|
|
|
MIRA INFORM REPORT
|
Report No. : |
502822 |
|
Report Date : |
13.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
MIKAS STAINLESS
STEELS PTE. LTD. |
|
|
|
|
Registered Office : |
10, Collyer Quay, 10-01, Ocean Financial
Centre, 049315 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.03.2017 |
|
|
|
|
Date of Incorporation : |
03.04.2014 |
|
|
|
|
Com. Reg. No.: |
201409743K |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
The subject is principally engaged in the
trading of stainless steel coil/plate/thick plate. |
|
|
|
|
No. of Employees : |
23 [2018] |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous
Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
Singapore |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
SINGAPORE - ECONOMIC OVERVIEW
Singapore has a highly developed and successful free-market economy. It
enjoys a remarkably open and corruption-free environment, stable prices, and a per
capita GDP higher than that of most developed countries. Unemployment is very
low. The economy depends heavily on exports, particularly of 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. Growth in 2014-17 was slower than
during the previous decade, at under 3% annually, 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 growth,
and increasing Singaporean wages. Singapore has attracted major investments in
advanced manufacturing, pharmaceuticals, and medical technology production and
will continue efforts to strengthen its position as Southeast Asia's leading
financial and technology hub. Singapore is a member of the Regional
Comprehensive Economic Partnership negotiations with the nine other ASEAN
members plus Australia, China, India, Japan, South Korea, and New Zealand. In
2015, Singapore formed, with the other ASEAN members, the ASEAN Economic
Community.
|
Source
: CIA |
EXECUTIVE SUMMARY
|
|
REGISTRATION NO. |
: |
201409743K |
|
COMPANY NAME |
: |
MIKAS STAINLESS STEELS PTE. LTD. |
|
FORMER NAME |
: |
N/A |
|
INCORPORATION DATE |
: |
03/04/2014 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY SHARE) |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
10, COLLYER QUAY, 10-01, OCEAN FINANCIAL
CENTRE, 049315, SINGAPORE. |
|
BUSINESS ADDRESS |
: |
26B, HILI VIEW TERRACE, 669239, SINGAPORE. |
|
TEL.NO. |
: |
65-62225252 |
|
FAX.NO. |
: |
65-62225225 |
|
WEB SITE |
: |
WWW.MIKAS.COM.SG |
|
CONTACT PERSON |
: |
LOW GUAN AIK ( MANAGING DIRECTOR ) |
|
PRINCIPAL ACTIVITY |
: |
TRADING OF STAINLESS STEEL COIL/PLATE/THICK
PLATE |
|
ISSUED AND PAID UP CAPITAL |
: |
1,000,000.00 ORDINARY SHARE, OF A VALUE OF
USD 1,000,000.00 |
|
SALES |
: |
USD 72,431,171 [2017] |
|
NET WORTH |
: |
USD 2,779,903 [2017] |
|
STAFF STRENGTH |
: |
23 [2018] |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
LIMITED |
|
PAYMENT |
: |
NO COMPLAINTS |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL RISK |
: |
LOW |
|
CURRENCY EXPOSURE |
: |
MODERATE |
|
GENERAL REPUTATION |
: |
SATISFACTORY |
|
INDUSTRY OUTLOOK |
: |
MARGINAL GROWTH |
HISTORY / BACKGROUND
|
The Subject is a private limited company and
is allowed to have a minimum of one and a maximum of forty-nine shareholders. As
a private limited company, the Subject must have at least two directors. A
private limited company is a separate legal entity from its shareholders. As a
separate legal entity, the Subject is capable of owning assets, entering into
contracts, sue or be sued by other companies. The liabilities of the
shareholders are to the extent of the equity they have taken up and the
creditors cannot claim on shareholders' personal assets even if the Subject is
insolvent. The Subject is governed by the Companies Act and the company must
file its annual returns, together with its financial statements with the
Registrar of Companies.
The subject is principally engaged in the (as
a / as an) trading of stainless steel coil/plate/thick plate.
