|
Report Date : |
28.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
NICO STEEL SOLUTIONS (S) PTE. LTD. |
|
|
|
|
Formerly Known As : |
NICO STEEL CENTRE (S) PTE LTD (29.10.2002) |
|
|
|
|
Registered Office : |
51, Loyang Way, 508744 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
28.02.2013 |
|
|
|
|
Date of Incorporation : |
07.07.1995 |
|
|
|
|
Com. Reg. No.: |
199504753-E |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Manufacture and repair of machinery and machine- tools - metal cutting
types |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Singapore |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
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. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. Real GDP growth averaged 8.6% between 2004 and 2007. The economy contracted 0.8% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010, on the strength of renewed exports, before slowing to 5.2% in 2011 and 1.3% in 2012, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to an average of about 1.0% in the last decade. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub.
|
Source
: CIA |
|
REGISTRATION NO. |
: |
199504753-E |
|||
|
COMPANY NAME |
: |
NICO STEEL SOLUTIONS (S) PTE. LTD. |
|||
|
FORMER NAME |
: |
NICO STEEL CENTRE (S) PTE LTD (29/10/2002) |
|||
|
INCORPORATION DATE |
: |
07/07/1995 |
|||
|
COMPANY STATUS |
: |
EXIST |
|||
|
LEGAL FORM |
: |
PRIVATE LIMITED |
|||
|
LISTED STATUS |
: |
NO |
|||
|
REGISTERED ADDRESS |
: |
51, LOYANG WAY, 508744, SINGAPORE. |
|||
|
BUSINESS ADDRESS |
: |
48 CHANGI SOUTH STREET 1, NICO BUILDING, CHANGI SOUTH INDUSTRIAL
ESTATE, 486130, SINGAPORE. |
|||
|
TEL.NO. |
: |
65-65421886 |
|||
|
FAX.NO. |
: |
65-65421986 |
|||
|
EMAIL |
: |
SALES@NICO.COM.SG |
|||
|
WEB SITE |
: |
WWW.NICOSTEEL.COM |
|||
|
CONTACT PERSON |
: |
TAN CHEE KHIONG ( MANAGING DIRECTOR ) |
|||
|
PRINCIPAL ACTIVITY |
: |
MANUFACTURE AND REPAIR OF MACHINERY AND MACHINE- TOOLS - METAL CUTTING
TYPES |
|||
|
ISSUED AND PAID UP CAPITAL |
: |
900,000.00 ORDINARY SHARE, OF A VALUE OF SGD 900,000.00 |
|||
|
SALES |
: |
USD 24,727,062 [2013] |
|||
|
NET WORTH |
: |
USD 5,421,814 [2013] |
|||
|
STAFF STRENGTH |
: |
N/A |
|||
|
|||||
|
LITIGATION |
: |
CLEAR |
|||
|
FINANCIAL CONDITION |
: |
POOR |
|||
|
PAYMENT |
: |
AVERAGE |
|||
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|||
|
COMMERCIAL RISK |
: |
LOW |
|||
|
CURRENCY EXPOSURE |
: |
MODERATE |
|||
|
GENERAL REPUTATION |
: |
SATISFACTORY |
|||
|
INDUSTRY OUTLOOK |
: |
MATURE |
|||
The SC 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 SC must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the SC 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 SC is insolvent. The SC 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 SC is principally engaged in the (as a / as an) manufacture and repair of machinery and machine- tools - metal cutting types.
The immediate holding company of the SC is NICO STEEL HOLDINGS LIMITED, a company incorporated in SINGAPORE.
The ultimate holding company of the SC is D.S.A.G INVESTMENT PTE LTD, a company incorporated in SINGAPORE.
