MIRA INFORM REPORT

 

 

Report No. :

353769

Report Date :

17.12.2015

 

IDENTIFICATION DETAILS

 

Name :

INABATA SINGAPORE (PTE.) LTD.

 

 

Registered Office :

78, Shenton Way, 18-00, 079120

 

 

Country :

Singapore

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

01.11.1976

 

 

Com. Reg. No.:

197602186-H

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Trading of Chemical Products, Plastic Resins

 

 

Employees:

37

 

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

 

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

197602186-H

COMPANY NAME

:

INABATA SINGAPORE (PTE.) LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

01/11/1976

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

78, SHENTON WAY, 18-00, 079120, SINGAPORE.

BUSINESS ADDRESS

:

78, SHENTON WAY, 18-00, 079120, SINGAPORE.

TEL.NO.

:

65-62200796

FAX.NO.

:

65-62227972

CONTACT PERSON

:

SHINYA KAWAI ( MANAGING DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF CHEMICAL PRODUCTS, PLASTIC RESINS

ISSUED AND PAID UP CAPITAL

:

16,200,000.00 ORDINARY SHARE, OF A VALUE OF SGD 26,136,693.00

SALES

:

USD 413,876,000 [2015]

NET WORTH

:

USD 60,892,000 [2015]

STAFF STRENGTH

:

37 [2015]

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

FAIR

PAYMENT

:

GOOD

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

GOOD

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

 

 

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) trading of chemical products, plastic resins.

 

The immediate holding company of the Subject is INABATA & CO LTD, a company incorporated in JAPAN.

 

Share Capital History

Date

Issue & Paid Up Capital

17/11/2015

SGD 26,136,693.00

 

The major shareholder(s) of the Subject are shown as follows :


Current Shareholder(s) :

Name

Address

IC/PP/Loc No

Shareholding

(%)

INABATA & CO LTD

8-2, NIHONBASHIHONCHO 2-CHOME, CHUO-KU, TOKYO, 103-8448

T05UF0116L

16,200,000.00

100.00

---------------

------

16,200,000.00

100.00

============

=====

+ Also Director

 

The Subject's interest in other companies (Subsidiaries/Associates) are shown as follow :

 

Local No

Country

Company

Status

(%)

As At

168522U

MALAYSIA

INABATA MALAYSIA SDN.BHD.

-

100.00

07/12/2015



DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

YASUSHI AKINAGA

Address

:

2-2-12-906, OKUBO, SHINJUKU-KU, TOKYO, JAPAN.

IC / PP No

:

TH4100460

Nationality

:

JAPANESE

Date of Appointment

:

16/06/2010

 

DIRECTOR 2

 

Name Of Subject

:

MR. OHASHI MOTOO

Address

:

THE PLAZA RESIDENCE, UNIT 25L, JL JENDERAL SUDIRMAN KAV 10-11, JAKARTA, INDONESIA.

IC / PP No

:

TZ0850859

Nationality

:

JAPANESE

Date of Appointment

:

01/08/2011

 

DIRECTOR 3

 

Name Of Subject

:

SHINYA KAWAI

Address

:

11, NASSIM ROAD, 02-01, 258378, SINGAPORE.

IC / PP No

:

F1217418R

Nationality

:

JAPANESE

Date of Appointment

:

01/04/2013



MANAGEMENT

 

 

 

1)

Name of Subject

:

SHINYA KAWAI

Position

:

MANAGING DIRECTOR

 

 

AUDITOR

 

Auditor

:

KPMG LLP

Auditor' Address

:

N/A

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

CHAN CHOW PHENG

IC / PP No

:

S1298885J

Address

:

59, TELOK BLANGAH HEIGHTS, 04-11, 100059, SINGAPORE.

