MIRA
INFORM REPORT
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Report
Date : |
28th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
HOUSE OF GEMS PTE LTD |
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Registered
Office : |
545 Orchard Road, #08-06, Far East Shopping Centre,
238882, Singapore |
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Date
of Incorporation : |
18/07/1986 |
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Com.
Reg. No.: |
198601496N |
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Legal
Form : |
Exempt Pte Ltd |
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Line
of Business : |
Dealers of all kinds of
jewelleries, diamonds, gems and precious stones |
RATING & COMMENTS
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MIRA’s
Rating : |
Ba |
RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered
normal. Capable to meet normal commitments. |
Satisfactory |
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Status
: |
Satisfactory |
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Payment
Behaviour : |
Regular |
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Litigation
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Clear |
Subject Company
HOUSE OF GEMS PTE LTD
Line Of Business
DEAL IN ALL KINDS OF JEWELLERIES, DIAMONDS, GEMS AND
PRECIOUS STONES
Parent Company
--
Financial Elements
FY 2005
COMPANY
Sales : S$26,104,711
Net worth : S$1,242,025
Paid-Up Capital : S$1,000,000
Net result : S$108,250
Net Margin(%) : 0.41
Return on Equity(%) :
8.72
Leverage Ratio : 18.27
BUSINESS INFORMATION REPORT
COMPANY IDENTIFICATION
Subject Company: HOUSE OF GEMS PTE LTD
Former Name: -
Business Address: 545 ORCHARD ROAD
#08-06
FAR EAST
SHOPPING CENTRE
Town: SINGAPORE
Postcode: 238882
County: -
Country: Singapore
Telephone: 6732 2877
Fax: 6235 1946
ROC Number: 198601496N
Reg. Town: -
SUMMARY
Legal Form: Exempt
Pte Ltd
Date Inc.: 18/07/1986
Previous Legal Form: -
Summary year: 30/06/2005
All amounts in this report are in: SGD
Sales: 26,104,711
Net worth: 1,242,025
Capital: 1,000,000
Paid-Up Capital: 1,000,000
Employees: 5
Net result: 108,250
Share value: 1
Auditor: RAMA
& CO
REFERENCES
Litigation: No
Company status : TRADING
Started: 18/07/1986
PRINCIPAL(S)
SHETH RAJESH PRAVINCHANDRA S2647693C Director
DIRECTOR(S)
SHETH MANISHA RAJESH F9045796U Director
Appointed on: 26/02/1991
Street: 48
MEYER ROAD
#16-50
EQUATORIAL
APARTMENTS
Town: SINGAPORE
Postcode: 437872
Country: Singapore
CLIFFORD EMMANUEL GERMAIN S2191478I Company Secretary
Appointed on: 25/11/1996
Street: 33A
SURIN AVENUE
CHARLTON
COURT
Town: SINGAPORE
Postcode: 535617
Country: Singapore
SHETH RAJESH PRAVINCHANDRA S2647693C Director
Appointed on: 19/07/1986
Street: 75
MEYER ROAD
#21-01
HAWAII
TOWER
Town: SINGAPORE
Postcode: 437901
Country: Singapore
ACTIVITY(IES)
DIAMONDS - WHSLE Code:6450
JEWELLERS - MFRS Code:12260
BASED ON ACRA'S RECORD AS AT 04/05/2006
1) WHOLESALE OF PERSONAL EFFECTS; WHOLES PERSONAL EFFECTS
2) MANUFACTURE OF COSTUME JEWELLERY
CHARGES
Date: 21/06/2003
Comments: CHARGE
NO : C200302910
SECURED : 0.00
AND ALL MONIES OWING
CHARGEE : BNP
PARIBAS
PREMISES/PROPERTY INFORMATIONS
No
Premises/Property Information In Our Databases
BANKERS
BNP PARIBAS
SHAREHOLDERS(S)
SHETH MANISHA RAJESH 500,000 Private Person
Street : 48
MEYER ROAD
#16-50
EQUATORIAL
APARTMENTS
Town: SINGAPORE
Postcode: 437872
Country: Singapore
