|
Report No. : |
347706 |
|
Report Date : |
30.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
JUKI SINGAPORE PTE LTD |
|
|
|
|
Registered Office : |
20, Bendemeer Road, 04-12, 339914 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
17.03.1995 |
|
|
|
|
Com. Reg. No.: |
199501853-K |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
The Subject is engaged in trading of
industrial sewing machines. |
|
|
|
|
No. of Employees : |
50 |
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 : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Singapore |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
SINGAPORE - ECONOMIC
OVERVIEW
Malaysia, a middle-income country, has transformed itself since the 1970s from a producer of raw materials into an emerging multi-sector economy. Under current Prime Minister NAJIB, Malaysia is attempting to achieve high-income status by 2020 and to move farther up the value-added production chain by attracting investments in Islamic finance, high technology industries, biotechnology, and services. NAJIB's Economic Transformation Program (ETP) is a series of projects and policy measures intended to accelerate the country's economic growth. The government has also taken steps to liberalize some services sub-sectors. Malaysia is vulnerable to a fall in world commodity prices or a general slowdown in global economic activity.
The NAJIB administration is continuing efforts to boost domestic demand and reduce the economy's dependence on exports. Nevertheless, exports - particularly of electronics, oil and gas, palm oil and rubber - remain a significant driver of the economy. Gross exports of goods and services constitute more than 80% of GDP. The oil and gas sector supplied about 29% of government revenue in 2014. As an oil and gas exporter, Malaysia has previously profited from higher world energy prices, although the rising cost of domestic gasoline and diesel fuel, combined with sustained budget deficits, has forced Kuala Lumpur to begin to address fiscal shortfalls, through initial reductions in energy and sugar subsidies and the announcement of the 2015 implementation of a 6% goods and services tax. Falling global oil prices in the second half of 2014 have strained government finances, shrunk Malaysia’s current account surplus and put downward pressure on the ringgit. The government is trying to lessen its dependence on state oil producer Petronas.
Bank Negara Malaysia (the central bank) maintains healthy foreign exchange reserves; a well-developed regulatory regime has limited Malaysia's exposure to riskier financial instruments and the global financial crisis. In order to attract increased investment, NAJIB raised possible revisions to the special economic and social preferences accorded to ethnic Malays under the New Economic Policy of 1970, but retreated in 2013 after he encountered significant opposition from Malay nationalists and other vested interests. In September 2013 NAJIB launched the new Bumiputra Economic Empowerment Program (BEEP), policies that favor and advance the economic condition of ethnic Malays.
Malaysia 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. |
: |
199501853-K |
|
COMPANY NAME |
: |
JUKI SINGAPORE PTE LTD |
|
FORMER NAME |
: |
N/A |
|
INCORPORATION DATE |
: |
17/03/1995 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
20, BENDEMEER ROAD, 04-12,
339914, SINGAPORE. |
|
BUSINESS ADDRESS |
: |
20, BENDEMEER ROAD, 04-12,
CYBERHUB, 339914, SINGAPORE. |
|
TEL.NO. |
: |
65-65534388 |
|
FAX.NO. |
: |
65-65525568 |
|
EMAIL |
: |
JUKI@JUKISIN.COM.SG |
|
WEB SITE |
: |
WWW.JUKI.COM.SG |
|
CONTACT PERSON |
: |
MINORU NITTA ( MANAGING
DIRECTOR ) |
|
PRINCIPAL ACTIVITY |
: |
TRADING OF INDUSTRIAL SEWING
MACHINES |
|
ISSUED AND PAID UP CAPITAL |
: |
13,000,000.00 ORDINARY
SHARE, OF A VALUE OF SGD 13,000,000.00 |
|
SALES |
: |
USD 297,059,350 [2014] |
|
NET WORTH |
: |
USD 14,507,896 [2014] |
|
STAFF STRENGTH |
: |
50 [2015] |
|
BANKER (S) |
|
DBS BANK LTD |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
SATISFACTORY |
|
PAYMENT |
: |
SLOW BUT CORRECT
|
|
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 of industrial sewing machines.
