MIRA INFORM REPORT

 

 

Report Date :

22.01.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

G - STEELMET PTE. LIMITED

 

 

Formerly Known As :

STEELMET PTE LTD

 

 

Registered Office :

3 Shenton Way #08-09 Shenton House Singapore 068805

 

 

Country :

Singapore

 

 

Financials (as on) :

30.09.2006

 

 

Date of Incorporation :

18.06.1987

 

 

Com. Reg. No.:

198701726M

 

 

Legal Form :

Limited Exempt Private Company

 

 

Line of Business :

Building-Cleaning Services (Including Janitorial Service)

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

S$660,000

Status :

Moderate

Payment Behaviour :

Unknown

Litigation :

Exists

 

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 – June 30, 2010

 

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

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

:

G - STEELMET PTE. LIMITED

Registration No

:

198701726M

Date of Registration

:

18/06/1987

Former Name

:

1.AGIO-SELTRON PTE LTD Eff. date : 19/04/1991 Eff. date : 19/04/1991

2.JMK-SELTRON PTE LTD Eff. date : 06/01/1992 Eff. date : 06/01/1992

3.STEELMET PTE LTD Eff. date : 15/11/1993 Eff. date : 15/11/1993

Date of Change of Name

:

20/07/2007

Type of Company

:

LIMITED EXEMPT PRIVATE COMPANY

Registered Address

:

3 SHENTON WAY #08-09 SHENTON HOUSE SINGAPORE 068805

Date of Change of Address

:

01/09/2006

Contact No.

:

6224 3377

Fax No.

:

6224 0944

Website

:

NA

Registered Activities

:

1. GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS)

IMP&EXP INDUSTRIAL/CONSUMER ELECTRONICS,STEEL/METAL/AGRICULTURAL PRODUCTS

2. BUILDING-CLEANING SERVICES (INCLUDING JANITORIAL SERVICE)

IMP & EXP & AGENT OF COMPUTER HARDWARE AND SOFTWARE

Issued Ordinary Capital*

:

$6,000,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 6,000,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$6,000,000.00 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

:

STAMFORD ASSOCIATES LLP

Bankers / Financiers

:

STANDARD CHARTERED BANK

Turnover

:

SGD - SIN 143,035,201.00 (FY2006)

Net Worth

:

SGD - SIN 6,601,885.00 (FY2006)

No. of Bank Charges

:

2

No. of Litigation Suits

:

16

S1000 / SME 500 / FG50 Ranking

:

787 POSITION IN SINGAPORE 1000 (2008/2009)

874 POSITION IN SINGAPORE 1000 (2006/2007)

977 POSITION IN SINGAPORE 1000 (2004/2005)

948 POSITION IN SINGAPORE 1000 (2003/2004)

970 POSITION IN SINGAPORE 1000 (2002/2003)

986 POSITION IN SINGAPORE 1000 (2001/2002)

891 POSITION IN SINGAPORE 1000 (2000/2001)

761 POSITION IN SINGAPORE 1000 (1999/2000)

802 POSITION IN SINGAPORE 1000 (1998/1999)

830 POSITION IN SINGAPORE 1000 (1997/1998)

Compounded Annual Growth Rate (CAGR)

:

13.7% (4 years)

 

 

Credit Recommendation

 

Recommended Credit Line

:

S$660,000

 

 

SHAREHOLDER DETAILS

 

NAME

:

SHARMA SUBHASH CHANDRA

SHAREHOLDER ID

:

S2580430I

NATIONALITY

:

SINGAPORE CITIZEN

ADDRESS

:

20 PEACH GARDEN PEACH GARDEN SINGAPORE 437618

NO. OF ORD SHARES

:

3,400,000

% OF SHAREHOLDING

:

56.7%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

NAME

:

SAVITA SHARMA

SHAREHOLDER ID

:

S2580431G

NATIONALITY

:

SINGAPORE P.R.

