MIRA INFORM REPORT

 

 

Report Date :           

22.12.2011

 

IDENTIFICATION DETAILS

 

Name :

NICO STEEL SOLUTIONS (S) PTE. LTD.

 

 

Formerly Known As :

Nico Steel Centre (S) Pte Ltd Ef

 

 

Registered Office :

48 Changi South Street 1 Changi South Industrial Estate Singapore 486130

 

 

Country :

Singapore

 

 

Financials (as on) :

28.02.2011

 

 

Date of Incorporation :

07.07.1995

 

 

Com. Reg. No.:

199504753e

 

 

Legal Form :

Limited Exempt Private Company

 

 

Line of Business :

Manufacture and Repair Of Machinery And Machine-Tools - Metal Cutting Types

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Poor

 

 

Payment Behaviour :

Unknown

 

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Singapore

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Executive Summary

 

Company Name

:

NICO STEEL SOLUTIONS (S) PTE. LTD.

Registration No

:

199504753E

Date of Registration

:

07/07/1995

Former Name

:

NICO STEEL CENTRE (S) PTE LTD Eff. date : 07/07/1995 Eff. date : 07/07/1995

Date of Change of Name

:

29/10/2002

Type of Company

:

LIMITED EXEMPT PRIVATE COMPANY

Registered Address

:

48 CHANGI SOUTH STREET 1 CHANGI SOUTH INDUSTRIAL ESTATE SINGAPORE 486130

Date of Change of Address

:

22/12/1998

Contact No.

:

6542 1886

Fax No.

:

6542 1986

Website

:

NA

Registered Activities

:

1. MANUFACTURE AND REPAIR OF MACHINERY AND MACHINE-TOOLS - METAL CUTTING TYPES (EG LATHES, MILLING MACHINES, SHAPING MACHINES)

2. GENERAL CONTRACTORS (BUILDING CONSTRUCTION INCLUDING MAJOR UPGRADING WORKS)

Issued Ordinary Capital*

:

$900,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 900,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$900,000.00 SINGAPORE, DOLLARS

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

:

DBS BANK LTD.

STANDARD CHARTERED BANK

Turnover

:

SINGAPORE, DOLLARS 41,272,921.21 (FY2011)

Net Worth

:

SINGAPORE, DOLLARS 3,469,064.75 (FY2011)

No. of Bank Charges

:

4

No. of Litigation Suits

:

NA

S1000 / SME 500 / FG50 Ranking

:

1598 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2001/2002)

31 POSITION IN SME 500 Companies Ranked by Sales/Turnover (2001/2002)

68 POSITION IN SME 500 Companies Ranked by Net Profit (2001/2002)

87 POSITION IN SME 500 Companies Ranked by Return on Equities (2001/2002)

Compounded Annual Growth Rate (CAGR)

:

NA

 

 

Credit Recommendation

 

Recommended Credit Line

:

No Recommendation

 

 

SHAREHOLDER DETAILS

 

NAME

:

NICO STEEL HOLDINGS LIMITED

SHAREHOLDER ID

:

200104166D

NATIONALITY

:

SINGAPORE

ADDRESS

:

48 CHANGI SOUTH STREET 1 CHANGI SOUTH INDUSTRIAL ESTATE SINGAPORE 486130

NO. OF ORD SHARES

:

900,000

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

TAN CHEE KHIONG

ADDRESS

:

20A RICHARDS AVENUE SINGAPORE 546429

POSITION

:

DIRECTOR

SECRETARY

DATE OF APPT

:

07/07/1995

30/11/2005

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1724457D

 

NAME

:

TANG CHEE BIAN

ADDRESS

:

20A RICHARDS AVENUE SINGAPORE 546429

POSITION

:

DIRECTOR

DATE OF APPT

:

24/02/1997

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1805146Z

 

NAME

:

TANG HEE KYA

ADDRESS

:

20A RICHARDS AVENUE SINGAPORE 546429

POSITION

:

DIRECTOR

DATE OF APPT

:

24/02/1997

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S2572915C

 

NAME

:

TANG CHEE WEE

ADDRESS

:

22A RICHARDS AVENUE SINGAPORE 546432

POSITION

:

DIRECTOR

DATE OF APPT

:

24/02/1997

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S6909127Z

 

 

KEY PERSONNEL PROFILE

 

Name:

TAN CHEE KHIONG

NRIC Number:

S1724457D

Available Address:

20A RICHARDS AVENUE  SINGAPORE 546429

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

D.S.A.G INVESTMENT PTE. LTD.

DIRECTOR

09/06/2004

1

25.00

2

D.S.A.G INVESTMENT PTE. LTD.

SECRETARY

18/07/2005

1

25.00

3

D.S.A.G TRADING PTE LTD.

DIRECTOR

25/02/1994

25000

25.00

4

NICO STEEL HOLDINGS LIMITED

DIRECTOR

10/04/2002

-

-

5

NICO STEEL HOLDINGS LIMITED

MANAGING DIRECTOR

10/04/2002

-

-

6

NICO STEEL SOLUTIONS (S) PTE. LTD.

DIRECTOR

07/07/1995

-

-

7

NICO STEEL SOLUTIONS (S) PTE. LTD.

