MIRA INFORM REPORT

 

 

Report Date :

19.11.2013

 

IDENTIFICATION DETAILS

 

Name :

VICTORY MERCANTILE CORPORATION PTE. LTD.

 

 

Registered Office :

150, South Bridge Road, 06-07, Fook Hai Building, 058727

 

 

Country :

Singapore

 

 

Financials (as on) :

2012

 

 

Date of Incorporation :

21.10.2004

 

 

Com. Reg. No.:

200413646-D

 

 

Legal Form :

Exempt Private

 

 

Line of Business :

Import and Export of Goods like Plastics, Chemicals and Raw Materials

 

 

No. of Employees :

10

 

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 :

Exist

 

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

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

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

200413646-D

COMPANY NAME

:

VICTORY MERCANTILE CORPORATION PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

21/10/2004

 

 

 

 

 

 

COMPANY STATUS

:

EXIST

LEGAL FORM

:

EXEMPT PRIVATE

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

150, SOUTH BRIDGE ROAD, 06-07, FOOK HAI BUILDING, 058727, SINGAPORE.

BUSINESS ADDRESS

:

150, SOUTH BRIDGE ROAD, #06-07, FOOK HAI BUILDING, 058727, SINGAPORE.

TEL.NO.

:

65-65388110

FAX.NO.

:

65-65387998

CONTACT PERSON

:

KAMLESH S/O ANANTRAI KAMDAR ( DIRECTOR )

PRINCIPAL ACTIVITY

:

IMPORT AND EXPORT OF GOODS LIKE PLASTICS, CHEMICALS AND RAW MATERIALS

 

 

 

ISSUED AND PAID UP CAPITAL

:

8,972,076.00 ORDINARY SHARE, OF A VALUE OF SGD 8,972,076.00

SALES

:

N/A

NET WORTH

:

N/A

STAFF STRENGTH

:

10 [2013]

BANKER (S)

:

DBS BANK LTD
UNITED OVERSEAS BANK LIMITED
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

LITIGATION

:

TRACED

FINANCIAL CONDITION

:

N/A

PAYMENT

:

N/A

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

HIGH

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

AVERAGE 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) import and export of goods like plastics, chemicals and raw materials.

 

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

 

Name

Address

IC/PP/Loc No

Shareholding

(%)

KAMLESH S/O ANANTRAI KAMDAR +

160, HAIG ROAD, 06-01, HAIG COURT, 438795, SINGAPORE.

S1495874F

2,734,682.00

30.48

ANANTRAI HARILAL KAMDAR +

160, HAIG ROAD, 06-01, HAIG COURT, 438795, SINGAPORE.

S1039546A

2,734,682.00

30.48

HITEN A KAMDAR +

160, HAIG ROAD, 06-01, HAIG COURT, 438795, SINGAPORE.

S1770858I

2,734,682.00

30.48

KAMDAR DISHAN ANANTRAI

160, HAIG ROAD, HAIG COURT, 438795, SINGAPORE.

S7316546F

768,030.00

8.56

 

 

 

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

------

 

 

 

8,972,076.00

100.00

 

 

 

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

=====

+ Also Director

 

 

DIRECTORS


DIRECTOR 1

 

Name Of Subject

:

KAMLESH S/O ANANTRAI KAMDAR

Address

:

160, HAIG ROAD, 06-01, HAIG COURT, 438795, SINGAPORE.

IC / PP No

:

S1495874F

 

 

 

 

 

 

 

 

 

Nationality

:

SINGAPOREAN

Date of Appointment

:

21/10/2004

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 2

 

Name Of Subject

:

ANANTRAI HARILAL KAMDAR

Address

:

160, HAIG ROAD, 06-01, HAIG COURT, 438795, SINGAPORE.

IC / PP No

:

S1039546A

 

 

 

 

 

 

 

 

 

Nationality

:

SINGAPOREAN

Date of Appointment

:

21/10/2004

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 3

 

Name Of Subject

:

HITEN A KAMDAR

Address

:

160, HAIG ROAD, 06-01, HAIG COURT, 438795, SINGAPORE.

