MIRA INFORM REPORT

 

 

Report Date :

03.11.2012

 

IDENTIFICATION DETAILS

 

Name :

STEMCOR (S.E.A.) PTE LTD

 

 

Registered Office :

 

541 Orchard Road #17-00 Liat Towers Singapore 238881

 

 

 

 

Country :

Singapore

 

 

 

 

Financials (as on) :

31.12.2011

 

 

 

 

Date of Incorporation :

21.05.1988

 

 

 

 

Com. Reg. No.:

198801606R

 

 

 

 

Legal Form :

Limited Private Company

 

 

 

 

Line of Business :

Wholesale on A Fee or Contract Basis (Eg Commission Agents)

 

 

 

 

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

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Singapore

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

SINGAPORE - ECONOMIC OVERVIEW

 

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. Real GDP growth averaged 8.6% between 2004 and 2007. The economy contracted 1.0% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010 and 4.9% in 2011, on the strength of renewed exports. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to a compound annual growth rate of just 1.8% in the last decade. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub.

Source : CIA

 

Company Name:

Registered Number:

STEMCOR (S.E.A.) PTE LTD

198801606R

 

Date Incorporated:

Registered Office:

Telephone Number:

21/05/1988

541 ORCHARD ROAD #17-00 LIAT TOWERS SINGAPORE 238881

6732 7666

Age of Company:

Website:

Industry Type:

24

www.stemcor.com

COMMERCE-WHOLESALE

 

 

Risk Dashboard

Days Beyond Terms

Trend:

No. of Litigation Counts:

Company DTC:

NA

NA

The entity is paying current to the creditors

No. of Charges(s):
7

Industry DTC

 

25

 

Directors

 

Corporate Structure

Number of Current Directors

5

Holding Company:

DOMINANT HOLDINGS AG

Number that are shareholders

1

No. of Subsidiaries & Associated Companies:

NA

 

EXECUTIVE SUMMARY

 

Company Name

:

STEMCOR (S.E.A.) PTE LTD

Registration No

:

198801606R

Date of Registration

:

21/05/1988

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

541 ORCHARD ROAD #17-00 LIAT TOWERS SINGAPORE 238881

Date of Change of Address

:

01/04/2008

Contact No.

:

6732 7666

Fax No.

:

6733 9735

Website

:

www.stemcor.com

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*

:

$500,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 500,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$500,000.00 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

:

DELOITTE & TOUCHE LLP

Bankers / Financiers

:

BNP PARIBAS

NATIXIS

STANDARD CHARTERED BANK

DZ BANK AG DEUTSCHE ZENTRAL-GENOSSENSCHAFTSBANK, FRANKFURT AM MAIN (FORMERLY GZ-BANK AG)

Turnover

:

SGD - SIN 2,765,972,287.00 (FY2011)

Net Worth

:

SGD - SIN 193,142,194.00 (FY2011)

No. of Bank Charges

:

7

No. of Litigation Suits

:

NA

S1000 / SME 1000 / FG50 Ranking

:

472 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2010/2011)

164 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2010/2011)

617 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2009/2010)

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

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

Compounded Annual Growth Rate (CAGR)

:

3.31% (4 years)

 

 

SHAREHOLDER DETAILS

 

NAME

:

DOMINANT HOLDINGS AG

SHAREHOLDER ID

:

S88UF0449L

NATIONALITY

:

NA

ADDRESS

:

GRAFENAUWEG 4, 6300 ZUG, SWITZERLAND

NO. OF ORD SHARES

:

500,000

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

DAVID M. FAKTOR

ADDRESS

:

6 SHAWFIELD STREET LONDON SW3 4BD ENGLAND

POSITION

:

DIRECTOR

DATE OF APPT

:

21/05/1988

NATIONALITY

:

BRITISH

I/C PASSPORT

:

099163235

 

NAME

:

JOHN HELLINIKAKIS

ADDRESS

:

BLOCK 31, 11TH FLOOR, LOWER BAGUIO VILLA 550-555 VICTORIA ROAD, POKFULAM, HONG KONG

POSITION

:

DIRECTOR

DATE OF APPT

:

21/06/2000

NATIONALITY

:

BRITISH

I/C PASSPORT

:

501032155

 

NAME

:

JOHN CHERRINGTON MAINWARING

ADDRESS

:

21 CLAYMORE ROAD #07-01 TATE RESIDENCES, THE SINGAPORE 229545

POSITION

:

DIRECTOR

DATE OF APPT

:

25/01/2010

NATIONALITY

:

BRITISH

I/C PASSPORT

:

G6367327M

 

NAME

:

SZE-TO MING MING

ADDRESS

:

RM 5D, 5/F PEARL GARDEN, NO. 7 CONDUIT ROAD, MID-LEVELS, HONG KONG

POSITION

:

DIRECTOR

DATE OF APPT

:

29/10/1999

NATIONALITY

:

CHINESE

I/C PASSPORT

:

KJ0128638

 

NAME

:

LEE SIEW JEE JENNIFER

ADDRESS

:

2 ENG KONG ROAD SINGAPORE 599081

POSITION

:

SECRETARY

DATE OF APPT

:

15/07/2010

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1336064B

 

NAME

:

GERARD PAUL EYRE CRAGGS

ADDRESS

:

448 HOLLAND ROAD BAN GUAN PARK SINGAPORE 278645

POSITION

:

DIRECTOR

DATE OF APPT

:

10/02/1992

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S2724542J

 

 

KEY PERSONNEL PROFILE

 

Name:

DAVID M. FAKTOR

NRIC Number:

099163235

Available Address:

6 SHAWFIELD STREET LONDON SW3 4BD ENGLAND

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

STEMCOR (S.E.A.) PTE LTD

DIRECTOR

21/05/1988

-

-

 

Previous Business

 

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

STEMCOR (S.E.A.) PTE LTD

LIVE COMPANY

MANAGING DIRECTOR

22/06/1988

25/10/2012

Bankruptcy Record

 

Case No.

Year

Date of Filing

Petitioner Name

Amount

No Trace

 

 

 

 

 

 

Litigation Search – Writ of Summons

 

Court

Case No.

Transfer

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

 

1)

Charge No.

:

C200900304

 

Date of Registration

:

09/01/2009

 

Chargee

:

BNP PARIBAS

 

Amount Secured  and Currency

:

All Monies

 

Address

:

20 COLLYER QUAY #01-01 TUNG CENTRE SINGAPORE 049319

 

2)

Charge No.

:

C200805964

 

Date of Registration

:

02/07/2008

 

Chargee

:

NATIXIS

 

Amount Secured  and Currency

:

All Monies

 

Address

:

50 RAFFLES PLACE #41-01 SINGAPORE LAND TOWER SINGAPORE 048623

 

3)

Charge No.

:

C200800849

 

Date of Registration

:

17/01/2008

 

Chargee

:

STANDARD CHARTERED BANK

 

Amount Secured  and Currency

:

All Monies

 

Address

:

6 BATTERY ROAD SINGAPORE 049909

 

4)

Charge No.

:

C200709815

 

Date of Registration

:

13/11/2007

 

Chargee

:

BNP PARIBAS

 

Amount Secured  and Currency

:

All Monies

 

Address

:

20 COLLYER QUAY #01-01 TUNG CENTRE SINGAPORE 049319

 

5)

Charge No.

:

C200709724

 

Date of Registration

:

12/11/2007

 

Chargee

:

BNP PARIBAS

 

Amount Secured  and Currency

:

All Monies

 

Address

:

20 COLLYER QUAY #01-01 TUNG CENTRE SINGAPORE 049319

 

6)

Charge No.

:

C200504254

 

Date of Registration

:

20/07/2005

 

Chargee

:

DZ BANK AG DEUTSCHE ZENTRAL-GENOSSENSCHAFTSBANK, FRANKFURT AM MAIN (FORMERLY GZ-BANK AG)

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

7)

Charge No.

:

C200504253

 

Date of Registration

:

20/07/2005

 

Chargee

:

DZ BANK AG DEUTSCHE ZENTRAL-GENOSSENSCHAFTSBANK, FRANKFURT AM MAIN (FORMERLY GZ-BANK AG)

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

 

LITIGATION

 

Clear

 

 

COMPLIANCE

 

Date of Last AGM

:

24/04/2012

Date of Last AR

:

25/04/2012

Date of A/C Laid At Last AGM

:

31/12/2011
 

COMPLIANCE RATING FOR ANNUAL FILING

 

ANNUAL GENERAL MEETING,ANNUAL RETURN AND ACCOUNTS UP-TO-DATE

 

 

 

 

Note:

 

Provided by ACRA (Accounting and Corporate Regulatory Authority), the Compliance Rating for Annual Filing measures a company’s compliance with the provisions under S175, S197 or S201 of the Companies Act, Cap. 50.

