MIRA INFORM REPORT

 

 

Report No. :

344363

Report Date :

14.10.2015

 

IDENTIFICATION DETAILS

 

Name :

UNITED RAW MATERIAL PTE. LTD.

 

 

Registered Office :

33, Ubi Avenue 3, 05-32, Vertex, 408868

 

 

Country :

Singapore

 

 

Date of Incorporation :

30.05.2006

 

 

Com. Reg. No.:

200607763-E

 

 

Legal Form :

Exempt Private

 

 

Line of Business :

The Subject is engaged in trading of textile raw material, chemicals & polymers.

 

 

No. of Employees :

6

 

 

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.

:

200607763-E

COMPANY NAME

:

UNITED RAW MATERIAL PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

30/05/2006

COMPANY STATUS

:

EXIST

LEGAL FORM

:

EXEMPT PRIVATE

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

33, UBI AVENUE 3, 05-32, VERTEX, 408868, SINGAPORE.

BUSINESS ADDRESS

:

33, UBI AVENUE 3, 05-32, VERTEX, 408868, SINGAPORE.

TEL.NO.

:

65-63231721

FAX.NO.

:

65-68343860

WEB SITE

:

WWW.URMPL.COM

CONTACT PERSON

:

GOEL MANOJ OMPRAKASH ( MANAGING DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF TEXTILE RAW MATERIAL, CHEMICALS & POLYMERS

ISSUED AND PAID UP CAPITAL

:

4,004,405.00 ORDINARY SHARE, OF A VALUE OF USD 4,004,405.00 

SALES

:

N/A

NET WORTH

:

N/A

STAFF STRENGTH

:

6 [2015]

BANKER (S)

:

DBS BANK LTD
UNITED OVERSEAS BANK LIMITED
CITIBANK BHD
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED
CITIBANK N.A.

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

N/A

PAYMENT

:

UNKNOWN 

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 textile raw material, chemicals & polymers.

 

Share Capital History

Date

Issue & Paid Up Capital

13/10/2015

USD 4,004,405.00

 

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

 

Current Shareholder(s) :

Name

Address

IC/PP/Loc No

Shareholding

(%)

GOEL MANOJ OMPRAKASH +

22, NAND NIWAS, ASHOK NAGAR, ATHWA LINES, SURAT, GUJARAT, 465001, INDIA.

S2770136A

2,491,928.00

62.23

GOEL DEEPIKA MANOJ +

22, NAND NIWAS, ASHOK NAGAR, ATHWA LINES, SURAT, GUJARAT, 465001, INDIA.

S7388517E

1,470,050.00

36.71

FULZADE ROOPALI RAGHUNATH +

33, UBI AVENUE 3, 05-32, VERTEX, 408868, SINGAPORE.

G5939517W

42,427.00

1.06

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

------

4,004,405.00

100.00

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

=====

+ Also Director

 

 

DIRECTORS

DIRECTOR 1

 

Name Of Subject

:

SANDEEP SURESHCHANDRA AGARWAL

Address

:

703, ADITYA COMPLEX-A, KAPADIA HEALTH CLUB, BHATAR ROAD, SURAT-395001, GUJARAT, INDIA.

IC / PP No

:

Z1930956

Nationality

:

INDIAN

Date of Appointment

:

23/08/2011

 

DIRECTOR 2

 

Name Of Subject

:

FULZADE ROOPALI RAGHUNATH

Address

:

33, UBI AVENUE 3, 05-32, VERTEX, 408868, SINGAPORE.

IC / PP No

:

G5939517W

Nationality

:

INDIAN

Date of Appointment

:

30/05/2006

 

 

DIRECTOR 3

 

Name Of Subject

:

GOEL DEEPIKA MANOJ

Address

:

22, NAND NIWAS, ASHOK NAGAR, ATHWA LINES, SURAT, GUJARAT, 465001, INDIA.

