|
|
|
MIRA
INFORM REPORT
|
Report No. : |
492917 |
|
Report Date : |
22.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
MITSUBISHI HEAVY INDUSTRIES ENGINE SYSTEM ASIA PTE. LTD. |
|
|
|
|
Formerly Known As : |
·
MHI
ENGINE SYSTEM ASIA PTE. LTD. ·
MHI
SOUTH EAST ASIA PTE LTD |
|
|
|
|
Registered Office : |
3, Tuas Avenue 12,
639024 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.03.2017 |
|
|
|
|
Date of Incorporation : |
20.06.1981 |
|
|
|
|
Com. Reg. No.: |
198102850N |
|
|
|
|
Legal Form : |
Private Limited
(Limited By Share) |
|
|
|
|
Line of Business : |
The Subject is principally engaged in manufacture
and repair of electric generators. |
|
|
|
|
No. of Employees : |
72 [2018] |
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 : |
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 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. |
: |
198102850N |
||||
|
COMPANY
NAME |
: |
MITSUBISHI
HEAVY INDUSTRIES ENGINE SYSTEM ASIA PTE. LTD. |
||||
|
FORMER
NAME |
: |
MHI
ENGINE SYSTEM ASIA PTE. LTD. (02/01/2014) |
||||
|
INCORPORATION
DATE |
: |
20/06/1981 |
||||
|
COMPANY
STATUS |
: |
EXIST |
||||
|
LEGAL
FORM |
: |
PRIVATE
LIMITED (LIMITED BY SHARE) |
||||
|
LISTED
STATUS |
: |
NO |
||||
|
REGISTERED
ADDRESS |
: |
3, TUAS
AVENUE 12, 639024, SINGAPORE. |
||||
|
BUSINESS
ADDRESS |
: |
3, TUAS
AVENUE 12, 639024, SINGAPORE. |
||||
|
TEL.NO. |
: |
65-68622202 |
||||
|
FAX.NO. |
: |
65-68625728 |
||||
|
WEB
SITE |
: |
WWW.MHIESA.COM |
||||
|
CONTACT
PERSON |
: |
AKIHIDE
OKAJIMA ( MANAGING DIRECTOR ) |
||||
|
PRINCIPAL
ACTIVITY |
: |
MANUFACTURE
AND REPAIR OF ELECTRIC GENERATORS |
||||
|
ISSUED
AND PAID UP CAPITAL |
: |
12,400,000.00
ORDINARY SHARE, OF A VALUE OF SGD 12,235,282.00 |
||||
|
SALES |
: |
USD
131,883,004 [2017] |
||||
|
NET
WORTH |
: |
USD
75,442,619 [2017] |
||||
|
STAFF
STRENGTH |
: |
72
[2018] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL
CONDITION |
: |
STRONG |
||||
|
PAYMENT |
: |
REGULAR
|
||||
|
MANAGEMENT
CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL
RISK |
: |
LOW |
||||
|
CURRENCY
EXPOSURE |
: |
MODERATE |
||||
|
GENERAL
REPUTATION |
: |
GOOD |
||||
|
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 and repair of electric generators.
The
immediate holding company of the Subject is MITSUBISHI HEAVY INDUSTRIES
FORKLIFT AND ENGINE TURBO CHARGER HOLDING LTD, a company incorporated in JAPAN.
The
ultimate holding company of the Subject is MITSUBISHI HEAVY INDUSTRIES LTD, a
company incorporated in JAPAN.
