|
|
|
MIRA INFORM REPORT
|
Report No. : |
490806 |
|
Report Date : |
12.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
ALTRUISTIC
SERVICES PTE. LTD. |
|
|
|
|
Registered Office : |
3, Shenton Way, 12-04a, Shenton House, 068805 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Date of Incorporation : |
27.06.2002 |
|
|
|
|
Com. Reg. No.: |
200205544N |
|
|
|
|
Legal Form : |
Exempt Private (Limited By Share) |
|
|
|
|
Line of Business : |
Trading of Wood and Logs. |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
B |
|
Credit Rating |
Explanation |
Rating Comments |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
Singapore |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately 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 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. Growth in 2014-17 was slower than during the previous decade, at under 3% annually, 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 growth, and increasing Singaporean wages. Singapore has attracted major investments in advanced manufacturing, pharmaceuticals, and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and technology hub. Singapore is a member of the Regional Comprehensive Economic Partnership negotiations with the nine other ASEAN members plus Australia, China, India, Japan, South Korea, and New Zealand. In 2015, Singapore formed, with the other ASEAN members, the ASEAN Economic Community.
|
Source
: CIA |
EXECUTIVE
SUMMARY
|
REGISTRATION
NO. |
: |
200205544N |
||||
|
COMPANY
NAME |
: |
ALTRUISTIC
SERVICES PTE. LTD. |
||||
|
FORMER
NAME |
: |
N/A |
||||
|
INCORPORATION
DATE |
: |
27/06/2002 |
||||
|
COMPANY
STATUS |
: |
EXIST |
||||
|
LEGAL
FORM |
: |
EXEMPT
PRIVATE (LIMITED BY SHARE) |
||||
|
LISTED
STATUS |
: |
NO |
||||
|
REGISTERED
ADDRESS |
: |
3,
SHENTON WAY, 12-04A, SHENTON HOUSE, 068805, SINGAPORE. |
||||
|
BUSINESS
ADDRESS |
: |
3,
SHENTON WAY, 12-04A, SHENTON HOUSE,, 068805, SINGAPORE. |
||||
|
TEL.NO. |
: |
65-65348508 |
||||
|
FAX.NO. |
: |
65-65348608 |
||||
|
CONTACT
PERSON |
: |
RAJESHWARI
JAIN ( DIRECTOR ) |
||||
|
PRINCIPAL
ACTIVITY |
: |
TRADING
OF WOOD AND LOGS |
||||
|
ISSUED
AND PAID UP CAPITAL |
: |
1,923,950.00
ORDINARY SHARE, OF A VALUE OF USD 1,750,000.00 |
||||
|
SALES |
: |
N/A |
||||
|
NET
WORTH |
: |
N/A |
||||
|
STAFF
STRENGTH |
: |
N/A |
||||
|
||||||
|
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 |
: |
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 ≤ SGD10 million, or total assets ≤ SGD10 million or
number of employees ≤ 50 (meet at least 2 criteria for immediate past two
financial years) are exempted from statutory auditing requirements. 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.
An exempt private company with an annual
turnover of more than SGD10 million, or total assets more than SGD10 million or
number of employees more than 50 (meet at least 2 criteria for immediate past
two financial years) are required to file the audited financial.
The Subject is principally engaged in the (as
a / as an) trading of wood and logs.
Share
Capital History
|
Date |
Issue
& Paid Up Capital |
|
09/02/2018 |
USD
1,750,000.00 |
The
major shareholder(s) of the Subject are shown as follows :
Current
Shareholder(s) :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
AMIT
BHADR JAIN + |
1107/30
THE CIRCUS, BURSWOOD PERTH, WA 6100, AUSTRALIA. |
S2712435F |
641,317.00 |
33.33 |
|
RAJESHWARI
JAIN + |
1107/30
THE CIRCUS, BURSWOOD PERTH, WA 6100, AUSTRALIA. |
S2712436D |
641,317.00 |
33.33 |
|
SHREYANS
JAIN + |
UNIT
1905/8 ADELAIDE TERRACE, EAST PERTH WESTERN AUSTRALIA 6004, AUSTRALIA. |
N0723219 |
641,316.00 |
33.33 |
|
