|
Report No. : |
341110 |
|
Report Date : |
16.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
WOOD CRAFT INTERNATIONAL PTE. LTD. |
|
|
|
|
Registered Office : |
143, Cecil Street, 07-00, Gb Building, 069546 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Date of Incorporation : |
06.03.2003 |
|
|
|
|
Com. Reg. No.: |
200302043-E |
|
|
|
|
Legal Form : |
Exempt Private |
|
|
|
|
Line of Business : |
Trading in timber and wood products |
|
|
|
|
No of Employees : |
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. 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. |
: |
200302043-E |
||||
|
COMPANY NAME |
: |
WOOD CRAFT INTERNATIONAL
PTE. LTD. |
||||
|
FORMER NAME |
: |
N/A |
||||
|
INCORPORATION DATE |
: |
06/03/2003 |
||||
|
COMPANY STATUS |
: |
EXIST |
||||
|
LEGAL FORM |
: |
EXEMPT PRIVATE |
||||
|
LISTED STATUS |
: |
NO |
||||
|
REGISTERED ADDRESS |
: |
143, CECIL STREET, 07-00, GB BUILDING,
069546, SINGAPORE. |
||||
|
BUSINESS ADDRESS |
: |
143, CECIL STREET, 07-00, GB BUILDING,
069542, SINGAPORE. |
||||
|
TEL.NO. |
: |
65-62248696 |
||||
|
FAX.NO. |
: |
65-62248697 |
||||
|
CONTACT PERSON |
: |
MANAK CHAND MAHESHWARI ( MANAGING DIRECTOR
) |
||||
|
PRINCIPAL ACTIVITY |
: |
TRADING IN TIMBER AND WOOD PRODUCTS |
||||
|
ISSUED AND PAID UP CAPITAL |
: |
2,000,000.00 ORDINARY SHARE, OF A VALUE OF
SGD 2,000,000.00 |
||||
|
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 |
: |
HIGH |
||||
|
CURRENCY EXPOSURE |
: |
HIGH |
||||
|
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 in timber and wood products.
Share Capital
History
|
Date |
Issue & Paid
Up Capital |
|
24/03/2015 |
SGD 2,000,000.00 |
The major shareholder(s) of the Subject are
shown as follows :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
MADHUBALA MAHESHWARI + |
763A, MOUNTBATTEN ROAD, 437849, SINGAPORE. |
S2583526C |
624,660.00 |
31.23 |
|
MANAK CHAND MAHESHWARI + |
763A, MOUNTBATTEN ROAD, 437849, SINGAPORE. |
S2583525E |
601,840.00 |
30.09 |
|
AJAY KUMAR DHAR + |
55, MERRYN ROAD, DUNEARN ESTATE, 298503,
SINGAPORE. |
S2699761E |
400,000.00 |
20.00 |
|
TANU MERH DHAR @ TANU MERH + |
55, MERRYN ROAD, DUNEARN ESTATE, 298503,
SINGAPORE. |
S7182245A |
200,000.00 |
10.00 |
|
SHAMBU PRASAD BIYANI |
5, PEACH GARDEN, PEACH GARDEN, 437605,
SINGAPORE. |
S2670761G |
173,500.00 |
8.68 |
|
--------------- |
------ |
|||
|
2,000,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Directo
DIRECTORS
|
DIRECTOR 1
|
Name Of Subject |
: |
AUTAR KRISHEN DHAR |
|
Address |
: |
9/1, R.N. MUKHERJEE ROAD, KOLKATA, 700001,
INDIA. |
|
IC / PP No |
: |
A9950559 |
|
Nationality |
: |
INDIAN |
|
Date of Appointment |
: |
06/03/2003 |
DIRECTOR 2
|
Name Of Subject |
: |
TANU MERH DHAR @ TANU MERH |
|
Address |
: |
55, MERRYN ROAD, DUNEARN ESTATE, 298503,
SINGAPORE. |
|
IC / PP No |
: |
S7182245A |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
06/03/2003 |
DIRECTOR 3
|
Name Of Subject |
: |
AJAY KUMAR DHAR |
|
Address |
: |
55, MERRYN ROAD, DUNEARN ESTATE, 298503,
SINGAPORE. |
|
IC / PP No |
: |
S2699761E |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
06/03/2003 |
DIRECTOR 4
|
Name Of Subject |
: |
MANAK CHAND MAHESHWARI |
|
Address |
: |
763A, MOUNTBATTEN ROAD, 437849, SINGAPORE. |
|
IC / PP No |
: |
S2583525E |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
17/04/2003 |
DIRECTOR 5
|
Name Of Subject |
: |
MADHUBALA MAHESHWARI |
|
Address |
: |
763A, MOUNTBATTEN ROAD, 437849, SINGAPORE. |
|
IC / PP No |
: |
S2583526C |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
17/04/2003 |
MANAGEMENT
|
|
1) |
Name of Subject |
: |
MANAK CHAND MAHESHWARI |
|
Position |
: |
MANAGING DIRECTOR |
|
AUDITOR
|
|
Auditor |
: |
MGI MENON & ASSOCIATES |
|
Auditor' Address |
: |
N/A |
COMPANY
SECRETARIES
|
|
1) |
Company Secretary |
: |
ARUMUGAM CHETTIAR MANICKAM |
|
IC / PP No |
: |
S0537812E |
|
|
Address |
: |
184, STIRLING ROAD, 07-242, 140184, SINGAPORE. |
|
|
2) |
Company Secretary |
: |
SWARAN SINGH |
|
IC / PP No |
: |
S1157721J |
|
|
Address |
: |
402, SIN MING AVENUE, 15-319, 570402, SINGAPORE. |
|
BANKING
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
CITIBANK N.A. |
ENCUMBRANCE
(S)
|
|
Charge No |
Creation Date |
Charge
Description |
Chargee Name |
Total Charge |
Status |
|
C201500807 |
19/01/2015 |
N/A |
OVERSEAS-CHINESE BANKING CORPORATION
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 |
: |
NO |
Percentage |
: |
0% |
|
Overseas |
: |
YES |
Percentage |
: |
100% |
|
Import Countries |
: |
MYANMAR,MALAYSIA,VIETNAM |
|||
CLIENTELE
|
|
Local |
: |
NO |
|
||
|
|||||
|
Overseas |
: |
YES |
Percentage |
: |
100% |
|
Export Market |
: |
INDIA |
|||
|
Credit Term |
: |
AS AGREED |
|||
|
Payment Mode |
: |
LETTER OF CREDIT (LC) |
|||
OPERATIONS
|
|
Goods Traded |
: |
LOGS, PLYWOOD AND TIMBER PRODUCTS |
|
|
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) trading in timber and
wood products.
The Subject sells logs.
CURRENT
INVESTIGATION
|
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
6562248696 |
|
Current Telephone Number |
: |
65-62248696 |
|
Match |
: |
YES |
|
Address Provided by Client |
: |
143, CECIL STREET #07-00, GB BUILDING
SINGAPORE 069542 |
|
Current Address |
: |
143, CECIL STREET, 07-00, GB BUILDING,
069542, SINGAPORE. |
|
Match |
: |
YES |
|
|
||
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 : |
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 : |
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
|
|
The Subject focuses only on overseas
market. This global approach has enabled the Subject to generate a better
growth sales. Being an export-oriented company, the Subject however is
subjected to certain inherent risk of global economy slowdown, foreign
currencies fluctuations and stiff competition in the international market.
Being a small company, the Subject's business operation is supported by 8
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. Investigation revealed that the Subject's
supplies are 100% sourced from overseas countries. As an imported oriented
company, its forex exposure is high. The Subject faces foreign currency
fluctuation which may affect its overall operating costs. 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.66.44 |
|
|
1 |
Rs.102.41 |
|
Euro |
1 |
Rs.75.05 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
TPT |
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.