Share Capital History
|
Date |
Issue
& Paid Up Capital |
|
22/02/2018 |
SGD
12,235,282.00 |
The major
shareholder(s) of the Subject are shown as follows :
Current
Shareholder(s) :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
MITSUBISHI
HEAVY INDUSTRIES ENGINE & TURBOCHARGER, LTD. |
3000
TANA, CHUO-KU SAGAMIHARA, 252-5293 JAPAN |
016502 |
12,400,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
12,400,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also
Director
DIRECTORS
|
DIRECTOR 1
|
Name Of
Subject |
: |
TORU
SHIBASAKI |
|
Address |
: |
43-4,
MAMEGUCHIDAI, NAKA-KU, YOKOHAMA, KANAGAWA, 231-0838, JAPAN. |
|
IC / PP
No |
: |
TZ0702829 |
|
Nationality |
: |
JAPANESE |
|
Date of
Appointment |
: |
01/10/2015 |
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 |
198102850N |
MITSUBISHI
HEAVY INDUSTRIES ENGINE SYSTEM ASIA PTE. LTD. |
Director |
01/10/2015 |
0.00 |
- |
USD9,908,552.00 |
2017 |
- |
21/02/2018 |
DIRECTOR 2
|
Name Of
Subject |
: |
AKIHIDE
OKAJIMA |
|
Address |
: |
99,
ROBERTSON QUAY, 13-16, RIVERGATE, 238258, SINGAPORE. |
|
IC / PP
No |
: |
G3314261M |
|
Nationality |
: |
JAPANESE |
|
Date of
Appointment |
: |
01/10/2016 |
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 |
198102850N |
MITSUBISHI
HEAVY INDUSTRIES ENGINE SYSTEM ASIA PTE. LTD. |
Director |
01/10/2016 |
0.00 |
- |
USD9,908,552.00 |
2017 |
- |
21/02/2018 |
MANAGEMENT
|
|
1) |
Name of
Subject |
: |
AKIHIDE
OKAJIMA |
|
Position |
: |
MANAGING
DIRECTOR |
|
AUDITOR
|
|
Auditor |
: |
KPMG
LLP |
|
Auditor'
Address |
: |
N/A |
COMPANY SECRETARIES
|
|
1) |
Company
Secretary |
: |
TAY
TUAN LENG |
|
IC / PP
No |
: |
S7432140B |
|
|
Address |
: |
469B,
SENGKANG WEST WAY, 19-614, FERNVALE LEA, 792469, SINGAPORE. |
|
|
2) |
Company
Secretary |
: |
LEE WEI
HSIUNG |
|
IC / PP
No |
: |
S7927166G |
|
|
Address |
: |
633,
JURONG WEST STREET 65, 10-310, 640633, SINGAPORE. |
|
BANKING
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
BANK OF
TOKYO-MITSUBISHI (MALAYSIA) BHD |
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.
No legal action was found in our databank.
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 |
: |
AS
AGREED |
|||
|
Payment
Mode |
: |
LETTER
OF CREDIT (LC) |
|||
OPERATIONS
|
|
Products
manufactured |
: |
|
|
|
Services |
: |
REPAIR
OF ELECTRICAL GENERATORS |
|
|
Total
Number of Employees: |
|
||||||||
|
YEAR |
2018 |
2015 |
2014 |
2013 |
|||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
|||||
|
COMPANY |
72 |
72 |
72 |
72 |
|||||
|
Branch |
: |
NO |
Other
Information:
The Subject is principally engaged in the (as a / as an) manufacture and repair
of electric generators.
The Subject's core production consist of assembling Mitsubishi Diesel
Generators up to 4500 kVA (4000 kW) /11 kV.
It also provides Mitsubishi genuine spare parts and after-sales technical
support for engine and construction machines.
Products:
MGS Diesel Generator series
Special use diesel generator sets (MU-G and MOG)
Gas Generator sets
Large and small diesel engines for generator application (OEM supply)
Marine engines
CURRENT INVESTIGATION
|
Latest
fresh investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
N/A |
|
Current
Telephone Number |
: |
65-68622202 |
|
Match |
: |
N/A |
|
Address
Provided by Client |
: |
NO.3
TUAS AVENUE 13 SINGAPORE 639024 |
|
Current
Address |
: |
3, TUAS
AVENUE 12, 639024, SINGAPORE. |
|
Match |
: |
NO |
Other
Investigations
We contacted one of the staff from the Subject and she provided some
information.
