|
Report No. : |
350806 |
|
Report Date : |
17.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
BAOSTEEL SINGAPORE PTE LTD |
|
|
|
|
Registered Office : |
7, Temasek Boulevard, 40-02/03, Suntec Tower One, 038987 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
25.02.1997 |
|
|
|
|
Com. Reg. No.: |
199701206-Z |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Trading of steel and steel-related products. |
|
|
|
|
No. of Employees : |
25 [2015] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Exist |
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 |
|
REGISTRATION NO. |
: |
199701206-Z |
|
COMPANY NAME |
: |
BAOSTEEL SINGAPORE PTE LTD |
|
FORMER NAME |
: |
N/A |
|
INCORPORATION DATE |
: |
25/02/1997 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
7, TEMASEK BOULEVARD, 40-02/03, SUNTEC TOWER ONE, 038987, SINGAPORE. |
|
BUSINESS ADDRESS |
: |
7, TEMASEK BOULEVARD, 40-02/03, SUNTEC TOWER ONE, 038987, SINGAPORE. |
|
TEL.NO. |
: |
65-63336818 |
|
FAX.NO. |
: |
65-63336819 |
|
WEB SITE |
: |
WWW.BAOSTEEL.SG |
|
CONTACT PERSON |
: |
HU HONG ( MANAGING DIRECTOR ) |
|
PRINCIPAL ACTIVITY |
: |
TRADING OF STEEL AND STEEL-RELATED PRODUCTS |
|
ISSUED AND PAID UP CAPITAL |
: |
1,419,036.00 ORDINARY SHARE, OF A VALUE OF SGD 1,419,036.00 |
|
SALES |
: |
USD 2,151,045,221 [2014] |
|
NET WORTH |
: |
USD 131,015,427 [2014] |
|
STAFF STRENGTH |
: |
25 [2015] |
|
LITIGATION |
: |
TRACED |
|
FINANCIAL CONDITION |
: |
SATISFACTORY |
|
PAYMENT |
: |
GOOD |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL RISK |
: |
LOW |
|
CURRENCY EXPOSURE |
: |
MODERATE |
|
GENERAL REPUTATION |
: |
SATISFACTORY |
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
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 steel and steel-related products.
The ultimate holding company of the Subject is BAOSTEEL COMPANY CORPORATION LIMITED, a company incorporated in CHINA.
The intermediate holding company of the Subject is BAOSHAN IRON & STEEL CO. LTD., a company incorporated in CHINA.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
08/07/2015 |
SGD 1,419,036.00 |
The major shareholder(s) of the Subject are shown as follows :
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
BAOSHAN IRON & STEEL CO., LTD. |
885, FUJIN ROAD, BAOSHAN DISTRICT, 201900, SHANGHAI, CHINA. |
T10UF4045 |
1,419,036.00 |
100.00 |
|
--------------- |
------ |
|||
|
1,419,036.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject's interest in other companies (Subsidiaries/Associates) are shown as follow :
Local No |
Country |
Company |
(%) |
As At |
|
INDIA |
BAOSTEEL INDIA CO PRIVATE LTD |
100.00 |
31/12/2014 |
|
DIRECTOR
1
|
Name
Of Subject |
: |
QIU
CHENGZHI |
|
Address |
: |
62,
BAYSHORE ROAD, 08-03, PEARL TOWER, 469983, SINGAPORE. |
|
IC
/ PP No |
: |
F5522963P |
|
Nationality |
: |
CHINESE |
|
Date
of Appointment |
: |
25/02/1997 |
DIRECTOR
2
|
Name
Of Subject |
: |
WANG
JING |
|
Address |
: |
ROOM
202, 71 BAOSHAN JIUCUN, BAOSHAN DISTRICT, SHANGHAI, CHINA. |
|
IC
/ PP No |
: |
PE0417766 |
|
Nationality |
: |
CHINESE |
|
Date
of Appointment |
: |
19/12/2014 |
DIRECTOR
3
|
Name
Of Subject |
: |
HU
HONG |
|
Address |
: |
ROOM
1602, 66-4, QINGDAO ROAD, HUANGPU DISTRICT, SHANGHAI, PRC, CHINA. |
|
IC
/ PP No |
: |
PE0347888 |
|
Nationality |
: |
CHINESE |
|
Date
of Appointment |
: |
19/12/2014 |
|
1)
|
Name
of Subject |
: |
HU
HONG |
|
Position |
: |
MANAGING
DIRECTOR |
|
Auditor |
: |
ERNST
& YOUNG LLP |
|
Auditor'
Address |
: |
N/A |
|
1)
|
Company
Secretary |
: |
TEO
HUI YONG |
|
IC
/ PP No |
: |
S0214050J |
|
|
Address |
: |
28,
KIM TIAN ROAD, 35-08, TWIN REGENCY, 169278, SINGAPORE. |
|
No Banker found in our databank.
No encumbrance was found in our databank at the time of investigation.
A check has been conducted in our databank against the
Subject whether the subject has been involved in any litigation.
|
LEGAL
ACTION |
|
|||||||||
|
||||||||||
|
Code
No |
: |
99 |
Case
No |
: |
4421 |
|||||
|
Year |
: |
2009 |
Place |
: |
SINGAPORE |
|||||
|
Court |
: |
DISTRICT
COURT |
||||||||
|
Date
Filed |
: |
18/12/2009 |
||||||||
|
Solicitor |
: |
LEE
SHERGILL LLP |
||||||||
|
Solicitor
Ref |
: |
LSP/RSS/3152/09/V
C |
||||||||
|
Solicitor
Firm |
: |
LEE
SHERGILL LLP |
||||||||
|
Plaintiff |
: |
DANIEL
TAN YU MENG |
||||||||
|
Defendants |
: |
|
||||||||
|
Amount
Claimed |
: |
2084 320 5000 |
||||||||
|
Nature
of Claim |
: |
SGD SGD SGD |
||||||||
|
Remark |
: |
TORT-
NEGLIGENCE |
||||||||
|
No
winding up petition was found in our databank |
||||||||||
|
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 |
[ |
] |
|||||||||
|
Local |
: |
YES |
|||
|
Domestic
Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export
Market |
: |
ASIA
PACIFIC |
|||
|
Credit
Term |
: |
AS
AGREED |
|||
|
Payment
Mode |
: |
CHEQUES |
|||
|
Goods Traded |
: |
STEEL AND STEEL-RELATED PRODUCTS |
|
|
Total Number of Employees: |
|||||||||
|
YEAR |
2015 |
||||||||
|
GROUP |
N/A |
||||||||
|
COMPANY |
25 |
||||||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) trading of steel and
steel-related products.
The Subject is engaged in the supply high-tech and high value-added steel products,
including carbon steel, stainless steel and special steel, in the series of
cold rolled sheets or coils, hot rolled plates or coils, long products and
tubular products.
They are widely used in industries as automobile, household appliances, oil exploration,
oil and gas transmission, shipbuilding, boiler and pressure vessel, electrical
equipments, food and beverage packaging, construction.
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
6563336818 |
|
Current
Telephone Number |
: |
65-63336818 |
|
Match |
: |
YES |
|
Address
Provided by Client |
: |
7,
TEMASEK BOULEVARD, 40-02/03, SUNTEC TOWER ONE,038987, |
|
Current
Address |
: |
7,
TEMASEK BOULEVARD, 40-02/03, SUNTEC TOWER ONE, 038987, 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 bankers.
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
2010
- 2014 |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Increased |
[ |
2010
- 2014 |
] |
|
|
Return
on Shareholder Funds |
: |
Acceptable |
[ |
11.05% |
] |
|
|
Return
on Net Assets |
: |
Acceptable |
[ |
19.08% |
] |
|
|
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's management
have been efficient in controlling its operating costs. The Subject's
management had generated acceptable return for its shareholders using its
assets. |
||||||
|
Working
Capital Control |
||||||
|
Stock
Ratio |
: |
Nil |
[ |
0
Days |
] |
|
|
Debtor
Ratio |
: |
Favourable |
[ |
11
Days |
] |
|
|
Creditors
Ratio |
: |
Favourable |
[ |
9
Days |
] |
|
|
As
the Subject is a service oriented company, the Subject does not need to keep stocks.
