MIRA INFORM REPORT

 

 

Report No. :

356161

Report Date :

26.12.2015

 

IDENTIFICATION DETAILS

 

Name :

SHANKAR'S EMPORIUM (PRIVATE) LIMITED

 

 

Registered Office :

77, High Street, 06-04, High Street Plaza, 179433

 

 

Country :

Singapore

 

 

Date of Incorporation :

24.02.1976

 

 

Com. Reg. No.:

197600365-H

 

 

Legal Form :

Exempt Private

 

 

Line of Business :

The Subject is principally engaged in the (as a / as an) trading of electrical appliances, household appliances and office equipment.

 

 

Employees:

80

 

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, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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. Unemployment is very low. The economy depends heavily on exports, particularly of consumer electronics, information technology products, medical and optical devices, pharmaceuticals, and on its vibrant transportation, business, and financial services sectors. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but has continued to grow since 2010 on the strength of renewed exports. Growth in 2014 was slower at 2.9%, largely a result of soft demand for exports amid a sluggish global economy and weak growth in Singapore’s manufacturing sector. The government is attempting to restructure Singapore’s economy by weaning its dependence on foreign labor, addressing weak productivity, and increasing Singaporean wages. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and high-tech hub. Singapore is a member of the 12-nation Trans-Pacific Partnership free trade negotiations, the Regional Comprehensive Economic Partnership negotiations with the nine other ASEAN members plus Australia, China, India, Japan, South Korea and New Zealand, and in 2015, Singapore will form, with the other ASEAN members, the ASEAN Economic Community.

Source : CIA

 EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

197600365-H

COMPANY NAME

:

SHANKAR'S EMPORIUM (PRIVATE) LIMITED

FORMER NAME

:

N/A

INCORPORATION DATE

:

24/02/1976

COMPANY STATUS

:

EXIST

LEGAL FORM

:

EXEMPT PRIVATE

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

77, HIGH STREET, 06-04, HIGH STREET PLAZA, 179433, SINGAPORE.

BUSINESS ADDRESS

:

77, HIGH STREET, 06-04, HIGH STREET PLAZA, 179433, SINGAPORE.

TEL.NO.

:

65-63374450

FAX.NO.

:

65-63399667

EMAIL

:

SALES@SHANKARS.COM

WEB SITE

:

WWW.SHANKARS.COM.SG

CONTACT PERSON

:

MOHANDAS JAMNADAS BHOJWANI ( DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF ELECTRICAL APPLIANCES, HOUSEHOLD APPLIANCES AND OFFICE EQUIPMENT

ISSUED AND PAID UP CAPITAL

:

6,184,004.00 ORDINARY SHARE, OF A VALUE OF SGD 6,184,004.00

SALES

:

N/A

NET WORTH

:

N/A

BANKER (S)

BANQUE NATIONALE DE PARIS

STAFF STRENGTH

:

80 [2015]

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

N/A

PAYMENT

:

N/A

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

MODERATE

CURRENCY EXPOSURE

:

MODERATE

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 electrical appliances, household appliances and office equipment.

 

Share Capital History

Date

Issue & Paid Up Capital

22/12/2015

SGD 6,184,004.00

 

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


Current Shareholder(s) :

Name

Address

IC/PP/Loc No

Shareholding

(%)

JETHANAND HARKISHINDAS BHOJWANI +

32, BRANKSOME ROAD, 439565, SINGAPORE.

S0205472H

1,515,081.00

24.50

HIRO J BHOJWANI +

7, SWETTENHAM GREEN, 248121, SINGAPORE.

S1312457D

1,515,080.00

24.50

MOHANDAS JAMNADAS BHOJWANI +

34A, BRANKSOME ROAD, 439569, SINGAPORE.

S0089782E

1,236,802.00

20.00

JAIKIRSHIN S/O H BHOJWANI +

27A, WAREHAM ROAD, 436803, SINGAPORE.

S1398361E

813,120.00

13.15

MOTI HARKISHINDAS BHOJWANI +

32A, BRANKSOME ROAD, 439566, SINGAPORE.

S1201500C

803,921.00

13.00

MRS. ROOPWANTI H BHOJWANI +

27, WAREHAM ROAD, 436792, SINGAPORE.

S2066923C

300,000.00

4.85

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

------

6,184,004.00

100.00

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

=====

+ Also Director

 

The Subject's interest in other companies (Subsidiaries/Associates) are shown as follow :

 

Local No

Country

Company

Status

(%)

As At

201016118N

SINGAPORE

SE FOODS PTE. LTD.

-

100.00

22/12/2015

200821248G

SINGAPORE

SHANKARS ORCHARD INVESTMENTS PTE. LTD.

-

100.00

22/12/2015

200821241K

SINGAPORE

SHANKARS ASSETS PTE. LTD.

-

100.00

22/12/2015

200701629K

SINGAPORE

PACIFIC HIGH INVESTMENTS PTE. LTD.

