|
Report No. : |
353822 |
|
Report Date : |
11.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
SSAB SWEDISH STEEL PTE. LTD. |
|
|
|
|
Registered Office : |
23, Neythal Road, 03-02, 628588, |
|
|
|
|
Country : |
Singapore. |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
03.07.1995 |
|
|
|
|
Com. Reg. No.: |
199504644-H |
|
|
|
|
Legal Form : |
Private limited |
|
|
|
|
Line of Business : |
Subject is engaged in trading of structural metal products, steel
plates. |
|
|
|
|
No. of Employee : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
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. Unemployment is very low. The economy depends heavily on exports, particularly of consumer electronics, information technology products, medical and optical devices, pharmaceuticals, and on its vibrant transportation, business, and financial services sectors. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but has continued to grow since 2010 on the strength of renewed exports. Growth in 2014 was slower at 2.9%, largely a result of soft demand for exports amid a sluggish global economy and weak growth in Singapore’s manufacturing sector. The government is attempting to restructure Singapore’s economy by weaning its dependence on foreign labor, addressing weak productivity, and increasing Singaporean wages. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and high-tech hub. Singapore is a member of the 12-nation Trans-Pacific Partnership free trade negotiations, the Regional Comprehensive Economic Partnership negotiations with the nine other ASEAN members plus Australia, China, India, Japan, South Korea and New Zealand, and in 2015, Singapore will form, with the other ASEAN members, the ASEAN Economic Community.
|
Source
: CIA |
EXECUTIVE
SUMMARY
|
|
REGISTRATION NO. |
: |
199504644-H |
|
COMPANY NAME |
: |
SSAB SWEDISH STEEL PTE. LTD. |
|
FORMER NAME |
: |
N/A |
|
INCORPORATION DATE |
: |
03/07/1995 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
23, NEYTHAL ROAD, 03-02, 628588, SINGAPORE. |
|
BUSINESS ADDRESS |
: |
23 NEYTHAL ROAD BLK P, 03-02, 628588, SINGAPORE. |
|
TEL.NO. |
: |
65-68631622 |
|
FAX.NO. |
: |
65-68630622 |
|
CONTACT PERSON |
: |
YEO LEE YONG ( DIRECTOR ) |
|
PRINCIPAL ACTIVITY |
: |
TRADING OF STRUCTURAL METAL PRODUCTS, STEEL PLATES |
|
ISSUED AND PAID UP CAPITAL |
: |
60,067,500.00 ORDINARY SHARE, OF A VALUE OF SGD
60,067,500.00 |
|
SALES |
: |
USD 151,399,478 [2014] |
|
NET WORTH |
: |
USD (1,027,018) [2014] |
|
STAFF STRENGTH |
: |
n/a [2015] |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
POOR |
|
PAYMENT |
: |
SLOW |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL RISK |
: |
MODERATE |
|
CURRENCY EXPOSURE |
: |
MODERATE |
|
GENERAL REPUTATION |
: |
SATISFACTORY |
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
HISTORY
/ BACKGROUND
|
The Subject is a private limited company and is allowed to have a minimum
of one and a maximum of forty-nine shareholders. As a private limited company,
the Subject must have at least two directors. A private limited company is a
separate legal entity from its shareholders. As a separate legal entity, the
Subject is capable of owning assets, entering into contracts, sue or be sued by
other companies. The liabilities of the shareholders are to the extent of the
equity they have taken up and the creditors cannot claim on shareholders'
personal assets even if the Subject is insolvent. The Subject is governed by
the Companies Act and the company must file its annual returns, together with
its financial statements with the Registrar of Companies.
The Subject is principally engaged in the (as a / as an) trading
of structural metal products, steel plates.