The immediate holding company of the Subject
is RMJ RESOURCES PTE. LTD., a company incorporated in SINGAPORE.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
12/04/2018 |
USD 1,000,000.00 |
The major shareholder(s) of the Subject are
shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
LOW GUAN AIK + |
22, ST. THOMAS WALK, 10-01, SKYPARK,
238107, SINGAPORE. |
S6967748G |
340,000.00 |
34.00 |
|
RMJ RESOURCES PTE. LTD. |
10, COLLYER QUAY, 10-01, OCEAN FINANCIAL
CENTRE 049315 ,SINGAPORE |
201409738M |
660,000.00 |
66.00 |
|
--------------- |
------ |
|||
|
1,000,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject's interest in other companies (Subsidiaries/Associates)
are shown as follow :
|
Local No |
Country |
Company |
Status |
(%) |
As At |
|
819279P |
MALAYSIA |
EXCEL METAL INDUSTRIES SDN. BHD. |
- |
100.00 |
31/03/2017 |
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
GOH YEAN CHENG |
|
Address |
: |
22, ST. THOMAS WALK 10-01, SKYPARK, 238107,
SINGAPORE. |
|
IC / PP No |
: |
S2765052Z |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
16/11/2014 |
INTEREST CHECK
|
Interest in companies |
: |
see below |
|
Interest in business |
: |
none in our databank |
|
Former interest |
: |
none in our databank |
INTEREST IN COMPANY
|
No |
Local No |
Company |
Designation |
App Date |
Shareholding |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
|
No. |
% |
|||||||||
|
1 |
201409743K |
MIKAS STAINLESS STEELS PTE. LTD. |
Director |
16/11/2014 |
0.00 |
- |
USD1,437,933.00 |
2017 |
- |
12/04/2018 |
DIRECTOR 2
|
Name Of Subject |
: |
LOW GUAN AIK |
|
Address |
: |
22, ST. THOMAS WALK, 10-01, SKYPARK,
238107, SINGAPORE. |
|
IC / PP No |
: |
S6967748G |
|
Nationality |
: |
MALAYSIAN |
|
Date of Appointment |
: |
03/04/2014 |
INTEREST CHECK
|
Interest in companies |
: |
see below |
|
Interest in business |
: |
none in our databank |
|
Former interest |
: |
none in our databank |
INTEREST IN COMPANY
|
No |
Local No |
Company |
Designation |
App Date |
Shareholding |
Profit/(loss) After Tax |
Financial Year |
Status |
As At |
|
|
No. |
% |
|||||||||
|
1 |
201409743K |
MIKAS STAINLESS STEELS PTE. LTD. |
Director |
03/04/2014 |
340,000.00 |
34.00 |
USD1,437,933.00 |
2017 |
- |
12/04/2018 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
LOW GUAN AIK |
|
Position |
: |
MANAGING DIRECTOR |
|
AUDITOR
|
|
Auditor |
: |
BDO LLP |
|
Auditor' Address |
: |
N/A |
COMPANY SECRETARIES
|
|
1) |
Company Secretary |
: |
LEE LIH FENG |
|
IC / PP No |
: |
S7076311G |
|
|
Address |
: |
10, COLLYER QUAY, 10-01, OCEAN FINANCIAL
CENTRE, 049315, SINGAPORE. |
|
BANKING
|
No Banker found in our databank.
ENCUMBRANCE (S)
|
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
C201410205 |
19/09/2014 |
N/A |
DBS BANK LTD. |
- |
Unsatisfied |
|
C201412266 |
05/11/2014 |
N/A |
DBS BANK LTD. |
- |
Unsatisfied |
|
C201703548 |
18/04/2017 |
N/A |
DBS BANK LTD. |
- |
Unsatisfied |
CIVIL LITIGATION CHECK - SUBJECT COMPANY AS A
DEFENDANT
|
* A check has been conducted in our databank against the Subject whether the
subject has been involved in any litigation.
No legal action was found in our databank.
No winding up petition was found in our databank.
PAYMENT RECORD
|
|
||
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
N/A |
|
Overseas |
: |
N/A |
The Subject refused to disclose its 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 |
: |
WORLDWIDE |
|||
|
Credit Term |
: |
N/A |
|||
|
Payment Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Goods Traded |
: |
STAINLESS STEEL COIL/PLATE/THICK PLATE |
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2018 |
2017 |
2016 |
||||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
||||||
|
COMPANY |
23 |
23 |
25 |
||||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) trading of stainless
steel coil/plate/thick plate.
