MIRA INFORM REPORT

 

 

Report Date :           

29.02.2012

 

IDENTIFICATION DETAILS

 

Name :

QST INDUSTRIES ASIA (S) PTE LTD

 

 

Registered Office :

629 Aljunied Road #07-15 Cititech Industrial Building Singapore 389838

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

13.03.2000

 

 

Com. Reg. No.:

200001805e

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

General Wholesale Trade (Including General Importers and Exporters)

 

 

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$21,000

Status :

Small Company 

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

:

QST INDUSTRIES ASIA (S) PTE LTD

Registration No

:

200001805E

Date of Registration

:

13/03/2000

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

629 ALJUNIED ROAD #07-15 CITITECH INDUSTRIAL BUILDING SINGAPORE 389838

Date of Change of Address

:

22/10/2001

Contact No.

:

6227 9233

Fax No.

:

6227 7226

Website

:

NA

Registered Activities

:

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

2. WHOLESALE ON A FEE OR CONTRACT BASIS (EG COMMISSION AGENTS)

Issued Ordinary Capital*

:

$100,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 100,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$100,000.00 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

:

NA

Turnover

:

SINGAPORE, DOLLARS 848,147.44 (FY2010)

Net Worth

:

SINGAPORE, DOLLARS 427,133.25 (FY2010)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

NA

S1000 / SME 500 / FG50 Ranking

:

No found for SINGAPORE 1000 and SME 1000

Compounded Annual Growth Rate (CAGR)

:

NA

 

 

Credit Recommendation

 

Recommended Credit Line

:

S$21,000

 

 

SHAREHOLDER DETAILS

 

NAME

:

QST ASIA LTD

SHAREHOLDER ID

:

T08UF0465F

NATIONALITY

:

HONG KONG

ADDRESS

:

9/F PLAYMATES FTY. BUILDING 1 TIN HAU ROAD TUEN MUN HONG KONG

NO. OF ORD SHARES

:

99,995

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

JEFFREY ANTHONY CARLEVATO

SHAREHOLDER ID

:

442984420

NATIONALITY

:

AMERICAN

ADDRESS

:

550 WEST ADAMS, SUITE 200, CHICAGO, ILLINOIS 60661, USA

NO. OF ORD SHARES

:

5

% OF SHAREHOLDING

:

0%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

ALEXANDER DANCH

ADDRESS

:

3561 ROSEWOOD AVENUE, LOS ANGELES, CA 90066, USA

POSITION

:

DIRECTOR

DATE OF APPT

:

15/03/2004

NATIONALITY

:

AMERICAN

I/C PASSPORT

:

420562623

 

NAME

:

LEE SENG KIM

ADDRESS

:

385 PASIR PANJANG ROAD #03-15 SINGAPORE 118719

POSITION

:

DIRECTOR

DATE OF APPT

:

15/03/2004

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1108707H

 

NAME

:

WONG GIT MAY CAMILLA

ADDRESS

:

86 TAI HWAN HEIGHTS TAI HWAN GARDEN SINGAPORE 555431

POSITION

:

SECRETARY

DATE OF APPT

:

02/01/2009

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S6932905E

 

 

KEY PERSONNEL PROFILE

 

Name:

ALEXANDER DANCH

NRIC Number:

420562623

Available Address:

3561 ROSEWOOD AVENUE, LOS ANGELES, CA 90066, USA

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

QST INDUSTRIES ASIA (S) PTE LTD

DIRECTOR

15/03/2004

-

-

 

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 are no bank charges registered against Subject by its bankers.

 

 

LITIGATION

 

Clear

 

 

COMPLIANCE RECORDS

 

Date of Last AGM

:

30/06/2011

Date of Last AR

:

27/07/2011

Date of A/C Laid At Last AGM

:

31/12/2010

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

DEC 2010

% Change

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

848,147

-63.31

2,311,805

5,793,702

6,804,556

10,630,767

Profit/(Loss) Before Tax

89,912

NA

(29,285)

7,416

93,517

483,807

Profit After Tax attributable to Shareholders

116,460

NA

(29,285)

6,081

76,683

368,366

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

540,047

21.84

443,231

940,116

1,742,004

1,905,584

Current Assets

523,486

23.05

425,432

911,580

1,719,193

1,863,634

Non Current Assets

16,561

-6.95

17,799

28,536

22,811

41,950

 

 

 

 

 

 

 

Total Liabilities

112,914

1.72

111,004

335,590

396,171

525,447

Current Liabilities

112,914

1.72

111,004

335,590

396,171

525,447

Non Current Liabilities

0

NA

0

0

0

0

 

 

 

 

 

 

 

Shareholders' Funds

427,133

28.57

332,227

604,525

1,345,832

1,380,136

Share Capital

78,512

-6.49

83,959

81,413

86,701

91,413

Total Reserves

348,621

40.42

248,268

523,112

1,259,131

1,288,723

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

DEC 2010

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Growth %

 

 

 

 

 

Year-on-Year Growth

-63.31

-60.10

-14.86

-35.99

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

13.73

-1.27

0.10

1.13

3.47

Return on Equity (%)

27.27

-8.81

1.01

5.70

26.69

Return on Assets (%)

21.56

-6.61

0.65

4.40

19.33

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

0.26

0.33

0.56

0.29

0.38

Current Debt/Equity (Times)

0.26

0.33

0.56

0.29

0.38

Long Term Debt To Equity (Times)

0.00

0.00

0.00

0.00

0.00

Total Asset To Total Equity (Times)

1.26

1.33

1.56

1.29

1.38

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

1.57

5.22

6.16

3.91

5.58

Fixed Assets Turnover (Times)

51.21

129.89

203.03

298.30

253.42

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

4.64

3.83

2.72

4.34

3.55

 

Financial commentary

 

Profitability

The company yielded a rate of net profit on sales of 13.73 per cent in FY10. The company is now able to book in SINGAPORE, DOLLARS 0.14 of profit for every SINGAPORE, DOLLARS of sales.

 

 

Liquidity

 

Current ratio stood at 4.64 times in FY10 (FY09: 3.83 times). This means that the company has SINGAPORE, DOLLARS 4.64 of current assets for every SINGAPORE, DOLLARS 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 0.26 times in FY10, as compared with 0.33 times in FY09. This means that the company requires additional external financing of SINGAPORE, DOLLARS 0.26 for every SINGAPORE, DOLLARS 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 27.27 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 21.56 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 1.57 times in FY10 (FY09: 5.22 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.77.86

Euro

1

Rs.66.06

 

 

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.