MIRA INFORM REPORT

 

Report Date :

10.11.2014

 

IDENTIFICATION DETAILS

 

Name :

SHRI MADHAV GLOBAL PTE. LTD.

 

 

Formerly Known As :

SRG GLOBAL PTE. LTD.

 

 

Registered Office :

143, Cecil Street, 03 - 01, GB Building, 069542,

 

 

Country :

Singapore

 

 

Date of Incorporation :

06.07.2011

 

 

Com. Reg. No.:

201116078-Z

 

 

Legal Form :

Exempt Private

 

 

Line of Business :

General Wholesale Trade

[We tried to confirm / obtain the detailed activity but the same is not available from any sources]

 

 

No. of Employees :

Not Available

 

 

 

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 0.8% 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 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.

:

201116078-Z

COMPANY NAME

:

SHRI MADHAV GLOBAL PTE. LTD.

FORMER NAME

:

SRG GLOBAL PTE. LTD. (18/01/2012)

INCORPORATION DATE

:

06/07/2011

COMPANY STATUS

:

EXIST

LEGAL FORM

:

EXEMPT PRIVATE

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

143, CECIL STREET, 03 - 01, GB BUILDING, 069542, SINGAPORE.

BUSINESS ADDRESS

:

143, CECIL STREET, 03 - 01, GB BUILDING, OFFICE SUITE-303, 069542, SINGAPORE.

TEL.NO.

:

65-65213150

FAX.NO.

:

65-65213151

CONTACT PERSON

:

SHASHWAT GARG ( DIRECTOR )

PRINCIPAL ACTIVITY

:

GENERAL WHOLESALE TRADE

ISSUED AND PAID UP CAPITAL

:

100.00 ORDINARY SHARE, OF A VALUE OF SGD 100.00

SALES

:

N/A

NET WORTH

:

N/A

STAFF STRENGTH

:

N/A

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

N/A

PAYMENT

:

N/A

MANAGEMENT CAPABILITY

:

WEAK

COMMERCIAL RISK

:

N/A

CURRENCY EXPOSURE

:

N/A

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

 

 

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) general wholesale trade.

 

Share Capital History

Date

Issue & Paid Up Capital

21/03/2014

SGD 100.00

 

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

 

Name

Address

IC/PP/Loc No

Shareholding

(%)

AKSHAT GARG +

640, REVTI KUNJ, RAILWAY ROAD, HAPUR, DISTRICT GHAZIABAD U.P., INDIA.

G7982264

50.00

50.00

SHASHWAT GARG +

640, REVTI KUNJ, RAILWAY ROAD, HAPUR, UTTAR PRADESH, INDIA.

J8651414

50.00

50.00

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

------

100.00

100.00

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

=====

+ Also Director



DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

SANJAY KUMAR

Address

:

33, OXFORD ROAD, 02 - 05, 218816, SINGAPORE.

IC / PP No

:

G5470549U

Nationality

:

INDIAN

Date of Appointment

:

08/11/2013

 

DIRECTOR 2

 

Name Of Subject

:

AKSHAT GARG

Address

:

640, REVTI KUNJ, RAILWAY ROAD, HAPUR, DISTRICT GHAZIABAD U.P., INDIA.

IC / PP No

:

G7982264

Nationality

:

INDIAN

Date of Appointment

:

06/07/2011

 

DIRECTOR 3

 

Name Of Subject

:

SHASHWAT GARG

Address

:

640, REVTI KUNJ, RAILWAY ROAD, HAPUR, UTTAR PRADESH, INDIA.

IC / PP No

:

J8651414

Nationality

:

INDIAN

Date of Appointment

:

01/07/2012

 

 

MANAGEMENT

 

 

 

1)

Name of Subject

:

SHASHWAT GARG

Position

:

DIRECTOR

 

 

 

AUDITOR


No Auditor found in our databank

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

SANJAY KUMAR

IC / PP No

:

G5470549U

Address

:

33, OXFORD ROAD, 02 - 05, 218816, 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 staff from the registered office refused to disclose the Subject's suppliers.


CLIENTELE

 

Local

:

N/A

Overseas

:

N/A


The staff from the registered office refused to disclose the Subject's clientele.

 

 

OPERATIONS

 

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) general wholesale trade.

The staff from the registered office refused to disclose the Subject's operation.


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-65213150

Match

:

N/A

Address Provided by Client

:

143 CECIL STREET, #03-01 GB BUILDING, OFFICE SUITE-303, SINGAPORE - 069542

Current Address

:

143, CECIL STREET, 03 - 01, GB BUILDING, OFFICE SUITE-303, 069542, SINGAPORE.

Match

:

YES

 

Other Investigations


We contacted one of the staff from the Subject's registered office and she only provided limited information.

She refused to disclose the Subject's number of employees.


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 :

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)



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 2011, the Subject is an Exempt Private company, focusing on general wholesale trade. The Subject has been in business for 3 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. We noted that the Subject's issued and paid up capital stands at only SGD 100. This means that its creditors are only able to recover a limited amount. Hence, caution is advised.

We regard that the Subject's management capability is weak. Without capable management, the Subject is unlikely to be successful and often contribute to unacceptable levels of accountability. Weak management can affect productivity, profitability, sales growth and ultimately can result in the failure of a business.

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 shows an upward trend and this trend is very likely to sustain in the near terms. Being a young and small player in the industry, the Subject however faces fierce competition from other well-established players and it is likely to be exposed to currency fluctuation risk which in turn may impair its profitability.

Based on the above unfavourable condition, we regard granting credit to the Subject to be quite risky. Hence, credit is not recommended.

 



FINANCIAL ACCOUNT


No latest financial accounts are available at the Registry Office.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.52

UK Pound

1

Rs.97.39

Euro

1

Rs.76.16

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIT

 

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.