-

100.00

22/12/2015

197400510M

SINGAPORE

SHERRIDON EXIM PTE LTD

-

100.00

22/12/2015

200601600D

SINGAPORE

INTERNATIONAL COFFEE TRADERS PTE. LTD.

-

79.99

22/12/2015



DIRECTORS

DIRECTOR 1

 

Name Of Subject

:

MRS. ROOPWANTI H BHOJWANI

Address

:

27, WAREHAM ROAD, 436792, SINGAPORE.

IC / PP No

:

S2066923C

Nationality

:

SINGAPOREAN

Date of Appointment

:

15/01/1979

 

DIRECTOR 2

 

Name Of Subject

:

MOTI HARKISHINDAS BHOJWANI

Address

:

32A, BRANKSOME ROAD, 439566, SINGAPORE.

IC / PP No

:

S1201500C

Nationality

:

SINGAPOREAN

Date of Appointment

:

25/03/1981

 

DIRECTOR 3

 

Name Of Subject

:

JAIKIRSHIN S/O H BHOJWANI

Address

:

27A, WAREHAM ROAD, 436803, SINGAPORE.

IC / PP No

:

S1398361E

Nationality

:

SINGAPOREAN

Date of Appointment

:

25/03/1981

 

DIRECTOR 4

 

Name Of Subject

:

MOHANDAS JAMNADAS BHOJWANI

Address

:

34A, BRANKSOME ROAD, 439569, SINGAPORE.

IC / PP No

:

S0089782E

Nationality

:

SINGAPOREAN

Date of Appointment

:

30/05/1977

 

DIRECTOR 5

 

Name Of Subject

:

HIRO J BHOJWANI

Address

:

7, SWETTENHAM GREEN, 248121, SINGAPORE.

IC / PP No

:

S1312457D

Nationality

:

SINGAPOREAN

Date of Appointment

:

07/11/1979

 

DIRECTOR 6

 

Name Of Subject

:

JETHANAND HARKISHINDAS BHOJWANI

Address

:

32, BRANKSOME ROAD, 439565, SINGAPORE.

IC / PP No

:

S0205472H

Nationality

:

SINGAPOREAN

Date of Appointment

:

30/05/1977



MANAGEMENT

 

 

 

1)

Name of Subject

:

MOHANDAS JAMNADAS BHOJWANI

Position

:

DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

RSM CHIO LIM LLP

Auditor' Address

:

N/A

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

JETHANAND HARKISHINDAS BHOJWANI

IC / PP No

:

S0205472H

Address

:

32, BRANKSOME ROAD, 439565, SINGAPORE.

 

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

BANQUE NATIONALE DE PARIS

 

 

ENCUMBRANCE (S)


No encumbrance was found in our databank at the time of investigation.

 

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

:

N/A

Overseas

:

N/A


The Subject refused to disclose its supplierS.

 

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Export Market

:

ASIA

MIDDLE EAST

RUSSIA

AFRICA

MEDITERRANEAN

DUBAI

UNITED STATES

LATIN AMERICA

Credit Term

:

30 - 60 DAYS

Payment Mode

:

LETTER OF CREDIT (LC)
TELEGRAPHIC TRANSFER (TT)

 

 

OPERATIONS

 

Goods Traded

:

ELECTRICAL APPLIANCES, HOUSEHOLD APPLIANCES AND OFFICE EQUIPMENT

 

Total Number of Employees:

 

YEAR

2015

2014

2013

GROUP

N/A

N/A

N/A

COMPANY

80

95

95

 

Branch

:

NO

 

Other Information:


The Subject is principally engaged in the (as a / as an) trading of electrical appliances, household appliances and office equipment.

The Subject is the flagship company of Singapore based Shankar's Group, owned by Bhojwani family.

These overseas offices have helped the group penetrate deep into Middle East, CIS and Eastern European markets.
Product dealing:
- televisions
* lcd
* plasma
* slim fit
* pure flat
* rear projection
* crt
- home appliances
* air conditioners
* kitchen appliances
* refrigerators
* washing machines/dryers
* irons
* fans
- audio
* dvd home theatre
* dvd hi-fi
* vcd hi-fi
* audio cd hi fi
* micro hi fi
- telecommunication /office automation
* telephone systems
* cordless/mobile phones
* photocopiers
* fax machines
* personal imaging
- digital still cameras
* digital slr cameras
* video cameras
* camera accessories
- computers / accessories
* desktops / laptops
* printers / scanners
* dvd copiers
* media / data storage
- video systems
* dvd recorders/players
* video cassette recorder/player
* portable dvd players
- others
* generators
* food stuffs
* tyres
* car/motor cycle batteries
* musical keyboards
* furniture
* commercial refrigeration
Exclusive distributors of:
Kiwitalk products:
- voip internet phones
- usb & broadband phones and adaptors

Trade names/brands:
* Sony
* Panasonic
* Sharp
* Toshiba
* Zaiko
* Samsung
* LG
* Yamaha
* Jvc
* Sanyo
* Hitachi
* Maxell
* Phillips
* Pioneer
* Daewoo
* Kenwood


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-63374450

Match

:

N/A

Address Provided by Client

:

NO 77 HIGH STREET 02-13/14 HIGH STREET PLAZA,

Current Address

:

77, HIGH STREET, 06-04, HIGH STREET PLAZA, 179433, SINGAPORE.

