|
|
|
%20PRIVATE%20LIMITED%20-%20485053%2011-Jan-2018_files/image007.jpg){kind=small}
%20PRIVATE%20LIMITED%20-%20485053%2011-Jan-2018_files/image008.jpg)
%20PRIVATE%20LIMITED%20-%20485053%2011-Jan-2018_files/image010.gif)
MIRA INFORM REPORT
|
Report No. : |
485053 |
|
Report Date : |
11.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
OKAMOTO (SINGAPORE) PRIVATE LIMITED |
|
|
|
|
Registered Office : |
10, Riverside Road,
Marsiling Lane Industrial Estate, 739082 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.03.2017 |
|
|
|
|
Date of Incorporation : |
19.12.1973 |
|
|
|
|
Com. Reg. No.: |
197302386G |
|
|
|
|
Legal Form : |
Private Limited
(Limited By Share) |
|
|
|
|
Line of Business : |
The
Subject is principally engaged in manufacturing of machine tool. |
|
|
|
|
No. of Employees : |
230 [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 |
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. |
: |
197302386G |
|
COMPANY
NAME |
: |
OKAMOTO
(SINGAPORE) PRIVATE LIMITED |
|
FORMER
NAME |
: |
N/A |
|
INCORPORATION
DATE |
: |
19/12/1973 |
|
COMPANY
STATUS |
: |
EXIST |
|
LEGAL
FORM |
: |
PRIVATE
LIMITED (LIMITED BY SHARE) |
|
LISTED
STATUS |
: |
NO |
|
REGISTERED
ADDRESS |
: |
10,
RIVERSIDE ROAD, MARSILING LANE INDUSTRIAL ESTATE, 739082, SINGAPORE. |
|
BUSINESS
ADDRESS |
: |
10,
RIVERSIDE ROAD, ENTRANCE AT MARSILING LANE, WOODLANDS NEWTOWN, 739082,
SINGAPORE. |
|
TEL.NO. |
: |
65-63623818 |
|
FAX.NO. |
: |
65-63623368 |
|
WEB SITE |
: |
WWW.OKAMOTO.COM.SG |
|
CONTACT
PERSON |
: |
SEIJI
TAKAYAMA ( DIRECTOR ) |
|
PRINCIPAL
ACTIVITY |
: |
MANUFACTURING
OF MACHINE TOOL |
|
ISSUED
AND PAID UP CAPITAL |
: |
20,300,001.00
ORDINARY SHARE, OF A VALUE OF SGD 21,500,000.00 |
|
SALES |
: |
SGD
45,675,714 [2017] |
|
NET
WORTH |
: |
SGD
26,261,039 [2017] |
|
STAFF
STRENGTH |
: |
230
[2018] |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL
CONDITION |
: |
FAIR |
|
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) manufacturing of machine tool.
The
immediate and ultimate holding company of the Subject is OKAMOTO MACHINE TOOL
WORKS, LTD., a company incorporated in JAPAN.