The address is as per stated in the report.
FINANCIAL ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Decreased |
[ |
2012 -
2017 |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Decreased |
[ |
2012 -
2017 |
] |
|
|
Return
on Shareholder Funds |
: |
Acceptable |
[ |
13.13% |
] |
|
|
Return
on Net Assets |
: |
Acceptable |
[ |
16.37% |
] |
|
|
The
continuous fall in turnover could be due to the lower demand for the
Subject's products / services.The Subject's profit fell sharply because of
the high operating costs incurred. The Subject's management had generated
acceptable return for its shareholders using its assets. |
||||||
|
Working
Capital Control |
||||||
|
Stock
Ratio |
: |
Favourable |
[ |
51 Days |
] |
|
|
Debtor
Ratio |
: |
Favourable |
[ |
54 Days |
] |
|
|
Creditors
Ratio |
: |
Favourable |
[ |
9 Days |
] |
|
|
The
Subject's stocks were moving fast thus reducing its holding cost. This had
reduced funds being tied up in stocks. The favourable debtors' days could be
due to the good credit control measures implemented by the Subject. 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 |
[ |
1.81
Times |
] |
|
|
Current
Ratio |
: |
Favourable |
[ |
2.16
Times |
] |
|
|
A
minimum liquid ratio of 1 should be maintained by the Subject in order to
assure its creditors of its ability to meet short term obligations and the
Subject was in a good liquidity position. Thus, we believe the Subject is
able to meet all its short term obligations as and when they fall due. |
||||||
|
Solvency |
||||||
|
Interest
Cover |
: |
Nil |
[ |
0.00
Times |
] |
|
|
Gearing
Ratio |
: |
Favourable |
[ |
0.00
Times |
] |
|
|
The
Subject's interest cover was nil as it did not pay any interest during the
year. The Subject had no gearing and hence it had virtually no financial
risk. The Subject was financed by its shareholders' funds and internally
generated fund. During the economic downturn, the Subject, having a zero
gearing, will be able to compete better than those which are highly geared in
the same industry. |
||||||
|
Overall
Assessment : |
||||||
|
The
Subject's performance deteriorated over the years with lower turnover and
profit. The Subject was in good liquidity position with its total current
liabilities well covered by its total current assets. With its current net
assets, the Subject should be able to repay its short term obligations. The Subject
did not make any interest payment during the year. The Subject was dependent
on its shareholders' funds to finance its business needs. The Subject was a
zero gearing company, it was solely dependant on its shareholders to provide
funds to finance its business. The Subject has good chance of getting loans,
if the needs arises. |
||||||
|
Overall
financial condition of the Subject : 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
: |
MANUFACTURING |
|
In the
first quarter of 2017, manufacturing output rose by 8.0%, following the
increase of 11% in the previous quarter. The robust performance of the sector
was underpinned by sustained growth in the electronics, precision engineering
and chemicals clusters. For the whole year of 2016, the manufacturing sector
grew by 3.6%, a reversal from the 5.1% contraction in the previous year. |
|
|
The
electronics cluster increased by 33% in the first quarter, largely driven by
the semiconductors segment, which saw its output surge by 50%. The strong
performance of the semiconductors segment can be attributed to the continued
recovery in global semiconductors demand, driven in turn by healthy demand in
key end markets such as smartphone and automotive applications. At the same
time, the other electronic modules & components and computer peripherals
segments grew by 9.0% and 1.2% respectively. For the full year of 2016, the
electronics cluster expanded by 16%. |
|
|
Besides,
biomedical manufacturing cluster contracted by 7.5% in the first quarter of
2017. Within the cluster, the medical technology segment recorded robust
growth of 14%, supported by higher export demand for medical instruments.