The immediate holding company of
the Subject is JUKI CORPORATION, a company incorporated in JAPAN.
Share Capital
History
|
Date |
Issue & Paid Up Capital |
|
20/08/2015 |
SGD 13,000,000.00 |
The major shareholder(s) of the Subject are
shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
JUKI CORPORATION |
2-11-1, TSURUMAKI, TAMA-SHI,
TOKYO, 206-8551, JAPAN. |
S95UF0314 |
13,000,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
13,000,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject's interest in
other companies (Subsidiaries/Associates) are shown as follow :
Local No |
Country |
Company |
(%) |
As At |
|
VIETNAM |
JUKI MACHINERY VIETNAM
COMPANY LTD |
100.00 |
31/12/2013 |
|
|
INDIA |
JUKI INDIA PRIVATE LIMITED |
100.00 |
31/12/2013 |
|
|
SRI LANKA |
JUKI LANKA SERVICE CENTRE
(PRIVATE) LIMITED |
100.00 |
31/12/2013 |
DIRECTOR 1
|
Name Of Subject |
: |
MINORU NITTA |
|
Address |
: |
12, KITCHENER LINK, 22-26, CITY
SQUARE RESIDENCES, 207224, SINGAPORE. |
|
IC / PP No |
: |
G5102673Q |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
01/02/2011 |
DIRECTOR 2
|
Name Of Subject |
: |
RYUZO NAKAGAWA |
|
Address |
: |
ROOM 3E, SHERWOOD RESIDENCE,
127, PASTEUR ST, DIST. 3, HO CHI MINH CITY, VIETNAM. |
|
IC / PP No |
: |
TZ0666102 |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
01/02/2011 |
DIRECTOR 3
|
Name Of Subject |
: |
NORIHIKO ISHIZUKA |
|
Address |
: |
766, SUKHUMVIT ROAD,
766/180, KEYNE BY SANSIRI, KLONGTON, KLONGTOEY, BANGKOK, 10110, THAILAND. |
|
IC / PP No |
: |
TH1951193 |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
26/07/2012 |
DIRECTOR 4
|
Name Of Subject |
: |
MR. LOOI KAM HONG |
|
Address |
: |
137, SUNSET WAY, 08-14,
CLEMENTI PARK, 597159, SINGAPORE. |
|
IC / PP No |
: |
S2530975H |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
01/12/1996 |
DIRECTOR 5
|
Name Of Subject |
: |
NORIAKI SAITO |
|
Address |
: |
UNIT 2504, P3-33, ELITE
RESIDENCE, DUBAI MARINA, DUBAI, UNITED ARAB EMIRATES. |
|
IC / PP No |
: |
MZ0756666 |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
17/06/2013 |
|
1) |
Name of Subject |
: |
MINORU NITTA |
|
Position |
: |
MANAGING DIRECTOR |
|
Auditor |
: |
DELOITTE & TOUCHE LLP |
|
Auditor' Address |
: |
N/A |
|
1) |
Company Secretary |
: |
JENNIFER LEE SIEW JEE |
|
IC / PP No |
: |
S1336064B |
|
|
Address |
: |
2, ENG KONG ROAD, 599081,
SINGAPORE. |
Banking relations are maintained principally with :
|
1) |
Name |
: |
DBS BANK LTD |
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
C201307603 |
05/06/2013 |
N/A |
DBS BANK LTD. |
- |
Unsatisfied |
* A check has been conducted in our databank 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 |
: |
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 |
: |
MIDDLE EAST |
|
Credit Term |
: |
180 DAYS |
|
Payment Mode |
: |
CHEQUES |
|
Goods Traded |
: |
INDUSTRIAL SEWING MACHINES |
|
|
Product Brand Name |
: |
|
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2015 |
2014 |
2013 |
2012 |
|
||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
|||||
|
COMPANY |
50 |
50 |
50 |
50 |
|||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) trading of industrial
sewing machines.
