MIRA INFORM REPORT

Report Date :

08.10.2007

IDENTIFICATION DETAILS

Name :	A E MADAKIA CORPORATION
Registered Office :	^5^Sennett Avenue, Singapore^– 467015
Country :	Singapore
Date of Incorporation :	^27/01/1975
Com. Reg. No.:	^05089900K
Legal Form :	^Sole Proprietor
Line of Business :	Importer and Exporter of Wood Products; Timber Trading; Moulding

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Small Company
Payment Behaviour :	Unknown
Litigation :	Clear

Subject Company

A E MADAKIA CORPORATION

Line Of Business 

IMPORTER AND EXPORTER OF WOOD PRODUCTS; TIMBER TRADING; MOULDING

Parent Company

N.A.

Financial Elements

Sales : N.A.

Networth : N.A.

Paid-Up Capital : N.A.

Net result : N.A.

Net Margin(%) : N.A.

Return on Equity(%) : N.A.

Leverage Ratio : N.A.

COMPANY IDENTIFICATION

^{Subject Company : A E MADAKIA CORPORATION}

^{Former Name : -}

^{Business Address : 5 SENNETT AVENUE}

^{Town : SINGAPORE}

^{Postcode : 467015}

^{Country : Singapore}

^{Telephone : 6786 8634}

^{Fax : 6227 7105}

^{ROC Number : 05089900K}

^{Reg. Town : -}

SUMMARY

^{Legal Form : Sole Proprietor}

^{Date Inc. : 27/01/1975}

^{Previous Legal Form : -}

^{Summary year : -}

^{Sales : -}

^{Capital : -}

^{Paid-Up Capital :} -

^{Employees : 4}

^{Net result : -}

^{Share value : -}

REFERENCES

^{Litigation : No}

^{Company status : TRADING}

^{Started : 01/07/1965}

PRINCIPAL(S)

^{MOHAMED RAFIK S/O AHMED EBRAHIM S1163518J Manager}

DIRECTOR(S)

^{MOHAMED RAFIK S/O AHMED EBRAHIM S1163518J Manager}

^{Appointed on : 18/10/1999}

^{Street : 117 SIMEI STREET 1}

^{# 03-546}

^{Town : SINGAPORE}

^{Postcode : 520117}

^{Country : Singapore}

ACTIVITY(IES)

^{TIMBER - WHSLE Code: 21690}

^{TEXTILE MERCHANTS Code: 21450}

^{BASED ON ACRA'S RECORD AS AT 03/10/2007}

^{1) WHOLESALE OF SAWN TIMBER, PLYWOOD AND RELATED PRODUCTS}

^{2) WHOLESALE OF TEXTILES}

CHARGES

No Charges On Premises/Property In Our Database

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

SHAREHOLDERS(S)

^{MOHAMED RAFIK S/O AHMED EBRAHIM Proprietor}

^{Street : 117 SIMEI STREET 1}

^#03-546

^{Town : SINGAPORE}

^{Postcode : 520117}

^{Country : Singapore}

FORMER SHAREHOLDER(S)

^{AHMED EBRAHIM MADAKIA}

SUBSIDIARY(IES)

No Participation In Our Database

PAYMENT HISTORY AND EXPERIENCES

^{Trade Morality : AVERAGE}

^{Liquidity : UNKNOWN}

^{Payments : UNKNOWN}

^{Trend : UNKNOWN}

^{Financial Situation : UNKNOWN}

FINANCIAL COMMENTS

^{SOLE-PROPRIETORSHIP}

^{BEING A SOLE PROPRIETORSHIP BUSINESS, THERE IS NO OBLIGATIONS ON THE PART OF THE OWNER TO SUPPLY REGULAR FINANCIAL UPDATES TO THE REGISTRY OF COMPANIES AND BUSINESSES.THE CREDIT OPINION IS BASED ON NON-FINANCIAL INDICATORS AS WELL AS OTHER BUSINESS ELEMENTS AND DATA AVAILABLE.}

^{NO FINANCIAL INFORMATION WAS REVEALED BY THE MANAGEMENT.}

BACKGROUND/OPERATION

^{THE SUBJECT WAS REGISTERED IN THE REPUBLIC OF SINGAPORE ON 27/01/1975 AND COMMENCED BUSINESS ON 01/07/1965 AS A SOLE PROPRIETORSHIP AND IS TRADING UNDER THE NAMESTYLE AS "A E MADAKIA CORPORATION".}

^{THE LICENCE WAS RENEWED ON 27/01/2007 AND WILL EXPIRE ON 28/01/2008.}

^{PRINCIPAL ACTIVITIES:}

^{SUBJECT IS REGISTERED WITH THE ACCOUNTING AND CORPORATE REGULATORY AUTHORITY (ACRA) BE PRINCIPALLY ENGAGED IN THE BUSINESS OF:}

