MIRA INFORM REPORT

 

 

Report Date :           

18.05.2011

 

IDENTIFICATION DETAILS

 

Name :

TOSHIKI INTERNATIONAL SINGAPORE PTE. LTD.

 

 

Registered Office :

On 21 Kallang Avenue #05-177, Singapore 339412

 

 

Country :

Singapore

 

 

Date of Incorporation :

01.12.2006

 

 

Com. Reg. No.:

200617964D

 

 

Legal Form :

Exempt Pte Ltd

 

 

Line of Business :

General Manufacturing

 

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 :

USD200,000

Status :

Satisfactory

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  

 

TOSHIKI INTERNATIONAL SINGAPORE PTE. LTD.

 

 

Line Of Business  

 

GENERAL MANUFACTURING

 

 

Parent Company    

 

----

 

 

Financial Elements

             

Sales                            : -

Networth                                   : -

Paid-Up Capital    : S$1,950,000

Net result                      : -

Net Margin(%)               : -

Return on Equity(%)       : -

Leverage Ratio               : -

 

 

Rating

 

Credit Opinion    : RECOMMEND ON USD200,000; TERMS: O/A 60 DAYS

 

 

COMPANY IDENTIFICATION

 

Subject Company :

TOSHIKI INTERNATIONAL SINGAPORE PTE. LTD.

Business Address:

21 KALLANG AVENUE #05-177

Town:

SINGAPORE

Postcode:

339412

Country:

Singapore

Telephone:

6392 1345

Fax:

6392 0656

ROC Number:

200617964D

 

 

SUMMARY

 

Legal Form:

Exempt Pte Ltd

Date Inc.:

01/12/2006

Summary year :

 

All amounts in this report are in :

SGD

Sales:

 

Capital:

 

Paid-Up Capital:

1,950,000

Employees:

20

Net result :

 

Share value:

 

 
 
BASED ON ACRA'S RECORD
                                              NO OF SHARES      CURRENCY             AMOUNT              
ISSUED ORDINARY                1,950,000                SGD                        1,950,000.00                     
PAID-UP ORDINARY               -                              SGD                        1,950,000.00
 
AUDITOR : WEE PANG ENG & CO

REFERENCES

 

CCMS Number:

702005309588

 

134935

Update Date:

18/05/2011

Credit Requested:

 

USD200,000; TERMS: O/A 60 DAYS

 

Credit Opinion:

RECOMMEND ON USD200,000; TERMS: O/A 60 DAYS 

 

 

Litigation:

No

Company status :

TRADING

Started :

01/12/2006

 

PRINCIPAL(S)

 

GAN KAH ANN ANDREW

S1564456G

Managing Director

 

 

DIRECTOR(S)

 

NG SENG PIN

S8037129B

Company Secretary

Appointed on :

08/12/2006

 

Street :

107 JALAN RAJAH #08-110

 

Town:

SINGAPORE

 

Postcode:

320107

 

Country:

Singapore

 

 

GAN KAH ANN ANDREW

S1564456G

Director

Appointed on :

01/12/2006

 

Street :

63 TAMPINES AVENUE 1 #15-01 THE TROPICA

 

Town:

SINGAPORE

 

Postcode:

529777

 

Country:

Singapore

 

 

TEO SENG HUAT PARRY

S1412362H

Director

Appointed on :

01/12/2006

 

Street :

895A TAMPINES STREET 81 #06-916

 

Town:

SINGAPORE

 

Postcode:

521895

 

Country:

Singapore

 

 

MAMORU OZAWA

TE7136473

Director

Appointed on :

01/12/2006

 

Street :

1431-18 JOUZA, SAKURA-SHI

 

Town:

CHIBA

 

Postcode:

285-0854

 

Country:

Japan

 

 

YASUHIRO SHIGIHARA

TE8608977

Director

Appointed on :

01/12/2006

 

Street :

31-4-1109 HONCHO WAKO-SHI SAITAMA 351-0114

 

Country:

Japan

 

 

ISOME TOSHIYUKI

TF3744815

Director

Appointed on :

01/12/2006

 

Street :

1-12-9 KAKURA, IWATSUKI-KU SAITAMA-SHI

 

Town:

SAITAMA

 

Postcode:

339-0056

 

Country:

Japan

 

 

TAKAHASHI KAZUHIKO

TH3500671

Director

Appointed on :

31/07/2008

 

Street :

10-17-601 SASAMEKITA MACHI TODASHI SAITAMAKEN

 

Postcode:

335-0033

 

Country:

Japan

 

 