However, this was outweighed by a 14% decline in the output of the
pharmaceuticals segment as the production of active pharmaceutical
ingredients fell. For 2016 as a whole, the biomedical manufacturing cluster
expanded by 14%, with both the pharmaceuticals and medical technology
segments supporting growth. |
|
|
In the
first quarter of 2017, output of the transport engineering cluster fell by
11%, dragged down by the marine & offshore engineering (M&OE)
segment. This more than offset expansions in the aerospace (10%) and land
(7.0%) segments. The aerospace segment, in particular, was supported by an
increase in demand for aircraft and engine maintenance work. For the whole
year of 2016, the transport engineering cluster contracted by 18%. |
|
|
The
precision engineering cluster expanded by 19% in the first quarter of 2017,
supported by both the machinery & systems (M&S) and precision modules
& components (PMC) segments. Output in the M&S segment rose by 24 %
on the back of robust export demand for semiconductor manufacturing
equipment. Meanwhile, the PMC segment grew by 11% due to an increase in the
production of dies, moulds, tools, jigs & fixtures, optical instruments
and metal precision components. In 2016, the precision engineering cluster’s
output rose by 0.8%. |
|
|
Moreover,
output of the general manufacturing industries shrank by 6.7% in the first
quarter 2017. In particular, the output of the miscellaneous industries
segment fell by 12% due to a decline in the production of fibre glass
products and construction-related products & materials. The printing segment
contracted by 21%, as demand for commercial printing remained weak and the
food, beverage & tobacco segment expanded by 3.2%, supported by healthy
export demand. For the full year 2016, the general manufacturing industries
contracted by 2.5%. |
|
|
The
output of the chemicals cluster increased by 2.9% in the first quarter of
2017 supported primarily by growth in the petrochemicals (9.8%) and specialty
chemicals (2.9%) segments. Growth in the petrochemicals segment was partly
the result of a low base effect as production levels a year ago were weak due
to plant maintenance shutdowns. On the other hand, the other chemicals
segment contracted to 5.6% on account of a lower level of production of
fragrances. For the full year 2016, the chemicals cluster contracted by 0.9
per cent. This was due to a decline in the output of the petrochemicals
segment arising from major plant maintenance shutdowns, even as the output of
all other segments expanded. |
|
|
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. |
|
MITSUBISHI
HEAVY INDUSTRIES ENGINE SYSTEM ASIA PTE. LTD. |
|
Financial
Year End |
2017-03-31 |
2016-03-31 |
2015-03-31 |
2013-12-31 |
2012-12-31 |
|
Months |
12 |
12 |
15 |
12 |
12 |
|
Consolidated
Account |
Company |
Company |
Company |
Company |
Company |
|
Audited
Account |
YES |
YES |
YES |
YES |
YES |
|
Unqualified
Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
YES |
YES |
|
Financial
Type |
FULL |
FULL |
FULL |
FULL |
FULL |
|
Currency |
USD |
USD |
SGD |
SGD |
SGD |
|
TURNOVER |
131,883,004 |
207,806,984 |
355,568,504 |
294,041,264 |
312,135,050 |
|
Other
Income |
