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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

516453

Report Date :

27.06.2018

 

IDENTIFICATION DETAILS

 

Name :

SHIMADZU (ASIA PACIFIC) PTE LTD

 

 

Registered Office :

79, Science Park Drive, 02-01/08, Cintech Iv, 118264

 

 

Country :

Singapore

 

 

Financials (as on) :

31.03.2017

 

 

Date of Incorporation :

18.10.1989

 

 

Com. Reg. No.:

198904521E

 

 

Legal Form :

Private Limited (Limited By Share)

 

 

Line of Business :

The Subject is principally engaged in trading of biotechnology, analytical, life & medical science related equipment, industrial, measuring equipments.

 

 

No. of Employees :

156 [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

(31.12.2017)

Current Rating

(01.04.2018)

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 electronics, petroleum products, chemicals, medical and optical devices, pharmaceuticals, and on Singapore’s 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 from 2012-2017 was slower than during the previous decade, a result of slowing structural growth - as Singapore reached high-income levels - and soft global demand for exports. Growth recovered to 3.6% in 2017 with a strengthening global economy.

The government is attempting to restructure Singapore’s economy to reduce its dependence on foreign labor, raise productivity growth, and increase wages amid slowing labor force growth and an aging population. 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 signatory of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and a party to the Regional Comprehensive Economic Partnership (RCEP) negotiations with 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.

:

198904521E

COMPANY NAME

:

SHIMADZU (ASIA PACIFIC) PTE LTD

FORMER NAME

:

N/A

INCORPORATION DATE

:

18/10/1989

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED (LIMITED BY SHARE)

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

79, SCIENCE PARK DRIVE, 02-01/08, CINTECH IV, 118264, SINGAPORE.

BUSINESS ADDRESS

:

79, SCIENCE PARK DRIVE, 02-01/08, CINTECH IV, SINGAPORE SCIENCE PARK 1, 118264, SINGAPORE.

TEL.NO.

:

65-67786280

FAX.NO.

:

65-67792935

CONTACT PERSON

:

TETSUYA TANIGAKI ( MANAGING DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF BIOTECHNOLOGY, ANALYTICAL, LIFE & MEDICAL SCIENCE RELATED EQUIPMENT, INDUSTRIAL, MEASURING EQUIPMENTS

ISSUED AND PAID UP CAPITAL

:

3,150,000.00 ORDINARY SHARE, OF A VALUE OF SGD 3,150,000.00

SALES

:

USD 185,819,280 [2017]

NET WORTH

:

USD 82,032,408 [2017]

STAFF STRENGTH

:

156 [2018]

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

STRONG

PAYMENT

:

REGULAR

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

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) trading of biotechnology, analytical, life & medical science related equipment, industrial, measuring equipments.

 

The immediate and ultimate holding company of the Subject is SHIMADZU CORPORATION, a company incorporated in JAPAN.

 

Share Capital History

Date

Issue & Paid Up Capital

22/06/2018

SGD 3,150,000.00

 

The major shareholder(s) of the Subject are shown as follows :

 

Current Shareholder(s) :

Name

Address

IC/PP/Loc No

Shareholding

(%)

SHIMADZU CORPORATION

1, NISHINOKYO-KUWABARACHO, NAKAGYO-KU, KYOTO 604-8511 ,JAPAN

S89UF0368

3,150,000.00

100.00

---------------

------

3,150,000.00

100.00

============

=====

+ Also Director

 

The Subject's interest in other companies (Subsidiaries/Associates) are shown as follow :


Local No

Country

Company

Status

(%)

As At

INDIA

SHIMADZU ANALYTICAL (INDIA) PRIVATE LIMITED

-

100.00

31/03/2017

1108213T

MALAYSIA

SHIMADZU MALAYSIA SDN. BHD.

-

100.00

31/03/2017

INDIA

SHIMADZU MEDICAL (INDIA) PRIVATE LIMITED

-

100.00

31/03/2017

AUSTRALIA

SHIMADZU MEDICAL SYSTEMS (OCEANIA) PTY LTD

-

100.00

31/03/2017

PHILIPPINES

SHIMADZU PHILIPPINES CORPORATION

-

100.00

31/03/2017

AUSTRALIA

SHIMADZU SCINETIFIC INSTRUMENTS (OCEANIA) PTY LTD

-

100.00

31/03/2017

200005693N

SINGAPORE

SHIMADZU SINGAPORE PTE LTD

-

100.00

22/06/2018

 

 

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

JUNJI SAKAMOTO

Address

:

3, KANDA-NISHIKI-CHO, 1-CHOME CHIYODA-KU, TOKYO 101-8448, JAPAN.

