|
|
|
MIRA INFORM REPORT
|
Report No. : |
505054 |
|
Report Date : |
03.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
PEGASUS SEWING MACHINE PTE. LTD |
|
|
|
|
Registered Office : |
30, Tai Seng Street, 09-04, Breadtalk Ihq, 534013, Singapore. |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
|
Date of Incorporation : |
03.11.1981 |
|
|
|
|
Com. Reg. No.: |
198105124G |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
The Subject Is Engaged In the Trading of Industrial Sewing Machines. |
|
|
|
|
No. of Employees : |
28 [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 (30.09.2017) |
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 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. |
: |
198105124G |
||||
|
COMPANY NAME |
: |
PEGASUS SEWING MACHINE PTE. LTD. |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
03/11/1981 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY SHARE) |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
30, TAI SENG STREET, 09-04, BREADTALK IHQ, 534013, SINGAPORE. |
||||
|
BUSINESS ADDRESS |
: |
30, TAI SENG STREET, 09-04 BREADTALK IHQ, 534013, SINGAPORE. |
||||
|
TEL.NO. |
: |
65-62963638 |
||||
|
FAX.NO. |
: |
65-62972353 |
||||
|
WEB SITE |
: |
WWW.PEGASUS.COM.SG |
||||
|
CONTACT PERSON |
: |
TATSUSHI MORI ( MANAGING DIRECTOR ) |
||||
|
PRINCIPAL ACTIVITY |
: |
TRADING OF INDUSTRIAL SEWING MACHINES |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
400,000.00 ORDINARY SHARE, OF A VALUE OF SGD 400,000.00 |
||||
|
SALES |
: |
USD 85,316,799 [2016] |
||||
|
NET WORTH |
: |
USD 21,266,112 [2016] |
||||
|
STAFF STRENGTH |
: |
28 [2018] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
STABLE |
||||
|
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 industrial sewing machines.
The immediate and ultimate holding company of the Subject is PEGASUS
SEWING MACHINE MANUFACTURING CO. LTD., a company incorporated in JAPAN.
Former Address(es)
|
Address |
As At Date |
|
135, JOO SENG ROAD, 03-04, PM INDUSTRIAL BUILDING, 368363 |
N/A |
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
02/05/2018 |
SGD 400,000.00 |
The major shareholder(s) of the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
PEGASUS SEWING MACHINE MANUFACTURING CO. LTD. |
7-2, SAGISU, 5-CHOME, FUKUSHIMA-KU, OSAKA, 533 JAPAN |
S81UF0229 |
400,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
400,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
TATSUSHI MORI |
|
Address |
: |
66, MARINE PARADE ROAD, 06-16, COTE D'AZUR, 449300, SINGAPORE. |
|
Other Address(es) |
: |
135, JOO SENG ROAD, 03-04, 368363, SINGAPORE. |
|
IC / PP No |
: |
G5711301X |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
01/03/2015 |
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 |
198105124G |
PEGASUS SEWING MACHINE PTE. LTD. |
Director |
01/03/2015 |
0.00 |
- |
USD5,441,065.00 |
2016 |
- |
02/05/2018 |
DIRECTOR 2
|
Name Of Subject |
: |
TAN CHOON CHUAN |
|
Address |
: |
3, ST. MICHAEL'S ROAD, 25-05, ONE SAINT MICHAEL'S, 328007,
SINGAPORE. |
|
IC / PP No |
: |
S1658663C |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
21/07/2003 |
INTEREST CHECK
|
Interest in companies |
: |
see below |
|
Interest in business |
: |
none in our databank |
|
Former interest |
: |
none in our databank |
INTEREST IN COMPANY
|
No |
Local No |
Company |
Designation |
App Date |
Shareholding |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
|
No. |
% |
|||||||||
|
1 |
198105124G |
PEGASUS SEWING MACHINE PTE. LTD. |
Director |
21/07/2003 |
0.00 |
- |
USD5,441,065.00 |
2016 |
- |
02/05/2018 |
DIRECTOR 3
|
Name Of Subject |
: |
TAKASHI ASAKO |
|
Address |
: |
62, MARINE PARADE ROAD 19-07, COTE D'AZUR, 449298, SINGAPORE. |
