It
should have received supports from its regular customers. 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. The
Subject is operating on a medium scale and it has approximately 50 employees
in its business operations. Overall, we regard that the Subject's management
capability is average. 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. The Subject has generated an unfavourable return
on shareholders' funds indicating that the management was inefficient in
utilising its funds to generate return. Due to its weak liquidity position,
the Subject may face working capital deficiency in meeting its short term
financial obligations if no fresh capital are injected into the Subject. 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. 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. 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. Nonetheless,
the Subject should adopt better competitive strategies in order to sustain
its business position and to compete with other well established players in
the same industry. In view of its poor financial performance,
we recommend credit be granted to the Subject with close monitoring. |
|
|
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING
STANDARDS. |
|
JUKI SINGAPORE
PTE LTD |
|
Financial Year End |
2012-12-31 |
2011-12-31 |
2010-12-31 |
|
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 |
FULL |
|
Currency |
USD |
USD |
USD |
|
|
|
|
|
|
TURNOVER |
215,217,126 |
221,697,750 |
186,718,993 |
|
|
---------------- |
---------------- |
---------------- |
|
Total Turnover |
215,217,126 |
221,697,750 |
186,718,993 |
|
Costs of Goods Sold |
(192,794,629) |
(213,875,842) |
- |
|
|
---------------- |
---------------- |
---------------- |
|
Gross Profit |
22,422,497 |
7,821,908 |
- |
|
|
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
803,670 |
740,557 |
1,341,777 |
|
|
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
803,670 |
740,557 |
1,341,777 |
|
Taxation |
(106,829) |
(151,058) |
(314,278) |
|
|
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
696,841 |
589,499 |
1,027,499 |
|
|
---------------- |
---------------- |
---------------- |
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
As previously reported |
4,859,536 |
4,270,037 |
3,242,538 |
|
|
---------------- |
---------------- |
---------------- |
|
As restated |
4,859,536 |
4,270,037 |
3,242,538 |
|
|
---------------- |
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
5,556,377 |
4,859,536 |
4,270,037 |
|
|
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
5,556,377 |
4,859,536 |
4,270,037 |
|
|
============= |
============= |
============= |
|
|
|
|
|
|
INTEREST EXPENSE
(as per notes to P&L) |
|
|
|
|
Others |
1,471,189 |
1,269,124 |
- |
|
|
---------------- |
---------------- |
---------------- |
|
|
1,471,189 |
1,269,124 |
- |
|
|
============= |
============= |
|
|
JUKI SINGAPORE
PTE LTD |
|
ASSETS EMPLOYED: |
|
|
|
|
FIXED ASSETS |
139,348 |
97,944 |
127,706 |
|
|
|
|
|
|
LONG TERM INVESTMENTS/OTHER
ASSETS |
|
|
|
|
Subsidiary companies |
1,554,294 |
1,054,294 |
1,054,294 |
|
Associated companies |
36,406 |
36,406 |
36,406 |
|
Deferred assets |
26,907 |
153,638 |
19,428 |
|
Others |
56,361 |
56,361 |
51,554 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
1,673,968 |
1,300,699 |
1,161,682 |
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
1,813,316 |
1,398,643 |
1,289,388 |
|
|
|
|
|
|
Stocks |
100,703,289 |
84,126,148 |
60,039,632 |
|
Trade debtors |
41,607,543 |
38,997,132 |
35,896,346 |
|
Other debtors, deposits & prepayments |
787,818 |
374,331 |
365,275 |
|
Short term deposits |
5,000,000 |
5,250,000 |
10,303,000 |
|
Amount due from holding company |
46,285 |
242,639 |
317,300 |
|
Amount due from subsidiary companies |
6,125,742 |
7,505,792 |
8,344,824 |
|
Amount due from related companies |
1,866,752 |
823,984 |
1,982,596 |