SHETH RAJESH PRAVINCHANDRA 500,000 Private Person
Street: 75
MEYER ROAD
#21-01
HAWAII
TOWER
Town: SINGAPORE
Postcode: 437901
Country: Singapore
SUBSIDIARY(IES)
No
Participation In Our Database
PAYMENT HISTORY AND EXPERIENCES
Trade Morality: AVERAGE
Liquidity: SUFFICIENT
Payments: REGULAR
Trend: DOWNWARD
Financial Situation: AVERAGE
LITIGATION(S)
No
Litigation In Our Database
FINANCIAL ELEMENTS
All amounts in this report are in: SGD
Audit Qualification: "MILD" UNCERTAINTIES
"MILD" UNCERTAINTIES "MILD"UNCERTAINTIES
Date Account Lodged: 17/01/2006
Balance Sheet Date: 30/06/2005
30/06/2004 30/06/2003
Number of weeks: 52 52 52
Consolidation Code: COMPANY
COMPANY COMPANY
--- ASSETS
Tangible Fixed Assets: 3,462
1,588 4,283
Investments 56,500 56,500
46,500
Total Fixed Assets: 59,962 58,088 50,783
Inventories:
13,334,849 14,806,740 12,121,440
Receivables: 6,249,835 4,744,939
3,910,512
Cash, Banks, Securities: 4,044,721
4,740,101 6,681,272
Other current assets: 245,646 218,234 262,371
Total Current Assets: 23,875,051 24,510,014
22,975,595
TOTAL ASSETS: 23,935,013 24,568,102
23,026,378
--- LIABILITIES
Equity capital:
1,000,000 1,000,000 1,000,000
Profit & loss
Account: 242,025 133,775 20,707
Total Equity: 1,242,025 1,133,775 1,020,707
Trade Creditors: 9,947,360
11,167,766 7,022,860
Other Short term Liab.: 12,620,575
12,162,861 14,982,811
Prepay. & Def. charges: 125,053 103,700 -
Total short term Liab.: 22,692,988 23,434,327
22,005,671
TOTAL LIABILITIES: 22,692,988
23,434,327 22,005,671
--- PROFIT & LOSS ACCOUNT
Net Sales 26,104,711 24,617,949
21,524,035
Gross Profit:
594,262 592,738 435,640
Result of ordinary operations 108,250 113,068 -
NET RESULT BEFORE TAX: - -
-262,247
Tax: -
- 2,428
Net income/loss year: 108,250
113,068 -264,675
Depreciation: 3,045 2,695
17,822
Directors Emoluments: 208,680
188,680 185,260
Wages and Salaries: 137,552 124,434
152,704
Financial Income: 50,873 29,316
57,408
RATIOS
30/06/2005 30/06/2004 30/06/2003
Turnover per employee: 5,220,942.20
4,923,589.80 4,304,807.00
Net result / Turnover(%): 0.00
0.00 -0.01
Stock / Turnover(%): 0.51 0.60
0.56
Net Margin(%): 0.41 0.46
-1.23
Return on Equity(%): 8.72 9.97
-25.93
Return on Assets(%): 0.45 0.46
-1.15
Net Working capital: 1,182,063.00
1,075,687.00 969,924.00
Cash Ratio: 0.18 0.20
0.30
Quick Ratio: 0.45 0.40
0.48
Current ratio: 1.05 1.05
1.04
Receivables Turnover: 86.19 69.39
65.41
Leverage Ratio: 18.27 20.67
21.56
Net Margin :
(100*Net income loss year)/Net sales
Return on Equity :
(100*Net income loss year)/Total equity
Return on Assets :
(100*Net income loss year)/Total fixed assets
Net Working capital :
Total current assets - Total short term liabilities
Cash Ratio :
Cash Bank securities/Total short term liabilities
Quick Ratio (Cash Bank securities + Receivables)/Total
Short term liabilities
Current ratio :
Total current assets/Total short term liabilities
Inventory Turnover :
(360*Inventories)/Net sales
Receivables Turnover :
(Receivable*360)/Net sales
Leverage Ratio :
Total liabilities/(Total equity-Intangible assets)
FINANCIAL COMMENTS
AUDITORS' REPORT:
AS STATED IN THE NOTES TO THE
FINANCIAL STATEMENTS, INVENTORIES OF S$13,334,849 ARE STATED IN THE FINANCIAL STATEMENTS
BASED ON DIRECTOR'S
ESTIMATE OF THE LOWER OF COST AND NET REALISABLE VALUE. OWING TO THE NATURE OF THE
COMPANY'S INVENTORIES, WE ARE UNABLE TO ASCERTAIN THE VALUATION OF THE
INVENTORIES AS STATED IN THE FINANCIAL STATEMENTS AS AT 30 JUNE 2005.
