MIRA INFORM
REPORT
PRELIMINARY
REPORT
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Name :
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HITESH TRADING CO
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Registered Office :
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1 North Bridge
Road #18-01 High Street Centre,
Singapore
179094
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Country :
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Singapore
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Date of Incorporation :
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16.05.1975
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Com. Reg. No.:
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07789700E
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Legal Form :
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Sole Proprietor
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Line of Business :
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Import and Export of Electronics Components, Industrial
Products, Photocopiers And
Consumables
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No. of Employee:
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3
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RATING
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STATUS
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PROPOSED CREDIT LINE
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26-40
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B
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Capability to overcome financial difficulties seems comparatively
below average.
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Small
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Status :
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Moderate
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Payment
Behaviour :
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Unknown
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Litigation :
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Clear
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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 – March 31st, 2012
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Country Name
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Previous Rating
(31.12.2011)
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Current Rating
(31.03.2012)
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Risk Category
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ECGC
Classification
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Insignificant
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A1
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Low
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A2
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Moderate
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B1
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High
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B2
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Very High
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C1
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Restricted
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C2
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Off-credit
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D
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Subject Company
HITESH TRADING CO
Line Of Business
IMPORT AND EXPORT OF ELECTRONICS COMPONENTS, INDUSTRIAL PRODUCTS, PHOTOCOPIERS AND CONSUMABLES
Parent Company
N.A
Financial Elements
Sales :
N.A
Networth :
N.A
Net result :
N.A
Net Margin(%) : N.A
Return on
Equity(%) :
N.A
Leverage
Ratio : N.A
COMPANY IDENTIFICATION
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Subject Company :
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HITESH TRADING CO
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Business Address:
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1 NORTH BRIDGE
ROAD #18-01 HIGH STREET CENTRE
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Town:
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SINGAPORE
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Postcode:
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179094
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Country:
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Singapore
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Telephone:
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6337 7647
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Fax:
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6337 7850
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ROC Number:
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07789700E
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Easy Number company:
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00004526320760
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SUMMARY
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Legal Form:
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Sole Proprietor
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Date Inc.:
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16/05/1975
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Summary year :
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All amounts in this report are in :
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SGD
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Sales:
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0
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Capital:
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Paid-Up Capital:
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0
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Employees:
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3
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Net result :
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0
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Share value:
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REFERENCES
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Update Date:
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08/09/2010
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Credit Requested:
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Credit Opinion:
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Litigation:
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No
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Company status :
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TRADING
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Started :
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08/07/1977
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PRINCIPAL(S)
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HITESH S/O AMRIT LAL
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S1772385E
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Manager
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DIRECTOR(S)
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HITESH S/O AMRIT LAL
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S1772385E
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Manager
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Appointed on :
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01/04/2003
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Street :
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160 HAIG ROAD
#07-02 HAIG COURT
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Town:
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SINGAPORE
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Postcode:
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438795
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Country:
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Singapore
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FORMER DIRECTOR(S)
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NARENDRA S/O AMRITLAL
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S1674807B
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ACTIVITY(IES)
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Activity Code:
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7607
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ELECTRONIC COMPONENTS - DISTRIBUTORS
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Activity Code:
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11760
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IMPORTERS And EXPORTERS
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BASED ON ACRA'S RECORD
1) WHOLESALE OF OTHER SPECIFIC COMMODITIES NEC
2) GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND
EXPORTERS)
BANKERS
SHAREHOLDERS(S)
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ASIAN CARATS PTE LTD
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Company
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Street :
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1 NORTH BRIDGE
ROAD #18-01 HIGH STREET CENTRE
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Town:
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SINGAPORE
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Postcode:
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179094
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Country:
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Singapore
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FORMER SHAREHOLDER(S)
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JAYSUKHLAL S/O VACHHRAJ DOSHI
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PAYMENT HISTORY AND EXPERIENCES
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Trade Morality:
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AVERAGE
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Liquidity :
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UNKNOWN
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Payments :
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UNKNOWN
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Trend :
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UNKNOWN
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Financial Situation:
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UNKNOWN
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FINANCIAL COMMENTS
SOLE PROPRIETORSHIP:
BEING A SOLE PROPRIETORSHIP BUSINESS, THERE IS NO OBLIGATIONS ON THE
PART OF THE OWNER TO SUPPLY REGULAR FINANCIAL UPDATES TO THE REGISTRY
OF COMPANIES AND BUSINESSES.THE CREDIT OPINION IS BASED ON
NON-FINANCIAL INDICATORS AS WELL AS OTHER BUSINESS ELEMENTS
AND DATA AVAILABLE.
NO FINANCIAL INFORMATION WAS REVEALED BY THE MANAGEMENT.
BACKGROUND/OPERATION
THE SUBJECT WAS REGISTERED IN THE REPUBLIC OF SINGAPORE ON 16/05/1975
AND COMMENCED BUSINESS ON 08/07/1977 AS A SOLE PROPRIETORSHIP UNDER
THE NAMESTYLE OF "HITESH TRADING CO".
THE LICENCE WAS RENEWED ON 26/04/2010 AND WILL EXPIRE ON 16/05/2011.
THE OWNER OF THE BUSINESS IS ASIAN CARATS PTE LTD, A COMPANY
INCORPORATED IN SINGAPORE.
PRINCIPAL ACTIVITIES:
SUBJECT IS REGISTERED WITH THE ACCOUNTING AND CORPORATE REGULATORY
AUTHORITY (ACRA) TO BE PRINCIPALLY ENGAGED IN THE BUSINESS OF :
1) WHOLESALE OF OTHER SPECIFIC COMMODITIES
2) GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND
EXPORTERS)
THE COMPANY IS LISTED IN THE SINGAPORE LOCAL DIRECTORIES UNDER THE
CLASSIFICATION OF: SHELLAC MANUFACTURERS.
FROM THE RESEARCH DONE, THE FOLLOWING INFORMATION WAS GATHERED:
ACTIVITIES:
* IMPORT AND EXPORT OF ELECTRONICS COMPONENTS, INDUSTRIAL PRODUCTS,
PHOTOCOPIERS AND CONSUMABLES
* IMPORTER & EXPORTER OF COMPUTER PERIPHERALS, PRINTER ACCESSORIES,
LASER & INKJET CARTRIDGES.
PRODUCTS AND SERVICES:
* BAGS
* BEARINGS
* BURLAP, CANVAS & COTTON BAGS
* CANVAS BAGS
* COTTON BAGS
* FURNITURE MANUFACTURERS' EQUIPMENT & SUPPLIES
* MACHINERY PARTS
* MACHINES, PARTS, ACCESSORIES & SERVICES
* ROLLER BEARINGS
* SHELLACS
EXPORT COUNTRIES:
* INDIA
* BANGLADESH
* NEPAL
NO OTHER TRADE INFORMATION WAS AVAILABLE AS TELE-INTERVIEW WAS NOT
GRANTED BY SUBJECT'S PERSONNEL.
REGISTERED AND BUSINESS ADDRESS:
1 NORTH BRIDGE ROAD
#18-01 HIGH STREET CENTRE
SINGAPORE 179094
DATE OF CHANGE OF ADDRESS: 25/10/2004
* PREMISE OWNED BY: ASIAN CARATS PTE LTD (OWNER)
MAILING ADDRESS:
ROBINSON ROAD P.O. BOX 712
SINGAPORE 901412
WEBSITE: http://www.htco.biz (UNDER CONSTRUCTION)
EMAIL : info@htco.biz
MANAGEMENT
THE OWNER AT THE TIME OF THIS REPORT IS:
1) ASIAN CARATS PTE LTD
- PAID-UP CAPITAL: S$ 3,300,000 (AS AT 08/09/2010)
- ADVERSE CHECK AGAINST OWNER: NIL
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 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 18.0 IN 1Q 2010, FOLLOWING THE 1.5% GAIN IN 4Q
2009. IT IS ATTRIBUTED TO IMPROVEMENTS IN GLOBAL TRADE FLOWS.
DOMESTIC WHOLESALE TRADE INDEX
THE DOMESTIC
WHOLESALE TRADE (SEASONALLY ADJUSTED) ROSE BY 1.8% IN 1Q 2010 OVER 4Q 2009,
WITH IMPROVING SALES IN INDUSTRIAL AND CONSTRUCTION MACHINERY, GENERAL
WHOLESALE TRADE AND CHEMICALS AND CHEMICAL PRODUCTS SECTORS, BUT PETROLEUM AND
PETROLEUM PRODUCTS REGISTERED LOWER SALES. EXCLUDING PETROLEUM, OVERALL
DOMESTIC SALES GREW BY 9.7%.
