MIRA INFORM REPORT

Report Date :

18.12.2012

IDENTIFICATION DETAILS

Name :	MOHAMED MUSTAFA & SAMSUDDIN CO. PTE LTD
Registered Office :	668 Chander Road, 02-18, 210668
Country :	Singapore
Date of Incorporation :	21.02.1989
Com. Reg. No.:	198900680-Z
Legal Form :	Exempt Private
Line of Business :	Department Stores Cum Supermarkets & General Wholesale Trading
No. of Employees :	800 [2012]

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 :	Unknown
Litigation :	Exists

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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
Singapore	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Singapore - ECONOMIC OVERVIEW

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. Real GDP growth averaged 8.6% between 2004 and 2007. The economy contracted 1.0% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010 and 4.9% in 2011, on the strength of renewed exports. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to a compound annual growth rate of just 1.8% in the last decade. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub.

Source : CIA

* Adopted abbreviations :	SC - Subject Company (the company enquired by you)
	N/A - Not Applicable

EXECUTIVE SUMMARY

REGISTRATION NO.

:

198900680-Z

COMPANY NAME

:

MOHAMED MUSTAFA & SAMSUDDIN CO. PTE LTD

FORMER NAME

:

N/A

INCORPORATION DATE

:

21/02/1989

COMPANY STATUS

:

EXIST

LEGAL FORM

:

EXEMPT PRIVATE

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

668 CHANDER ROAD, 02-18, 210668, SINGAPORE.

BUSINESS ADDRESS

:

MUSTAFA CENTRE 145, SYED ALWI ROAD,, 207704, SINGAPORE.

TEL.NO.

:

65-62955855

FAX.NO.

:

65-62982692/ 62955866

CONTACT PERSON

:

MUSTAQ AHMAD ( DIRECTOR )

PRINCIPAL ACTIVITY

:

DEPARTMENT STORES CUM SUPERMARKETS & GENERAL WHOLESALE TRADING

AUTHORISED CAPITAL

:

13,340,000.00 ORDINARY SHARE, OF A VALUE OF SGD 13,340,000.00

ISSUED AND PAID UP CAPITAL

:

13,340,000.00 ORDINARY SHARE, OF A VALUE OF SGD 13,340,000.00

SALES

:

N/A

NET WORTH

:

N/A

STAFF STRENGTH

:

800 [2012]

BANKER (S)

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD MALAYAN BANKING BHD UCO BANK STANDARD CHARTERED BANK DBS BANK LTD AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD INDIAN OVERSEAS BANK UNITED OVERSEAS BANK LTD OVERSEA-CHINESE BANKING CORPORATION LTD

LITIGATION

:

TRACED

FINANCIAL CONDITION

:

N/A

PAYMENT

:

N/A

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

MODERATE

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

HISTORY / BACKGROUND

The SC is an exempt private company which is allowed to have a minimum of two and a maximum of twenty shareholders and all the shareholders must be individuals. An exempt company is a type of private limited company. As a private limited company, the SC must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the SC is capable of owning assets, entering into contracts, suing or be sued by other companies. The SC is governed by the Companies Act and must file in its annual return. The SC need not file in its financial statements but it has to file in a document duly signed by its director in charge of its finance, the secretary and its auditor stating that the SC is able to meet all its obligations as and when they fall due. Although the SC is not required to file in its financial statements, it also has to prepare its financial account which must be presented at the Annual General Meeting.

The SC is principally engaged in the (as a / as an) department stores cum supermarkets & general wholesale trading.

The major shareholder(s) of the SC are shown as follows :

Name	Address	IC/PP/Loc No	Shareholding	(%)
MR. MUSTAQ AHMAD @ MUSHTAQ AHMAD S/O MUSTAFA +	8 JALAN ANGGERIK 5/8, TAMAN ANGGERIK, JOHOR, MALAYSIA.	S2019378F	8,171,170.00	61.25
SHAMSUDDIN	5 VERDUN ROAD, 07-02 SPA BUILDING, 207274, SINGAPORE.	S2077946B	2,016,993.00	15.12
MR. ISHRET JAHAN +	119, KENG LEE ROAD, 1130, SINGAPORE.	S2595621D	1,165,667.00	8.74
ESTATE OF MUSTAFA [DECEASED]	119 KENG LEE ROAD, 308405, SINGAPORE.	S2101665I	1,986,170.00	14.89
			---------------	------
			13,340,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	MR. IQBAL AHMAD
Address	:	119 KENG LEE ROAD, 308405, SINGAPORE.
IC / PP No	:	S2586147G
Nationality	:	SINGAPOREAN
Date of Appointment	:	03/09/2001

