|
Report No. : |
337229 |
|
Report Date : |
19.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
MARUBENI-ITOCHU STEEL PTE LTD |
|
|
|
|
Registered Office : |
2, Shenton Way, 07-02, Sgx Centre I, 068804 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation : |
02.02.2000 |
|
|
|
|
Com. Reg. No.: |
200000868-W |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged in trading of steel. |
|
|
|
|
No. of Employee : |
33 [2015] |
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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but rebounded 15.1% in 2010, on the strength of renewed exports, before slowing to in 2011-13, 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. 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. |
: |
200000868-W |
|
COMPANY NAME |
: |
MARUBENI-ITOCHU STEEL PTE LTD |
|
FORMER NAME |
: |
ITOCHU METAL MANAGEMENT PTE LTD (18/09/2001) |
|
INCORPORATION DATE |
: |
02/02/2000 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
2, SHENTON WAY, 07-02, SGX CENTRE I, 068804, SINGAPORE. |
|
BUSINESS ADDRESS |
: |
2, SHENTON WAY, 07-02, SGX CENTRE 1, 068804, SINGAPORE. |
|
TEL.NO. |
: |
65-64159760 |
|
FAX.NO. |
: |
65-64159831 |
|
CONTACT PERSON |
: |
YOSHINORI KUBO ( DIRECTOR ) |
|
PRINCIPAL ACTIVITY |
: |
TRADING IN STEEL |
|
ISSUED AND PAID UP CAPITAL |
: |
20,000,000.00 ORDINARY SHARE, OF A VALUE OF USD 20,000,000.00 |
|
SALES |
: |
USD 642,706,000 [2014] |
|
NET WORTH |
: |
USD 87,387,000 [2014] |
|
STAFF STRENGTH |
: |
33 [2015] |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
LIMITED |
|
PAYMENT |
: |
GOOD |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL RISK |
: |
LOW |
|
CURRENCY EXPOSURE |
: |
MODERATE |
|
GENERAL REPUTATION |
: |
GOOD |
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
HISTORY/
BACKGROUND
|
The Subject is
a 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 in steel.
The immediate
holding company of the Subject is MARUBENI-ITOCHU STEEL INC., a company
incorporated in JAPAN.
Share Capital
History
|
Date |
Issue & Paid
Up Capital |
|
12/01/2015 |
USD 20,000,000.00 |
The major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
MARUBENI-ITOCHU STEEL INC. |
NIHONBASHI 1, CHOME BUILDING, 4-1, NIHONBASHI 1, CHOME, CHUO-KU,
TOKYO, 103-8247, JAPAN. |
T05UF0532A |
20,000,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
20,000,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject's interest in other companies (Subsidiaries/Associates) are
shown as follow :
|
Local No |
Country |
Company |
(%) |
As At |
|
SINGAPORE |
MARUBENI STEEL SINGAPORE PTE LTD |
100.00 |
12/01/2015 |
|
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
YOSHINORI KUBO |
|
Address |
: |
8, SCOTTS ROAD, 20-11, SCOTTS SQUARE, 228238, SINGAPORE. |
|
IC / PP No |
: |
G5275855L |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
16/04/2012 |
DIRECTOR 2
|
Name Of Subject |
: |
SHIGEHITO ITO |
|
Address |
: |
8, SCOTTS ROAD, 36-04, SCOTTS SQUARE, 228238, SINGAPORE. |
|
IC / PP No |
: |
G5421069N |
|
Nationality |
: |
JAPANESE |
|
Date of Appointment |
: |
18/04/2013 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
SHIGEHITO ITO |
|
Position |
: |
MANAGING DIRECTOR |
|
|
2) |
Name of Subject |
: |
YOSHINORI KUBO |
|
Position |
: |
DIRECTOR, MANAGING DIRECTOR |
|
AUDITOR
|
|
Auditor |
: |
DELOITTE & TOUCHE LLP |
|
Auditor' Address |
: |
N/A |
COMPANY
SECRETARIES
|
|
1) |
Company Secretary |
: |
CHAN CHOW PHENG |
|
IC / PP No |
: |
S1298885J |
|
|
Address |
: |
59, TELOK BLANGAH HEIGHTS, 04-11, 100059, SINGAPORE. |
|
|
2) |
Company Secretary |
: |
CHANG SOW KUEN |
|
IC / PP No |
: |
S1365694J |
|
|
Address |
: |
130, GEYLANG EAST AVENUE, 1, 02-299, 380130, SINGAPORE. |
|
No Banker found in our databank.
