|
|
|
MIRA
INFORM REPORT
|
Report No. : |
511769 |
|
Report Date : |
01.06.2018 |
IDENTIFICATION DETAILS
|
Name : |
METSO ASIA PACIFIC PTE. LTD. |
|
|
|
|
Formerly Known As : |
·
METSO MINERALS (SINGAPORE) PTE LTD ·
NORDBERG SINGAPORE PTE LTD ·
REXNORD SINGAPORE PTE LTD |
|
|
|
|
Registered Office : |
2, Shenton Way, 18-01, Sgx Centre I, 068804 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
|
Date of Incorporation : |
02.07.1983 |
|
|
|
|
Com. Reg. No.: |
198303078N |
|
|
|
|
Legal Form : |
Private Limited (Limited By Share) |
|
|
|
|
Line of Business : |
The Subject is engaged in the trading of industrial,
construction machinery and equipment, process machinery. |
|
|
|
|
No. of Employees : |
50 [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 : |
Moderate |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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 electronics, petroleum products, chemicals, medical and optical devices, pharmaceuticals, and on Singapore’s 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 from 2012-2017 was slower than during the previous decade, a result of slowing structural growth - as Singapore reached high-income levels - and soft global demand for exports. Growth recovered to 3.6% in 2017 with a strengthening global economy.
The government is attempting to restructure Singapore’s economy to reduce its dependence on foreign labor, raise productivity growth, and increase wages amid slowing labor force growth and an aging population. 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 signatory of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and a party to the Regional Comprehensive Economic Partnership (RCEP) negotiations with 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. |
: |
198303078N |
|
COMPANY NAME |
: |
METSO ASIA PACIFIC PTE. LTD. |
|
FORMER NAME |
: |
METSO MINERALS (SINGAPORE) PTE LTD (20/07/2015) |
|
INCORPORATION DATE |
: |
02/07/1983 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED (LIMITED BY SHARE) |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
2, SHENTON WAY, 18-01, SGX CENTRE I, 068804, SINGAPORE. |
|
BUSINESS ADDRESS |
: |
238B, THOMSON ROAD,#17-01 NOVENA SQUARE, TOWER B, 307685,
SINGAPORE. |
|
TEL.NO. |
: |
65-65111011 |
|
FAX.NO. |
: |
65-65110830 |
|
WEB SITE |
: |
WWW.METSO.COM |
|
CONTACT PERSON |
: |
LOW SIEW LENG ( DIRECTOR ) |
|
PRINCIPAL ACTIVITY |
: |
TRADING OF INDUSTRIAL, CONSTRUCTION MACHINERY AND EQUIPMENT,
PROCESS MACHINERY |
|
ISSUED AND PAID UP CAPITAL |
: |
2,500,000.00 ORDINARY SHARE, OF A VALUE OF SGD 2,500,000.00 |
|
SALES |
: |
SGD 145,440,000 [2016] |
|
NET WORTH |
: |
SGD 12,148,000 [2016] |
|
STAFF STRENGTH |
: |
50 [2018] |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
STABLE |
|
PAYMENT |
: |
REGULAR |
|
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 industrial, construction machinery and equipment, process machinery.
The immediate holding company of the Subject is METSO MINERALS OY,
a company incorporated in FINLAND.
The ultimate holding company of the Subject is METSO CORPORATION,
a company incorporated in FINLAND.