The major shareholder(s) of the SC are shown as follows :
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
NICO STEEL HOLDINGS LIMITED |
51, LOYANG WAY, 508744, SINGAPORE. |
200104166D |
900,000.00 |
100.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
900,000.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
DIRECTOR 1
|
Name Of Subject |
: |
TANG HEE KYA |
|
Address |
: |
20A, RICHARDS AVENUE, 546429, SINGAPORE. |
|
IC / PP No |
: |
S2572915C |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
24/02/1997 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject |
: |
TAN CHEE KHIONG |
|
Address |
: |
20A, RICHARDS AVENUE, 546429, SINGAPORE. |
|
IC / PP No |
: |
S1724457D |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
07/07/1995 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject |
: |
TANG CHEE BIAN |
|
Address |
: |
20A, RICHARDS AVENUE, 546429, SINGAPORE. |
|
IC / PP No |
: |
S1805146Z |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
24/02/1997 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 4
|
Name Of Subject |
: |
TANG CHEE WEE |
|
Address |
: |
20A, RICHARDS AVENUE, 546432, SINGAPORE. |
|
IC / PP No |
: |
S6909127Z |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
24/02/1997 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1) |
Name of Subject |
: |
TAN CHEE KHIONG |
|
|
Position |
: |
MANAGING DIRECTOR |
|
Auditor |
: |
KPMG LLP |
|
Auditor' Address |
: |
N/A |
|
|
|
|
|
1) |
Company Secretary |
: |
TAN CHEE KHIONG |
|
|
IC / PP No |
: |
S1724457D |
|
|
|
|
|
|
|
Address |
: |
20A, RICHARDS AVENUE, 546429, SINGAPORE. |
|
|
|
|
|
|
|
|
|
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
BANGKOK BANK PUBLIC COMPANY LTD |
|
|
|
|
|
|
|
|
|
|
|
2) |
Name |
: |
STANDARD CHARTERED BANK |
|
|
|
|
|
|
|
|
|
|
|
3) |
Name |
: |
THE DEVELOPMENT BANK OF SINGAPORE LTD |
|
|
|
|
|
|
|
|
|
|
No encumbrance was found in our databank at the time of investigation.
* A check has been conducted in our databank againt the SC 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.
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
YES |
|
Overseas |
: |
YES |
|
|
|
|
The SC 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 |
[ |
|
] |
|
|
|
|
|
|
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|
|
|
|
Export Market |
: |
WORLDWIDE |
|||
|
Credit Term |
: |
N/A |
|||
|
|
|
|
|
|
|
|
Payment Mode |
: |
CHEQUES |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Products manufactured |
: |
|
|
|
|
|
|
|
Branch |
: |
NO
|
Other Information:
The SC is principally engaged in the (as a / as an) manufacture and repair of machinery
and machine- tools - metal cutting types.
Activities:
The SC is a processor and distributor of comprehensive range of specialty &
commercial ferrous and non-ferrous material (eg. copper, brass, bronze,
stainless steel, aluminium etc). subject has established a new coil centre in
suzhou, china.
Products:
* nico solderite
* stainless steel
* copper alloy
* aluminum alloy
* carbon steel alloy
* brass strip
* copper strip
* phospher bronze strip
Industries served:
* consumer electronics
* telecommunications
* hard disk drive
Latest fresh investigations carried out on the SC indicated that :
|
Telephone Number Provided By Client |
: |
6565421886 |
|
Current Telephone Number |
: |
65-65421886 |
|
Match |
: |
YES |
|
|
|
|
|
Address Provided by Client |
: |
48 CHANGI SOUTH STREET 1, NICO BUILDING, CHANGI SOUTH INDUSTRIAL ESTATE, SINGAPORE 486130 |
|
Current Address |
: |
48 CHANGI SOUTH STREET 1, NICO BUILDING, CHANGI SOUTH INDUSTRIAL ESTATE, 486130, SINGAPORE. |
|
Match |
: |
YES |
|
|
|
|
Other Investigations
On 20th November 2013 we contacted one of the staff from the SC and she
provided some information on the SC.