1,120,612 |
8,648,299 |
866,987 |
1,348,457 |
8,085,810 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total
Turnover |
133,003,616 |
216,455,283 |
356,435,491 |
295,389,721 |
320,220,860 |
|
Costs
of Goods Sold |
(115,120,458) |
(187,324,209) |
(332,926,888) |
(277,049,084) |
(297,386,215) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross
Profit |
17,883,158 |
29,131,074 |
23,508,603 |
18,340,637 |
22,834,645 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
12,351,610 |
22,698,512 |
12,304,764 |
7,894,786 |
12,286,464 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
12,351,610 |
22,698,512 |
12,304,764 |
7,894,786 |
12,286,464 |
|
Taxation |
(2,443,058) |
(2,828,987) |
(2,258,343) |
(1,617,731) |
(1,615,233) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
9,908,552 |
19,869,525 |
10,046,421 |
6,277,055 |
10,671,231 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As
previously reported |
58,421,042 |
40,921,887 |
42,841,130 |
36,564,075 |
25,892,844 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As
restated |
58,421,042 |
40,921,887 |
42,841,130 |
36,564,075 |
25,892,844 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
68,329,594 |
60,791,412 |
52,887,551 |
42,841,130 |
36,564,075 |
|
TRANSFER
TO RESERVES - General |
(2,193,267) |
- |
- |
- |
- |
|
DIVIDENDS
- Ordinary (paid & proposed) |
- |
(2,370,370) |
(1,200,000) |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
66,136,327 |
58,421,042 |
51,687,551 |
42,841,130 |
36,564,075 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST
EXPENSE (as per notes to P&L) |
|||||
|
Term
loan / Borrowing |
- |
- |
- |
62 |
1,478 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
- |
- |
- |
62 |
1,478 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION
(as per notes to P&L) |
917,439 |
963,222 |
1,701,783 |
1,297,915 |
1,466,119 |
|
AMORTIZATION |
103,049 |
51,151 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total
Amortization And Depreciation |
1,020,488 |
1,014,373 |
1,701,783 |
1,297,915 |
1,466,119 |
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
BALANCE SHEET
|
|
MITSUBISHI
HEAVY INDUSTRIES ENGINE SYSTEM ASIA PTE. LTD. |
|
ASSETS
EMPLOYED: |
|||||
|
FIXED
ASSETS |
4,291,050 |
5,074,933 |
7,708,534 |
9,090,647 |
5,181,418 |
|
LONG
TERM INVESTMENTS/OTHER ASSETS |
|||||
|
Subsidiary
companies |
9,216,673 |
10,491,821 |
14,031,959 |
14,031,959 |
14,034,303 |
|
Deferred
assets |
- |
- |
- |
2,992 |
299,238 |
|
Others |
- |
490,724 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM INVESTMENTS/OTHER ASSETS |
9,216,673 |
10,982,545 |
14,031,959 |
14,034,951 |
14,333,541 |
|
INTANGIBLE
ASSETS |
|||||
|
Intellectual
property and license rights |
890,034 |
993,464 |
- |
- |
- |
|
Others |
- |
24,370 |
32,900 |
32,900 |
32,900 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
INTANGIBLE ASSETS |
890,034 |
1,017,834 |
32,900 |
32,900 |
32,900 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM ASSETS |
14,397,757 |
17,075,312 |
21,773,393 |
23,158,498 |
19,547,859 |
|
CURRENT
ASSETS |
|||||
|
Stocks |
18,264,715 |
20,389,641 |
24,274,453 |
33,489,419 |
46,561,305 |
|
Contract
work-in-progress |
- |
6,966,787 |
3,232,550 |
25,054,858 |
- |
|
