|
Report No. : |
309001 |
|
Report Date : |
21.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
JUKI SINGAPORE PTE LTD |
|
|
|
|
Registered Office : |
20, Bendemeer Road, 04-12, 339914 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
17.03.1995 |
|
|
|
|
Com. Reg. No.: |
199501853-K |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
·
Engaged in
Trading of Industrial Sewing Machines ·
Engaged in dealing with following product :- General Machines Category 1-2 Needle, Lockstitch Machine, Overlock/Safety Stitch Machine, Zigzag Stitching Machine, Covering Stitch Machine, Double Chainstitch Machine, Special Purpose Machine Automatic Machine Category Button Sewing Machine, Artacking/Shape-Tacking Machine, Eyelet Buttonholing Machine, Computer-Controlled, Cycle Machine, Automatic Button Sewing Indexed, Automatic Machine LHD Machine Category flat-Bed Sewing Machine, Long Arm Sewing Machine,
Cylinder-Bed Sewing Machine, Post-Bed Sewing Machine, Extra Heavy-Weight
Material Machine |
|
|
|
|
No of Employees : |
50 [2015] |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
Singapore |
a1 |
a1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Singapore - ECONOMIC OVERVIEW
Singapore has a highly
developed and successful free-market economy. It enjoys a remarkably open and
corruption-free environment, stable prices, and a per capita GDP higher than
that of most developed countries. The economy depends heavily on exports, particularly
in consumer electronics, information technology products, pharmaceuticals, and
on a growing financial services sector. The economy contracted 0.6% in 2009 as
a result of the global financial crisis, but rebounded 15.1% in 2010, on the
strength of renewed exports, before slowing to in 2011-13, largely a result of
soft demand for exports during the second European recession. Over the longer
term, the government hopes to establish a new growth path that focuses on
raising productivity. Singapore has attracted major investments in
pharmaceuticals and medical technology production and will continue efforts to
establish Singapore as Southeast Asia's financial and high-tech hub.
|
Source : CIA |
|
REGISTRATION NO. |
: |
199501853-K |
||||
|
COMPANY NAME |
: |
JUKI SINGAPORE
PTE LTD |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
17/03/1995 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
20, BENDEMEER ROAD, 04-12, 339914,
SINGAPORE. |
||||
|
BUSINESS ADDRESS |
: |
20 BENDEMEER ROAD #04-12 CYBERHUB, 339914,
SINGAPORE. |
||||
|
TEL.NO. |
: |
65-65534388 |
||||
|
FAX.NO. |
: |
65-65525568 |
||||
|
EMAIL |
: |
|||||
|
WEB SITE |
: |
|||||
|
CONTACT PERSON |
: |
MINORU NITTA (MANAGING DIRECTOR) |
||||
|
PRINCIPAL ACTIVITY |
: |
Engaged in Trading of
Industrial Sewing Machines |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
13,000,000.00 ORDINARY SHARE, OF A VALUE
OF SGD 13,000,000.00 |
||||
|
SALES |
: |
USD 260,821,194 [2013] |
||||
|
NET WORTH |
: |
USD 13,949,649 [2013] |
||||
|
STAFF STRENGTH |
: |
50 [2015] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
POOR |
||||
|
PAYMENT |
: |
Slow but Correct |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
MODERATE |
||||
|
CURRENCY EXPOSURE |
: |
MODERATE |
||||
|
GENERAL REPUTATION |
: |
SATISFACTORY |
||||
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
||||
The Subject is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the Subject is insolvent. The Subject is governed by the Companies Act and the company must file its annual returns, together with its financial statements with the Registrar of Companies.
The Subject is principally engaged in the (as a / as an) trading of industrial sewing machines.
