MIRA INFORM REPORT

 

 

Report Date :           

11.08.2011

 

IDENTIFICATION DETAILS

 

Name :

DUFERCO ASIA PTE. LTD.

 

 

Registered Office :

600 North Bridge Road #06-03 Parkview Square Singapore 188778

 

 

Country :

Singapore

 

 

Financials (as on) :

30.09.2010

 

 

Date of Incorporation :

10.03.2005

 

 

Com. Reg. No.:

200503167M

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Wholesale of metals and metal ores except general hardware (eg steel pipes)

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

Fairly Large

 

Maximum Credit Limit :

S$797,000

Status :

Good

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Singapore

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

Executive Summary

 

Company Name

:

DUFERCO ASIA PTE. LTD.

Registration No

:

200503167M

Date of Registration

:

10/03/2005

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

600 NORTH BRIDGE ROAD #06-03 PARKVIEW SQUARE SINGAPORE 188778

Date of Change of Address

:

10/03/2005

Contact No.

:

6296 2993

Fax No.

:

6296 9018

Website

:

NA

Registered Activities

:

1. WHOLESALE OF METALS AND METAL ORES EXCEPT GENERAL HARDWARE (EG STEEL PIPES)

TRDG & DISTRIBN OF STEEL & RAW MATERIAL RELATED TO THE METALLURGICAL INDUSTRY

2. OTHER BUSINESS SUPPORT SERVICES ACTIVITIES NEC (EG ADMINISTRATION OF LOYALTY PROGRAMMES)

DEVELOPING IN ASIA THE TRDG ACTIVITIES & THE MKT PENETRATION OF DUFERCO GRP

Issued Ordinary Capital*

:

$500,000.00 U.S. DOLLAR ,NO. OF SHARE : 500

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$500,000.00 U.S. DOLLAR

Paid-Up Preference Capital

:

NA

* Number of Shares includes number of Issued Treasury Shares

Issued Treasury Capital

:

NA

Paid-Up Treasury Capital

:

NA

No. of Local Subsidiaries

:

NA

No. of Local Associates

:

NA

Auditor

:

KPMG LLP

Bankers / Financiers

:

SKANDINAVISKA ENSKILDA BANKEN AB (PUBL)

UNITED OVERSEAS BANK LIMITED

STANDARD CHARTERED BANK

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

SUMITOMO MITSUI BANKING CORPORATION

BNP PARIBAS

Turnover

:

SGD - SIN 257,662,209.00 (FY2010)

Net Worth

:

SGD - SIN 3,982,927.00 (FY2010)

No. of Bank Charges

:

11

No. of Litigation Suits

:

NA

S1000 / SME 500 / FG50 Ranking

:

953 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2009/2010)

446 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2008/2009)

233 POSITION IN Singapore 1000 Companies Ranked by Return on Equities (2008/2009)

180 POSITION IN Singapore 1000 Companies Ranked by Return on Equities (2007/2008)

571 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2007/2008)

Compounded Annual Growth Rate (CAGR)

:

5.15% (4 years)

 

 

Credit Recommendation

 

Recommended Credit Line

:

S$797,000

 

 

SHAREHOLDER DETAILS

 

NAME

:

DUFERCO INTERNATIONAL TRADING HOLDING S.A.

SHAREHOLDER ID

:

T05UF1117J

NATIONALITY

:

NA

ADDRESS

:

12, RUE GUILLAUME SCHNEIDER L-2522 LUXEMBOURG

NO. OF ORD SHARES

:

500

% OF SHAREHOLDING

:

100%

CURRENCY

:

U.S. DOLLAR

 

OFFICER DETAILS

 

NAME

:

MATTHEW JUSTIN DE MORGAN

ADDRESS

:

VIA GERSO 7, 6900 LUGANO TI SWITZERLAND

POSITION

:

DIRECTOR

DATE OF APPT

:

10/03/2005

NATIONALITY

:

BRITISH

I/C PASSPORT

:

093180644

 

NAME

:

BENEDICT J. SCIORTINO

ADDRESS

:

VIA MOTTA 34, 6900 LUGANO TI, SWITZERLAND

POSITION

:

DIRECTOR

DATE OF APPT

:

01/10/2007

NATIONALITY

:

AMERICAN

I/C PASSPORT

:

112090964

 

NAME

:

STEFANO ARANCIO

ADDRESS

:

VIA LUCINO 40, CA PRADELLO 6932 BREGANZONA, SWITZERLAND

POSITION

:

DIRECTOR

DATE OF APPT

:

11/04/2005

NATIONALITY

:

ITALIAN

I/C PASSPORT

:

E775810

 

NAME

:

TEO CHIN KEE

ADDRESS

:

21 ELIAS ROAD #02-01 RIS GRANDEUR SINGAPORE 519929

POSITION

:

SECRETARY

DATE OF APPT

:

11/04/2005

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S2622115C

 

NAME

:

SUBHENDU BOSE

ADDRESS

:

53 GRANGE ROAD #11-01 SPRING GROVE SINGAPORE 249565

POSITION

:

DIRECTOR

MANAGING DIRECTOR

DATE OF APPT

:

08/10/2009

08/10/2009

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S2766029J

 

 

 

KEY PERSONNEL PROFILE

 

Name:

SUBHENDU BOSE

NRIC Number:

S2766029J

Available Address:

53 GRANGE ROAD #11-01 SPRING GROVE  SINGAPORE 249565

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

DUFERCO ASIA PTE. LTD.