ENCUMBRANCE
(S)
|
No encumbrance was found in our databank at the time of investigation.
LITIGATION
CHECK AGAINST SUBJECT
|
* A check has been conducted in our databank againt the Subject whether the
subject has been involved in any litigation.
No legal action was found in our databank.
No winding up petition was found in our databank.
PAYMENT
RECORD
|
|
||
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
N/A |
|
Overseas |
: |
N/A |
The Subject refused to disclose its suppliers.
The Subject refused to provide any name of trade/service supplier and we are
unable to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL PAYMENT HABIT |
||||||||||||||
|
Prompt 0-30 Days |
[ |
] |
Good 31-60 Days |
[ |
X |
] |
Average 61-90 Days |
[ |
] |
|||||
|
Fair 91-120 Days |
[ |
] |
Poor >120 Days |
[ |
] |
|||||||||
CLIENTELE
|
|||||
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
WORLDWIDE |
|||
|
Credit Term |
: |
N/A |
|||
|
Payment Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|||
|
Goods Traded |
: |
STEEL |
|
|
Total Number of Employees: |
|||||||||
|
YEAR |
2015 |
2014 |
|||||||
|
GROUP |
N/A |
N/A |
|||||||
|
COMPANY |
33 |
33 |
|||||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) trading in steel.
The Subject's main line of business is on the trading of long and flat steel
for generic industries.
CURRENT
INVESTIGATION
|
Latest fresh
investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-64159760 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
2 SHENTON WAY 07-02 SGX CENTRE 1,068804,SINGAPORE |
|
Current Address |
: |
2, SHENTON WAY, 07-02, SGX CENTRE 1, 068804, SINGAPORE. |
|
Match |
: |
YES |
Other
Investigations
We contacted one of the
staff from the Subject and she provided some information.
The Subject refused to disclose its number of bankers.
FINANCIAL ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Decreased |
[ |
32.28% |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
56.16% |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
5.68% |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
8.22% |
] |
|
|
The shrinking turnover could be the result of more entrants into the
market which eroded the Subject's market share.The Subject's profit fell
sharply because of the high operating costs incurred. The unfavourable return
on shareholders' funds could indicate that the Subject was inefficient in
utilising its assets to generate returns. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Favourable |
[ |
1 Days |
] |
|
|
Debtor Ratio |
: |
Acceptable |
[ |
63 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
9 Days |
] |
|
|
The Subject's stocks were moving fast thus reducing its holding cost.
