MIRA
INFORM REPORT
|
Report Date : |
30.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
HIRA SINGH AND SONS PTE LTD |
|
|
|
|
Registered Office : |
14A Circular Road, Singapore 049370 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
30.09.2002 |
|
|
|
|
Date of Incorporation : |
12/08/1994 |
|
|
|
|
Legal Form : |
Exempt Pte Ltd |
|
|
|
|
Line of Business : |
Importing and Exporting of Condiments, Spices and Commodities |
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 : |
Clear |
Subject Company
HIRA SINGH AND SONS PTE LTD
Line Of
Business
IMPORTING AND EXPORTING OF CONDIMENTS, SPICES AND COMMODITIES
Parent Company
----
Financial Elements
2002
COMPANY
Sales : S$3,387,086
Networth : S$1,016,214
Paid-Up
Capital : S$1,000,000
Net result :
S$1,142
Net Margin(%) :
0.03
Return on
Equity(%) : 0.11
Leverage
Ratio : 1.24
COMPANY
IDENTIFICATION
Subject Company : HIRA SINGH AND SONS PTE LTD
Business Address: 14A CIRCULAR ROAD
Town: SINGAPORE
Postcode: 049370
Country: Singapore
Telephone: 6533 2755
Fax: 6532 5923
ROC Number: 199405695R
Reg. Town:
SUMMARY
All amounts in this report are in: SGD
Legal Form: Exempt Pte Ltd
Date Inc.: 12/08/1994
Summary year : 30/09/2002
Sales:
3,387,086
Networth : 1,016,214
Capital: 1,000,000
Paid-Up Capital:
1,000,000
Employees:
Net result :
1,142
Share value:
1
AUDITOR: V. P. KUMARAN & CO.
REFERENCES
Litigation : No
Company status : TRADING
Started :
12/08/1994
PRINCIPAL(S)
KULBIR SINGH S/O HIRA SINGH S2536052D
Managing Director
DIRECTOR(S)
KULBIR SINGH S/O HIRA SINGH
S2536052D Managing Director
Appointed on : 23/02/1995
Street : 235
TEMBELING ROAD
#03-02
KATONG
GARDENS
Town: SINGAPORE
Postcode: 423720
Country: Singapore
KULBIR SINGH S/O HIRA SINGH
S2536052D Director
Appointed on : 12/08/1994
Street : 235
TEMBELING ROAD
#03-02
KATONG
GARDENS
Town: SINGAPORE
Postcode: 423720
Country: Singapore
PARAMJIT SINGH S/O HIRA SINGH
S2066909H Director
Appointed on : 12/08/1994
Street : 515 DUNMAN
ROAD
#16-02
DUNMAN
PLACE
Town: SINGAPORE
Postcode: 439204
Country: Singapore
FORMER DIRECTOR(S)
NIRANDERJIT SINGH, ESTATE OF S0036815F
BALBIR SINGH BAJAJ S0287066E
AHMED MOHD SALEHBHAI S1840604G
YONG MEOW FATT
S2066909H
VERONICA D/O A.KASMEL S2168498H
ACTIVITY (IES)
SPICES Code:20000
IMPORTERS And EXPORTERS
Code:11760
PEPPER DEALERS
Code:16210
BASED ON ACRA'S RECORD
1) WHOLESALE OF PEPPER & OTHER SPICES
2) GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS & EXPORTERS)
CHARGES
No Charges On Premises/Property In Our
Database
PREMISES/PROPERTY
INFORMATIONS
No Premises/Property Information In Our
Databases
BANKERS
UCO BANK
SHAREHOLDERS(S)
NIRANDERJIT SINGH, ESTATE OF 250,000
Private Person
Street : 36 LENGKONG
TIGA
Town: SINGAPORE
Postcode: 417445
Country: Singapore
BALBIR SINGH BAJAJ 250,000 Private Person
Street : 40 MARSHALL
ROAD
Town: SINGAPORE
Postcode: 424869
Country: Singapore
