|
Report No. : |
325027 |
|
Report Date : |
03.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
HITACHI ELEVATOR ASIA PTE. LTD. |
|
|
|
|
Formerly Known As : |
HITACHI ELEVATOR ENGINEERING (SINGAPORE)
PRIVATE LIMITED |
|
|
|
|
Registered Office : |
10, Toh Guan Road East, 608597 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation : |
20.10.1972 |
|
|
|
|
Com. Reg. No.: |
197201468-W |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Trading and repair of lifts and escalators.
|
|
|
|
|
No. of Employees : |
650 [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 : |
Exist |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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. Unemployment is very low. 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. Growth in 2014 was slower at 13.9%, 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. Singapore is a member of the 12-nation Trans-Pacific Partnership free trade agreement negotiations and, with the nine other ASEAN members, will form the ASEAN Economic Community in 2015.
|
Source
: CIA |
|
REGISTRATION NO. |
: |
197201468-W |
|
COMPANY NAME |
: |
HITACHI ELEVATOR ASIA PTE.
LTD. |
|
FORMER NAME |
: |
HITACHI ELEVATOR ENGINEERING
(SINGAPORE) PRIVATE LIMITED (30/08/2010) |
|
INCORPORATION DATE |
: |
20/10/1972 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
10, TOH GUAN ROAD EAST,
608597, SINGAPORE. |
|
BUSINESS ADDRESS |
: |
10, TOH GUAN ROAD EAST,
HITACHI ELEVATOR BUILDING, 608597, SINGAPORE. |
|
TEL.NO. |
: |
65-64161711 |
|
FAX.NO. |
: |
65-65610991 |
|
WEB SITE |
: |
WWW.HEA.HITACHI.COM.SG |
|
CONTACT PERSON |
: |
TAKAHASHI YUSUKE ( DIRECTOR
) |
|
PRINCIPAL ACTIVITY |
: |
TRADING AND REPAIR OF LIFTS
AND ESCALATORS |
|
ISSUED AND PAID UP CAPITAL |
: |
67,600.00 ORDINARY SHARE, OF
A VALUE OF SGD 33,800,000.00 |
|
SALES |
: |
SGD 169,656,812 [2014] |
|
NET WORTH |
: |
SGD 48,854,353 [2014] |
|
STAFF STRENGTH |
: |
650 [2015] |
|
LITIGATION |
: |
TRACED |
|
FINANCIAL CONDITION |
: |
LIMITED |
|
PAYMENT |
: |
AVERAGE |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL RISK |
: |
LOW |
|
CURRENCY EXPOSURE |
: |
MODERATE |
|
GENERAL REPUTATION |
: |
GOOD |
|
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 and
repair of lifts and escalators.
The immediate and ultimate
holding company of the Subject is HITACHI, LTD., a company incorporated in
JAPAN.
Share Capital
History
|
Date |
Issue & Paid Up Capital |
|
29/05/2015 |
SGD 33,800,000.00 |
The major shareholder(s) of
the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
HITACHI, LTD. |
6-6, MARUNOUCHI 1-CHOME
CHIYODA-KU, TOKYO, 100-8280, JAPAN. |
T03UF1364 |
36,098.00 |
53.40 |
|
HITACHI BUILDING SYSTEMS
CO., LTD |
7, KANDA-MITOSHIRO-CHO,
CHIYODA-KU, TOKYO, 101-8941, JAPAN. |
T07UF0161 |
24,742.00 |
36.60 |
|
YUNGTAY ENGINEERING COMPANY
LIMITED |
99, FU HSING NORTH RD,
TAIPEI, 11TH FLOOR, TAIWAN. |
T07UF0050 |
6,760.00 |
10.00 |
|
--------------- |
------ |
|||
|
67,600.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject's interest in
other companies (Subsidiaries/Associates) are shown as follow :
|
Local No |
Country |
Company |
(%) |
As At |
|
38677D |
MALAYSIA |
HITACHI ELEVATOR ENGINEERING
(MALAYSIA) SDN BHD |
100.00 |
31/03/2014 |
DIRECTOR 1
|
Name Of Subject |
: |
CHUA AH BAH |
|
Address |
: |
3, PARK VILLAS TERRACE,
545322, SINGAPORE. |
|
IC / PP No |
: |
S1187670 |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
01/04/2014 |