This had reduced funds being tied up in stocks. The Subject's management was quite
efficient in handling its debtors. The Subject's debtors days were at an
acceptable range, thus the risk of its debts turning bad was minimised. The
Subject had a favourable creditors' ratio where the Subject could be taking
advantage of the cash discounts and also wanting to maintain goodwill with
its creditors. |
||||||
|
Liquidity |
||||||
|
Liquid Ratio |
: |
Favourable |
[ |
1.37 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.39 Times |
] |
|
|
A minimum liquid ratio of 1 should be maintained by the Subject in
order to assure its creditors of its ability to meet short term obligations
and the Subject was in a good liquidity position. Thus, we believe the
Subject is able to meet all its short term obligations as and when they fall
due. |
||||||
|
Solvency |
||||||
|
Interest Cover |
: |
Acceptable |
[ |
6.78 Times |
] |
|
|
Gearing Ratio |
: |
Acceptable |
[ |
0.87 Times |
] |
|
|
The Subject's interest cover was slightly low. If there is no sharp
fall in its profit or sudden increase in the interest rates, we believe the
Subject is able to generate sufficient income to service its interest and
repay the loans. The Subject's gearing was slightly high. The Subject is
utilising the leverage concept to fund its expansion. However, the high
gearing has added financial risks to the Subject. It will be more vulnerable
in times of economy downturn. |
||||||
|
Overall Assessment : |
||||||
|
The Subject's performance deteriorated over the years with lower
turnover and profit. The Subject was in good liquidity position with its
total current liabilities well covered by its total current assets. With its
current net assets, the Subject should be able to repay its short term
obligations. The Subject had an acceptable interest cover. If there is no
sudden sharp increase in interest rate or fall in the Subject's profit, we do
believe the Subject is able to generate sufficient cash flow to service its
interest payment. The Subject's gearing was slightly high and its financial
risk was also high. If no plans are made to reduce its gearing, the Subject's
performance may deteriorate in the coming year. |
||||||
|
Overall financial condition of the Subject : LIMITED |
||||||
|
|
||||||
|
|
||||||
SINGAPORE
ECONOMIC / INDUSTRY OUTLOOK
|
|
Major Economic Indicators : |
2009 |
2010 |
2011 |
2012 |
2013 |
|
|
|||||
|
Population (Million) |
4.98 |
5.08 |
5.18 |
5.31 |
5.40 |
|
Gross Domestic Products ( % ) |
(0.8) |
14.5 |
4.9 |
1.3 |
3.7 |
|
Consumer Price Index |
0.6 |
2.8 |
5.2 |
4.6 |
2.4 |
|
Total Imports (Million) |
356,299.3 |
423,221.8 |
459,655.1 |
474,554.0 |
466,762.0 |
|
Total Exports (Million) |
391,118.1 |
478,840.7 |
514,741.2 |
510,329.0 |
513,391.0 |
|
|
|||||
|
Unemployment Rate (%) |
3.2 |
2.2 |
2.1 |
2.0 |
1.9 |
|
Tourist Arrival (Million) |
9.68 |
11.64 |
13.17 |
14.49 |
15.46 |
|
Hotel Occupancy Rate (%) |
75.8 |
85.6 |
86.5 |
86.4 |
86.3 |
|
Cellular Phone Subscriber (Million) |
1.37 |
1.43 |
1.50 |
1.52 |
1.97 |
|
|
|||||
|
Registration of New Companies (No.) |
26,414 |
29,798 |
32,317 |
31,892 |
37,288 |
|
Registration of New Companies (%) |
4.3 |
12.8 |
8.5 |
(1.3) |
9.8 |
|
Liquidation of Companies (No.) |
22,393 |
15,126 |
19,005 |
17,218 |
17,369 |
