MIRA INFORM REPORT

 

 

Report Date :

12.11.2014

 

IDENTIFICATION DETAILS

 

Name :

PARGAN SINGAPORE PTE LTD

 

 

Registered Office :

101, Cecil Street, 22-08, Tong Eng Building, 069533

 

 

Country :

Singapore

 

 

Date of Incorporation :

19.04.1997

 

 

Com. Reg. No.:

199702633-Z

 

 

Legal Form :

Exempt Private

 

 

Line of Business :

Subject engaged in the trading of timber and allied products, agro-commodities.

 

 

No of Employees :

10 [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.

:

199702633-Z

COMPANY NAME

:

PARGAN SINGAPORE PTE LTD

FORMER NAME

:

N/A

INCORPORATION DATE

:

19/04/1997

 

 

 

 

 

 

COMPANY STATUS

:

EXIST

LEGAL FORM

:

Exempt Private

LISTED STATUS

:

NO

 

 

 

 

 

 

REGISTERED ADDRESS

:

101, Cecil Street, 22-08, Tong Eng Building, 069533, Singapore.

BUSINESS ADDRESS

:

101, Cecil Street, 22-08, Tong Eng Building, 069533, Singapore.

TEL.NO.

:

65-62213716

FAX.NO.

:

65-62201691

WEB SITE

:

WWW.PARGAN.NET

CONTACT PERSON

:

BASANT KUMAR MAHESHWARI ( DIRECTOR )

 

 

 

 

 

 

PRINCIPAL ACTIVITY

:

TRADING OF TIMBER AND ALLIED PRODUCTS, AGRO-COMMODITIES

 

 

 

ISSUED AND PAID UP CAPITAL

:

2,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 2,000,000.00 

 

 

 

SALES

:

N/A

NET WORTH

:

N/A

 

 

 

STAFF STRENGTH

:

10 [2014]

BANKER (S)

:

OVERSEA-CHINESE BANKING CORPORATION LTD

LITIGATION

:

CLEAR

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 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) trading of timber and allied products, agro-commodities.

 

Share Capital History

 

Date

Issue & Paid Up Capital

10/11/2014

SGD 2,000,000.00

 

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

Name

Address

IC/PP/Loc No

Shareholding

(%)

BASANT KUMAR MAHESHWARI +

20, AMBER ROAD, 14-02, KING'S MANSION, 439869, SINGAPORE.

S2613463C

1,200,000.00

60.00

LALITA BASANT MAHESHWARI +

20, AMBER ROAD, 14-02, KING'S MANSION, 439869, SINGAPORE.

S2613464A

800,000.00

40.00

 

 

 

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

------

 

 

 

2,000,000.00

100.00

 

 

 

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

=====

 

+ Also Director

 

DIRECTORS



DIRECTOR 1

 

Name Of Subject

:

LALITA BASANT MAHESHWARI

Address

:

20, AMBER ROAD, 14-02, KING'S MANSION, 439869, SINGAPORE.

IC / PP No

:

S2613464A

 

 

 

 

 

 

 

 

 

Nationality

:

SINGAPOREAN

Date of Appointment

:

15/06/2001

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 2

 

Name Of Subject

:

BASANT KUMAR MAHESHWARI

Address

:

20, AMBER ROAD, 14-02, KING'S MANSION, 439869, SINGAPORE.

IC / PP No

:

S2613463C

 

 

 

 

 

 

 

 

 

Nationality

:

SINGAPOREAN

Date of Appointment

:

19/04/1997

 

 

 

 

 

 

 

 

 

 

 

 



MANAGEMENT

 

 

 

1)

Name of Subject

:

BASANT KUMAR MAHESHWARI

 

Position

:

DIRECTOR

 

 

 

 

 

AUDITOR

 

Auditor

:

S. RENGANATHAN & CO.

Auditor' Address

:

N/A

 

 

 

 

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

FOO SOON SOO

 

IC / PP No

:

S1310912E

 

 

 

 

 

Address

:

63, TAVISTOCK AVENUE, SERANGOON GARDEN ESTATE, 555161, SINGAPORE.

 

 

 

 

 

 

 

 

 

 

 

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

OVERSEA-CHINESE BANKING CORPORATION LTD

 

 

 

 

 

 

 

 

 

 

 

ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

C200906378

08/10/2009

N/A

OVERSEA-CHINESE BANKING CORPORATION LIMITED

-

Unsatisfied

C201304919

09/04/2013

N/A

STANDARD CHARTERED BANK (SINGAPORE)

-

Unsatisfied

C201305032

11/04/2013

N/A

STANDARD CHARTERED BANK (SINGAPORE)

-

Unsatisfied

 

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.


