MIRA
INFORM REPORT
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Report Date : |
15th
February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
FIRST RECYCLING
INDUSTRIES PTE LTD |
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Formerly Known as: |
FIRST ROLLING MILLS (S) PTE. LTD. |
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Registered Office : |
26 Pioneer Sector 2, Singapore 628383, Singapore |
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Country : |
Singapore |
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Date of Incorporation : |
30.05.1977 |
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Legal Form : |
Exempt Pte Ltd |
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Line of Business : |
Importer / Exporter /
Dealer of new and used hardwares. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 : |
Clear |
Company Name
FIRST RECYCLING INDUSTRIES PTE LTD
Line Of Business
IMPORTER / EXPORTER / DEALER OF NEW AND USED HARDWARES
Parent Company
-
Financial Elements
Sales :
-
Networth :
-
Paid-Up Capital : S$2,650,005
Net result : -
Net
Margin(%) : -
Return on Equity(%) : -
Leverage Ratio : -
Rating
Credit Rating : Sing $ 1 00
00 to Sing $ 5 000 000
BUSINESS INFORMATION REPORT
COMPANY IDENTIFICATION
Subject Company :
FIRST RECYCLING INDUSTRIES PTE LTD
Former Name :
FIRST ROLLING MILLS (S) PTE. LTD.
Business Address :
26 PIONEER SECTOR 2
Town :
SINGAPORE
Postcode :
628383
County :
-
Country :
Singapore
Telephone :
6861 4225/
Fax :
6861 8843/ 6861 5795/ 6861 1625/ 6861 1713
ROC Number :
197701152N
Reg. Town :
-
PREVIOUS IDENTIFICATION
FIRST ROLLING MILLS (S) PTE. LTD.
DATE OF CHANGE OF NAME: 12/11/1996
SUMMARY
All amounts in this report are in: SGD unless
otherwise stated
Legal Form :
Exempt Pte Ltd
Date Inc :
30/05/1977
Previous Legal Form :
-
Summary year :
-
Sales :
-
Net Worth :
-
Capital :
-
Paid-Up Capital :
2,650,005
Employees :
Not Available
Net result :
-
Share value :
-
Auditor :
CHAN KOK POH & CO
REFERENCES
Litigation :
No
Company status :
TRADING
Started :
30/05/1977
PRINCIPAL(S)
KWA CHIN TAT S0207993C Director
DIRECTOR(S)
KWA CHIN TAT S0207993C Director
Appointed on :
10/01/1994
Street :
117 LORONG H TELOK KURAU
Town :
SINGAPORE
Postcode :
426145
Country :
Singapore
TAN LAY KHIM S1149749G Director
Appointed on :
10/01/1994
Street :
117 LORONG H TELOK KURAU
Town :
SINGAPORE
Postcode :
426145
Country :
Singapore
KWA CHIN LYE S1206196Z Director
Appointed on :
10/01/1994
Street :
270 BEDOK ROAD
Town :
SINGAPORE
Postcode :
469432
Country :
Singapore
KWA BEE LIAN
S1470487F Director
Appointed on :
10/01/1994
Street :
781 UPPER CHANGI ROAD EAST, #09-03
Town :
SINGAPORE
Postcode :
486069
Country :
Singapore
CHAN SHI HUI S8509026G Company Secretary
Appointed on :
01/11/2006
Street :
23A LENGKONG SATU
Town :
SINGAPORE
Postcode :
417494
Country :
Singapore
FORMER DIRECTOR(S)
SHEE KOK CHONG [EST OFF] S2193432A
TUNG YU LIEN MARGARET S2190300J
KWONG CHIK YUNG 331838
KWONG LAP KEE S2191506H
TAN CHEW KIM S0749840C
KWA CHIN HING S2124232B
TAN BOON HONG S1356126E
ACTIVITY(IES)
METAL SPECIALTIES Code:13890
BASED ON ACRA'S RECORD AS AT 08/02/2007
1) MANUFACTURE OF BASIC PRECIOUS AND NON-FERROUS METALS;
NON-FERROUS METAL BASIC INDUSTRIES
CHARGES
Date :
03/08/2006
Comments :
CHARGE NO: C200605081
AMOUNT SECURED :
0.00 AND ALL MONIES OWING
CHARGEE(S) :
UNITED OVERSEAS BANK LIMITED
Date :
25/07/1994
Comments :
CHARGE NO: 9404151
AMOUNT SECURED :
0.00 AND ALL MONIES OWING
CHARGEE(S) :
INDUSTRIAL & COMMERCIAL BANK LIMITED
Date :
22/07/1983
Amount :
700,000
Comments :
CHARGE NO: 8303445
AMOUNT SECURED :
S$700,000.00
CHARGEE(S) :
INDUSTRIAL & COMMERCIAL BANK LIMITED
Date :
21/02/1981
Amount :
700,000
Comments :
CHARGE NO: 8100649
AMOUNT SECURED :
S$700,000.00
CHARGEE(S) :
INDUSTRIAL & COMMERCIAL BANK LIMITED
PREMISES/PROPERTY INFORMATIONS
Date :
14/02/2007
Tax rate :
10
Site Address :
26 PIONEER SECTOR 2
Town :
SINGAPORE
County :
-
Postcode :
628383
Country :
Singapore
Annual Value :
290,000
*TAX RATE OF 4% MEANS THE ADDRESS (I.E RESIDENTIAL PROPERTY) IS OWNER OCCUPIED.
