MIRA INFORM REPORT

 

 

 

Report Date :

01.12.2008

 

IDENTIFICATION DETAILS

 

Name :

SIN TA IMPEX PTE LTD

 

 

Registered Office :

63 Robinson Road #05-24 Afro-Asia Building 068894

 

 

Country :

Singapore

 

 

Date of Incorporation :

10.06.1991

 

 

Com. Reg. No.:

199102733M

 

 

Legal Form :

Exempt Pte Ltd

 

 

Line of Business :

General Wholesale Trade (including General Importers and Exporters).

 

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 :

Regular

 

 

Litigation :

Clear

 

 

 Subject Company   

 

SIN TA IMPEX PTE LTD

 

 

Line Of Business   

 
GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS & EXPORTERS).

 

 

Parent Company     

 

N/A

 

 

Financial Elements

                                               

Sales                                                     : N/A 

Networth                                                : N/A

Paid-Up Capital                                                                                                     : S$2,000,000

Net result                                               : N/A

 

Net Margin(%)                         : N/A

Return on Equity(%)                 : N/A

Leverage Ratio                         : N/A

 

COMPANY IDENTIFICATION

 

 

Subject Company :

SIN TA IMPEX PTE LTD

Business Address:

63 ROBINSON ROAD #05-24 AFRO-ASIA BUILDING

Town:

SINGAPORE

Postcode:

068894

Country:

Singapore

Telephone:

6224 5561

Fax:

6225 4932

ROC Number:

199102733M

Easy Number company:

00004502537575

 

 

SUMMARY

 

Legal Form:

Exempt Pte Ltd

Date Inc.:

10/06/1991

Summary year :

 

All amounts in this report are in :

SGD

Sales:

 

Capital:

 

Paid-Up Capital:

2,000,000

Net result :

 

Share value:

 

 
 

BASED ON ACRA'S RECORD 
                                NO OF SHARES   CURRENCY      AMOUNT              
ISSUED ORDINARY       2,000,000        SGD               2,000,000.00                 
PAID-UP ORDINARY           -                 SGD                2,000,000.00
 
 
AUDITOR : NIL

 

 

REFERENCES

 

CCMS Number:

702000839704

 

 

Update Date:

01/12/2008

Credit Requested:

-

Credit Opinion:

-

Credit Rating:

2A 3

 

Litigation:

No

Company status :

TRADING

Started :

10/06/1991

 

 

PRINCIPAL(S)

 

TARUN CHAMANLAL MEHTA

S2591001Z

Director

 

DIRECTOR(S)

 

TARUN CHAMANLAL MEHTA

S2591001Z

Company Secretary

Appointed on :

01/12/1995

 

Street :

99 MEYER ROAD #24-01 THE SOVEREIGN

 

Town:

SINGAPORE

 

Postcode:

437920

 

Country:

Singapore

 

TARUN CHAMANLAL MEHTA

S2591001Z

Director

Appointed on :

10/06/1991

 

Street :

99 MEYER ROAD #24-01 THE SOVEREIGN

 

Town:

SINGAPORE

 

Postcode:

437920

 

Country:

Singapore

 

SMITA TARUN MEHTA

S2591002H

Director

Appointed on :

16/01/1998

 

Street :

99 MEYER ROAD #24-01 THE SOVEREIGN

 

Town:

SINGAPORE

 

Postcode:

437920

 

Country:

Singapore

 

 

 

 

ACTIVITY(IES)

 

Activity Code:

11760

IMPORTERS And EXPORTERS

 
 
BASED ON ACRA'S RECORD 
1) GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS & EXPORTERS)

 

 

CHARGES

 

 

AVAILABLE

Date:

26/06/2008

Amount:

0

Comments :

 
CHARGE NO : C200805702                                                
AMOUNT SECURED : 0.00 AND ALL MONIES OWING                            
CHARGEE(S) : BNP PARIBAS

 

 

BANKERS

 

BNP PARIBAS

 

 