The favourable debtors' days could be due to the good credit control measures
implemented by the Subject. 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 |
[ |
1.13
Times |
] |
|
|
Current
Ratio |
: |
Unfavourable |
[ |
1.13
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 |
: |
Unfavourable |
[ |
2.19
Times |
] |
|
|
Gearing
Ratio |
: |
Unfavourable |
[ |
6.75
Times |
] |
|
|
The
Subject'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 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 : |
||||||
|
Generally,
the Subject's performance has improved with higher turnover and profit. The
Subject was in good liquidity position with its total current liabilities
well covered by its total current assets. With its current net assets, the
Subject should be able to repay its short term obligations. If there is a
fall in the Subject's profit or any increase in interest rate, the Subject
may not be able to generate sufficient cash-flow to service its interest. 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 : LIMITED |
||||||
|
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
: |
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 |
|
Incorporated in 1997, the Subject is a Private Limited company, focusing on
trading of steel and steel-related products. Having been in the industry for
over a decade, the Subject 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. A paid up capital of SGD 1,419,036 allows the Subject to
expand its business more comfortably. With a strong backing from its holding
company, the Subject enjoys timely financial assistance should the needs arise.
Over the years, the Subject has penetrated into both the local and overseas
market. The Subject has positioned itself in the global market and is competing
in the industry. Its stable clientele base will enable the Subject to further
enhance its business in the near term. Being a small company, the Subject's
business operation is supported by 25 employees. Overall, we regard that the
Subject's management capability is average. This indicates that the Subject has
greater potential to improve its business performance and raising income for
the Subject.
We noted that both the turnover and profits have increased compared to the
previous year. The higher profit could be due to increase in turnover and better
control over its operating costs. Return on shareholders' funds of the Subject
was at an acceptable range which indicated that the management was efficient in
utilising its funds to generate income. The Subject is in good liquidity
position with its current liabilities well covered by it current assets. Hence,
it has sufficient working capital to meet its short term financial obligations.
The high gearing ratio clearly implied that the Subject was supported by more
debt than equity. Thus, the Subject is exposed to high financial risk. Given a
positive net worth standing at USD 131,015,427, the Subject should be able to
maintain its business in the near terms.
Having a strong assets backing, the Subject possesses latent assets as
collateral for further financial extension. Hence, it has good chance of
getting loans if the needs arises.
Overall, the Subject's payment habit is good as the Subject has a good credit
control and it could be taking advantage of the cash discounts while
maintaining a good reputation with its creditors.
The industry shows an upward trend and this trend is very likely to sustain in
the near terms. Hence, the Subject is expected to benefit from the favourable
outlook of the industry.
Based on the above condition, we recommend credit be granted to the Subject
normally.
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING
STANDARDS. |
|
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 |
GROUP |
GROUP |
GROUP |
GROUP |
GROUP |
|
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 |
2,151,045,221 |
1,527,989,407 |
747,170,283 |
672,165,668 |
490,197,614 |
|
Other
Income |
2,030,023 |
7,033,321 |
3,199,449 |
1,693,826 |
70,031 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total
Turnover |
2,153,075,244 |
1,535,022,728 |
750,369,732 |
673,859,494 |
490,267,645 |
|
Costs
of Goods Sold |
(2,091,420,244) |
(1,497,240,952) |