|
Liquidation of Companies (%) |
113.4 |
(32.5) |
25.6 |
9.4 |
(5.3) |
|
|
|||||
|
Registration of New Businesses (No.) |
26,876 |
23,978 |
23,494 |
24,788 |
22,893 |
|
Registration of New Businesses (%) |
8.15 |
(10.78) |
2.02 |
5.51 |
1.70 |
|
Liquidation of Businesses (No.) |
23,552 |
24,211 |
23,005 |
22,489 |
22,598 |
|
Liquidation of Businesses (%) |
11.4 |
2.8 |
(5) |
(2.2) |
0.5 |
|
|
|||||
|
Bankruptcy Orders (No.) |
2,058 |
1,537 |
1,527 |
1,748 |
1,992 |
|
Bankruptcy Orders (%) |
(11.5) |
(25.3) |
(0.7) |
14.5 |
14.0 |
|
Bankruptcy Discharges (No.) |
3,056 |
2,252 |
1,391 |
1,881 |
2,584 |
|
Bankruptcy Discharges (%) |
103.7 |
(26.3) |
(38.2) |
35.2 |
37.4 |
|
|
|||||
|
INDUSTRIES ( % of Growth ) : |
|||||
|
Agriculture |
|||||
|
Production of Principal Crops |
3.25 |
(0.48) |
4.25 |
3.64 |
- |
|
Fish Supply & Wholesale |
(1.93) |
(10.5) |
12.10 |
(0.5) |
- |
|
|
|||||
|
Manufacturing * |
71.5 |
92.8 |
100.0 |
100.3 |
102.0 |
|
Food, Beverages & Tobacco |
90.4 |
96.4 |
100.0 |
103.5 |
103.5 |
|
Textiles |
145.9 |
122.1 |
100.0 |
104.0 |
87.1 |
|
Wearing Apparel |
211.0 |
123.3 |
100.0 |
92.1 |
77.8 |
|
Leather Products & Footwear |
79.5 |
81.8 |
100.0 |
98.6 |
109.8 |
|
Wood & Wood Products |
101.4 |
104.0 |
100.0 |
95.5 |
107.4 |
|
Paper & Paper Products |
95.4 |
106.1 |
100.0 |
97.4 |
103.2 |
|
Printing & Media |
100.9 |
103.5 |
100.0 |
93.0 |
86.1 |
|
Crude Oil Refineries |
96.4 |
95.6 |
100.0 |
99.4 |
93.5 |
|
Chemical & Chemical Products |
80.3 |
97.6 |
100.0 |
100.5 |
104.1 |
|
Pharmaceutical Products |
49.1 |
75.3 |
100.0 |
109.7 |
107.2 |
|
Rubber & Plastic Products |
101.2 |
112.3 |
100.0 |
96.5 |
92.9 |
|
Non-metallic Mineral |
91.9 |
92.5 |
100.0 |
98.2 |
97.6 |
|
Basic Metals |
92.6 |
102.2 |
100.0 |
90.6 |
76.5 |
|
Fabricated Metal Products |
90.8 |
103.6 |
100.0 |
104.3 |
105.1 |
|
Machinery & Equipment |
57.3 |
78.5 |
100.0 |
112.9 |
114.5 |
|
Electrical Machinery |
86.8 |
124.1 |
100.0 |
99.3 |
108.5 |
|
Electronic Components |
85.2 |
113.6 |
100.0 |
90.6 |
94.3 |
|
Transport Equipment |
96.0 |
94.0 |
100.0 |
106.3 |
107.5 |
|
|
|||||
|
Construction |
(36.9) |
14.20 |
20.50 |
28.70 |
- |
|
Real Estate |
1.4 |
21.3 |
25.4 |
31.9 |
- |
|
|
|||||
|
Services |
|||||
|
Electricity, Gas & Water |
1.70 |
4.00 |
7.00 |
6.30 |
- |
|
Transport, Storage & Communication |
3.90 |
12.80 |
7.40 |
5.30 |
- |
|
Finance & Insurance |
(16.4) |
(0.4) |
8.90 |
0.50 |
- |
|
Government Services |
4.50 |
9.70 |
6.90 |
6.00 |
- |
|
Education Services |
0.10 |
(0.9) |
(1.4) |
0.30 |
- |
|
|
|||||
|
* Based on Index of Industrial Production (2011 = 100) |
INDUSTRY
ANALYSIS
|
|
|
INDUSTRY : |
TRADING |
|
The wholesale and retail trade sectors have expanded by 2.0% in the
third quarter of 2014, extending the 1.8 per cent growth in the previous
quarter. In 2013, the wholesale and retail sector expanded by 5.0%, after declining
by 1.4% the year before. Growth of the sector was driven by the wholesale
trade segment. |
|
|
The domestic wholesale trade index has increased by 3.2% in the fourth
quarter of 2013, moderating from the 6.6% growth in the previous quarter. The
slower growth was due to a decline in the sales of furniture and household
equipment (-12%) and petroleum and petroleum products (-0.6%). For the full
year, the domestic wholesale trade index grew by 5.2% reversing the 2.2%
