|
|
|
MIRA INFORM REPORT
|
Report No. : |
485454 |
|
Report Date : |
10.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
JUKI SINGAPORE PTE LTD |
|
|
|
|
Registered Office : |
20,
Bendemeer Road, 04-12, Bs Bendemeer Centre, 339914 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
|
Date of Incorporation : |
17.03.1995 |
|
|
|
|
Com. Reg. No.: |
199501853-K |
|
|
|
|
Legal Form : |
Private
Limited (Limited by Share) |
|
|
|
|
Line of Business : |
Trading of Industrial Sewing Machines. |
|
|
|
|
No. of Employees : |
90 [2017] |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
B |
|
Credit Rating |
Explanation |
Rating Comments |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
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 2014-16 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. |
: |
199501853-K |
||||
|
COMPANY
NAME |
: |
JUKI
SINGAPORE PTE LTD |
||||
|
FORMER
NAME |
: |
N/A |
||||
|
INCORPORATION
DATE |
: |
17/03/1995 |
||||
|
COMPANY
STATUS |
: |
EXIST |
||||
|
LEGAL
FORM |
: |
PRIVATE
LIMITED (LIMITED BY SHARE) |
||||
|
LISTED
STATUS |
: |
NO |
||||
|
REGISTERED
ADDRESS |
: |
20,
BENDEMEER ROAD, 04-12, BS BENDEMEER CENTRE, 339914, SINGAPORE. |
||||
|
BUSINESS
ADDRESS |
: |
20,
BENDEMEER ROAD, 04-12, BS BENDEMEER CENTRE, 339914, SINGAPORE. |
||||
|
TEL.NO. |
: |
65-65534388 |
||||
|
FAX.NO. |
: |
65-65525568 |
||||
|
EMAIL |
: |
JUKI@JUKISIN.COM.SG |
||||
|
WEB
SITE |
: |
WWW.JUKI.COM.SG |
||||
|
CONTACT
PERSON |
: |
KATSUMI
NIHEI ( MANAGING DIRECTOR ) |
||||
|
PRINCIPAL
ACTIVITY |
: |
TRADING
OF INDUSTRIAL SEWING MACHINES |
||||
|
ISSUED
AND PAID UP CAPITAL |
: |
13,000,000.00
ORDINARY SHARE, OF A VALUE OF SGD 13,000,000.00 |
||||
|
SALES |
: |
USD
333,118,139 [2016] |
||||
|
NET
WORTH |
: |
USD
5,299,172 [2016] |
||||
|
STAFF
STRENGTH |
: |
90
[2017] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL
CONDITION |
: |
POOR |
||||
|
PAYMENT |
: |
SLOW
BUT CORRECT |
||||
|
MANAGEMENT
CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL
RISK |
: |
MODERATE |
||||
|
CURRENCY
EXPOSURE |
: |
MODERATE |
||||
|
GENERAL
REPUTATION |
: |
SATISFACTORY |
||||
|
INDUSTRY
OUTLOOK |
: |
AVERAGE
GROWTH |
||||
HISTORY/
BACKGROUND
The Subject is a private limited company and
is allowed to have a minimum of one and a maximum of forty-nine shareholders.
As a private limited company, the Subject must have at least two directors. A
private limited company is a separate legal entity from its shareholders. As a
separate legal entity, the Subject is capable of owning assets, entering into
contracts, sue or be sued by other companies. The liabilities of the
shareholders are to the extent of the equity they have taken up and the
creditors cannot claim on shareholders' personal assets even if the Subject is
insolvent. The Subject is governed by the Companies Act and the company must
file its annual returns, together with its financial statements with the
Registrar of Companies.
The Subject is principally engaged in the (as
a / as an) trading of industrial sewing machines.
The immediate and ultimate holding company of
the Subject is JUKI CORPORATION, a company incorporated in JAPAN.
