MIRA INFORM REPORT

 

 

Report Date :

04.03.2011

 

IDENTIFICATION DETAILS

 

Name :

UNION STEEL PTE. LTD.

 

 

Registered Office :

33 Pioneer Road North Singapore 628474

 

 

Country :

Singapore

 

 

Financials (as on) :

30.06.2010

 

 

Date of Incorporation :

23.11.1991

 

 

Com. Reg. No.:

199105888N

 

 

Legal Form :

Limited Exempt Private Company

 

 

Line of Business :

General Wholesale Trade (Including General Importers and Exporters) Of Scrap Iron & Steel Etc.

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Maximum Credit Limit :

S$1,000,000

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 – 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

:

UNION STEEL PTE. LTD.

Registration No

:

199105888N

Date of Registration

:

23/11/1991

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED EXEMPT PRIVATE COMPANY

Registered Address

:

33 PIONEER ROAD NORTH SINGAPORE 628474

Date of Change of Address

:

01/10/2004

Contact No.

:

6861 9833

Fax No.

:

6261 9833

Website

:

www.unionsteel.com.sg

Registered Activities

:

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

TRADING OF SCRAP IRON & STEEL, USED MACHINERY, FERROUS & NON-FERROUS METAL ETC

2. MANUFACTURE OF OTHER FABRICATED METAL PRODUCTS NEC (INCLUDING VOICE COIL MAGNETS)

Issued Ordinary Capital*

:

$1,000,000.00 SINGAPORE DOLLARS,

NO. OF SHARE : 1,000,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$1,000,000.00 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

:

LTC LLP

Bankers / Financiers

:

OVERSEA-CHINESE BANKING CORPORATION LIMITED

Turnover

:

U.S. DOLLAR 56,310,748.00 (FY2010)

Net Worth

:

U.S. DOLLAR 7,101,769.00 (FY2010)

No. of Bank Charges

:

1

No. of Litigation Suits

:

5

S1000 / SME 500 / FG50 Ranking

:

1032 POSITION IN SINGAPORE 1000 (2008/2009)

689 POSITION IN SINGAPORE 1000 (2007/2008)

39 POSITION IN SINGAPORE SME 500 (2004/2005)

36 POSITION IN SINGAPORE SME 500 (2003/2004)

73 POSITION IN SINGAPORE SME 500 (2002/2003)

Compounded Annual Growth Rate (CAGR)

:

NA

 

 

Credit Recommendation

 

Recommended Credit Line

:

S$1,000,000

 

 

SHAREHOLDER DETAILS

 

NAME

:

UNION STEEL HOLDINGS LIMITED

SHAREHOLDER ID

:

200410181W

NATIONALITY

:

SINGAPORE

ADDRESS

:

33 PIONEER ROAD NORTH SINGAPORE 628474

NO. OF ORD SHARES

:

1,000,000

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

ANG YU SENG

ADDRESS

:

63 SARACA ROAD SELETAR HILLS ESTATE SINGAPORE 807400

POSITION

:

DIRECTOR

DATE OF APPT

:

23/11/1991

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1171861B

 

NAME

:

HELEN CAMPOS

ADDRESS

:

10 MEI HWAN DRIVE GOLDEN HILL ESTATE SINGAPORE 568349

POSITION

:

SECRETARY

DATE OF APPT

:

28/01/2004

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1318008C

 

NAME

:

ANG YEW LAI

ADDRESS

:

35 DAIRY FARM ROAD #08-01 DAIRY FARM ESTATE PHASE 3 SINGAPORE 679052

POSITION

:

DIRECTOR

DATE OF APPT

:

23/11/1991

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1720356H

 

 

KEY PERSONNEL PROFILE

 

Name:

ANG YU SENG

NRIC Number:

S1171861B

Available Address:

63 SARACA ROAD SELETAR HILLS ESTATE  SINGAPORE 807400

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

LIM ASIA STEEL PTE LTD

DIRECTOR

29/02/2008

-

-

2

SINGAPORE LAM ANN ASSOCIATION

DIRECTOR

16/02/2008

-

-

3

SUPER ELITE HOLDINGS PTE. LTD.