The SC refused to disclose its number of employees.
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Decreased |
[ |
28.05% |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
94.25% |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
4.23% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
13.63% |
] |
|
|
|
|
|
|
|
|
|
|
The lower turnover could be due to the intense market competition.The SC's profit fell sharply because of the high operating costs incurred. The unfavourable return on shareholders' funds could indicate that the SC was inefficient in utilising its assets to generate returns. |
||||||
|
|
|
|
|
|
|
|
|
Working Capital Control |
|
|
|
|
|
|
|
Stock Ratio |
: |
Favourable |
[ |
36 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
182 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
24 Days |
] |
|
|
|
|
|
|
|
|
|
|
The SC's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The SC's debtors ratio was high. The SC should tighten its credit control and improve its collection period. The SC had a favourable creditors' ratio where the SC could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors. |
||||||
|
|
|
|
|
|
|
|
|
Liquidity |
|
|
|
|
|
|
|
Liquid Ratio |
: |
Favourable |
[ |
1.11 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.33 Times |
] |
|
|
|
|
|
|
|
|
|
|
A minimum liquid ratio of 1 should be maintained by the SC in order to assure its creditors of its ability to meet short term obligations and the SC was in a good liquidity position. Thus, we believe the SC is able to meet all its short term obligations as and when they fall due. |
||||||
|
|
|
|
|
|
|
|
|
Solvency |
|
|
|
|
|
|
|
Interest Cover |
: |
Unfavourable |
[ |
1.49 Times |
] |
|
|
Gearing Ratio |
: |
Unfavourable |
[ |
1.26 Times |
] |
|
|
|
|
|
|
|
|
|
|
The SC's interest cover was low. If its profits fall or when interest rate rises, it may not be able to meet all its interest payment. The SC was highly geared, thus it had a high financial risk. The SC was dependent on loans to finance its business needs. In times of economic downturn and / or high interest rate, the SC will become less profitable and competitive than other firms in the same industry, which are lowly geared. This is because the SC has to service the interest and to repay the loan, which will erode part of its profits. The profits will fluctuate depending on the SC's turnover and the interest it needs to pay. |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall Assessment : |
|
|
|
|
|
|
|
The SC's performance deteriorated over the years with lower turnover and profit. The SC was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the SC should be able to repay its short term obligations. If there is a fall in the SC's profit or any increase in interest rate, the SC may not be able to generate sufficient cash-flow to service its interest. The SC'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 SC : POOR |
||||||
|
Major Economic Indicators : |
2008 |
2009 |
2010 |
2011 |
2012 |
|
|
|
|
|
|
|
|
Population (Million) |
4.84 |
4.98 |
5.08 |
5.18 |
5.31 |
|
Gross Domestic Products ( % ) |
1.5 |
<0.8> |
14.5 |
4.9 |
1.3 |
|
Consumer Price Index |
6.6 |
0.6 |
2.8 |
5.2 |
4.6 |
|
Total Imports (Million) |
450,892.6 |
356,299.3 |
423,221.8 |
459,655.1 |
474,554.0 |
|
Total Exports (Million) |
476,762.2 |
391,118.1 |
478,840.7 |
514,741.2 |
510,329.0 |
|
|
|
|
|
|
|
|
Unemployment Rate (%) |
2.2 |
3.2 |
2.2 |
2.1 |
2.0 |
|
Tourist Arrival (Million) |
10.12 |
9.68 |
11.64 |
13.17 |
14.37 |
|
Hotel Occupancy Rate (%) |
81.0 |
75.8 |
85.6 |
86.5 |
86.4 |
