|
|
|
MIRA
INFORM REPORT
|
Report No. : |
505043 |
|
Report Date : |
25.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
JSP FOAM PRODUCTS PTE. LTD. |
|
|
|
|
Registered Office : |
19, Tuas Link 2, Jurong
Industrial Estate, 638564 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
|
Date of Incorporation : |
28.11.1995 |
|
|
|
|
Com. Reg. No.: |
199508441M |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
Subject is engaged in the manufacture of polymers. |
|
|
|
|
No. of Employees : |
20 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
|
Status : |
Good |
|
|
|
|
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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
Singapore |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately 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 of electronics, petroleum products, chemicals, medical and optical devices, pharmaceuticals, and on Singapore’s vibrant transportation, business, and financial services sectors.
The economy contracted 0.6% in 2009 as a result of the global financial crisis, but has continued to grow since 2010. Growth from 2012-2017 was slower than during the previous decade, a result of slowing structural growth - as Singapore reached high-income levels - and soft global demand for exports. Growth recovered to 3.6% in 2017 with a strengthening global economy.
The government is attempting to restructure Singapore’s economy to reduce its dependence on foreign labor, raise productivity growth, and increase wages amid slowing labor force growth and an aging population. Singapore has attracted major investments in advanced manufacturing, pharmaceuticals, and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and technology hub. Singapore is a signatory of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and a party to the Regional Comprehensive Economic Partnership (RCEP) negotiations with nine other ASEAN members plus Australia, China, India, Japan, South Korea, and New Zealand. In 2015, Singapore formed, with the other ASEAN members, the ASEAN Economic Community.
|
Source
: CIA |
EXECUTIVE SUMMARY
|
REGISTRATION NO. |
: |
199508441M |
|
COMPANY
NAME |
: |
JSP FOAM PRODUCTS PTE. LTD. |
|
FORMER NAME |
: |
N/A |
|
INCORPORATION DATE |
: |
28/11/1995 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY SHARE) |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
19, TUAS LINK 2, JURONG INDUSTRIAL ESTATE, 638564, SINGAPORE. |
|
BUSINESS ADDRESS |
: |
19, TUAS LINK 2, JURONG INDUSTRIAL ESTATE, 638564, SINGAPORE. |
|
TEL.NO. |
: |
65-68632826 |
|
FAX.NO. |
: |
65-68632592 |
|
CONTACT PERSON |
: |
TAKAHASHI SHINGO ( MANAGING DIRECTOR ) |
|
PRINCIPAL ACTIVITY |
: |
MANUFACTURE OF POLYMERS |
|
ISSUED AND PAID UP CAPITAL |
: |
6,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 6,000,000.00 |
|
SALES |
: |
USD 15,561,582 [2016] |
|
NET WORTH |
: |
USD 25,966,676 [2016] |
|
STAFF STRENGTH |
: |
20 [2018] |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
FAIR |
|
PAYMENT |
: |
NO COMPLAINTS |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL RISK |
: |
LOW |
|
CURRENCY EXPOSURE |
: |
HIGH |
|
GENERAL REPUTATION |
: |
SATISFACTORY |
|
INDUSTRY OUTLOOK |
: |
MARGINAL 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)
manufacture of polymers.
