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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

516411

Report Date :

26.06.2018

 

IDENTIFICATION DETAILS

 

Name :

RESOURCE STEEL (S) PTE. LTD.

 

 

Registered Office :

7, Temasek Boulevard, 14-02, Suntec Tower One, 038987

 

 

Country :

Singapore

 

 

Date of Incorporation :

23.03.2018

 

 

Legal Form :

Exempt Private (Limited By Share)

 

 

Line of Business :

The Subject is principally engaged in the trading of steel products.

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

NB

 

Credit Rating

Explanation

Rating Comments

NB

New Business

No recommendation can be done due to business in infancy stage

 

Status :

New Business

 

 

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

 

Country Name

Previous Rating

(31.12.2017)

Current Rating

(01.04.2018)

Singapore

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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 electronics, petroleum products, chemicals, medical and optical devices, pharmaceuticals, and on Singapore’s 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. Growth from 2012-2017 was slower than during the previous decade, a result of slowing structural growth - as Singapore reached high-income levels - and soft global demand for exports. Growth recovered to 3.6% in 2017 with a strengthening global economy.

 

The government is attempting to restructure Singapore’s economy to reduce its dependence on foreign labor, raise productivity growth, and increase wages amid slowing labor force growth and an aging population. Singapore has attracted major investments in advanced manufacturing, pharmaceuticals, and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and technology hub. Singapore is a signatory of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and a party to the Regional Comprehensive Economic Partnership (RCEP) negotiations with nine other ASEAN members plus Australia, China, India, Japan, South Korea, and New Zealand. In 2015, Singapore formed, with the other ASEAN members, the ASEAN Economic Community.

 

Source : CIA

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

201810106K

COMPANY NAME

:

RESOURCE STEEL (S) PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

23/03/2018

COMPANY STATUS

:

EXIST

LEGAL FORM

:

EXEMPT PRIVATE (LIMITED BY SHARE)

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

TEMASEK BOULEVARD, 038987, SINGAPORE.

BUSINESS ADDRESS

:

7, TEMASEK BOULEVARD, 14-02, SUNTEC TOWER ONE, 038987, SINGAPORE.

TEL.NO.

:

65-68846260

FAX.NO.

:

65-68849285

CONTACT PERSON

:

YANG HUILIAN ( DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF STEEL PRODUCTS

ISSUED AND PAID UP CAPITAL

:

100.00 ORDINARY SHARE, OF A VALUE OF SGD 100.00 

SALES

:

N/A

NET WORTH

:

N/A

STAFF STRENGTH

:

N/A

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

N/A

PAYMENT

:

UNKNOWN

MANAGEMENT CAPABILITY

:

WEAK

COMMERCIAL RISK

:

N/A

CURRENCY EXPOSURE

:

N/A

GENERAL REPUTATION

:

NOT YET DETERMINED

INDUSTRY OUTLOOK

:

MARGINAL 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 ≤ SGD10 million, or total assets ≤ SGD10 million or number of employees ≤ 50 (meet at least 2 criteria for immediate past two financial years) are exempted from statutory auditing requirements. 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.

 

An exempt private company with an annual turnover of more than SGD10 million, or total assets more than SGD10 million or number of employees more than 50 (meet at least 2 criteria for immediate past two financial years) are required to file the audited financial.

 

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

 

Share Capital History

Date

Issue & Paid Up Capital

01/06/2018

SGD 100.00

 

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


Current Shareholder(s) :

 

Name

Address

IC/PP/Loc No

Shareholding

(%)

YANG HUILIAN +

966, DUNEARN ROAD, 07-13, JARDIN, 589488, SINGAPORE.

S8069332Z

60.00

60.00

WANG JIANHUI +

966, DUNEARN ROAD, 07-13, JARDIN, 589488, SINGAPORE.

S7987041B

40.00

40.00

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

------

100.00

100.00

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

=====

+ Also Director



DIRECTORS

DIRECTOR 1

 

Name of Subject

:

WANG JIANHUI

Address

:

966, DUNEARN ROAD, 07-13, JARDIN, 589488, SINGAPORE.

