MIRA INFORM REPORT

 

 

 

Report Date :

17.11.2008

 

IDENTIFICATION DETAILS

 

Name :

HOCK TONG BEE (PRIVATE) LIMITED

 

 

Formerly Known As :

HOCK TONG BEE (PRIVATE) LIMITED

 

 

Registered Office :

61 Lorong 17 Geylang #01-00/#06-02 Lam Leong Building, Singapore – 388574

 

 

Country :

Singapore

 

 

Date of Incorporation :

30.06.1960

 

 

Com. Reg. No.:

196000073H

 

 

Legal Form :

Exempt Pte Ltd

 

 

Line of Business :

Importer, Exporter, Wholesale, Retailer And Distributor Of Wines And Spirits In Singapore.

 

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

 

Maximum Credit Limit :

USD 189,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct 

 

 

Litigation :

Clear

 

Subject Company   

 

HOCK TONG BEE (PRIVATE) LIMITED

 

 

Line Of Business  

 

IMPORTER, EXPORTER, WHOLESALE, RETAILER AND DISTRIBUTOR OF WINES AND SPIRITS IN SINGAPORE.

 

 

Parent Company    

 

-

 

Financial Elements

 

Sales              : -

Networth           : -

Paid-Up Capital    : S$3,600,000

Net result         : -

 

Net Margin(%)      : -

Return on Equity(%): -

Leverage Ratio     : -

 

 

COMPANY IDENTIFICATION

 

Subject Company :

HOCK TONG BEE (PRIVATE) LIMITED

Former Name :

HOCK TONG BEE (PRIVATE) LIMITE D

Business Address:

61 LORONG 17 GEYLANG #01-00/#06-02 LAM LEONG BUILDING

Town:

SINGAPORE

Postcode:

388574

Country:

Singapore

Telephone:

6732 0555

Fax:

6737 5910/6749 894

ROC Number:

196000073H

 

PREVIOUS IDENTIFICATION

 

HOCK TONG BEE (PRIVATE) LIMITED

 

 

SUMMARY

 

Legal Form:

Exempt Pte Ltd

Date Inc.:

30/06/1960

Summary year :

 

All amounts in this report are in :

SGD

Sales:

 

Capital:

 

Paid-Up Capital:

3,600,000

Employees:

20

Net result :

 

Share value:

 

 
 
 

AUDITOR 

 
HENG LEE SENG & COMPANY

 

 

REFERENCES

 

Litigation:

No

Company status :

TRADING

Started :

30/06/1960

 

PRINCIPAL(S)

 

ANG KIM TUAN CLINTON

S7324220G

Managing Director

 

 

DIRECTOR(S)

 

SUZES CHUAH GEIK SUAN

S7260089D

Company Secretary

Appointed on :

16/02/2005

 

Street :

31 PASIR RIS STREET 72 #02-22 WHITEWATER

 

Town:

SINGAPORE

 

Postcode:

518769

 

Country:

Singapore

 

ANG KIM SAN NORMAN

S7009198D

Director

Appointed on :

18/12/1999

 

Street :

213 BISHAN STREET 23 #02-237

 

Town:

SINGAPORE

 

Postcode:

570213

 

Country:

Singapore

 

ANG KIM TUAN CLINTON

S7324220G

Director

Appointed on :

18/12/1999

 

Street :

5000B MARINE PARADE ROAD #22-06 LAGUNA PARK

 

Town:

SINGAPORE

 

Postcode:

449285

 

Country:

Singapore

 

ANG AI POH VALERIE

S7134429J

Director

Appointed on :

01/06/2007

 

Street :

36F DUNEARN ROAD #03-32 CHANCERY COURT

 

Town:

SINGAPORE

 

Postcode:

309431

 

Country:

Singapore

 

ANG KIM TUAN CLINTON

S7324220G

Managing Director

Appointed on :

01/11/2002

 

Street :

5000B MARINE PARADE ROAD #22-06 LAGUNA PARK

 

Town:

SINGAPORE

 

Postcode:

449285

 

Country:

Singapore

 

 

 

FORMER DIRECTOR(S)

 

ANG SIEW KEE

S0065289Z

 

ANG SIEW MUI

S0291228G

 

ANG SIEW BEE

S0464341J

 

SEE HOE KHUAN (DECEASED)

S0464344E

 

THE ESTATE OF ANG KOON WAH,ALOYSIUS

S0464656H

 

CHUA SWEE MING

S1140883D

 

KEE ANGI BOOI

S7380360H

 

 

ACTIVITY(IES)

 

Activity Code:

13110

LIQUOR - WHSLE And MFRS

Activity Code:

1960

BEVERAGES - MFRS And DISTRS

Activity Code:

1970

BEVERAGES - RETAIL

Activity Code:

10425

GLASSWARE - RETAIL/WHSLE/MFR (M)

 
 
BASED ON ACRA'S RECORD
                               
1) WHOLESALE OF LIQUOR & SOFT DRINKS

 

 

CHARGES

 

 

NOT AVAILABLE

Amount:

0

Comments :

 
CHARGE NO: 8804389 (DISCHARGED - 01/03/1990)                          
AMOUNT SECURED: 0.00 AND ALL MONIES OWING                             
CHARGEE(S): CREDIT LYONNAIS

 

 

BANKERS

 

BNP PARIBAS

OVERSEA-CHINESE BANKING CORPORATIONLIMITED

DBS BANK LTD.

