MIRA INFORM REPORT

 

 

Report Date :

28.11.2012

 

IDENTIFICATION DETAILS

 

Name :

YLS STEEL PTE LTD

 

 

Formerly Known As :

YEW LEE SENG STEEL CONSTRUCTION PTE LTD

 

 

Registered Office :

33 Pioneer Road North Singapore 628474

 

 

Country :

Singapore

 

 

 

 

Financials (as on) :

30.06.2011

 

 

 

 

Date of Incorporation :

19.01.1984

 

 

 

 

Com. Reg. No.:

198400237R

 

 

 

 

Legal Form :

Limited Exempt Private Company

 

 

 

 

Line of Business :

Manufacture of basic iron and steel nec (including smelting)

Iron/steel basic industries nec (incl smelting)

Building construction nec

 

 

 

 

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

(31.03.2012)

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:

YLS STEEL PTE LTD

198400237R

 

Date Incorporated:

Registered Office:

Telephone Number:

19/01/1984

33 PIONEER ROAD NORTH SINGAPORE 628474

6861 9833

Age of Company:

Website:

Industry Type:

28

www.unionsteel.com.sg

COMMERCE-WHOLESALE

 

Risk Dashboard

Days Beyond Terms

Trend:

No. of Litigation Counts:

Company DTC:

7

36

Payment pattern as per previous month

No. of Charges(s):
2

Industry DTC

 

24

 

Directors

 

Corporate Structure

Number of Current Directors

2

Holding Company:

UNION STEEL HOLDINGS LIMITED

Number that are shareholders

1

No. of Subsidiaries & Associated Companies:

NA

 

EXECUTIVE SUMMARY

 

Company Name

:

YLS STEEL PTE LTD

Registration No

:

198400237R

Date of Registration

:

19/01/1984

Former Name

:

YEW LEE SENG STEEL CONSTRUCTION PTE LTD Eff. date : 19/01/1984 Eff. date : 19/01/1984

Date of Change of Name

:

06/11/1992

Type of Company

:

LIMITED EXEMPT PRIVATE COMPANY

Registered Address

:

33 PIONEER ROAD NORTH SINGAPORE 628474

Date of Change of Address

:

01/10/2004

Contact No.

:

6861 9833

Fax No.

:

6261 9833

Website

:

www.unionsteel.com.sg

Registered Activities

:

1. MANUFACTURE OF BASIC IRON AND STEEL NEC (INCLUDING SMELTING)

IRON/STEEL BASIC INDUSTRIES NEC (INCL SMELTING)

2. BUILDING CONSTRUCTION NEC

Issued Ordinary Capital*

:

$9,000,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 9,000,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$9,000,000.00 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

:

LTC LLP

Bankers / Financiers

:

SING INVESTMENTS & FINANCE LIMITED

Turnover

:

SGD - SIN 63,707,099.00 (FY2011)

Net Worth

:

SGD - SIN 40,514,267.00 (FY2011)

No. of Bank Charges

:

2

No. of Litigation Suits

:

7

S1000 / SME 1000 / FG50 Ranking

:

1595 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2009/2010)

1166 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2008/2009)

931 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2008/2009)

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

1238 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2007/2008)

Compounded Annual Growth Rate (CAGR)

:

NA

 

 

SHAREHOLDER DETAILS

 

NAME

:

UNION STEEL HOLDINGS LIMITED

SHAREHOLDER ID

:

200410181W

NATIONALITY

:

SINGAPORE

ADDRESS

:

33 PIONEER ROAD NORTH SINGAPORE 628474

NO. OF ORD SHARES

:

9,000,000

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

ANG YEW CHYE

ADDRESS

:

32 LORONG TANGGAM SINGAPORE 798732

POSITION

:

DIRECTOR

DATE OF APPT

:

10/09/1991

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0943850E

 

NAME

:

ANG YU SENG

ADDRESS

:

63 SARACA ROAD SELETAR HILLS ESTATE SINGAPORE 807400

POSITION

:

DIRECTOR

DATE OF APPT

:

19/01/1984

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1171861B

 

NAME

:

HELEN CAMPOS

ADDRESS

:

10 MEI HWAN DRIVE GOLDEN HILL ESTATE SINGAPORE 568349

POSITION

:

SECRETARY

 

DATE OF APPT

:

29/06/2004

 

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1318008C

 

 

KEY PERSONNEL PROFILE

 

Name:

ANG YU SENG

NRIC Number:

S1171861B

Available Address:

63 SARACA ROAD SELETAR HILLS ESTATE  SINGAPORE 807400

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

HOCK ANN MARINE SCAFFOLDING PTE. LTD.

DIRECTOR

02/04/2012

-

-

2

HOCK ANN METAL SCAFFOLDING PTE. LTD.