The immediate holding company of the Subject is SSAB APAC HOLDING
AB, a company incorporated in SWEDEN.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
09/12/2015 |
SGD 0.00 |
The major shareholder(s) of the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
SSAB APAC HOLDING AB |
P.O. BOX 70, SE-101, 21, STOCKHOLM |
T13UF2792K |
60,067,500.00 |
100.00 |
|
--------------- |
------ |
|||
|
60,067,500.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
MS. YEO LEE YONG |
|
Address |
: |
602, WOODLANDS DRIVE 42, 07-55, 730602, SINGAPORE. |
|
IC / PP No |
: |
S7674179D |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
01/04/2015 |
DIRECTOR 2
|
Name Of Subject |
: |
LARS JORGEN GUSTAFSSON |
|
Address |
: |
SVAMPVAGEN 22, 725, 91, VASTERAS, SWEDEN. |
|
IC / PP No |
: |
88376798 |
|
Nationality |
: |
SWEDE |
|
Date of Appointment |
: |
27/05/2013 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
YEO LEE YONG |
|
Position |
: |
DIRECTOR |
|
AUDITOR
|
|
Auditor |
: |
PRICEWATERHOUSECOOPE RS LLP |
|
Auditor' Address |
: |
N/A |
|
|
|
|
COMPANY
SECRETARIES
|
|
1) |
Company Secretary |
: |
MS. TEY CHAI WEE |
|
IC / PP No |
: |
S8379413E |
|
|
New IC No |
: |
830324-01-5472 |
|
|
Address |
: |
298, YISHUN STREET 20, 12-53, 760298, SINGAPORE. |
|
|
|
|
|
|
BANKING
|
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 any information on its trade 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 |
[ |
] |
Average 61-90 Days |
[ |
X |
] |
|||||
|
Fair 91-120 Days |
[ |
] |
Poor >120 Days |
[ |
] |
|||||||||
CLIENTELE
|
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
ASIA |
|||
|
Credit Term |
: |
N/A |
|||
|
Payment Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Goods Traded |
: |
STRUCTURAL METAL PRODUCTS, STEEL PLATES |
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2015 |
2014 |
2013 |
||||||
|
|
|||||||||
|
N/A |
N/A |
||||||||
|
COMPANY |
n/a |
20 |
20 |
||||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) trading of structural
metal products, steel plates.
The Subject refused to disclose any information on its business
operations.
CURRENT
INVESTIGATION
|
Latest fresh investigations carried out on the Subject indicated
that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-68631622 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
23 NEYTHAL ROAD BLK P, 03-02,628588,SINGAPORE |
|
Current Address |
: |
23 NEYTHAL ROAD BLK P, 03-02, 628588, SINGAPORE. |
|
Match |
: |
YES |
Other Investigations
We contacted one of the staff from the Subject and she provided some
information.
She refused to disclose the Subject's number of employees.
FINANCIAL
ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Decreased |
[ |
2010 - 2014 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2010 - 2014 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
952.03% |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
952.03% |
] |
|
|
The continuous fall in turnover
could be due to the lower demand for the Subject's products / services.The Subject
could be more efficient in controlling its operating costs and had managed to
reduce its losses during the year. Although the Subject's returns showed
positive figures it is not reflective of the true situation. The Subject
incurred losses during the year and its shareholders' funds have turned red.
