MIRA INFORM REPORT

 

 

Report No. :

326235

Report Date :

10.06.2015

 

IDENTIFICATION DETAILS

 

Name :

SHIMADZU (ASIA PACIFIC) PTE LTD

 

 

Registered Office :

79, Science Park Drive, 02-01/08, Cintech Iv, 118264

 

 

Country :

Singapore

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

18.10.1989

 

 

Com. Reg. No.:

198904521-E

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Research & Experimental Development, Trading of Biotechnology, Life & Medical Science Related Equipment

 

 

No of Employees :

118 [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 – 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 Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

B2

Moderate High Risk

 

C1

High Risk

C2

Very High Risk

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

 

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

198904521-E

COMPANY NAME

:

SHIMADZU (ASIA PACIFIC) PTE LTD

FORMER NAME

:

N/A

INCORPORATION DATE

:

18/10/1989

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

79, SCIENCE PARK DRIVE, 02-01/08, CINTECH IV, 118264, SINGAPORE.

BUSINESS ADDRESS

:

79, SCIENCE PARK DRIVE, 02-01/08, CINTECH IV, SINGAPORE SCIENCE PARK 1, 118264, SINGAPORE.

TEL.NO.

:

65-67786280

FAX.NO.

:

65-67792935

CONTACT PERSON

:

KIMINOBU IMURA ( MANAGING DIRECTOR )

PRINCIPAL ACTIVITY

:

RESEARCH & EXPERIMENTAL DEVELOPMENT, TRADING OF BIOTECHNOLOGY, LIFE & MEDICAL SCIENCE RELATED EQUIPMENT

ISSUED AND PAID UP CAPITAL

:

3,150,000.00 ORDINARY SHARE, OF A VALUE OF SGD 3,150,000.00

SALES

:

USD 143,213,992 [2014]

NET WORTH

:

USD 64,237,782 [2014]

STAFF STRENGTH

:

118 [2015]

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

FAIR

PAYMENT

:

GOOD

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

 

HISTORY / BACKGROUND

 

The Subject is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the Subject is insolvent. The Subject is governed by the Companies Act and the company must file its annual returns, together with its financial statements with the Registrar of Companies.

 

The Subject is principally engaged in the (as a / as an) research & experimental development, trading of biotechnology, life & medical science related equipment.

 

The immediate holding company of the Subject is SHIMADZU CORPORATION, a company incorporated in JAPAN.

 

Share Capital History

Date

Issue & Paid Up Capital

04/06/2015

SGD 3,150,000.00

 

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

 

Name

Address

IC/PP/Loc No

Shareholding

(%)

SHIMADZU CORPORATION

1, NISHINOKYO-KUWABARACHO, NAKAGYO-KU KYOYO, 604-8511, JAPAN.

S89UF0368F

3,150,000.00

100.00

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

------

3,150,000.00

100.00

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

=====

+ Also Director

 

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

 

Local No

Country

Company

(%)

As At

200005693N

SINGAPORE

SHIMADZU SINGAPORE PTE LTD

100.00

04/06/2015



DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

JIRO TAKASHIMA

Address

:

108, SEKIMACHI-MINAMI, 1-124, NERIMA, TOKYO 177-0053, JAPAN.

IC / PP No

:

TH2188682

Nationality

:

JAPANESE

Date of Appointment

:

28/06/2012

 

DIRECTOR 2

 

Name Of Subject

:

WATARU TAJIMA

Address

:

3-10-20, FUNABASHI, SETAGAYA-KU, 156-0055, JAPAN.

IC / PP No

:

MS4210148

Nationality

:

JAPANESE

Date of Appointment

:

28/06/2012

 

DIRECTOR 3

 

Name Of Subject

:

SHUNJI FUKUI

Address

:

15, TONG WATT ROAD, 22-09, THE WHARF RESIDENCE, SINGAPORE.

IC / PP No

:

G3018385T

Nationality

:

JAPANESE

Date of Appointment

:

01/04/2014

 

DIRECTOR 4

 

Name Of Subject

:

KIMINOBU IMURA

Address

:

99, ROBERTSON QUAY, 15-16, RIVERGATE, 238258, SINGAPORE.

IC / PP No

:

G5222903R

Nationality

:

JAPANESE

Date of Appointment

:

28/06/2012

 

DIRECTOR 5

 

Name Of Subject

:

TARO TAKAHATA

Address

:

SOMERSET GREENWAYS, 94, SATHYADEV AVENUE MRC NAGAR, CHENNAI, 600028, INDIA.

