MIRA INFORM REPORT

 

 

Report Date :           

07.02.2012

 

IDENTIFICATION DETAILS

 

Name :

SYNERGIC INDUSTRIAL MATERIALS & SERVICES PTE. LTD.

 

 

Registered Office :

10 Anson Road #27-08 International Plaza Singapore 079903

 

 

Country :

Singapore

 

 

Financials (as on) :

31.03.2011 (Group)

 

 

Date of Incorporation :

30.06.2003

 

 

Com. Reg. No.:

200306100c

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Other Personal Service Activities

 

 

No. of Employees :

Not Available

 

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$1,000,000

Status :

Moderate

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

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

:

SYNERGIC INDUSTRIAL MATERIALS & SERVICES PTE. LTD.

Registration No

:

200306100C

Date of Registration

:

30/06/2003

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED PRIVATE COMPANY

Trading Address

:

105 Cecil Street, #06-01 The Octagon Singapore 069534, Singapore

Registered Address

:

10 ANSON ROAD #27-08 INTERNATIONAL PLAZA SINGAPORE 079903

Date of Change of Address

:

01/07/2005

Contact No.

:

6827 9699

Fax No.

:

6827 9601

Website

:

www.simsingapore.com

Registered Activities

:

OTHER PERSONAL SERVICE ACTIVITIES NEC

INTERNATIONAL TRADING IN NON FERROUS METAL PRODUCTS

Issued Ordinary Capital*

:

$10,000,000.00 SINGAPORE, DOLLARS, NO. OF SHARE : 10,000,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$10,000,000.00 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

:

STRATEGIC AUDIT ALLIANCE PAC

Bankers / Financiers

:

MALAYAN BANKING BERHAD

DBS BANK LTD.

BANGKOK BANK PUBLIC COMPANY LIMITED

CIMB BANK BERHAD

CITIBANK N.A.

UNITED OVERSEAS BANK LIMITED

STANDARD CHARTERED BANK

THE BANK OF EAST ASIA LIMITED

Turnover

:

SGD - SIN 194,477,774.00 (FY2011)

Net Worth

:

SGD - SIN 12,994,439.00 (FY2011)

No. of Bank Charges

:

11

No. of Litigation Suits

:

NA

S1000 / SME 500 / FG50 Ranking

:

1507 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2009/2010)

14 POSITION IN SME 500 Companies Ranked by Sales/Turnover (2008/2009)

489 POSITION IN SME 500 Companies Ranked by Net Profit (2008/2009)

45 POSITION IN SME 500 Companies Ranked by Sales/Turnover (2007/2008)

455 POSITION IN SME 500 Companies Ranked by Net Profit (2007/2008)

Compounded Annual Growth Rate (CAGR)

:

NA

 

 

Credit Recommendation

 

Recommended Credit Line

:

S$1,000,000

 

 

SHAREHOLDER DETAILS

 

NAME

:

SIMS GROUP HOLDING PTE. LTD.

SHAREHOLDER ID

:

200922941M

NATIONALITY

:

SINGAPORE

ADDRESS

:

10 ANSON ROAD #27-08 INTERNATIONAL PLAZA SINGAPORE 079903

NO. OF ORD SHARES

:

10,000,000

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

OFFICER DETAILS

 

NAME

:

NEO LAY HIANG PAMELA

ADDRESS

:

28 JALAN JORAN SELETAR HILLS ESTATE SINGAPORE 809095

POSITION

:

SECRETARY

DATE OF APPT

:

14/04/2004

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1464993Z

 

NAME

:

RAJIV SINGH

ADDRESS

:

66 RANGOON ROAD #05-03 R66 APARTMENTS SINGAPORE 218356

POSITION

:

DIRECTOR

MANAGING DIRECTOR

DATE OF APPT

:

30/06/2003

01/07/2003

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S2733618C

 

NAME

:

DEEPANJALI SINGH

ADDRESS

:

66 RANGOON ROAD #05-03 R66 APARTMENTS SINGAPORE 218356

POSITION

:

DIRECTOR

DATE OF APPT

:

30/06/2003

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S7163311Z

 

 

KEY PERSONNEL PROFILE

 

Name:

RAJIV SINGH

NRIC Number:

S2733618C

Available Address:

66 RANGOON ROAD #05-03 R66 APARTMENTS  SINGAPORE 218356

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

SIMS GROUP HOLDING PTE. LTD.

DIRECTOR

08/12/2009

700

70.00

2

SONAROME HOLDINGS PTE. LTD.

DIRECTOR

26/02/2008

-

-

3

SYNERGIC INDUSTRIAL MATERIALS & SERVICES PTE. LTD.

DIRECTOR

30/06/2003

-

-

4

SYNERGIC INDUSTRIAL MATERIALS & SERVICES PTE. LTD.

MANAGING DIRECTOR

01/07/2003

-

-

5

SYNERGIC INTERNATIONAL MARKETING SERVICES PTE. LTD.

