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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

509498

Report Date :

17.05.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

METALMAN EXIM (SINGAPORE) PTE. LTD.

 

 

Registered Office :

3, Shenton Way, 21-05, Shenton House, 068805

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2016

 

 

Date of Incorporation :

11.04.2007

 

 

Com. Reg. No.:

200706061H

 

 

Legal Form :

Private Limited (Limited By Share)

 

 

Line of Business :

The subject is principally engaged in the trading of metal scrap materials.

 

 

No. of Employees :

4 [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 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.

:

200706061H

COMPANY NAME

:

METALMAN EXIM (SINGAPORE) PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

11/04/2007

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED (LIMITED BY SHARE)

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

3, SHENTON WAY, 21-05, SHENTON HOUSE, 068805, SINGAPORE.

BUSINESS ADDRESS

:

3, SHENTON WAY, 21-05, SHENTON HOUSE, 068805, SINGAPORE.

TEL.NO.

:

65-67908590

FAX.NO.

:

65-63279436

CONTACT PERSON

:

MEERA AGARWAL ( DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF METAL SCRAP MATERIALS

ISSUED AND PAID UP CAPITAL

:

1,884,000.00 ORDINARY SHARE, OF A VALUE OF USD 1,884,000.00 

SALES

:

USD 31,334,328 [2016]

NET WORTH

:

USD 2,438,758 [2016]

STAFF STRENGTH

:

4 [2018]

BANKER (S)

:

AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD
CITIBANK BHD
INDIAN OVERSEAS BANK
CITIBANK N.A.

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

FAIR

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 metal scrap materials.

 

Share Capital History

Date

Issue & Paid Up Capital

17/05/2018

USD 1,884,000.00

 

The major shareholder(s) of the Subject are shown as follows :


Current Shareholder(s) :

Name

Address

IC/PP/Loc No

Shareholding

(%)

THAKKER HARSHAL KANTILAL +

682A, JURONG WEST CENTRAL 1, 04-102, 641682, SINGAPORE.

S7687721A

696,000.00

36.94

SACHIN JAYPRAKASH JALAN +

242, WESTWOOD AVENUE, 07-51, THE FLORAVALE, 648365, SINGAPORE.

S7568019H

260,000.00

13.80

THAKKAR MITESH KANTILAL +

403, DIAMOND PARK NAVGHAR ROAD, MULUND W MUMBAI, MAHARASHTRA, 400081, INDIA.

Z2186076

2,402.00

0.13

OVERSEAS HOLDINGS PTE. LTD.

3, SHENTON WAY, 21-05, SHENTON HOUSE 068805 ,SINGAPORE

200817240Z

925,598.00

49.13

---------------

------

1,884,000.00

100.00

============

=====

 

+ Also Director



DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

MS. MEERA AGARWAL

Address

:

242, WESTWOOD AVENUE, 07-51, THE FLORAVALE, 648365, SINGAPORE.

IC / PP No

:

S7767561B

Nationality

:

SINGAPOREAN

Date of Appointment

:

04/03/2009



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

200706061H

METALMAN EXIM (SINGAPORE) PTE. LTD.

Director

04/03/2009

0.00

-

USD267,179.00

2016

-

17/05/2018

 

DIRECTOR 2

 

Name Of Subject

:

SONTHALIA NANDKISHORE

Address

:

SHYAM KUNJ, F-42, ANNA NAGAR EAST 1ST MAIN ROAD CHENNAI, TAMILNADU, 600102, INDIA.

IC / PP No

:

Z4300922

Nationality

:

INDIAN

Date of Appointment

:

04/03/2011



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

200706061H

METALMAN EXIM (SINGAPORE) PTE. LTD.

Director

04/03/2011

0.00

-

USD267,179.00

2016

-

17/05/2018

 

DIRECTOR 3

 

Name Of Subject

:

THAKKAR MITESH KANTILAL

Address

:

403, DIAMOND PARK NAVGHAR ROAD, MULUND W MUMBAI, MAHARASHTRA, 400081, INDIA.