IC / PP No

:

TZ0837969

Nationality

:

JAPANESE

Date of Appointment

:

26/06/2009

 

MANAGEMENT

 

1)

Name of Subject

:

KIMINOBU IMURA

Position

:

MANAGING DIRECTOR

 

AUDITOR

 

Auditor

:

DELOTTE & TOUCHE LLP

Auditor' Address

:

N/A

 

Auditor

:

DELOTTE & TOUCHE LLP

Auditor' Address

:

N/A

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

MS. JENNIFER LEE SIEW JEE

IC / PP No

:

S13360-4B

Address

:

2, ENG KONG ROAD, 599081, SINGAPORE.

 

BANKING


No Banker found in our databank.



ENCUMBRANCE (S)


No encumbrance was found in our databank at the time of investigation.

LITIGATION CHECK AGAINST SUBJECT


* A check has been conducted in our databank 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.



PAYMENT RECORD

 

 

SOURCES OF RAW MATERIALS:

Local

:

N/A

Overseas

:

N/A


The Subject refused to disclose its suppliers.


The Subject refused to provide any name of trade/service supplier and we are unable to conduct any trade enquiry. However, from financial historical data we conclude that :

OVERALL PAYMENT HABIT

Prompt 0-30 Days

[

]

Good 31-60 Days

[

X

]

Average 61-90 Days

[

]

Fair 91-120 Days

[

]

Poor >120 Days

[

]

 

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Export Market

:

WORLDWIDE

Credit Term

:

N/A

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

 

OPERATIONS

 

Goods Traded

:

MEDICAL EQUIPMENT, INSTRUMENTS

Services

:

RESEARCH & EXPERIMENTAL DEVELOPMENT SERVICES

 

Total Number of Employees:

 

YEAR

2015

2014

2013

2012

GROUP

N/A

N/A

N/A

N/A

COMPANY

118

118

118

110

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) research & experimental development, trading of biotechnology, life & medical science related equipment.

The Subject refused to disclose any information on its operation.

 

CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

 

Telephone Number Provided By Client

:

6567786280

Current Telephone Number

:

65-67786280

Match

:

YES

Address Provided by Client

:

79, SCIENCE PARK DRIVE, 02-01/08, CINTECH IV, SINGAPORE SCIENCE PARK 1,118264,SINGAPORE

Current Address

:

79, SCIENCE PARK DRIVE, 02-01/08, CINTECH IV, SINGAPORE SCIENCE PARK 1, 118264, SINGAPORE.

Match

:

YES

 

Other Investigations


We contacted one of the staff from the Subject and she provided some information.


The Subject refused to disclose its bankers.

FINANCIAL ANALYSIS

 

 

Profitability

Turnover

:

Decreased

[

2012 - 2014

]

Profit/(Loss) Before Tax

:

Decreased

[

2012 - 2014

]

Return on Shareholder Funds

:

Unfavourable

[

0.99%

]

Return on Net Assets

:

Unfavourable

[

1.47%

]

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

[

44 Days

]

Debtor Ratio

:

Unfavourable

[

72 Days

]

Creditors Ratio

:

Favourable

[

22 Days

]

The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The 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

:

Favourable

[

2.42 Times

]

Current Ratio

:

Favourable

[

3.00 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

:

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 :

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. 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 : FAIR

 

 

 

 

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

 

 

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 ANALYSIS

 

INDUSTRY :

TRADING

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

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

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

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

OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH



CREDIT RISK EVALUATION & RECOMMENDATION

 


Incorporated in 1989, the Subject is a Private Limited company, focusing on research & experimental development, trading of biotechnology, life & medical science related equipment. The Subject has been in business for over two decades. It has built up a strong clientele base and satisfactory reputation will enable the Subject to further enhance its business in the near term. The Subject is expected to enjoy a stable market shares. A paid up capital of SGD 3,150,000 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.

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 a fairly large and rapidly growing company with over 118 staff in its operations Overall, we regard that the Subject's management capability is average. This indicates that the Subject has greater potential to improve its business performance and raising income for the Subject.

The Subject's business performance showed a reverse trend as both its turnover and pre-tax profit have decreased compared to the previous year. The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. The Subject is in good liquidity position with its current liabilities well covered by it current assets. Hence, it has sufficient working capital to meet its short term financial obligations. Being a zero geared company, the Subject virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. Given a positive net worth standing at USD 64,237,782, the Subject should be able to maintain its business in the near terms.