Share Capital History
|
Date |
Issue
& Paid Up Capital |
|
09/01/2018 |
SGD
21,500,000.00 |
The major
shareholder(s) of the Subject are shown as follows :
Current
Shareholder(s) :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
OKAMOTO
MACHINE TOOL WORKS, LTD. |
2993,
GOBARA, ANNAKA, GUNMA, 379-0135 JAPAN |
T05UF0202 |
20,300,001.00 |
100.00 |
|
--------------- |
------ |
|||
|
20,300,001.00 |
100.00 |
|||
|
============ |
===== |
+ Also
Director
DIRECTORS
|
DIRECTOR 1
|
Name Of
Subject |
: |
TSUNEYUKI
ISHII |
|
Address |
: |
348-1-905,
EGIMACHI, TAKASAKI-SHI GUNMA, 370-0046, JAPAN. |
|
IC / PP
No |
: |
TZ0412972 |
|
Nationality |
: |
JAPANESE |
|
Date of
Appointment |
: |
01/07/2015 |
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 |
197302386G |
OKAMOTO
(SINGAPORE) PRIVATE LIMITED |
Director |
01/07/2015 |
0.00 |
- |
SGD2,294,460.00 |
2017 |
- |
09/01/2018 |
DIRECTOR 2
|
Name Of
Subject |
: |
TAY
BOON SIONG |
|
Address |
: |
170, MILTONIA
CLOSE, THE SHAUGHNESSY, 768271, SINGAPORE. |
|
IC / PP
No |
: |
S0026112B |
|
Date of
Birth |
: |
05/05/1979 |
|
Nationality |
: |
SINGAPOREAN |
|
Date of
Appointment |
: |
30/09/2003 |
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 |
197302386G |
OKAMOTO
(SINGAPORE) PRIVATE LIMITED |
Director |
30/09/2003 |
0.00 |
- |
SGD2,294,460.00 |
2017 |
- |
09/01/2018 |
DIRECTOR 3
|
Name Of
Subject |
: |
SEIJI
TAKAYAMA |
|
Address |
: |
81,
ROSEWOOD DRIVE, 04-53, PARC ROSEWOOD, 737788, SINGAPORE. |
|
Other
Address(es) |
: |
13,
DEVONSHIRE ROAD, 01-02, THE BAYRON, 239848, SINGAPORE. |
|
IC / PP
No |
: |
F2180920U |
|
Nationality |
: |
JAPANESE |
|
Date of
Appointment |
: |
01/07/2014 |
INTEREST CHECK
|
Interest
in companies |
: |
see
below |
|
Interest
in business |
: |
none in
our databank |
|
Former
interest |
: |
none in
our databank |
INTEREST
IN COMPANY
|
No |
Local
No |
Company |
Designation |
App
Date |
Shareholding |
Profit/(loss)
After Tax |
Financial
Year |
Status |
As At |
|
|
No. |
% |
|||||||||
|
1 |
197302386G |
OKAMOTO
(SINGAPORE) PRIVATE LIMITED |
Director |
01/07/2014 |
0.00 |
- |
SGD2,294,460.00 |
2017 |
- |
09/01/2018 |
DIRECTOR 4
|
Name Of
Subject |
: |
TADAO
ARAI |
|
Address |
: |
RM 26C,
GP GRANDE TOWER, 55, SOI SUKHUMVIT, 23, SUKHUMVIT ROAD, KLONGTOEY NUA,
WATTANA, 10110, BANGKOK, THAILAND. |
|
IC / PP
No |
: |
TH8906195 |
|
Nationality |
: |
JAPANESE |
|
Date of
Appointment |
: |
01/07/2012 |
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 |
197302386G |
OKAMOTO
(SINGAPORE) PRIVATE LIMITED |
Director |
01/07/2012 |
0.00 |
- |
SGD2,294,460.00 |
2017 |
- |
09/01/2018 |
MANAGEMENT
|
|
1) |
Name of
Subject |
: |
SEIJI
TAKAYAMA |
|
Position |
: |
DIRECTOR |
|
AUDITOR
|
|
Auditor |
: |
KPMG
LLP |
|
Auditor'
Address |
: |
N/A |
COMPANY SECRETARIES
|
|
1) |
Company
Secretary |
: |
LEONG
YOKE YENG |
|
IC / PP
No |
: |
S1329872F |
|
|
Address |
: |
1,
ROBINSON ROAD, 17-00, AIA TOWER, 048542, SINGAPORE. |
|
BANKING
|
No Banker found in our databank.
