MIRA INFORM REPORT

 

 

Report Date :

23.04.2013

 

IDENTIFICATION DETAILS

 

Name :

BIFORST SINGAPORE PTE. LTD.

 

 

Registered Office :

20 Ang Mo Kio Industrial Park 2a, 07-15, Amk Tech Link, 567761

 

 

Country :

Singapore

 

 

Date of Incorporation :

10.09.2004

 

 

Com. Reg. No.:

200411584-E

 

 

Legal Form :

Exempt Private Company

 

 

Line of Business :

Other transportation support activities and general wholesale trade

 

 

No. of Employees :

Not available 

 

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 0.8% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010, on the strength of renewed exports, before slowing to 5.2% in 2011 and 1.3% in 2012, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to an average of about 1.0% 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.

:

200411584-E

COMPANY NAME

:

BIFORST SINGAPORE PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

10/09/2004

 

 

 

 

 

 

COMPANY STATUS

:

EXIST

LEGAL FORM

:

EXEMPT PRIVATE

LISTED STATUS

:

NO

 

 

 

 

 

 

REGISTERED ADDRESS

:

20 ANG MO KIO INDUSTRIAL PARK 2A, 07-15, AMK TECH LINK, 567761, SINGAPORE.

BUSINESS ADDRESS

:

20 ANG MO KIO INDUSTRIAL PARK 2A AMK TECHLINK #07-15 , 567761, SINGAPORE.

TEL.NO.

:

65-64810117

FAX.NO.

:

65-64815338

CONTACT PERSON

:

NG KOK SENG ( DIRECTOR )

 

 

 

 

 

 

PRINCIPAL ACTIVITY

:

OTHER TRANSPORTATION SUPPORT ACTIVITIES AND GENERAL WHOLESALE TRADE

 

 

 

ISSUED AND PAID UP CAPITAL

:

100,000.00 ORDINARY SHARE, OF A VALUE OF SGD 100,000.00

 

 

 

SALES

:

N/A

NET WORTH

:

N/A

 

 

 

STAFF STRENGTH

:

N/A

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

N/A

PAYMENT

:

N/A

MANAGEMENT CAPABILITY

:

AVERAGE

 

 

 

COMMERCIAL RISK

:

MODERATE

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

MARGINAL GROWTH

 

HISTORY / BACKGROUND

 

The SC is an exempt private company whose shares are not held by any corporate body and has no more than 20 shareholders who are all natural persons. An exempt company is a type of private limited company. 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. An exempt private company with an annual turnover of less than SGD5 million are exempted from statutory auditing requirements. Instead of filing audited annual accounts, the SC has to file in a document duly signed by its director in charge of its finance and the company secretary stating that the SC is able to meet all its obligations as and when they fall due. The SC is not required to have their accounts audited. However, the SC will prepare unaudited accounts for purposes of AGMs and filing with Registry Office if it is unable to meet all its obligations as and when they fall due .

 

The SC is principally engaged in the (as a / as an) other transportation support activities and general wholesale trade.

 

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

Name

Address

IC/PP/Loc No

Shareholding

(%)

NG KOK SENG +

107D EDGEFIELD PLAINS, 14-142, 824107, SINGAPORE.

S7134078C

72,500.00

72.50

NG KOK LAY (WU GUOLI)

441B CLEMENTI AVENUE 3, 27-21, 122441, SINGAPORE.

S7500524E

22,500.00

22.50

KAMARIAH HANIM BITNI KAAMRUZAMAN

17, JALAN 10A TAMAN CHERAS JAYA, BATU 9 CHERAS, 43200 KAJANG, SELANGOR, MALAYSIA.

A13588262

5,000.00

5.00

 

 

 

---------------

------

 

 

 

100,000.00

100.00

 

 

 

============

=====

 

+ Also Director

 

DIRECTORS


DIRECTOR 1

 

Name Of Subject

:

NG KOK SENG

Address

:

107D EDGEFIELD PLAINS, 14-142, 824107, SINGAPORE.

