|
|
|
MIRA
INFORM REPORT
|
Report No. : |
491382 |
|
Report Date : |
15.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
CRONIMET SINGAPORE PTE. LTD. |
|
|
|
|
Formerly Known As : |
CRONIMET ABCOM PTE. LTD. |
|
|
|
|
Registered Office : |
27, Jalan Buroh, 619483 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
|
Date of Incorporation : |
20.03.2013 |
|
|
|
|
Com. Reg. No.: |
201307444C |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
Subject is engaged in the trading of stainless steel scrap,
ferro alloys and primary metals. |
|
|
|
|
No. of Employees : |
30 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
C |
|
Credit Rating |
Explanation |
Rating Comments |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
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. |
: |
201307444C |
|
COMPANY NAME |
: |
CRONIMET SINGAPORE PTE. LTD. |
|
FORMER NAME |
: |
CRONIMET ABCOM PTE. LTD. (18/03/2015) |
|
INCORPORATION DATE |
: |
20/03/2013 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY SHARE) |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
27, JALAN BUROH, 619483, SINGAPORE. |
|
BUSINESS ADDRESS |
: |
NO 27 JALAN BUROH, 619483, SINGAPORE. |
|
TEL.NO. |
: |
65-62253946 |
|
FAX.NO. |
: |
65-62254640 |
|
CONTACT PERSON |
: |
CLAUS GEORG ALBERT TRENNER ( DIRECTOR ) |
|
PRINCIPAL ACTIVITY |
: |
TRADING OF STAINLESS STEEL SCRAP, FERRO ALLOYS AND PRIMARY
METALS |
|
ISSUED AND PAID UP CAPITAL |
: |
1,500,000.00 ORDINARY SHARE, OF A VALUE OF USD 1,500,000.00 |
|
SALES |
: |
USD 18,802,688 [2016] |
|
NET WORTH |
: |
USD (7,163,670) [2016] |
|
STAFF STRENGTH |
: |
30 [2018] |
|
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 stainless steel scrap, ferro alloys and primary metals.
The immediate holding company of the Subject is CRONIMET ASIA PTE.
LTD., a company incorporated in SINGAPORE.
The ultimate holding company of the Subject is CRONIMET HOLDING
GMBH, a company incorporated in GERMANY.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
13/02/2018 |
USD 1,500,000.00 |
The major shareholder(s) of the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
CRONIMET ASIA PTE. LTD. |
27, JALAN BUROH 619483 ,SINGAPORE |
201217827C |
1,500,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
1,500,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
DIRECTORS |
DIRECTOR 1
|
Name Of Subject |
: |
CLAUS GEORG ALBERT TRENNER |
|
Address |
: |
315, BUKIT TIMAH ROAD, 17-01, MARTINA MANSIONS, 259710,
SINGAPORE. |
|
IC / PP No |
: |
S7162447A |
|
Nationality |
: |
GERMAN |
|
Date of Appointment |
: |
20/03/2013 |
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 |
201224488Z |
AMMANN SINGAPORE PTE. LTD. |
Director |
04/10/2012 |
0.00 |
- |
SGD(6,575,478.00) |
2015 |
- |
03/03/2017 |
|
2 |
201525721W |
BD SERVICED APTS PTE. LTD. |
Director |
11/06/2015 |
0.00 |
- |
282.00 |
- |
- |
07/09/2017 |
|
3 |
201307444C |
CRONIMET SINGAPORE PTE. LTD. |
Director |
20/03/2013 |
0.00 |
- |
USD(1,730,786.00) |
2016 |
- |
13/02/2018 |
DIRECTOR 2
|
Name Of Subject |
: |
MAHIAR PATEL |
|
Address |
: |
6, INDUS ROAD, 01-06, EMERALD PARK TOWER 1, 169588, SINGAPORE. |
|
IC / PP No |
: |
S7268766C |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
24/03/2015 |
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 |
201307444C |
CRONIMET SINGAPORE PTE. LTD. |