IC / PP No

:

TR3590651

Nationality

:

JAPANESE

Date of Appointment

:

01/04/2017



INTEREST CHECK

Interest in companies

:

see below

Interest in business

:

none in our databank

Former interest

:

none in our databank

INTEREST IN COMPANY

No

Local No

Company

Designation

App Date

Shareholding

Profit/(loss) After Tax

Financial Year

Status

As At

No.

%

1

198904521E

SHIMADZU (ASIA PACIFIC) PTE LTD

Director

01/04/2017

0.00

-

USD8,640,238.00

2017

-

22/06/2018

 

DIRECTOR 2

 

Name Of Subject

:

WATARU TAJIMA

Address

:

3-10-20 FUNABASHI, SETAGAYA-KU, TOKYO 156-0055, JAPAN.

IC / PP No

:

TK9000773

Nationality

:

JAPANESE

Date of Appointment

:

28/06/2012



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

198904521E

SHIMADZU (ASIA PACIFIC) PTE LTD

Director

28/06/2012

0.00

-

USD8,640,238.00

2017

-

22/06/2018

2

994003P

SHIMADZU (ASIA PACIFIC) PTE LTD

Director

28/06/2012

0.00

-

MYR(993,702.00)

2016

-

28/05/2018

 

DIRECTOR 3

 

Name Of Subject

:

HIROO FUKUSHIMA

Address

:

2-44-24 MIDORIGAOKA CHOFU-SHI, TOKYO, JAPAN.

IC / PP No

:

TZ0592230

Nationality

:

JAPANESE

Date of Appointment

:

26/06/2015



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

198904521E

SHIMADZU (ASIA PACIFIC) PTE LTD

Director

26/06/2015

0.00

-

USD8,640,238.00

2017

-

22/06/2018

2

994003P

SHIMADZU (ASIA PACIFIC) PTE LTD

Director

26/06/2015

0.00

-

MYR(993,702.00)

2016

-

28/05/2018

 

DIRECTOR 4

 

Name Of Subject

:

TETSUYA TANIGAKI

Address

:

2, MARTIN PLACE, 14-05, MARTIN PLACE RESIDENCES, 237988, SINGAPORE.

IC / PP No

:

G3381830R

Nationality

:

JAPANESE

Date of Appointment

:

29/06/2017



INTEREST CHECK

Interest in companies

:

see below

Interest in business

:

none in our databank

Former interest

:

none in our databank

INTEREST IN COMPANY

No

Local No

Company

Designation

App Date

Shareholding

Profit/(loss) After Tax

Financial Year

Status

As At

No.

%

1

198904521E

SHIMADZU (ASIA PACIFIC) PTE LTD

Director

29/06/2017

0.00

-

USD8,640,238.00

2017

-

22/06/2018



MANAGEMENT

 

 

1)

Name of Subject

:

TETSUYA TANIGAKI

Position

:

MANAGING DIRECTOR

 

 

AUDITOR

 

Auditor

:

DELOITTE & TOUCHE LLP

Auditor' Address

:

N/A

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

JENNIFER LEE SIEW JEE

IC / PP No

:

S1336064B

Address

:

77, ROBINSON ROAD, 13-00, ROBINSON 77, 068896, SINGAPORE.

Date of Appointment

:

28/06/2007

 

 

BANKING


No Banker found in our databank.

 

ENCUMBRANCE (S)


No encumbrance was found in our databank at the time of investigation.

 

CIVIL LITIGATION CHECK - SUBJECT COMPANY AS A DEFENDANT


* A check has been conducted in our databank against the Subject whether the subject has been involved in any litigation.

No winding up petition was found in our databank.

