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MIRA INFORM REPORT

 

 

Report Date :

11.04.2011

 

IDENTIFICATION DETAILS

 

Name :

Wood Craft International Pte Ltd.

 

 

Registered Office :

180 Cecil Street, Bangkok Bank Building, 15-01 Singapore 069546

 

 

Country :

Singapore

 

 

Date of Incorporation :

06.03.2003

 

 

Com. Reg. No.:

200302043E

 

 

Legal Form :

Exempt Pte Ltd

 

 

Line of Business :

Timber Trading / Products, Commodities, Pulse / Paper, Indenting / Commission Agents                                       

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

Singapore

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Subject COMPANY

 

WOOD CRAFT INTERNATIONAL PTE. LTD.

 

 

Line Of Business

 

TIMBER TRADING/PRODUCTRS, COMODITIES, PULSE/PAPER, INDENTING/COMMISSION AGENTS                                       

 

 

Parent COMPANY

 

---

 

 

Financial Elements

                         

Sales                       : N.A.

Networth                  : N.A.

Paid-Up Capital       : S$2,000,000

Net result                 : N.A.

Net Margin(%)         : -

Return on Equity(%): -

Leverage Ratio        : -

 

 

Rating

 

Credit Opinion               : CREDIT LINE TO A MAXIMUM OF SGD 300,000 CAN BE CONSIDERED

 

 

COMPANY IDENTIFICATION

 

Subject Company :

WOOD CRAFT INTERNATIONAL PTE. LTD.

Business Address:

180 CECIL STREET #15-01 BANGKOK BANK BUILDING

Town:

SINGAPORE

Postcode:

069546

Country:

Singapore

Telephone:

6224 8696

Fax:

6224 8697

ROC Number:

200302043E

 

 

SUMMARY

 

Legal Form:

Exempt Pte Ltd

Date Inc.:

06/03/2003

Previous Legal Form:

Pte Ltd

Summary year :

-

All amounts in this report are in :

SGD

Sales:

-

Capital:

-

Paid-Up Capital:

2,000,000

Employees:

6

Net result :

-

Share value:

-

 
 
AUDITOR: MGI MENON & ASSOCIATES                                       
                                                                      
BASED ON ACRA'S RECORD 
                              
                                        NO OF SHARE               CURRENCY                                AMOUNT           
ISSUED ORDINARY            2,000,000                      SGD                                       2,000,000.00
PAID-UP ORDINARY           -                                     SGD                                       2,000,000.00

 

REFERENCES

 

Credit Opinion:

CREDIT LINE TO A MAXIMUM OF SGD 300,000 CAN BE CONSIDERED

 

Litigation:

No

Company status :

TRADING

Started :

06/03/2003

 

 

 

PRINCIPAL(S)

 

MANAK CHAND MAHESWARI

S2583525E

Director

 

 

DIRECTOR(S)

 

ARUMUGAM CHETTIAR MANICKAM

S0537812E

Company Secretary

Appointed on :

06/03/2003

 

Street :

184 STIRLING ROAD #07-242

 

Town:

SINGAPORE

 

Postcode:

140184

 

Country:

Singapore

 

 

SWARAN SINGH

S1157721J

Company Secretary

Appointed on :

29/08/2003

 

Street :

402 SIN MING AVENUE #15-319

 

Town:

SINGAPORE

 

Postcode:

570402

 

Country:

Singapore

 


MANAK CHAND MAHESWARI

S2583525E

Director

Appointed on :

17/04/2003

 

Street :

763A MOUNTBATTEN ROAD

 

Town:

SINGAPORE

 

Postcode:

437849

 

Country:

Singapore

 

 

MADHUBALA MAHESHWARI

S2583526C

Director

Appointed on :

17/04/2003

 

Street :

763A MOUNTBATTEN ROAD

 

Town:

SINGAPORE

 

Postcode:

437849

 

Country:

Singapore

 

 

SHAMBU PRASAD BIYANI

S2670761G

Director

Appointed on :

17/04/2003

 

Street :

