|
Report No. : |
335083 |
|
Report Date : |
03.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
YAMAZAKI MAZAK SINGAPORE PTE LTD |
|
|
|
|
Registered Office : |
21, Joo Koon Circle, Jurong, 629053 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation : |
02.09.1988 |
|
|
|
|
Com. Reg. No.: |
198803160-G |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Manufacture and Repair of Machinery and Machine-Tools - Metal Cutting
Types |
|
|
|
|
No. of Employees : |
250 [2015] |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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. Unemployment is very low. The economy depends heavily on exports, particularly of consumer electronics, information technology products, medical and optical devices, pharmaceuticals, and on its vibrant transportation, business, and financial services sectors. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but has continued to grow since 2010 on the strength of renewed exports. Growth in 2014 was slower at 2.9%, largely a result of soft demand for exports amid a sluggish global economy and weak growth in Singapore’s manufacturing sector. The government is attempting to restructure Singapore’s economy by weaning its dependence on foreign labor, addressing weak productivity, and increasing Singaporean wages. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and high-tech hub. Singapore is a member of the 12-nation Trans-Pacific Partnership free trade negotiations, the Regional Comprehensive Economic Partnership negotiations with the nine other ASEAN members plus Australia, China, India, Japan, South Korea and New Zealand, and in 2015, Singapore will form, with the other ASEAN members, the ASEAN Economic Community.
|
Source
: CIA |
|
REGISTRATION
NO. |
: |
198803160-G |
|
COMPANY
NAME |
: |
YAMAZAKI
MAZAK SINGAPORE PTE LTD |
|
FORMER
NAME |
: |
N/A |
|
INCORPORATION
DATE |
: |
02/09/1988 |
|
COMPANY
STATUS |
: |
EXIST |
|
LEGAL
FORM |
: |
PRIVATE
LIMITED |
|
LISTED
STATUS |
: |
NO |
|
REGISTERED
ADDRESS |
: |
21,
JOO KOON CIRCLE, JURONG, 629053, SINGAPORE. |
|
BUSINESS
ADDRESS |
: |
21
JOO KOON CIRCLE, JURONG, 629053, SINGAPORE. |
|
TEL.NO. |
: |
65-68618760 |
|
FAX.NO. |
: |
65-68613276 |
|
WEB
SITE |
: |
WWW.MAZAK.COM.SG |
|
CONTACT
PERSON |
: |
TOSHIMITSU
KITO ( MANAGING DIRECTOR ) |
|
PRINCIPAL
ACTIVITY |
: |
MANUFACTURE
AND REPAIR OF MACHINERY AND MACHINE-TOOLS - METAL CUTTING TYPES |
|
ISSUED
AND PAID UP CAPITAL |
: |
22,200,000.00
ORDINARY SHARE, OF A VALUE OF SGD 22,200,000.00 |
|
SALES |
: |
SGD
156,725,538 [2014] |
|
NET
WORTH |
: |
SGD
165,210,645 [2014] |
|
STAFF
STRENGTH |
: |
250
[2015] |
|
LITIGATION |
: |
TRACED |
|
FINANCIAL
CONDITION |
: |
FAIR |
|
PAYMENT |
: |
FAIR |
|
MANAGEMENT
CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL
RISK |
: |
LOW |
|
CURRENCY
EXPOSURE |
: |
MODERATE |
|
GENERAL
REPUTATION |
: |
GOOD |
|
INDUSTRY
OUTLOOK |
: |
MATURE |
HISTORY/
BACKGROUND
|
The Subject is a private limited company and
is allowed to have a minimum of one and a maximum of forty-nine shareholders.
As a private limited company, the Subject must have at least two directors. A
private limited company is a separate legal entity from its shareholders. As a
separate legal entity, the Subject is capable of owning assets, entering into
contracts, sue or be sued by other companies. The liabilities of the
shareholders are to the extent of the equity they have taken up and the
creditors cannot claim on shareholders' personal assets even if the Subject is
insolvent. The Subject is governed by the Companies Act and the company must
file its annual returns, together with its financial statements with the
Registrar of Companies.
The Subject is principally engaged in the (as
a / as an) manufacture and repair of machinery and machine-tools - metal
cutting types.
