|
|
|
MIRA INFORM REPORT
|
Report No. : |
485036 |
|
Report Date : |
11.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
TORAY INTERNATIONAL SINGAPORE PTE. LTD. |
|
|
|
|
Formerly Known As : |
TORAY INDUSTRIES
(SINGAPORE) PTE. LTD. |
|
|
|
|
Registered Office : |
111, Somerset Road,
14-01, Tripleone Somerset, 238164 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.03.2017 |
|
|
|
|
Date of Incorporation : |
14.06.1982 |
|
|
|
|
Com. Reg. No.: |
198202503D |
|
|
|
|
Legal Form : |
Private Limited
(Limited By Share) |
|
|
|
|
Line of Business : |
The
Subject is principally engaged in trading of fiber, textile, films, plastic
resins, electronics, medical products and chemical materials. |
|
|
|
|
No. of Employees : |
31 [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. |
: |
198202503D |
|
COMPANY
NAME |
: |
TORAY INTERNATIONAL
SINGAPORE PTE. LTD. |
|
FORMER
NAME |
: |
TORAY
INDUSTRIES ( SINGAPORE ) PTE. LTD. (01/10/2007) |
|
INCORPORATION
DATE |
: |
14/06/1982 |
|
COMPANY
STATUS |
: |
EXIST |
|
LEGAL
FORM |
: |
PRIVATE
LIMITED (LIMITED BY SHARE) |
|
LISTED
STATUS |
: |
NO |
|
REGISTERED
ADDRESS |
: |
111,
SOMERSET ROAD, 14-01, TRIPLEONE SOMERSET, 238164, SINGAPORE. |
|
BUSINESS
ADDRESS |
: |
111,
SOMERSET ROAD, 14-01, TRIPLEONE SOMERSET, 238164, SINGAPORE. |
|
TEL.NO. |
: |
65-65333288 |
|
FAX.NO. |
: |
65-65332215 |
|
WEB
SITE |
: |
WWW.TORAY.COM |
|
CONTACT
PERSON |
: |
TAKASHIGE
SUZUKI ( MANAGING DIRECTOR ) |
|
PRINCIPAL
ACTIVITY |
: |
TRADING
OF FIBER, TEXTILE, FILMS, PLASTIC RESINS, ELECTRONICS, MEDICAL PRODUCTS AND CHEMICAL
MATERIALS |
|
ISSUED
AND PAID UP CAPITAL |
: |
20,000.00
ORDINARY SHARE, OF A VALUE OF SGD 2,000,000.00 |
|
SALES |
: |
USD
582,878,529 [2017] |
|
NET
WORTH |
: |
USD
10,412,874 [2017] |
|
STAFF
STRENGTH |
: |
31
[2018] |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL
CONDITION |
: |
FAIR |
|
PAYMENT |
: |
REGULAR
|
|
MANAGEMENT
CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL
RISK |
: |
LOW |
|
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 fiber, textile, films, plastic resins, electronics, medical
products and chemical materials.
The
immediate holding company of the Subject is TORAY INTERNATIONAL,INC., a company
incorporated in JAPAN.
The
ultimate holding company of the Subject is TORAY INDUSTRIES, INC., a company
incorporated in JAPAN.
Share Capital History
|
Date |
Issue
& Paid Up Capital |
|
09/01/2018 |
SGD
2,000,000.00 |
The major
shareholder(s) of the Subject are shown as follows :
Current
Shareholder(s) :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
TORAY
INTERNATIONAL,INC. |
4-4,
NIHONBASHI, MUROMACHI, 3-CHOME CHUO-KU, TOKYO 103-0022 ,JAPAN |
T07UF0080 |
14,000.00 |
70.00 |
|
TORAY
INDUSTRIES, INC |
1-1,
NIHONBASHI, MUROMACHI, 2-CHOME CHUO-KU, TOKYO 103-8666 ,JAPAN |
T06UF1849 |
6,000.00 |
30.00 |
|
--------------- |
------ |
|||
|
20,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also
Director
DIRECTORS
|
DIRECTOR 1
|
Name Of
Subject |
: |
KEI
SHIMAJI |
|
Address |
: |
2-40-14,
TSURUMAKI, SETAGAYA, TOKYO, 154-0016, JAPAN. |
|
IC / PP
No |
: |
TK8592571 |
|
Nationality |
: |
JAPANESE |
|
Date of
Appointment |
: |
28/06/2016 |
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 |
198202503D |
TORAY
INTERNATIONAL SINGAPORE PTE. LTD. |
Director |
28/06/2016 |
0.00 |
- |
USD1,222,560.00 |
2017 |
- |
09/01/2018 |
DIRECTOR 2
|
Name Of
Subject |
: |
SHINICHI
SAKAMOTO |
|
Address |
: |
1-8-15,
304, KYODO, SETAGAYA-KU, TOKYO, 156-0052, JAPAN. |
|
IC / PP
No |
: |
TR4773946 |
|
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 |
198202503D |
TORAY
INTERNATIONAL SINGAPORE PTE. LTD. |
Director |
01/07/2016 |
0.00 |
- |
USD1,222,560.00 |
2017 |
- |
09/01/2018 |
DIRECTOR 3
|
Name Of
Subject |
: |
MR.
TAKASHIGE SUZUKI |
|
Address |
: |
11,
ORCHARD TURN, 13-04, ORCHARD PARKSUITES, 238800, JAPAN. |
|
IC / PP
No |
: |
G3070851U |
|
Nationality |
: |
JAPANESE |
|
Date of
Appointment |
: |
04/07/2014 |
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 |
198202503D |
TORAY
INTERNATIONAL SINGAPORE PTE. LTD. |
Director |
04/07/2014 |
0.00 |
- |
USD1,222,560.00 |
2017 |
- |
09/01/2018 |
DIRECTOR 4
|
Name Of
Subject |
: |
MR.
TAKESHI TAGAWA |
|
Address |
: |
6,
MARINA BOULEVARD, 44-21, THE SAIL MARINA BAY, 018985, SINGAPORE. |
|
IC / PP
No |
: |
G3111760M |
|
Nationality |
: |
JAPANESE |
|
Date of
Appointment |
: |
10/11/2014 |
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 |
198202503D |
TORAY
INTERNATIONAL SINGAPORE PTE. LTD. |
Director |
10/11/2014 |
0.00 |
- |
USD1,222,560.00 |
2017 |
- |
09/01/2018 |
MANAGEMENT
|
|
1) |
Name of
Subject |
: |
TAKASHIGE
SUZUKI |
|
Position |
: |
MANAGING
DIRECTOR |
|
AUDITOR
|
|
Auditor |
: |
SCS
GLOBAL PAC |
|
Auditor'
Address |
: |
N/A |
COMPANY SECRETARIES
|
|
1) |
Company
Secretary |
: |
NG YOKE
GEE |
|
IC / PP
No |
: |
S0283905I |
|
|
Address |
: |
22,
FLORISSA PARK, FLORISSA PARK, 789605, SINGAPORE. |
|
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 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 |
: |
WORLDWIDE |
|||
|
Credit
Term |
: |
N/A |
|||
|
Payment
Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Goods
Traded |
: |
FIBER, TEXTILE,
FILMS, PLASTIC RESINS, ELECTRONICS, MEDICAL PRODUCTS AND CHEMICAL MATERIALS |
|
|
Total
Number of Employees: |
|
||||||||
|
YEAR |
2018 |
2016 |
2015 |
2014 |
2013 |
||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
||||
|
COMPANY |
31 |
31 |
31 |
28 |
28 |
||||
|
Branch |
: |
NO |
Other
Information:
The Subject is principally engaged in the (as a / as an) trading of fiber, textile,
films, plastic resins, electronics, medical products and chemical materials.
The Subject is involved in general trading products. It is marketing different
kinds of products ranging from fiber, textile, films, plastic resins,
electronics, medical products and chemical materials.
The business segments are :
- Fibers & Textiles
- Plastics & Chemicals
- Carbon Fiber Composites Materials
CURRENT INVESTIGATION
|
Latest
fresh investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
65 6505
3182 |
|
Current
Telephone Number |
: |
65-65333288 |
|
Match |
: |
NO |
|
Address
Provided by Client |
: |
111
SOMERSET ROAD, # 14-01, SINGAPORE 238164 |
|
Current
Address |
: |
111, SOMERSET
ROAD, 14-01, TRIPLEONE SOMERSET, 238164, SINGAPORE. |
|
Match |
: |
YES |
|
|
||
Other
Investigations
We contacted one of the staff from the Subject and she provided limited
information.
The contact number provided is not answered.
The Subject refused to disclose its bankers.
FINANCIAL ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2013 -
2017 |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Decreased |
[ |
2013 -
2017 |
] |
|
|
Return
on Shareholder Funds |
: |
Acceptable |
[ |
11.74% |
] |
|
|
Return on
Net Assets |
: |
Acceptable |
[ |
10.75% |
] |
|
|
The
fluctuating turnover reflects the fierce competition among the existing and
new market players.The dip in profit could be due to the stiff market competition
which reduced the Subject's profit margin. The Subject's management had
generated acceptable return for its shareholders using its assets. |
||||||
|
Working
Capital Control |
||||||
|
Stock
Ratio |
: |
Favourable |
[ |
0 Days |
] |
|
|
Debtor
Ratio |
: |
Favourable |
[ |
8 Days |
] |
|
|
Creditors
Ratio |
: |
Favourable |
[ |
31 Days |
] |
|
|
The
Subject's stocks were moving fast thus reducing its holding cost. This had reduced
funds being tied up in stocks. The favourable debtors' days could be due to
the good credit control measures implemented by the Subject. The Subject had
a favourable creditors' ratio where the Subject could be taking advantage of
the cash discounts and also wanting to maintain goodwill with its creditors. |
||||||
|
Liquidity |
||||||
|
Liquid
Ratio |
: |
Favourable |
[ |
1.12
Times |
] |
|
|
Current
Ratio |
: |
Unfavourable |
[ |
1.12
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 |
: |
Acceptable |
[ |
8.95
Times |
] |
|
|
Gearing
Ratio |
: |
Favourable |
[ |
0.48
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 : |
||||||
|
The
Subject recorded lower profits as its turnover showed a erratic trend. The Subject's
management was unable to control its costs efficiently as its profit showed a
downward trend. The Subject was in good liquidity position with its total
current liabilities well covered by its total current assets. With its
current net assets, the Subject should be able to repay its short term
obligations. The Subject 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
: |
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
|
|
|
PROFIT AND LOSS ACCOUNT
|
|
THE
FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL
REPORTING STANDARDS. |
|
TORAY
INTERNATIONAL SINGAPORE 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 |
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 |
582,878,529 |
490,946,198 |
570,478,000 |
626,820,766 |
621,783,983 |
|
Other
Income |
128,823 |
158,353 |
287,482 |
126,934 |
177,358 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total
Turnover |
583,007,352 |
491,104,551 |
570,765,482 |
626,947,700 |
621,961,341 |
|
Costs
of Goods Sold |
(576,566,249) |
(484,809,795) |
(564,190,705) |
(620,449,360) |
(616,006,228) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross
Profit |
6,441,103 |
6,294,756 |
6,574,777 |
6,498,340 |
5,955,113 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
1,050,458 |
1,371,307 |
1,021,564 |
1,360,843 |
628,207 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
1,050,458 |
1,371,307 |
1,021,564 |
1,360,843 |
628,207 |
|
Taxation |
172,102 |
(260,368) |
(193,981) |
(326,204) |
81,980 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
1,222,560 |
1,110,939 |
827,583 |
1,034,639 |
710,187 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As
previously reported |
7,761,743 |
6,650,804 |
5,823,221 |
4,788,582 |
4,078,395 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As
restated |
7,761,743 |
6,650,804 |
5,823,221 |
4,788,582 |
4,078,395 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
8,984,303 |
7,761,743 |
6,650,804 |
5,823,221 |
4,788,582 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
8,984,303 |
7,761,743 |
6,650,804 |
5,823,221 |
4,788,582 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST
EXPENSE (as per notes to P&L) |
|||||
|
Bank
overdraft |
541 |
76 |
69 |
1,284 |
127 |
|
Term
loan / Borrowing |
131,527 |
53,183 |
51,470 |
52,379 |
55,771 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
132,068 |
53,259 |
51,539 |
53,663 |
55,898 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION
(as per notes to P&L) |
525,921 |
498,235 |
501,187 |
436,026 |
213,499 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total
Amortization And Depreciation |
525,921 |
498,235 |
501,187 |
436,026 |
213,499 |
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
BALANCE SHEET
|
|
TORAY INTERNATIONAL
SINGAPORE PTE. LTD. |
|
ASSETS
EMPLOYED: |
|||||
|
FIXED
ASSETS |
1,274,281 |
1,076,775 |
1,352,458 |
1,728,814 |
1,657,091 |
|
Associated
companies |
788,774 |
788,774 |
788,774 |
788,774 |
788,774 |
|
Investments |
150,641 |
150,641 |
150,641 |
118,920 |
118,920 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM INVESTMENTS/OTHER ASSETS |
939,415 |
939,415 |
939,415 |
907,694 |
907,694 |
|
Others |
206,664 |
206,664 |
206,664 |
213,751 |
213,751 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
INTANGIBLE ASSETS |
206,664 |
206,664 |
206,664 |
213,751 |
213,751 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM ASSETS |
2,420,360 |
2,222,854 |
2,498,537 |
2,850,259 |
2,778,536 |
|
Stocks |
459,050 |
309,780 |
140,562 |
175,990 |
343,063 |
|
Trade
debtors |
13,335,818 |
8,439,289 |
11,274,656 |
60,202,476 |
11,932,006 |
|
Other
debtors, deposits & prepayments |
361,216 |
210,156 |
316,624 |
2,862,279 |
273,336 |
|
Short
term deposits |
- |
- |
1,635,000 |
2,900,000 |
3,480,000 |
|
Amount due
from holding company |
222,969 |
301,072 |
133,106 |
180,283 |
156,122 |
|
Amount
due from related companies |
61,604,662 |
43,050,500 |
38,709,336 |
- |
51,807,151 |
|
Cash
& bank balances |
1,703,001 |
2,354,562 |
837,573 |
1,115,350 |
545,786 |
|
Others |
22,336 |
97,859 |
566,789 |
- |
103,742 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT ASSETS |
77,709,052 |
54,763,218 |
53,613,646 |
67,436,378 |
68,641,206 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
ASSET |
80,129,412 |
56,986,072 |
56,112,183 |
70,286,637 |
71,419,742 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade
creditors |
48,877,341 |
26,123,555 |
23,876,601 |
52,573,426 |
39,169,636 |
|
Other
creditors & accruals |
815,202 |
1,890,727 |
3,488,936 |
1,519,222 |
1,626,274 |
|
Bank
overdraft |
- |
- |
- |
174,416 |
11,502,772 |
|
Short
term borrowings/Term loans |
5,000,000 |
1,000,000 |
- |
- |
5,000,000 |
|
Deposits
from customers |
247,006 |
- |
- |
- |
- |
|
Amounts
owing to holding company |
8,430,531 |
14,266,172 |
16,516,178 |
7,739,256 |
3,786,782 |
|
Amounts
owing to related companies |
4,028,853 |
3,229,806 |
3,043,406 |
- |
3,489,793 |
|
Provision
for taxation |
305,146 |
440,173 |
264,911 |
231,546 |
39,000 |
|
Other
liabilities |
1,425,688 |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT LIABILITIES |
69,129,767 |
46,950,433 |
47,190,032 |
62,237,866 |
64,614,257 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET
CURRENT ASSETS/(LIABILITIES) |
8,579,285 |
7,812,785 |
6,423,614 |
5,198,512 |
4,026,949 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
NET ASSETS |
10,999,645 |
10,035,639 |
8,922,151 |
8,048,771 |
6,805,485 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE
CAPITAL |
|||||
|
Ordinary
share capital |
1,428,571 |
1,428,571 |
1,428,571 |
1,428,571 |
1,428,571 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
SHARE CAPITAL |
1,428,571 |
1,428,571 |
1,428,571 |
1,428,571 |
1,428,571 |
|
Retained
profit/(loss) carried forward |
8,984,303 |
7,761,743 |
6,650,804 |
5,823,221 |
4,788,582 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
RESERVES |
8,984,303 |
7,761,743 |
6,650,804 |
5,823,221 |
4,788,582 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
10,412,874 |
9,190,314 |
8,079,375 |
7,251,792 |
6,217,153 |
|
Deferred
taxation |
24,561 |
320,498 |
356,579 |
283,141 |
103,350 |
|
Retirement
benefits provision |
562,210 |
524,827 |
486,197 |
513,838 |
484,982 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM LIABILITIES |
586,771 |
845,325 |
842,776 |
796,979 |
588,332 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
10,999,645 |
10,035,639 |
8,922,151 |
8,048,771 |
6,805,485 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
FINANCIAL RATIO
|
|
TORAY
INTERNATIONAL SINGAPORE PTE. LTD. |
|
TYPES
OF FUNDS |
|||||
|
Cash |
1,703,001 |
2,354,562 |
2,472,573 |
4,015,350 |
4,025,786 |
|
Net
Liquid Funds |
1,703,001 |
2,354,562 |
2,472,573 |
3,840,934 |
(7,476,986) |
|
Net
Liquid Assets |
8,120,235 |
7,503,005 |
6,283,052 |
5,022,522 |
3,683,886 |
|
Net
Current Assets/(Liabilities) |
8,579,285 |
7,812,785 |
6,423,614 |
5,198,512 |
4,026,949 |
|
Net
Tangible Assets |
10,792,981 |
9,828,975 |
8,715,487 |
7,835,020 |
6,591,734 |
|
Net
Monetary Assets |
7,533,464 |
6,657,680 |
5,440,276 |
4,225,543 |
3,095,554 |
|
PROFIT
& LOSS ITEMS |
|||||
|
Earnings
Before Interest & Tax (EBIT) |
0 |
1,424,566 |
1,073,103 |
1,414,506 |
684,105 |
|
Earnings
Before Interest, Taxes, Depreciation And Amortization (EBITDA) |
1,708,447 |
1,922,801 |
1,574,290 |
1,850,532 |
897,604 |
|
BALANCE
SHEET ITEMS |
|||||
|
Total
Borrowings |
5,000,000 |
1,000,000 |
0 |
174,416 |
16,502,772 |
|
Total
Liabilities |
69,716,538 |
47,795,758 |
48,032,808 |
63,034,845 |
65,202,589 |
|
Total
Assets |
80,129,412 |
56,986,072 |
56,112,183 |
70,286,637 |
71,419,742 |
|
Net
Assets |
10,999,645 |
10,035,639 |
8,922,151 |
8,048,771 |
6,805,485 |
|
Net
Assets Backing |
10,412,874 |
9,190,314 |
8,079,375 |
7,251,792 |
6,217,153 |
|
Shareholders'
Funds |
10,412,874 |
9,190,314 |
8,079,375 |
7,251,792 |
6,217,153 |
|
Total
Share Capital |
1,428,571 |
1,428,571 |
1,428,571 |
1,428,571 |
1,428,571 |
|
Total
Reserves |
8,984,303 |
7,761,743 |
6,650,804 |
5,823,221 |
4,788,582 |
|
GROWTH
RATIOS (Year on Year) |
|||||
|
Revenue |
18.73 |
(13.94) |
(8.99) |
0.81 |
(12.74) |
|
Proft/(Loss)
Before Tax |
(23.40) |
34.24 |
(24.93) |
116.62 |
84.70 |
|
Proft/(Loss)
After Tax |
10.05 |
34.24 |
(20.01) |
45.69 |
112.26 |
|
Total
Assets |
40.61 |
1.56 |
(20.17) |
(1.59) |
(25.31) |
|
Total
Liabilities |
45.86 |
(0.49) |
(23.80) |
(3.32) |
(27.64) |
|
LIQUIDITY
(Times) |
|||||
|
Cash
Ratio |
0.02 |
0.05 |
0.05 |
0.06 |
0.06 |
|
Liquid
Ratio |
1.12 |
1.16 |
1.13 |
1.08 |
1.06 |
|
Current
Ratio |
1.12 |
1.17 |
1.14 |
1.08 |
1.06 |
|
WORKING
CAPITAL CONTROL (Days) |
|||||
|
Stock
Ratio |
0 |
0 |
0 |
0 |
0 |
|
Debtors
Ratio |
8 |
6 |
7 |
35 |
7 |
|
Creditors
Ratio |
31 |
20 |
15 |
31 |
23 |
|
SOLVENCY
RATIOS (Times) |
|||||
|
Gearing
Ratio |
0.48 |
0.11 |
0 |
0.02 |
2.65 |
|
Liabilities
Ratio |
6.70 |
5.20 |
5.95 |
8.69 |
10.49 |
|
Times
Interest Earned Ratio |
8.95 |
26.75 |
20.82 |
26.36 |
12.24 |
|
Assets
Backing Ratio |
7.56 |
6.88 |
6.10 |
5.48 |
4.61 |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating
Profit Margin |
0.18 |
0.28 |
0.18 |
0.22 |
0.10 |
|
Net
Profit Margin |
0.21 |
0.23 |
0.15 |
0.17 |
0.11 |
|
Return
On Net Assets |
10.75 |
14.20 |
12.03 |
17.57 |
10.05 |
|
Return
On Capital Employed |
10.55 |
13.91 |
11.76 |
16.77 |
3.69 |
|
Return
On Shareholders' Funds/Equity |
11.74 |
12.09 |
10.24 |
14.27 |
11.42 |
|
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 63.83 |
|
|
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
: |
NIS |
|
|
|
|
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.