|
Amount due from associated companies |
794,687 |
526,418 |
740,264 |
|
Cash & bank balances |
1,360,568 |
1,100,234 |
1,887,953 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
158,292,684 |
138,946,678 |
119,877,190 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL ASSET |
160,106,000 |
140,345,321 |
121,166,578 |
|
|
============= |
============= |
============= |
|
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
Trade creditors |
10,757,691 |
9,396,023 |
87,045,940 |
|
Other creditors & accruals |
411,565 |
1,083,595 |
3,003,223 |
|
Short term borrowings/Term loans |
36,500,000 |
30,000,000 |
18,470,000 |
|
Amounts owing to holding company |
92,746,281 |
80,673,014 |
- |
|
Amounts owing to subsidiary companies |
541,851 |
56,691 |
- |
|
Amounts owing to related companies |
5,016,742 |
5,166,993 |
- |
|
Amounts owing to associated companies |
411,310 |
657,339 |
- |
|
Provision for taxation |
84,403 |
372,350 |
297,598 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
146,469,843 |
127,406,005 |
108,816,761 |
|
|
---------------- |
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
11,822,841 |
11,540,673 |
11,060,429 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL NET ASSETS |
13,636,157 |
12,939,316 |
12,349,817 |
|
|
============= |
============= |
============= |
|
|
|
|
|
|
SHARE CAPITAL |
|
|
|
|
Ordinary share capital |
8,079,780 |
8,079,780 |
8,079,780 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
8,079,780 |
8,079,780 |
8,079,780 |
|
|
|
|
|
|
Retained profit/(loss) carried forward |
5,556,377 |
4,859,536 |
4,270,037 |
|
|
---------------- |
---------------- |
---------------- |
|
TOTAL RESERVES |
5,556,377 |
4,859,536 |
4,270,037 |
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
13,636,157 |
12,939,316 |
12,349,817 |
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
|
|
13,636,157 |
12,939,316 |
12,349,817 |
|
|
============= |
============= |
============= |
|
|
|
|
|
|
JUKI SINGAPORE
PTE LTD |
|
TYPES OF FUNDS |
|
|
|
|
Cash |
6,360,568 |
6,350,234 |
12,190,953 |
|
Net Liquid Funds |
6,360,568 |
6,350,234 |
12,190,953 |
|
Net Liquid Assets |
(88,880,448) |
(72,585,475) |
(48,979,203) |
|
Net Current Assets/(Liabilities) |
11,822,841 |
11,540,673 |
11,060,429 |
|
Net Tangible Assets |
13,636,157 |
12,939,316 |
12,349,817 |
|
Net Monetary Assets |
(88,880,448) |
(72,585,475) |
(48,979,203) |
|
BALANCE SHEET
ITEMS |
|
|
|
|
Total Borrowings |
36,500,000 |
30,000,000 |
18,470,000 |
|
Total Liabilities |
146,469,843 |
127,406,005 |
108,816,761 |
|
Total Assets |
160,106,000 |
140,345,321 |
121,166,578 |
|
Net Assets |
13,636,157 |
12,939,316 |
12,349,817 |
|
Net Assets Backing |
13,636,157 |
12,939,316 |
12,349,817 |
|
Shareholders' Funds |
13,636,157 |
12,939,316 |
12,349,817 |
|
Total Share Capital |
8,079,780 |
8,079,780 |
8,079,780 |
|
Total Reserves |
5,556,377 |
4,859,536 |
4,270,037 |
|
LIQUIDITY
(Times) |
|
|
|
|
Cash Ratio |
0.04 |
0.05 |
0.11 |
|
Liquid Ratio |
0.39 |
0.43 |
0.55 |
|
Current Ratio |
1.08 |
1.09 |
1.10 |
|
WORKING CAPITAL
CONTROL (Days) |
|
|
|
|
Stock Ratio |
171 |
139 |
117 |
|
Debtors Ratio |
71 |
64 |
70 |
|
Creditors Ratio |
20 |
16 |
170 |
|
SOLVENCY RATIOS
(Times) |
|
|
|
|
Gearing Ratio |
2.68 |
2.32 |
1.50 |
|
Liabilities Ratio |
10.74 |
9.85 |
8.81 |
|
Times Interest Earned Ratio |
1.55 |
1.58 |
0.00 |
|
Assets Backing Ratio |
1.69 |
1.60 |
1.53 |
|
PERFORMANCE
RATIO (%) |
|
|
|
|
Operating Profit Margin |
0.37 |
0.33 |
0.72 |
|
Net Profit Margin |
0.32 |
0.27 |
0.55 |
|
Return On Net Assets |
16.68 |
15.53 |
10.86 |
|
Return On Capital Employed |
16.68 |
15.53 |
10.86 |
|
Return On Shareholders' Funds/Equity |
5.11 |
4.56 |
8.32 |
|
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.61.75 |
|
UK Pound |
1 |
Rs.100.06 |
|
Euro |
1 |
Rs.77.95 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.