MIRA INFORM REPORT

 

 

Report Date :

07.05.2013

 

IDENTIFICATION DETAILS

 

Name :

FIDA INT'L (S) PTE LTD

 

 

Formerly Known As :

Fichain international (s) pte ltd

 

 

Registered Office :

16 Kallang Place, 06-01/04, 339156

 

 

Country :

Singapore

 

 

Date of Incorporation :

30.04.1991

 

 

Com. Reg. No.:

199101937-h

 

 

Legal Form :

Exempt private

 

 

Line of Business :

Specializes in a wide range of products of data communication, networking, wireless, display, backup ups and accessories providing effortless solutions for both wired and wireless networks

 

 

No. of Employees :

20

 

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 – March 31st 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Singapore

A2

A2

 

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.

:

199101937-H

COMPANY NAME

:

FIDA INT'L (S) PTE LTD

FORMER NAME

:

FICHAIN INTERNATIONAL (S) PTE LTD (06/07/1991)

INCORPORATION DATE

:

30/04/1991

 

 

 

 

 

 

COMPANY STATUS

:

EXIST

LEGAL FORM

:

EXEMPT PRIVATE

LISTED STATUS

:

NO

 

 

 

 

 

 

REGISTERED ADDRESS

:

16 KALLANG PLACE, 06-01/04, 339156, SINGAPORE.

BUSINESS ADDRESS

:

16 KALLANG PLACE, 06-01/04, 339156, SINGAPORE.

TEL.NO.

:

65-63570668

FAX.NO.

:

65-63570669

EMAIL

:

SALES@FIDA.COM

WEB SITE

:

WWW.PROLINK2U.COM

CONTACT PERSON

:

HUANG LI-YU ( DIRECTOR )

 

 

 

 

 

 

PRINCIPAL ACTIVITY

:

SPECIALIZES IN A WIDE RANGE OF PRODUCTS OF DATA COMMUNICATION, NETWORKING, WIRELESS, DISPLAY, BACKUP UPS AND ACCESSORIES PROVIDING EFFORTLESS SOLUTIONS FOR BOTH WIRED AND WIRELESS NETWORKS

 

 

 

ISSUED AND PAID UP CAPITAL

:

400,000.00 ORDINARY SHARE, OF A VALUE OF SGD 400,000.00

 

 

 

SALES

:

N/A

NET WORTH

:

N/A

 

 

 

STAFF STRENGTH

:

20 [2013]

BANKER (S)

:

UNITED OVERSEAS BANK LIMITED

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) specializes in a wide range of products of data communication, networking, wireless, display, backup ups and accessories providing effortless solutions for both wired and wireless networks.

 

 

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

Name

Address

IC/PP/Loc No

Shareholding

(%)

HUANG LI YU +

152 PRINCE CHARLES CRESCENT 06-14, TANGLIN VIEW, 159013, SINGAPORE.

S2609370H

262,000.00

65.50

CHIEN KANG-MIN +

38-3, GUGONG ROAD, SHILIN DIST, 111, TAIWAN.

200481721

138,000.00

34.50

 

 

 

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

------

 

 

 

400,000.00

100.00

 

 

 

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

=====

+ Also Director

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

WANG HSIO TSU @ CHARLOTTE WANG

Address

:

152 PRINCE CHARLES CRESCENT 06-14, TANGLIN VIEW, 159013, SINGAPORE.

IC / PP No

:

S2609371F

 

 

 

 

 

 

 

 

 

Nationality

:

SINGAPOREAN

Date of Appointment

:

06/04/1998

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 2

 

Name Of Subject

:

CHIEN KANG-MIN

Address

:

38-3, GUGONG ROAD, SHILIN DIST, 111, TAIWAN.

IC / PP No

:

200481721

 

 

 

 

 

 

 

 

 

Nationality

:

TAIWANESE

Date of Appointment

:

02/04/1993

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 3

 

Name Of Subject

:

HUANG LI YU

Address

:

152 PRINCE CHARLES CRESCENT 06-14, TANGLIN VIEW, 159013, SINGAPORE.

IC / PP No

:

S2609370H

 

 

 

 

 

 

 

 

 

Nationality

:

SINGAPOREAN

Date of Appointment

:

30/04/2013

 

 

 



MANAGEMENT

 

 

 

1)

Name of Subject

:

HUANG LI-YU

 

Position

:

DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

EDWIN TAY & CO.

Auditor' Address

:

N/A

 

 

 

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

TENG SEOK GOH

 

IC / PP No

:

S2010054J

 

 

 

 

 

Address

:

17 JUBILEE ROAD, 128549, SINGAPORE.

 

 

 

 

 

 

 

 

 

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

UNITED OVERSEAS BANK LIMITED

 

 

 

 

 

The SC enjoys normal banking routine with above mentioned banker(s). No adverse record was found during our investigation.

 

 

ENCUMBRANCE (S)


ENCUMBRANCE 1

Date of Creation

:

23/03/2009

Description Of Charge

:

N/A

 

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

UNITED OVERSEAS BANK LIMITED

 

 

 

 

 

 

 

Form 40 Dated

Registered and Numbered C200901746 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

:

N/A

Overseas

:

N/A

 

 

 


The SC refused to disclose its suppliers. 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

 

 

 

Export Market

:

ASIA

Credit Term

:

N/A

 

 

 

 

 

 

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATIONS

 

Goods Traded

:

DATA COMMUNICATION, NETWORKING, WIRELESS, DISPLAY, BACKUP UPS AND ACCESSORIES PROVIDING EFFORTLESS SOLUTIONS FOR BOTH WIRED AND WIRELESS NETWORKS

 

 

 

 

 

Total Number of Employees:

YEAR

2013

 

GROUP

N/A

 

 

 

 

 

 

 

 

COMPANY

20

 

 

 

 

 

 

 

 

 

Branch

:

NO

 

 

Other Information:

The SC is principally engaged in the (as a / as an) specializes in a wide range of products of data communication, networking, wireless, display, backup ups and accessories providing effortless solutions for both wired and wireless networks. 

The SC has been a provider of technologically innovative and user-friendly products of "PROLiNK" since 1991. With more than a decade of professional experience in the Info-communications sector, PROLiNK® specializes in a wide range of products of Data Communication, Networking, Wireless, Display, Backup UPS and Accessories providing effortless solutions for both wired and wireless networks.

With sales offices in 18 countries in the South-East Asia and South Asia region, PROLiNK® will continue to provide effortless and economical solutions that meet the needs of the home and small business users within each geographical location. 

CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client

:

65 63925567

Current Telephone Number

:

65-63570668

Match

:

NO

 

 

 

Address Provided by Client

:

BLOCK 16, KALLANG PLACE, #06-01/04, SINGAPORE 339156

Current Address

:

16 KALLANG PLACE, 06-01/04, 339156, SINGAPORE.

Match

:

YES

 

 

 

 

Other Investigations

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

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 :

TELECOMMUNICATION

 

 

 


Singapore's telecommunications industry has outperformed many of its regional peers with strong adoption of the latest products and services. Partially due to the country's small landmass and population size, the telecoms market has rapidly grown to a stage where it is approaching saturation. Next generation technologies, both mobile and fixed, are therefore the next step in fostering new developments and revenue streams, and industry players - the regulator and operators - have rightly moved in that direction.


In 2012, growth in the number of broadband subscribers moderated from 17% in 2011 to 10% in 2012. With the increase in the number of subscribers, the broadband subscription rate rose to 1.92 per capita in 2012. Similarly, the number of mobile subscribers grew by a slower 4.0% in 2012 compared to the 6.4% increase in 2011. As a result of the increase in subscribers, the mobile subscription rate reached 1.52 per capita in 2012, slightly higher than the 1.50 per capita in 2011. International telephone call duration saw an increase of 8.5% in 2012, a reversal from the 0.7% decline recorded in the year 2011.


The key challenge for operators in Singapore is how to monetize the sea change in consumption patterns. Meanwhile, any boost from Long Term Evolution (LTE) , or the 4th generation of cellular wireless standard (4G), will probably come towards end of the year 2012.


As the roll-out of Singapore's Next Generation National Broadband Network takes a closer step towards achieving 95% coverage of the island by end 2012, fiber subscription is expected to increase. However, it is believed that the rise would be gradual rather than exponential, as there is the lack of a "killer app" to drive demand; the more uncertain economic environment may also discourage consumers from upgrading to higher speed and also higher priced plans. 


Singapore was ranked third in BMI's latest Asia Pacific Telecoms Risk/Reward Ratings with a Telecoms Rating score of 71.9. The Singaporean economy has underperformed since the beginning of 2012, suffering from subdued external demand for much of 2012 and failing to partake in the regional recovery as the year drew to a close. 2013 appears to have started on a brighter note, with the purchasing managers' index finally rising above 50 in January 2013.


The telecommunication sector forecast will grow by only 1.5% annually between 2013 and 2017 due to the high penetration and a shift in operators' strategies. In spite of the launch of next generation LTE services, the operators' ARPUs forecast to trendlower due to competition; it is predict the market average to reach SGD46 in 2017. Besides, it is expected that the number of 3G/4G phone subscribers in Singapore to reach 7.198mn in 2017, representing 81.6% of the total mobile market of 8.815mn subscribers.

 

 

OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH



CREDIT RISK EVALUATION & RECOMMENDATION

 

 

Incorporated in 1991, the SC is an Exempt Private company, specializing in a wide range of products of data communication, networking, wireless, display, backup ups and accessories providing effortless solutions for both wired and wireless networks. With its long presence in the industry coupled with its vast experiences in the business, the SC should have built up certain goodwill with its clients over times. However, with a weak shareholders' backing, the SC's capital position is weak. The SC may face difficulties to expand its business compared to other large corporation. 


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. Being a small company, the SC's business operation is supported by 20 employees. Overall, we regard that the SC's management capability is average.


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 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.

 

FINANCIAL ACCOUNT


No latest financial accounts are available at the Registry Office. 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.95

UK Pound

1

Rs.84.03

Euro

1

Rs.70.72

 

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.