IC / PP No

:

Z2186076

Nationality

:

INDIAN

Date of Appointment

:

01/09/2009



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

200706061H

METALMAN EXIM (SINGAPORE) PTE. LTD.

Director

01/09/2009

2,402.00

0.13

USD267,179.00

2016

-

17/05/2018

 

DIRECTOR 4

 

Name Of Subject

:

SACHIN JAYPRAKASH JALAN

Address

:

242, WESTWOOD AVENUE, 07-51, THE FLORAVALE, 648365, SINGAPORE.

IC / PP No

:

S7568019H

Nationality

:

SINGAPOREAN

Date of Appointment

:

30/09/2009



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

200706061H

METALMAN EXIM (SINGAPORE) PTE. LTD.

Director

30/09/2009

260,000.00

13.80

USD267,179.00

2016

-

17/05/2018

 

DIRECTOR 5

 

Name Of Subject

:

THAKKER HARSHAL KANTILAL

Address

:

682A, JURONG WEST CENTRAL 1, 04-102, 641682, SINGAPORE.

IC / PP No

:

S7687721A

Nationality

:

INDIAN

Date of Appointment

:

01/08/2012



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

200706061H

METALMAN EXIM (SINGAPORE) PTE. LTD.

Director

01/08/2012

696,000.00

36.94

USD267,179.00

2016

-

17/05/2018



MANAGEMENT

 

 

1)

Name of Subject

:

MEERA AGARWAL

Position

:

DIRECTOR

 

 

 

 

 

AUDITOR

 

Auditor

:

HAJAMAIDEEN & CO.

Auditor' Address

:

N/A

 

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

BHALOTIA VISHNU

IC / PP No

:

S2729045J

Address

:

10E, BRADDELL HILL, 18-18, BRADDELL VIEW, 579724, SINGAPORE.

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD

 

2)

Name

:

CITIBANK BHD

 

3)

Name

:

INDIAN OVERSEAS BANK

 

4)

Name

:

CITIBANK N.A.

 

 

 

ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

C201008115

13/09/2010

N/A

CITIBANK N.A.

-

Unsatisfied

C201108707

18/07/2011

N/A

INDIAN OVERSEAS BANK

-

Unsatisfied

C201803275

27/03/2018

N/A

MALAYAN BANKING BERHAD

-

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

:

YES

Overseas

:

YES

Import Countries

:

NEW ZEALAND,MALAYSIA,UNITED KINGDOM,THAILAND,UNITED STATES,AUSTRALIA



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

:

AS AGREED

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

OPERATIONS

 

Goods Traded

:

METAL SCRAPS MATERIALS

 

Total Number of Employees:

 

YEAR

2018

2017

2016

2015

2014

 

GROUP

N/A

N/A

N/A

N/A

N/A

COMPANY

4

4

4

4

4

 

Branch

:

NO

 

Other Information:


The Subject is principally engaged in the (as a / as an) trading of metal scrap materials. 

The Subject specializes in the wholesale distribution and trading of metal scrap material and the main products are as follows:

* Heavy Melting steel scrap
* Re rolling steel scrap
* Shredded steel scrap
* Seamless pipes
* Black / Bright bars
* Wire rods
* Plates & sheets
* Steel billets
* Hot rolled / cold rolled / galvanized steel coils and slit coils. 

 

CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

+65 67908590

Current Telephone Number

:

65-67908590

Match

:

YES

Address Provided by Client

:

NO. 3, SHENTON WAY # 21-05 SHENTON HOUSE, 068805 SINGAPORE

Current Address

:

3, SHENTON WAY, 21-05, SHENTON HOUSE, 068805, SINGAPORE.

Match

:

YES

 

Other Investigations


We have contacted one of the staff from the Subject and she provided some information.