DIRECTOR 2

Name Of Subject	:	SHAMA BANO
Address	:	119 KENG LEE ROAD, 308405, SINGAPORE.
IC / PP No	:	S7770799I
Nationality	:	SINGAPOREAN
Date of Appointment	:	14/02/2001

DIRECTOR 3

Name Of Subject	:	MR. ISHRET JAHAN
Address	:	119, KENG LEE ROAD, 1130, SINGAPORE.
IC / PP No	:	S2595621D
Date of Birth	:	13/01/1954
Nationality	:	SINGAPOREAN
Date of Appointment	:	19/06/1991

DIRECTOR 4

Name Of Subject	:	MR. MUSTAQ AHMAD @ MUSHTAQ AHMAD S/O MUSTAFA
Address	:	8 JALAN ANGGERIK 5/8, TAMAN ANGGERIK, JOHOR, MALAYSIA.
IC / PP No	:	S2019378F
Date of Birth	:	08/06/1951
Nationality	:	SINGAPOREAN
Date of Appointment	:	21/02/1989

MANAGEMENT

1)	Name of Subject	:	MUSTAQ AHMAD
	Position	:	DIRECTOR

AUDITOR

Auditor	:	NATARAJAN & SWAMINATHAN
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	MR. IQBAL AHMAD
	IC / PP No	:	S2586147G
	Address	:	119 KENG LEE ROAD, 308405, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD

2)

Name

:

MALAYAN BANKING BHD

3)

Name

:

UCO BANK

4)

Name

:

STANDARD CHARTERED BANK

5)

Name

:

DBS BANK LTD

6)

Name

:

AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD

7)

Name

:

INDIAN OVERSEAS BANK

8)

Name

:

UNITED OVERSEAS BANK LTD

9)

Name

:

OVERSEA-CHINESE BANKING CORPORATION LTD

The SC enjoys normal banking routine with above mentioned banker(s). The SC has bank charges with above mentioned banker(s).

ENCUMBRANCE (S)

ENCUMBRANCE 1

Date of Creation

:

12/05/2011

Description Of Charge

:

N/A

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

INDIAN OVERSEAS BANK

Form 40 Dated

Registered and Numbered C201105789 In The Register of Charges

ENCUMBRANCE 2

Date of Creation

:

11/09/2010

Description Of Charge

:

N/A

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

INDIAN OVERSEAS BANK

Form 40 Dated

Registered and Numbered C201008079 In The Register of Charges

ENCUMBRANCE 3

Date of Creation

:

17/08/2010

Description Of Charge

:

N/A

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

UNITED OVERSEAS BANK LTD

Form 40 Dated

Registered and Numbered C201007219 In The Register of Charges

ENCUMBRANCE 4

Date of Creation

:

04/07/2008

Description Of Charge

:

N/A

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

CITIBANK N A

Form 40 Dated

Registered and Numbered C200806091 In The Register of Charges

ENCUMBRANCE 5

Date of Creation

:

08/04/2008

Description Of Charge

:

N/A

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

INDIAN OVERSEAS BANK

Form 40 Dated

Registered and Numbered C200803214 In The Register of Charges

ENCUMBRANCE 6

Date of Creation

:

05/04/2007

Description Of Charge

:

N/A

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD

Form 40 Dated

Registered and Numbered C200702630 In The Register of Charges

ENCUMBRANCE 7

Date of Creation

:

08/01/2007

Description Of Charge

:

N/A

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

DBS BANK LTD

Form 40 Dated

Registered and Numbered C200700135 In The Register of Charges

ENCUMBRANCE 8

Date of Creation

:

29/11/2006

Description Of Charge

:

N/A

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD

Form 40 Dated

Registered and Numbered C200608068 In The Register of Charges

ENCUMBRANCE 9

Date of Creation

:

16/06/2005

Description Of Charge

:

N/A

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

DBS BANK LTD

Form 40 Dated

Registered and Numbered C200503442 In The Register of Charges

ENCUMBRANCE 10

Date of Creation

:

17/05/2005

Description Of Charge

:

N/A

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

STANDARD CHARTERED BANK

Form 40 Dated

Registered and Numbered C200502824 In The Register of Charges

ENCUMBRANCE 11

Date of Creation

:

09/09/2004

Description Of Charge

:

N/A

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

THE BANK OF EAST ASIA LTD

Form 40 Dated

Registered and Numbered C200404463 In The Register of Charges

ENCUMBRANCE 12

Date of Creation

:

02/07/2004

Description Of Charge

:

N/A

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

UCO BANK

Form 40 Dated

Registered and Numbered C200403202 In The Register of Charges

ENCUMBRANCE 13

Date of Creation

:

26/11/2003

Description Of Charge

:

N/A

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

MALAYAN BANKING BHD

Form 40 Dated

Registered and Numbered C200305669 In The Register of Charges

ENCUMBRANCE 14

Date of Creation

:

07/11/2003

Description Of Charge

:

N/A

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD

Form 40 Dated

Registered and Numbered C200305321 In The Register of Charges

ENCUMBRANCE 15

Date of Creation

:

07/11/2003

Description Of Charge

:

N/A

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD

Form 40 Dated

Registered and Numbered C200305316 In The Register of Charges

ENCUMBRANCE 16

Date of Creation

:

07/11/2003

Description Of Charge

:

N/A

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD

Form 40 Dated

Registered and Numbered C200305315 In The Register of Charges

ENCUMBRANCE 17

Date of Creation

:

08/01/2007

Description Of Charge

:

N/A

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

DBS BANK LTD

Form 40 Dated

Registered and Numbered C200700134 In The Register of Charges

ENCUMBRANCE 18

Date of Creation

:

27/09/2011

Description Of Charge

:

N/A

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

DBS BANK LTD

Form 40 Dated

Registered and Numbered C201112082 In The Register of Charges

ENCUMBRANCE 19

Date of Creation

:

27/09/2011

Description Of Charge

:

N/A

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

DBS BANK LTD

Form 40 Dated

Registered and Numbered C201112085 In The Register of Charges

ENCUMBRANCE 20

Date of Creation

:

28/01/2012

Description Of Charge

:

N/A

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

EXPORT-IMPORT BANK OF INDIA

Form 40 Dated

Registered and Numbered C201201077 In The Register of Charges

ENCUMBRANCE 21

Date of Creation

:

22/02/2012

Description Of Charge

:

N/A

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

DBS BANK LTD

Form 40 Dated

Registered and Numbered C201202022 In The Register of Charges

ENCUMBRANCE 22

Date of Creation

:

22/02/2012

Description Of Charge

:

N/A

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

DBS BANK LTD

Form 40 Dated

Registered and Numbered C201202023 In The Register of Charges

ENCUMBRANCE 23

Date of Creation

:

18/05/2012

Description Of Charge

:

N/A

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

Name & Address Of Chargee

:

OVERSEA-CHINESE BANKING CORPORATION LTD

Form 40 Dated

Registered and Numbered C201205484 In The Register of Charges

LEGAL CHECK AGAINST SC

* A check has been conducted in our databank against the SC whether the subject has been involved in any litigation. 

