|
Report No. : |
357105 |
|
Report Date : |
30.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
XINSHA INTERNATIONAL PTE. LTD. |
|
|
|
|
Formerly Known As : |
SHAGANG (SINGAPORE) PTE. LTD SHAGANG GROUP (SINGAPORE) PTE. LTD |
|
|
|
|
Registered Office : |
3, Church Street, 22-01, Samsung Hub, 049483, |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Date of Incorporation : |
06.05.2006 |
|
|
|
|
Com. Reg. No.: |
200606581-D |
|
|
|
|
Legal Form : |
Exempt Private |
|
|
|
|
Line of Business : |
Subject is engaged in wholesale of steel pipes |
|
|
|
|
No. of Employee : |
20 [2015] |
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 : |
Slow but correct |
|
|
|
|
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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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. Unemployment is very low. The economy depends heavily on exports, particularly of consumer electronics, information technology products, medical and optical devices, pharmaceuticals, and on its vibrant transportation, business, and financial services sectors. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but has continued to grow since 2010 on the strength of renewed exports. Growth in 2014 was slower at 2.9%, largely a result of soft demand for exports amid a sluggish global economy and weak growth in Singapore’s manufacturing sector. The government is attempting to restructure Singapore’s economy by weaning its dependence on foreign labor, addressing weak productivity, and increasing Singaporean wages. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and high-tech hub. Singapore is a member of the 12-nation Trans-Pacific Partnership free trade negotiations, the Regional Comprehensive Economic Partnership negotiations with the nine other ASEAN members plus Australia, China, India, Japan, South Korea and New Zealand, and in 2015, Singapore will form, with the other ASEAN members, the ASEAN Economic Community.
|
Source
: CIA |
XINSHA
INTERNATIONAL PTE. LTD.
|
REGISTRATION
NO. |
: |
200606581-D |
||||
|
COMPANY
NAME |
: |
XINSHA
INTERNATIONAL PTE. LTD. |
||||
|
FORMER
NAME |
: |
SHAGANG
(SINGAPORE) PTE. LTD. (26/07/2010) |
||||
|
INCORPORATION
DATE |
: |
06/05/2006 |
||||
|
COMPANY
STATUS |
: |
EXIST |
||||
|
LEGAL
FORM |
: |
EXEMPT
PRIVATE |
||||
|
LISTED
STATUS |
: |
NO |
||||
|
REGISTERED
ADDRESS |
: |
3,
CHURCH STREET, 22-01, SAMSUNG HUB, 049483, SINGAPORE. |
||||
|
BUSINESS
ADDRESS |
: |
3,
CHURCH STREET, 22-01/02, SAMSUNG HUB, 049483, SINGAPORE. |
||||
|
TEL.NO. |
: |
65-62216896 |
||||
|
FAX.NO. |
: |
65-62219660 |
||||
|
CONTACT
PERSON |
: |
SHEN
WENMING ( DIRECTOR ) |
||||
|
PRINCIPAL
ACTIVITY |
: |
WHOLESALE
OF STEEL PIPES |
||||
|
ISSUED
AND PAID UP CAPITAL |
: |
4,971,960.00
ORDINARY SHARE, OF A VALUE OF SGD 4,971,960.00 |
||||
|
SALES |
: |
N/A |
||||
|
NET
WORTH |
: |
N/A |
||||
|
STAFF
STRENGTH |
: |
20
[2015] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL
CONDITION |
: |
N/A |
||||
|
PAYMENT |
: |
SLOW
BUT CORRECT |
||||
|
MANAGEMENT
CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL
RISK |
: |
N/A |
||||
|
CURRENCY
EXPOSURE |
: |
N/A |
||||
|
GENERAL
REPUTATION |
: |
SATISFACTORY |
||||
|
INDUSTRY
OUTLOOK |
: |
AVERAGE
GROWTH |
||||
The Subject is an exempt private company whose
shares are not held by any corporate body and has no more than 20 shareholders
who are all natural persons. An exempt company is a type of private limited
company. A private limited company is a separate legal entity from its
shareholders. As a separate legal entity, the Subject is capable of owning
assets, entering into contracts, suing or be sued by other companies. An exempt
private company with an annual turnover of less than SGD5 million are exempted
from statutory auditing requirements. Instead of filing audited annual
accounts, the Subject has to file in a document duly signed by its director in
charge of its finance and the company secretary stating that the Subject is
able to meet all its obligations as and when they fall due. The Subject is not
required to have their accounts audited. However, the Subject will prepare
unaudited accounts for purposes of AGMs and filing with Registry Office if it
is unable to meet all its obligations as and when they fall due .