GAN KAH ANN ANDREW

S1564456G

Managing Director

Appointed on :

01/12/2006

 

Street :

63 TAMPINES AVENUE 1 #15-01 THE TROPICA

 

Town:

SINGAPORE

 

Postcode:

529777

 

Country:

Singapore

 

 

 

 

ACTIVITY(IES)

 

Activity Code:

5810

COSMETICS And TOILET PREPARATIONS - WHSLE And MFRS

 
 
BASED ON ACRA'S RECORD 
1)             MANUFACTURE OF COSMETICS AND TOILETRIES
 
 

 

SHAREHOLDERS(S)

 

GAN KAH ANN ANDREW

955,500

Private Person

 

Street :

63 TAMPINES AVENUE 1 #15-01 THE TROPICA

Town:

SINGAPORE

Postcode:

529777

Country:

Singapore

 

YASUHIRO SHIGIHARA

994,500

Private Person

 

Street :

31-4-1109 HONCHO WAKO-SHI SAITAMA 351-0114

Country:

Japan

 

 

PAYMENT HISTORY AND EXPERIENCES

 

Trade Morality:

AVERAGE

Liquidity :

UNKNOWN

Payments :

REGULAR

Trend :

LEVEL

Financial Situation:

UNKNOWN

 

 

 

 

FINANCIAL COMMENTS

 

LIMITED EXEMPT PRIVATE COMPANY:                                       
                                                                      
WHERE THE SHARES OF A PRIVATE COMPANY ARE NOT OWNED BY ANY CORPORATE  
BODY AND THERE ARE NO MORE THAN 20 MEMBERS, THE PRIVATE COMPANY       
IS KNOWN AS AN EXEMPT PRIVATE COMPANY.
                                                                      
AN EXEMPT PRIVATE COMPANY ENJOYS A GREATER AMOUNT OF PRIVACY THAN A   
PRIVATE COMPANY. IT IS NOT REQUIRED TO FILE ACCOUNTS WITH THE         
REGISTRAR IF IT CAN PRODUCE A CERTIFICATE SIGNED BY ONE OF ITS        
DIRECTORS, SECRETARY AND AUDITOR CONFIRMING THE FOLLOWING POINTS:
                                                                      
1. THE COMPANY IS AN EXEMPT PRIVATE COMPANY.                          
                                                                      
2. THE AUDITED ACCOUNTS HAVE BEEN TABLED BEFORE THE SHAREHOLDERS      
   AT THE ANNUAL GENERAL MEETING.
                                                                      
3. THE COMPANY IS ABLE TO MEET ITS LIABILITIES.                       
                                                                      
THERE IS THEREFORE NO DISCLOSURE TO THE PUBLIC OF THE ACCOUNTS        
OF THE COMPANY ALTHOUGH THE ACCOUNTS STILL HAVE TO BE AUDITED
EVERY YEAR AND APPROVED AT AN ANNUAL GENERAL MEETING OF THE           
COMPANY.                                                              
                                                                      
A PRIVATE COMPANY THAT IS WHOLLY OWNED BY THE GOVERNMENT MAY          
BECOME AN EXEMPT PRIVATE COMPANY IF THE MINISTER FOR FINANCE, IN THE
NATIONAL INTEREST, DECLARES IT TO BE SUCH BY A GAZETTE NOTIFICATION.  
                                                                      
EXEMPT FROM AUDIT                                                     
AN EXEMPT PRIVATE COMPANY IS EXEMPT FROM AUDIT REQUIREMENTS IF THE    
STARTING DATE OF ITS FINANCIAL YEAR IS BETWEEN 15 MAY 2003 AND 31 MAY
2004 AND ITS TURNOVER FOR THAT FINANCIAL YEAR DOES NOT EXCEED $2.5    
MILLION. FOR FINANCIAL YEARS STARTING 1 JUNE 2004, THE AMOUNT OF THE  
TURNOVER HAS BEEN RAISED TO $5 MILLION. THESE COMPANIES ARE STILL     
REQUIRED TO MAINTAIN PROPER ACCOUNTING.