DIRECTOR

08/10/2009

-

-

2

DUFERCO ASIA PTE. LTD.

MANAGING DIRECTOR

08/10/2009

-

-

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

No Trace

 

 

 

 

 

Bankruptcy Record

Case No.

Year

Date of Filing

Petitioner Name

Amount

No Trace

 

 

 

 

 

Litigation Search – Writ of Summons

Court

Case No.

Year

Date of Filing

Amount

Cause Category

No Trace

 

 

 

 

 

 

 

SUBSIDIARIES AND ASSOCIATE COMPANIES

 

Company

Shareholdings (%)

NA

 

 

                                                                                                                       

BANKERS/ FINANCIERS

 

Subject enjoys a normal banking routine with its bankers. To date, there have been 11 bank charges registered against Subject by its bankers. The charge numbers are:

 

1)

Charge No.

:

C200901419

 

Date of Registration

:

05/03/2009

 

Chargee

:

SKANDINAVISKA ENSKILDA BANKEN AB (PUBL)

 

Amount Secured  and Currency

:

All Monies

 

Address

:

50 RAFFLES PLACE #36-01 SINGAPORE LAND TOWER SINGAPORE 048623

 

2)

Charge No.

:

C200809140

 

Date of Registration

:

03/10/2008

 

Chargee

:

UNITED OVERSEAS BANK LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

80 RAFFLES PLACE UOB PLAZA SINGAPORE 048624

 

3)

Charge No.

:

C200705624

 

Date of Registration

:

18/07/2007

 

Chargee

:

STANDARD CHARTERED BANK

 

Amount Secured  and Currency

:

35,000,000.00 U.S. DOLLAR

 

Address

:

6 BATTERY ROAD SINGAPORE 049909

 

4)

Charge No.

:

C200705623

 

Date of Registration

:

18/07/2007

 

Chargee

:

STANDARD CHARTERED BANK

 

Amount Secured  and Currency

:

35,000,000.00 U.S. DOLLAR

 

Address

:

6 BATTERY ROAD SINGAPORE 049909

 

5)

Charge No.

:

C200705620

 

Date of Registration

:

18/07/2007

 

Chargee

:

STANDARD CHARTERED BANK

 

Amount Secured  and Currency

:

35,000,000.00 U.S. DOLLAR

 

Address

:

6 BATTERY ROAD SINGAPORE 049909

 

6)

Charge No.

:

C200702043

 

Date of Registration

:

15/03/2007

 

Chargee

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

21 COLLYER QUAY #14-01 HSBC BUILDING SINGAPORE 049320

 

7)

Charge No.

:

C200602914

 

Date of Registration

:

05/05/2006

 

Chargee

:

SKANDINAVISKA ENSKILDA BANKEN AB (PUBL)

 

Amount Secured  and Currency

:

All Monies

 

Address

:

50 RAFFLES PLACE #36-01 SINGAPORE LAND TOWER SINGAPORE 048623

 

8)

Charge No.

:

C200507799

 

Date of Registration

:

16/12/2005

 

Chargee

:

UNITED OVERSEAS BANK LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

80 RAFFLES PLACE UOB PLAZA SINGAPORE 048624

 

9)

Charge No.

:

C200506849

 

Date of Registration

:

04/11/2005

 

Chargee

:

STANDARD CHARTERED BANK

 

Amount Secured  and Currency

:

All Monies

 

Address

:

6 BATTERY ROAD SINGAPORE 049909

 

10)

Charge No.

:

C200506399

 

Date of Registration

:

14/10/2005

 

Chargee

:

SUMITOMO MITSUI BANKING CORPORATION

 

Amount Secured  and Currency

:

All Monies

 

Address

:

3 TEMASEK AVENUE #06-01 CENTENNIAL TOWER SINGAPORE 039190

 

11)

Charge No.