LEGAL ACTION

 

 

 

Total SETTLED Case(s) : 1

 

 

Case Status

:

SETTLED

Code No

:

99

Case No

:

17093

Year

:

2000

Place

:

SINGAPORE

Court

:

MAGISTRATE COURT

Date Filed

:

23/08/2000

Solicitor

:

CHARMAINE FRANCIS

Solicitor Firm

:

CHARMAINE FRANCIS

Plaintiff

:

CONTEMPORARY LUBRICANTS PTE LTD

DEFENDANTS

:

SHIMADZU (ASIA PACIFIC) PTE LTD (198904521)

Amount Claimed

:

24355

Nature of Claim

:

SGD

Remark

:

CONTRACTS-SALE OF GOODS

 

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
TELEGRAPHIC TRANSFER (TT)

 

 

OPERATIONS

 

Goods Traded

:

ANALYTICAL, MEDICAL EQUIPMENT, INSTRUMENTS, INDUSTRIAL MEASURING EQUIPMENTS

 

Total Number of Employees:

 

YEAR

2018

2017

2016

2015

2014

GROUP

N/A

N/A

N/A

N/A

N/A

COMPANY

156

155

155

118

118

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) trading of biotechnology, analytical, life & medical science related equipment, industrial, measuring equipments.

The Subject is engaged in the sales & marketing of products in the fields of analytical, scientific, medical and industrial businesses.

The Subject refused to disclose further information on its operation.


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-67786280

Match

:

N/A

Address Provided by Client

:

#79, SCIENCE PARK DRIVE, #02-01/08, CINTECH IV, 118264 SINGAPORE

Current Address

:

79, SCIENCE PARK DRIVE, 02-01/08, CINTECH IV, SINGAPORE SCIENCE PARK 1, 118264, 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

:

Increased

[

2013 - 2017

]

Profit/(Loss) Before Tax

:

Increased

[

2013 - 2017

]

Return on Shareholder Funds

:

Acceptable

[

10.53%

]

Return on Net Assets

:

Acceptable

[

13.50%

]

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 Subject's management had generated acceptable return for its shareholders using its assets.

Working Capital Control

Stock Ratio

:

Favourable

[

34 Days

]

Debtor Ratio

:

Acceptable

[

57 Days

]

Creditors Ratio

:

Favourable

[

27 Days

]

The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. 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

[

2.43 Times

]

Current Ratio

:

Favourable

[

2.92 Times

]

A minimum liquid ratio of 1 should be maintained by the Subject in order to assure its creditors of its ability to meet short term obligations and the Subject was in a good liquidity position. Thus, we believe the Subject is able to meet all its short term obligations as and when they fall due.

Solvency

Interest Cover

:

Nil

[

0.00 Times

]

Gearing Ratio

:

Favourable

[

0.00 Times

]

The Subject's interest cover was nil as it did not pay any interest during the year. The Subject had no gearing and hence it had virtually no financial risk. The Subject was financed by its shareholders' funds and internally generated fund. During the economic downturn, the Subject, having a zero gearing, will be able to compete better than those which are highly geared in the same industry.

Overall Assessment :

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. The Subject did not make any interest payment during the year. The Subject was dependent on its shareholders' funds to finance its business needs. The Subject was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The Subject has good chance of getting loans, if the needs arises.

Overall financial condition of the Subject : STRONG

 

 

 

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

 

Major Economic Indicators :

2013

2014

2015

2016

2017*

 

Population (Million)

5.40

5.47

5.54

5.61

5.61

Gross Domestic Products ( % )

5.1

3.9

2.2

2.4

3.6

Consumer Price Index

2.4

1.0

(0.5)

(0.5)

0.6

Total Imports (Million)

466,762.0

463,779.1

407,767.9

398,372.0

403,300.0

Total Exports (Million)

513,391.0

518,922.7

476,285.4

468,552.0

466,900.0

 

Unemployment Rate (%)

1.9

1.9

1.9

2.1

-

Tourist Arrival (Million)

15.46

15.01

15.23

16.28

-

Hotel Occupancy Rate (%)

86.3

85.5

84.0

83.1

84.7

Cellular Phone Subscriber (Million)

1.97

1.98

1.99

-

-

 

Registration of New Companies (No.)

37,288

41,589

34,243

35,227

37,395

Registration of New Companies (%)

9.8

11.5

(17.7)

2.9

6.2

Liquidation of Companies (No.)

17,369

18,767

21,384

23,218

22,379

Liquidation of Companies (%)

(5.3)

8.0

13.9

8.6

(3.6)

 

Registration of New Businesses (No.)

