MIRA
INFORM REPORT
|
Report Date : |
27.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
BAOSTEEL SINGAPORE PTE LTD |
|
|
|
|
Registered Office : |
7 Temasek Boulevard #40-02/03 Suntec Tower One Singapore 038987 |
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Country : |
Singapore |
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Financials (as on) : |
December 2012 |
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Date of Incorporation : |
25.02.1997 |
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Com. Reg. No.: |
199701206Z |
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Legal Form : |
Limited Private Company |
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Line of Business : |
Bank/Financial Holding Companies |
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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 : |
Good |
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Payment Behaviour : |
Regular |
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|
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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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Singapore |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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 0.8% in 2009 as a
result of the global financial crisis, but rebounded 14.8% in 2010, on the strength
of renewed exports, before slowing to 5.2% in 2011 and 1.3% in 2012, largely a
result of soft demand for exports during the second European recession. Over
the longer term, the government hopes to establish a new growth path that
focuses on raising productivity, which has sunk to an average of about 1.0% 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: |
|
BAOSTEEL SINGAPORE PTE LTD |
199701206Z |
|
Date Incorporated: |
Registered Office: |
Telephone Number: |
|
25/02/1997 |
7 TEMASEK BOULEVARD #40-02/03 SUNTEC TOWER ONE SINGAPORE 038987 |
6333 6818 |
|
Age of Company: |
Website: |
Industry Type: |
|
16 |
www.baosteel.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): |
|
|
Industry DTC |
|
|
|
23 |
||
|
Directors |
|
Corporate
Structure |
||
|
Number of
Current Directors |
2 |
Holding Company: |
BAOSHAN IRON & STEEL CO., LTD. |
|
|
Number that are
shareholders |
1 |
No. of
Subsidiaries & Associated Companies: |
NA |
|
Company
Name
BAOSTEEL SINGAPORE PTE LTD
EXECUTIVE SUMMARY
SHAREHOLDER DETAILS
|
: |
BAOSHAN IRON & STEEL CO., LTD. |
|
|
SHAREHOLDER ID |
: |
T10UF4045C |
|
NATIONALITY |
: |
CHINA |
|
ADDRESS |
: |
NO. 885, FUJIN ROAD, BAOSHAN DISTRICT, SHANGHAI 201900 P.R.C |
|
NO. OF ORD SHARES |
: |
1,419,036 |
|
% OF SHAREHOLDING |
: |
100% |
|
CURRENCY |
: |
SINGAPORE, DOLLARS |
OFFICER DETAILS
|
: |
QIU
CHENGZHI |
|
|
ADDRESS |
: |
62
BAYSHORE ROAD #08-03 PEARL TOWER SINGAPORE 469983 |
|
POSITION |
: |
DIRECTOR MANAGING
DIRECTOR |
|
DATE OF APPT |
: |
25/02/1997 13/03/1997 |
|
NATIONALITY |
: |
CHINESE |
|
I/C PASSPORT |
: |
F5522963P |
|
|
||
|
NAME |
: |
HUANG
WEILIANG |
|
ADDRESS |
: |
3509
TONG JI ROAD BAOSHAN DISTRICT 201900 SHANGHAI, CHINA |
|
POSITION |
: |
DIRECTOR |
|
DATE OF APPT |
: |
09/04/2008 |
|
NATIONALITY |
: |
CHINESE |
|
I/C PASSPORT |
: |
P01390765 |
|
|
||
|
NAME |
: |
TEO
HUI YONG |
|
ADDRESS |
: |
28
KIM TIAN ROAD #35-08 TWIN REGENCY SINGAPORE 169278 |
|
POSITION |
: |
SECRETARY |
|
DATE OF APPT |
: |
16/06/2006 |
|
NATIONALITY |
: |
SINGAPORE
CITIZEN |
|
I/C PASSPORT |
: |
S0214050J |
KEY PERSONNEL PROFILE
|
QIU CHENGZHI |
|
|
NRIC Number: |
F5522963P |
|
Available Address: |
62 BAYSHORE ROAD #08-03 PEARL
TOWER SINGAPORE 469983 |
Current Business Interest
|
No. |
Name |
Position |
Appt Date |
#of Share |
% |
|
BAOSTEEL SINGAPORE PTE LTD |
MANAGING DIRECTOR |
13/03/1997 |
- |
NA |
|
|
2 |
BAOSTEEL SINGAPORE PTE LTD |
DIRECTOR |
25/02/1997 |
- |
NA |
|
3 |
FORTUNE BS COMPANY PTE. LTD. |
DIRECTOR |
02/09/2009 |
- |
NA |
Previous Business
|
No. |
Name |
Status |
Position |
Appt Date |
Last Known Inactive Date |
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||
Bankruptcy Record
|
Case
No. |
Year |
Date
of Filing |
Petitioner
Name |
Amount |
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|
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Litigation Search – Writ of Summons
|
Court |
Case No. |
Transfer |
Year |
Date
of Filing |
Amount |
Cause
Category |
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SUBSIDIARIES AND ASSOCIATE
COMPANIES
|
Company |
Shareholdings (%) |
|
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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
there have been 1
litigation suits filed against Subject.