|
Other Address(es) |
: |
135, JOO SENG ROAD, 03-04, 368363, SINGAPORE. |
|
IC / PP No |
: |
G5407318L |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
01/03/2013 |
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 |
198105124G |
PEGASUS SEWING MACHINE PTE. LTD. |
Director |
01/03/2013 |
0.00 |
- |
USD5,441,065.00 |
2016 |
- |
02/05/2018 |
DIRECTOR 4
|
Name Of Subject |
: |
TAIZO YOSHIDA |
|
Address |
: |
HASAMAGAOKA, 3-20-14, SANDA-CITY, HYOGO PREFECTURE, 669-1545,
JAPAN. |
|
IC / PP No |
: |
TK6082007 |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
15/06/2015 |
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 |
198105124G |
PEGASUS SEWING MACHINE PTE. LTD. |
Director |
15/06/2015 |
0.00 |
- |
USD5,441,065.00 |
2016 |
- |
02/05/2018 |
DIRECTOR 5
|
Name Of Subject |
: |
SHIGEMI MIMA |
|
Address |
: |
NISHIYAMA-CHO, 6-27-314, KOUYOUEN, NISHINOMIYA-CITY, HYOUGO
PREFECTURE, JAPAN. |
|
IC / PP No |
: |
TH5487068 |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
15/06/2015 |
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 |
198105124G |
PEGASUS SEWING MACHINE PTE. LTD. |
Director |
15/06/2015 |
0.00 |
- |
USD5,441,065.00 |
2016 |
- |
02/05/2018 |
DIRECTOR 6
|
Name Of Subject |
: |
MORIAKI SHIMIZU |
|
Address |
: |
12-31, OKAMOTO, 5-CHOME, HIGASHINADA-KU KOBE-CITY, HYOGO
PREFECTURE, JAPAN. |
|
IC / PP No |
: |
TK0345742 |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
05/01/1998 |
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 |
198105124G |
PEGASUS SEWING MACHINE PTE. LTD. |
Director |
05/01/1998 |
0.00 |
- |
USD5,441,065.00 |
2016 |
- |
02/05/2018 |
DIRECTOR 7
|
Name Of Subject |
: |
MASAO KATSURA |
|
Address |
: |
6-3-25, TANABE, HIGASHI-SUMIYOSHI-KU, OSAKA, JAPAN. |
|
IC / PP No |
: |
TK0845403 |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
10/07/2000 |
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 |
198105124G |
PEGASUS SEWING MACHINE PTE. LTD. |
Director |
10/07/2000 |
0.00 |
- |
USD5,441,065.00 |
2016 |
- |
02/05/2018 |
DIRECTOR 8
|
Name Of Subject |
: |
KOJI SUENAGA |
|
Address |
: |
4-22-9, HIMURO-CHO, TAKATSUKI-SHI, OSAKA, JAPAN. |
|
IC / PP No |
: |
TH7494174 |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
23/06/2009 |
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 |
198105124G |
PEGASUS SEWING MACHINE PTE. LTD. |
Director |
23/06/2009 |
0.00 |
- |
USD5,441,065.00 |
2016 |
- |
02/05/2018 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
TAKASHI ASAKO |
|
Position |
: |
MANAGING DIRECTOR |
|
|
2) |
Name of Subject |
: |
TATSUSHI MORI |
|
Position |
: |
MANAGING DIRECTOR |
AUDITOR
|
|
Auditor |
: |
DELOITTE & TOUCHE LLP |
|
Auditor' Address |
: |
N/A |
COMPANY
SECRETARIES
|
|
1) |
Company Secretary |
: |
KELLY HAN TOCK MUI |
|
IC / PP No |
: |
S1694077A |
|
|
Address |
: |
77, ROBINSON ROAD, 13-00, ROBINSON 77, 068896, SINGAPORE. |
|
BANKING
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
HSBC PRIVATE BANK (SUISSE) SA |
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 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 |
[ |
X |
] |
Average 61-90 Days |
[ |
] |
|||||
|
Fair 91-120 Days |
[ |
] |
Poor >120 Days |
[ |
] |
|||||||||
CLIENTELE
|
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
ASIA PACIFIC |
|||
|
Credit Term |
: |
N/A |
|||
|
Payment Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Goods Traded |
: |
|
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2018 |
2017 |
2016 |
2015 |
2014 |
||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
||||
|
COMPANY |
28 |
28 |
25 |
25 |
23 |
||||
|
Branch |
: |
|
Other Information:
The Subject is principally engaged in the (as a / as an) trading of industrial sewing
machines.