The
Subject is principally engaged in the (as a / as an) wholesale of steel pipes.
Share
Capital History
|
Date |
Issue
& Paid Up Capital |
|
29/12/2015 |
SGD
4,971,960.00 |
The
major shareholder(s) of the Subject are shown as follows :
Current
Shareholder(s) :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
SHEN
WENMING + |
301,
TOWER 1, BUILDING 4, SHAGANG YULECHENG, JINFENG TOWN, ZHANGJIGANG CITY,
JIANGSU PROVINCE, CHINA. |
G22882782 |
4,971,960.00 |
100.00 |
|
--------------- |
------ |
|||
|
4,971,960.00 |
100.00 |
|||
|
============ |
===== |
+
Also Director
The
Subject's interest in other companies (Subsidiaries/Associates) are shown as
follow :
Local
No |
Country |
Company |
Status |
(%) |
As
At |
|
201317017R |
SINGAPORE |
SHENZHOU
INVESTMENT WEALTH PTE. LTD. |
- |
65.52 |
29/12/2015 |
DIRECTOR 1
|
Name
Of Subject |
: |
WANG
ROUCHEN |
|
Address |
: |
687C,
CHOA CHU KANG DRIVE, 13-362, 683687, SINGAPORE. |
|
IC
/ PP No |
: |
S8182566A |
|
Nationality |
: |
SINGAPOREAN |
|
Date
of Appointment |
: |
12/07/2010 |
DIRECTOR
2
|
Name
Of Subject |
: |
GONG
YAN |
|
Address |
: |
30,
PARADISE ISLAND, 098427, SINGAPORE. |
|
IC
/ PP No |
: |
G5101707U |
|
Nationality |
: |
CHINESE |
|
Date
of Appointment |
: |
14/06/2012 |
DIRECTOR
3
|
Name
Of Subject |
: |
SHEN
QIAN |
|
Address |
: |
30,
PARADISE ISLAND, 098427, SINGAPORE. |
|
IC
/ PP No |
: |
G5101852X |
|
Nationality |
: |
CHINESE |
|
Date
of Appointment |
: |
14/06/2012 |
DIRECTOR
4
|
Name
Of Subject |
: |
YANG
CHENG |
|
Address |
: |
30,
PARADISE ISLAND, 098427, SINGAPORE. |
|
IC
/ PP No |
: |
G5101496R |
|
Nationality |
: |
CHINESE |
|
Date
of Appointment |
: |
31/03/2014 |
DIRECTOR
5
|
Name
Of Subject |
: |
SHEN
WENMING |
|
Address |
: |
301,
TOWER 1, BUILDING 4, SHAGANG YULECHENG, JINFENG TOWN, ZHANGJIGANG CITY,
JIANGSU PROVINCE, CHINA. |
|
IC
/ PP No |
: |
G22882782 |
|
Nationality |
: |
CHINESE |
|
Date
of Appointment |
: |
06/05/2006 |
|
1) |
Name
of Subject |
: |
SHEN
WENMING |
|
Position |
: |
DIRECTOR |
|
Auditor |
: |
PRICEWATERHOUSECOOPERS
LLP |
|
Auditor'
Address |
: |
N/A |
|
1) |
Company
Secretary |
: |
MAUREEN
LOW MEI MEI |
|
IC
/ PP No |
: |
S1728235B |
|
|
Address |
: |
139,
LOYANG RISE, 507462, SINGAPORE. |
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
ABN
AMRO BANK N.V. |
|
2) |
Name |
: |
BANK
OF CHINA LIMITED |
|
3) |
Name |
: |
DBS
BANK LTD |
|
4) |
Name |
: |
STANDARD
CHARTERED BANK |
|
5) |
Name |
: |
ING
BANK N.V. |
|
6) |
Name |
: |
UNITED
OVERSEAS BANK LIMITED |
|
7) |
Name |
: |
NATIXIS |
|
Charge
No |
Creation
Date |
Charge
Description |
Chargee
Name |
Total
Charge |