(714,436,687) |
(636,217,274) |
(458,398,804) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross
Profit |
61,655,000 |
37,781,776 |
35,933,045 |
37,642,220 |
31,868,841 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
15,151,508 |
13,836,340 |
13,648,674 |
17,051,919 |
14,028,808 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
15,151,508 |
13,836,340 |
13,648,674 |
17,051,919 |
14,028,808 |
|
Taxation |
(668,848) |
(1,040,874) |
(1,141,623) |
(1,299,384) |
(853,340) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
14,482,660 |
12,795,466 |
12,507,051 |
15,752,535 |
13,175,468 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As
previously reported |
113,559,928 |
100,764,462 |
88,257,411 |
72,504,876 |
59,329,408 |
|
Prior
year adjustment |
297,641 |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As
restated |
113,857,569 |
100,764,462 |
88,257,411 |
72,504,876 |
59,329,408 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
128,340,229 |
113,559,928 |
100,764,462 |
88,257,411 |
72,504,876 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
128,340,229 |
113,559,928 |
100,764,462 |
88,257,411 |
72,504,876 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST
EXPENSE (as per notes to P&L) |
|||||
|
Bank
overdraft |
- |
- |
- |
254,077 |
- |
|
Others |
12,708,869 |
3,519,038 |
1,496,675 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
12,708,869 |
3,519,038 |
1,496,675 |
254,077 |
- |
|
|
============= |
============= |
============= |
============= |
- |
|
|
DEPRECIATION
(as per notes to P&L) |
209,908 |
200,341 |
193,598 |
255,877 |
257,316 |
|
AMORTIZATION |
3,356 |
3,356 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
213,264 |
203,697 |
193,598 |
255,877 |
257,316 |
|
|
============= |
============= |
============= |
============= |
============= |
|
ASSETS
EMPLOYED: |
|||||
|
FIXED
ASSETS |
12,743,382 |
7,026,580 |
3,797,406 |
3,953,444 |
4,105,623 |
|
Investments |
10,365,115 |
10,552,830 |
10,766,712 |
4,000,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM INVESTMENTS/OTHER ASSETS |
10,365,115 |
10,552,830 |
10,766,712 |
4,000,000 |
- |
|
Others |
20,138 |
23,494 |
26,850 |
30,206 |
33,562 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
INTANGIBLE ASSETS |
20,138 |
23,494 |
26,850 |
30,206 |
33,562 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM ASSETS |
23,128,635 |
17,602,904 |
14,590,968 |
7,983,650 |
4,139,185 |
|
Trade
debtors |
65,866,642 |
133,255,775 |
65,427,810 |
38,275,781 |
23,960,941 |
|
Other
debtors, deposits & prepayments |
14,574,911 |
231,751 |
316,404 |
928,945 |
760,140 |
|
Short
term deposits |
97,933,580 |
38,224,287 |
18,273,009 |
49,838,006 |
- |
|
Loans
& advances - current portion |
37,531,852 |
15,068,074 |
16,188,872 |
- |
- |
|
Amount
due from holding company |
798,069,205 |
723,919,763 |
83,935,672 |
- |
- |
|
Amount
due from related companies |
58,382,356 |
135,487,602 |
- |
- |
- |
|
Cash
& bank balances |
27,528,620 |
12,969,667 |
19,211,425 |
14,315,560 |
65,148,048 |
|
Others |
477,892 |
470,379 |
1,248,596 |
2,633,081 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT ASSETS |
1,100,365,058 |
1,059,627,298 |
204,601,788 |
105,991,373 |
89,869,129 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
ASSET |
1,123,493,693 |
1,077,230,202 |
219,192,756 |
113,975,023 |
94,008,314 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade
creditors |
51,785,224 |
44,638,496 |
21,735,512 |
19,494,975 |
1,874,824 |
|
Other
creditors & accruals |
35,676,170 |
1,316,577 |
1,108,865 |
4,128,937 |
7,432,269 |
|
Short
term borrowings/Term loans |
869,190,475 |
894,167,079 |
85,240,792 |
- |
- |
|
Amounts
owing to holding company |
6,742,878 |
12,680,903 |
3,341,786 |
- |
9,745,190 |
|
Amounts
owing to related companies |
8,433,526 |
4,909,939 |
2,541,336 |
- |
692,355 |
|
Provision
for taxation |
830,500 |
1,052,000 |
1,080,000 |
1,072,700 |
737,800 |
|
Other
liabilities |
4,778,494 |
4,425,444 |
2,359,003 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT LIABILITIES |
977,437,267 |
963,190,438 |
117,407,294 |
24,696,612 |
20,482,438 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET
CURRENT ASSETS/(LIABILITIES) |
122,927,791 |
96,436,860 |
