|
Report Date : |
15.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
BARUDAN ASIA PTE LTD |
|
|
|
|
Registered Office : |
33, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
30.09.2012 |
|
|
|
|
Date of Incorporation : |
22.12.1990 |
|
|
|
|
Com. Reg. No.: |
199006273-M |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Engaged in trading of computerized multi-head embroidery
machines, industrial machinery and other related equipment. |
|
|
|
|
No. of Employees |
05 [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 : |
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 0.8% in 2009 as a result of the global financial crisis, but rebounded
14.8% 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. |
: |
199006273-M |
||||
|
COMPANY NAME |
: |
BARUDAN ASIA PTE
LTD |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
22/12/1990 |
||||
|
|
|
|
||||
|
|
|
|
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
|
|
|
||||
|
|
|
|
||||
|
REGISTERED ADDRESS |
: |
33, UBI AVENUE 3, 07-08, VERTEX, 408868,
SINGAPORE. |
||||
|
BUSINESS ADDRESS |
: |
33, UBI AVENUE 3, 07-08 VERTEX, 408868,
SINGAPORE. |
||||
|
TEL.NO. |
: |
65-66349780 |
||||
|
FAX.NO. |
: |
65-66349730 |
||||
|
CONTACT PERSON |
: |
LIM LEE TING STEVEN ( MANAGING DIRECTOR ) |
||||
|
|
|
|
||||
|
|
|
|
||||
|
PRINCIPAL ACTIVITY |
: |
TRADING OF COMPUTERIZED MULTI-HEAD
EMBROIDERY MACHINES, INDUSTRIAL MACHINERY AND OTHER RELATED EQUIPMENT |
||||
|
|
|
|
||||
|
ISSUED AND PAID UP CAPITAL |
: |
6,230,000.00 ORDINARY SHARE, OF A VALUE OF
SGD 6,230,000.00 |
||||
|
|
|
|
||||
|
SALES |
: |
JPY 1,482,594,000 [2012] |
||||
|
NET WORTH |
: |
JPY 218,883,000 [2012] |
||||
|
|
|
|
||||
|
STAFF STRENGTH |
: |
5 [2014] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
LIMITED |
||||
|
PAYMENT |
: |
POOR |
||||
|
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 computerized multi-head embroidery machines, industrial machinery and other related equipment.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
02/04/2014 |
SGD 6,230,000.00 |
The major shareholder(s)
of the Subject are shown as follows :
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
BARUDAN CO., LTD |
20, TSUKAGOSHI JOSUIJI, ICHINOMIYA-CITY, AICHI-PREF, JAPAN. |
T08UF0093 |
6,000,000.00 |
96.31 |
|
MR. STEVEN LIM LEE TING + |
13, ST. GEORGE'S ROAD, 20-260, 320013, SINGAPORE. |
S1517773Z |
100,000.00 |
1.61 |
|
CHOW KIN CHEE |
712, UPPER CHANGI ROAD EAST, 02-05, CHANGI GREEN, 486842, SINGAPORE. |
S1112531Z |
100,000.00 |
1.61 |
|
KASUMI SHIBATA |
40, SHINYASHIKI, KADOMA KISOGWA-CHO, ICHINOMIYA-CITY, AICHI-PREF. 494-0002, JAPAN. |
TH3840523 |
30,000.00 |
0.48 |
|
|
|
|
--------------- |
------ |
|
|
|
|
6,230,000.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
DIRECTOR 1
|
Name Of Subject |
: |
SHIN HASEGAWA |
|
Address |
: |
2-16, KAMIYASHIRO, MEITO-KU, NAGOYA-CITY, AICHI-PREF. 465-0025, JAPAN. |
|
IC / PP No |
: |
TK6411687 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
13/12/2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject |
: |
YAMAUE TETSUJI |
|
Address |
: |
2-6-1-307, MATSUSAKAE-CHO, MIZUHO-KU, NAGOYA CITY, AICHI PREF.467-0025, JAPAN. |
|
IC / PP No |
: |
TZ0258487 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
01/01/2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject |
: |
MR. STEVEN LIM LEE TING |
|
Address |
: |
13, ST. GEORGE'S ROAD, 20-260, 320013, SINGAPORE. |
|
IC / PP No |
: |
S1517773Z |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
01/04/2002 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1) |
Name of Subject |
: |
LIM LEE TING STEVEN |
|
|
Position |
: |
MANAGING DIRECTOR |
|
Auditor |
: |
S M YEO & CO |
|
Auditor' Address |
: |
N/A |
|
|
|
|
|
1) |
Company Secretary |
: |
DOROTHY CHIANG KAR FONG |
|
|
IC / PP No |
: |
S1459902I |
|
|
|
|
|
|
|
Address |
: |
14B, HARLYN ROAD, 299456, SINGAPORE. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2) |
Company Secretary |
: |
ANG SOR KIOW |
|
|
IC / PP No |
: |
S7308535G |
|
|
|
|
|
|
|
Address |
: |
141, BISHAN STREET 12, 13-504, BISHAN GREEN, 570141, SINGAPORE. |
|
|
|
|
|
|
|
|
|
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
THE BANK OF TOKYO LTD |
|
|
|
|
|
|
|
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
C201101573 |
08/02/2011 |
N/A |
THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., ICHINOMIYA BRANCH |
JPY 1,534,452,369.00 |
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 |
: |
N/A |
|
Overseas |
: |
N/A |
|
|
|
|
The Subject refused to disclose any information on its trade suppliers.