IC / PP No

:

S7388517E

Nationality

:

INDIAN

Date of Appointment

:

30/05/2006

 

DIRECTOR 4

 

Name Of Subject

:

GOEL MANOJ OMPRAKASH

Address

:

22, NAND NIWAS, ASHOK NAGAR, ATHWA LINES, SURAT, GUJARAT, 465001, INDIA.

IC / PP No

:

S2770136A

Nationality

:

INDIAN

Date of Appointment

:

30/05/2006

 

 

MANAGEMENT

 

 

1)

Name of Subject

:

GOEL MANOJ OMPRAKASH

Position

:

MANAGING DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

S. RENGANATHAN & CO.

Auditor' Address

:

N/A

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

FULZADE ROOPALI RAGHUNATH

IC / PP No

:

G5939517W

Address

:

33, UBI AVENUE 3, 05-32, VERTEX, 408868, SINGAPORE.

 

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

DBS BANK LTD

 

2)

Name

:

UNITED OVERSEAS BANK LIMITED

 

3)

Name

:

CITIBANK BHD

 

4)

Name

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

 

5)

Name

:

CITIBANK N.A.

 

 

 

ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

C200801489

05/02/2008

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C200803305

09/04/2008

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C201000833

26/01/2010

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C201006022

15/07/2010

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C201007714

01/09/2010

N/A

DBS BANK LTD.

-

Unsatisfied

C201113921

03/11/2011

N/A

DBS BANK LTD.

-

Unsatisfied

C201208687

01/08/2012

N/A

CITIBANK N.A.

-

Unsatisfied

C201214230

05/12/2012

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C201311517

22/08/2013

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C201311523

22/08/2013

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C201314401

24/10/2013

N/A

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

-

Unsatisfied

C201505594

13/05/2015

N/A

CITIBANK N.A.

-

Unsatisfied

 

 

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

:

YES

Overseas

:

YES

Import Countries

:

CHINA,MALAYSIA,TAIWAN

 

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Export Market

:

WORLDWIDE

Credit Term

:

AS AGREED

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

OPERATIONS

 

Goods Traded

:

TEXTILE RAW MATERIAL, CHEMICALS & POLYMERS

 

Total Number of Employees:

 

YEAR

2015

2014

2013

2012

2011

GROUP

N/A

N/A

N/A

N/A

N/A

COMPANY

6

5

5

5

5

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) trading of textile raw material, chemicals & polymers. 

The Subject is the supplier of high quality textile yarns, chemicals and polymers including other fabrics. It has made a significant growth and has constantly redefined and mastered its core competencies through innovation and hard work in establishing satisfaction for all concerned. It is successfully working as a catalyst between manufacturers and prospective customers in the global market. 

The Subject's products are as follows:
Chemicals 
* caustic soda
* soda ash 
* methanol 
* pta 
* meg 
* sarasol - 40
* sarasol - 85 
* shellsol - a150 
* shellsol - a100

Textile 
* polyester
* viscose 
* nylon 
* pet chips 
* Cotton yarn 

Polymers
* pvc resin 
* pp granules

Industries served: 
* texturizers 
* weavers 
* traders 

The Subject ensures the quality of their products at every stage and supply only quality products to their customers. 


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

6563231721

Current Telephone Number

:

65-63231721

Match

:

YES

Address Provided by Client

:

33 UBI AVENUE 3, 05-32 VERTEX,408868,SINGAPORE

Current Address

:

33, UBI AVENUE 3, 05-32, VERTEX, 408868, 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 she 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 :

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)



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 an Exempt Private company, focusing on trading of textile raw material, chemicals & polymers. 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. A paid up capital of USD 4,004,405 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. 

Investigation revealed, 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 6 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 Subject's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials. Overall the Subject has a good control over its resources. 


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.65.02

UK Pound

1

Rs.99.89

Euro

1

Rs.73.92

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

TRU

 

               

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.