OVERSEAS UNION BANK LIMITED

UNITED OVERSEAS BANK LIMITED

ABN AMRO BANK N.V.

 

ASSOCIATED COMPANY(IES)

 

CORNERSTONE DISTRIBUTION (CHINA) PTE. LTD.

Singapore

 

 

SHAREHOLDERS(S)

 

ANG SIEW KEE

1,920

Private Person

 

Street :

81 WOO MON CHEW ROAD SIGLAP PARK

Town:

SINGAPORE

Postcode:

455157

Country:

Singapore

 

ANG SIEW MUI

1,920

Private Person

 

Street :

12 TAMAN SIGLAP OPERA ESTATE

Town:

SINGAPORE

Postcode:

455671

Country:

Singapore

 

ANG SIEW BEE

2,160

Private Person

 

Street :

12A AIDA STREET OPERA ESTATE

Town:

SINGAPORE

Postcode:

459934

Country:

Singapore

 

SEE HOE KHUAN (DECEASED)

3,600

Private Person

 

Street :

12A AIDA STREET OPERA ESTATE

Town:

SINGAPORE

Postcode:

459934

Country:

Singapore

 

ANG SIEW ENG

2,160

Private Person

 

Street :

12 TAMAN SIGLAP OPERA ESTATE

Town:

SINGAPORE

Postcode:

455671

Country:

Singapore

 

ANG KIM KUNG MILTON

2,880

Private Person

 

Street :

31 GOLDHILL DRIVE GOLDHILL GARDEN

Town:

SINGAPORE

Postcode:

308979

Country:

Singapore

 

ANG KIM SAN NORMAN

8,640

Private Person

 

Street :

213 BISHAN STREET 23 #02-237

Town:

SINGAPORE

Postcode:

570213

Country:

Singapore

 

ANG AI POH VALERIE

840

Private Person

 

Street :

36F DUNEARN ROAD #03-32 CHANCERY COURT

Town:

SINGAPORE

Postcode:

309431

Country:

Singapore

 

ANG KIM TUAN CLINTON

11,880

Private Person

 

Street :

5000B MARINE PARADE ROAD #22-06 LAGUNA PARK

Town:

SINGAPORE

Postcode:

449285

Country:

Singapore

 

 

FORMER ShAREHOLDER(S)

 

ANG SIANG HUP JOHN

540

 

 

THE ESTATE OF ANG KOON WAH,ALOYSIUS

14,880

 

 

ANG SIEW TIN

90

 

 

 

SUBSIDIARY(IES)

 

H T B INVESTMENTS PTE LTD

 

 

HTB VENTURES PTE LTD

 

 

CORNERSTONE WAREHOUSING AND LOGISTICS PTE. LTD.

 

 

TWELVE DEGREES PTE. LTD.

 

 

CORNERSTONE RETAIL CONCEPTS (PTE.) LTD.

 

 

 

PAYMENT HISTORY AND EXPERIENCES

 

Trade Morality:

AVERAGE

Liquidity :

UNKNOWN

Payments :

REGULAR

Trend :

LEVEL

Financial Situation:

UNKNOWN

 

 

LITIGATION(S)

 

Type Of Case:

Magistrate Court - W/S

Case Number:

MCS11972/2007

 

 

Defendant

HOCK TONG BEE (PRIVATE) LIMITED

ROC # : 196000073H

 

Type Of Case:

Magistrate Court - W/S

Case Number:

MCS30512/2004

Defendant

HOCK TONG BEE (PRIVATE) LIMITED

ROC # : 196000073H

 

 

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.

 

BACKGROUND/OPERATION

 

THE COMPANY WAS INCORPORATED IN THE REPUBLIC OF SINGAPORE ON 30/06/1960 AS A EXEMPT LIMITED PRIVATE COMPANY AND IS TRADING UNDER  ITS PRESENT NAMESTYLE AS "HOCK TONG BEE (PRIVATE) LIMITED"            
                                                                      
AS AT 25/07/2008, THE COMPANY HAS AN ISSUED AND PAID-UP CAPITAL OF 3,600,000 SHARES, OF A VALUE OF S$3,600,000.                          
                                                                      
THE SUBJECT WAS FORMERLY REGISTERED UNDER THE NAMESTYLE OF "HOCK TONG BEE (PRIVATE) LIMITED".
 