114A ARTHUR ROAD #18-06 KATONG PARK TOWER

 

Town:

SINGAPORE

 

Postcode:

439826

 

Country:

Singapore

 

 

AJAY KUMAR DHAR

S2699761E

Director

Appointed on :

06/03/2003

 

Street :

55 MERRYN ROAD DUNEARN ESTATE

 

Town:

SINGAPORE

 

Postcode:

298503

 

Country:

Singapore

 

 

TANU MERH

S7182245A

Director

Appointed on :

06/03/2003

 

Street :

55 MERRYN ROAD DUNEARN ESTATE

 

Town:

SINGAPORE

 

Postcode:

298503

 

Country:

Singapore

 

 

AUTAR KRISHEN DHAR

A9950559

Director

Appointed on :

06/03/2003

 

Street :

9/1 R.N. MUKHERJEE ROAD

 

Town:

KOLKATA

 

Postcode:

700001

 

Country:

India

 

 

 

ACTIVITY (IES)

 

Activity Code:

21670

TIMBER - RETAIL

Activity Code:

5010

COMMODITY TRADERS

Activity Code:

21640

TIMBER - COMMISSION

Activity Code:

11760

IMPORTERS And EXPORTERS

 
 
BASED ON ACRA'S RECORD                              
1) GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS & EXPORTERS); 
   TIMBER TRADING/PRODUCTRS, COMODITIES, PULSE/PAPER,                 
   INDENTING/COMMISSION AGENTS

 

CHARGES

 

 

AVAILABLE

Date:

04/04/2008

Amount:

0

Comments :

 
CHARGE NO : C200803169                                                
AMOUNT SECURED : ALL MONIES OWING                                     
CHARGEE(S) : CITIBANK N.A.

 

 

NOT AVAILABLE

Date:

21/04/2003

Amount:

0

Comments :

 
CHARGE NO: C200301752 (DISCHARGED)                                    
AMOUNT SECURED: ALL MONIES OWING                                      
CHARGEE(S): THE HONG KONG & SHANGHAI BANKING CORPORATION LTD

 

BANKERS

 

INDIAN OVERSEAS BANK

CITIBANK N.A.

 

 

SHAREHOLDERS(S)

 

MANAK CHAND MAHESWARI

701,840

Private Person

 

Street :

763A MOUNTBATTEN ROAD

Town:

SINGAPORE

Postcode:

437849

Country:

Singapore

 

MADHUBALA MAHESHWARI

624,660

Private Person

 

Street :

763A MOUNTBATTEN ROAD

Town:

SINGAPORE

Postcode:

437849

Country:

Singapore

 

SHAMBU PRASAD BIYANI

173,500

Private Person

 

Street :

114A ARTHUR ROAD #18-06 KATONG PARK TOWER

Town:

SINGAPORE

Postcode:

439826

Country:

Singapore

 

AJAY KUMAR DHAR

300,000

Private Person

 

Street :

55 MERRYN ROAD DUNEARN ESTATE

Town:

SINGAPORE

Postcode:

298503

Country:

Singapore

 

TANU MERH

200,000

Private Person

 

Street :

55 MERRYN ROAD DUNEARN ESTATE

Town:

SINGAPORE

Postcode:

298503

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         

06/03/2003 AS A LIMITED EXEMPT PRIVATE COMPANY AND IS TRADING UNDER  

ITS PRESENT NAMESTYLE AS "WOOD CRAFT INTERNATIONAL PTE. LTD.".       

                                                                     

AS AT 18/10/2010, THE COMPANY HAS AN ISSUED AND PAID-UP CAPITAL OF

2,000,000 SHARES, OF A VALUE OF S$2,000,000.                         

