MIRA INFORM REPORT

 

 

Report Date :

06.12.2014

 

IDENTIFICATION DETAILS

 

Name :

YUCHUAN TRADING

 

 

Registered Office :

12, Wholesale Centre, 01-584, 110012

 

 

Country :

Singapore

 

 

Date of Incorporation :

04.11.1985

 

 

Com. Reg. No.:

35168300-C

 

 

Legal Form :

Partnership

 

 

Line of Business :

Subject is engaged in the wholesale of vegetables, grocery goods.

 

 

No of Employees :

6 [2014]

 

 

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 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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. 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.

:

35168300-C

COMPANY NAME

:

YUCHUAN TRADING

COMMENCEMENT DATE

:

04/11/1985

REGISTRATION DATE

:

04/11/1985

EXPIRY DATE

:

04/11/2015

BUSINESS CONSTITUTION

:

PARTNERSHIP

 

 

 

 

 

 

REGISTERED ADDRESS

:

12, WHOLESALE CENTRE, 01-584, 110012, SINGAPORE.

BUSINESS ADDRESS

:

12 PASIR PANJANG WHOLESALE CENTRE, #01-584, 110012, SINGAPORE.

TEL.NO.

:

65-67758878

FAX.NO.

:

65-67791681

CONTACT PERSON

:

TAN AI KEOW ( PARTNER )

 

 

 

 

 

 

PRINCIPAL ACTIVITY

:

WHOLESALE OF VEGETABLES, GROCERY GOODS

 

 

 

STAFF STRENGTH

:

6 [2014]

BANKER (S)

:

OVERSEA-CHINESE BANKING CORPORATION LTD

LITIGATION

:

CLEAR

 

 

 

PAYMENT

:

N/A

MANAGEMENT CAPABILITY

:

AVERAGE

 

 

 

COMMERCIAL RISK

:

MODERATE

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

 

HISTORY / BACKGROUND

The Subject commenced its business on 04/11/1985 as a PARTNERSHIP.

The Subject is a partnership firm registered under the Business Registration Act. The partners liabilities are unlimited, that is, if the partnership is not able to meet its obligations, the partners have to be personally liable for the debts incurred. The Subject's ownership is transferable with consent of the other partners. The Subject as a partnership firm is governed by the Partnership Act. The Subject is not required to file in its financial statements with the Registry of Business.

The Subject is principally engaged in the (as a / as an) wholesale of vegetables, grocery goods.

The owner of the Subject are shown as follows :

 

Name

Address

IC/PP/Loc No

Shareholding

(%)

LIM HONG ANN

264, WESTWOOD AVENUE, WESTVILLE , 648464, SINGAPORE.

S7516883G

50.00

50.00

TAN AI KEOW

264, WESTWOOD AVENUE, WESTVILLE , 648464, SINGAPORE.

S0909383D

50.00

50.00

 

 

 

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

------

 

 

 

100.00

100.00

 

 

 

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

=====

+ Also Director

OWNERS



OWNER(S) 1

 

Name Of Subject

:

LIM HONG ANN

Address

:

264, WESTWOOD AVENUE, WESTVILLE, 648464, SINGAPORE.

IC / PP No

:

S7516883G

 

 

 

 

 

 

Nationality

:

SINGAPOREAN

Date of Appointment

:

01/09/2001

Shareholding

:

50%

 

 

 

 

 

 

 

 

 

 

OWNER(S) 2

 

Name Of Subject

:

TAN AI KEOW

Address

:

264, WESTWOOD AVENUE, WESTVILLE, 648464, SINGAPORE.

IC / PP No

:

S0909383D

 

 

 

 

 

 

Nationality

:

SINGAPOREAN

Date of Appointment

:

01/09/2001

Shareholding

:

50%

 

 

 

 

 

 

 

 

 



MANAGEMENT

 

 

 

1)

Name of Subject

:

TAN AI KEOW

 

Position

:

PARTNER

 

 

 

 

 

AUDITOR


No Auditor found in our databank



BANKING


Banking relations are maintained principally with :

1)

Name

:

OVERSEA-CHINESE BANKING CORPORATION LTD

 

 

 

 

 

 

 

 

 

 

 

LITIGATION 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.

PAYMENT RECORD

 

 

 

SOURCES OF RAW MATERIALS:

Local

:

YES

Overseas

:

YES

 

 

 

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

 

 

 

Export Market

:

ASIA

Credit Term

:

N/A

 

 

 

 

 

 

Payment Mode

:

CHEQUES
CASH

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATIONS

 

Goods Traded

:

VEGETABLES, GROCERY GOODS

 

 

 

 

 

Total Number of Employees:

 

YEAR

2014

2012

2011

 

 

 

 

 

 

 

GROUP

N/A

N/A

N/A

 

 

 

 

 

 

COMPANY

6

6

6

 

 

 

 

 

 

 

Branch

:

NO

 

Other Information:


The Subject is principally engaged in the (as a / as an) wholesale of vegetables, grocery goods.

The Subject sells vegetables, fruits and other grocery products.


CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

6567758878

Current Telephone Number

:

65-67758878

Match

:

YES

 

 

 

Address Provided by Client

:

12 PASIR PANJANG WHOLESALE CENTRE, #01-584 SINGAPORE 110012

Current Address

:

12 PASIR PANJANG WHOLESALE CENTRE, #01-584, 110012, SINGAPORE.

Match

:

YES

 

 

 

 

Other Investigations

We contacted one of the staff from the Subject and she provided some information.


FINANCIAL ANALYSIS

 

 

We are unable to comment on the Subject financial position as the Subject is not required by the law to file its financial statement in the Registrar of Business.

 

 

 

 

 

 

 

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)

 

 

 

 

 

 

INDUSTRY ANALYSIS

 

INDUSTRY :

TRADING

 

 

 

The wholesale and retail trade sectors have expanded by 2.0% in the third quarter of 2014, extending the 1.8 per cent growth in the previous quarter. In 2013, the wholesale and retail sector expanded by 5.0%, after declining by 1.4% the year before. Growth of the sector was driven by the wholesale trade segment.

 

The domestic wholesale trade index has increased by 3.2% in the fourth quarter of 2013, moderating from the 6.6% growth in the previous quarter. The slower growth was due to a decline in the sales of furniture and household equipment (-12%) and petroleum and petroleum products (-0.6%). For the full year, the domestic wholesale trade index grew by 5.2% reversing the 2.2% decline in 2012. On the other hand, the foreign wholesale trade index has increased by a slower pace of 5.6% in the fourth quarter, compared to the 7.7% expansion in the preceding quarter. The slowdown was due to a fall in the sales of telecommunication equipment and computer (-3.8%) and petroleum and petroleum products (-2.5%). For the full year, the growth of the foreign wholesale trade index moderated slightly to 8.6% from 9.1% in the previous year.

 

In the fourth quarter of 2013, retail sales volume fell by 6.2%, extending the 5.6% decline in the previous quarter. Excluding motor vehicles, retail sales volume increased by 0.4%, a slower pace of expansion as compared to the 1.6% gain in the preceding quarter. The sales volume of motor vehicles fell by 33% in the fourth quarter of 2013, extending the 32% decline in the previous quarter. Meanwhile, the sales of several discretionary items also fell in the fourth quarter of 2013. For instance, the sales of telecommunications apparatus and computers fell by 12%, while the sales of furniture and household equipment declined by 5.4%.

 

For the full year, retail sales volume contracted by 4.3%, a reversal from the 1.3% expansion in 2012. Excluding motor vehicle sales, the retail sales volume grew by 1.1% in 2013, slower than the 1.7% increase in 2012. Watches and jewellery recorded the largest increase (11%) in sales in 2013, followed by optical goods and book (3%) and medical goods and toiletries (3%). By contrast, the sales of telecommunications apparatus and computer (-7.3%), furniture and household equipment (-4.2%) and petrol service stations (-1.4) declined in 2013.

 

 

OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH



CREDIT RISK EVALUATION & RECOMMENDATION

 


Incorporated in 1985, the Subject is a Partnership company, focusing on wholesale of vegetables, grocery goods. The Subject has been in business for over two decades. It has built up a strong clientele base and satisfactory reputation will enable the Subject to further enhance its business in the near term. The Subject is expected to enjoy a stable market shares.

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 6 employees. Overall, we regard that the Subject's management capability is average. This indicates that the Subject has greater potential to improve its business performance and raising income for the Subject.

As the Subject is registered as a partnership, it is not required by law to file its financial statements for public review. As such, we are unable to ascertain its present financial health.

The Subject's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials. Overall the Subject has a good control over its resources.

The industry shows an upward trend and this trend is very likely to sustain in the near terms.

In view of the above, we recommend credit be granted to the Subject with close monitoring.

 

 

FINANCIAL ACCOUNT


No latest financial accounts are available at the Registry Office.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.85

UK Pound

1

Rs.96.70

Euro

1

Rs.76.53

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

TPT

 

 

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.