*TAX RATE OF 10% MEANS THE ADDRESS (I.E RESIDENTIAL PROPERTY) IS PARTIALLY OR
FULLY RENTED OUT BY THE OWNER/OWNED BY COMPANY.
*FOR PROPERTIES OTHER THAN RESIDENTIAL PROPERTIES REGARDLESS RENTED OUT OR NOT, THE TAX RATE IS 10% (IE INDUSTRIAL AND COMMERCIAL PROPERTY).
*ANNUAL VALUE IS THE ESTIMATED ANNUAL RENT THE PROPERTY CAN FETCH IF IT WERE
RENTED OUT. THE ANNUAL VALUE IS DETERMINED IN THE SAME MANNER REGARDLESS OF
WHETHER THE PROPERTY IS LET-OUT, OWNER-OCCUPIED OR VACANT.
BANKERS
UNITED OVERSEAS BANK LIMITED
INDUSTRIAL & COMMERCIAL BANK LIMITED
SHAREHOLDERS(S)
KWA CHIN TAT 1,987,505 Private Person
Street :
117 LORONG H TELOK KURAU
Town :
SINGAPORE
Postcode :
426145
Country :
Singapore
TAN LAY KHIM 265,000 Private Person
Street :
117 LORONG H TELOK KURAU
Town :
SINGAPORE
Postcode :
426145
Country :
Singapore
KWA CHIN LYE 265,000
Private Person
Street :
270 BEDOK ROAD
Town :
SINGAPORE
Postcode :
469432
Country :
Singapore
KWA BEE LIAN 132,500 Private Person
Street :
781 UPPER CHANGI ROAD EAST, #09-03
Town :
SINGAPORE
Postcode :
486069
Country :
Singapore
FORMER SHAREHOLDER(S)
SHEE KOK CHONG [EST OFF] 750,002
TUNG YU LIEN MARGARET 500,000
KWONG CHIK YUNG 700,001
KWONG LAP KEE 150,001
TAN CHEW KIM 150,001
CHANG CHUN RAU
400,000
KWA CHIN HING 265,000
TAN BOON HONG 132,500
SUBSIDIARY(IES)
No Participation In Our Database
PAYMENT HISTORY AND EXPERIENCES
Trade Morality :
AVERAGE
Liquidity :
UNKNOWN
Payments :
REGULAR
Trend :
LEVEL
Financial Situation :
UNKNOWN
LITIGATION(S)
No Litigation In Our Database
FINANCIAL COMMENTS
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 30/05/1977 AS A LIMITED EXEMPT PRIVATE
COMPANY UNDER THE NAMESTYLE OF "FIRST ROLLING MILLS (S) PTE. LTD. ".
SUBSEQUENTLY ON 12/11/1996, THE COMPANY CHANGED TO ITS PRESENT NAMESTYLE OF "FIRST RECYCLING INDUSTRIES
PTE LTD".
AS AT 08/02/2007, THE COMPANY HAS AN ISSUED AND PAID-UP CAPITAL OF 2,650,005 SHARES, OF A VALUE OF S$2,650,005.