--------------- |
------ |
|||
|
1,923,950.00 |
100.00 |
|||
|
============ |
===== |
+
Also Director
DIRECTORS
DIRECTOR
1
|
Name
Of Subject |
: |
VISOOR
SESHADRI RAMESH |
|
Address |
: |
682,
RACE COURSE ROAD, 04-329, 210682, SINGAPORE. |
|
IC
/ PP No |
: |
S7467191H |
|
Nationality |
: |
INDIAN |
|
Date
of Appointment |
: |
06/03/2011 |
INTEREST CHECK
|
Interest
in companies |
: |
see
below |
|
Interest
in business |
: |
none
in our databank |
|
Former
interest |
: |
none
in our databank |
INTEREST
IN COMPANY
|
No |
Local
No |
Company |
Designation |
App
Date |
Shareholding |
Profit/(loss)
After Tax |
Financial
Year |
Status |
As
At |
|
|
No. |
% |
|||||||||
|
1 |
200205544N |
ALTRUISTIC
SERVICES PTE. LTD. |
Secretary
Director |
15/02/2014
06/03/2011 |
0.00 |
- |
- |
- |
- |
09/02/2018 |
DIRECTOR
2
|
Name
Of Subject |
: |
SHREYANS
JAIN |
|
Address |
: |
UNIT
1905/8 ADELAIDE TERRACE, EAST PERTH WESTERN AUSTRALIA 6004, AUSTRALIA. |
|
IC
/ PP No |
: |
N0723219 |
|
Nationality |
: |
INDIAN |
|
Date
of Appointment |
: |
01/04/2015 |
INTEREST CHECK
|
Interest
in companies |
: |
see
below |
|
Interest
in business |
: |
none
in our databank |
|
Former
interest |
: |
none
in our databank |
INTEREST
IN COMPANY
|
No |
Local
No |
Company |
Designation |
App
Date |
Shareholding |
Profit/(loss)
After Tax |
Financial
Year |
Status |
As
At |
|
|
No. |
% |
|||||||||
|
1 |
200205544N |
ALTRUISTIC
SERVICES PTE. LTD. |
Director |
01/04/2015 |
641,316.00 |
33.33 |
- |
- |
- |
09/02/2018 |
DIRECTOR
3
|
Name
Of Subject |
: |
RAJESHWARI
JAIN |
|
Address |
: |
1107/30
THE CIRCUS, BURSWOOD PERTH, WA 6100, AUSTRALIA. |
|
IC
/ PP No |
: |
S2712436D |
|
Nationality |
: |
SINGAPOREAN |
|
Date
of Appointment |
: |
27/06/2002 |
INTEREST CHECK
|
Interest
in companies |
: |
see
below |
|
Interest
in business |
: |
none
in our databank |
|
Former
interest |
: |
none
in our databank |
INTEREST
IN COMPANY
|
No |
Local
No |
Company |
Designation |
App
Date |
Shareholding |
Profit/(loss)
After Tax |
Financial
Year |
Status |
As
At |
|
|
No. |
% |
|||||||||
|
1 |
200205544N |
ALTRUISTIC
SERVICES PTE. LTD. |
Director |
27/06/2002 |
641,317.00 |
33.33 |
- |
- |
- |
09/02/2018 |
DIRECTOR
4
|
Name
Of Subject |
: |
AMIT
BHADR JAIN |
|
Address |
: |
1107/30
THE CIRCUS, BURSWOOD PERTH, WA 6100, AUSTRALIA. |
|
IC
/ PP No |
: |
S2712435F |
|
Nationality |
: |
SINGAPOREAN |
|
Date
of Appointment |
: |
27/06/2002 |
INTEREST CHECK
|
Interest
in companies |
: |
see
below |
|
Interest
in business |
: |
none
in our databank |
|
Former
interest |
: |
none
in our databank |
INTEREST
IN COMPANY
|
No |
Local
No |
Company |
Designation |
App
Date |
Shareholding |
Profit/(loss)
After Tax |
Financial
Year |
Status |
As
At |
|
|
No. |
% |
|||||||||
|
1 |
200205544N |
ALTRUISTIC
SERVICES PTE. LTD. |
Director |
27/06/2002 |
641,317.00 |
33.33 |
- |
- |
- |
09/02/2018 |
MANAGEMENT
|
1)
|
Name
of Subject |
: |
RAJESHWARI
JAIN |
|
Position |
: |
DIRECTOR |
AUDITOR
|
Auditor |
: |
A2
PRACTICE |
|
Auditor'
Address |
: |
N/A |
COMPANY
SECRETARIES
|
1)
|
Company
Secretary |
: |
VISOOR
SESHADRI RAMESH |
|
IC
/ PP No |
: |
S7467191H |
|
|
Address |
: |
682,
RACE COURSE ROAD, 04-329, 210682, SINGAPORE. |
|
BANKING
Banking relations are maintained principally with :
|
1)
|
Name |
: |
BANK
OF INDIA |
ENCUMBRANCE
(S)
|
Charge
No |
Creation
Date |
Charge
Description |
Chargee
Name |
Total
Charge |
Status |
|
C200708502 |
09/10/2007 |
N/A |
BANK
OF INDIA |
- |
Unsatisfied |
LITIGATION CHECK - SUBJECT COMPANY AS A
DEFENDANT
* 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 |
: |
N/A |
|
Overseas |
: |
N/A |
The Subject refused to disclose its clientele.