Share
Capital History
|
Date |
Issue
& Paid Up Capital |
|
03/10/2017 |
SGD
13,000,000.00 |
The
major shareholder(s) of the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
JUKI
CORPORATION |
2-11-1,
TSURUMAKI, TAMA-SHI, TOKYO 206-8551 ,JAPAN |
S95UF0314 |
13,000,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
13,000,000.00 |
100.00 |
|||
|
============ |
===== |
+
Also Director
The
Subject's interest in other companies (Subsidiaries/Associates) are shown as
follow :
|
Local
No |
Country |
Company |
Status |
(%) |
As
At |
|
INDIA |
JUKI
INDIA PRIVATE LIMITED |
- |
100.00 |
31/12/2016 |
|
|
SRI
LANKA |
JUKI
LANKA SERVICE CENTRE (PRIVATE) LIMITED |
- |
100.00 |
31/12/2016 |
|
|
VIETNAM |
JUKI
MACHINERY VIETNAM COMPANY LTD |
- |
100.00 |
31/12/2016 |
DIRECTORS
DIRECTOR 1
|
Name
Of Subject |
: |
NORIAKI
SAITO |
|
Address |
: |
UNIT
2504, P3-33, ELITE RESIDENCE, DUBAI MARINA, UNITED ARAB EMIRATES (DUBAI). |
|
IC
/ PP No |
: |
MZ0756666 |
|
Nationality |
: |
JAPANESE |
|
Date
of Appointment |
: |
17/06/2013 |
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
(Number of Share) |
Profit/(loss)
After Tax |
Financial
Year |
Status |
As
At |
|
1 |
199501853K |
JUKI
SINGAPORE PTE LTD |
Director |
17/06/2013 |
0.00 |
USD(9,394,356.00) |
2016 |
- |
03/10/2017 |
DIRECTOR 2
|
Name
Of Subject |
: |
GOH
TANG CHEOW |
|
Address |
: |
188D,
RIVERVALE DRIVE, 14-1030, 544188, SINGAPORE. |
|
IC
/ PP No |
: |
S1302903B |
|
Nationality |
: |
SINGAPOREAN |
|
Date
of Appointment |
: |
01/01/2017 |
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
(Number of Share) |
Profit/(loss)
After Tax |
Financial
Year |
Status |
As
At |
|
1 |
199501853K |
JUKI
SINGAPORE PTE LTD |
Director |
01/01/2017 |
0.00 |
USD(9,394,356.00) |
2016 |
- |
03/10/2017 |
DIRECTOR 3
|
Name
Of Subject |
: |
YUJI
MUROI |
|
Address |
: |
88,
JELLICOE ROAD, 10-24, CITYLIGHTS, 208747, SINGAPORE. |
|
IC
/ PP No |
: |
G3379247L |
|
Nationality |
: |
JAPANESE |
|
Date
of Appointment |
: |
01/05/2017 |
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
(Number of Share) |
Profit/(loss)
After Tax |
Financial
Year |
Status |
As
At |
|
1 |
199501853K |
JUKI
SINGAPORE PTE LTD |
Director |
01/05/2017 |
0.00 |
USD(9,394,356.00) |
2016 |
- |
03/10/2017 |
DIRECTOR 4
|
Name
Of Subject |
: |
KAZUNORI
SUZUKI |
|
Address |
: |
670,
JALAN DAMAI, 04-39, EUNOS DAMAI VILLE, 410670, SINGAPORE. |
|
IC
/ PP No |
: |
S2771960J |
|
Nationality |
: |
JAPANESE |
|
Date
of Appointment |
: |
01/01/2017 |
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
(Number of Share) |
Profit/(loss)
After Tax |
Financial
Year |
Status |
As
At |
|
1 |
199501853K |
JUKI
SINGAPORE PTE LTD |
Director |
01/01/2017 |
0.00 |
USD(9,394,356.00) |
2016 |
- |
03/10/2017 |
DIRECTOR 5
|
Name
Of Subject |
: |
KATSUMI
NIHEI |
|
Address |
: |
83,
DEVONSHIRE ROAD, 05-02, THE METZ, 239864, SINGAPORE. |
|
IC
/ PP No |
: |
G3371524U |
|
Nationality |
: |
JAPANESE |
|
Date
of Appointment |
: |
01/02/2017 |
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
(Number of Share) |
Profit/(loss)
After Tax |
Financial
Year |
Status |
As
At |
|
1 |
199501853K |
JUKI
SINGAPORE PTE LTD |
Director |
01/02/2017 |
0.00 |
USD(9,394,356.00) |
2016 |
- |
03/10/2017 |
MANAGEMENT
|
1) |
Name
of Subject |
: |
KATSUMI
NIHEI |
|
Position |
: |
MANAGING
DIRECTOR |
AUDITOR
|
Auditor |
: |
DELOITTE
& TOUCHE LLP |
|
Auditor'
Address |
: |
N/A |
COMPANY
SECRETARIES
|
1) |
Company
Secretary |
: |
JENNIFER
LEE SIEW JEE |
|
IC
/ PP No |
: |
S1336064B |
|
|
Address |
: |
77,
ROBINSON ROAD, 13-00, ROBINSON 77, 068896, 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
againt the Subject whether the subject has been involved in any litigation.