THE FINANCIAL CONDITION OF THE
COMPANY WAS SEEN TO BE FAIR IN VIEW OF THE FOLLOWING:
NET WORTH:
THE BALANCE SHEET WAS CONSIDERED
PASSABLE WITH NET WORTH IMPROVED BY 9.55% FROM S$1,133,775 IN FY 2004 TO S$1,242,025 IN
FY 2005. THIS WAS
DUE TO AN INCREASE IN ACCUMULATED PROFITS AMOUNT BY 80.92% FROM S$133,775 IN FY
2004 TO S$242,025 IN FY 2005.
LEVERAGE:
IN THE SHORT-TERM, 55.61% (2004:
51.90%) OF TOTAL SHORT-TERM LIABILITIES CAME FROM OTHER SHORT-TERM LIABILITIES (2005: S$12,620,575, 2004:
S$12,162,861).
OTHER SHORT-TERM LIABILITIES SHOWED
AN INCREASE BY 3.76%. THE LATTER COMPRISED OF:
* OTHER PAYABLES- RELATED PARTY
(2005: S$2,316,687, 2004:
S$2,316,687)
* OTHER PAYABLES - DIRECTORS
(2005: S$10,303,888, 2004:
S$9,846,174)
THE TRADE CREDITORS ACCOUNT WHICH
AMOUNTED TO S$9,947,360 (2004: S$11,167,766) IN FY 2005 EXPERIENCED A 10.93%
DECREASE.
ADDITIONALLY, THE SUBJECT DID NOT
HAVE ANY LONG-TERM LIABILTIES IN BOTH FY 2005 AND FY 2004. IN ALL THE LEVERAGE RATIO
FELL FROM 20.67 TIMES IN FY 2004 TO 18.27
TIMES IN FY 2005.
LIQUIDITY:
IN GENERAL, SUBJECT'S LIQUIDITY WAS
SUFFICIENT AND HAD
IMPROVED AS SEEN FROM THE 9.89% RISE IN NET WORKING CAPITAL (2005: S$1,182,063, 2004:
S$1,075,687).
HOWEVER, CURRENT RATIO STAYED THE
SAME AT 1.05 TIMES IN FY 2004 AND FY 2005. HOWEVER, QUICK RATIO ROSE TO 0.45 TIMES IN FY
2005 FROM 0.40 TIMES
IN FY 2004.
THERE WAS A CHANGE IN CASH, BANKS
AND SECURITIES BY
14.67% IN FY 2005 (2005: S$4,044,721, 2004: S$4,740,101). THIS MIGHT BE DUE TO
REPAYMENTS OF LIABILITIES MADE DURING THE FINANCIAL YEAR UNDER REVIEW. THE
BREAKDOWN OF CASH, BANK AND SECURITIES WERE AS FOLLOWS:
* CASH AND BANK BALANCES
(2005: S$1,333,099, 2004:
S$2,573,042)
* FIXED DEPOSITS
(2005: S$2,711,622, 2004:
S$2,167,059)
PROFITABILITY:
REVENUE ROSE BY 6.04% IN FY 2005
(2005: S$26,104,711, 2004: S$24,617,949). HOWEVER, NET INCOME DECREASED BY 4.26%
IN FY 2005
(2005: S$108,250, 2004: S$113,068). THIS WAS MAINLY DUE TO AN INCREASE OF COSTS OF
GOODS SOLD BY 6.18% IN FY 2005 (2005: S$25,510,449, 2004: S$24,025,211). AS RESULT,
GROSS MARGIN DROPPED TO
2.28% (2004: 2.41%) IN FY 2005. SIMILARLY, NET MARGIN FELL TO 0.41% (2004: 0.46%) IN FY
2005.
DEBT SERVICING:
DEBT SERVICING PROBLEMS MIGHT NOT
BE EXPECTED IF REVENUE AND EARNINGS CAN BE IMPROVED AND PAYMENT BY TRADE DEBTORS ARE
FORTHCOMING. IN ADDITION,
THE SUBJECT DID NOT HAVE ANY INTEREST-BEARING DEBT TO FINANCE IN FY 2005 AS WELL
AS IN FY 2004.