COMPARED TO THE
SAME PERIOD A YEAR AGO, DOMESTIC WHOLESALE TRADE IN 1Q 2010 ROSE BY 37.1%, WITH
HIGHER SALES REPORTED BY ALL WHOLESALE SECTORS. EXCLUDING PETROLEUM, DOMESTIC
WHOLESALE TRADE GREW BY 26.9%.
AFTER REMOVING
PRICE EFFECT, DOMESTIC WHOLESALE TRADE VOLUME SHOWED A RELATIVELY SMALLER
YEAR-0N-YEAR INCREASE OF 9.4%. EXCLUDING PETROLEUM, DOMESTIC WHOLESALE TRADE
GREW BY 17.9%.
ALL WHOLESALE
SECTORS, EXCEPT PETROLEUM AND PETROLEUM PRODUCTS AND TIMBER, PAINTS AND
CONSTRUCTION MATERIALS, REGISTERED POSITIVE GROWTHS IN DOMESTIC WHOLESALE TRADE
IN 1Q 2010 COMPARED TO 4Q 2009 (AFTER SEASONAL ADJUSTMENT).
SECTORS THAT
REGISTERED DOUBLE-DIGIT QUARTER-ON-QUARTER GROWTHS INCLUDED INDUSTRIAL AND
CONSTRUCTION MACHINERY (25.7%), GENERAL WHOLESALE TRADE (24.5%) AND CHEMICALS
AND CHEMICAL PRODUCTS (16.7%).
OTHER SECTORS SUCH
AS TELECOMMUNICATIONS AND COMPUTERS, ELECTRONIC COMPONENTS, SHIP CHANDLERS AND BUNKERING,
FOOD, BEVERAGES AND TOBACCO AS WELL AS HOUSEHOLD EQUIPMENT AND FURNITURE
RECORDED INCREASES OF BETWEEN 1.0% AND 5.7%.
PETROLEUM AND
PETROLEUM PRODUCTS AND TIMBER, PAINTS AND CONSTRUCTION MATERIALS SECTORS
REGISTERED DECLINES OF 3.0% AND 1.6% RESPECTIVELY IN DOMESTIC WHOLESALE TRADE
OVER 4Q 2009.
ALL WHOLESALE
SECTORS REGISTERED YEAR-ON-YEAR GROWTHS IN DOMESTIC WHOLESALE TRADE IN 1Q 2010.
DOMESTIC SALES OF
GENERAL WHOLESALE TRADE, CHEMICALS AND CHEMICAL PRODUCTS AS WELL AS PETROLEUM
AND PETROLEUM PRODUCTS SECTORS ROSE BY BETWEEN 54.6% AND 96.5% OVER THE SAME
PERIOD A YEAR AGO. AFTER REMOVING PRICE EFFECT, THE SALES VOLUME OF GENERAL
WHOLESALE TRADE AND CHEMICALS AND CHEMICAL PRODUCTS GREW BY 75.7% AND 25.2%
RESPECTIVELY WHILE THAT OF PETROLEUM AND PETROLEUM PRODUCTS FELL BY 1.1%.
OTHER SECTORS THAT
RECORDED DOUBLE-DIGIT YEAR-ON-YEAR GROWTHS IN DOMESTIC WHOLESALE TRADE INCLUDED
ELECTRONIC COMPONENTS (33.1%), TELECOMMUNICATIONS AND COMPUTERS (26.4%),
TRANSPORT EQUIPMENT (19.6%), HOUSEHOLD EQUIPMENT AND FURNITURE (17.3%),
INDUSTRIAL AND CONSTRUCTION MACHINERY (16.0%), SHIP CHANDLERS AND BUNKERING (15.6%) AND TIMBER,
PAINTS AND CONSTRUCTION MATERIALS (11.2%).
