MIRA INFORM REPORT

 

 

Report No. :

325876

Report Date :

09.06.2015

 

IDENTIFICATION DETAILS

 

Name :

FIDA INT'L (S) PTE LTD

 

 

Formerly Known As :

FICHAIN INTERNATIONAL (S) PTE LTD (06/07/1991)

 

 

Registered Office :

16, Kallang Place, 06-01/04, 339156

 

 

Country :

Singapore

 

 

Date of Incorporation :

30.04.1991

 

 

Com. Reg. No.:

199101937-H

 

 

Legal Form :

Exempt Private

 

 

Line of Business :

Specializes In A Wide Range Of Products Of Data Communication, Networking, Wireless, Display, Backup Ups And Accessories Providing Effortless Solutions For Both Wired And Wireless Networks

 

 

No of Employees :

30 [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 – 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 Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

B2

Moderate High Risk

 

C1

High Risk

C2

Very High Risk

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 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. Growth in 2014 was slower at 13.9%, 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. Singapore is a member of the 12-nation Trans-Pacific Partnership free trade agreement negotiations and, with the nine other ASEAN members, will form the ASEAN Economic Community in 2015.

 

Source : CIA

 

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

199101937-H

COMPANY NAME

:

FIDA INT'L (S) PTE LTD

FORMER NAME

:

FICHAIN INTERNATIONAL (S) PTE LTD (06/07/1991)

INCORPORATION DATE

:

30/04/1991

COMPANY STATUS

:

EXIST

LEGAL FORM

:

EXEMPT PRIVATE

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

16, KALLANG PLACE, 06-01/04, 339156, SINGAPORE.

BUSINESS ADDRESS

:

16, KALLANG PLACE, 06-01/04, KALLANG BASIN INDUSTRIAL ESTATE, 339156, SINGAPORE.

TEL.NO.

:

65-63570668

FAX.NO.

:

65-63570669

EMAIL

:

SALES@FIDA.COM

WEB SITE

:

WWW.PROLINK2U.COM

CONTACT PERSON

:

HUANG LI-YU ( DIRECTOR )

PRINCIPAL ACTIVITY

:

SPECIALIZES IN A WIDE RANGE OF PRODUCTS OF DATA COMMUNICATION, NETWORKING, WIRELESS, DISPLAY, BACKUP UPS AND ACCESSORIES PROVIDING EFFORTLESS SOLUTIONS FOR BOTH WIRED AND WIRELESS NETWORKS

ISSUED AND PAID UP CAPITAL

:

400,000.00 ORDINARY SHARE, OF A VALUE OF SGD 400,000.00

SALES

:

N/A

NET WORTH

:

N/A

STAFF STRENGTH

:

30 [2015]

BANKER (S)

:

UNITED OVERSEAS BANK LIMITED

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

N/A

PAYMENT

:

N/A

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

MODERATE

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

MARGINAL 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) specializes in a wide range of products of data communication, networking, wireless, display, backup ups and accessories providing effortless solutions for both wired and wireless networks.

 

Share Capital History

Date

Issue & Paid Up Capital

08/06/2015

SGD 400,000.00

 

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

 

Name

Address

IC/PP/Loc No

Shareholding

(%)

HUANG LI YU +

152, PRINCE CHARLES CRESCENT, 06-14, TANGLIN VIEW, 159013, SINGAPORE.

S2609370H

262,000.00

65.50

CHIEN KANG-MIN +

38-3, GUGONG ROAD, SHILIN DIST, 111, TAIWAN.

200481721

138,000.00

34.50

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

------

400,000.00

100.00

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

=====

+ Also Director




DIRECTORS


DIRECTOR 1

 

Name Of Subject

:

WANG HSIO TSU @ CHARLOTTE WANG

Address

:

152, PRINCE CHARLES CRESCENT, 06-14, TANGLIN VIEW, 159013, SINGAPORE.

IC / PP No

:

S2609371F

Nationality

:

SINGAPOREAN

Date of Appointment

:

06/04/1998

 

DIRECTOR 2

 

Name Of Subject

:

CHIEN KANG-MIN

Address

:

38-3, GUGONG ROAD, SHILIN DIST, 111, TAIWAN.

IC / PP No

:

200481721

Nationality

:

TAIWANESE

Date of Appointment

:

02/04/1993

 

DIRECTOR 3

 

Name Of Subject

:

HUANG LI YU

Address

:

152, PRINCE CHARLES CRESCENT, 06-14, TANGLIN VIEW, 159013, SINGAPORE.

IC / PP No

:

S2609370H

Nationality

:

SINGAPOREAN

Date of Appointment

:

30/04/2013



MANAGEMENT

 

1)

Name of Subject

:

HUANG LI-YU

Position

:

DIRECTOR

 

AUDITOR

 

Auditor

:

EDWIN TAY & CO.

Auditor' Address

:

N/A

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

TENG SEOK GOH

IC / PP No

:

S2010054J

Address

:

17, JUBILEE ROAD, 128549, SINGAPORE.

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

UNITED OVERSEAS BANK LIMITED

 

 

ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Charge Name

Total Charge

Status

C200901746

23/03/2009

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

 

 

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.


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

Credit Term

:

N/A

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

OPERATIONS

 

Goods Traded

:

DATA COMMUNICATION, NETWORKING, WIRELESS, DISPLAY, BACKUP UPS AND ACCESSORIES PROVIDING EFFORTLESS SOLUTIONS FOR BOTH WIRED AND WIRELESS NETWORKS

 

Total Number of Employees:

YEAR

2015

2013

GROUP

N/A

N/A

COMPANY

30

20

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) specializes in a wide range of products of data communication, networking, wireless, display, backup ups and accessories providing effortless solutions for both wired and wireless networks.

The Subject has been a provider of technologically innovative and user-friendly products of "PROLiNK" since 1991. With more than a decade of professional experience in the Info-communications sector.

The Subject specializes in a wide range of products of Data Communication, Networking, Wireless, Display, Backup UPS and Accessories providing effortless solutions for both wired and wireless networks.

 

CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

 

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-63570668

Match

:

N/A

Address Provided by Client

:

16, KALLANG PLACE NO. 06-01/04 KALLANG BASIN INDUSTRIAL ESTATE SINGAPORE 339156

Current Address

:

16, KALLANG PLACE, 06-01/04, KALLANG BASIN INDUSTRIAL ESTATE, 339156, 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


We contacted one of the staff from the Subject and he 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 :

TELECOMMUNICATION

Singapore's telecommunications industry has outperformed many of its regional peers with strong adoption of the latest products and services. Partially due to the country's small landmass and population size, the telecoms market has rapidly grown to a stage where it is approaching saturation. Next generation technologies, both mobile and fixed, are therefore the next step in fostering new developments and revenue streams, and industry players - the regulator and operators - have rightly moved in that direction.

BMI forecasted Singapore's mobile sector will grow by only 1.2% annually between 2013 and 2018 owing to the high penetration and a shift in operators' strategies. The fixed-line market has started to contract earlier than they had expected, and they forecasted the number of subscribers to decline to 1.7mn in 2018. Next generation fibre and LTE services are the future growth drivers for the Singaporean broadband industry, although they expect the growth momentum to be relative slow initially due to factors such as contract lock-in period. They forecasted 11.7mn broadband subscribers in the country by end-2018.

The number of broadband subscribers has increased by 4.5% in 2013, slower than the 11% surge in the previous year. With the continued rise in the number of subscribers, the broadband subscription rate ticked up from 1.9 per capita in 2012 to 2.0 per capita in 2013. Similarly, the international telephone call duration rose by 7.8% in 2013, moderating from the 8.9% increase in the previous year. In particular, call duration in the first half of the year increased by 1.6%, much slower than the 14% increase over the same period in 2012.

By contrast, the number of mobile subscribers grew by 4.4% in 2013, extending the 4.0% growth in 2012. As a result of the increase in subscribers, the mobile subscription rate reached 1.6 per capita in 2013, slightly higher than the 1.5 per capita in 2012.

OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH



CREDIT RISK EVALUATION & RECOMMENDATION

 


Incorporated in 1991, the Subject is an Exempt Private company, focusing on specializes in a wide range of products of data communication, networking, wireless, display, backup ups and accessories providing effortless solutions for both wired and wireless networks. 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. With an issued and paid up capital of SGD 400,000 contributed by individual shareholders, the Subject may face difficulties in its attempt to further expand its business in the future. Thus, the Subject should put more efforts on its business to gain higher market share while competing aggressively in the market.

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 30 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 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 has reached its maturity stage and only enjoying a marginal growth. The steady growth of the country's economy will further enhance the industry activities. Thus, the Subject's future performance is very much depend on its marketing strategies in order to retain its position in the market.

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. 64.11

UK Pound

1

Rs. 97.84

Euro

1

Rs. 71.11

 

INFORMATION DETAILS

 

Analysis Done by :

RSM

 

 

Report Prepared by :

DPT

 

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.