The immediate holding company of the Subject is JUKI CORPORATION, a company incorporated in JAPAN.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
28/01/2015 |
SGD 13,000,000.00 |
The major
shareholder(s) of the Subject are shown as follows :
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
JUKI CORPORATION |
2-11-1, TSURUMAKI, TAMA-SHI, TOKYO, 206-8551, JAPAN. |
S95UF0314 |
13,000,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
13,000,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject's
interest in other companies (Subsidiaries/Associates) are shown as follow :
Local No |
Country |
Company |
(%) |
As At |
|
VIETNAM |
JUKI MACHINERY VIETNAM COMPANY LTD |
100.00 |
31/12/2013 |
|
|
INDIA |
JUKI INDIA PRIVATE LIMITED |
100.00 |
31/12/2013 |
|
|
SRI LANKA |
JUKI LANKA SERVICE CENTRE (PRIVATE) LIMITED |
100.00 |
31/12/2013 |
|
DIRECTOR 1
|
Name Of Subject |
: |
MR. MINORU NITTA |
|
Address |
: |
12, KITCHENER LINK, 22-26, CITY SQUARE RESIDENCES, 207224, SINGAPORE. |
|
IC / PP No |
: |
G5102673Q |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
01/02/2011 |
DIRECTOR 2
|
Name Of Subject |
: |
RYUZO NAKAGAWA |
|
Address |
: |
ROOM 3E, SHERWOOD RESIDENCE, 127, PASTEUR ST, DIST. 3, HO CHI MINH CITY, VIETNAM. |
|
IC / PP No |
: |
TZ0666102 |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
01/02/2011 |
DIRECTOR 3
|
Name Of Subject |
: |
NORIHIKO ISHIZUKA |
|
Address |
: |
766, SUKHUMVIT ROAD, 766/180, KEYNE BY SANSIRI, KLONGTON, KLONGTOEY, BANGKOK, 10110, THAILAND. |
|
IC / PP No |
: |
TH1951193 |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
26/07/2012 |
DIRECTOR 4
|
Name Of Subject |
: |
MR. LOOI KAM HONG |
|
Address |
: |
137, SUNSET WAY, 08-14, CLEMENTI PARK, 597159, SINGAPORE. |
|
IC / PP No |
: |
S2530975H |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
01/12/1996 |
DIRECTOR
5
|
Name Of Subject |
: |
NORIAKI SAITO |
|
Address |
: |
UNIT 2504, P3-33, ELITE RESIDENCE, DUBAI
MARINA, DUBAI, INDIA. |
|
IC / PP No |
: |
MZ0756666 |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
17/06/2013 |
|
1) |
Name of Subject |
: |
MINORU NITTA |
|
Position |
: |
MANAGING DIRECTOR |
|
Auditor |
: |
DELOITTE & TOUCHE LLP |
|
Auditor' Address |
: |
N/A |
|
1) |
Company Secretary |
: |
MS. LEE SIEW JEE @ JENNIFER |
|
IC / PP No |
: |
S1336064B |
|
|
Address |
: |
2, ENG KONG ROAD, 599081, SINGAPORE. |
|
Banking relations are maintained principally
with :
|
1) |
Name |
: |
DBS BANK LTD |
|
Charge No |
Creation Date |
Charge
Description |
Chargee Name |
Total Charge |
Status |
|
C201307603 |
05/06/2013 |
N/A |
DBS BANK LTD. |
- |
Unsatisfied |
* A check has been conducted in our databank
against the Subject whether the subject has been involved in any litigation.
No legal action was found in our databank.
No winding up petition was found in our
databank.
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
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 |
[ |
] |
|||||||||
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
MIDDLE EAST |
|||
|
Credit Term |
: |
180 DAYS |
|||
|
Payment Mode |
: |
CHEQUES |
|||
|
Goods Traded |
: |
INDUSTRIAL SEWING MACHINES |
|
|
Product Brand Name |
: |
|
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2015 |
2014 |
2013 |
2012 |
|||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
|||||
|
COMPANY |
50 |
50 |
50 |
50 |
|||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally
engaged in the (as a / as an) trading of industrial sewing machines.
Background of subject:
The Subject ("Juki
Singapore"), a wholly-owned subsidiary of Juki Corporation, Japan, was
primarily established in year 1982 as a representative office. Over the years,
it has expanded its operation significantly through expansions and become the
regional head quarters covering the entire regions of South-East Asia, Middle
East, Asia Pacific and Oceania.