DIRECTOR 2
|
Name Of Subject |
: |
NOBORU ARABORI |
|
Address |
: |
15-19-36, YACHIYODAI KITA,
YACHIYO-SHI, CHIBA, 276-0031, JAPAN. |
|
IC / PP No |
: |
TK4929321 |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
01/04/2012 |
DIRECTOR 3
|
Name Of Subject |
: |
ISHIKAWA AKIHIKO |
|
Address |
: |
6, ALEXANDRA VIEW, 18-02, METROPOLITAN
CONDOMINUIM, 158746, SINGAPORE. |
|
IC / PP No |
: |
G5863387P |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
01/10/2012 |
DIRECTOR 4
|
Name Of Subject |
: |
SATO HIROSHI |
|
Address |
: |
175-13, ICHINOYA,
NAGAREYAMASHI CHIBA. 270-0137, JAPAN. |
|
IC / PP No |
: |
TH7852557 |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
01/04/2014 |
DIRECTOR 5
|
Name Of Subject |
: |
EIICHI SASAKI |
|
Address |
: |
PARK TOWER UENO-IKENOHATA
203, 1-1, IKENOHATA 2-CHOME, TAITO-KU, TOKYO, 110-0008, JAPAN. |
|
IC / PP No |
: |
TH1343546 |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
08/06/2011 |
DIRECTOR 6
|
Name Of Subject |
: |
KISHIKAWA TAKAO |
|
Address |
: |
7, ONE-NORTH GATEWAY, 13-15,
ONE-NORTH RESIDENCES, 138642, JAPAN. |
|
IC / PP No |
: |
G3145746M |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
01/04/2015 |
DIRECTOR 7
|
Name Of Subject |
: |
KUBO OSAMU |
|
Address |
: |
221, QUEENSWAY 02 - 12 , VIZ
AT HOLLAND, 276750, SINGAPORE. |
|
IC / PP No |
: |
G3030739P |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
01/04/2014 |
DIRECTOR 8
|
Name Of Subject |
: |
HIROHIKO MORISAKI |
|
Address |
: |
8, ADIS ROAD, 03-01, PARC
SOPHIA, 229975, SINGAPORE. |
|
IC / PP No |
: |
G5273390T |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
01/04/2014 |
DIRECTOR 9
|
Name Of Subject |
: |
ONO TOSHIYUKI |
|
Address |
: |
1-9-12, MINAMISENZOKU OTA-KU
TOKYO, JAPAN. |
|
IC / PP No |
: |
TH3897784 |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
01/04/2014 |
|
1) |
Name of Subject |
: |
CHUA AH BAH |
|
Position |
: |
MANAGING DIRECTOR |
|
|
2) |
Name of Subject |
: |
TAKAHASHI YUSUKE |
|
Position |
: |
DIRECTOR |
|
|
Auditor |
: |
ERNST & YOUNG LLP |
|
Auditor' Address |
: |
N/A |
|
1) |
Company Secretary |
: |
FOO SOON SOO |
|
IC / PP No |
: |
S1310912E |
|
|
Address |
: |
63, TAVISTOCK AVENUE,
SERANGOON GARDEN ESTATE, 555161, 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 against the Subject whether the
subject has been involved in any litigation.
|
LEGAL ACTION |
|
||||||||||||
|
|||||||||||||
|
Code No |
: |
99 |
Case No |
: |
2058 |
||||||||
|
Year |
: |
2011 |
Place |
: |
SINGAPORE |
||||||||
|
Court |
: |
DISTRICT COURT |
|||||||||||
|
Date Filed |
: |
07/07/2011 |
|||||||||||
|
Solicitor Ref |
: |
KR 8050.09.10 |
|||||||||||
|
Solicitor Firm |
: |
K RAVI LAW CORPORATION |
|||||||||||
|
Plaintiff |
: |
KASILINGAM RAMAN |
|||||||||||
|
Defendants |
: |
|
|||||||||||
|
Amount Claimed |
: |
90000 |
|||||||||||
|
Nature of Claim |
: |
SGD |
|||||||||||
|
Remark |
: |
TORT-NEGLIGENCE |
|||||||||||
|
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 |
[ |
] |
Average 61-90 Days |
[ |
X |
] |
|||||
|
Fair 91-120 Days |
[ |
] |
Poor >120 Days |
[ |
] |
|||||||||
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
SOUTH EAST ASIA |
|||
|
Goods Traded |
: |
LIFTS AND ESCALATORS |
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2015 |
2014 |
2013 |
||||||
|
GROUP |
N/A |
N/A |
N/A |
||||||
|
COMPANY |
650 |
650 |
650 |
||||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) trading and repair of
lifts and escalators.