The immediate and ultimate holding company of the Subject is JSP
CORPORATION, a company incorporated in JAPAN.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
20/04/2018 |
SGD 6,000,000.00 |
The major shareholder(s) of the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
JSP CORPORATION |
SHIN NISSEKI BUILDING 4-2, 3-CHOME, MARUNOUCHI CHIYODA-KU,
TOKYO, 100-0005 JAPAN |
S95UF0239 |
6,000,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
6,000,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject's interest in other companies
(Subsidiaries/Associates) are shown as follow :
|
Local No |
Country |
Company |
Status |
(%) |
As At |
|
THAILAND |
JSP FOAM PRODUCTS (THAILAND) COMPANY LIMITED |
- |
100.00 |
31/12/2016 |
DIRECTORS |
DIRECTOR 1
|
Name Of Subject |
: |
TAKANORI SUZUKI |
|
Address |
: |
4-16-11, TAITO, TAITO-KU, TOKYO, 1000016, JAPAN. |
|
IC / PP No |
: |
TK0318895 |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
25/08/2014 |
INTEREST CHECK
|
Interest in companies |
: |
see below |
|
Interest in business |
: |
none in our databank |
|
Former interest |
: |
none in our databank |
INTEREST IN COMPANY
|
No |
Local No |
Company |
Designation |
App Date |
Shareholding |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
|
No. |
% |
|||||||||
|
1 |
199508441M |
JSP FOAM PRODUCTS PTE. LTD. |
Director |
25/08/2014 |
0.00 |
- |
USD1,000,039.00 |
2016 |
- |
20/04/2018 |
DIRECTOR 2
|
Name Of Subject |
: |
SACHIO SUZUKI |
|
Address |
: |
EMPORIUM SUITES, UNIT 2814, 28TH FLOOR, 622 SUKHUMVIT SOI 24,
KLONGTON, KLONGTOEY, BANGKOK, 10110, BANGKOK, THAILAND. |
|
IC / PP No |
: |
TZ0846801 |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
20/03/2010 |
INTEREST CHECK
|
Interest in companies |
: |
see below |
|
Interest in business |
: |
none in our databank |
|
Former interest |
: |
none in our databank |
INTEREST IN COMPANY
|
No |
Local No |
Company |
Designation |
App Date |
Shareholding |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
|
No. |
% |
|||||||||
|
1 |
199508441M |
JSP FOAM PRODUCTS PTE. LTD. |
Director |
20/03/2010 |
0.00 |
- |
USD1,000,039.00 |
2016 |
- |
20/04/2018 |
DIRECTOR 3
|
Name Of Subject |
: |
KOW JONG TWEE @ GAO HAO RUI |
|
Address |
: |
626, CHOA CHU KANG STREET 62, 12-190, YEW TEE SHOPPING CENTRE,
680626, SINGAPORE. |
|
IC / PP No |
: |
S1309494B |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
01/04/2014 |
INTEREST CHECK
|
Interest in companies |
: |
see below |
|
Interest in business |
: |
none in our databank |
|
Former interest |
: |
none in our databank |
INTEREST IN COMPANY
|
No |
Local No |
Company |
Designation |
App Date |
Shareholding |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
|
No. |
% |
|||||||||
|
1 |
199508441M |
JSP FOAM PRODUCTS PTE. LTD. |
Director |
01/04/2014 |
0.00 |
- |
USD1,000,039.00 |
2016 |
- |
20/04/2018 |
DIRECTOR 4
|
Name Of Subject |
: |
MASAYUKI OTOMO |
|
Address |
: |
36, WEST COAST ROAD, 03-29, VARSITY PARK CONDOMINIUM, 127343,
SINGAPORE. |
|
IC / PP No |
: |
G3453999K |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
01/04/2018 |
INTEREST CHECK
|
Interest in companies |
: |
see below |
|
Interest in business |
: |
none in our databank |
|
Former interest |
: |
none in our databank |
INTEREST IN COMPANY
|
No |
Local No |
Company |
Designation |
App Date |
Shareholding |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
|
No. |
% |
|||||||||
|
1 |
199508441M |
JSP FOAM PRODUCTS PTE. LTD. |
Director |
01/04/2018 |
0.00 |
- |
USD1,000,039.00 |
2016 |
- |
20/04/2018 |
MANAGEMENT |
|
1) |
Name of Subject |
: |
MASAYUKI OTOMO |
|
Position |
: |
CEO, MANAGING DIRECTOR |
|
|
2) |
Name of Subject |
: |
TAKAHASHI SHINGO |
|
Position |
: |
MANAGING DIRECTOR |
|
|
|
AUDITOR |
|
Auditor |
: |
PAUL WAN & CO |
|
Auditor' Address |
: |
N/A |
|
|
COMPANY SECRETARIES |
|
1) |
Company Secretary |
: |
IRENE TNG AI LENG |
|
IC / PP No |
: |
S6847784J |
|
|
Address |
: |
788, WOODLANDS AVENUE 6, 12-623, 730788, SINGAPORE. |
|
|
|
BANKING |
No Banker found in our databank.
ENCUMBRANCE (S) |
No encumbrance was found in our databank at the time of investigation.
