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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

497242

Report Date :

10.03.2018

 

 

 

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.:

198904521-E

 

 

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 :

155 [2017]

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A+

 

Credit Rating

Explanation

Rating Comments

A+

Low Risk

Business dealings permissible with low 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

(30.09.2017)

Current Rating

(31.12.2017)

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.

:

198904521-E

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

:

155 [2017]

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

STRONG

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 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

24/10/2017

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

24/10/2017

 

 

 

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 (Number of Share)

Profit/(loss) After Tax

Financial Year

Status

As At

1

198904521E

SHIMADZU (ASIA PACIFIC) PTE LTD

Director

01/04/2017

0.00

USD8,640,238.00

2017

-

24/10/2017

 

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 (Number of Share)

Profit/(loss) After Tax

Financial Year

Status

As At

1

198904521E

SHIMADZU (ASIA PACIFIC) PTE LTD

Director

28/06/2012

0.00

USD8,640,238.00

2017

-

24/10/2017

2

994003P

SHIMADZU (ASIA PACIFIC) PTE LTD

Director

28/06/2012

0.00

MYR(993,702.00)

2016

-

02/10/2017

 

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 (Number of Share)

Profit/(loss) After Tax

Financial Year

Status

As At

1

198904521E

SHIMADZU (ASIA PACIFIC) PTE LTD

Director

26/06/2015

0.00

USD8,640,238.00

2017

-

24/10/2017

2

994003P

SHIMADZU (ASIA PACIFIC) PTE LTD

Director

26/06/2015

0.00

MYR(993,702.00)

2016

-

02/10/2017

 

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 (Number of Share)

Profit/(loss) After Tax

Financial Year

Status

As At

1

198904521E

SHIMADZU (ASIA PACIFIC) PTE LTD

Director

29/06/2017

0.00

USD8,640,238.00

2017

-

24/10/2017



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.

 

 

 

BANKING


No Banker found in our databank.

ENCUMBRANCE (S)


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

 

 

LITIGATION CHECK - SUBJECT COMPANY AS A DEFENDANT


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

No legal action was found in our databank.

No winding up petition was found in our databank.

 

PAYMENT RECORD

 

 

SOURCES OF RAW MATERIALS:

Local

:

N/A

Overseas

:

N/A


The Subject refused to disclose its suppliers.

The Subject refused to provide any name of trade/service supplier and we are unable to conduct any trade enquiry. However, from financial historical data we conclude that :

OVERALL PAYMENT HABIT

Prompt 0-30 Days

[

]

Good 31-60 Days

[

X

]

Average 61-90 Days

[

]

Fair 91-120 Days

[

]

Poor >120 Days

[

]

 

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Export Market

:

WORLDWIDE

Credit Term

:

N/A

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

OPERATIONS

 

Goods Traded

:

ANALYTICAL, MEDICAL EQUIPMENT, INSTRUMENTS, INDUSTRIAL MEASURING EQUIPMENTS

 

Total Number of Employees:

 

YEAR

2017

2016

2015

2014

2013

GROUP

N/A

N/A

N/A

N/A

N/A

COMPANY

155

155

118

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.



CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that:

Telephone Number Provided By Client

:

65 67786080

Current Telephone Number

:

65-67786280

Match

:

YES

Address Provided by Client

:

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

Current Address

:

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

Match

:

YES

 

Other Investigations


We contacted one of the staff from the Subject and she provided some information.


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 :

2012

2013

2014

2015

2016*

 

Population (Million)

5.31

5.40

5.47

5.54

5.63

Gross Domestic Products ( % )

1.3

3.7

(3.5)

3.7

4.8

Consumer Price Index

4.6

2.4

2.4

(0.5)

(0.7)

Total Imports (Million)

474,554.0

466,762.0

463,779.1

407,767.9

398,372.0

Total Exports (Million)

510,329.0

513,391.0

518,922.7

476,285.4

468,552.0

 

Unemployment Rate (%)

2.0

1.9

1.9

1.9

2.1

Tourist Arrival (Million)

14.49

15.46

15.01

15.23

16.28

Hotel Occupancy Rate (%)

86.4

86.3

85.5

85.0

-

Cellular Phone Subscriber (Million)

1.52

1.97

1.98

1.99

-

 

Registration of New Companies (No.)

31,892

37,288

41,589

34,243

35,528

Registration of New Companies (%)

(1.3)

9.8

11.5

(17.7)

3.8

Liquidation of Companies (No.)

17,218

17,369

18,767

21,384

-

Liquidation of Companies (%)

9.4

(5.3)

8.0

13.9

-

 

Registration of New Businesses (No.)

24,788

22,893

35,773

28,480

33,326

Registration of New Businesses (%)

5.51

1.70

56.30

(20.39)

17.02

Liquidation of Businesses (No.)

22,489

22,598

22,098

26,116

-

Liquidation of Businesses (%)

(2.2)

0.5

(2.2)

18.2

-

 

Bankruptcy Orders (No.)

