MIRA INFORM REPORT

 

 

Report No. :

490089

Report Date :

07.02.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

NTN BEARING-SINGAPORE (PTE) LTD

 

 

Registered Office :

9, Clementi Loop, 129812

 

 

Country :

Singapore

 

 

Financials (as on) :

31.03.2017

 

 

Date of Incorporation :

24.12.1971

 

 

Com. Reg. No.:

197101440C

 

 

Legal Form :

Private Limited (Limited By Share)

 

 

Line of Business :

The Subject is engaged in the trading of ball bearings, roller bearings and other industrial equipment.

 

 

No. of Employees :

Not Available

 

 

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+

Low Risk

Business dealings permissible with low risk of default

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

--

 

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

(30.06.2017)

Current Rating

(30.09.2017)

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 consumer electronics, information technology products, medical and optical devices, pharmaceuticals, and on its 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 in 2014-17 was slower than during the previous decade, at under 3% annually, largely a result of soft demand for exports amid a sluggish global economy and weak growth in Singapore’s manufacturing sector.

The government is attempting to restructure Singapore’s economy by weaning its dependence on foreign labor, addressing weak productivity growth, and increasing Singaporean wages. 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 member of the Regional Comprehensive Economic Partnership negotiations with the 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.

:

197101440C

COMPANY NAME

:

NTN BEARING-SINGAPORE (PTE) LTD

FORMER NAME

:

N/A

INCORPORATION DATE

:

24/12/1971

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED (LIMITED BY SHARE)

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

9, CLEMENTI LOOP, 129812, SINGAPORE.

BUSINESS ADDRESS

:

NO. 9 CLEMENTI LOOP, 129812, SINGAPORE.

TEL.NO.

:

65-64698066

FAX.NO.

:

65-64695400

EMAIL

:

NTNSINGAPORE@NTN.COM.SG

WEB SITE

:

WWW.NTNSG.COM

CONTACT PERSON

:

MATHIEU OLLIER ( DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF BALL BEARINGS, ROLLER BEARINGS AND OTHER INDUSTRIAL EQUIPMENT

ISSUED AND PAID UP CAPITAL

:

36,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 36,000,000.00

SALES

:

SGD 77,725,324 [2017]

NET WORTH

:

SGD 90,235,285 [2017]

STAFF STRENGTH

:

N/A

BANKER (S)

:

DBS BANK LTD

LITIGATION

:

TRACED

FINANCIAL CONDITION

:

STRONG

PAYMENT

:

REGULAR

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

GOOD

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) trading of ball bearings, roller bearings and other industrial equipment.

 

The immediate and ultimate holding company of the Subject is NTN CORPORATION, a company incorporated in JAPAN.

 

Share Capital History

Date

Issue & Paid Up Capital

07/02/2018

SGD 36,000,000.00

 

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


Current Shareholder(s) :

Name

Address

IC/PP/Loc No

Shareholding

(%)

NTN CORPORATION

3-17, 1-CHOME, KYOMACHIBORI NISHI-KU, OSAKA JAPAN

T03UF0122

35,651,160.00

99.03

NTN CHINA LIMITED

1914-1915, PARK-IN COMMERCIAL CENTRE, 56, DUNDAS STREET, KOWLOON HONG KONG

T03UF0123

348,840.00

0.97

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

------

36,000,000.00

100.00

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

=====

+ Also Director

 

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

 

Local No

Country

Company

Status

(%)

As At

VIETNAM

NTN BEARING VIET NAM CO., LTD

-

100.00

31/03/2017

14207H

MALAYSIA

NTN BEARING-MALAYSIA SDN. BHD.

-

60.00

31/03/2017

THAILAND

NTN BEARING-THAILAND CO. LTD

-

99.99

31/03/2017

THAILAND

NTN MANUFACTURING-(THAILAND) CO. LTD

-

99.99

31/03/2017

INDONESIA

PT NTN BEARING INDONESIA

-

99.99

31/03/2017



DIRECTORS


DIRECTOR 1

 

Name Of Subject

:

KEIJI YANAGIDA

Address

:

83, PATERSON ROAD, 07-04, PATERSON RESIDENCE, 238549, SINGAPORE.