ENCUMBRANCE (S)
|
|
Charge
No |
Creation
Date |
Charge
Description |
Chargee
Name |
Total
Charge |
Status |
|
8801198 |
14/04/1988 |
N/A |
DBS
BANK LTD. |
- |
Unsatisfied |
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 |
: |
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 |
: |
ASIA |
|||
|
Credit
Term |
: |
N/A |
|||
|
Payment
Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Products
manufactured |
: |
|
|
|
Total
Number of Employees: |
|
||||||||
|
YEAR |
2018 |
2017 |
2016 |
2015 |
|||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
|||||
|
COMPANY |
230 |
230 |
230 |
250 |
|||||
|
Branch |
: |
NO |
Other
Information:
The Subject is principally engaged in the (as a / as an) manufacturing of
machine tool.
The Subject has been developing into a fully integrated machine tool
manufacturing operation.
Okamoto Singapore was the first Asian machine tool plant in the industry.
Okamoto Singapore was the first Asian machine tool plant in the industry to
achieve ISO 9002 certification award.
Okamoto Singapore will continually strive to improve and upgrade its
manufacturing capabilities to meet the changing needs of customers.
CURRENT INVESTIGATION
|
Latest
fresh investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
N/A |
|
Current
Telephone Number |
: |
65-63623818 |
|
Match |
: |
N/A |
|
Address
Provided by Client |
: |
10,
RIVERSIDE ROAD, 739082 REPUBLIC OF SINGAPORE |
|
Current
Address |
: |
10,
RIVERSIDE ROAD, ENTRANCE AT MARSILING LANE, WOODLANDS NEWTOWN, 739082,
SINGAPORE. |
|
Match |
: |
NO |
Other
Investigations
We contacted one of the staff from the Subject and she provided some
information.
The address provided is incomplete.
FINANCIAL ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2013 -
2017 |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Increased |
[ |
2013 -
2017 |
] |
|
|
Return
on Shareholder Funds |
: |
Unfavourable |
[ |
8.74% |
] |
|
|
Return
on Net Assets |
: |
Acceptable |
[ |
10.00% |
] |
|
|
The fluctuating
turnover reflects the fierce competition among the existing and new market
players.The higher profit could be attributed to the increase in turnover.
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 |
[ |
96 Days |
] |
|
|
Debtor
Ratio |
: |
Favourable |
[ |
44 Days |
] |
|
|
Creditors
Ratio |
: |
Favourable |
[ |
12 Days |
] |
|
|
The
Subject could be incurring higher holding cost. As its capital was tied up in
stocks, it could face liquidity problems. 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 |
: |
Unfavourable |
[ |
0.66
Times |
] |
|
|
Current
Ratio |
: |
Unfavourable |
[ |
1.11
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 |
: |
Acceptable |
[ |
6.80
Times |
] |
|
|
Gearing
Ratio |
: |
Favourable |
[ |
0.52
Times |
] |
|
|
The
Subject's interest cover was slightly low. If there is no sharp fall in its
profit or sudden increase in the interest rates, we believe the Subject is able
to generate sufficient income to service its interest and repay the loans.
The Subject was lowly geared thus it had a low financial risk. The Subject
was mainly financed by its shareholders' funds and internally generated
funds. In times of economic slowdown / downturn, the Subject being a lowly
geared company, will be able to compete better than those companies which are
highly geared in the same industry. |
||||||
|
Overall
Assessment : |
||||||
