MIRA INFORM REPORT

 

 

Report Date :

31.01.2012

 

IDENTIFICATION DETAILS

 

Name :

PROSPERITY STEEL UNITED SINGAPORE PTE. LTD

 

 

Registered Office :

3 Anson Rd, #19-01 Springleaf Tower

 

 

Country :

Singapore

 

 

Financials (as on) :

2006

 

 

Date of Incorporation :

12.06.2003

 

 

Com. Reg. No.:

200305455G

 

 

Legal Form :

Limited Exempt Private Company

 

 

Line of Business :

Import and Trading of Ores, Steels, Pig Iron, Ferroalloys, Scraps Steels, etc.

 

 

No. of Employees :

5 to 10 Employees

 

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 :

USD 20,000

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 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

 

Contact Points

 

Company Name:

Prosperity Steel United Singapore Pte. Ltd

Supplied Name:

Prosperity Steel United Singapore Pte Ltd

Trading Address:

3 Anson Rd, #19-01 Springleaf Tower, Singapore 079909

Supplied Address:

3 Anson Rd, Springleaf Tower #19-01 Singapore

Telephone Number:

+65-6223-8547

Fax Number:

+65-6223-3290

Notes:

The exact subject’s name and address are as above mentioned.

 

 

Credit Summary

 

Credit Rating:

Maximum credit USD 20,000

Credit Opinion:

Business connections are permissible

 

 

Company Identification Details

 

Registered Name:

Prosperity Steel United Singapore Pte Ltd

Registered Address:

3 Anson Rd, #19-01 Springleaf Tower, Singapore 079909

Date of Registration::

2003-06-12

Registered Number:

200305455G

Country of Incorporation:

Singapore

Registered Capital:

SGD 3,966,668.00 (USD 3,095,191.04)

(As of 2012.1, 1 SGD = 0.7803 USD)

Paid-up Capital:

SGD 3,966,668.00 (USD 3,095,191.04)

= 3,966,668 Shares@1 SGD

Legal Form:

Limited Exempt Private Company

Principal Activities:

Import and trading of ores, steels, pig iron, ferroalloys, scraps steels, etc.

Staff:

5 to 10 Employees

Status:

Live Company

Listed at Stock Exchange:

No

Date of Last Annual Return:

2011-8-28

Notes:

It is shown in public files that subject has about 5 to 10 employees, while subject rejected to confirm the information.

 

 

History

 

Subject was incorporated on 2003-06-12 with registered number 200305455G as Limited Exempt Private Company in Singapore.

 

 

Shareholders

Unit: SGD

Name

Subscription Amount

Proportion of Investment (%)

You Zhen Hua

3,966,668

100%

Total

3,966,668

100%

 

Major Shareholder Information:

Name:

You Zhen Hua

ID Number:

S2755173D

Address:

28 Paradise Island Singapore 098493

Nationality:

Singapore P.R.

 

 

Manage Information

 

Core Management

 

Detailed Information of Management:

1

Name:

Gong Hong

Position:

Director

ID Number:

S7168561F

Address:

14 Paradise Island Singapore 098479

Nationality:

Singapore P.R.

Date of Appointment:

2005-06-18

2

Name:

Hu Kek Chay

Position:

Secretary

ID Number:

S0014451G

Address:

24 Jurong How Sun, How Sun Garden, Singapore 536521

Nationality:

Singapore Citizen

Date of Appointment:

2003-06-12

3

Name:

Jiang Hairong

Position:

Director

ID Number:

S2747744E

Address:

82 Corporation Road, #04-05, Singapore 649820

Nationality:

Singapore P.R.

Date of Appointment:

2006-08-01

4

Name:

You Zhen Hua

Position:

Director

ID Number:

S2755173D

Address:

28 Paradise Island Singapore 098493

Nationality:

Singapore P.R.

Date of Appointment:

2004-05-25

 

Personnel Structure

 

Total Employees

5 to 10 Employees

 

Notes: It is shown in public files that subject has about 5 to 10 employees, while subject did not confirm the information.

 

 

Operation Information

 

Offices & Factories

 

 

Office

Address:

3 Anson Rd, #19-01 Springleaf Tower, Singapore 079909

Purchase

 

l         Subject purchases ores, steels, pig iron, ferroalloys, scraps steels, etc.

l         Subject imports mainly from China and Brazil.

 

Sales Information

 

l         Subject is mainly engaged in trading of ores, steels, pig iron, ferroalloys, scraps steels, etc.

l         Subject’s main markets are domestic markets.

l         Subject’s products are usually from China and Brazil.

l         Subject usually exports based on clients’ demands.

 

 

Settlements

 

Purchase

 

Domestic Markets

 

Subject has no domestic purchasing business.

 

Overseas Markets

Products

Payment Terms

Proportion

Ores, steels, pig iron, ferroalloys, scraps steels, etc.

L/C, etc.

100%

 

Sales

 

Domestic Markets

 

Product

Sales Terms

Proportion

Ores, steels, pig iron, ferroalloys, scraps steels, etc.

L/C, etc.

100%

 

 

 

 

Overseas Markets

Product

Sales Terms

Proportion

Ores, steels, pig iron, ferroalloys, scraps steels, etc.

L/C, etc.