SHAREHOLDERS(S)

 

TARUN CHAMANLAL MEHTA

1,000,000

Private Person

 

Street :

99 MEYER ROAD #24-01 THE SOVEREIGN

Town:

SINGAPORE

Postcode:

437920

Country:

Singapore

 

SMITA TARUN MEHTA

1,000,000

Private Person

 

Street :

99 MEYER ROAD #24-01 THE SOVEREIGN

Town:

SINGAPORE

Postcode:

437920

Country:

Singapore

 

 

PAYMENT HISTORY AND EXPERIENCES

 

Trade Morality:

AVERAGE

Liquidity :

UNKNOWN

Payments :

REGULAR

Trend :

LEVEL

Financial Situation:

UNKNOWN

 

 

 

FINANCIAL COMMENTS

 

NOTE: THE SUBJECT DID NOT FILE ITS FINANCIALS FOR THE YEAR 2006.PLEASE REFER TO THE LIMITED EXEMPT PRIVATE COMPANY CLAUSE BELOW FOR FURTHER INFORMATION.
                                                                      
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 10/06/1991 AS A LIMITED EXEMPT PRIVATE COMPANY AND IS TRADING UNDER ITS PRESENT NAMESTYLE AS "SIN TA IMPEX PTE LTD".
 
 
THE COMPANY HAS AN ISSUED AND PAID-UP CAPITAL OF2,000,000 SHARES, OF A VALUE OF S$2,000,000.                          
                                                                      
                                                                      
PRINCIPAL ACTIVITIES:
SUBJECT IS REGISTERED WITH THE ACCOUNTING AND CORPORATE REGULATORY    
AUTHORITY (ACRA) TO BE PRINCIPALLY ENGAGED IN THE BUSINESS OF:        
1) GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS & EXPORTERS)
 
 
THE COMPANY WAS NOT LISTED IN THE SINGAPORE LOCAL DIRECTORIES.        
                                                                      
                                                                      
FROM THE RESEARCH DONE, NO INFORMATION AVAILABLE ON THIS COMPANY.
                                                                      
FROM THE TELE-INTERVIEW CONDUCTED, SUBJECT CONFIRMED ITS BUSINESS ADDRESS AND CONTACT NUMBERS. IT WAS REVEALED THAT SUBJECT'S PRINCIPAL ACTIVITY IS IMPORT AND EXPORTS OF TIMBER. FURTHER ENQUIRIES WERE REJECTED. NO OTHER TRADE INFORMATION WAS AVAILABLE 
                                                                      
                                                                                                                                  
REGISTERED AND BUSINESS ADDRESS:                                      
63  ROBINSON ROAD
#05-24                                                                
AFRO-ASIA BUILDING                                                    
SINGAPORE 068894                                                      
DATE OF CHANGE OF ADDRESS: 15/07/2004                                 
- RENTED PREMISE
- PREMISE OWNED BY: AFRO-ASIA SHIPPING COMPANY (PRIVATE) LIMITED      
                                                                      
                                                                      
WEBSITE: -                                                            
EMAIL  : wejilam@wejilam.com.sg

 

 

MANAGEMENT

 

THE DIRECTORS AT THE TIME OF THIS REPORT ARE:                         
                                                                      
1) TARUN CHAMANLAL MEHTA, A SINGAPOREAN                               
   - HOLDS OTHER DIRECTORSHIPS AS RECORDED IN OUR DATABASE:           
     SWASTIK INTERTRADE PTE LTD
     WAJILAM EXPORTS (SINGAPORE) PRIVATE LIMITED                      
                                                                      
2) SMITA TARUN MEHTA, A SINGAPOREAN                                   
   - HOLDS OTHER DIRECTORSHIPS AS RECORDED IN OUR DATABASE:           
     WAJILAM EXPORTS (SINGAPORE) PRIVATE LIMITED

 

 

ADVERSE ON DIRECTORS

 

