|
|
|
MIRA
INFORM REPORT
|
Report No. : |
510475 |
|
Report Date : |
24.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
JUKI SINGAPORE PTE LTD |
|
|
|
|
Registered Office : |
20, Bendemeer Road, 04-12, Bs Bendemeer Centre, 339914 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
|
Date of Incorporation : |
17.03.1995 |
|
|
|
|
Com. Reg. No.: |
199501853K |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
The Subject is engaged in the trading of industrial sewing
machines and its related spare parts. |
|
|
|
|
No. of Employees : |
94 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
B |
|
Credit Rating |
Explanation |
Rating Comments |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
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. |
: |
199501853K |
||||
|
COMPANY NAME |
: |
JUKI SINGAPORE PTE LTD |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
17/03/1995 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY SHARE) |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
20, BENDEMEER ROAD, 04-12, BS BENDEMEER CENTRE, 339914,
SINGAPORE. |
||||
|
BUSINESS ADDRESS |
: |
20, BENDEMEER ROAD, 04-12, BS BENDEMEER CENTRE, 339914,
SINGAPORE. |
||||
|
TEL.NO. |
: |
65-65534388 |
||||
|
FAX.NO. |
: |
65-65525568 |
||||
|
WEB SITE |
: |
WWW.JUKI.COM.SG |
||||
|
CONTACT PERSON |
: |
KATSUMI NIHEI ( DIRECTOR ) |
||||
|
PRINCIPAL ACTIVITY |
: |
TRADING OF INDUSTRIAL SEWING MACHINES AND ITS RELATED SPARE
PARTS |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
42,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 42,000,000.00 |
||||
|
SALES |
: |
USD 333,118,139 [2016] |
||||
|
NET WORTH |
: |
USD 5,299,172 [2016] |
||||
|
STAFF STRENGTH |
: |
94 [2018] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
POOR |
||||
|
PAYMENT |
: |
SLOW BUT CORRECT |
||||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL RISK |
: |
MODERATE |
||||
|
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 and its related spare parts.
The immediate and ultimate holding company of the Subject is JUKI
CORPORATION, a company incorporated in JAPAN.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
22/05/2018 |
SGD 42,000,000.00 |
The major shareholder(s) of the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
JUKI CORPORATION |
2-11-1, TSURUMAKI, TAMA-SHI, TOKYO 206-8551 ,JAPAN |
S95UF0314 |
42,000,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
42,000,000.00 |
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 |
JUKI INDIA PRIVATE LIMITED |
- |
100.00 |
31/12/2016 |
|
|
SRI LANKA |
JUKI LANKA SERVICE CENTRE (PRIVATE) LIMITED |
- |
100.00 |
31/12/2016 |
|
|
VIETNAM |
JUKI MACHINERY VIETNAM COMPANY LTD |
- |
100.00 |
31/12/2016 |
DIRECTORS |
DIRECTOR 1
|
Name Of Subject |
: |
YOSHIHARU TAKEUCHI |
|
Address |
: |
88, MERGUI ROAD, 23 - 03, FORTE SUITES, 219062, SINGAPORE. |
|
IC / PP No |
: |
G5527535T |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
01/01/2018 |
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 |
199501853K |
JUKI SINGAPORE PTE LTD |
Director |
01/01/2018 |
0.00 |
- |
USD(9,394,356.00) |
2016 |
- |
22/05/2018 |
DIRECTOR 2
|
Name Of Subject |
: |
YUTAKA ABE |
|
Address |
: |
83, DEVONSHIRE ROAD, 05 - 02, THE METZ, 239864, SINGAPORE. |
|
IC / PP No |
: |
G3444523R |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
01/01/2018 |
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 |
199501853K |
JUKI SINGAPORE PTE LTD |
Director |
01/01/2018 |
0.00 |
- |
USD(9,394,356.00) |
2016 |
- |
22/05/2018 |
DIRECTOR 3
|
Name Of Subject |
: |
GOH TANG CHEOW |
|
Address |
: |
188D, RIVERVALE DRIVE, 14-1030, 544188, SINGAPORE. |
|
IC / PP No |
: |
S1302903B |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
01/01/2017 |
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 |
199501853K |
JUKI SINGAPORE PTE LTD |
Director |
01/01/2017 |
0.00 |
- |
USD(9,394,356.00) |
2016 |
- |
22/05/2018 |
DIRECTOR 4
|
Name Of Subject |
: |
YUJI MUROI |
|
Address |
: |
88, JELLICOE ROAD, 10-24, CITYLIGHTS, 208747, SINGAPORE. |
|
IC / PP No |
: |
G3379247L |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
01/05/2017 |
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 |
199501853K |