decline in 2012. On the other hand, the foreign wholesale trade index has
increased by a slower pace of 5.6% in the fourth quarter, compared to the
7.7% expansion in the preceding quarter. The slowdown was due to a fall in
the sales of telecommunication equipment and computer (-3.8%) and petroleum
and petroleum products (-2.5%). For the full year, the growth of the foreign
wholesale trade index moderated slightly to 8.6% from 9.1% in the previous
year. |
|
|
In the fourth quarter of 2013, retail sales volume fell by 6.2%,
extending the 5.6% decline in the previous quarter. Excluding motor vehicles,
retail sales volume increased by 0.4%, a slower pace of expansion as compared
to the 1.6% gain in the preceding quarter. The sales volume of motor vehicles
fell by 33% in the fourth quarter of 2013, extending the 32% decline in the
previous quarter. Meanwhile, the sales of several discretionary items also
fell in the fourth quarter of 2013. For instance, the sales of
telecommunications apparatus and computers fell by 12%, while the sales of furniture
and household equipment declined by 5.4%. |
|
|
For the full year, retail sales volume contracted by 4.3%, a reversal
from the 1.3% expansion in 2012. Excluding motor vehicle sales, the retail sales
volume grew by 1.1% in 2013, slower than the 1.7% increase in 2012. Watches
and jewellery recorded the largest increase (11%) in sales in 2013, followed
by optical goods and book (3%) and medical goods and toiletries (3%). By
contrast, the sales of telecommunications apparatus and computer (-7.3%),
furniture and household equipment (-4.2%) and petrol service stations (-1.4)
declined in 2013. |
|
|
OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH |
|
PROFIT
AND LOSS ACCOUNT
|
|
THE FINANCIAL STATEMENTS
WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS. |
|
MARUBENI-ITOCHU
STEEL PTE LTD |
|
Financial Year End |
2014-03-31 |
2013-03-31 |
2011-12-31 |
2010-12-31 |
2009-12-31 |
|
Months |
12 |
15 |
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 |
SUMMARY |
SUMMARY |
|
Currency |
USD |
USD |
USD |
USD |
USD |
|
TURNOVER |
642,706,000 |
949,000,000 |
1,409,615,000 |
1,478,340,649 |
791,720,845 |
|
Other Income |
3,127,000 |
5,357,000 |
2,478,000 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
645,833,000 |
954,357,000 |
1,412,093,000 |
1,478,340,649 |
791,720,845 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
6,131,000 |
13,986,000 |
15,473,000 |
16,565,395 |
10,437,844 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
6,131,000 |
13,986,000 |
15,473,000 |
16,565,395 |
10,437,844 |
|
Taxation |
(1,165,000) |
(3,698,000) |
(3,514,000) |
(3,683,871) |
(2,425,964) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
4,966,000 |
10,288,000 |
11,959,000 |
12,881,525 |
8,011,881 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
67,490,000 |
69,998,000 |
58,039,000 |
45,157,475 |
37,145,594 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
67,490,000 |
69,998,000 |
58,039,000 |
45,157,475 |
37,145,594 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
72,456,000 |
80,286,000 |
69,998,000 |
58,039,000 |
45,157,475 |
|
DIVIDENDS - Ordinary (paid & proposed) |
(6,127,000) |
(12,796,000) |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
66,329,000 |