NOTES TO THE FINANCIAL
STATEMENTS:
BANKING FACILITIES:
BANKING FACILITIES ARE SECURED BY:
1) LIEN ON FIXED DEPOSITS OF THE
COMPANY AMOUNTING TO S$636,098
(2004: S$2,167,059);
2) FIXED DEPOSITS OF A THIRD PARTY
AMOUNTING TO S$500,000
(2004: S$500,000); AND
3) JOINT AND SEVERAL PERSONAL
GUARANTEE OF THE DIRECTORS OF THE
COMPANY.
CONTINGENT LIABILITIES:
AS AT 30 JUNE 2005, THE COMPANY HAS
THE CONTINGENT LIABILITIES RELATING TO THE DEBTORS BY GUARANTEES AND SHIPPING
GUARANTEES AMOUNTING
TO S$255,115 (EQUIVALENT TO USD 151,242 (2004: S$246,276), EQUIVALENT TO USD 143,176)
RESPECTIVELY.
LIMITED
EXEMPT PRIVATE COMPANY:
WHERE THE SHARES OF A PRIVATE
COMPANY ARE NOT OWNED BY ANY CORPORATE BODY AND THERE ARE NO MORE THAN 20 MEMBERS, THE
PRIVATE COMPANY IS KNOWN AS
AN EXEMPT PRIVATE COMPANY. AN EXEMPT PRIVATE COMPANY ENJOYS A GREATER AMOUNT OF
PRIVACY THAN A PRIVATE
COMPANY. IT IS NOT REQUIRED TO FILE ACCOUNTS WITH THE REGISTRAR IF IT CAN PRODUCE
A CERTIFICATE SIGNED BY ONE OF ITS DIRECTORS, SECRETARY AND AUDITOR CONFIRMING THE
FOLLOWING POINTS:
1. THE COMPANY IS AN EXEMPT PRIVATE
COMPANY.
2. THE AUDITED ACCOUNTS HAVE BEEN
TABLED BEFORE THE SHAREHOLDERS
AT THE ANNUAL GENERAL MEETING.
3. THE COMPANY IS ABLE TO MEET ITS
LIABILITIES.
THERE IS THEREFORE NO DISCLOSURE TO
THE PUBLIC OF THE ACCOUNTS OF THE COMPANY ALTHOUGH THE ACCOUNTS STILL HAVE TO BE
AUDITED EVERY YEAR
AND APPROVED AT AN ANNUAL GENERAL MEETING OF THE COMPANY.
A PRIVATE COMPANY THAT IS WHOLLY
OWNED BY THE GOVERNMENT MAY BECOME AN EXEMPT PRIVATE COMPANY IF THE MINISTER FOR
FINANCE, IN THE NATIONAL
INTEREST, DECLARES IT TO BE SUCH BY A GAZETTE NOTIFICATION.
EXEMPT FROM AUDIT
AN EXEMPT
PRIVATE COMPANY IS EXEMPT FROM AUDIT REQUIREMENTS IF THE STARTING DATE OF ITS
FINANCIAL YEAR IS BETWEEN 15 MAY 2003 AND 31 MAY 2004 AND ITS TURNOVER FOR
THAT FINANCIAL YEAR DOES NOT EXCEED $2.5 MILLION. FOR FINANCIAL YEARS
STARTING 1 JUNE 2004, THE AMOUNT OF THE TURNOVER HAS BEEN RAISED TO $5
MILLION. THESE COMPANIES ARE STILL REQUIRED TO MAINTAIN PROPER ACCOUNTING.
BACKGROUND/OPERATION
THE COMPANY WAS INCORPORATED IN THE
REPUBLIC OF SINGAPORE ON 18/07/1986 AS A LIMITED EXEMPT PRIVATE COMPANY AND IS TRADING
UNDER ITS PRESENT
NAMESTYLE OF "HOUSE OF GEMS PTE LTD".
AS AT 04/05/2006, THE COMPANY HAS
ISSUED AND PAID-UP CAPITAL OF 1,000,000 SHARES OF A VALUE OF S$1,000,000.
PRINCIPAL ACTIVITIES:
SUBJECT IS REGISTERED WITH THE
ACCOUNTING AND CORPORATE REGULATORY AUTHORITY (ACRA) AND BE PRINCIPALLY ENGAGED IN THE
BUSINESS OF:
1) WHOLESALE OF PERSONAL EFFECTS;
WHOLES PERSONAL EFFECTS
2) MANUFACTURE OF COSTUME JEWELLERY
FROM THE FINANCIAL YEAR UNDER
REVIEW, THE PRINCIPAL ACTIVITIES OF THE COMPANY WAS TO DEAL IN ALL KINDS OF
JEWELLERIES, DIAMONDS, GEMS AND PRECIOUS STONES.