CIVIL LITIGATION CHECK - SUBJECT COMPANY AS A DEFENDANT |
* 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 |
: |
NO |
|
||
|
Overseas |
: |
YES |
Percentage |
: |
100% |
|
Import Countries |
: |
ASIA,EUROPE |
|||
The Subject refused to provide any name of trade/service supplier and we are
unable to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL PAYMENT HABIT |
||||||||||||||
|
Prompt 0-30 Days |
[ |
] |
Good 31-60 Days |
[ |
] |
Average 61-90 Days |
[ |
X |
] |
|||||
|
Fair 91-120 Days |
[ |
] |
Poor >120 Days |
[ |
] |
|||||||||
CLIENTELE |
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
ASIA PACIFIC |
|||
|
Credit Term |
: |
N/A |
|||
|
Payment Mode |
: |
CHEQUES |
|||
OPERATIONS |
|
Products manufactured |
: |
|
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2018 |
2017 |
2016 |
2015 |
2014 |
||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
||||
|
COMPANY |
20 |
20 |
20 |
20 |
20 |
||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) manufacture of
polymers.
The Subject's principal activities are manufacture and sale of foamed products.
Activities:
* Manufacturing of expanded polypropylene and polyethylene products.
Products dealing:
* Advanced materials
- Door panels (p-block/arpro)
- Cushioning material for precision equipment (p-block/arpro)
- Transport cases for precision equipment (l-block)
* Food packaging
- Food trays (styrene paper)
- Foldable boxes (miraboard)
- Frozen food containers (mirafreeze)
- Microwaveable containers
* Industrial resources
- Packaging material (miramat)
- Returnable containers (p-board)
- Cushioning material (caplon)
- Insulation materials for agricultural products (miramat)
* Construction
- Wall insulation (mirafoam)
- Furring (mirawoody)
- Floor insulation (miranext)
- tatami mat materials (mirafoam)
* EPS
- Food packaging (styrodia)
- construction insulation (styrodia)
- civil engineering materials (styrodia)
- casting foam (clearpor)
* Hybrid foam
- Unit bathroom sections (foamcore/super foam)
- Automotive parts (foamcore/super foam)
- Construction material (super board/super foam)
- Transport cases (foamcore/super foam)
- Marine applications (foamcore/super foam)
Trade names:
* P-Block
* Arpro
The Subject is a member of following entities:
* Japanese Chamber of Commerce & Industry (JCCI)
CURRENT INVESTIGATION |
Latest fresh investigations carried out on the Subject indicated
that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-68632826 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
19 TUAS LINK 2 JURONG INDUSTRIAL ESTATE 638564 |
|
Current Address |
: |
19, TUAS LINK 2, JURONG INDUSTRIAL ESTATE, 638564, 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 |
: |
Increased |
[ |
8.94% |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
1.95% |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
3.85% |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
5.54% |
] |
|
|
The higher turnover could be attributed to the favourable market
condition.The dip in profit could be due to the stiff market competition
which reduced the Subject's profit margin. 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 |
[ |
43 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
83 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
25 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 |
[ |
6.00 Times |
] |
|
|
Current Ratio |
: |
Favourable |
[ |
6.63 Times |
] |
|
|
A minimum liquid ratio of 1 should be maintained by the Subject
in order to assure its creditors of its ability to meet short term
obligations and the Subject was in a good liquidity position. Thus, we
believe the Subject is able to meet all its short term obligations as and