Share
Capital History
|
Date |
Issue
& Paid Up Capital |
|
15/01/2015 |
SGD
22,200,000.00 |
The
major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
YAMAZAKI
MAZAK NEDERLAND B V |
PEPPELKADE
54, NL-3992, AK HOUTEN, NETHERLANDS. |
S88UF0387 |
22,200,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
22,200,000.00 |
100.00 |
|||
|
============ |
===== |
+
Also Director
DIRECTORS
|
DIRECTOR
1
|
Name
Of Subject |
: |
TOMOHISA
YAMAZAKI |
|
Address |
: |
61-4,
NANZAN, HIROKOJI-CHO, SHOWA-KU, NAGOYA-CITY, AICHI-PREF, JAPAN. |
|
IC
/ PP No |
: |
MM3623909 |
|
Nationality |
: |
JAPANESE |
|
Date
of Appointment |
: |
26/04/1996 |
DIRECTOR
2
|
Name
Of Subject |
: |
CHONG
KWAI SOON |
|
Address |
: |
717,
CLEMENTI WEST STREET, 2, 19-107, 120717, SINGAPORE. |
|
IC
/ PP No |
: |
S1525592G |
|
Nationality |
: |
SINGAPOREAN |
|
Date
of Appointment |
: |
25/09/2009 |
DIRECTOR
3
|
Name
Of Subject |
: |
SHIGEKI
OSAWA |
|
Address |
: |
38,
SHANGHAI ROAD, 12-03, THE MERCURY, 248201, SINGAPORE. |
|
IC
/ PP No |
: |
G3021937L |
|
Nationality |
: |
JAPANESE |
|
Date
of Appointment |
: |
25/09/2014 |
DIRECTOR
4
|
Name
Of Subject |
: |
MASANORI
IDO |
|
Address |
: |
1,
KIM SENG WALK, 08-01, 239403, SINGAPORE. |
|
IC
/ PP No |
: |
G5424089P |
|
Nationality |
: |
JAPANESE |
|
Date
of Appointment |
: |
15/05/2013 |
DIRECTOR
5
|
Name
Of Subject |
: |
TOSHIMITSU
KITO |
|
Address |
: |
5,
DRAYCOTT DRIVE, 12-01, THE ARC AT DRAYCOTT, 259420, SINGAPORE. |
|
IC
/ PP No |
: |
G5679693U |
|
Nationality |
: |
JAPANESE |
|
Date
of Appointment |
: |
17/02/2014 |
DIRECTOR
6
|
Name
Of Subject |
: |
VIVEK
SHARMA |
|
Address |
: |
G1801,
ONE NORTH, HADPSAR, PUNE, 411 028, INDIA. |
|
IC
/ PP No |
: |
Z2253064 |
|
Nationality |
: |
INDIAN |
|
Date
of Appointment |
: |
25/09/2009 |
DIRECTOR
7
|
Name
Of Subject |
: |
AKIMITSU
NAGAE |
|
Address |
: |
2-26-1,
ASAMIYA-CHO, KASUGAI-CITY AICHI-PREF, JAPAN. |
|
IC
/ PP No |
: |
TH2135107 |
|
Nationality |
: |
JAPANESE |
|
Date
of Appointment |
: |
25/09/2014 |
DIRECTOR
8
|
Name
Of Subject |
: |
MINORU
KITAYAMA |
|
Address |
: |
24-6,
YONO, OGUCHI-CHO, NIWAGUN AICHI-PREF, JAPAN. |
|
IC
/ PP No |
: |
TH7755441 |
|
Nationality |
: |
JAPANESE |
|
Date
of Appointment |
: |
25/09/2014 |
|
1)
|
Name
of Subject |
: |
MASANORI
IDO |
|
Position |
: |
MANAGING
DIRECTOR |
|
|
2)
|
Name
of Subject |
: |
TOSHIMITSU
KITO |
|
Position |
: |
MANAGING
DIRECTOR, MANAGING DIRECTOR |
|
Auditor |
: |
DELOITTE
& TOUCHE LLP |
|
Auditor'
Address |
: |
N/A |
|
1)
|
Company
Secretary |
: |
CHAN
LILY |
|
IC
/ PP No |
: |
S2668267C |
|
|
Address |
: |
259A,
COMPASSVALE ROAD, 13-609, 541259, SINGAPORE. |
|
No Banker found in our databank.