ADDRESS

:

20 PEACH GARDEN PEACH GARDEN SINGAPORE 437618

NO. OF ORD SHARES

:

2,000,000

% OF SHAREHOLDING

:

33.3%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

NAME

:

VIVEK JOSHI

SHAREHOLDER ID

:

A455761

NATIONALITY

:

INDIAN

ADDRESS

:

20 PEACH GARDEN PEACH GARDEN SINGAPORE 437618

NO. OF ORD SHARES

:

400,000

% OF SHAREHOLDING

:

6.7%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

NAME

:

TAN SOW WAN

SHAREHOLDER ID

:

S1415680A

NATIONALITY

:

SINGAPORE CITIZEN

ADDRESS

:

546 WOODLANDS DRIVE 16 #11-207 SINGAPORE 730546

NO. OF ORD SHARES

:

200,000

% OF SHAREHOLDING

:

3.3%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

VIVEK JOSHI

ADDRESS

:

20 PEACH GARDEN PEACH GARDEN SINGAPORE 437618

POSITION

:

DIRECTOR

DATE OF APPT

:

02/07/1996

NATIONALITY

:

INDIAN

I/C PASSPORT

:

A455761

 

NAME

:

TAN SOW WAN

ADDRESS

:

546 WOODLANDS DRIVE 16 #11-207 SINGAPORE 730546

POSITION

:

DIRECTOR

SECRETARY

DATE OF APPT

:

26/08/1989

26/08/1989

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1415680A

 

NAME

:

SHARMA SUBHASH CHANDRA

ADDRESS

:

20 PEACH GARDEN PEACH GARDEN SINGAPORE 437618

POSITION

:

DIRECTOR

DATE OF APPT

:

16/08/1989

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S2580430I

 

NAME

:

SAVITA SHARMA

ADDRESS

:

20 PEACH GARDEN PEACH GARDEN SINGAPORE 437618

POSITION

:

DIRECTOR

DATE OF APPT

:

06/10/1993

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S2580431G

 

 

KEY PERSONNEL PROFILE

 

Name:

SHARMA SUBHASH CHANDRA

NRIC Number:

S2580430I

Available Address:

20 PEACH GARDEN PEACH GARDEN  SINGAPORE 437618

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

FROST GLOBAL PTE. LTD.

SHAREHOLDER

-

28000

0.27

2

G - STEELMET PTE. LIMITED

DIRECTOR

16/08/1989

3400000

56.66

3

GEOPROP INTERNATIONAL PTE. LIMITED

DIRECTOR

31/10/2009

1

100.00

4

HNG (SGP) PTE. LIMITED

DIRECTOR

13/10/2009

1

100.00

5

SELTRON PTE LTD

SHAREHOLDER

-

66666

7.40

6

STEMCORE PTE. LTD.

DIRECTOR

23/01/2007

500999

49.99

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

FROST GLOBAL PTE. LTD.

LIVE COMPANY

DIRECTOR

11/04/2008

13/12/2010

2

KOBIAN PTE LTD

LIVE COMPANY

DIRECTOR

03/06/1987

14/12/2010

3

POLY FIELD PTE LTD

STRUCK OFF

DIRECTOR/SHR

06/12/1993

14/08/2008

4

SELTRON PTE LTD

LIVE COMPANY

DIRECTOR

21/09/1987

13/12/2010

 

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

M

10512

2009

07/04/2009

SGD 4,728.05

Contracts Related

M

4689

2009

17/02/2009

SGD 2,800.00

Contracts Related

D

2347

2007

19/07/2007

 0.00

Negligence Related

SUBSIDIARIES AND ASSOCIATE COMPANIES

 

Company

Shareholdings (%)

 

NA

 

 

 

BANKERS/ FINANCIERS

 

Subject enjoys a normal banking routine with its bankers. To date, there have been 2 bank charges registered against Subject by its bankers. The charge numbers are:

 

1)

Charge No.

:

C200703985

 

Date of Registration

:

26/05/2007

 

Chargee

:

STANDARD CHARTERED BANK

 

Address

:

6 BATTERY ROAD SINGAPORE 049909

 

2)

Charge No.

:

C200703984

 

Date of Registration

:

26/05/2007

 

Chargee

:

STANDARD CHARTERED BANK

 

Address

:

6 BATTERY ROAD SINGAPORE 049909

 

 

LITIGATION

 

To date, there have been 16 litigation suits filed against Subject.

 

 

Current Year

On/After

01 Jan 2010

Past Years

W.e.f 01 Jan 2010

 

Court (Claim under normal circumstances)

Magistrate (< $80,000)

0

14

District ($80,000 - $250,000)

0

1

High (>$250,000)

0

1

 

Winding Up Trace

 

No

In litigation/Dissolved/Struck Off/In receivership

No

 

The details are as follows:

 

1)

Court

:

Magistrate Court

 

Case No.

:

17384

 

Date of Filing

:

24/08/2000

 

Amount

:

19,308.32

 

Cause

:

CONTRACTS-WORK DONE & SERVICES RENDERED

 

Case Status

:

CONCLUDED

 

Plaintiff

:

CROWN FREIGHT EXPRESS PTE LTD

 

2)

Court

:

Magistrate Court

 

Case No.

:

26325

 

Date of Filing

:

04/09/2001

 

Amount

:

12,120.53

 

Cause

:

Contracts - Work Done And Service Rendered

 

Case Status

:

CONCLUDED

 

Plaintiff

:

ORIENTAL SHIPPING (S) PTE LTD

 

3)

Court

:

Magistrate Court

 

Case No.

:

28749

 

Date of Filing

:

25/09/2001

 

Amount

:

6,249.11

 

Cause

:

Contracts - Work Done And Service Rendered

 

Case Status

:

CONCLUDED

 

Plaintiff

:

MARKONO LOGISTICS PTE LTD

 

4)

Court

:

Magistrate Court

 

Case No.

:

31257

 

Date of Filing

:

15/10/2001

 

Amount

:

12,290.00

 

Cause

:

Contracts - Sale of Goods

 

Case Status

:

DEEMED DISCONTINUED

 

Plaintiff

:

FAR EASTERN SPICE CO. PTE LTD

 

5)

Court

:

Magistrate Court

 

Case No.

:

26578

 

Date of Filing

:

11/09/2002

 

Amount

:

13,000.00

 

Cause

:

CONTRACTS - WORK DONE AND SERVICE RENDERED

 

Case Status

:

CONCLUDED

 

Plaintiff

:

FREIGHT LINKS EXPRESS PTE LTD

 

6)

Court

:

Magistrate Court

 

Case No.

:

35392

 

Date of Filing

:

10/10/2003

 

Amount

:

13,801.50

 

Cause

:

Work Done And Service Rendered

 

Case Status

:

DEEMED DISCONTINUED

 

Plaintiff

:

MACQUARIE CORPORATE TELECOMMUNICATIONS PTE LTD

 

7)

Court

:

Magistrate Court

 

Case No.

:

23479

 

Date of Filing

:

27/09/2004

 

Amount

:

1,789.75

 

Cause

:

Contract - Sale Of Goods

 

Case Status

:

DEEMED DISCONTINUED

 

Plaintiff

:

MARKONO LOGISTICS PTE LTD

 

8)

Court

:

Magistrate Court

 

Case No.

:

22377

 

Date of Filing

:

05/10/2007

 

Amount

:

18,257.46

 

Cause

:

Banking, Credit and Security - Credit Facilities/ Overdraft/ Guarantees

 

Case Status

:

CONCLUDED

 

Plaintiff

:

ORIX CAPITAL LIMITED

 

9)

Court

:

Magistrate Court

 

Case No.

:

26825

 

Date of Filing

:

05/12/2007

 

Amount

:

44,482.50

 

Cause

:

Contract - Others

 

Case Status

:

CONCLUDED

 

Plaintiff

:

CAIRNHILL GROUP HOLDINGS PTE LTD

 

10)

Court

:

Magistrate Court

 

Case No.

:

10514

 

Date of Filing

:

07/04/2009

 

Amount

:

7,309.34

 

Cause

:

Contract - Others

 

Case Status

:

CONCLUDED

 

Plaintiff

:

THE MANAGEMENT CORPORATION STRATA TITLE PLAN NO. 461

 

11)

Court

:

Magistrate Court

 

Case No.

:

18201

 

Date of Filing

:

20/10/1995

 

Amount

:

18,359.80

 

Cause

:

Contracts - General

 

Case Status

:

TRANSFERRED

 

Plaintiff

:

GOPAL KRISHNA PADIA

 

12)

Court

:

Supreme Court

 

Case No.

:

420

 

Date of Filing

:

06/03/1996

 

Amount

:

0.00

 

Cause

:

Contracts - General

 

Case Status

:

CONCLUDED

 

Plaintiff

:

AYRTON & PARTNERS LTD

 

13)

Court

:

District Court

 

Case No.