                                                                     

PRINCIPAL ACTIVITIES:                                                

SUBJECT IS REGISTERED WITH THE ACCOUNTING & CORPORATE REGULATORY     

AUTHORITY (ACRA) TO BE PRINCIPALLY ENGAGED IN THE BUSINESS OF:

1) GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS & EXPORTERS) 

   TIMBER TRADING/PRODUCTRS, COMODITIES, PULSE/PAPER,                

   INDENTING/COMMISSION AGENTS                                       

                                                                     

FROM THE RESEARCH DONE, THE FOLLOWING INFORMATION WAS GATHERED:      

                                                                                                       

SUBJECT ENGAGES IN THE FOLLOWING ACTIVITIES:

* IMPORTERS AND EXPORTERS OF TIMBERS                                 

                                                                     

PRODUCTS AND SERVICES:                                                

* WOODWORKING CONTRACTORS                                            

* WOODWORKING EQUIPMENT, SUPPLIES & SERVICES

 

SUBJECT IS A MEMBER OF THE FOLLOWING ENTITIES:                       

* SINGAPORE BUSINESS FEDERATION

                                                                      

FROM THE TELE-INTERVIEW CONDUCTED ON, THE FOLLOWING WAS   

GATHERED:                                                            

                                                                      

SUBJECT CONFIRMED ITS BUSINESS ADDRESS, EMAIL, FAX NUMBER

AND PRINCIPAL ACTIVIITES.

                                                                     

NO OTHER TRADE INFORMATION WAS AVAILABLE.              

                                                                      

REGISTERED AND BUSINESS ADDRESS:                                     

180 CECIL STREET

#15-01 BANGKOK BANK BUILDING                                                

SINGAPORE 069546                                                      

DATE OF CHANGE OF ADDRESS: 27/12/2004                                

- OWNED BY: BANGKOK BANK PUBLIC COMPANY LIMITED              

                                                                     

WEBSITE: -                                                            

EMAIL: wipl@mail.com

 

MANAGEMENT

 

THE DIRECTORS AT THE TIME OF THIS REPORT ARE:                         
                                                                      
1) AUTAR KRISHEN DHAR, AN INDIAN                                      
   - BASED IN INDIA.
 
2) MANAK CHAND MAHESWARI, A SINGAPOREAN                               
   - HOLDS OTHER DIRECTORSHIPS AS RECORDED IN OUR DATABASE:                    
     ROYAL GLOBAL EXPORTS PTE LTD                                     
     PAN CENTURY GLOBAL EXPORTS PTE LTD
 
3) MADHUBALA MAHESHWARI, A SINGAPOREAN
   - HOLDS NO OTHER DIRECTORSHIPS AS RECORDED IN OUR DATABASE.           
                                                                      
4) SHAMBU PRASAD BIYANI, A SINGAPOREAN                                
   - HOLDS NO OTHER DIRECTORSHIPS AS RECORDED IN OUR DATABASE.
                                                                      
5) AJAY KUMAR DHAR, A SINGAPOREAN                                     
   - HOLDS NO OTHER DIRECTORSHIPS AS RECORDED IN OUR DATABASE.           
                                                                      
6) TANU MERH, A SINGAPORE PERMANENT RESIDENT
   - HOLDS NO OTHER DIRECTORSHIPS AS RECORDED IN OUR DATABASE.

 

ADVERSE ON DIRECTORS

 

DIRECTOR'S NAME:                                      MANAK CHAND MAHESWARI                                
ADVERSE REPORT AGAINST DIRECTOR: NOT AVAILABLE FROM OUR DATABASE      
PROPERTY OWNERSHIP:                            OWNS 1                                                 
ANNUAL VALUE:                                            S$52,800                                               
CO-OWNER (S):                                              N.A.
                                                                      
DIRECTOR'S NAME:                                      MADHUBALA MAHESHWARI                                 
ADVERSE REPORT AGAINST DIRECTOR: NOT AVAILABLE FROM OUR DATABASE      
PROPERTY OWNERSHIP:                            NIL                                               
ANNUAL VALUE:                                            N.A.
CO-OWNER (S):                                             N.A.                                                    
                                                                      
DIRECTOR'S NAME:                                      SHAMBU PRASAD BIYANI                                 
ADVERSE REPORT AGAINST DIRECTOR: NOT AVAILABLE FROM OUR DATABASE      
PROPERTY OWNERSHIP:                            OWNS 1
ANNUAL VALUE:                                            S$42,000                                               
CO-OWNER (S):                                              NIRMALA BIYANI                                          
                                                                      