Having a strong assets backing, the Subject possesses latent assets as collateral for further financial extension. Hence, it has good chance of getting loans if the needs arises.


Overall, the Subject's payment habit is good as the Subject has a good credit control and it could be taking advantage of the cash discounts while maintaining a good reputation with its creditors.


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


Based on the above condition, we recommend credit be granted to the Subject promptly.

 

 

 

PROFIT AND LOSS ACCOUNT

 

 

THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS.

SHIMADZU (ASIA PACIFIC) PTE LTD

 

Financial Year End

2014-03-31

2013-03-31

2012-03-31

2010-12-31

2009-12-31

Months

12

12

15

12

12

Consolidated Account

Company

Company

Company

Company

Company

Audited Account

YES

YES

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

YES

YES

Financial Type

FULL

FULL

FULL

FULL

SUMMARY

Currency

USD

USD

USD

JPY

SGD

TURNOVER

143,213,992

151,249,193

184,052,158

11,926,666,000

120,419,982

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

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

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

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

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

Total Turnover

143,213,992

151,249,193

184,052,158

11,926,666,000

120,419,982

Costs of Goods Sold

-

-

(129,187,895)

-

-

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

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

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

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

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

Gross Profit

-

-

54,864,263

-

-

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

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

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

945,144

3,775,844

9,228,992

583,184,000

8,795,340

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

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

945,144

3,775,844

9,228,992

583,184,000

8,795,340

Taxation

(312,204)

(354,417)

(1,361,292)

(72,255,000)

(1,498,589)

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

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

632,940

3,421,427

7,867,700

510,929,000

7,296,750

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

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

67,169,848

63,748,421

60,077,082

4,684,884,000

50,423,377

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

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

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

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

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

As restated

67,169,848

63,748,421

60,077,082

4,684,884,000

50,423,377

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

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

67,802,788

67,169,848

67,944,782

5,195,813,000

57,720,128

DIVIDENDS - Ordinary (paid & proposed)

(6,000,000)

-

(4,196,361)

(293,000,000)

-

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

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

61,802,788

67,169,848

63,748,421

4,902,813,000

57,720,128

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

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

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

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

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

DEPRECIATION (as per notes to P&L)

1,001,095

1,147,350

1,315,729

84,081,000

-

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

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

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

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

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

1,001,095

1,147,350

1,315,729

84,081,000

-

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

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

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

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

 

 

 

 

BALANCE SHEET

 

 

SHIMADZU (ASIA PACIFIC) PTE LTD

 

ASSETS EMPLOYED:

FIXED ASSETS

1,342,442

1,540,642

1,596,853

131,325,000

5,786,711

LONG TERM INVESTMENTS/OTHER ASSETS

Subsidiary companies

3,796,477

4,232,999

4,227,029

292,482,000

-

Others

-

-

-

3,297,000

-

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

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

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

3,796,477

4,232,999

4,227,029

295,779,000

-

Others

40,064

40,064

40,064

-

-

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

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

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

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

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

TOTAL INTANGIBLE ASSETS

40,064

40,064

40,064

-

-

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

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

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

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

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

TOTAL LONG TERM ASSETS

5,178,983

5,813,705

5,863,946

427,104,000

5,786,711

Stocks

17,164,113

14,256,011

23,848,118

1,571,173,000

-

Trade debtors

28,369,209

27,591,151

26,606,275

2,785,311,000

-

Other debtors, deposits & prepayments

1,286,530

6,297,018

1,067,158

61,018,000

-

Amount due from holding company

985,080

474,883

406,814

-

-

Amount due from subsidiary companies

4,587,079

5,542,429

3,856,771

-

-

Amount due from related companies

1,053,160

1,020,608

1,014,531

-

-

Cash & bank balances

35,098,317

40,096,178

39,083,199

2,832,649,000

-

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

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

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

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

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

TOTAL CURRENT ASSETS

88,543,488

95,278,278

95,882,866

7,250,151,000

84,146,940

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

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

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

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

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

TOTAL ASSET

93,722,471

101,091,983

101,746,812

7,677,255,000

89,933,651

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

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

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

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

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

CURRENT LIABILITIES

Trade creditors

8,695,759

9,994,842

14,152,480

2,305,275,000

-

Other creditors & accruals

1,549,253

1,435,192

896,956

179,605,000

-

Amounts owing to holding company

8,537,252

10,532,357

7,710,047

-

-

Amounts owing to subsidiary companies

9,668,746

8,764,349

7,998,559

-

-

Amounts owing to related companies

832,152

538,530

1,041,229

-

-

Provision for taxation

201,527

221,871

1,564,403

89,203,000

-

Dividends payable/proposed

-

-

2,199,723

-

-

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

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

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

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

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

TOTAL CURRENT LIABILITIES

29,484,689

31,487,141

35,563,397

2,574,083,000

29,063,523

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

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

59,058,799

63,791,137

60,319,469

4,676,068,000

55,083,417

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

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

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

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

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

TOTAL NET ASSETS

64,237,782

69,604,842

66,183,415

5,103,172,000

60,870,128

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

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

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

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

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

SHARE CAPITAL

Ordinary share capital

2,434,994

2,434,994

2,434,994

200,359,000

3,150,000

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

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

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

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

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

TOTAL SHARE CAPITAL

2,434,994

2,434,994

2,434,994

200,359,000

3,150,000

Retained profit/(loss) carried forward

61,802,788

67,169,848

63,748,421

4,902,813,000

57,720,128

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

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

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

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

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

TOTAL RESERVES

61,802,788

67,169,848

63,748,421

4,902,813,000

57,720,128

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

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

64,237,782

69,604,842

66,183,415

5,103,172,000

60,870,128

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

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

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

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

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

64,237,782

69,604,842

66,183,415

5,103,172,000

60,870,128

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

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

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

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

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

 

 

 

 

FINANCIAL RATIO

 

 

SHIMADZU (ASIA PACIFIC) PTE LTD

 

TYPES OF FUNDS

Cash

35,098,317

40,096,178

39,083,199

2,832,649,000

-

Net Liquid Funds

35,098,317

40,096,178

39,083,199

2,832,649,000

-

Net Liquid Assets

41,894,686

49,535,126

36,471,351

3,104,895,000

55,083,417

Net Current Assets/(Liabilities)

59,058,799

63,791,137

60,319,469

4,676,068,000

55,083,417

Net Tangible Assets

64,197,718

69,564,778

66,143,351

5,103,172,000

60,870,128

Net Monetary Assets

41,894,686

49,535,126

36,471,351

3,104,895,000

55,083,417

BALANCE SHEET ITEMS

Total Borrowings

0

0

0

0

-

Total Liabilities

29,484,689

31,487,141

35,563,397

2,574,083,000

29,063,523

Total Assets

93,722,471

101,091,983

101,746,812

7,677,255,000

89,933,651

Net Assets

64,237,782

69,604,842

66,183,415

5,103,172,000

60,870,128

Net Assets Backing

64,237,782

69,604,842

66,183,415

5,103,172,000

60,870,128

Shareholders' Funds

64,237,782

69,604,842

66,183,415

5,103,172,000

60,870,128

Total Share Capital

2,434,994

2,434,994

2,434,994

200,359,000

3,150,000

Total Reserves

61,802,788

67,169,848

63,748,421

4,902,813,000

57,720,128

LIQUIDITY (Times)

Cash Ratio

1.19

1.27

1.10

1.10

-

Liquid Ratio

2.42

2.57

2.03

2.21

-

Current Ratio

3.00

3.03

2.70

2.82

2.90

WORKING CAPITAL CONTROL (Days)

Stock Ratio

44

34

47

48

-

Debtors Ratio

72

67

53

85

-

Creditors Ratio

22

24

40

71

-

SOLVENCY RATIOS (Times)

Gearing Ratio

0.00

0.00

0.00

0.00

-

Liabilities Ratio

0.46

0.45

0.54

0.50

0.48

Times Interest Earned Ratio

0.00

0.00

0.00

0.00

-

Assets Backing Ratio

26.36

28.57

27.16

25.47

19.32

PERFORMANCE RATIO (%)

Operating Profit Margin

0.66

2.50

5.01

4.89

7.30

Net Profit Margin

0.44

2.26

4.27

4.28

6.06

Return On Net Assets

1.47

5.42

13.94

11.43

14.45

Return On Capital Employed

1.47

5.42

13.94

11.43

14.45

Return On Shareholders' Funds/Equity

0.99

4.92

11.89

10.01

11.99

Dividend Pay Out Ratio (Times)

9.48

0.00

0.53

0.57

-

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

0

0

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 63.93

UK Pound

1

Rs. 98.26

Euro

1

Rs. 72.36

 

INFORMATION DETAILS

 

Analysis Done by :

KRN

 

 

Report Prepared by :

DPT

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                  Payment record (10%)

Credit history (10%)                   Market trend (10%)                                Operational size (10%)

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

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