|
Report No. : |
354906 |
|
Report Date : |
16.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
MAKINO ASIA PTE LTD |
|
|
|
|
Formerly Known As : |
LEBLOND MAKINO ASIA PTE LTD |
|
|
|
|
Registered Office : |
2, Gul Avenue, 629649 |
|
|
|
|
Country : |
Singapore. |
|
|
|
|
Financials (as on) : |
31.03.2015 |
|
|
|
|
Date of Incorporation : |
23.05.1973 |
|
|
|
|
Com. Reg. No.: |
197300960-K |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
The Subject is principally engaged in the manufacture and repair of
machinery and machine-tools - metal cutting types. |
|
|
|
|
No. of Employees : |
500 [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 : |
Good |
|
Payment Behaviour : |
Regular |
|
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 |
EXECUTIVE
SUMMARY
|
|
REGISTRATION NO. |
: |
197300960-K |
|
COMPANY NAME |
: |
MAKINO ASIA PTE LTD |
|
FORMER NAME |
: |
LEBLOND MAKINO ASIA PTE LTD (07/05/1992) |
|
INCORPORATION DATE |
: |
23/05/1973 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
2, GUL AVENUE, 629649, SINGAPORE. |
|
BUSINESS ADDRESS |
: |
2 GUL AVENUE, 629649, SINGAPORE. |
|
TEL.NO. |
: |
65-68615722 |
|
FAX.NO. |
: |
65-68611600 |
|
WEB SITE |
: |
WWW.MAKINO.COM.SG |
|
CONTACT PERSON |
: |
TOSHIYUKI NAGANO ( DIRECTOR ) |
|
PRINCIPAL ACTIVITY |
: |
MANUFACTURE AND REPAIR OF MACHINERY AND MACHINE-TOOLS - METAL CUTTING
TYPES |
|
ISSUED AND PAID UP CAPITAL |
: |
1,641,377.00 ORDINARY SHARE, OF A VALUE OF SGD 13,626,377.00 |
|
SALES |
: |
SGD 481,591,063 [2015] |
|
NET WORTH |
: |
SGD 338,204,428 [2015] |
|
STAFF STRENGTH |
: |
500 [2015] |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
STRONG |
|
PAYMENT |
: |
GOOD |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL RISK |
: |
LOW |
|
CURRENCY EXPOSURE |
: |
MODERATE |
|
GENERAL REPUTATION |
: |
SATISFACTORY |
|
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.
The ultimate holding company of the Subject is MAKINO MILLING MACHINE
CO., LTD, a company incorporated in JAPAN.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
16/12/2015 |
SGD 13,626,377.00 |
The major shareholder(s) of the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
MAKINO MILLING MACHINE CO., LTD |
3-19, NAKANE 2, CHO-ME, MEGURO-KU, TOKYO, 152-8578 JAPAN |
T05UF0531 |
1,641,377.00 |
100.00 |
|
--------------- |
------ |
|||
|
1,641,377.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject's interest in other companies (Subsidiaries/Associates) are
shown as follow :
Local No |
Country |
Company |
Status |
(%) |
As At |
|
822860D |
MALAYSIA |
MAKINO ASIA SDN. BHD. |
- |
100.00 |
31/03/2015 |
|
VIETNAM |
MAKINO VITNAM CO., LTD |
- |
100.00 |
31/03/2015 |
|
|
INDONESIA |
PT MAKINO INDONESIA |
- |
100.00 |
31/03/2013 |
|
|
THAILAND |
MAKINO (THAILAND) CO., LTD |
- |
100.00 |
31/03/2015 |
|
|
INDIA |
MAKINO (INDIA) PRIVATE LIMITED |
- |
100.00 |
31/03/2015 |
|
|
CHINA |
MAKINO (CHINA) CO., LTD |
- |
100.00 |
31/03/2015 |
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
TOSHIYUKI NAGANO |
|
Address |
: |
SAKAEMACHI, 119-1, USHIKU CITY, IBARAKI-KEN, JAPAN. |
|
IC / PP No |
: |
TH1412301 |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
01/08/2010 |
DIRECTOR 2
|
Name Of Subject |
: |
KUMBAKONAM SUBRAMANIAM SANKARAN |
|
Address |
: |
1, JALAN ANGKLONG, FABER GARDEN, 578705, SINGAPORE. |