 

 

BACKGROUND/OPERATION

 

THE COMPANY WAS INCORPORATED IN THE REPUBLIC OF SINGAPORE ON          
01/12/2006 AS A LIMITED EXEMPT PRIVATE COMPANY AND IS TRADING UNDER   
ITS PRESENT NAMESTYLE AS "TOSHIKI INTERNATIONAL SINGAPORE PTE. LTD.". 
                                                                      
AS AT 07/03/2011, THE COMPANY HAS ISSUED AND PAID-UP CAPITAL OF
1,950,000 SHARES OF A VALUE OF S$1,950,000.                           
                                                                      
PRINCIPAL ACTIVITIES:                                                 
SUBJECT IS REGISTERED WITH THE ACCOUNTING & CORPORATE REGULATORY      
AUTHORITY (ACRA) TO BE PRINCIPALLY ENGAGED IN THE BUSINESS OF:
1) MANUFACTURE OF COSMETICS AND TOILETRIES                            
                                                                      
FROM THE TELE-INTERVIEW CONDUCTED, THE FOLLOWING WAS    
GATHERED:
 
THE SUBJECT CONFIRMS ITS BUSINESS ADDRESS, CONTACT NUMBERS AND        
BUSINESS ACTIVITIES.                                                  
                                                                      
SUBJECT ENGAGES IN THE FOLLOWING ACTIVITIES:                          
* GENERAL MANUFACTURING
                                                                      
NO OTHER TRADE INFORMATION IS AVAILABLE. 
 

FROM THE TELE-INTERVIEW CONDUCTED, THE FOLLOWING WAS

GATHERED:

 

NUMBER OF EMPLOYEES:

* 2011: 20

 

NO OTHER TRADE INFORMATION IS AVAILABLE.               
                                                                      
REGISTERED AND BUSINESS ADDRESS:                                      
21 KALLANG AVENUE
#05-177                                                               
SINGAPORE 339412                                                      
- DATE OF CHANGE OF ADDRESS: 01/12/2006                               
- RENTED PREMISE                                                      
- OWNED BY DBS TRUSTEE LIMITED (AS TRUSTEE OF MAPLETREE INDUSTRIAL
  TRUST)                                                              
                                                                      
WEBSITE:                                                              
-
 
 
EMAIL:                                                                
-
 
 

MANAGEMENT

 

THE DIRECTORS AT THE TIME OF THE REPORT ARE:                          
                                                                      
1) TEO SENG HUAT PARRY, A SINGAPOREAN                                 
   - HOLDS OTHER DIRECTORSHIPS AS RECORDED IN OUR DATABASE:           
     CHAKS COSMETIC DESIGN & SERVICES PTE LTD
                                                                      
2) GAN KAH ANN ANDREW, A SINGAPOREAN                                  
   - HOLDS OTHER DIRECTORSHIPS AS RECORDED IN OUR DATABASE:           
     CHAKS COSMETIC DESIGN & SERVICES PTE LTD
 
3) MAMORU OZAWA, A JAPANESE                                           
   - BASED IN JAPAN                                                   
                                                                      
4) YASUHIRO SHIGIHARA, A JAPANESE                                     
   - BASED IN JAPAN
                                                                      
5) ISOME TOSHIYUKI, A JAPANESE                                        
   - BASED IN JAPAN                                                   
                                                                      
6) TAKAHASHI KAZUHIKO, A JAPANESE
   - BASED IN JAPAN

 

 

ADVERSE ON DIRECTORS

 

DIRECTOR'S NAME: TEO SENG HUAT PARRY                                  
ADVERSE REPORT AGAINST DIRECTOR: NOT AVAILABLE FROM OUR DATABASE      
PROPERTY OWNERSHIP: OWNS 1                                            
ANNUAL VALUE: S$9,300                                                 
CO-OWNER (S): GAN BEE KUAN LYDIA
                                                                      
DIRECTOR'S NAME: GAN KAH ANN ANDREW                                   
ADVERSE REPORT AGAINST DIRECTOR: NOT AVAILABLE FROM OUR DATABASE      
PROPERTY OWNERSHIP: OWNS 1                                            
ANNUAL VALUE: S$21,000
CO-OWNER (S): GOH YEE HWEE                                            
                                                                      
* 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

 

 

 

MANUFACTURING SECTOR

 

PAST PERFORMANCE

 

THE MANUFACTURING SECTOR SURGED 45.0% IN 2Q 2010, COMPARED TO 2Q 2009, FOLLOWING THE 38.0% GROWTH IN 1Q 2010.

 

THE STRONG GROWTH WAS SUPPORTED BY BETTER PERFORMANCES IN ALL CLUSTERS EXCEPT TRANSPORT ENGINEERING.

 

THE BIOMEDICAL MANUFACTURING CLUSTER SURGED 85.0%, DRIVEN BY STRONG PERFORMANCE IN THE PHARMACEUTICALS (89.0%), AND MEDICAL TECHNOLOGY SEGMENTS (15.0%).

