MIRA INFORM REPORT

 

 

Report Date :           

17.04.2012

 

IDENTIFICATION DETAILS

 

Name :

MID-CONTINENT TUBULAR PTE LTD

 

 

Formerly Known As :

MSI ENGINEERING SERVICES PTE LTD

 

 

Registered Office :

32 Loyang Crescent Loyang House Singapore 508992

 

 

Country :

Singapore

 

 

Financials (as on) :

30.06.2011

 

 

Date of Incorporation :

14.09.1994

 

 

Com. Reg. No.:

199406543M

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Other personal service activities

 

 

No. of Employees :

Not Available

 

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 – March 31st, 2012

 

Country Name

Previous Rating

                   (31.12.2011)                  

Current Rating

(31.03.2012)

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

:

MID-CONTINENT TUBULAR PTE LTD

Registration No

:

199406543M

Date of Registration

:

14/09/1994

Former Name

:

MSI ENGINEERING SERVICES PTE LTD Eff. date : 14/09/1994 Eff. date : 14/09/1994

Date of Change of Name

:

22/12/1995

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

32 LOYANG CRESCENT LOYANG HOUSE SINGAPORE 508992

Date of Change of Address

:

28/06/2010

Contact No.

:

6545 9220

Fax No.

:

6545 0646

Website

:

www.mid-continents.com

Registered Activities

:

OTHER PERSONAL SERVICE ACTIVITIES NEC

TRADING OF OILWELL TUBULAR PRODUCTS & PROVISION OF RELATED SERVICES

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

:

MOORE STEPHENS LLP

Bankers / Financiers

:

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD. SINGAPORE BRANCH

Turnover

:

SGD - SIN 27,460,988.00 (FY2011)

Net Worth

:

SGD - SIN 19,950,807.00 (FY2011)

No. of Bank Charges

:

1

No. of Litigation Suits

:

NA

S1000 / SME 500 / FG50 Ranking

:

1156 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2007/2008)

844 POSITION IN Singapore 1000 Companies Ranked by Return on Equities (2007/2008)

1066 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2006/2007)

370 POSITION IN Singapore 1000 Companies Ranked by Return on Equities (2006/2007)

995 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2005/2006)

Compounded Annual Growth Rate (CAGR)

:

NA

 

 

Credit Recommendation

 

Recommended Credit Line

:

S$1,000,000

 

 

SHAREHOLDER DETAILS

 

NAME

:

MID-CONTINENT EQUIPMENT GROUP PTE LTD.

SHAREHOLDER ID

:

198903584W

NATIONALITY

:

SINGAPORE

ADDRESS

:

32 LOYANG CRESCENT LOYANG HOUSE SINGAPORE 508992

NO. OF ORD SHARES

:

500,000

% OF SHAREHOLDING

:

50%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

METAL ONE CORPORATION

SHAREHOLDER ID

:

T03UF1040G

NATIONALITY

:

JAPAN

ADDRESS

:

CELESTINE SHIBA MITSUI BUILDING 3-23-1 SHIBA MINATO-KU, TOKYO 105-0014 JAPAN

NO. OF ORD SHARES

:

500,000

% OF SHAREHOLDING

:

50%

CURRENCY

:

SINGAPORE, DOLLARS

 

OFFICER DETAILS

 

NAME

:

HIDEKI KINO

ADDRESS

:

28 CUSCADEN ROAD #13-10 CUSCADEN RESIDENCES SINGAPORE 249723

POSITION

:

DIRECTOR

DATE OF APPT

:

01/12/2010

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

F5627698W

 

NAME

:

ONG ENG KEE

ADDRESS

:

62 FARRER ROAD #03-06 SPANISH VILLAGE SINGAPORE 268847

POSITION

:

DIRECTOR

DATE OF APPT

:

30/12/1994

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0204667I

 

NAME

:

SEE LAY KOON

ADDRESS

:

129 KIM TIAN ROAD #10-131 SINGAPORE 160129

POSITION

:

SECRETARY

DATE OF APPT

:

26/06/2008

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1664086G

 

NAME

:

CHEW TECK CHYE

ADDRESS

:

132 HILLVIEW AVENUE #08-03 MONTROSA SINGAPORE 669597

POSITION

:

SECRETARY

DATE OF APPT

:

26/02/2007

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S2148844E

 

NAME

:

KOH TENG KIAT

ADDRESS

:

3 PANDAN VALLEY #04-313 CHEMPAKA COURT SINGAPORE 597627

POSITION

:

DIRECTOR

DATE OF APPT

:

30/07/2008

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S2502405B

 

NAME

:

TORU TAKAGI

ADDRESS

:

2-31-2, HIGASHITAMAGAWA, SETAGAYA-KU TOKYO, JAPAN 158-0086

POSITION

:

DIRECTOR

DATE OF APPT

:

01/04/2011

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TZ0431882

 

 

 

KEY PERSONNEL PROFILE

 

Name:

ONG ENG KEE

NRIC Number:

S0204667I

Available Address:

62 FARRER ROAD #03-06 SPANISH VILLAGE  SINGAPORE 268847

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

EKONG & SONS LIFESTYLE PTE. LTD.

SHAREHOLDER

-

71666

33.33

2

EKONG INVESTMENT HOLDINGS PTE LTD

DIRECTOR

02/01/1990

334

33.40

3

EKONG INVESTMENT HOLDINGS PTE LTD

MANAGING DIRECTOR

08/08/1990

334

33.40

4

G.S.O PTE. LTD.

DIRECTOR

06/11/2009

-

-

5

MID-CONTINENT ENVIRONMENTAL PROJECT PTE LTD

DIRECTOR

04/08/1994

-

-

6

MID-CONTINENT EQUIPMENT GROUP PTE LTD.

DIRECTOR

26/08/1989

-

-

7

MID-CONTINENT EQUIPMENT GROUP PTE LTD.

MANAGING DIRECTOR

01/09/1989

-

-

8

MID-CONTINENT TUBULAR PTE LTD

DIRECTOR

30/12/1994

-

-

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

ABKEY PTE. LTD.

LIVE COMPANY

DIRECTOR

20/09/2004

15/11/2011

2

CHANNEL & ISLANDS SERVICES PTE LTD

STRUCK OFF

DIRECTOR

11/01/1989

27/04/2009

3

CITATION EXPLORATION SERVICES PTE. LTD.

LIVE COMPANY

DIRECTOR/SHR

01/04/2005

06/12/2007

4

DRILLING AND PRODUCTION SUPPORT COMPANY PTE LTD

STRUCK OFF

DIRECTOR/SHR

03/01/1992

06/11/2009

5

ENSKO MACHINERY PTE LTD

DISSOLVED - MEMBERS' VOLUNTARY WINDING UP

DIRECTOR

18/11/1996

05/12/2003

6

GRANT PRIDECO (SINGAPORE) PTE LTD

LIVE COMPANY

DIRECTOR

05/04/1989

26/03/2012

7

JET-SCAN PRIVATE LIMITED

LIVE COMPANY

DIRECTOR/SHR

12/02/1998

09/05/2011

 

8

LAZOVEN PTE LTD

DISSOLVED - MEMBERS' VOLUNTARY WINDING UP

DIRECTOR

25/05/1988

01/12/2003

9

MID-CONTINENT PETRO-CHEMICAL PTE LTD

DISSOLVED - MEMBERS' VOLUNTARY WINDING UP

DIRECTOR

06/03/1991

-

10

MID-CONTINENT SERVICES PTE. LTD.

DISSOLVED - MEMBERS' VOLUNTARY WINDING UP

DIRECTOR

26/08/1989

-

11

MIDONG INVESTMENT HOLDINGS PTE LTD

STRUCK OFF

DIRECTOR

02/01/1990

-

12

P-CON AUTOMATION (S) PTE LTD

DISSOLVED - COMPULSORY WINDING UP (INSOLVENCY)

DIRECTOR

01/03/1994

03/03/2001

13

PIZZA AND PASTA ENTERTAINMENT PTE. LTD.

STRUCK OFF

DIRECTOR

02/08/2002

-

14

PLANT TECH - MID CONTINENT INDUSTRIAL SERVICES PTE. LTD.

GAZETTED TO BE STRUCK OFF

DIRECTOR

02/06/2006

-

15

PLS OFFSHORE PTE. LTD.