IC / PP No

:

G3305616N

Nationality

:

JAPANESE

Date of Appointment

:

05/05/2016

 

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

197101440C

NTN BEARING-SINGAPORE (PTE) LTD

Director

05/05/2016

0.00

-

SGD10,830,844.00

2017

-

07/02/2018

 

DIRECTOR 2

 

Name Of Subject

:

NOBUYOSHI OZAWA

Address

:

ROOM 4013, EMPORIUM SUITES, 622 SOI 24, SUKHUMVIT ROAD KLONGTON, KLONGTOEY, BANGKOK, 10110, THAILAND.

IC / PP No

:

TZ1162974

Nationality

:

JAPANESE

Date of Appointment

:

31/08/2017



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

197101440C

NTN BEARING-SINGAPORE (PTE) LTD

Director

31/08/2017

0.00

-

SGD10,830,844.00

2017

-

07/02/2018

 

 

 

DIRECTOR 3

 

Name Of Subject

:

STEPHANE GENNARO RAYMOND CARLINO

Address

:

163, POH HUAT ROAD WEST, 01-09, THE WATER LINE, 546693, SINGAPORE.

IC / PP No

:

G3400816M

Nationality

:

FRENCH

Date of Appointment

:

02/01/2018



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

197101440C

NTN BEARING-SINGAPORE (PTE) LTD

Director

02/01/2018

0.00

-

SGD10,830,844.00

2017

-

07/02/2018



MANAGEMENT

 

 

1)

Name of Subject

:

MATHIEU OLLIER

Position

:

DIRECTOR

 

2)

Name of Subject

:

STEPHANE GENNARO RAYMOND CARLINO

Position

:

MANAGING DIRECTOR

 

 

AUDITOR

 

Auditor

:

ERNST & YOUNG LLP

Auditor' Address

:

N/A

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

YASUHIRO WATANABE

IC / PP No

:

G5463559T

Address

:

61, WEST COAST WAY, 10-21, CARABELLE, 127020, SINGAPORE.

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

DBS BANK LTD

 

 

 

ENCUMBRANCE (S)


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

 

 

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.

LEGAL ACTION

 

 

Status

:

PENDING

 

Code No

:

99

Case No

:

29050

Year

:

2011

Place

:

SINGAPORE

Type

:

MAGISTRATE COURT

Date Filed

:

30/11/2011

Solicitor Ref

:

CPC/3114/11/PD (TC).IG

Solicitor Firm

:

C PAGLAR & CO

Plaintiff

:

TAN CHEW KIANG

DEFENDANTS

:

NTN BEARING-SINGAPORE (PTE) LTD (197101440)

Hearing Date

:

N/A

Amount Claimed

:

7100

Nature of Claim

:

SGD

Remark

:

TORT-NEGLIGENCE

 

No winding up petition was found in our databank

 

PAYMENT RECORD

 

 

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

[

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

:

30 - 120 DAYS

Payment Mode

:

CHEQUES

 

 

OPERATIONS

 

Goods Traded

:

BALL BEARINGS, ROLLER BEARINGS AND OTHER INDUSTRIAL EQUIPMENT

 

Total Number of Employees:

YEAR

2017

2014

GROUP

N/A

N/A

COMPANY

64

64

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) trading of ball bearings, roller bearings and other industrial equipment.

The Subject sells bearings, rollers and other industrial products.

The Subject sells the products based on customer's demands and requirement.

The Subject is one of the leading supplier of ball and roller bearings and bearings for automotive.


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-64698066

Match

:

N/A

Address Provided by Client

:

9 CLEMENTI LOOP, 129812 SINGAPORE

Current Address

:

NO. 9 CLEMENTI LOOP, 129812, SINGAPORE.

Match

:

YES

 

Other Investigations

 

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

She refused to disclose the Subject's number of employees.


FINANCIAL ANALYSIS

 

 

Profitability

Turnover

:

Erratic

[

2011 - 2017

]

Profit/(Loss) Before Tax

:

Decreased

[

2011 - 2017

]

Return on Shareholder Funds

:

Acceptable

[

12.00%

]

Return on Net Assets

:

Acceptable

[

13.75%

]

The fluctuating turnover reflects the fierce competition among the existing and new market players.The Subject's profit fell sharply because of the high operating costs incurred. The Subject's management had generated acceptable return for its shareholders using its assets.