 

2)

Company Secretary

:

CHANG SOW KUEN

IC / PP No

:

S1365694J

Address

:

130, GEYLANG EAST AVENUE 1, 02-299, 380130, 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 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

:

ASIA

Credit Term

:

N/A

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

OPERATIONS

 

Goods Traded

:

CHEMICAL PRODUCTS, PLASTIC RESINS

 

Total Number of Employees:

 

YEAR

2015

2014

2013

2012

GROUP

N/A

N/A

N/A

N/A

COMPANY

37

37

35

37

 

Branch

:

NO

 

Other Information:


The Subject is principally engaged in the (as a / as an) trading of chemical products, plastic resins.

The Subject sells a wide range of chemicals for industrial.

The Subject also sells plastic resins.


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

6562200796

Current Telephone Number

:

65-62200796

Match

:

YES

Address Provided by Client

:

78, SHENTON WAY, 18-00,079120,SINGAPORE

Current Address

:

78, SHENTON WAY, 18-00, 079120, SINGAPORE.

Match

:

YES

 

Other Investigations


On 7th December 2015 we contacted one of the staff from the Subject and she provided some information.


FINANCIAL ANALYSIS

 

 

Profitability

Turnover

:

Decreased

[

2013 - 2015

]

Profit/(Loss) Before Tax

:

Decreased

[

2013 - 2015

]

Return on Shareholder Funds

:

Unfavourable

[

8.79%

]

Return on Net Assets

:

Unfavourable

[

9.02%

]

The continuous fall in turnover could be due to the lower demand for the Subject's products / services.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

:

Favourable

[

26 Days

]

Debtor Ratio

:

Favourable

[

42 Days

]

Creditors Ratio

:

Favourable

[

22 Days

]

The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The favourable debtors' days could be due to the good credit control measures implemented by the Subject. 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

[

1.23 Times

]

Current Ratio

:

Unfavourable

[

1.61 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

[

16.27 Times

]

Gearing Ratio

:

Acceptable

[

0.87 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's gearing was slightly high. The Subject is utilising the leverage concept to fund its expansion. However, the high gearing has added financial risks to the Subject. It will be more vulnerable in times of economy downturn.

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. With the favourable interest cover, the Subject could be able to service all the accrued interest without facing any difficulties. The Subject's gearing was slightly high and its financial risk was also high. If no plans are made to reduce its gearing, the Subject's performance may deteriorate in the coming year.

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 :

TRADING

The wholesale and retail trade sectors have expanded by 2.0% in the third quarter of 2014, extending the 1.8 per cent growth in the previous quarter. In 2013, the wholesale and retail sector expanded by 5.0%, after declining by 1.4% the year before. Growth of the sector was driven by the wholesale trade segment.

The domestic wholesale trade index has increased by 3.2% in the fourth quarter of 2013, moderating from the 6.6% growth in the previous quarter. The slower growth was due to a decline in the sales of furniture and household equipment (-12%) and petroleum and petroleum products (-0.6%). For the full year, the domestic wholesale trade index grew by 5.2% reversing the 2.2% decline in 2012. On the other hand, the foreign wholesale trade index has increased by a slower pace of 5.6% in the fourth quarter, compared to the 7.7% expansion in the preceding quarter. The slowdown was due to a fall in the sales of telecommunication equipment and computer (-3.8%) and petroleum and petroleum products (-2.5%). For the full year, the growth of the foreign wholesale trade index moderated slightly to 8.6% from 9.1% in the previous year.

In the fourth quarter of 2013, retail sales volume fell by 6.2%, extending the 5.6% decline in the previous quarter. Excluding motor vehicles, retail sales volume increased by 0.4%, a slower pace of expansion as compared to the 1.6% gain in the preceding quarter. The sales volume of motor vehicles fell by 33% in the fourth quarter of 2013, extending the 32% decline in the previous quarter. Meanwhile, the sales of several discretionary items also fell in the fourth quarter of 2013. For instance, the sales of telecommunications apparatus and computers fell by 12%, while the sales of furniture and household equipment declined by 5.4%.

For the full year, retail sales volume contracted by 4.3%, a reversal from the 1.3% expansion in 2012. Excluding motor vehicle sales, the retail sales volume grew by 1.1% in 2013, slower than the 1.7% increase in 2012. Watches and jewellery recorded the largest increase (11%) in sales in 2013, followed by optical goods and book (3%) and medical goods and toiletries (3%). By contrast, the sales of telecommunications apparatus and computer (-7.3%), furniture and household equipment (-4.2%) and petrol service stations (-1.4) declined in 2013.

OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH



CREDIT RISK EVALUATION & RECOMMENDATION

 

 


Incorporated in 1976, the Subject is a Private Limited company, focusing on trading of chemical products, plastic resins. 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 have a strong capital position of SGD 26,136,693. We are confident with the Subject's business and its future growth prospect. Having strong support from its holding company has enabled the Subject to remain competitive despite the challenging business environment.


Over the years, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. The Subject is operating on a medium scale and it has approximately 37 employees in its business 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. The gearing level of the Subject is slightly high, therefore it faces moderate financial risk. Given a positive net worth standing at USD 60,892,000, the Subject should be able to maintain its business in the near terms.


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 shows an upward trend and this trend is very likely to sustain in the near terms. Hence, the Subject is expected to benefit from the favourable outlook of the industry.


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.

INABATA SINGAPORE (PTE.) LTD.

 

Financial Year End

2015-03-31

2014-03-31

2013-03-31

2011-12-31

2010-12-31

Months

12

12

15

12

12

Consolidated Account

Company

Company

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

FULL

FULL

Currency

USD

USD

USD

USD

USD

TURNOVER

413,876,000

419,604,000

519,388,000

401,401,000

355,270,000

Other Income

298,000

332,000

359,000

371,000

-

----------------

----------------

----------------

----------------

----------------

Total Turnover

414,174,000

419,936,000

519,747,000

401,772,000

355,270,000

Costs of Goods Sold

(395,417,000)

(401,657,000)

(498,242,000)

(381,479,000)

(337,018,000)

----------------

----------------

----------------

----------------

----------------

Gross Profit

18,757,000

18,279,000

21,505,000

20,293,000

18,252,000

----------------

----------------

----------------

----------------

----------------

PROFIT/(LOSS) FROM OPERATIONS

6,213,000

12,755,000

4,720,000

6,975,000

(4,509,000)

----------------

----------------

----------------

----------------

----------------

PROFIT/(LOSS) BEFORE TAXATION

6,213,000

12,755,000

4,720,000

6,975,000

(4,509,000)

Taxation

(863,000)

(445,000)

(588,000)

(927,000)

(1,417,000)

----------------

----------------

----------------

----------------

----------------

PROFIT/(LOSS) AFTER TAXATION

5,350,000

12,310,000

4,132,000

6,048,000

(5,926,000)

----------------

----------------

----------------

----------------

----------------

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

30,975,000

18,665,000

17,847,000

14,210,000

21,120,000

----------------

----------------

----------------

----------------

----------------

As restated

30,975,000

18,665,000

17,847,000

14,210,000

21,120,000

----------------

----------------

----------------

----------------

----------------

PROFIT AVAILABLE FOR APPROPRIATIONS

36,325,000

30,975,000

21,979,000

20,258,000

15,194,000

DIVIDENDS - Ordinary (paid & proposed)

-

-

(3,314,000)

(2,411,000)

(984,000)

----------------

----------------

----------------

----------------

----------------

RETAINED PROFIT/(LOSS) CARRIED FORWARD

36,325,000

30,975,000

18,665,000

17,847,000

14,210,000

=============

=============

=============

=============

=============

INTEREST EXPENSE (as per notes to P&L)

Term loan / Borrowing

407,000

466,000

571,000

400,000

-

Others

-

-

-

-

13,068,000

----------------

----------------

----------------

----------------

----------------

407,000

466,000

571,000

400,000

13,068,000

=============

=============

=============

=============

=============

DEPRECIATION (as per notes to P&L)

250,000

178,000

459,000

449,000

113,000

----------------

----------------

----------------

----------------

----------------

250,000

178,000

459,000

449,000

113,000

=============

=============

=============

=============

=============

 

 

 

BALANCE SHEET

 

 

INABATA SINGAPORE (PTE.) LTD.