1,748

1,992

1,757

1,776

-

Bankruptcy Orders (%)

14.5

14.0

(11.8)

1.0

-

Bankruptcy Discharges (No.)

1,881

2,584

3,546

3,499

-

Bankruptcy Discharges (%)

35.2

37.4

37.2

(1.3)

-

 

INDUSTRIES ( % of Growth ) :

Agriculture

Production of Principal Crops

5.16

1.78

4.29

3.04

-

Fish Supply & Wholesale

(0.5)

(3.8)

(8.6)

(8.5)

(9.9)

 

Manufacturing #

Food, Beverages & Tobacco

97.9

97.9

99.4

100.0

103.7

Textiles

140.1

119.5

102.7

100.0

93.3

Wearing Apparel

395.4

334.1

212.6

100.0

80.3

Leather Products & Footwear

109.5

122.0

106.5

100.0

93.2

Wood & Wood Products

93.3

103.0

107.2

100.0

90.5

Paper & Paper Products

98.5

104.4

104.5

100.0

99.7

Printing & Media

122.8

113.8

105.968

100.0

86.9

Crude Oil Refineries

107.1

100.7

92.2

100.0

100.5

Chemical & Chemical Products

85.3

88.4

96.7

100.0

97.6

Pharmaceutical Products

103.8

101.421

109.4

100.0

115.9

Rubber & Plastic Products

113.5

109.497

109.2

100.0

87.9

Non-metallic Mineral

108.8

107.4

90.759

100.0

93.6

Basic Metals

91.5

77.2

99.3

100.0

113.1

Fabricated Metal Products

107.314

107.5

107.757

100.0

91.7

Machinery & Equipment

107.3

109.1

118.2

100.0

79.3

Electrical Machinery

80.102

87.4

97.871

100.0

99.3

Electronic Components

100.7

105.0

105.6

100.0

106.3

Transport Equipment

109.9

111.1

106.68

100.0

98.7

 

Construction

28.70

25.40

22.00

-

-

Real Estate

31.9

88.5

145.1

-

-

 

Services

Electricity, Gas & Water

6.30

6.70

6.50

-

-

Transport, Storage & Communication

5.30

9.80

14.20

-

-

Finance & Insurance

0.50

3.30

6.00

-

-

Government Services

6.00

6.50

6.30

-

-

Education Services

0.30

3.10

5.98

-

-

 

* Estimate / Preliminary

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



INDUSTRY ANALYSIS

 

INDUSTRY :

TRADING

The wholesale & retail trade sector expanded by 6.8% in the third quarter of 2015, higher than the 6.0% growth in the preceding quarter. Growth was supported by both the wholesale trade and retail trade segments. The wholesale trade segment was boosted by an increase in both domestic and foreign wholesale trade sales volume. In particular, the domestic wholesale trade index rose by 7.4%, following the 8.1 % increase in the previous quarter. The strong performance in domestic wholesale trade was due to a surge in the sales of petroleum and petroleum products (14%), chemicals & chemical products (39%) and telecommunications & computers (18%).

Similarly, the foreign wholesale trade index rose by 10% in the third quarter of 2015, accelerating from the 6.9% rise in the previous quarter. Growth was driven by improvements in the sales of petroleum & petroleum products (21%), metals, timber & construction materials (10%) and general wholesale trade (8.8%).

Overall retail trade sales volume also recorded resilient growth of 5.6% in the third quarter of 2015, extending the 6.4 % expansion in the second quarter. Growth was supported by a surge in the volume of motor vehicle sales (44%), which was in turn due to a substantial increase in the supply of Certificate of Entitlements. Excluding motor vehicles, retail sales volume increased at a much slower pace of 0.7% over the same period. The increase in retail sales volume (excluding motor vehicles) was due to improved non-discretionary goods sales. For instance, the sales of medical goods & toiletries and department store goods rose by 8.1% and 3.6% respectively.

According to the Retail News Asia, Food and beverage has overtaken fashion as the primary driver of demand for retail real estate in Singapore. Despite declining retail sales and consumer spending, the prime retail sector remained in good shape during the third quarter 2015.

OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH



CREDIT RISK EVALUATION & RECOMMENDATION

 


Incorporated in 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 155 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 shows an upward trend and this trend is very likely to sustain in the near terms. Hence, the Subject is expected to benefit from the favourable outlook of the industry.

In view of the above favourable condition, we recommend credit be proceeded to the Subject with favourable term.



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

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

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

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

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

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

INTEREST EXPENSE (as per notes to P&L)

DEPRECIATION (as per notes to P&L)

1,191,905

812,455

770,673

1,001,095

1,147,350

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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 65.08

UK Pound

1

INR 89.85

Euro

1

INR 80.16

SGD

1

INR 49.37

 

Note: Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

VIV

 

 

Report Prepared by :

NIT

 

 

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.