FOREIGN WHOLESALE TRADE INDEX
FOREIGN WHOLESALE
TRADE (SEASONALLY ADJUSTED) ROSE BY 9.8% IN 1Q 2010 OVER 4Q 2009, WITH
IMPROVEMENT IN SALES IN MOST OF THE WHOLESALE SECTORS. EXCLUDING PETROLEUM,
FOREIGN WHOLESALE TRADE ROSE BY 7.4% OVER THE PREVIOUS QUARTER.
ON A YEAR-ON-YEAR
BASIS, FOREIGN WHOLESALE TRADE GREW BY 37.8%, WITH STRONG GROWTHS IN MOST
WHOLESALE SECTORS. EXCLUDING PETROLEUM, FOREIGN WHOLESALE TRADE ROSE BY 23.0%.
AFTER ADJUSTING
FOR PRICE CHANGES, FOREIGN WHOLESALE TRADE VOLUME ROSE BY 9.8% FROM A YEAR AGO.
EXCLUDING PETROLEUM, FOREIGN WHOLESALE TRADE VOLUME GREW BY 17.4%.
AFTER SEASONAL
ADJUSTMENT, ALL WHOLESALE SECTORS REGISTERED POSITIVE QUARTER-ON-QUARTER
GROWTHS IN FOREIGN WHOLESALE TRADE IN 1Q 2010, EXCEPT TIMBER, PAINT AND CONSTRUCTION
MATERIALS, FOOD, BEVERAGES AND TOBACCO AND TELECOMMUNICATIONS AND COMPUTERS.
GENERAL WHOLESALE
TRADE AND INDUSTRIAL AND CONSTRUCTION MACHINERY SECTORS REGISTERED DOUBLE-DIGIT
INCREASES OF 15.5% AND 11.9% RESPECTIVELY IN FOREIGN WHOLESALE TRADE. SHIP CHANDLERS AND BUNKERING,
HOUSEHOLD EQUIPMENT AND FURNITURE, PETROLEUM AND PETROLEUM PRODUCTS, CHEMICALS
AND CHEMICAL PRODUCTS AND ELECTRONIC COMPONENTS SECTORS ALSO GREW BETWEEN 1.5%
AND 5.4%.
FOREIGN SALES OF
TIMBER, PAINTS AND CONSTRUCTION MATERIALS AND FOOD, BEVERAGES AND TOBACCO FELL
BY 7.6% AND 4.8% RESPECTIVELY IN 1Q 2010.
OTHER THAN THE
FOOD, BEVERAGES AND TOBACCO SECTOR WHICH REGISTERED A MARGINAL DROP OF 1.5%,
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 30.0% AND 60.6%. AFTER ADJUSTING FOR PRICE CHANGES,
FOREIGN WHOLESALE TRADE VOLUME OF PETROLEUM AND PETROLEUM PRODUCTS AND
CHEMICALS AND CHEMICAL PRODUCTS ROSE BY A SMALLER 1.8% AND 3.6% RESPECTIVELY
WHILE THAT OF SHIP CHANDLERS AND BUNKERING FELL BY 0.1%.
OTHER SECTORS THAT
REPORTED STRONG YEAR-ON-YEAR GROWTHS IN FOREIGN SALES INCLUDED HOUSEHOLD EQUIPMENT
AND FURNITURE (48.4%), GENERAL WHOLESALE TRADE (41.6%), TRANSPORT EQUIPMENT
(37.5%) AND TIMBER, PAINTS AND CONSTRUCTION MATERIALS (36.4%).
RETAIL SALES
RETAIL SALES
VOLUME ROSE FOR THE FIRST TIME SINCE 3Q 2008 TO REACH 1.1%, REVERSING THE 4.1%
DECLINE REGISTERED IN 4Q 2010. EXCLUDING MOTOR VEHICLE SALES, THE GROWTH WAS
HIGHER AT 7.0%.
ALTHOUGH WEIGHED
DOWN BY THE DECLINE OF MOTOR VEHICLE SALES (-13.0%), OTHER MAJOR RETAIL
SEGMENTS, SUCH AS WATCHES AND JEWELLERY (14.0%), FURNITURE AND HOUSEHOLD EQUIPMENT
(14.0%), WEARING APPAREL AND FOOTWEAR (10.0%), AND DEPARTMENT STORES (8.1%)
POSTED STRONG GROWTH IN THE FIRST QUARTER OF 2010.