DIRECTOR'S NAME:                                      AJAY KUMAR DHAR                                      
ADVERSE REPORT AGAINST DIRECTOR: NOT AVAILABLE FROM OUR DATABASE
PROPERTY OWNERSHIP:                            OWNS 1                                                 
ANNUAL VALUE:                                            S$96,000                                               
CO-OWNER (S):                                             N.A.                                                    
                                                                      
DIRECTOR'S NAME:                                     TANU MERH
ADVERSE REPORT AGAINST DIRECTOR: NOT AVAILABLE FROM OUR DATABASE      
PROPERTY OWNERSHIP:                            NIL                                               
ANNUAL VALUE:                                            N.A.                                                    
CO-OWNER (S):                                             N.A.
 
* 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 2010

 

Investment Grade

 

THE SINGAPORE ECONOMY WAS SIGNIFICANTLY AFFECTED BY THE CRISIS DUE TO THE CONTRACTION OF EXPORTS, WHICH REPRESENT 210% OF GDP. SALES ABROAD OF MANUFACTURED PRODUCTS (ELECTRONICS, ENGINEERING, PHARMACEUTICALS, PETROCHEMICALS) AND SERVICES (FINANCIAL SERVICES, TOURISM, TRANSPORT) WERE AFFECTED BY THE WEAK PERFORMANCE OF THE MAIN TRADING PARTNERS (MALAYSIA, UNITED STATES, CHINA, JAPAN). WITH THE ECONOMY'S SLIDE INTO RECESSION, THE CENTRAL BANK REDUCED INTEREST RATES SEVERAL TIMES AND A STIMULUS PROGRAMME REPRESENTING 8% OF GDP WAS IMPLEMENTED IN JANUARY LAST YEAR. ALTHOUGH INCREASED PUBLIC SPENDING ON INFRASTRUCTURE, TRANSPORT, HEALTH AND EDUCATION ENABLED THE AUTHORITIES TO LIMIT THE CONTRACTION OF INVESTMENT, THAT DID NOT SUFFICE TO OFFSET THE DROP IN PRIVATE INVESTMENT. THE GOVERNMENT MOREOVER GRANTED DEFAULT GUARANTEES OF UP TO 80% ON NEW LOANS. AND HOUSEHOLD CONSUMPTION WAS SUPPORTED BY A REDUCTION OF INCOME TAX AND MEASURES TO FOSTER EMPLOYMENT. 

IN Q1 2010, GROWTH REBOUNDED SIGNIFICANTLY (15.5% Y/Y). FOR THE ENTIRE YEAR, GROWTH IS EXPECTED TO REMAIN HIGH (8.9%) THANKS TO THE POSITIVE IMPACT ON DOMESTIC DEMAND OF THESE EXPANSIONARY MONETARY AND FISCAL POLICIES AND THE GRADUAL RECOVERY OF THE WORLD ECONOMY. INVESTMENT, CONSUMPTION, AND NET EXPORTS ARE AGAIN EXPECTED TO CONTRIBUTE POSITIVELY TO GROWTH. ON THE SUPPLY SIDE, THE CONSTRUCTION SECTOR WILL BENEFIT AGAIN THIS YEAR FROM INCREASED PUBLIC SPENDING WHILE ELECTRONICS, PHARMACEUTICALS, PETROCHEMICALS, FINANCIAL SERVICES, AND TOURISM WILL GRADUALLY RECOVER. THE COFACE PAYMENT MONITORING RECORDS ARE THUS EXPECTED TO REFLECT THIS FAVOURABLE TREND. SINGAPORE BOASTS THE BEST GOVERNANCE IN ASIA UNDERPINNED BY AN EFFECTIVE LEGAL SYSTEM THAT FACILITATES CLAIM COLLECTION AND A HIGH LEVEL OF FINANCIAL TRANSPARENCY.