Former Address(es)
|
Address |
As At Date |
|
180, CLEMENCEAU AVENUE, 06-01, HAW PAR CENTRE, 239922 |
N/A |
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
30/05/2018 |
SGD 2,500,000.00 |
The major shareholder(s) of the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
METSO MINERALS OY |
FABIANINKATU, 9A, 00130, HELSINKI FINLAND |
T10UF4054 |
2,500,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
2,500,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
DIRECTORS |
DIRECTOR 1
|
Name Of Subject |
: |
LOW SIEW LENG |
|
Address |
: |
16, SHAN ROAD, 04-04, PINNACLE 16, 328107, SINGAPORE. |
|
IC / PP No |
: |
S2770563D |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
19/08/2015 |
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 |
198303078N |
METSO ASIA PACIFIC PTE. LTD. |
Director |
19/08/2015 |
0.00 |
- |
SGD4,168,000.00 |
2016 |
- |
30/05/2018 |
DIRECTOR 2
|
Name Of Subject |
: |
EKATERINA KATRI HEIKKILA |
|
Address |
: |
VUORIMIEHENKATU, 14, C 70, HELSINKI, 00140, FINLAND. |
|
IC / PP No |
: |
PR7082685 |
|
Nationality |
: |
FINN |
|
Date of Appointment |
: |
19/08/2015 |
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 |
198303078N |
METSO ASIA PACIFIC PTE. LTD. |
Director |
19/08/2015 |
0.00 |
- |
SGD4,168,000.00 |
2016 |
- |
30/05/2018 |
DIRECTOR 3
|
Name Of Subject |
: |
EEVA LIISA VIRKKUNEN |
|
Address |
: |
MUSEOKATU 7, B 19, HELSINKI, 00100, FINLAND. |
|
IC / PP No |
: |
PN4509044 |
|
Nationality |
: |
FINN |
|
Date of Appointment |
: |
31/08/2010 |
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 |
198303078N |
METSO ASIA PACIFIC PTE. LTD. |
Director |
31/08/2010 |
0.00 |
- |
SGD4,168,000.00 |
2016 |
- |
30/05/2018 |
MANAGEMENT |
|
1) |
Name of Subject |
: |
LOW SIEW LENG |
|
Position |
: |
DIRECTOR |
AUDITOR |
|
Auditor |
: |
ERNST & YOUNG LLP |
|
Auditor' Address |
: |
N/A |
COMPANY SECRETARIES |
|
1) |
Company Secretary |
: |
SANDRA SEAH GEK HUANG |
|
IC / PP No |
: |
S7136473I |
|
|
Address |
: |
143, SERANGOON AVENUE 3, 06-08, THE SPRINGBLOOM, 556121,
SINGAPORE. |
|
BANKING |
No Banker found in our databank.
ENCUMBRANCE (S) |
No encumbrance was found in our databank at the time of investigation.
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 |
[ |
X |
] |
Average 61-90 Days |
[ |
] |
|||||
|
Fair 91-120 Days |
[ |
] |
Poor >120 Days |
[ |
] |
|||||||||
CLIENTELE |
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
WORLDWIDE |
|||
|
Credit Term |
: |
AS AGREED |
|||
|
Payment Mode |
: |
CHEQUES |
|||
OPERATIONS |
|
Goods Traded |
: |
|
|
|
Services |
: |
|
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2018 |
2017 |
2015 |
||||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
||||||
|
COMPANY |
50 |
50 |
10 |
||||||
|
Branch |
: |
|
Other Information:
The Subject is principally engaged in the (as a / as an) trading of industrial,
construction machinery and equipment, process machinery.
The Subject's line of business includes the wholesale distribution of
construction or mining cranes, excavating machinery and equipment.
CURRENT INVESTIGATION |
Latest fresh investigations carried out on the Subject indicated
that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-65111011 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
238B THOMASON ROAD, #17-01 NOVENA SQAURE, TOWER -B, 307685
SINGAPORE |
|
Current Address |
: |
238B, THOMSON ROAD,#17-01 NOVENA SQUARE, TOWER B, 307685,
SINGAPORE. |
|
Match |
: |
YES |
Other Investigations
We contacted one of the staff from the Subject and he provided some
information.