LEGAL ACTION
Code No	:	99	Case No	:	10545
Year	:	2002	Place	:	SINGAPORE
Court	:	MAGISTRATE COURT
Date Filed	:	24/04/2002
Plaintiff	:	JEEVANANTHAM RAJESTRI D/O MUNIANDY
Defendants	:	MOHAMED MUSTAFA & SAMSUDDIN CO PTE LTD (198900680) 668 CHANDER ROAD, 02-18, 210668, SINGAPORE.
Amount Claimed	:	656.80
Nature of Claim	:	SGD
Remark	:	NEGLIGENCE RELATED
Code No	:	99	Case No	:	1016
Year	:	2002	Place	:	SINGAPORE
Court	:	SUPREME COURT
Date Filed	:	28/08/2002
Plaintiff	:	NG HUAN GEOK
Defendants	:	MOHAMED MUSTAFA & SAMSUDDIN CO PTE LTD (198900680) 668 CHANDER ROAD, 02-18, 210668, SINGAPORE.
Remark	:	PROPERTY RELATED
Code No	:	99	Case No	:	2083
Year	:	2003	Place	:	SINGAPORE
Court	:	DISTRICT COURT
Date Filed	:	19/05/2003
Plaintiff	:	PARATHI DHASAN S/O MUNUSAMY
Defendants	:	MOHAMED MUSTAFA & SAMSUDDIN CO PTE LTD (198900680) 668 CHANDER ROAD, 02-18, 210668, SINGAPORE.
Remark	:	NEGLIGENCE RELATED
Code No	:	99	Case No	:	11310
Year	:	2006	Place	:	SINGAPORE
Court	:	MAGISTRATE COURT
Date Filed	:	09/05/2006
Plaintiff	:	LAM MENG HUA
Defendants	:	MOHAMED MUSTAFA & SAMSUDDIN CO PTE LTD (198900680) 668 CHANDER ROAD, 02-18, 210668, SINGAPORE.
Amount Claimed	:	5,000.00
Nature of Claim	:	SGD
Remark	:	NEGLIGENCE RELATED
Code No	:	99	Case No	:	14060
Year	:	2008	Place	:	SINGAPORE
Court	:	MAGISTRATE COURT
Date Filed	:	09/06/2008
Plaintiff	:	AUTHENTIC SPORTS PTE LTD
Defendants	:	MOHAMED MUSTAFA & SAMSUDDIN CO PTE LTD (198900680) 668 CHANDER ROAD, 02-18, 210668, SINGAPORE.
Amount Claimed	:	20,816.86
Nature of Claim	:	SGD
Remark	:	CONTRACTS RELATED
Code No	:	99	Case No	:	16601
Year	:	2010	Place	:	SINGAPORE
Court	:	MAGISTRATE COURT
Date Filed	:	29/06/2010
Plaintiff	:	MUHAMMAD AKHTAR HAYAT
Defendants	:	MOHAMED MUSTAFA & SAMSUDDIN CO PTE LTD (198900680) 668 CHANDER ROAD, 02-18, 210668, SINGAPORE.
Remark	:	NEGLIGENCE RELATED

NOTE:

Please check with creditors for confirmation as alleged debts may have been paid since recorded or are being disputed. The person wo has been sued has the same name as the subject. However, we are unable to determine whether the person sued is the one and the same person.

No winding up petition was found in our databank

PAYMENT RECORD

SOURCES OF RAW MATERIALS:
Local	:	YES
Overseas	:	YES

CLIENTELE

Local	:	YES	Percentage	:	100%
Domestic Markets	:	SINGAPORE
Overseas	:	NO	Percentage	:	0%
Credit Term	:	N/A
Payment Mode	:	CASH,CHEQUES

OPERATIONS

Services

:

DEPARTMENT STORES CUM SUPERMARKETS & GENERAL WHOLESALE TRADING

Award

:

1 ) SINGAPORE'S ENTERPRISE 50 AWARD Year :0

Total Number of Employees:
YEAR	2012	2011	2010
GROUP	N/A	N/A	N/A
COMPANY	800	800	800

Branch

:

NO

Other Information:

The SC is principally engaged in the (as a / as an) department stores cum supermarkets & general wholesale trading.

The SC stores are well known for selling products catered to a wide variety of needs and people. It has products for the entire range of people, from the construction workers to the well-to-do. The store stocks more than 120,000 items, ranging from ready-made apparel to jewellery, sundry items and household goods to luggage bags and electronics. The company conducts regular consumer surveys and market research to know what people want in order to cater to their needs. Hence, its product mix changes with customer needs.

Prices of products sold at the SC are lower than its competitors with a profit margin not exceeding 15%. The lower prices are possible because of the huge turnover. Goods are imported directly, eliminating the need for middlemen. They are bought in much bigger quantities, so lower prices can be offered. The goods are bought at the cheapest possible sources, from countries such as Malaysia, Indonesia, Thailand, Hong Kong and Singapore itself. It is this simple business strategy that has worked for the company since its beginning: "to buy and sell at the lowest prices possible".

Hence, it is this wide range of products at reasonable and fair prices that attracts people to its stores. On any given day, it sees an average of 15,000 customers. Its customer base is made up of 60 %. Singaporeans, both locals and expatriates, and 40 % tourists. In terms of ethnicity, Indians form about 65 per cent of its customers. These satisfied customers give the stores much needed and appreciated word-of-mouth publicity by recommending them to others.