ENCUMBRANCE
(S)
|
No encumbrance was found in our databank at the time of investigation.
LITIGATION
CHECK AGAINST SUBJECT
|
* A check has been conducted in our databank against the Subject whether the
subject has been involved in any litigation.
|
LEGAL
ACTION |
|
||||||||||||
|
|||||||||||||
|
Code
No |
: |
99 |
Case
No |
: |
27397 |
||||||||
|
Year |
: |
2011 |
Place |
: |
SINGAPORE |
||||||||
|
Court |
: |
MAGISTRATE
COURT |
|||||||||||
|
Date
Filed |
: |
11/11/2011 |
|||||||||||
|
Solicitor
Ref |
: |
AM-INS-H3-79966-11-YL |
|||||||||||
|
Solicitor
Firm |
: |
VISION
LAW LLC |
|||||||||||
|
Plaintiff |
: |
NG
LAY HOE |
|||||||||||
|
Defendants |
: |
|
|||||||||||
|
Amount
Claimed |
: |
4060.20 |
|||||||||||
|
Nature
of Claim |
: |
SGD |
|||||||||||
|
Remark |
: |
TORT-NEGLIGENCE |
|||||||||||
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 |
[ |
] |
||||||
|
Fair
91-120 Days |
[ |
X |
] |
Poor
>120 Days |
[ |
] |
||||||||
|
Local |
: |
YES |
|||
|
Domestic
Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export
Market |
: |
ASIA |
|||
|
Credit
Term |
: |
30
- 60 DAYS |
|||
|
Payment
Mode |
: |
CHEQUES |
|||
|
Products
manufactured |
: |
|
|
|
Total
Number of Employees: |
|
||||||||
|
YEAR |
2015 |
2014 |
2013 |
2011 |
|||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
|||||
|
COMPANY |
250 |
250 |
250 |
200 |
|||||
|
Branch |
: |
NO |
Other
Information:
The Subject is principally engaged in the (as a / as an) manufacture and repair
of machinery and machine-tools - metal cutting types.
The Subject is engaged in the production of a variety of CNC turning machine
centers - from raw materials to finished machine.
The Subject engages in the constant research and development of original
products, technology and software by embracing machining technology and
information technology.
CURRENT
INVESTIGATION
|
Latest
fresh investigations carried out on the Subject indicated that:
|
Telephone
Number Provided By Client |
: |
N/A |
|
Current
Telephone Number |
: |
65-68618760 |
|
Match |
: |
N/A |
|
Address
Provided by Client |
: |
21
JOO KOON CIRCLE, JURONG,629053,SINGAPORE |
|
Current
Address |
: |
21
JOO KOON CIRCLE, JURONG, 629053, SINGAPORE. |
|
Match |
: |
YES |
Other
Investigations
We contacted one of the staff from the Subject and she provided some
information.
FINANCIAL
ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Decreased |
[ |
23.73% |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Decreased |
[ |
90.63% |
] |
|
|
Return
on Shareholder Funds |
: |
Unfavourable |
[ |
0.69% |
] |
|
|
Return
on Net Assets |
: |
Unfavourable |
[ |
0.68% |
] |
|
|
The
lower turnover could be due to the intense market competition.The Subject's profit
fell sharply because of the high operating costs incurred. 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 |
[ |
67
Days |
] |
|
|
Debtor
Ratio |
: |
Unfavourable |
[ |
98
Days |
] |
|
|
Creditors
Ratio |
: |
Unfavourable |
[ |
64
Days |
] |
|
|
The
Subject could be incurring higher holding cost. As its capital was tied up in
stocks, it could face liquidity problems. 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 |
: |
Favourable |
[ |
3.16
Times |
] |
|
|
Current
Ratio |
: |
Favourable |
[ |
3.86
Times |
] |
|
|
A
minimum liquid ratio of 1 should be maintained by the Subject in order to
