|
|
|
MIRA INFORM REPORT
|
Report No. : |
485804 |
|
Report Date : |
11.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
MAKINO ASIA PTE
LTD |
|
|
|
|
Formerly Known As : |
LEBLOND MAKINO ASIA PTE LTD (07/05/1992) |
|
|
|
|
Registered Office : |
2, Gul Avenue, 629649 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.03.2017 |
|
|
|
|
Date of Incorporation : |
23.05.1973 |
|
|
|
|
Com. Reg. No.: |
197300960K |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
The subject is principally engaged in the
manufacture and repair of machinery and machine-tools - metal cutting types. |
|
|
|
|
No. of Employees : |
500 [2017] |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
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 (30.06.2017) |
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. |
: |
197300960K |
|
COMPANY NAME |
: |
MAKINO ASIA PTE LTD |
|
FORMER NAME |
: |
LEBLOND MAKINO ASIA PTE LTD (07/05/1992) |
|
INCORPORATION DATE |
: |
23/05/1973 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY SHARE) |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
2, GUL AVENUE, 629649, SINGAPORE. |
|
BUSINESS ADDRESS |
: |
2, GUL AVENUE, 629649, SINGAPORE. |
|
TEL.NO. |
: |
65-68615722 |
|
FAX.NO. |
: |
65-68611600 |
|
WEB SITE |
: |
WWW.MAKINO.COM.SG |
|
CONTACT PERSON |
: |
NEO ENG CHONG ( CEO ) |
|
PRINCIPAL ACTIVITY |
: |
MANUFACTURE AND REPAIR OF MACHINERY AND
MACHINE-TOOLS - METAL CUTTING TYPES |
|
ISSUED AND PAID UP CAPITAL |
: |
1,641,377.00 ORDINARY SHARE, OF A VALUE OF
SGD 13,626,377.00 |
|
SALES |
: |
SGD 596,729,677 [2017] |
|
NET WORTH |
: |
SGD 374,575,133 [2017] |
|
STAFF STRENGTH |
: |
500 [2017] |
|
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 machinery and machine-tools - metal
cutting types.
The immediate and ultimate holding company of
the Subject is MAKINO MILLING MACHINE CO., LTD, a company incorporated in
JAPAN.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
27/12/2017 |
SGD 13,626,377.00 |
The major shareholder(s) of the Subject are
shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
MAKINO MILLING MACHINE CO., LTD |
3-19, NAKANE 2 CHO-ME, MEGURO-KU, TOKYO
152-8578 ,JAPAN |
T05UF0531 |
1,641,377.00 |
100.00 |
|
--------------- |
------ |
|||
|
1,641,377.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject's interest in other companies (Subsidiaries/Associates)
are shown as follow :
|
Local No |
Country |
Company |
Status |
(%) |
As At |
|
CHINA |
MAKINO (CHINA) CO., LTD |
- |
100.00 |
31/03/2017 |
|
|
INDIA |
MAKINO (INDIA) PRIVATE LIMITED |
- |
100.00 |
31/03/2017 |
|
|
THAILAND |
MAKINO (THAILAND) CO., LTD |
- |
100.00 |
31/03/2017 |
|
|
822860D |
MALAYSIA |
MAKINO ASIA SDN BHD |
- |
100.00 |
31/03/2017 |
|
1192188M |
MALAYSIA |
MAKINO MACHINE TOOLS (MALAYSIA) SDN. BHD. |
- |
100.00 |
31/03/2017 |
|
VIETNAM |
MAKINO VIETNAM CO., LTD |
- |
100.00 |
31/03/2017 |
|
|
INDONESIA |
PT MAKINO INDONESIA |
- |
100.00 |
31/03/2017 |
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
SHINJI KOIKE |
|
Address |
: |
143-4, ISOBE MIMAMIKU, SAGAMIHARA CITY,
KANAGAWA PREF, JAPAN. |
|
IC / PP No |
: |
TR8470902 |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
01/08/2015 |
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 |
197300960K |
MAKINO ASIA PTE LTD |
Director |
01/08/2015 |
0.00 |
- |
SGD33,684,926.00 |
2017 |
- |
27/12/2017 |
DIRECTOR 2
|
Name Of Subject |
: |
SHINICHI INOUE |
|
Address |
: |
2-1-2002, HIGASHI-CHO, ATSUGI-SHI-KANAGAWA,
JAPAN. |
|
IC / PP No |
: |
TR8377492 |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
01/08/2015 |
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 |
197300960K |
MAKINO ASIA PTE LTD |
Director |
01/08/2015 |
0.00 |
- |
SGD33,684,926.00 |
2017 |
- |
27/12/2017 |
DIRECTOR 3
|
Name Of Subject |
: |
NEO ENG CHONG |
|
Address |
: |
21, LORONG 3, TOA PAYOH, 15-01, TREVISTA,
319581, SINGAPORE. |
|
IC / PP No |
: |
S7134931D |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
