MIRA INFORM REPORT

 

 

Report Date :

28.11.2008

 

IDENTIFICATION DETAILS

 

Name :

BRILLIANT DIAM IMPEX PTE. LTD.

 

 

Registered Office :

321 Victoria Street #01-07 Wholesale Centre 180321

 

 

Country :

Singapore

 

 

Date of Incorporation :

15.09.2004

 

 

Com. Reg. No.:

200411787G

 

 

Legal Form :

Exempt Pte Ltd

 

 

Line of Business :

 
General Wholesale Trade (including General Importers and Exporters)                                                      

Importers and Exporters of Polished Diamonds

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Small Company

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 Subject Company   

 

BRILLIANT DIAM IMPEX PTE. LTD.

 

 

Line Of Business   

 
GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS)                                                       
IMPORTERS & EXPORTERS OF POLISHED DIAMONDS
 

 

Parent Company    

 

-

 

 

Financial Elements

             

Sales                                        : -

Networth                                               : -

Paid-Up Capital                            : S$ 200,000

Net result                                   : -

 

Net Margin(%)                           : -

Return on Equity(%)                   : -

Leverage Ratio                           : -

 

 

 

COMPANY IDENTIFICATION

 

Subject Company :

BRILLIANT DIAM IMPEX PTE. LTD.

Business Address:

321 VICTORIA STREET #01-07 WHOLESALE CENTRE

Town:

SINGAPORE

Postcode:

180321

Country:

Singapore

ROC Number:

200411787G

 

 

SUMMARY

 

Legal Form:

Exempt Pte Ltd

Date Inc.:

15/09/2004

Summary year :

-

All amounts in this report are in :

SGD

Sales:

-

Capital:

-

Paid-Up Capital:

200,000

Net result :

-

Share value:

-

 
 
BASED ON ACRA'S RECORD 
                               NO OF SHARE     CURRENCY                AMOUNT           
ISSUED ORDINARY         200,000         SGD                         200,000.00         
PAID-UP ORDINARY           -                  SGD                                       200,000.00
 
AUDITOR: WONG MUN PIAW & CO

 

REFERENCES

 

 

Litigation:

No

Company status :

TRADING

Started :

15/09/2004

 

 

PRINCIPAL(S)

 

CHUA WUI MENG

S1654471Z

Director

 

 

DIRECTOR(S)

 

LOW KIA HUAT

S1278920C

Company Secretary

Appointed on :

15/09/2004

 

Street :

40 JALAN SIMPANG BEDOK CANARY PARK

 

Town:

SINGAPORE

 

Postcode:

488186

 

Country:

Singapore

 

PATEL AMIT GANESHBHAI

Z1601103

Director

Appointed on :

13/07/2006

 

Street :

C/10 NEW PATEL CHS BAPU BAGWE ROAD, DAHISAR (WEST)

 

Town:

MUMBAI

 

Postcode:

400068

 

Country:

India

 

CHUA WUI MENG

S1654471Z

Director

Appointed on :

15/09/2004

 

Street :

41 BORTHWICK DRIVE SERANGOON GARDEN ESTATE

 

Town:

SINGAPORE

 

Postcode:

559544

 

Country:

Singapore

 

 

 

ACTIVITY(IES)

 

Activity Code:

11760

IMPORTERS And EXPORTERS

 
 
BASED ON ACRA'S RECORD 
1) GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS & EXPORTERS); 
   IMPORTERS AND EXPORTERS OF POLISHED DIAMONDS

 

 

SHAREHOLDERS(S)

 

PATEL AMIT GANESHBHAI

150,000

Private Person

 

Street :

C/10 NEW PATEL CHS BAPU BAGWE ROAD, DAHISAR (WEST)

Town:

MUMBAI

Postcode:

400068

Country:

India

 

CHUA WUI MENG

25,000

Private Person

 

Street :

41 BORTHWICK DRIVE SERANGOON GARDEN ESTATE

Town:

SINGAPORE

Postcode:

559544

Country:

Singapore

 

LIM HUI LING

25,000

Private Person

 

Street :

10 JALAN LEMPENG #12-02 PARK WEST

Town:

SINGAPORE

Postcode:

128797

Country:

Singapore

 

 

PAYMENT HISTORY AND EXPERIENCES

 

Trade Morality:

AVERAGE

Liquidity :

UNKNOWN

Payments :

REGULAR

Trend :

LEVEL

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.

