|
Report No. : |
303595 |
|
Report Date : |
17.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
JSP FOAM PRODUCTS PTE. LTD. |
|
|
|
|
Registered Office : |
19, Tuas Link 2, Jurong Industrial Estate,
638564 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
28.11.1995 |
|
|
|
|
Com. Reg. No.: |
199508441-M |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Manufacture of Polymers. |
|
|
|
|
No. of Employee : |
Not Available (2015) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No complaints |
|
|
|
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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. |
: |
199508441-M |
|
COMPANY NAME |
: |
JSP FOAM PRODUCTS PTE. LTD. |
|
FORMER NAME |
: |
N/A |
|
INCORPORATION DATE |
: |
28/11/1995 |
|
|
|
|
|
|
|
|
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED |
|
LISTED STATUS |
: |
NO |
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS |
: |
19, TUAS LINK 2, JURONG INDUSTRIAL ESTATE, 638564,
SINGAPORE. |
|
BUSINESS ADDRESS |
: |
19 TUAS LINK 2, JURONG INDUSTRIAL ESTATE,
638564, SINGAPORE. |
|
TEL.NO. |
: |
65-68632826 |
|
FAX.NO. |
: |
65-68632592 |
|
CONTACT PERSON |
: |
TAKAHASHI SHINGO ( MANAGING DIRECTOR ) |
|
|
|
|
|
|
|
|
|
PRINCIPAL ACTIVITY |
: |
MANUFACTURE OF POLYMERS |
|
|
|
|
|
ISSUED AND PAID UP CAPITAL |
: |
6,000,000.00 ORDINARY SHARE, OF A VALUE OF
SGD 6,000,000.00 |
|
|
|
|
|
SALES |
: |
USD 17,201,516 [2013] |
|
NET WORTH |
: |
USD 25,132,872 [2013] |
|
|
|
|
|
STAFF STRENGTH |
: |
n/a [2015] |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
FAIR |
|
PAYMENT |
: |
GOOD |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
|
|
|
|
COMMERCIAL RISK |
: |
LOW |
|
CURRENCY EXPOSURE |
: |
HIGH |
|
GENERAL REPUTATION |
: |
SATISFACTORY |
|
INDUSTRY OUTLOOK |
: |
MATURE |
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 of polymers.
The immediate holding company of the Subject
is JSP CORPORATION, a company incorporated in JAPAN.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
23/12/2014 |
SGD 6,000,000.00 |
The major shareholder(s) of the Subject are
shown as follows :
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
JSP CORPORATION |
SHIN NISSEKI BUILDING, 4-2 3-CHOME,
MARUNOUCHI CHIYODA-KU, TOKYO, 100-0005, JAPAN. |
S95UF0239 |
6,000,000.00 |
100.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
6,000,000.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
DIRECTOR 1
|
Name Of Subject |
: |
TAKAHASHI SHINGO |
|
Address |
: |
3-8-7, NISHIMORO KANUMA CITY, TOCHIGI,
322-0029, JAPAN. |
|
IC / PP No |
: |
TZ0466102 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
31/05/2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject |
: |
KOW JONG TWEE @ GAO HAO RUI |
|
Address |
: |
50, CHOA CHU KANG NORTH, 7, 04-16, REGENT
GROVE, 689527, SINGAPORE. |
|
IC / PP No |
: |
S1309494B |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
01/04/2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject |
: |
TAKANORI SUZUKI |
|
Address |
: |
4-16-11, TAITO, TAITO-KU, TOKYO 1000016,
JAPAN. |
|
IC / PP No |
: |
TK0318895 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
25/08/2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of Subject |
: |
SACHIO SUZUKI |
|
Address |
: |
EMPORIUM SUITES, UNIT 2814, 622, SUKHUMVIT SOI
24, KLONGTON, KLONGTOEY, 28TH FLOOR, 10110, BANGKOK, THAILAND. |
|
IC / PP No |
: |
TZ0846801 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
20/03/2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1) |
Name of Subject |
: |
TAKAHASHI SHINGO |
|
|
Position |
: |
MANAGING DIRECTOR |
|
|
|
|
|
|
Auditor |
: |
PAUL WAN & CO |
|
Auditor' Address |
: |
N/A |
|
|
|
|
|
1) |
Company Secretary |
: |
IRENE TNG AI LENG |
|
|
IC / PP No |
: |
S6847784J |
|
|
|
|
|
|
|
Address |
: |
788, WOODLANDS AVENUE, 6, 12-623, 730788,
SINGAPORE. |
|
|
|
|
|
No Banker found in our databank.