22,893

35,773

28,480

27,120

22,148

Registration of New Businesses (%)

1.70

56.30

(20.39)

(4.78)

(18.33)

Liquidation of Businesses (No.)

22,598

22,098

26,116

35,866

24,344

Liquidation of Businesses (%)

0.5

(2.2)

18.2

37.3

(32.1)

 

Bankruptcy Orders (No.)

1,992

1,757

1,776

1,797

1,638

Bankruptcy Orders (%)

14.0

(11.8)

1.0

1.2

(8.9)

Bankruptcy Discharges (No.)

2,584

3,546

3,499

4,359

2,030

Bankruptcy Discharges (%)

37.4

37.2

(1.3)

24.6

(53.4)

 

INDUSTRIES ( % of Growth ) :

Agriculture

Production of Principal Crops

1.78

4.29

3.04

-

-

Fish Supply & Wholesale

(3.8)

(8.6)

(8.5)

(9.9)

-

 

Manufacturing #

Food, Beverages & Tobacco

97.9

99.4

100.0

103.7

110.3

Textiles

119.5

102.7

100.0

92.4

84.4

Wearing Apparel

334.1

212.6

100.0

83.4

88.2

Leather Products & Footwear

122.0

106.5

100.0

88.8

79.0

Wood & Wood Products

103.0

107.2

100.0

95.0

92.9

Paper & Paper Products

104.4

104.5

100.0

97.3

96.1

Printing & Media

113.8

105.968

100.0

85.1

73.1

Crude Oil Refineries

100.7

92.2

100.0

104.2

113.5

Chemical & Chemical Products

88.4

96.7

100.0

98.9

105.3

Pharmaceutical Products

101.421

109.4

100.0

113.8

96.0

Rubber & Plastic Products

109.497

109.2

100.0

91.4

93.7

Non-metallic Mineral

107.4

90.759

100.0

89.8

72.9

Basic Metals

77.2

99.3

100.0

106.2

108.3

Fabricated Metal Products

107.5

107.757

100.0

93.8

91.3

Machinery & Equipment

109.1

118.2

100.0

80.8

86.1

Electrical Machinery

87.4

97.871

100.0

101.5

111.7

Electronic Components

105.0

105.6

100.0

114.1

151.4

Transport Equipment

111.1

106.68

100.0

101.0

99.5

 

Construction

25.40

22.00

-

-

-

Real Estate

88.5

145.1

-

-

-

 

Services

Electricity, Gas & Water

6.70

6.50

-

-

-

Transport, Storage & Communication

9.80

14.20

-

-

-

Finance & Insurance

3.30

6.00

-

7.40

-

Government Services

6.50

6.30

-

-

-

Education Services

3.10

5.98

-

2.40

-

 

* Estimate / Preliminary

# Based on Index of Industrial Production (2015 = 100)



INDUSTRY ANALYSIS

 

INDUSTRY :

TRADING

According to the Ministry of Trade and Industry, the wholesale & retail trade sector expanded to 3.0% in the fourth quarter of 2017, moderating from the 3.3% growth in the previous quarter. The wholesale trade segment was boosted by an improvement in foreign wholesale sales volume, which more than offset the weakness in domestic wholesale sales volume. For the whole of 2017, the sector expanded by 2.3%, faster than the 1.0% growth in 2016. The improvement in growth can be attributed to the wholesale segment.

The domestic wholesale sales volume fell by 1.1% in the fourth quarter 2017, reversing the 2.0% growth in the preceding quarter. The poorer outturn was led by declines in the sales volume of household equipment & furniture (-27%) and general wholesale merchandise (-19%), which outweighed the increase in the sales volume of telecommunications & computers (20%). For the whole of 2017, the domestic wholesale trade index expanded by 1.0%, a turnaround from the 2.7% decline in 2016.

On the other hand, foreign wholesale sales volume rose to 6.2% in the fourth quarter 2017, a step-up from the 5.1% growth in the preceding quarter. Growth was driven by expansions in the sales of petroleum & petroleum-related products (11%t), telecommunications & computers (19%) and electronic components (16%). However, growth was partly offset by a 20% decline in the sales volume of metals, timber & construction materials. For the full year 2017, the foreign wholesale trade index rose by 3.6%, faster than the increase of 1.5% in the previous year.

Besides, retail sales volume rose by 2.1% in the fourth quarter 2017, improving from the 0.9% growth recorded in the third quarter. Growth was supported by improvements in both motor vehicle and non-motor vehicle sales volumes. While motor vehicle sales benefitted from an on-year increase in COE supply, growth in non-motor vehicle sales came on the back of an improvement in consumer sentiments. Notably, the sales volume of discretionary goods such as recreational goods, computer & telecommunication equipment and wearing apparel & footwear grew by 4.6%, 4.3 % and 3.1% respectively.

For the full year 2017, retail sales volume expanded by 1.3%, similar to the 1.5% growth recorded in 2016. Growth was driven by both motor vehicle sales and non-motor vehicle sales, which the former rising by 1.5% and the latter increasing by 1.3%. The rise in non-motor vehicle sales was underpinned by higher sales of discretionary goods. For instance, the sales volume of recreational goods (3.9%), watches & jewellery (2.4%), computer & telecommunications equipment (1.7%) and wearing apparel & footwear (1.5%) improved in 2017.

OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH



CREDIT RISK EVALUATION & RECOMMENDATION

 


Incorporated in 1989, the Subject is a Private Limited company, focusing on trading of biotechnology, analytical, life & medical science related equipment, industrial, measuring equipments. The Subject has been in business for over two decades. It has built up a strong clientele base and satisfactory reputation will enable the Subject to further enhance its business in the near term. The Subject is expected to enjoy a stable market shares. A paid up capital of SGD 3,150,000 allows the Subject to expand its business more comfortably. With a strong backing from its holding company, the Subject enjoys timely financial assistance should the needs arise.

Over the years, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. The Subject is a fairly large and rapidly growing company with over 156 staff in its operations Overall, we regard that the Subject's management capability is average. This indicates that the Subject has greater potential to improve its business performance and raising income for the Subject.

We noted that both the turnover and profits have increased compared to the previous year. The higher profit could be due to increase in turnover and better control over its operating costs. Return on shareholders' funds of the Subject was at an acceptable range which indicated that the management was efficient in utilising its funds to generate income. The Subject is in good liquidity position with its current liabilities well covered by it current assets. Hence, it has sufficient working capital to meet its short term financial obligations. Being a zero geared company, the Subject virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. Given a positive net worth standing at USD 82,032,408, the Subject should be able to maintain its business in the near terms.

Overall, the Subject's payment habit is good as the Subject has a good credit control and it could be taking advantage of the cash discounts while maintaining a good reputation with its creditors.

The industry has reached its maturity stage and only enjoying a marginal growth. The steady growth of the country's economy will further enhance the industry activities. Thus, the Subject's future performance is very much depend on its marketing strategies in order to retain its position in the market.

Based on the above condition, we recommend credit be granted to the Subject promptly.



PROFIT AND LOSS ACCOUNT

 

THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS.

SHIMADZU (ASIA PACIFIC) 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

185,819,280

171,749,827

151,322,835

143,213,992

151,249,193

----------------

----------------

----------------

----------------

----------------

Total Turnover

185,819,280

171,749,827

151,322,835

143,213,992

151,249,193

----------------

----------------

----------------

----------------

----------------

PROFIT/(LOSS) FROM OPERATIONS

11,073,686

10,844,528

11,753,669

945,144

3,775,844

----------------

----------------

----------------

----------------

----------------

PROFIT/(LOSS) BEFORE TAXATION

11,073,686

10,844,528

11,753,669

945,144

3,775,844

Taxation

(2,433,448)

(1,677,076)

(904,936)

(312,204)

(354,417)

----------------

----------------

----------------

----------------

----------------

PROFIT/(LOSS) AFTER TAXATION

8,640,238

9,167,452

10,848,733

632,940

3,421,427

----------------

----------------

----------------

----------------

----------------

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

79,700,004

72,461,521

61,802,788

67,169,848

63,748,421

----------------

----------------

----------------

----------------

----------------

As restated

79,700,004

72,461,521

61,802,788

67,169,848

63,748,421

----------------

----------------

----------------

----------------

----------------

PROFIT AVAILABLE FOR APPROPRIATIONS

88,340,242

81,628,973

72,651,521

67,802,788

67,169,848

DIVIDENDS - Ordinary (paid & proposed)