assure its creditors of its ability to meet short term obligations and the
Subject was in a good liquidity position. Thus, we believe the Subject is
able to meet all its short term obligations as and when they fall due. |
||||||
|
Solvency |
||||||
|
Interest
Cover |
: |
Nil |
[ |
0.00
Times |
] |
|
|
Gearing
Ratio |
: |
Favourable |
[ |
0.00
Times |
] |
|
|
The
Subject's interest cover was nil as it did not pay any interest during the
year. The Subject had no gearing and hence it had virtually no financial
risk. The Subject was financed by its shareholders' funds and internally
generated fund. During the economic downturn, the Subject, having a zero
gearing, will be able to compete better than those which are highly geared in
the same industry. |
||||||
|
Overall
Assessment : |
||||||
|
The
Subject's performance deteriorated over the years with lower turnover and
profit. The Subject was in good liquidity position with its total current
liabilities well covered by its total current assets. With its current net
assets, the Subject should be able to repay its short term obligations. The
Subject did not make any interest payment during the year. The Subject was
dependent on its shareholders' funds to finance its business needs. The
Subject was a zero gearing company, it was solely dependant on its
shareholders to provide funds to finance its business. The Subject has good
chance of getting loans, if the needs arises. |
||||||
|
Overall
financial condition of the Subject : FAIR |
||||||
|
Major
Economic Indicators : |
2009 |
2010 |
2011 |
2012 |
2013 |
|
|
|||||
|
Population
(Million) |
4.98 |
5.08 |
5.18 |
5.31 |
5.40 |
|
Gross
Domestic Products ( % ) |
(0.8) |
14.5 |
4.9 |
1.3 |
3.7 |
|
Consumer
Price Index |
0.6 |
2.8 |
5.2 |
4.6 |
2.4 |
|
Total
Imports (Million) |
356,299.3 |
423,221.8 |
459,655.1 |
474,554.0 |
466,762.0 |
|
Total
Exports (Million) |
391,118.1 |
478,840.7 |
514,741.2 |
510,329.0 |
513,391.0 |
|
|
|||||
|
Unemployment
Rate (%) |
3.2 |
2.2 |
2.1 |
2.0 |
1.9 |
|
Tourist
Arrival (Million) |
9.68 |
11.64 |
13.17 |
14.49 |
15.46 |
|
Hotel
Occupancy Rate (%) |
75.8 |
85.6 |
86.5 |
86.4 |
86.3 |
|
Cellular
Phone Subscriber (Million) |
1.37 |
1.43 |
1.50 |
1.52 |
1.97 |
|
|
|||||
|
Registration
of New Companies (No.) |
26,414 |
29,798 |
32,317 |
31,892 |
37,288 |
|
Registration
of New Companies (%) |
4.3 |
12.8 |
8.5 |
(1.3) |
9.8 |
|
Liquidation
of Companies (No.) |
22,393 |
15,126 |
19,005 |
17,218 |
17,369 |
|
Liquidation
of Companies (%) |
113.4 |
(32.5) |
25.6 |
9.4 |
(5.3) |
|
|
|||||
|
Registration
of New Businesses (No.) |
26,876 |
23,978 |
23,494 |
24,788 |
22,893 |
|
Registration
of New Businesses (%) |
8.15 |
(10.78) |
2.02 |
5.51 |
1.70 |
|
Liquidation
of Businesses (No.) |
23,552 |
24,211 |
23,005 |
22,489 |
22,598 |
|
Liquidation
of Businesses (%) |
11.4 |
2.8 |
(5) |
(2.2) |
0.5 |
|
|
|||||
|
Bankruptcy
Orders (No.) |
2,058 |
1,537 |
1,527 |
1,748 |
1,992 |
|
Bankruptcy
Orders (%) |
(11.5) |
(25.3) |
(0.7) |
14.5 |
14.0 |
|
Bankruptcy
Discharges (No.) |
3,056 |
2,252 |
1,391 |
1,881 |
2,584 |
|
Bankruptcy
Discharges (%) |
103.7 |
(26.3) |
(38.2) |
35.2 |
37.4 |
|
|
|||||
|
INDUSTRIES
( % of Growth ) : |
|||||
|
Agriculture |
|||||
|
Production
of Principal Crops |
3.25 |
(0.48) |
4.25 |
3.64 |
- |
|
Fish
Supply & Wholesale |
(1.93) |
(10.5) |
12.10 |
(0.5) |
- |
|
|
|||||
|
Manufacturing
* |
71.5 |
92.8 |
100.0 |
100.3 |
102.0 |
|
Food,
Beverages & Tobacco |
90.4 |
96.4 |
100.0 |
103.5 |
103.5 |
|
Textiles |
145.9 |
122.1 |
100.0 |
104.0 |
87.1 |
|
Wearing
Apparel |
211.0 |
123.3 |
100.0 |
92.1 |
77.8 |
|
Leather
Products & Footwear |
79.5 |
81.8 |
100.0 |
98.6 |
109.8 |
|
Wood
& Wood Products |
101.4 |
104.0 |
100.0 |
95.5 |
107.4 |
|
Paper
& Paper Products |
95.4 |
106.1 |
100.0 |
97.4 |
103.2 |
|
Printing
& Media |
100.9 |
103.5 |
100.0 |
93.0 |
86.1 |
|
Crude
Oil Refineries |
96.4 |
95.6 |
100.0 |
99.4 |
93.5 |
|
Chemical
& Chemical Products |
80.3 |
97.6 |
100.0 |
100.5 |
104.1 |
|
Pharmaceutical
Products |
49.1 |
75.3 |
100.0 |
109.7 |
107.2 |
|
Rubber
& Plastic Products |
101.2 |
112.3 |
100.0 |
96.5 |
92.9 |
|
Non-metallic
Mineral |
91.9 |
92.5 |
100.0 |
98.2 |
97.6 |
|
Basic
Metals |
92.6 |
102.2 |
100.0 |
90.6 |
76.5 |
|
Fabricated
Metal Products |
90.8 |
103.6 |
100.0 |
104.3 |
105.1 |
|
Machinery
& Equipment |
57.3 |
78.5 |
100.0 |
112.9 |
114.5 |
|
Electrical
Machinery |
86.8 |
124.1 |
100.0 |
99.3 |
108.5 |
|
Electronic
Components |
85.2 |
113.6 |
100.0 |
90.6 |
94.3 |
|
Transport
Equipment |
96.0 |
94.0 |
100.0 |
106.3 |
107.5 |
|
|
|||||
|
Construction |
(36.9) |
14.20 |
20.50 |
28.70 |
- |
|
Real
Estate |
1.4 |
21.3 |
25.4 |
31.9 |
- |
|
|
|||||
|
Services |
|||||
|
Electricity,
Gas & Water |
1.70 |
4.00 |
7.00 |
6.30 |
- |
|
Transport,
Storage & Communication |
3.90 |
12.80 |
7.40 |
5.30 |
- |
|
Finance
& Insurance |
(16.4) |
(0.4) |
8.90 |
0.50 |
- |
|
Government
Services |
4.50 |
9.70 |
6.90 |
6.00 |
- |
|
Education
Services |
0.10 |
(0.9) |
(1.4) |
0.30 |
- |
|
|
|||||
|
*
Based on Index of Industrial Production (2011 = 100) |
INDUSTRY
ANALYSIS
|
|
INDUSTRY
: |
MANUFACTURING |
|
In
the third quarter of 2014, manufacturing output has increased by 1.9%,
extending the 1.5% growth in the previous quarter. Growth was largely driven by
the biomedical manufacturing and chemicals clusters. Besides, for the whole
2013, the manufacturing sector grew by 1.7%, an uptick from the 0.3% growth
recorded in the previous year. All clusters recorded an expansion in 2013,
except the biomedical manufacturing cluster. |
|
|
The
chemicals cluster grew by 5.2% in the third quarter of 2014. Growth was led
by the petrochemicals and specialty chemicals segments, which expanded by
8.9% and 7.1% respectively. By contrast, the petroleum segment contracted by
4.2% in the third quarter of 2014 due to plant maintenance shutdowns. For the
year of 2013, the chemicals cluster grew only by 0.7%. |
|
|
Besides,
output of the biomedical manufacturing cluster expanded by 9.0% in the third quarter
of 2014. The medical technology segment posted robust growth of 23% due to
higher production of medical instruments and supplies, while the output of
the pharmaceuticals segment rose by 6.2%. However, in the whole of 2013, the
biomedical manufacturing cluster recorded only a flat growth. |
|
|
In
the third quarter of 2014, the transport engineering cluster contracted by
2.0%, dragged down by the aerospace segment. Output in the aerospace segment
plunged by 18% on the back of fewer repair jobs from commercial airlines.
This was mitigated by the 4.1% growth in the marine & offshore
engineering segment, which was supported by higher contributions from rig
building projects. Nonetheless, for the whole of 2013, the transport
engineering cluster grew by 5.2%. |
|
|
Moreover,
output of the precision engineering cluster increased by 1.3% in the third
quarter of 2014. The machinery & systems segment grew by 6.2%, supported
by higher demand for semiconductor-related equipment and mechanical
engineering work. This was partly offset by the decline in the output of the
precision modules & components segment. Conversely, in the full year of
2013, the precision engineering cluster's output declined by 5.6%. |
|
|
Furthermore,
in the third quarter of 2014, output of the general manufacturing industries
declined by 3.0%. The 2.1% growth in the food, beverages & tobacco
segment was more than offset by declines in the other two segments. In
particular, the miscellaneous industries segment contracted by 4.7% on the
back of lower output in construction-related products, such as concrete &
cement products and steel structural components. For the full year of 2013,
the general manufacturing cluster grew by 2.8%. |
|
|
Besides,
in the third quarter of 2014, the electronics cluster expanded by 0.9%,
reversing the 5.0% contraction in the previous quarter. Growth was supported
by an expansion in the computer peripherals (6.3%) and data storage (2.6%)
segments. Moreover, for the year 2013, the electronics cluster expanded by
3.5%. |
|
|
OVERALL
INDUSTRY OUTLOOK : MATURE |
|
CREDIT
RISK EVALUATION & RECOMMENDATION
|
|
Incorporated in 1988, the Subject is a Private
Limited company, focusing on manufacture and repair of machinery and
machine-tools - metal cutting types. 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. The Subject is a large
entity with strong capital position of SGD 22,200,000. We are confident with
the Subject's business and its future growth prospect. Having strong support
from its shareholder has enabled the Subject to remain competitive despite
the challenging business environment.
|
|
|
PROFIT
AND LOSS ACCOUNT
|
|
THE
FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL
REPORTING STANDARDS. |
|
YAMAZAKI
MAZAK SINGAPORE PTE LTD |
|
Financial
Year End |
2014-03-31 |
2013-03-31 |
2012-03-31 |
2011-03-31 |
2010-03-31 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated
Account |
GROUP |
GROUP |
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 |
SUMMARY |
FULL |
|
Currency |
SGD |
SGD |
SGD |
SGD |
SGD |
|
TURNOVER |
156,725,538 |
205,491,741 |
203,285,084 |
153,524,494 |
112,027,028 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total
Turnover |
156,725,538 |
205,491,741 |
203,285,084 |
153,524,494 |
112,027,028 |
|
Costs
of Goods Sold |
(135,018,575) |
(177,108,489) |
(176,431,215) |
- |
(96,427,126) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross
Profit |
21,706,963 |
28,383,252 |
26,853,869 |
- |
15,599,902 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
1,132,224 |
11,284,422 |
9,690,588 |
3,698,835 |
1,185,620 |
|
SHARE
OF PROFITS/(LOSSES) OF ASSOCIATED COMPANIES |
(6,331) |
727,331 |
853,398 |
- |
77,769 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
1,125,893 |
12,011,753 |
10,543,986 |
3,698,835 |
1,263,389 |
|
Taxation |
9,689 |
(1,960,411) |
(1,660,184) |
(796,378) |
(746,949) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
1,135,582 |
10,051,342 |
8,883,802 |
2,902,457 |
516,440 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE EXTRAORDINARY ITEMS |
1,135,582 |
10,051,342 |
8,883,802 |
2,902,457 |
516,440 |
|
Extraordinary
items |
1,114 |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
ATTRIBUTABLE TO SHAREHOLDERS |
1,136,696 |
10,051,342 |
8,883,802 |
2,902,457 |
516,440 |
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As
previously reported |
142,114,711 |
132,063,369 |
127,619,567 |
124,717,110 |
124,200,670 |
|
Prior
year adjustment |
- |
- |
(4,440,000) |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As
restated |
142,114,711 |
132,063,369 |
123,179,567 |
124,717,110 |
124,200,670 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
143,251,407 |
142,114,711 |
132,063,369 |
127,619,567 |
124,717,110 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
143,251,407 |
142,114,711 |
132,063,369 |
127,619,567 |
124,717,110 |
|
============= |
============= |
============= |
============= |
============= |
|
|
YAMAZAKI
MAZAK SINGAPORE PTE LTD |
|
ASSETS
EMPLOYED: |
|||||
|
FIXED
ASSETS |
43,823,188 |
21,459,500 |
14,766,649 |
21,707,239 |
19,289,345 |
|
Associated
companies |
3,681,563 |
4,679,581 |
4,986,093 |
- |
5,436,447 |
|
Deferred
assets |
8,116 |
- |
- |
- |
- |
|
Others |
50,504 |
9,304,859 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM INVESTMENTS/OTHER ASSETS |
3,740,183 |
13,984,440 |
4,986,093 |
- |
5,436,447 |
|
Goodwill
on consolidation |
- |
- |
51,000 |
- |
51,000 |
|
Others |
51,000 |
51,000 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
INTANGIBLE ASSETS |
51,000 |
51,000 |
51,000 |
- |
51,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM ASSETS |
47,614,371 |
35,494,940 |
19,803,742 |
21,707,239 |
24,776,792 |
|
Stocks |
28,850,751 |
26,473,686 |
28,211,097 |
- |
25,408,941 |
|
Trade
debtors |
42,246,494 |
61,687,502 |
51,094,861 |
- |
48,245,286 |
|
Other
debtors, deposits & prepayments |
731,661 |
767,336 |
458,790 |
- |
849,255 |
|
Short
term deposits |
49,342,000 |
55,116,700 |
75,857,130 |
- |
49,862,750 |
|
Amount
due from associated companies |
- |
290,510 |
- |
- |
- |
|
Cash
& bank balances |
37,555,747 |
28,547,968 |
43,263,435 |
- |
29,954,599 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT ASSETS |
158,726,653 |
172,883,702 |
198,885,313 |
173,023,251 |
154,320,831 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
ASSET |
206,341,024 |
208,378,642 |
218,689,055 |
194,730,490 |
179,097,623 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade
creditors |
23,657,142 |
33,246,921 |
51,594,384 |
- |
30,436,863 |
|
Other
creditors & accruals |
13,052,975 |
4,294,223 |
4,894,075 |
- |
- |
|
Provision
for taxation |
590,667 |
2,158,976 |
2,358,966 |
- |
526,908 |
|
Other
liabilities |
3,797,132 |
6,982,206 |
7,525,465 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT LIABILITIES |
41,097,916 |
46,682,326 |
66,372,890 |
49,343,556 |
30,963,771 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET
CURRENT ASSETS/(LIABILITIES) |
117,628,737 |
126,201,376 |
132,512,423 |
123,679,695 |
123,357,060 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
NET ASSETS |
165,243,108 |
161,696,316 |
152,316,165 |
145,386,934 |
148,133,852 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE
CAPITAL |
|||||
|
Ordinary
share capital |
22,200,000 |
22,200,000 |
22,200,000 |
22,200,000 |
22,200,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
SHARE CAPITAL |
22,200,000 |
22,200,000 |
22,200,000 |
22,200,000 |
22,200,000 |
|
Exchange
equalisation/fluctuation reserve |
(243,352) |
1,086 |
- |
- |
- |
|
Retained
profit/(loss) carried forward |
143,251,407 |
142,114,711 |
132,063,369 |
127,619,567 |
124,717,110 |
|
Others |
0 |
(2,931,185) |
(3,472,502) |
- |
(2,258) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
RESERVES |
143,008,055 |
139,184,612 |
128,590,867 |
123,186,934 |
124,714,852 |
|
MINORITY
INTEREST |
2,590 |
3,704 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
165,210,645 |
161,388,316 |
150,790,867 |
145,386,934 |
146,914,852 |
|
Deferred
taxation |
- |
308,000 |
359,000 |
- |
1,219,000 |
|
Retirement
benefits provision |
32,463 |
- |
- |
- |
- |
|
Others |
- |
- |
1,166,298 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM LIABILITIES |
32,463 |
308,000 |
1,525,298 |
- |
1,219,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
165,243,108 |
161,696,316 |
152,316,165 |
145,386,934 |
148,133,852 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
YAMAZAKI
MAZAK SINGAPORE PTE LTD |
|
TYPES
OF FUNDS |
|||||
|
Cash |
86,897,747 |
83,664,668 |
119,120,565 |
- |
79,817,349 |
|
Net
Liquid Funds |
86,897,747 |
83,664,668 |
119,120,565 |
- |
79,817,349 |
|
Net
Liquid Assets |
88,777,986 |
99,727,690 |
104,301,326 |
123,679,695 |
97,948,119 |
|
Net
Current Assets/(Liabilities) |
117,628,737 |
126,201,376 |
132,512,423 |
123,679,695 |
123,357,060 |
|
Net
Tangible Assets |
165,192,108 |
161,645,316 |
152,265,165 |
145,386,934 |
148,082,852 |
|
Net
Monetary Assets |
88,745,523 |
99,419,690 |
102,776,028 |
123,679,695 |
96,729,119 |
|
BALANCE
SHEET ITEMS |
|||||
|
Total
Borrowings |
0 |
0 |
0 |
- |
0 |
|
Total
Liabilities |
41,130,379 |
46,990,326 |
67,898,188 |
49,343,556 |
32,182,771 |
|
Total
Assets |
206,341,024 |
208,378,642 |
218,689,055 |
194,730,490 |
179,097,623 |
|
Net
Assets |
165,243,108 |
161,696,316 |
152,316,165 |
145,386,934 |
148,133,852 |
|
Net
Assets Backing |
165,210,645 |
161,388,316 |
150,790,867 |
145,386,934 |
146,914,852 |
|
Shareholders'
Funds |
165,210,645 |
161,388,316 |
150,790,867 |
145,386,934 |
146,914,852 |
|
Total
Share Capital |
22,200,000 |
22,200,000 |
22,200,000 |
22,200,000 |
22,200,000 |
|
Total
Reserves |
143,008,055 |
139,184,612 |
128,590,867 |
123,186,934 |
124,714,852 |
|
LIQUIDITY
(Times) |
|||||
|
Cash
Ratio |
2.11 |
1.79 |
1.79 |
- |
2.58 |
|
Liquid
Ratio |
3.16 |
3.14 |
2.57 |
- |
4.16 |
|
Current
Ratio |
3.86 |
3.70 |
3.00 |
3.51 |
4.98 |
|
WORKING
CAPITAL CONTROL (Days) |
|||||
|
Stock
Ratio |
67 |
47 |
51 |
- |
83 |
|
Debtors
Ratio |
98 |
110 |
92 |
- |
157 |
|
Creditors
Ratio |
64 |
69 |
107 |
- |
115 |
|
SOLVENCY
RATIOS (Times) |
|||||
|
Gearing
Ratio |
0.00 |
0.00 |
0.00 |
- |
0.00 |
|
Liabilities
Ratio |
0.25 |
0.29 |
0.45 |
0.34 |
0.22 |
|
Times
Interest Earned Ratio |
0.00 |
0.00 |
0.00 |
- |
0.00 |
|
Assets
Backing Ratio |
7.44 |
7.28 |
6.86 |
6.55 |
6.67 |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating
Profit Margin |
0.72 |
5.85 |
5.19 |
2.41 |
1.13 |
|
Net
Profit Margin |
0.72 |
4.89 |
4.37 |
1.89 |
0.46 |
|
Return
On Net Assets |
0.68 |
7.43 |
6.92 |
2.54 |
0.85 |
|
Return
On Capital Employed |
0.68 |
7.43 |
6.92 |
2.54 |
0.85 |
|
Return
On Shareholders' Funds/Equity |
0.69 |
6.23 |
5.89 |
2.00 |
0.35 |
|
Dividend
Pay Out Ratio (Times) |
0.00 |
0.00 |
0.00 |
- |
0.00 |
|
NOTES
TO ACCOUNTS |
|||||
|
Contingent
Liabilities |
0 |
0 |
0 |
- |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.01 |
|
|
1 |
Rs.99.84 |
|
Euro |
1 |
Rs.70.16 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
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.