The Subject's products are strategized into 3 main category. Its organization
are designed and build around these 3 ultimate objectives of selecting
stainless steels. The Subject's main goal is to fully comprehend the needs and
objective of its customer, to recommend and supply the best grade of stainless
steel to meet both cost and effectiveness.
The Subject's products are as follows:
Stainless Steel Coil/Plate/Thick Plate
General Application Stainless Steel
Cost Saving Stainless Steel
High Performance Stainless Steel
Commercial Quality Stainless Steel
The Subject sells the products according to its customers' orders.
CURRENT INVESTIGATION
|
Latest fresh investigations carried out on
the Subject indicated that :
|
Telephone Number Provided By Client |
: |
6562225252 |
|
Current Telephone Number |
: |
65-62225252 |
|
Match |
: |
YES |
|
Address Provided by Client |
: |
26B, HILI VIEW TERRACE 669239 |
|
Current Address |
: |
26B, HILI VIEW TERRACE, 669239, SINGAPORE. |
|
Match |
: |
YES |
Other Investigations
we contacted one of the staff from the Subject and she provided some
information.
FINANCIAL ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
2015 - 2017 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2015 - 2017 |
] |
|
|
Return on Shareholder Funds |
: |
Favourable |
[ |
51.73% |
] |
|
|
Return on Net Assets |
: |
Favourable |
[ |
100.24% |
] |
|
|
The Subject's turnover increased steadily
as the demand for its products / services increased due to the goodwill built
up over the years.The higher profit could be attributed to the increase in
turnover. Generally the Subject was profitable. The favourable return on
shareholders' funds and return on net assets indicate that the Subject's
management was efficient in utilising the assets to generate returns. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Acceptable |
[ |
61 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
101 Days |
] |
|
|
Creditors Ratio |
: |
Unfavourable |
[ |
99 Days |
] |
|
|
The Subject kept adequate stocks to meet its
normal business transactions without incurring excessive storage costs. The
Subject's debtors ratio was high. The Subject should tighten its credit
control and improve its collection period. The unfavourable creditors' ratio
could be due to the Subject taking advantage of the credit granted by its
suppliers. However this may affect the goodwill between the Subject and its
suppliers and the Subject may inadvertently have to pay more for its future
supplies. |
||||||
|
Liquidity |
||||||
|
Liquid Ratio |
: |
Unfavourable |
[ |
0.60 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
0.91 Times |
] |
|
|
A low liquid ratio means that the Subject
may be facing working capital deficiency. If the Subject cannot obtain additional
financing or injection of fresh capital, it may face difficulties in meeting
its short term obligations. |
||||||
|
Solvency |
||||||
|
Interest Cover |
: |
Unfavourable |
[ |
2.29 Times |
] |
|
|
Gearing Ratio |
: |
Unfavourable |
[ |
6.51 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. 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. 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 |
||||||
SINGAPORE ECONOMIC / INDUSTRY OUTLOOK
|
|
Major Economic Indicators : |
2013 |
2014 |
2015 |
2016 |
2017* |
|
|
|||||
|
Population (Million) |
5.40 |
5.47 |
5.54 |
5.61 |
5.61 |
|
Gross Domestic Products ( % ) |
5.1 |
3.9 |
2.2 |
2.4 |
3.6 |
|