DIRECTOR

04/11/2009

1

50.00

4

UNION STEEL HOLDINGS LIMITED

DIRECTOR

12/08/2004

-

-

5

UNION STEEL PTE. LTD.

DIRECTOR

23/11/1991

-

-

6

YEW LEE SENG METAL PTE LTD

DIRECTOR

09/07/1988

-

-

7

YLS STEEL PTE LTD

DIRECTOR

19/01/1984

-

-

 

Previous Business

 

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

EE HOE HEAN CLUB

LIVE COMPANY

SHAREHOLDER

-

21/05/2010

2

MINSOOR HARDWARE TRADING CO

TERMINATION

MANAGER

02/01/1984

24/12/1983

3

MINSOOR HARDWARE TRADING CO

TERMINATION

OWNER

01/01/1984

24/12/1983

4

UNION ALUMINIUM PTE. LTD.

STRUCK OFF

DIRECTOR

08/05/2007

-

5

UNION STEEL HOLDINGS LIMITED

LIVE COMPANY

SHAREHOLDER

-

22/02/2011

6

UNION STEEL PTE. LTD.

LIVE COMPANY

SHAREHOLDER

-

14/02/2011

7

YEW LEE HOUSING

TERMINATION

MANAGER

01/03/1983

25/02/1984

8

YEW LEE HOUSING

TERMINATION

OWNER

01/03/1983

25/02/1984

9

YEW LEE SENG HARDWARE COMPANY

CANCELLATION

OWNER

07/03/1979

07/04/1995

10

YEW LEE SENG METAL PTE LTD

LIVE COMPANY

SECRETARY

09/07/1988

17/09/1991

11

YLS HAIRDRESSING & BEAUTY SALOON

LIVE

MANAGER

16/02/1996

27/12/2003

12

YLS HAIRDRESSING & BEAUTY SALOON

LIVE

OWNER

16/02/1996

17/12/2003

 

 

13

YLS STEEL PTE LTD

LIVE COMPANY

MANAGER

19/01/1984

01/10/1991

14

YLS STEEL PTE LTD

LIVE COMPANY

SECRETARY

19/01/1984

01/10/1991

 

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

 

1)

Charge No.

:

C200703671

 

Date of Registration

:

16/05/2007

 

Chargee

:

OVERSEA-CHINESE BANKING CORPORATION LIMITED

 

Address

:

65 CHULIA STREET #26-00 OCBC CENTRE SINGAPORE 049513

 

LITIGATION

 

To date, there have been 5 litigation suits filed against Subject.

 

 

Current Year

On/After 01 Jan 2011

Past Years

Wef 01 Jan 2011

 

Court (Claim under normal circumstances)

Magistrate (< $80,000)

0

3

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

:

Supreme Court

 

Case No.

:

301

 

Date of Filing

:

28/03/2003

 

Amount

:

0.00

 

Cause

:

Negligence - Industrial (Injuries)

 

Case Status

:

CONCLUDED

 

Plaintiff

:

LIN CHEE GUAN

 

Last Update Date

:

22/02/2005

 

2)

Court

:

Magistrate Court

 

Case No.

:

26135

 

Date of Filing

:

26/11/2007

 

Amount

:

4,290.00

 

Cause

:

Tort - Negligence (Motor Accidents Without Death/ Injury)

 

Case Status

:

CONCLUDED

 

Plaintiff

:

NG LIANG HAKE

 

Last Update Date

:

31/03/2010

 

3)

Court

:

District Court

 

Case No.

:

1722

 

Date of Filing

:

30/05/2008

 

Amount

:

125,084.07

 

Cause

:

Others / Miscellaneous

 

Case Status

:

CONCLUDED

 

Plaintiff

:

UNI-METAL RECYCLING PTE LTD

 

Last Update Date

:

17/03/2009

4)

Court

:

Magistrate Court

 

Case No.