Background of subject:
The Subject ("Juki Singapore"), a wholly-owned subsidiary of Juki Corporation,
Japan, was primarily established in year 1982 as a representative office. Over
the years, it has expanded its operation significantly through expansions and
become the regional head quarters covering the entire regions of South-East
Asia, Middle East, Asia Pacific and Oceania.
Products dealings:
* general machines category: 1-2 needle, lockstitch machine,
overlock/safety stitch machine, zigzag stitching machine, covering stitch
machine, double chainstitch machine, special purpose machine
* automatic machine category: button sewing machine, artacking/shape-tacking
machine, eyelet buttonholing machine, computer-controlled, cycle machine,
automatic button sewing indexed, automatic machine
* LHD machine category: flat-bed sewing machine, long arm sewing machine,
cylinder-bed sewing machine, post-bed sewing machine, extra heavy-weight
material machine
Services:
* engineering support
- provide training and technical consultancy to factory managers and
supervisors
* support in attachment
- supply specialized assistance in training and consultancy in the area
of attachment
* maintenance support- provide customers with machine knowledge, machine
installation and maintenance services
* after sales support
- sales & marketing section are well-trained to respond to their
customers' queries on proposal and price quotation.
Latest fresh investigations
carried out on the Subject indicated that :
|
Telephone Number Provided By
Client |
: |
N/A |
|
Current Telephone Number |
: |
65-65534388 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
20 BENDEMEER ROAD #04-12
CYBERHUB SINGAPORE 339914 |
|
Current Address |
: |
20, BENDEMEER ROAD, 04-12,
CYBERHUB, 339914, SINGAPORE. |
|
Match |
: |
YES |
Other Investigations
We contacted one of the staff from the Subject and she provided some
information.
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
2010 - 2014 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2010 - 2014 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
3.85% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
18.04% |
] |
|
|
The Subject's turnover increased steadily as the demand for its products
/ services increased due to the goodwill built up over the years.The higher
profit could be attributed to the increase in turnover. The unfavourable
return on shareholders' funds could indicate that the Subject was inefficient
in utilising its assets to generate returns. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Unfavourable |
[ |
140 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
94 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
15 Days |
] |
|
|
The Subject could be incurring higher holding cost. As its capital was
tied up in stocks, it could face liquidity problems. 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 |
: |
Unfavourable |
[ |
0.47 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.07 Times |
] |
|
|
A low liquid ratio means that the Subject may be facing working
capital deficiency. If the Subject cannot obtain additional financing or injection
of fresh capital, it may face difficulties in meeting its short term
obligations. |
||||||
|
Solvency |
||||||
|
Interest Cover |
: |
Unfavourable |
[ |
1.42 Times |
] |
|
|
Gearing Ratio |
: |
Unfavourable |
[ |
2.86 Times |
] |
|
|
The Subject's interest cover was low. If its profits fall or when
interest rate rises, it may not be able to meet all its interest
payment. The Subject was highly geared, thus it had a high financial risk. The
Subject was dependent on loans to finance its business needs. In times of
economic downturn and / or high interest rate, the Subject will become less
profitable and competitive than other firms in the same industry, which are
lowly geared. This is because the Subject has to service the interest and to
repay the loan, which will erode part of its profits. The profits will
fluctuate depending on the Subject's turnover and the interest it needs to
pay. |
||||||
|
Overall Assessment : |
||||||
|
Generally, the Subject's performance has improved with higher turnover
and profit. Due to its weak liquidity position, the Subject will be faced
with problems in meeting all its short term obligations if no short term loan
is obtained or additional capital injected into the Subject. If there is a
fall in the Subject's profit or any increase in interest rate, the Subject
may not be able to generate sufficient cash-flow to service its interest. The
Subject's gearing level was high and its going concern will be in doubt if
there is no injection of additional shareholders' funds in times of economic
downturn and / or high interest rates. |
||||||
|
Overall financial condition
of the Subject : POOR |
||||||
|
Major Economic Indicators : |
2010 |
2011 |
2012 |
2013 |
2014 |
|
|
|||||
|
Population (Million) |
5.08 |
5.18 |
5.31 |
5.40 |
5.47 |
|
Gross Domestic Products ( %
) |
14.5 |
4.9 |
1.3 |
3.7 |
(3.5) |
|
Consumer Price Index |
2.8 |
5.2 |
4.6 |
2.4 |
2.4 |
|
Total Imports (Million) |
423,221.8 |
459,655.1 |
474,554.0 |
466,762.0 |
463,779.1 |
|
Total Exports (Million) |
478,840.7 |
514,741.2 |
510,329.0 |
513,391.0 |
518,922.7 |
|
|
|||||
|
Unemployment Rate (%) |
2.2 |
2.1 |
2.0 |
1.9 |
1.9 |
|
Tourist Arrival (Million) |
11.64 |
13.17 |
14.49 |
15.46 |
15.01 |
|
Hotel Occupancy Rate (%) |
85.6 |
86.5 |
86.4 |
86.3 |
85.5 |
|
Cellular Phone Subscriber
(Million) |
1.43 |
1.50 |
1.52 |
1.97 |
1.98 |
|
|
|||||
|
Registration of New
Companies (No.) |
29,798 |
32,317 |
31,892 |
37,288 |
41,589 |
|
Registration of New
Companies (%) |
12.8 |
8.5 |
(1.3) |
9.8 |
11.5 |
|
Liquidation of Companies
(No.) |
15,126 |
19,005 |
17,218 |
17,369 |
18,767 |
|
Liquidation of Companies (%) |
(32.5) |
25.6 |
9.4 |
(5.3) |
8.0 |
|
|
|||||
|
Registration of New
Businesses (No.) |
23,978 |
23,494 |
24,788 |
22,893 |
35,773 |
|
Registration of New
Businesses (%) |
(10.78) |
2.02 |
5.51 |
1.70 |
56.30 |
|
Liquidation of Businesses
(No.) |
24,211 |
23,005 |
22,489 |
22,598 |
22,098 |
|
Liquidation of Businesses
(%) |
2.8 |
(5) |
(2.2) |
0.5 |
(2.2) |
|
|
|||||
|
Bankruptcy Orders (No.) |
1,537 |
1,527 |
1,748 |
1,992 |
1,757 |
|
Bankruptcy Orders (%) |
(25.3) |
(0.7) |
14.5 |
14.0 |
(11.8) |
|
Bankruptcy Discharges (No.) |
2,252 |
1,391 |
1,881 |
2,584 |
3,546 |
|
Bankruptcy Discharges (%) |
(26.3) |
(38.2) |
35.2 |
37.4 |
37.2 |
|
|
|||||
|
INDUSTRIES ( % of Growth ) : |
|||||
|
Agriculture |
|||||
|
Production of Principal
Crops |
(0.48) |
4.25 |
3.64 |
- |
|
|
Fish Supply & Wholesale |
(10.5) |
12.10 |
(0.5) |
- |
2.80 |
|
|
|||||
|
Manufacturing * |
92.8 |
100.0 |
100.3 |
102.0 |
|
|
Food, Beverages &
Tobacco |
96.4 |
100.0 |
103.5 |
103.5 |
105.0 |
|
Textiles |
122.1 |
100.0 |
104.0 |
87.1 |
74.9 |
|
Wearing Apparel |
123.3 |
100.0 |
92.1 |
77.8 |
49.5 |
|
Leather Products &
Footwear |
81.8 |
100.0 |
98.6 |
109.8 |
95.9 |
|
Wood & Wood Products |
104.0 |
100.0 |
95.5 |
107.4 |
112.0 |
|
Paper & Paper Products |
106.1 |
100.0 |
97.4 |
103.2 |
103.4 |
|
Printing & Media |
103.5 |
100.0 |
93.0 |
86.1 |
80.3 |
|
Crude Oil Refineries |
95.6 |
100.0 |
99.4 |
93.5 |
85.6 |
|
Chemical & Chemical
Products |
97.6 |
100.0 |
100.5 |
104.1 |
114.0 |
|
Pharmaceutical Products |
75.3 |
100.0 |
109.7 |
107.2 |
115.7 |
|
Rubber & Plastic
Products |
112.3 |
100.0 |
96.5 |
92.9 |
92.8 |
|
Non-metallic Mineral |
92.5 |
100.0 |
98.2 |
97.6 |
82.2 |
|
Basic Metals |
102.2 |
100.0 |
90.6 |
76.5 |
98.3 |
|