FROM THE RESEARCH DONE, SUBJECT IS
LISTED ON THE LOCAL DIRECTORIES UNDER THE CATEGORY OF "DIAMONDS".
SUBJECT IS A MEMBER OF THE
FOLLOWING ENTITIES:
* WORLD FEDERATION OF DIAMOND
BOURSES
* SINGAPORE JEWELLERS ASSOCIATION
FROM THE TELE-INTERVIEW CONDUCTED
ON 08/05/2006, THE FOLLOWING INFORMATION WAS OBTAINED:
SUBJECT ENGAGES IN THE FOLLOWING
ACTIVITIES:
* WHOLESALE TRADING OF JEWELLERIES
(EG DIAMONDS)
* IMPORT AND EXPORT OF VALUABLE
STONES
NUMBER OF EMPLOYEES:
* 5
NO OTHER TRADE INFORMATION WAS
REVEALED BY THE SUBJECT'S PERSONNEL.
NUMBER OF EMPLOYEES; INCLUDING
DIRECTORS (30 JUNE):
* COMPANY - 2005: 5 (2004: 6, 2003:
6, 2002: 6)
REGISTERED AND BUSINESS ADDRESS:
545 ORCHARD ROAD
#08-06
FAR EAST SHOPPING CENTRE
SINGAPORE 238882
DATE OF CHANGE OF ADDRESS:
09/04/1999
WEBSITE:
NIL
EMAIL:
hog@pacific.net.sg
MANAGEMENT
THE DIRECTORS AT THE TIME OF THIS
REPORT ARE:
1) SHETH MANISHA RAJESH, AN INDIAN
- BASED IN SINGAPORE
2) SHETH RAJESH PRAVINCHANDRA, A
SINGAPORE PERMANENT RESIDENT
- HOLDS NO OTHER DIRECTORSHIPS AS
RECORDED IN OUR DATABASE.
SINGAPORE COUNTRY RATING 2006
INVESTMENT GRADE
IN SINGAPORE, THE POLITICAL
SITUATION APPEARS TO BE VERY STABLE.
ECONOMIC GROWTH IS BECOMING MORE
MODERATE AS INVESTMENT HAS BEEN FLAT DUE TO INCREASING OIL PRICES AND LESS
BUOYANT DEMAND FOR ELECTRONIC PRODUCTS.
ECONOMIC PERFORMANCE HAS REMAINED
STRONG, UNDERPINNED BY PHARMACEUTICALS AND SERVICES. EXPORTS HAS BENEFITED FROM
THE STEADINESS OF DEMAND FROM ITS MAIN TRADING PARTNERS, MALAYSIA, THE UNITED
STATES, CHINA AND HONG KONG. OTHER THAN ITS BALANCED PUBLIC SECTOR ACCOUNTS,
LIMITED FOREIGN DEBT AND COMFORTABLE FOREIGN CURRENCY RESERVES HAVE CONTRIBUTED
TO SINGAPORE'S STRONG FINANCIAL CONDITION.
AS THE ELECTRONICS SECTOR FACES
COMPETITION FROM THE ASIAN ECONOMIES, SINGAPORE HAS BEEN PURSUING
DIVERSIFICATION STRATEGY THAT HAS BEEN CONSOLIDATING ITS POSITION.
PHARMACEUTICALS ALREADY REPRESENT 10% OF EXPORTS IN COMPARATIVE TO
ITS INSIGNIFICANT CONTRIBUTION IN
YEAR 1995. ELECTRONICS SECTOR SECTOR'S SHARE HAS DECLINED FROM 80% TO 60%
DURING THE SAME PERIOD. THERE IS HIGH RELIANCE ON DEVELOPMENT OF PETROCHEMICAL
PRODUCTS, HIGH VALUE-ADDED SERVICES AND BIOTECHNOLOGIES.
ASSETS
· ONE OF THE MOST OPEN ECONOMIES
IN THE WORLD WITH EXPORTS PLAYING A
MAJOR ROLE IN ITS PERFORMANCE.
· ONE OF ASIA'S MOST ADVANCED
COUNTRIES IN QUALITY COMPETITIVENESS TERMS.
· WORKFORCE'S EDUCATION AND
SKILL LEVEL IS VERY HIGH.