NEWS
MOTOR INDUSTRY SHAKE-UP
THE MOTOR INDUSTRY
IS BRACING ITSELF FOR A SHAKE-UP. THIS IS BECAUSE NEW VEHICLE SALES COULD SINK
BELOW 55,000 CARS THIS YEAR – LESS THAN HALF THE AVERAGE 117,000 IT MOVED OOUT
OF SHOWROOMS IN EACH OF THE “FEAST” YEARS OF THE LAST DECADE.
RETRENCHEMENTS AND
RESTRUCTURING ARE ON THE INDUSTRY’S HORIZON, IN RESPONSE TO THE NEW MARKET SIZE
BROUGHT ON BY A SHARP CUT IN THE CERTIFICATE OF ENTITLEMENT (COE) SUPPLY, WHICH
KICKED IN LAST MONTH.
MOTOR COMPANIES
THAT HAVE BUILT NEW SHOWROOMS OR EXPANDED EXISTING ONES AND HIRED MORE SALES
STAFF NOW FIND THEY HAVE TO SCALE BACK.
MR CHEAH KIM TECK,
JARDINE CYCLE & CARRIAGE’S CHIEF EXECUTIVE FOR MOTOR OPERATIONS, SAID: “A
SAD FACT OF THE TRADE IS WHEN THE MARKET WAS HOVERING AROUND 100,000 UNITS A
YEAR, YOU HAD TO HAVE THE SALES PEOPLE. NOW YOU HAVE TO CUT.”
EVEN AS MOTOR
FIRMS ARE LOOKING AT TRIMMING THEIR HEADCOUNTS, SOME SALES STAFF ARE ALREADY
LEAVING FOR OTHER INDUSTRIES THAT ARE FARING WELL, SUCH AS THE REAL ESTATE,
HOSPITALITY AND FINANCIAL SECTORS, SAID MR JESLIN TEO, CHIEF EXECUTIVE OF FIAT
AGENT TTS EUROCARS.
THOSE WHO STAY ON
IN SALES MAY WELL TAKE HOME SMALLER COMMISSIONS.
BMW AGENT
PERFOMANCE MOTORS AND THE SINGAPORE
MANUAL & MERCANTILE WORKERS’ UNION, FOR
INSTANCE, RECENTLY AGREED ON A NEW COMMISSION PLAN.
A SENIOR SPOKESMAN
FOR BORNEO MOTORS, WHICH DISTRIBUTES THE TOP-SELLING TOYOTA BRAND, SAID THE COE SQUEEZE WOULD HIT
VOLUME-SELLES HARDER, BECAUSE “ A 40.0% DROP TO A FIRM
THAT SELLS 150
CARS A YEAR MEANS 60 CARS. BUT TO ONE THAT SELLS 10,000 CARS, IT’S 4,000”.
EVEN MR KARSONO
KWEE, THE EXECUTIVE CHAIRMAN OF EUROKARS GROUP AND ONE OF THE MOST BULLISH
MOTOR TRADERS IN SINGAPORE,
SAID HE WILL ASSESS WHETHER THE GROUP NEEDS ALL THE SEVEN SHOWROOMS IT NOW HAS.
EUROKARS HOLDS THE
ROLLS-ROYCE, MINI, PORSCHE, OPEL AND SAAB FRANCHISES.
BUT HE SAID HE
WILL CONDUCT THE REVIEW ONLY IN 22 MONTHS, AFTE A MAJOR PROJECT TO HOUSE
ROLLS=ROYCE AND PORSCHE IN A CITY SHOWROOM IS COMPLETED,”BECAUSS WE STILL NEED
THE SPACE WHEN CONSTRUCTION IS GOING ON”.
THE GROUP HAS
ALREADY RENTED OUT ITS FORMER OPEL SHOWROOM IN KAMPUNG UBI AND MOVED THE BRAND
TO ONE OF ITS TOWN PREMISES.