DIRECTOR'S NAME: TARUN CHAMANLAL MEHTA                                
ADVERSE REPORT AGAINST DIRECTOR: NOT AVAILABLE FROM OUR DATABASE      
PROPERTY OWNERSHIP: OWNS 1                                            
ANNUAL VALUE: S$51,600                                                
CO-OWNER (S): T C MEHTA
                                                                      
DIRECTOR'S NAME: SMITA TARUN MEHTA                                    
ADVERSE REPORT AGAINST DIRECTOR: NOT AVAILABLE FROM OUR DATABASE      
PROPERTY OWNERSHIP: NIL                                               
ANNUAL VALUE: N/A
CO-OWNER (S): N/A                                                     
                                                                      
                                                                      
*              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.

 

 

 

GENERAL COMMENTS

 

SINGAPORE'S COUNTRY RATING 2008                                                 
                                                                                                                                                               
INVESTMENT GRADE
                                                                                
IN SINGAPORE, THE POLITICAL AND ECONOMIC SITUATION IS VERY GOOD. A QUALITY      
BUSINESS ENVIRONMENT HAS A POSITIVE INFLUENCE ON CORPORATE PAYMENT BEHAVIOUR.   
CORPORATE DEFAULT PROBABILITY IS VERY LOW ON AVERAGE.                           
ECONOMIC GROWTH REMAINED STRONG IN 2007 AND IN Q1 2008 (6.7%) THANKS TO A SHARP
INCREASE IN CONSUMPTION SPURRED BY A BRIGHT EMPLOYMENT PICTURE, RISING REAL     
WAGES, AND A POSITIVE WEALTH EFFECT PRODUCED BY RISING PROPERTY PRICES. IN THIS 
CONTEXT, BANKRUPTCIES CONTINUE TO DECLINE, AS REFLECTED BY THE FAVOURABLE COFACE
PAYMENT INCIDENT INDEX TREND. SINGAPORE MOREOVER BOASTS THE BEST GOVERNANCE IN  
ASIA THANKS TO AN EFFECTIVE LEGAL SYSTEM AND A GOOD LEVEL OF FINANCIAL
TRANSPARENCY.                                                                   
HOWEVER, A GROWTH SLOWDOWN IS EXPECTED FOR 2008 (4.5%) AMID WEAKER DEMAND GROWTH
IN THE UNITED STATES, SINGAPORE'S NUMBER TWO TRADING PARTNER. THE FOREIGN TRADE 
CONTRIBUTION TO GROWTH WILL THUS DECLINE ESPECIALLY WITH EXPORTS REPRESENTING   
210 PER CENT OF GDP.
INFLATION ACCELERATED IN 2007 AND REACHED 7.5% IN MAY 2008 BECAUSE OF RISING RAW
MATERIAL PRICES. INDEED, SINGAPORE IMPORTS ALMOST ALL ITS ENERGY AND FOOD.      
HOWEVER, FOR THE ENTIRE YEAR, INFLATION SHOULD MODERATE AND REACH 2.8%.         
THE FINANCIAL SITUATION HAS REMAINED ROBUST AS THE EQUILIBRIUM OF PUBLIC SECTOR 
FINANCES AND THE SOLIDITY OF A BANKING SYSTEM POISED TO ADOPT BASEL II
PRUDENTIAL STANDARDS ATTEST. EXTERNAL ACCOUNTS CONTINUE MOREOVER TO SHOW LARGE  
SURPLUSES THANKS TO GOOD PERFORMANCE IN A RANGE OF SECTORS INCLUDING            
ELECTRONICS, TRANSPORT, CONSTRUCTION, TOURISM, AND FINANCIAL SERVICES. THE      
DECLINE EXPECTED IN THE CURRENT ACCOUNT SURPLUS IN 2008 SHOULD NOT JEOPARDISE   
SINGAPORE'S EXCEPTIONAL FINANCIAL SOLIDITY.
UNDERPINNED BY SUBSTANTIAL FISCAL RESERVES AND A LARGE MAJORITY IN PARLIAMENT,  
THE PEOPLE'S ACTION PARTY OF PRIME MINISTER LEE HSIEN LOONG HAS SOUGHT AT ONCE  
TO MAKE THE CITY-STATE MORE ATTRACTIVE TO FOREIGN INVESTORS AND TO BOLSTER THE  
SPECIALISATION IN HIGH-VALUE ADDED SECTORS TO MEET THE GROWING COMPETITION FROM 
LOW-COST ASIAN ECONOMIES. BESIDES REDUCTIONS IN CORPORATE INCOME TAX AND TAX
INCENTIVES FOR COMPANIES SETTING UP OPERATIONS IN SINGAPORE, THE GOVERNMENT     
CONTINUES TO PURSUE ITS INFRASTRUCTURE AND R&D INVESTMENT POLICY.               
                                                                                