Products dealings:
* general machines category: 1-2 needle,
lockstitch machine, overlock/safety stitch machine, zigzag stitching machine,
covering stitch machine, double chainstitch machine, special purpose machine
* automatic machine category: button sewing
machine, artacking/shape-tacking machine, eyelet buttonholing machine,
computer-controlled, cycle machine, automatic button sewing indexed, automatic
machine
* LHD machine category: flat-bed sewing machine,
long arm sewing machine, cylinder-bed sewing machine, post-bed sewing machine,
extra heavy-weight material machine
Services:
* engineering support
- provide training and technical consultancy to
factory managers and supervisors
* support in attachment
- supply specialized assistance in training and
consultancy in the area of attachment
* maintenance support- provide customers with
machine knowledge, machine installation and maintenance services
* after sales support
- sales & marketing section are well-trained
to respond to their customers' queries on proposal and price quotation.
Latest fresh
investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-65534388 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
20 BENDEMEER ROAD 04-12
CYBERHUB,339914,SINGAPORE |
|
Current Address |
: |
20 BENDEMEER ROAD #04-12 CYBERHUB, 339914,
SINGAPORE. |
|
Match |
: |
YES |
Other
Investigations
we
contacted one of the staff from the Subject and she provided some information.
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2009 - 2013 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2009 - 2013 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
2.25% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
16.02% |
] |
|
|
The fluctuating turnover reflects the fierce
competition among the existing and new market players.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 |
[ |
142 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
72 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
16 Days |
] |
|
|
The Subject could be incurring higher
holding cost. As its capital was tied up in stocks, it could face liquidity
problems. The high debtors' ratio could indicate that the Subject was weak in
its credit control. However, the Subject could also giving longer credit
periods to its customers in order to boost its sales or to capture / retain
its market share. 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 |
: |
Unfavourable |
[ |
0.42 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.08 Times |
] |
|
|
A low liquid ratio means that the Subject may
be facing working capital deficiency. If the Subject cannot obtain additional
financing or injection of fresh capital, it may face difficulties in meeting
its short term obligations. |
||||||
|
Solvency |
||||||
|
Interest Cover |
: |
Unfavourable |
[ |
1.15 Times |
] |
|
|
Gearing Ratio |
: |
Unfavourable |
[ |
2.29 Times |
] |
|
|
The Subject's interest cover was low. If
its profits fall or when interest rate rises, it may not be able to meet
all its interest payment. The Subject was highly geared, thus it had a high
financial risk. The Subject was dependent on loans to finance its business
needs. In times of economic downturn and / or high interest rate, the Subject
will become less profitable and competitive than other firms in the same
industry, which are lowly geared. This is because the Subject has to service
the interest and to repay the loan, which will erode part of its profits. The
