MIRA INFORM REPORT

 

 

Report Date :

22.02.2013

 

IDENTIFICATION DETAILS

 

Name :

MINMETALS SOUTH-EAST ASIA CORPORATION PTE LTD

 

 

Registered Office :

24 Raffles Place #19-04 Clifford Centre Singapore 048621

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

21.06.1994

 

 

Com. Reg. No.:

199404382K

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

General Wholesale Trade (Including General Importers And Exporters)

 

 

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 :

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:

MINMETALS SOUTH-EAST ASIA CORPORATION PTE LTD

199404382K

 

Date Incorporated:

Registered Office:

Telephone Number:

21/06/1994

24 RAFFLES PLACE #19-04 CLIFFORD CENTRE SINGAPORE 048621

6535 6566

Age of Company:

Website:

Industry Type:

19

 

www.minmetals.com.sg

COMMERCE-WHOLESALE

 

 

Risk Dashboard

Days Beyond Terms

Trend:

No. of Litigation Counts:

Company DTC:

0

NA

The entity is paying current to the creditors

No. of Charges(s):
16

Industry DTC

 

25

 

Directors

 

Corporate Structure

Number of Current Directors

2

Holding Company:

MINMETALS INTERNATIONAL TRADING COMPANY PTE. LTD.

Number that are shareholders

1

No. of Subsidiaries & Associated Companies:

NA

 

 

 

 

EXECUTIVE SUMMARY

 

Company Name

:

MINMETALS SOUTH-EAST ASIA CORPORATION PTE LTD

Registration No

:

199404382K

Date of Registration

:

21/06/1994

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

24 RAFFLES PLACE #19-04 CLIFFORD CENTRE SINGAPORE 048621

Date of Change of Address

:

21/10/2002

Contact No.

:

6535 6566

Fax No.

:

6532 0508

Website

:

www.minmetals.com.sg

Registered Activities

:

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

HOLDING COMPANIES

2. BANK/FINANCIAL HOLDING COMPANIES

Issued Ordinary Capital*

:

$1,500,000.00 SINGAPORE, DOLLARS, NO. OF SHARE : 1,500,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$1,500,000.00 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

:

AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED

UNITED OVERSEAS BANK LIMITED

COMMERZBANK AKTIENGESELLSCHAFT

BNP PARIBAS

AGRICULTURAL BANK OF CHINA LIMITED

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED

ABN AMRO BANK N.V.

DBS BANK LTD.

STANDARD CHARTERED BANK

Turnover

:

SGD - SIN 1,233,818,750.00 (FY2011)

Net Worth

:

SGD - SIN 4,601,443.00 (FY2011)

No. of Bank Charges

:

16

No. of Litigation Suits

:

0

S1000 / SME 1000 / FG50 Ranking

:

318 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2011/2012)

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

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

419 POSITION IN Singapore 1000 Companies Ranked by Return on Equities (2007/2008)

466 POSITION IN Singapore 1000 Companies Ranked by Return on Equities (2006/2007)

Compounded Annual Growth Rate (CAGR)

:

49.44% (4 years)

 

 

SHAREHOLDER DETAILS

 

NAME

:

MINMETALS INTERNATIONAL TRADING COMPANY PTE. LTD.

SHAREHOLDER ID

:

201134733Z

NATIONALITY

:

SINGAPORE

ADDRESS

:

24 RAFFLES PLACE #19-04 CLIFFORD CENTRE SINGAPORE 048621

NO. OF ORD SHARES

:

1,500,000

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

WANG SHUNLI

ADDRESS

:

7 SIGLAP ROAD #10-56 MANDARIN GARDENS SINGAPORE 448909

POSITION

:

DIRECTOR

DATE OF APPT

:

04/10/2010

NATIONALITY

:

CHINESE

I/C PASSPORT

:

F1870760T

 

NAME

:

SUN RUFEI

ADDRESS

:

7 SIGLAP ROAD #16-60 MANDARIN GARDENS SINGAPORE 448909

POSITION

:

DIRECTOR

DATE OF APPT

:

30/04/2001

NATIONALITY

:

CHINESE

I/C PASSPORT

:

G5532033R

 

NAME

:

CHUA CHYE SUAN @ LOO CHYE SUAN

ADDRESS

:

39A BENDEMEER ROAD #18-806 SINGAPORE 331039

POSITION

:

SECRETARY

DATE OF APPT

:

26/06/2008

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0071795I

 

NAME

:

LIONG CHIN MOI

ADDRESS

:

404B FERNVALE LANE #13-139 SINGAPORE 792404

POSITION

:

SECRETARY

DATE OF APPT

:

11/07/1994

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S2073945B

 

 

KEY PERSONNEL PROFILE

 

Name:

SUN RUFEI

NRIC Number:

G5532033R

Available Address:

7 SIGLAP ROAD #16-60 MANDARIN GARDENS  SINGAPORE 448909

 

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

GLOBALORE PTE. LTD.