BESIDES DOING A
STOCK-TAKE ON THEIR INFRASTRUCTURE, MOTOR COMPANIES ARE ALSO REDEFINING THE
SCOPE OF THEIR BUSINESS.
THE STRAITS TIMES
UNDERSTANDS THAT BORNEO MOTORS, WHICH HAS SHUNNED
THE USED-CAR TRADE SINCE 1998, WILL REVISIT THE SEGMENT SOON.
PARALLEL
IMPORTERS, MANY OF WHOM WERE USED-CAR DEALERS BEFORE THE 1990S, ARE ALSO
RETURNING TO THEIR FORMER TRADE NOW THAT THE COE SUPPLY IS DOWN.
MR RAYMOND TANG,
THE SECRETARY OF THE SINGAPORE
VEHICLE TRADERS ASSOCIATION, SAID: “THOSE WHO ARE STILL DOING PARALLEL
IMPORTING HAVE SHIFTED THEIR FOCUS TO BIGGER CARS AND EUROPEAN BRANDS. THESE
GIVE THEM BETTER MARGINS FOR COE BIDDING.”
THE BORNEO MOTORS SPOKESMAN NOTED THAT THE INDUSTRY SHAKE-UP
WOULD ALSO HAVE A RIPPLE EFFECT ON BUSINESSES IN SUPPORTING INDSUTRIES – THOSE
SUPPLYING CAR ACCESSORIES, LEATHER UPHOLSTERY AND THOSE THAT PROVIDE
PRE-DELIVERY INSPECTIONS.
MR DAVID SIEW, THE
PROPRIETOR OD TOMO-CSE, A LEADING SUPPLIER OF LEATHER UPHOLSTERY, SAID HE
EXPECTS HIS BUSINESS HERE TO SHRINK BY AT LEAST 30.0% OVER THE NEXT SIX MONTHS.
MOTOR TRADERS FEEL
THE COE SUPPLY COULD HAVE BEEN CUT MORE GRADUALLY.
MR MICHAEL WONG,
THE VICE-PRESIDENT OF THE MOTOR TRADERS ASSOCIATION, SAID:”IN PREVIOUS
IMPLEMENTATIONS OF POLICIES AND RULES, CHANGES WERE SPREAD OUT OVER TIME, SO IT
WAS MORE GRADUAL.”
MR CHEAH AGREED,
SAYING THE COE CUT MADE FOR A FAMINE AFTER THE FEAST.
HE SAID HE
EXPECTED THE COE SUPPLY TO RETURN TO “SIZEABLE LEVELS BY 2013, BUT GETTING
THROUGH THE NEXT THREE YEARS “WILL NOT BE EASY, ESPECIALLY FOR THE MARGINAL
PLAYERS”.
OUTLOOK
A NET WEIGHTED
BALANCE OF 44% OF WHOLESALERS EXPECT POSITIVE BUSINESS SENTIMENTS FOR THE
PERIOD ENDING SEP 2010. IN PARTICULAR, THOSE DEALING WITH FOOD AND BEVERAGES,
CHEMICALS AND CHEMICAL PRODUCTS, NON-AGRICULTURAL INTERMEDIATE PRODUCTS,
INDUSTRIAL MACHINERY AND EQUIPMENT, AND COMPUTERS AND ACCESSORIES.
RETAILERS FORECAST
LESS UPBEAT BUSINESS CONDITIONS FOR THE COMING MONTHS. A NET WEIGHTED BALANCE
OF 18% OF RETAILERS FORECAST LESS FAVOURABLE BUSINESS PROSPECTS FOR THE PERIOD
ENDING SEP 2010. THIS APPLIES TO DEPARTMENT STORES, SUPEMARKETS, RETAILERS OF
MOTOR VEHICLES, COSMETICS AND TOILETRIES AND WEARING APPAREL AND FOOTWEAR.
EXTRACTED FROM: MINISTRY OF TRADE AND INDUSTRY, SINGAPORE
SINGAPORE DEPARTMENT OF STATISTICS
THE STRAITS TIMES
|
Currency
|
Unit
|
Indian Rupees
|
|
US Dollar
|
1
|
Rs.55.58
|
|
UK Pound
|
1
|
Rs.87.14
|
|
Euro
|
1
|
Rs.69.73
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.
|
|