Match

:

NO


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 21st December 2015 we contacted one of the staff from the Subject and she provided some information.

The address provided does not belong to the Subject.



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 :

2010

2011

2012

2013

2014

 

Population (Million)

5.08

5.18

5.31

5.40

5.47

Gross Domestic Products ( % )

14.5

4.9

1.3

3.7

(3.5)

Consumer Price Index

2.8

5.2

4.6

2.4

2.4

Total Imports (Million)

423,221.8

459,655.1

474,554.0

466,762.0

463,779.1

Total Exports (Million)

478,840.7

514,741.2

510,329.0

513,391.0

518,922.7

 

Unemployment Rate (%)

2.2

2.1

2.0

1.9

1.9

Tourist Arrival (Million)

11.64

13.17

14.49

15.46

15.01

Hotel Occupancy Rate (%)

85.6

86.5

86.4

86.3

85.5

Cellular Phone Subscriber (Million)

1.43

1.50

1.52

1.97

1.98

 

Registration of New Companies (No.)

29,798

32,317

31,892

37,288

41,589

Registration of New Companies (%)

12.8

8.5

(1.3)

9.8

11.5

Liquidation of Companies (No.)

15,126

19,005

17,218

17,369

18,767

Liquidation of Companies (%)

(32.5)

25.6

9.4

(5.3)

8.0

 

Registration of New Businesses (No.)

23,978

23,494

24,788

22,893

35,773

Registration of New Businesses (%)

(10.78)

2.02

5.51

1.70

56.30

Liquidation of Businesses (No.)

24,211

23,005

22,489

22,598

22,098

Liquidation of Businesses (%)

2.8

(5)

(2.2)

0.5

(2.2)

 

Bankruptcy Orders (No.)

1,537

1,527

1,748

1,992

1,757

Bankruptcy Orders (%)

(25.3)

(0.7)

14.5

14.0

(11.8)

Bankruptcy Discharges (No.)

2,252

1,391

1,881

2,584

3,546

Bankruptcy Discharges (%)

(26.3)

(38.2)

35.2

37.4

37.2

 

INDUSTRIES ( % of Growth ) :

Agriculture

Production of Principal Crops

(0.48)

4.25

3.64

-

Fish Supply & Wholesale

(10.5)

12.10

(0.5)

-

2.80

 

Manufacturing *

92.8

100.0

100.3

102.0

Food, Beverages & Tobacco

96.4

100.0

103.5

103.5

105.0

Textiles

122.1

100.0

104.0

87.1

74.9

Wearing Apparel

123.3

100.0

92.1

77.8

49.5

Leather Products & Footwear

81.8

100.0

98.6

109.8

95.9

Wood & Wood Products

104.0

100.0

95.5

107.4

112.0

Paper & Paper Products

106.1

100.0

97.4

103.2

103.4

Printing & Media

103.5

100.0

93.0

86.1

80.3

Crude Oil Refineries

95.6

100.0

99.4

93.5

85.6

Chemical & Chemical Products

97.6

100.0

100.5

104.1

114.0

Pharmaceutical Products

75.3

100.0

109.7

107.2

115.7

Rubber & Plastic Products

112.3

100.0

96.5

92.9

92.8

Non-metallic Mineral

92.5

100.0

98.2

97.6

82.2

Basic Metals

102.2

100.0

90.6

76.5

98.3

Fabricated Metal Products

103.6

100.0

104.3

105.1

105.1

Machinery & Equipment

78.5

100.0

112.9

114.5

124.0

Electrical Machinery

124.1

100.0

99.3

108.5

121.3

Electronic Components

113.6

100.0

90.6

94.3

95.0

Transport Equipment

94.0

100.0

106.3

107.5

103.2

 

Construction

14.20

20.50

28.70

-

22.00

Real Estate

21.3

25.4

31.9

-

145.1

 

Services

Electricity, Gas & Water

4.00

7.00

6.30

-

Transport, Storage & Communication

12.80

7.40

5.30

-

14.20

Finance & Insurance

(0.4)

8.90

0.50

-

6.00

Government Services

9.70

6.90

6.00

-

Education Services

(0.9)

(1.4)

0.30

-

5.98

 

* Based on Index of Industrial Production (2011 = 100)

(Source : Department of Statistics)



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 1976, the Subject is an Exempt Private company, focusing on trading of electrical appliances, household appliances and office equipment. 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. A paid up capital of SGD 6,184,004 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 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 moderate size company, the Subject has a total workforce of 80 employees in its business operations. 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.

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.66.20

UK Pound

1

Rs.98.30

Euro

1

Rs.72.41

SGD

1

Rs.47.10

Note : Above are approximate rates obtained from sources believed to be correct

 

INFORMATION DETAILS

 

Analysis Done by :

HEE

 

 

Report Prepared by :

SDA

 

 

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.