Status |
|
C201009228 |
08/10/2010 |
N/A |
ING
BANK N.V. |
- |
Unsatisfied |
|
C201011638 |
01/12/2010 |
N/A |
ABN
AMRO BANK N.V. |
- |
Unsatisfied |
|
C201101904 |
15/02/2011 |
N/A |
STANDARD
CHARTERED BANK |
- |
Unsatisfied |
|
C201101922 |
15/02/2011 |
N/A |
STANDARD
CHARTERED BANK |
- |
Unsatisfied |
|
C201103267 |
16/03/2011 |
N/A |
DBS
BANK LTD. |
- |
Unsatisfied |
|
C201106689 |
03/06/2011 |
N/A |
BANK
OF CHINA LIMITED |
- |
Unsatisfied |
|
C201203573 |
03/04/2012 |
N/A |
UNITED
OVERSEAS BANK LIMITED |
- |
Unsatisfied |
|
C201203577 |
03/04/2012 |
N/A |
UNITED
OVERSEAS BANK LIMITED |
- |
Unsatisfied |
|
C201203579 |
03/04/2012 |
N/A |
UNITED
OVERSEAS BANK LIMITED |
- |
Unsatisfied |
|
C201316057 |
02/12/2013 |
N/A |
CIMB
BANK BERHAD |
- |
Unsatisfied |
|
C201316064 |
02/12/2013 |
N/A |
CIMB
BANK BERHAD |
- |
Unsatisfied |
|
C201316065 |
02/12/2013 |
N/A |
CIMB
BANK BERHAD |
- |
Unsatisfied |
|
C201404488 |
06/05/2014 |
N/A |
NATIXIS |
- |
Unsatisfied |
|
C201404595 |
08/05/2014 |
N/A |
BANK
OF CHINA LIMITED |
- |
Unsatisfied |
|
C201409365 |
01/09/2014 |
N/A |
THE
BANK OF TOKYOMITSUBISHI UFJ, LTD. SINGAPORE BRANCH |
- |
Unsatisfied |
|
C201411302 |
15/10/2014 |
N/A |
AGRICULTURAL
BANK OF CHINA LIMITED |
- |
Unsatisfied |
|
C201511644 |
09/10/2015 |
N/A |
COOPERATIEVE
CENTRALE RAIFFEISENBOERENLEENBANK B.A. |
- |
Unsatisfied |
* A check has been conducted in our databank againt the Subject whether the subject
has been involved in any litigation.
No legal action was found in our databank.
No winding up petition was found in our databank.
|
SOURCES
OF RAW MATERIALS: |
||
|
Local |
: |
N/A |
|
Overseas |
: |
N/A |
The Subject refused to disclose any information on its suppliers.
|
Local |
: |
N/A |
|
Overseas |
: |
N/A |
The Subject refused to disclose any information on its clientele.
|
Goods
Traded |
: |
STEEL
PIPES |
|
|
Total
Number of Employees: |
|||||||||
|
YEAR |
2015 |
2014 |
|||||||
|
GROUP |
N/A |
N/A |
|||||||
|
COMPANY |
20 |
15 |
|||||||
|
Branch |
: |
NO |
Other
Information:
The Subject is principally engaged in the (as a / as an) wholesale of steel
pipes.
The Subject deals in steel pipes.
Latest
fresh investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
N/A |
|
Current
Telephone Number |
: |
65-62216896 |
|
Match |
: |
N/A |
|
Address
Provided by Client |
: |
3,
CHURCH STREET, #22-01/02 SAMSUNG HUB SINGAPORE 049483 |
|
Current
Address |
: |
3,
CHURCH STREET, 22-01/02, SAMSUNG HUB, 049483, SINGAPORE. |
|
Match |
: |
YES |
|
|
||
Other
Investigations
We contacted one of the staff from the Subject and she provided some
information.