IC / PP No

:

S7987041B

Nationality

:

CHINESE

Date of Appointment

:

23/03/2018



INTEREST CHECK

Interest in companies

:

see below

Interest in business

:

none in our databank

Former interest

:

none in our databank

 

INTEREST IN COMPANY

 

No

Local No

Company

Designation

App Date

Shareholding

Profit/(loss) After Tax

Financial Year

Status

As At

No.

%

1

201318996N

EVER GLORY INTERNATIONAL TRADING SINGAPORE PTE. LTD.

Director

12/07/2013

3,000,000.00

60.00

-

-

-

28/12/2016

2

201810106K

RESOURCE STEEL (S) PTE. LTD.

Director

23/03/2018

40.00

40.00

-

-

-

01/06/2018

 

 

DIRECTOR 2

 

Name of Subject

:

YANG HUILIAN

Address

:

966, DUNEARN ROAD, 07-13, JARDIN, 589488, SINGAPORE.

IC / PP No

:

S8069332Z

Nationality

:

CHINESE

Date of Appointment

:

23/03/2018



INTEREST CHECK

Interest in companies

:

see below

Interest in business

:

none in our databank

Former interest

:

none in our databank

 

INTEREST IN COMPANY

 

No

Local No

Company

Designation

App Date

Shareholding

Profit/(loss) After Tax

Financial Year

Status

As At

No.

%

1

201318996N

EVER GLORY INTERNATIONAL TRADING SINGAPORE PTE. LTD.

Director

12/07/2013

2,000,000.00

40.00

-

-

-

28/12/2016

2

201810106K

RESOURCE STEEL (S) PTE. LTD.

Director

23/03/2018

60.00

60.00

-

-

-

01/06/2018

3

201325966E

UNIFIVE INDUSTRIAL PTE. LTD.

Director

28/08/2014

0.00

-

-

-

-

27/04/2018

 


MANAGEMENT

 

 

 

1)

Name of Subject

:

YANG HUILIAN

Position

:

DIRECTOR

 

 

AUDITOR

 


No Auditor found in our databank 


COMPANY SECRETARIES

 

1)

Company Secretary

:

NG SWEE KENG

IC / PP No

:

S0169492H

Address

:

602, ANG MO KIO AVENUE 5, 05-2655, YIO CHU KANG GREEN, 560602, SINGAPORE.

Date of Appointment

:

23/03/2018

 

 

BANKING


No Banker found in our databank. 


ENCUMBRANCE (S)


No encumbrance was found in our databank at the time of investigation. 

 

CIVIL LITIGATION CHECK - SUBJECT COMPANY AS A DEFENDANT


* A check has been conducted in our databank against 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.


PAYMENT RECORD

 

 

SOURCES OF RAW MATERIALS:

Local

:

N/A

Overseas

:

N/A


The staff from the registered office refused to disclose the Subject's suppliers. 

 

CLIENTELE

 

Local

:

N/A

Overseas

:

N/A


The staff from the registered office refused to disclose the Subject's clientele. 

 

OPERATIONS

 

Goods Traded

:

STEEL PRODUCTS

 

Branch

:

NO

 

Other Information:


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

The staff from the Subject's registered office refused to reveal any information on the Subject's business operation. 


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-68846260

Match

:

N/A

Address Provided by Client

:

7 TEMASEK BOULEVARD # 14-02 SUNTEC TOWER ONE 038987 SINGAPORE

Current Address

:

7, TEMASEK BOULEVARD, 14-02, SUNTEC TOWER ONE, 038987, SINGAPORE.

Match

:

YES

 

Other Investigations


We have contacted one of the staff from the Subject's registered office and she only provided limited information.

She refused to disclose the Subject's number of employees and bankers information.


FINANCIAL ANALYSIS

 

 

An exempt private company with an annual turnover of ≤ SGD10 million, or total assets ≤ SGD10 million or number of employees ≤ 50 (meet at least 2 criteria for immediate past two financial years) are exempted from statutory auditing requirements. 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.


An exempt private company with an annual turnover of more than SGD10 million, or total assets more than SGD10 million or number of employees more than 50 (meet at least 2 criteria for immediate past two financial years) are required to file the audited financial.