|
Cellular Phone Subscriber (Million) |
1.31 |
1.37 |
1.43 |
1.50 |
1.52 |
|
|
|
|
|
|
|
|
Registration of New Companies (No.) |
25,327 |
26,414 |
29,798 |
32,317 |
31,892 |
|
Registration of New Companies (%) |
<2.2> |
4.3 |
12.8 |
8.5 |
<1.3> |
|
Liquidation of Companies (No.) |
10,493 |
22,393 |
15,126 |
19,005 |
17,218 |
|
Liquidation of Companies (%) |
13.7 |
113.4 |
<32.5> |
25.6 |
9.4 |
|
|
|
|
|
|
|
|
Registration of New Businesses (No.) |
24,850 |
26,876 |
23,978 |
23,494 |
24,788 |
|
Registration of New Businesses (%) |
0.36 |
8.15 |
<10.78> |
2.02 |
5.51 |
|
Liquidation of Businesses (No.) |
21,150 |
23,552 |
24,211 |
23,005 |
22,489 |
|
Liquidation of Businesses (%) |
<0.8> |
11.4 |
2.8 |
<5> |
<2.2> |
|
|
|
|
|
|
|
|
Bankruptcy Orders (No.) |
2,326 |
2,058 |
1,537 |
1,527 |
1,748 |
|
Bankruptcy Orders (%) |
<15.9> |
<11.5> |
<25.3> |
<0.7> |
14.5 |
|
Bankruptcy Discharges (No.) |
1,500 |
3,056 |
2,252 |
1,391 |
1,881 |
|
Bankruptcy Discharges (%) |
<7.7> |
103.7 |
<26.3> |
<38.2> |
35.2 |
|
|
|
|
|
|
|
|
INDUSTRIES ( % of Growth ) : |
|
|
|
|
|
|
Agriculture |
|
|
|
|
|
|
Production of Principal Crops |
<0.32> |
3.25 |
<0.48> |
4.25 |
3.64 |
|
Fish Supply & Wholesale |
<6.31> |
<1.93> |
<10.5> |
12.10 |
<0.5> |
|
|
|
|
|
|
|
|
Manufacturing * |
74.6 |
71.5 |
92.8 |
100.0 |
100.3 |
|
Food, Beverages & Tobacco |
94.8 |
90.4 |
96.4 |
100.0 |
103.5 |
|
Textiles |
180.1 |
145.9 |
122.1 |
100.0 |
104.0 |
|
Wearing Apparel |
334.6 |
211.0 |
123.3 |
100.0 |
92.1 |
|
Leather Products & Footwear |
128.2 |
79.5 |
81.8 |
100.0 |
98.6 |
|
Wood & Wood Products |
132.0 |
101.4 |
104.0 |
100.0 |
95.5 |
|
Paper & Paper Products |
101.0 |
95.4 |
106.1 |
100.0 |
97.4 |
|
Printing & Media |
118.2 |
100.9 |
103.5 |
100.0 |
93.0 |
|
Crude Oil Refineries |
113.1 |
96.4 |
95.6 |
100.0 |
99.4 |
|
Chemical & Chemical Products |
84.5 |
80.3 |
97.6 |
100.0 |
100.5 |
|
Pharmaceutical Products |
43.7 |
49.1 |
75.3 |
100.0 |
109.7 |
|
Rubber & Plastic Products |
120.1 |
101.2 |
112.3 |
100.0 |
96.5 |
|
Non-metallic Mineral |
96.5 |
91.9 |
92.5 |
100.0 |
98.2 |
|
Basic Metals |
109.8 |
92.6 |
102.2 |
100.0 |
90.6 |
|
Fabricated Metal Products |
101.3 |
90.8 |
103.6 |
100.0 |
104.3 |
|
Machinery & Equipment |
65.0 |
57.3 |
78.5 |
100.0 |
112.9 |
|
Electrical Machinery |
81.7 |
86.8 |
124.1 |
100.0 |
99.3 |
|
Electronic Components |
93.1 |
85.2 |
113.6 |
100.0 |
90.6 |
|
Transport Equipment |
102.0 |
96.0 |
94.0 |
100.0 |
106.3 |
|
|
|
|
|
|
|
|
Construction |
45.90 |
<36.9> |
14.20 |
20.50 |
28.70 |
|
Real Estate |
<11.2> |
1.4 |
21.3 |
25.4 |
31.9 |
|
|
|
|
|
|
|
|
Services |
|
|
|
|
|
|
Electricity, Gas & Water |
<1.3> |
1.70 |
4.00 |
7.00 |
6.30 |
|
Transport, Storage & Communication |
11.60 |
3.90 |
12.80 |
7.40 |
5.30 |
|
Finance & Insurance |
<5.9> |
<16.4> |
<0.4> |
8.90 |
0.50 |
|
Government Services |
17.40 |
4.50 |
9.70 |
6.90 |
6.00 |
|
Education Services |
0.50 |
0.10 |
<0.9> |
<1.4> |
0.30 |
|
|
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* Based on Index of Industrial Production (2011 = 100) |
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INDUSTRY
: MANUFACTURING
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The manufacturing sector contracted by 1.1% in the fourth quarter of 2012, led by declines in the electronics and precision engineering clusters. These clusters were weighed down by weak global demand for semiconductors and semiconductor-related equipment. For the whole year of 2012, the manufacturing sector grew by 0.1%, significantly lower than the 7.8% recorded in 2011 when the sector was boosted by a surge in the growth of the biomedical manufacturing cluster. |