|
IC / PP No |
: |
S22019921 |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
01/01/2002 |
DIRECTOR 3
|
Name Of Subject |
: |
SHINICHI INOUE |
|
Address |
: |
2-1-2002, HIGASHI-CHO, ATSUGI-SHI-KANAGAWA, JAPAN. |
|
IC / PP No |
: |
TH5648223 |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
01/08/2015 |
DIRECTOR 4
|
Name Of Subject |
: |
SHUN MAKINO |
|
Address |
: |
4-35-5, UTSUKUSHIGAOKA MIDORI-KU, YOKOHAMA CITY, KANAGAWA PREF, JAPAN. |
|
IC / PP No |
: |
TG7871690 |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
31/07/1987 |
DIRECTOR 5
|
Name Of Subject |
: |
MATSUNAGA KAZUHIKO |
|
Address |
: |
3-8-1-702, NAKA CHO, ATSUGI CITY, KANAGAWA PREFECTURE 243-0018, JAPAN. |
|
IC / PP No |
: |
TZ0560257 |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
01/04/2008 |
DIRECTOR 6
|
Name Of Subject |
: |
NEO ENG CHONG |
|
Address |
: |
245, KIM KEAT LINK, 02-131, 310245, SINGAPORE. |
|
IC / PP No |
: |
S7134931D |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
31/08/2015 |
DIRECTOR 7
|
Name Of Subject |
: |
SHINJI KOIKE |
|
Address |
: |
143-4, ISOBE MIMAMIKU SAGAMIHARA CITY, KANAGAWA PREF, JAPAN. |
|
IC / PP No |
: |
TH4845951 |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
01/08/2015 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
TOSHIYUKI NAGANO |
|
Position |
: |
DIRECTOR |
|
AUDITOR
|
|
Auditor |
: |
DELOITTE & TOUCHE LLP |
|
Auditor' Address |
: |
N/A |
COMPANY
SECRETARIES
|
No company secretary was found in our databank.
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 againt the Subject whether the
subject has been involved in any litigation.
No legal action was found in our databank.
No winding up petition was found in our databank.
PAYMENT
RECORD
|
|
||
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
N/A |
|
Overseas |
: |
N/A |
The Subject refused to disclose its suppliers.
The Subject refused to provide any name of trade/service supplier and we are unable
to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL PAYMENT HABIT |
||||||||||||||
|
Prompt 0-30 Days |
[ |
] |
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 |
: |
WORLDWIDE |
|||
|
Credit Term |
: |
N/A |
|||
|
Payment Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Products manufactured |
: |
|
|
|
Total Number of Employees: |
|||||||||
|
YEAR |
2015 |
2014 |
|||||||
|
GROUP |
N/A |
N/A |
|||||||
|
COMPANY |
500 |
500 |
|||||||
|
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.
Makino Asia developed into a fully integrated manufacturing company,
incorporating Research and Development (R&D), engineering production and
business administration under one roof.
Advanced processing, manufacturing and assembly are the key integral functions
of its enterprise.
Makino Asia produces the F- and E-series milling machines as well as the EDAF-
and EDGE- electrical discharge machines and DUO-series and newly launched U3
wire electrical discharge machines on site.
CURRENT
INVESTIGATION
|
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-68615722 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
2 GUL AVENUE,629649,SINGAPORE |
|
Current Address |
: |
2 GUL AVENUE, 629649, SINGAPORE. |
|
Match |
: |
YES |
Other Investigations
We contacted one of the staff from the Subject and she provided some
information.