STRUCK OFF

DIRECTOR

28/04/2004

-

16

PRODUCTION TECHNOLOGY '88 PTE LTD

STRUCK OFF

DIRECTOR

03/01/1992

11/07/1998

17

SIN-NANHAI PROJECT MANAGEMENT PTE LTD

STRUCK OFF

DIRECTOR

02/04/1994

13/10/2008

18

TERRA CHEM ENVIRONMENTAL SOLUTIONS PTE. LTD.

STRUCK OFF

DIRECTOR

28/04/2003

-

19

WILMAX CONTROL SYSTEMS PTE LTD

LIVE COMPANY

DIRECTOR/SHR

15/10/1998

13/03/2012

20

WILMAX ENGINEERING PTE LTD

LIVE COMPANY

DIRECTOR

01/09/1999

13/02/2012

21

WILMAX WATERS PTE LTD

DISSOLVED - MEMBERS' VOLUNTARY WINDING UP

DIRECTOR

30/10/2000

-

 

 

 

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.

:

C200401957

 

Date of Registration

:

19/04/2004

 

Chargee

:

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD. SINGAPORE BRANCH

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

LITIGATION

 

Clear

 

 

COMPLIANCE

 

Date of Last AGM

:

28/11/2011

Date of Last AR

:

20/12/2011

Date of A/C Laid At Last AGM

:

30/06/2011

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

JUN 2011

% Change

JUN 2010

JUN 2009

JUN 2008

JUN 2007

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

27,460,988

1.11

27,159,827

59,656,839

76,108,651

107,391,651

Profit/(Loss) Before Tax

702,035

NA

(1,417,781)

4,051,245

6,979,225

4,581,762

Profit After Tax attributable to Shareholders

628,395

NA

(1,850,570)

2,958,081

6,282,213

3,761,111

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

28,161,405

-25.71

37,908,258

50,207,102

56,670,931

38,565,055

Current Assets

28,152,308

-25.18

37,624,333

49,008,161

52,429,719

37,115,371

Non Current Assets

9,097

-96.80

283,925

1,198,941

4,241,212

1,449,684

 

 

 

 

 

 

 

Total Liabilities

8,210,598

-49.29

16,192,619

27,035,379

32,716,427

19,492,561

Current Liabilities

8,210,598

-49.29

16,192,619

27,035,379

32,469,235

19,490,863

Non Current Liabilities

0

NA

0

0

247,192

1,698

 

 

 

 

 

 

 

Shareholders' Funds

19,950,807

-8.13

21,715,639

23,171,722

23,954,504

19,072,494

Share Capital

858,645

-8.49

938,300

978,239

953,178

1,030,112

Total Reserves

19,092,162

-8.11

20,777,339

22,193,483

23,001,326

18,042,382

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

JUN 2011

JUN 2010

JUN 2009

JUN 2008

JUN 2007

Growth %

 

 

 

 

 

Year-on-Year Growth

1.11

-54.47

-21.62

-29.13

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

2.29

-6.81

4.96

8.25

3.50

Return on Equity (%)

3.15

-8.52

12.77

26.23

19.72

Return on Assets (%)

2.23

-4.88

5.89

11.09

9.75

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

0.41

0.75

1.17

1.37

1.02

Current Debt/Equity (Times)

0.41

0.75

1.17

1.36

1.02

Long Term Debt To Equity (Times)

0.00

0.00

0.00

0.01

0.00

Total Asset To Total Equity (Times)

1.41

1.75

2.17

2.37

2.02

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

0.98

0.72

1.19

1.34

2.78

Fixed Assets Turnover (Times)

3,018.69

95.66

49.76

17.95

74.08

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

3.43

2.32

1.81

1.61

1.90

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Profitability

The company yielded a rate of net profit on sales of 2.29 per cent in FY11. The company is now able to book in SGD - SIN 0.02 of profit for every SGD - SIN of sales.

 

 

Liquidity

 

Current ratio stood at 3.43 times in FY11 (FY10: 2.32 times). This means that the company has SGD - SIN 3.43 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 0.41 times in FY11, as compared with 0.75 times in FY10. This means that the company requires additional external financing of SGD - SIN 0.41 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 3.15 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 2.23 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 0.98 times in FY11 (FY10: 0.72 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.51.66

UK Pound

1

Rs.81.80

Euro

1

Rs.67.18

 

 

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.