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Output of the biomedical manufacturing cluster grew by 2.4% in the fourth quarter. The expansion was driven by the medical technology segment which grew by a healthy 9.2%, benefitting from robust export demand for medical devices. The pharmaceuticals segment also grew by a modest 1.1%. For 2012, the biomedical manufacturing cluster expanded by 9.9%. |
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Output of the transport engineering cluster expanded by 4.9% in the fourth quarter. The aerospace segment grew by 6.2%, supported by higher demand for repair jobs from commercial airlines. Similarly, the marine & offshore engineering segment expanded by 5.0%, on the back of higher contributions from oil rig projects and oilfield equipment components. In the year 2012, the transport engineering cluster surged by 11%. |
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The output of the precision engineering cluster shrank by 1.3% in the fourth quarter. The decline was led by the 5.3% contraction in the machinery & systems segment, which saw weak export demand for semiconductor-related equipment. On the other hand, the precision modules & components segment grew by 2.9%, supported by higher production of optical instruments & photographic equipment and electronic connectors. In 2012, the precision engineering cluster expanded by 1.3%. |
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The general manufacturing cluster's output grew by 1.2% in the fourth quarter, driven by the 6.4% growth in the miscellaneous industries segment. The segment's growth was supported by higher production of batteries and constructionrelated materials. By contrast, the printing and food, beverages & tobacco segments declined by 6.4% and 1.3% respectively. For 2012, the general manufacturing cluster grew by 2.0%. |
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The chemicals cluster's output grew by 7.7% in the fourth quarter. The petrochemicals and petroleum segments registered growth of 9.3% and 6.3% respectively, partly due to the low base from plant shutdowns in end of 2011. The specialty chemicals segment also expanded by 8.0% on the back of higher regional demand. For the year 2012, the chemicals cluster declined by 0.4%, primarily due to weak regional demand for specialty chemicals in the second and third quarter of 2012. |
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Output of the electronics cluster contracted by 10% in the fourth quarter, led by the semiconductors and computer peripherals segments which contracted by 13% and 15% respectively. By contrast, the data storage segment grew by 7.8%, mainly due to the low base in end of 2011 when floods in Thailand had disrupted the supply chain for data storage products. For the whole of 2012, the electronics cluster contracted by 11%. |
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OVERALL INDUSTRY OUTLOOK : MATURE |
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Incorporated in 1995, the SC is a Private Limited company, focusing on manufacture and repair of machinery and machine- tools - metal cutting types. Having been in the industry for over a decade, the SC has achieved a certain market share and has built up a satisfactory reputation in the market. It should have received supports from its regular customers. The SC is well backed by a listed company shareholders which would stimulate further growth for the SC. Hence, the potential growth of the SC is positive.