31/08/2015 |
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 |
197300960K |
MAKINO ASIA PTE LTD |
Director |
31/08/2015 |
0.00 |
- |
SGD33,684,926.00 |
2017 |
- |
27/12/2017 |
DIRECTOR 4
|
Name Of Subject |
: |
TOSHIYUKI NAGANO |
|
Address |
: |
SAKAEMACHI 119-1, USHIKU CITY, IBARAKI-KEN,
JAPAN. |
|
IC / PP No |
: |
TR5429596 |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
01/08/2010 |
INTEREST CHECK
|
Interest in companies |
: |
see below |
|
Interest in business |
: |
none in our databank |
|
Former interest |
: |
none in our databank |
INTEREST IN COMPANY
|
No |
Local No |
Company |
Designation |
App Date |
Shareholding |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
|
No. |
% |
|||||||||
|
1 |
197300960K |
MAKINO ASIA PTE LTD |
Director |
01/08/2010 |
0.00 |
- |
SGD33,684,926.00 |
2017 |
- |
27/12/2017 |
DIRECTOR 5
|
Name Of Subject |
: |
SHIRAISHI HARUYUKI |
|
Address |
: |
85, JURONG WEST CENTRAL 3, 10-47, THE
CENTRIS, 648342, SINGAPORE. |
|
IC / PP No |
: |
G3250906T |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
01/07/2016 |
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 |
197300960K |
MAKINO ASIA PTE LTD |
Director |
01/07/2016 |
0.00 |
- |
SGD33,684,926.00 |
2017 |
- |
27/12/2017 |
DIRECTOR 6
|
Name Of Subject |
: |
SHUN MAKINO |
|
Address |
: |
4-35-5, UTSUKUSHIGAOKA MIDORIKU, YOKOHAMA
CITY, KANAGAWA PREF, JAPAN. |
|
IC / PP No |
: |
TR2867284 |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
31/07/1987 |
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 |
197300960K |
MAKINO ASIA PTE LTD |
Director |
31/07/1987 |
0.00 |
- |
SGD33,684,926.00 |
2017 |
- |
27/12/2017 |
DIRECTOR 7
|
Name Of Subject |
: |
KUMBAKONAM SUBRAMANIAM SANKARAN |
|
Address |
: |
1, JALAN ANGKLONG, FABER GARDEN, 578705,
SINGAPORE. |
|
IC / PP No |
: |
S2201992I |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
01/01/2002 |
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 |
197300960K |
MAKINO ASIA PTE LTD |
Director |
01/01/2002 |
0.00 |
- |
SGD33,684,926.00 |
2017 |
- |
27/12/2017 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
NEO ENG CHONG |
|
Position |
: |
CEO |
|
AUDITOR
|
|
Auditor |
: |
DELOITTE & TOUCHE LLP |
|
Auditor' Address |
: |
N/A |
COMPANY SECRETARIES
|
No company secretary was found in our databank.
BANKING
|
No Banker found in our databank.
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 suppliers.
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 |
: |
N/A |
|||
|
Payment Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Products manufactured |
: |
|
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2017 |
2016 |
2015 |
2014 |
|||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
|||||
|
COMPANY |
500 |
500 |
500 |
500 |
|||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) manufacture and repair
of machinery and machine-tools - metal cutting types.
Makino Asia developed into a fully integrated manufacturing company,
incorporating Research and Development (R&D), engineering production and
business administration under one roof.
Advanced processing, manufacturing and assembly are the key integral functions
of its enterprise.
Makino Asia produces the F- and E-series milling machines as well as the EDAF-
and EDGE- electrical discharge machines and DUO-series and newly launched U3
wire electrical discharge machines on site.
The Subject is engaged in the manufacturing of vertical milling machines and
machining centers.
CURRENT INVESTIGATION
|
Latest fresh investigations carried out on
the Subject indicated that :
|
Telephone Number Provided By Client |
: |
65 6559 4721 |
|
Current Telephone Number |
: |
65-68615722 |
|
Match |
: |
NO |
|
Address Provided by Client |
: |
2 GUL AVENUE SINGAPORE 629649 |
|
Current Address |
: |
2, GUL AVENUE, 629649, SINGAPORE. |
|
Match |
: |
YES |
Other Investigations
We contacted one of the staff from the Subject and he provided some
information.