No encumbrance was found in our databank at the time of investigation.
* 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.
|
SOURCES OF RAW MATERIALS: |
|
||||
|
Local |
: |
NO |
Percentage |
: |
0% |
|
Overseas |
: |
YES |
Percentage |
: |
100% |
|
Import Countries |
: |
ASIA,EUROPE |
|||
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 |
: |
ASIA PACIFIC |
|||
|
Credit Term |
: |
N/A |
|||
|
|
|
|
|
|
|
|
Payment Mode |
: |
CHEQUES |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Products manufactured |
: |
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2015 |
2014 |
2013 |
2012 |
2010 |
|
|
|
|
|
|
N/A |
N/A |
N/A |
N/A |
|
|
|
|
|
|
COMPANY |
n/a |
20 |
20 |
35 |
20 |
|
|
|
|
|
Branch |
: |
NO
|
Other Information:
The Subject is principally engaged in the (as a / as an) manufacture of
polymers.
The Subject's principal activities are manufacture and sale of foamed
products.
Activities:
* Manufacturing of expanded polypropylene and polyethylene products.
Products dealing:
* Advanced materials
- Door panels (p-block/arpro)
- Cushioning material for precision equipment (p-block/arpro)
- Transport cases for precision equipment (l-block)
* Food packaging
- Food trays (styrene paper)
- Foldable boxes (miraboard)
- Frozen food containers (mirafreeze)
- Microwaveable containers
* Industrial resources
- Packaging material (miramat)
- Returnable containers (p-board)
- Cushioning material (caplon)
- Insulation materials for agricultural products (miramat)
* Construction
- Wall insulation (mirafoam)
- Furring (mirawoody)
- Floor insulation (miranext)
- tatami mat materials (mirafoam)
* EPS
- Food packaging (styrodia)
- construction insulation (styrodia)
- civil engineering materials (styrodia)
- casting foam (clearpor)
* Hybrid foam
- Unit bathroom sections (foamcore/super foam)
- Automotive parts (foamcore/super foam)
- Construction material (super board/super foam)
- Transport cases (foamcore/super foam)
- Marine applications (foamcore/super foam)
Trade names:
* P-Block
* Arpro
The Subject is a member of following entities:
* Japanese Chamber of Commerce & Industry (JCCI)
Latest fresh investigations carried out on
the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-68632826 |
|
Match |
: |
N/A |
|
|
|
|
|
Address Provided by Client |
: |
19 TUAS LINK 2, JURONG INDUSTRIAL
ESTATE,638564,SINGAPORE |
|
Current Address |
: |
19 TUAS LINK 2, JURONG INDUSTRIAL ESTATE,
638564, SINGAPORE. |
|
Match |
: |
YES |
|
|
|
|
Other Investigations
On 15th January 2015 we contacted one of the staff from the Subject and she
provided some information.
She refused to disclose the Subject's number of employees.
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Decreased |
[ |
2009 - 2013 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2009 - 2013 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
1.69% |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
1.67% |
] |
|
|
|
|
|
|
|
|
|
|
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 |
[ |
40 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
121 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
21 Days |
] |
|
|
|
|
|
|
|
|
|
|
The Subject's stocks were moving fast thus
reducing its holding cost. This had reduced funds being tied up in stocks.