ASSETS                                                                          
"              THE COUNTRY HAS BEEN PURSUING AMBITIOUS DIVERSIFICATION STRATEGY,
ESPECIALLY TO HIGH VALUE-ADDED SECTORS LIKE CHEMICALS, PHARMACEUTICALS, AND     
FINANCE.                                                                        
"              IT IS AMONG THE MOST ADVANCED COUNTRIES OF ASIA IN QUALITY                    
COMPETITIVENESS TERMS.                                                          
"              SINGAPORE HAS BECOME A MAJOR EXPORTER OF CAPITAL IN ASIA IN MANY ECONOMIC
SECTORS -SUCH AS FINANCE, TELECOMMUNICATIONS, TRANSPORT - NOTABLY VIA THE STATE-
OWNED TEMASEK HOLDING COMPANY                                                   
"              THE ECONOMY HAS BENEFITED FROM THE COUNTRY'S POLITICAL STABILITY AND          
EXCELLENT BUSINESS CLIMATE.
WEAKNESSES                                                                      
"              SKILLED LABOUR IS IN SHORT SUPPLY IN THE SECTORS THE COUNTRY WISHES TO        
DEVELOP.                                                                        
"              THE AGEING POPULATION COULD ULTIMATELY UNDERMINE ECONOMIC PERFORMANCE.        
"              GROWING INEQUALITY AND THE EMERGENCE OF LONG-TERM UNEMPLOYMENT AMONG THE
LEAST SKILLED COULD GENERATE SOCIAL TENSIONS.                                   
"              THE VERY OPEN ECONOMY IS VULNERABLE TO A WORLD ECONOMIC DOWNTURN.             
                                                                                
                                                                                                                                                               
WHOLESALE AND RETAIL TRADE SECTOR                                               
PAST PERFORMANCE
THE WHOLESALE AND RETAIL TRADE SECTOR GREW BY 6.0% IN 2Q 2008, HIGHER THAN THE  
5.5% GROWTH IN 1Q 2008. NON-OIL RE-EXPORTS GREW BY 14.0% IN 2Q 2008, STRONGER   
THAN THE 11.0% GROWTH IN 1Q 2008. RETAIL SALES FELL BY 2.9% IN 2Q 2008. HOWEVER,
THIS REPRESENTED A DECLINE OVER A RELATIVELY HIGHER BASE IN 2Q 2007(8.1%        
GROWTH). EXCLUDING MOTOR VEHICLES, RETAIL SALES FELL BY 1.4% IN 2Q 2008, IN
CONTRAST TO THE 1.4% GROWTH IN 1Q 2008.                                         
                                                                                
DOMESTIC WHOLESALE TRADE INDEX                                                  
THE OVERALL DOMESTIC WHOLESALE TRADE ROSE BY 11.1% IN 2Q 2008 OVER 1Q 2008.     
EXCLUDING PETROLEUM, DOMESTIC SALES ROSE BY 2.9%.
                                                                                
AFTER SEASONAL ADJUSTMENT, DOMESTIC SALES ROSE BY 4.5% IN 2Q 2008 OVER 1Q 2008. 
EXCLUDING PETROLEUM, DOMESTIC SALES FELL BY 1.9%.                               
                                                                                
ON A YEAR-ON-YEAR BASIS, THE OVERALL DOMESTIC WHOLESALE TRADE GREW BY 25.4% OVER
THE PREVIOUS YEAR. EXCLUDING PETROLEUM, DOMESTIC SALES ROSE BY 4.7%. AFTER      
REMOVING PRICE EFFECT, THE OVERALL DOMESTIC WHOLESALE TRADE FELL BY 2.0% IN 2Q  
2008 OVER 2Q 2007.                                                              
                                                                                
ON A QUARTER-OVER-QUARTER BASIS, MOST WHOLESALE SECTORS REPORTED HIGHER DOMESTIC
SALES AFTER RECORDING SLOWER BUSINESS IN THE PREVIOUS QUARTER.                  
                                                                                
DOMESTIC SALES OF TIMBER, PAINTS AND CONSTRUCTION MATERIALS, AND INDUSTRIAL AND 
CONSTRUCTION MACHINERY REGISTERED INCREASES OF 22.7% AND 21.1% IN 2Q 2008.
PETROLEUM AND PETROLEUM PRODUCTS, AND CHEMICALS AND CHEMICAL PRODUCTS ROSE BY   
20.2% AND 12.6% RESPECTIVELY IN 2Q 2008 OVER 1Q 2008. AFTER ADJUSTING FOR PRICE 
CHANGES, SALES REMAINED AT SIMILAR LEVELS AS 1Q 2008.                           
                                                                                
CONVERSELY, DOMESTIC GENERAL WHOLESALE TRADE FELL BY 15.2%. IT WAS FOLLOWED BY
DOMESTIC SALES OF FOOD, BEVERAGES AND TOBACCO, SHIP CHANDLERS AND BUNKERING, AND
HOUSEHOLD EQUIPMENT AND FURNITURE WHICH CONTRACTED BY 4.1% TO 6.9% OVER 1Q 2008.
                                                                                
ON A YEAR-ON-YEAR BASIS, THE WHOLESALE SECTORS RECORDED MIXED PERFORMANCE IN    
DOMESTIC SALES IN 2008 OVER 2Q 2007.
                                                                                
THE DOMESTIC SALES OF PETROLEUM AND PETROLEUM PRODUCTS, SHIP CHANDLERS AND      
BUNKERING, TIMBER, PAINTS AND CONSTRUCTION MATERIALS, AND CHEMICALS AND CHEMICAL
PRODUCTS ROSE BY 17.8% TO 54.7% IN 2Q 2008. SALES OF TIMBER, PAINTS AND         
CONSTRUCTION MATERIALS ROSE BY 8.7% OVER 2Q 2007.
                                                                                
CONVERSELY, DOMESTIC GENERAL WHOLESALE TRADE FELL BY 24.6%. WHOLESALE TRADE OF  
FOOD, BEVERAGES AND TOBACCO, HOUSEHOLD EQUIPMENT AND FURNITURE, AND TRANSPORT   
EQUIPMENT FELL BY 7.7% TO 9.3%. DOMESTIC SALES OF ELECTRONIC COMPONENTS DECLINED
BY 4.3% IN 2Q 2008 WHILE TELECOMMUNICATIONS AND COMPUTERS REMAINED STABLE.
                                                                                
                                                                                
FOREIGN WHOLESALE TRADE INDEX                                                   
                                                                                
FOREIGN WHOLESALE TRADE SALES ROSE BY 11.8% IN 2Q 2008 OVER 1Q 2008. EXCLUDING
PETROLEUM, SALES ROSE BY 4.7%.                                                  
                                                                                