Working Capital Control

Stock Ratio

:

Unfavourable

[

84 Days

]

Debtor Ratio

:

Unfavourable

[

114 Days

]

Creditors Ratio

:

Favourable

[

1 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

:

Favourable

[

1.95 Times

]

Current Ratio

:

Favourable

[

2.75 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 recorded lower profits as its turnover showed a erratic trend. The Subject's management was unable to control its costs efficiently as its profit showed a downward trend. 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 : STRONG

 

 

 

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

 

 

Major Economic Indicators :

2012

2013

2014

2015

2016*

 

Population (Million)

5.31

5.40

5.47

5.54

5.63

Gross Domestic Products ( % )

1.3

3.7

(3.5)

3.7

4.8

Consumer Price Index

4.6

2.4

2.4

(0.5)

(0.7)

Total Imports (Million)

474,554.0

466,762.0

463,779.1

407,767.9

398,372.0

Total Exports (Million)

510,329.0

513,391.0

518,922.7

476,285.4

468,552.0

 

Unemployment Rate (%)

2.0

1.9

1.9

1.9

2.1

Tourist Arrival (Million)

14.49

15.46

15.01

15.23

16.28

Hotel Occupancy Rate (%)

86.4

86.3

85.5

85.0

-

Cellular Phone Subscriber (Million)

1.52

1.97

1.98

1.99

-

 

Registration of New Companies (No.)

31,892

37,288

41,589

34,243

35,528

Registration of New Companies (%)

(1.3)

9.8

11.5

(17.7)

3.8

Liquidation of Companies (No.)

17,218

17,369

18,767

21,384

-

Liquidation of Companies (%)

9.4

(5.3)

8.0

13.9

-

 

Registration of New Businesses (No.)

24,788

22,893

35,773

28,480

33,326

Registration of New Businesses (%)

5.51

1.70

56.30

(20.39)

17.02

Liquidation of Businesses (No.)

22,489

22,598

22,098

26,116

-

Liquidation of Businesses (%)

(2.2)

0.5

(2.2)

18.2

-

 

Bankruptcy Orders (No.)

1,748

1,992

1,757

1,776

-

Bankruptcy Orders (%)

14.5

14.0

(11.8)

1.0

-

Bankruptcy Discharges (No.)

1,881

2,584

3,546

3,499

-

Bankruptcy Discharges (%)

35.2

37.4

37.2

(1.3)

-

 

INDUSTRIES ( % of Growth ) :

Agriculture

Production of Principal Crops

5.16

1.78

4.29

3.04

-

Fish Supply & Wholesale

(0.5)

(3.8)

(8.6)

(8.5)

(9.9)

 

Manufacturing #

Food, Beverages & Tobacco

97.9

97.9

99.4

100.0

103.7

Textiles

140.1

119.5

102.7

100.0

93.3

Wearing Apparel

395.4

334.1

212.6

100.0

80.3

Leather Products & Footwear

109.5

122.0

106.5

100.0

93.2

Wood & Wood Products

93.3

103.0

107.2

100.0

90.5

Paper & Paper Products

98.5

104.4

104.5

100.0

99.7

Printing & Media

122.8

113.8

105.968

100.0

86.9

Crude Oil Refineries

107.1

100.7

92.2

100.0

100.5

Chemical & Chemical Products

85.3

88.4

96.7

100.0

97.6

Pharmaceutical Products

103.8

101.421

109.4

100.0

115.9

Rubber & Plastic Products

113.5

109.497

109.2

100.0

87.9

Non-metallic Mineral

108.8

107.4

90.759

100.0

93.6

Basic Metals

91.5

77.2

99.3

100.0

113.1

Fabricated Metal Products

107.314

107.5

107.757

100.0

91.7

Machinery & Equipment

107.3

109.1

118.2

100.0

79.3

Electrical Machinery

80.102

87.4

97.871

100.0

99.3

Electronic Components

100.7

105.0

105.6

100.0

106.3

Transport Equipment

109.9

111.1

106.68

100.0

98.7

 

Construction

28.70

25.40

22.00

-

-

Real Estate

31.9

88.5

145.1

-

-

 

Services

Electricity, Gas & Water

6.30

6.70

6.50

-

-

Transport, Storage & Communication

5.30

9.80

14.20

-

-

Finance & Insurance

0.50

3.30

6.00

-

7.40

Government Services

6.00

6.50

6.30

-

-

Education Services

0.30

3.10

5.98

-

2.40

 

* Estimate / Preliminary

# Based on Index of Industrial Production (2015 = 100)



INDUSTRY ANALYSIS

 

INDUSTRY :

TRADING

The wholesale & retail trade sector expanded by 6.8% in the third quarter of 2015, higher than the 6.0% growth in the preceding quarter. Growth was supported by both the wholesale trade and retail trade segments. The wholesale trade segment was boosted by an increase in both domestic and foreign wholesale trade sales volume. In particular, the domestic wholesale trade index rose by 7.4%, following the 8.1 % increase in the previous quarter. The strong performance in domestic wholesale trade was due to a surge in the sales of petroleum and petroleum products (14%), chemicals & chemical products (39%) and telecommunications & computers (18%).