DIRECTOR

21/05/2012

-

NA

2

MINMETALS INTERNATIONAL TRADING COMPANY PTE. LTD.

DIRECTOR

21/08/2012

-

NA

3

MINMETALS SHIPPING (SINGAPORE) PTE LTD

DIRECTOR

23/03/2006

-

NA

4

MINMETALS SOUTH-EAST ASIA CORPORATION PTE LTD

DIRECTOR

30/04/2001

-

NA

 

 

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.

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

 

1)

Charge No.

:

C201210960

 

Date of Registration

:

25/09/2012

 

Chargee

:

AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

2)

Charge No.

:

C201209917

 

Date of Registration

:

31/08/2012

 

Chargee

:

UNITED OVERSEAS BANK LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

80 RAFFLES PLACE UOB PLAZA SINGAPORE 048624

 

3)

Charge No.

:

C201209916

 

Date of Registration

:

31/08/2012

 

Chargee

:

UNITED OVERSEAS BANK LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

80 RAFFLES PLACE UOB PLAZA SINGAPORE 048624

 

4)

Charge No.

:

C201208591

 

Date of Registration

:

30/07/2012

 

Chargee

:

COMMERZBANK AKTIENGESELLSCHAFT

 

Amount Secured  and Currency

:

All Monies

 

Address

:

8 SHENTON WAY #42-01 SINGAPORE 068811

 

5)

Charge No.

:

C201208554

 

Date of Registration

:

30/07/2012

 

Chargee

:

COMMERZBANK AKTIENGESELLSCHAFT

 

Amount Secured  and Currency

:

All Monies

 

Address

:

8 SHENTON WAY #42-01 SINGAPORE 068811

 

6)

Charge No.

:

C201205175

 

Date of Registration

:

11/05/2012

 

Chargee

:

BNP PARIBAS

 

Amount Secured  and Currency

:

All Monies

 

Address

:

20 COLLYER QUAY #01-01 TUNG CENTRE SINGAPORE 049319

 

7)

Charge No.

:

C201202736

 

Date of Registration

:

12/03/2012

 

Chargee

:

AGRICULTURAL BANK OF CHINA LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

7 TEMASEK BOULEVARD #30-01/02/03 SUNTEC CITY TOWER 1 SINGAPORE 038987

 

8)

Charge No.

:

C201113624

 

Date of Registration

:

27/10/2011

 

Chargee

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

21 COLLYER QUAY #14-01 HSBC BUILDING SINGAPORE 049320

 

9)

Charge No.

:

C201107421

 

Date of Registration

:

20/06/2011

 

Chargee

:

INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED

 

Amount Secured  and Currency

:

All Monies

 

Address

:

6 RAFFLES QUAY #12-01 SINGAPORE 048580

 

10)

Charge No.

:

C201106870

 

Date of Registration

:

09/06/2011

 

Chargee

:

ABN AMRO BANK N.V

 

Amount Secured  and Currency

:

All Monies

 

Address

:

LEVEL 26 ONE RAFFLES QUAY SOUTH TOWER SINGAPORE 048583

 

11)

Charge No.

:

C201102619

 

Date of Registration

:

01/03/2011

 

Chargee

:

DBS BANK LTD.

 

Amount Secured  and Currency

:

All Monies

 

Address

:

6 SHENTON WAY, DBS BUILDING TOWER ONE SINGAPORE 068809

 

12)

Charge No.

:

C201102616

 

Date of Registration

:

01/03/2011

 

Chargee

:

DBS BANK LTD.

 

Amount Secured  and Currency

:

All Monies

 

Address

:

6 SHENTON WAY, DBS BUILDING TOWER ONE SINGAPORE 068809

 

13)

Charge No.

:

C201006196

 

Date of Registration

:

21/07/2010

 

Chargee

:

STANDARD CHARTERED BANK

 

Amount Secured  and Currency

:

All Monies

 

Address

:

6 BATTERY ROAD SINGAPORE 049909

 

14)

Charge No.