The Subject is involved in sales installation and maintenance of elevators, escalators
and moving sidewalks in Singapore.
The Subject's management system, design system, process control engineering and
methodologies are reviewed regularly and continually improved to cope with the
global market demand for higher quality products and services.
Latest fresh investigations
carried out on the Subject indicated that :
|
Telephone Number Provided By
Client |
: |
6564161711 |
|
Current Telephone Number |
: |
65-64161711 |
|
Match |
: |
YES |
|
Address Provided by Client |
: |
10, TOH GUAN ROAD EAST,
HITACHI ELEVATOR BUILDING,608597,SINGAPORE |
|
Current Address |
: |
10, TOH GUAN ROAD EAST,
HITACHI ELEVATOR BUILDING, 608597, SINGAPORE. |
|
Match |
: |
YES |
Other Investigations
On 29th May 2015 we contacted one of the staff from the Subject and she
provided some information on the Subject.
The Subject refused to disclose its bankers.
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
2011 - 2014 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2011 - 2014 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
(13.30%) |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
(14.69%) |
] |
|
|
The Subject's turnover
increased steadily as the demand for its products / services increased due to
the goodwill built up over the years.The Subject incurred losses during the
year due to the inefficient control of its operating costs. The Subject's unfavourable
returns on shareholders' funds indicate the management's inefficiency in
utilising its assets to generate returns. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Unfavourable |
[ |
99 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
74 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
40 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 |
: |
Acceptable |
[ |
0.95 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.09 Times |
] |
|
|
The Subject's liquid ratio
was slightly low. This could indicate that the Subject's working capital was slightly
deficient. The Subject will have to improve its liquidity position either by
obtaining short term financing or increase its paid up capital so that it can
meet all its short term obligations as and when they fall due. |
||||||
|
Solvency |
||||||
|
Interest Cover |
: |
Nil |
[ |
0.00 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.00 Times |
] |
|
|
The Subject's interest cover
was nil as it did not pay any interest during the year. The Subject had no gearing
and hence it had virtually no financial risk. The Subject was financed by its
shareholders' funds and internally generated fund. During the economic
downturn, the Subject, having a zero gearing, will be able to compete better
than those which are highly geared in the same industry. |
||||||
|
Overall Assessment : |
||||||
|
Although the Subject's
turnover increased its profits however showed a reverse trend. The losses could
be due to the management's failure to maintain its competitiveness in the
market. The Subject's liquidity was at an acceptable range. If the Subject is
able to obtain further short term financing, it should be able to meet all
its short term obligations. The Subject did not make any interest payment
during the year. The Subject was dependent on its shareholders' funds to
finance its business needs. The Subject was a zero gearing company, it was
solely dependant on its shareholders to provide funds to finance its
business. The Subject has good chance of getting loans, if the needs arises. |
||||||
|
Overall financial condition
of the Subject : LIMITED |
||||||
|
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 1972, the Subject is a Private Limited company,
focusing on trading and repair of lifts and escalators. The Subject has been
in business for over two decades. It has built up a strong clientele base and
good reputation will enable the Subject to further enhance its business in
the near term. The Subject is expected to enjoy a stable market shares.
The Subject is a large entity with strong capital position of SGD 33,800,000.
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.