Similarly, the foreign wholesale trade index rose by 10% in the third quarter of 2015, accelerating from the 6.9% rise in the previous quarter. Growth was driven by improvements in the sales of petroleum & petroleum products (21%), metals, timber & construction materials (10%) and general wholesale trade (8.8%).

Overall retail trade sales volume also recorded resilient growth of 5.6% in the third quarter of 2015, extending the 6.4 % expansion in the second quarter. Growth was supported by a surge in the volume of motor vehicle sales (44%), which was in turn due to a substantial increase in the supply of Certificate of Entitlements. Excluding motor vehicles, retail sales volume increased at a much slower pace of 0.7% over the same period. The increase in retail sales volume (excluding motor vehicles) was due to improved non-discretionary goods sales. For instance, the sales of medical goods & toiletries and department store goods rose by 8.1% and 3.6% respectively.

According to the Retail News Asia, Food and beverage has overtaken fashion as the primary driver of demand for retail real estate in Singapore. Despite declining retail sales and consumer spending, the prime retail sector remained in good shape during the third quarter 2015.

OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH



CREDIT RISK EVALUATION & RECOMMENDATION

 


Incorporated in 1971, the Subject is a Private Limited company, focusing on trading of ball bearings, roller bearings and other industrial equipment. The Subject has been in business for over two decades. It has built up a strong clientele base and good reputation will enable the Subject to further enhance its business in the near term. The Subject is expected to enjoy a stable market shares. The Subject has a strong capital position of SGD 36,000,000. We are confident with the Subject's business and its future growth prospect. Having strong support from its holding company has enabled the Subject to remain competitive despite the challenging business environment.

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. 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.

 
Financially, the Subject registered a higher turnover compared to previous year. However, its profits showed a reverse trend. The lower profit achieved was a result of higher operating cost and increased competition. Return on shareholders' funds of the Subject was at an acceptable range which indicated that the management was efficient in utilising its funds to generate income. 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 SGD 90,235,285, 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.


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.

NTN BEARING-SINGAPORE (PTE) LTD

 

Financial Year End

2017-03-31

2016-03-31

Months

12

12

Consolidated Account

Company

Company

Audited Account

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

Financial Type

FULL

FULL

Currency

SGD

SGD

TURNOVER

77,725,324

72,494,165

Other Income

7,557,856

13,119,902

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

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

Total Turnover

85,283,180

85,614,067

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

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

PROFIT/(LOSS) FROM OPERATIONS

12,410,978

19,967,781

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

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

PROFIT/(LOSS) BEFORE TAXATION

12,410,978

19,967,781

Taxation

(1,580,134)

(2,251,228)

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

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

PROFIT/(LOSS) AFTER TAXATION

10,830,844

17,716,553

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

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

PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS

10,830,844

17,716,553

Extraordinary items

64,642

-

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

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

PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS

10,895,486

17,716,553

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

54,119,799

49,525,246

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

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

As restated

54,119,799

49,525,246

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

65,015,285

67,241,799

DIVIDENDS - Ordinary (paid & proposed)

(10,780,000)

(13,122,000)

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

54,235,285

54,119,799

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

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

INTEREST EXPENSE (as per notes to P&L)

DEPRECIATION (as per notes to P&L)

477,688

445,558

AMORTIZATION

164,000

168,607

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

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

Total Amortization And Depreciation

641,688

614,165

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

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

 

 

 

 

 

BALANCE SHEET

 

 

NTN BEARING-SINGAPORE (PTE) LTD

 

ASSETS EMPLOYED:

