MIRA INFORM REPORT

 

 

 

Report Date :

01.12.2008

 

IDENTIFICATION DETAILS

 

Name :

SUNLIGHT MERCANTILE PTE. LTD.

 

 

Registered Office :

2 Shenton Way #15-05 Sgx Centre 1 068804

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2007

 

 

Date of Incorporation :

26.12.1984

 

 

Com. Reg. No.:

198404381N

 

 

Legal Form :

Exempt Pte Ltd

 

 

Line of Business :

Wholesale of Sawn Timber, Plywood and related products Wholesale of Logs                                                

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exists

 

Subject Company   

 

SUNLIGHT MERCANTILE PTE. LTD.

 

 

Line Of Business

 
WHOLESALE OF SAWN TIMBER, PLYWOOD AND RELATED PRODUCTS WHOLESALE OF LOGS                                                 
 

 

Parent Company    

 

-

 

 

Financial Elements

                    

FY 2007

                                               COMPANY

                

Sales                                      : S$ 144,065,735

Networth                                 : S$ 8,127,493

Paid-Up Capital                                       : S$ 2,130,000

Net result                                : S$ 1,195,076

 

Net Margin(%)          : 0.83

Return on Equity(%) : 14.70

Leverage Ratio         : 2.76

 

 

COMPANY IDENTIFICATION

 

Subject Company :

SUNLIGHT MERCANTILE PTE. LTD.

Business Address:

2 SHENTON WAY #15-05 SGX CENTRE 1

Town:

SINGAPORE

Postcode:

068804

Country:

Singapore

Telephone:

67226666

Fax:

67226655

ROC Number:

198404381N

 

 

SUMMARY

 

Legal Form:

Exempt Pte Ltd

Date Inc.:

26/12/1984

Summary year :

31/12/2007

All amounts in this report are in :

SGD

Sales:

144,065,735

Networth :

8,127,493

Capital:

-

Paid-Up Capital:

2,130,000

Employees:

18

Net result :

1,195,076

Share value:

-

 
 
AUDITOR : PRUDENTIAL PUBLIC ACCOUNTING CORPORATION

REFERENCES

 

 

Litigation:

YES

Company status :

TRADING

Started :

26/12/1984

 

 

PRINCIPAL(S)

 

FAZAL CURRIM BIN MANSOOR SHERIFF

S2170011H

Managing Director

 

 

DIRECTOR(S)

 

ZULAIHAMA BTE MEERAMOHIADEEN SYED THAMBY JAFFAR

S1564167C

Company Secretary

Appointed on :

17/01/1985

 

Street :

99 MEYER ROAD #15-03 THE SOVEREIGN

 

Town:

SINGAPORE

 

Postcode:

437920

 

Country:

Singapore

 

FAZAL CURRIM BIN MANSOOR SHERIFF

S2170011H

Director

Appointed on :

26/12/1984

 

Street :

99 MEYER ROAD #15-03 THE SOVEREIGN

 

Town:

SINGAPORE

 

Postcode:

437920

 

Country:

Singapore

 

ABDUL RAB BIN ABDUL AZIZ

S1288096J

Director

Appointed on :

15/10/2002

 

Street :

104 WHAMPOA DRIVE #06-56

 

Town:

SINGAPORE

 

Postcode:

323104

 

Country:

Singapore

 

OMAR CURRIM S/O FAZAL CURRIM

S8121193J

Director

Appointed on :

31/01/2008

 

Street :

99 MEYER ROAD #15-03 THE SOVEREIGN

 

Town:

SINGAPORE

 

Postcode:

437920

 

Country:

Singapore

 

FAZAL CURRIM BIN MANSOOR SHERIFF

S2170011H

Managing Director

Appointed on :

17/01/1985

 

Street :

99 MEYER ROAD #15-03 THE SOVEREIGN

 

Town:

SINGAPORE

 

Postcode:

437920

 

Country:

Singapore

 

 

 

FORMER DIRECTOR(S)

 

MEERAMOHIDEEN SYED THAMBY JAFFAR

S0311961J

 