 

THE ELECTRONICS CLUSTER ROSE 53.0%, DUE TO ROBUST GLOBAL ELECTRONICS DEMAND. WHILE THE

SEMICONDUCTORS SEGMENT (81.0%) EXPANDED RAPIDLY, THE DATA STORAGE SEGMENT (0.4%) GREW MARGINALLY, DUE IN PART TO ONGOING RELOCATION OF PRODUCTION OVERSEAS ANNOUNCED PREVIOUSLY.

 

THE PRECISION ENGINEERING CLUSTER GREW 36.0%, LIFTED BY MACHINERY AND SYSTEMS (44.0%0) AND PRECISION MODULES AND COMPONENTS SEGMENTS (29.0%).

 

OUTPUT OF THE CHEMICALS CLUSTER ROSE BY 17.0%, DUE TO GAINS IN THE PETROCHEMICALS SEGMENT (41.0%).

 

THE GENERAL MANUFACTURING CLUSTER GREW 15.0%, SUPPORTED BY STRONG GROWTH IN THE MISCELLANEOUS INDUSTRIES SEGMENT (20.0%).

 

THE TRANSPORT ENGINEERING CLUSTER CONTRACTED FOR THE FIFTH CONSECUTIVE QUARTER AS IT FELL BY 10.0%, DUE TO DECLINES IN THE MARINE AND OFFSHORE ENGINEERING CLUSTER (-24.0%).

 

 

NEWS

 

SIGNS OF SLOWDOWN IN SINGAPORE FACTORY OUTPUT

 

FACTORY OUTPUT IS SHOWING SIGNS OF FALTERING, WITH A KEY INDICATOR SUGGESTING THAT SINGAPORE’S MANUFACTURING SECTOR HAS SHRUNK FOR THE FIRST TINE IN 16 MONTHS.

THE PURCHASING MANAGERS’ INDEX (PMI), A BAROMETER OF FACTORY PRODUCTION, FELL TO 49.4 LAST MONTH, AN EARLY WARNING SIGN OF SLOWING OUTPUT GIVEN THAT A READING OF LESS THAN 50 INDICATES CONTRACTION.

 

SUCH A LOW READING HAS NOT BEEN SEEN SINCE APRIL LAST YEAR WHEN THE PMI INDEX HIT 49.2.

THE DATA, RELEASED YESTERDAY, COMES AFTER FIGURES LAST WEEK SHOWED THAT PRODUCTION IN JULY GREW AT THE SLOWEST PACE IN EIGHT MONTHS. THAT ENDED A STRING OF STRONG DOUBLE-DIGIT EXPANSIONS IN MANUFACTURING OUTPUT SINCE THE END OF LAST YEAR.

 

FIRM DATA FOR AUGUST’S FACTORY PRODUCTION IS NOT OUT UNTIL LATER THIS MONTH BUT, WITH THE PMI COMING IN WELL BELOW EXPECTATIONS, ECONOMISTS ARE APPREHENSIVE.

“THIS WAS A LITTLE WORSE THAN EXPECTED,” SAID ACTION ECONOMICS’ DAVID COHEN OF THE PMI NUMBERS.

 

SINGAPORE JOINED TAIWAN AS THE TWO EXPORT-DEPENDENT ASIAN COUNTRIES TO REPORT LOWER PMI READINGS FOR LAST MONTH – BOTH BELOW 50 – WHILE JAPAN AND SOUTH KOREA PUBLISHED BORDERLINE INDEXES OF 50.1 AND 50.9 RESPECTIVELY.

 

AND CIMB-GK ECONOMIST SONG SENG WUN NOTED THAT THE PMI SOLELY FOR SINGAPORE’S ELECTRONICS SEGMENT, WHICH MAKES UP ALMOST A THIRD OF TOTAL MANUFACTURING OUTPUT, POSTED ITS LOWEST READING FOR THE MONTH OF AUGUST SINCE 2001, WHICH HE DESCRIBED AS “A WORRISOME SIGN”.

 

“THE SLOWDOWN IN ORDERS IN AUGUST IS CERTAIN TO LIMIT FUTURE IMPROVEMENTS IN TECH MANUFACTURING,” MR SONG ADDED.

 

MS JANICE ONG, EXECUTIVE DIRECTOR OF THE SINGAPORE INSTITUTE OF PURCHASING AND MATERIALS MANAGEMENT, WHICH COMPILES AND PUBLISHES THE PMI MONTHLY, BLAMES MANUFACTURING’S COOLING ON SLOWER ECONOMIC ACTIVITY BECAUSE OF MAJOR EVENTS SUCH AS THE YOUTH OLYMPICS GAMES AND NATIONAL DAY CELEBRATIONS TAKING PLACE LAST MONTH.