^{(1) WHOLESALE OF SAWN TIMBER, PLYWOOD AND RELATED PRODUCTS}

^{(2) WHOLESALE OF TEXTILES}

^{FROM THE RESEARCH DONE, THE FOLLOWING INFORMATION WAS GATHERED:}

^{SUBJECT ENGAGES IN THE FOLLOWING ACTIVITIES:}

^{* IMPORTER AND EXPORTER OF WOOD PRODUCTS}

^{* TIMBER TRADING}

^{* MOULDING}

^{PRODUCTS DEALINGS:}

^{* SAWN TIMBER}

^{* PLYWOOD}

^{* BLOCKBOARD}

^{* FILMFACED PLYWOOD}

^{* FANCY VENEERED PLYWOOD AND BLOCKBOARD}

^{* MDF. CHIPBOARD}

^{* TEAKWOOD SQUARES}

^{* LOGS}

^{SUBJECT IS A MEMBER OF THE FOLLOWING ENTITY:}

^{* SINGAPORE MALAY CHAMBER OF COMMERCE & INDUSTRY}

^{NUMBER OF EMPLOYEES:}

^{* 4}

^{FROM THE TELE-INTERVIEW CONDUCTED ON 05/10/2007, SUBJECT REVEALED THAT THEY HAVE ASSOCIATE OFFICES IN MALAYSIA AND HONG KONG TO CATER THE EXPORT REGIONS.}

^{IMPORT COUNTRIES:}

^{* MALAYSIA}

^{* INDONESIA}

^{* MYANMAR}

^{* CHINA}

^{EXPORT REGIONS:}

^{* ALL OF MIDDLE EAST}

^{* EUROPE}

^{* ASIA}

^{* AFRICA}

^{NO OTHER TRADE INFORMATION WAS AVAILABLE ON 05/10/2007.}

^{REGISTERED ADDRESS:}

^{5 SENNETT AVENUE}

^{SINGAPORE 467015}

^{DATE OF CHANGE OF ADDRESS: 18/10/1999}

^{REGISTERED AND BUSINESS ADDRESS:}

^{BLOCK 117}

^{SIMEI STREET 1}

^#03-546

^{SINGAPORE 520117}

^{- RENTED PREMISE}

^{- PREMISE OWNED BY: THE OWNER; MOHD RAFIK AHMED AND KANIZ FATHIMA}

^{WEBSITE: -}

^{EMAIL: madakia@pacific.net.sg}

MANAGEMENT

^{THE OWNER AT TIME OF REPORT IS:}

^{1) MOHAMMED RAFIK S/O AHMED EBRAHIM}

^{- HOLDS NO OTHER BUSINESS INTERESTS AS RECORDED IN OUR DATABASE.}

ADVERSE ON DIRECTORS

^{OWNER'S NAME: MOHAMMED RAFIK S/O AHMED EBRAHIM}

^{ADVERSE REPORT AGAINST OWNER: NOT AVAILABLE FROM OUR DATABASE}

^{PROPERTY OWNERSHIP: 1}

^{ANNUAL VALUE: S$6,600}

^{CO-OWNER (S): KANIZ FATHIMA}

^{* 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 2007

^{INVESTMENT GRADE}

^{IN SINGAPORE, THE POLITICAL SITUATION REMAINS STABLE.}

^{SINGAPORE BOASTS THE BEST GOVERNANCE IN ASIA, WITH AN EFFECTIVE LEGAL SYSTEM FACILITATING DEBT COLLECTION AND TO A HIGH DEGREE OF FINANCIAL TRANSPARENCY.}

^{EXTERNAL ACCOUNTS HAVE REMAINED SUBSTANTIALLY IN SURPLUS, CONTRIBUTED TO THE DYNAMISM OF THE ELECTRONICS AND PHARMACEUTICALS SECTORS AND TO REPATRIATION OF PROFITS FROM SINGAPORE INVESTMENTS. THE FINANCIAL AND TOURISM SECTORS HAVE ALSO CONTRIBUTED TO THE LARGE CURRENT ACCOUNT SURPLUS.}

^{SINGAPORE CONTINUES TO KEENLY WELCOME FOREIGN INVESTMENT AND OFFERS A VERY OPEN AND WELL-PLANNED ECONOMIC AND POLITICAL ENVIRONMENT. IT HAS BEEN IMPLEMENTING AMBITIOUS DIVERSIFICATION STRATEGY, FOCUSED PARTICULARLY ON THE CHEMICALS AND PHARMACEUTICAL SECTORS.}

^{THE GOVERNMENT USES FOREIGN DIRECT INVESTMENT TO DEVELOP PRIORITY SECTORS (ELECTRONICS, CHEMICALS, BIOTECHNOLOGY). THE AIM IS TO ENCOURAGE THE GROWTH OF HIGH ADDED-VALUE ACTIVITIES AND TURN SINGAPORE INTO A REGIONAL HUB FOR FOREIGN INVESTORS INTERESTED IN ASIA.}

^{CERTAIN SECTORS (MEDIA, LEGAL AND FINANCIAL SERVICES) ARE HOWEVER ONLY PARTIALLY OPEN TO FOREIGN INVESTMENT. THESE SECTORS ARE SLOWLY OPENING UP, BUT THE PROGRESS IS SLOW. AFTER HIGH GROWTH IN 2006, BUOYED BY THE DYNAMISM OF BOTH EXPORTS AND HOUSEHOLD CONSUMPTION, A SLOWDOWN IS EXPECTED IN 2007.}

^ASSETS

^{" MAJOR EXPORTER OF CAPITAL IN ASIA, NOTABLY VIA THE STATE-OWNED TEMASEK HOLDING}

^COMPANY.