HABIBULLAH MANSOOR SHERIFF

S0387720E

 

 

 

ACTIVITY(IES)

 

Activity Code:

21690

TIMBER - WHSLE

 
 
BASED ON ACRA'S RECORD 
1) WHOLESALE OF SAWN TIMBER, PLYWOOD AND RELATED PRODUCTS             
2) WHOLESALE OF LOGS
 

 

CHARGES

 

 

AVAILABLE

Date:

12/07/2007

Amount:

0

Comments :

 
CHARGE NO: C200705458, C200705457                                     
AMOUNT SECURED: 0.00 AND ALL MONIES OWING                             
CHARGEE: OVERSEA-CHINESE BANKING CORPORATION LIMITED

 

 

AVAILABLE

Date:

03/10/2007

Amount:

0

Comments :

 
CHARGE NO: C200708311                                                 
AMOUNT SECURED: 0.00 AND ALL MONIES OWING                             
CHARGEE: INDIAN BANK

 

 

AVAILABLE

Date:

04/03/2004

Amount:

0

Comments :

 
CHARGE NO: C200401023                                                 
AMOUNT SECURED: 0.00 AND ALL MONIES OWING                             
CHARGEE: DBS BANK LTD

 

 

AVAILABLE

Date:

28/03/2005

Amount:

0

Comments :

 
CHARGE NO: C200501750                                                 
AMOUNT SECURED: 0.00 AND ALL MONIES OWING                             
CHARGEE: INDIAN BANK

 

 

AVAILABLE

Date:

01/07/2002

Amount:

560,135

Comments :

 
CHARGE NO: 200204009                                                  
AMOUNT SECURED: S$560,135.00                                          
CHARGEE: INDIAN BANK

 

 

AVAILABLE

Date:

09/10/1998

Amount:

60,000

Comments :

 
CHARGE NO : 199805176                                                 
SECURED : 60,000.00 AND ALL MONIES OWING (US DOLLAR)                  
CHARGEE(S) : INDIAN BANK

 

 

NOT AVAILABLE

Date:

05/09/1996

Amount:

0

Comments :

 
CHARGE NO : 9605399  (DISCHARGED)                                     
SECURED : 0.00 ALL MONIES OWING                                       
CHARGEE(S) : BANQUE NATIONALE DE PARIS

 

 

NOT AVAILABLE

Date:

22/01/1997

Amount:

0

Comments :

 
CHARGE NO : 9700540 (DISCHARGED)                                      
SECURED : 329,147.99 AUSTRALIAN DOLLAR                                
CHARGEE(S) : THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED

 

 

NOT AVAILABLE

Date:

22/10/1986

Amount:

340,000

Comments :

 
CHARGE NO : 8602507 (DISCHARGED)                                      
SECURED : 340,000.00 (SINGAPORE DOLLAR)                               
CHARGEE(S) : THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED

 

 

NOT AVAILABLE

Date:

14/10/1992

Amount:

0

Comments :

 
CHARGE NO : 9204353  (DISCHARGED)                                     
SECURED : 0.00 ALL MONIES OWING                                       
CHARGEE(S) : BNP PARIBAS

 

 

NOT AVAILABLE

Date:

12/04/1990

Amount:

0

Comments :

 
CHARGE NO : 9001685 (DISCHARGED)                                      
SECURED : 0.00 AND ALL MONIES OWING                                   
CHARGEE(S) : THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED

 

 

NOT AVAILABLE

Date:

11/01/1988

Amount:

360,000

Comments :

 
CHARGE NO : 8900116 (DISCHARGED)                                      
SECURED : 360,000.00 (SINGAPORE DOLLAR)                               
CHARGEE(S) : THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED

 

 

NOT AVAILABLE

Date:

07/11/1994

Amount:

0

Comments :

 
CHARGE NO : 9406425 (DISCHARGED)                                      
SECURED : 0.00 AND ALL MONIES OWING                                   
CHARGEE(S) : INDIAN BANK

 

 

AVAILABLE

Date:

27/09/2006

Amount:

0

Comments :

 
CHARGE NO: C200606473, C200606472                                     
AMOUNT SECURED: 0.00 AND ALL MONIES OWING                             
CHARGEE: INDIAN BANK

 

 

NOT AVAILABLE

Date:

06/09/2002

Amount:

0

Comments :

 
CHARGE NO : 200203970 (DISCHARGED)                                    
SECURED : 0.00 AND ALL MONIES OWING                                   
CHARGEE : THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED

 

 

BANKERS

 

BNP PARIBAS

INDIAN BANK

DBS BANK LTD.

