MIRA INFORM REPORT

 

 

Report No. :

346258

Report Date :

24.10.2015

 

IDENTIFICATION DETAILS

 

Name :

CENTURY STEEL PTE. LTD.

 

 

Registered Office :

60, Paya Lebar Road, 13-20, Paya Lebar Square, 409051

 

 

Country :

Singapore

 

 

Date of Incorporation :

23.01.2008

 

 

Com. Reg. No.:

200801779-M

 

 

Legal Form :

Exempt Private

 

 

Line of Business :

Trading of stainless steel

 

 

No. of Employees :

10 [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 :

Unknown

 

 

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

 

EXECUTIVE SUMMARY

 

REGISTRATION NO.

:

200801779-M

COMPANY NAME

:

CENTURY STEEL PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

23/01/2008

COMPANY STATUS

:

EXIST

LEGAL FORM

:

EXEMPT PRIVATE

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

60, PAYA LEBAR ROAD, 13-20, PAYA LEBAR SQUARE, 409051, SINGAPORE.

BUSINESS ADDRESS

:

60 PAYA LEBAR ROAD, 13-20 PAYAR LEBAR SQUARE, 409051, SINGAPORE.

TEL.NO.

:

65-62277112

FAX.NO.

:

65-63849304

EMAIL

:

CENTURYSTEEL@PACIFIC.NET.SG

WEB SITE

:

WWW.CENTURYSTEEL.SG

CONTACT PERSON

:

RAJKUMAR P JAISING ( DIRECTOR )

INDUSTRY CODE

:

N/A

PRINCIPAL ACTIVITY

:

TRADING OF STAINLESS STEEL

ISSUED AND PAID UP CAPITAL

:

1,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 1,000,000.00 

SALES

:

N/A

NET WORTH

:

N/A

STAFF STRENGTH

:

10 [2015]

BANKER (S)

:

OVERSEA-CHINESE BANKING CORPORATION LTD
CITIBANK N.A.
OVERSEA-CHINESE BANKING CORPORATION LIMITED

LITIGATION

:

FINANCIAL CONDITION

:

N/A

PAYMENT

:

N/A

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

MODERATE

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

 

 

HISTORY / BACKGROUND

 

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 .

 

Former Address(es)

 

Address

As At Date

8, EU TONG SEN STREE , 14-92, THE CENTRAL, 059818

22/10/2015



Share Capital History

 

Date

Issue & Paid Up Capital

Oct 2015

SGD 1,000,000.00

 

The major shareholder(s) of the Subject are shown as follows :


Current Shareholder(s) :

Name

Address

IC/PP/Loc No

Shareholding

(%)

SURAJKUMAR RAJKUMAR JAISING +

5, RHU CROSS, 05-17, COSTA RHU, 437434, SINGAPORE.

S7177935A

400,000.00

40.00

RAJKUMAR P JAISING +

152, HAIG ROAD, 10-06, HAIG COURT, 438794, SINGAPORE.

S2745077F

300,000.00

30.00

AMRITA JAISING +

5, RHU CROSS, 05-17, COSTA RHU, 437434, SINGAPORE.

S7871875G

300,000.00

30.00

---------------

------

1,000,000.00

100.00

============

=====

+ Also Director

 

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

RAJKUMAR P JAISING

Address

:

152, HAIG ROAD, 10-06, HAIG COURT, 438794, SINGAPORE.

IC / PP No

:

S2745077F

Nationality

:

SINGAPOREAN

Date of Appointment

:

23/01/2008

 

DIRECTOR 2

 

Name Of Subject

:

AMRITA JAISING

Address

:

5, RHU CROSS, 05-17, COSTA RHU, 437434, SINGAPORE.

IC / PP No

:

S7871875G

Nationality

:

SINGAPOREAN

Date of Appointment

:

23/01/2008

 

DIRECTOR 3

 

Name Of Subject

:

SURAJKUMAR RAJKUMAR JAISING

Address

:

5, RHU CROSS, 05-17, COSTA RHU, 437434, SINGAPORE.

IC / PP No

:

S7177935A

Nationality

:

SINGAPOREAN

Date of Appointment

:

23/01/2008

 

 

MANAGEMENT

 

1)

Name of Subject

:

RAJKUMAR P JAISING

Position

:

DIRECTOR

 

 

AUDITOR

 

Auditor

:

NATARAJAN & SWAMINATHAN

Auditor' Address

:

N/A

COMPANY SECRETARIES

 

No company secretary was found in our databank. 