Consumer Price Index |
2.4 |
1.0 |
(0.5) |
(0.5) |
0.6 |
|
Total Imports (Million) |
466,762.0 |
463,779.1 |
407,767.9 |
398,372.0 |
403,300.0 |
|
Total Exports (Million) |
513,391.0 |
518,922.7 |
476,285.4 |
468,552.0 |
466,900.0 |
|
|
|||||
|
Unemployment Rate (%) |
1.9 |
1.9 |
1.9 |
2.1 |
- |
|
Tourist Arrival (Million) |
15.46 |
15.01 |
15.23 |
16.28 |
- |
|
Hotel Occupancy Rate (%) |
86.3 |
85.5 |
84.0 |
83.1 |
84.7 |
|
Cellular Phone Subscriber (Million) |
1.97 |
1.98 |
1.99 |
- |
- |
|
|
|||||
|
Registration of New Companies (No.) |
37,288 |
41,589 |
34,243 |
35,227 |
37,395 |
|
Registration of New Companies (%) |
9.8 |
11.5 |
(17.7) |
2.9 |
6.2 |
|
Liquidation of Companies (No.) |
17,369 |
18,767 |
21,384 |
23,218 |
22,379 |
|
Liquidation of Companies (%) |
(5.3) |
8.0 |
13.9 |
8.6 |
(3.6) |
|
|
|||||
|
Registration of New Businesses (No.) |
22,893 |
35,773 |
28,480 |
27,120 |
22,148 |
|
Registration of New Businesses (%) |
1.70 |
56.30 |
(20.39) |
(4.78) |
(18.33) |
|
Liquidation of Businesses (No.) |
22,598 |
22,098 |
26,116 |
35,866 |
24,344 |
|
Liquidation of Businesses (%) |
0.5 |
(2.2) |
18.2 |
37.3 |
(32.1) |
|
|
|||||
|
Bankruptcy Orders (No.) |
1,992 |
1,757 |
1,776 |
1,797 |
1,638 |
|
Bankruptcy Orders (%) |
14.0 |
(11.8) |
1.0 |
1.2 |
(8.9) |
|
Bankruptcy Discharges (No.) |
2,584 |
3,546 |
3,499 |
4,359 |
2,030 |
|
Bankruptcy Discharges (%) |
37.4 |
37.2 |
(1.3) |
24.6 |
(53.4) |
|
|
|||||
|
INDUSTRIES ( % of Growth ) : |
|||||
|
Agriculture |
|||||
|
Production of Principal Crops |
1.78 |
4.29 |
3.04 |
- |
- |
|
Fish Supply & Wholesale |
(3.8) |
(8.6) |
(8.5) |
(9.9) |
- |
|
|
|||||
|
Manufacturing # |
|||||
|
Food, Beverages & Tobacco |
97.9 |
99.4 |
100.0 |
103.7 |
110.3 |
|
Textiles |
119.5 |
102.7 |
100.0 |
92.4 |
84.4 |
|
Wearing Apparel |
334.1 |
212.6 |
100.0 |
83.4 |
88.2 |
|
Leather Products & Footwear |
122.0 |
106.5 |
100.0 |
88.8 |
79.0 |
|
Wood & Wood Products |
103.0 |
107.2 |
100.0 |
95.0 |
92.9 |
|
Paper & Paper Products |
104.4 |
104.5 |
100.0 |
97.3 |
96.1 |
|
Printing & Media |
113.8 |
105.968 |
100.0 |
85.1 |
73.1 |
|
Crude Oil Refineries |
100.7 |
92.2 |
100.0 |
104.2 |
113.5 |
|
Chemical & Chemical Products |
88.4 |
96.7 |
100.0 |
98.9 |
105.3 |
|
Pharmaceutical Products |
101.421 |
109.4 |
100.0 |
113.8 |
96.0 |
|
Rubber & Plastic Products |
109.497 |
109.2 |
100.0 |
91.4 |
93.7 |
|
Non-metallic Mineral |
107.4 |
90.759 |
100.0 |
89.8 |
72.9 |
|
Basic Metals |
77.2 |
99.3 |
100.0 |
106.2 |
108.3 |
|
Fabricated Metal Products |
107.5 |
107.757 |
100.0 |
93.8 |
91.3 |
|
Machinery & Equipment |
109.1 |
118.2 |
100.0 |
80.8 |
86.1 |
|
Electrical Machinery |
87.4 |
97.871 |
100.0 |
101.5 |
111.7 |
|
Electronic Components |
105.0 |
105.6 |
100.0 |
114.1 |
151.4 |
|
Transport Equipment |
111.1 |
106.68 |
100.0 |
101.0 |
99.5 |
|
|
|||||
|
Construction |
25.40 |
22.00 |
- |
- |
- |
|
Real Estate |
88.5 |
145.1 |
- |
- |
- |
|
|
|||||
|
Services |
|||||
|
Electricity, Gas & Water |
6.70 |
6.50 |
- |
- |
- |
|
Transport, Storage & Communication |
9.80 |
14.20 |
- |
- |
- |
|
Finance & Insurance |
3.30 |
6.00 |
- |
7.40 |
- |
|
Government Services |
6.50 |
6.30 |
- |
- |
- |
|
Education Services |
3.10 |
5.98 |
- |
2.40 |
- |
|
|
|||||
|
* Estimate / Preliminary |
|||||
|
# Based on Index of Industrial Production
(2015 = 100) |
INDUSTRY ANALYSIS
|
|
INDUSTRY : |
TRADING |
|
According to the Ministry of Trade and
Industry, the wholesale & retail trade sector expanded to 3.0% in the
fourth quarter of 2017, moderating from the 3.3% growth in the previous
quarter. The wholesale trade segment was boosted by an improvement in foreign
wholesale sales volume, which more than offset the weakness in domestic
wholesale sales volume. For the whole of 2017, the sector expanded by 2.3%,
faster than the 1.0% growth in 2016. The improvement in growth can be
attributed to the wholesale segment. |
|
|
The domestic wholesale sales volume fell by
1.1% in the fourth quarter 2017, reversing the 2.0% growth in the preceding
quarter. The poorer outturn was led by declines in the sales volume of
household equipment & furniture (-27%) and general wholesale merchandise
(-19%), which outweighed the increase in the sales volume of
telecommunications & computers (20%). For the whole of 2017, the domestic
wholesale trade index expanded by 1.0%, a turnaround from the 2.7% decline in
2016. |
|
|
On the other hand, foreign wholesale sales
volume rose to 6.2% in the fourth quarter 2017, a step-up from the 5.1%
growth in the preceding quarter. Growth was driven by expansions in the sales
of petroleum & petroleum-related products (11%t), telecommunications
& computers (19%) and electronic components (16%). However, growth was
partly offset by a 20% decline in the sales volume of metals, timber &
construction materials. For the full year 2017, the foreign wholesale trade index
rose by 3.6%, faster than the increase of 1.5% in the previous year. |
|
|
Besides, retail sales volume rose by 2.1%
in the fourth quarter 2017, improving from the 0.9% growth recorded in the
third quarter. Growth was supported by improvements in both motor vehicle and
non-motor vehicle sales volumes. While motor vehicle sales benefitted from an
on-year increase in COE supply, growth in non-motor vehicle sales came on the
back of an improvement in consumer sentiments. Notably, the sales volume of
discretionary goods such as recreational goods, computer &
telecommunication equipment and wearing apparel & footwear grew by 4.6%,
4.3 % and 3.1% respectively. |
|
|
For the full year 2017, retail sales volume
expanded by 1.3%, similar to the 1.5% growth recorded in 2016. Growth was
driven by both motor vehicle sales and non-motor vehicle sales, which the
former rising by 1.5% and the latter increasing by 1.3%. The rise in
non-motor vehicle sales was underpinned by higher sales of discretionary
goods. For instance, the sales volume of recreational goods (3.9%), watches
& jewellery (2.4%), computer & telecommunications equipment (1.7%)
and wearing apparel & footwear (1.5%) improved in 2017. |
|
|
OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH |
|
CREDIT RISK EVALUATION & RECOMMENDATION
|
|
|
PROFIT AND LOSS ACCOUNT
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN
ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS. |
|
MIKAS STAINLESS STEELS PTE. LTD. |
|
Financial Year End |
2017-03-31 |
2016-03-31 |
2015-03-31 |
|
Months |
12 |
12 |
12 |
|
Consolidated Account |
GROUP |
GROUP |
GROUP |
|
Audited Account |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean
Opinion) |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
|
Currency |
USD |
USD |
USD |
|
TURNOVER |
72,431,171 |
66,147,153 |
54,281,968 |
|
Other Income |
442,496 |
1,848,891 |
2,769,270 |
|
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
72,873,667 |
67,996,044 |
57,051,238 |
|
Costs of Goods Sold |
(66,070,346) |
(61,583,680) |
(50,976,710) |
|
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
6,803,321 |
6,412,364 |
6,074,528 |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
1,568,304 |
172,305 |
1,410,066 |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
1,568,304 |
172,305 |
1,410,066 |
|
Taxation |
(130,371) |
(48,567) |
(61,950) |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
1,437,933 |
123,738 |
1,348,116 |
|
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||
|
As previously reported |
1,471,854 |
1,348,116 |
- |
|
---------------- |
---------------- |
---------------- |
|
|
As restated |
1,471,854 |
1,348,116 |
- |
|
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
2,909,787 |
1,471,854 |
1,348,116 |
|
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
2,909,787 |
1,471,854 |
1,348,116 |
|
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||
|
Bank overdraft |
1,821 |
1,332 |
3,239 |
|
Lease interest |
38,331 |
35,111 |
17,459 |
|
Term loan / Borrowing |
125,934 |
141,569 |
146,027 |
|
Others |
1,052,121 |
885,936 |
594,731 |
|
---------------- |
---------------- |
---------------- |
|
|
1,218,207 |
1,063,948 |
761,456 |
|
|
============= |
============= |
============= |
|
|
DEPRECIATION (as per notes to P&L) |
311,308 |
314,204 |
177,286 |
|
---------------- |
---------------- |
---------------- |
|
|
Total Amortization And Depreciation |
311,308 |
314,204 |
177,286 |
|
============= |
============= |
============= |
BALANCE SHEET
|
|
MIKAS STAINLESS STEELS PTE. LTD. |
|
ASSETS EMPLOYED: |
|||
|
FIXED ASSETS |
7,579,239 |
8,663,394 |
9,331,196 |
|
LONG TERM INVESTMENTS/OTHER ASSETS |
|||
|
Others |
1,342,214 |
819,784 |
800,225 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
1,342,214 |
819,784 |
800,225 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
8,921,453 |
9,483,178 |
10,131,421 |
|
CURRENT ASSETS |
|||
|
Stocks |
12,121,658 |
12,853,143 |
10,974,873 |
|
Trade debtors |
20,112,555 |
17,066,277 |
17,501,469 |
|
Other debtors, deposits & prepayments |
904,258 |
532,492 |
863,691 |
|
Short term deposits |
1,331,906 |
2,128,210 |
2,074,137 |
|
Cash & bank balances |
734,943 |
1,815,062 |
1,014,614 |
|
Others |
235,598 |
7,656 |
28,446 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
35,440,918 |
34,402,840 |
32,457,230 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
44,362,371 |
43,886,018 |
42,588,651 |
|
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||
|
Trade creditors |
17,952,204 |
16,703,525 |
12,191,331 |
|
Other creditors & accruals |
2,629,987 |
1,930,483 |
1,344,337 |
|
Bank overdraft |
- |
- |
23,389 |
|
Short term borrowings/Term loans |
150,380 |
168,137 |
164,885 |
|
Other borrowings |
15,487,076 |
16,076,850 |
19,877,785 |
|
Amounts owing to related companies |
62,019 |
70,252 |
1,706,856 |
|
Amounts owing to director |
2,344,067 |
2,295,225 |
1,755,292 |
|
Provision for taxation |
142,125 |
48,567 |
- |
|
Lease payables |
128,151 |
141,955 |
94,076 |
|
Other liabilities |
- |
1,380,422 |
- |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
38,896,009 |
38,815,416 |
37,157,951 |
|
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
(3,455,091) |
(4,412,576) |
(4,700,721) |
|
---------------- |
---------------- |
---------------- |
|
|
LONG TERM LIABILITIES |
|||
|
Long term loans |
2,201,623 |
2,666,419 |
2,987,459 |
|
Lease obligations |
270,686 |
322,565 |
274,416 |
|
Deferred taxation |
214,150 |
242,577 |
255,374 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
2,686,459 |
3,231,561 |
3,517,249 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
2,779,903 |
1,839,041 |
1,913,451 |
|
============= |
============= |
============= |
|
|
FINANCED BY: |
|||
|
SHARE CAPITAL |
|||
|
Ordinary share capital |
1,000,000 |
1,000,000 |
1,000,000 |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
1,000,000 |
1,000,000 |
1,000,000 |
|
RESERVES |
|||
|
Exchange equalisation/fluctuation reserve |
(1,176,312) |
(652,372) |
(434,665) |
|
Retained profit/(loss) carried forward |
2,909,787 |
1,471,854 |
1,348,116 |
|
Others |
46,428 |
19,559 |
- |
|
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
1,779,903 |
839,041 |
913,451 |
|
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
2,779,903 |
1,839,041 |
1,913,451 |
|
============= |
============= |
============= |
|
|
|
|
|
|
FINANCIAL RATIO
|
|
MIKAS STAINLESS STEELS PTE. LTD. |
|
TYPES OF FUNDS |
|||
|
Cash |
2,066,849 |
3,943,272 |
3,088,751 |
|
Net Liquid Funds |
2,066,849 |
3,943,272 |
3,065,362 |
|
Net Liquid Assets |
(15,576,749) |
(17,265,719) |
(15,675,594) |
|
Net Current Assets/(Liabilities) |
(3,455,091) |
(4,412,576) |
(4,700,721) |
|
Net Tangible Assets |
2,779,903 |
1,839,041 |
1,913,451 |
|
Net Monetary Assets |
(18,263,208) |
(20,497,280) |
(19,192,843) |
|
PROFIT & LOSS ITEMS |
|||
|
Earnings Before Interest & Tax (EBIT) |
2,786,511 |
1,236,253 |
2,171,522 |
|
Earnings Before Interest, Taxes,
Depreciation And Amortization (EBITDA) |
3,097,819 |
1,550,457 |
2,348,808 |
|
BALANCE SHEET ITEMS |
|||
|
Total Borrowings |
18,109,765 |
19,233,971 |
23,327,934 |
|
Total Liabilities |
41,582,468 |
42,046,977 |
40,675,200 |
|
Total Assets |
44,362,371 |
43,886,018 |
42,588,651 |
|
Net Assets |
2,779,903 |
1,839,041 |
1,913,451 |
|
Net Assets Backing |
2,779,903 |
1,839,041 |
1,913,451 |
|
Shareholders' Funds |
2,779,903 |
1,839,041 |
1,913,451 |
|
Total Share Capital |
1,000,000 |
1,000,000 |
1,000,000 |
|
Total Reserves |
1,779,903 |
839,041 |
913,451 |
|
GROWTH RATIOS (Year on Year) (%) |
|||
|
Revenue |
9.50 |
21.86 |
- |
|
Proft/(Loss) Before Tax |
810.19 |
(87.78) |
- |
|
Proft/(Loss) After Tax |
1,062.08 |
(90.82) |
- |
|
Total Assets |
1.09 |
3.05 |
- |
|
Total Liabilities |
(1.10) |
3.37 |
- |
|
LIQUIDITY (Times) |
|||
|
Cash Ratio |
0.05 |
0.10 |
0.08 |
|
Liquid Ratio |
0.60 |
0.56 |
0.58 |
|
Current Ratio |
0.91 |
0.89 |
0.87 |
|
WORKING CAPITAL CONTROL (Days) |
|||
|
Stock Ratio |
61 |
71 |
74 |
|
Debtors Ratio |
101 |
94 |
118 |
|
Creditors Ratio |
99 |
99 |
87 |
|
SOLVENCY RATIOS (Times) |
|||
|
Gearing Ratio |
6.51 |
10.46 |
12.19 |
|
Liabilities Ratio |
14.96 |
22.86 |
21.26 |
|
Times Interest Earned Ratio |
2.29 |
1.16 |
2.85 |
|
Assets Backing Ratio |
2.78 |
1.84 |
1.91 |
|
PERFORMANCE RATIO (%) |
|||
|
Operating Profit Margin |
2.17 |
0.26 |
2.60 |
|
Net Profit Margin |
1.99 |
0.19 |
2.48 |
|
Return On Net Assets |
100.24 |
67.22 |
113.49 |
|
Return On Capital Employed |
50.98 |
24.38 |
39.81 |
|
Return On Shareholders' Funds/Equity |
51.73 |
6.73 |
70.45 |
|
Dividend Pay Out Ratio (Times) |
0 |
0 |
0 |
|
NOTES TO ACCOUNTS |
|||
|
Contingent Liabilities |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.35 |
|
|
1 |
INR 92.70 |
|
Euro |
1 |
INR 80.80 |
|
SGD |
1 |
INR 49.73 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on secured
terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.