JUKI SINGAPORE PTE LTD |
Director |
01/05/2017 |
0.00 |
- |
USD(9,394,356.00) |
2016 |
- |
22/05/2018 |
DIRECTOR 5
|
Name Of Subject |
: |
KAZUNORI SUZUKI |
|
Address |
: |
670, JALAN DAMAI, 04-39, EUNOS DAMAI VILLE, 410670, SINGAPORE. |
|
IC / PP No |
: |
S2771960J |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
01/01/2017 |
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 |
199501853K |
JUKI SINGAPORE PTE LTD |
Director |
01/01/2017 |
0.00 |
- |
USD(9,394,356.00) |
2016 |
- |
22/05/2018 |
MANAGEMENT |
|
1) |
Name of Subject |
: |
KATSUMI NIHEI |
|
Position |
: |
DIRECTOR |
|
|
2) |
Name of Subject |
: |
YUTAKA ABE |
|
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 |
Banking relations are maintained principally with :
|
1) |
Name |
: |
DBS BANK LTD |
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 |
[ |
] |
Average 61-90 Days |
[ |
X |
] |
|||||
|
Fair 91-120 Days |
[ |
] |
Poor >120 Days |
[ |
] |
|||||||||
CLIENTELE |
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
MIDDLE EAST |
|||
|
Credit Term |
: |
180 DAYS |
|||
|
Payment Mode |
: |
CHEQUES |
|||
OPERATIONS |
|
Goods Traded |
: |
INDUSTRIAL SEWING MACHINES AND ITS RELATED SPARE PARTS |
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2018 |
2017 |
2016 |
2015 |
2014 |
||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
N/A |
||||
|
COMPANY |
94 |
90 |
50 |
50 |
50 |
||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) trading of industrial
sewing machines and its related spare parts.
Products dealings:
* general machines category: 1-2 needle, lockstitch machine, overlock/safety
stitch machine, zigzag stitching machine, covering stitch machine, double
chainstitch machine, special purpose machine
* automatic machine category: button sewing machine, artacking/shape-tacking
machine, eyelet buttonholing machine, computer-controlled, cycle machine,
automatic button sewing indexed, automatic machine
* LHD machine category: flat-bed sewing machine, long arm sewing machine,
cylinder-bed sewing machine, post-bed sewing machine, extra heavy-weight
material machine
CURRENT INVESTIGATION |
Latest fresh investigations carried out on the Subject indicated
that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-65534388 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
20 BENDEMEER ROAD #04-12, BS BENDEMEER CENTRE SINGAPORE |
|
Current Address |
: |
20, BENDEMEER ROAD, 04-12, BS BENDEMEER CENTRE, 339914,
SINGAPORE. |
|
Match |
: |
NO |
Other Investigations
We have contacted one of the staff from the Subject and she provided some
information.
The address provided is incomplete.
The Subject refused to disclose its number of employees.
FINANCIAL ANALYSIS |
|
|
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
2012 - 2016 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2012 - 2016 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
(177.28%) |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
(133.72%) |
] |
|
|
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 incurred losses during the year due to the inefficient control of its
operating costs. The Subject's unfavourable returns on shareholders' funds
indicate the management's inefficiency in utilising its assets to generate
returns. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Unfavourable |
[ |
113 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
115 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
16 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 |
: |
Unfavourable |
[ |
0.56 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.01 Times |
] |
|
|
A low liquid ratio means that the Subject may be facing working
capital deficiency. If the Subject cannot obtain additional financing or
injection of fresh capital, it may face difficulties in meeting its short
term obligations. |
||||||
|
Solvency |
||||||
|
Interest Cover |
: |
Unfavourable |
[ |
(2.81 Times) |
] |
|
|
Gearing Ratio |
: |
Unfavourable |
[ |
11.40 Times |
] |
|
|
The Subject incurred losses in the year. It did not generate
sufficient income to service its interest. If the situation does not
improve, the Subject may be vulnerable to default in servicing the interest.
