MIRA INFORM REPORT

 

 

Report Date :

20.06.2014

 

IDENTIFICATION DETAILS

 

Name :

SOO KEE JEWELLERY

 

 

Registered Office :

51, Kaki Bukit Place, Eunos Techpark, 416228

 

 

Country :

Singapore

 

 

Date of Incorporation :

11.03.1991

 

 

Com. Reg. No.:

44180000-M

 

 

Legal Form :

Sole Proprietorship

 

 

LINE OF BUSINESS :

RETAIL SALE OF JEWELLERY

 

 

No. of Employees :

500 [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 – March 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Singapore

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately 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.

:

44180000-M

COMPANY NAME

:

SOO KEE JEWELLERY

COMMENCEMENT DATE

:

11/03/1991

REGISTRATION DATE

:

11/03/1991

EXPIRY DATE

:

11/03/2015

BUSINESS CONSTITUTION

:

SOLE PROPRIETORSHIP

BUSINESS ADDRESS

:

51, KAKI BUKIT PLACE, EUNOS TECHPARK, 416228, SINGAPORE.

TEL.NO.

:

65-67446933

FAX.NO.

:

65-68420433

EMAIL

:

MARKETING@SOOKEE.COM.SG

WEB SITE

:

ENQUIRY@SOOKEE.COM.SG

CONTACT PERSON

:

LIM YONG GUAN ( MANAGER )

PRINCIPAL ACTIVITY

:

RETAIL SALE OF JEWELLERY

STAFF STRENGTH

:

500 [2014]

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 11/03/1991 as a SOLE PROPRIETORSHIP.

The Subject is a sole proprietorship, that is, it has a single owner whose liabilities are unlimited. In case the Subject is unable to meet all its obligations, the creditors can claim on the owner's personal assets. The sole proprietorship ceases upon the death of the owner or any time at the discretion of the owner. The ownership is non-transferable. Under the law, the Subject has to file in its information with Registrar of Business but it is not required to file in its financial statements.

The Subject is principally engaged in the (as a / as an) retail sale of jewellery.

 

The owner of the Subject are shown as follows :

 

Name

Address

IC/PP/Loc No

Shareholding

(%)

SKJ GROUP PTE. LTD.

51, KAKI BUKIT PLACE, EUNOS TECHPARK , 416228, SINGAPORE.

201009787

100.00

100.00

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

------

100.00

100.00

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

=====

+ Also Director



OWNERS

 

OWNER(S) 1

 

Name Of Subject

:

SKJ GROUP PTE. LTD.

Address

:

51, KAKI BUKIT PLACE, EUNOS TECHPARK, 416228, SINGAPORE.

IC / PP No

:

201009787

Date of Appointment

:

01/08/2010

Shareholding

:

100%



MANAGEMENT

 

 

1)

Name of Subject

:

LIM YONG GUAN

Position

:

MANAGER

 

AUDITOR


No Auditor found in our databank

BANKING


No Banker found in our databank.



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.

 

 

PAYMENT RECORD

 

 

SOURCES OF RAW MATERIALS:

Local

:

N/A

Overseas

:

N/A


The Subject refused to disclose its suppliers.

 

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Export Market

:

MALAYSIA

Credit Term

:

N/A

Payment Mode

:

CHEQUES
CASH

 

 

OPERATIONS

 

Goods Traded

:

JEWELLERY

Award

:

1 ) EXCLUSIVE DISTRIBUTORSHIP OF THE PATENTED BRILLIANT ROSE DIAMONDS IN SINGAPORE AND MALAYSIA Year :0

 

Total Number of Employees:

YEAR

2014

2012

GROUP

N/A

500

COMPANY

500

N/A

 

Branch

:

YES

Branch(es)

:

435 ORCHAD ROAD, 01-11, WISMA ATRIA, 238877, SINGAPORE.

 

24, RAFFLES PLACE, 01-03/04, CLIFFORD CENTRE, 189742, SINGAPORE.

 

230, VICTORIA STREET, 01-24 BUGIS JUNCTION, 188024, SINGAPORE.

 

63 JURONG WEST CENTRAL 3, 01-64/65, THE CENTRIS, 648331, SINGAPORE.

 

1, HARBOURFRONT WALK, 01-183 VIVO CITY, 098585, SINGAPORE.

 

50, JURONG GATEWAY ROAD, 01-18 JEM, 608549, SINGAPORE.

 

2, ORCHARD TURN , B2-66 ION ORCHARD, 238801, SINGAPORE.

 

23, SERANGOON CENTRAL, 01-41, NEX, 556083, SINGAPORE.

 

2, BAYFRONT AVENUE, B2-235, 018972, SINGAPORE.

 

1, WOODLANDS SQUARE, 01-29 CAUSEWAY POINT, 738099, SINGAPORE.

 

4, TAMPINES CENTRAL 5, 01-25/26, TAMPINES MALL, 529510, SINGAPORE.

 

Other Information:


The Subject is principally engaged in the (as a / as an) retail sale of jewellery.


The Subject, a company of the Soo Kee Group, is a contemporary jewellery chain store with operations in Singapore and Malaysia.


The Subject celebrates a passion for life and understands that diamonds are the perfect marriage of the art of man and the art of nature. Hence, the brand upholds a firm philosophy of realizing dreams by presenting the most exquisite diamond jewellery.


The Subject is equipped with a forward-looking team of jewellery designers. Soo Kee Jewellery constantly pursues innovative and exquisite designs appealing to the contemporary and discerning women.

Products dealing:
* jewellery
* diamonds
* wedding bands

Ip and trademarks:
* brilliant rose
* valuejewel
* aurea
* true man
* verve
* zoppini
* infinity
* jac laurent
* embrasser
* bleu romanze
* joie
* bliss

Partner merchants:
* Bliss Bridal Creatons
* La Belle Couture
* Bridal De Couture
* Madamoiselle
* Double Up Bridal
* Sattine Bridal Couture
* The Feline Bridal


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

6567446933

Current Telephone Number

:

65-67446933

Match

:

YES

Address Provided by Client

:

51, KAKI BUKIT PLACE, EUNOS TECHPARK,416228 SINGAPORE

Current Address

:

51, KAKI BUKIT PLACE, EUNOS TECHPARK, 416228, SINGAPORE.

Match

:

YES

 

Other Investigations


On 16th June 2014 we contacted one of the staff from the Subject and she provided some information.


The Subject refused to disclose its number of employees.

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 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 1991, the Subject is a Sole Proprietorship company, focusing on retail sale of jewellery. With over 2 decades of experience in the business, the Subject has fairly rich experiences in the business and has achieved a certain market share. Having strong support from its shareholder has enabled the Subject to remain competitive despite the challenging business environment.


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. Overall, we regard that the Subject's management capability is average.

As the Subject is registered as a sole-proprietorship, its financial statement are not available for analysis. As such, we are unable to ascertain the Subject's financial health. The Subject's ability to meet its obligations is very much dependent on the owner's financial strength


The industry shows an upward trend and this trend is very likely to sustain in the near terms. Hence, the Subject is expected to benefit from the favourable outlook of the industry

 

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.60.00

UK Pound

1

Rs.102.05

Euro

1

Rs.81.71

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.