PRINCIPAL ACTIVITIES:
SUBJECT IS REGISTERED WITH THE ACCOUNTING AND CORPORATE REGULATORY AUTHORITY (ACRA) TO BE PRINCIPALLY ENGAGED IN
THE BUSINESS OF:
1) MANUFACTURE OF BASIC PRECIOUS AND NON-FERROUS METALS;
NON-FERROUS METAL BASIC INDUSTRIES
FROM THE RESEARCH DONE, THE FOLLOWING INFORMATION WAS GATHERED:
ACTVITIES
- IMPORTER / EXPORTER / DEALER OF NEW AND USED HARDWARES, SURPLUS & SALVAGE GOODS,
BUILDING MATERIALS, MACHINERIES
AND ALL KINDS OF RECYCLE
FERROUS & NON-FERROUS
METALS
PRODUCTS
- MELTING SCRAPS
- REROLLING SCRAPS
- USED MACHINERY
- DRILL PIPES
- PROJECT LEFTOVER MATERIALS
- BUSHING SCRAP
- NEW MILD STEEL PLATES
NUMBER OF EMPLOYEES
- ABOUT 5
SUBJECT IS A MEMBER OF THE FOLLOWING ENTITY
- SINGAPORE BUSINESS FEDERATION
ACCORDING TO THE TELE-INTERVIEW CONDUCTED ON 14/02/2007, THE FOLLOWING INFORMATION WAS GATHERED:
SUBJECT'S PERSONNEL CONFIRMED THE BUSINESS ADDRESS AND CONTACT NUMBERS OF THE COMPANY, BUT DECLINED TO
PROVIDE MORE INFORMATION, HENCE NO OTHER TRADE INFORMATION WAS MADE
AVAILABLE VIA THE TELE-INTERVIEW.
REGISTERED AND BUSINESS ADDRESS:
26 PIONEER SECTOR 2
SINGAPORE 628383
DATE OF CHANGE OF ADDRESS: 25/09/1989
- OWNED PREMISE
WEBSITE:
www.firstrecycling.com.sg
EMAIL:
firstrec@singnet.com.sg
MANAGEMENT
THE DIRECTORS AT THE TIME OF THIS REPORT ARE:
1) KWA CHIN TAT, A SINGAPOREAN
- HOLDS NO OTHER DIRECTORSHIPS AS RECORDED IN OUR DATABASE.
2) TAN LAY KHIM, A SINGAPOREAN
- HOLDS NO OTHER DIRECTORSHIPS AS RECORDED IN OUR DATABASE.
3) KWA CHIN LYE, A SINGAPOREAN
- HOLDS NO OTHER DIRECTORSHIPS AS RECORDED IN OUR DATABASE.
4) KWA BEE LIAN, A SINGAPOREAN
- HOLDS OTHER DIRECTORSHIPS AS RECORDED IN OUR DATABASE:
JML PRODUCTS MARKETING PTE LTD
ADVERSE ON DIRECTORS
DIRECTOR'S NAME :
KWA CHIN TAT
ADVERSE REPORT AGAINST DIRECTOR :
NIL
PROPERTY OWNERSHIP :
OWNS 1
ANNUAL VALUE :
S$17,400
CO-OWNER (S) :
TAN LAY KHIM
DIRECTOR'S NAME :
TAN LAY KHIM
ADVERSE REPORT AGAINST DIRECTOR :
NIL
PROPERTY OWNERSHIP :
OWNS 1
ANNUAL VALUE :
S$17,400
CO-OWNER (S) :
KWA CHIN TAT
DIRECTOR'S NAME :
KWA CHIN LYE
ADVERSE REPORT AGAINST DIRECTOR :
NIL
PROPERTY OWNERSHIP :
NIL
ANNUAL VALUE :
N.A.
CO-OWNER (S) :
N.A.
DIRECTOR'S NAME :
KWA BEE LIAN
ADVERSE REPORT AGAINST DIRECTOR :
NIL
PROPERTY OWNERSHIP :
OWNS 1
ANNUAL VALUE :
S$12,600
CO-OWNER (S) :
YEO CHIN HEONG
*ANNUAL VALUE IS THE ESTIMATED ANNUAL RENT
THE PROPERTY CAN FETCH IF IT WERE RENTED OUT. THE ANNUAL VALUE IS
DETERMINED IN THE SAME MANNER REGARDLESS OF WHETHER THE PROPERTY IS
LET-OUT, OWNER-OCCUPIED OR VACANT.
Singapore’s 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.
OVERVIEW OF SINGAPORE
PAST PERFORMANCE
SINGAPORE'S ECONOMIC GROWTH MODERATED IN THE SECOND QUARTER TO 7.5%
YEAR-ON-YEAR DUE TO A WEAKER
MANUFACTURING SECTOR. PRELIMINARY ESTIMATES ISSUED SHOWN GROWTH IN
REAL GROSS DOMESTIC PRODUCT SLOWED FROM A REVISED 10.7% IN THE FIRST QUARTER.
ON A QUARTER-ON-QUARTER BASIS, SEASONALLY ADJUSTED ANNUALISED BASIS, GDP
GREW 1.1% AFTER A 7% EXPANSION IN THE PREVIOUS QUARTER.
