|
Report No. : |
338935 |
|
Report Date : |
04.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
NAI NGUAN REMITTANCE SERVICE PTE. LTD. |
|
|
|
|
Registered Office : |
5001, Beach Road, 01-40, Golden Mile Complex, 199588 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Date of Incorporation : |
17.07.2006 |
|
|
|
|
Com. Reg. No.: |
200610372-M |
|
|
|
|
Legal Form : |
Exempt Private |
|
|
|
|
Line of Business : |
Subject is provide remittance services |
|
|
|
|
No. of Employee : |
8 [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 – 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. |
: |
200610372-M |
||||
|
COMPANY
NAME |
: |
NAI
NGUAN REMITTANCE SERVICE PTE. LTD. |
||||
|
FORMER
NAME |
: |
N/A |
||||
|
INCORPORATION
DATE |
: |
17/07/2006 |
||||
|
COMPANY
STATUS |
: |
EXIST |
||||
|
LEGAL
FORM |
: |
EXEMPT
PRIVATE |
||||
|
LISTED
STATUS |
: |
NO |
||||
|
REGISTERED
ADDRESS |
: |
5001,
BEACH ROAD, 01-40, GOLDEN MILE COMPLEX, 199588, SINGAPORE. |
||||
|
BUSINESS
ADDRESS |
: |
5001
BEACH ROAD, GOLDEN MILE COMPLEX, 401 - 40, 199588, SINGAPORE. |
||||
|
TEL.NO. |
: |
65-62919400 |
||||
|
FAX.NO. |
: |
N/A |
||||
|
CONTACT
PERSON |
: |
NG
BONG SENG ( DIRECTOR ) |
||||
|
PRINCIPAL
ACTIVITY |
: |
REMITTANCE
SERVICES |
||||
|
ISSUED
AND PAID UP CAPITAL |
: |
100,000.00
ORDINARY SHARE, OF A VALUE OF SGD 100,002.00 |
||||
|
SALES |
: |
N/A |
||||
|
NET
WORTH |
: |
N/A |
||||
|
STAFF
STRENGTH |
: |
8
[2015] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL
CONDITION |
: |
N/A |
||||
|
PAYMENT |
: |
N/A |
||||
|
MANAGEMENT
CAPABILITY |
: |
AVERAGE |
||||
|
COMMERCIAL
RISK |
: |
N/A |
||||
|
CURRENCY
EXPOSURE |
: |
N/A |
||||
|
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) remittance services.
Share
Capital History
|
Date |
Issue
& Paid Up Capital |
|
28/08/2015 |
SGD
100,002.00 |
The
major shareholder(s) of the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
NG
BONG SENG + |
30,
LIM TUA TOW ROAD, 547792, SINGAPORE. |
S0003661G |
50,000.00 |
50.00 |
|
NG
LEE KEEN + |
322A
JURONG EAST STREET 31, 10-246, 601322,, SINGAPORE. |
S0057251I |
50,000.00 |
50.00 |
|
--------------- |
------ |
|||
|
100,000.00 |
100.00 |
|||
|
============ |
===== |
+
Also Director
DIRECTORS
|
DIRECTOR 1
|
Name
Of Subject |
: |
NG
BONG SENG |
|
Address |
: |
30,
LIM TUA TOW ROAD, 547792, SINGAPORE. |
|
IC
/ PP No |
: |
S0003661G |
|
Nationality |
: |
SINGAPOREAN |
|
Date
of Appointment |
: |
17/07/2006 |
DIRECTOR
2
|
Name
Of Subject |
: |
NG
LEE KEEN |
|
Address |
: |
322A
JURONG EAST STREET 31, 10-246, 601322,, SINGAPORE. |
|
IC
/ PP No |
: |
S0057251I |
|
Nationality |
: |
SINGAPOREAN |
|
Date
of Appointment |
: |
17/07/2006 |
MANAGEMENT
|
|
1)
|
Name
of Subject |
: |
NG
BONG SENG |
|
Position |
: |
DIRECTOR |
|
AUDITOR
|
|
Auditor |
: |
STEPHEN
KOH & CO |
|
Auditor'
Address |
: |
N/A |
COMPANY
SECRETARIES
|
|
1)
|
Company
Secretary |
: |
NG
BONG SENG |
|
IC
/ PP No |
: |
S0003661G |
|
|
Address |
: |
30,
LIM TUA TOW ROAD, 547792, SINGAPORE. |
|
BANKING
|
Banking relations are maintained principally with :
|
1)
|
Name |
: |
STANDARD
CHARTERED BANK |
|
2)
|
Name |
: |
UNITED
OVERSEAS BANK LIMITED |
ENCUMBRANCE
(S)
|
|
Charge
No |
Creation
Date |
Charge
Description |
Chargee
Name |
Total
Charge |
Status |
|
C200904537 |
22/07/2009 |
N/A |
STANDARD
CHARTERED BANK |
- |
Unsatisfied |
|
C201011260 |
24/11/2010 |
N/A |
UNITED
OVERSEAS BANK LIMITED |
- |
Unsatisfied |
|
C201500191 |
06/01/2015 |
N/A |
MALAYAN
BANKING BERHAD |
- |
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 |
: |
N/A |
|
Overseas |
: |
N/A |
The Subject is a service provider.