DIRECTOR

25/09/2007

9150

91.50

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

SYNERGIC INDUSTRIAL MATERIALS & SERVICES

TERMINATION

MANAGER

25/05/2000

30/12/2003

2

SYNERGIC INDUSTRIAL MATERIALS & SERVICES

TERMINATION

OWNER

25/05/2000

30/12/2003

3

SYNERGIC INDUSTRIAL MATERIALS & SERVICES PTE. LTD.

LIVE COMPANY

SHAREHOLDER

-

31/01/2012

 

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

 

1)

Charge No.

:

C201108484

 

Date of Registration

:

13/07/2011

 

Chargee

:

MALAYAN BANKING BERHAD

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

2)

Charge No.

:

C201101835

 

Date of Registration

:

14/02/2011

 

Chargee

:

DBS BANK LTD.

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

3)

Charge No.

:

C201101834

 

Date of Registration

:

14/02/2011

 

Chargee

:

DBS BANK LTD.

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

4)

Charge No.

:

C201010871

 

Date of Registration

:

15/11/2010

 

Chargee

:

BANGKOK BANK PUBLIC COMPANY LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

5)

Charge No.

:

C200906791

 

Date of Registration

:

23/10/2009

 

Chargee

:

CIMB BANK BERHAD

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

6)

Charge No.

:

C200904675

 

Date of Registration

:

29/07/2009

 

Chargee

:

DBS BANK LTD.

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

7)

Charge No.

:

C200904662

 

Date of Registration

:

29/07/2009

 

Chargee

:

DBS BANK LTD.

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

 

 

8)

Charge No.

:

C200804750

 

Date of Registration

:

26/05/2008

 

Chargee

:

CITIBANK N.A.

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

9)

Charge No.

:

C200700047

 

Date of Registration

:

04/01/2007

 

Chargee

:

UNITED OVERSEAS BANK LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

10)

Charge No.

:

C200507083

 

Date of Registration

:

15/11/2005

 

Chargee

:

STANDARD CHARTERED BANK

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

11)

Charge No.

:

C200504939

 

Date of Registration

:

17/08/2005

 

Chargee

:

THE BANK OF EAST ASIA LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

 

LITIGATION

 

Clear

 

 

COMPLIANCE

 

Date of Last AGM

:

04/07/2011

Date of Last AR

:

16/07/2011

Date of A/C Laid At Last AGM

:

31/03/2011
 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Group

 

MAR 2011

% Change

MAR 2010

MAR 2009

MAR 2008

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

Turnover

194,477,774

61.56

120,376,922

68,745,638

53,261,224

Profit/(Loss) Before Tax

1,532,177

128.71

669,912

590,433

471,908

Profit After Tax attributable to Shareholders

1,405,003

188.05

487,768

529,331

424,873

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

Total Assets

51,476,198

36.16

37,806,859

23,078,503

16,684,239

Current Assets

44,183,774

28.14

34,481,921

23,009,743

16,668,624

Non Current Assets

7,292,424

119.33

3,324,938

68,760

15,615

 

 

 

 

 

 

Total Liabilities

38,481,759

22.60

31,387,482

18,770,732

13,890,970

Current Liabilities

37,173,966

26.45

29,399,213

18,744,910

13,821,017

Non Current Liabilities

1,307,793

-34.22

1,988,269

25,822

69,953

 

 

 

 

 

 

Shareholders' Funds

12,994,439

102.43

6,419,378

4,307,770

2,793,268

Share Capital

9,919,784

124.14

4,425,731

2,909,533

1,951,639

Total Reserves

3,074,655

54.22

1,993,647

1,398,237

841,629

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Group

 

MAR 2011

MAR 2010

MAR 2009

MAR 2008

Growth %

 

 

 

 

Year-on-Year Growth

61.56

75.10

29.07

NA

 

 

 

 

 

Profitability

 

 

 

 

Profit Margin (%)

0.72

0.41

0.77

0.80

Return on Equity (%)

10.81

7.60

12.29

15.21

Return on Assets (%)

2.73

1.29

2.29

2.55

 

 

 

 

 

Leverage

 

 

 

 

Total Debt/Equity (Times)

2.96

4.89

4.36

4.97

Current Debt/Equity (Times)

2.86

4.58

4.35

4.95

Long Term Debt To Equity (Times)

0.10

0.31

0.01

0.03

Total Asset To Total Equity (Times)

3.96

5.89

5.36

5.97

 

 

 

 

 

Asset Management

 

 

 

 

Total Assets Turnover (Times)

3.78

3.18

2.98

3.19

Fixed Assets Turnover (Times)

26.67

36.20

999.79

3,410.90

 

 

 

 

 

Liquidity

 

 

 

 

Current Ratio (Times)

1.19

1.17

1.23

1.21

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Profitability

The group yielded a rate of net profit on sales of 0.72 per cent in FY11. The group is now able to book in SGD - SIN 0.01 of profit for every SGD - SIN of sales.

 

 

Liquidity

 

Current ratio stood at 1.19 times in FY11. This means that the group has SGD - SIN 1.19 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 2.96 times in FY11. This means that the group requires additional external financing of SGD - SIN 2.96 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 10.81 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 2.73 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 3.78 times in FY11. This ratio measures the group'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.48.68

UK Pound

1

Rs.76.75

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.