Fabricated Metal Products |
103.6 |
100.0 |
104.3 |
105.1 |
105.1 |
|
Machinery & Equipment |
78.5 |
100.0 |
112.9 |
114.5 |
124.0 |
|
Electrical Machinery |
124.1 |
100.0 |
99.3 |
108.5 |
121.3 |
|
Electronic Components |
113.6 |
100.0 |
90.6 |
94.3 |
95.0 |
|
Transport Equipment |
94.0 |
100.0 |
106.3 |
107.5 |
103.2 |
|
|
|||||
|
Construction |
14.20 |
20.50 |
28.70 |
- |
22.00 |
|
Real Estate |
21.3 |
25.4 |
31.9 |
- |
145.1 |
|
|
|||||
|
Services |
|||||
|
Electricity, Gas & Water |
4.00 |
7.00 |
6.30 |
- |
|
|
Transport, Storage &
Communication |
12.80 |
7.40 |
5.30 |
- |
14.20 |
|
Finance & Insurance |
(0.4) |
8.90 |
0.50 |
- |
6.00 |
|
Government Services |
9.70 |
6.90 |
6.00 |
- |
|
|
Education Services |
(0.9) |
(1.4) |
0.30 |
- |
5.98 |
|
|
|||||
|
* Based on Index of
Industrial Production (2011 = 100) |
|
INDUSTRY : |
TRADING |
|
The wholesale and retail trade sectors have expanded by 2.0% in the third
quarter of 2014, extending the 1.8 per cent growth in the previous quarter.
In 2013, the wholesale and retail sector expanded by 5.0%, after declining by
1.4% the year before. Growth of the sector was driven by the wholesale trade
segment. |
|
|
The domestic wholesale trade index has increased by 3.2% in the fourth
quarter of 2013, moderating from the 6.6% growth in the previous quarter. The
slower growth was due to a decline in the sales of furniture and household
equipment (-12%) and petroleum and petroleum products (-0.6%). For the full
year, the domestic wholesale trade index grew by 5.2% reversing the 2.2%
decline in 2012. On the other hand, the foreign wholesale trade index has
increased by a slower pace of 5.6% in the fourth quarter, compared to the
7.7% expansion in the preceding quarter. The slowdown was due to a fall in
the sales of telecommunication equipment and computer (-3.8%) and petroleum
and petroleum products (-2.5%). For the full year, the growth of the foreign
wholesale trade index moderated slightly to 8.6% from 9.1% in the previous
year. |
|
|
In the fourth quarter of 2013, retail sales volume fell by 6.2%,
extending the 5.6% decline in the previous quarter. Excluding motor vehicles,
retail sales volume increased by 0.4%, a slower pace of expansion as compared
to the 1.6% gain in the preceding quarter. The sales volume of motor vehicles
fell by 33% in the fourth quarter of 2013, extending the 32% decline in the
previous quarter. Meanwhile, the sales of several discretionary items also
fell in the fourth quarter of 2013. For instance, the sales of
telecommunications apparatus and computers fell by 12%, while the sales of
furniture and household equipment declined by 5.4%. |
|
|
For the full year, retail sales volume contracted by 4.3%, a reversal
from the 1.3% expansion in 2012. Excluding motor vehicle sales, the retail
sales volume grew by 1.1% in 2013, slower than the 1.7% increase in 2012.
Watches and jewellery recorded the largest increase (11%) in sales in 2013,
followed by optical goods and book (3%) and medical goods and toiletries
(3%). By contrast, the sales of telecommunications apparatus and computer
(-7.3%), furniture and household equipment (-4.2%) and petrol service stations
(-1.4) declined in 2013. |
|
|
OVERALL INDUSTRY OUTLOOK :
AVERAGE GROWTH |
|
Incorporated in 1995, the Subject is a Private Limited company, focusing on trading
of industrial sewing machines. Having been in the industry for over a decade,
the Subject has achieved a certain market share and has built up a good
reputation in the market. It should have received supports from its regular
customers. With an issued and paid up capital of SGD 13,000,000 and strong
backing from its holding company, the Subject has the ability to further expand
its business in the future compared to other corporation.