AFTER SEASONAL ADJUSTMENT, FOREIGN SALES ROSE BY 6.7% OVER 1Q 2008. EXCLUDING   
PETROLEUM, SALES ROSE SLIGHTLY BY 1.0%.
ON A YEAR-ON-YEAR BASIS, FOREIGN WHOLESALE SALES ROSE BY 28.4% OVER 1Q 2008.    
EXCLUDING PETROLEUM, SALES ROSE BY 15.3%. AFTER REMOVING PRICE EFFECT, OVERSEAS 
SALES ROSE SLIGHTLY BY 1.1% OVER 2Q 2007.                                       
                                                                                
COMPARED TO 1Q 2008, FOREIGN SALES ROSE IN THE MAJORITY OF WHOLESALE SECTORS IN
2Q 2008.                                                                        
                                                                                
FOOD, BEVERAGES AND TOBACCO WHOLESALERS REPORTED HIGHER OVERSEAS SALES OF 21.9% 
IN 2Q 2008 OVER 1Q 2008, THE LARGEST INCREASE AMONG ALL SECTORS. IT WAS FOLLOWED
BY PETROLEUM AND PETROLEUM PRODUCTS, AND HOUSEHOLD EQUIPMENT AND FURNITURE WITH
INCREASES OF 19.4$ AND 16.1% RESPECTIVELY. FOREIGN SALES OF SHIP CHANDLERS AND  
BUNKERING ROSE BY 8.1% IN 2Q 2008 OVER 1Q 2008.TIMBER, PAINTS AND CONSTRUCTION  
MATERIALS, CHEMICALS AND CHEMICAL PRODUCTS, AND INDSUTRIAL AND CONSTRUCTION     
MACHINERY ALSO ROSE BY BETWEEN 5.8% TO 7.2%.
AFTER ADJUSTING FOR PRICE INCREASES, THE SALES VOLUME OF PETROLEUM AND PETROLEUM
PRODUCTS, CHEMICALS AND CHEMICAL PRODUCTS, SHIP CHANDLERS AND BUNKERING         
CONTRACTED COMPARED TO 1Q 2008.                                                 
                                                                                
CONVERSELY, FOREIGN SALES OF TELECOMMUNICATIONS AND COMPUTERS, AND GENERAL
WHOLESALE TRADE FELL IN 2Q 2008 OVER 1Q 2008. SALES OF ELECTRONIC COMPONENTS    
REMAINED STABLE AS COMPARED TO 1Q 2008.                                         
                                                                                
COMPARED TO A YEAR AGO, MOST WHOLESALE SECTORS REPORTED DOUBLE-DIGIT GROWTHS IN 
FOREIGN SALES IN 2Q 2008.
                                                                                
WHOLESALING OF FOOD, BEVERAGES AND TOBACCO CONTINUED TO RECORD HIGHER GROWTH    
RATES IN FOREIGN SALES, WITH HIGHER TURNOVER OF 94.8% IN 2Q 2008 OVER A YEAR    
AGO. AFTER ADJUSTING FOR PRICES, SALES VOLUME ROSE BY 77.3% OVER A YEAR AGO.
WITH HIGHER FUEL PRICES. WHOLESALE SECTORS OF PETROLEUM AND PETROLEUM PRODUCTS, 
SHIP CHANDLERS AND BUNKERING REPORTED HIGHER FOREIGN SALES OF 43.7% AND 38.1%   
RESPECTIVELY OVER A YEAR AGO. AFTER REMOVING PRICE EFFECT, THE SALES VOLUME OF  
PETROLEUM AND PETROLEUM PRODUCTS FELL BY 10.7% WHILE SALES VOLUME OF SHIP       
CHANDLERS AND BUNKERING DECLINED BY 13.6.
                                                                                
GENERAL WHOLESALE TRADE, CHEMICALS AND CHEMICAL PRODUCTS, TRANSPORT EQUIPMENT,  
AND                                                                             
HOUSEHOLD EQUIPMENT AND FURNITURE, AND INDUSTRIAL AND CONSTRUCTION MACHINERY    
ALSO REGISTERED STRONG SALES GROWTH OF BETWEEN 5.8% TO 24.7%.
                                                                                