OPERATIONS
|
Goods
Traded |
: |
WOOD
AND LOGS |
|
|
Branch |
: |
NO |
Other
Information:
The Subject is principally engaged in the (as a / as an) trading of wood and
logs.
The Subject refused to disclose its operation.
CURRENT
INVESTIGATION
Latest
fresh investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
6565348508 |
|
Current
Telephone Number |
: |
65-65348508 |
|
Match |
: |
YES |
|
Address
Provided by Client |
: |
3
SHENTON WAY, #12-04A SHENTON HOUSE, 068805 |
|
Current
Address |
: |
3,
SHENTON WAY, 12-04A, SHENTON HOUSE,, 068805, SINGAPORE. |
|
Match |
: |
YES |
Other
Investigations
We contacted one of the staff from the Subject but he refused to cooperate with
us on providing its business activity.
The Subject refused to disclose its number of employees.
FINANCIAL
ANALYSIS
|
An
exempt private company with an annual turnover of ≤ SGD10 million, or
total assets ≤ SGD10 million or number of employees ≤ 50 (meet at
least 2 criteria for immediate past two financial years) are exempted from
statutory auditing requirements. 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. |
||||||
|
Overall
financial condition of the Subject : N/A |
||||||
SINGAPORE
ECONOMIC/ INDUSTRY OUTLOOK
|
Major
Economic Indicators : |
2012 |
2013 |
2014 |
2015 |
2016* |
|
|
|||||
|
Population
(Million) |
5.31 |
5.40 |
5.47 |
5.54 |
5.63 |
|
Gross
Domestic Products ( % ) |
1.3 |
3.7 |
(3.5) |
3.7 |
4.8 |
|
Consumer
Price Index |
4.6 |
2.4 |
2.4 |
(0.5) |
(0.7) |
|
Total
Imports (Million) |
474,554.0 |
466,762.0 |
463,779.1 |
407,767.9 |
398,372.0 |
|
Total
Exports (Million) |
510,329.0 |
513,391.0 |
518,922.7 |
476,285.4 |
468,552.0 |
|
|
|||||
|
Unemployment
Rate (%) |
2.0 |
1.9 |
1.9 |
1.9 |
2.1 |
|
Tourist
Arrival (Million) |
14.49 |
15.46 |
15.01 |
15.23 |
16.28 |
|
Hotel
Occupancy Rate (%) |
86.4 |
86.3 |
85.5 |
85.0 |
- |
|
Cellular
Phone Subscriber (Million) |
1.52 |
1.97 |
1.98 |
1.99 |
- |
|
|
|||||
|
Registration
of New Companies (No.) |
31,892 |
37,288 |
41,589 |
34,243 |
35,528 |
|
Registration
of New Companies (%) |
(1.3) |
9.8 |
11.5 |
(17.7) |
3.8 |
|
Liquidation
of Companies (No.) |
17,218 |
17,369 |
18,767 |
21,384 |
- |
|
Liquidation
of Companies (%) |
9.4 |
(5.3) |
8.0 |
13.9 |
- |
|
|
|||||
|
Registration
of New Businesses (No.) |
24,788 |
22,893 |
35,773 |
28,480 |
33,326 |
|
Registration
of New Businesses (%) |
5.51 |
1.70 |
56.30 |
(20.39) |
17.02 |
|
Liquidation
of Businesses (No.) |
22,489 |
22,598 |
22,098 |
26,116 |
- |
|
Liquidation
of Businesses (%) |
(2.2) |
0.5 |
(2.2) |
18.2 |
- |
|
|
|||||
|
Bankruptcy
Orders (No.) |
1,748 |
1,992 |
1,757 |
1,776 |
- |
|
Bankruptcy
Orders (%) |
14.5 |
14.0 |
(11.8) |
1.0 |
- |
|
Bankruptcy
Discharges (No.) |
1,881 |
2,584 |
3,546 |
3,499 |
- |
|
Bankruptcy
Discharges (%) |
35.2 |
37.4 |
37.2 |
(1.3) |
- |
|
|
|||||
|
INDUSTRIES
( % of Growth ) : |
|||||
|
Agriculture |
|||||
|
Production
of Principal Crops |
5.16 |
1.78 |
4.29 |
3.04 |
- |
|
Fish
Supply & Wholesale |
(0.5) |
(3.8) |
(8.6) |
(8.5) |
(9.9) |
|
|
|||||
|
Manufacturing
# |
|||||
|
Food,
Beverages & Tobacco |
97.9 |
97.9 |
99.4 |
100.0 |
103.7 |
|
Textiles |
140.1 |
119.5 |
102.7 |
100.0 |
93.3 |
|
Wearing
Apparel |
395.4 |
334.1 |
212.6 |
100.0 |
80.3 |
|
Leather
Products & Footwear |
109.5 |
122.0 |
106.5 |
100.0 |
93.2 |
|
Wood
& Wood Products |
93.3 |
103.0 |
107.2 |
100.0 |
90.5 |
|
Paper
& Paper Products |
98.5 |
104.4 |
104.5 |
100.0 |
99.7 |
|
Printing
& Media |
122.8 |
113.8 |
105.968
|
100.0 |
86.9 |
|
Crude
Oil Refineries |
107.1 |