STRONG FINANCIAL POSITION

DESPITE IMPLEMENTATION OF A BROAD STIMULUS PROGRAMME, THE COUNTRY CONTINUED TO RUN A SLIGHT FISCAL SURPLUS IN 2009, WHICH IS EXPECTED TO GROW IN 2010. PUBLIC SECTOR FINANCES HAVE THUS REMAINED SOLID.

DESPITE THE CONTRACTION OF THE CURRENT ACCOUNT SURPLUS, EXTERNAL ACCOUNTS ALSO REMAINED LARGELY IN SURPLUS LAST YEAR. IN 2010, THE CURRENT ACCOUNT SURPLUS WILL LIKELY REMAIN STABLE AS RESULT OF THE MORE RAPID RECOVERY OF IMPORTS COMPARED TO EXPORTS, ASSOCIATED WITH THE RISE OF RAW MATERIAL PRICES AND THE REBOUND OF DOMESTIC DEMAND. BESIDES, THE VOLATILITY OF PORTFOLIO INVESTMENT FLOWS THAT DEVELOPED AFTER THE LEHMAN BROTHERS BANKRUPTCY EASED IN 2009. IN 2010, THE HIGH LEVEL OF FOREIGN EXCHANGE RESERVES IS EXPECTED TO CONTINUE TO ENDOW THE COUNTRY WITH GOOD CAPACITY TO WITHSTAND SUDDEN CAPITAL.

MOREOVER, DESPITE THE INTERNATIONAL FINANCIAL TURMOIL AND THE EXPOSURE OF SOME BANKS TO SUBPRIMES AND LEHMAN BROTHERS, THE BANKING SYSTEM IS STILL SOLID THANKS TO SATISFACTORY RISK MANAGEMENT, EFFECTIVE OVERSIGHT, AND HIGH SOLVENCY AND LIQUIDITY RATIOS. 

 

ASSETS

 

·         VERY HIGH QUALITY-COMPETITIVENESS

·         DEVELOPMENT OF HIGH VALUE-ADDED SECTORS (CHEMICALS, PHARMACEUTICALS, FINANCE)

·         STRONG FDI INFLOWS THANKS TO AN ADVANTAGEOUS TAX REGIME, POLITICAL STABILITY AND AN EXCELLENT BUSINESS ENVIRONMENT

·         MAJOR EXPORTER OF CAPITAL IN ASIA VIA THE PUBLIC HOLDING COMPANY TEMASEK

 

WEAKNESSES

 

  • ECONOMY DEPENDENT ON FOREIGN DEMAND
  • SHORTAGES OF SKILLED LABOUR
  • AGEING POPULATION
  • LATENT SOCIAL TENSIONS IN A CONTEXT OF INCREASING INEQUALITY AND GROWING DURABLE UNEMPLOYMENT AMONG THE LEAST SKILLED

 

WHOLESALE AND RETAIL TRADE SECTOR

 

PAST PERFORMANCE 

 

THE WHOLESALE AND RETAIL TRADE SECTOR GREW BY 19.0 IN 2Q 2010, FOLLOWING THE 17.0% GAIN IN 1Q 2010. IT IS ATTRIBUTED TO IMPROVEMENTS IN GLOBAL TRADE FLOWS.

 

DOMESTIC WHOLESALE TRADE INDEX

 

THE DOMESTIC WHOLESALE TRADE (SEASONALLY ADJUSTED) DECLINED BY 1.4% IN 2Q 2010 OVER 1Q 2010, WITH LOWER SALES IN CHEMICALS AND CHEMICAL PRODUCTS, INDUSTRIAL AND CONSTRUCTION MACHINERY. EXCLUDING PETROLEUM, OVERALL DOMESTIC SALES FELL BY 3.4%.

 

COMPARED TO THE SAME PERIOD A YEAR AGO, DOMESTIC WHOLESALE TRADE IN 2Q 2010 ROSE BY 15.1%, WITH HIGHER SALES REPORTED BY ALL SECTORS EXCEPT INDUSTRIAL AND CONSTRUCTION MACHINERY SECTOR. EXCLUDING PETROLEUM, DOMESTIC WHOLESALE TRADE GREW BY 20.0%.