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

:

MALAYSIA,INDONESIA,VIETNAM,NIGERIA,ASIA,INDIA

 

CLIENTELE

 

Local

:

YES

Percentage

:

50%

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Percentage

:

50%

Export Market

:

WORLDWIDE

Credit Term

:

AS AGREED

 

 

 

 

 

 

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATIONS

 

Goods Traded

:

TIMBER AND ALLIED PRODUCTS, AGRO-COMMODITIES

 

 

 

 

 

Total Number of Employees:

YEAR

2014

2012

 

GROUP

N/A

N/A

 

 

 

 

 

 

 

COMPANY

10

10

 

 

 

 

 

 

 

 

Branch

:

NO

 

 

Other Information:


The Subject is principally engaged in the (as a / as an) trading of timber and allied products, agro-commodities. 

Products dealings: 

Timber logs 
* teak 
* keruing
* merbau 
* selangan batu 
* meranti 
* kapur 
* resak
* arau 
* pyinkado 
* pinyau 
* pine

Other timber products 
* particle boards 
* plywood 
* veneer
* sawn timber 

Cashew nuts 
* raw cashew nuts 
* cashew kernels

Various grades: 

white whole 
* ww-180 & ww-210 (only from india) 
* ww-240

Miscellaneous 
* scorched whole (sw) 
* dessert whole (dw) 
* large white pieces (lwp/lp)

Agro-commodities: 
* clove 
* black eye beans 
* broad beans 
* ginger
* white half walnut meat 
* small dried pepper 
* tumbric 
* white sesame seeds 
* butter beans
* sesame cake 
* chinese soya bean meal 
* yellow maize 
* burmese groundnut cake 
* large speckled kidney bean
* corriander 
* leutils 
* peanut 
* castor seeds kap 
* green bean
* light speckled kidney beans 
* brown sesame seeds 
* pearl beans 
* white pumpkin seeds meat 
* red kidney bean
* toorwhole 
* gram dhall 
* black matpe 
* cummin 
* red bean

Different specifications for some of the products that they supply:
rice 
* basmati, parboiled, white rice, broken 
* origin - india, thailand, vietnam

sesame seeds 
* hulled, non hulled, white, brown 
* origin - india, ghana, tanzania 

ginger
* dry whole, dry split 
* origin - myanmar, nigeria, vietnam 

turmeric
* finger, sliced, raw, polished
* origin - myanmar, vietnam 

general merchandise 

biscuit & confectionery
import countries: 
* malaysia 
* indonesia 
* vietnam

building material 
import countries: 
* vietnam
* india

carbon black
import countries: 
* india 

crown caps, lug caps, plastic closures, and ropp aluminium caps
(used by food and beverage manufacturers)

import countries: 
* india

electric oven
import countries: 
* china 

jute and jute bags
import countries: 
* bangladesh 
* india 

footwear
import countries: 
* vietnam 

fruit juices and fruit flavors 
import countries:
* malaysia 
* thailand 
* vietnam 

garments
(cotton, lace and embroidered) 
import countries: 
* indonesia 
* india

gas stove 
import countries: 
* india 

glass bottles
import countries: 
* indonesia 
* india 

milk & milk products
import countries: 
* indonesia 
* vietnam 
* india

steel 
import countries: 
* india 

toiletries
import countries: 
* indonesia 
* india 

tyres
import countries: 
* india 
* china 

The SC is a member of the following entities:
* singapore indian chamber of commerce and industries 
* singapore traders association 
* singapore business federation 
* world cashew association 


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-62213716

Match

:

N/A

 

 

 

Address Provided by Client

:

101 CECIL STREET #22-08 ,TONG ENG BUILDING SINGAPORE 069533

Current Address

:

101, CECIL STREET, 22-08, TONG ENG BUILDING, 069533, SINGAPORE.

Match

:

YES

 

 

 


We have contacted the Subject'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 11th November 2014 we contacted one of the staff from the Subject and she provided some information.



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)

 

 

 

 

 



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 1997, the Subject is an Exempt Private company, focusing on trading of timber and allied products, agro-commodities. Having been in the industry for over a decade, the Subject has achieved a certain market share and has built up a satisfactory reputation in the market. It should have received supports from its regular customers. A paid up capital of SGD 2,000,000 allows the Subject to expand its business more comfortably. However, the Subject does not have strong shareholders’ backing. Without a strong shareholders' backing, the opportunity of the Subject to expand its business is limited. 

Over the years, the Subject has established an extensive clientele base in the market. Besides catering to the local market, the Subject has penetrated into other countries. With the contribution of both local and overseas customers, the Subject is likely to be exposed to lower commercial risk. Hence, we believe that the Subject has better business expansion opportunities in the future. The Subject can be recognize as a small company with only 10 employees in its operation. 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 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 Subject's supplies are 100% sourced from overseas countries. As an imported oriented company, its forex exposure is high. The Subject 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. 

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.61.55

UK Pound

1

Rs.97.53

Euro

1

Rs76.48

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

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.