Product categories: 

* Accessories

* Cosmetics 

* Electronics 

* Home appliance 

* Jewellery 

* Mobile phones

* Pharmacy 

* Super market 

* Textiles 

Services:

* Foreign exchange 

* Visa processing 

* Travels booking 

* Gold mart 

* All kinds of shopping items

Agent/distributor for: 

* Brother International Corporation (JP)

Subject is a member of the following entity: 

* Singapore Retailers Association 

CURRENT INVESTIGATION

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client	:	65 64190619
Current Telephone Number	:	65-62955855
Match	:	NO
Address Provided by Client	:	145, SYED ALWI ROAD, SINGAPORE 207704
Current Address	:	MUSTAFA CENTRE 145, SYED ALWI ROAD,, 207704, SINGAPORE.
Match	:	NO

Other Investigations

we contacted one of the staff from HR Department of SC and she provided some information on the SC.

The address provided is incomplete.

FINANCIAL ANALYSIS

The SC is a private exempt company which does not need to file in its accounts with the Registrar of Companies for the information of the public. Therefore, we are not able to comment on the SC's financial performance.

Overall financial condition of the SC : N/A

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	2006	2007	2008	2009	2010
Population (Million)	4.40	4.58	4.84	4.98	5.08
Gross Domestic Products ( % )	8.7	8.8	1.5	<0.8>	14.5
Consumer Price Index	1.0	2.1	6.6	0.6	2.8
Total Imports (Million)	378,924.1	395,979.7	450,892.6	356,299.3	423,221.8
Total Exports (Million)	431,559.2	450,627.7	476,762.2	391,118.1	478,840.7
Unemployment Rate (%)	2.7	2.3	2.2	3.2	2.2
Tourist Arrival (Million)	9.75	10.28	10.12	9.68	11.64
Hotel Occupancy Rate (%)	85.2	87.0	81.0	75.8	85.6
Cellular Phone Subscriber (Million)	1.05	1.22	1.31	1.37	1.43
Registration of New Companies (No.)	21,495	25,903	25,327	26,414	29,798
Registration of New Companies (%)	10.2	20.5	<2.2>	4.3	12.8
Liquidation of Companies (No.)	8,980	9,226	10,493	22,393	15,126
Liquidation of Companies (%)	28.1	2.7	13.7	113.4	<32.5>
Registration of New Businesses (No.)	24,219	24,762	24,850	26,876	23,978
Registration of New Businesses (%)	3.17	2.24	0.36	8.15	<10.78>
Liquidation of Businesses (No.)	26,843	21,322	21,150	23,552	24,211
Liquidation of Businesses (%)	<52.3>	<20.6>	<0.8>	11.4	2.8
Bankruptcy Orders (No.)	2,983	2,767	2,326	2,058	1,537
Bankruptcy Orders (%)	15.8	<7.2>	<15.9>	<11.5>	<25.3>
Bankruptcy Discharges (No.)	1,634	1,626	1,500	3,056	2,252
Bankruptcy Discharges (%)	<2.9>	<0.5>	<7.7>	103.7	<26.3>
INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	3.91	5.26	<0.32>	3.25	<0.48>
Fish Supply & Wholesale	1.33	<3.91>	<6.31>	<1.93>	3.60
Manufacturing *	94.4	100.0	95.8	91.8	119.1
Food, Beverages & Tobacco	89.9	100.0	107.7	102.7	109.5
Textiles	119.9	100.0	92.6	75.0	62.8
Wearing Apparel	114.5	100.0	71.8	45.3	26.4
Leather Products & Footwear	100.3	100.0	84.7	52.6	54.1
Wood & Wood Products	107.1	100.0	88.8	68.3	70.0
Paper & Paper Products	92.5	100.0	98.8	93.3	103.7
Printing & Media	97.6	100.0	96.7	82.5	84.7
Crude Oil Refineries	100.2	100.0	101.0	86.1	85.4
Chemical & Chemical Products	93.8	100.0	95.1	90.4	109.9
Pharmaceutical Products	102.1	100.0	92.8	104.4	159.9
Rubber & Plastic Products	100.1	100.0	92.2	77.6	86.1
Non-metallic Mineral	113.1	100.0	83.1	79.1	79.7
Basic Metals	110.0	100.0	120.9	101.9	112.5
Fabricated Metal Products	97.8	100.0	95.0	85.2	97.2
Machinery & Equipment	83.9	100.0	97.4	85.8	117.7
Electrical Machinery	98.8	100.0	98.1	104.2	149.1
Electronic Components	96.1	100.0	93.0	85.1	115.5
Transport Equipment	85.3	100.0	106.7	100.2	99.3
Construction	46.60	45.60	45.90	<36.9>	14.20
Real Estate	12.9	40.8	<11.2>	1.4	21.3
Services
Electricity, Gas & Water	<5.3>	11.00	<1.3>	1.70	4.00
Transport, Storage & Communication	6.00	8.50	11.60	3.90	12.80
Finance & Insurance	6.40	41.50	<5.9>	<16.4>	<0.4>
Government Services	13.50	3.80	17.40	4.50	9.70
Education Services	1.10	1.80	0.50	0.10	<0.9>
* Based on Index of Industrial Production (2007 = 100)
(Source : Department of Statistics)