 

 

BACKGROUND/OPERATION

 

THE COMPANY WAS INCORPORATED IN THE REPUBLIC OF SINGAPORE ON 15/09/2004 AS A EXEMPT LIMITED PRIVATE COMPANY AND IS TRADING UNDER  ITS PRESENT NAMESTYLE AS "BRILLIANT DIAM IMPEX PTE. LTD.".            
                                                                      
THE COMPANY HAS AN ISSUED AND PAID-UP CAPITAL OF 200,000 SHARES, OF A VALUE OF S$200,000.00.                           
                                                                      
                                                                      
PRINCIPAL ACTIVITIES:                                                 
SUBJECT IS REGISTERED WITH THE ACCOUNTING AND CORPORATE REGULATORY AUTHORITY (ACRA) BE PRINCIPALLY ENGAGED IN THE BUSINESS OF:           
(1) GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND          
    EXPORTERS)                                                        
    IMPORTERS & EXPORTERS OF POLISHED DIAMONDS
                                                                      
FROM THE RESEARCH DONE, THE FOLLOWING INFORMATION WAS GATHERED:       
                                                                      
BACKGROUND OF SUBJECT:                                                
     * SUBJECT'S SUBSIDIARIES ARE INVOLVED IN MANUFACTURING DIAMOND
       TOOLS IN INDIA. THEY ALSO SOURCE OUT FOR NEW PRODUCTS RELATING 
       TO DIAMOND TOOLS.                                              
                                                                      
                                                       
SUBJECT ENGAGES IN THE FOLLOWING ACTIVITIES:
     * EXPORT, IMPORT AND MANUFACTURING DIAMONDS                      
                                                    
PRODUCTS DEALINGS:                                                    
     * DIAMONDS
                     
                             
SUBJECT IS NOT LISTED UNDER THE LOCAL DIRECTORIES. CALLED THE NUMBER PROVIDED (9067 3533) BUT SUBJECT PERSONNEL SAID THAT HE IS VERY BUSY AND REQUESTED US TO CALL BACK ON NEXT WEEK.HENCE, UNABLE TO OBTAIN ANY TRADE INFORMATION 
                
                                                      
REGISTERED AND BUSINESS ADDRESS:                                      
321 VICTORIA STREET                                                   
#01-07 WHOLESALE CENTRE                                               
SINGAPORE 180321
DATE OF CHANGE OF ADDRESS: 15/09/2004                                 
-PROPERTY RECORD WAS NOT AVAILABLE                                    
                
                                                      
WEBSITE: -
 
EMAIL: -

MANAGEMENT

 

THE DIRECTORS AT THE TIME OF THIS REPORT ARE:                         
                                                                      
1) PATEL AMIT GANESHBHAI, AN INDIAN                                   
   - BASED IN INDIA
                                                                      
2) CHUA WUI MENG, A SINGAPOREAN                                       
   - HOLDS NO OTHER DIRECTORSHIPS AS RECORDED IN OUR DATABASE.

 

 

ADVERSE ON DIRECTORS

 

DIRECTOR'S NAME: CHUA WUI MENG                                        
ADVERSE REPORT AGAINST DIRECTOR: NOT AVAILABLE FROM OUR DATABASE      
PROPERTY OWNERSHIP: 1                                                 
ANNUAL VALUE: S$27,600                                                
CO-OWNER (S): MDM LOW OON NGOH
               
                                                       
* 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.49.84

UK Pound

1

Rs.76.1

Euro

1

Rs.64.38

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

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

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)         Ownership background (20%)                  Payment record (10%)

Credit history (10%)                 Market trend (10%)                                 Operational size (10%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions