|
EXECUTIVE
SUMMARY
|
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
|
:
|
TOMOHISA YAMAZAKI ( 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
|
:
|
GOOD
|
|
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
|
|
05/08/2015
|
SGD 22,200,000.00
|
The major shareholder(s)
of the Subject are shown as follows :
Current
Shareholder(s) :
|
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
The Subject's
interest in other companies (Subsidiaries/Associates) are shown as follow :
Local No
|
Country
|
Company
|
(%)
|
As At
|
|
011517
|
VIETNAM
|
YAMAZAKI MAZAK VIETNAM COMPANY LIMITED
|
100.00
|
31/03/2014
|
|
|
|
|
|
|
INDONESIA
|
PT. YAMAZAKI MAZAK (INDONESIA)
|
99.00
|
31/03/2014
|
|
|
|
|
|
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, MERCURY, THE, 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, ARC AT DRAYCOTT, THE, 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
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 9
|
Name Of Subject
|
:
|
TOSHIHARU SHIMIZU
|
|
Address
|
:
|
188, KENG LEE ROAD, 13-04, ROCHELLE AT NEWTON, 308414, SINGAPORE.
|
|
IC / PP No
|
:
|
G3107415R
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
JAPANESE
|
|
Date of Appointment
|
:
|
19/01/2015
|
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
TOMOHISA YAMAZAKI
|
|
Position
|
:
|
DIRECTOR
|
AUDITOR
|
Auditor
|
:
|
DELOITTE & TOUCHE LLP
|
|
Auditor' Address
|
:
|
N/A
|
|
|
|
|
|
|
COMPANY
SECRETARIES
|
1)
|
Company Secretary
|
:
|
CHAN LILY
|
|
IC / PP No
|
:
|
S2668267C
|
|
|
|
|
|
Address
|
:
|
259A, COMPASSVALE ROAD, 13-609, 541259, SINGAPORE.
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKING
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
|
:
|
|
YAMAZAKI MAZAK SINGAPORE PTE LTD (198803160)
|
|
|
|
|
|
|
|
Amount Claimed
|
:
|
4060.20
|
|
|
|
|
|
|
|
|
|
Nature of Claim
|
:
|
SGD
|
|
|
|
|
|
|
|
|
|
Remark
|
:
|
TORT-NEGLIGENCE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
No winding up petition was found in our databank
|
|
|
|
PAYMENT
RECORD
|
|
|
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
|
[
|
X
|
]
|
|
Average 61-90 Days
|
[
|
|
]
|
|
|
Fair 91-120 Days
|
[
|
|
]
|
|
Poor >120 Days
|
[
|
|
]
|
|
|
|
|
|
|
CLIENTELE
|
Local
|
:
|
YES
|
|
Domestic Markets
|
:
|
SINGAPORE
|
|
Overseas
|
:
|
YES
|
|
|
|
|
Export Market
|
:
|
ASIA
|
|
Credit Term
|
:
|
30 - 60 DAYS
|
|
|
|
|
|
|
|
Payment Mode
|
:
|
CHEQUES
TELEGRAPHIC TRANSFER (TT)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS
|
Products manufactured
|
:
|
|
MACHINERY AND MACHINE TOOLS, METAL CUTTING AND METAL FORMING TYPES
|
|
|
|
|
|
Total Number of Employees:
|
|
|
YEAR
|
2015
|
2014
|
2013
|
2011
|
|
|
|
|
|
|
|
GROUP
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
|
COMPANY
|
250
|
250
|
250
|
200
|
|
|
|
|
|
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
|
:
|
65 68621131
|
|
Current Telephone Number
|
:
|
65-68618760
|
|
Match
|
:
|
YES
|
|
|
|
|
Address Provided by Client
|
:
|
21 JOO KOON CIRCLE, JURONG, SINGAPORE 629053
|
|
Current Address
|
:
|
21 JOO KOON CIRCLE, JURONG, 629053, SINGAPORE.
|
|
Match
|
:
|
YES
|
|
|
|
Other
Investigations
On 5th August 2015 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
|
:
|
Favourable
|
[
|
17 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 Subject had a favourable creditors' ratio where
the Subject could be taking advantage of the cash discounts and also
wanting to maintain goodwill with its creditors.
|
|
|
|
|
|
|
|
|
Liquidity
|
|
|
|
|
|
|
|
Liquid Ratio
|
:
|
Favourable
|
[
|
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
|
SINGAPORE ECONOMIC / INDUSTRY
OUTLOOK
|
Major Economic Indicators :
|
2010
|
2011
|
2012
|
2013
|
2014
|
|
|
|
|
|
|
|
|
Population (Million)
|
5.08
|
5.18
|
5.31
|
5.40
|
5.47
|
|
Gross Domestic Products ( % )
|
14.5
|
4.9
|
1.3
|
3.7
|
(3.5)
|
|
Consumer Price Index
|
2.8
|
5.2
|
4.6
|
2.4
|
2.4
|
|
Total Imports (Million)
|
423,221.8
|
459,655.1
|
474,554.0
|
466,762.0
|
463,779.1
|
|
Total Exports (Million)
|
478,840.7
|
514,741.2
|
510,329.0
|
513,391.0
|
518,922.7
|
|
|
|
|
|
|
|
|
Unemployment Rate (%)
|
2.2
|
2.1
|
2.0
|
1.9
|
1.9
|
|
Tourist Arrival (Million)
|
11.64
|
13.17
|
14.49
|
15.46
|
15.01
|
|
Hotel Occupancy Rate (%)
|
85.6
|
86.5
|
86.4
|
86.3
|
85.5
|
|
Cellular Phone Subscriber (Million)
|
1.43
|
1.50
|
1.52
|
1.97
|
1.98
|
|
|
|
|
|
|
|
|
Registration of New Companies (No.)
|
29,798
|
32,317
|
31,892
|
37,288
|
41,589
|
|
Registration of New Companies (%)
|
12.8
|
8.5
|
(1.3)
|
9.8
|
11.5
|
|
Liquidation of Companies (No.)
|
15,126
|
19,005
|
17,218
|
17,369
|
18,767
|
|
Liquidation of Companies (%)
|
(32.5)
|
25.6
|
9.4
|
(5.3)
|
8.0
|
|
|
|
|
|
|
|
|
Registration of New Businesses (No.)
|
23,978
|
23,494
|
24,788
|
22,893
|
35,773
|
|
Registration of New Businesses (%)
|
(10.78)
|
2.02
|
5.51
|
1.70
|
56.30
|
|
Liquidation of Businesses (No.)
|
24,211
|
23,005
|
22,489
|
22,598
|
22,098
|
|
Liquidation of Businesses (%)
|
2.8
|
(5)
|
(2.2)
|
0.5
|
(2.2)
|
|
|
|
|
|
|
|
|
Bankruptcy Orders (No.)
|
1,537
|
1,527
|
1,748
|
1,992
|
1,757
|
|
Bankruptcy Orders (%)
|
(25.3)
|
(0.7)
|
14.5
|
14.0
|
(11.8)
|
|
Bankruptcy Discharges (No.)
|
2,252
|
1,391
|
1,881
|
2,584
|
3,546
|
|
Bankruptcy Discharges (%)
|
(26.3)
|
(38.2)
|
35.2
|
37.4
|
37.2
|
|
|
|
|
|
|
|
|
INDUSTRIES ( % of Growth ) :
|
|
|
|
|
|
|
Agriculture
|
|
|
|
|
|
|
Production of Principal Crops
|
(0.48)
|
4.25
|
3.64
|
-
|
|
|
Fish Supply & Wholesale
|
(10.5)
|
12.10
|
(0.5)
|
-
|
2.80
|
|
|
|
|
|
|
|
|
Manufacturing *
|
92.8
|
100.0
|
100.3
|
102.0
|
|
|
Food, Beverages & Tobacco
|
96.4
|
100.0
|
103.5
|
103.5
|
105.0
|
|
Textiles
|
122.1
|
100.0
|
104.0
|
87.1
|
74.9
|
|
Wearing Apparel
|
123.3
|
100.0
|
92.1
|
77.8
|
49.5
|
|
Leather Products & Footwear
|
81.8
|
100.0
|
98.6
|
109.8
|
95.9
|
|
Wood & Wood Products
|
104.0
|
100.0
|
95.5
|
107.4
|
112.0
|
|
Paper & Paper Products
|
106.1
|
100.0
|
97.4
|
103.2
|
103.4
|
|
Printing & Media
|
103.5
|
100.0
|
93.0
|
86.1
|
80.3
|
|
Crude Oil Refineries
|
95.6
|
100.0
|
99.4
|
93.5
|
85.6
|
|
Chemical & Chemical Products
|
97.6
|
100.0
|
100.5
|
104.1
|
114.0
|
|
Pharmaceutical Products
|
75.3
|
100.0
|
109.7
|
107.2
|
115.7
|
|
Rubber & Plastic Products
|
112.3
|
100.0
|
96.5
|
92.9
|
92.8
|
|
Non-metallic Mineral
|
92.5
|
100.0
|
98.2
|
97.6
|
82.2
|
|
Basic Metals
|
102.2
|
100.0
|
90.6
|
76.5
|
98.3
|
|
Fabricated Metal Products
|
103.6
|
100.0
|
104.3
|
105.1
|
105.1
|
|
Machinery & Equipment
|
78.5
|
100.0
|
112.9
|
114.5
|
124.0
|
|
Electrical Machinery
|
124.1
|
100.0
|
99.3
|
108.5
|
121.3
|
|
Electronic Components
|
113.6
|
100.0
|
90.6
|
94.3
|
95.0
|
|
Transport Equipment
|
94.0
|
100.0
|
106.3
|
107.5
|
103.2
|
|
|
|
|
|
|
|
|
Construction
|
14.20
|
20.50
|
28.70
|
-
|
22.00
|
|
Real Estate
|
21.3
|
25.4
|
31.9
|
-
|
145.1
|
|
|
|
|
|
|
|
|
Services
|
|
|
|
|
|
|
Electricity, Gas & Water
|
4.00
|
7.00
|
6.30
|
-
|
|
|
Transport, Storage & Communication
|
12.80
|
7.40
|
5.30
|
-
|
14.20
|
|
Finance & Insurance
|
(0.4)
|
8.90
|
0.50
|
-
|
6.00
|
|
Government Services
|
9.70
|
6.90
|
6.00
|
-
|
|
|
Education Services
|
(0.9)
|
(1.4)
|
0.30
|
-
|
5.98
|
|
|
|
|
|
|
|
|
* 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.
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 a
fairly large and rapidly growing company with over 250 staff in its
operations Overall, we regard that the Subject's management capability is
average. This indicates that the Subject has greater potential to improve
its business performance and raising income for the Subject.
The Subject's business performance showed a reverse trend as both its
turnover and pre-tax profit have decreased 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 is in good liquidity position with its current
liabilities well covered by it current assets. Hence, it has sufficient
working capital to meet its short term financial obligations. Being a zero
geared company, the Subject virtually has no financial risk as it is mainly
dependent on its internal funds to finance its business. Given a positive
net worth standing at SGD 165,210,645, the Subject should be able to
maintain its business in the near terms.
The Subject's supplier are from both the local and overseas countries. This
will eliminates the risk of dependency on deliveries from a number of key
suppliers and insufficient quantities of its raw materials. Overall the
Subject has a good control over its resources.
Overall, the Subject's payment habit is good as the Subject has a good
credit control and it could be taking advantage of the cash discounts while
maintaining a good reputation with its creditors.
The industry has reached its optimum level and is generally stable. It is
saturated and very competitive. Thus, the Subject's growth prospect is very
much depends on its capacity in sustaining its performance in the market.
Based on the above condition, we recommend credit be granted to the Subject
promptly.
|
|
|
PROFIT
AND LOSS ACCOUNT
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE
FINANCIAL REPORTING STANDARDS.
|
|
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
|
1,125,893
|
12,011,753
|
9,690,588
|
3,698,835
|
1,185,620
|
|
SHARE OF PROFITS/(LOSSES) OF ASSOCIATED COMPANIES
|
-
|
-
|
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
|
|
Minority interests
|
1,114
|
-
|
-
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS
|
1,136,696
|
10,051,342
|
8,883,802
|
2,902,457
|
516,440
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
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
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
|
INTEREST EXPENSE (as per notes to P&L)
|
|
|
|
|
|
|
DEPRECIATION (as per notes to P&L)
|
3,216,429
|
2,866,589
|
2,903,590
|
-
|
3,288,747
|
|
----------------
|
----------------
|
----------------
|
----------------
|
----------------
|
|
3,216,429
|
2,866,589
|
2,903,590
|
-
|
3,288,747
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
BALANCE
SHEET
|
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
|
|
|
|
|
|
|
|
INTANGIBLE ASSETS
|
|
|
|
|
|
|
Deferred/Expenditure carried forward
|
51,000
|
51,000
|
-
|
-
|
-
|
|
Goodwill on consolidation
|
-
|
-
|
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
|
6,181,744
|
5,324,773
|
51,594,384
|
-
|
30,436,863
|
|
Other creditors & accruals
|
6,441,474
|
4,294,223
|
4,894,075
|
-
|
-
|
|
Amounts owing to holding company
|
15,796,409
|
18,475,273
|
-
|
-
|
-
|
|
Amounts owing to related companies
|
1,401,780
|
2,068,853
|
-
|
-
|
-
|
|
Amounts owing to associated companies
|
277,209
|
492,939
|
-
|
-
|
-
|
|
Provision for taxation
|
590,667
|
2,158,976
|
2,358,966
|
-
|
526,908
|
|
Other liabilities
|
10,408,633
|
13,867,289
|
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
|
-
|
(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
|
|
=============
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
FINANCIAL
RATIO
|
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
|
|
PROFIT & LOSS ITEMS
|
|
|
|
|
|
|
Earnings Before Interest & Tax (EBIT)
|
1,125,893
|
12,011,753
|
10,543,986
|
-
|
1,263,389
|
|
Earnings Before Interest, Taxes, Depreciation And Amortization
(EBITDA)
|
4,342,322
|
14,878,342
|
13,447,576
|
-
|
4,552,136
|
|
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
|
17
|
11
|
107
|
-
|
115
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
|
|
Gearing Ratio
|
0
|
0
|
0
|
-
|
0
|
|
Liabilities Ratio
|
0.25
|
0.29
|
0.45
|
0.34
|
0.22
|
|
Times Interest Earned Ratio
|
0
|
0
|
0
|
-
|
0
|
|
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
|
0.73
|
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
|
0
|
0
|
-
|
0
|
|
NOTES TO ACCOUNTS
|
|
|
|
|
|
|
Contingent Liabilities
|
0
|
0
|
0
|
-
|
0
|
|