The contact number provided is not answered.
FINANCIAL ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
2013 - 2017 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2013 - 2017 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
8.99% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
10.39% |
] |
|
|
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's management have been efficient in controlling
its operating costs. The unfavourable return on shareholders' funds could
indicate that the Subject was inefficient in utilising its assets to generate
returns. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Unfavourable |
[ |
69 Days |
] |
|
|
Debtor Ratio |
: |
Acceptable |
[ |
65 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
17 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 management was quite efficient in handling its debtors. The
Subject's debtors days were at an acceptable range, thus the risk of its
debts turning bad was minimised. 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 |
[ |
1.68 Times |
] |
|
|
Current Ratio |
: |
Favourable |
[ |
2.10 Times |
] |
|
|
A minimum liquid ratio of 1 should be
maintained by the Subject in order to assure its creditors of its ability to
meet short term obligations and the Subject was in a good liquidity position.
Thus, we believe the Subject is able to meet all its short term obligations
as and when they fall due. |
||||||
|
Solvency |
||||||
|
Interest Cover |
: |
Favourable |
[ |
121.50 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.00 Times |
] |
|
|
The interest cover showed that the Subject
was able to service the interest. The favourable interest cover could
indicate that the Subject was making enough profit to pay for the interest accrued.
The Subject had no gearing and hence it had virtually no financial risk. The
Subject was financed by its shareholders' funds and internally generated
fund. During the economic downturn, the Subject, having a zero gearing, will
be able to compete better than those which are highly geared in the same
industry. |
||||||
|
Overall Assessment : |
||||||
|
Generally, the Subject's performance has
improved with higher 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. With the favourable interest cover, the Subject could be
able to service all the accrued interest without facing any difficulties. The
Subject was a zero gearing company, it was solely dependant on its
shareholders to provide funds to finance its business. The Subject has good
chance of getting loans, if the needs arises. |
||||||
|
Overall financial condition of the Subject
: 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. |
|
MAKINO ASIA PTE LTD |
|
Financial Year End |
2017-03-31 |
2016-03-31 |
2015-03-31 |
2014-03-31 |
2013-03-31 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated Account |
GROUP |
GROUP |
GROUP |
GROUP |
GROUP |
|
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 |
SGD |
SGD |
SGD |
SGD |
SGD |
|
TURNOVER |
596,729,677 |
573,082,822 |
481,591,063 |
402,517,256 |
628,171,509 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
596,729,677 |
573,082,822 |
481,591,063 |
402,517,256 |
628,171,509 |
|
Costs of Goods Sold |
(491,137,201) |
(475,199,860) |
(386,503,807) |
(327,623,537) |
(525,454,890) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
105,592,476 |
97,882,962 |
95,087,256 |
74,893,719 |
102,716,619 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
39,020,803 |
32,068,082 |
39,191,960 |
20,691,332 |
40,405,825 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
39,020,803 |
32,068,082 |
39,191,960 |
20,691,332 |
40,405,825 |
|
Taxation |
(5,335,877) |
(3,510,208) |
(4,986,344) |
(486,550) |
(5,231,655) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
33,684,926 |
28,557,874 |
34,205,616 |
20,204,782 |
35,174,170 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
347,462,882 |
328,905,008 |
294,699,392 |
281,494,610 |
256,320,440 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
347,462,882 |
328,905,008 |
294,699,392 |
281,494,610 |
256,320,440 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
