MIRA INFORM REPORT

 

 

Report Date :

18.05.2011

 

IDENTIFICATION DETAILS

 

Name :

MINMETALS SOUTH-EAST ASIA CORPORATION PTE LTD

 

 

Registered Office :

24 Raffles Place #19-04 Clifford Centre Singapore 048621

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

21.06.1994

 

 

Com. Reg. No.:

199404382K

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

General Wholesale Trade (Including General Importers And Exporters)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Usually Correct

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

:

MINMETALS SOUTH-EAST ASIA CORPORATION PTE LTD

Registration No

:

199404382K

Date of Registration

:

21/06/1994

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

24 RAFFLES PLACE #19-04 CLIFFORD CENTRE SINGAPORE 048621

Date of Change of Address

:

21/10/2002

Contact No.

:

6535 6566

Fax No.

:

6532 0508

Website

:

www.minmetals.com.sg

Registered Activities

:

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

HOLDING COMPANIES

2. BANK/FINANCIAL HOLDING COMPANIES

Issued Ordinary Capital*

:

$1,500,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 1,500,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$1,500,000.00 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

:

RSM CHIO LIM LLP

Bankers / Financiers

:

STANDARD CHARTERED BANK

BNP PARIBAS

Turnover

:

SGD - SIN 511,633,897.00 (FY2009)

Net Worth

:

SGD - SIN (2,962,435.00) (FY2009)

No. of Bank Charges

:

4

No. of Litigation Suits

:

1

S1000 / SME 500 / FG50 Ranking

:

482 POSITION IN SINGAPORE 1000 (2007/2008)

502 POSITION IN SINGAPORE 1000 (2006/2007)

347 POSITION IN SINGAPORE 1000 (2005/2006)

376 POSITION IN SINGAPORE 1000 (2004/2005)

428 POSITION IN SINGAPORE 1000 (2003/2004)

Compounded Annual Growth Rate (CAGR)

:

1.57% (4 years)

 

 

Credit Recommendation

 

Recommended Credit Line

:

No Recommendation

 

 

SHAREHOLDER DETAILS

 

NAME

:

CHINA MINMETALS CORPORATION

SHAREHOLDER ID

:

T04UF0738J

NATIONALITY

:

CHINA

ADDRESS

:

5 SANLIHE ROAD, HAIDIAN DISTRICT, BEIJING, CHINA 100044

NO. OF ORD SHARES

:

1,500,000

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

WANG SHUNLI

ADDRESS

:

7 SIGLAP ROAD #10-56 MANDARIN GARDENS SINGAPORE 448909

POSITION

:

DIRECTOR

DATE OF APPT

:

04/10/2010

NATIONALITY

:

CHINESE

I/C PASSPORT

:

F1870760T

 

NAME

:

SUN RUFEI

ADDRESS

:

24 RAFFLES PLACE #19-04 CLIFFORD CENTRE SINGAPORE 048621

POSITION

:

DIRECTOR

DATE OF APPT

:

30/04/2001

NATIONALITY

:

CHINESE

I/C PASSPORT

:

G5532033R

 

NAME

:

WANG QI

ADDRESS

:

5 SIGLAP ROAD #08-47 MANDARIN GARDENS SINGAPORE 448908

POSITION

:

DIRECTOR

DATE OF APPT

:

30/12/2003

NATIONALITY

:

CHINESE

I/C PASSPORT

:

P00140269

 

NAME

:

CHUA CHYE SUAN @ LOO CHYE SUAN

ADDRESS

:

39A BENDEMEER ROAD #18-806 SINGAPORE 331039

POSITION

:

SECRETARY

DATE OF APPT

:

26/06/2008

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0071795I

 

NAME

:

LIONG CHIN MOI

ADDRESS

:

404B FERNVALE LANE #13-139 SINGAPORE 792404

POSITION

:

SECRETARY

DATE OF APPT

:

11/07/1994

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S2073945B

 

 

KEY PERSONNEL PROFILE

 

Name:

SUN RUFEI

NRIC Number:

G5532033R

Available Address:

24 RAFFLES PLACE #19-04 CLIFFORD CENTRE  SINGAPORE 48621

 

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

MINMETALS SHIPPING (SINGAPORE) PTE LTD

DIRECTOR

23/03/2006

-

-

2

MINMETALS SOUTH-EAST ASIA CORPORATION PTE LTD

DIRECTOR

30/04/2001

-

-

 

 

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

 

1)

Charge No.

:

C201006196

 

Date of Registration

:

21/07/2010

 

Chargee

:

STANDARD CHARTERED BANK

 

Address

:

6 BATTERY ROAD SINGAPORE 049909

 

2)

Charge No.