 

ASSETS EMPLOYED:

FIXED ASSETS

101,000

76,000

156,000

718,000

613,000

LONG TERM INVESTMENTS/OTHER ASSETS

Subsidiary companies

13,151,000

13,151,000

7,240,000

7,700,000

6,838,000

Associated companies

850,000

850,000

3,284,000

3,184,000

1,696,000

Others

11,894,000

5,679,000

5,250,000

6,559,000

8,563,000

----------------

----------------

----------------

----------------

----------------

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

25,895,000

19,680,000

15,774,000

17,443,000

17,097,000

----------------

----------------

----------------

----------------

----------------

TOTAL LONG TERM ASSETS

25,996,000

19,756,000

15,930,000

18,161,000

17,710,000

Stocks

29,233,000

39,082,000

33,333,000

33,887,000

34,050,000

Trade debtors

47,504,000

53,022,000

56,258,000

51,818,000

52,646,000

Other debtors, deposits & prepayments

820,000

560,000

646,000

737,000

349,000

Short term deposits

1,090,000

1,194,000

1,207,000

1,154,000

1,164,000

Amount due from holding company

504,000

586,000

379,000

29,000

349,000

Amount due from subsidiary companies

29,816,000

20,509,000

16,937,000

14,006,000

11,315,000

Amount due from related companies

6,108,000

5,856,000

6,709,000

4,741,000

-

Amount due from associated companies

1,221,000

5,091,000

6,502,000

6,382,000

2,954,000

Cash & bank balances

9,021,000

4,515,000

2,320,000

8,851,000

2,486,000

Others

-

-

-

-

4,645,000

----------------

----------------

----------------

----------------

----------------

TOTAL CURRENT ASSETS

125,317,000

130,415,000

124,291,000

121,605,000

109,958,000

----------------

----------------

----------------

----------------

----------------

TOTAL ASSET

151,313,000

150,171,000

140,221,000

139,766,000

127,668,000

=============

=============

=============

=============

=============

CURRENT LIABILITIES

Trade creditors

23,351,000

28,688,000

30,924,000

44,571,000

29,233,000

Other creditors & accruals

1,972,000

4,210,000

4,167,000

4,571,000

6,057,000

Short term borrowings/Term loans

42,094,000

54,455,000

59,476,000

53,073,000

-

Amounts owing to holding company

5,130,000

3,609,000

3,424,000

-

5,539,000

Amounts owing to subsidiary companies

974,000

1,753,000

603,000

-

319,000

Amounts owing to related companies

3,524,000

6,506,000

4,340,000

-

-

Amounts owing to associated companies

-

-

812,000

-

737,000

Provision for taxation

854,000

626,000

283,000

835,000

1,155,000

Other liabilities

-

-

-

-

49,589,000

----------------

----------------

----------------

----------------

----------------

TOTAL CURRENT LIABILITIES

77,899,000

99,847,000

104,029,000

103,050,000

92,629,000

----------------

----------------

----------------

----------------

----------------

NET CURRENT ASSETS/(LIABILITIES)

