MIRA
INFORM REPORT
|
Report Date : |
05.11.2008 |
IDENTIFICATION
DETAILS
|
Name : |
BOVIND TRADING PTE. LTD. |
|
|
|
|
Registered Office : |
20 Malacca Street #04-00 Malacca Centre |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Date of Incorporation : |
30.05.2008 |
|
|
|
|
Com. Reg. No.: |
200810604R |
|
|
|
|
Legal Form : |
Exempt Pte Ltd |
|
|
|
|
Line of Business : |
General
Wholesale Trade (including General Importers and Exporters); 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 : |
New Company |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
Subject
Company
BOVIND TRADING PTE. LTD.
Line
Of Business
GENERAL WHOLESALE
TRADE (INCLUDING GENERAL IMPORTERS AND
EXPORTERS);
GENERAL IMPORTERS AND EXPORTERS
Parent
Company
-
Financial Elements
Sales : N.A.
Networth :
N.A.
Paid-Up Capital :
S$ 250,000
Net
result : N.A.
Net Margin(%) : N.A.
Return on Equity(%) : N.A.
Leverage
Ratio : N.A.
COMPANY IDENTIFICATION
|
Subject Company : |
BOVIND TRADING PTE. LTD. |
|
Business Address: |
20 MALACCA STREET #04-00 MALACCA CENTRE |
|
Town: |
SINGAPORE |
|
Postcode: |
048979 |
|
Country: |
Singapore |
|
ROC Number: |
200810604R |
SUMMARY
|
Legal Form: |
Exempt Pte Ltd |
|
Date Inc.: |
30/05/2008 |
|
Summary year : |
- |
|
All amounts in this report are in : |
SGD |
|
Sales: |
- |
|
Capital: |
- |
|
Paid-Up Capital: |
250,000 |
|
Net result : |
- |
|
Share value: |
1 |
AUDITOR: HELMI TALIB & CO BASED ON ACRA'S NO. OF SHARES CURRENCY AMOUNT ISSUED ORDINARY 250,000 SGD 250,000PAID-UP ORDINARY - SGD 250,000
REFERENCES
|
Litigation: |
No |
|
Company status : |
TRADING |
|
Started : |
30/05/2008 |
PRINCIPAL(S)
|
SRINIVAS HARIHAR |
S2641577B |
Director |
DIRECTOR(S)
|
JESWANT SINGH S/O DARSHAN SINGH |
S2560579I |
Company Secretary |
|
Appointed on : |
30/05/2008 |
|
|
Street : |
5 HAIG ROAD #11-457 |
|
|
Town: |
SINGAPORE |
|
|
Postcode: |
430005 |
|
|
Country: |
Singapore |
|
|
LEO SIEW TI ANNA |
S7010333H |
Company Secretary |
|
Appointed on : |
30/05/2008 |
|
|
Street : |
204D PUNGGOL FIELD #10-358 |
|
|
Town: |
SINGAPORE |
|
|
Postcode: |
824204 |
|
|
Country: |
Singapore |
|
|
ASHISH KUMAR BAGLA |
G6990611 |
Director |
|
Appointed on : |
03/06/2008 |
|
|
Street : |
1 BALLYGUNGE PLACE FLAT NO 5, PO-BALLYGUNGE PS-GARIAHAT, KOLKATA WEST
BENGAL |
|
|
Town: |
INDIA |
|
|
Postcode: |
700019 |
|
|
Country: |
India |
|
|
SRINIVAS HARIHAR |
S2641577B |
Director |
|
Appointed on : |
30/05/2008 |
|
|
Street : |
874 TAMPINES STREET 84 #03-19 |
|
|
Postcode: |
520874 |
|
|
Country: |
Singapore |
|
ACTIVITY(IES)
|
Activity Code: |
11760 |
IMPORTERS And EXPORTERS |