CONVERSELY, FOREIGN SALES OF ELECTRONIC COMPONENTS, TIMBER, PAINTS AND          
CONSTRUCTION MATERIALS, AND TELECOMMUNICATIONS AND COMPUTERS FELL BY 4.9% TO    
8.6%                                                                            
IN 2Q 2008 COMPARED TO 2Q 2007.
                                                                                
                                                                                
NEWS                                                                            
RETAIL SPENDING DOWN FOR THIRD STRAIGHT MONTH                                   
RETAIL SPENDING FELL FOR THE THIRD STRAIGHT MONTH IN AUGUST AS DEMAND FOR CARS
AND RECREATIONAL GOODS DROPPED AMID THE COUNTRY'S FIRST RECESSION SINCE 2002.   
WHILE SPENDING ROSE 4.2% FROM AUGUST LAST YEAR, IT WAS 5.8% FROM JULY THIS YEAR,
ACCORDING TO THE RETAIL SALES INDEX RELEASED BY THE DEPARTMENT OF STATISTICS    
(DOS) YESTERDAY.                                                                
TOTAL RETAIL SALES IN AUGUST WERE ESTIMATED AT S$2.71 BILLION, DOWN FROM S$2.88
BILLION IN JULY.                                                                
THE SLOWDOWN IN SPENDING MEANT PEOPLE SPLASHED OUT LESS ON CARS, FURNITURE AND  
HOUSEHOLD EQUIPMENT, PETROL, APPAREL, FOOTWEAR AND RECREATIONAL GOODS.          
SALES FELL ACROSS THE BOARD FROM THEIR JULY TAKINGS, WITH DECLINES RANGING FROM 
3.6% TO 20.4%.
BUT THERE WAS A DOUBLE-DIGIT RISE IN SALES OF BIG-TICKET LUXURY ITEMS.          
TELECOMMUNICATIONS APPARATUS AND COMPUTER RETAILERS ENJOYED SALES GROWTH OF     
19.5%, WHILE THE WATCH AND JEWELLERY SECTOR'S RECEIPTS ROSE BY 13.6% IN JULY.   
A RECENT STRAITS TIMES SURVEY OF 62 TENANTS IN SIX ORCHARD ROAD MALLS FOUND     
RETAIL REVENUES HAVE FALLEN BY AS MUCH AS 30.0% IN THE PAST THREE WEEKS,
COINCIDING WITH THE BANK FAILURES, STOCK MARKET ROUTS AND GROWING FEARS OVER THE
GLOBAL FINANICAL TURMOIL.                                                       
SEVERAL STORES HAVE ALSO LAUNCHED MID-SEASON SALES, AN EXERCISE UNUSUALLY       
UNDERTAKEN ONLY IN PARTICULARY SLOW PERIODS.                                    
THE AUGUST FIGURES WERE MORE ENCOURAGING, HOWEVER, WHEN COMPARED WITH THE SAME
PERIOD LAST YEAR. VIRTUALLY ALL SEGMENTS, FROM DEPARTMENT STORES TO             
SUPERMARKETS, REPORTED DOUBLE-DIGIT GROWTHS OF 11.2 TO 29.6%. HOWEVER, MOTOR    
VEHICLE SALES FELL 12.9% AND RECREATIONAL GOODS SALES CONTRACTED BY 6.8%.       
INFLATION MAY HAVE PUSHED SALES FIGURES UP. AFTER REMOVING THE EFFECT OF HIGHER 
PRICES, WHICH WOULD GIVE A HIGHER OVERALL SALES VALUE, RETAIL SALES ACTUALLY
REMAINED UNCHANGED FROM A YEAR AGO.                                             
VALUE OF PETROL SALES IN MARCH SOARED 39%, AS A RESULT OF RISING CRUDE OIL      
PRICES, EVEN THOUGH THE ACTUAL VOLUME WAS ONLY MARGINALLY HIGHER.               
PETROL STATION SALES POSTED THE FASTEST GROWTH OF ALL RETAIL SEGMENTS IN MARCH, 
ACCORDING TO FIGURES THE DEPARTMENT OF STATISTICS RELEASED YESTERDAY.
PETROL SALES ROSE 28.2% IN FEBRUARY.                                            
                                                                                