SECRETARY

30/11/2005

-

-

8

NIKKO STEEL CENTRE

OWNER

14/01/1995

-

-

9

PASSION GROUP

OWNER

18/04/2010

-

-

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

D.S.A.G TRADING

TERMINATION

OWNER

21/03/1992

-

2

NICO STEEL HOLDINGS LIMITED

LIVE COMPANY

SHAREHOLDER

-

19/10/2011

3

NICO STEEL SOLUTIONS (S) PTE. LTD.

LIVE COMPANY

SHAREHOLDER

-

07/09/2011

4

NICOLABS BIOTECH (S) PTE. LTD.

LIVE COMPANY

DIRECTOR/SHR

14/10/2002

14/09/2010

5

NIKKO-TECH HOLDING PTE. LTD.

STRUCK OFF

DIRECTOR

27/06/2005

-

 

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 4 bank charges registered against Subject by its bankers. The charge numbers are:

 

1)

Charge No.

:

C201107560

 

Date of Registration

:

22/06/2011

 

Chargee

:

DBS BANK LTD.

 

Amount Secured  and Currency

:

All Monies

 

Address

:

6 SHENTON WAY, DBS BUILDING TOWER ONE SINGAPORE 068809

 

2)

Charge No.

:

C200600486

 

Date of Registration

:

19/01/2006

 

Chargee

:

STANDARD CHARTERED BANK

 

Amount Secured  and Currency

:

All Monies

 

Address

:

6 BATTERY ROAD SINGAPORE 049909

 

3)

Charge No.

:

9604392

 

Date of Registration

:

29/07/1996

 

Chargee

:

DBS BANK LTD.

 

Amount Secured  and Currency

:

All Monies

 

Address

:

6 SHENTON WAY, DBS BUILDING TOWER ONE SINGAPORE 068809

 

4)

Charge No.

:

199801178

 

Date of Registration

:

03/03/1998

 

Chargee

:

DBS BANK LTD.

 

Amount Secured  and Currency

:

All Monies

 

Address

:

6 SHENTON WAY, DBS BUILDING TOWER ONE SINGAPORE 068809

 

 

LITIGATION

 

Clear

 

 

COMPLIANCE

 

Date of Last AGM

:

31/08/2011

Date of Last AR

:

16/09/2011

Date of A/C Laid At Last AGM

:

28/02/2011

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

FEB 2011

% Change

FEB 2010

FEB 2009

FEB 2008

FEB 2007

Currency

SINGAPORE, DOLLARS

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

41,272,921

40.96

29,278,864

51,375,662

48,608,021

44,136,195

Profit/(Loss) Before Tax

324,052

NA

(618,680)

245,798

388,401

1,494,116

Profit After Tax attributable to Shareholders

324,052

NA

(647,423)

192,604

288,934

1,125,957

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

32,204,998

31.91

24,415,047

19,194,708

37,106,574

34,018,686

Current Assets

29,250,775

38.06

21,186,840

15,876,738

33,504,905

30,071,120

Non Current Assets

2,954,224

-8.49

3,228,207

3,317,970

3,601,669

3,947,566

 

 

 

 

 

 

 

Total Liabilities

28,735,934

36.55

21,044,931

15,189,860

33,158,194

30,144,821

Current Liabilities

28,539,326

59.84

17,855,047

13,599,628

30,947,225

26,479,891

Non Current Liabilities

196,608

-93.84

3,189,884

1,590,232

2,210,969

3,664,930

 

 

 

 

 

 

 

Shareholders' Funds

3,469,065

2.94

3,370,116

4,004,848

3,948,381

3,873,866

Share Capital

855,413

-6.68

916,639

913,743

946,373

1,001,825

Total Reserves

2,613,652

6.53

2,453,477

3,091,105

3,002,008

2,872,041

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

FEB 2011

FEB 2010

FEB 2009

FEB 2008

FEB 2007

Growth %

 

 

 

 

 

Year-on-Year Growth

40.96

-43.01

5.69

10.13

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

0.79

-2.21

0.37

0.59

2.55

Return on Equity (%)

9.34

-19.21

4.81

7.32

29.07

Return on Assets (%)

1.01

-2.65

1.00

0.78

3.31

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

8.28

6.24

3.79

8.40

7.78

Current Debt/Equity (Times)

8.23

5.30

3.40

7.84

6.84

Long Term Debt To Equity (Times)

0.06

0.95

0.40

0.56

0.95

Total Asset To Total Equity (Times)

9.28

7.24

4.79

9.40

8.78

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

1.28

1.20

2.68

1.31

1.30

Fixed Assets Turnover (Times)

13.97

9.07

15.48

13.50

11.18

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.02

1.19

1.17

1.08

1.14

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Profitability

The company yielded a rate of net profit on sales of 0.79 per cent in FY11. The company is now able to book in SINGAPORE, DOLLARS 0.01 of profit for every SINGAPORE, DOLLARS of sales.

 

 

Liquidity

 

Current ratio stood at 1.02 times in FY11 (FY10: 1.19 times). This means that the company has SINGAPORE, DOLLARS 1.02 of current assets for every SINGAPORE, DOLLARS 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 8.28 times in FY11, compared with 6.24 times in FY10. This means that the company requires additional external financing of SINGAPORE, DOLLARS 8.28 for every SINGAPORE, DOLLARS 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 9.34 per cent for Subject in the current financial period. 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 1.01 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 1.28 times in FY11 (FY10: 1.20 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.52.67

UK Pound

1

Rs.82.53

Euro

1

Rs.69.13

 

 

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%)

 

 

 

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.