MIRA INFORM REPORT

 

 

Report Date :

27.01.2012

 

IDENTIFICATION DETAILS

 

Name :

METAL ONE SINGAPORE PTE. LTD.

 

 

Formerly Known As :

METAL ONE ASIA PTE. LTD.

 

 

Registered Office :

9 Temasek Boulevard #26-03 Suntec Tower Two Singapore 038989

 

 

Country :

Singapore

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

18.07.1996

 

 

Com. Reg. No.:

199605239M

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Other Business Support Services Activities (Eg Administration Of Loyalty Programmes)

 

 

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

 

Status :

Moderate

Payment Behaviour :

No Complaints

Litigation :

Exists

 

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 30, 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

:

METAL ONE SINGAPORE PTE. LTD.

Registration No

:

199605239M

Date of Registration

:

18/07/1996

Former Name

:

1. MC STEEL TRADE CENTRE PTE LTD Eff. date : 18/07/1996

 Eff. date : 18/07/1996

2. METAL ONE ASIA PTE. LTD. Eff. date : 07/01/2003 Eff. date : 07/01/2003

Date of Change of Name

:

16/08/2007

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

9 TEMASEK BOULEVARD #26-03 SUNTEC TOWER TWO SINGAPORE 038989

Date of Change of Address

:

07/07/2008

Contact No.

:

6506 1360

Fax No.

:

6506 1370

Website

:

NA

Registered Activities

:

1. OTHER BUSINESS SUPPORT SERVICES ACTIVITIES NEC (EG ADMINISTRATION OF LOYALTY PROGRAMMES)

METALS AND FABRICATED METALS

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

Issued Ordinary Capital*

:

$1,100,000.00 U.S. DOLLAR, NO. OF SHARE : 1,100,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$1,100,000.00 U.S. DOLLAR

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

:

KPMG LLP

Bankers / Financiers

:

NA

Turnover

:

SGD - SIN 113,613,703.00 (FY2011)

Net Worth

:

SGD - SIN 1,089,794.00 (FY2011)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

1

S1000 / SME 500 / FG50 Ranking

:

1773 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2009/2010)

1251 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2008/2009)

707 POSITION IN Singapore 1000 Companies Ranked by Return on Equities (2008/2009)

1071 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2007/2008)

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

Compounded Annual Growth Rate (CAGR)

:

NA

 

 

SHAREHOLDER DETAILS

 

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

:

1,100,000

% OF SHAREHOLDING

:

100%

CURRENCY

:

U.S. DOLLAR

 

OFFICER DETAILS

 

NAME

:

HIDEKI KINO

ADDRESS

:

28 CUSCADEN ROAD #13-10 CUSCADEN RESIDENCES SINGAPORE 249723

POSITION

:

DIRECTOR

MANAGING DIRECTOR

DATE OF APPT

:

01/12/2010

01/12/2010

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

F5627698W

 

NAME

:

CHAN CHOW PHENG

ADDRESS

:

59 TELOK BLANGAH HEIGHTS #04-11 SINGAPORE 100059

POSITION

:

SECRETARY

DATE OF APPT

:

26/09/2011

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1298885J

 

NAME

:

CHANG SOW KUEN

ADDRESS

:

130 GEYLANG EAST AVENUE 1 #02-299 SINGAPORE 380130

POSITION

:

SECRETARY

DATE OF APPT

:

06/01/2003

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1365694J

 

NAME

:

HIROYUKI HIRANO

ADDRESS

:

NOBLE REMIX 7A01 772/32, SUKHUMVIT SOI 36, SUKHUMVIT ROAD, KLONTOEY BANGKOK, THAILAND 10110

POSITION

:

DIRECTOR

DATE OF APPT

:

01/06/2010

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TH6271121

 

NAME

:

TOSHIAKI MATSUI

ADDRESS

:

27-6, NAKAHARA 1-CHOME MITAKA-SHI, TOKYO 181-0005, JAPAN

POSITION

:

DIRECTOR

DATE OF APPT

:

01/06/2009

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TH6475790

 

NAME

:

TATSUYA FUJII

ADDRESS

:

1-37-27 HIYOSHI-HONCHO, KOHOKU-KU, YOKOHAMA KANAGAWA PREFECTURE, JAPAN 223-0062

POSITION

:

DIRECTOR

DATE OF APPT

:

10/11/2011

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TH8876608

 

 

KEY PERSONNEL PROFILE

 

Name:

HIDEKI KINO

NRIC Number:

F5627698W

Available Address:

28 CUSCADEN ROAD #13-10 CUSCADEN RESIDENCES  SINGAPORE 249723

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

METAL ONE SINGAPORE PTE. LTD.