 

Applicable to all “Live” locally incorporated companies except for the Limited Partnerships, Limited Liability Partnerships, Business Entities, Foreign Companies and Public Accounting Firms, the rating provide information on whether a company is up-to-date with the holding of its Annual General Meeting (AGM) with up-to-date financial statements and filing of its Annual Return (AR).

 

For more information: www.acra.gov.sg/compliance

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

DEC 2011

% Change

DEC 2010

DEC 2009

DEC 2008

DEC 2007

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

2,765,972,287

15.44

2,395,975,942

1,634,916,137

3,694,051,072

2,428,565,658

Profit/(Loss) Before Tax

20,634,576

-68.72

65,956,913

40,029,254

33,939,593

30,662,403

Profit After Tax attributable

 to Shareholders

18,320,782

-69.35

59,783,191

35,458,681

30,138,426

27,542,970

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

889,277,921

19.61

743,479,782

665,541,455

791,152,024

979,157,829

Current Assets

863,268,763

16.16

743,147,759

662,821,812

788,323,019

956,438,260

Non Current Assets

26,009,158

7,733.54

332,023

2,719,643

2,829,005

22,719,569

 

 

 

 

 

 

 

Total Liabilities

696,135,727

27.22

547,191,594

490,465,674

655,771,795

867,080,631

Current Liabilities

696,135,727

27.22

547,191,594

490,465,674

655,771,795

847,046,239

Non Current Liabilities

0

NA

0

0

0

20,034,392

 

 

 

 

 

 

 

Shareholders' Funds

193,142,194

-1.60

196,288,188

175,075,782

135,380,229

112,077,197

Share Capital

374,124

-7.74

405,504

433,630

420,471

447,780

Total Reserves

192,768,070

-1.59

195,882,684

174,642,152

134,959,758

111,629,417

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS 

 

 

Company

 

DEC 2011

DEC 2010

DEC 2009

DEC 2008

DEC 2007

Growth %

 

 

 

 

 

Year-on-Year Growth

15.44

46.55

-55.74

52.11

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

0.66

2.50

2.17

0.82

1.13

Return on Equity (%)

9.49

30.46

20.25

22.26

24.57

Return on Assets (%)

2.06

8.04

5.33

3.81

2.81

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

3.60

2.79

2.80

4.84

7.74

Current Debt/Equity (Times)

3.60

2.79

2.80

4.84

7.56

Long Term Debt To Equity (Times)

0.00

0.00

0.00

0.00

0.18

Total Asset To Total Equity (Times)

4.60

3.79

3.80

5.84

8.74

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

3.11

3.22

2.46

4.67

2.48

Fixed Assets Turnover (Times)

106.35

7,216.30

601.15

1,305.78

106.89

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.24

1.36

1.35

1.20

1.13

 

 

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 3.31% (4 years).

 

CAGR is the year-over-year growth rate of a company over a specified period. Instead of looking at the average growth rate, CAGR allow users to look at the annualized growth rate of a company over a given period, a more indicative measure of growth of a company’s performance over a given period.

 

 

Profitability

The company yielded a rate of net profit on sales of 0.66 per cent in FY11 (FY10: 2.50 per cent). The company is now able to book in SGD - SIN 0.01 of profit for every SGD - SIN of sales in FY11, as compared with SGD - SIN 0.03 a year ago.

 

Liquidity

Current ratio stood at 1.24 times in FY11 (FY10: 1.36 times). This means that the company has SGD - SIN 1.24 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 3.60 times in FY11, compared with 2.79 times in FY10. This means that the company requires additional external financing of SGD - SIN 3.60 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 9.49 per cent for Subject in the current financial period, as compared to 30.46 per cent a year ago. 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 2.06 per cent (FY10: 8.04 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 3.11 times in FY11 (FY10: 3.22 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.53.66

UK Pound

1

Rs.86.37

Euro

1

Rs.69.24

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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%)

 

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