Overall financial condition of the Subject : N/A

 

 

 

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

 

 

Major Economic Indicators :

2013

2014

2015

2016

2017*

 

Population (Million)

5.40

5.47

5.54

5.61

5.61

Gross Domestic Products ( % )

5.1

3.9

2.2

2.4

3.6

Consumer Price Index

2.4

1.0

(0.5)

(0.5)

0.6

Total Imports (Million)

466,762.0

463,779.1

407,767.9

398,372.0

403,300.0

Total Exports (Million)

513,391.0

518,922.7

476,285.4

468,552.0

466,900.0

 

Unemployment Rate (%)

1.9

1.9

1.9

2.1

-

Tourist Arrival (Million)

15.46

15.01

15.23

16.28

-

Hotel Occupancy Rate (%)

86.3

85.5

84.0

83.1

84.7

Cellular Phone Subscriber (Million)

1.97

1.98

1.99

-

-

 

Registration of New Companies (No.)

37,288

41,589

34,243

35,227

37,395

Registration of New Companies (%)

9.8

11.5

(17.7)

2.9

6.2

Liquidation of Companies (No.)

17,369

18,767

21,384

23,218

22,379

Liquidation of Companies (%)

(5.3)

8.0

13.9

8.6

(3.6)

 

Registration of New Businesses (No.)

22,893

35,773

28,480

27,120

22,148

Registration of New Businesses (%)

1.70

56.30

(20.39)

(4.78)

(18.33)

Liquidation of Businesses (No.)

22,598

22,098

26,116

35,866

24,344

Liquidation of Businesses (%)

0.5

(2.2)

18.2

37.3

(32.1)

 

Bankruptcy Orders (No.)

1,992

1,757

1,776

1,797

1,638

Bankruptcy Orders (%)

14.0

(11.8)

1.0

1.2

(8.9)

Bankruptcy Discharges (No.)

2,584

3,546

3,499

4,359

2,030

Bankruptcy Discharges (%)

37.4

37.2

(1.3)

24.6

(53.4)

 

INDUSTRIES ( % of Growth ) :

Agriculture

Production of Principal Crops

1.78

4.29

3.04

-

-

Fish Supply & Wholesale

(3.8)

(8.6)

(8.5)

(9.9)

-

 

Manufacturing #

Food, Beverages & Tobacco

97.9

99.4

100.0

103.7

110.3

Textiles

119.5

102.7

100.0

92.4

84.4

Wearing Apparel

334.1

212.6

100.0

83.4

88.2

Leather Products & Footwear

122.0

106.5

100.0

88.8

79.0

Wood & Wood Products

103.0

107.2

100.0

95.0

92.9

Paper & Paper Products

104.4

104.5

100.0

97.3

96.1

Printing & Media

113.8

105.968

100.0

85.1

73.1

Crude Oil Refineries

100.7

92.2

100.0

104.2

113.5

Chemical & Chemical Products

88.4

96.7

100.0

98.9

105.3

Pharmaceutical Products

101.421

109.4

100.0

113.8

96.0

Rubber & Plastic Products

109.497

109.2

100.0

91.4

93.7

Non-metallic Mineral

107.4

90.759

100.0

89.8

72.9

Basic Metals

77.2

99.3

100.0

106.2

108.3

Fabricated Metal Products

107.5

107.757

100.0

93.8

91.3

Machinery & Equipment

109.1

118.2

100.0

80.8

86.1

Electrical Machinery

87.4

97.871

100.0

101.5

111.7

Electronic Components

105.0

105.6

100.0

114.1

151.4

Transport Equipment

111.1

106.68

100.0

101.0

99.5

 

Construction

25.40

22.00

-

-

-

Real Estate

88.5

145.1

-

-

-

 

Services

Electricity, Gas & Water

6.70

6.50

-

-

-

Transport, Storage & Communication

9.80

14.20

-

-

-

Finance & Insurance

3.30

6.00

-

7.40

-

Government Services

6.50

6.30

-

-

-

Education Services

3.10

5.98

-

2.40

-

 