The Subject was highly geared, thus it had a high financial risk. The Subject
was dependent on loans to finance its business needs. In times of economic
downturn and / or high interest rate, the Subject will become less profitable
and competitive than other firms in the same industry, which are lowly
geared. This is because the Subject has to service the interest and to repay
the loan, which will erode part of its profits. The profits will fluctuate
depending on the Subject's turnover and the interest it needs to pay. |
||||||
|
Overall Assessment : |
||||||
|
Although the Subject's turnover increased its profits however
showed a reverse trend. The losses could be due to the management's failure
to maintain its competitiveness in the market. Due to its weak liquidity
position, the Subject will be faced with problems in meeting all its short
term obligations if no short term loan is obtained or additional capital
injected into the Subject. The Subject's interest cover was negative,
indicating that it did not generate sufficient income to service its
interest. If its result does not show impressive improvements or succeed
obtaining short term financing or capital injection, it may not be able to
service its interest and repay the loans. The Subject's gearing level was
high and its going concern will be in doubt if there is no injection of
additional shareholders' funds in times of economic downturn and / or high
interest rates. |
||||||
|
Overall financial condition of the Subject : POOR |
||||||
|
|
||||||
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 |
|
|
PROFIT AND LOSS ACCOUNT |
|
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH
SINGAPORE FINANCIAL REPORTING STANDARDS. |
|
JUKI SINGAPORE 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 |
333,118,139 |
323,179,976 |
297,059,350 |
260,821,194 |
215,217,126 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
333,118,139 |
323,179,976 |
297,059,350 |
260,821,194 |
215,217,126 |
|
Costs of Goods Sold |
- |
- |
(265,597,991) |
(225,569,048) |
(192,794,629) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
- |
- |
31,461,359 |
35,252,146 |
22,422,497 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
(9,611,712) |
148,209 |
773,431 |
291,936 |
803,670 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
(9,611,712) |
148,209 |
773,431 |
291,936 |
803,670 |
|
Taxation |
217,356 |
37,423 |
(215,184) |
21,556 |
(106,829) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
(9,394,356) |
185,632 |
558,247 |
313,492 |
696,841 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
6,613,748 |
6,428,116 |
5,869,869 |
5,556,377 |
4,859,536 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
6,613,748 |
6,428,116 |
5,869,869 |
5,556,377 |
4,859,536 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
(2,780,608) |
6,613,748 |
6,428,116 |
5,869,869 |
5,556,377 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
(2,780,608) |
6,613,748 |
6,428,116 |
5,869,869 |
5,556,377 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Others |
2,525,399 |
2,650,129 |
1,845,304 |
1,942,952 |
1,471,189 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
2,525,399 |
2,650,129 |
1,845,304 |
1,942,952 |
1,471,189 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION (as per notes to P&L) |
197,829 |
181,330 |
126,000 |
89,326 |
803,670 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Amortization And Depreciation |
197,829 |
181,330 |
126,000 |
89,326 |
803,670 |
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