DIRECTOR

02/04/2012

-

-

3

LIM ASIA STEEL PTE LTD

DIRECTOR

29/02/2008

-

-

4

SINGAPORE LAM ANN ASSOCIATION

DIRECTOR

16/02/2008

-

-

5

UNION STEEL HOLDINGS LIMITED

DIRECTOR

12/08/2004

-

-

6

UNION STEEL PTE. LTD.

DIRECTOR

23/11/1991

-

-

7

YEW LEE SENG METAL PTE LTD

DIRECTOR

09/07/1988

-

-

8

YLS STEEL PTE LTD

DIRECTOR

19/01/1984

-

-

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

MINSOOR HARDWARE TRADING CO

TERMINATION

MANAGER

02/01/1984

24/12/1983

2

MINSOOR HARDWARE TRADING CO

TERMINATION

OWNER

01/01/1984

24/12/1983

3

SUPER ELITE HOLDINGS PTE. LTD.

LIVE COMPANY

DIRECTOR

04/11/2009

26/11/2012

4

SUPER ELITE HOLDINGS PTE. LTD.

LIVE COMPANY

SHAREHOLDER

-

26/11/2012

5

UNION ALUMINIUM PTE. LTD.

STRUCK OFF

DIRECTOR

08/05/2007

11/02/2011

6

UNION STEEL HOLDINGS LIMITED

LIVE COMPANY

SHAREHOLDER

-

20/11/2012

7

UNION STEEL PTE. LTD.

LIVE COMPANY

SHAREHOLDER

-

19/10/2012

8

YEW LEE HOUSING

TERMINATION

MANAGER

01/03/1983

25/02/1984

9

YEW LEE HOUSING

TERMINATION

OWNER

01/03/1983

25/02/1984

10

YEW LEE SENG HARDWARE COMPANY

CANCELLATION

OWNER

07/03/1979

07/04/1995

11

YEW LEE SENG METAL PTE LTD

LIVE COMPANY

SECRETARY

09/07/1988

17/09/1991

12

YEW LEE SENG METAL PTE LTD

LIVE COMPANY

SHAREHOLDER

-

11/10/2012

13

YLS HAIRDRESSING & BEAUTY SALOON

TERMINATION

MANAGER

16/02/1996

27/12/2003

14

YLS HAIRDRESSING & BEAUTY SALOON

TERMINATION

OWNER

16/02/1996

17/12/2003

15

YLS STEEL PTE LTD

LIVE COMPANY

MANAGER

19/01/1984

04/10/2012

16

YLS STEEL PTE LTD

LIVE COMPANY

SECRETARY

19/01/1984

04/10/2012

17

YLS STEEL PTE LTD

LIVE COMPANY

SHAREHOLDER

-

04/10/2012

 

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

 

1)

Charge No.

:

C201201656

 

Date of Registration

:

13/02/2012

 

Chargee

:

SING INVESTMENTS & FINANCE LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

2)

Charge No.

:

C200500818

 

Date of Registration

:

04/02/2005

 

Chargee

:

SING INVESTMENTS & FINANCE LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

             

 

 

 

 

 

 

LITIGATION

 

there have been 7  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)

1

5

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

0

0

High (>$250,000)

0

1

 

Winding Up Trace

 

No

In litigation/Dissolved/Struck Off/In receivership

No

 

The details are as follows:

 

1)

Court

:

Magistrate Court

 

Case No.

:

11413

 

Transfer

:

-

 

Date of Filing

:

27/04/2012

 

Amount

:

5,000.00

 

Cause

:

Tort - Negligence (Motor Accidents With Injury)

 

Case Status

:

PENDING

 

Plaintiff

:

SAID BIN YUSOFF

 

Last Update Date

:

27/04/2012

 

2)

Court

:

Magistrate Court

 

Case No.

:

1741

 

Transfer

:

-

 

Date of Filing

:

21/01/2010

 

Amount

:

2,567.58

 

Cause

:

Tort - Negligence (Motor Accidents Without Death/ Injury)

 

Case Status

:

CONCLUDED

 

Plaintiff

:

SMRT TAXIS PTE. LTD.

TAN KUANG HOOK

 

Last Update Date

:

24/03/2012

 

 

 

 

3)

Court

:

Magistrate Court

 

Case No.

:

18637

 

Transfer

:

-

 

Date of Filing

:

19/06/2009

 

Amount

:

4,215.80

 

Cause

:

Tort - Negligence (Motor Accidents)

 

Case Status

:

CONCLUDED

 

Plaintiff

:

WONG LEE FONG

 

Last Update Date

:

31/03/2010

 

4)

Court

:

Magistrate Court

 

Case No.

:

9040

 

Transfer

:

-

 

Date of Filing

:

15/04/2008

 

Amount

:

6,366.16

 

Cause

:

Tort - Negligence (Motor Accidents Without Death/ Injury)

 

Case Status

:

CONCLUDED

 

Plaintiff

:

LIM GOIK BEE

 

Last Update Date

:

30/03/2009

 

5)

Court

:

Magistrate Court

 

Case No.