PRINCIPAL ACTIVITIES:                                                 
SUBJECT IS REGISTERED WITH THE ACCOUNTING & CORPORATE REGULATORY  AUTHORITY (ACRA) TO BE PRINCIPALLY ENGAGED IN THE BUSINESS OF:        
 
1) WHOLESALE OF LIQUOR & SOFT DRINKS
 
FROM THE RESEARCH DONE, SUBJECT IS AN INDEPENDENT, ANG FAMILY-OWNED IMPORTER, EXPORTER, WHOLESALE, RETAILER AND DISTRIBUTOR OF WINES AND  SPIRITS IN SINGAPORE.                                                 
                                                                      
SUBJECT CARRIES EXCLUSIVE AGENCY LINES AND HOUSE BRANDS –
 
WINES/LIQUOR/BEER. SUBJECT DEVELOPS PARTNERSHIP/JOINT VENTURE WITH RELIABLE CANADIAN COMPANIES TO GAIN ENTRY INTO REGIONAL MARKETS OUTSIDE SINGAPORE AND ENTRY INTO NORTH AMERICAN MARKET THROUGH CANADA. INVEST JOINTLY IN R&D/PRODUCTION FACILITIES. IN ADDITION,  FROM THE RESEARCH CONDUCTED, ITS TURNOVER AMOUNTED TO $20-50 MILLION.                                                             
                                                                      
TO DATE, SUBJECT HAS ABOUT 1,000 DIRECT CUSTOMERS WHO BUY WINES ON A QUARTERLY BASIS. SUBJECT ALSO HOST A SERIES OF MONTHLY TUTORED TASTING, GATHERINGS AND WINE DINNERS TO FURTHER BRAND BUILD, EDUCATE AS WELL AS A MEANS OF VALUE ADDED SERVICES.                           
                                                                      
PRODUCTS:                                                             
* WINES                                                               
* SPARKLING JUICES
* CRYSTAL WARES                                                       
* ACCESSORIES                                                         
                                                                      
SERVICES:                                                             
* CONSULTATION OF VINEYARD OR WINERY ACQUISITION AND SALES
* RETAIL AND PROMOTIONAL SOLUTIONS                                    
* WINE TALKS AND DINNERS BY PROLIFIC WINE SPEAKERS AND WINE MAKERS    
* LOGISTICS AND DELIVERY SOLUTIONS                                    
* EVENT AND PROMOTIONAL COLLABORATION                                 
* PRIVATE LABELING OF WINES
                                                                      
PRINCIPALS:                                                           
* POL ROGER                                                           
* CODORNÍU                                                            
* TALTARNI
* DOW'S PORT                                                          
* DOMAINES SCHLUMBERGER                                               
* SMITH HAUT LAFITTE, CRU CLASSÉ                                      
* CHÂTEAU POUTGET                                                     
* LA MISSION HAUT-BRION
* DR LOOSEN                                                           
* BERSANO                                                             
* LUNGAROTTI                                                          
* BODEGAS RAIMAT                                                      
* BODEGAS ALTOZANO
* BERONIA                                                             
* BODEGA NORTON                                                       
* GRANT BURGE BAROSSA                                                 
* MORAMBRO CREEK                                                      
* JIP JIP ROCKS
* CAPE BARREN                                                         
* THORN CLARKE                                                        
* BIMBADGEN ESTATE                                                    
* DE BORTOLI                                                          
* HOWARD PARK
* MAD FISH                                                            
* BLACKJACK VINEYARDS                                                 
* SALLY'S PADDOCK                                                     
* CASA SILVA                                                          
* SAINT CLAIR
* ALLESVERLOREN ESTATE                                                
* CLOS DU VAL                                                         
* MERRYVALE                                                           
* SEGHISIO FAMILY VINEYARDS                                           
* STIMSON
* COLUMBIA CREST                                                      
* CHATEAU STE MICHELLE                                                
* EROICA                                                              
                                                                      
IMPORT COUNTRIES:
* AUSTRALIA                                                           
* FRANCE                                                              
* GERMANY                                                             
* ITALY                                                               
* UNITED STATES OF AMERICA
* UNITED KINGDOM                                                      
* SPAIN                                                               
                                                                      