BALANCE SHEET |
|
|
|
JUKI SINGAPORE PTE LTD |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
214,848 |
329,196 |
342,782 |
145,162 |
139,348 |
|
LONG TERM INVESTMENTS/OTHER ASSETS |
|||||
|
Subsidiary companies |
2,046,352 |
1,554,294 |
1,554,294 |
1,554,294 |
1,554,294 |
|
Associated companies |
36,406 |
36,406 |
36,406 |
36,406 |
36,406 |
|
Deferred assets |
283,500 |
24,300 |
- |
26,907 |
26,907 |
|
Others |
56,361 |
56,361 |
56,361 |
70,765 |
56,361 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
2,422,619 |
1,671,361 |
1,647,061 |
1,688,372 |
1,673,968 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
2,637,467 |
2,000,557 |
1,989,843 |
1,833,534 |
1,813,316 |
|
CURRENT ASSETS |
|||||
|
Stocks |
102,756,335 |
97,171,633 |
114,033,155 |
101,201,563 |
100,703,289 |
|
Trade debtors |
104,567,163 |
90,459,757 |
76,542,123 |
51,151,415 |
41,607,543 |
|
Other debtors, deposits & prepayments |
946,756 |
853,094 |
690,709 |
602,032 |
787,818 |
|
Short term deposits |
- |
- |
- |
2,500,000 |
5,000,000 |
|
Amount due from holding company |
2,205,098 |
6,457,545 |
3,344,730 |
3,090,070 |
46,285 |
|
Amount due from subsidiary companies |
11,058,191 |
8,494,513 |
4,419,797 |
2,229,358 |
6,125,742 |
|
Amount due from related companies |
2,539,363 |
1,318,890 |
2,807,886 |
4,341,475 |
1,866,752 |
|
Amount due from associated companies |
330,087 |
306,161 |
212,023 |
159,565 |
794,687 |
|
Cash & bank balances |
3,538,802 |
6,341,738 |
3,001,538 |
1,057,834 |
1,360,568 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
227,941,795 |
211,403,331 |
205,051,961 |
166,333,312 |
158,292,684 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
230,579,262 |
213,403,888 |
207,041,804 |
168,166,846 |
160,106,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
14,610,377 |
14,062,731 |
11,140,495 |
9,935,491 |
10,757,691 |
|
Other creditors & accruals |
3,328,309 |
2,786,861 |
2,561,858 |
1,874,236 |
411,565 |
|
Short term borrowings/Term loans |
60,426,359 |
56,487,414 |
41,479,656 |
32,000,000 |
36,500,000 |
|
Amounts owing to holding company |
142,373,510 |
120,369,325 |
134,181,320 |
106,797,424 |
92,746,281 |
|
Amounts owing to subsidiary companies |
1,211,159 |
1,186,080 |
1,041,367 |
541,015 |
541,851 |
|
Amounts owing to related companies |
2,995,697 |
3,360,804 |
1,690,360 |
2,815,503 |
5,016,742 |
|
Amounts owing to associated companies |
287,345 |
430,845 |
312,052 |
253,528 |
411,310 |
|
Provision for taxation |
47,334 |
26,300 |
121,200 |
- |
84,403 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
225,280,090 |
198,710,360 |
192,528,308 |
154,217,197 |
146,469,843 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
2,661,705 |
12,692,971 |
12,523,653 |
12,116,115 |
11,822,841 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
LONG TERM LIABILITIES |
|||||
|
Deferred taxation |
- |
- |
5,600 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
- |
- |
5,600 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
5,299,172 |
14,693,528 |
14,507,896 |
13,949,649 |
13,636,157 |
|
============= |
============= |
============= |
============= |
============= |
|
|
FINANCED BY: |
|||||
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
8,079,780 |
8,079,780 |
8,079,780 |
8,079,780 |
8,079,780 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
8,079,780 |
8,079,780 |
8,079,780 |
8,079,780 |
8,079,780 |
|
RESERVES |
|||||
|
Retained profit/(loss) carried forward |
(2,780,608) |
6,613,748 |
6,428,116 |
5,869,869 |