381,147,808 |
357,462,882 |
328,905,008 |
301,699,392 |
291,494,610 |
|
DIVIDENDS - Ordinary (paid & proposed) |
(9,600,000) |
(10,000,000) |
- |
(7,000,000) |
(10,000,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
371,547,808 |
347,462,882 |
328,905,008 |
294,699,392 |
281,494,610 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Others |
323,811 |
373,704 |
303,034 |
297,657 |
323,853 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
323,811 |
373,704 |
303,034 |
297,657 |
323,853 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION (as per notes to P&L) |
7,927,844 |
8,133,288 |
7,992,087 |
7,495,924 |
7,537,874 |
|
AMORTIZATION |
1,492,412 |
1,459,413 |
1,434,334 |
488,442 |
286,165 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Amortization And Depreciation |
9,420,256 |
9,592,701 |
9,426,421 |
7,984,366 |
7,824,039 |
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
BALANCE SHEET
|
|
MAKINO ASIA PTE LTD |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
126,562,127 |
124,939,595 |
123,073,926 |
112,366,683 |
104,957,134 |
|
Development properties/expenditure |
9,763 |
8,888 |
25,770 |
39,009 |
- |
|
Deferred assets |
455,533 |
468,744 |
788,024 |
455,256 |
624,674 |
|
Deposits |
- |
- |
- |
1,029,886 |
1,122,874 |
|
Others |
2,759,969 |
2,826,617 |
3,026,457 |
2,947,287 |
3,148,629 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
3,225,265 |
3,304,249 |
3,840,251 |
4,471,438 |
4,896,177 |
|
INTANGIBLE ASSETS |
|||||
|
Deferred/Expenditure carried forward |
- |
- |
- |
- |
54,733 |
|
Computer software |
3,153,963 |
4,247,320 |
5,495,313 |
5,507,284 |
- |
|
Others |
- |
- |
- |
- |
1,694,636 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL INTANGIBLE ASSETS |
3,153,963 |
4,247,320 |
5,495,313 |
5,507,284 |
1,749,369 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
132,941,355 |
132,491,164 |
132,409,490 |
122,345,405 |
111,602,680 |
|
Stocks |
95,041,158 |
85,299,904 |
105,435,030 |
94,956,145 |
96,420,992 |
|
Contract work-in-progress |
17,718,930 |
16,246,321 |
- |
- |
- |
|
Trade debtors |
105,840,886 |
75,823,086 |
82,075,137 |
58,000,788 |
74,888,796 |
|
Other debtors, deposits & prepayments |
13,863,529 |
13,164,030 |
17,008,950 |
11,940,394 |
13,648,104 |
|
Short term deposits |
123,517,946 |
67,019,309 |
64,546,437 |
68,111,910 |
- |
|
Amount due from holding company |
2,774,715 |
2,633,319 |
5,593,343 |
2,476,035 |
3,937,095 |
|
Amount due from related companies |
27,432,189 |
26,337,130 |
26,579,343 |
27,091,595 |
27,716,746 |
|
Cash & bank balances |
82,143,882 |
120,213,826 |
82,543,236 |
58,962,311 |
120,532,876 |
|
Others |
55,296 |
54,851 |
57,370 |
57,293 |
61,501 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
468,388,531 |
406,791,776 |
383,838,846 |
321,596,471 |
337,206,110 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
601,329,886 |
539,282,940 |
516,248,336 |
443,941,876 |
448,808,790 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
23,065,152 |
20,238,670 |
18,437,009 |
17,228,777 |
11,227,430 |
|
Other creditors & accruals |
84,164,622 |
53,942,907 |
68,056,530 |
55,429,697 |
54,923,669 |
|
Amounts owing to holding company |
78,309,076 |
66,267,145 |
47,482,706 |
31,605,838 |
46,028,755 |
|
Amounts owing to related companies |
33,849,845 |
44,018,782 |
37,625,852 |
35,470,035 |
39,709,989 |
|
Provision for taxation |
3,226,832 |
1,919,679 |
2,981,964 |
505,331 |
4,648,597 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
222,615,527 |
186,387,183 |
174,584,061 |
140,239,678 |
156,538,440 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
245,773,004 |
220,404,593 |
209,254,785 |
181,356,793 |
180,667,670 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
378,714,359 |
352,895,757 |
341,664,275 |
303,702,198 |
292,270,350 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
13,626,377 |
13,626,377 |
13,626,377 |
13,626,377 |
13,626,377 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
13,626,377 |
13,626,377 |
13,626,377 |
13,626,377 |
13,626,377 |
|
Exchange equalisation/fluctuation reserve |
(10,599,052) |
