MIRA INFORM REPORT

 

 

Report Date :

21.08.2014              

 

IDENTIFICATION DETAILS

 

Name :

MUSHKO LOGISTICS PTE. LTD.

 

 

Registered Office :

54, Lakeside Drive, 01-22, Caspian, 648317

 

 

Country :

Singapore

 

 

Date of Incorporation :

03.01.2011

 

 

Com. Reg. No.:

201100183-R

 

 

Legal Form :

Exempt Private

 

 

Line of Business :

Logistic and Freight Forwarding

 

 

No. of Employees :

25

 

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 01, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Singapore

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but rebounded 15.1% in 2010, on the strength of renewed exports, before slowing to in 2011-13, 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. 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.

:

201100183-R

COMPANY NAME

:

MUSHKO LOGISTICS PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

03/01/2011

 

 

 

 

 

 

COMPANY STATUS

:

EXIST

LEGAL FORM

:

EXEMPT PRIVATE

LISTED STATUS

:

NO

 

 

 

 

 

 

REGISTERED ADDRESS

:

54, LAKESIDE DRIVE, 01-22, CASPIAN, 648317, SINGAPORE.

BUSINESS ADDRESS

:

49 PANDAN ROAD, 04-01/03, PANDAN LOGISTICS HUB, 609290, SINGAPORE.

TEL.NO.

:

65-62643988

FAX.NO.

:

65-68980690

CONTACT PERSON

:

FAISAL AFSAR ALI ( DIRECTOR )

 

 

 

 

 

 

PRINCIPAL ACTIVITY

:

LOGISTIC AND FREIGHT FORWARDING

 

 

 

ISSUED AND PAID UP CAPITAL

:

50,000.00 ORDINARY SHARE, OF A VALUE OF SGD 50,000.00

 

 

 

SALES

:

N/A

NET WORTH

:

N/A

 

 

 

STAFF STRENGTH

:

25 [2014]

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

N/A

PAYMENT

:

N/A

MANAGEMENT CAPABILITY

:

AVERAGE

 

 

 

COMMERCIAL RISK

:

MODERATE

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

MATURE

 

HISTORY / BACKGROUND

 

The Subject 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 Subject 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 Subject has to file in a document duly signed by its director in charge of its finance and the company secretary stating that the Subject is able to meet all its obligations as and when they fall due. The Subject is not required to have their accounts audited. However, the Subject 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 Subject is principally engaged in the (as a / as an) logistic and freight forwarding.

Share Capital History

Date

Issue & Paid Up Capital

14/08/2014

SGD 50,000.00

 

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

 

Name

Address

IC/PP/Loc No

Shareholding

(%)

FAISAL AFSAR ALI +

HOUSE 71, 20TH STREET, OFF KHAYABAN-E-HILAL DHA-6, KARACHI, PAKISTAN.

KF1799232

50,000.00

100.00

 

 

 

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

------

 

 

 

50,000.00

100.00

 

 

 

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

=====

+ Also Director

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

TAN KIM HOCK

Address

:

54, LAKESIDE DRIVE, 01-22, CASPIAN, 648317, SINGAPORE.

IC / PP No

:

S0200001F

 

 

 

 

 

 

 

 

 

Nationality

:

SINGAPOREAN

Date of Appointment

:

03/01/2011

 

DIRECTOR 2

 

Name Of Subject

:

FAISAL AFSAR ALI

Address

:

HOUSE 71, 20TH STREET, OFF KHAYABAN-E-HILAL DHA-6, KARACHI, PAKISTAN.

IC / PP No

:

KF1799232

 

 

 

 

 

 

 

 

 

Nationality

:

PAKISTANI

Date of Appointment

:

03/01/2011



MANAGEMENT

 

 

 

1)

Name of Subject

:

FAISAL AFSAR ALI

 

Position

:

DIRECTOR

 

 

 

AUDITOR


No Auditor found in our databank

COMPANY SECRETARIES

 

1)

Company Secretary

:

EUGENE TAN TIONG BENG

 

IC / PP No

:

S7811761C

 

 

 

 

 

Address

:

710, HOUGANG AVENUE 2, 07-139, 530710, SINGAPORE.

 

 

 

BANKING


No Banker found in our databank.

ENCUMBRANCE (S)


No encumbrance was found in our databank at the time of investigation.

LEGAL CHECK AGAINST SUBJECT


* A check has been conducted in our databank againt the Subject 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 Subject is a service provider and it does not deal with trade suppliers.