when they fall due. |
||||||
|
Solvency |
||||||
|
Interest Cover |
: |
Favourable |
[ |
23.48 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.00 Times |
] |
|
|
The interest cover showed that the Subject was able to service
the interest. The favourable interest cover could indicate that the Subject
was making enough profit to pay for the interest accrued. The Subject had no
gearing and hence it had virtually no financial risk. The Subject was
financed by its shareholders' funds and internally generated fund. During the
economic downturn, the Subject, having a zero gearing, will be able to
compete better than those which are highly geared in the same industry. |
||||||
|
Overall Assessment : |
||||||
|
Although the Subject's turnover had increased, its profits had declined
over the same corresponding period. This could be due to the stiffer market
competition and / or higher operating costs which lowered the Subject's
profit margin. The Subject was in good liquidity position with its total
current liabilities well covered by its total current assets. With its
current net assets, the Subject should be able to repay its short term
obligations. With the favourable interest cover, the Subject could be able to
service all the accrued interest without facing any difficulties. The Subject
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 : |
2013 |
2014 |
2015 |
2016 |
2017* |
|
|
|||||
|
Population (Million) |
5.40 |
5.47 |
5.54 |
5.61 |
5.61 |
|
Gross Domestic Products ( % ) |
5.1 |
3.9 |
2.2 |
2.4 |
3.6 |
|
Consumer Price Index |
2.4 |
1.0 |
(0.5) |
(0.5) |
0.6 |
|
Total Imports (Million) |
466,762.0 |
463,779.1 |
407,767.9 |
398,372.0 |
403,300.0 |
|
Total Exports (Million) |
513,391.0 |
518,922.7 |
476,285.4 |
468,552.0 |
466,900.0 |
|
|
|||||
|
Unemployment Rate (%) |
1.9 |
1.9 |
1.9 |
2.1 |
- |
|
Tourist Arrival (Million) |
15.46 |
15.01 |
15.23 |
16.28 |
- |
|
Hotel Occupancy Rate (%) |
86.3 |
85.5 |
84.0 |
83.1 |
84.7 |
|
Cellular Phone Subscriber (Million) |
1.97 |
1.98 |
1.99 |
- |
- |
|
|
|||||
|
Registration of New Companies (No.) |
37,288 |
41,589 |
34,243 |
35,227 |
37,395 |
|
Registration of New Companies (%) |
9.8 |
11.5 |
(17.7) |
2.9 |
6.2 |
|
Liquidation of Companies (No.) |
17,369 |
18,767 |
21,384 |
23,218 |
22,379 |
|
Liquidation of Companies (%) |
(5.3) |
8.0 |
13.9 |
8.6 |
(3.6) |
|
|
|||||
|
Registration of New Businesses (No.) |
22,893 |
35,773 |
28,480 |
27,120 |
22,148 |
|
Registration of New Businesses (%) |
1.70 |
56.30 |
(20.39) |
(4.78) |
(18.33) |
|
Liquidation of Businesses (No.) |
22,598 |
22,098 |
26,116 |
35,866 |
24,344 |
|
Liquidation of Businesses (%) |
0.5 |
(2.2) |
18.2 |
37.3 |
(32.1) |
|
|
|||||
|
Bankruptcy Orders (No.) |
1,992 |
1,757 |
1,776 |
1,797 |
1,638 |
|
Bankruptcy Orders (%) |
14.0 |
(11.8) |
1.0 |
1.2 |
(8.9) |
|
Bankruptcy Discharges (No.) |
2,584 |
3,546 |
3,499 |
4,359 |
2,030 |
|
Bankruptcy Discharges (%) |
37.4 |
37.2 |
(1.3) |
24.6 |
(53.4) |
|
|
|||||
|
INDUSTRIES ( % of Growth ) : |
|||||
|
Agriculture |
|||||
|
Production of Principal Crops |
1.78 |
4.29 |
3.04 |
- |
- |
|
Fish Supply & Wholesale |
(3.8) |
(8.6) |
(8.5) |
(9.9) |
- |
|
|
|||||
|
Manufacturing # |
|||||
|
Food, Beverages & Tobacco |
97.9 |
99.4 |
100.0 |
103.7 |
110.3 |
|
Textiles |
119.5 |
102.7 |
100.0 |
92.4 |
84.4 |
|
Wearing Apparel |
334.1 |
212.6 |
100.0 |
83.4 |
88.2 |
|
Leather Products & Footwear |
122.0 |
106.5 |
100.0 |
88.8 |
79.0 |
|
Wood & Wood Products |
103.0 |
107.2 |
100.0 |
95.0 |
92.9 |
|
Paper & Paper Products |
104.4 |
104.5 |
100.0 |
97.3 |
96.1 |
|
Printing & Media |
113.8 |
105.968 |
100.0 |
85.1 |
73.1 |
|
Crude Oil Refineries |
100.7 |
92.2 |
100.0 |
104.2 |
113.5 |
|
Chemical & Chemical Products |
88.4 |
96.7 |
100.0 |
98.9 |
105.3 |
|
Pharmaceutical Products |
101.421 |
109.4 |
100.0 |
113.8 |
96.0 |
|
Rubber & Plastic Products |
109.497 |
109.2 |
100.0 |
91.4 |
93.7 |
|
Non-metallic Mineral |
107.4 |
90.759 |
100.0 |
89.8 |
72.9 |
|
Basic Metals |
77.2 |
99.3 |
100.0 |
106.2 |
108.3 |
|
Fabricated Metal Products |
107.5 |
107.757 |
100.0 |
93.8 |
91.3 |
|
Machinery & Equipment |
109.1 |
118.2 |
100.0 |
80.8 |
86.1 |
|
Electrical Machinery |
87.4 |
97.871 |
100.0 |
101.5 |
111.7 |
|
Electronic Components |
105.0 |
105.6 |
100.0 |
114.1 |
151.4 |
|
Transport Equipment |
111.1 |
106.68 |
100.0 |
101.0 |
99.5 |
|
|
|||||
|
Construction |
25.40 |
22.00 |
- |
- |
- |
|
Real Estate |
88.5 |
145.1 |
- |
- |
- |
|
|
|||||
|
Services |
|||||
|
Electricity, Gas & Water |
6.70 |
6.50 |
- |
- |
- |
|
Transport, Storage & Communication |
9.80 |
14.20 |
- |
- |
- |
|
Finance & Insurance |
3.30 |
6.00 |
- |
7.40 |
- |
|
Government Services |
6.50 |
6.30 |
- |
- |
- |
|
Education Services |
3.10 |
5.98 |
- |
2.40 |
- |
|
|
|||||
|
* Estimate / Preliminary |
|||||
|
# Based on Index of Industrial Production (2015 = 100) |
INDUSTRY ANALYSIS |
|
INDUSTRY : |
MANUFACTURING |
|
The manufacturing sector
expanded by 4.8% in the fourth quarter, supported largely by robust output
growth in the electronics and precision engineering clusters. For the whole
of 2017, the manufacturing sector grew by 10%, accelerating from the 3.7%
expansion in 2016. Growth was largely driven by the electronics and precision
engineering clusters, even as the biomedical manufacturing, transport
engineering and general manufacturing industries clusters contracted. |
|
|
The electronics cluster grew by
24% in the fourth quarter 2017, largely due to the semiconductors segment,
which expanded by 35%. Specifically, the semiconductors segment benefitted
from robust global semiconductors demand, which was in turn driven by key end
markets such as the smartphone market. At the same time, the computer
peripherals segment registered healthy growth of 9.5%, supported by buoyant
demand for printer-related products. On the other hand, the data storage and
other electronic modules & components segments contracted by 25% and 7.5%
respectively. For the full year, the electronics cluster expanded by 34% as
the healthy performance of the semiconductors and computer peripherals
segments more than offset the weakness in the data storage segment. |
|
|
In fourth quarter 2017, the
precision engineering cluster expanded to 20%, supported by both the
precision modules & components (PMC) and machinery & systems
(M&S) segments. Output in the PMC segment rose by 40% due to an increase
in the production of dies, moulds, tools, jigs & fixture, optical
instruments and metal precision components. Meanwhile, the M&S segment
grew by 8.9% in tandem with healthy export demand for semiconductor
manufacturing equipment. For the whole of 2017, the output of the precision
engineering cluster rose by 18% on account of robust expansions in both
segments. |
|
|
The chemicals cluster grew by
12% in the fourth quarter 2017, with all segments recording growth. In
particular, the petrochemicals segment grew by 23% on the back of production
capacity expansions, while the petroleum segment expanded by 13% supported by
higher refining margins. At the same time, the other chemicals and
specialties segments posted growth of 8.1% and 6.2%respectively. For 2017 as
a whole, the chemicals cluster expanded by 6.2%, supported by growth in all
segments. |
|
|
Besides, output of the general
manufacturing industries cluster increased to 6.6% in the fourth quarter