The Subject's debtors ratio was high. The Subject should tighten its credit control
and improve its collection period. The Subject had a favourable creditors'
ratio where the Subject could be taking advantage of the cash discounts and
also wanting to maintain goodwill with its creditors. |
||||||
|
|
|
|
|
|
|
|
|
Liquidity |
|
|
|
|
|
|
|
Liquid Ratio |
: |
Favourable |
[ |
8.45 Times |
] |
|
|
Current Ratio |
: |
Favourable |
[ |
9.23 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 |
[ |
139.80 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.01 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 : |
|
|
|
|
|
|
|
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 as a lowly geared company, will be more secured compared to those
highly geared companies. It has the ability to meet all its long term
obligations. |
||||||
|
|
|
|
|
|
|
|
|
Overall financial condition of the Subject
: FAIR |
||||||
|
Major Economic Indicators : |
2009 |
2010 |
2011 |
2012 |
2013 |
|
|
|
|
|
|
|
|
Population (Million) |
4.98 |
5.08 |
5.18 |
5.31 |
5.40 |
|
Gross Domestic Products ( % ) |
(0.8) |
14.5 |
4.9 |
1.3 |
3.7 |
|
Consumer Price Index |
0.6 |
2.8 |
5.2 |
4.6 |
2.4 |
|
Total Imports (Million) |
356,299.3 |
423,221.8 |
459,655.1 |
474,554.0 |
466,762.0 |
|
Total Exports (Million) |
391,118.1 |
478,840.7 |
514,741.2 |
510,329.0 |
513,391.0 |
|
|
|
|
|
|
|
|
Unemployment Rate (%) |
3.2 |
2.2 |
2.1 |
2.0 |
1.9 |
|
Tourist Arrival (Million) |
9.68 |
11.64 |
13.17 |
14.49 |
15.46 |
|
Hotel Occupancy Rate (%) |
75.8 |
85.6 |
86.5 |
86.4 |
86.3 |
|
Cellular Phone Subscriber (Million) |
1.37 |
1.43 |
1.50 |
1.52 |
1.97 |
|
|
|
|
|
|
|
|
Registration of New Companies (No.) |
26,414 |
29,798 |
32,317 |
31,892 |
37,288 |
|
Registration of New Companies (%) |
4.3 |
12.8 |
8.5 |
(1.3) |
9.8 |
|
Liquidation of Companies (No.) |
22,393 |
15,126 |
19,005 |
17,218 |
17,369 |
|
Liquidation of Companies (%) |
113.4 |
(32.5) |
25.6 |
9.4 |
(5.3) |
|
|
|
|
|
|
|
|
Registration of New Businesses (No.) |
26,876 |
23,978 |
23,494 |
24,788 |
22,893 |
|
Registration of New Businesses (%) |
8.15 |
(10.78) |
2.02 |
5.51 |
1.70 |
|
Liquidation of Businesses (No.) |
23,552 |
24,211 |
23,005 |
22,489 |
22,598 |
|
Liquidation of Businesses (%) |
11.4 |
2.8 |
(5) |
(2.2) |
0.5 |
|
|
|
|
|
|
|
|
Bankruptcy Orders (No.) |
2,058 |
1,537 |
1,527 |
1,748 |
1,992 |
|
Bankruptcy Orders (%) |
(11.5) |
(25.3) |
(0.7) |
14.5 |
14.0 |
|
Bankruptcy Discharges (No.) |
3,056 |
2,252 |
1,391 |
1,881 |
2,584 |
|
Bankruptcy Discharges (%) |
103.7 |
(26.3) |
(38.2) |
35.2 |
37.4 |
|
|
|
|
|
|
|
|
INDUSTRIES ( % of Growth ) : |
|
|
|
|
|
|
Agriculture |
|
|
|
|
|
|
Production of Principal Crops |
3.25 |
(0.48) |
4.25 |
3.64 |
- |
|
Fish Supply & Wholesale |
(1.93) |
(10.5) |
12.10 |
(0.5) |
- |
|
|
|
|
|
|
|
|
Manufacturing * |
71.5 |
92.8 |
100.0 |
100.3 |
102.0 |
|
Food, Beverages & Tobacco |
90.4 |
96.4 |
100.0 |
103.5 |
103.5 |
|
Textiles |
145.9 |
122.1 |
100.0 |
104.0 |
87.1 |
|
Wearing Apparel |
211.0 |
123.3 |
100.0 |
92.1 |
77.8 |
|
Leather Products & Footwear |
79.5 |
81.8 |
100.0 |
98.6 |
109.8 |
|
Wood & Wood Products |
101.4 |
104.0 |
100.0 |
95.5 |
107.4 |
|
Paper & Paper Products |
95.4 |
106.1 |
100.0 |
97.4 |
103.2 |
|
Printing & Media |
100.9 |
103.5 |
100.0 |
93.0 |
86.1 |
