MIRA INFORM REPORT

 

 

Report Date :

22.11.2012

 

IDENTIFICATION DETAILS

 

Name :

SHIBUYA SAKURA INDUSTRIES (S) PTE LTD

 

 

Registered Office :

3 Shenton Way #15-10 Shenton House Singapore

 

 

Country :

Singapore

 

 

Financials (as on) :

31.03.2007

 

 

Date of Incorporation :

03.10.1997

 

 

Com. Reg. No.:

199706908E

 

 

Legal Form :

Limited Exempt Private Company

 

 

Line of Business :

Retail Sale of Jewellery

 

 

No. of Employees :

10-15 Employees

 

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 :

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 – June 30th, 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

 

 

Contact Points

 

Company Name:

Shibuya Sakura Industries (S) Pte Ltd

Supplied Name:

Shibuya Sakura Industries (S) Pte Ltd.

Trading Address:

3 Shenton Way #15-10 Shenton House Singapore 068805

Supplied Address:

3, Shenton Way, #15-10, Shenton House, Singapore

Telephone Number:

+65-6459-1622

Fax Number:

+65-6458-4005

E-mail:

saumil@trusha.com.sg    

Notes: Subject’s exact name and current address are as above.

 

 

Company Identification Details

 

Registered Name:

Shibuya Sakura Industries (S) Pte Ltd

Registered Address:

3 Shenton Way #15-10 Shenton House Singapore 068805

Date of Registration::

1997-10-3

Registered Number:

199706908E

Country of Incorporation:

Singapore

Registered Capital:

SGD 1,270,000 (USD 1,023,112)

(As of 2012.08, 1 SGD = 0.8056 USD)

Paid-up Capital:

SGD 1,270,000 (USD 1,023,112) = 1,270,000 Shares@1 SGD

Legal Form:

Limited Exempt Private Company

Principal Activities:

47731--Retail Sale of Jewellery

46900--General Wholesale Trade (Including General Importers And Exporters)

Staff:

10-15 Employees

Status:

Live Company

Listed at Stock Exchange:

No

Date of Last Annual Return:

2012-1-6

 

 

History

 

Subject was incorporated on 1997-10-3 with registered number 199706908E as Limited Exempt Private Company in Singapore.

 

 

Shareholders

 

Unit: SGD

Name

Subscription Amount

Proportion of Investment (%)

Gary Donald Seaton

1

--

N Anandaraja S/O Nadarajah

249,999

20%

Parikh Saumil Kishore Kumar

1,020,000

80%

Total

1,270,000

100%

 

Major Shareholder Information:

1

Name:

Gary Donald Seaton

ID Number:

E1022155

Address:

2 Nerrima Street,Shailer Park, Brisbane, Qld Australian 4128, Australia

2

Name:

N Anandaraja S/O Nadarajah

ID Number:

S1794580G

Address:

12 Telok Blangah Crescent #15-109 Singapore 090012

3

Name:

Parikh Saumil Kishore Kumar

ID Number:

S7913209H                                                      

Address:

48A Lorong J Telok Kurau Singapore 425838       

 

 

Subsidiaries & Branches

 

Subject did not introduce whether it has any subsidiaries or branches, from other source we can not obtain the relevant information, either.

Management Information

 

Core Management

 

Detailed Information of Management:

1

Name:

Gary Donald Seaton

Position:

Director

ID Number:

E1022155

Address:

2 Nerrima Street,Shailer Park, Brisbane, QLD 4128, AUSTRALIA

Nationality:

Australian

Date of Appointment:

2001-6-14

2

Name:

N Anandaraja S/O Nadarajah

Position:

Director

ID Number:

S1794580G

Address:

12 Telok Blangah Crescent #15-109 Singapore 090012

Nationality:

Singapore Citizen

Date of Appointment:

1999-9-21

3

Name:

Harikrishnan Muthusamy

Position:

Secretary

ID Number:

S2135685I

Address:

101 Ah Hood Road #11-02 Singapore 320101

Nationality:

Singapore Citizen

Date of Appointment:

1997-10-3

4

Name:

Kirtikumar Mukundrai Vora

Position:

Director

ID Number:

S2605630F

Address:

414 Bedok North Avenue 2 #08-113 Singapore 460414

Nationality:

Singapore Citizen

Date of Appointment:

2011-4-4

5

Name:

Parikh Saumil Kishore Kumar

Position:

Director

ID Number:

S7913209H

Address:

48A Lorong J Telok Kurau Singapore 425838

Nationality:

Singapore Citizen

Date of Appointment:

2007-10-19

 

Personnel Structure

 

Total Employees

10-15 Employees

 

 

Operation Information

 

Offices & Factories

 

 

Office

Address:

3 Shenton Way #15-10 Shenton House Singapore 068805

 

Production Information

 

l         Subject is a trader of metal scraps without any production activities itself.

 

Purchase Information

 

l         Subject purchases metal scraps mainly abroad from USA and South America.

 

Sales Information

 

l         Subject is engaged in sales of metal scraps and subject’s major products are steel scraps, etc

l         Subject’s products are both sold in domestic and overseas market and it is introduced that subject exports to Taiwan and Vietnam, etc

l         Subject’s major customers are recycling factories, etc

 

 

 

Settlements

 

Purchase

 

Domestic Markets

 

Subject has little domestic purchase

 

Overseas Markets

Products

Payment Terms

Proportion

Metal scraps, etc

CBD, etc

100%

 

Sales

 

Domestic Markets

Product

Sales Terms

Proportion

Metal scraps, etc

CBD, etc

100%

 

Overseas Markets

Product

Sales Terms

Proportion

Metal scraps, etc

CBD, etc

100%

 

 

Balance Sheet

 

Unit: SGD

 

2007-3-31

2006-3-31

2005-3-31

Total Assets

4,925,039.00

3,902,934.00

4,424,293.00

Total Current Assets

4,923,894.00

3,899,626.00

4,373,558.00

Total Non-Current Assets f.k.a.

[Fixed And Others]

1,145.00

3,308.00

50,735.00

Total Liabilities

3,745,504.00

3,097,759.00

3,911,126.00

Total Current Liabilities

3,745,504.00

3,097,759.00

3,911,126.00

Total Non-Current Liabilities

0.00

0.00

0.00

Total Equity f.k.a [Shareholder's

Funds]

1,179,535.00

(USD 950,233)

410,000.00

(USD 330,296)

513,167.00

(USD 413,407)

Paid-Up Capital

N.A.

410,000.00

250,000.00

Share Capital

500,000.00

-

-

Other Reserves, Total f.k.a.

[Reserves]

0.00

395,175.00

263,167.00

Retained Earnings/(Accumulated

Loss)

679,535.00

0.00

0.00

(As of 2012.08, 1 SGD = 0.8056 USD)

 

 

Profit/Loss Account

 

Unit: SGD

 

2007

2006

2005

Revenue f.k.a [Sales Turnover And

Other Operating Revenues]

24,903,021.00

(USD

20,061,874)

18,917,516.00

(USD

15,239,951)

0.00

Profit/(Loss) before Tax from

Continuing Operations f.k.a

[Profit/(Loss) before tax]

295,883.00

188,288.00

0.00

Profit/(Loss) after Tax from

Continuing Operations f.k.a

[Profit/(Loss) After Tax]

284,360.00

147,008.00

0.00

Net Income/(Loss) From Extraordinary And Non-Operating Items

N.A.

0.00

0.00

Profit/(Loss) After Tax and

Extraordinary Items

N.A.

147,008.00

(USD 118,430)

0.00

(As of 2012.08, 1 SGD = 0.8056 USD)

 

 

Financial Ratio

 

 

2007

2006

2005

Earning Capacity

 

 

 

Rate of Net Profit on Sales (%)

1.14

0.78

0.00

Return of Investment (%)

5.77

3.77

0.00

Return of Shareholder's Funds (%)

24.11

35.86

0.00

Total Assets Turnover (%)

5.06

4.85

0.00

Financial Stability

 

 

 

Current/Working Capital Ratio (%)

1.31

1.26

1.12

Proprietary Ratio (%)

23.95

10.50

11.60

Total Debt to Equity Ratio (%)

76.05

88.31

88.40

 

In Singapore, Limited Exempt Private Companies are not obligated to submit their financial statements to the local registry. We did not find the latest financials of subject from the local registry, the subject also declined to disclose such information due to the confidentiality reason.

The fnancials above are obtained from all of our available sources.

 

 

Bankers

 

Bank Charges

1

Charge Number

C200306100

Date of Registration

2003-12-17

Name

Indian Bank

Amount Secured

All Monies

2

Charge Number

C200401985

Date of Registration

2004-4-20

Name

Indian Bank

Amount Secured

All Monies

3

Charge Number

C200404843

Date of Registration

2004-9-29

Name

Indian Bank

Amount Secured

All Monies

4

Charge Number

C200405012

Date of Registration

2004-10-8

Name

Indian Bank

Amount Secured

All Monies

5

Charge Number

C200601297

Date of Registration

2006-2-27

Name

Indian Bank

Amount Secured

All Monies

6

Charge Number

C200705090

Date of Registration

2007-7-3

Name

Indian Bank

Amount Secured

All Monies

7

Charge Number

C200808368

Date of Registration

2008-9-8

Name

Indian Bank

Amount Secured

All monies

8

Charge Number

C201001573

Date of Registration

2010-2-20

Name

Indian Bank

Amount Secured

All Monies

9

Charge Number

C201003697

Date of Registration

2010-5-5

Name

Indian Bank

Amount Secured

All Monies

10

Charge Number

C201102985

Date of Registration

2011-3-10

Name

Indian Bank

Amount Secured

All Monies

11

Charge Number

C201205760

Date of Registration

2012-5-25

Name

Indian Bank

Amount Secured

All Monies

 

Auditors

 

Name:

D. ARUMUGAM & CO

 

 

Interview Details

 

Name:

Mr. Saumil

 

 

DIAMOND INDUSTRY – INDIA

 

-          From time immemorial, India is well known in the world as the birthplace for diamonds.  It is difficult to trace the origin of diamonds but history says that in the remote past, diamonds were mined only in India. Diamond production in India can be traced back to almost 8th Century B.C.  India, in fact, remained undisputed leader till 18th Century when Brazilian fields were discovered in 1725 followed by emergence of S. Africa, Russia and Australia.

-          The achievement of the Indian diamond industry was possible only due to combination of the manufacturing skills of the Indian workforce and the untiring and unflagging efforts of the Indian diamantaires, supported by progressive Government policies.

-          The area of study of family owned diamond businesses derives its importance from the huge conglomerate of family run organizations which operate in the diamond industry since many generations.

-          Some of the basic traits of family run business enterprises include spirit of entrepreneurship, mutual trust lowers transaction costs, small, nimble and quick to react, information as a source of advantage and philanthropy.

-          Family owned diamond businesses need to improve on many fronts including higher standard of corporate governance, long-term performance – focused strategies, modern management and technology.

-          The diamond jewellery industry in India today may be more than Rs 60000 mil and is rated amongst the fastest growing  in the world. Indi ranks third in the world in domestic diamond consumption.

-          Utmost caution is to be exercised while dealing with some medium and large diamond traders which are usually engaged in fictitious import – export, inter-company transactions, financially assisted by banks. In the process, several public sector banks lost several hundred million rupees. They mostly diverted borrowed money for diamond business into real estate and capital markets.

-          Excerpts from Times of India dated 30th October 2010 is as under –

 

DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT

 

This could be the biggest credibility crisis the Indian diamond industry has ever faced. Fifteen banks run the risk of losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two months ago, they had not repaid  these dues. Bankers believe many diamantaires borrowed money during the economic downturn two years ago and diverted funds to businesses like real estate and capital markets. Many of themselves made money from these businesses but their diamond companies have gone sick and declared insolvency.

-          Most of the money borrowed from the banks in the name of their diamond business has been diverted in real estate and the share market. The banks are not in a position to seize their properties because in many cases, these were purchased in the name of their relatives and friends.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.20

UK Pound

1

Rs.87.79

Euro

1

Rs.70.43

 

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.