profits will fluctuate depending on the Subject's turnover and the interest
it needs to pay. |
||||||
|
Overall
Assessment : |
||||||
|
The Subject recorded lower profits as its
turnover showed a erratic trend. The Subject's management was unable to control
its costs efficiently as its profit showed a downward trend. Due to its weak
liquidity position, the Subject will be faced with problems in meeting all
its short term obligations if no short term loan is obtained or additional
capital injected into the Subject. If there is a fall in the Subject's profit
or any increase in interest rate, the Subject may not be able to generate
sufficient cash-flow to service its interest. The Subject's gearing level was
high and its going concern will be in doubt if there is no injection of
additional shareholders' funds in times of economic downturn and / or high
interest rates. |
||||||
|
Overall
financial condition of the Subject : POOR |
||||||
|
Major Economic
Indicators : |
2009 |
2010 |
2011 |
2012 |
2013 |
|
|
|||||
|
Population (Million) |
4.98 |
5.08 |
5.18 |
5.31 |
5.40 |
|
Gross Domestic Products ( % ) |
(0.8) |
14.5 |
4.9 |
1.3 |
3.7 |
|
Consumer Price Index |
0.6 |
2.8 |
5.2 |
4.6 |
2.4 |
|
Total Imports (Million) |
356,299.3 |
423,221.8 |
459,655.1 |
474,554.0 |
466,762.0 |
|
Total Exports (Million) |
391,118.1 |
478,840.7 |
514,741.2 |
510,329.0 |
513,391.0 |
|
|
|||||
|
Unemployment Rate (%) |
3.2 |
2.2 |
2.1 |
2.0 |
1.9 |
|
Tourist Arrival (Million) |
9.68 |
11.64 |
13.17 |
14.49 |
15.46 |
|
Hotel Occupancy Rate (%) |
75.8 |
85.6 |
86.5 |
86.4 |
86.3 |
|
Cellular Phone Subscriber (Million) |
1.37 |
1.43 |
1.50 |
1.52 |
1.97 |
|
|
|||||
|
Registration of New Companies (No.) |
26,414 |
29,798 |
32,317 |
31,892 |
37,288 |
|
Registration of New Companies (%) |
4.3 |
12.8 |
8.5 |
(1.3) |
9.8 |
|
Liquidation of Companies (No.) |
22,393 |
15,126 |
19,005 |
17,218 |
17,369 |
|
Liquidation of Companies (%) |
113.4 |
(32.5) |
25.6 |
9.4 |
(5.3) |
|
|
|||||
|
Registration of New Businesses (No.) |
26,876 |
23,978 |
23,494 |
24,788 |
22,893 |
|
Registration of New Businesses (%) |
8.15 |
(10.78) |
2.02 |
5.51 |
1.70 |
|
Liquidation of Businesses (No.) |
23,552 |
24,211 |
23,005 |
22,489 |
22,598 |
|
Liquidation of Businesses (%) |
11.4 |
2.8 |
(5) |
(2.2) |
0.5 |
|
|
|||||
|
Bankruptcy Orders (No.) |
2,058 |
1,537 |
1,527 |
1,748 |
1,992 |
|
Bankruptcy Orders (%) |
(11.5) |
(25.3) |
(0.7) |
14.5 |
14.0 |
|
Bankruptcy Discharges (No.) |
3,056 |
2,252 |
1,391 |
1,881 |
2,584 |
|
Bankruptcy Discharges (%) |
103.7 |
(26.3) |
(38.2) |
35.2 |
37.4 |
|
|
|||||
|
INDUSTRIES ( %
of Growth ) : |
|||||
|
Agriculture |
|||||
|
Production of Principal Crops |
3.25 |
(0.48) |
4.25 |
3.64 |
- |
|
Fish Supply & Wholesale |
(1.93) |
(10.5) |
12.10 |
(0.5) |
- |
|
|
|||||
|
Manufacturing * |
71.5 |
92.8 |
100.0 |
100.3 |
102.0 |
|
Food, Beverages & Tobacco |
90.4 |
96.4 |
100.0 |
103.5 |
103.5 |
|
Textiles |
145.9 |
122.1 |
100.0 |
104.0 |
87.1 |
|
Wearing Apparel |
211.0 |
123.3 |
100.0 |
92.1 |
77.8 |
|
Leather Products & Footwear |
79.5 |
81.8 |
100.0 |
98.6 |
109.8 |
|
Wood & Wood Products |
101.4 |
104.0 |
100.0 |
95.5 |
107.4 |
|
Paper & Paper Products |
95.4 |
106.1 |
100.0 |
97.4 |
103.2 |
|
Printing & Media |
100.9 |
103.5 |
100.0 |
93.0 |
86.1 |
|
Crude Oil Refineries |
96.4 |
95.6 |
100.0 |
99.4 |
93.5 |
|
Chemical & Chemical Products |
80.3 |
97.6 |
100.0 |
100.5 |
104.1 |
|
Pharmaceutical Products |
49.1 |
75.3 |
100.0 |
109.7 |
107.2 |
|