MOST RETAIL SEGMENTS POSTED HIGHER GROWTH MARCH AFTER A WEAKER SHOWING IN       
FEBRUARY FOR THE COMPUTERS, FURNITURE, OPTICAL GOODS AND BOOKS SEGMENTS. BUT    
MOTOR VEHICLES FELL 8.1% FROM MARCH 2007 AS A RESULT OF THE ESCALATING PETROL
PRICES. CRUDE OIL HIT ALMOST US$127 A BARREL RECENTLY.                          
                                                                                
THE SUPERMARKET AND FOOD AND BEVERAGE SEGMENTS ALSO REPORTED LOWER SALES        
ACTIVITY THAN IN FEBRUARY, WITH FALLS OF 4.7% AND 11.9%, RESPECTIVELY.          
OVERALL RETAIL SALES ROSE BY 5.6% COMPARED TO MARCH 2007. EXCLUDING MOTOR
VEHICLES, SALES VOLUME ROSE BY 12.5%.                                           
                                                                                
OCBC ECONOMIST SELENA LING NOTED THE RETAIL NUMBERS INDICATED RELATIVELY HEALTHY
CONSUMER SPENDING. "THIS IS A TESTIMONY TO THE FACT THAT THE SINGAPOREAN ECONOMY
IS STILL ENJOYING BROAD-BASED GROWTH DESPITE THE GLOBAL SLOWDOWN," SHE SAID.
THE TOTAL VALUE OF RETAIL SALES IN MARCH WAS ESTIMATED AT S$2.89 BILLION,       
COMPARED WITH S$2.59 BILLION IN FEBRUARY.                                       
                                                                                
OUTLOOK
GENERALLY, THE MAJORITY OF WHOLESALERS, WITH A NET WEIGHTED BALANCE OF 55% OF   
FIRMS, FORECASTS BUSINESS ACTIVITIES IN THE COMING MONTHS, TO REMAIN AT SIMILAR 
LEVELS. FOR THE REMAINING WHOLESALE FIRMS, A WEIGHTED 22% OF THEM EXPECTS BETTER
BUSINESS CONDITIONS TO IMPROVE. THESE FIRMS ARE MAINLY IN THE BUSINESS OF       
WHOLESALE TRADE OF INDUSTRIAL MACHINERY AND EQUIPMENT, ELECTRONIC COMPONENTS,
AND COMPUTER AND ACCESSORIES. ON THE OTHER HAND, A WEIGHTED 23% OF WHOLESALERS, 
MAINLY FROM FOOD AND BEVERAGES, AND PETROLEUM AND PETROLEUM PRODUCTS, FORECAST  
BUSINESS CONDITIONS TO DETERIORATE IN THE COMING MONTHS. ON THE WHOLE, A NET    
WEIGHTED BALANCE OF 1% OF FIRMS EXPECTS GENERAL BUSINESS OUTLOOK TO REMAIN LESS 
FAVOURABLE.
                                                                                
A NET WEIGHTED BALANCE OF 20% OF RETAILERS PREDICTS LESS FAVOURABLE BUSINESS    
CONDITIONS FOR THE PERIOD ENDING DECEMBER 2008. MOTOR VEHICLES RETAILERS, AND   
JEWWELLERY AND WATCHES CONTINUE TO PREDICT SLOWER SALES IN THE MONTHS AHEAD.
EXTRACTED FROM: MINISTRY OF TRADE AND INDUSTRY, SINGAPORE                       
                SINGAPORE DEPARTMENT OF STATISTICS                              
                THE STRAITS TIMES                                               
                                                                                

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.50.09

UK Pound

1

Rs.76.68

Euro

1

Rs.63.48

 

 

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