The details are as follows:
|
Court |
: |
District
Court |
|
|
|
Case
No. |
: |
4421 |
|
|
Transfer |
: |
- |
|
|
Date
of Filing |
: |
18/12/2009 |
|
|
Amount
|
: |
SGD
2,084.00 SGD
320.00 SGD
5,000.00 |
|
|
Cause |
: |
Tort
- Negligence (Motor Accidents With Injury) |
|
|
Case
Status |
: |
CONCLUDED |
|
|
Plaintiff |
: |
DANIEL
TAN YU MENG |
|
|
Last
Update Date |
: |
10/10/2011 |
COMPLIANCE
|
Date of Last AGM |
: |
|
|
Date of Last AR |
: |
05/06/2013 |
|
Date of A/C Laid At Last AGM |
: |
31/12/2012 |
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 |
||||||
|
|
DEC 2012 |
% Change |
DEC 2011 |
DEC 2010 |
DEC 2009 |
DEC 2008 |
|
Currency |
SINGAPORE,
DOLLARS |
|
SINGAPORE,
DOLLARS |
SINGAPORE,
DOLLARS |
SINGAPORE,
DOLLARS |
SINGAPORE,
DOLLARS |
|
Profit and Loss Key Figures |
|
|
|
|
|
|
|
931,198,324 |
NA |
0 |
0 |
0 |
0 |
|
|
Profit/(Loss) Before Tax |
17,010,342 |
NA |
0 |
0 |
0 |
0 |
|
Profit After Tax attributable to Shareholders |
15,587,538 |
NA |
0 |
0 |
0 |
0 |
|
|
|
|
|
|
|
|
|
Balance Sheet Key Figures |
|
|
|
|
|
|
|
Total Assets |
273,179,932 |
NA |
0 |
0 |
0 |
0 |
|
Current Assets |
254,995,208 |
NA |
0 |
0 |
0 |
0 |
|
Non Current Assets |
18,184,723 |
NA |
0 |
0 |
0 |
0 |
|
|
|
|
|
|
|
|
|
Total Liabilities |
146,375,808 |
NA |
0 |
0 |
0 |
0 |
|
Current Liabilities |
146,324,711 |
NA |
0 |
0 |
0 |
0 |
|
Non Current Liabilities |
51,097 |
NA |
0 |
0 |
0 |
0 |
|
|
|
|
|
|
|
|
|
Shareholders' Funds |
126,804,124 |
NA |
0 |
0 |
0 |
0 |
|
Share Capital |
1,221,375 |
NA |
0 |
0 |
0 |
0 |
|
Total Reserves |
125,582,749 |
NA |
0 |
0 |
0 |
0 |
FINANCIAL
RATIOS
FINANCIAL
HIGHLIGHTS
|
Financial Figures |
||||||
|
|
DEC 2012 |
% Change |
DEC 2011 |
DEC 2010 |
DEC 2009 |
DEC 2008 |
|
Currency |
SINGAPORE,
DOLLARS |
|
SGD - SIN |
SGD - SIN |
SGD - SIN |
SGD - SIN |
|
Profit and Loss Key Figures |
|
|
|
|
|
|
|
* |
-100.00 |
843,870,388 |
667,036,403 |
429,404,373 |
827,490,665 |
|
|
Profit/(Loss) Before Tax |
* |
-100.00 |
21,407,832 |
19,089,700 |
14,125,529 |
28,071,070 |
|
Profit After Tax attributable to
Shareholders |
* |
-100.00 |
19,776,520 |
17,928,518 |
13,189,656 |
24,785,229 |
|
|
|
|
|
|
|
|
|
Balance Sheet Key Figures |
|
|
|
|
|
|
|
Total Assets |
273,179,932 |
90.91 |
143,089,942 |
127,921,812 |
112,440,740 |
114,700,960 |
|
Current Assets |
249,254,868 |
87.32 |
133,066,869 |
122,289,417 |
106,320,333 |
108,313,046 |
|
Non Current Assets |
23,925,064 |
138.70 |
10,023,073 |
5,632,395 |
6,120,407 |
6,387,914 |
|
|
|
|
|
|
|
|
|
Total Liabilities |
146,375,808 |
371.32 |
31,056,833 |
27,927,266 |