Over the years, the Subject has penetrated into both the local and overseas
market. The Subject has positioned itself in the global market and is competing
in the industry. Its stable clientele base will enable the Subject to further
enhance its business in the near term. The Subject is operating on a medium
scale and it has approximately 50 employees in its business operations.
Overall, we regard that the Subject's management capability is average. This
indicates that the Subject has greater potential to improve its business
performance and raising income for the Subject.
We noted that both the turnover and profits have increased compared to the
previous year. The higher profit could be due to increase in turnover and
better control over its operating costs. The Subject has generated an
unfavourable return on shareholders' funds indicating that the management was
inefficient in utilising its funds to generate return. Due to its weak
liquidity position, the Subject may face working capital deficiency in meeting
its short term financial obligations if no fresh capital are injected into the
Subject. The high gearing ratio clearly implied that the Subject was supported
by more debt than equity. Thus, the Subject is exposed to high financial risk.
Given a positive net worth standing at USD 14,507,896, the Subject should be able
to maintain its business in the near terms.
The Subject's supplier are from both the local and overseas countries. This
will eliminates the risk of dependency on deliveries from a number of key
suppliers and insufficient quantities of its raw materials. Overall the Subject
has a good control over its resources.
The Subject's payment habit is average. With its adequate working capital, the
Subject should be able to pay its short term debts.
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
normally.
|
THE FINANCIAL STATEMENTS
WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS. |
|
Financial Year End |
2014-12-31 |
2013-12-31 |
2012-12-31 |
2011-12-31 |
2010-12-31 |
|
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 |
297,059,350 |
260,821,194 |
215,217,126 |
221,697,750 |
186,718,993 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
297,059,350 |
260,821,194 |
215,217,126 |
221,697,750 |
186,718,993 |
|
Costs of Goods Sold |
(265,597,991) |
(225,569,048) |
(192,794,629) |
(213,875,842) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
31,461,359 |
35,252,146 |
22,422,497 |
7,821,908 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM
OPERATIONS |
773,431 |
291,936 |
803,670 |
740,557 |
1,341,777 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE
TAXATION |
773,431 |
291,936 |
803,670 |
740,557 |
1,341,777 |
|
Taxation |
(215,184) |
21,556 |
(106,829) |
(151,058) |
(314,278) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
558,247 |
313,492 |
696,841 |
589,499 |
1,027,499 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS)
BROUGHT FORWARD |
|||||
|
As previously reported |
5,869,869 |
5,556,377 |
4,859,536 |
4,270,037 |
3,242,538 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
5,869,869 |
5,556,377 |
4,859,536 |
4,270,037 |
3,242,538 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR
APPROPRIATIONS |
6,428,116 |
5,869,869 |
5,556,377 |
4,859,536 |
4,270,037 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS)
CARRIED FORWARD |
6,428,116 |
5,869,869 |
5,556,377 |
4,859,536 |
4,270,037 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per
notes to P&L) |
|||||
|
Others |
1,845,304 |
1,942,952 |
1,471,189 |
1,269,124 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
1,845,304 |
1,942,952 |
1,471,189 |
1,269,124 |
- |
|
|
============= |
============= |
============= |
============= |
- |
|
|
DEPRECIATION (as per notes
to P&L) |
126,000 |
89,326 |
803,670 |
79,107 |
110,093 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
126,000 |
89,326 |
803,670 |
79,107 |
110,093 |
|
|
============= |
============= |
============= |
============= |
============= |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
342,782 |
145,162 |
139,348 |
97,944 |
127,706 |
|
LONG TERM INVESTMENTS/OTHER
ASSETS |
|||||
|
Subsidiary companies |
1,554,294 |
1,554,294 |
1,554,294 |
1,054,294 |
1,054,294 |
|
Associated companies |
36,406 |
36,406 |
36,406 |
36,406 |
36,406 |
|
Deferred assets |
- |
26,907 |
26,907 |
153,638 |
19,428 |
|
Others |
- |
70,765 |
56,361 |
56,361 |
51,554 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM
INVESTMENTS/OTHER ASSETS |
1,590,700 |
1,688,372 |
1,673,968 |
1,300,699 |
1,161,682 |
|
Others |
56,361 |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL INTANGIBLE ASSETS |
56,361 |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
1,989,843 |
1,833,534 |
1,813,316 |
1,398,643 |
1,289,388 |
|
Stocks |
114,033,155 |
101,201,563 |
100,703,289 |
84,126,148 |
60,039,632 |
|
Trade debtors |
76,542,123 |
51,151,415 |
41,607,543 |
38,997,132 |
35,896,346 |
|
Other debtors, deposits
& prepayments |
690,709 |
602,032 |
787,818 |
374,331 |
365,275 |
|
Short term deposits |
- |
2,500,000 |
5,000,000 |
5,250,000 |
10,303,000 |
|
Amount due from holding
company |
3,344,730 |
3,090,070 |
46,285 |
242,639 |
317,300 |
|
Amount due from subsidiary
companies |
4,419,797 |
2,229,358 |
6,125,742 |
7,505,792 |
8,344,824 |
|
Amount due from related
companies |
2,807,886 |
4,341,475 |
1,866,752 |
823,984 |
1,982,596 |
|
Amount due from associated
companies |
212,023 |
159,565 |
794,687 |
526,418 |
740,264 |
|
Cash & bank balances |
3,001,538 |
1,057,834 |
1,360,568 |
1,100,234 |
1,887,953 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
205,051,961 |
166,333,312 |
158,292,684 |
138,946,678 |
119,877,190 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
207,041,804 |
168,166,846 |
160,106,000 |
140,345,321 |
121,166,578 |
|
=========== |
=========== |
=========== |
=========== |
=========== |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
11,140,495 |
9,935,491 |
10,757,691 |
9,396,023 |
87,045,940 |
|
Other creditors &
accruals |
2,561,858 |
1,874,236 |
411,565 |
1,083,595 |
3,003,223 |
|
Short term borrowings/Term
loans |
41,479,656 |
32,000,000 |
36,500,000 |
30,000,000 |
18,470,000 |
|
Amounts owing to holding
company |
134,181,320 |
106,797,424 |
92,746,281 |
80,673,014 |
- |
|
Amounts owing to subsidiary
companies |
1,041,367 |
541,015 |
541,851 |
56,691 |
- |
|
Amounts owing to related
companies |
1,690,360 |
2,815,503 |
5,016,742 |
5,166,993 |
- |
|
Amounts owing to associated
companies |
312,052 |
253,528 |
411,310 |
657,339 |
- |
|
Provision for taxation |
121,200 |
- |
84,403 |
372,350 |
297,598 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
192,528,308 |
154,217,197 |
146,469,843 |
127,406,005 |
108,816,761 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT
ASSETS/(LIABILITIES) |
12,523,653 |
12,116,115 |
11,822,841 |
11,540,673 |
11,060,429 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
14,513,496 |
13,949,649 |
13,636,157 |
12,939,316 |
12,349,817 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
8,079,780 |
8,079,780 |
8,079,780 |
8,079,780 |
8,079,780 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
8,079,780 |
8,079,780 |
8,079,780 |
8,079,780 |
8,079,780 |
|
Retained profit/(loss)
carried forward |
6,428,116 |
5,869,869 |
5,556,377 |
4,859,536 |
4,270,037 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
6,428,116 |
5,869,869 |
5,556,377 |
4,859,536 |
4,270,037 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
14,507,896 |
13,949,649 |
13,636,157 |
12,939,316 |
12,349,817 |
|
Deferred taxation |
5,600 |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
5,600 |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
14,513,496 |
13,949,649 |
13,636,157 |
12,939,316 |
12,349,817 |
|
|
=========== |
=========== |
=========== |
=========== |
=========== |
|
TYPES OF FUNDS |
|||||
|
Cash |
3,001,538 |
3,557,834 |
6,360,568 |
6,350,234 |
12,190,953 |
|
Net Liquid Funds |
3,001,538 |
3,557,834 |
6,360,568 |
6,350,234 |
12,190,953 |
|
Net Liquid Assets |
(101,509,502) |
(89,085,448) |
(88,880,448) |
(72,585,475) |
(48,979,203) |
|
Net Current
Assets/(Liabilities) |
12,523,653 |
12,116,115 |
11,822,841 |
11,540,673 |
11,060,429 |
|
Net Tangible Assets |
14,457,135 |
13,949,649 |
13,636,157 |
12,939,316 |
12,349,817 |
|
Net Monetary Assets |
(101,515,102) |
(89,085,448) |
(88,880,448) |
(72,585,475) |
(48,979,203) |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest
& Tax (EBIT) |
2,618,735 |
2,234,888 |
2,274,859 |
2,009,681 |
1,341,777 |
|
Earnings Before Interest,
Taxes, Depreciation And Amortization (EBITDA) |
2,744,735 |
2,324,214 |
3,078,529 |
2,088,788 |
1,451,870 |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
41,479,656 |
32,000,000 |
36,500,000 |
30,000,000 |
18,470,000 |
|
Total Liabilities |
192,533,908 |
154,217,197 |
146,469,843 |
127,406,005 |
108,816,761 |
|
Total Assets |
207,041,804 |
168,166,846 |
160,106,000 |
140,345,321 |
121,166,578 |
|
Net Assets |
14,513,496 |
13,949,649 |
13,636,157 |
12,939,316 |
12,349,817 |
|
Net Assets Backing |
14,507,896 |
13,949,649 |
13,636,157 |
12,939,316 |
12,349,817 |
|
Shareholders' Funds |
14,507,896 |
13,949,649 |
13,636,157 |
12,939,316 |
12,349,817 |
|
Total Share Capital |
8,079,780 |
8,079,780 |
8,079,780 |
8,079,780 |
8,079,780 |
|
Total Reserves |
6,428,116 |
5,869,869 |
5,556,377 |
4,859,536 |
4,270,037 |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.02 |
0.02 |
0.04 |
0.05 |
0.11 |
|
Liquid Ratio |
0.47 |
0.42 |
0.39 |
0.43 |
0.55 |
|
Current Ratio |
1.07 |
1.08 |
1.08 |
1.09 |
1.10 |
|
WORKING CAPITAL CONTROL
(Days) |
|||||
|
Stock Ratio |
140 |
142 |
171 |
139 |
117 |
|
Debtors Ratio |
94 |
72 |
71 |
64 |
70 |
|
Creditors Ratio |
15 |
16 |
20 |
16 |
170 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
2.86 |
2.29 |
2.68 |
2.32 |
1.50 |
|
Liabilities Ratio |
13.27 |
11.06 |
10.74 |
9.85 |
8.81 |
|
Times Interest Earned Ratio |
1.42 |
1.15 |
1.55 |
1.58 |
0 |
|
Assets Backing Ratio |
1.79 |
1.73 |
1.69 |
1.60 |
1.53 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
0.26 |
0.11 |
0.37 |
0.33 |
0.72 |
|
Net Profit Margin |
0.19 |
0.12 |
0.32 |
0.27 |
0.55 |
|
Return On Net Assets |
18.04 |
16.02 |
16.68 |
15.53 |
10.86 |
|
Return On Capital Employed |
17.97 |
16.02 |
16.68 |
15.53 |
10.86 |
|
Return On Shareholders'
Funds/Equity |
3.85 |
2.25 |
5.11 |
4.56 |
8.32 |
|
Dividend Pay Out Ratio
(Times) |
0 |
0 |
0 |
0 |
0 |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.15 |
|
UK Pound |
1 |
Rs.99.36 |
|
Euro |
1 |
Rs.71.25 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ASH |
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.