No legal action was found in our databank.
No winding up petition was found in our
databank.
PAYMENT
RECORD
|
SOURCES
OF RAW MATERIALS: |
||
|
Local |
: |
N/A |
|
Overseas |
: |
N/A |
The Subject refused to disclose its
supplier.
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 |
: |
MIDDLE
EAST |
|||
|
Credit
Term |
: |
180
DAYS |
|||
|
Payment
Mode |
: |
CHEQUES |
|||
OPERATIONS
|
Goods
Traded |
: |
INDUSTRIAL
SEWING MACHINES |
|
|
Product
Brand Name |
: |
|
|
|
Total
Number of Employees: |
|
||||||||
|
YEAR |
2017 |
2016 |
2015 |
2014 |
2013 |
||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
||||
|
COMPANY |
90 |
50 |
50 |
50 |
50 |
||||
|
Branch |
: |
NO |
Other
Information:
The Subject is principally engaged in the (as a /
as an) trading of industrial sewing machines.
Background of subject:
The Subject ("Juki Singapore"), a
wholly-owned subsidiary of Juki Corporation, Japan, was primarily established
in year 1982 as a representative office. Over the years, it has expanded its
operation significantly through expansions and become the regional head
quarters covering the entire regions of South-East Asia, Middle East, Asia
Pacific and Oceania.
Products dealings:
* general machines category: 1-2 needle,
lockstitch machine, overlock/safety stitch machine, zigzag stitching machine,
covering stitch machine, double chainstitch machine, special purpose machine
* automatic machine category: button sewing
machine, artacking/shape-tacking machine, eyelet buttonholing machine, computer-controlled,
cycle machine, automatic button sewing indexed, automatic machine
* LHD machine category: flat-bed sewing machine,
long arm sewing machine, cylinder-bed sewing machine, post-bed sewing machine,
extra heavy-weight material machine
Services:
* engineering support
- provide training and technical consultancy to
factory managers and supervisors
* support in attachment
- supply specialized assistance in training and
consultancy in the area of attachment
* maintenance support- provide customers with
machine knowledge, machine installation and maintenance services
* after sales support
- sales & marketing section are well-trained
to respond to their customers' queries on proposal and price quotation.
CURRENT
INVESTIGATION
Latest
fresh investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
N/A |
|
Current
Telephone Number |
: |
65-65534388 |
|
Match |
: |
N/A |
|
Address
Provided by Client |
: |
20
BENDEMEER ROAD.04-12 BS BENDEMEER CENTRE, SINGAPORE 339914 |
|
Current
Address |
: |
20,
BENDEMEER ROAD, 04-12, BS BENDEMEER CENTRE, 339914, SINGAPORE. |
|
Match |
: |
YES |
Other
Investigations
We contacted one of the staff from the Subject and
she provided some information.