:

C200810194

 

Date of Registration

:

07/11/2008

 

Chargee

:

BNP PARIBAS

 

Address

:

20 COLLYER QUAY #01-01 TUNG CENTRE SINGAPORE 049319

 

3)

Charge No.

:

C200810193

 

Date of Registration

:

07/11/2008

 

Chargee

:

BNP PARIBAS

 

Address

:

20 COLLYER QUAY #01-01 TUNG CENTRE SINGAPORE 049319

 

4)

Charge No.

:

C200803375

 

Date of Registration

:

10/04/2008

 

Chargee

:

STANDARD CHARTERED BANK

 

Address

:

6 BATTERY ROAD SINGAPORE 049909

 

             

 

 

 

 

 

LITIGATION

 

The following litigation suits were traced against Subject. Case status is as per available. For the latest status of the suit, please obtain the full details of the suit through Litigation Detail Search (DLIT) offered.

 

To date, there have been 1 litigation suits filed against Subject.

 

 

Current Year

On/After 01 Jan 2010

Past Years

Bef 01 Jan 2010

 

Court (Claim under normal circumstances)

Magistrate (< $80,000)

0

0

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

0

0

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.

:

2280

 

Date of Filing

:

16/12/1998

 

Amount

:

1,200,000.00

 

Cause

:

Banking

 

Case Status

:

CONCLUDED

 

Plaintiff

:

INDUSTRIAL AND COMMERCIAL BANK OF CHINA(SINGAPORE BRANCH)

 

Last Update Date

:

18/08/2006

 

 

COMPLIANCE

 

Date of Last AGM

:

30/06/2010

Date of Last AR

:

22/07/2010

Date of A/C Laid At Last AGM

:

31/12/2009

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

DEC 2009

% Change

DEC 2008

DEC 2007

DEC 2006

DEC 2005

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

511,633,897

10.11

464,651,270

247,382,926

331,763,101

480,740,472

Profit/(Loss) Before Tax

3,871,688

NA

(9,474,751)

1,683,610

1,152,440

987,836

Profit After Tax attributable to Shareholders

3,871,688

NA

(9,454,112)

1,428,430

889,450

790,269

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

83,080,399

3.81

80,032,908

46,165,238

56,208,446

102,694,595

Current Assets

82,890,463

3.72

79,916,549

46,010,052

56,010,470

102,457,120

Non Current Assets

189,936

63.23

116,359

155,186

197,976

237,475

 

 

 

 

 

 

 

Total Liabilities

86,042,834

-0.71

86,659,640

42,358,975

53,221,090

100,061,092

Current Liabilities

85,964,268

-0.78

86,644,022

42,302,600

53,127,122

99,938,974

Non Current Liabilities

78,566

403.05

15,618

56,375

93,968

122,118

 

 

 

 

 

 

 

Shareholders' Funds

(2,962,435)

NA

(6,626,733)

3,806,263

2,987,356

2,633,503

Share Capital

1,455,133

3.13

1,410,975

1,502,617

1,584,275

1,666,475

Total Reserves

(4,417,568)

NA

(8,037,708)

2,303,646

1,403,081

967,028

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

DEC 2009

DEC 2008

DEC 2007

DEC 2006

DEC 2005

Growth %

 

 

 

 

 

Year-on-Year Growth

10.11

87.83

-25.43

-30.99

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

0.76

NA

0.58

0.27

0.16

Return on Equity (%)

NA

NA

37.53

29.77

30.01

Return on Assets (%)

4.66

NA

3.09

1.58

0.77

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

NA

NA

11.13

17.82

38.00

Current Debt/Equity (Times)

NA

NA

11.11

17.78

37.95

Long Term Debt To Equity (Times)

NA

NA

0.01

0.03

0.05

Total Asset To Total Equity (Times)

NA

NA

12.13

18.82

39.00

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

6.16

5.81

5.36

5.90

4.68

Fixed Assets Turnover (Times)

2,693.72

3,993.26

1,594.11

1,675.77

2,024.38

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

0.96

0.92

1.09

1.05

1.03

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 1.57% (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 0.76 per cent in FY09. The company is now able to book in SGD - SIN 0.01 of profit for every SGD - SIN of sales.

 

Liquidity

 

Current ratio stood at 0.96 times in FY09 (FY08: 0.92 times). This means that the company has SGD - SIN 0.96 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

We are unable to comment on Subject's leverage as Subject posted net deficit for the financial year end under review.

 

 

Efficiency Ratio

 

 

We are unable to comment on Subject's return on equity as Subject posted net deficit for the financial year end under review.

 

Return on assets stood at 4.66 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 6.16 times in FY09 (FY08: 5.81 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.45.07

UK Pound

1

Rs.72.97

Euro

1

Rs.63.57

 

 

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.