 

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

 

 

 

Export Market

:

WORLDWIDE

Credit Term

:

N/A

 

 

 

 

 

 

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

 

 

 

 

 

OPERATIONS

 

Services

:

LOGISTIC AND FREIGHT FORWARDING

 

 

 

 

 

Total Number of Employees:

 

YEAR

2014

2013

2012

 

 

 

 

 

 

 

GROUP

N/A

N/A

N/A

 

 

 

 

 

 

COMPANY

25

25

25

 

 

 

 

 

 

 

Branch

:

NO

 

Other Information:


The Subject is principally engaged in the (as a / as an) logistic and freight forwarding.

The Subject provides logistic and forwarding services.

 

CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-62643988

Match

:

N/A

 

 

 

Address Provided by Client

:

54, LAKESIDE DRIVE NO.01-22 CASPIAN SINGPAORE

Current Address

:

49 PANDAN ROAD, 04-01/03, PANDAN LOGISTICS HUB, 609290, SINGAPORE.

Match

:

NO

 

 

 

 

Other Investigations


On 14th August 2014 we contacted one of the staff from the Subject and she provided some information.

The address provided belongs to the Subject's registered office.


FINANCIAL ANALYSIS

 

 

The Subject 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 Subject's financial performance.

 

 

 

 

 

 

 

Overall financial condition of the Subject : N/A

 

 

 

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

 

 

Major Economic Indicators :

2009

2010

2011

2012

2013

 

 

 

 

 

 

Population (Million)

4.98

5.08

5.18

5.31

5.40

Gross Domestic Products ( % )

(0.8)

14.5

4.9

1.3

3.7

Consumer Price Index

0.6

2.8

5.2

4.6

2.4

Total Imports (Million)

356,299.3

423,221.8

459,655.1

474,554.0

466,762.0

Total Exports (Million)

391,118.1

478,840.7

514,741.2

510,329.0

513,391.0

 

 

 

 

 

 

Unemployment Rate (%)

3.2

2.2

2.1

2.0

1.9

Tourist Arrival (Million)

9.68

11.64

13.17

14.49

15.46

Hotel Occupancy Rate (%)

75.8

85.6

86.5

86.4

86.3

Cellular Phone Subscriber (Million)

1.37

1.43

1.50

1.52

1.97

 

 

 

 

 

 

Registration of New Companies (No.)

26,414

29,798

32,317

31,892

37,288

Registration of New Companies (%)

4.3

12.8

8.5

(1.3)

9.8

Liquidation of Companies (No.)

22,393

15,126

19,005

17,218

17,369

Liquidation of Companies (%)

113.4

(32.5)

25.6

9.4

(5.3)

 

 

 

 

 

 

Registration of New Businesses (No.)

26,876

23,978

23,494

24,788

22,893

Registration of New Businesses (%)

8.15

(10.78)

2.02

5.51

1.70

Liquidation of Businesses (No.)

23,552

24,211

23,005

22,489

22,598

Liquidation of Businesses (%)

11.4

2.8

(5)

(2.2)

0.5

 

 

 

 

 

 

Bankruptcy Orders (No.)

2,058

1,537

1,527

1,748

1,992

Bankruptcy Orders (%)

(11.5)

(25.3)

(0.7)

14.5

14.0

Bankruptcy Discharges (No.)

3,056

2,252

1,391

1,881

2,584

Bankruptcy Discharges (%)

103.7

(26.3)

(38.2)

35.2

37.4

 

 

 

 

 

 

INDUSTRIES ( % of Growth ) :

 

 

 

 

 

Agriculture

 

 

 

 

 

Production of Principal Crops

3.25

(0.48)

4.25

3.64

-

Fish Supply & Wholesale

(1.93)

(10.5)

12.10

(0.5)

-

 

 

 

 

 

 

Manufacturing *

71.5

92.8

100.0

100.3

102.0

Food, Beverages & Tobacco

90.4

96.4

100.0

103.5

103.5

Textiles

145.9

122.1

100.0

104.0

87.1

Wearing Apparel

211.0

123.3

100.0

92.1

77.8

Leather Products & Footwear

79.5

81.8

100.0

98.6

109.8

Wood & Wood Products

101.4

104.0

100.0

95.5

107.4

Paper & Paper Products

95.4

106.1

100.0

97.4

103.2

Printing & Media

100.9

103.5

100.0

93.0

86.1

Crude Oil Refineries

96.4

95.6

100.0

99.4

93.5

Chemical & Chemical Products

80.3

97.6

100.0

100.5

104.1

Pharmaceutical Products

49.1

75.3

100.0

109.7

107.2

Rubber & Plastic Products

101.2

112.3

100.0

96.5

92.9

Non-metallic Mineral

91.9

92.5

100.0

98.2

97.6

Basic Metals

92.6

102.2

100.0

90.6

76.5

Fabricated Metal Products

90.8

103.6

100.0

104.3

105.1

Machinery & Equipment

57.3

78.5

100.0

112.9

114.5

Electrical Machinery

86.8

124.1

100.0

99.3

108.5

Electronic Components

85.2

113.6

100.0

90.6

94.3

Transport Equipment

96.0

94.0

100.0

106.3

107.5

 

 

 

 

 

 

Construction

(36.9)

14.20

20.50

28.70

-

Real Estate

1.4

21.3

25.4

31.9

-

 

 

 

 

 

 

Services

 

 

 

 

 

Electricity, Gas & Water

1.70

4.00

7.00

6.30

-

Transport, Storage & Communication

3.90

12.80

7.40

5.30

-

Finance & Insurance

(16.4)

(0.4)

8.90

0.50

-

Government Services

4.50

9.70

6.90

6.00

-

Education Services

0.10

(0.9)

(1.4)

0.30

-

 

 

 

 

 

 

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

 

 

 

 

 

(Source : Department of Statistics)

 

 

 

 

 

 

INDUSTRY ANALYSIS

 

INDUSTRY :

TRANSPORTATION

 

 

 

The transportation and storage sector expanded by 3.2% in the fourth quarter of 2012, an improvement from the 1.7% growth in the third quarter. For the whole of 2012, the sector grew by 2.7%, slower than the growth of 3.8% in 2011.

 

Air passenger traffic continued to grow at a healthy pace of 9.9% in 2012, following the 11% growth in 2011. Growth came on the back of strong visitor arrivals and regional air travel. However, in line with a slowdown in electronics domestic exports, air cargo growth contracted by 3.1% in 2012, a reversal from the 2.9% expansion in year 2011. Growth in aircraft movements also moderated to 8.3% from the 14% in 2011.

 

Aviation service providers' outlook is also gloomy, but longer term prospects are intact. The air of pessimism that currently surrounds the aviation industry may, in the near term, cascade down to the maintenance, repair and overhaul service providers and ground handlers. Global air travel traffic is projected to continue growing in the long term and the global passenger aircraft fleet is forecasted to double by 2030.

 

As of December 2012, vehicles registered with the Land Transport Authority grew by 1.4% to a total of 969,910. These comprised 605,149 private and company cars, 14,862 rental cars, 28,210 taxis, 17,162 buses, 144,110 motorcycles and scooters, and 160,417 goods vehicles and other vehicle types.

 

Besides, for the water transport sub-sector, the container throughput grew by 5.7% in 2012, slightly faster than the 5.3% growth in 2011. The number of twenty-foot equivalent units (TEUs) handled by Singapore's ports rose to 32 million, higher than the previous peak of 30 million reached in 2011. Sea cargo volumes also increased, but at a slower pace of 1.3%, compared to the 5.5% growth in 2011.

 

The uncertain economic outlook ahead continues to weigh down on business confidence, which in turn negatively impacts global travel and trade volume.

 

 

 

OVERALL INDUSTRY OUTLOOK : MATURE

 

CREDIT RISK EVALUATION & RECOMMENDATION

 

 

Incorporated in 2011, the Subject is an Exempt Private company, focusing on logistic and freight forwarding. The Subject has been in business for less than 5 years and it has slowly been building up contact with its clients while competing in the industry. However, it has yet to enjoy a stable market shares as it need to compete many well established players in the same field. With a weak shareholders' backing, the Subject's capital position is weak. Inadequate capital may be a constraint to the Subject as it limits its ability to expand its business in future. The capital standing of the Subject is weak. The Subject may face difficulties to expand its business compared to other large corporation.

Over the years, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. Being a small company, the Subject's business operation is supported by 25 employees. Overall, we regard that the Subject's management capability is average.

As the Subject 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 optimum level and is generally stable. It is saturated and very competitive. Thus, the Subject's growth prospect is very much depends on its capacity in sustaining its performance in the market.

In view of the above, we only recommend credit be proceeded to the Subject 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.60.66

UK Pound

1

Rs.100.80

Euro

1

Rs.80.72

 

INFORMATION DETAILS

 

Analysis Done by :

SUM

 

 

Report Prepared by :

PDT

 

               

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.