 

AFTER REMOVING PRICE EFFECT, DOMESTIC WHOLESALE TRADE VOLUME SHOWED A RELATIVELY SMALLER YEAR-0N-YEAR INCREASE OF 1.3%. EXCLUDING PETROLEUM, DOMESTIC WHOLESALE TRADE GREW BY 15.4%.

 

MOST SECTORS REGISTERED QUARTER-ONP-QUARTER DECLINES IN DOMESTIC WHOLESALE TRADE AFTER SEASONAL ADJUSTMENT.

 

CHEMICALS AND CHEMICAL PRODUCTS AND INDUSTRIAL AND CONSTRUCTION MACHINERY SECTORS RECORDED DECREASES OF 14.0% AND 9.0% RESPECTIVELY. PETROLEUM AND PETROLEUM PRODUCTS, ELECTRONIC COMPONENTS, FOOD, BEVERAGES AND TOBACCO AND GENERAL WHOLESALE TRADE SECTORS ALSO RECORDED DECLINES OF BETWEEN 1.8% AND 5.0% IN THEIR DOMESTIC SALES.

 

ON THE OTHER HAND, TIMBER, PAINTS AND CONSTRUCTION MATERIALS AND TELECOMMUNICATIONS AND COMPUTERS SECTORS, RECORDED POSITIVE QUARTER-ON-QUARTER GROWTHS OF 3.7% AND 0.9% RESPECTIVELY.

 

ALL WHOLESALE SECTORS, WITH THE EXCEPTION OF INDUSTRIAL AND CONSTRUCTION MACHINERY, REPORTED YEAR-ON-YEAR GROWTHS IN DOMESTIC WHOLESALE TRADE IN 2Q 2010.

 

GENERAL WHOLESALE TRADE SECTOR REGISTERED A STRONG POSITIVE GROWTH OF 63.7% IN ITS DOMESTIC SALES, COMPARED TO 2Q 2009. OTHER SECTORS THAT EXPERIENCED DOUBLE-DIGIT YEAR-ON-YEAR INCREASES IN DOMESTIC WHOLESALE TRADE INCLUDE ELECTRONIC COMPONENTS (25.4%), TELECOMMUNICATIONS AND COMPUTERS (23.0%), TIMBER, PAINTS AND CONSTRUCTION MATERIALS (21.3%), CHEMICALS AND CHEMICAL PRODUCTS (19.6%), SHIP CHANDLERS AND BUNKERING (15.9%) AND HOUSEHOLD EQUIPMENT AND FURNITURE (10.4%).

 

DOMESTIC SALES OF THE INDUSTRIAL AND CONSTRUCTION MACHINERY SECTOR DECLINED SLIGHTLY BY 3.0% COMPARED TO 2Q 2009.

 

FOREIGN WHOLESALE TRADE INDEX

 

COMPARED TO 1Q 2010, FOREIGN WHOLESALE TRADE (SEASONALLY ADJUSTED) GREW 3.1% IN 2Q 2010, WITH MOST OF THE WHOLESALE SECTORS REGISTERING HIGHER SALES. EXCLUDING PETROLEUM, FOREIGN WHOLESALE TRADE ROSE BY 4.4% QUARTER-ON-QUARTER.

 

ON A YEAR-ON-YEAR BASIS, FOREIGN WHOLESALE TRADE GREW BY 28.8%, WITH STRONG GROWTHS IN MOST WHOLESALE SECTORS. EXCLUDING PETROLEUM, FOREIGN WHOLESALE TRADE ROSE BY 18.8%.

 

AFTER ADJUSTING FOR PRICE CHANGES, FOREIGN WHOLESALE TRADE VOLUME ROSE BY 13.7% YEAR-ON-YEAR. EXCLUDING PETROLEUM, FOREIGN WHOLESALE TRADE VOLUME GREW BY 14.1%.

 

AFTER SEASONAL ADJUSTMENT, ALL WHOLESALE SECTORS REGISTERED POSITIVE QUARTER-ON-QUARTER GROWTHS IN FOREIGN WHOLESALE TRADE IN 2Q 2010.