THE MANUFACTURING SECTOR IS FORECASTED TO HAVE EXPANDED BY A MORE
MODERATE 10.2% IN THE
SECOND QUARTER, MAINLY ATTRIBUTED TO LOWER PRODUCTION FROM THE BIOMEDICAL
MANUFACTURING CLUSTER. IT FELL BY ABOUT HALF FROM THE 20.2% IN THE FIRST
QUARTER BUT HIGHER THAN THE 9.3% REGISTERED FOR THE WHOLE OF 2005.
THE MANUFACTURING SECTOR ACCOUNTS FOR ABOUT A THIRD OF SINGAPORE'S
ECONOMY WORTH S$194 BILLION.
THE KEY ELECTRONICS SECTOR IN MANUFACTURING IS GROWING STRONGLY, AGAINST
THE VOLATILE
BIOMEDICAL SEGMENT. ELECTRONICS ARE SINGAPORE'S MAIN EXPORT AND THE INDUSTRY
ROSE 8.6% YEAR-ON-YEAR IN MAY, BOOSTED BY A 38.9% GROWTH IN THE SEMICONDUCTOR
SEGMENT.
THE ACTUAL FIGURES SHOWN THAT THE CONSTRUCTION SECTOR GREW 0.2% IN THE
SECOND QUARTER OVER
2Q2005. THIS IS IN CONTRAST WITH A 0.8% DECLINE IN THE TWO PRECEDING
QUARTERS AND DECLINES IN THE SIX QUARTERS BEFORE THAT.
THE SERVICES SECTOR ACTUALLY ROSE 7% FROM A YEAR EARLIER, SLOWER THAN
THE 8.2% IN THE FIRST
QUARTER BUT ABOVE THE 6% RECORDED IN 2Q2005. SERVICES INDUSTRIES, WHICH
RANGE FROM HOSPITALITY TO TRANSPORT, MADE UP NEARLY TWO-THIRDS OF THE ECONOMY
LAST YEAR. THOSE IN FINANCIAL SERVICES, PARTICULARLY BANKERS, FUND MANAGERS
AND STOCKBROKERS, REPORTED STRONG GROWTH OF 9.5% FROM THE SAME PERIOD LAST
YEAR AND UP FROM 8.7% IN THE PREVIOUS QUARTER. WHOLESALE AND RETAIL
TRADE ROSE 10.1% IN THE SECOND QUARTER, AGAINST 15.1% IN THE
PREVIOUS QUARTER, AS WHOLESALERS WERE AFFECTED BY A SLOWDOWN IN NON-OIL
RE-EXPORTS.
HOTELS AND RESTAURANTS GAINED 6.1% IN THE SECOND QUARTER SLOWER THAN
7.1% IN THE LAST QUARTER.
ON THE EMPLOYMENT MARKET, MORE JOBS WERE CREATED IN THE SECOND QUARTER
BUT UNEMPLOYMENT ROSE
TO 2.9% AS MORE PEOPLE, ESPECIALLY TERTIARY GRADUATES, ENTERED THE
JOB MARKET. SOME 36,500 MORE JOBS WERE CREATED IN THE SECOND QUARTER, REFLECTING
THE CONTINUED GROWTH IN THE ECONOMY. IT BROUGHT THE TOTAL NUMBER OF JOBS
CREATED IN THE FIRST HALF OF 2006 TO A RECORD 81,500, WHICH IS ABOUT TWO-THIRDS
MORE THAN THE 49,500 REGISTERED IN THE SAME PERIOD LAST YEAR.
THE SERVICE INDUSTRY CONTRIBUTED MOSTLY TO THE JOBS CREATION, ADDING
24,200 JOBS, WHILE
MANUFACTURING AND CONSTRUCTION POSTED INCREASE OF 8,300 AND 4,000 JOBS
RESPECTIVELY.
RETRENCHED WORKERS TOTAL 3,100, LOWER THAN THE 3,500 IN THE FIRST
QUARTER, BUT HIGHER THAN THE
2,100 IN 2Q2005.
AHEAD
THE OUTLOOK FOR THE ECONOMY REMAINS POSITIVE, AMID SIGNS OF A SLOWDOWN
IN GLOBAL GROWTH. ON 8
AUGUST 2006, PRIME MINISTER LEE HISEN LOONG ANNOUNCED THAT THE SINGAPORE
ECONOMY GREW 9.4% IN THE FIRST HALF OF 2005. AS A RESULT, BARRING AN OIL
SHOCK, THE FULL YEAR OFFICIAL FORECAST IS BEING RAISED TO BETWEEN 6.5% AND
7.5% FOR 2006, UP FROM THE EARLIER 5 TO 7% RANGE.