FINANCIAL
ANALYSIS
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
2012
- 2016 |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Decreased |
[ |
2012
- 2016 |
] |
|
|
Return
on Shareholder Funds |
: |
Unfavourable |
[ |
(177.28%) |
] |
|
|
Return
on Net Assets |
: |
Unfavourable |
[ |
(133.72%) |
] |
|
|
The
Subject's turnover increased steadily as the demand for its products / services
increased due to the goodwill built up over the years.The Subject incurred
losses during the year due to the inefficient control of its operating costs.
The Subject's unfavourable returns on shareholders' funds indicate the
management's inefficiency in utilising its assets to generate returns. |
||||||
|
Working
Capital Control |
||||||
|
Stock
Ratio |
: |
Unfavourable |
[ |
113
Days |
] |
|
|
Debtor
Ratio |
: |
Unfavourable |
[ |
115
Days |
] |
|
|
Creditors
Ratio |
: |
Favourable |
[ |
16
Days |
] |
|
|
The
Subject could be incurring higher holding cost. As its capital was tied up in
stocks, it could face liquidity problems. The Subject's debtors ratio was high.
The Subject should tighten its credit control and improve its collection
period. The Subject had a favourable creditors' ratio where the Subject could
be taking advantage of the cash discounts and also wanting to maintain
goodwill with its creditors. |
||||||
|
Liquidity |
||||||
|
Liquid
Ratio |
: |
Unfavourable |
[ |
0.56
Times |
] |
|
|
Current
Ratio |
: |
Unfavourable |
[ |
1.01
Times |
] |
|
|
A
low liquid ratio means that the Subject may be facing working capital deficiency.
If the Subject cannot obtain additional financing or injection of fresh
capital, it may face difficulties in meeting its short term obligations. |
||||||
|
Solvency |
||||||
|
Interest
Cover |
: |
Unfavourable |
[ |
(2.81
Times) |
] |
|
|
Gearing
Ratio |
: |
Unfavourable |
[ |
11.40
Times |
] |
|
|
The
Subject incurred losses in the year. It did not generate sufficient income to
service its interest. If the situation does not improve, the Subject may
be vulnerable to default in servicing the interest. The Subject was highly
geared, thus it had a high financial risk. The Subject was dependent on loans
to finance its business needs. In times of economic downturn and / or high
interest rate, the Subject will become less profitable and competitive than
other firms in the same industry, which are lowly geared. This is because the
Subject has to service the interest and to repay the loan, which will erode
part of its profits. The profits will fluctuate depending on the Subject's
turnover and the interest it needs to pay. |
||||||
|
Overall
Assessment : |
||||||
|
Although
the Subject's turnover increased its profits however showed a reverse trend. The
losses could be due to the management's failure to maintain its
competitiveness in the market. Due to its weak liquidity position, the
Subject will be faced with problems in meeting all its short term obligations
if no short term loan is obtained or additional capital injected into the
Subject. The Subject's interest cover was negative, indicating that it did
not generate sufficient income to service its interest. If its result does
not show impressive improvements or succeed obtaining short term financing or
capital injection, it may not be able to service its interest and repay the
loans. The Subject's gearing level was high and its going concern will be in
doubt if there is no injection of additional shareholders' funds in times of