BASED ON ACRA'S RECORD 1) GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS); GENERAL IMPORTERS AND EXPORTERS 2) WHOLESALE ON A FEE OR CONTRACT BASIS (EG COMMISSION AGENCIES); COMMISSION AGENCIES; COMMISSION AGENT
CHARGES
|
|
AVAILABLE |
|
Date: |
15/07/2008 |
|
Amount: |
0 |
|
Comments : |
CHARGE NO: C200806411 CHARGEE(S): DBS BANK LTD AMOUNT SECURED: 0.00 AND ALL MONIES OWING |
BANKERS
|
DBS BANK LTD. |
SHAREHOLDERS(S)
|
ASHISH KUMAR BAGLA |
250,000 |
Private Person |
|
Street : |
1 BALLYGUNGE PLACE FLAT NO 5, PO-BALLYGUNGE PS-GARIAHAT, KOLKATA WEST
BENGAL |
|
Town: |
INDIA |
|
Postcode: |
700019 |
|
Country: |
India |
PAYMENT HISTORY AND EXPERIENCES
|
Trade Morality: |
UNKNOWN |
|
Liquidity : |
UNKNOWN |
|
Payments : |
UNKNOWN |
|
Trend : |
UNKNOWN |
|
Financial Situation: |
UNKNOWN |
FINANCIAL COMMENTS
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 RECORDS.
BACKGROUND/OPERATION
THE COMPANY WAS INCORPORATED IN THE REPUBLIC OF SINGAPORE ON 30/05/2008 AS A LIMITED EXEMPT PRIVATE COMPANY AND IS TRADING UNDER ITS PRESENT NAMESTYLE AS "BOVIND TRADING PTE. LTD.". THE COMPANY HAS AN ISSUED AND PAID-UP CAPITAL OF 250,000 SHARES, OF A VALUE OF S$250,000. PRINCIPAL ACTIVITIES: SUBJECT IS REGISTERED WITH THE ACCOUNTING AND CORPORATE REGULATORY AUTHORITY (ACRA) TO BE PRINCIPALLY ENGAGED IN THE BUSINESS OF:1) GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS); GENERAL IMPORTERS AND EXPORTERS 2) WHOLESALE ON A FEE OR CONTRACT BASIS (EG COMMISSION AGENCIES); COMMISSION AGENCIES; COMMISSION AGENT NO INFORMATION CAN BE GATHERED FROM THE RESEARCH DONE. THE COMPANY IS NOT LISTED IN THE SINGAPORE LOCAL DIRECTORY. ATTEMPTS WERE MADE TO CONTACT ONE OF THE DIRECTORS, SRINIVAS HARIHAR, AT 67887482 BUT NO ONE PICKED UP THE PHONE. AS SUCH, NO OTHER TRADE INFORMATION WAS AVAILABLE REGISTERED AND BUSINESS ADDRESS: 20 MALACCA STREET #04-00MALACCA CENTRE SINGAPORE 048979 DATE OF CHANGE OF ADDRESS: 30/05/2008 - RENTED PREMISE - PREMISE OWNED BY: JAYA TROPICAL PTE. LTD. WEBSITE: - EMAIL:-
MANAGEMENT
THE DIRECTORS AT THE TIME OF THIS REPORT ARE: 1) ASHISH KUMAR BAGLA, AN INDIAN - BASED IN INDIA. 2) SRINIVAS HARIHAR, A SINGAPOREAN - HOLDS OTHER DIRECTORSHIPS AS RECORDED IN OUR DATABASE: SILICON LOGIC TECHNOSOFT PTE LTD
ADVERSE ON DIRECTORS
DIRECTOR'S NAME : SRINIVAS HARIHAR ADVERSE REPORT AGAINST DIRECTOR : NOT AVAILABLE FROM OUR DATABASE PROPERTY OWNERSHIP : 1 ANNUAL VALUE : S$ 8,100 CO-OWNER (S) : MRS USHA SRINIVAS * 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.47.18 |
|
UK Pound |
1 |
Rs.75.05 |
|
Euro |
1 |
Rs.60.89 |
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%)