IC / PP No

:

S1770858I

 

 

 

 

 

 

 

 

 

Nationality

:

SINGAPOREAN

Date of Appointment

:

21/10/2004

 

 

 

 

 

 

 

 

 

 

 

 



MANAGEMENT

 

 

 

1)

Name of Subject

:

KAMLESH S/O ANANTRAI KAMDAR

 

Position

:

DIRECTOR

 

 

AUDITOR

 

Auditor

:

STRATEGIC ASSURANCE LLP

Auditor' Address

:

N/A

 

 

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

KAMLESH S/O ANANTRAI KAMDAR

 

IC / PP No

:

S1495874F

 

 

 

 

 

Address

:

160, HAIG ROAD, 06-01, HAIG COURT, 438795, SINGAPORE.

 

 

 

 

 

 

 

 

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

DBS BANK LTD

 

 

 

 

 

 

 

 

 

2)

Name

:

UNITED OVERSEAS BANK LIMITED

 

 

 

 

 

 

 

 

 

3)

Name

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

 

 

 

 

 

 

 

 

 

 

 

ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

C201204297

19/04/2012

N/A

UNITED OVERSEAS BANK LIMITED

N/A

Unsatisfied

C201204345

20/04/2012

N/A

UNITED OVERSEAS BANK LIMITED

N/A

Unsatisfied

C201301214

23/01/2013

N/A

DBS BANK LTD

N/A

Unsatisfied

C201309916

22/07/2013

N/A

UNITED OVERSEAS BANK LIMITED

N/A

Unsatisfied

C201314230

22/10/2013

N/A

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

N/A

Unsatisfied

 

 

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

:

841

 

 

 

 

 

Year

:

2013

Place

:

SINGAPORE

 

 

 

 

 

Court

:

SESSIONS COURT

 

 

 

 

 

 

 

 

Date Filed

:

20/09/2013

 

 

 

 

 

 

 

 

Solicitor Ref

:

CMR/MTJ/319842/1, CMR/MTJ/31984

 

 

 

 

 

 

 

 

Solicitor Firm

:

RAJAH & TANN LPP RAJAH & TANN LLP

 

 

 

 

 

Plaintiff

:

NIPRO TUBE GLASS LIMITED

 

 

 

Defendants

:

VICTORY MERCANTILE CORPORATION PTE. LTD. (200413646)

 

 

 

 

 

Amount Claimed

:

4244524

 

 

 

 

 

 

 

 

Nature of Claim

:

USD

 

 

 

 

 

 

 

 

Remark

:

SALE OF GOODS & SERVICES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Code No

:

99

Case No

:

852

 

 

 

 

 

Year

:

2013

Place

:

SINGAPORE

 

 

 

 

 

Court

:

SESSIONS COURT

 

 

 

 

 

 

 

 

Date Filed

:

08/11/2013

 

 

 

 

 

 

 

 

Solicitor Ref

:

CMR/MTJ/319842/1, CMR/MTJ/31984

 

 

 

 

 

 

 

 

Solicitor Firm

:

RAJAH & TANN LLP RAJAH & TANN LLP

 

 

 

 

 

Plaintiff

:

NIPRO TUBE GLASS PRIVATE LIMITED

 

 

 

Defendants

:

VICTORY MERCANTILE CORPORATION PTE. LTD. (200413646)

 

 

 

 

 

Amount Claimed

:

2519850

 

 

 

 

 

 

 

 

Nature of Claim

:

USD

 

 

 

 

 

 

 

 

Remark

:

SALE OF GOODS & SERVICES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

:

NO

Percentage

:

0%

Overseas

:

YES

Percentage

:

100%

Import Countries

:

JAPAN,CHINA



CLIENTELE

 

Local

:

YES

Percentage

:

10%

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Percentage

:

90%

Export Market

:

ASIA

Credit Term

:

AS AGREED

 

 

 

 

 

 

Payment Mode

:

TELEGRAPHIC TRANSFER (TT)
BANK TRANSFER

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATIONS

 

Goods Traded

:

PLASTICS, CHEMICALS AND RAW MATERIALS

 

 

 

 

 

Total Number of Employees:

YEAR

2013

2011

 

 

GROUP

N/A

N/A

 

 

 

 

 

 

 

COMPANY

10

8

 

 

 

 

 

 

 

 

Branch

:

NO

 

Other Information:


The SC is principally engaged in the (as a / as an) import and export of goods like plastics, chemicals and raw materials.