The positive returns on shareholders' funds is the result of losses divided
by negative shareholders' funds. The Subject's management was inefficient in
utilising the assets to generate returns. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Unfavourable |
[ |
70 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
84 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
1 Days |
] |
|
|
The Subject could be incurring
higher holding cost. As its capital was tied up in stocks, it could face
liquidity problems. The high debtors' ratio could indicate that the Subject
was weak in its credit control. However, the Subject could also giving longer
credit periods to its customers in order to boost its sales or to capture /
retain its market share. 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 |
[ |
0.68 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
0.98 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 |
: |
Nil |
[ |
0.00 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.00 Times |
] |
|
|
The Subject's interest cover
was nil as it did not pay any interest during the year. The Subject had no gearing
and hence it had virtually no financial risk. The Subject was financed by its
shareholders' funds and internally generated fund. During the economic
downturn, the Subject, having a zero gearing, will be able to compete better
than those which are highly geared in the same industry. |
||||||
|
Overall Assessment : |
||||||
|
Although the Subject's turnover
decreased, its losses also decreased during the year. This could be the result
of more efficient control in its operating costs. 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 did not make any interest payment
during the year. The Subject was dependent on its shareholders' funds to
finance its business needs. The Subject was a zero gearing company, it was
solely dependant on its shareholders to provide funds to finance its
business. The Subject has good chance of getting loans, if the needs arises. |
||||||
|
Overall financial condition of the Subject : POOR |
||||||
SINGAPORE
ECONOMIC / INDUSTRY OUTLOOK
|
|
Major Economic Indicators : |
2010 |
2011 |
2012 |
2013 |
2014 |
|
|
|||||
|
Population (Million) |
5.08 |
5.18 |
5.31 |
5.40 |
5.47 |
|
Gross Domestic Products ( % ) |
14.5 |
4.9 |
1.3 |
3.7 |
(3.5) |
|
Consumer Price Index |
2.8 |
5.2 |
4.6 |
2.4 |
2.4 |
|
Total Imports (Million) |
423,221.8 |
459,655.1 |
474,554.0 |
466,762.0 |
463,779.1 |
|
Total Exports (Million) |
478,840.7 |
514,741.2 |
510,329.0 |
513,391.0 |
518,922.7 |
|
|
|||||
|
Unemployment Rate (%) |
2.2 |
2.1 |
2.0 |
1.9 |
1.9 |
|
Tourist Arrival (Million) |
11.64 |
13.17 |
14.49 |
15.46 |
15.01 |
|
Hotel Occupancy Rate (%) |
85.6 |
86.5 |
86.4 |
86.3 |
85.5 |
|
Cellular Phone Subscriber (Million) |
1.43 |
1.50 |
1.52 |
1.97 |
1.98 |
|
|
|||||
|
Registration of New Companies (No.) |
29,798 |
32,317 |
31,892 |
37,288 |
41,589 |
|
Registration of New Companies (%) |
12.8 |
8.5 |
(1.3) |
9.8 |
11.5 |
|
Liquidation of Companies (No.) |
15,126 |
19,005 |
17,218 |
17,369 |
18,767 |
|
Liquidation of Companies (%) |
(32.5) |
25.6 |
9.4 |
(5.3) |
8.0 |
|
|
|||||
|
Registration of New Businesses (No.) |
23,978 |
23,494 |
24,788 |
22,893 |
35,773 |
|
Registration of New Businesses (%) |
(10.78) |
2.02 |
5.51 |
1.70 |
56.30 |
|
Liquidation of Businesses (No.) |
24,211 |
