MIRA INFORM REPORT

 

 

Report Date :

15.09.2012

 

IDENTIFICATION DETAILS

 

Name :

METSO MINERALS (SINGAPORE) PTE LTD

 

 

Formerly Known As :

NORDBERG SINGAPORE PTE LTD

 

 

Registered Office :

2 Shenton Way #18-01 Sgx Centre Singapore 068804

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

02.07.1983

 

 

Com. Reg. No.:

198303078N

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Manufacture and repair of construction machinery and parts

 

 

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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

Executive Summary

 

Company Name

:

METSO MINERALS (SINGAPORE) PTE LTD

Registration No

:

198303078N

Date of Registration

:

02/07/1983

Former Name

:

1.REXNORD SINGAPORE PTE LTD Eff. date : 02/07/1983 Eff. date : 02/07/1983

2.NORDBERG SINGAPORE PTE LTD Eff. date : 03/11/1987 Eff. date : 03/11/1987

Date of Change of Name

:

28/03/2001

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

2 SHENTON WAY #18-01 SGX CENTRE SINGAPORE 068804

Operating Address

 

238A Thomson Road, No. 25-09 Novena Square Tower A, Singapore 307684, Singapore

Date of Change of Address

:

21/12/2009

Contact No.

:

6738 6100

Fax No.

:

6738 3353

Website

:

NA

Registered Activities

:

1. MANUFACTURE AND REPAIR OF CONSTRUCTION MACHINERY AND PARTS

2. MANUFACTURE AND REPAIR OF MACHINERY FOR FOOD PRODUCTS PROCESSING

Issued Ordinary Capital*

:

$2,500,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 2,500,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$2,500,000.00 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

:

RSM CHIO LIM LLP

Bankers / Financiers

:

NA

Turnover

:

SINGAPORE, DOLLARS 51,813,000.00 (FY2009)

Net Worth

:

SINGAPORE, DOLLARS 8,479,000.00 (FY2009)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

2

S1000 / SME 500 / FG50 Ranking

:

No found for SINGAPORE 1000 and SME 500

Compounded Annual Growth Rate (CAGR)

:

10.65% (4 years)

 

 

Credit Recommendation

 

Recommended Credit Line

:

S$848,000

 

 

SHAREHOLDER DETAILS

 

NAME

:

METSO MINERALS (ASIA-PACIFIC) PTE LTD

SHAREHOLDER ID

:

199104014H

NATIONALITY

:

SINGAPORE

ADDRESS

:

2 SHENTON WAY #18-01 SGX CENTRE SINGAPORE 068804

NO. OF ORD SHARES

:

2,500,000

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

SIDDHANT JAIN

ADDRESS

:

M-310 VIJAY RATAN VIHAR, SECTOR-15-II GURGAON, HARYANA-122001, INDIA

POSITION

:

DIRECTOR

MANAGING DIRECTOR

DATE OF APPT

:

21/06/2007

31/08/2010

NATIONALITY

:

INDIAN

I/C PASSPORT

:

G2122786

 

NAME

:

EBBA ERICA AMINOFF

ADDRESS

:

FABIANINKATU 9 A, HELSINKI, FINLAND 00130

POSITION

:

DIRECTOR

DATE OF APPT

:

31/08/2010

NATIONALITY

:

FINNISH

I/C PASSPORT

:

PH3370771

 

NAME

:

EEVA LIISA VIRKKUNEN

ADDRESS

:

MUSEOKATU 7 B 19, HELSINKI FINLAND 00100

POSITION

:

DIRECTOR

DATE OF APPT

:

31/08/2010

NATIONALITY

:

FINNISH

I/C PASSPORT

:

PJ6215547

 

NAME

:

KANG CHOON HWEE ALBAN

ADDRESS

:

3 JALAN PANDAN SINGAPORE 288788

POSITION

:

SECRETARY

DATE OF APPT

:

20/08/1999

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1318801G

 

NAME

:

GEA BAN PENG

ADDRESS

:

96 BEDOK NORTH AVENUE 4 #23-1505 SINGAPORE 460096

POSITION

:

DIRECTOR

DATE OF APPT

:

23/08/2002

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S2501252F

 

NAME

:

SUSAN MARY DE SILVA

ADDRESS

:

54 KINGSMEAD ROAD SINGAPORE 267997

POSITION

:

SECRETARY

DATE OF APPT

:

09/12/1991

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S2505139D

 

 

KEY PERSONNEL PROFILE

 

Name:

SIDDHANT JAIN

NRIC Number:

G2122786

Available Address:

M-310 VIJAY RATAN VIHAR, SECTOR-15-II GURGAON, HARYANA-122001, INDIA

 

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

METSO MINERALS (SINGAPORE) PTE LTD

DIRECTOR

21/06/2007

-

-

 

 

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

 

The following litigation suits were traced against Subject. Case status is as per available database. For the latest status of the suit, please obtain the full details of the suit through Litigation Detail Search (DLIT) offered.