:

C200810194

 

Date of Registration

:

07/11/2008

 

Chargee

:

BNP PARIBAS

 

Amount Secured  and Currency

:

All Monies

 

Address

:

20 COLLYER QUAY #01-01 TUNG CENTRE SINGAPORE 049319

 

15)

Charge No.

:

C200810193

 

Date of Registration

:

07/11/2008

 

Chargee

:

BNP PARIBAS

 

Amount Secured  and Currency

:

All Monies

 

Address

:

20 COLLYER QUAY #01-01 TUNG CENTRE SINGAPORE 049319

 

16)

Charge No.

:

C200803375

 

Date of Registration

:

10/04/2008

 

Chargee

:

STANDARD CHARTERED BANK

 

Amount Secured  and Currency

:

All Monies

 

Address

:

6 BATTERY ROAD SINGAPORE 049909

 

 

LITIGATION

 

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

 

 

Current Year

On/After 01 Jan 2013

Past Years

Bef 01 Jan 2013

 

Court (Claim under normal circumstances)

Magistrate (< $80,000)

0

0

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

:

Supreme Court

 

Case No.

:

2280

 

Transfer

:

-

 

Date of Filing

:

16/12/1998

 

Amount

:

1,200,000.00

 

Cause

:

Banking

 

Case Status

:

CONCLUDED

 

Plaintiff

:

INDUSTRIAL AND COMMERCIAL BANK OF CHINA(SINGAPORE BRANCH)

 

 

COMPLIANCE

 

Date of Last AGM

:

30/04/2012

Date of Last AR

:

04/05/2012

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

1,233,818,750

78.04

693,001,865

511,665,822

464,651,270

247,382,926

Profit/(Loss) Before Tax

4,588,301

49.31

3,073,009

3,871,688

(9,474,751)

1,683,610

Profit After Tax attributable

 to Shareholders

4,146,493

27.06

3,263,394

3,871,688

(9,454,112)

1,428,430

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

282,765,741

206.08

92,383,489

83,080,399

80,032,908

46,165,238

Current Assets

282,517,695

207.24

91,954,897

82,890,463

79,916,549

46,010,052

Non Current Assets

248,046

-42.13

428,592

189,936

116,359

155,186

 

 

 

 

 

 

 

Total Liabilities

278,164,298

202.71

91,890,381

86,042,834

86,659,640

42,358,975

Current Liabilities

278,117,360

202.88

91,824,642

85,964,268

86,644,022

42,302,600

Non Current Liabilities

46,938

-28.60

65,739

78,566

15,618

56,375

 

 

 

 

 

 

 

Shareholders' Funds

4,601,443

833.15

493,109

(2,962,435)

(6,626,733)

3,806,263

Share Capital

1,255,450

-7.74

1,360,750

1,455,133

1,410,975

1,502,617

Total Reserves

3,345,993

NA

(867,641)

(4,417,568)

(8,037,708)

2,303,646

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS 

 

 

Company

 

DEC 2011

DEC 2010

DEC 2009

DEC 2008

DEC 2007

Growth %

 

 

 

 

 

Year-on-Year Growth

78.04

35.44

10.12

87.83

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

0.34

0.47

0.76

-2.03

0.58

Return on Equity (%)

90.11

661.80

-130.69

142.67

37.53

Return on Assets (%)

1.47

3.53

4.66

-11.81

3.09

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

60.45

186.35

-29.04

-13.08

11.13

Current Debt/Equity (Times)

60.44

186.22

0.00

0.00

11.11

Long Term Debt To Equity (Times)

0.01

0.13

0.00

0.00

0.01

Total Asset To Total Equity (Times)

61.45

187.35

-28.04

-12.08

12.13

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

4.36

7.50

6.16

5.81

5.36

Fixed Assets Turnover (Times)

4,974.15

1,616.93

2,693.89

3,993.26

1,594.11

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.02

1.00

0.96

0.92

1.09

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 49.44% (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 0.34 per cent in FY11 (FY10: 0.47 per cent). The company is now able to book in SGD - SIN 0.00 of profit for every SGD - SIN of sales in FY11, as compared with SGD - SIN 0.00 a year ago.

 

Liquidity

Current ratio stood at 1.02 times in FY11 (FY10: 1.00 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 60.45 times in FY11, compared with 186.35 times in FY10. This means that the company requires additional external financing of SGD - SIN 60.45 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 90.11 per cent for Subject in the current financial period, as compared to 661.80 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 1.47 per cent (FY10: 3.53 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 4.36 times in FY11 (FY10: 7.50 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.54.48

UK Pound

1

Rs.82.71

Euro

1

Rs.72.23

 

 

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%)

 

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.