67,490,000 |
69,998,000 |
58,039,000 |
45,157,475 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Loan from holding company |
26,000 |
31,000 |
24,000 |
- |
- |
|
Term loan / Borrowing |
1,035,000 |
1,730,000 |
1,085,000 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
1,061,000 |
1,761,000 |
1,109,000 |
- |
- |
|
|
============= |
============= |
============= |
BALANCE
SHEET
|
|
MARUBENI-ITOCHU
STEEL PTE LTD |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
762,000 |
934,000 |
1,297,000 |
34,592,443 |
32,919,452 |
|
LONG TERM INVESTMENTS/OTHER ASSETS |
|||||
|
Subsidiary companies |
13,601,000 |
14,757,000 |
15,995,000 |
- |
- |
|
Associated companies |
17,658,000 |
17,658,000 |
6,858,000 |
- |
- |
|
Deferred assets |
30,000 |
33,000 |
98,000 |
- |
- |
|
Others |
14,658,000 |
12,877,000 |
12,087,000 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
45,947,000 |
45,325,000 |
35,038,000 |
- |
- |
|
Others |
120,000 |
132,000 |
570,000 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL INTANGIBLE ASSETS |
120,000 |
132,000 |
570,000 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
46,829,000 |
46,391,000 |
36,905,000 |
34,592,443 |
32,919,452 |
|
Stocks |
2,128,000 |
4,595,000 |
4,010,000 |
- |
- |
|
Trade debtors |
111,166,000 |
88,612,000 |
64,029,000 |
- |
- |
|
Other debtors, deposits & prepayments |
907,000 |
555,000 |
1,468,000 |
- |
- |
|
Short term deposits |
- |
2,766,000 |
24,606,000 |
- |
- |
|
Amount due from holding company |
592,000 |
708,000 |
10,654,000 |
- |
- |
|
Amount due from subsidiary companies |
- |
7,141,000 |
4,224,000 |
- |
- |
|
Amount due from related companies |
30,045,000 |
29,364,000 |
17,936,000 |
- |
- |
|
Cash & bank balances |
500,000 |
1,284,000 |
6,908,000 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
145,338,000 |
135,025,000 |
133,835,000 |
165,686,853 |
189,673,140 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
192,167,000 |
181,416,000 |
170,740,000 |
200,279,296 |
222,592,592 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
16,125,000 |
9,312,000 |
20,828,000 |
- |
- |
|
Other creditors & accruals |
1,098,000 |
1,634,000 |
2,404,000 |
- |
- |
|
Bank overdraft |
7,000 |
- |
- |
- |
- |
|
Short term borrowings/Term loans |
75,733,000 |
57,521,000 |
40,280,000 |
- |
- |
|
Deposits from customers |
- |
- |
1,235,000 |
- |
- |
|
Amounts owing to holding company |
8,171,000 |
14,257,000 |
7,759,000 |
- |
- |
|
Amounts owing to subsidiary companies |
- |
- |
10,000 |
- |
- |
|
Amounts owing to related companies |
2,777,000 |
3,646,000 |
2,991,000 |
- |
- |
|
Provision for taxation |
726,000 |
2,441,000 |
2,037,000 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
104,637,000 |
88,811,000 |
77,544,000 |
95,508,551 |
129,493,553 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
40,701,000 |
46,214,000 |
56,291,000 |
70,178,302 |
60,179,587 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
87,530,000 |
92,605,000 |
93,196,000 |
104,770,745 |
93,099,039 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
20,000,000 |
20,000,000 |
20,000,000 |
20,000,000 |
20,000,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
20,000,000 |
20,000,000 |
20,000,000 |
20,000,000 |
20,000,000 |
|
Exchange equalisation/fluctuation reserve |
1,058,000 |
5,012,000 |