DIRECTOR

01/12/2010

-

-

2

METAL ONE SINGAPORE PTE. LTD.

MANAGING DIRECTOR

01/12/2010

-

-

3

MID-CONTINENT TUBULAR PTE LTD

DIRECTOR

01/12/2010

-

-

 

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

 

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

 

 

Current Year

On/After 01 Jan 2012

Past Years

Bef 01 Jan 2012

 

Court (Claim under normal circumstances)

Magistrate (< $80,000)

0

1

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

0

0

High (>$250,000)

0

0

 

Winding Up Trace

 

No

In litigation/Dissolved/Struck Off/In receivership

No

 

The details are as follows:

 

1)

Court

:

Magistrate Court

 

Case No.

:

37637

 

Date of Filing

:

31/10/2003

 

Amount

:

0.00

 

Cause

:

NEGLIGENCE - MOTOR ACCIDENTS (NOT INJURIES / DEATH)

 

Case Status

:

PENDING

 

Plaintiff

:

TAN AH CHUAN

COMFORT TRANSPORTATION PTE LTD

 

 

COMPLIANCE

 

Date of Last AGM

:

15/09/2011

Date of Last AR

:

05/10/2011

Date of A/C Laid At Last AGM

:

31/03/2011

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

MAR 2011

% Change

MAR 2010

MAR 2009

MAR 2008

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

Turnover

113,613,703

19.51

95,067,996

124,546,118

157,563,441

Profit/(Loss) Before Tax

(3,156,920)

NA

1,514,534

2,190,654

438,248

Profit After Tax attributable to Shareholders

(2,636,263)

NA

1,257,567

1,964,527

366,962

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

Total Assets

20,590,405

20.12

17,141,835

21,000,183

19,852,856

Current Assets

19,913,885

17.76

16,910,004

20,704,437

19,659,582

Non Current Assets

676,520

191.82

231,831

295,746

193,274

 

 

 

 

 

 

Total Liabilities

19,500,611

64.06

11,886,244

14,989,406

15,329,524

Current Liabilities

19,500,611

64.12

11,881,919

14,985,028

15,325,026

Non Current Liabilities

0

-100.00

4,325

4,378

4,498

 

 

 

 

 

 

Shareholders' Funds

1,089,794

-79.26

5,255,590

6,010,779

4,523,332

Share Capital

1,460,800

-6.82

1,567,656

1,586,585

1,630,126

Total Reserves

(371,006)

NA

3,687,934

4,424,194

2,893,206

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

MAR 2011

MAR 2010

MAR 2009

MAR 2008

Growth %

 

 

 

 

Year-on-Year Growth

19.51

-23.67

-20.95

NA

 

 

 

 

 

Profitability

 

 

 

 

Profit Margin (%)

-2.32

1.32

1.58

0.23

Return on Equity (%)

-241.90

23.93

32.68

8.11

Return on Assets (%)

-12.80

7.34

9.35

1.85

 

 

 

 

 

Leverage

 

 

 

 

Total Debt/Equity (Times)

17.89

2.26

2.49

3.39

Current Debt/Equity (Times)

17.89

2.26

2.49

3.39

Long Term Debt To Equity (Times)

0.00

0.00

0.00

0.00

Total Asset To Total Equity (Times)

18.89

3.26

3.49

4.39

 

 

 

 

 

Asset Management

 

 

 

 

Total Assets Turnover (Times)

5.52

5.55

5.93

7.94

Fixed Assets Turnover (Times)

167.94

410.07

421.13

815.23

 

 

 

 

 

Liquidity

 

 

 

 

Current Ratio (Times)

1.02

1.42

1.38

1.28

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Profitability

We are unable to comment on Subject's profitability.

 

 

Liquidity

 

Current ratio stood at 1.02 times in FY11 (FY10: 1.42 times). This means that the company has SGD - SIN 1.02 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.

 

 

FINANCIAL COMMENTARY

 

Leverage

Total debt-to-equity ratio notched 17.89 times in FY11, compared with 2.26 times in FY10. This means that the company requires additional external financing of SGD - SIN 17.89 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

 

We are unable to comment on Subject's return on equity.

 

We are unable to comment on Subject's return on assets.

 

Total assets turnover ratio logged at 5.52 times in FY11 (FY10: 5.55 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.50.02

UK Pound

1

Rs.78.05

Euro

1

Rs.65.13

 

 

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.