24,682,529 |
42,395,290 |
|
Current Liabilities |
146,324,711 |
371.93 |
31,005,361 |
27,871,477 |
24,622,870 |
42,337,441 |
|
Non Current Liabilities |
51,097 |
-0.73 |
51,472 |
55,789 |
59,659 |
57,849 |
|
|
|
|
|
|
|
|
|
Shareholders' Funds |
126,804,124 |
13.18 |
112,033,109 |
99,994,546 |
87,758,211 |
72,305,671 |
|
Share Capital |
1,221,375 |
-0.73 |
1,230,342 |
1,333,536 |
1,426,032 |
1,382,757 |
|
Total Reserves |
125,582,749 |
13.34 |
110,802,767 |
98,661,010 |
86,332,179 |
70,922,914 |
|
|
|
|
|
|
|
|
* As per Companies Act, section 201 Accounts, Consolidated
accounts and directors report, sub-section 3A.
FINANCIAL RATIOS
|
|
|||||
|
|
DEC
2012 |
DEC
2011 |
DEC
2010 |
DEC
2009 |
DEC
2008 |
|
Growth % |
|
|
|
|
|
|
-100.00 |
26.51 |
55.34 |
-48.11 |
NA |
|
|
|
|
|
|
|
|
|
Profitability |
|
|
|
|
|
|
Profit Margin (%) |
0.00 |
2.34 |
2.69 |
3.07 |
3.00 |
|
Return on Equity (%) |
0.00 |
17.65 |
17.93 |
15.03 |
34.28 |
|
Return on Assets (%) |
0.00 |
13.82 |
14.02 |
11.73 |
21.61 |
|
|
|
|
|
|
|
|
Leverage |
|
|
|
|
|
|
Total Debt/Equity (Times) |
1.15 |
0.28 |
0.28 |
0.28 |
0.59 |
|
Current Debt/Equity (Times) |
1.15 |
0.28 |
0.28 |
0.28 |
0.59 |
|
Long Term Debt To Equity (Times) |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Total Asset To Total Equity (Times) |
2.15 |
1.28 |
1.28 |
1.28 |
1.59 |
|
|
|
|
|
|
|
|
Asset Management |
|
|
|
|
|
|
Total Assets Turnover (Times) |
0.00 |
5.90 |
5.21 |
3.82 |
7.21 |
|
Fixed Assets Turnover (Times) |
0.00 |
84.19 |
118.43 |
70.16 |
129.54 |
|
|
|
|
|
|
|
|
Liquidity |
|
|
|
|
|
|
Current Ratio (Times) |
1.70 |
4.29 |
4.39 |
4.32 |
2.56 |
FINANCIAL COMMENTARY
Profitability
The group yielded a rate of net
profit on sales of 1.67 per cent in FY12. The group is now able to book in
SINGAPORE, DOLLARS 0.02 of profit for every SINGAPORE, DOLLARS of sales.
Liquidity
Current ratio stood at 1.74 times in FY12.
This means that the group has SINGAPORE, DOLLARS 1.74 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 1.15 times in FY12. This means that the group requires additional
external financing of SINGAPORE, DOLLARS 1.15 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 12.29 per cent for Subject in the current financial
period. 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 5.71 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 3.41 times in FY12. This ratio
measures the group'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.59.85 |
|
UK Pound |
1 |
Rs.92.31 |
|
Euro |
1 |
Rs.78.23 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.