|
Crude Oil Refineries |
96.4 |
95.6 |
100.0 |
99.4 |
93.5 |
|
Chemical & Chemical Products |
80.3 |
97.6 |
100.0 |
100.5 |
104.1 |
|
Pharmaceutical Products |
49.1 |
75.3 |
100.0 |
109.7 |
107.2 |
|
Rubber & Plastic Products |
101.2 |
112.3 |
100.0 |
96.5 |
92.9 |
|
Non-metallic Mineral |
91.9 |
92.5 |
100.0 |
98.2 |
97.6 |
|
Basic Metals |
92.6 |
102.2 |
100.0 |
90.6 |
76.5 |
|
Fabricated Metal Products |
90.8 |
103.6 |
100.0 |
104.3 |
105.1 |
|
Machinery & Equipment |
57.3 |
78.5 |
100.0 |
112.9 |
114.5 |
|
Electrical Machinery |
86.8 |
124.1 |
100.0 |
99.3 |
108.5 |
|
Electronic Components |
85.2 |
113.6 |
100.0 |
90.6 |
94.3 |
|
Transport Equipment |
96.0 |
94.0 |
100.0 |
106.3 |
107.5 |
|
|
|
|
|
|
|
|
Construction |
(36.9) |
14.20 |
20.50 |
28.70 |
- |
|
Real Estate |
1.4 |
21.3 |
25.4 |
31.9 |
- |
|
|
|
|
|
|
|
|
Services |
|
|
|
|
|
|
Electricity, Gas & Water |
1.70 |
4.00 |
7.00 |
6.30 |
- |
|
Transport, Storage & Communication |
3.90 |
12.80 |
7.40 |
5.30 |
- |
|
Finance & Insurance |
(16.4) |
(0.4) |
8.90 |
0.50 |
- |
|
Government Services |
4.50 |
9.70 |
6.90 |
6.00 |
- |
|
Education Services |
0.10 |
(0.9) |
(1.4) |
0.30 |
- |
|
|
|
|
|
|
|
|
* Based on Index of Industrial Production
(2011 = 100) |
|
|
|
|
|
|
INDUSTRY : |
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 |
|
|
Incorporated in
1995, the Subject is a Private Limited company, focusing on manufacture of
polymers. With its long establishment in the market, the Subject has received
strong support from its stable customers base. Its business position in the
market is quite stable and it is expected to enjoy better market shares over
its rivals. A paid up capital of SGD 6,000,000 allows the Subject to expand
its business more comfortably. With a strong backing from its holding
company, the Subject enjoys timely financial assistance should the needs
arise. |
|
|
PROFIT AND LOSS ACCOUNT
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE
WITH SINGAPORE FINANCIAL REPORTING STANDARDS. |
|
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 |
FULL |
|
Currency |
USD |
USD |
USD |
USD |
USD |
|
|
|
|
|
|
|
|
TURNOVER |
17,201,516 |
27,305,732 |
28,403,157 |
21,364,749 |
12,216,650 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Total Turnover |
17,201,516 |
27,305,732 |
28,403,157 |
21,364,749 |
12,216,650 |
|
Costs of Goods Sold |
(14,426,747) |
(23,556,069) |
(25,344,059) |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
Gross Profit |
2,774,769 |
3,749,663 |
3,059,098 |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
432,898 |
2,588,746 |
1,869,653 |
1,990,044 |
1,737,355 |
|
SHARE OF PROFITS/(LOSSES) OF ASSOCIATED
COMPANIES |
(8,714) |
(4,986) |
- |
- |
- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
424,184 |
2,583,760 |
1,869,653 |
1,990,044 |
1,737,355 |
|
Taxation |
(633) |
(380,101) |
(87,494) |
(293,745) |
(235,968) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
423,551 |
2,203,659 |
1,782,159 |
1,696,299 |
1,501,387 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
|
|
|
As previously reported |
21,002,424 |
19,899,765 |
19,008,606 |
18,160,307 |
17,408,920 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
As restated |
21,002,424 |
19,899,765 |
19,008,606 |
18,160,307 |
17,408,920 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