23,005 |
22,489 |
22,598 |
22,098 |
|
Liquidation of Businesses (%) |
2.8 |
(5) |
(2.2) |
0.5 |
(2.2) |
|
|
|||||
|
Bankruptcy Orders (No.) |
1,537 |
1,527 |
1,748 |
1,992 |
1,757 |
|
Bankruptcy Orders (%) |
(25.3) |
(0.7) |
14.5 |
14.0 |
(11.8) |
|
Bankruptcy Discharges (No.) |
2,252 |
1,391 |
1,881 |
2,584 |
3,546 |
|
Bankruptcy Discharges (%) |
(26.3) |
(38.2) |
35.2 |
37.4 |
37.2 |
|
|
|||||
|
INDUSTRIES ( % of Growth ) : |
|||||
|
Agriculture |
|||||
|
Production of Principal Crops |
(0.48) |
4.25 |
3.64 |
- |
|
|
Fish Supply & Wholesale |
(10.5) |
12.10 |
(0.5) |
- |
2.80 |
|
|
|||||
|
Manufacturing * |
92.8 |
100.0 |
100.3 |
102.0 |
|
|
Food, Beverages & Tobacco |
96.4 |
100.0 |
103.5 |
103.5 |
105.0 |
|
Textiles |
122.1 |
100.0 |
104.0 |
87.1 |
74.9 |
|
Wearing Apparel |
123.3 |
100.0 |
92.1 |
77.8 |
49.5 |
|
Leather Products & Footwear |
81.8 |
100.0 |
98.6 |
109.8 |
95.9 |
|
Wood & Wood Products |
104.0 |
100.0 |
95.5 |
107.4 |
112.0 |
|
Paper & Paper Products |
106.1 |
100.0 |
97.4 |
103.2 |
103.4 |
|
Printing & Media |
103.5 |
100.0 |
93.0 |
86.1 |
80.3 |
|
Crude Oil Refineries |
95.6 |
100.0 |
99.4 |
93.5 |
85.6 |
|
Chemical & Chemical Products |
97.6 |
100.0 |
100.5 |
104.1 |
114.0 |
|
Pharmaceutical Products |
75.3 |
100.0 |
109.7 |
107.2 |
115.7 |
|
Rubber & Plastic Products |
112.3 |
100.0 |
96.5 |
92.9 |
92.8 |
|
Non-metallic Mineral |
92.5 |
100.0 |
98.2 |
97.6 |
82.2 |
|
Basic Metals |
102.2 |
100.0 |
90.6 |
76.5 |
98.3 |
|
Fabricated Metal Products |
103.6 |
100.0 |
104.3 |
105.1 |
105.1 |
|
Machinery & Equipment |
78.5 |
100.0 |
112.9 |
114.5 |
124.0 |
|
Electrical Machinery |
124.1 |
100.0 |
99.3 |
108.5 |
121.3 |
|
Electronic Components |
113.6 |
100.0 |
90.6 |
94.3 |
95.0 |
|
Transport Equipment |
94.0 |
100.0 |
106.3 |
107.5 |
103.2 |
|
|
|||||
|
Construction |
14.20 |
20.50 |
28.70 |
- |
22.00 |
|
Real Estate |
21.3 |
25.4 |
31.9 |
- |
145.1 |
|
|
|||||
|
Services |
|||||
|
Electricity, Gas & Water |
4.00 |
7.00 |
6.30 |
- |
|
|
Transport, Storage & Communication |
12.80 |
7.40 |
5.30 |
- |
14.20 |
|
Finance & Insurance |
(0.4) |
8.90 |
0.50 |
- |
6.00 |
|
Government Services |
9.70 |
6.90 |
6.00 |
- |
|
|
Education Services |
(0.9) |
(1.4) |
0.30 |
- |
5.98 |
|
|
|||||
|
* 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 |
|
CREDIT
RISK EVALUATION & RECOMMENDATION
|
|
|
PROFIT
AND LOSS ACCOUNT
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH
SINGAPORE FINANCIAL REPORTING STANDARDS. |
|
SSAB SWEDISH STEEL PTE. LTD. |
|
Financial Year End |
2014-12-31 |
2013-12-31 |
2012-12-31 |
2011-12-31 |
2010-12-31 |
|
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 |
SUMMARY |
|
Currency |
USD |
USD |
USD |
USD |
SGD |
|
TURNOVER |
151,399,478 |
192,609,844 |
243,470,532 |
95,756,940 |
22,260,646 |
|
Other Income |
369,082 |
161,307 |
53,783 |
168,732 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
151,768,560 |
192,771,151 |
243,524,315 |
95,925,672 |
22,260,646 |
|
Costs of Goods Sold |
(153,839,225) |
(199,834,114) |
(247,321,589) |
(89,205,462) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
(2,070,665) |
(7,062,963) |
(3,797,274) |
6,720,210 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
(9,777,554) |
(15,179,446) |
(6,618,675) |
3,518,003 |
2,724,527 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
(9,777,554) |
(15,179,446) |
(6,618,675) |