FINANCIAL ANALYSIS |
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
2012 - 2016 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2012 - 2016 |
] |
|
|
Return on Shareholder Funds |
: |
Favourable |
[ |
34.31% |
] |
|
|
Return on Net Assets |
: |
Favourable |
[ |
39.17% |
] |
|
|
The Subject's turnover increased steadily as the demand for its
products / services increased due to the goodwill built up over the years.The
dip in profit could be due to the stiff market competition which reduced the
Subject's profit margin. 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 |
: |
Favourable |
[ |
10 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
72 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
9 Days |
] |
|
|
The Subject's stocks were moving fast thus reducing its holding
cost. This had reduced funds being tied up in stocks. The high debtors' ratio
could indicate that the Subject was weak in its credit control. However, the
Subject could also giving longer credit periods to its customers in order to
boost its sales or to capture / retain its market share. The Subject had a
favourable creditors' ratio where the Subject could be taking advantage of
the cash discounts and also wanting to maintain goodwill with its creditors. |
||||||
|
Liquidity |
||||||
|
Liquid Ratio |
: |
Favourable |
[ |
1.19 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.28 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 |
: |
Nil |
[ |
0.00 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.00 Times |
] |
|
|
The Subject's interest cover was nil as it did not pay any
interest during the year. The Subject had no gearing and hence it had
virtually no financial risk. The Subject was financed by its shareholders'
funds and internally generated fund. During the economic downturn, the
Subject, having a zero gearing, will be able to compete better than those
which are highly geared in the same industry. |
||||||
|
Overall Assessment : |
||||||
|
Although the Subject's turnover had increased, its profits had
declined over the same corresponding period. This could be due to the stiffer
market competition and / or higher operating costs which lowered the
Subject's profit margin. 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 did not make any interest payment during the year.
The Subject was dependent on its shareholders' funds to finance its business
needs. The Subject was a zero gearing company, it was solely dependant on its
shareholders to provide funds to finance its business. The Subject has good
chance of getting loans, if the needs arises. |
||||||
|
Overall financial condition of the Subject : STABLE |
||||||
|
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. |
|
METSO ASIA PACIFIC PTE. LTD. |
|
Financial Year End |
2016-12-31 |
2015-12-31 |
2014-12-31 |
2013-12-31 |
2012-12-31 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated Account |
Company |
Company |
Company |
Company |
Company |
|
Audited Account |
YES |
YES |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
FULL |
SUMMARY |
|
Currency |
SGD |
SGD |
SGD |
SGD |
SGD |
|
TURNOVER |
145,440,000 |
109,548,000 |
103,152,000 |
155,972,000 |
166,316,000 |
|
Other Income |
150,000 |
3,465,000 |
1,246,000 |
46,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
145,590,000 |
113,013,000 |
104,398,000 |
156,018,000 |
166,316,000 |
|
Costs of Goods Sold |
(123,286,000) |
(94,165,000) |
(84,652,000) |
(127,714,000) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
22,304,000 |
18,848,000 |
19,746,000 |
28,304,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
4,758,000 |
6,649,000 |
11,680,000 |
12,963,000 |
29,825,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
4,758,000 |
6,649,000 |
11,680,000 |
12,963,000 |
29,825,000 |
|
Taxation |
(590,000) |
(1,136,000) |
(1,653,000) |
(2,159,000) |
(2,974,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
4,168,000 |
5,513,000 |
10,027,000 |
10,804,000 |
26,851,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
10,150,000 |
16,637,000 |
13,610,000 |
16,306,000 |
2,455,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
10,150,000 |
16,637,000 |
13,610,000 |
16,306,000 |
2,455,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
14,318,000 |
22,150,000 |
23,637,000 |
27,110,000 |
29,306,000 |
|
DIVIDENDS - Ordinary (paid & proposed) |
(7,700,000) |
(12,000,000) |
(7,000,000) |
(13,500,000) |
(13,000,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
6,618,000 |
10,150,000 |
16,637,000 |
13,610,000 |
16,306,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Others |
- |
23,000 |
37,000 |
12,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
- |
23,000 |
37,000 |
12,000 |
- |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION (as per notes to P&L) |
213,000 |
90,000 |
51,000 |
66,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Amortization And Depreciation |
213,000 |
90,000 |
51,000 |
66,000 |
- |
|
============= |
============= |
============= |
============= |
BALANCE SHEET |
|
METSO ASIA PACIFIC PTE. LTD. |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
548,000 |
283,000 |
84,000 |
135,000 |
305,000 |
|
LONG TERM INVESTMENTS/OTHER ASSETS |
|||||
|
Subsidiary companies |
- |
- |
17,000 |
17,000 |
- |
|
Deferred assets |
- |
- |
38,000 |
108,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
- |
- |
55,000 |
125,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
548,000 |
283,000 |
139,000 |
260,000 |
305,000 |
|
CURRENT ASSETS |
|||||
|
Stocks |
3,815,000 |
5,513,000 |
2,028,000 |
5,625,000 |
- |
|
Trade debtors |
28,517,000 |
23,807,000 |
17,606,000 |
30,584,000 |
- |
|
Other debtors, deposits & prepayments |
1,371,000 |
998,000 |
545,000 |
433,000 |
- |
|
Amount due from related companies |
13,016,000 |
27,348,000 |
10,554,000 |
856,000 |
- |
|
Cash & bank balances |
5,761,000 |
10,194,000 |
5,924,000 |
15,908,000 |
- |
|
Amount owing by customer |
28,000 |
9,086,000 |
778,000 |
- |
- |
|
Others |
- |
4,000 |
264,000 |
21,519,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
52,508,000 |
76,950,000 |
37,699,000 |
74,925,000 |
58,708,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
53,056,000 |
77,233,000 |
37,838,000 |
75,185,000 |
59,013,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
2,901,000 |
2,146,000 |
1,357,000 |
3,103,000 |
- |
|
Other creditors & accruals |
4,524,000 |
6,335,000 |
4,962,000 |
5,255,000 |
- |
|
Deposits from customers |
21,905,000 |
21,054,000 |
3,718,000 |
11,233,000 |
- |
|
Amounts owing to holding company |
- |
- |
- |
2,620,000 |
- |
|
Amounts owing to related companies |
10,689,000 |
29,808,000 |
6,754,000 |
34,023,000 |
- |
|
Provision for taxation |
731,000 |
1,930,000 |
1,568,000 |
- |
- |
|
Other liabilities |
158,000 |
160,000 |
342,000 |
2,841,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
40,908,000 |
61,433,000 |
18,701,000 |
59,075,000 |
40,207,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
11,600,000 |
15,517,000 |
18,998,000 |
15,850,000 |
18,501,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
12,148,000 |
15,800,000 |
19,137,000 |
16,110,000 |
18,806,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
FINANCED BY: |
|||||
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
2,500,000 |
2,500,000 |
2,500,000 |
2,500,000 |
2,500,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
2,500,000 |
2,500,000 |
2,500,000 |
2,500,000 |
2,500,000 |
|
RESERVES |
|||||