FIXED ASSETS

3,172,762

3,580,107

LONG TERM INVESTMENTS/OTHER ASSETS

Subsidiary companies

46,807,436

46,668,246

Investments

9,610

9,610

Others

1,050,035

1,145,130

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

47,867,081

47,822,986

INTANGIBLE ASSETS

Others

162,480

192,455

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

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

TOTAL INTANGIBLE ASSETS

162,480

192,455

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

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

TOTAL LONG TERM ASSETS

51,202,323

51,595,548

CURRENT ASSETS

Stocks

17,786,631

20,336,117

Trade debtors

24,266,198

21,334,681

Other debtors, deposits & prepayments

983,360

318,196

Short term deposits

-

8,096,400

Amount due from holding company

10,194

14,473

Amount due from subsidiary companies

430,131

610,905

Amount due from related companies

318,439

1,151,494

Cash & bank balances

17,504,231

10,570,733

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

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

TOTAL CURRENT ASSETS

61,299,184

62,432,999

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

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

TOTAL ASSET

112,501,507

114,028,547

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

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

CURRENT LIABILITIES

Trade creditors

184,191

179,689

Other creditors & accruals

5,379,179

4,456,964

Amounts owing to holding company

10,435,568

12,902,977

Amounts owing to subsidiary companies

715,278

426,451

Amounts owing to related companies

3,698,733

3,947,225

Provision for taxation

930,215

970,000

Other liabilities

923,058

-

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

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

TOTAL CURRENT LIABILITIES

22,266,222

22,883,306

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

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

NET CURRENT ASSETS/(LIABILITIES)

39,032,962

39,549,693

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

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

LONG TERM LIABILITIES

Retirement benefits provision

-

1,025,442

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

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

TOTAL LONG TERM LIABILITIES

-

1,025,442

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

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

TOTAL NET ASSETS

90,235,285

90,119,799

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

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

SHARE CAPITAL

Ordinary share capital

36,000,000

36,000,000

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

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

TOTAL SHARE CAPITAL

36,000,000

36,000,000

RESERVES

Retained profit/(loss) carried forward

54,235,285

54,119,799

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

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

TOTAL RESERVES

54,235,285

54,119,799

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

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

SHAREHOLDERS' FUNDS/EQUITY

90,235,285

90,119,799

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

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

 

 

 

 

 

FINANCIAL RATIO

 

 

NTN BEARING-SINGAPORE (PTE) LTD

 

TYPES OF FUNDS

Cash

17,504,231

18,667,133

Net Liquid Funds

17,504,231

18,667,133

Net Liquid Assets

21,246,331

19,213,576

Net Current Assets/(Liabilities)

39,032,962

39,549,693

Net Tangible Assets

90,072,805

89,927,344

Net Monetary Assets

21,246,331

18,188,134

PROFIT & LOSS ITEMS

Earnings Before Interest & Tax (EBIT)

12,410,978

19,967,781

Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)

13,052,666

20,581,946

BALANCE SHEET ITEMS

Total Liabilities

22,266,222

23,908,748

Total Assets

112,501,507

114,028,547

Net Assets

90,235,285

90,119,799

Net Assets Backing

90,235,285

90,119,799

Shareholders' Funds

90,235,285

90,119,799

Total Share Capital

36,000,000

36,000,000

Total Reserves

54,235,285

54,119,799

GROWTH RATIOS (Year on Year) (%)

Revenue

7.22

(52.20)

Proft/(Loss) Before Tax

(37.84)

1,240.29

Proft/(Loss) After Tax

(38.87)

866.47

Total Assets

(1.34)

(14.01)

Total Liabilities

(6.87)

(56.54)

LIQUIDITY (Times)

Cash Ratio

0.79

0.82

Liquid Ratio

1.95

1.84

Current Ratio

2.75

2.73

WORKING CAPITAL CONTROL (Days)

Stock Ratio

84

102

Debtors Ratio

114

107

Creditors Ratio

1

1

SOLVENCY RATIOS (Times)

Liabilities Ratio

0.25

0.27

Assets Backing Ratio

2.50

2.50

PERFORMANCE RATIO (%)

Operating Profit Margin

15.97

27.54

Net Profit Margin

13.93

24.44

Return On Net Assets

13.75

22.16

Return On Capital Employed

13.73

21.86

Return On Shareholders' Funds/Equity

12.00

19.66

Dividend Pay Out Ratio (Times)

1.00

0.74

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 64.27

UK Pound

1

INR 89.72

Euro

1

INR 79.52

SGD

1

INR 48.70

 

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)

 

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.