MIRA INFORM REPORT

 

 

Report Date :           

08.10.2011

 

IDENTIFICATION DETAILS

 

Name :

MCS HOLDINGS PTE. LTD.

 

 

Formerly Known As :

QUEST SHIP MANAGEMENT PTE. LTD

 

 

Registered Office :

9 Temasek Boulevard #42-01b Suntec Tower Two Singapore 038989

 

 

Country :

Singapore

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

16.03.2007

 

 

Com. Reg. No.:

200704423e

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Other Mining and Quarrying

Coal Trading

 

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$ 236,000

 

 

Status :

Moderate

 

 

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 – 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

:

MCS HOLDINGS PTE. LTD.

Registration No

:

200704423E

Date of Registration

:

16/03/2007

Former Name

:

QUEST SHIP MANAGEMENT PTE. LTD. Eff. date : 16/03/2007 Eff. date : 16/03/2007

Date of Change of Name

:

07/04/2008

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

9 TEMASEK BOULEVARD #42-01B SUNTEC TOWER TWO SINGAPORE 038989

Date of Change of Address

:

01/05/2011

Contact No.

:

NA

Fax No.

:

NA

Website

:

NA

Registered Activities

:

OTHER MINING AND QUARRYING

COAL TRADING

Issued Ordinary Capital*

:

$50,002.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 50,002

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$50,002.00 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

:

JAMES CHAN & PARTNERS LLP

Bankers / Financiers

:

DBS BANK LTD.

AXIS BANK LIMITED SINGAPORE BRANCH

ICICI BANK LIMITED

Turnover

:

SGD - SIN 109,082,572.00 (FY2010)

Net Worth

:

SGD - SIN 2,364,244.00 (FY2010)

No. of Bank Charges

:

5

No. of Litigation Suits

:

NA

S1000 / SME 500 / FG50 Ranking

:

1620 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2009/2010)

Compounded Annual Growth Rate (CAGR)

:

NA

 

 

Credit Recommendation

 

Recommended Credit Line

:

S$236,000

 

 

SHAREHOLDER DETAILS

 

NAME

:

OORJA HOLDINGS PTE. LTD.

SHAREHOLDER ID

:

200712044H

NATIONALITY

:

SINGAPORE

ADDRESS

:

9 TEMASEK BOULEVARD #42-01B SUNTEC TOWER TWO SINGAPORE 038989

NO. OF ORD SHARES

:

50,002

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

ONG ENG HIN

ADDRESS

:

4 CLOVER RISE CLOVER PARK SINGAPORE 579156

POSITION

:

SECRETARY

DATE OF APPT

:

16/05/2011

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0005848C

 

NAME

:

SHRUTI MITTAL

ADDRESS

:

130 TANJONG RHU ROAD #07-14 SINGAPORE 436918

POSITION

:

DIRECTOR

DATE OF APPT

:

15/03/2008

NATIONALITY

:

INDIAN

I/C PASSPORT

:

Z1707842

 

NAME

:

KIRTIPAL SINGH RAHEJA

ADDRESS

:

BLOCK C, FLAT 10H, IDEAL TOWERS, S7 DIAMOND HARBOUR ROAD, KOLKATA 700023

POSITION

:

DIRECTOR

DATE OF APPT

:

28/04/2011

NATIONALITY

:

INDIAN

I/C PASSPORT

:

Z1789033

 

 

KEY PERSONNEL PROFILE

 

Name:

SHRUTI MITTAL

NRIC Number:

Z1707842

Available Address:

130 TANJONG RHU ROAD #07-14  SINGAPORE 436918

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

MCS HOLDINGS PTE. LTD.

DIRECTOR

15/03/2008

-

-

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

MCS HOLDINGS PTE. LTD.

LIVE COMPANY

SHAREHOLDER

-

11/07/2011

 

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

 

1)

Charge No.

:

C201104585

 

Date of Registration

:

13/04/2011

 

Chargee

:

DBS BANK LTD.

 

Amount Secured  and Currency

:

All Monies

 

Address

:

6 SHENTON WAY, DBS BUILDING TOWER ONE SINGAPORE 068809

 

2)

Charge No.

:

C201102815

 

Date of Registration

:

07/03/2011

 

Chargee

:

AXIS BANK LIMITED SINGAPORE BRANCH

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

3)

Charge No.

:

C201101699

 

Date of Registration

:

10/02/2011

 

Chargee

:

ICICI BANK LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

9 RAFFLES PLACE #50-01 REPUBLIC PLAZA SINGAPORE 048619

 

4)

Charge No.

:

C200904342

 

Date of Registration

:

15/07/2009

 

Chargee

:

AXIS BANK LIMITED SINGAPORE BRANCH

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

5)

Charge No.

:

C200904340

 

Date of Registration

:

15/07/2009

 

Chargee

:

AXIS BANK LIMITED SINGAPORE BRANCH

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

 

LITIGATION

 

Clear

 

COMPLIANCE

 

Date of Last AGM

:

23/07/2010

Date of Last AR

:

19/08/2010

Date of A/C Laid At Last AGM

:

31/03/2010

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

MAR 2010

% Change

MAR 2009

MAR 2008

DEC 2007

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

Turnover

109,082,572

360.88

23,668,564

0

0

Profit/(Loss) Before Tax

2,073,080

190.16

714,470

(413)

(9,229)

Profit After Tax attributable to Shareholders

1,746,623

177.16

630,179

(413)

(9,229)

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

Total Assets

21,846,432

277.70

5,784,098

16,730

15,220

Current Assets

21,846,432

277.70

5,784,098

16,730

15,220

Non Current Assets

0

NA

0

0

0

 

 

 

 

 

 

Total Liabilities

19,482,188

277.36

5,162,760

25,770

24,448

Current Liabilities

19,482,188

277.36

5,162,760

25,770

24,448

Non Current Liabilities

0

NA

0

0

0

 

 

 

 

 

 

Shareholders' Funds

2,364,244

280.51

621,338

(9,040)

(9,228)

Share Capital

1

0.00

1

1

1

Total Reserves

2,364,243

280.51

621,337

(9,041)

(9,229)

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

MAR 2010

MAR 2009

MAR 2008

DEC 2007

Growth %

 

 

 

 

Year-on-Year Growth

360.88

NA

NA

NA

 

 

 

 

 

Profitability

 

 

 

 

Profit Margin (%)

1.60

2.66

0.00

0.00

Return on Equity (%)

73.88

101.42

4.57

100.01

Return on Assets (%)

8.00

10.90

-2.47

-60.64

 

 

 

 

 

Leverage

 

 

 

 

Total Debt/Equity (Times)

8.24

8.31

-2.85

-2.65

Current Debt/Equity (Times)

8.24

8.31

0.00

0.00

Long Term Debt To Equity (Times)

0.00

0.00

0.00

0.00

Total Asset To Total Equity (Times)

9.24

9.31

-1.85

-1.65

 

 

 

 

 

Asset Management

 

 

 

 

Total Assets Turnover (Times)

4.99

4.09

0.00

0.00

Fixed Assets Turnover (Times)

0.00

0.00

0.00

0.00

 

 

 

 

 

Liquidity

 

 

 

 

Current Ratio (Times)

1.12

1.12

0.65

0.62

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Profitability

The company yielded a rate of net profit on sales of 1.60 per cent in FY10 (FY09: 2.66 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 1.12 times in FY10 (FY09: 1.12 times). This means that the company has SGD - SIN 1.12 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 8.24 times in FY10, compared with 8.31 times in FY09. This means that the company requires additional external financing of SGD - SIN 8.24 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 73.88 per cent for Subject in the current financial period, as compared to 101.42 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 8.00 per cent (FY09: 10.90 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 4.99 times in FY10 (FY09: 4.09 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.49.14

UK Pound

1

Rs.75.97

Euro

1

Rs.65.99

 

 

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.