21,425,975 |
22,103,424 |
20,790,765 |
19,856,606 |
18,910,307 |
|
DIVIDENDS - Ordinary (paid & proposed) |
(279,014) |
(1,101,000) |
(891,000) |
(848,000) |
(750,000) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
21,146,961 |
21,002,424 |
19,899,765 |
19,008,606 |
18,160,307 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
INTEREST EXPENSE (as per notes to P&L) |
|
|
|
|
|
|
Others |
3,056 |
700 |
- |
982 |
1,606 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
3,056 |
700 |
- |
982 |
1,606 |
|
|
============= |
============= |
============= |
============= |
============= |
BALANCE SHEET
|
ASSETS EMPLOYED: |
|
|
|
|
|
|
FIXED ASSETS |
4,957,507 |
4,761,093 |
4,182,549 |
4,816,560 |
4,995,090 |
|
|
|
|
|
|
|
|
Associated companies |
892,901 |
893,328 |
505,589 |
524,156 |
- |
|
Others |
- |
- |
375,656 |
342,818 |
371,944 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
892,901 |
893,328 |
881,245 |
866,974 |
371,944 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
5,850,408 |
5,654,421 |
5,063,794 |
5,683,534 |
5,367,034 |
|
|
|
|
|
|
|
|
Stocks |
1,882,982 |
2,200,901 |
2,469,497 |
1,931,290 |
964,244 |
|
Trade debtors |
5,697,674 |
4,598,848 |
5,310,026 |
4,357,915 |
4,137,246 |
|
Other debtors, deposits & prepayments |
64,058 |
35,881 |
82,191 |
35,337 |
210,153 |
|
Short term deposits |
9,263,906 |
12,060,205 |
1,841,207 |
12,370,000 |
12,350,000 |
|
Amount due from holding company |
1,055 |
- |
- |
- |
- |
|
Amount due from related companies |
485,128 |
2,394,031 |
4,815,796 |
2,663,886 |
997,339 |
|
Amount due from associated companies |
27,300 |
27,300 |
- |
- |
- |
|
Cash & bank balances |
4,739,609 |
3,087,665 |
10,102,033 |
936,405 |
1,174,944 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
22,161,712 |
24,404,831 |
24,620,750 |
22,294,833 |
19,833,926 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL ASSET |
28,012,120 |
30,059,252 |
29,684,544 |
27,978,367 |
25,200,960 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
Trade creditors |
815,925 |
1,900,574 |
3,090,208 |
2,426,700 |
656,262 |
|
Other creditors & accruals |
586,311 |
478,176 |
553,289 |
402,970 |
405,056 |
|
Hire purchase & lease creditors |
66,781 |
49,641 |
- |
- |
12,039 |
|
Amounts owing to holding company |
636,118 |
- |
- |
- |
- |
|
Amounts owing to related companies |
1,895 |
649,987 |
541,639 |
551,329 |
450,561 |
|
Provision for taxation |
14,115 |
434,219 |
327,210 |
290,476 |
319,718 |
|
Dividends payable/proposed |
279,014 |
1,101,000 |
891,000 |
848,000 |
750,000 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
2,400,159 |
4,613,597 |
5,403,346 |
4,519,475 |
2,593,636 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
19,761,553 |
19,791,234 |
19,217,404 |
17,775,358 |
17,240,290 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL NET ASSETS |
25,611,961 |
25,445,655 |
24,281,198 |
23,458,892 |
22,607,324 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
SHARE CAPITAL |
|
|
|
|
|
|
Ordinary share capital |
3,985,911 |
3,985,911 |
3,985,911 |
3,985,911 |
3,985,911 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
3,985,911 |
3,985,911 |
3,985,911 |
3,985,911 |
3,985,911 |
|
|
|
|
|
|
|
|
Retained profit/(loss) carried forward |
21,146,961 |
21,002,424 |
19,899,765 |
19,008,606 |