|
The
Subject is a private exempt company which does not need to file in its accounts
with the Registrar of Companies for the information of the public. Therefore,
we are not able to comment on the Subject's financial performance. |
||||||
|
Overall
financial condition of the Subject : N/A |
||||||
|
Major
Economic Indicators : |
2010 |
2011 |
2012 |
2013 |
2014 |
|
|
|||||
|
Population
(Million) |
5.08 |
5.18 |
5.31 |
5.40 |
5.47 |
|
Gross
Domestic Products ( % ) |
14.5 |
4.9 |
1.3 |
3.7 |
(3.5) |
|
Consumer
Price Index |
2.8 |
5.2 |
4.6 |
2.4 |
2.4 |
|
Total
Imports (Million) |
423,221.8 |
459,655.1 |
474,554.0 |
466,762.0 |
463,779.1 |
|
Total
Exports (Million) |
478,840.7 |
514,741.2 |
510,329.0 |
513,391.0 |
518,922.7 |
|
|
|||||
|
Unemployment
Rate (%) |
2.2 |
2.1 |
2.0 |
1.9 |
1.9 |
|
Tourist
Arrival (Million) |
11.64 |
13.17 |
14.49 |
15.46 |
15.01 |
|
Hotel
Occupancy Rate (%) |
85.6 |
86.5 |
86.4 |
86.3 |
85.5 |
|
Cellular
Phone Subscriber (Million) |
1.43 |
1.50 |
1.52 |
1.97 |
1.98 |
|
|
|||||
|
Registration
of New Companies (No.) |
29,798 |
32,317 |
31,892 |
37,288 |
41,589 |
|
Registration
of New Companies (%) |
12.8 |
8.5 |
(1.3) |
9.8 |
11.5 |
|
Liquidation
of Companies (No.) |
15,126 |
19,005 |
17,218 |
17,369 |
18,767 |
|
Liquidation
of Companies (%) |
(32.5) |
25.6 |
9.4 |
(5.3) |
8.0 |
|
|
|||||
|
Registration
of New Businesses (No.) |
23,978 |
23,494 |
24,788 |
22,893 |
35,773 |
|
Registration
of New Businesses (%) |
(10.78) |
2.02 |
5.51 |
1.70 |
56.30 |
|
Liquidation
of Businesses (No.) |
24,211 |
23,005 |
22,489 |
22,598 |
22,098 |
|
Liquidation
of Businesses (%) |
2.8 |
(5) |
(2.2) |
0.5 |
(2.2) |
|
|
|||||
|
Bankruptcy
Orders (No.) |
1,537 |
1,527 |
1,748 |
1,992 |
1,757 |
|
Bankruptcy
Orders (%) |
(25.3) |
(0.7) |
14.5 |
14.0 |
(11.8) |
|
Bankruptcy
Discharges (No.) |
2,252 |
1,391 |
1,881 |
2,584 |
3,546 |
|
Bankruptcy
Discharges (%) |
(26.3) |
(38.2) |
35.2 |
37.4 |
37.2 |
|
|
|||||
|
INDUSTRIES
( % of Growth ) : |
|||||
|
Agriculture |
|||||
|
Production
of Principal Crops |
(0.48) |
4.25 |
3.64 |
- |
|
|
Fish
Supply & Wholesale |
(10.5) |
12.10 |
(0.5) |
- |
2.80 |
|
|
|||||
|
Manufacturing
* |
92.8 |
100.0 |
100.3 |
102.0 |
|
|
Food,
Beverages & Tobacco |
96.4 |
100.0 |
103.5 |
103.5 |
105.0 |
|
Textiles |
122.1 |
100.0 |
104.0 |
87.1 |
74.9 |
|
Wearing
Apparel |
123.3 |
100.0 |
92.1 |
77.8 |
49.5 |
|
Leather
Products & Footwear |
81.8 |
100.0 |
98.6 |
109.8 |
95.9 |
|
Wood
& Wood Products |
104.0 |
100.0 |
95.5 |
107.4 |
112.0 |
|
Paper
& Paper Products |
106.1 |
100.0 |
97.4 |
103.2 |
103.4 |
|
Printing
& Media |
103.5 |
100.0 |
93.0 |
86.1 |
80.3 |
|
Crude
Oil Refineries |
95.6 |
100.0 |
99.4 |
93.5 |
85.6 |
|
Chemical
& Chemical Products |
97.6 |
100.0 |
100.5 |
104.1 |
114.0 |
|
Pharmaceutical
Products |
75.3 |
100.0 |
109.7 |
107.2 |
115.7 |
|
Rubber
& Plastic Products |
112.3 |
100.0 |
96.5 |
92.9 |
92.8 |
|
Non-metallic
Mineral |
92.5 |
100.0 |
98.2 |
97.6 |
82.2 |
|
Basic
Metals |
102.2 |
100.0 |
90.6 |
76.5 |
98.3 |
|
Fabricated
Metal Products |
103.6 |
100.0 |
104.3 |
105.1 |
105.1 |
|
Machinery
& Equipment |
78.5 |
100.0 |
112.9 |
114.5 |
124.0 |
|
Electrical
Machinery |
124.1 |
100.0 |
99.3 |
108.5 |
121.3 |
|
Electronic
Components |
113.6 |
100.0 |
90.6 |
94.3 |
95.0 |
|
Transport
Equipment |
94.0 |
100.0 |
106.3 |
107.5 |
103.2 |
|
|
|||||
|
Construction |
14.20 |
20.50 |
28.70 |
- |
22.00 |
|
Real
Estate |
21.3 |
25.4 |
31.9 |
- |
145.1 |
|
|
|||||
|
Services |
|||||
|
Electricity,
Gas & Water |
4.00 |
7.00 |
6.30 |
- |
|
|
Transport,
Storage & Communication |
12.80 |
7.40 |