(11,697,658) |
(4,326,957) |
(10,173,728) |
(8,094,082) |
|
Retained profit/(loss) carried forward |
371,547,808 |
347,462,882 |
328,905,008 |
294,699,392 |
281,494,610 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
360,948,756 |
335,765,224 |
324,578,051 |
284,525,664 |
273,400,528 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
374,575,133 |
349,391,601 |
338,204,428 |
298,152,041 |
287,026,905 |
|
Hire purchase creditors |
- |
- |
- |
- |
2,523,000 |
|
Deferred taxation |
4,139,226 |
3,504,156 |
3,459,847 |
3,027,157 |
2,720,445 |
|
Others |
- |
- |
- |
2,523,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
4,139,226 |
3,504,156 |
3,459,847 |
5,550,157 |
5,243,445 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
378,714,359 |
352,895,757 |
341,664,275 |
303,702,198 |
292,270,350 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
FINANCIAL RATIO
|
|
MAKINO ASIA PTE LTD |
|
TYPES OF FUNDS |
|||||
|
Cash |
205,661,828 |
187,233,135 |
147,089,673 |
127,074,221 |
120,532,876 |
|
Net Liquid Funds |
205,661,828 |
187,233,135 |
147,089,673 |
127,074,221 |
120,532,876 |
|
Net Liquid Assets |
150,731,846 |
135,104,689 |
103,819,755 |
86,400,648 |
84,246,678 |
|
Net Current Assets/(Liabilities) |
245,773,004 |
220,404,593 |
209,254,785 |
181,356,793 |
180,667,670 |
|
Net Tangible Assets |
375,560,396 |
348,648,437 |
336,168,962 |
298,194,914 |
290,520,981 |
|
Net Monetary Assets |
146,592,620 |
131,600,533 |
100,359,908 |
80,850,491 |
79,003,233 |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest & Tax (EBIT) |
0 |
0 |
39,494,994 |
20,988,989 |
40,729,678 |
|
Earnings Before Interest, Taxes,
Depreciation And Amortization (EBITDA) |
48,764,870 |
42,034,487 |
48,921,415 |
28,973,355 |
48,553,717 |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
0 |
0 |
0 |
0 |
2,523,000 |
|
Total Liabilities |
226,754,753 |
189,891,339 |
178,043,908 |
145,789,835 |
161,781,885 |
|
Total Assets |
601,329,886 |
539,282,940 |
516,248,336 |
443,941,876 |
448,808,790 |
|
Net Assets |
378,714,359 |
352,895,757 |
341,664,275 |
303,702,198 |
292,270,350 |
|
Net Assets Backing |
374,575,133 |
349,391,601 |
338,204,428 |
298,152,041 |
287,026,905 |
|
Shareholders' Funds |
374,575,133 |
349,391,601 |
338,204,428 |
298,152,041 |
287,026,905 |
|
Total Share Capital |
13,626,377 |
13,626,377 |
13,626,377 |
13,626,377 |
13,626,377 |
|
Total Reserves |
360,948,756 |
335,765,224 |
324,578,051 |
284,525,664 |
273,400,528 |
|
GROWTH RATIOS (Year on Year) |
|||||
|
Revenue |
4.13 |
19.00 |
19.64 |
(35.92) |
28.42 |
|
Proft/(Loss) Before Tax |
21.68 |
(18.18) |
89.41 |
(48.79) |
22.65 |
|
Proft/(Loss) After Tax |
17.95 |
(16.51) |
69.29 |
(42.56) |
28.63 |
|
Total Assets |
11.51 |
4.46 |
16.29 |
(1.08) |
4.38 |
|
Total Liabilities |
19.41 |
6.65 |
22.12 |
(9.88) |
(2.33) |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.92 |
1.00 |
0.84 |
0.91 |
0.77 |
|
Liquid Ratio |
1.68 |
1.72 |
1.59 |
1.62 |
1.54 |
|
Current Ratio |
2.10 |
2.18 |
2.20 |
2.29 |
2.15 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
69 |
65 |
80 |
86 |
56 |
|
Debtors Ratio |
65 |
48 |
62 |
53 |
44 |
|
Creditors Ratio |
17 |
16 |
17 |
19 |
8 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
0 |
0 |
0 |
0 |
0.01 |
|
Liabilities Ratio |
0.61 |
0.54 |
0.53 |
0.49 |
0.56 |
|
Times Interest Earned Ratio |
121.50 |
86.81 |
130.33 |
70.51 |
125.77 |
|
Assets Backing Ratio |
27.56 |
25.59 |
24.67 |
21.88 |
21.32 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
6.54 |
5.60 |
8.14 |
5.14 |
6.43 |
|
Net Profit Margin |
5.64 |
4.98 |
7.10 |
5.02 |
5.60 |
|
Return On Net Assets |
10.39 |
9.19 |
11.56 |
6.91 |
13.94 |
|
Return On Capital Employed |
10.30 |
9.08 |
11.38 |
6.79 |
13.85 |
|
Return On Shareholders' Funds/Equity |
8.99 |
8.17 |
10.11 |
6.78 |
12.25 |
|
Dividend Pay Out Ratio (Times) |
0.28 |
0.35 |
0 |
0.35 |
0.28 |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.83 |
|
|
1 |
INR 86.28 |
|
Euro |
1 |
INR 76.14 |
|
SGD |
1 |
INR 47.74 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
TPT |
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.