MIRA INFORM REPORT

 

 

Report No. :

334752

Report Date :

01.08.2015

 

IDENTIFICATION DETAILS

 

Name :

PATEL TIMBER TRADING LLP

 

 

Registered Office :

10, Anson Road, 27-18, International Plaza, 079903

 

 

Country :

Singapore

 

 

Date of Incorporation :

06.02.2006

 

 

Com. Reg. No.:

T06LL0127-K

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Subject is engaged in the trading of timber.

 

 

No. of Employees :

3 [2015]

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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.

:

T06LL0127-K

COMPANY NAME

:

PATEL TIMBER TRADING LLP

COMMENCEMENT DATE

:

06/02/2006

REGISTRATION DATE

:

06/02/2006

EXPIRY DATE

:

N/A

BUSINESS CONSTITUTION

:

LIMITED LIABILITY PARTNERSHIP

REGISTERED ADDRESS

:

10, ANSON ROAD, 27-18, INTERNATIONAL PLAZA, 079903, SINGAPORE.

BUSINESS ADDRESS

:

10, ANSON ROAD, 27-18, INERNATIONAL PLAZA, 079903, SINGAPORE.

TEL.NO.

:

65-64920078

FAX.NO.

:

65-63233023

CONTACT PERSON

:

HIRPARA JAYSHREEKUMARI LALJIBHAI ( DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF TIMBER

STAFF STRENGTH

:

3 [2015]

LITIGATION

:

CLEAR

PAYMENT

:

N/A

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

N/A

CURRENCY EXPOSURE

:

N/A

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

 

 

HISTORY / BACKGROUND

 

The Subject commenced its business on 06/02/2006 as a LIMITED LIABILITY PARTNERSHIP.

 

The Subject is a limited liabilities partnership (LLP) registered under the LLP Act. The LLP Act gives the Subject flexibility of operating as a partnership while having a separate legal identity like a private limited company. The Subject has perpetual succession, which means any change in the partners of the Subject will not affect its existence, rights or liabilities. The Subject is capable of owning assets, entering into contracts, sue or be sued in its names. The partners of the Subject will not be held personally liable for any business debts incurred by the Subject. A partner may, however, be held personally liable for claims from losses resulting from his own wrongful act or omission, but will not be held personally liable for such wrongful acts or omissions of any other partner of the Subject.

 

The Subject is principally engaged in the (as a / as an) trading of timber.

 

The owner of the Subject are shown as follows:

 

Name

Address

IC/PP/Loc No

Shareholding

(%)

HIRPARA JAYSHREEKUMARI LALJIBHAI

86, WEST COAST ROAD, 05-34, CLEMENTIWOODS CONDOMINIUM , 126818, SINGAPORE.

S7275506E

25.00

25.00

HIRPARA RAJESH LALJIBHAI HIRPARA WADI

B/H OLD BUS STAND, AT-DHORAJI , 306410, INDIA.

Z1739187

25.00

25.00

PATEL CHINTAN BHARATKUMAR

21, ARYAVAT BUNGLOWS, PART 2,OPP PRAHALAD NAGAR GARDEN, ANANDNAGAR, AHMEDABAD , 380015, INDIA.

H4920063

25.00

25.00

PATEL NAYAN HARSHADBHAI

86, WEST COAST ROAD, 05-34, CLEMENTIWOODS CONDOMINIUM , 126818, SINGAPORE.

S8381344Z

25.00

25.00

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

------

100.00

100.00

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

=====

 

+ Also Director

 

 

OWNERS

 

OWNER(S) 1

 

Name Of Subject

:

HIRPARA RAJESH LALJIBHAI HIRPARA WADI

Address

:

B/H OLD BUS STAND, AT-DHORAJI, 306410, INDIA.

IC / PP No

:

Z1739187

Nationality

:

INDIAN

Date of Appointment

:

06/02/2006

Shareholding

:

25%

 

OWNER(S) 2

 

Name Of Subject

:

PATEL CHINTAN BHARATKUMAR

Address

:

21, ARYAVAT BUNGLOWS, PART 2,OPP PRAHALAD NAGAR GARDEN, ANANDNAGAR, AHMEDABAD, 380015, INDIA.

IC / PP No

:

H4920063

Nationality

:

INDIAN

Date of Appointment

:

08/08/2011

Shareholding

:

25%

 

OWNER(S) 3

 

Name Of Subject

:

HIRPARA JAYSHREEKUMARI LALJIBHAI

Address

:

86, WEST COAST ROAD, 05-34, CLEMENTIWOODS CONDOMINIUM, 126818, SINGAPORE.

IC / PP No

:

S7275506E

Nationality

:

SINGAPOREAN

Date of Appointment

:

06/02/2006

Shareholding

:

25%

 

OWNER(S) 4

 

Name Of Subject

:

PATEL NAYAN HARSHADBHAI

Address

:

86, WEST COAST ROAD, 05-34, CLEMENTIWOODS CONDOMINIUM, 126818, SINGAPORE.

IC / PP No

:

S8381344Z

Nationality

:

SINGAPOREAN

Date of Appointment

:

06/07/2011

Shareholding

:

25%

 

 

MANAGEMENT

 

 

1)

Name of Subject

:

HIRPARA JAYSHREEKUMARI LALJIBHAI

Position

:

DIRECTOR

 

2)

Name of Subject

:

PATEL NAYAN HARSHADBHAI

Position

:

DIRECTOR

 

 

 

AUDITOR


No Auditor found in our databank

 

 

COMPANY SECRETARIES


No company secretary was found in our databank.

 

 

BANKING


No Banker found in our databank.



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

:

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

 

Goods Traded

:

TIMBER

 

Total Number of Employees:

YEAR

2015

GROUP

N/A

COMPANY

3

 

Branch

:

NO

 

Other Information:


The Subject is principally engaged in the (as a / as an) trading of timber. 

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

:

65-64920078

Match

:

N/A

Address Provided by Client

:

10 ANSON ROAD #27-18 INERNATIONAL PLAZA, SINGAPORE 079903

Current Address

:

10, ANSON ROAD, 27-18, INERNATIONAL PLAZA, 079903, SINGAPORE.

Match

:

YES

 

Other Investigations


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

The Subject refused to disclose its bankers and its business license expiry date.



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 2006, the Subject is a Limited Liability Partnership, focusing on trading of timber. Having been in business for more than 5 years, the Subject has established a remarkable clientele base for itself which has contributed to its business growth. 

Being a small company, the Subject's business operation is supported by 3 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. 

No financial accounts are available for analysis. As such, we are not able to comment on the Subject's current financial standing. 

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

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.64.01

UK Pound

1

Rs.99.84

Euro

1

Rs.70.16

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

NIT

 

               

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.