2017, primarily due to the strong performance of the food, beverages &
tobacco (FBT) segment, which grew by 18% on the back of a surge in the
production of beverages products. On the other hand, the printing segment
shrank by 11% due to weak demand for commercial printing, while output in the
miscellaneous industries segment declined by 0.6% on account of a lower
production of construction-related materials. For the whole of 2017, the
general manufacturing industries cluster contracted by 1.6%, as output
declines in the printing and miscellaneous industries segments outweighed
output gains in the FBT segment. |
|
|
Moreover, output of the
transport engineering cluster fell by 7.8% in the fourth quarter 2017. The
aerospace segment recorded robust growth of 13% due to a higher volume of
repair and maintenance work from commercial airlines. However, this was more
than offset by output declines in the marine & offshore engineering
(M&OE) and land transport segments of 22% and 11% respectively. In particular,
the M&OE segment remained weak on account of low levels of rig-building,
shipbuilding and repair activities. For the full year 2017, the transport
engineering cluster shrank by 6.9%, dragged down mainly by the M&OE
segment. |
|
|
The biomedical manufacturing
cluster contracted by 28% in the fourth quarter 2017, weighed down by the
pharmaceuticals segment (-37%) on the back of a drop in the production of
active pharmaceutical ingredients and biological products. However, the
medical technology segment, which grew at a healthy pace of 3.3%, provided
some support to the cluster. For 2017 as a whole, output in the biomedical
manufacturing cluster fell by 9.3%, led by the output decline in the
pharmaceuticals segment. |
|
|
OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH |
|
CREDIT RISK EVALUATION & RECOMMENDATION |
|
|
PROFIT AND LOSS ACCOUNT |
|
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH
SINGAPORE FINANCIAL REPORTING STANDARDS. |
|
JSP FOAM PRODUCTS PTE. LTD. |
|
Financial Year End |
2016-12-31 |
2015-12-31 |
2014-12-31 |
2013-12-31 |
2012-12-31 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated Account |
GROUP |
GROUP |
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 |
15,561,582 |
14,284,708 |
12,667,995 |
17,201,516 |
27,305,732 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
15,561,582 |
14,284,708 |
12,667,995 |
17,201,516 |
27,305,732 |
|
Costs of Goods Sold |
(10,869,141) |
(10,501,616) |
(10,781,697) |
(14,426,747) |
(23,556,069) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
4,692,441 |
3,783,092 |
1,886,298 |
2,774,769 |
3,749,663 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
1,383,243 |
1,447,150 |
336,837 |
432,898 |
2,588,746 |
|
SHARE OF PROFITS/(LOSSES) OF ASSOCIATED COMPANIES |
(4,940) |
(41,435) |
(10,656) |
(8,714) |
(4,986) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
1,378,303 |
1,405,715 |
326,181 |
424,184 |
2,583,760 |
|
Taxation |
(378,264) |
(245,049) |
(29,015) |
(633) |
(380,101) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
1,000,039 |
1,160,666 |
297,166 |
423,551 |
2,203,659 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
21,687,779 |
21,165,113 |
21,146,961 |
21,002,424 |
19,899,765 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
21,687,779 |
21,165,113 |
21,146,961 |
21,002,424 |
19,899,765 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
22,687,818 |
22,325,779 |
21,444,127 |
21,425,975 |
22,103,424 |
|
DIVIDENDS - Ordinary (paid & proposed) |
(500,000) |
(638,000) |
(279,014) |
(279,014) |
(1,101,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
22,187,818 |
21,687,779 |
21,165,113 |
21,146,961 |