The Subject refused to provide any name of trade/service supplier and we are unable to conduct any trade enquiry. However, from financial historical data we conclude that :
|
OVERALL PAYMENT HABIT |
||||||||||||||
|
Prompt 0-30 Days |
[ |
|
] |
|
Good 31-60 Days |
[ |
|
] |
|
Average 61-90 Days |
[ |
|
] |
|
|
Fair 91-120 Days |
[ |
|
] |
|
Poor >120 Days |
[ |
X |
] |
|
|
|
|
|
|
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|
|
|
|
Export Market |
: |
ASIA |
|||
|
Credit Term |
: |
N/A |
|||
|
|
|
|
|
|
|
|
Payment Mode |
: |
CHEQUES |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goods Traded |
: |
MULTI-HEAD EMBROIDERY MACHINES AND INDUSTRIAL MACHINERY
|
|
|
|
|
|
|
Total Number of Employees: |
|||||||||
|
YEAR |
2014 |
2013 |
|
||||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
|
|
|
|
|
|
|
|
COMPANY |
5 |
4 |
|
|
|
|
|
|
|
|
Branch |
: |
NO
|
Other Information:
The Subject is principally engaged in the (as a / as an) trading of
computerized multi-head embroidery machines, industrial machinery and other
related equipment.
The Subject refused to disclose any information on its business
operations.
Latest fresh
investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
6566349780 |
|
Current Telephone Number |
: |
65-66349780 |
|
Match |
: |
YES |
|
|
|
|
|
Address Provided by Client |
: |
33 UBI AVENUE 3 #07-08 VERTEX SINGAPORE
408868 SINGAPORE |
|
Current Address |
: |
33, UBI AVENUE 3, 07-08 VERTEX, 408868,
SINGAPORE. |
|
Match |
: |
YES |
Other
Investigations
we contacted one of the staff from the Subject and she provided some information.
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Decreased |
[ |
12.41% |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
(108.85%) |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
5.53% |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
5.53% |
] |
|
|
|
|
|
|
|
|
|
|
The lower turnover could be due to the
intense market competition.The management had succeeded in turning the Subject
into a profit making company. The profit could be due to better control of
its operating costs and efficiency in utilising its resources. The
unfavourable return on shareholders' funds could indicate that the Subject
was inefficient in utilising its assets to generate returns. |
||||||
|
|
|
|
|
|
|
|
|
Working Capital
Control |
|
|
|
|
|
|
|
Stock Ratio |
: |
Favourable |
[ |
5 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
304 Days |
] |
|
|
Creditors Ratio |
: |
Unfavourable |
[ |
505 Days |
] |
|
|
|
|
|
|
|
|
|
|
The Subject's stocks were moving fast thus
reducing its holding cost. This had reduced funds being tied up in stocks.
The Subject's debtors ratio was high. The Subject should tighten its credit control
and improve its collection period. The unfavourable creditors' ratio could be
due to the Subject taking advantage of the credit granted by its suppliers.
However this may affect the goodwill between the Subject and its suppliers
and the Subject may inadvertently have to pay more for its future supplies. |
||||||
|
|
|
|
|
|
|
|
|
Liquidity |
|
|
|
|
|
|
|
Liquid Ratio |
: |
Acceptable |
[ |
0.84 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
0.85 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 |
: |
Nil |
[ |
0.00 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.00 Times |
] |
|
|
|
|
|
|
|
|
|
|
The Subject's interest cover was nil as it
did not pay any interest during the year. The Subject had no gearing and
hence it had virtually no financial risk. The Subject was financed by its shareholders'
funds and internally generated fund. During the economic downturn, the
Subject, having a zero gearing, will be able to compete better than those
which are highly geared in the same industry. |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall
Assessment : |
|
|
|
|
|
|
|
Although the Subject's turnover decreased,
its losses also decreased during the year. This could be the result of more
efficient control in its operating costs. The Subject's liquidity was at an acceptable
range. If the Subject is able to obtain further short term financing, it
should be able to meet all its short term obligations. The Subject 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 : LIMITED |
||||||
|
Major Economic
Indicators : |
2008 |
2009 |
2010 |
2011 |
2012 |
|
|
|
|
|
|
|
|
Population (Million) |
4.84 |
4.98 |
5.08 |
5.18 |
5.31 |
|
Gross Domestic Products ( % ) |
1.5 |
(0.8) |
14.5 |
4.9 |
1.3 |
|
Consumer Price Index |
6.6 |
0.6 |
2.8 |
5.2 |
4.6 |
|
Total Imports (Million) |
450,892.6 |
356,299.3 |
423,221.8 |
459,655.1 |
474,554.0 |
|
Total Exports (Million) |
476,762.2 |
391,118.1 |
478,840.7 |
514,741.2 |
510,329.0 |
|
|
|
|
|
|
|
|
Unemployment Rate (%) |
2.2 |
3.2 |
2.2 |
2.1 |
2.0 |
|
Tourist Arrival (Million) |
10.12 |
9.68 |
11.64 |
13.17 |
14.37 |
|
Hotel Occupancy Rate (%) |
81.0 |
75.8 |
85.6 |
86.5 |
86.4 |
|
Cellular Phone Subscriber (Million) |
1.31 |
1.37 |
1.43 |
1.50 |
1.52 |
|
|
|
|
|
|
|
|
Registration of New Companies (No.) |
25,327 |
26,414 |
29,798 |
32,317 |
31,892 |
|
Registration of New Companies (%) |
(2.2) |
4.3 |
12.8 |
8.5 |
(1.3) |
|
Liquidation of Companies (No.) |
10,493 |
22,393 |
15,126 |
19,005 |
17,218 |
|
Liquidation of Companies (%) |
13.7 |
113.4 |
(32.5) |
25.6 |
9.4 |
|
|
|
|
|
|
|
|
Registration of New Businesses (No.) |
24,850 |
26,876 |
23,978 |
23,494 |
24,788 |
|
Registration of New Businesses (%) |
0.36 |
8.15 |
(10.78) |
2.02 |
5.51 |
|
Liquidation of Businesses (No.) |
21,150 |
23,552 |
24,211 |
23,005 |
22,489 |
|
Liquidation of Businesses (%) |
(0.8) |
11.4 |
2.8 |
(5) |
(2.2) |
|
|
|
|
|
|
|
|
Bankruptcy Orders (No.) |
2,326 |
2,058 |
1,537 |
1,527 |
1,748 |
|
Bankruptcy Orders (%) |
(15.9) |
(11.5) |
(25.3) |
(0.7) |
14.5 |
|
Bankruptcy Discharges (No.) |
1,500 |
3,056 |
2,252 |
1,391 |
1,881 |
|
Bankruptcy Discharges (%) |
(7.7) |
103.7 |
(26.3) |
(38.2) |
35.2 |
|
|
|
|
|
|
|
|
INDUSTRIES ( %
of Growth ) : |
|
|
|
|
|
|
Agriculture |
|
|
|
|
|
|
Production of Principal Crops |
(0.32) |
3.25 |
(0.48) |
4.25 |
3.64 |
|
Fish Supply & Wholesale |
(6.31) |
(1.93) |
(10.5) |
12.10 |
(0.5) |
|
|
|
|
|
|
|
|
Manufacturing * |
74.6 |
71.5 |
92.8 |
100.0 |
100.3 |
|
Food, Beverages & Tobacco |
94.8 |
90.4 |
96.4 |
100.0 |
103.5 |
|
Textiles |
180.1 |
145.9 |
122.1 |
100.0 |
104.0 |
|
Wearing Apparel |
334.6 |
211.0 |
123.3 |
100.0 |
92.1 |
|
Leather Products & Footwear |
128.2 |
79.5 |
81.8 |
100.0 |
98.6 |
|
Wood & Wood Products |
132.0 |
101.4 |
104.0 |
100.0 |
95.5 |
|
Paper & Paper Products |
101.0 |
95.4 |
106.1 |
100.0 |
97.4 |
|
Printing & Media |
118.2 |
100.9 |
103.5 |
100.0 |
93.0 |
|
Crude Oil Refineries |
113.1 |
96.4 |
95.6 |
100.0 |
99.4 |
|
Chemical & Chemical Products |
84.5 |
80.3 |
97.6 |
100.0 |
100.5 |