* Estimate / Preliminary

# Based on Index of Industrial Production (2015 = 100)



INDUSTRY ANALYSIS

 

INDUSTRY :

TRADING

According to the Ministry of Trade and Industry, the wholesale & retail trade sector expanded to 3.0% in the fourth quarter of 2017, moderating from the 3.3% growth in the previous quarter. The wholesale trade segment was boosted by an improvement in foreign wholesale sales volume, which more than offset the weakness in domestic wholesale sales volume. For the whole of 2017, the sector expanded by 2.3%, faster than the 1.0% growth in 2016. The improvement in growth can be attributed to the wholesale segment.

 

The domestic wholesale sales volume fell by 1.1% in the fourth quarter 2017, reversing the 2.0% growth in the preceding quarter. The poorer outturn was led by declines in the sales volume of household equipment & furniture (-27%) and general wholesale merchandise (-19%), which outweighed the increase in the sales volume of telecommunications & computers (20%). For the whole of 2017, the domestic wholesale trade index expanded by 1.0%, a turnaround from the 2.7% decline in 2016.

 

On the other hand, foreign wholesale sales volume rose to 6.2% in the fourth quarter 2017, a step-up from the 5.1% growth in the preceding quarter. Growth was driven by expansions in the sales of petroleum & petroleum-related products (11%t), telecommunications & computers (19%) and electronic components (16%). However, growth was partly offset by a 20% decline in the sales volume of metals, timber & construction materials. For the full year 2017, the foreign wholesale trade index rose by 3.6%, faster than the increase of 1.5% in the previous year.

 

Besides, retail sales volume rose by 2.1% in the fourth quarter 2017, improving from the 0.9% growth recorded in the third quarter. Growth was supported by improvements in both motor vehicle and non-motor vehicle sales volumes. While motor vehicle sales benefitted from an on-year increase in COE supply, growth in non-motor vehicle sales came on the back of an improvement in consumer sentiments. Notably, the sales volume of discretionary goods such as recreational goods, computer & telecommunication equipment and wearing apparel & footwear grew by 4.6%, 4.3 % and 3.1% respectively.

 

For the full year 2017, retail sales volume expanded by 1.3%, similar to the 1.5% growth recorded in 2016. Growth was driven by both motor vehicle sales and non-motor vehicle sales, which the former rising by 1.5% and the latter increasing by 1.3%. The rise in non-motor vehicle sales was underpinned by higher sales of discretionary goods. For instance, the sales volume of recreational goods (3.9%), watches & jewellery (2.4%), computer & telecommunications equipment (1.7%) and wearing apparel & footwear (1.5%) improved in 2017.

OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH


CREDIT RISK EVALUATION & RECOMMENDATION

 

 


Incorporated in 2018, the Subject is an Exempt Private company, focusing on trading of steel products. The Subject was newly established and it has yet to build up a stable clientele base in the market. It is likely to incur start-up costs during the initial years of its operations. With an issued and paid up capital of SGD 100 contributed by individual shareholders, the Subject may face difficulties in its attempt to further expand its business in the future. Thus, the Subject should put more efforts on its business to gain higher market share while competing aggressively in the market. 


We regard that the Subject's management capability is weak. Without capable management, the Subject is unlikely to be successful and often contribute to unacceptable levels of accountability. Weak management can affect productivity, profitability, sales growth and ultimately can result in the failure of a business. 


No financial accounts are available for analysis. As such, we are not able to comment on the Subject's current financial standing. 


The industry has reached its maturity stage and only enjoying a marginal growth. The steady growth of the country's economy will further enhance the industry activities. Thus, the Subject's future performance is very much depend on its marketing strategies in order to retain its position in the market. 


Based on the above unfavourable condition, we regard granting credit to the Subject to be quite risky. Hence, credit is not recommended.


FINANCIAL ACCOUNT


No latest financial accounts are available at the Registry Office. 



 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 68.14

UK Pound

1

INR 90.27

Euro

1

INR 79.34

SGD

1

INR 50.51

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

NIS

 

 

Report Prepared by :

SUJ

                                                


 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

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.