2,660,000 |
- |
- |
|
Retained profit/(loss) carried forward |
66,329,000 |
67,490,000 |
69,998,000 |
58,039,000 |
45,157,475 |
|
Others |
- |
- |
- |
26,192,642 |
27,491,046 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
67,387,000 |
72,502,000 |
72,658,000 |
84,231,642 |
72,648,521 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
87,387,000 |
92,502,000 |
92,658,000 |
104,231,642 |
92,648,521 |
|
Deferred taxation |
9,000 |
18,000 |
43,000 |
- |
- |
|
Others |
134,000 |
85,000 |
495,000 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
143,000 |
103,000 |
538,000 |
539,103 |
450,518 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
87,530,000 |
92,605,000 |
93,196,000 |
104,770,745 |
93,099,039 |
|
|
============= |
============= |
============= |
============= |
============= |
|
FINANCIAL
RATIO
|
|
MARUBENI-ITOCHU
STEEL PTE LTD |
|
TYPES OF FUNDS |
|||||
|
Cash |
500,000 |
4,050,000 |
31,514,000 |
- |
- |
|
Net Liquid Funds |
493,000 |
4,050,000 |
31,514,000 |
- |
- |
|
Net Liquid Assets |
38,573,000 |
41,619,000 |
52,281,000 |
70,178,302 |
60,179,587 |
|
Net Current Assets/(Liabilities) |
40,701,000 |
46,214,000 |
56,291,000 |
70,178,302 |
60,179,587 |
|
Net Tangible Assets |
87,410,000 |
92,473,000 |
92,626,000 |
104,770,745 |
93,099,039 |
|
Net Monetary Assets |
38,430,000 |
41,516,000 |
51,743,000 |
69,639,199 |
59,729,069 |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
75,740,000 |
57,521,000 |
40,280,000 |
- |
- |
|
Total Liabilities |
104,780,000 |
88,914,000 |
78,082,000 |
96,047,654 |
129,944,071 |
|
Total Assets |
192,167,000 |
181,416,000 |
170,740,000 |
200,279,296 |
222,592,592 |
|
Net Assets |
87,530,000 |
92,605,000 |
93,196,000 |
104,770,745 |
93,099,039 |
|
Net Assets Backing |
87,387,000 |
92,502,000 |
92,658,000 |
104,231,642 |
92,648,521 |
|
Shareholders' Funds |
87,387,000 |
92,502,000 |
92,658,000 |
104,231,642 |
92,648,521 |
|
Total Share Capital |
20,000,000 |
20,000,000 |
20,000,000 |
20,000,000 |
20,000,000 |
|
Total Reserves |
67,387,000 |
72,502,000 |
72,658,000 |
84,231,642 |
72,648,521 |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.00 |
0.05 |
0.41 |
- |
- |
|
Liquid Ratio |
1.37 |
1.47 |
1.67 |
- |
- |
|
Current Ratio |
1.39 |
1.52 |
1.73 |
1.73 |
1.46 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
1 |
2 |
1 |
- |
- |
|
Debtors Ratio |
63 |
34 |
17 |
- |
- |
|
Creditors Ratio |
9 |
4 |
5 |
- |
- |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
0.87 |
0.62 |
0.43 |
- |
- |
|
Liabilities Ratio |
1.20 |
0.96 |
0.84 |
0.92 |
1.40 |
|
Times Interest Earned Ratio |
6.78 |
8.94 |
14.95 |
- |
- |
|
Assets Backing Ratio |
4.37 |
4.62 |
4.63 |
5.24 |
4.65 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
0.95 |
1.47 |
1.10 |
1.12 |
1.32 |
|
Net Profit Margin |
0.77 |
1.08 |
0.85 |
0.87 |
1.01 |
|
Return On Net Assets |
8.22 |
17.00 |
17.79 |
15.81 |
11.21 |
|
Return On Capital Employed |
8.20 |
16.98 |
17.68 |
15.81 |
11.21 |
|
Return On Shareholders' Funds/Equity |
5.68 |
11.12 |
12.91 |
12.36 |
8.65 |
|
Dividend Pay Out Ratio (Times) |
1.23 |
1.24 |
0.00 |
- |
- |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.22 |
|
|
1 |
Rs.102.23 |
|
Euro |
1 |
Rs.72.39 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NIT |
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.