21,002,424 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Others |
61,306 |
2,880 |
3,483 |
3,056 |
700 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
61,306 |
2,880 |
3,483 |
3,056 |
700 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION (as per notes to P&L) |
1,100,473 |
846,497 |
900,649 |
886,762 |
842,624 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Amortization And Depreciation |
1,100,473 |
846,497 |
900,649 |
886,762 |
842,624 |
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
BALANCE SHEET |
|
|
|
JSP FOAM PRODUCTS PTE. LTD. |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
9,663,015 |
7,685,168 |
4,295,673 |
4,957,507 |
4,761,093 |
|
LONG TERM INVESTMENTS/OTHER ASSETS |
|||||
|
Associated companies |
434,858 |
439,798 |
481,233 |
491,889 |
893,328 |
|
Others |
402,728 |
402,151 |
401,884 |
401,012 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
837,586 |
841,949 |
883,117 |
892,901 |
893,328 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
10,500,601 |
8,527,117 |
5,178,790 |
5,850,408 |
5,654,421 |
|
CURRENT ASSETS |
|||||
|
Stocks |
1,778,852 |
1,246,369 |
1,408,167 |
1,882,982 |
2,200,901 |
|
Contract work-in-progress |
53,414 |
56,305 |
41,551 |
- |
- |
|
Trade debtors |
3,548,462 |
5,163,655 |
5,020,317 |
5,603,856 |
4,598,848 |
|
Other debtors, deposits & prepayments |
422,498 |
444,178 |
278,092 |
157,876 |
35,881 |
|
Short term deposits |
6,000,000 |
2,250,000 |
8,417,103 |
9,263,906 |
12,060,205 |
|
Amount due from holding company |
3,000,000 |
5,000,000 |
5,000,000 |
1,055 |
- |
|
Amount due from related companies |
178,074 |
279,008 |
229,949 |
485,128 |
2,394,031 |
|
Amount due from associated companies |
- |
27,300 |
27,300 |
27,300 |
27,300 |
|
Cash & bank balances |
3,694,299 |
5,585,176 |
2,215,710 |
4,739,609 |
3,087,665 |
|
Others |
33,067 |
84,016 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
18,708,666 |
20,136,007 |
22,638,189 |
22,161,712 |
24,404,831 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
29,209,267 |
28,663,124 |
27,816,979 |
28,012,120 |
30,059,252 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
758,944 |
535,929 |
909,446 |
815,925 |
1,900,574 |
|
Other creditors & accruals |
515,670 |
658,122 |
442,669 |
586,311 |
478,176 |
|
Hire purchase & lease creditors |
- |
- |
- |
66,781 |
49,641 |
|
Amounts owing to holding company |
559,710 |
418,245 |
514,657 |
636,118 |
- |
|
Amounts owing to related companies |
- |
310,399 |
6,700 |
1,895 |
649,987 |
|
Provision for taxation |
419,066 |
264,334 |
40,313 |
14,115 |
434,219 |
|
Dividends payable/proposed |
500,000 |
638,000 |
279,014 |
279,014 |
1,101,000 |
|
Lease payables |
68,561 |
31,406 |
57,481 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
2,821,951 |
2,856,435 |
2,250,280 |
2,400,159 |
4,613,597 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
15,886,715 |
17,279,572 |
20,387,909 |
19,761,553 |
19,791,234 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
LONG TERM LIABILITIES |
|||||
|
Lease obligations |
95,468 |
- |
31,418 |
92,260 |
85,036 |
|
Deferred taxation |
325,172 |
365,974 |
384,257 |
386,829 |
372,284 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
420,640 |
365,974 |
415,675 |
479,089 |
457,320 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
25,966,676 |
25,440,715 |
25,151,024 |
25,132,872 |
24,988,335 |
|
============= |
============= |
============= |
============= |
============= |
|
|
FINANCED BY: |
|||||
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
3,985,911 |
3,985,911 |
3,985,911 |
3,985,911 |
3,985,911 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
3,985,911 |
3,985,911 |
3,985,911 |
3,985,911 |
3,985,911 |
|
RESERVES |
|||||
|
Exchange equalisation/fluctuation reserve |
(207,053) |
(232,975) |
- |
- |
- |
|
Retained profit/(loss) carried forward |
22,187,818 |
21,687,779 |
21,165,113 |
21,146,961 |
21,002,424 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
21,980,765 |
21,454,804 |
21,165,113 |
21,146,961 |
21,002,424 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
25,966,676 |
25,440,715 |
25,151,024 |
25,132,872 |
24,988,335 |
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
FINANCIAL RATIO |
|
|
|
JSP FOAM PRODUCTS PTE. LTD. |
|
TYPES OF FUNDS |
|||||
|
Cash |
9,694,299 |
7,835,176 |
10,632,813 |
14,003,515 |
15,147,870 |
|
Net Liquid Funds |
9,694,299 |
7,835,176 |
10,632,813 |
14,003,515 |
15,147,870 |
|
Net Liquid Assets |
14,107,863 |
16,033,203 |
18,979,742 |
17,878,571 |
17,590,333 |
|
Net Current Assets/(Liabilities) |
15,886,715 |
17,279,572 |
20,387,909 |
19,761,553 |
19,791,234 |
|
Net Tangible Assets |
25,966,676 |
25,440,715 |
25,151,024 |
25,132,872 |
24,988,335 |
|
Net Monetary Assets |
13,687,223 |
15,667,229 |
18,564,067 |
17,399,482 |
17,133,013 |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest & Tax (EBIT) |
1,439,609 |
1,408,595 |
329,664 |
427,240 |
2,584,460 |
|
Earnings Before Interest, Taxes, Depreciation And Amortization
(EBITDA) |
2,540,082 |
2,255,092 |
1,230,313 |
1,314,002 |
3,427,084 |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
95,468 |
0 |
31,418 |
159,041 |
134,677 |
|
Total Liabilities |
3,242,591 |
3,222,409 |
2,665,955 |
2,879,248 |
5,070,917 |
|
Total Assets |
29,209,267 |
28,663,124 |
27,816,979 |
28,012,120 |
30,059,252 |
|
Net Assets |
25,966,676 |
25,440,715 |
25,151,024 |
25,132,872 |
24,988,335 |
|
Net Assets Backing |
25,966,676 |
25,440,715 |
25,151,024 |
25,132,872 |
24,988,335 |
|
Shareholders' Funds |
25,966,676 |
25,440,715 |
25,151,024 |
25,132,872 |
24,988,335 |
|
Total Share Capital |
3,985,911 |
3,985,911 |
3,985,911 |
3,985,911 |
3,985,911 |
|
Total Reserves |
21,980,765 |
21,454,804 |
21,165,113 |
21,146,961 |
21,002,424 |
|
GROWTH RATIOS (Year on Year) (%) |
|||||
|
Revenue |
8.94 |
12.76 |
(26.36) |
(37.00) |
(3.86) |
|
Proft/(Loss) Before Tax |
(1.95) |
330.96 |
(23.10) |
(83.58) |
38.19 |
|
Proft/(Loss) After Tax |
(13.84) |
290.58 |
(29.84) |
(80.78) |
23.65 |
|
Total Assets |
1.91 |
3.04 |
(0.70) |
(6.81) |
1.26 |
|
Total Liabilities |
0.63 |
20.87 |
(7.41) |
(43.22) |
(12.55) |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
3.44 |
2.74 |
4.73 |
5.83 |
3.28 |
|
Liquid Ratio |
6.00 |
6.61 |
9.43 |
8.45 |
4.81 |
|
Current Ratio |
6.63 |
7.05 |
10.06 |
9.23 |
5.29 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
43 |
33 |
42 |
40 |
29 |
|
Debtors Ratio |
83 |
132 |
145 |
119 |
61 |
|
Creditors Ratio |
25 |
19 |
31 |
21 |
29 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
0 |
0 |
0 |
0.01 |
0.01 |
|
Liabilities Ratio |
0.12 |
0.13 |
0.11 |
0.11 |
0.20 |
|
Times Interest Earned Ratio |
23.48 |
489.10 |
94.65 |
139.80 |
3,692.09 |
|
Assets Backing Ratio |
6.51 |
6.38 |
6.31 |
6.31 |
6.27 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
8.86 |
9.84 |
2.57 |
2.47 |
9.46 |
|
Net Profit Margin |
6.43 |
8.13 |
2.35 |
2.46 |
8.07 |
|
Return On Net Assets |
5.54 |
5.54 |
1.31 |
1.70 |
10.34 |
|
Return On Capital Employed |
5.46 |
5.46 |
1.29 |
1.66 |
10.14 |
|
Return On Shareholders' Funds/Equity |
3.85 |
4.56 |
1.18 |
1.69 |
8.82 |
|
Dividend Pay Out Ratio (Times) |
0.50 |
0.55 |
0.94 |
0.66 |
0.50 |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 66.36 |
|
|
1 |
INR 92.51 |
|
Euro |
1 |
INR 81.05 |
|
SGD |
1 |
INR 50.35 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TRU |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.