economic downturn and / or high interest rates. |
||||||
|
Overall
financial condition of the Subject : POOR |
||||||
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 |
- |
- |
|
Government
Services |
6.00 |
6.50 |
6.30 |
- |
- |
|
Education
Services |
0.30 |
3.10 |
5.98 |
- |
- |
|
|
|||||
|
*
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 1995, the Subject is a Private Limited company, focusing on trading of
industrial sewing machines. The Subject has been in business for over two
decades. It has built up a strong clientele base and satisfactory reputation
will enable the Subject to further enhance its business in the near term. The
Subject is expected to enjoy a stable market shares. Presently, the issued
and paid up capital of the Subject stands at SGD 13,000,000. The Subject has
a strong support from its holding company. |
PROFIT AND LOSS ACCOUNT
|
THE
FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL
REPORTING STANDARDS. |
|
JUKI
SINGAPORE 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 |
Company |
Company |
Company |
Company |
Company |
|
Audited
Account |
YES |
YES |
YES |
YES |
YES |
|
Unqualified
Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
YES |
YES |
|
Financial
Type |
FULL |
FULL |
FULL |
FULL |
FULL |
|
Currency |
USD |
USD |
USD |
USD |
USD |
|
TURNOVER |
333,118,139 |
323,179,976 |
297,059,350 |
260,821,194 |
215,217,126 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total
Turnover |
333,118,139 |
323,179,976 |
297,059,350 |
260,821,194 |
215,217,126 |
|
Costs
of Goods Sold |
- |
(259,389,386) |
(265,597,991) |
(225,569,048) |
(192,794,629) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross
Profit |
- |
63,790,590 |
31,461,359 |
35,252,146 |
22,422,497 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
(9,611,712) |
148,209 |
773,431 |
291,936 |
803,670 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
(9,611,712) |
148,209 |
773,431 |
291,936 |
803,670 |
|
Taxation |
217,356 |
37,423 |
(215,184) |
21,556 |
(106,829) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
(9,394,356) |
185,632 |
558,247 |
313,492 |
696,841 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As
previously reported |
6,613,748 |
6,428,116 |
5,869,869 |
5,556,377 |
4,859,536 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As
restated |
6,613,748 |
6,428,116 |
5,869,869 |
5,556,377 |
4,859,536 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
(2,780,608) |
6,613,748 |
6,428,116 |
5,869,869 |
5,556,377 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
(2,780,608) |
6,613,748 |
6,428,116 |
5,869,869 |
5,556,377 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST
EXPENSE (as per notes to P&L) |
|||||
|
Others |
2,525,399 |
2,650,129 |
1,845,304 |
1,942,952 |
1,471,189 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
2,525,399 |
2,650,129 |
1,845,304 |
1,942,952 |
1,471,189 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION
(as per notes to P&L) |
197,829 |
181,330 |
126,000 |
89,326 |
803,670 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
197,829 |
181,330 |
126,000 |
89,326 |
803,670 |
|
|
============= |
============= |
============= |
============= |
============= |
BALANCE
SHEET
|
JUKI
SINGAPORE PTE LTD |
|
ASSETS
EMPLOYED: |
|||||
|
FIXED
ASSETS |
214,848 |
329,196 |
342,782 |
145,162 |
139,348 |
|
LONG
TERM INVESTMENTS/OTHER ASSETS |
|||||
|
Subsidiary
companies |
2,046,352 |
1,554,294 |
1,554,294 |
1,554,294 |
1,554,294 |
|
Associated
companies |