|
Although
the turnover was erratic, the Subject had maintained a steady growth in its
profit. This indicate the management's efficiency in controlling its costs
and profitability. 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 had an acceptable interest cover. If there is no sudden sharp
increase in interest rate or fall in the Subject's profit, we do believe the
Subject is able to generate sufficient cash flow to service its interest
payment. The Subject as a lowly geared company, will be more secured compared
to those highly geared companies. It has the ability to meet all its long
term obligations. |
||||||
|
Overall
financial condition of the Subject : FAIR |
||||||
|
|
||||||
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. |
|
OKAMOTO
(SINGAPORE) PRIVATE LIMITED |
|
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 |
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 |
SGD |
SGD |
SGD |
SGD |
SGD |
|
TURNOVER |
45,675,714 |
44,279,878 |
48,715,619 |
40,848,873 |
53,449,916 |
|
Other
Income |
919,358 |
885,453 |
711,937 |
965,041 |
824,726 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total
Turnover |
46,595,072 |
45,165,331 |
49,427,556 |
41,813,914 |
54,274,642 |
|
Costs
of Goods Sold |
(38,687,462) |
(37,544,249) |
(44,838,995) |
(41,749,963) |
(49,353,909) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross
Profit |
7,907,610 |
7,621,082 |
4,588,561 |
63,951 |
4,920,733 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
2,294,460 |
1,566,498 |
(1,744,098) |
(5,963,276) |
(1,823,106) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
2,294,460 |
1,566,498 |
(1,744,098) |
(5,963,276) |
(1,823,106) |
|
Taxation |
- |
- |
0 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
2,294,460 |
1,566,498 |
(1,744,098) |
(5,963,276) |
(1,823,106) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As
previously reported |
280,904 |
(1,285,594) |
458,504 |
6,421,780 |
8,346,386 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As
restated |
280,904 |
(1,285,594) |
458,504 |
6,421,780 |
8,346,386 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
2,575,364 |
280,904 |
(1,285,594) |
458,504 |
6,523,280 |
|
DIVIDENDS
- Ordinary (paid & proposed) |
(391,625) |
- |
- |
- |
(101,500) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
2,183,739 |
280,904 |
(1,285,594) |
458,504 |
6,421,780 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST
EXPENSE (as per notes to P&L) |
|||||
|
Bank
overdraft |
7,043 |
28,458 |
30,646 |
16,288 |
9,446 |
|
Hire
purchase |
- |
- |
- |
19,707 |
22,440 |
|
Lease
interest |
51,362 |
11,358 |
6,545 |
- |
- |
|
Loan
from holding company |
- |
142,014 |
158,193 |
- |
- |
|
Term
loan / Borrowing |
337,381 |
236,120 |
169,474 |
186,308 |
191,722 |
|
Others |
- |
65,324 |
64,273 |
197,828 |
262,377 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
395,786 |
483,274 |
429,131 |
420,131 |
485,985 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION
(as per notes to P&L) |
1,668,140 |
1,573,309 |
1,572,265 |
1,582,473 |
1,614,302 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total
Amortization And Depreciation |
1,668,140 |
1,573,309 |
1,572,265 |
1,582,473 |
1,614,302 |
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
BALANCE SHEET
|
|
OKAMOTO
(SINGAPORE) PRIVATE LIMITED |
|
ASSETS
EMPLOYED: |
|||||
|
FIXED
ASSETS |
15,768,988 |