3,518,003 |
2,724,527 |
|
Taxation |
- |
7,536 |
37,965 |
(661,852) |
(452,186) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
(9,777,554) |
(15,171,910) |
(6,580,710) |
2,856,151 |
2,272,341 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
(11,216,550) |
3,955,360 |
10,536,070 |
7,679,919 |
(2,272,341) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
(11,216,550) |
3,955,360 |
10,536,070 |
7,679,919 |
(2,272,341) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
(20,994,104) |
(11,216,550) |
3,955,360 |
10,536,070 |
0 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
(20,994,104) |
(11,216,550) |
3,955,360 |
10,536,070 |
0 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Term loan / Borrowing |
- |
58,215 |
309,273 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
- |
58,215 |
309,273 |
- |
- |
|
|
- |
============= |
============= |
- |
- |
|
|
DEPRECIATION (as per notes to P&L) |
101,214 |
30,229 |
28,971 |
28,233 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
101,214 |
30,229 |
28,971 |
28,233 |
- |
|
|
============ |
============ |
============ |
============ |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE
SHEET
|
|
SSAB SWEDISH STEEL PTE. LTD. |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
486,298 |
60,459 |
46,051 |
48,901 |
85,006 |
|
Others |
7,500 |
7,500 |
7,500 |
7,500 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
7,500 |
7,500 |
7,500 |
7,500 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
493,798 |
67,959 |
53,551 |
56,401 |
85,006 |
|
Stocks |
29,237,867 |
29,048,232 |
40,222,273 |
12,152,990 |
- |
|
Trade debtors |
34,977,723 |
34,268,746 |
71,533,045 |
30,691,624 |
- |
|
Other debtors, deposits & prepayments |
308,774 |
276,861 |
177,124 |
158,773 |
- |
|
Short term deposits |
15,517,300 |
7,992,900 |
- |
- |
- |
|
Amount due from subsidiary companies |
177,900 |
- |
- |
- |
- |
|
Cash & bank balances |
13,735,013 |
8,174,628 |
23,322,152 |
21,252,334 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
93,954,577 |
79,761,367 |
135,254,594 |
64,255,721 |
11,972,645 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
94,448,375 |
79,829,326 |
135,308,145 |
64,312,122 |
12,057,651 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
264,746 |
482,221 |
1,333,088 |
52,716,213 |
- |
|
Other creditors & accruals |
179,351 |
173,668 |
219,667 |
161,092 |
- |
|
Deposits from customers |
154,983 |
219,081 |
- |
- |
- |
|
Amounts owing to holding company |
91,927,711 |
88,876,306 |
115,883,882 |
- |
- |
|
Amounts owing to related companies |
2,948,602 |
900,014 |
13,740,619 |
- |
- |
|
Provision for taxation |
- |
- |
118,791 |
842,009 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
95,475,393 |
90,651,290 |
131,296,047 |
53,719,314 |
2,266,912 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
(1,520,816) |
(10,889,923) |
3,958,547 |
10,536,407 |
9,705,733 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
(1,027,018) |
(10,821,964) |
4,012,098 |
10,592,808 |
9,790,739 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
19,967,086 |
394,586 |
56,738 |
56,738 |
25,500,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
19,967,086 |
394,586 |
56,738 |
56,738 |
25,500,000 |
|
Retained profit/(loss) carried forward |
(20,994,104) |
(11,216,550) |
3,955,360 |
10,536,070 |
0 |
|
Others |
0 |
- |
- |
- |