47,418,000

30,568,000

20,262,000

18,555,000

17,329,000

----------------

----------------

----------------

----------------

----------------

TOTAL NET ASSETS

73,414,000

50,324,000

36,192,000

36,716,000

35,039,000

=============

=============

=============

=============

=============

SHARE CAPITAL

Ordinary share capital

16,200,000

16,200,000

16,200,000

16,200,000

16,200,000

----------------

----------------

----------------

----------------

----------------

TOTAL SHARE CAPITAL

16,200,000

16,200,000

16,200,000

16,200,000

16,200,000

General reserve

-

-

-

2,164,000

-

Retained profit/(loss) carried forward

36,325,000

30,975,000

18,665,000

17,847,000

14,210,000

Others

8,367,000

3,001,000

1,095,000

-

3,821,000

----------------

----------------

----------------

----------------

----------------

TOTAL RESERVES

44,692,000

33,976,000

19,760,000

20,011,000

18,031,000

----------------

----------------

----------------

----------------

----------------

SHAREHOLDERS' FUNDS/EQUITY

60,892,000

50,176,000

35,960,000

36,211,000

34,231,000

Long term loans

11,000,000

-

-

-

-

Deferred taxation

1,369,000

148,000

232,000

505,000

808,000

Others

153,000

-

-

-

-

----------------

----------------

----------------

----------------

----------------

TOTAL LONG TERM LIABILITIES

12,522,000

148,000

232,000

505,000

808,000

----------------

----------------

----------------

----------------

----------------

73,414,000

50,324,000

36,192,000

36,716,000

35,039,000

=============

=============

=============

=============

=============

 

 

FINANCIAL RATIO

 

 

INABATA SINGAPORE (PTE.) LTD.

 

TYPES OF FUNDS

Cash

10,111,000

5,709,000

3,527,000

10,005,000

3,650,000

Net Liquid Funds

10,111,000

5,709,000

3,527,000

10,005,000

3,650,000

Net Liquid Assets

18,185,000

(8,514,000)

(13,071,000)

(15,332,000)

(16,721,000)

Net Current Assets/(Liabilities)

47,418,000

30,568,000

20,262,000

18,555,000

17,329,000

Net Tangible Assets

73,414,000

50,324,000

36,192,000

36,716,000

35,039,000

Net Monetary Assets

5,663,000

(8,662,000)

(13,303,000)

(15,837,000)

(17,529,000)

PROFIT & LOSS ITEMS

Earnings Before Interest & Tax (EBIT)

6,620,000

13,221,000

5,291,000

7,375,000

8,559,000

Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)

6,870,000

13,399,000

5,750,000

7,824,000

8,672,000

BALANCE SHEET ITEMS

Total Borrowings

53,094,000

54,455,000

59,476,000

53,073,000

0

Total Liabilities

90,421,000

99,995,000

104,261,000

103,555,000

93,437,000

Total Assets

151,313,000

150,171,000

140,221,000

139,766,000

127,668,000

Net Assets

73,414,000

50,324,000

36,192,000

36,716,000

35,039,000

Net Assets Backing

60,892,000

50,176,000

35,960,000

36,211,000

34,231,000

Shareholders' Funds

60,892,000

50,176,000

35,960,000

36,211,000

34,231,000

Total Share Capital

16,200,000

16,200,000

16,200,000

16,200,000

16,200,000

Total Reserves

44,692,000

33,976,000

19,760,000

20,011,000

18,031,000

LIQUIDITY (Times)

Cash Ratio

0.13

0.06

0.03

0.10

0.04

Liquid Ratio

1.23

0.91

0.87

0.85

0.82

Current Ratio

1.61

1.31

1.19

1.18

1.19

WORKING CAPITAL CONTROL (Days)

Stock Ratio

26

34

23

31

35

Debtors Ratio

42

46

40

47

54

Creditors Ratio

22

26

23

43

32

SOLVENCY RATIOS (Times)

Gearing Ratio

0.87

1.09

1.65

1.47

0

Liabilities Ratio

1.48

1.99

2.90

2.86

2.73

Times Interest Earned Ratio

16.27

28.37

9.27

18.44

0.65

Assets Backing Ratio

4.53

3.11

2.23

2.27

2.16

PERFORMANCE RATIO (%)

Operating Profit Margin

1.50

3.04

0.91

1.74

(1.27)

Net Profit Margin

1.29

2.93

0.80

1.51

(1.67)

Return On Net Assets

9.02

26.27

14.62

20.09

24.43

Return On Capital Employed

9.02

26.27

14.62

20.09

24.43

Return On Shareholders' Funds/Equity

8.79

24.53

11.49

16.70

(17.31)

Dividend Pay Out Ratio (Times)

0

0

0.80

0.40

0.17

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

0

0

0

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.85

UK Pound

1

Rs.100.58

Euro

1

Rs.73.16

SGD

1

Rs.47.13

Note : Above are approximate rates obtained from sources believed to be correct

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

SDA

 

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.