:

C200505478

 

Date of Registration

:

13/09/2005

 

Chargee

:

BNP PARIBAS

 

Amount Secured  and Currency

:

All Monies

 

Address

:

20 COLLYER QUAY #01-01 TUNG CENTRE SINGAPORE 049319

 

             

LITIGATION

 

Clear

 

 

COMPLIANCE

 

Date of Last AGM

:

17/03/2011

Date of Last AR

:

17/03/2011

Date of A/C Laid At Last AGM

:

30/09/2010

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

SEP 2010

% Change

SEP 2009

SEP 2008

SEP 2007

SEP 2006

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

257,662,209

19.14

216,267,446

469,290,841

317,111,170

210,769,328

Profit/(Loss) Before Tax

6,844,524

-1.30

6,934,654

1,487,362

3,766,650

2,410,821

Profit After Tax attributable to Shareholders

6,307,143

0.77

6,258,678

1,281,931

3,233,206

2,092,369

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

10,173,113

-77.74

45,701,426

60,863,701

65,373,089

5,550,821

Current Assets

10,123,554

-77.84

45,686,231

60,849,290

65,335,090

5,481,484

Non Current Assets

49,559

226.15

15,195

14,411

37,999

69,337

 

 

 

 

 

 

 

Total Liabilities

6,190,186

-83.65

37,852,952

59,350,256

60,386,620

3,692,682

Current Liabilities

6,187,896

-83.65

37,850,513

59,347,798

60,386,620

3,692,682

Non Current Liabilities

2,290

-6.11

2,439

2,458

0

0

 

 

 

 

 

 

 

Shareholders' Funds

3,982,927

-49.25

7,848,475

1,513,443

4,986,470

1,858,138

Share Capital

692,354

-6.11

737,429

702,013

152,730

161,866

Total Reserves

3,290,573

-53.73

7,111,046

811,430

4,833,740

1,696,272

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

SEP 2010

SEP 2009

SEP 2008

SEP 2007

SEP 2006

Growth %

 

 

 

 

 

Year-on-Year Growth

19.14

-53.92

47.99

50.45

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

2.45

2.89

0.27

1.02

0.99

Return on Equity (%)

158.35

79.74

84.70

64.84

112.61

Return on Assets (%)

62.00

13.69

2.11

4.95

37.69

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

1.55

4.82

39.22

12.11

1.99

Current Debt/Equity (Times)

1.55

4.82

39.21

12.11

1.99

Long Term Debt To Equity (Times)

0.00

0.00

0.00

0.00

0.00

Total Asset To Total Equity (Times)

2.55

5.82

40.22

13.11

2.99

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

25.33

4.73

7.71

4.85

37.97

Fixed Assets Turnover (Times)

5,199.10

14,232.80

32,564.77

8,345.25

3,039.78

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.64

1.21

1.03

1.08

1.48

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

The company's CAGR is 5.15% (4 years).

CAGR is the year-over-year growth rate of a company over a specified period. Instead of looking at the average growth rate, CAGR allow users to look at the annualized growth rate of a company over a given period, a more indicative measure of growth of a company’s performance over a given period.

 

Profitability

The company yielded a rate of net profit on sales of 2.45 per cent in FY10 (FY09: 2.89 per cent). The company is now able to book in SGD - SIN 0.02 of profit for every SGD - SIN of sales in FY10, as compared with SGD - SIN 0.03 a year ago.

 

Liquidity

Current ratio stood at 1.64 times in FY10 (FY09: 1.21 times). This means that the company has SGD - SIN 1.64 of current assets for every SGD - SIN of current liability incurred.

 

A minimum figure of 1.0 would be considered the lowest limit that this figure should reach. Any business that has a current ratio near 1.0 may be heading for liquidity problems, and would need to be closely monitored. A figure greater than 2.0 would be more desirable, to act as a buffer against any short-term liquidity problems, and give creditors/bank managers a degree of comfort when granting credit/finance.

 

Leverage

Total debt-to-equity ratio notched 1.55 times in FY10, as compared with 4.82 times in FY09. This means that the company requires additional external financing of SGD - SIN 1.55 for every SGD - SIN injected into its operations.

 

Generally, a total debt-to-equity ratio of less than 0.5 times is preferred. The ratio measures the proportion of the company's reliance on external debt for financing, relative to the shareholder's fund. A lower ratio would imply a greater financial safety and operating freedom for the company.

 

 

Efficiency Ratio

 

Return on equity was 158.35 per cent for Subject in the current financial period, as compared to 79.74 per cent a year ago. The return on equity measures the return earned on the owner's investment.  Generally, the higher this return, the better off the owner.

 

Return on assets stood at 62.00 per cent (FY09: 13.69 per cent). The return on asset measures the overall effectiveness of management in generating profit with its available assets.

 

Total assets turnover ratio logged at 25.33 times in FY10 (FY09: 4.73 times). This ratio measures the company's ability to make productive use of its total assets to generate sales which reflects the efficiency of the management in utilising its resources.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.20

UK Pound

1

Rs.73.51

Euro

1

Rs.64.76

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

 

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