 

To date, there have been 2 litigation suits filed against Subject.

 

 

Current Year

On/After 01 Jan 2010

Past Years

Bef 01 Jan 2010

 

Court (Claim under normal circumstances)

Magistrate (< $80,000)

0

0

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

0

1

High (>$250,000)

0

1

 

Winding Up Trace

 

No

In litigation/Dissolved/Struck Off/In receivership

No

 

 

The details are as follows:

 

1)

Court

:

Supreme Court

 

Case No.

:

1219

 

Date of Filing

:

04/07/1996

 

Amount

:

104,373.22

 

Cause

:

Contracts - Sale of Goods

 

Case Status

:

CONCLUDED

 

Plaintiff

:

SIM HOCK LIM & CO

 

Last Update Date

:

14/06/2005

 

2)

Court

:

District Court

 

Case No.

:

50174

 

Date of Filing

:

26/09/1997

 

Amount

:

219,795.64

 

Cause

:

Contracts - Sale of Goods

 

Case Status

:

CONCLUDED

 

Plaintiff

:

KOH AH YENG

 

Last Update Date

:

06/04/2004

 

 

COMPLIANCE RECORDS

 

Date of Last AGM

:

30/06/2010

Date of Last AR

:

12/08/2010

Date of A/C Laid At Last AGM

:

31/12/2009

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

DEC 2009

% Change

DEC 2008

DEC 2007

DEC 2006

DEC 2005

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

51,813,000

-37.01

82,254,000

51,884,000

56,548,000

34,567,000

Profit/(Loss) Before Tax

2,381,000

-57.24

5,568,000

4,753,000

5,118,000

1,693,000

Profit After Tax attributable to Shareholders

1,991,000

-55.24

4,448,000

3,899,000

4,084,000

1,809,000

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

34,014,000

-12.40

38,829,000

27,137,000

20,294,000

15,779,000

Current Assets

33,808,000

-12.24

38,522,000

26,937,000

20,005,000

15,577,000

Non Current Assets

206,000

-32.90

307,000

200,000

289,000

202,000

 

 

 

 

 

 

 

Total Liabilities

25,535,000

-16.80

30,691,000

18,447,000

13,003,000

12,572,000

Current Liabilities

25,535,000

-16.80

30,691,000

18,447,000

13,003,000

12,572,000

Non Current Liabilities

0

NA

0

0

0

0

 

 

 

 

 

 

 

Shareholders' Funds

8,479,000

4.19

8,138,000

8,690,000

7,291,000

3,207,000

Share Capital

2,500,000

0.00

2,500,000

2,500,000

2,500,000

2,500,000

Total Reserves

5,979,000

6.05

5,638,000

6,190,000

4,791,000

707,000

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

DEC 2009

DEC 2008

DEC 2007

DEC 2006

DEC 2005

Growth %

 

 

 

 

 

Year-on-Year Growth

-37.01

58.53

-8.25

63.59

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

3.84

5.41

7.51

7.22

5.23

Return on Equity (%)

23.48

54.66

44.87

56.01

56.41

Return on Assets (%)

5.85

11.46

14.37

20.12

11.46

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

3.01

3.77

2.12

1.78

3.92

Current Debt/Equity (Times)

3.01

3.77

2.12

1.78

3.92

Long Term Debt To Equity (Times)

NA

NA

NA

NA

NA

Total Asset To Total Equity (Times)

4.01

4.77

3.12

2.78

4.92

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

1.52

2.12

1.91

2.79

2.19

Fixed Assets Turnover (Times)

251.52

267.93

259.42

195.67

171.12

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.32

1.26

1.46

1.54

1.24

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 10.65% (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 3.84 per cent in FY09 (FY08: 5.41 per cent). The company is now able to book in SINGAPORE, DOLLARS 0.04 of profit for every SINGAPORE, DOLLARS of sales in FY09, as compared with SINGAPORE, DOLLARS 0.05 a year ago.

 

 

Liquidity

 

Current ratio stood at 1.32 times in FY09 (FY08: 1.26 times). This means that the company has SINGAPORE, DOLLARS 1.32 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 3.01 times in FY09, as compared with 3.77 times in FY08. This means that the company requires additional external financing of SINGAPORE, DOLLARS 3.01 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 23.48 per cent for Subject in the current financial period, as compared to 54.66 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 5.85 per cent (FY08: 11.46 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 1.52 times in FY09 (FY08: 2.12 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.54.72

UK Pound

1

Rs.88.60

Euro

1

Rs.71.34

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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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