 

 

BANKING

 

Banking relations are maintained principally with :

1)

Name

:

OVERSEA-CHINESE BANKING CORPORATION LTD

 

2)

Name

:

CITIBANK N.A.

 

3)

Name

:

OVERSEA-CHINESE BANKING CORPORATION LIMITED

 

 

ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

C200804896

28/05/2008

N/A

DBS BANK LTD.

-

Unsatisfied

C200804901

29/05/2008

N/A

DBS BANK LTD.

-

Unsatisfied

C200807924

25/08/2008

N/A

OVERSEA-CHINESE BANKING CORPORATION LIMITED

-

Unsatisfied

C201007255

18/08/2010

N/A

OVERSEA-CHINESE BANKING CORPORATION LIMITED

-

Unsatisfied

C201303571

06/03/2013

N/A

CITIBANK N.A.

-

Unsatisfied

C201314110

18/10/2013

N/A

AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED

-

Unsatisfied

C201314113

18/10/2013

N/A

AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED

-

Unsatisfied

C201409674

08/09/2014

N/A

DBS BANK LTD.

-

Unsatisfied

C201500368

09/01/2015

N/A

CITINAMK N.A

-

Unsatisfied

C201501701

04/02/2015

N/A

OVERSEA-CHINESE BANKING CORPORATION LIMITED

-

Unsatisfied

LITIGATION CHECK AGAINST SUBJECT

 

No legal action was found in our affiliate's company databank.


No winding up petition was found in our affiliate's company databank.

 

 

PAYMENT RECORD

 

The Subject refused to disclose its suppliers. 

 

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Export Market

:

INDIA

Credit Term

:

N/A

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

OPERATIONS

 

Goods Traded

:

STAINLESS STEEL

 

Total Number of Employees:

 

YEAR

2015

2014

2013

GROUP

N/A

N/A

N/A

COMPANY

10

21

21

 

Branch

:

Other Information:


The Subject is principally engaged in the (as a / as an) trading of stainless steel. 


The Subject engages in the following activities: 


* trading companies for stainless steel 

* stockist-distributor-processor of stainless steel flat products

* wholesale trade, importers and exporters 


The Subject is a member of the following entities: 

* Singapore indian chamber of commerce & industry 

 

 

CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-62277112

Match

:

N/A

Address Provided by Client

:

NO. 14-92 THE CENTRAL, OFFICE 1, 8 EU TONG SEN STREET SINGAPORE - 058818

Current Address

:

60 PAYA LEBAR ROAD, 13-20 PAYAR LEBAR SQUARE, 409051, SINGAPORE.

Match

:

NO


We have contacted the Subject's Accountant and its Company Secretary for the latest financial accounts. However they have rejected our request in view of the confidentiality of the documents.

 

Other Investigations


We contacted one of the staff from the and she provided some information.


The Subject had shifted from the address provided.

 

 

FINANCIAL ANALYSIS

 

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

 

 

INDUSTRY ANALYSIS

 

No comment found in our databank. 

 

CREDIT RISK EVALUATION & RECOMMENDATION

 

Incorporated in 2008, the Subject is an Exempt Private company, focusing on trading of stainless steel. Having been in business for more than 5 years, the Subject has established a remarkable clientele base for itself which has contributed to its business growth. A paid up capital of SGD 1,000,000 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. 


Over the years, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. Being a small company, the Subject's business operation is supported by 10 employees. Overall, we regard that the Subject's management capability is average. This indicates that the Subject has greater potential to improve its business performance and raising income for the Subject. 

As the Subject is registered as an Exempt Private company, it is not required to file financial statements for public review. As such, we are unable to ascertain its present financial health. 

 

The industry shows an upward trend and this trend is very likely to sustain in the near terms. 


In view of the above, we only recommend credit be proceeded to the Subject with guarantee.

 

 

FINANCIAL ACCOUNT

 

No latest financial accounts are available at the Registry Office. 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.64.88

UK Pound

1

Rs.99.88

Euro

1

Rs.72.06

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

DPT

 

               

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.