Trade
debtors |
19,631,116 |
26,240,265 |
74,367,124 |
69,258,017 |
88,767,999 |
|
Other
debtors, deposits & prepayments |
232,940 |
1,332,578 |
1,183,200 |
4,429,450 |
57,766 |
|
Amount
due from holding company |
1,883 |
7,957,388 |
443,593 |
3,324,683 |
174,797 |
|
Amount
due from subsidiary companies |
25,355,264 |
12,728,622 |
160,920 |
15,550 |
775,328 |
|
Amount
due from related companies |
8,950,105 |
29,425 |
64,118,622 |
- |
- |
|
Cash
& bank balances |
1,187,723 |
2,003,808 |
1,610,168 |
39,840,138 |
19,427,987 |
|
Amount
owing by customer |
- |
- |
- |
- |
9,714,400 |
|
Others |
40,340,226 |
44,581,159 |
- |
- |
3,314,329 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT ASSETS |
113,963,972 |
122,229,673 |
169,390,630 |
175,412,115 |
168,793,911 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
ASSET |
128,361,729 |
139,304,985 |
191,164,023 |
198,570,613 |
188,341,770 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade
creditors |
2,945,505 |
7,686,319 |
115,810,457 |
117,091,161 |
125,975,326 |
|
Other
creditors & accruals |
372,739 |
3,028,889 |
9,440,782 |
15,005,739 |
6,684,250 |
|
Deposits
from customers |
2,127,218 |
846,337 |
- |
- |
- |
|
Other
liabilities & accruals |
- |
- |
- |
9,873,604 |
5,779,498 |
|
Amounts
owing to holding company |
34,764,705 |
38,749,974 |
- |
- |
- |
|
Amounts
owing to subsidiary companies |
10,181,334 |
7,465,632 |
- |
105,731 |
- |
|
Amounts
owing to related companies |
492 |
13,299,255 |
- |
- |
- |
|
Provision
for taxation |
2,461,187 |
2,810,694 |
1,939,645 |
1,417,966 |
1,103,339 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT LIABILITIES |
52,853,180 |
73,887,100 |
127,190,884 |
143,494,201 |
139,542,413 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET
CURRENT ASSETS/(LIABILITIES) |
61,110,792 |
48,342,573 |
42,199,746 |
31,917,914 |
29,251,498 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
LONG
TERM LIABILITIES |
|||||
|
Deferred
taxation |
65,930 |
126,938 |
50,306 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM LIABILITIES |
65,930 |
126,938 |
50,306 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
NET ASSETS |
75,442,619 |
65,290,947 |
63,922,833 |
55,076,412 |
48,799,357 |
|
============= |
============= |
============= |
============= |
============= |
|
|
FINANCED
BY: |
|||||
|
SHARE
CAPITAL |
|||||
|
Ordinary
share capital |
9,063,172 |
9,063,172 |
12,235,282 |
12,235,282 |
12,235,282 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
SHARE CAPITAL |
9,063,172 |
9,063,172 |
12,235,282 |
12,235,282 |
12,235,282 |
|
RESERVES |
|||||
|
Capital
reserve |
243,120 |
- |
- |
- |
- |
|
Exchange
equalisation/fluctuation reserve |
- |
(2,193,267) |
- |
- |
- |
|
Retained
profit/(loss) carried forward |
66,136,327 |
58,421,042 |
51,687,551 |
42,841,130 |
36,564,075 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
RESERVES |
66,379,447 |
56,227,775 |
51,687,551 |
42,841,130 |
36,564,075 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
75,442,619 |
65,290,947 |
63,922,833 |
55,076,412 |
48,799,357 |
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
FINANCIAL RATIO
|
|
MITSUBISHI
HEAVY INDUSTRIES ENGINE SYSTEM ASIA PTE. LTD. |
|
TYPES