The Subject is one of the companies listed under the PEGASUS group of
companies.
The Subject specializing in industrial sewing machines that produce chain
stitches.
The Subject sells the products based on customer's demands and requirement.
CURRENT
INVESTIGATION
|
Latest fresh investigations carried out on the Subject indicated
that :
|
Telephone Number Provided By Client |
: |
0065-62963638 |
|
Current Telephone Number |
: |
65-62963638 |
|
Match |
: |
YES |
|
Address Provided by Client |
: |
30 TAI SENG ST, # 09-04 BREADTALK, IHQ 534013 SINGAPORE |
|
Current Address |
: |
30, TAI SENG STREET, 09-04 BREADTALK IHQ, 534013, SINGAPORE. |
|
Match |
: |
YES |
Other Investigations
We have contacted one of the staff from the Subject and she provided some
information.
FINANCIAL
ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
2012 - 2016 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2012 - 2016 |
] |
|
|
Return on Shareholder Funds |
: |
Acceptable |
[ |
25.59% |
] |
|
|
Return on Net Assets |
: |
Favourable |
[ |
30.46% |
] |
|
|
The Subject's turnover increased steadily as the demand for its products
/ services increased due to the goodwill built up over the years.The higher
profit could be attributed to the increase in turnover. The Subject's
management had generated acceptable return for its shareholders using its
assets. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Unfavourable |
[ |
90 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
101 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
22 Days |
] |
|
|
The Subject could be incurring higher holding cost. As its
capital was tied up in stocks, it could face liquidity problems. The
Subject's debtors ratio was high. The Subject should tighten its credit
control and improve its collection period. 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 |
: |
Acceptable |
[ |
1.00 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.79 Times |
] |
|
|
The Subject's liquid ratio was slightly low. This could indicate
that the Subject's working capital was slightly deficient. The Subject will have
to improve its liquidity position either by obtaining short term financing or
increase its paid up capital so that it can meet all its short term
obligations as and when they fall due. |
||||||
|
Solvency |
||||||
|
Interest Cover |
: |
Favourable |
[ |
64.12 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.00 Times |
] |
|
|
The interest cover showed that the Subject was able to service
the interest. The favourable interest cover could indicate that the Subject was
making enough profit to pay for the interest accrued. The Subject had no
gearing and hence it had virtually no financial risk. The Subject was
financed by its shareholders' funds and internally generated fund. During the
economic downturn, the Subject, having a zero gearing, will be able to
compete better than those which are highly geared in the same industry. |
||||||
|
Overall Assessment : |
||||||
|
Generally, the Subject's performance has improved with higher turnover
and profit. The Subject was in good liquidity position with its total current
liabilities well covered by its total current assets. With its current net
assets, the Subject should be able to repay its short term obligations. With
the favourable interest cover, the Subject could be able to service all the
accrued interest without facing any difficulties. The Subject was a zero
gearing company, it was solely dependant on its shareholders to provide funds
to finance its business. The Subject has good chance of getting loans, if the
needs arises. |
||||||
|
Overall financial condition of the Subject : STABLE |
||||||
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
|
|
|
FINANCIALs
|
PROFIT AND LOSS ACCOUNT |
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH
SINGAPORE FINANCIAL REPORTING STANDARDS. |
|
PEGASUS SEWING MACHINE PTE. LTD. |
|
Financial Year End |
2016-12-31 |
2015-12-31 |
2014-12-31 |
2013-12-31 |