IC / PP No

:

S7134078C

 

 

 

 

 

 

 

 

 

 

 

 

Date of Appointment

:

17/09/2004

 

 

 

 

 

 

 

 

 

 

 

 



MANAGEMENT

 

 

 

1)

Name of Subject

:

NG KOK SENG

 

Position

:

DIRECTOR

 

 

AUDITOR

 

Auditor

:

LIEW KEOW SENG PUBLIC ACCOUNTING CORPORATION

Auditor' Address

:

N/A

 

 

 

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

HO KIM SAI

 

IC / PP No

:

S0089911I

 

 

 

 

 

Address

:

50 FOWLIE ROAD, 428495, SINGAPORE.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BANKING


No Banker found in our databank. 

 

ENCUMBRANCE (S)


ENCUMBRANCE 1

Date of Creation

:

18/04/2008

Description Of Charge

:

N/A

 

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

CITIBANK SINGAPORE LIMITED

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered C200803651 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. 

No legal action was found in our databank. 

No winding up petition was found in our databank. 

PAYMENT RECORD

 

 

SOURCES OF RAW MATERIALS:

 

Local

:

YES

Percentage

:

100%

Overseas

:

NO

Percentage

:

0%

 

 

 

 

 

 



CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

 

 

 

Export Market

:

MALAYSIA

THAILAND

Credit Term

:

AS AGREED

 

 

 

 

 

 

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATIONS

 

Services

:

OTHER TRANSPORTATION SUPPORT ACTIVITIES

 

 

 

 

 

Branch

:

NO

 

 

Other Information:


The SC is principally engaged in the (as a / as an) other transportation support activities and general wholesale trade. 

The SC provides transportation services.

The SC provides road transport services. 

CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client

:

65 6481 0117

Current Telephone Number

:

65-64810117

Match

:

YES

 

 

 

Address Provided by Client

:

20 ANG MO KIO INDUSTRIAL PARK 2A AMK TECHLINK #07-15 SINGAPORE 567761

Current Address

:

20 ANG MO KIO INDUSTRIAL PARK 2A AMK TECHLINK #07-15 , 567761, SINGAPORE.

Match

:

YES

 

 

 


We have contacted the SC's Accountant and its Company Secretary for the latest financial accounts. However they have rejected our request in view of the confidentiality of the documents.

 

 

Other Investigations

we contacted one of the staff from the SC and she provided some information on the SC.
The SC refused to disclose its number of employees.


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>

<10.5>

 

 

 

 

 

 

Manufacturing *

73.5

77.9

74.6

71.5

92.8

Food, Beverages & Tobacco

79.1

88.0

94.8

90.4

96.4

Textiles

233.3

194.5

180.1

145.9

122.1

Wearing Apparel

533.9

466.2

334.6

211.0

123.3

Leather Products & Footwear

151.7

151.3

128.2

79.5

81.8

Wood & Wood Products

159.1

148.6

132.0

101.4

104.0

Paper & Paper Products

94.6

102.2

101.0

95.4

106.1

Printing & Media

119.4

122.2

118.2

100.9

103.5

Crude Oil Refineries

112.2

112.0

113.1

96.4

95.6

Chemical & Chemical Products

83.4

88.8

84.5

80.3

97.6

Pharmaceutical Products

48.1

47.1

43.7

49.1

75.3

Rubber & Plastic Products

130.6

130.4

120.1

101.2

112.3

Non-metallic Mineral

131.3

116.2

96.5

91.9

92.5

Basic Metals

99.9

90.9

109.8

92.6

102.2

Fabricated Metal Products

104.4

106.5

101.3

90.8

103.6

Machinery & Equipment

56.0

66.7

65.0

57.3

78.5

Electrical Machinery

82.3

83.2

81.7

86.8

124.1

Electronic Components

96.9

99.7

93.1

85.2

113.6

Transport Equipment

80.5

94.3

102.0

96.0

94.0

 

 

 

 

 

 

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 (2011 = 100)

 

 

 

 

 

(Source : Department of Statistics)

 

 

 

 

 

 

INDUSTRY ANALYSIS

 

INDUSTRY :

ECONOMY

 

 

 


According to Ministry of Trade and Industry (MTI), the Singapore economy is expected to grow by 1.0 to 3.0% in 2013 as growth in the global economy is likely to remain subdued despite macroeconomic conditions stablising in recent months of 2013. 


However, the global economic outlook is still clouded with uncertainties. Notably, concerns remain over the extent of the fiscal cutback with the budget sequester in the US and potential flareup of the debt crisis in the Eurozone. Should any of these risks materialise, Singapore's economic growth could come in lower than expected.


Although resilient domestic demand in emerging Asia will provide some support to global demand, it will not fully mitigate the effects of an economic slowdown in the advanced economies. Consequently, Singapore's externally-oriented sectors such as electronics and wholesale trade will continue to perform poorly, while the financial services sector will be affected by heightened uncertainties in the external environment. Nevertheless, there will be some modest support to growth from the biomedical manufacturing cluster and tourism-related sectors. The former will likely see increased production of active pharmaceutical ingredients and biologics while the latter will benefit from rising visitor arrivals from the region.


For the whole of 2012, Singapore's GDP growth slowed to 1.3%, from 5.2% in 2011, mainly due to weakness in the externally-oriented sectors. Manufacturing sector growth slowed sharply from 7.8% in the year 2011 to 0.1%. The hudge decline was largely due to a rebound in the output of the biomedical manufacturing and transport engineering clusters, which together helped to mitigate part of the fall in output in the electronics cluster. By contrast, the construction sector growth accelerated from 6.3% to 8.2% in 2012, due to the expansion in both public and private building activities. 


Growth in the services producing industries also moderated to 1.2% in 2012, compared to 4.6% in 2011. This was mainly due to the slowdown in wholesale and retail trade, accommodation and food services as well as other services industries. In particular, the wholesale and retail trade sector contracted by 0.7%, compared to the 1.6% growth in year 2011. The accommodation and food services as well as other services industries posted lower gains of 2.8% and 0.1% respectively, compared to 8.2% and 6.3% in 2011. 


For the whole of 2012, all sectors, except the wholesale and retail trade, contributed to growth. Business services was the largest contributor with 0.4 percentage-points, followed by construction with 0.3 percentage-points and transportation and storage at 0.2 percentagepoints. Besides, growth in total demand moderated to 2.4%, compared to 4.2% in 2011. Domestic demand was the key contributor to total demand growth, accounting for 2.2 percentage-points, or over 90 per cent, of the increase.


In 2012, total domestic demand rose by 9.7%, following the 6.5% increase in 2011. The growth in total domestic demand was broad-based across consumption, gross fixed capital formation (GFCF) and changes in inventories. The total consumption expenditure in 2012 grew slightly by 0.9%, easing from the 3.7% growth in 2011. Public consumption expenditure fell by 3.6%, reversing the 0.5% growth in 2011. Private consumption expenditure registered a 2.2% gain, moderating from the 4.6% increase in the preceding year.


Overall, the Singapore economy is expected to grow by 1.0 to 3.0% in 2013.

 

 

OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH

 

CREDIT RISK EVALUATION & RECOMMENDATION

 

 

 

Incorporated in 2004, the SC is a Exempt Private company, focusing on other transportation support activities and general wholesale trade. Having been in business for more than 5 years, the SC has established a remarkable clientele base for itself which has contributed to its business growth. The capital standing of the SC is weak. The SC may face difficulties to expand its business compared to other large corporation. Without a strong capital, the business expansion opportunities of the SC is limited.


Over the years, the SC has penetrated into both the local and overseas market. The SC has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the SC to further enhance its business in the near term. 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.


We noted that the SC's supplies are solely sourced from local market. Being highly dependent on a limited number of suppliers could lead to delays, lost of revenue and increased costs if such resources become unavailable or shortage.


The industry has reached its maturity stage and only enjoying a marginal growth. The steady growth of the country's economy will further enhance the industry activities. Thus, the SC's future performance is very much depend on its marketing strategies in order to retain its position in the market.


In view of the above, we only recommend credit be proceeded to the SC with guarantee.








 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.17

UK Pound

1

Rs.82.45

Euro

1

Rs.70.70

 

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.