5,556,377 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
(2,780,608) |
6,613,748 |
6,428,116 |
5,869,869 |
5,556,377 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
5,299,172 |
14,693,528 |
14,507,896 |
13,949,649 |
13,636,157 |
|
============= |
============= |
============= |
============= |
============= |
|
|
|
FINANCIAL RATIO |
|
|
|
JUKI SINGAPORE PTE LTD |
|
TYPES OF FUNDS |
|||||
|
Cash |
3,538,802 |
6,341,738 |
3,001,538 |
3,557,834 |
6,360,568 |
|
Net Liquid Funds |
3,538,802 |
6,341,738 |
3,001,538 |
3,557,834 |
6,360,568 |
|
Net Liquid Assets |
(100,094,630) |
(84,478,662) |
(101,509,502) |
(89,085,448) |
(88,880,448) |
|
Net Current Assets/(Liabilities) |
2,661,705 |
12,692,971 |
12,523,653 |
12,116,115 |
11,822,841 |
|
Net Tangible Assets |
5,299,172 |
14,693,528 |
14,507,896 |
13,949,649 |
13,636,157 |
|
Net Monetary Assets |
(100,094,630) |
(84,478,662) |
(101,515,102) |
(89,085,448) |
(88,880,448) |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest & Tax (EBIT) |
(7,086,313) |
2,798,338 |
2,618,735 |
2,234,888 |
2,274,859 |
|
Earnings Before Interest, Taxes, Depreciation And Amortization
(EBITDA) |
(6,888,484) |
2,979,668 |
2,744,735 |
2,324,214 |
3,078,529 |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
60,426,359 |
56,487,414 |
41,479,656 |
32,000,000 |
36,500,000 |
|
Total Liabilities |
225,280,090 |
198,710,360 |
192,533,908 |
154,217,197 |
146,469,843 |
|
Total Assets |
230,579,262 |
213,403,888 |
207,041,804 |
168,166,846 |
160,106,000 |
|
Net Assets |
5,299,172 |
14,693,528 |
14,507,896 |
13,949,649 |
13,636,157 |
|
Net Assets Backing |
5,299,172 |
14,693,528 |
14,507,896 |
13,949,649 |
13,636,157 |
|
Shareholders' Funds |
5,299,172 |
14,693,528 |
14,507,896 |
13,949,649 |
13,636,157 |
|
Total Share Capital |
8,079,780 |
8,079,780 |
8,079,780 |
8,079,780 |
8,079,780 |
|
Total Reserves |
(2,780,608) |
6,613,748 |
6,428,116 |
5,869,869 |
5,556,377 |
|
GROWTH RATIOS (Year on Year) (%) |
|||||
|
Revenue |
3.08 |
8.79 |
13.89 |
21.19 |
(2.92) |
|
Proft/(Loss) Before Tax |
(6,585.24) |
(80.84) |
164.93 |
(63.67) |
8.52 |
|
Proft/(Loss) After Tax |
(5,160.74) |
(66.75) |
78.07 |
(55.01) |
18.21 |
|
Total Assets |
8.05 |
3.07 |
23.12 |
5.03 |
14.08 |
|
Total Liabilities |
13.37 |
3.21 |
24.85 |
5.29 |
14.96 |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.02 |
0.03 |
0.02 |
0.02 |
0.04 |
|
Liquid Ratio |
0.56 |
0.57 |
0.47 |
0.42 |
0.39 |
|
Current Ratio |
1.01 |
1.06 |
1.07 |
1.08 |
1.08 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
113 |
110 |
140 |
142 |
171 |
|
Debtors Ratio |
115 |
102 |
94 |
72 |
71 |
|
Creditors Ratio |
16 |
16 |
15 |
16 |
20 |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
11.40 |
3.84 |
2.86 |
2.29 |
2.68 |
|
Liabilities Ratio |
42.51 |
13.52 |
13.27 |
11.06 |
10.74 |
|
Times Interest Earned Ratio |
(2.81) |
1.06 |
1.42 |
1.15 |
1.55 |
|
Assets Backing Ratio |
0.66 |
1.82 |
1.80 |
1.73 |
1.69 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
(2.89) |
0.05 |
0.26 |
0.11 |
0.37 |
|
Net Profit Margin |
(2.82) |
0.06 |
0.19 |
0.12 |
0.32 |
|
Return On Net Assets |
(133.72) |
19.04 |
18.05 |
16.02 |
16.68 |
|
Return On Capital Employed |
(133.72) |
19.04 |
18.04 |
16.02 |
16.68 |
|
Return On Shareholders' Funds/Equity |
(177.28) |
1.26 |
3.85 |
2.25 |
5.11 |
|
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 68.21 |
|
|
1 |
INR 91.43 |
|
Euro |
1 |
INR 80.24 |
|
SGD |
1 |
INR 50.90 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TRU |
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.