5.30 |
- |
14.20 |
|
Finance
& Insurance |
(0.4) |
8.90 |
0.50 |
- |
6.00 |
|
Government
Services |
9.70 |
6.90 |
6.00 |
- |
|
|
Education
Services |
(0.9) |
(1.4) |
0.30 |
- |
5.98 |
|
|
|||||
|
*
Based on Index of Industrial Production (2011 = 100) |
|
INDUSTRY
: |
TRADING |
|
The wholesale and retail trade sectors have
expanded by 2.0% in the third quarter of 2014, extending the 1.8 per cent growth
in the previous quarter. In 2013, the wholesale and retail sector expanded by
5.0%, after declining by 1.4% the year before. Growth of the sector was
driven by the wholesale trade segment. |
|
|
The domestic wholesale trade index has increased
by 3.2% in the fourth quarter of 2013, moderating from the 6.6% growth in the
previous quarter. The slower growth was due to a decline in the sales of
furniture and household equipment (-12%) and petroleum and petroleum products
(-0.6%). For the full year, the domestic wholesale trade index grew by 5.2%
reversing the 2.2% decline in 2012. On the other hand, the foreign wholesale
trade index has increased by a slower pace of 5.6% in the fourth quarter,
compared to the 7.7% expansion in the preceding quarter. The slowdown was due
to a fall in the sales of telecommunication equipment and computer (-3.8%)
and petroleum and petroleum products (-2.5%). For the full year, the growth
of the foreign wholesale trade index moderated slightly to 8.6% from 9.1% in
the previous year. |
|
|
In the fourth quarter of 2013, retail sales
volume fell by 6.2%, extending the 5.6% decline in the previous quarter.
Excluding motor vehicles, retail sales volume increased by 0.4%, a slower
pace of expansion as compared to the 1.6% gain in the preceding quarter. The
sales volume of motor vehicles fell by 33% in the fourth quarter of 2013,
extending the 32% decline in the previous quarter. Meanwhile, the sales of
several discretionary items also fell in the fourth quarter of 2013. For
instance, the sales of telecommunications apparatus and computers fell by
12%, while the sales of furniture and household equipment declined by 5.4%. |
|
|
For the full year, retail sales volume contracted
by 4.3%, a reversal from the 1.3% expansion in 2012. Excluding motor vehicle
sales, the retail sales volume grew by 1.1% in 2013, slower than the 1.7%
increase in 2012. Watches and jewellery recorded the largest increase (11%)
in sales in 2013, followed by optical goods and book (3%) and medical goods
and toiletries (3%). By contrast, the sales of telecommunications apparatus
and computer (-7.3%), furniture and household equipment (-4.2%) and petrol
service stations (-1.4) declined in 2013. |
|
|
OVERALL
INDUSTRY OUTLOOK : AVERAGE GROWTH |
|
|
Incorporated in 2006, the Subject is an
Exempt Private company, focusing on wholesale of steel pipes. Having been in the
industry for over a decade, the Subject has achieved a certain market share
and has built up a satisfactory reputation in the market. It should have
received supports from its regular customers. A paid up capital of SGD
4,971,960 allows the Subject to expand its business more comfortably.
However, the Subject does not have strong shareholders’ backing. Without a
strong shareholders' backing, the opportunity of the Subject to expand its
business is limited.
|
|
|
FINANCIAL
ACCOUNT
No latest financial accounts are available at the Registry Office.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.37 |
|
|
1 |
Rs.98.91 |
|
Euro |
1 |
Rs.72.85 |
|
SGD |
1 |
Rs. 46.96 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
ASH |
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.