2012-12-31 |
|
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 |
85,316,799 |
75,637,545 |
68,531,903 |
62,338,907 |
48,757,018 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
85,316,799 |
75,637,545 |
68,531,903 |
62,338,907 |
48,757,018 |
|
Costs of Goods Sold |
(70,000,147) |
(63,546,440) |
(58,432,211) |
(53,931,892) |
(42,110,584) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
15,316,652 |
12,091,105 |
10,099,692 |
8,407,015 |
6,646,434 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
6,376,521 |
4,396,897 |
2,698,556 |
1,844,536 |
347,879 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
6,376,521 |
4,396,897 |
2,698,556 |
1,844,536 |
347,879 |
|
Taxation |
(935,456) |
(632,497) |
(421,069) |
(250,000) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
5,441,065 |
3,764,400 |
2,277,487 |
1,594,536 |
347,879 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
15,641,613 |
11,877,213 |
9,599,726 |
8,005,190 |
7,657,311 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
15,641,613 |
11,877,213 |
9,599,726 |
8,005,190 |
7,657,311 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
21,082,678 |
15,641,613 |
11,877,213 |
9,599,726 |
8,005,190 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
21,082,678 |
15,641,613 |
11,877,213 |
9,599,726 |
8,005,190 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Loan from holding company |
101,017 |
202,264 |
309,343 |
239,255 |
184,246 |
|
Others |
- |
12 |
12,023 |
11,079 |
116,743 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
101,017 |
202,276 |
321,366 |
250,334 |
300,989 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION (as per notes to P&L) |
117,846 |
108,462 |
90,426 |
13,768 |
10,680 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Amortization And Depreciation |
117,846 |
108,462 |
90,426 |
13,768 |
10,680 |
|
============= |
============= |
============= |
============= |
============= |
|
BALANCE SHEET |
|
PEGASUS SEWING MACHINE PTE. LTD. |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
300,864 |
318,896 |
328,294 |
35,157 |
6,419 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
INTANGIBLE ASSETS |
|||||
|
Others |
99,237 |
99,237 |
54,448 |
54,448 |
54,448 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL INTANGIBLE ASSETS |
99,237 |
99,237 |
54,448 |
54,448 |
54,448 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
400,101 |
418,133 |
382,742 |
89,605 |
60,867 |
|
CURRENT ASSETS |
|||||
|
Stocks |
20,982,467 |
21,403,676 |
20,157,393 |
19,099,791 |
12,379,655 |
|
Trade debtors |
23,693,811 |
21,719,914 |
22,233,401 |
26,609,105 |
16,879,291 |
|
Other debtors, deposits & prepayments |
193,514 |
166,665 |
127,791 |
150,560 |
110,647 |
|
Short term deposits |
1,050,000 |
2,100,000 |
450,000 |
1,150,000 |
500,000 |
|
Amount due from holding company |
- |
- |
4,015 |
- |
- |
|
Amount due from related companies |
- |
10,060 |
- |
- |
- |
|
Cash & bank balances |
1,518,674 |
2,494,252 |
2,489,942 |
2,558,786 |
2,098,855 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
47,438,466 |
47,894,567 |
45,462,542 |
49,568,242 |
31,968,448 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
47,838,567 |
48,312,700 |
45,845,284 |
49,657,847 |
32,029,315 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
4,283,436 |
3,783,815 |
3,185,313 |
3,148,191 |
2,213,933 |
|
Other creditors & accruals |
130,304 |
123,900 |
121,360 |
144,018 |
121,618 |
|
Deposits from customers |
168,093 |
275,393 |
218,000 |
- |
- |
|
Interest payable |
- |
32,538 |
77,725 |
- |
- |
|
Amounts owing to holding company |
20,973,234 |
27,453,397 |
29,682,928 |
36,332,478 |
21,504,901 |
|
Amounts owing to related companies |
- |
2,600 |
- |
- |
239 |
|
Provision for taxation |
1,017,388 |
816,010 |
499,311 |
250,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
26,572,455 |
32,487,653 |
33,784,637 |
39,874,687 |
23,840,691 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
20,866,011 |
15,406,914 |
11,677,905 |