KULBIR SINGH S/O HIRA SINGH 250,000 Private Person
Street : 235
TEMBELING ROAD
#03-02
KATONG
GARDENS
Town: SINGAPORE
Postcode: 423720
Country: Singapore
PARAMJIT SINGH S/O HIRA SINGH 250,000
Private Person
Street : 515 DUNMAN
ROAD
#16-02
DUNMAN
PLACE
Town: SINGAPORE
Postcode: 439204
Country: Singapore
FORMER SHAREHOLDER(S)
YONG MEOW FATT 250,000
SUBSIDIARY (IES)
No Participation In Our Database
PAYMENT HISTORY AND
EXPERIENCES
Trade Morality: AVERAGE
Liquidity : UNKNOWN
Payments : REGULAR
Trend : LEVEL
Financial Situation: UNKNOWN
FINANCIAL ELEMENTS
Audit Qualification: UNQUALIFIED (CLEAN) UNQUALIFIED (CLEAN)
Date Account Lodged: 07/08/2003
Balance Sheet Date: 30/09/2002 30/09/2001
Number of weeks: 52 52
Consolidation Code: COMPANY COMPANY
--- ASSETS ---
Tangible Fixed Assets: 6 15,835
Total Fixed Assets: 6 15,835
Inventories:
313,133 428,988
Receivables:
1,683,083
1,872,455
Cash,Banks, Securitis:
262,621
171,644
Other current assets:
14,519
21,885
Total Current Assets: 2,273,356 2,494,972
TOTAL ASSETS: 2,273,362 2,510,807
--- LIABILITIES ---
Equity capital:
1,000,000
1,000,000
Profit & lost Account: 16,214 15,072
Total Equity: 1,016,214 1,015,072
Trade Creditors:
645,944 1,200,987
Prepay. & Def. charges: 4,200 4,200
Short term liabilities: 3,486
Due
to Bank: 13,655 7,602
Provisions: 341 106
Other Short term Liab.:
593,008 279,354
Total short term Liab.: 1,257,148 1,495,735
TOTAL LIABILITIES: 1,257,148 1,495,735
PROFIT
& LOSS ACCOUNT
Net
Sales
3,387,086
4,418,027
Gross Profit:
277,425
276,017
Result of ordinary operations 6,554 2,176
NET
RESULT BEFORE TAX:
1,377
-3,414
Tax
:
235
106
Net
income/loss year:
1,142
-3,520
Interest Paid:
15,207
21,765
Depreciation:
15,829
18,978
Financial Income: 3,614 4,260
RATIOS
30/09/2002 30/09/2001
Net result / Turnover(%): 0.00 -0.00
Stock / Turnover(%): 0.09 0.10
Net Margin(%): 0.03 -0.08
Return on Equity(%): 0.11 -0.35
Return on Assets(%): 0.05 -0.14
Net Working capital: 1016208.00 999237.00
Cash Ratio: 0.21 0.11
Quick Ratio: 1.55 1.37
Current ratio: 1.81 1.67
Receivables Turnover: 178.89 152.58
Leverage Ratio: 1.24 1.47
Net Margin :
(100*Net income loss year)/Net sales
Return on Equity :
(100*Net income loss year)/Total equity
Return on Assets :
(100*Net income loss year)/Total fixed assets
Net Working capital : (Total
current assets/Total short term liabilities)/1000
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 STATEMENT IN THIS REPORT ARE THOSE OF 2002 AND ARE
CONSIDERED OUTDATED. HENCE, FINANCIAL ANALYSIS IS NOT CONDUCTED. THE FINANCIAL
STATEMENT SERVE AS A REFERENCE ONLY. IN REPLACEMENT, ADVERSE CHECK ON ITS LOCAL
DIRECTORS IS MADE.
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 12/08/1994 AS A LIMITED EXEMPT PRIVATE COMPANY AND IS TRADING
UNDER ITS PRESENT NAMESTYLE AS "HIRA SINGH AND SONS PTE LTD".
THE COMPANY HAS A ISSUED AND PAID-UP CAPITAL OF 1,000,000 SHARES, OF A
VALUE OF S$1,000,000.