100%

 

 

Profit/Loss Account

 

Unit: SGD

Date

2006

2005

2004

Turnover/Sales and other operating revenue

639,722,918

(USD 444,121,239)

224,822,085

(USD 156,080,484)

145,477,488

(USD 100,996,291)

Profit/(Loss) before tax

10,388,442

11,172,517

1,822,040

Profit/(Loss) after tax

9,411,029

10,604,517

1,443,040

Net Income/(Loss) from extraordinary and non-operating items

0

0

0

Profit/(Loss) after tax and extraordinary items

9,411,029

10,604,517

1,443,040

Total assets

95,816,026

38,847,288

15,683,142

Current

86,250,110

29,559,447

15,683,142

Fixed and others

9,565,916

9,287,841

0

Total liabilities

70,121,027

22,507,769

10,061,836

Current

70,121,027

22,507,769

10,061,836

Non-current & long term

0

0

0

Shareholder's funds

25,694,999

16,339,519

5,621,306

Paid-up capital

3,966,668

3,966,668

3,966,668

Share Capital

-

-

-

Reserves

21,728,331

12,372,851

1,654,638

(Accumulated loss)

0

0

0

(As of 2009.08, 1 SGD = 0.694240 USD)

 

 

Financial Ratio

 

Date

2006

2005

2004

Earning Capacity 

 

 

 

Rate of net profit on sales (%)

1.47

4.72

0.99

Return of investment (%)

9.82

27.30

9.20

Return of shareholder's funds

36.63

64.90

25.67

Total assets turnover (%)

6.68

5.79

9.27

Financial Stability

 

 

 

Current/working capital ratio (%)

1.23

1.31

1.56

Proprietary ratio (%)

26.82

42.06

35.84

Total debt to equity ratio (%)

73.18

57.94

64.16

 

Notes:

Subject did not submit its latest financial information to local registry, and we cannot find the information from public files, either.

Subject rejected to disclose its latest financial information.

 

 

Bankers

 

Charges

1

Charge Number:

C200303232

Date of Registration:

2003-07-09

Name:

Fortis Bank S.A./ N.V.

Amount Secured:

All monies

2

Charge Number:

C200403941

Date of Registration:

2004-08-11

Name:

Fortis Bank S.A./ N.V.

Amount Secured:

All monies

3

Charge Number:

C200606688

Date of Registration:

2006-01-27

Name:

The Bank of Tokyo-Mitsubishi UFJ, Ltd Singapore Branch

Amount Secured:

All monies

4

Charge Number:

C200700203

Date of Registration:

2007-01-10

Name:

Ing Bank N.V.

Amount Secured:

All monies

5

Charge Number:

C200703804

Date of Registration:

2007-05-22

Name:

United Overseas Bank Limited

Amount Secured:

All monies

6

Charge Number:

C200704101

Date of Registration:

2007-05-30

Name:

Bank of China (Hong Kong) Limited

Amount Secured:

All monies

7

Charge Number:

C200704333

Date of Registration:

2007-06-11

Name:

Standard Chartered Bank

Amount Secured:

All monies

8

Charge Number:

C200704337

Date of Registration:

2007-06-11

Name:

Standard Chartered Bank

Amount Secured:

All monies

9

Charge Number:

C200704579

Date of Registration:

2007-06-19

Name:

United Overseas Bank Limited

Amount Secured:

All monies

10

Charge Number:

C200809006

Date of Registration:

2008-09-26

Name:

Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. (“Rabobank Nederland”)

Amount Secured:

All monies

11

Charge Number:

C200809008

Date of Registration:

2009-09-26

Name:

Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. (“Rabobank Nederland”)

Amount Secured:

All monies

12

Charge Number:

C200809152

Date of Registration:

2008-10-03

Name:

BNP Paribas

Amount Secured:

All monies

13

Charge Number:

C200810927

Date of Registration:

2008-12-10

Name:

Bank of China Limited

Amount Secured:

All monies

14

Charge Number:

C200901848

Date of Registration:

2009-03-26

Name:

United Overseas Bank Limited

Amount Secured:

All monies

15

Charge Number:

C201002528

Date of Registration:

2010-3-25

Name:

Fortis bank (Nederland) N.V. Singapore branch

Amount Secured:

All Monies

16

Charge Number:

C201008870

Date of Registration:

2010-9-30

Name:

ING Bank N.V.

Amount Secured:

All Monies

17

Charge Number:

C201008935

Date of Registration:

2010-10-1

Name:

ING Bank N.V.

Amount Secured:

All Monies

18

Charge Number:

C201008952

Date of Registration:

2010-10-1

Name:

ING Bank N.V.

Amount Secured:

All Monies

19

Charge Number:

C201101006

Date of Registration:

2011-1-21

Name:

Sumitomo Mitsui Banking Corporation Singapore Branch

Amount Secured:

All Monies

20

Charge Number:

C201101017

Date of Registration:

2011-1-21

Name:

Sumitomo Mitsui Banking Corporation Singapore Branch

Amount Secured:

All Monies

21

Charge Number:

C201107550

Date of Registration:

2011-6-22

Name:

Bank Julius Baer & Co. Ltd.

Amount Secured:

All Monies

 

 

Auditors

 

Name:

Infinity Assurance LLP

 

 

Interview Details

 

Name:

Mr. Chen

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.50

UK Pound

1

Rs.77.73

Euro

1

Rs.65.18

 

 

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.