9,693,555 |
8,127,757 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
21,266,112 |
15,825,047 |
12,060,647 |
9,783,160 |
8,188,624 |
|
============= |
============= |
============= |
============= |
============= |
|
|
FINANCED BY: |
|||||
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
183,434 |
183,434 |
183,434 |
183,434 |
183,434 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
183,434 |
183,434 |
183,434 |
183,434 |
183,434 |
|
RESERVES |
|||||
|
Retained profit/(loss) carried forward |
21,082,678 |
15,641,613 |
11,877,213 |
9,599,726 |
8,005,190 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
21,082,678 |
15,641,613 |
11,877,213 |
9,599,726 |
8,005,190 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
21,266,112 |
15,825,047 |
12,060,647 |
9,783,160 |
8,188,624 |
|
============= |
============= |
============= |
============= |
============= |
|
|
FINANCIAL RATIO |
|
PEGASUS SEWING MACHINE PTE. LTD. |
|
TYPES OF FUNDS |
|||||
|
Cash |
2,568,674 |
4,594,252 |
2,939,942 |
3,708,786 |
2,598,855 |
|
Net Liquid Funds |
2,568,674 |
4,594,252 |
2,939,942 |
3,708,786 |
2,598,855 |
|
Net Liquid Assets |
(116,456) |
(5,996,762) |
(8,479,488) |
(9,406,236) |
(4,251,898) |
|
Net Current Assets/(Liabilities) |
20,866,011 |
15,406,914 |
11,677,905 |
9,693,555 |
8,127,757 |
|
Net Tangible Assets |
21,166,875 |
15,725,810 |
12,006,199 |
9,728,712 |
8,134,176 |
|
Net Monetary Assets |
(116,456) |
(5,996,762) |
(8,479,488) |
(9,406,236) |
(4,251,898) |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest & Tax (EBIT) |
6,477,538 |
4,599,173 |
3,019,922 |
2,094,870 |
648,868 |
|
Earnings Before Interest, Taxes, Depreciation And Amortization
(EBITDA) |
6,595,384 |
4,707,635 |
3,110,348 |
2,108,638 |
659,548 |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
0 |
0 |
0 |
0 |
0 |
|
Total Liabilities |
26,572,455 |
32,487,653 |
33,784,637 |
39,874,687 |
23,840,691 |
|
Total Assets |
47,838,567 |
48,312,700 |
45,845,284 |
49,657,847 |
32,029,315 |
|
Net Assets |
21,266,112 |
15,825,047 |
12,060,647 |
9,783,160 |
8,188,624 |
|
Net Assets Backing |
21,266,112 |
15,825,047 |
12,060,647 |
9,783,160 |
8,188,624 |
|
Shareholders' Funds |
21,266,112 |
15,825,047 |
12,060,647 |
9,783,160 |
8,188,624 |
|
Total Share Capital |
183,434 |
183,434 |
183,434 |
183,434 |
183,434 |
|
Total Reserves |
21,082,678 |
15,641,613 |
11,877,213 |
9,599,726 |
8,005,190 |
|
GROWTH RATIOS (Year on Year) (%) |
|||||
|
Revenue |
12.80 |
10.37 |
9.93 |
27.86 |
4.89 |
|
Proft/(Loss) Before Tax |
45.02 |
62.94 |
46.30 |
430.22 |
195.87 |
|
Proft/(Loss) After Tax |
44.54 |
65.29 |
42.83 |
358.36 |
195.87 |
|
Total Assets |
(0.98) |
5.38 |
(7.68) |
55.04 |
(0.20) |
|
Total Liabilities |
(18.21) |
(3.84) |
(15.27) |
67.25 |
(1.70) |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.10 |
0.14 |
0.09 |
0.09 |
0.11 |
|
Liquid Ratio |
1.00 |
0.82 |
0.75 |
0.76 |
0.82 |
|
Current Ratio |
1.79 |
1.47 |
1.35 |
1.24 |
1.34 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
90 |
103 |
107 |
112 |
93 |
|
Debtors Ratio |
101 |
105 |
118 |
156 |
126 |
|
Creditors Ratio |
22 |
22 |
20 |
21 |
19 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
0 |
0 |
0 |
0 |
0 |
|
Liabilities Ratio |
1.25 |
2.05 |
2.80 |
4.08 |
2.91 |
|
Times Interest Earned Ratio |
64.12 |
22.74 |
9.40 |
8.37 |
2.16 |
|
Assets Backing Ratio |
115.39 |
85.73 |
65.45 |
53.04 |
44.34 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
7.47 |
5.81 |
3.94 |
2.96 |
0.71 |
|
Net Profit Margin |
6.38 |
4.98 |
3.32 |
2.56 |
0.71 |
|
Return On Net Assets |
30.46 |
29.06 |
25.04 |
21.41 |
7.92 |
|
Return On Capital Employed |
30.32 |
28.88 |
24.93 |
21.29 |
7.87 |
|
Return On Shareholders' Funds/Equity |
25.59 |
23.79 |
18.88 |
16.30 |
4.25 |
|
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 67.78 |
|
|
1 |
INR 92.89 |
|
Euro |
1 |
INR 80.74 |
|
SGD |
1 |
INR 49.97 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
KET |
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.