:

19202

 

Date of Filing

:

01/08/2008

 

Amount

:

0.00

 

Cause

:

Tort - Negligence (Motor Accidents Without Death/ Injury)

 

Case Status

:

CONCLUDED

 

Plaintiff

:

LIM KIAN CHEONG

 

Last Update Date

:

31/03/2010

 

5)

Court

:

Magistrate Court

 

Case No.

:

13537

 

Date of Filing

:

08/06/1998

 

Amount

:

8,645.82

 

Cause

:

CONTRACTS-WORK DONE & SERVICES RENDERED

 

Case Status

:

CONCLUDED

 

Plaintiff

:

HONG YONG TIONG

 

Last Update Date

:

11/03/2003

 

 

COMPLIANCE

 

Date of Last AGM

:

31/12/2010

Date of Last AR

:

31/01/2011

Date of A/C Laid At Last AGM

:

30/06/2010

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

JUN 2010

JUN 2009

JUN 2008

JUN 2007

JUN 2006

Currency

U.S. DOLLAR

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

Turnover

56,310,748

201,136,367

161,770,656

247,238,178

73,719,308

Profit/(Loss) Before Tax

1,927,419

784,642

10,235,270

2,994,130

3,834,831

Profit After Tax attributable to Shareholders

1,761,016

726,288

9,179,650

2,750,718

3,064,831

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

Total Assets

16,626,334

51,691,314

50,103,277

42,570,735

29,512,012

Current Assets

12,575,354

44,696,732

41,940,089

35,165,473

22,475,238

Non Current Assets

4,050,980

6,994,582

8,163,188

7,405,262

7,036,774

 

 

 

 

 

 

Total Liabilities

9,524,565

42,724,566

41,862,817

33,509,925

22,545,920

Current Liabilities

6,253,336

35,256,493

31,859,689

29,553,237

21,450,066

Non Current Liabilities

3,271,229

7,468,073

10,003,128

3,956,688

1,095,854

 

 

 

 

 

 

Shareholders' Funds

7,101,769

8,966,748

8,240,460

9,060,810

6,966,092

Share Capital

686,813

1,000,000

1,000,000

1,000,000

1,000,000

Total Reserves

6,414,956

7,966,748

7,240,460

8,060,810

5,966,092

 

FINANCIAL RATIOS

 

 

Company

 

 

JUN 2010

JUN 2009

JUN 2008

JUN 2007

JUN 2006

Growth %

 

 

 

 

 

Year-on-Year Growth

NA

NA

NA

NA

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

3.13

0.36

5.67

1.11

4.16

Return on Equity (%)

24.80

8.10

111.40

30.36

44.00

Return on Assets (%)

10.59

1.41

18.32

6.46

10.39

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

1.34

4.76

5.08

3.70

3.24

Current Debt/Equity (Times)

0.88

3.93

3.87

3.26

3.08

Long Term Debt To Equity (Times)

0.46

0.83

1.21

0.44

0.16

Total Asset To Total Equity (Times)

2.34

5.76

6.08

4.70

4.24

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

3.39

3.89

3.23

5.81

2.50

Fixed Assets Turnover (Times)

13.90

28.76

19.82

33.39

10.48

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

2.01

1.27

1.32

1.19

1.05

 

FINANCIAL COMMENTARY

 

Profitability

The company yielded a rate of net profit on sales of 3.13 per cent in FY10. The company is now able to book in U.S. DOLLAR 0.03 of profit for every U.S. DOLLAR of sales.

 

 

Liquidity

 

Current ratio stood at 2.01 times in FY10. This means that the company has U.S. DOLLAR 2.01 of current assets for every U.S. DOLLAR 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 1.34 times in FY10. This means that the company requires additional external financing of U.S. DOLLAR 1.34 for every U.S. DOLLAR 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 24.80 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 10.59 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 3.39 times in FY10. 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.44.96

UK Pound

1

Rs.73.37

Euro

1

Rs.62.33

 

 

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 Company

----

 

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.