|
|
|
|
THE FINANCIAL STATEMENTS
WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS. |
|
Financial Year End |
2014-03-31 |
2013-03-31 |
2012-03-31 |
2011-03-31 |
|
Months |
12 |
12 |
12 |
12 |
|
Consolidated Account |
Company |
Company |
Company |
Company |
|
Audited Account |
YES |
YES |
YES |
YES |
|
Unqualified Auditor's Report
(Clean Opinion) |
YES |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
SUMMARY |
|
Currency |
SGD |
SGD |
SGD |
SGD |
|
TURNOVER |
169,656,812 |
167,027,719 |
165,648,053 |
123,729,098 |
|
Other Income |
2,639,009 |
2,402,828 |
2,684,980 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
172,295,821 |
169,430,547 |
168,333,033 |
123,729,098 |
|
Costs of Goods Sold |
(162,529,645) |
(150,794,748) |
(159,765,950) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
9,766,176 |
18,635,799 |
8,567,083 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM
OPERATIONS |
(7,909,579) |
1,294,960 |
(7,232,248) |
2,848,185 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE
TAXATION |
(7,909,579) |
1,294,960 |
(7,232,248) |
2,848,185 |
|
Taxation |
1,411,169 |
(1,018,167) |
1,244,024 |
(113,326) |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
(6,498,410) |
276,793 |
(5,988,224) |
2,734,859 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS)
BROUGHT FORWARD |
||||
|
As previously reported |
21,552,763 |
21,275,970 |
8,001,694 |
5,266,835 |
|
Prior year adjustment |
- |
- |
19,700,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
21,552,763 |
21,275,970 |
27,701,694 |
5,266,835 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR
APPROPRIATIONS |
15,054,353 |
21,552,763 |
21,713,470 |
8,001,694 |
|
DIVIDENDS - Ordinary (paid
& proposed) |
- |
- |
(437,500) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS)
CARRIED FORWARD |
15,054,353 |
21,552,763 |
21,275,970 |
8,001,694 |
|
============= |
============= |
============= |
============= |
|
|
DEPRECIATION (as per notes
to P&L) |
509,072 |
348,552 |
284,888 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
509,072 |
348,552 |
284,888 |
- |
|
|
============= |
============= |
============= |
|
ASSETS EMPLOYED: |
||||
|
FIXED ASSETS |
1,759,473 |
825,749 |
942,882 |
14,762,555 |
|
LONG TERM INVESTMENTS/OTHER
ASSETS |
||||
|
Subsidiary companies |
1,502,871 |
1,502,871 |
1,502,871 |
- |
|
Associated companies |
14,739,143 |
15,586,581 |
15,586,581 |
- |
|
Investment securities |
16,511,448 |
1,404,739 |
1,404,739 |
- |
|
Deferred assets |
7,285,129 |
5,875,660 |
7,586,398 |
- |
|
Deposits |
2,339,442 |
2,312,584 |
2,265,134 |
- |
|
Others |
196,986 |
235,594 |
271,444 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM
INVESTMENTS/OTHER ASSETS |
42,575,019 |
26,918,029 |
28,617,167 |
- |
|
Others |
74,001 |
74,001 |
74,001 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL INTANGIBLE ASSETS |
74,001 |
74,001 |
74,001 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
44,408,493 |
27,817,779 |
29,634,050 |
14,762,555 |
|
Stocks |
14,581,450 |
12,087,462 |
8,721,332 |
- |
|
Contract work-in-progress |
31,458,159 |
25,072,194 |
41,859,162 |
- |
|
Trade debtors |
34,248,101 |
4,071,389 |
40,092,578 |
- |
|
Other debtors, deposits
& prepayments |
2,433,608 |
3,496,017 |
3,128,042 |
- |
|
Amount due from holding
company |
1,400,495 |
1,717,435 |
10,493 |
- |
|
Amount due from subsidiary
companies |
17,107,278 |
8,396,479 |
- |
- |
|
Amount due from related
companies |
2,006,885 |
3,351,164 |
116,716 |
- |
|
Amount due from associated
companies |
12,908,855 |
3,717,579 |
- |
- |
|
Cash & bank balances |
1,193,743 |
27,120,980 |
11,581,682 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
117,338,574 |
89,030,699 |
105,510,005 |
94,323,364 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
161,747,067 |
116,848,478 |
135,144,055 |
109,085,919 |
|
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
||||
|
Trade creditors |
17,879,538 |
14,311,244 |
27,675,239 |
- |
|
Other creditors &