INDUSTRY ANALYSIS

INDUSTRY :	TRADING
The 1st Quarter 2012 total retail sales is expected to grow from a forecast SGD44.45bn (US$35.28bn) in 2011 to SGD51.50bn (US$46.82bn) by 2015. Singapore lacks the advantage of a massive consumer base, its low unemployment rate, the rapid influx of foreign immigrants and increasing visitor arrivals will continue to instill dynamism into the local retail scene and further buoy consumer spending.
The February 2011 budget provided a boost to consumer spending power, with the SGD6.6bn (US$5.2bn) Total Benefits package earmarked for households in 2011-2012 expected to have positive implications for the Singapore consumer.
In terms of retail sub-sectors, the over-the-counter pharmaceutical sector to be worth US$0.15bn in 2011 and for sales to increase by more than 35% to US$0.20bn by 2015. Sales of consumer electronics products are expected to increase by nearly 24%, from US$3.96bn in 2011 to US$4.90bn by the end of the forecast period on the back of strong demand for high-end products such as multimedia notebooks, 3G phones and smartphones.
The food retail segment will have a market share of 21.3% in 2011, when the sub-sector is forecast to be worth US$7.50bn. Sales are expected to grow to US$8.11bn by 2015.
Mass grocery retail sales are forecast to be US$3.46bn in 2011 and to grow by more than 25% to US$4.45bn by 2015, more than three times the rate of growth for overall food sales. This would take mass grocery retail's share of the overall food market from 45.7% in 2011 to 52.9% by the end of the forecast period.
Retail sales of Asian countries in 2011 are forecast US$3.13trn. China and India are predicted to account for nearly 91% of regional retail sales in 2011, and by 2015 their share of the regional market is expected to be more than 92%. Growth in regional retail sales for 2011-2015 is forecast at 71.6%, an annual average 14.4%. India should experience the most rapid rate of growth, followed by China. Singapore's market share of 1.1% in 2011 is forecast to fall to 0.8% by 2015.
OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Established in 1989, the SC is an exempt private company with core business focusing on department stores cum supermarkets & general wholesale trading. The SC has been in business for over two decades. It has built up a strong clientele base and satisfactory reputation will enable the SC to further enhance its business in the near term. The SC is expected to enjoy a stable market shares. With a weak shareholders' backing, the SC's capital position is weak. 

Over the years, the SC should have build up its clientele base and received supports from its regular customers. Investigation revealed that the SC's interest lies mostly in the local market. Thus, any adverse changes to the local economy might have a negative impact on the SC's business performance. Being a large entity, the SC has a steady workforce of 800 personnel to support its business operations. Its future prospects seem to be fairly good as its business operations are running relatively stable. Overall, we regard that the SC's management capability is average. This indicates that the SC has greater potential to improve its business performance and raising income for the SC.

As the SC is registered as an Exempt Private company, it is not required to file financial statements for public review. As such, we are unable to ascertain its present financial health.

The SC's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials. Overall the SC has a good control over its resources.

The industry shows an upward trend and this trend is very likely to sustain in the near terms. Hence, the SC is expected to benefit from the favourable outlook of the industry. Nonetheless, the SC should adopt better competitive strategies in order to sustain its business position and to compete with other well established players in the same industry.

In view of the above, we recommend credit be granted to the SC with close monitoring.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.63
UK Pound	1	Rs.88.40
Euro	1	Rs.71.86

INFORMATION DETAILS

Report Prepared by :

MNL

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.