OF FUNDS |
|||||
|
Cash |
1,187,723 |
2,003,808 |
1,610,168 |
39,840,138 |
19,427,987 |
|
Net
Liquid Funds |
1,187,723 |
2,003,808 |
1,610,168 |
39,840,138 |
19,427,987 |
|
Net
Liquid Assets |
42,846,077 |
27,952,932 |
17,925,293 |
(1,571,505) |
(17,309,807) |
|
Net
Current Assets/(Liabilities) |
61,110,792 |
48,342,573 |
42,199,746 |
31,917,914 |
29,251,498 |
|
Net
Tangible Assets |
74,552,585 |
64,273,113 |
63,889,933 |
55,043,512 |
48,766,457 |
|
Net
Monetary Assets |
42,780,147 |
27,825,994 |
17,874,987 |
(1,571,505) |
(17,309,807) |
|
PROFIT
& LOSS ITEMS |
|||||
|
Earnings
Before Interest & Tax (EBIT) |
12,351,610 |
22,698,512 |
12,304,764 |
7,894,848 |
12,287,942 |
|
Earnings
Before Interest, Taxes, Depreciation And Amortization (EBITDA) |
13,372,098 |
23,712,885 |
14,006,547 |
9,192,763 |
13,754,061 |
|
BALANCE
SHEET ITEMS |
|||||
|
Total
Borrowings |
0 |
0 |
0 |
0 |
0 |
|
Total
Liabilities |
52,919,110 |
74,014,038 |
127,241,190 |
143,494,201 |
139,542,413 |
|
Total
Assets |
128,361,729 |
139,304,985 |
191,164,023 |
198,570,613 |
188,341,770 |
|
Net
Assets |
75,442,619 |
65,290,947 |
63,922,833 |
55,076,412 |
48,799,357 |
|
Net
Assets Backing |
75,442,619 |
65,290,947 |
63,922,833 |
55,076,412 |
48,799,357 |
|
Shareholders'
Funds |
75,442,619 |
65,290,947 |
63,922,833 |
55,076,412 |
48,799,357 |
|
Total
Share Capital |
9,063,172 |
9,063,172 |
12,235,282 |
12,235,282 |
12,235,282 |
|
Total
Reserves |
66,379,447 |
56,227,775 |
51,687,551 |
42,841,130 |
36,564,075 |
|
GROWTH
RATIOS (Year on Year) (%) |
|||||
|
Revenue |
(36.54) |
(41.56) |
20.92 |
(5.80) |
(13.82) |
|
Proft/(Loss)
Before Tax |
(45.58) |
84.47 |
55.86 |
(35.74) |
239.70 |
|
Proft/(Loss)
After Tax |
(50.13) |
97.78 |
60.05 |
(41.18) |
235.39 |
|
Total
Assets |
(7.86) |
(27.13) |
(3.73) |
5.43 |
(18.72) |
|
Total
Liabilities |
(28.50) |
(41.83) |
(11.33) |
2.83 |
(27.92) |
|
LIQUIDITY
(Times) |
|||||
|
Cash
Ratio |
0.02 |
0.03 |
0.01 |
0.28 |
0.14 |
|
Liquid
Ratio |
1.81 |
1.38 |
1.14 |
0.99 |
0.88 |
|
Current
Ratio |
2.16 |
1.65 |
1.33 |
1.22 |
1.21 |
|
WORKING
CAPITAL CONTROL (Days) |
|||||
|
Stock
Ratio |
51 |
48 |
28 |
73 |
54 |
|
Debtors
Ratio |
54 |
46 |
76 |
86 |
104 |
|
Creditors
Ratio |
9 |
15 |
127 |
154 |
155 |
|
SOLVENCY
RATIOS (Times) |
|||||
|
Gearing
Ratio |
0 |
0 |
0 |
0 |
0 |
|
Liabilities
Ratio |
0.70 |
1.13 |
1.99 |
2.61 |
2.86 |
|
Times
Interest Earned Ratio |
0 |
0 |
0 |
127,336.26 |
8,313.90 |
|
Assets
Backing Ratio |
8.23 |
7.09 |
5.22 |
4.50 |
3.99 |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating
Profit Margin |
9.37 |
10.92 |
3.46 |
2.68 |
3.94 |
|
Net
Profit Margin |
7.51 |
9.56 |
2.83 |
2.13 |
3.42 |
|
Return
On Net Assets |
16.37 |
34.77 |
19.25 |
14.33 |
25.18 |
|
Return
On Capital Employed |
16.17 |
34.17 |
19.22 |
14.33 |
25.16 |
|
Return
On Shareholders' Funds/Equity |
13.13 |
30.43 |
15.72 |
11.40 |
21.87 |
|
Dividend
Pay Out Ratio (Times) |
0 |
0.12 |
0.12 |
0 |
0 |
|
NOTES
TO ACCOUNTS |
|||||
|
Contingent
Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.81 |
|
|
1 |
INR 90.66 |
|
Euro |
1 |
INR 79.94 |
|
SGD |
1 |
INR 49.16 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
SYL |
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.