^{" HIGH QUALITY COMPETITIVENESS IN ASIA}

^{" EXCELLENT BUSINESS CLIMATE}

^{" POLITICAL STABILITY.}

^WEAKNESSES

^{" SKILLED MANPOWER HAS BEEN LACKING IN THE SECTORS TARGETED FOR DEVELOPMENT.}

^{" AN AGEING POPULATION COULD, ULTIMATELY, AFFECT ECONOMIC PERFORMANCE.}

^{" GROWING INEQUALITY AND THE EMERGENCE OF LONG-TERM UNEMPLOYMENT AMONG THE LEAST}

^{SKILLED COULD GENERATE SOCIAL TENSIONS.}

^{" BEING THE WORLD'S MOST OPEN ECONOMY, IT HAS BEEN VULNERABLE TO WORLD ECONOMIC}

^DOWNTURNS.

WHOLESALE AND RETAIL TRADE SECTOR

PAST PERFORMANCE

DOMESTIC WHOLESALE TRADE INDEX

THE OVERALL DOMESTIC WHOLESALE TRADE DECLINED BY 7.5% IN Q1 2007. EXCLUDING PETROLEUM, DOMESTIC SALES FELL BY 7.4%. SECTORS OF ELECTRONIC COMPONENTS, SHIP CHANDLERS AND BUNKERING, INDUSTRIAL AND CONSTRUCTION MACHINERY REPORTED DECLINES OF 11.6% TO 23.8%.

HOWEVER, WHOLESALERS OF FOOD, BEVERAGES AND TOBACCO REGISTERED HIGHER TURNOVER OF 5.4%.

FOREIGN WHOLESALE TRADE INDEX

THE OVERALL FOREIGN WHOLESALE TRADE IN QUARTER 1 2007 FELL BY 7.6%. EXCLUDING PETROLEUM, FOREIGN SALES DECLINED BY 8.0%. MOST WHOLESALE SECTORS REPORTED LOWER OVERSEAS RECEIPTS IN QUARTER 1 2007 COMPARED TO THE PREVIOUS QUARTER, EXCEPT HOUSEHOLD EQUIPMENT AND FURNITURE SECTOR. SHIP CHANDLERS & BUNKERING REPORTED THE LARGEST DECLINE OF 18.3% IN QUARTER 1 2007, FOLLOWED BY FOOD BEVERAGES & TOBACCO SECTOR OF 17.7%.

RETAIL TRADE

THE OVERALL RETAIL SALES ROSE MARGINALLY BY 0.7% IN QUARTER 2 2007, COMPARED TO QUARTER 2 2006. EXCLUDING MOTOR VEHICLES, RETAIL SALES ROSE BY 5.1%. SALES OF OPTICAL GOODS & BOOKS, FURNITURE & HOUSEHOLD EQUIPMENT AND SUPERMARKETS ENJOYED STRONG GROWTHS OVER A YEAR AGO. PROVISION & SUNDRY SHOPS, WATCHES AND JEWELLERY, DEPARTMENT STORES AND WEARING APPAREL & FOOTWEAR SECTORS ALSO REPORTED HIGHER SALES OF 4.35 TO 5.9% RESPECTIVELY.

HOWEVER, RETAILERS OF MOTOR VEHICLES, FOOD & BEVERAGES, TELECOMMUNICATIONS APPARATUS & COMPUTERS AND PETROL SERVICES STATIONS REPORTED LOWER SALES.

OUTLOOK

GENERALLY, WHOLESALERS EXPECT TO DO WELL FOR THE NEXT 6 MONTHS, WITH A POSITIVE NET WEIGHTED BALANCE OF 17%. DEALERS OF FOOD & BEVERAGES, TROPICAL PRODUCE, TEXTILES & LEATHER GOODS AND HOUSEHOLD ELECTRICAL APPLIANCE & EQUIPMENT ARE AMONG THOSE WHO ARE OPTIMISTIC.

RETAIL TRADE FIRMS ANTICIPATE BUSINESS TO BE LESS BRISK FOR THE NEXT 6 MONTHS. IN PARTICULAR, DEPARTMENT STORES, SUPERMARKETS AND RETAILERS OF MOTOR VEHICLES EXPECT SLOWER BUSINESS IN THE COMING MONTHS.

EXTRACTED FROM: MINISTRY OF TRADE AND INDUSTRY, SINGAPORE

SINGAPORE DEPARTMENT OF STATISTICS

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.	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

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