PRINCIPAL
ACTIVITIES:
SUBJECT IS REGISTERED WITH THE ACCOUNTING AND CORPORATE REGULATORY
AUTHORITY (ACRA) TO BE PRINCIPALLY ENGAGED IN THE BUSINESS OF:
1) WHOLESALE OF PEPPER AND OTHER SPICES
2) GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS & EXPORTERS)
FROM THE RESEARCH DONE, THE FOLLOWING INFORMATION WAS GATHERED:
ACTIVITIES
- ENGAGES IN THE BUSINESS OF IMPORTING AND EXPORTING OF CONDIMENTS,
SPICES AND COMMODITIES
PRODUCTS
- WHOLE AND GROUND SPICES, SEEDS, PULSES, HERBS, ROOTS AND DRIED FRUITS
- SAGO SEEDS, JAGGERY, SUGAR CANDY, SOYABEAN MEAL MAKER, RICE PAUWA AND RICE MAMRA
IMPORT COUNTRIES
- ASIA PACIFIC REGION: MALAYSIA, THAILAND, INDIA, CHINA, AUSTRALIA,
MALAWA, TURKEY, PAKISTAN,
INDONESIA, IRAN, MYANMAR, VIETNAM AND EGYPT
- EUROPE: BULGARIA, HOLLAND , MADAGASCAR, AND SPAIN
- USA
EXPORT COUNTRIES
- PACIFIC ISLANDS, U.S.A., NEW ZEALAND AND CARRIBEAN ISLANDS
- ASIA PACIFIC, AUSTRALIA, AFRICA, SOUTH AMERICA, MIDDLE EAST AND EUROPE
TERMS OF PAYMENT
- CUSTOMERS: LETTERS OF CREDIT,
CASH, TELEGRAPHIC TRANSFER, ETC
ACCORDING TO THE TELE-INTERVIEW CONDUCTED, THE FOLLOWING INFORMATION WAS
GATHERED:
ACTIVITIES
- ENGAGES IN THE BUSINESS OF IMPORTING SPICES
SUBJECT'S PERSONNEL MENTIONED THAT THE COMPANY IS THE IMPORTING FRONT OF
ITS SISTER COMPANY, UNIVERSAL LINK ENTERPRISES PTE LTD. BOTH COMPANIES SHARE
THE SAME PREMISE AND THE SAME CONTACT NUMBERS.
NO OTHER TRADE INFORMATION WAS MADE AVAILABLE VIA THE TELE-INTERVIEW.
REGISTERED AND BUSINESS ADDRESS:
14A CIRCULAR ROAD
SINGAPORE 049370
DATE OF CHANGE OF ADDRESS: -
- RENTED PREMISE
- OWNED BY: NANYANG ENVELOPE
MANUFACTURING PTE. LTD
WEBSITE:
http://ulespices.com (RELATED COMPANY'S)
EMAIL:
ulespice@pacific.net.sg
MANAGEMENT
THE DIRECTORS AT THE DATE OF THIS REPORT ARE:
1) PARAMJIT SINGH S/O HIRA SINGH, A SINGAPOREAN
- HOLDS OTHER DIRECTORSHIPS AS RECORDED IN OUR DATABASE: UNIVERSAL LINK
ENTERPRISES PTE LTD
2) KULBIR SINGH S/O HIRA SINGH, A SINGAPOREAN
- HOLDS OTHER DIRECTORSHIPS AS RECORDED IN OUR DATABASE: UNIVERSAL LINK
ENTERPRISES PTE LTD
ADVERSE ON DIRECTORS
DIRECTOR'S NAME :
PARAMJIT SINGH S/O HIRA
ADVERSE REPORT AGAINST DIRECTOR :
NIL
PROPERTY OWNERSHIP :
NIL
ANNUAL VALUE :
N.A.
CO-OWNER (S) :
N.A.
DIRECTOR'S NAME : KULBIR SINGH S/O HIRA SINGH
ADVERSE REPORT AGAINST DIRECTOR :
NIL
PROPERTY OWNERSHIP :
1
ANNUAL VALUE :
S$16,200
CO-OWNER (S) :
HARMINDER KAUR
* 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%)