87,194,494 |
81,294,761 |
69,386,691 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
NET ASSETS |
146,056,426 |
114,039,764 |
101,785,462 |
89,278,411 |
73,525,876 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE
CAPITAL |
|||||
|
Ordinary
share capital |
980,001 |
980,001 |
980,001 |
980,001 |
980,001 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
SHARE CAPITAL |
980,001 |
980,001 |
980,001 |
980,001 |
980,001 |
|
Exchange
equalisation/fluctuation reserve |
(1,007,162) |
(541,164) |
- |
- |
- |
|
Retained
profit/(loss) carried forward |
128,340,229 |
113,559,928 |
100,764,462 |
88,257,411 |
72,504,876 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
RESERVES |
127,333,067 |
113,018,764 |
100,764,462 |
88,257,411 |
72,504,876 |
|
MINORITY
INTEREST |
2,702,359 |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
131,015,427 |
113,998,765 |
101,744,463 |
89,237,412 |
73,484,877 |
|
Long
term loans |
15,000,000 |
- |
- |
- |
- |
|
Deferred
taxation |
40,999 |
40,999 |
40,999 |
40,999 |
40,999 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM LIABILITIES |
15,040,999 |
40,999 |
40,999 |
40,999 |
40,999 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
146,056,426 |
114,039,764 |
101,785,462 |
89,278,411 |
73,525,876 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
TYPES
OF FUNDS |
|||||
|
Cash |
125,462,200 |
51,193,954 |
37,484,434 |
64,153,566 |
65,148,048 |
|
Net
Liquid Funds |
125,462,200 |
51,193,954 |
37,484,434 |
64,153,566 |
65,148,048 |
|
Net
Liquid Assets |
122,927,791 |
96,436,860 |
87,194,494 |
81,294,761 |
69,386,691 |
|
Net
Current Assets/(Liabilities) |
122,927,791 |
96,436,860 |
87,194,494 |
81,294,761 |
69,386,691 |
|
Net
Tangible Assets |
146,036,288 |
114,016,270 |
101,758,612 |
89,248,205 |
73,492,314 |
|
Net
Monetary Assets |
107,886,792 |
96,395,861 |
87,153,495 |
81,253,762 |
69,345,692 |
|
PROFIT
& LOSS ITEMS |
|||||
|
Earnings
Before Interest & Tax (EBIT) |
27,860,377 |
17,355,378 |
15,145,349 |
17,305,996 |
14,028,808 |
|
Earnings
Before Interest, Taxes, Depreciation And Amortization (EBITDA) |
28,073,641 |
17,559,075 |
15,338,947 |
17,561,873 |
14,286,124 |
|
BALANCE
SHEET ITEMS |
|||||
|
Total
Borrowings |
884,190,475 |
894,167,079 |
85,240,792 |
0 |
0 |
|
Total
Liabilities |
992,478,266 |
963,231,437 |
117,448,293 |
24,737,611 |
20,523,437 |
|
Total
Assets |
1,123,493,693 |
1,077,230,202 |
219,192,756 |
113,975,023 |
94,008,314 |
|
Net
Assets |
146,056,426 |
114,039,764 |
101,785,462 |
89,278,411 |
73,525,876 |
|
Net
Assets Backing |
131,015,427 |
113,998,765 |
101,744,463 |
89,237,412 |
73,484,877 |
|
Shareholders'
Funds |
131,015,427 |
113,998,765 |
101,744,463 |
89,237,412 |
73,484,877 |
|
Total
Share Capital |
980,001 |
980,001 |
980,001 |
980,001 |
980,001 |
|
Total
Reserves |
127,333,067 |
113,018,764 |
100,764,462 |
88,257,411 |
72,504,876 |
|
LIQUIDITY
(Times) |
|||||
|
Cash
Ratio |
0.13 |
0.05 |
0.32 |
2.60 |
3.18 |
|
Liquid
Ratio |
1.13 |
1.10 |
1.74 |
4.29 |
4.39 |
|
Current
Ratio |
1.13 |
1.10 |
1.74 |
4.29 |
4.39 |
|
WORKING
CAPITAL CONTROL (Days) |
|||||
|
Stock
Ratio |
0 |
0 |
0 |
0 |
0 |
|
Debtors
Ratio |
11 |
32 |
32 |
21 |
18 |
|
Creditors
Ratio |
9 |
11 |
11 |
11 |
1 |
|
SOLVENCY
RATIOS (Times) |
|||||
|
Gearing
Ratio |
6.75 |
7.84 |
0.84 |
0.00 |
0.00 |
|
Liabilities
Ratio |
7.58 |
8.45 |
1.15 |
0.28 |
0.28 |
|
Times
Interest Earned Ratio |
2.19 |
4.93 |
10.12 |
68.11 |
0.00 |
|
Assets
Backing Ratio |
149.02 |
116.34 |
103.84 |
91.07 |
74.99 |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating
Profit Margin |
0.70 |
0.91 |
1.83 |
2.54 |
2.86 |
|
Net
Profit Margin |
0.67 |
0.84 |
1.67 |
2.34 |
2.69 |
|
Return
On Net Assets |
19.08 |
15.22 |
14.88 |
19.38 |
19.08 |
|
Return
On Capital Employed |
18.73 |
15.22 |
14.88 |
19.38 |
19.07 |
|
Return
On Shareholders' Funds/Equity |
11.05 |
11.22 |
12.29 |
17.65 |
17.93 |
|
Dividend
Pay Out Ratio (Times) |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
NOTES
TO ACCOUNTS |
|||||
|
Contingent
Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.17 |
|
UK Pound |
1 |
Rs.100.65 |
|
Euro |
1 |
Rs.70.97 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
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.