(15,709,261) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
(20,994,104) |
(11,216,550) |
3,955,360 |
10,536,070 |
(15,709,261) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
(1,027,018) |
(10,821,964) |
4,012,098 |
10,592,808 |
9,790,739 |
|
TOTAL LONG TERM LIABILITIES |
- |
- |
- |
- |
0 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
(1,027,018) |
(10,821,964) |
4,012,098 |
10,592,808 |
9,790,739 |
|
|
=========== |
=========== |
=========== |
=========== |
=========== |
|
FINANCIAL
RATIO
|
|
SSAB SWEDISH STEEL PTE. LTD. |
|
TYPES OF FUNDS |
|||||
|
Cash |
29,252,313 |
16,167,528 |
23,322,152 |
21,252,334 |
- |
|
Net Liquid Funds |
29,252,313 |
16,167,528 |
23,322,152 |
21,252,334 |
- |
|
Net Liquid Assets |
(30,758,683) |
(39,938,155) |
(36,263,726) |
(1,616,583) |
9,705,733 |
|
Net Current Assets/(Liabilities) |
(1,520,816) |
(10,889,923) |
3,958,547 |
10,536,407 |
9,705,733 |
|
Net Tangible Assets |
(1,027,018) |
(10,821,964) |
4,012,098 |
10,592,808 |
9,790,739 |
|
Net Monetary Assets |
(30,758,683) |
(39,938,155) |
(36,263,726) |
(1,616,583) |
9,705,733 |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest & Tax (EBIT) |
(9,777,554) |
(15,121,231) |
(6,309,402) |
3,518,003 |
- |
|
Earnings Before Interest, Taxes, Depreciation And Amortization
(EBITDA) |
(9,676,340) |
(15,091,002) |
(6,280,431) |
3,546,236 |
- |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
0 |
0 |
0 |
0 |
- |
|
Total Liabilities |
95,475,393 |
90,651,290 |
131,296,047 |
53,719,314 |
2,266,912 |
|
Total Assets |
94,448,375 |
79,829,326 |
135,308,145 |
64,312,122 |
12,057,651 |
|
Net Assets |
(1,027,018) |
(10,821,964) |
4,012,098 |
10,592,808 |
9,790,739 |
|
Net Assets Backing |
(1,027,018) |
(10,821,964) |
4,012,098 |
10,592,808 |
9,790,739 |
|
Shareholders' Funds |
(1,027,018) |
(10,821,964) |
4,012,098 |
10,592,808 |
9,790,739 |
|
Total Share Capital |
19,967,086 |
394,586 |
56,738 |
56,738 |
25,500,000 |
|
Total Reserves |
(20,994,104) |
(11,216,550) |
3,955,360 |
10,536,070 |
(15,709,261) |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.31 |
0.18 |
0.18 |
0.40 |
- |
|
Liquid Ratio |
0.68 |
0.56 |
0.72 |
0.97 |
- |
|
Current Ratio |
0.98 |
0.88 |
1.03 |
1.20 |
5.28 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
70 |
55 |
60 |
46 |
- |
|
Debtors Ratio |
84 |
65 |
107 |
117 |
- |
|
Creditors Ratio |
1 |
1 |
2 |
216 |
- |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
0 |
0 |
0 |
0 |
- |
|
Liabilities Ratio |
(92.96) |
(8.38) |
32.73 |
5.07 |
0.23 |
|
Times Interest Earned Ratio |
0 |
(259.75) |
(20.40) |
0 |
- |
|
Assets Backing Ratio |
(0.05) |
(27.43) |
70.71 |
186.70 |
0.38 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
(6.46) |
(7.88) |
(2.72) |
3.67 |
12.24 |
|
Net Profit Margin |
(6.46) |
(7.88) |
(2.70) |
2.98 |
10.21 |
|
Return On Net Assets |
952.03 |
139.73 |
(157.26) |
33.21 |
27.83 |
|
Return On Capital Employed |
952.03 |
139.73 |
(157.26) |
33.21 |
27.83 |
|
Return On Shareholders' Funds/Equity |
952.03 |
140.20 |
(164.02) |
26.96 |
23.21 |
|
Dividend Pay Out Ratio (Times) |
0 |
0 |
0 |
0 |
- |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.79 |
|
|
1 |
Rs.101.37 |
|
Euro |
1 |
Rs.73.46 |
|
SGD |
1 |
Rs.47.47 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
HEE |
|
|
|
|
Report Prepared
by : |
TRU |
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.