|
Exchange equalisation/fluctuation reserve |
23,000 |
- |
- |
- |
- |
|
Retained profit/(loss) carried forward |
6,618,000 |
10,150,000 |
16,637,000 |
13,610,000 |
16,306,000 |
|
Others |
3,007,000 |
3,150,000 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
9,648,000 |
13,300,000 |
16,637,000 |
13,610,000 |
16,306,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
12,148,000 |
15,800,000 |
19,137,000 |
16,110,000 |
18,806,000 |
|
============= |
============= |
============= |
============= |
============= |
|
FINANCIAL RATIO |
|
METSO ASIA PACIFIC PTE. LTD. |
|
TYPES OF FUNDS |
|||||
|
Cash |
5,761,000 |
10,194,000 |
5,924,000 |
15,908,000 |
- |
|
Net Liquid Funds |
5,761,000 |
10,194,000 |
5,924,000 |
15,908,000 |
- |
|
Net Liquid Assets |
7,785,000 |
10,004,000 |
16,970,000 |
10,225,000 |
18,501,000 |
|
Net Current Assets/(Liabilities) |
11,600,000 |
15,517,000 |
18,998,000 |
15,850,000 |
18,501,000 |
|
Net Tangible Assets |
12,148,000 |
15,800,000 |
19,137,000 |
16,110,000 |
18,806,000 |
|
Net Monetary Assets |
7,785,000 |
10,004,000 |
16,970,000 |
10,225,000 |
18,501,000 |
|
PROFIT & LOSS ITEMS |
|||||
|
Earnings Before Interest & Tax (EBIT) |
4,758,000 |
6,672,000 |
11,717,000 |
12,975,000 |
- |
|
Earnings Before Interest, Taxes, Depreciation And Amortization
(EBITDA) |
4,971,000 |
6,762,000 |
11,768,000 |
13,041,000 |
- |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
0 |
0 |
0 |
0 |
- |
|
Total Liabilities |
40,908,000 |
61,433,000 |
18,701,000 |
59,075,000 |
40,207,000 |
|
Total Assets |
53,056,000 |
77,233,000 |
37,838,000 |
75,185,000 |
59,013,000 |
|
Net Assets |
12,148,000 |
15,800,000 |
19,137,000 |
16,110,000 |
18,806,000 |
|
Net Assets Backing |
12,148,000 |
15,800,000 |
19,137,000 |
16,110,000 |
18,806,000 |
|
Shareholders' Funds |
12,148,000 |
15,800,000 |
19,137,000 |
16,110,000 |
18,806,000 |
|
Total Share Capital |
2,500,000 |
2,500,000 |
2,500,000 |
2,500,000 |
2,500,000 |
|
Total Reserves |
9,648,000 |
13,300,000 |
16,637,000 |
13,610,000 |
16,306,000 |
|
GROWTH RATIOS (Year on Year) (%) |
|||||
|
Revenue |
32.76 |
6.20 |
(33.87) |
(6.22) |
132.36 |
|
Proft/(Loss) Before Tax |
(28.44) |
(43.07) |
(9.90) |
(56.54) |
1,107.98 |
|
Proft/(Loss) After Tax |
(24.40) |
(45.02) |
(7.19) |
(59.76) |
1,274.16 |
|
Total Assets |
(31.30) |
104.11 |
(49.67) |
27.40 |
17.61 |
|
Total Liabilities |
(33.41) |
228.50 |
(68.34) |
46.93 |
(11.09) |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.14 |
0.17 |
0.32 |
0.27 |
- |
|
Liquid Ratio |
1.19 |
1.16 |
1.91 |
1.17 |
- |
|
Current Ratio |
1.28 |
1.25 |
2.02 |
1.27 |
1.46 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
10 |
18 |
7 |
13 |
- |
|
Debtors Ratio |
72 |
79 |
62 |
72 |
- |
|
Creditors Ratio |
9 |
8 |
6 |
9 |
- |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
0 |
0 |
0 |
0 |
- |
|
Liabilities Ratio |
3.37 |
3.89 |
0.98 |
3.67 |
2.14 |
|
Times Interest Earned Ratio |
0 |
290.09 |
316.68 |
1,081.25 |
- |
|
Assets Backing Ratio |
4.86 |
6.32 |
7.65 |
6.44 |
7.52 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
3.27 |
6.07 |
11.32 |
8.31 |
17.93 |
|
Net Profit Margin |
2.87 |
5.03 |
9.72 |
6.93 |
16.14 |
|
Return On Net Assets |
39.17 |
42.23 |
61.23 |
80.54 |
158.59 |
|
Return On Capital Employed |
39.17 |
42.23 |
61.23 |
80.54 |
158.59 |
|
Return On Shareholders' Funds/Equity |
34.31 |
34.89 |
52.40 |
67.06 |
142.78 |
|
Dividend Pay Out Ratio (Times) |
1.85 |
2.18 |
0.70 |
1.25 |
0.48 |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 67.45 |
|
|
1 |
INR 89.79 |
|
Euro |
1 |
INR 78.79 |
|
SGD |
1 |
INR 50.19 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
|
|
|
|
Report Prepared
by : |
KET |
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.