FINANCIAL ANALYSIS

 

Profitability

Turnover

:

Decreased

[

2013 - 2016

]

Profit/(Loss) Before Tax

:

Increased

[

2013 - 2016

]

Return on Shareholder Funds

:

Unfavourable

[

9.81%

]

Return on Net Assets

:

Acceptable

[

14.97%

]

The continuous fall in turnover could be due to the lower demand for the Subject's products / services.The Subject's management have been efficient in controlling its operating costs. The unfavourable return on shareholders' funds could indicate that the Subject was inefficient in utilising its assets to generate returns.

Working Capital Control

Debtor Ratio

:

Favourable

[

54 Days

]

Creditors Ratio

:

Favourable

[

3 Days

]

The favourable debtors' days could be due to the good credit control measures implemented by the Subject. The Subject had a favourable creditors' ratio where the Subject could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.

Liquidity

Liquid Ratio

:

Favourable

[

1.43 Times

]

Current Ratio

:

Unfavourable

[

1.43 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

:

Acceptable

[

4.40 Times

]

Gearing Ratio

:

Unfavourable

[

1.76 Times

]

The Subject's interest cover was slightly low. If there is no sharp fall in its profit or sudden increase in the interest rates, we believe the Subject is able to generate sufficient income to service its interest and repay the loans. 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 :

Due to the efficient control of its operating costs, the Subject was able to remain profitable despite lower turnover achieved during the year. 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 had an acceptable interest cover. If there is no sudden sharp increase in interest rate or fall in the Subject's profit, we do believe the Subject is able to generate sufficient cash flow to service its interest payment. 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 : FAIR

 

 

 

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

 


Incorporated in 2007, the Subject is a Private Limited company, focusing on trading of metal scrap materials. Having been in the industry for over a decade, the Subject has achieved a certain market share and has built up a satisfactory reputation in the market. It should have received supports from its regular customers. With USD 1,884,000 in issued and paid up capital, the Subject has the potential of capturing a higher market shares as it is competing aggressively in the market. 

Over the years, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. Being a small company, the Subject's business operation is supported by 4 employees. Overall, we regard that the Subject's management capability is average. This indicates that the Subject has greater potential to improve its business performance and raising income for the Subject. 

Despite the lower turnover, the Subject's pre-tax profit have increased compared to the previous year. The higher profit could be due to better control of its operating costs and efficiency in utilising its resources. The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. The Subject is in good liquidity position with its current liabilities well covered by it current assets. Hence, it has sufficient working capital to meet its short term financial obligations. The high gearing ratio clearly implied that the Subject was supported by more debt than equity. Thus, the Subject is exposed to high financial risk. Given a positive net worth standing at USD 2,438,758, the Subject should be able to maintain its business in the near terms. 

The Subject's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials. Overall the Subject has a good control over its resources. 

The Subject's payment habit is average. With its adequate working capital, the Subject should be able to pay its short term debts. 

The industry has reached its maturity stage and only enjoying a marginal growth. The steady growth of the country's economy will further enhance the industry activities. Thus, the Subject's future performance is very much depend on its marketing strategies in order to retain its position in the market. 

Based on the above condition, we recommend credit be granted to the Subject normally.



PROFIT AND LOSS ACCOUNT

 

THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS.

METALMAN EXIM (SINGAPORE) PTE. LTD.

 

Financial Year End

2016-12-31

2015-12-31

2014-12-31

2013-12-31

Months

12

12

12

12

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

31,334,328

32,856,878

43,265,846

28,997,627

Other Income

36,405

44,454

48,334

20,387

----------------

----------------

----------------

----------------

Total Turnover

31,370,733

32,901,332

43,314,180

29,018,014

Costs of Goods Sold

(28,938,248)

(30,368,195)

(41,317,083)

(27,151,975)

----------------

----------------

----------------

----------------

Gross Profit

2,432,485

2,533,137

1,997,097

1,866,039

----------------

----------------

----------------

----------------

PROFIT/(LOSS) FROM OPERATIONS

282,204

259,689

169,093

154,200

----------------

----------------

----------------

----------------

PROFIT/(LOSS) BEFORE TAXATION

282,204

259,689

169,093

154,200

Taxation

(15,025)

(13,682)

(11,182)

(8,940)

----------------

----------------

----------------

----------------

PROFIT/(LOSS) AFTER TAXATION

267,179

246,007

157,911

145,260

Pre-acquisition profit/(loss)

(28,057)

-

-

-

----------------

----------------

----------------

----------------

PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS

239,122

246,007

157,911

145,260

----------------

----------------

----------------

----------------

PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS

239,122

246,007

157,911

145,260

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

1,257,636

1,011,629

853,718

708,458

----------------

----------------

----------------

----------------

As restated

1,257,636

1,011,629

853,718

708,458

----------------

----------------

----------------

----------------

PROFIT AVAILABLE FOR APPROPRIATIONS

1,496,758

1,257,636

1,011,629

853,718

----------------

----------------

----------------

----------------

RETAINED PROFIT/(LOSS) CARRIED FORWARD

1,496,758

1,257,636

1,011,629

853,718

=============

=============

=============

=============

INTEREST EXPENSE (as per notes to P&L)

Trust receipts

82,896

48,999

26,410

-

Others

-

-

-

30,246

----------------

----------------

----------------

----------------

82,896

48,999

26,410

30,246

=============

=============

=============

=============

DEPRECIATION (as per notes to P&L)

-

9,098

9,098

0

----------------

----------------

----------------

----------------

Total Amortization And Depreciation

-

9,098

9,098

-

=============

=============

=============

=============

 

 

 

 

 

 

 

BALANCE SHEET

 

METALMAN EXIM (SINGAPORE) PTE. LTD.

 

ASSETS EMPLOYED:

FIXED ASSETS

3

3

9,101

3

----------------

----------------

----------------

----------------

TOTAL LONG TERM ASSETS

3

3

9,101

3

CURRENT ASSETS

Trade debtors

4,630,938

3,570,513

4,409,244

1,814,135

Other debtors, deposits & prepayments

1,830,408

2,050,232

549,955

15,758

Short term deposits

855,411

1,093,494

985,112

981,624

Short term loans & advances

-

-

-

1,334,366

Amount due from related companies

266,870

286,706

675,305

472,572

Amount due from director

332,156

276,579

236,534

251,334

Cash & bank balances

169,073

130,724

176,002

435,817

----------------

----------------

----------------

----------------

TOTAL CURRENT ASSETS

8,084,856

7,408,248

7,032,152

5,305,606

----------------

----------------

----------------

----------------

TOTAL ASSET

8,084,859

7,408,251

7,041,253

5,305,609

=============

=============

=============

=============

CURRENT LIABILITIES

Trade creditors

224,367

109,112

338,433

56,505

Other creditors & accruals

122,806

282,364

124,884

79,160

Hire purchase & lease creditors

-

-

5,653

-

Bill & acceptances payable

4,283,024

3,723,134

3,491,459

2,020,831

Amounts owing to director

1,000,879

1,108,379

1,140,879

1,263,434

Provision for taxation

15,025

13,682

11,422

8,940

Other liabilities

-

-

-

109,077

----------------

----------------

----------------

----------------

TOTAL CURRENT LIABILITIES

5,646,101

5,236,671

5,112,730

3,537,947

----------------

----------------

----------------

----------------

NET CURRENT ASSETS/(LIABILITIES)

2,438,755

2,171,577

1,919,422

1,767,659

----------------

----------------

----------------

----------------

LONG TERM LIABILITIES

Hire purchase creditors

-

-

2,950

-

----------------

----------------

----------------

----------------

TOTAL LONG TERM LIABILITIES

-

-

2,950

-

----------------

----------------

----------------

----------------

TOTAL NET ASSETS

2,438,758

2,171,580

1,925,573

1,767,662

=============

=============

=============

=============

FINANCED BY:

SHARE CAPITAL

Ordinary share capital

942,000

942,000

942,000

942,000

----------------

----------------

----------------

----------------

TOTAL SHARE CAPITAL

942,000

942,000

942,000

942,000

RESERVES

Exchange equalisation/fluctuation reserve

-

(28,056)

(28,056)

(28,056)

Retained profit/(loss) carried forward

1,496,758

1,257,636

1,011,629

853,718

----------------

----------------

----------------

----------------

TOTAL RESERVES

1,496,758

1,229,580

983,573

825,662

----------------

----------------

----------------

----------------

SHAREHOLDERS' FUNDS/EQUITY

2,438,758

2,171,580

1,925,573

1,767,662

=============

=============

=============

=============

 

 

 

 

 

 

 

FINANCIAL RATIO

 

METALMAN EXIM (SINGAPORE) PTE. LTD.

 

TYPES OF FUNDS

Cash

1,024,484

1,224,218

1,161,114

1,417,441

Net Liquid Funds

(3,258,540)

(2,498,916)

(2,330,345)

(603,390)

Net Liquid Assets

2,438,755

2,171,577

1,919,422

1,767,659

Net Current Assets/(Liabilities)

2,438,755

2,171,577

1,919,422

1,767,659

Net Tangible Assets

2,438,758

2,171,580

1,925,573

1,767,662

Net Monetary Assets

2,438,755

2,171,577

1,916,472

1,767,659

PROFIT & LOSS ITEMS

Earnings Before Interest & Tax (EBIT)

365,100

308,688

195,503

184,446

Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)

365,100

317,786

204,601

184,446

BALANCE SHEET ITEMS

Total Borrowings

4,283,024

3,723,134

3,500,062

2,020,831

Total Liabilities

5,646,101

5,236,671

5,115,680

3,537,947

Total Assets

8,084,859

7,408,251

7,041,253

5,305,609

Net Assets

2,438,758

2,171,580

1,925,573

1,767,662

Net Assets Backing

2,438,758

2,171,580

1,925,573

1,767,662

Shareholders' Funds

2,438,758

2,171,580

1,925,573

1,767,662

Total Share Capital

942,000

942,000

942,000

942,000

Total Reserves

1,496,758

1,229,580

983,573

825,662

GROWTH RATIOS (Year on Year) (%)

Revenue

(4.63)

(24.06)

49.20

-

Proft/(Loss) Before Tax

8.67

53.58

9.66

-

Proft/(Loss) After Tax

8.61

55.79

8.71

-

Total Assets

9.13

5.21

32.71

-

Total Liabilities

7.82

2.37

44.59

-

LIQUIDITY (Times)

Cash Ratio

0.18

0.23

0.23

0.40

Liquid Ratio

1.43

1.41

1.38

1.50

Current Ratio

1.43

1.41

1.38

1.50

WORKING CAPITAL CONTROL (Days)

Stock Ratio

0

0

0

0

Debtors Ratio

54

40

37

23

Creditors Ratio

3

1

3

1

SOLVENCY RATIOS (Times)

Gearing Ratio

1.76

1.71

1.82

1.14

Liabilities Ratio

2.32

2.41

2.66

2.00

Times Interest Earned Ratio

4.40

6.30

7.40

6.10

Assets Backing Ratio

2.59

2.31

2.04

1.88

PERFORMANCE RATIO (%)

Operating Profit Margin

0.90

0.79

0.39

0.53

Net Profit Margin

0.76

0.75

0.36

0.50

Return On Net Assets

14.97

14.21

10.15

10.43

Return On Capital Employed

14.97

14.21

10.11

10.43

Return On Shareholders' Funds/Equity

9.81

11.33

8.20

8.22

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 67.83

UK Pound

1

INR 91.68

Euro

1

INR 80.29

SGD

1

INR 50.45

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

NIS

 

 

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)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.