Rubber & Plastic Products |
101.2 |
112.3 |
100.0 |
96.5 |
92.9 |
|
Non-metallic Mineral |
91.9 |
92.5 |
100.0 |
98.2 |
97.6 |
|
Basic Metals |
92.6 |
102.2 |
100.0 |
90.6 |
76.5 |
|
Fabricated Metal Products |
90.8 |
103.6 |
100.0 |
104.3 |
105.1 |
|
Machinery & Equipment |
57.3 |
78.5 |
100.0 |
112.9 |
114.5 |
|
Electrical Machinery |
86.8 |
124.1 |
100.0 |
99.3 |
108.5 |
|
Electronic Components |
85.2 |
113.6 |
100.0 |
90.6 |
94.3 |
|
Transport Equipment |
96.0 |
94.0 |
100.0 |
106.3 |
107.5 |
|
|
|||||
|
Construction |
(36.9) |
14.20 |
20.50 |
28.70 |
- |
|
Real Estate |
1.4 |
21.3 |
25.4 |
31.9 |
- |
|
|
|||||
|
Services |
|||||
|
Electricity, Gas & Water |
1.70 |
4.00 |
7.00 |
6.30 |
- |
|
Transport, Storage & Communication |
3.90 |
12.80 |
7.40 |
5.30 |
- |
|
Finance & Insurance |
(16.4) |
(0.4) |
8.90 |
0.50 |
- |
|
Government Services |
4.50 |
9.70 |
6.90 |
6.00 |
- |
|
Education Services |
0.10 |
(0.9) |
(1.4) |
0.30 |
- |
|
|
|||||
|
* Based on Index of Industrial Production
(2011 = 100) |
|
INDUSTRY : |
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 |
|
|
Incorporated in 1995, the Subject is a
Private Limited company, focusing on trading of industrial sewing machines.
Having been in the industry for over a decade, the Subject has achieved a certain
market share and has built up a satisfactory reputation in the market. It
should have received supports from its regular customers. Presently, the
issued and paid up capital of the Subject stands at SGD 13,000,000. The
Subject have a strong support from its holding company. 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 50 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. Financially, the Subject registered a
higher turnover compared to previous year. However, its profits showed a
reverse trend. The lower profit achieved was a result of higher operating
cost and increased competition. The Subject has generated an unfavourable
return on shareholders' funds indicating that the management was inefficient
in utilising its funds to generate return. Due to its weak liquidity position,
the Subject may face working capital deficiency in meeting its short term
financial obligations if no fresh capital are injected into the Subject. The
high gearing ratio clearly implied that the Subject was supported by more
debt than equity. Thus, the Subject is exposed to high financial risk. Given
a positive net worth standing at USD 13,949,649, 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 shows an upward trend and
this trend is very likely to sustain in the near terms. In view of the above, we recommend credit
be granted to the Subject with close monitoring. |
|
|
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING
STANDARDS. |
|
JUKI SINGAPORE
PTE LTD |
|
Financial Year End |
2013-12-31 |
2012-12-31 |
2011-12-31 |
2010-12-31 |
2009-12-31 |
|
Months |
12 |
12 |
12 |
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 |
SUMMARY |
|
Currency |
USD |
USD |
USD |
USD |
SGD |
|
TURNOVER |
260,821,194 |
215,217,126 |
221,697,750 |
186,718,993 |
150,315,561 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
260,821,194 |
215,217,126 |
221,697,750 |
186,718,993 |
150,315,561 |
|
Costs of Goods Sold |
(225,569,048) |
(192,794,629) |
(213,875,842) |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
35,252,146 |
22,422,497 |
7,821,908 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
291,936 |
803,670 |
740,557 |
1,341,777 |