MARKET PRESENCE:                                                      
* ASIA PACIFIC
* EXPORT COUNTRIES:                                                   
- INDONESIA                                                           
- CHINA                                                               
- LAOS                                                                
- CAMBODIA
- MALDIVES                                                            
- MAURITIAUS                                                          
- SRI LANKA                                                           
- BANGLADESH                                                          
- VIETNAM
- MYANMAR                                                             
- VARIOUS RESORT ISLANDS                                              
                                                                      

SOME OF SUBJECT'S CLIENTS:                                            
* RETAIL LIQUOR SHOPS
* MINI MARTS                                                          
* WHOLESALERS                                                         
* PUBS                                                                
* KARAOKE                                                             
* NIGHTCLUBS
* DISCOS                                                              
* HOTELS                                                              
* PRIVATE COUNTRY CLUBS                                               
* RESTAURANTS                                                         
* WINE BARS
* CORPORATIONS AND INDIVIDUALS                                        
* DIPLOMATIC COMMUNITY                                                
* SHIPS CHANDLERS                                                     
* LUXURY TRAINS                                                       
* INTERNATIONAL AIRLINES
                                                                      
SUBJECT HAS BUSINESS INTERESTS IN THE FOLLOWING ENTITIES:             
* CORNERSTONE RETAIL                                                  
* CORNERSTONE WINES
 
FROM THE TELE-INTERVIEW CONDUCTED, THE FOLLOWING WAS    
GATHERED:                                                             
                                                                      
NO. OF EMPLOYEES:                                                     
*   2008: 20
                                                                      
NO OTHER TRADE INFORMATION WAS MADE AVAILABLE.          
 
REGISTERED AND BUSINESS ADDRESS:
61 LORONG 17 GEYLANG                                                  
#01-00                                                                
LAM LEONG BUILDING                                                    
SINGAPORE 388574                                                      
DATE OF CHANGE OF ADDRESS: 15/05/2006
- RENTED PREMISE                                                      
- OWNED BY: CORNERSTONE WAREHOUSING AND LOGISTICS PTE. LTD.           
- OFFICE, WAREHOUSES, WINE STORAGE FACILITIES AND WHOLESALE SHOWROOM. 
                                                                      
OTHER BUSINESS ADDRESS:
61 LORONG 17 GEYLANG                                                  
#06-02                                                                
LAM LEONG BUILDING                                                    
SINGAPORE 388574                                                      
- OFFICE, WAREHOUSES, WINE STORAGE FACILITIES AND WHOLESALE SHOWROOM.
                                                                      
WEBSITE:                                                              
http://www.cornerstonewines.com                                       
                                                                      
EMAIL:
hoctongb@singnet.com.sg                                               
clinton@pacific.net.sg                                                
webmaster@cornerstonewines.com

 

MANAGEMENT

 

THE DIRECTORS AT THE TIME OF THE REPORT ARE:                          
                                                                      
1) ANG AI POH VALERIE, A SINGAPOREAN                                  
   - HOLDS NO OTHER DIRECTORSHIPS AS RECORDED IN OUR DATABASE.
 
2) ANG KIM SAN NORMAN, A SINGAPOREAN                                  
   - HOLDS OTHER DIRECTORSHIP(S) AS RECORDED IN OUR DATABASE:         
     COHESIVE DISTRIBUTORS (M) SDN BHD.                               
                                                                      
3) ANG KIM TUAN CLINTON, A SINGAPOREAN
   - HOLDS OTHER DIRECTORSHIP(S) AS RECORDED IN OUR DATABASE:         
     COHESIVE DISTRIBUTORS (M) SDN BHD
 
 

ADVERSE ON DIRECTORS

 

DIRECTOR'S NAME: ANG KIM SAN NORMAN                                   
ADVERSE REPORT AGAINST DIRECTOR: NOT AVAILABLE FROM OUR DATABASE      
PROPERTY OWNERSHIP: OWNS 1                                            
ANNUAL VALUE: S$6,180                                                 
CO-OWNER (S): LIM SHU FENG JESSICA
                                                                      
DIRECTOR'S NAME: ANG AI POH VALERIE                                   
ADVERSE REPORT AGAINST DIRECTOR: NOT AVAILABLE FROM OUR DATABASE      
PROPERTY OWNERSHIP: OWNS 1                                            
ANNUAL VALUE: S$15,600
CO-OWNER (S): CHOW YIP MENG                                           
                                                                      
DIRECTOR'S NAME: ANG KIM TUAN CLINTON                                 
ADVERSE REPORT AGAINST DIRECTOR: NOT AVAILABLE FROM OUR DATABASE      
PROPERTY OWNERSHIP: OWNS 1
ANNUAL VALUE: S$9,900                                                 
CO-OWNER (S): DENNICCE CHIA CHENG TENG                                
                                                                      
* 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 SHARPINCREASE 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.48.99

UK Pound

1

Rs.72.14

Euro

1

Rs.61.57

 

 

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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