|
Pharmaceutical Products |
43.7 |
49.1 |
75.3 |
100.0 |
109.7 |
|
Rubber & Plastic Products |
120.1 |
101.2 |
112.3 |
100.0 |
96.5 |
|
Non-metallic Mineral |
96.5 |
91.9 |
92.5 |
100.0 |
98.2 |
|
Basic Metals |
109.8 |
92.6 |
102.2 |
100.0 |
90.6 |
|
Fabricated Metal Products |
101.3 |
90.8 |
103.6 |
100.0 |
104.3 |
|
Machinery & Equipment |
65.0 |
57.3 |
78.5 |
100.0 |
112.9 |
|
Electrical Machinery |
81.7 |
86.8 |
124.1 |
100.0 |
99.3 |
|
Electronic Components |
93.1 |
85.2 |
113.6 |
100.0 |
90.6 |
|
Transport Equipment |
102.0 |
96.0 |
94.0 |
100.0 |
106.3 |
|
|
|
|
|
|
|
|
Construction |
45.90 |
(36.9) |
14.20 |
20.50 |
28.70 |
|
Real Estate |
(11.2) |
1.4 |
21.3 |
25.4 |
31.9 |
|
|
|
|
|
|
|
|
Services |
|
|
|
|
|
|
Electricity, Gas & Water |
(1.3) |
1.70 |
4.00 |
7.00 |
6.30 |
|
Transport, Storage & Communication |
11.60 |
3.90 |
12.80 |
7.40 |
5.30 |
|
Finance & Insurance |
(5.9) |
(16.4) |
(0.4) |
8.90 |
0.50 |
|
Government Services |
17.40 |
4.50 |
9.70 |
6.90 |
6.00 |
|
Education Services |
0.50 |
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 1990, the Subject is a
Private Limited company, focusing on trading of computerized multi-head embroidery
machines, industrial machinery and other related equipment. With over 2
decades of experience in the business, the Subject has fairly rich
experiences in the business and has achieved a certain market share. Having
strong support from its holding company has enabled the Subject to remain
competitive despite the challenging business environment. The capital
standing of the Subject is fair. With an adequate share capital, the Subject
has the potential of expanding its business in future. 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 5
employees. 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 Subject has
generated an unfavourable return on shareholders' funds indicating that the
management was inefficient in utilising its funds to generate return. The
Subject however managed to maintain an adequate liquidity level, indicating that
the Subject has the ability to meet its 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. Unfortunately, the
Subject suffered huge accumulated losses of JPY 212,847,000. Without a strong assets backing, the
Subject may face difficulties in getting loans for its future expansion and
continued growth. 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 limited 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. |
|
BARUDAN ASIA PTE
LTD |
|
Financial Year End |
2012-09-30 |
2011-09-30 |
|
Months |
12 |
12 |
|
Consolidated Account |
Company |
Company |
|
Audited Account |
YES |
YES |
|
Unqualified Auditor's Report (Clean
Opinion) |
YES |
YES |
|
Financial Type |
FULL |
FULL |
|
Currency |
JPY |
JPY |
|
|
|
|
|
TURNOVER |
1,482,594,000 |
1,692,674,000 |
|
Other Income |
715,000 |
8,508,000 |
|
|
---------------- |
---------------- |
|
Total Turnover |
1,483,309,000 |
1,701,182,000 |
|
Costs of Goods Sold |
(1,386,767,000) |
(1,718,690,000) |
|
|
---------------- |
---------------- |
|
Gross Profit |
96,542,000 |
(17,508,000) |
|
|
---------------- |
---------------- |
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
30,788,000 |
(183,511,000) |
|
SHARE OF PROFITS/(LOSSES) OF ASSOCIATED
COMPANIES |
(18,677,000) |
46,674,000 |
|
|
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
12,111,000 |
(136,837,000) |
|
Taxation |
- |
(16,307,000) |
|
|
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
12,111,000 |
(153,144,000) |
|
|
---------------- |
---------------- |
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
As previously reported |
(224,958,000) |
(71,814,000) |
|
|
---------------- |
---------------- |
|
As restated |
(224,958,000) |
(71,814,000) |
|
|
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
(212,847,000) |
(224,958,000) |
|
|
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