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THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE
WITH SINGAPORE FINANCIAL REPORTING STANDARDS. |
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NICO STEEL SOLUTIONS (S) PTE. LTD. |
|
Financial Year End |
2013-02-28 |
2012-02-28 |
|
Months |
12 |
12 |
|
Consolidated Account |
Company |
Company |
|
Audited Account |
YES |
YES |
|
Unqualified Auditor's Report (Clean Opinion) |
YES |
YES |
|
Financial Type |
FULL |
FULL |
|
Currency |
USD |
USD |
|
|
|
|
|
TURNOVER |
24,727,062 |
34,367,591 |
|
Other Income |
472,293 |
4,538,908 |
|
|
---------------- |
---------------- |
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Total Turnover |
25,199,355 |
38,906,499 |
|
Costs of Goods Sold |
<22,978,433> |
<32,472,948> |
|
|
---------------- |
---------------- |
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Gross Profit |
2,220,922 |
6,433,551 |
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|
---------------- |
---------------- |
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PROFIT/(LOSS) FROM OPERATIONS |
242,056 |
4,210,715 |
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---------------- |
---------------- |
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PROFIT/(LOSS) BEFORE TAXATION |
242,056 |
4,210,715 |
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Taxation |
<12,490> |
<8,481> |
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---------------- |
---------------- |
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PROFIT/(LOSS) AFTER TAXATION |
229,566 |
4,202,234 |
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---------------- |
---------------- |
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RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
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As previously reported |
6,153,594 |
1,690,014 |
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Prior year adjustment |
- |
261,346 |
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---------------- |
---------------- |
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As restated |
6,153,594 |
1,951,360 |
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---------------- |
---------------- |
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PROFIT AVAILABLE FOR APPROPRIATIONS |
6,383,160 |
6,153,594 |
|
DIVIDENDS - Ordinary (paid & proposed) |
<1,600,000> |
- |
|
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---------------- |
---------------- |
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RETAINED PROFIT/(LOSS) CARRIED FORWARD |
4,783,160 |
6,153,594 |
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============= |
============= |
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INTEREST EXPENSE (as per notes to P&L) |
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Lease interest |
459 |
456 |
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Others |
498,153 |
739,143 |
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---------------- |
---------------- |
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|
498,612 |
739,599 |
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ASSETS EMPLOYED: |
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FIXED ASSETS |
1,681,011 |
1,673,531 |
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INTANGIBLE ASSETS |
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Patents / Copyrights |
8,853 |
10,689 |
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Trademarks |
2,579 |
4,327 |
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---------------- |
---------------- |
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TOTAL INTANGIBLE ASSETS |
11,432 |
15,016 |
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---------------- |
---------------- |
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TOTAL LONG TERM ASSETS |
1,692,443 |
1,688,547 |
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CURRENT ASSETS |
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Stocks |
2,466,805 |
2,740,512 |
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Trade debtors |
12,355,622 |
14,066,124 |
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Cash & bank balances |
123,808 |
3,705,572 |
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---------------- |
---------------- |
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TOTAL CURRENT ASSETS |
14,946,235 |
20,512,208 |
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---------------- |
---------------- |
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TOTAL ASSET |
16,638,678 |
22,200,755 |
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============= |
============= |
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CURRENT LIABILITIES |
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Trade creditors |
1,508,052 |
1,257,314 |
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Other creditors & accruals |
80,375 |
542,532 |
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Bill & acceptances payable |
6,822,033 |
9,285,026 |