16,886,049 |
17,282,367 |
18,224,074 |
19,200,191 |
|
Associated
companies |
8,386,000 |
8,386,000 |
8,386,000 |
8,386,000 |
8,386,000 |
|
Investments |
182,639 |
158,323 |
123,200 |
123,200 |
123,200 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM INVESTMENTS/OTHER ASSETS |
8,568,639 |
8,544,323 |
8,509,200 |
8,509,200 |
8,509,200 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM ASSETS |
24,337,627 |
25,430,372 |
25,791,567 |
26,733,274 |
27,709,391 |
|
Stocks |
10,772,721 |
9,301,068 |
10,975,210 |
13,836,315 |
14,574,836 |
|
Contract
work-in-progress |
1,203,092 |
1,229,482 |
- |
- |
- |
|
Trade
debtors |
5,481,034 |
3,474,807 |
3,313,507 |
5,246,466 |
6,225,875 |
|
Other
debtors, deposits & prepayments |
265,971 |
195,636 |
186,437 |
117,782 |
123,082 |
|
Amount
due from holding company |
2,625,772 |
2,547,170 |
- |
- |
- |
|
Amount
due from related companies |
3,699,979 |
4,988,406 |
8,025,579 |
9,958,547 |
6,361,194 |
|
Amount due
from associated companies |
824,656 |
1,163,552 |
- |
- |
- |
|
Cash
& bank balances |
1,584,196 |
707,433 |
561,725 |
2,086,998 |
1,284,301 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT
ASSETS |
26,457,421 |
23,607,554 |
23,062,458 |
31,246,108 |
28,569,288 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
ASSET |
50,795,048 |
49,037,926 |
48,854,025 |
57,979,382 |
56,278,679 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade
creditors |
1,255,121 |
1,810,247 |
3,692,259 |
4,074,771 |
3,698,001 |
|
Other
creditors & accruals |
1,886,172 |
2,225,488 |
2,218,156 |
2,524,127 |
2,149,519 |
|
Short
term borrowings/Term loans |
12,950,583 |
12,950,583 |
6,550,583 |
6,550,583 |
7,750,583 |
|
Bill
& acceptances payable |
183,183 |
232,323 |
112,931 |
102,090 |
101,663 |
|
Interest
payable |
38,365 |
55,603 |
- |
2,830 |
870 |
|
Amounts
owing to holding company |
2,919,070 |
1,067,774 |
- |
- |
- |
|
Amounts
owing to related companies |
68,932 |
421,720 |
13,459,193 |
19,752,676 |
11,183,954 |
|
Amounts
owing to associated companies |
4,010,844 |
5,103,745 |
- |
- |
- |
|
Lease
payables |
588,815 |
291,428 |
29,197 |
407,304 |
458,508 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT LIABILITIES |
23,901,085 |
24,158,911 |
26,062,319 |
33,414,381 |
25,343,098 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET
CURRENT ASSETS/(LIABILITIES) |
2,556,336 |
(551,357) |
(2,999,861) |
(2,168,273) |
3,226,190 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
NET ASSETS |
26,893,963 |
24,879,015 |
22,791,706 |
24,565,001 |
30,935,581 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE
CAPITAL |
|||||
|
Ordinary
share capital |
24,077,300 |
24,077,300 |
24,077,300 |
24,077,300 |
24,077,300 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
SHARE CAPITAL |
24,077,300 |
24,077,300 |
24,077,300 |
24,077,300 |
24,077,300 |
|
Retained
profit/(loss) carried forward |
2,183,739 |
280,904 |
(1,285,594) |
458,504 |
6,421,780 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
RESERVES |
2,183,739 |
280,904 |
(1,285,594) |
458,504 |
6,421,780 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
26,261,039 |
24,358,204 |
22,791,706 |
24,535,804 |
30,499,080 |
|
Lease
obligations |
632,924 |
520,811 |
- |
29,197 |
436,501 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG
TERM LIABILITIES |
632,924 |
520,811 |
- |
29,197 |
436,501 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
26,893,963 |
24,879,015 |
22,791,706 |
24,565,001 |
30,935,581 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
FINANCIAL RATIO
|
|
OKAMOTO
(SINGAPORE) PRIVATE LIMITED |
|
TYPES
OF FUNDS |
|||||
|
Cash |
1,584,196 |
707,433 |
561,725 |
2,086,998 |
1,284,301 |
|
Net
Liquid Funds |
1,401,013 |
475,110 |
448,794 |
1,984,908 |
1,182,638 |
|
Net
Liquid Assets |
(8,216,385) |
(9,852,425) |
(13,975,071) |
(16,004,588) |
(11,348,646) |
|
Net
Current Assets/(Liabilities) |
2,556,336 |
(551,357) |
(2,999,861) |
(2,168,273) |
3,226,190 |
|
Net
Tangible Assets |
26,893,963 |
24,879,015 |
22,791,706 |
24,565,001 |
30,935,581 |
|
Net
Monetary Assets |
(8,849,309) |
(10,373,236) |
(13,975,071) |
(16,033,785) |
(11,785,147) |
|
PROFIT
& LOSS ITEMS |
|||||
|
Earnings
Before Interest & Tax (EBIT) |
0 |
2,049,772 |
(1,314,967) |
(5,543,145) |
(1,337,121) |
|
Earnings
Before Interest, Taxes, Depreciation And Amortization (EBITDA) |
4,358,386 |
3,623,081 |
257,298 |
(3,960,672) |
277,181 |
|
BALANCE
SHEET ITEMS |
|||||
|
Total
Borrowings |
13,766,690 |
13,703,717 |
6,663,514 |
6,681,870 |
8,288,747 |
|
Total
Liabilities |
24,534,009 |
24,679,722 |
26,062,319 |
33,443,578 |
25,779,599 |
|
Total
Assets |
50,795,048 |
49,037,926 |
48,854,025 |
57,979,382 |
56,278,679 |
|
Net Assets |
26,893,963 |
24,879,015 |
22,791,706 |
24,565,001 |
30,935,581 |
|
Net
Assets Backing |
26,261,039 |
24,358,204 |
22,791,706 |
24,535,804 |
30,499,080 |
|
Shareholders'
Funds |
26,261,039 |
24,358,204 |
22,791,706 |
24,535,804 |
30,499,080 |
|
Total Share
Capital |
24,077,300 |
24,077,300 |
24,077,300 |
24,077,300 |
24,077,300 |
|
Total
Reserves |
2,183,739 |
280,904 |
(1,285,594) |
458,504 |
6,421,780 |
|
GROWTH
RATIOS (Year on Year) |
|||||
|
Revenue |
3.15 |
(9.11) |
19.26 |
(23.58) |
33.51 |
|
Proft/(Loss)
Before Tax |
46.47 |
189.82 |
70.75 |
(227.09) |
(360.85) |
|
Proft/(Loss)
After Tax |
46.47 |
189.82 |
70.75 |
(227.09) |
(360.85) |
|
Total
Assets |
3.58 |
0.38 |
(15.74) |
3.02 |
0.52 |
|
Total
Liabilities |
(0.59) |
(5.30) |
(22.07) |
29.73 |
14.78 |
|
LIQUIDITY
(Times) |
|||||
|
Cash
Ratio |
0.07 |
0.03 |
0.02 |
0.06 |
0.05 |
|
Liquid
Ratio |
0.66 |
0.59 |
0.46 |
0.52 |
0.55 |
|
Current
Ratio |
1.11 |
0.98 |
0.88 |
0.94 |
1.13 |
|
WORKING
CAPITAL CONTROL (Days) |
|||||
|
Stock
Ratio |
96 |
87 |
82 |
124 |
100 |
|
Debtors
Ratio |
44 |
29 |
25 |
47 |
43 |
|
Creditors
Ratio |
12 |
18 |
30 |
36 |
27 |
|
SOLVENCY
RATIOS (Times) |
|||||
|
Gearing
Ratio |
0.52 |
0.56 |
0.29 |
0.27 |
0.27 |
|
Liabilities
Ratio |
0.93 |
1.01 |
1.14 |
1.36 |
0.85 |
|
Times
Interest Earned Ratio |
6.80 |
4.24 |
(3.06) |
(13.19) |
(2.75) |
|
Assets
Backing Ratio |
1.12 |
1.03 |
0.95 |
1.02 |
1.28 |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating
Profit Margin |
5.02 |
3.54 |
(3.58) |
(14.60) |
(3.41) |
|
Net Profit
Margin |
5.02 |
3.54 |
(3.58) |
(14.60) |
(3.41) |
|
Return
On Net Assets |
10.00 |
8.24 |
(5.77) |
(22.57) |
(4.32) |
|
Return
On Capital Employed |
10.00 |
8.24 |
(5.77) |
(22.57) |
(4.32) |
|
Return
On Shareholders' Funds/Equity |
8.74 |
6.43 |
(7.65) |
(24.30) |
(5.98) |
|
Dividend
Pay Out Ratio (Times) |
0.17 |
0 |
0 |
0 |
0.06 |
|
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 47.78 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
|
|
|
|
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.