 

AND SOME ECONOMISTS REMAIN UPBEAT ABOUT THE OUTLOOK FOR GROWTH.

 

SINGAPORE’S LOWER PMI READING “IS LINE WITH REGIONAL TRENDS AND NOT YET CAUSE FOR ALARM”, SAID HSBC ECONOMIST FREDERIC NEUMANN.

 

“AFTER BLISTERING GROWTH OVER THE FIRST HALF, THE INDUSTRIAL SECTOR IS TAKING A BREATHER, AS THE GLOBAL RESTOCKING BOUNCE IS BEGINNING TO FADE.

 

MR COHEN SAID THAT WHILE SINGAPORE’S PMI READINGS ARE SLATED TO REMAIN BELOW THE CRUCIAL 50 LEVEL FOR THE NEXT FEW MONTHS, THEY ARE UNLIKELY TO PLUNGE TO THE DEEP LOWS SEEN AT THE END OF 2008 AND THE BEGINNING OF LAST YEAR, WHEN THEY CAME IN AT BETWEEN 44 AND 45.

“THIS IS BASED ON THE CONSENSUS VIEW THAT WHILE THE GLOBAL RECOVERY HAS SLOWED, IT WILL AVOID A SEVERE DOUBLE-DIP,” HE SAID.

 

MR NEUMANN PREDICTS THE PMI SHOULD START HEADING NORTH AGAIN BY THE FOURTH QUARTER.

“CHINA’S PMI READINGS PICKED UP AGAIN IN AUGUST, WHICH SUGGESTS THAT THIS IS NOT THE BEGINNING OF A DOUBLE DIP, BUT RATHER A BRIEF MOMENT FOR EVERYONE TO CATCH THEIR BREATH,” HE SAID.

 

OUTLOOK

 

THE MANUFACTURING SECTOR FORECASTS FAVOURABLE BUSINESS SENTIMENTS FOR THE MONTHS ENDING DEC 2010, ACCORDING TO THE LATEST BUSINESS EXPECTATIONS SURVEY. A WEIGHTED 25.0% OF FIRMS EXPECT BUSINESS CONDITIONS TO IMPROVE WHILE A WEIGHTED 7.0% FORSEE DETERIORATION. OVERALL, A NET WEIGHTED BALANCE OF 18.0% OF MANUFACTURERS FORECASTS A MORE FAVOURABLE BUSINESS CLIMATE IN THE MONTHS ENDING DEC 2010, AS COMPARED TO 2Q 2010.

 

THOUGH BUSINESS OUTLOOK REMAINS POSITIVE, THE MANUFACTURING CLUSTERS GENERALLY REGISTERED SMALLER POSITIVE NET BALANCES FOR BUSINESS SENTIMENTS COMPARED TO THE SURVEY CONDUCTED A QUARTER AGO. THIS IS DUE TO THE EXPECTATIONS OF A SLOWER PACE OF GROWTH GLOBALLY IN THE SECOND HALF OF 2010.

 

WITHIN THE MANUFACTURING SECTOR, THE ELECTRONICS CLUSTER IS THE MOST OPTIMISTIC WITH A NET WEIGHTED BALANCE OF 33.0% OF FIRMS PREDICTING AN IMPROVED BUSINESS SITUATION IN THE MONTHS ENDING DEC 2010. THE FIRMS FORESEE ORDERS BEING SUBSTAINED BY DEMAND FOR CONSUMER ELECTRONIC PRODUCTS SUCH AS WIRELESS HANDSETS AND MOBILE COMPUTING DEVICES. MANUFACTURERS IN THE CHEMICALS CLUSTER ARE THE NEXT MOST OPTIMISTIC, WITH A NET WEIGHTED BALANCE OF 19.0% OF FIRMS FORECASTING BETTER BUSINESS CLIMATE IN THE MONTHS ENDING DEC 2010. WHILE THE SPECIALTIES AND OTHER CHEMICALS SEGMENTS PROJECTS BETTER DEMAND AHEAD, THE PETROCHEMICAL SEGMENT HAS A LESS POSITIVE OUTLOOK DUE TO CONCERNS OF WEAKER MARGINS AS A RESULT OF EXCESS CAPACITIES IN THE REGION.

 

EXTRACTED FROM:                MINISTRY OF TRADE AND INDUSTRY, SINGAPORE

                                              EDB SINGAPORE

                                              THE STRAITS TIMES 

               


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.07

UK Pound

1

Rs.63.57

Euro

1

Rs.72.97

 

 

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

----

NB

New Business

----

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.