· A MAJOR EXPORT OF CAPITAL IN
ASIA, PARTICULARLY THE STATE-OWNED HOLDING
COMPANY, TEMASEK.
· THE BUSINESS ENVIRONMENT HAS
BEEN VERY FAVOURABLE.
· GREAT POLITICAL STABILITY.
WEAKNESSES
· ECONOMY REMAINED
OVERSPECIALISED IN THE ELECTRONICS SECTOR.
· MUST ACCELERATE
DIVERSIFICATION IN SERVICES TO MAINTAIN ITS LEAD OVER OTHER ASIAN ECONOMIES
· REFORMS ARE STILL NEEDED TO
FOSTER INNOVATION AND EDUCATION-SYSTEM
MODERNIZATION.
· AGING POPULATION COULD
ULTIMATELY AFFECT ECONOMIC PERFORMANCE.
WHOLESALE AND RETAIL TRADE SECTOR
PAST PERFORMANCE
WITH THE BOOST FROM THE STRONG GROWTH PERFORMANCE OF NON-OIL RE-EXPORTS
AND RETAIL SALES, THE WHOLESALE AND RETAIL TRADE SECTOR GREW BY A HEALTHY 8.0%
IN 3Q2005, EASING SLIGHTLY FROM THE 8.7% GROWTH REGISTERED IN 2Q2005.
WHOLESALE TRADE
DOMESTIC WHOLESALE TRADE INDEX
THE OVERALL DOMESTIC WHOLESALE TRADE INDEX ROSE BY 20.5% OVER THE SAME
PERIOD A YEAR AGO. EXCLUDING PETROLEUM, THE INDEX ROSE BY 8.9%.
AT CONSTANT PRICES, THE OVERALL INDEX ROSE SLIGHTLY BY 1.9% IN 3Q2005
OVER 3Q2004. EXCLUDING PETROLEUM, IT WAS 3.6% HIGHER THAN A YEAR AGO.
ON A QUARTER-ON-QUARTER BASIS, THE OVERALL INDEX POSTED A RISE OF 10.7%
IN 3Q2005.
EXCLUDING PETROLEUM, THE INDEX ROSE MODERATELY BY 4.1%.
FOREIGN
WHOLESALE TRADE INDEX
AS COMPARED TO 3Q2004, THE OVERALL FOREIGN WHOLESALE TRADE FOR 3Q2005 ROSE
BY 22%. EXCLUDING PETROLUEM, THE INDEX ROSE BY 10.2%.
AT CONSTANT PRICES, THE OVERALL INDEX ROSE BY 7.6% IN 3Q2005 OVER
3Q2004. EXCLUDING PETROLEUM, IT WAS UP BY 10.8%.
IN COMPARISON TO 2Q2005, THE OVERALL INDEX FOR 3Q2005 REGISTERED A RISE
OF 9.9%.
EXCLUDING PETROLEUM, THE GROWTH WAS LOWER AT 5.7%.
AHEAD
AN OVERALL NET BALANCE OF 22% OF FIRMS IN THE SERVICES SECTOR IS
OPTIMISTIC ABOUT THE BUSINESS OUTLOOK FOR THE NEXT 3 MOTNHS ENDING MARCH 2006.
THE MAGNITUDE IS SLIGHTLY LOWER COMPARED TO THAT REGISTERED IN THE PERIOD OF
JULY-DECEMBER 2005 (26%), AND ALSO LOWER THAN THE 30% NET BALANCE RECORDED FOR
OCTOBER 2004 – MARCH 2005.
AN OVERALL NET BALANCE OF 8% OF WHOLESALERS PREDICTS POSITIVE BUSINESS
CONDITIONS FOR THE COMING MONTHS.
RETAILERS ALSO EXPRESS UPBEAT BUSINESS SENTIMENTS FOR THE COMING MONTHS,
WITH A POSITIVE NET BALANCE OF 38%, ESPECIALLY DEPARTMENT STORES AND RETAILERS
OF WEARING APPAREL AND FURNITURE & FURNISHINGS FORESEE BETTER BUSINESS
OUTLOOK FROM THE
YEAR-END FESTIVE SEASON.
EXTRACTED FROM : MINISTRY OF TRADE AND INDUSTRY, SINGAPORE
SINGAPORE DEPARTMENT OF STATISTICS
BLOOMBERG
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 |
Unfavourable & favourable
factors carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |