MIRA INFORM REPORT

 

 

Report No. :

304118

Report Date :

23.01.2015

 

IDENTIFICATION DETAILS

 

Name :

OPTICAL SUPPLY OF ASIA (SINGAPORE)

 

 

Registered Office :

50, Ubi Avenue, 3, 03-11, Frontier, 408866

 

 

Country :

Singapore

 

 

Date of Incorporation :

26.05.1999

 

 

Com. Reg. No.:

52893634-D

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

distributor of finished and Semi-Finished Ophthalmic Lenses in varieties of Materials Like Plastic, Mineral, Trivex and polycarbonate

 

 

No of Employees :

25 [2015]

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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.

:

52893634-D

COMPANY NAME

:

OPTICAL SUPPLY OF ASIA (SINGAPORE)

COMMENCEMENT DATE

:

26/05/1999

REGISTRATION DATE

:

26/05/1999

EXPIRY DATE

:

26/05/2015

BUSINESS CONSTITUTION

:

SOLE PROPRIETORSHIP

REGISTERED ADDRESS

:

50, UBI AVENUE, 3, 03-11, FRONTIER, 408866, SINGAPORE.

BUSINESS ADDRESS

:

50, UBI AVENUE 3, 03-11 FRONTIER, 408866, SINGAPORE.

TEL.NO.

:

65-63910328/63910329

FAX.NO.

:

65-62945862

EMAIL

:

OPTICALSUPPLY@OSA.COM.SG

WEB SITE

:

WWW.OSA.COM.SG

CONTACT PERSON

:

YIN HAN ( STAFF )

PRINCIPAL ACTIVITY

:

RETAIL AND SUPPLIER OF FINISHED AND SEMI FINISHED OPHTHALMIC LENSES

STAFF STRENGTH

:

25 [2015]

LITIGATION

:

CLEAR

PAYMENT

:

Unknown 

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

MODERATE

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

AVERAGE GROWTH



HISTORY / BACKGROUND

 

The Subject commenced its business on 26/05/1999 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 and supplier of finished and semi finished ophthalmic lenses.

The owner of the Subject are shown as follows :

Name

Address

IC/PP/Loc No

Shareholding

(%)

ESSILOR AMERA PTE. LTD.

215, KALLANG BAHRU, 04-00, HILITE INDUSTRIAL BUILDING , 339346, SINGAPORE.

197602552

100.00

100.00

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

------

100.00

100.00

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

=====

+ Also Director

 

OWNERS


OWNER(S) 1

Name Of Subject

:

ESSILOR AMERA PTE. LTD.

Address

:

215, KALLANG BAHRU, 04-00, HILITE INDUSTRIAL BUILDING, 339346, SINGAPORE.

IC / PP No

:

197602552

Date of Appointment

:

20/05/1999

Shareholding

:

100%



MANAGEMENT

 

 

 

1)

Name of Subject

:

YIN HAN

Position

:

STAFF

 

 

 

AUDITOR


No Auditor found in our databank 


BANKING


No Banker found in our databank. 



LITIGATION CHECK AGAINST SUBJECT


* A check has been conducted in our databank against 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

:

WORLDWIDE

Credit Term

:

N/A

Payment Mode

:

CASH
CHEQUES



OPERATIONS

 

Goods Traded

:

FINISHED AND SEMI FINISHED OPHTHALMIC LENSES

 

Total Number of Employees:

YEAR

2015

2013

GROUP

N/A

N/A

COMPANY

25

25

 

Branch

:

NO

 

Other Information:

The Subject is principally engaged in the (as a / as an) retail and supplier of finished and semi finished ophthalmic lenses. 

Optical Supply of Asia, also known as OSA has been servicing its customers with supply of finished and semi finished lenses with its wide variety of product ranging from the basic mineral single vision to the latest designs in progressive added lenses and consumables, instruments and machinery. 


OSA is the largest distributor of finished and semi finished ophthalmic lenses in varieties of materials like plastic, mineral, trivex and polycarbonate. The company also has a strong division in supplying a wide range of high value-added products, ranging from efficient optical machinery, state-of-art cutting tools to environmental-friendly lens cleaning products.


Available from single vision to progressives, they are here to serve all of optical lenses need. Strategically located in Singapore, it enables them to provide speedy delivery to any continent in the world. The key success for the company has been its commitment in maintaining a consistent delivery time, international quality standards and the best price that the market can offer. 


Subject engages in the following activities:
* retail and supplier of finished and semi finished ophthalmic lenses 
* complete range of ophthalmic lenses in various materials such as organic, polycarbonate & mineral. 

The business activities is divided into two operating business division: 
* lens division 
* supply division 

Products:
Lens division products 
* plastic catalogue 
- single vision 
- progressive 
- progressive
- bifocal 
* progressive 

Supply division products 
* instruments
* equipments 
* optical materials 


CURRENT INVESTIGATION


Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

(65) 6391 0321

Current Telephone Number

:

65-63910328/63910329

Match

:

YES

Address Provided by Client

:

50, UBI AVENUE 3, 03-11 FRONTIER,408866,SINGAPORE

Current Address

:

50, UBI AVENUE 3, 03-11 FRONTIER, 408866, SINGAPORE.

Match

:

YES

 

Other Investigations

we contacted one of the staff from the Subject and she provided Some information.


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)

(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 1999, the Subject is a Sole Proprietorship company, focusing on retail and supplier of finished and semi finished ophthalmic lenses. 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. 

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 small company, the Subject's business operation is supported by 25 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. 

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. 

In view of the above, we only recommend credit be proceeded to the Subject with guarantee.

 



FINANCIAL ACCOUNT


No latest financial accounts are available at the Registry Office. 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.69

UK Pound

1

Rs.93.33

Euro

1

Rs.71.49

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

MNL

 

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.