36,406 |
36,406 |
36,406 |
36,406 |
36,406 |
|
Deferred
assets |
283,500 |
24,300 |
- |
26,907 |
26,907 |
|
Others |
56,361 |
56,361 |
56,361 |
70,765 |
56,361 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM INVESTMENTS/OTHER ASSETS |
2,422,619 |
1,671,361 |
1,647,061 |
1,688,372 |
1,673,968 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM ASSETS |
2,637,467 |
2,000,557 |
1,989,843 |
1,833,534 |
1,813,316 |
|
Stocks |
102,756,335 |
97,171,633 |
114,033,155 |
101,201,563 |
100,703,289 |
|
Trade
debtors |
104,567,163 |
90,459,757 |
76,542,123 |
51,151,415 |
41,607,543 |
|
Other
debtors, deposits & prepayments |
946,756 |
853,094 |
690,709 |
602,032 |
787,818 |
|
Short
term deposits |
- |
- |
- |
2,500,000 |
5,000,000 |
|
Amount
due from holding company |
2,205,098 |
6,457,545 |
3,344,730 |
3,090,070 |
46,285 |
|
Amount
due from subsidiary companies |
11,058,191 |
8,494,513 |
4,419,797 |
2,229,358 |
6,125,742 |
|
Amount
due from related companies |
2,539,363 |
1,318,890 |
2,807,886 |
4,341,475 |
1,866,752 |
|
Amount
due from associated companies |
330,087 |
306,161 |
212,023 |
159,565 |
794,687 |
|
Cash
& bank balances |
3,538,802 |
6,341,738 |
3,001,538 |
1,057,834 |
1,360,568 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT ASSETS |
227,941,795 |
211,403,331 |
205,051,961 |
166,333,312 |
158,292,684 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
ASSET |
230,579,262 |
213,403,888 |
207,041,804 |
168,166,846 |
160,106,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade
creditors |
14,610,377 |
14,062,731 |
11,140,495 |
9,935,491 |
10,757,691 |
|
Other
creditors & accruals |
3,328,309 |
2,786,861 |
2,561,858 |
1,874,236 |
411,565 |
|
Short
term borrowings/Term loans |
60,426,359 |
56,487,414 |
41,479,656 |
32,000,000 |
36,500,000 |
|
Amounts
owing to holding company |
142,373,510 |
120,369,325 |
134,181,320 |
106,797,424 |
92,746,281 |
|
Amounts
owing to subsidiary companies |
1,211,159 |
1,186,080 |
1,041,367 |
541,015 |
541,851 |
|
Amounts
owing to related companies |
2,995,697 |
3,360,804 |
1,690,360 |
2,815,503 |
5,016,742 |
|
Amounts
owing to associated companies |
287,345 |
430,845 |
312,052 |
253,528 |
411,310 |
|
Provision
for taxation |
47,334 |
26,300 |
121,200 |
- |
84,403 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT LIABILITIES |
225,280,090 |
198,710,360 |
192,528,308 |
154,217,197 |
146,469,843 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET
CURRENT ASSETS/(LIABILITIES) |
2,661,705 |
12,692,971 |
12,523,653 |
12,116,115 |
11,822,841 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
NET ASSETS |
5,299,172 |
14,693,528 |
14,513,496 |
13,949,649 |
13,636,157 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE
CAPITAL |
|||||
|
Ordinary
share capital |
8,079,780 |
8,079,780 |
8,079,780 |
8,079,780 |
8,079,780 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
SHARE CAPITAL |
8,079,780 |
8,079,780 |
8,079,780 |
8,079,780 |
8,079,780 |
|
Retained
profit/(loss) carried forward |
(2,780,608) |
6,613,748 |
6,428,116 |
5,869,869 |
5,556,377 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
RESERVES |
(2,780,608) |
6,613,748 |
6,428,116 |
5,869,869 |
5,556,377 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
5,299,172 |
14,693,528 |
14,507,896 |
13,949,649 |
13,636,157 |
|
Deferred
taxation |
- |
- |
5,600 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM LIABILITIES |
- |
- |
5,600 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
5,299,172 |
