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Report No. : |
324297 |
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Report Date : |
29.05.2015 |
IDENTIFICATION DETAILS
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Name : |
THE CANARY DIAMOND COMPANY PTE LTD |
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Registered Office : |
402, Orchard Road, 01-12, Delfi Orchard, 238876 |
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Country : |
Singapore |
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Date of Incorporation : |
23.03.2002 |
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Com. Reg. No.: |
200002421-E |
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Legal Form : |
Exempt Private |
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Line of Business : |
Repair and trading of jewellery. |
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No. of Employee : |
9 [2015] |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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Singapore |
A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 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.
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Source
: CIA |
EXECUTIVE SUMMARY
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) repair and trading of jewellery. Share Capital
History
The major shareholder(s)
of the Subject are shown as follows :
+ Also Director DIRECTORS
DIRECTOR 1
DIRECTOR 2
MANAGEMENT
AUDITOR
COMPANY SECRETARIES
BANKING
ENCUMBRANCE (S)
LITIGATION CHECK AGAINST
SUBJECT
PAYMENT RECORD
CLIENTELE
OPERATIONS
Other Information:
CURRENT INVESTIGATION
Latest fresh
investigations carried out on the Subject indicated that :
Other
Investigations
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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. |
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Overall financial condition of the
Subject : N/A |
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Major Economic Indicators : |
2009 |
2010 |
2011 |
2012 |
2013 |
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Population (Million) |
4.98 |
5.08 |
5.18 |
5.31 |
5.40 |
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Gross Domestic Products ( % ) |
(0.8) |
14.5 |
4.9 |
1.3 |
3.7 |
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Consumer Price Index |
0.6 |
2.8 |
5.2 |
4.6 |
2.4 |
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Total Imports (Million) |
356,299.3 |
423,221.8 |
459,655.1 |
474,554.0 |
466,762.0 |
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Total Exports (Million) |
391,118.1 |
478,840.7 |
514,741.2 |
510,329.0 |
513,391.0 |
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Unemployment Rate (%) |
3.2 |
2.2 |
2.1 |
2.0 |
1.9 |
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Tourist Arrival (Million) |
9.68 |
11.64 |
13.17 |
14.49 |
15.46 |
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Hotel Occupancy Rate (%) |
75.8 |
85.6 |
86.5 |
86.4 |
86.3 |
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Cellular Phone Subscriber (Million) |
1.37 |
1.43 |
1.50 |
1.52 |
1.97 |
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Registration of New Companies (No.) |
26,414 |
29,798 |
32,317 |
31,892 |
37,288 |
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Registration of New Companies (%) |
4.3 |
12.8 |
8.5 |
(1.3) |
9.8 |
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Liquidation of Companies (No.) |
22,393 |
15,126 |
19,005 |
17,218 |
17,369 |
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Liquidation of Companies (%) |
113.4 |
(32.5) |
25.6 |
9.4 |
(5.3) |
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Registration of New Businesses (No.) |
26,876 |
23,978 |
23,494 |
24,788 |
22,893 |
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Registration of New Businesses (%) |
8.15 |
(10.78) |
2.02 |
5.51 |
1.70 |
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Liquidation of Businesses (No.) |
23,552 |
24,211 |
23,005 |
22,489 |
22,598 |
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Liquidation of Businesses (%) |
11.4 |
2.8 |
(5) |
(2.2) |
0.5 |
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Bankruptcy Orders (No.) |
2,058 |
1,537 |
1,527 |
1,748 |
1,992 |
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Bankruptcy Orders (%) |
(11.5) |
(25.3) |
(0.7) |
14.5 |
14.0 |
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Bankruptcy Discharges (No.) |
3,056 |
2,252 |
1,391 |
1,881 |
2,584 |
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Bankruptcy Discharges (%) |
103.7 |
(26.3) |
(38.2) |
35.2 |
37.4 |
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INDUSTRIES ( % of Growth ) : |
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Agriculture |
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Production of Principal Crops |
3.25 |
(0.48) |
4.25 |
3.64 |
- |
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Fish Supply & Wholesale |
(1.93) |
(10.5) |
12.10 |
(0.5) |
- |
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Manufacturing * |
71.5 |
92.8 |
100.0 |
100.3 |
102.0 |
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Food, Beverages & Tobacco |
90.4 |
96.4 |
100.0 |
103.5 |
103.5 |
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Textiles |
145.9 |
122.1 |
100.0 |
104.0 |
87.1 |
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Wearing Apparel |
211.0 |
123.3 |
100.0 |
92.1 |
77.8 |
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Leather Products & Footwear |
79.5 |
81.8 |
100.0 |
98.6 |
109.8 |
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Wood & Wood Products |
101.4 |
104.0 |
100.0 |
95.5 |
107.4 |
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Paper & Paper Products |
95.4 |
106.1 |
100.0 |
97.4 |
103.2 |
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Printing & Media |
100.9 |
103.5 |
100.0 |
93.0 |
86.1 |
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Crude Oil Refineries |
96.4 |
95.6 |
100.0 |
99.4 |
93.5 |
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Chemical & Chemical Products |
80.3 |
97.6 |
100.0 |
100.5 |
104.1 |
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Pharmaceutical Products |
49.1 |
75.3 |
100.0 |
109.7 |
107.2 |
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Rubber & Plastic Products |
101.2 |
112.3 |
100.0 |
96.5 |
92.9 |
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Non-metallic Mineral |
91.9 |
92.5 |
100.0 |
98.2 |
97.6 |
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Basic Metals |
92.6 |
102.2 |
100.0 |
90.6 |
76.5 |
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Fabricated Metal Products |
90.8 |
103.6 |
100.0 |
104.3 |
105.1 |
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Machinery & Equipment |
57.3 |
78.5 |
100.0 |
112.9 |
114.5 |
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Electrical Machinery |
86.8 |
124.1 |
100.0 |
99.3 |
108.5 |
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Electronic Components |
85.2 |
113.6 |
100.0 |
90.6 |
94.3 |
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Transport Equipment |
96.0 |
94.0 |
100.0 |
106.3 |
107.5 |
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Construction |
(36.9) |
14.20 |
20.50 |
28.70 |
- |
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Real Estate |
1.4 |
21.3 |
25.4 |
31.9 |
- |
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Services |
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Electricity, Gas & Water |
1.70 |
4.00 |
7.00 |
6.30 |
- |
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Transport, Storage & Communication |
3.90 |
12.80 |
7.40 |
5.30 |
- |
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Finance & Insurance |
(16.4) |
(0.4) |
8.90 |
0.50 |
- |
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Government Services |
4.50 |
9.70 |
6.90 |
6.00 |
- |
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Education Services |
0.10 |
(0.9) |
(1.4) |
0.30 |
- |
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* Based on Index of Industrial Production (2011 = 100) |
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INDUSTRY : |
TRADING |
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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. |
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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. |
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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%. |
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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. |
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OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH |
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No latest financial accounts are available at the Registry Office.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.63.90 |
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|
1 |
Rs.98.16 |
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Euro |
1 |
Rs.69.74 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
ANK |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.