18,160,307 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL RESERVES |
21,146,961 |
21,002,424 |
19,899,765 |
19,008,606 |
18,160,307 |
|
|
|
|
|
|
|
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
25,132,872 |
24,988,335 |
23,885,676 |
22,994,517 |
22,146,218 |
|
|
|
|
|
|
|
|
Lease obligations |
92,260 |
85,036 |
- |
- |
- |
|
Deferred taxation |
386,829 |
372,284 |
395,522 |
464,375 |
461,106 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
TOTAL LONG TERM LIABILITIES |
479,089 |
457,320 |
395,522 |
464,375 |
461,106 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
25,611,961 |
25,445,655 |
24,281,198 |
23,458,892 |
22,607,324 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
FINANCIAL RATIO
|
TYPES OF FUNDS |
|
|
|
|
|
|
Cash |
14,003,515 |
15,147,870 |
11,943,240 |
13,306,405 |
13,524,944 |
|
Net Liquid Funds |
14,003,515 |
15,147,870 |
11,943,240 |
13,306,405 |
13,524,944 |
|
Net Liquid Assets |
17,878,571 |
17,590,333 |
16,747,907 |
15,844,068 |
16,276,046 |
|
Net Current Assets/(Liabilities) |
19,761,553 |
19,791,234 |
19,217,404 |
17,775,358 |
17,240,290 |
|
Net Tangible Assets |
25,611,961 |
25,445,655 |
24,281,198 |
23,458,892 |
22,607,324 |
|
Net Monetary Assets |
17,399,482 |
17,133,013 |
16,352,385 |
15,379,693 |
15,814,940 |
|
BALANCE SHEET ITEMS |
|
|
|
|
|
|
Total Borrowings |
159,041 |
134,677 |
0 |
0 |
12,039 |
|
Total Liabilities |
2,879,248 |
5,070,917 |
5,798,868 |
4,983,850 |
3,054,742 |
|
Total Assets |
28,012,120 |
30,059,252 |
29,684,544 |
27,978,367 |
25,200,960 |
|
Net Assets |
25,611,961 |
25,445,655 |
24,281,198 |
23,458,892 |
22,607,324 |
|
Net Assets Backing |
25,132,872 |
24,988,335 |
23,885,676 |
22,994,517 |
22,146,218 |
|
Shareholders' Funds |
25,132,872 |
24,988,335 |
23,885,676 |
22,994,517 |
22,146,218 |
|
Total Share Capital |
3,985,911 |
3,985,911 |
3,985,911 |
3,985,911 |
3,985,911 |
|
Total Reserves |
21,146,961 |
21,002,424 |
19,899,765 |
19,008,606 |
18,160,307 |
|
LIQUIDITY (Times) |
|
|
|
|
|
|
Cash Ratio |
5.83 |
3.28 |
2.21 |
2.94 |
5.21 |
|
Liquid Ratio |
8.45 |
4.81 |
4.10 |
4.51 |
7.28 |
|
Current Ratio |
9.23 |
5.29 |
4.56 |
4.93 |
7.65 |
|
WORKING CAPITAL CONTROL (Days) |
|
|
|
|
|
|
Stock Ratio |
40 |
29 |
32 |
33 |
29 |
|
Debtors Ratio |
121 |
61 |
68 |
74 |
124 |
|
Creditors Ratio |
21 |
29 |
45 |
41 |
20 |
|
SOLVENCY RATIOS (Times) |
|
|
|
|
|
|
Gearing Ratio |
0.01 |
0.01 |
0.00 |
0.00 |
0.00 |
|
Liabilities Ratio |
0.11 |
0.20 |
0.24 |
0.22 |
0.14 |
|
Times Interest Earned Ratio |
139.80 |
3,692.09 |
0.00 |
2,027.52 |
1,082.79 |
|
Assets Backing Ratio |
6.43 |
6.38 |
6.09 |
5.89 |
5.67 |
|
PERFORMANCE RATIO (%) |
|
|
|
|
|
|
Operating Profit Margin |
2.47 |
9.46 |
6.58 |
9.31 |
14.22 |
|
Net Profit Margin |
2.46 |
8.07 |
6.27 |
7.94 |
12.29 |
|
Return On Net Assets |
1.67 |
10.16 |
7.70 |
8.49 |
7.69 |
|
Return On Capital Employed |
1.66 |
10.14 |
7.70 |
8.49 |
7.69 |
|
Return On Shareholders' Funds/Equity |
1.69 |
8.82 |
7.46 |
7.38 |
6.78 |
|
Dividend Pay Out Ratio (Times) |
0.66 |
0.50 |
0.50 |
0.50 |
0.50 |
|
NOTES TO ACCOUNTS |
|
|
|
|
|
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.89 |
|
|
1 |
Rs.93.92 |
|
Euro |
1 |
Rs.72.01 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
ANK |
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.