14,693,528 |
14,513,496 |
13,949,649 |
13,636,157 |
|
|
============= |
============= |
============= |
============= |
============= |
|
FINANCIAL
RATIO
|
JUKI
SINGAPORE PTE LTD |
|
TYPES
OF FUNDS |
|||||
|
Cash |
3,538,802 |
6,341,738 |
3,001,538 |
3,557,834 |
6,360,568 |
|
Net
Liquid Funds |
3,538,802 |
6,341,738 |
3,001,538 |
3,557,834 |
6,360,568 |
|
Net
Liquid Assets |
(100,094,630) |
(84,478,662) |
(101,509,502) |
(89,085,448) |
(88,880,448) |
|
Net
Current Assets/(Liabilities) |
2,661,705 |
12,692,971 |
12,523,653 |
12,116,115 |
11,822,841 |
|
Net
Tangible Assets |
5,299,172 |
14,693,528 |
14,513,496 |
13,949,649 |
13,636,157 |
|
Net
Monetary Assets |
(100,094,630) |
(84,478,662) |
(101,515,102) |
(89,085,448) |
(88,880,448) |
|
PROFIT
& LOSS ITEMS |
|||||
|
Earnings
Before Interest & Tax (EBIT) |
0 |
2,798,338 |
2,618,735 |
2,234,888 |
2,274,859 |
|
Earnings
Before Interest, Taxes, Depreciation And Amortization (EBITDA) |
(6,888,484) |
2,979,668 |
2,744,735 |
2,324,214 |
3,078,529 |
|
BALANCE
SHEET ITEMS |
|||||
|
Total
Borrowings |
60,426,359 |
56,487,414 |
41,479,656 |
32,000,000 |
36,500,000 |
|
Total
Liabilities |
225,280,090 |
198,710,360 |
192,533,908 |
154,217,197 |
146,469,843 |
|
Total
Assets |
230,579,262 |
213,403,888 |
207,041,804 |
168,166,846 |
160,106,000 |
|
Net
Assets |
5,299,172 |
14,693,528 |
14,513,496 |
13,949,649 |
13,636,157 |
|
Net
Assets Backing |
5,299,172 |
14,693,528 |
14,507,896 |
13,949,649 |
13,636,157 |
|
Shareholders'
Funds |
5,299,172 |
14,693,528 |
14,507,896 |
13,949,649 |
13,636,157 |
|
Total
Share Capital |
8,079,780 |
8,079,780 |
8,079,780 |
8,079,780 |
8,079,780 |
|
Total
Reserves |
(2,780,608) |
6,613,748 |
6,428,116 |
5,869,869 |
5,556,377 |
|
GROWTH
RATIOS (Year on Year) |
|||||
|
Revenue |
3.08 |
8.79 |
13.89 |
21.19 |
(2.92) |
|
Proft/(Loss)
Before Tax |
(6,585.24) |
(80.84) |
164.93 |
(63.67) |
8.52 |
|
Proft/(Loss)
After Tax |
(5,160.74) |
(66.75) |
78.07 |
(55.01) |
18.21 |
|
Total
Assets |
8.05 |
3.07 |
23.12 |
5.03 |
14.08 |
|
Total
Liabilities |
13.37 |
3.21 |
24.85 |
5.29 |
14.96 |
|
LIQUIDITY
(Times) |
|||||
|
Cash
Ratio |
0.02 |
0.03 |
0.02 |
0.02 |
0.04 |
|
Liquid
Ratio |
0.56 |
0.57 |
0.47 |
0.42 |
0.39 |
|
Current
Ratio |
1.01 |
1.06 |
1.07 |
1.08 |
1.08 |
|
WORKING
CAPITAL CONTROL (Days) |
|||||
|
Stock
Ratio |
113 |
110 |
140 |
142 |
171 |
|
Debtors
Ratio |
115 |
102 |
94 |
72 |
71 |
|
Creditors
Ratio |
16 |
20 |
15 |
16 |
20 |
|
SOLVENCY
RATIOS (Times) |
|||||
|
Gearing
Ratio |
11.40 |
3.84 |
2.86 |
2.29 |
2.68 |
|
Liabilities
Ratio |
42.51 |
13.52 |
13.27 |
11.06 |
10.74 |
|
Times
Interest Earned Ratio |
(2.81) |
1.06 |
1.42 |
1.15 |
1.55 |
|
Assets
Backing Ratio |
0.66 |
1.82 |
1.80 |
1.73 |
1.69 |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating
Profit Margin |
(2.89) |
0.05 |
0.26 |
0.11 |
0.37 |
|
Net
Profit Margin |
(2.82) |
0.06 |
0.19 |
0.12 |
0.32 |
|
Return
On Net Assets |
(133.72) |
19.04 |
18.04 |
16.02 |
16.68 |
|
Return
On Capital Employed |
(133.72) |
19.04 |
18.04 |
16.02 |
16.68 |
|
Return
On Shareholders' Funds/Equity |
(177.28) |
1.26 |
3.85 |
2.25 |
5.11 |
|
Dividend
Pay Out Ratio (Times) |
0 |
0 |
0 |
0 |
0 |
|
NOTES
TO ACCOUNTS |
|||||
|
Contingent
Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.46 |
|
|
1 |
INR 86.15 |
|
Euro |
1 |
INR 75.91 |
|
SGD |
1 |
INR 47.72 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
|
|
|
|
Report Prepared
by : |
DNS |
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.