OVERSEA-CHINESE BANKING CORPORATIONLIMITED

 

 

SHAREHOLDERS(S)

 

ZULAIHAMA BTE MEERAMOHIADEEN SYED THAMBY JAFFAR

626,222

Private Person

 

Street :

99 MEYER ROAD #15-03 THE SOVEREIGN

Town:

SINGAPORE

Postcode:

437920

Country:

Singapore

 

FAZAL CURRIM BIN MANSOOR SHERIFF

1,503,778

Private Person

 

Street :

99 MEYER ROAD #15-03 THE SOVEREIGN

Town:

SINGAPORE

Postcode:

437920

Country:

Singapore

 

 

FORMER SHAREHOLDER(S)

 

MEERAMOHIDEEN SYED THAMBY JAFFAR

1

 

 

 

PAYMENT HISTORY AND EXPERIENCES

 

Trade Morality:

AVERAGE

Liquidity :

SUFFICIANT

Payments :

REGULAR

Trend :

UPWARD

Financial Situation:

AVERAGE

 

 

 

LITIGATION(S)

 

Type Of Case:

Magistrate Court - W/S

Case Number:

MCS01974/2006

Defendant

SUNLIGHT MERCANTILE PTE. LTD.

ROC #: 198404381N

 

Type Of Case:

High Court - W/S

Case Number:

HWS01266/2001

Defendant

SUNLIGHT MERCANTILE PTE. LTD.

ROC #: 198404381N

 

FINANCIAL ELEMENTS

 

All amounts in this report are in :

SGD

 

Audit Qualification:

UNQUALIFIED (CLEAN) OPINION

UNQUALIFIED (CLEAN) OPINION

 

Date Account Lodged:

10/10/2008

 

 

Balance Sheet Date:

31/12/2007

31/12/2006

 

Number of weeks:

52

52

 

Consolidation Code:

COMPANY

COMPANY

 

 

--- ASSETS

 

Intangible Fixed Assets:

-

-

 

Tangible Fixed Assets:

192,550

221,154

 

Total Fixed Assets:

192,550

221,154

 

Inventories:

1,666,002

1,225,011

 

Receivables:

16,997,549

6,324,351

 

Short Term Fin. Assets:

1,000

5,334

 

Cash,Banks, Securitis:

5,542,682

4,590,457

 

Other current assets:

6,132,748

7,916,574

 

Total Current Assets:

30,339,981

20,061,727

 

TOTAL ASSETS:

30,532,531

20,282,881

 

--- LIABILITIES

 

 

 

Equity capital:

2,130,000

2,130,000

 

Profit & lost Account:

5,997,493

5,212,417

 

Total Equity:

8,127,493

7,342,417

 

Trade Creditors:

20,406,210

11,744,441

 

Prepay. & Def. charges:

819,365

636,308

 

Due to Bank:

162,210

189,425

 

Provisions:

134,570

69,609

 

Other Short term Liab.:

882,683

300,681

 

Total short term Liab.:

22,405,038

12,940,464

 

TOTAL LIABILITIES:

22,405,038

12,940,464

 

--- PROFIT & LOSS ACCOUNT

 

 

 

Net Sales

144,065,735

93,468,301

 

Purchases,Sces & Other Goods:

138,710,740

90,142,194

 

Gross Profit:

5,354,995

3,326,107

 

NET RESULT BEFORE TAX:

1,346,234

394,031

 

Tax :

151,158

91,815

 

Net income/loss year:

1,195,076

302,216

 

Interest Paid:

2,162,968

1,273,340

 

Depreciation:

50,942

57,146

 

Dividends:

416,000

-

 

Directors Emoluments:

250,865

237,804

 

Wages and Salaries:

650,075

564,314

 

Financial Income:

163,274

150,062

 

 

RATIOS

 

Date Account Lodged:

31/12/2007

31/12/2006

 

Turnover per employee:

8,003,651.94

5,192,683.39

 

Net result / Turnover(%):

0.01

-

 

Fin. Charges / Turnover(%):

0.02

0.01

 

Stock / Turnover(%):

0.01

0.01

 

Net Margin(%):

0.83

0.32

 

Return on Equity(%):

14.7

4.12

 

Return on Assets(%):

3.91

1.49

 

Dividends Coverage:

2.87

-

 

Net Working capital:

7,934,943

7,121,263

 

Cash Ratio:

0.25

0.35

 

Quick Ratio:

1.01

0.84

 

Current ratio:

1.35

1.55

 

Receivables Turnover:

42.47

24.36

 

Leverage Ratio:

2.76

1.76

 

 
 

  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

  Dividends Coverage                       : Net income loss year/Dividends 

  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

 

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 10.69% FROM S$7,342,417 IN FY 2006 TO S$8,127,493 IN FY 2007. THIS WAS DUE TO HIGHER RETAINED EARNINGS OF S$5,997,493 (2006: S $5,212,417); A RISE OF 15.06% FROM THE PRIOR FINANCIAL YEAR.
        
                                                              
LEVERAGE:                                                             
IN THE SHORT-TERM, SUBJECT WAS LARGELY FINANCED BY TRADE CREDITORS WHICH MADE UP 91.08% (2006: 90.76%) OF THE TOTAL CURRENT LIABILITIES AND AMOUNTED TO S$20,406,210 (2006: S$11,744,441). THE BREAKDOWN IS AS FOLLOWS:                                          
* OUTSIDE PARTIES - 2007: S$1,802,584 (2006: S$824,697)               
* BILLS PAYABLES TO BANKS - 2007: S$18,603,626 (2006: S$10,919,744)
                                                                      
                                                                      
IN ALL, LEVERAGE RATIO ROSE FROM 1.76 TIMES TO 2.76 TIMES AS A RESULT OF A GREATER RISE IN TOTAL LIABILITIES TO TOTAL EQUITY.
                                                                      
                                                                      
LIQUIDITY:                                                            
IN GENERAL, SUBJECT'S LIQUIDITY SITUATION WAS PASSABLE AS SEEN FROM THE NET WORKING CAPITAL AND LIQUIDITY RATIOS. CURRENT RATIO FELL TO 1.35 TIMES, DOWN FROM 1.55 TIMES AND QUICK RATIO IMPROVED TO 1.01 TIMES FROM 0.84 TIMES IN FY 2006.                                     
                                                                      
NET WORKING CAPITAL IMPROVED BY 11.43% FROM S$7,121,263 IN FY 2006 TO  S$7,934,943.
                                                                      
                                                                      
CASH AND CASH EQUIVALENTS COMPRISE OF:                                
* FIXED DEPOSITS - 2007: S$4,425,149 (2006: S$3,923,431)
* CASH AND BANK BALANCES - 2007: S$1,117,533 (2006: S$667,026)        
                                                                      
                                                                      
PROFITABILITY:
REVENUE POSTED AN INCREASE OF 54.13% FROM S$93,468,301 IN FY 2006 TO S
$144,065,735 AND NET PROFIT ROSE BY 2.95 TIMES TO S$1,195,076 (2006:  
S$302,216). HENCE, NET MARGIN ROSE TO 0.83% (2006: 0.32%).
                                                                      
                                                                      
DEBT SERVICING:                                                       
DEBT SERVICING PROBLEMS MIGHT NOT BE EXPECTED IF REVENUE AND EARNINGS 
CAN BE MAINTAINED AND PAYMENT BY TRADE DEBTORS ARE FORTHCOMING.
                                                                      
                                                                      
AVERAGE COLLECTION PERIOD HAS INCREASED FROM 24.36 DAYS TO 42.47 DAYS.A HIGHER AVERAGE COLLECTION PERIOD POSES GREATER RISK OF TURNING INTO BAD DEBTS. HOWEVER, IT IS STILL WORTH NOTING THAT DEBT SERVICING ABILITY MAY NOT BE AFFECTED IF TRADE RECEIVABLES ARE FORTHCOMING.
                                                                      
NOTES TO THE FINANCIAL STATEMENTS:                                    
                                                                      
BILLS PAYABLES
BILLS PAYABLE ARE REPAYABLE BETWEEN 1 TO 3 MONTHS (2006: 1 TO 3       
MONTHS) FROM THE DATE OF BILLS ARE FIRST ISSUED AND BEAR INTEREST     
RANGING FROM 6.33% TO 10.50% (2006: 6.33% TO 10.50%) PER ANNUM.       
                                                                      
BILLS PAYABLES AND OTHER BANKING FACILITIES HAVE BEEN SECURED AS
FOLLOWS:                                                              
1) MORTGAGE OVER THE LEASEHOLD PROPERTY OF THE COMPANY                
2) PERSONAL GUARANTEE FROM TWO OF THE DIRECTORS OF THE COMPANY        
3) LIEN ON FIXED DEPOSITS OF THE COMPANY
                                                                      
                                                                      
BANK OVERDRAFTS                                                       
BANK OVERDRAFTS ARE REPAYABLE ON DEMAND AND ARE SECURED BY THE TERMS  
STATED IN THE NOTES TO FINANCIALS. INTEREST ON BANK OVERDRAFS RANGES
FROM 1% TO 3% (2006: 1% TO 3% OVER THE PRIME RATE PER ANNUM.          
                                                                      
                                                                      
CONTINGENT LIABILITIES
AS AT 31 DECEMBER 2007, THE COMPANY HAS THE FOLLOWING CONTINGENT      
LIABILITIES:                                                          
                                        2007            2006          
                                         S$              S$           
BILLS DISCOUNTED:
US$26,246,460 (2006: US$12,403,318)  37,689,917     17,201,595        
                                                                      
LETTER OF CREDIT:                                                     
US$2,137,247 (2006: US$1,714,570)     3,069,086      2,631,179        
EURO 120,271 (2006: EUR 1,395,315)     252,208       2,826,909
                                                                      
                                                                      
 
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 26/12/1984 AS A LIMITED EXEMPT PRIVATE COMPANY AND IS TRADING UNDER ITS PRESENT NAMESTYLE AS "SUNLIGHT MERCANTILE PTE. LTD.".             
                                                                      
THE COMPANY HAS AN ISSUED AND PAID UP CAPITAL OF 2,130,000 SHARES, OF A VALUE OF S$2,130,000.                          
                                                                      
PRINCIPAL ACTIVITIES:                                                 
SUBJECT IS REGISTERED WITH THE ACCOUNTING & CORPORATE REGULATORY      
AUTHORITY (ACRA) BE PRINCIPALLY ENGAGED IN THE BUSINESS OF:
(1) WHOLESALE OF SAWN TIMBER, PLYWOOD AND RELATED PRODUCTS            
(2) WHOLESALE OF LOGS                                                 
                                                                      
                                                                      
FROM THE RESEARCH DONE, THE FOLLOWING INFORMATION WAS GATHERED:
      
                                                                
SUBJECT ENGAGES IN THE FOLLOWING ACTIVITIES:                          
     * EXPORTS, IMPORTS, WHOLESALERS, DEALERS, AGENTS, CARRIERS AND   
       DISTRIBUTORS OF TIMBER, BUILDING MATERIALS, ALL KINDS OF LOGS, 
       PLYWOOD AND OTHER WOOD PRODUCTS
                                                                      
PRODUCTS DEALINGS:                                                    
     * TIMBER                                                         
       - DARK RED MERANTI, KERUING, KAPUR, MLH, MIXED REDWOOD, KEMPAS,
         TUALANG, MOHOGANY, SAPALE, IROKO, DAHOMA.
     * LOGS                                                           
       - TEAK, PADOUK, BILINGA, BELI, TALI, IROKO, EBIARA, KEVAZINGO, 
         BUBINGA, SAPELE, ACAJOU, SELANGAN BATU, KERUING, KAPUR,      
         MERANTI, MIXED MLH, PURPLE HEART, GREEN HEART, DARINA,       
         TATABU, KABUKALLI, MORA
                                                                      
IMPORT COUNTRIES:                                                     
     * TIMBER                                                         
       - MALAYSIA                                                     
       - INDONESIA
       - AFRICA                                                       
     * LOGS                                                           
       - AFRICA                                                       
       - SOUTH SEAS                                                   
       - SOUTH AMERICAN
                                                                      
SUBJECT IS A MEMBER OF THE FOLLOWING ENTITY:                          
     * SINGAPORE TIMBER ASSOCIATION                                   
      
                                                                
FROM THE TELE-INTERVIEW CONDUCTED, THE FOLLOWING WAS GATHERED:                                                             
                                                                      
NUMBER OF EMPLOYEES:                                                  
     * 18
                                                                      
NO OTHER TRADE INFORMATION WAS AVAILABLE.
 
 
REGISTERED AND BUSINESS ADDRESS :                                     
2 SHENTON WAY                                                         
#15-05 SGX CENTRE 1                                                   
SINGAPORE 068804                                                      
DATE OF CHANGE OF ADDRESS : 22/10/2001
- RENTED PREMISE                                                      
- OWNED BY: SHING KWAN REALTY (PTE) LTD
 
WEBSITE: http://www.sunlight.com.sg                                   
                                                                      
EMAIL: sunlight@pacific.net.sg

 

 

MANAGEMENT

 

THE DIRECTORS AT THE TIME OF THIS REPORT ARE:                         
                                                                      
1) ABDUL RAB BIN ABDUL AZIZ, A SINGAPOREAN                            
   - HOLDS OTHER DIRECTORSHIP(S) AS RECORDED IN OUR DATABASE:         
     SMC MARINE SERVICES
     SMC OFFSHORE SERVICES PTE LTD                                    
                                                                      
2) FAZAL CURRIM BIN MANSOOR SHERIFF, A SINGAPOREAN                    
   - HOLDS OTHER DIRECTORSHIP(S) AS RECORDED IN OUR DATABASE:
     SMC MARINE SERVICES                                              
     SMC OFFSHORE SERVICES PTE LTD                                    
                                                                      
                                                                      
3) OMAR CURRIM S/O FAZAL CURRIM, A SINGAPOREAN
   - HOLDS NO OTHER DIRECTORSHIPS AS RECORDED IN OUR DATABASE.

 

 

ADVERSE ON DIRECTORS

 

DIRECTOR'S NAME: ABDUL RAB BIN ABDUL AZIZ                             
ADVERSE REPORT AGAINST DIRECTOR: NOT AVAILABLE FROM OUR DATABASE      
PROPERTY OWNERSHIP: 1                                                 
ANNUAL VALUE: S$7,500                                                 
CO-OWNER: MDM ZAIBUNISA BEGAM
                                                                      
DIRECTOR'S NAME: FAZAL CURRIM BIN MANSOOR SHERIFF                     
ADVERSE REPORT AGAINST DIRECTOR: NOT AVAILABLE FROM OUR DATABASE      
PROPERTY OWNERSHIP: NIL                                               
ANNUAL VALUE: NA
CO-OWNER: NA                                                          
                                                                      
DIRECTOR'S NAME: OMAR CURRIM S/O FAZAL CURRIM                         
ADVERSE REPORT AGAINST DIRECTOR: NOT AVAILABLE FROM OUR DATABASE      
PROPERTY OWNERSHIP: NIL
ANNUAL VALUE: NA                                                      
CO-OWNER: NA                                                          
                                                                      
                                                                      
* 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%)

 

 

 

 

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