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Other liabilities & accruals |
73,689 |
2,176,405 |
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Amounts owing to holding company |
2,699,787 |
2,118,145 |
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Amounts owing to related companies |
3,389 |
219 |
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Amounts owing to director |
544 |
544 |
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Provision for taxation |
17,134 |
9,249 |
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---------------- |
---------------- |
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TOTAL CURRENT LIABILITIES |
11,205,003 |
15,389,434 |
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---------------- |
---------------- |
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NET CURRENT ASSETS/(LIABILITIES) |
3,741,232 |
5,122,774 |
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---------------- |
---------------- |
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TOTAL NET ASSETS |
5,433,675 |
6,811,321 |
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============= |
============= |
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SHARE CAPITAL |
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Ordinary share capital |
638,654 |
638,654 |
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---------------- |
---------------- |
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TOTAL SHARE CAPITAL |
638,654 |
638,654 |
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RESERVES |
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Retained profit/(loss) carried forward |
4,783,160 |
6,153,594 |
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---------------- |
---------------- |
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TOTAL RESERVES |
4,783,160 |
6,153,594 |
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---------------- |
---------------- |
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SHAREHOLDERS' FUNDS/EQUITY |
5,421,814 |
6,792,248 |
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LONG TERM LIABILITIES |
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Deferred taxation |
7,508 |
10,740 |
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Others |
4,353 |
8,333 |
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---------------- |
---------------- |
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TOTAL LONG TERM LIABILITIES |
11,861 |
19,073 |
|
|
---------------- |
---------------- |
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|
5,433,675 |
6,811,321 |
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|
============= |
============= |
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TYPES OF FUNDS |
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Cash |
123,808 |
3,705,572 |
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Net Liquid Funds |
<6,698,225> |
<5,579,454> |
|
Net Liquid Assets |
1,274,427 |
2,382,262 |
|
Net Current Assets/(Liabilities) |
3,741,232 |
5,122,774 |
|
Net Tangible Assets |
5,422,243 |
6,796,305 |
|
Net Monetary Assets |
1,262,566 |
2,363,189 |
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BALANCE SHEET ITEMS |
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Total Borrowings |
6,822,033 |
9,285,026 |
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Total Liabilities |
11,216,864 |
15,408,507 |
|
Total Assets |
16,638,678 |
22,200,755 |
|
Net Assets |
5,433,675 |
6,811,321 |
|
Net Assets Backing |
5,421,814 |
6,792,248 |
|
Shareholders' Funds |
5,421,814 |
6,792,248 |
|
Total Share Capital |
638,654 |
638,654 |
|
Total Reserves |
4,783,160 |
6,153,594 |
|
LIQUIDITY (Times) |
|
|
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Cash Ratio |
0.01 |
0.24 |
|
Liquid Ratio |
1.11 |
1.15 |
|
Current Ratio |
1.33 |
1.33 |
|
WORKING CAPITAL CONTROL (Days) |
|
|
|
Stock Ratio |
36 |
29 |
|
Debtors Ratio |
182 |
149 |
|
Creditors Ratio |
24 |
14 |
|
SOLVENCY RATIOS (Times) |
|
|
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Gearing Ratio |
1.26 |
1.37 |
|
Liabilities Ratio |
2.07 |
2.27 |
|
Times Interest Earned Ratio |
1.49 |
6.69 |
|
Assets Backing Ratio |
8.49 |
10.64 |
|
PERFORMANCE RATIO (%) |
|
|
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Operating Profit Margin |
0.98 |
12.25 |
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Net Profit Margin |
0.93 |
12.23 |
|
Return On Net Assets |
13.63 |
72.68 |
|
Return On Capital Employed |
13.60 |
72.52 |
|
Return On Shareholders' Funds/Equity |
4.23 |
61.87 |
|
Dividend Pay Out Ratio (Times) |
6.97 |
0.00 |
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NOTES TO ACCOUNTS |
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Contingent Liabilities |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.36 |
|
|
1 |
Rs.101.11 |
|
Euro |
1 |
Rs.84.68 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to
overcome financial difficulties seems comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
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 and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.