FINANCIAL
ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2012 - 2015 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2012 - 2015 |
] |
|
|
Return on Shareholder Funds |
: |
Acceptable |
[ |
10.11% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
11.56% |
] |
|
|
The fluctuating turnover reflects the fierce competition among the
existing and new market players.The higher profit could be attributed to the
increase in turnover. The Subject's management had generated acceptable return
for its shareholders using its assets. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Unfavourable |
[ |
80 Days |
] |
|
|
Debtor Ratio |
: |
Acceptable |
[ |
62 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 management
was quite efficient in handling its debtors. The Subject's debtors days were
at an acceptable range, thus the risk of its debts turning bad was minimised.
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 |
[ |
1.59 Times |
] |
|
|
Current Ratio |
: |
Favourable |
[ |
2.20 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 |
: |
Favourable |
[ |
130.33 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.00 Times |
] |
|
|
The interest cover showed that the Subject was able to service the
interest. The favourable interest cover could indicate that the Subject was
making enough profit to pay for the interest accrued. The Subject 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 turnover was erratic, the Subject had maintained a steady
growth in its profit. This indicate the management's efficiency in controlling
its costs and profitability. 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. With the favourable interest cover, the Subject could be able to
service all the accrued interest without facing any difficulties. 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 : STRONG |
||||||
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
|
|
|
|
|
PROFIT
AND LOSS ACCOUNT
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE
FINANCIAL REPORTING STANDARDS. |
|
MAKINO ASIA PTE LTD |
|
Financial Year End |
2015-03-31 |
2014-03-31 |
2013-03-31 |
2012-03-31 |
|
Months |
12 |
12 |
12 |
12 |
|
Consolidated Account |
GROUP |
GROUP |
GROUP |
GROUP |
|
Audited Account |
YES |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
FULL |
|
Currency |
SGD |
SGD |
SGD |
SGD |
|
TURNOVER |
481,591,063 |
402,517,256 |
628,171,509 |
489,171,945 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
481,591,063 |
402,517,256 |
628,171,509 |
489,171,945 |
|
Costs of Goods Sold |
(386,503,807) |
(327,623,537) |
(525,454,890) |
(402,002,123) |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
95,087,256 |
74,893,719 |
102,716,619 |
87,169,822 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
39,191,960 |
20,691,332 |
40,405,825 |
32,944,828 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
39,191,960 |
20,691,332 |
40,405,825 |
32,944,828 |
|
Taxation |
(4,986,344) |
(486,550) |
(5,231,655) |
(5,598,846) |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
34,205,616 |
20,204,782 |
35,174,170 |
27,345,982 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
||||
|
As previously reported |
294,699,392 |
281,494,610 |
256,320,440 |
234,974,458 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
294,699,392 |
281,494,610 |
256,320,440 |
234,974,458 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
328,905,008 |
301,699,392 |
291,494,610 |
262,320,440 |
|
DIVIDENDS - Ordinary (paid & proposed) |
- |
(7,000,000) |
(10,000,000) |
(6,000,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
328,905,008 |
294,699,392 |
281,494,610 |
256,320,440 |
|
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
||||
|
Bank overdraft |
- |
- |
- |
12,801 |
|
Others |
303,034 |
297,657 |
323,853 |
266,841 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
303,034 |
297,657 |
323,853 |
279,642 |
|
|
============= |
============= |
============= |
============= |
|
|
DEPRECIATION (as per notes to P&L) |
7,992,087 |
7,495,924 |
7,537,874 |
7,694,047 |
|
AMORTIZATION |
1,434,334 |
488,442 |
286,165 |
62,439 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
9,426,421 |
7,984,366 |
7,824,039 |
7,756,486 |
|
|
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
BALANCE
SHEET
|
|
MAKINO ASIA PTE LTD |
|
ASSETS EMPLOYED: |
||||
|
FIXED ASSETS |
123,073,926 |
112,366,683 |
104,957,134 |
96,258,567 |
|
Development properties/expenditure |
25,770 |
39,009 |
- |
- |
|
Deferred assets |
788,024 |
455,256 |
624,674 |
632,217 |
|
Deposits |
- |
1,029,886 |
1,122,874 |
1,085,395 |
|
Others |
3,026,457 |
2,947,287 |
3,148,629 |
3,763,648 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
3,840,251 |
4,471,438 |
4,896,177 |
5,481,260 |
|
INTANGIBLE ASSETS |
||||
|
Deferred/Expenditure carried forward |
- |
- |
54,733 |
33,106 |
|
Computer software |
5,495,313 |
5,507,284 |
- |
- |
|
Others |
- |
- |
1,694,636 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL INTANGIBLE ASSETS |
5,495,313 |
5,507,284 |
1,749,369 |
33,106 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
132,409,490 |
122,345,405 |
111,602,680 |
101,772,933 |
|
Stocks |
105,435,030 |
94,956,145 |
96,420,992 |
102,027,668 |
|
Trade debtors |
82,075,137 |
58,000,788 |
74,888,796 |
99,778,842 |
|
Other debtors, deposits & prepayments |
17,008,950 |
11,940,394 |
13,648,104 |
14,623,417 |
|
Short term deposits |
64,546,437 |
68,111,910 |
- |
- |
|
Amount due from holding company |
5,593,343 |
2,476,035 |
3,937,095 |
2,290,609 |
|
Amount due from related companies |
26,579,343 |
27,091,595 |
27,716,746 |
22,362,797 |
|
Cash & bank balances |
82,543,236 |
58,962,311 |
120,532,876 |
87,029,411 |
|
Others |
57,370 |
57,293 |
61,501 |
87,526 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
383,838,846 |
321,596,471 |
337,206,110 |
328,200,270 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
516,248,336 |
443,941,876 |
448,808,790 |
429,973,203 |
|
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
||||
|
Trade creditors |
18,437,009 |
17,228,777 |
11,227,430 |
13,469,163 |
|
Other creditors & accruals |
68,056,530 |
55,429,697 |
54,923,669 |
54,247,684 |
|
Hire purchase & lease creditors |
- |
- |
- |
817 |
|
Amounts owing to holding company |
47,482,706 |
31,605,838 |
46,028,755 |
56,511,739 |
|
Amounts owing to related companies |
37,625,852 |
35,470,035 |
39,709,989 |
34,365,838 |
|
Provision for taxation |
2,981,964 |
505,331 |
4,648,597 |
4,222,419 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
174,584,061 |
140,239,678 |
156,538,440 |
162,817,660 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
209,254,785 |
181,356,793 |
180,667,670 |
165,382,610 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
341,664,275 |
303,702,198 |
292,270,350 |
267,155,543 |
|
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
||||
|
Ordinary share capital |
13,626,377 |
13,626,377 |
13,626,377 |
13,626,377 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
13,626,377 |
13,626,377 |
13,626,377 |
13,626,377 |
|
Exchange equalisation/fluctuation reserve |
(4,326,957) |
(10,173,728) |
(8,094,082) |
(5,621,730) |
|
Retained profit/(loss) carried forward |
328,905,008 |
294,699,392 |
281,494,610 |
256,320,440 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
324,578,051 |
284,525,664 |
273,400,528 |
250,698,710 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
338,204,428 |
298,152,041 |
287,026,905 |
264,325,087 |
|
Hire purchase creditors |
- |
- |
2,523,000 |
- |
|
Deferred taxation |
3,459,847 |
3,027,157 |
2,720,445 |
2,830,456 |
|
Others |
- |
2,523,000 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
3,459,847 |
5,550,157 |
5,243,445 |
2,830,456 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
341,664,275 |
303,702,198 |
292,270,350 |
267,155,543 |
|
|
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
FINANCIAL
RATIO
|
|
MAKINO ASIA PTE LTD |
|
TYPES OF FUNDS |
||||
|
Cash |
147,089,673 |
127,074,221 |
120,532,876 |
87,029,411 |
|
Net Liquid Funds |
147,089,673 |
127,074,221 |
120,532,876 |
87,029,411 |
|
Net Liquid Assets |
103,819,755 |
86,400,648 |
84,246,678 |
63,354,942 |
|
Net Current Assets/(Liabilities) |
209,254,785 |
181,356,793 |
180,667,670 |
165,382,610 |
|
Net Tangible Assets |
336,168,962 |
298,194,914 |
290,520,981 |
267,122,437 |
|
Net Monetary Assets |
100,359,908 |
80,850,491 |
79,003,233 |
60,524,486 |
|
PROFIT & LOSS ITEMS |
||||
|
Earnings Before Interest & Tax (EBIT) |
0 |
20,988,989 |
40,729,678 |
33,224,470 |
|
Earnings Before Interest, Taxes, Depreciation And Amortization
(EBITDA) |
48,921,415 |
28,973,355 |
48,553,717 |
40,980,956 |
|
BALANCE SHEET ITEMS |
||||
|
Total Borrowings |
0 |
0 |
2,523,000 |
817 |
|
Total Liabilities |
178,043,908 |
145,789,835 |
161,781,885 |
165,648,116 |
|
Total Assets |
516,248,336 |
443,941,876 |
448,808,790 |
429,973,203 |
|
Net Assets |
341,664,275 |
303,702,198 |
292,270,350 |
267,155,543 |
|
Net Assets Backing |
338,204,428 |
298,152,041 |
287,026,905 |
264,325,087 |
|
Shareholders' Funds |
338,204,428 |
298,152,041 |
287,026,905 |
264,325,087 |
|
Total Share Capital |
13,626,377 |
13,626,377 |
13,626,377 |
13,626,377 |
|
Total Reserves |
324,578,051 |
284,525,664 |
273,400,528 |
250,698,710 |
|
LIQUIDITY (Times) |
||||
|
Cash Ratio |
0.84 |
0.91 |
0.77 |
0.53 |
|
Liquid Ratio |
1.59 |
1.62 |
1.54 |
1.39 |
|
Current Ratio |
2.20 |
2.29 |
2.15 |
2.02 |
|
WORKING CAPITAL CONTROL (Days) |
||||
|
Stock Ratio |
80 |
86 |
56 |
76 |
|
Debtors Ratio |
62 |
53 |
44 |
74 |
|
Creditors Ratio |
17 |
19 |
8 |
12 |
|
SOLVENCY RATIOS (Times) |
||||
|
Gearing Ratio |
0 |
0 |
0.01 |
0 |
|
Liabilities Ratio |
0.53 |
0.49 |
0.56 |
0.63 |
|
Times Interest Earned Ratio |
130.33 |
70.51 |
125.77 |
118.81 |
|
Assets Backing Ratio |
24.67 |
21.88 |
21.32 |
19.60 |
|
PERFORMANCE RATIO (%) |
||||
|
Operating Profit Margin |
8.14 |
5.14 |
6.43 |
6.73 |
|
Net Profit Margin |
7.10 |
5.02 |
5.60 |
5.59 |
|
Return On Net Assets |
11.56 |
6.91 |
13.94 |
12.44 |
|
Return On Capital Employed |
11.38 |
6.79 |
13.85 |
12.43 |
|
Return On Shareholders' Funds/Equity |
10.11 |
6.78 |
12.25 |
10.35 |
|
Dividend Pay Out Ratio (Times) |
0 |
0.35 |
0.28 |
0.22 |
|
NOTES TO ACCOUNTS |
||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.67.04 |
|
|
1 |
Rs.101.67 |
|
Euro |
1 |
Rs.73.93 |
|
SGD |
1 |
Rs.47.31 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
HEE |
|
|
|
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
-- |
NB |
New Business |
-- |
|
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment record
(10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.