(8,742,828)

(1,928,969)

(190,000)

(6,000,000)

-

----------------

----------------

----------------

----------------

----------------

RETAINED PROFIT/(LOSS) CARRIED FORWARD

79,597,414

79,700,004

72,461,521

61,802,788

67,169,848

=============

=============

=============

=============

=============

DEPRECIATION (as per notes to P&L)

1,191,905

812,455

770,673

1,001,095

1,147,350

----------------

----------------

----------------

----------------

----------------

Total Amortization And Depreciation

1,191,905

812,455

770,673

1,001,095

1,147,350

=============

=============

=============

=============

=============

 

 

 

 

 

 

 

 

BALANCE SHEET

 

SHIMADZU (ASIA PACIFIC) PTE LTD

 

ASSETS EMPLOYED:

FIXED ASSETS

2,925,549

1,747,592

1,137,770

1,342,442

1,540,642

LONG TERM INVESTMENTS/OTHER ASSETS

Subsidiary companies

7,148,225

8,193,586

8,726,275

3,796,477

4,232,999

Others

4,043,444

4,016,305

4,017,565

-

-

----------------

----------------

----------------

----------------

----------------

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

11,191,669

12,209,891

12,743,840

3,796,477

4,232,999

INTANGIBLE ASSETS

Others

53,340

40,064

40,064

40,064

40,064

----------------

----------------

----------------

----------------

----------------

TOTAL INTANGIBLE ASSETS

53,340

40,064

40,064

40,064

40,064

----------------

----------------

----------------

----------------

----------------

TOTAL LONG TERM ASSETS

14,170,558

13,997,547

13,921,674

5,178,983

5,813,705

CURRENT ASSETS

Stocks

17,214,116

21,356,471

18,113,384

17,164,113

14,256,011

Trade debtors

29,257,719

27,091,711

32,368,337

28,369,209

27,591,151

Other debtors, deposits & prepayments

973,575

1,336,599

1,721,583

1,286,530

6,297,018

Short term deposits

18,000,000

16,000,000

-

-

-

Amount due from holding company

674,603

469,852

541,784

985,080

474,883

Amount due from subsidiary companies

5,999,521

6,401,659

2,316,799

4,587,079

5,542,429

Amount due from related companies

1,390,334

858,818

1,574,404

1,053,160

1,020,608

Cash & bank balances

29,784,560

26,779,917

31,430,100

35,098,317

40,096,178

----------------

----------------

----------------

----------------

----------------

TOTAL CURRENT ASSETS

103,294,428

100,295,027

88,066,391

88,543,488

95,278,278

----------------

----------------

----------------

----------------

----------------

TOTAL ASSET

117,464,986

114,292,574

101,988,065

93,722,471

101,091,983

=============

=============

=============

=============

=============

CURRENT LIABILITIES

Trade creditors

13,736,908

14,294,058

11,740,119

8,695,759

9,994,842

Other creditors & accruals

3,966,011

3,993,033

1,952,408

1,549,253

1,435,192

Amounts owing to holding company

10,837,013

7,656,085

8,740,089

8,537,252

10,532,357

Amounts owing to subsidiary companies

3,391,442

3,491,633

3,052,590

9,668,746

8,764,349

Amounts owing to related companies

1,393,513

1,112,753

903,459

832,152

538,530

Provision for taxation

2,107,691

1,610,014

702,885

201,527

221,871

----------------

----------------

----------------

----------------

----------------

TOTAL CURRENT LIABILITIES

35,432,578

32,157,576

27,091,550

29,484,689

31,487,141

----------------

----------------

----------------

----------------

----------------

NET CURRENT ASSETS/(LIABILITIES)

67,861,850

68,137,451

60,974,841

59,058,799

63,791,137

----------------

----------------

----------------

----------------

----------------

TOTAL NET ASSETS

82,032,408

82,134,998

74,896,515

64,237,782

69,604,842

=============

=============

=============

=============

=============

FINANCED BY:

SHARE CAPITAL

Ordinary share capital

2,434,994

2,434,994

2,434,994

2,434,994

2,434,994

----------------

----------------

----------------

----------------

----------------

TOTAL SHARE CAPITAL

2,434,994

2,434,994

2,434,994

2,434,994

2,434,994

RESERVES

Retained profit/(loss) carried forward

79,597,414

79,700,004

72,461,521

61,802,788

67,169,848

----------------

----------------

----------------

----------------

----------------

TOTAL RESERVES

79,597,414

79,700,004

72,461,521

61,802,788

67,169,848

----------------

----------------

----------------

----------------

----------------

SHAREHOLDERS' FUNDS/EQUITY

82,032,408

82,134,998

74,896,515

64,237,782

69,604,842

=============

=============

=============

=============

=============

 

 

 

 

 

 

 

 

FINANCIAL RATIO

 

SHIMADZU (ASIA PACIFIC) PTE LTD

 

TYPES OF FUNDS

Cash

47,784,560

42,779,917

31,430,100

35,098,317

40,096,178

Net Liquid Funds

47,784,560

42,779,917

31,430,100

35,098,317

40,096,178

Net Liquid Assets

50,647,734

46,780,980

42,861,457

41,894,686

49,535,126

Net Current Assets/(Liabilities)

67,861,850

68,137,451

60,974,841

59,058,799

63,791,137

Net Tangible Assets

81,979,068

82,094,934

74,856,451

64,197,718

69,564,778

Net Monetary Assets

50,647,734

46,780,980

42,861,457

41,894,686

49,535,126

PROFIT & LOSS ITEMS

Earnings Before Interest & Tax (EBIT)

11,073,686

10,844,528

11,753,669

945,144

3,775,844

Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)

12,265,591

11,656,983

12,524,342

1,946,239

4,923,194

BALANCE SHEET ITEMS

Total Borrowings

0

0

0

0

0

Total Liabilities

35,432,578

32,157,576

27,091,550

29,484,689

31,487,141

Total Assets

117,464,986

114,292,574

101,988,065

93,722,471

101,091,983

Net Assets

82,032,408

82,134,998

74,896,515

64,237,782

69,604,842

Net Assets Backing

82,032,408

82,134,998

74,896,515

64,237,782

69,604,842

Shareholders' Funds

82,032,408

82,134,998

74,896,515

64,237,782

69,604,842

Total Share Capital

2,434,994

2,434,994

2,434,994

2,434,994

2,434,994

Total Reserves

79,597,414

79,700,004

72,461,521

61,802,788

67,169,848

GROWTH RATIOS (Year on Year) (%)

Revenue

8.19

13.50

5.66

(5.31)

(17.82)

Proft/(Loss) Before Tax

2.11

(7.73)

1,143.58

(74.97)

(59.09)

Proft/(Loss) After Tax

(5.75)

(15.50)

1,614.02

(81.50)

(56.51)

Total Assets

2.78

12.06

8.82

(7.29)

(0.64)

Total Liabilities

10.18

18.70

(8.12)

(6.36)

(11.46)

LIQUIDITY (Times)

Cash Ratio

1.35

1.33

1.16

1.19

1.27

Liquid Ratio

2.43

2.45

2.58

2.42

2.57

Current Ratio

2.92

3.12

3.25

3.00

3.03

WORKING CAPITAL CONTROL (Days)

Stock Ratio

34

45

44

44

34

Debtors Ratio

57

58

78

72

67

Creditors Ratio

27

30

28

22

24

SOLVENCY RATIOS (Times)

Gearing Ratio

0

0

0

0

0

Liabilities Ratio

0.43

0.39

0.36

0.46

0.45

Times Interest Earned Ratio

0

0

0

0

0

Assets Backing Ratio

33.67

33.71

30.74

26.36

28.57

PERFORMANCE RATIO (%)

Operating Profit Margin

5.96

6.31

7.77

0.66

2.50

Net Profit Margin

4.65

5.34

7.17

0.44

2.26

Return On Net Assets

13.50

13.20

15.69

1.47

5.42

Return On Capital Employed

13.49

13.20

15.68

1.47

5.42

Return On Shareholders' Funds/Equity

10.53

11.16

14.48

0.99

4.92

Dividend Pay Out Ratio (Times)

1.01

0.21

0.02

9.48

0

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

0

0

0




 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 68.17

UK Pound

1

INR 90.47

Euro

1

INR 79.74

SGD

1

INR 50.28 

 

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)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.