:

2657

 

Transfer

:

-

 

Date of Filing

:

01/02/2005

 

Amount

:

11,525.00

 

Cause

:

Contract - Provisions of Services Excluding Renovation

 

Case Status

:

CONCLUDED

 

Plaintiff

:

E & D INTERNATIONAL LOGISTICS SERVICES PTE LTD

 

Last Update Date

:

07/11/2005

 

6)

Court

:

Supreme Court

 

Case No.

:

301

 

Transfer

:

-

 

Date of Filing

:

28/03/2003

 

Amount

:

0.00

 

Cause

:

Negligence - Industrial (Injuries)

 

Case Status

:

CONCLUDED

 

Plaintiff

:

LIN CHEE GUAN

 

Last Update Date

:

22/02/2005

 

 

 

 

7)

Court

:

Magistrate Court

 

Case No.

:

7944

 

Transfer

:

-

 

Date of Filing

:

08/04/1998

 

Amount

:

0.00

 

Cause

:

NEGLIGENCE-MOTOR ACCIDENTS(NOT INJURIES/DEATH)

 

Case Status

:

CONCLUDED

 

Plaintiff

:

SAKURAGAWA PUMP S PTE LTD

 

Last Update Date

:

08/11/2002

 

COMPLIANCE

 

Date of Last AGM

:

30/12/2011

Date of Last AR

:

19/01/2012

Date of A/C Laid At Last AGM

:

30/06/2011
 

 

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

 

JUN 2011

% Change

JUN 2010

JUN 2009

JUN 2008

JUN 2007

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

63,707,099

29.91

49,038,843

111,680,815

137,604,545

95,210,268

Profit/(Loss) Before Tax

6,216,446

59.01

3,909,444

(1,067,361)

17,153,549

4,357,950

Profit After Tax attributable

 to Shareholders

5,362,784

24.28

4,314,994

(1,105,119)

14,270,064

3,234,900

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

71,018,742

3.23

68,794,925

53,924,178

91,438,398

70,884,133

Current Assets

47,207,772

-23.91

62,044,742

45,656,456

77,767,794

56,152,445

Non Current Assets

23,810,970

252.75

6,750,183

8,267,722

13,670,604

14,731,688

 

 

 

 

 

 

 

Total Liabilities

30,504,475

-9.33

33,643,442

22,087,689

58,496,790

52,212,589

Current Liabilities

25,122,363

-8.05

27,320,517

18,834,291

54,588,912

47,593,118

Non Current Liabilities

5,382,112

-14.88

6,322,925

3,253,398

3,907,878

4,619,471

 

 

 

 

 

 

 

Shareholders' Funds

40,514,267

15.26

35,151,483

31,836,489

32,941,608

18,671,544

Share Capital

9,000,000

0.00

9,000,000

9,000,000

9,000,000

9,000,000

Total Reserves

31,514,267

20.51

26,151,483

22,836,489

23,941,608

9,671,544

 

 

FINANCIAL RATIOS 

 

 

Company

 

JUN 2011

JUN 2010

JUN 2009

JUN 2008

JUN 2007

Growth %

 

 

 

 

 

Year-on-Year Growth

29.91

-56.09

-18.84

44.53

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

8.42

8.80

-0.99

10.37

3.40

Return on Equity (%)

13.24

12.28

-3.47

43.32

17.33

Return on Assets (%)

7.55

6.27

-2.05

15.61

4.56

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

0.75

0.96

0.69

1.78

2.80

Current Debt/Equity (Times)

0.62

0.78

0.59

1.66

2.55

Long Term Debt To Equity (Times)

0.13

0.18

0.10

0.12

0.25

Total Asset To Total Equity (Times)

1.75

1.96

1.69

2.78

3.80

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

0.90

0.71

2.07

1.50

1.34

Fixed Assets Turnover (Times)

2.68

7.26

13.51

10.07

6.46

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.88

2.27

2.42

1.42

1.18

 

 

FINANCIAL COMMENTARY

 

Profitability

The company yielded a rate of net profit on sales of 8.42 per cent in FY11 (FY10: 8.80 per cent). The company is now able to book in SGD - SIN 0.08 of profit for every SGD - SIN of sales in FY11, as compared with SGD - SIN 0.09 a year ago.

 

 

Liquidity

 

Current ratio stood at 1.88 times in FY11 (FY10: 2.27 times). This means that the company has SGD - SIN 1.88 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 0.75 times in FY11, compared with 0.96 times in FY10. This means that the company requires additional external financing of SGD - SIN 0.75 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 13.24 per cent for Subject in the current financial period, as compared to 12.28 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 7.55 per cent (FY10: 6.27 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 0.90 times in FY11 (FY10: 0.71 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.55.70

UK Pound

1

Rs.89.34

Euro

1

Rs.72.35

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.
 
 


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