CLIENTELE
|
|
Local |
: |
N/A |
|
Overseas |
: |
N/A |
The Subject refused to disclose its suppliers.
OPERATIONS
|
|
Services |
: |
REMITTANCE
SERVICES |
|
|
Total
Number of Employees: |
|||||||||
|
YEAR |
2015 |
||||||||
|
GROUP |
N/A |
||||||||
|
COMPANY |
8 |
||||||||
|
Branch |
: |
NO |
Other
Information:
The Subject is principally engaged in the (as a / as an) remittance services.
The Subject refused to disclose its operation.
CURRENT
INVESTIGATION
|
Latest
fresh investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
62919400
|
|
Current
Telephone Number |
: |
65-62919400 |
|
Match |
: |
YES |
|
Address
Provided by Client |
: |
5001
BEACH ROAD, GOLDEN MILE COMPLEX, 401 - 40 SINGAPORE 199588 |
|
Current
Address |
: |
5001
BEACH ROAD, GOLDEN MILE COMPLEX, 401 - 40, 199588, SINGAPORE. |
|
Match |
: |
YES |
|
|
||
Other
Investigations
We contacted one of the staff from the Subject and he provided some
information.
He refused to disclose its fax number.
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
: |
ECONOMY |
|
The
Ministry of Trade and Industry (MTI) announced that it expects the Singapore
economy to grow by around 3.0% in 2014, and by 2.0 to 4.0% in 2015. Besides that
in 2013, the economy grew by 4.1%, higher than the 1.9% growth in 2012. This
was mainly due to strong growth in the services producing industries,
particularly the finance & insurance, as well as wholesale & retail
trade sectors. |
|
|
In
2013, all sectors contributed positively to growth. Finance & insurance
was the largest contributor (1.2 percentage-points), followed by wholesale
& retail trade (0.8 percentage-points) and business services (0.6
percentage-points). Growth in the manufacturing sector was improved by 1.7%,
on the back of strong growth in the electronics and transport engineering
clusters. By contrast, growth in the construction sector moderated to 5.9%,
from 8.6% in 2012. |
|
|
Growth
in the services producing industries picked up to 5.3% in 2013, from 2.0% in
2012. This was mainly due to stronger growth in the finance & insurance
and wholesale & retail trade sectors. The finance & insurance sector
grew by 11%, up from 1.3% in the previous year. The wholesale & retail
trade sector has expanded by 5.0%, after declining by 1.4% the year before. |
|
|
For
the whole of 2013, growth in total demand was 3.1%, similar to the pace of
growth in 2012. External demand was the key contributor to total demand
growth, accounting for 2.7 percentage-points, or almost 90%, of the increase.
External demand grew at a faster pace of 3.6%, compared to the 1.4% growth in
2012. This was supported mainly by growth in the exports of machinery &
transport equipment, miscellaneous manufactures, and transport services.
Total domestic demand rose by a modest 1.7%, following the 8.6% increase in
2012. The slower growth in total domestic demand was primarily due to the
decline in gross fixed capital formation (GFCF). |
|
|
For
the full year, total consumption expenditure grew by 4.4% in 2013, faster
than the 2.8% growth in 2012. Public consumption expenditure increased by
11%, a strong rebound from the 1.9% decline in 2012. Private consumption
expenditure recorded gains of 2.7%, moderating from the 4.1% increase in the
preceding year. |
|
|
Furthermore,
in the first three quarters of 2014, the Singapore economy grew by 3.3% on a
year-on-year basis. For the rest of the year, growth is expected to ease
slightly on a year-on-year basis, in line with a projected slowdown in the
global economy. Externally-oriented sectors such as the manufacturing and
transportation & storage sectors are likely to slow, whereas growth in
the construction sector will continue to be weighed down by the weakness in
private sector construction activities. On the other hand,
domestically-oriented sectors like business services are likely to remain
resilient. |
|
|
Additionally,
the labour market in Singapore is expected to remain tight in 2015, with low unemployment
and rising vacancy rates. Against this global and domestic backdrop, the
growth outlook for the Singapore economy remains modest. In tandem with the
expected pick-up in external demand, externally-oriented sectors such as
manufacturing, wholesale trade and finance & insurance are likely to
provide support to growth. While some domestically-oriented sectors such as
businesses services are expected to remain resilient, labour-intensive ones
like construction, retail and food services may see their growth weighed down
by labour constraints. |
|
|
OVERALL
INDUSTRY OUTLOOK : MARGINAL GROWTH |
|
CREDIT
RISK EVALUATION & RECOMMENDATION
|
|
Incorporated
in 2006, the Subject is an Exempt Private company, focusing on remittance services.
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. Being a small company with an issued and a paid up capital of SGD
100,002 contributed from individual shareholders, the Subject does not have
strong shareholders' backing. Without a strong backing, the Subject may face
difficulties in its attempt to further expand its business in the future. |
|
|
FINANCIAL
ACCOUNT
|
No latest financial accounts are available at the Registry Office.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.23 |
|
|
1 |
Rs.101.22 |
|
Euro |
1 |
Rs.74.33 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
ASH |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.