 

TIMBER, PAINT AND CONSTRUCTION MATERIALS AND PETROLEUM AND PETROLEUM PRODUCTS POSTED DOUBLE-DIGIT GROWTHS OF 31.4% AND 12.6% RESPECTIVELY IN FOREIGN WHOLESALE TRADE.

FOREIGN SALES OF HOUSEHOLD EQUIPMENT AND FURNITURE, CHEMICALS AND CHEMICAL PRODUCTS, INDUSTRIAL AND CONSTRUCTION MACHINERY AND FOOD, BEVERAGES AND TOBACCO ALSO ROSE BETWEEN 4.0% AND 8.0%.

 

FOREIGN SALES OF SHIP CHANDLERS AND BUNKERING SECTOR FELL BY 1.7% OVER 1Q 2010.

 

OTHER THAN THE FOOD, BEVERAGES AND TOBACCO SECTOR WHICH REGISTERED A MARGINAL DROP OF 2.1%, ALL WHOLESALE SECTORS REGISTERED DOUBLE-DIGIT YEAR-ON-YEAR GROWTHS IN FOREIGN WHOLESALE TRADE.

 

PETROLEUM AND PETROLEUM PRODUCTS, SHIP CHANDLERS AND BUNKERING, CHEMICALS AND CHEMICAL PRODUCTS SECTORS REGISTERED HIGHER FOREIGN SALES OF BETWEEN 23.5% AND 42.3%. AFTER ADJUSTING FOR PRICE CHANGES, FOREIGN WHOLESALE TRADE VOLUME OF PETROLEUM AND PETROLEUM PRODUCTS AND CHEMICALS AND CHEMICAL PRODUCTS AND SHIP CHANDLERS AND BUNKERING ROSE BY A SMALLER 13.3%, 6.3% AND 1.3% RESPECTIVELY.

 

OTHER SECTORS THAT REPORTED STRONG YEAR-ON-YEAR GROWTHS IN FOREIGN SALES INCLUDED

TIMBER, PAINTS AND CONSTRUCTION MATERIALS (60.0%), INDUSTRIAL AND CONSTRUCTION MACHINERY (35.1%), TRANSPORT EQUIPMENT (30.7%), TELECOMMUNICATIONS AND COMPUTERS (23.1%) AND HOUSEHOLD EQUIPMENT AND FURNITURE (22.2%).

 

RETAIL SALES

RETAIL SALES VOLUME FELL BY 5.7% IN 2Q 2010, REVERSING THE 1.1% GROWTH REGISTERED IN 1Q 2010. EXCLUDING MOTOR VEHICLE SALES, THE GROWTH WAS LOWER AT 4.8%.

 

ALTHOUGH WEIGHED DOWN BY THE DECLINE OF MOTOR VEHICLE SALES (-33.0%), OTHER MAJOR RETAIL SEGMENTS, SUCH AS FURNITURE AND HOUSEHOLD EQUIPMENT (11.0%), WEARING APPAREL AND FOOTWEAR (9.9%), WATCHES AND JEWELLERY (7.7%), AND DEPARTMENT STORES (6.2%)

POSTED STRONG GROWTH IN 2Q 2010.

 

 

NEWS 

 

TOURISTS BOOST JULY RETAIL SALES

 

A SURGE IN TOURIST NUMBERS HAS BEEN GOOD NEWS FOR LOCAL SHOP OWNERS AS RETAIL SPENDING BOUNCED BACK IN JULY AFTER A FIVE-MONTH SLUMP.

 

SHOPPERS SPENT MORE ON SMALLER ITEMS IN JULY, AND CAR SALES, WHILE STILL WEAK, BECAME LESS OF A DRAG ON OVERALL SPENDING.

 

THE MONTHLY RETAIL SALES INDEX JUMPED 3.2% IN JULY FROM JUNE, ENDING FIVE MONTHS OF DECLINE, IN MONTH-ON-MONTH TERMS, SINCE FEBRUARY. THE MOST RECENT SLIDE, IN JUNE, WAS 0.7%.

 

COMPARED TO A YEAR EARLIER, THE INDEX SHRANK A SMALLER-THAN-EXPECTED 1.2% IN JULY, AFTER JUNE’S 5.0% DECLINE. A BLOOMBERG NEWS SURVEY OF SEVEN ECONOMISTS HAD FORECAST A 2.7% YEAR-ON-YEAR DECLINE.

 

SHOPPERS WERE IN A BULLISH MOOD. THEY BOUGHT MORE APPAREL AND FOOTWEAR, MEDICAL GOODS AND TOILETRIES, AND WATCHES AND JEWELLERY, WHICH HELPED OFFSET A FALL IN CAR SALES, SAID THE DEPARTMENT OF STATISTICS, WHICH PUBLISHED THE FIGURES YESTERDAY.

SALES OF CLOTHES AND SHOES ROSE 10.5% YEAR-0N-YEAR, MEDICAL GOODS ROSE 12.3% AND WATCHES AND JEWELLERY 16.9%.

 

HSBC ECONOMISTS FREDERIC NEUMANN AND KIM SONG YI WROTE IN A REPORT THAT IT IS “LOOKING GOOD ON ORCHARD”.

“FOREIGN VISITORS ARE FUELLING THE BOOM WITH RECORD ARRIVALS RECORDED IN JULY. THESE ARE INCREASINGLY COMING FROM CHINA, AND ARE HELPING TO SUBSTAIN RETAIL SALES IN SINGAPORE AND BEYOND.”

 

CITIGROUP ECONOMIST KIT WEI ZHENG SAID: “VISITOR ARRIVALS HAVE BEEN GROWING IN THE DOUBLE-DIGITS SINCE THE START OF THIS YEAR AND JULY ARRIVALES CROSSED THE ONE-MILLION MARK FOR THE FIRST TIME.”

 

STILL, THE OVERALL INDEX STAYED IN DECLINE BECAUSE OF A SMALLER SUPPLY OF CAR CERTIFICATES OF ENTITLEMENT (COEs) WHICH SLOWED DOWN CAR SALES. MOTOR VEHICLE SALES, WHICH MAKE UP A THIRD OF THE INDEX – THE LARGEST PART – FELL 24.8%  IN JULY FROM A YEAR EARLIER. THIS WAS LESS THAN JUNE’S 32.3% DECLINE.

 

STANDARD CHARTERED ECONOMIST ALVIN LIEW SAID: POOR CAR SALES ARE LIKELY TO WEIGH DOWN ON THE HEADLINE RETAIL GROWTH.

 

“ALTHOUGH THE LATEST DATA SEEM TO SUGGEST THAT THE IMPACT MAY BE WANING, WE NOTE THE SKY-ROCKETING COE PRIES COULD HURT CAR SALES AGAIN IN THE SUBSEQUENT MONTHS.

 

OUTLOOK

 

A NET WEIGHTED BALANCE OF 37% OF WHOLESALERS EXPECT POSITIVE BUSINESS SENTIMENTS FOR THE PERIOD ENDING DEC 2010. IN PARTICULAR, THOSE DEALING WITH FOOD AND BEVERAGES, COSMETICS AND TOILETRIES, INDUSTRIAL MACHINERY AND EQUIPMENT, ELECTRONIC COMPONENTS, COMPUTERS AND ACCESSORIES, AND MOTOR VEHICLES.

 

RETAILERS PREDICT MORE UPBEAT BUSINESS CONDITIONS FOR THE COMING MONTHS. A NET WEIGHTED BALANCE OF 29% OF RETAILERS FORECAST MORE FAVOURABLE BUSINESS PROSPECTS FOR THE PERIOD ENDING DEC 2010. THIS APPLIES TO DEPARTMENT STORES, RETAILERS OF WEARING APPAREL AND JEWELLERY AND WATCHES.

 

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.44.04

UK Pound

1

Rs.72.20

Euro

1

Rs.63.40

 

 

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

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

 

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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