572,068 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
291,936 |
803,670 |
740,557 |
1,341,777 |
572,068 |
|
Taxation |
21,556 |
(106,829) |
(151,058) |
(314,278) |
(263,404) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
313,492 |
696,841 |
589,499 |
1,027,499 |
308,664 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
5,556,377 |
4,859,536 |
4,270,037 |
3,242,538 |
1,019,729 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
5,556,377 |
4,859,536 |
4,270,037 |
3,242,538 |
1,019,729 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
5,869,869 |
5,556,377 |
4,859,536 |
4,270,037 |
1,328,393 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
5,869,869 |
5,556,377 |
4,859,536 |
4,270,037 |
1,328,393 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE
(as per notes to P&L) |
|||||
|
Others |
1,942,952 |
1,471,189 |
1,269,124 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
1,942,952 |
1,471,189 |
1,269,124 |
- |
- |
|
|
============= |
============= |
============= |
|
JUKI SINGAPORE
PTE LTD |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
145,162 |
139,348 |
97,944 |
127,706 |
1,696,827 |
|
LONG TERM
INVESTMENTS/OTHER ASSETS |
|||||
|
Subsidiary companies |
1,554,294 |
1,554,294 |
1,054,294 |
1,054,294 |
- |
|
Associated companies |
36,406 |
36,406 |
36,406 |
36,406 |
- |
|
Deferred assets |
26,907 |
26,907 |
153,638 |
19,428 |
- |
|
Others |
70,765 |
56,361 |
56,361 |
51,554 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
1,688,372 |
1,673,968 |
1,300,699 |
1,161,682 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
1,833,534 |
1,813,316 |
1,398,643 |
1,289,388 |
1,696,827 |
|
Stocks |
101,201,563 |
100,703,289 |
84,126,148 |
60,039,632 |
- |
|
Trade debtors |
51,151,415 |
41,607,543 |
38,997,132 |
35,896,346 |
- |
|
Other debtors, deposits & prepayments |
602,032 |
787,818 |
374,331 |
365,275 |
- |
|
Short term deposits |
2,500,000 |
5,000,000 |
5,250,000 |
10,303,000 |
- |
|
Amount due from holding company |
3,090,070 |
46,285 |
242,639 |
317,300 |
- |
|
Amount due from subsidiary companies |
2,229,358 |
6,125,742 |
7,505,792 |
8,344,824 |
- |
|
Amount due from related companies |
4,341,475 |
1,866,752 |
823,984 |
1,982,596 |
- |
|
Amount due from associated companies |
159,565 |
794,687 |
526,418 |
740,264 |
- |
|
Cash & bank balances |
1,057,834 |
1,360,568 |
1,100,234 |
1,887,953 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
166,333,312 |
158,292,684 |
138,946,678 |
119,877,190 |
103,994,571 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
168,166,846 |
160,106,000 |
140,345,321 |
121,166,578 |
105,691,398 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade creditors |
9,935,491 |
10,757,691 |
9,396,023 |
87,045,940 |
- |
|
Other creditors & accruals |
1,874,236 |
411,565 |
1,083,595 |
3,003,223 |
- |
|
Short term borrowings/Term loans |
32,000,000 |
36,500,000 |
30,000,000 |
18,470,000 |
- |
|
Amounts owing to holding company |
106,797,424 |
92,746,281 |
80,673,014 |
- |
- |
|
Amounts owing to subsidiary companies |
541,015 |
541,851 |
56,691 |
- |
- |
|
Amounts owing to related companies |
2,815,503 |
5,016,742 |
5,166,993 |
- |
- |
|
Amounts owing to associated companies |
253,528 |
411,310 |
657,339 |
- |
- |
|
Provision for taxation |
- |
84,403 |
372,350 |
297,598 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
154,217,197 |
146,469,843 |
127,406,005 |
108,816,761 |
91,363,004 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
12,116,115 |
11,822,841 |
11,540,673 |
11,060,429 |
12,631,567 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
13,949,649 |
13,636,157 |
12,939,316 |
12,349,817 |
14,328,393 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
8,079,780 |
8,079,780 |
8,079,780 |
8,079,780 |
13,000,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
8,079,780 |
8,079,780 |
8,079,780 |
8,079,780 |
13,000,000 |
|
Retained profit/(loss) carried forward |
5,869,869 |
5,556,377 |
4,859,536 |
4,270,037 |
1,328,393 |
|
Others |
- |
- |
- |
- |
0 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
5,869,869 |
5,556,377 |
4,859,536 |
4,270,037 |
1,328,393 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
13,949,649 |
13,636,157 |
12,939,316 |
12,349,817 |
14,328,393 |
|
TOTAL LONG TERM LIABILITIES |
- |
- |
- |
- |
0 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
13,949,649 |
13,636,157 |
12,939,316 |
12,349,817 |
14,328,393 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
JUKI SINGAPORE
PTE LTD |
|
TYPES OF FUNDS |
|||||
|
Cash |
3,557,834 |
6,360,568 |
6,350,234 |
12,190,953 |
- |
|
Net Liquid Funds |
3,557,834 |
6,360,568 |
6,350,234 |
12,190,953 |
- |
|
Net Liquid Assets |
(89,085,448) |
(88,880,448) |
(72,585,475) |
(48,979,203) |
12,631,567 |
|
Net Current Assets/(Liabilities) |
12,116,115 |
11,822,841 |
11,540,673 |
11,060,429 |
12,631,567 |
|
Net Tangible Assets |
13,949,649 |
13,636,157 |
12,939,316 |
12,349,817 |
14,328,393 |
|
Net Monetary Assets |
(89,085,448) |
(88,880,448) |
(72,585,475) |
(48,979,203) |
12,631,567 |
|
BALANCE SHEET
ITEMS |
|||||
|
Total Borrowings |
32,000,000 |
36,500,000 |
30,000,000 |
18,470,000 |
- |
|
Total Liabilities |
154,217,197 |
146,469,843 |
127,406,005 |
108,816,761 |
91,363,004 |
|
Total Assets |
168,166,846 |
160,106,000 |
140,345,321 |
121,166,578 |
105,691,398 |
|
Net Assets |
13,949,649 |
13,636,157 |
12,939,316 |
12,349,817 |
14,328,394 |
|
Net Assets Backing |
13,949,649 |
13,636,157 |
12,939,316 |
12,349,817 |
14,328,394 |
|
Shareholders' Funds |
13,949,649 |
13,636,157 |
12,939,316 |
12,349,817 |
14,328,393 |
|
Total Share Capital |
8,079,780 |
8,079,780 |
8,079,780 |
8,079,780 |
13,000,000 |
|
Total Reserves |
5,869,869 |
5,556,377 |
4,859,536 |
4,270,037 |
1,328,393 |
|
LIQUIDITY
(Times) |
|||||
|
Cash Ratio |
0.02 |
0.04 |
0.05 |
0.11 |
- |
|
Liquid Ratio |
0.42 |
0.39 |
0.43 |
0.55 |
- |
|
Current Ratio |
1.08 |
1.08 |
1.09 |
1.10 |
1.14 |
|
WORKING CAPITAL
CONTROL (Days) |
|||||
|
Stock Ratio |
142 |
171 |
139 |
117 |
- |
|
Debtors Ratio |
72 |
71 |
64 |
70 |
- |
|
Creditors Ratio |
16 |
20 |
16 |
170 |
- |
|
SOLVENCY RATIOS
(Times) |
|||||
|
Gearing Ratio |
2.29 |
2.68 |
2.32 |
1.50 |
- |
|
Liabilities Ratio |
11.06 |
10.74 |
9.85 |
8.81 |
6.38 |
|
Times Interest Earned Ratio |
1.15 |
1.55 |
1.58 |
0.00 |
- |
|
Assets Backing Ratio |
1.73 |
1.69 |
1.60 |
1.53 |
1.10 |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating Profit Margin |
0.11 |
0.37 |
0.33 |
0.72 |
0.38 |
|
Net Profit Margin |
0.12 |
0.32 |
0.27 |
0.55 |
0.21 |
|
Return On Net Assets |
16.02 |
16.68 |
15.53 |
10.86 |
3.99 |
|
Return On Capital Employed |
16.02 |
16.68 |
15.53 |
10.86 |
3.99 |
|
Return On Shareholders' Funds/Equity |
2.25 |
5.11 |
4.56 |
8.32 |
2.15 |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.00 |
0.00 |
0.00 |
- |
|
NOTES TO
ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.26 |
|
UK Pound |
1 |
Rs.96.01 |
|
Euro |
1 |
Rs.70.72 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.