IN THE SECOND HALF, MODERATE GROWTH WILL BE REGISTERED IN LINE WITH THE
COOLING GLOBAL ECONOMY.
BUT SURPRISINGLY, THE COMPOSITE LEADING INDEX (CLI), AN INDICATOR
THAT LEADS ECONOMIC ACTIVITY BY ABOUT ONE TO TWO QUARTERS AHEAD, ROSE 1.5%
IN ITS FASTEST GROWTH IN OVER TWO YEARS. CLI COMPRISES NINE COMPONENTS SUCH
AS MONEY SUPPLY, LIQUIDITY AND STOCK PRICES.
THE GLOBAL ENERGY PRICES WILL CONTINUE TO FLUCTUATE WITH THE VIOLENCE IN
THE MIDDLE EAST AND
POTENTIAL SUPPLY PROBLEMS IN NIGERIA, IRAN AND IRAQ. OTHER RISK FACTORS
INCLUDE AN AVIAN FLU OUTBREAK, A SLOWDOWN IN THE UNITED STATES ECONOMY, AND
THE UNWINDING OF GLOBAL IMBALANCES SUCH AS THE US TRADE DEFICIT.
HOTELS AND RESTAURANTS ARE BANKING ON SEPTEMBER'S INTERNATIONAL MONETARY FUND/WORLD BANK MEETING TO MAINTAIN THE
GROWTH MOMENTUM.
THE FINANCIAL SERVICES SECTOR IS HOPEFUL THAT WITH THE PICK-UP IN
BUSINESS LOANS,
BILLION-DOLLAR HEDGE FUNDS RELOCATING HERE FROM HONG KONG AND STRONG INSURANCE
SALES, THE INDUSTRY WILL BE GROWING ROBUSTLY FOR THE REST OF THE YEAR.
SLOWER 8.4% GROWTH IN NON-OIL EXPORTS LAST MONTH
SINGAPORE'S NON-OIL DOMESTIC EXPORTS (NODX) GREW AT A
SLOWER-THAN-EXPECTED 8.4% IN JULY
2006 OVER THE SAME MONTH A YEAR AGO, MAINLY DUE TO WEAKER SHIPMENTS OF ELECTRONICS,
PHARMACEUTICALS AND PETROCHEMICALS.
ELECTRONICS EXPORTS, WHICH ACCOUNTED FOR SLIGHTLY LESS THAN HALF OF
OVERALL NODX IN 2005, GREW 5%
IN JULY TO S$6.62 BILLION. IT WAS THE 12TH STRAIGHT MONTH OF EXPANSION
BUT WEAKER THAN THE 9.1% GROWTH REGISTERED IN JUNE. IT WAS HURT BY A 23%
FELL IN DISK DRIVE EXPORTS, WHICH WAS BEING VALUED AT S$843 MILLION IN JULY,
AND A 21% DECLINE IN PERSONAL COMPUTER SHIPMENTS VALUED AT S$86 MILLION.
NON-ELECTRONIC EXPORTS, WHICH CONSIST MAINLY OF PHARMACEUTICALS AND PETROCHEMICALS, ROSE 11.7% TO S$7.14 BILLION.
PHARMACEUTICALS ROSE 7.1% TO S$1.27 BILLION IN JULY, SIGNIFICANTLY SLOWER THAN
THE JUNE'S RISE OF 25% TO S$1.45 BILLION. PETROCHEMICAL EXPORTS ROSE 11.5% TO
S$1.02 BILLION, IN COMPARISON WITH THE 32% GROWTH IN JUNE TO S$1.1
BILLION.
SHIPMENTS TO SINGAPORE'S MAJOR MARKETS SUCH AS MALAYSIA, HONG KONG AND
THE UNITED STATES GREW
IN JULY BUT THESE WERE OFFSET BY DECLINES IN OTHER DESTINATIONS,
INCLUDING JAPAN, CHINA AND EUROPEAN UNION.
TOTAL TRADE IN JULY ROSE 15.9% TO ALMOST S$69 BILLION.
REGIONAL ECONOMIST SONG SENG WUN OF CIMB-GK RESEARCH PREDICTED THAT THE TECHNOLOGY SECTOR COULD ENJOY A REBOUND IN
THE COMING MONTHS AS DEMAND TYPICALLY PICK UP WITH THE CHRISTMAS
SEASON. THE TECHNOLOGY EXPORTS WILL GROW BY THE LOW-TO-MID TEENS RANGE AS THE
DISK DRIVE EXPORTS IMPROVE.
EXTRACTED FROM: MINISTRY OF TRADE AND INDUSTRY, SINGAPORE
IE SINGAPORE
THE STRAITS TIMES
TODAY
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|