Director |
24/03/2015 |
0.00 |
- |
USD(1,730,786.00) |
2016 |
- |
13/02/2018 |
DIRECTOR 3
|
Name Of Subject |
: |
OLIVER KLEINHEMPEL |
|
Address |
: |
21, SELETAR ROAD, 05-52, SELETAR PARK RESIDENCE, 807021,
SINGAPORE. |
|
IC / PP No |
: |
G3266593X |
|
Nationality |
: |
GERMAN |
|
Date of Appointment |
: |
14/03/2017 |
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 |
201307444C |
CRONIMET SINGAPORE PTE. LTD. |
Director |
14/03/2017 |
0.00 |
- |
USD(1,730,786.00) |
2016 |
- |
13/02/2018 |
MANAGEMENT |
|
1) |
Name of Subject |
: |
CLAUS GEORG ALBERT TRENNER |
|
Position |
: |
DIRECTOR |
|
|
|
AUDITOR |
|
Auditor |
: |
J K MEDORA & CO LLP |
|
Auditor' Address |
: |
N/A |
|
|
COMPANY SECRETARIES |
|
1) |
Company Secretary |
: |
IAN NG FOOK YUN |
|
IC / PP No |
: |
S2565916C |
|
|
Address |
: |
151, CAVENAGH ROAD, 09-161, CAVENAGH COURT, 229628, SINGAPORE. |
|
|
2) |
Company Secretary |
: |
ANNA MARDIANA ALISJAHBANA |
|
IC / PP No |
: |
S2205619J |
|
|
Address |
: |
46, EASTWOOD ROAD, 04-06, LAGUNA 88, 486356, SINGAPORE. |
|
BANKING |
No Banker found in our databank.
ENCUMBRANCE (S) |
|
Charge No |
Creation Date |
Charge Description |
Chargee Name |
Total Charge |
Status |
|
C201309893 |
19/07/2013 |
N/A |
CRONIMET ASIA PTE. LTD. |
- |
Unsatisfied |
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 SCRAP, FERRO ALLOYS AND PRIMARY METALS |
|
|
Total Number of Employees: |
|||||||||
|
YEAR |
2018 |
2017 |
|||||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
|||||||
|
COMPANY |
30 |
30 |
|||||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) trading of stainless
steel scrap, ferro alloys and primary metals.
The Subject has been a supplier of raw materials for the industrial production
of stainless steel.
The Subject is a worldwide specialist for stainless steel scrap, ferro alloys
and primary metals.
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 |
: |
N/A |
|
Current Telephone Number |
: |
65-62253946 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
NO 27 JALAN BUROH 619483 |
|
Current Address |
: |
NO 27 JALAN BUROH, 619483, SINGAPORE. |
|
Match |
: |
YES |
|
|
||
Other Investigations
We contacted one of the staff from the Subject and she provided some
information.
FINANCIAL ANALYSIS |
|
|
|
Profitability |
||||||
|
Turnover |
: |
Decreased |
[ |
2013 - 2016 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2013 - 2016 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
24.16% |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
16.10% |
] |
|
|
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 |
: |
Favourable |
[ |
20 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
32 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
4 Days |
] |
|
|
The Subject's stocks were moving fast thus reducing its holding
cost. This had reduced funds being tied up in 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 |
[ |
5.49 Times |
] |
|
|
Current Ratio |
: |
Favourable |
[ |
7.25 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 |
[ |
(2.00 Times) |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.00 Times |
] |
|
|
The Subject incurred losses in the year. It did not generate
sufficient income to service its interest. If the situation does not
improve, the Subject may be vulnerable to default in servicing the interest.
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. The Subject was in good liquidity position with its
total current liabilities well covered by its total current assets. With its
current net assets, the Subject should be able to repay its short term
obligations. The Subject's interest cover was negative, indicating that it
did not generate sufficient income to service its interest. If its result
does not show impressive improvements or succeed obtaining short term
financing or capital injection, it may not be able to service its interest
and repay the loans. 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 : |
2012 |
2013 |
2014 |
2015 |
2016* |
|
|
|||||
|
Population (Million) |
5.31 |
5.40 |
5.47 |
5.54 |
5.63 |
|
Gross Domestic Products ( % ) |
1.3 |
3.7 |
(3.5) |
3.7 |
4.8 |
|
Consumer Price Index |
4.6 |
2.4 |
2.4 |
(0.5) |
(0.7) |
|
Total Imports (Million) |
474,554.0 |
466,762.0 |
463,779.1 |
407,767.9 |
398,372.0 |
|
Total Exports (Million) |
510,329.0 |
513,391.0 |
518,922.7 |
476,285.4 |
468,552.0 |
|
|
|||||
|
Unemployment Rate (%) |
2.0 |
1.9 |
1.9 |
1.9 |
2.1 |
|
Tourist Arrival (Million) |
14.49 |
15.46 |
15.01 |
15.23 |
16.28 |
|
Hotel Occupancy Rate (%) |
86.4 |
86.3 |
85.5 |
85.0 |
- |
|
Cellular Phone Subscriber (Million) |
1.52 |
1.97 |
1.98 |
1.99 |
- |
|
|
|||||
|
Registration of New Companies (No.) |
31,892 |
37,288 |
41,589 |
34,243 |
35,528 |
|
Registration of New Companies (%) |
(1.3) |
9.8 |
11.5 |
(17.7) |
3.8 |
|
Liquidation of Companies (No.) |
17,218 |
17,369 |
18,767 |
21,384 |
- |
|
Liquidation of Companies (%) |
9.4 |
(5.3) |
8.0 |
13.9 |
- |
|
|
|||||
|
Registration of New Businesses (No.) |
24,788 |
22,893 |
35,773 |
28,480 |
33,326 |
|
Registration of New Businesses (%) |
5.51 |
1.70 |
56.30 |
(20.39) |
17.02 |
|
Liquidation of Businesses (No.) |
22,489 |
22,598 |
22,098 |
26,116 |
- |
|
Liquidation of Businesses (%) |
(2.2) |
0.5 |
(2.2) |
18.2 |
- |
|
|
|||||
|
Bankruptcy Orders (No.) |
1,748 |
1,992 |
1,757 |
1,776 |
- |
|
Bankruptcy Orders (%) |
14.5 |
14.0 |
(11.8) |
1.0 |
- |
|
Bankruptcy Discharges (No.) |
1,881 |
2,584 |
3,546 |
3,499 |
- |
|
Bankruptcy Discharges (%) |
35.2 |
37.4 |
37.2 |
(1.3) |
- |
|
|
|||||
|
INDUSTRIES ( % of Growth ) : |
|||||
|
Agriculture |
|||||
|
Production of Principal Crops |
5.16 |
1.78 |
4.29 |
3.04 |
- |
|
Fish Supply & Wholesale |
(0.5) |
(3.8) |
(8.6) |
(8.5) |
(9.9) |
|
|
|||||
|
Manufacturing # |
|||||
|
Food, Beverages & Tobacco |
97.9 |
97.9 |
99.4 |
100.0 |
103.7 |
|
Textiles |
140.1 |
119.5 |
102.7 |
100.0 |
93.3 |
|
Wearing Apparel |
395.4 |
334.1 |
212.6 |
100.0 |
80.3 |
|
Leather Products & Footwear |
109.5 |
122.0 |
106.5 |
100.0 |
93.2 |
|
Wood & Wood Products |
93.3 |
103.0 |
107.2 |
100.0 |
90.5 |
|
Paper & Paper Products |
98.5 |
104.4 |
104.5 |
100.0 |
99.7 |
|
Printing & Media |
122.8 |
113.8 |
105.968 |
100.0 |
86.9 |
|
Crude Oil Refineries |
107.1 |
100.7 |
92.2 |
100.0 |
100.5 |
|
Chemical & Chemical Products |
85.3 |
88.4 |
96.7 |
100.0 |
97.6 |
|
Pharmaceutical Products |
103.8 |
101.421 |
109.4 |
100.0 |
115.9 |
|
Rubber & Plastic Products |
113.5 |
109.497 |
109.2 |
100.0 |
87.9 |
|
Non-metallic Mineral |
108.8 |
107.4 |
90.759 |
100.0 |
93.6 |
|
Basic Metals |
91.5 |
77.2 |
99.3 |
100.0 |
113.1 |
|
Fabricated Metal Products |
107.314 |
107.5 |
107.757 |
100.0 |
91.7 |
|
Machinery & Equipment |
107.3 |
109.1 |
118.2 |
100.0 |
79.3 |
|
Electrical Machinery |
80.102 |
87.4 |
97.871 |
100.0 |
99.3 |
|
Electronic Components |
100.7 |
105.0 |
105.6 |
100.0 |
106.3 |
|
Transport Equipment |
109.9 |
111.1 |
106.68 |
100.0 |
98.7 |
|
|
|||||
|
Construction |
28.70 |
25.40 |
22.00 |
- |
- |
|
Real Estate |
31.9 |
88.5 |
145.1 |
- |
- |
|
|
|||||
|
Services |
|||||
|
Electricity, Gas & Water |
6.30 |
6.70 |
6.50 |
- |
- |
|
Transport, Storage & Communication |
5.30 |
9.80 |
14.20 |
- |
- |
|
Finance & Insurance |
0.50 |
3.30 |
6.00 |
- |
7.40 |
|
Government Services |
6.00 |
6.50 |
6.30 |
- |
- |
|
Education Services |
0.30 |
3.10 |
5.98 |
- |
2.40 |
|
|
|||||
|
* Estimate / Preliminary |
|||||
|
# Based on Index of Industrial Production (2015 = 100) |
INDUSTRY ANALYSIS |
|
INDUSTRY : |
TRADING |
|
The wholesale & retail
trade sector expanded by 6.8% in the third quarter of 2015, higher than the
6.0% growth in the preceding quarter. Growth was supported by both the
wholesale trade and retail trade segments. The wholesale trade segment was
boosted by an increase in both domestic and foreign wholesale trade sales volume.
In particular, the domestic wholesale trade index rose by 7.4%, following the
8.1 % increase in the previous quarter. The strong performance in domestic
wholesale trade was due to a surge in the sales of petroleum and petroleum
products (14%), chemicals & chemical products (39%) and
telecommunications & computers (18%). |
|
|
Similarly, the foreign
wholesale trade index rose by 10% in the third quarter of 2015, accelerating
from the 6.9% rise in the previous quarter. Growth was driven by improvements
in the sales of petroleum & petroleum products (21%), metals, timber
& construction materials (10%) and general wholesale trade (8.8%). |
|
|
Overall retail trade sales
volume also recorded resilient growth of 5.6% in the third quarter of 2015,
extending the 6.4 % expansion in the second quarter. Growth was supported by
a surge in the volume of motor vehicle sales (44%), which was in turn due to
a substantial increase in the supply of Certificate of Entitlements.
Excluding motor vehicles, retail sales volume increased at a much slower pace
of 0.7% over the same period. The increase in retail sales volume (excluding
motor vehicles) was due to improved non-discretionary goods sales. For
instance, the sales of medical goods & toiletries and department store
goods rose by 8.1% and 3.6% respectively. |
|
|
According to the Retail News Asia, Food and beverage has
overtaken fashion as the primary driver of demand for retail real estate in
Singapore. Despite declining retail sales and consumer spending, the prime
retail sector remained in good shape during the third quarter 2015. |
|
|
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. |
|
CRONIMET SINGAPORE PTE. LTD. |
|
Financial Year End |
2016-12-31 |
2015-12-31 |
2014-12-31 |
2013-12-31 |
|
Months |
12 |
12 |
12 |
9 |
|
Consolidated Account |
Company |
Company |
Company |
Company |
|
Audited Account |
YES |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
FULL |
|
Currency |
USD |
USD |
USD |
USD |
|
TURNOVER |
18,802,688 |
22,650,225 |
61,341,427 |
11,960,330 |
|
Other Income |
178,675 |
76,372 |
79,536 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
18,981,363 |
22,726,597 |
61,420,963 |
11,960,330 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
(1,730,786) |
(3,504,790) |
(2,363,754) |
(1,064,340) |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
(1,730,786) |
(3,504,790) |
(2,363,754) |
(1,064,340) |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
(1,730,786) |
(3,504,790) |
(2,363,754) |
(1,064,340) |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
||||
|
As previously reported |
(6,932,884) |
(3,428,094) |
(1,064,340) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
(6,932,884) |
(3,428,094) |
(1,064,340) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
(8,663,670) |
(6,932,884) |
(3,428,094) |
(1,064,340) |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
(8,663,670) |
(6,932,884) |
(3,428,094) |
(1,064,340) |
|
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
||||
|
Loan from holding company |
579,634 |
527,782 |
528,247 |
- |
|
Others |
(1,964) |
5,649 |
- |
154,252 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
577,670 |
533,431 |
528,247 |
154,252 |
|
|
============= |
============= |
============= |
============= |
|
|
DEPRECIATION (as per notes to P&L) |
188,658 |
225,170 |
192,964 |
85,296 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Amortization And Depreciation |
188,658 |
225,170 |
192,964 |
85,296 |
|
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
BALANCE SHEET |
|
|
|
CRONIMET SINGAPORE PTE. LTD. |
|
ASSETS EMPLOYED: |
||||
|
FIXED ASSETS |
724,135 |
1,217,355 |
1,454,656 |
1,447,877 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
INTANGIBLE ASSETS |
||||
|
Others |
1,000,000 |
1,000,000 |
1,000,000 |
1,000,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL INTANGIBLE ASSETS |
1,000,000 |
1,000,000 |
1,000,000 |
1,000,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
1,724,135 |
2,217,355 |
2,454,656 |
2,447,877 |
|
CURRENT ASSETS |
||||
|
Stocks |
1,008,288 |
3,840,383 |
6,209,441 |
3,737,658 |
|
Trade debtors |
1,632,150 |
1,854,722 |
7,722,734 |
4,412,835 |
|
Other debtors, deposits & prepayments |
1,146,896 |
900,466 |
1,263,006 |
14,284 |
|
Amount due from related companies |
39,859 |
- |
380,194 |
- |
|
Cash & bank balances |
305,166 |
866,043 |
771,898 |
1,122,967 |
|
Others |
27,507 |
131,133 |
148,206 |
139,646 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
4,159,866 |
7,592,747 |
16,495,479 |
9,427,390 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
5,884,001 |
9,810,102 |
18,950,135 |
11,875,267 |
|
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
||||
|
Trade creditors |
218,243 |
276,324 |
2,001,181 |
10,889,540 |
|
Other creditors & accruals |
116,787 |
598,299 |
1,036,730 |
- |
|
Other liabilities & accruals |
74,859 |
64,824 |
160,426 |
50,067 |
|
Amounts owing to related companies |
163,908 |
260,989 |
711,628 |
- |
|
Other liabilities |
- |
- |
784,885 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
573,797 |
1,200,436 |
4,694,850 |
10,939,607 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
3,586,069 |
6,392,311 |
11,800,629 |
(1,512,217) |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
LONG TERM LIABILITIES |
||||
|
Others |
12,473,874 |
14,042,550 |
15,683,379 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
12,473,874 |
14,042,550 |
15,683,379 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
(7,163,670) |
(5,432,884) |
(1,428,094) |
935,660 |
|
============= |
============= |
============= |
============= |
|
|
FINANCED BY: |
||||
|
SHARE CAPITAL |
||||
|
Ordinary share capital |
1,500,000 |
1,500,000 |
2,000,000 |
2,000,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
1,500,000 |
1,500,000 |
2,000,000 |
2,000,000 |
|
RESERVES |
||||
|
Retained profit/(loss) carried forward |
(8,663,670) |
(6,932,884) |
(3,428,094) |
(1,064,340) |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
(8,663,670) |
(6,932,884) |
(3,428,094) |
(1,064,340) |
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
(7,163,670) |
(5,432,884) |
(1,428,094) |
935,660 |
|
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
FINANCIAL RATIO |
|
|
|
CRONIMET SINGAPORE PTE. LTD. |
|
TYPES OF FUNDS |
||||
|
Cash |
305,166 |
866,043 |
771,898 |
1,122,967 |
|
Net Liquid Funds |
305,166 |
866,043 |
771,898 |
1,122,967 |
|
Net Liquid Assets |
2,577,781 |
2,551,928 |
5,591,188 |
(5,249,875) |
|
Net Current Assets/(Liabilities) |
3,586,069 |
6,392,311 |
11,800,629 |
(1,512,217) |
|
Net Tangible Assets |
(8,163,670) |
(6,432,884) |
(2,428,094) |
(64,340) |
|
Net Monetary Assets |
(9,896,093) |
(11,490,622) |
(10,092,191) |
(5,249,875) |
|
PROFIT & LOSS ITEMS |
||||
|
Earnings Before Interest & Tax (EBIT) |
(1,153,116) |
(2,971,359) |
(1,835,507) |
(910,088) |
|
Earnings Before Interest, Taxes, Depreciation And Amortization
(EBITDA) |
(964,458) |
(2,746,189) |
(1,642,543) |
(824,792) |
|
BALANCE SHEET ITEMS |
||||
|
Total Borrowings |
0 |
0 |
0 |
0 |
|
Total Liabilities |
13,047,671 |
15,242,986 |
20,378,229 |
10,939,607 |
|
Total Assets |
5,884,001 |
9,810,102 |
18,950,135 |
11,875,267 |
|
Net Assets |
(7,163,670) |
(5,432,884) |
(1,428,094) |
935,660 |
|
Net Assets Backing |
(7,163,670) |
(5,432,884) |
(1,428,094) |
935,660 |
|
Shareholders' Funds |
(7,163,670) |
(5,432,884) |
(1,428,094) |
935,660 |
|
Total Share Capital |
1,500,000 |
1,500,000 |
2,000,000 |
2,000,000 |
|
Total Reserves |
(8,663,670) |
(6,932,884) |
(3,428,094) |
(1,064,340) |
|
GROWTH RATIOS (Year on Year) (%) |
||||
|
Revenue |
(16.99) |
(63.08) |
412.87 |
- |
|
Proft/(Loss) Before Tax |
50.62 |
(48.27) |
(122.09) |
- |
|
Proft/(Loss) After Tax |
50.62 |
(48.27) |
(122.09) |
- |
|
Total Assets |
(40.02) |
(48.23) |
59.58 |
- |
|
Total Liabilities |
(14.40) |
(25.20) |
86.28 |
- |
|
LIQUIDITY (Times) |
||||
|
Cash Ratio |
0.53 |
0.72 |
0.16 |
0.10 |
|
Liquid Ratio |
5.49 |
3.13 |
2.19 |
0.52 |
|
Current Ratio |
7.25 |
6.32 |
3.51 |
0.86 |
|
WORKING CAPITAL CONTROL (Days) |
||||
|
Stock Ratio |
20 |
62 |
37 |
114 |
|
Debtors Ratio |
32 |
30 |
46 |
135 |
|
Creditors Ratio |
4 |
4 |
12 |
332 |
|
SOLVENCY RATIOS (Times) |
||||
|
Gearing Ratio |
0 |
0 |
0 |
0 |
|
Liabilities Ratio |
(1.82) |
(2.81) |
(14.27) |
11.69 |
|
Times Interest Earned Ratio |
(2.00) |
(5.57) |
(3.47) |
(5.90) |
|
Assets Backing Ratio |
(5.44) |
(4.29) |
(1.21) |
(0.03) |
|
PERFORMANCE RATIO (%) |
||||
|
Operating Profit Margin |
(9.20) |
(15.47) |
(3.85) |
(8.90) |
|
Net Profit Margin |
(9.20) |
(15.47) |
(3.85) |
(8.90) |
|
Return On Net Assets |
16.10 |
54.69 |
128.53 |
(97.27) |
|
Return On Capital Employed |
(18.27) |
(30.92) |
(12.03) |
(47.02) |
|
Return On Shareholders' Funds/Equity |
24.16 |
64.51 |
165.52 |
(113.75) |
|
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 |
INR 64.13 |
|
|
1 |
INR 89.17 |
|
Euro |
1 |
INR 79.39 |
|
SGD |
1 |
INR 48.69 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
TRU |
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.