accruals |
16,327,709 |
18,266,245 |
12,903,735 |
- |
|
Deposits from customers |
47,608,893 |
9,562,373 |
10,033,379 |
- |
|
Amounts owing to holding
company |
7,396,107 |
3,618,613 |
940,346 |
- |
|
Amounts owing to subsidiary
companies |
36,165 |
440 |
- |
- |
|
Amounts owing to related
companies |
13,619,207 |
1,455,104 |
- |
- |
|
Amounts owing to associated
companies |
76,701 |
1,540,390 |
- |
- |
|
Provision for taxation |
- |
- |
694,271 |
- |
|
Other liabilities |
4,973,444 |
7,159,752 |
37,334,056 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
107,917,764 |
55,914,161 |
89,581,026 |
58,545,651 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT
ASSETS/(LIABILITIES) |
9,420,810 |
33,116,538 |
15,928,979 |
35,777,713 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
53,829,303 |
60,934,317 |
45,563,029 |
50,540,268 |
|
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
||||
|
Ordinary share capital |
33,800,000 |
33,800,000 |
17,800,000 |
33,800,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
33,800,000 |
33,800,000 |
17,800,000 |
33,800,000 |
|
Retained profit/(loss)
carried forward |
15,054,353 |
21,552,763 |
21,275,970 |
8,001,694 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
15,054,353 |
21,552,763 |
21,275,970 |
8,001,694 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
48,854,353 |
55,352,763 |
39,075,970 |
41,801,694 |
|
Others |
4,974,950 |
5,581,554 |
6,487,059 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
4,974,950 |
5,581,554 |
6,487,059 |
8,738,574 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
53,829,303 |
60,934,317 |
45,563,029 |
50,540,268 |
|
|
============= |
============= |
============= |
============= |
|
TYPES OF FUNDS |
||||
|
Cash |
1,193,743 |
27,120,980 |
11,581,682 |
- |
|
Net Liquid Funds |
1,193,743 |
27,120,980 |
11,581,682 |
- |
|
Net Liquid Assets |
(5,160,640) |
21,029,076 |
7,207,647 |
35,777,713 |
|
Net Current
Assets/(Liabilities) |
9,420,810 |
33,116,538 |
15,928,979 |
35,777,713 |
|
Net Tangible Assets |
53,755,302 |
60,860,316 |
45,489,028 |
50,540,268 |
|
Net Monetary Assets |
(10,135,590) |
15,447,522 |
720,588 |
27,039,139 |
|
BALANCE SHEET ITEMS |
||||
|
Total Borrowings |
0 |
0 |
0 |
- |
|
Total Liabilities |
112,892,714 |
61,495,715 |
96,068,085 |
67,284,225 |
|
Total Assets |
161,747,067 |
116,848,478 |
135,144,055 |
109,085,919 |
|
Net Assets |
53,829,303 |
60,934,317 |
45,563,029 |
50,540,268 |
|
Net Assets Backing |
48,854,353 |
55,352,763 |
39,075,970 |
41,801,694 |
|
Shareholders' Funds |
48,854,353 |
55,352,763 |
39,075,970 |
41,801,694 |
|
Total Share Capital |
33,800,000 |
33,800,000 |
17,800,000 |
33,800,000 |
|
Total Reserves |
15,054,353 |
21,552,763 |
21,275,970 |
8,001,694 |
|
LIQUIDITY (Times) |
||||
|
Cash Ratio |
0.01 |
0.49 |
0.13 |
- |
|
Liquid Ratio |
0.95 |
1.38 |
1.08 |
- |
|
Current Ratio |
1.09 |
1.59 |
1.18 |
1.61 |
|
WORKING CAPITAL CONTROL
(Days) |
||||
|
Stock Ratio |
99 |
81 |
111 |
- |
|
Debtors Ratio |
74 |
9 |
88 |
- |
|
Creditors Ratio |
40 |
35 |
63 |
- |
|
SOLVENCY RATIOS (Times) |
||||
|
Gearing Ratio |
0.00 |
0.00 |
0.00 |
- |
|
Liabilities Ratio |
2.31 |
1.11 |
2.46 |
1.61 |
|
Times Interest Earned Ratio |
0.00 |
0.00 |
0.00 |
- |
|
Assets Backing Ratio |
1.59 |
1.80 |
2.56 |
1.50 |
|
PERFORMANCE RATIO (%) |
||||
|
Operating Profit Margin |
(4.66) |
0.78 |
(4.37) |
2.30 |
|
Net Profit Margin |
(3.83) |
0.17 |
(3.62) |
2.21 |
|
Return On Net Assets |
(14.69) |
2.13 |
(15.87) |
5.64 |
|
Return On Capital Employed |
(14.67) |
2.12 |
(15.85) |
5.64 |
|
Return On Shareholders'
Funds/Equity |
(13.30) |
0.50 |
(15.32) |
6.54 |
|
Dividend Pay Out Ratio
(Times) |
0.00 |
0.00 |
0.07 |
- |
|
NOTES TO ACCOUNTS |
||||
|
Contingent Liabilities |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.83 |
|
|
1 |
Rs.97.10 |
|
Euro |
1 |
Rs.69.74 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
VNT |
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.