(212,847,000) |
(224,958,000) |
|
|
============= |
============= |
|
|
|
|
|
BARUDAN ASIA PTE
LTD |
|
ASSETS EMPLOYED: |
|
|
|
FIXED ASSETS |
250,000 |
1,139,000 |
|
|
|
|
|
LONG TERM
INVESTMENTS/OTHER ASSETS |
|
|
|
Associated companies |
504,431,000 |
523,108,000 |
|
Others |
1,520,000 |
899,000 |
|
|
---------------- |
---------------- |
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
505,951,000 |
524,007,000 |
|
|
|
|
|
|
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
506,201,000 |
525,146,000 |
|
|
|
|
|
CURRENT ASSETS |
|
|
|
Stocks |
19,009,000 |
128,258,000 |
|
Trade debtors |
1,233,570,000 |
1,153,025,000 |
|
Cash & bank balances |
380,664,000 |
390,280,000 |
|
|
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
1,633,243,000 |
1,671,563,000 |
|
|
---------------- |
---------------- |
|
TOTAL ASSET |
2,139,444,000 |
2,196,709,000 |
|
|
============= |
============= |
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
Trade creditors |
1,920,456,000 |
1,974,146,000 |
|
Provision for taxation |
- |
16,307,000 |
|
|
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
1,920,456,000 |
1,990,453,000 |
|
|
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
(287,213,000) |
(318,890,000) |
|
|
---------------- |
---------------- |
|
TOTAL NET ASSETS |
218,988,000 |
206,256,000 |
|
|
============= |
============= |
|
|
|
|
|
SHARE CAPITAL |
|
|
|
Ordinary share capital |
431,214,000 |
431,214,000 |
|
|
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
431,214,000 |
431,214,000 |
|
|
|
|
|
RESERVES |
|
|
|
Retained profit/(loss) carried forward |
(212,847,000) |
(224,958,000) |
|
Others |
516,000 |
- |
|
|
---------------- |
---------------- |
|
TOTAL RESERVES |
(212,331,000) |
(224,958,000) |
|
|
|
|
|
|
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
218,883,000 |
206,256,000 |
|
|
|
|
|
LONG TERM
LIABILITIES |
|
|
|
Deferred taxation |
105,000 |
- |
|
|
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
105,000 |
- |
|
|
---------------- |
---------------- |
|
|
218,988,000 |
206,256,000 |
|
|
============= |
============= |
|
|
|
|
|
BARUDAN ASIA PTE
LTD |
|
TYPES OF FUNDS |
|
|
|
Cash |
380,664,000 |
390,280,000 |
|
Net Liquid Funds |
380,664,000 |
390,280,000 |
|
Net Liquid Assets |
(306,222,000) |
(447,148,000) |
|
Net Current Assets/(Liabilities) |
(287,213,000) |
(318,890,000) |
|
Net Tangible Assets |
218,988,000 |
206,256,000 |
|
Net Monetary Assets |
(306,327,000) |
(447,148,000) |
|
BALANCE SHEET
ITEMS |
|
|
|
Total Borrowings |
0 |
0 |
|
Total Liabilities |
1,920,561,000 |
1,990,453,000 |
|
Total Assets |
2,139,444,000 |
2,196,709,000 |
|
Net Assets |
218,988,000 |
206,256,000 |
|
Net Assets Backing |
218,883,000 |
206,256,000 |
|
Shareholders' Funds |
218,883,000 |
206,256,000 |
|
Total Share Capital |
431,214,000 |
431,214,000 |
|
Total Reserves |
(212,331,000) |
(224,958,000) |
|
LIQUIDITY
(Times) |
|
|
|
Cash Ratio |
0.20 |
0.20 |
|
Liquid Ratio |
0.84 |
0.78 |
|
Current Ratio |
0.85 |
0.84 |
|
WORKING CAPITAL
CONTROL (Days) |
|
|
|
Stock Ratio |
5 |
28 |
|
Debtors Ratio |
304 |
249 |
|
Creditors Ratio |
505 |
419 |
|
SOLVENCY RATIOS
(Times) |
|
|
|
Gearing Ratio |
0.00 |
0.00 |
|
Liabilities Ratio |
8.77 |
9.65 |
|
Times Interest Earned Ratio |
0.00 |
0.00 |
|
Assets Backing Ratio |
0.51 |
0.48 |
|
PERFORMANCE
RATIO (%) |
|
|
|
Operating Profit Margin |
0.82 |
(8.08) |
|
Net Profit Margin |
0.82 |
(9.05) |
|
Return On Net Assets |
5.53 |
(66.34) |
|
Return On Capital Employed |
5.53 |
(66.34) |
|
Return On Shareholders' Funds/Equity |
5.53 |
(74.25) |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.00 |
|
NOTES TO
ACCOUNTS |
|
|
|
Contingent Liabilities |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.84 |
|
|
1 |
Rs.98.72 |
|
Euro |
1 |
Rs.78.64 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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.