The SC is an importer and exporter of raw materials and goods.


The products traded by the SC includes plastics, chemicals, textiles, scrap metals, etc.


The SC is importing goods from countries like Korea, Japan, China and export it to overseas and also supply to local companies. 

 

CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client

:

6565388110

Current Telephone Number

:

65-65388110

Match

:

YES

 

 

 

Address Provided by Client

:

150 SOUTH BRIDGE ROAD, #06-07 FOOK HAI BUILDING SINGAPORE 058727

Current Address

:

150, SOUTH BRIDGE ROAD, #06-07, FOOK HAI BUILDING, 058727, 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


On 13th November 2013, we contacted one of the SC staff and she provided some information regarding 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 :

2008

2009

2010

2011

2012

 

 

 

 

 

 

Population (Million)

4.84

4.98

5.08

5.18

5.31

Gross Domestic Products ( % )

1.5

<0.8>

14.5

4.9

1.3

Consumer Price Index

6.6

0.6

2.8

5.2

4.6

Total Imports (Million)

450,892.6

356,299.3

423,221.8

459,655.1

474,554.0

Total Exports (Million)

476,762.2

391,118.1

478,840.7

514,741.2

510,329.0

 

 

 

 

 

 

Unemployment Rate (%)

2.2

3.2

2.2

2.1

2.0

Tourist Arrival (Million)

10.12

9.68

11.64

13.17

14.37

Hotel Occupancy Rate (%)

81.0

75.8

85.6

86.5

86.4

Cellular Phone Subscriber (Million)

1.31

1.37

1.43

1.50

1.52

 

 

 

 

 

 

Registration of New Companies (No.)

25,327

26,414

29,798

32,317

31,892

Registration of New Companies (%)

<2.2>

4.3

12.8

8.5

<1.3>

Liquidation of Companies (No.)

10,493

22,393

15,126

19,005

17,218

Liquidation of Companies (%)

13.7

113.4

<32.5>

25.6

9.4

 

 

 

 

 

 

Registration of New Businesses (No.)

24,850

26,876

23,978

23,494

24,788

Registration of New Businesses (%)

0.36

8.15

<10.78>

2.02

5.51

Liquidation of Businesses (No.)

21,150

23,552

24,211

23,005

22,489

Liquidation of Businesses (%)

<0.8>

11.4

2.8

<5>

<2.2>

 

 

 

 

 

 

Bankruptcy Orders (No.)

2,326

2,058

1,537

1,527

1,748

Bankruptcy Orders (%)

<15.9>

<11.5>

<25.3>

<0.7>

14.5

Bankruptcy Discharges (No.)

1,500

3,056

2,252

1,391

1,881

Bankruptcy Discharges (%)

<7.7>

103.7

<26.3>

<38.2>

35.2

 

 

 

 

 

 

INDUSTRIES ( % of Growth ) :

 

 

 

 

 

Agriculture

 

 

 

 

 

Production of Principal Crops

<0.32>

3.25

<0.48>

4.25

3.64

Fish Supply & Wholesale

<6.31>

<1.93>

<10.5>

12.10

<0.5>

 

 

 

 

 

 

Manufacturing *

74.6

71.5

92.8

100.0

100.3

Food, Beverages & Tobacco

94.8

90.4

96.4

100.0

103.5

Textiles

180.1

145.9

122.1

100.0

104.0

Wearing Apparel

334.6

211.0

123.3

100.0

92.1

Leather Products & Footwear

128.2

79.5

81.8

100.0

98.6

Wood & Wood Products

132.0

101.4

104.0

100.0

95.5

Paper & Paper Products

101.0

95.4

106.1

100.0

97.4

Printing & Media

118.2

100.9

103.5

100.0

93.0

Crude Oil Refineries

113.1

96.4

95.6

100.0

99.4

Chemical & Chemical Products

84.5

80.3

97.6

100.0

100.5

Pharmaceutical Products

43.7

49.1

75.3

100.0

109.7

Rubber & Plastic Products

120.1

101.2

112.3

100.0

96.5

Non-metallic Mineral

96.5

91.9

92.5

100.0

98.2

Basic Metals

109.8

92.6

102.2

100.0

90.6

Fabricated Metal Products

101.3

90.8

103.6

100.0

104.3

Machinery & Equipment

65.0

57.3

78.5

100.0

112.9

Electrical Machinery

81.7

86.8

124.1

100.0

99.3

Electronic Components

93.1

85.2

113.6

100.0

90.6

Transport Equipment

102.0

96.0

94.0

100.0

106.3

 

 

 

 

 

 

Construction

45.90

<36.9>

14.20

20.50

28.70

Real Estate

<11.2>

1.4

21.3

25.4

31.9

 

 

 

 

 

 

Services

 

 

 

 

 

Electricity, Gas & Water

<1.3>

1.70

4.00

7.00

6.30

Transport, Storage & Communication

11.60

3.90

12.80

7.40

5.30

Finance & Insurance

<5.9>

<16.4>

<0.4>

8.90

0.50

Government Services

17.40

4.50

9.70

6.90

6.00

Education Services

0.50

0.10

<0.9>

<1.4>

0.30

 

 

 

 

 

 

* Based on Index of Industrial Production (2011 = 100)

 

 

 

 

 

(Source : Department of Statistics)

 

 

 

 

 



INDUSTRY ANALYSIS

 

INDUSTRY :

TRADING

 

 

 

The wholesale and retail trade sector contracted by 1.5% in the fourth quarter of 2012, extending the 0.2% decline in the preceding quarter. For the whole of 2012, the sector declined by 0.7%, reversing the 1.6% growth in 2011. The sector was weighed down primarily by the wholesale trade segment. In 2012, the wholesale trade segment contracted by 1.0%, a reversal from the 1.4% growth in 2011. Growth of the retail trade segment also moderated to 2.0%, from 3.2% in the year 2011.

 

The domestic wholesale trade index grew by 1.2% in the fourth quarter of 2012, an improvement from the 5.4% decline in the third quarter. This was partly due to an increase in the sales of chemicals & chemical products and ship chandlers & bunkering. For the full year of 2012, the domestic wholesale trade index contracted by 2.2%, extending the 1.7% decline in 2011. The foreign wholesale trade index grew by 8.6% in the fourth quarter, an increase from the 6.6% growth in the third quarter. The expansion was partly due to resilient sales of petroleum & petroleum products. For the whole of 2012, the foreign wholesale trade index expanded by 9.1%, faster than the 4.3% increase in 2011.

 

In the fourth quarter of 2012, retail sales volume declined by 2.0%, extending the 0.3% decline in the third quarter. Excluding motor vehicles, retail sales volume grew by 0.4%, a slight moderation compared to the 1.5% gain in the third quarter of 2012. The sales volume of motor vehicles fell by 11% in the fourth quarter of 2012, after contracting by 6.1% in the third quarter. The sales of several discretionary items also declined in the fourth quarter. Besides, the sales of optical goods & books in 2012 fell by 3.6%, while the sales of telecommunications apparatus & computers declined by 1.4%. 

 

For 2012 as a whole, retail sales volume grew by 1.3%, compared to the 2.0% expansion in 2011. Excluding motor vehicle sales, the increase in retail sales volume also moderated from 5.4% in 2011 to 1.7% in 2012. Medical goods & toiletries registered the largest increase (9.3%) in sales, followed by telecommunications apparatus & computers (6.9%). By contrast, the sales of watches & jewellery (-2.2%) and optical goods & books (-3.6%) declined.

 

 

 

OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH



CREDIT RISK EVALUATION & RECOMMENDATION

 

 

Incorporated in 2004, the SC is a Exempt Private company, focusing on import and export of goods like plastics, chemicals and raw materials. 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 fair. 

Over the years, the SC has established an extensive clientele base in the market. Besides catering to the local market, the SC has penetrated into other countries. With the contribution of both local and overseas customers, the SC is likely to be exposed to lower commercial risk. Hence, we believe that the SC has better business expansion opportunities in the future. Being a small company, the SC's business operation is supported by 10 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.


Investigation revealed that the SC's supplies are 100% sourced from overseas countries. As an imported oriented company, its forex exposure is high. The SC faces foreign currency fluctuation which may affect its overall operating costs.


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. 


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.62.63

UK Pound

1

Rs.101.06

Euro

1

Rs.84.56

 

 

INFORMATION DETAILS

 

Report Prepared by :

NNA

 

 

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