:

370

 

Date of Filing

:

24/01/1997

 

Amount

:

18,359.80

 

Cause

:

Contracts - General

 

Case Status

:

CONCLUDED

 

Plaintiff

:

GOPAL KRISHNA PADIA

 

14)

Court

:

Magistrate Court

 

Case No.

:

22488

 

Date of Filing

:

02/09/1998

 

Amount

:

1,127.85

 

Cause

:

Contracts - Sale of Goods

 

Case Status

:

CONCLUDED

 

Plaintiff

:

DIETHELM INDUSTRIES PTE LTD

 

15)

Court

:

Magistrate Court

 

Case No.

:

60709

 

Date of Filing

:

10/11/1999

 

Amount

:

24,112.27

 

Cause

:

Contracts - General

 

Case Status

:

CONCLUDED

 

Plaintiff

:

G DOULATRAM & SONS HK LTD

 

16)

Court

:

Magistrate Court

 

Case No.

:

60779

 

Date of Filing

:

17/11/1999

 

Amount

:

31,669.97

 

Cause

:

Contracts - General

 

Case Status

:

CONCLUDED

 

Plaintiff

:

S VEDAVALLI T/A SWATHY INTERNATIONAL

 

 

COMPLIANCE

 

Date of Last AGM

:

14/04/2010

Date of Last AR

:

17/05/2010

Date of A/C Laid At Last AGM

:

30/09/2009

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

SEP 2006

% Change

SEP 2005

SEP 2004

SEP 2003

SEP 2002

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

143,035,201

18.47

120,735,598

102,653,021

93,622,517

85,588,530

Profit/(Loss) Before Tax

437,510

43.28

305,352

200,591

182,620

175,649

Profit After Tax attributable to Shareholders

390,818

85.19

211,041

169,073

168,328

160,310

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

21,431,285

53.80

13,934,271

12,784,120

11,229,992

14,443,418

Current Assets

21,421,023

53.89

13,919,977

12,767,727

11,212,039

14,441,039

Non Current Assets

10,262

-28.21

14,294

16,393

17,953

2,379

 

 

 

 

 

 

 

Total Liabilities

14,829,400

85.29

8,003,204

7,864,094

6,279,039

9,610,793

Current Liabilities

14,829,101

85.34

8,000,853

7,860,037

6,273,122

9,610,193

Non Current Liabilities

299

-87.28

2,351

4,057

5,917

600

 

 

 

 

 

 

 

Shareholders' Funds

6,601,885

11.31

5,931,067

4,920,026

4,950,953

4,832,625

Share Capital

5,500,000

10.00

5,000,000

4,000,000

4,000,000

4,000,000

Total Reserves

1,101,885

18.35

931,067

920,026

950,953

832,625

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

SEP 2006

SEP 2005

SEP 2004

SEP 2003

SEP 2002

Growth %

 

 

 

 

 

Year-on-Year Growth

18.47

17.62

9.65

9.39

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

0.27

0.17

0.16

0.18

0.19

Return on Equity (%)

5.92

3.56

3.44

3.40

3.32

Return on Assets (%)

1.82

1.51

1.32

1.50

1.11

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

2.25

1.35

1.60

1.27

1.99

Current Debt/Equity (Times)

2.25

1.35

1.60

1.27

1.99

Long Term Debt To Equity (Times)

0.00

0.00

0.00

0.00

0.00

Total Asset To Total Equity (Times)

3.25

2.35

2.60

2.27

2.99

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

6.67

8.66

8.03

8.34

5.93

Fixed Assets Turnover (Times)

13,938.34

8,446.59

6,262.00

5,214.87

35,976.68

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.44

1.74

1.62

1.79

1.50

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 13.7% (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 0.27 per cent in FY06 (FY05: 0.17 per cent). The company is now able to book in SGD - SIN 0.00 of profit for every SGD - SIN of sales in FY06, as compared with SGD - SIN 0.00 a year ago.

 

Liquidity

 

Current ratio stood at 1.44 times in FY06 (FY05: 1.74 times). This means that the company has SGD - SIN 1.44 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 2.25 times in FY06, as compared with 1.35 times in FY05. This means that the company requires additional external financing of SGD - SIN 2.25 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 5.92 per cent for Subject in the current financial period, as compared to 3.56 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 1.82 per cent (FY05: 1.51 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 6.67 times in FY06 (FY05: 8.66 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.45.70

UK Pound

1

Rs.72.78

Euro

1

Rs.61.65

 

 

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

 

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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