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Public company info - Indigo Star Holdings Limited , 08373.HK
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Indigo Star Holdings Limited, 08373.HK - Company Profile
Chairman GOH Cheng Sen
Share Issued (share) 400,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Construction & Decoration
Corporate Profile Business Summary: The Group is an established subcontractor in Singapore specialising in providing reinforced concrete works, which mainly cover steel reinforcement works, formwork erection and concrete works. Provision of structural reinforced and concrete works in general building and civil engineering works is the only segment of the Group. The Group may provide such services either individually or as a total package comprising all three, depending on the requirements of customers. The group have also venture into projects as the main contractor. Performance for the year: For the year ended 31 December 2020 (the “Reporting Year”), the group’s Group recorded revenue of approximately S$9.4 million (2019: S$20.4 million), representing a decrease of approximately 53.8% compared with prior year. The group’s loss for the year amounted to approximately S$2.1 million (2019: S$0.2 million profit). Business Review The group is an established subcontractor in Singapore specialising in providing reinforced concrete work, comprising steel reinforcement works, formwork erection and concrete works. The group may provide such services either individually or as a total package comprising all three, depending on the requirements of the group’s customers. The group have also ventured into projects as a main contractor. The group’s projects can be categorised into general building projects and civil engineering projects. General building works refer to general construction and major repair works, piling works, finishing works, installation of doors, windows, sanitary products, curtain walling/cladding works, structural works, other special trade construction such as scaffolding and sandblasting, and production of pre-cast components. The group’s general building works relate primarily to the construction of hotels, hospitals, mixed development and court buildings. During the year ended 31 December 2020, the group recorded revenue from general building projects of approximately S$7.6 million (2019: S$16.6 million), which accounted for approximately 80.3% of the group’s total revenue (2019: 81.4%). Civil engineering works refer to non-building construction such as the construction of roads, bridges, tunnels, railways, viaducts, water and gas pipelines, sewers, communications and power lines, marine construction as well as site-preparation and construction-related landscaping works. The group’s civil engineering works relate primarily to the construction of MRT stations. During the year ended 31 December 2020, the group recorded revenue from civil engineering projects of approximately S$1.4 million (2019: S$2.5 million), which accounted for approximately 15.2% of the group’s total revenue (2019: 12.5%). As at 31 December 2020, the group had three ongoing contracts with an aggregate outstanding contract value of approximately S$9.4 million (2019: 17.7 million). Prospects: The Ministry of Trade and Industry announced a 2020 GDP forecast of Singapore with expected midpoint growth at around 0.5% before the outbreak of COVID-19. Further the Government of Singapore announced on 3 April 2020 that all workplaces except for those providing essential services and those able to operate remotely will be suspended from 7 April 2020 to 4 May 2020 (both dates inclusive) as a circuit breaker to curb further spread of COVID-19. All the construction projects of the Group were then suspended temporarily and the office in Singapore was closed. The Directors considered that the outlook for the construction industry is challenging. The COVID-19 pandemic has caused significant pressure to the economy in Singapore. The Singapore government has taken various economic relief measures, in particular, a S$1.36 billion worth Package in June 2020 with the aim of helping construction firms to defray costs incurred from prolongation of projects and to comply with the stringent virus safety measures. Though, the management of the Group expects the recovery in the construction industry will be gradual. Meanwhile, to make robust development, the Group deals with risks such as credit risk and liquidity risk arising from its operations through internal risks reports which analyse exposure by degree and magnitude of risk. For credit risk management, the Group has adopted the policy to deal only with high credit quality and good history counterparties to minimise credit risk. For the liquidity risk management, the Group carefully monitors and maintains sufficient reserves of cash for expected liquidity requirements. Going forward, the Group will continue to identify main contractor works and subcontracting works to capture more potential business opportunities in Singapore. Moreover, the Group is continuing its efforts to upgrade its licence from C1 Grade to B2 Grade to enable the Group to tender for a wider scope of projects. Meanwhile, to make robust development, the Group deals with risks such as credit risk and liquidity risk arising from its operations through internal risks reports which analyse exposure by degree and magnitude of risk. For credit risk management, the Group has adopted the policy to deal only with high credit quality and good history counterparties to minimise credit risk. For the liquidity risk management, the Group carefully monitors and maintains sufficient reserves of cash for expected liquidity requirements. The funds raised from the Listing have laid a solid foundation for the future development of the Group. Looking ahead, the Group will endeavor to strengthen the development of its existing businesses and to provide steady return as well as growth prospects for the Company’s shareholders.

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