100.7 |
92.2 |
100.0 |
100.5 |
|
Chemical
& Chemical Products |
85.3 |
88.4 |
96.7 |
100.0 |
97.6 |
|
Pharmaceutical
Products |
103.8 |
101.421
|
109.4 |
100.0 |
115.9 |
|
Rubber
& Plastic Products |
113.5 |
109.497
|
109.2 |
100.0 |
87.9 |
|
Non-metallic
Mineral |
108.8 |
107.4 |
90.759
|
100.0 |
93.6 |
|
Basic
Metals |
91.5 |
77.2 |
99.3 |
100.0 |
113.1 |
|
Fabricated
Metal Products |
107.314
|
107.5 |
107.757
|
100.0 |
91.7 |
|
Machinery
& Equipment |
107.3 |
109.1 |
118.2 |
100.0 |
79.3 |
|
Electrical
Machinery |
80.102
|
87.4 |
97.871
|
100.0 |
99.3 |
|
Electronic
Components |
100.7 |
105.0 |
105.6 |
100.0 |
106.3 |
|
Transport
Equipment |
109.9 |
111.1 |
106.68
|
100.0 |
98.7 |
|
|
|||||
|
Construction |
28.70 |
25.40 |
22.00 |
- |
- |
|
Real
Estate |
31.9 |
88.5 |
145.1 |
- |
- |
|
|
|||||
|
Services |
|||||
|
Electricity,
Gas & Water |
6.30 |
6.70 |
6.50 |
- |
- |
|
Transport,
Storage & Communication |
5.30 |
9.80 |
14.20 |
- |
- |
|
Finance
& Insurance |
0.50 |
3.30 |
6.00 |
- |
7.40 |
|
Government
Services |
6.00 |
6.50 |
6.30 |
- |
- |
|
Education
Services |
0.30 |
3.10 |
5.98 |
- |
2.40 |
|
|
|||||
|
*
Estimate / Preliminary |
|||||
|
#
Based on Index of Industrial Production (2015 = 100) |
INDUSTRY
ANALYSIS
|
INDUSTRY
: |
TRADING |
|
The
wholesale & retail trade sector expanded by 6.8% in the third quarter of
2015, higher than the 6.0% growth in the preceding quarter. Growth was
supported by both the wholesale trade and retail trade segments. The
wholesale trade segment was boosted by an increase in both domestic and
foreign wholesale trade sales volume. In particular, the domestic wholesale
trade index rose by 7.4%, following the 8.1 % increase in the previous
quarter. The strong performance in domestic wholesale trade was due to a
surge in the sales of petroleum and petroleum products (14%), chemicals &
chemical products (39%) and telecommunications & computers (18%). |
|
|
Similarly,
the foreign wholesale trade index rose by 10% in the third quarter of 2015,
accelerating from the 6.9% rise in the previous quarter. Growth was driven by
improvements in the sales of petroleum & petroleum products (21%),
metals, timber & construction materials (10%) and general wholesale trade
(8.8%). |
|
|
Overall
retail trade sales volume also recorded resilient growth of 5.6% in the third
quarter of 2015, extending the 6.4 % expansion in the second quarter. Growth
was supported by a surge in the volume of motor vehicle sales (44%), which
was in turn due to a substantial increase in the supply of Certificate of
Entitlements. Excluding motor vehicles, retail sales volume increased at a
much slower pace of 0.7% over the same period. The increase in retail sales
volume (excluding motor vehicles) was due to improved non-discretionary goods
sales. For instance, the sales of medical goods & toiletries and
department store goods rose by 8.1% and 3.6% respectively. |
|
|
According
to the Retail News Asia, Food and beverage has overtaken fashion as the
primary driver of demand for retail real estate in Singapore. Despite
declining retail sales and consumer spending, the prime retail sector
remained in good shape during the third quarter 2015. |
|
|
OVERALL
INDUSTRY OUTLOOK : AVERAGE GROWTH |
|
CREDIT
RISK EVALUATION & RECOMMENDATION
|
Incorporated
in 2002, the Subject is an Exempt Private company, focusing on trading of
wood and logs. Having been in the industry for over a decade, the Subject has
achieved a certain market share and has built up a satisfactory reputation in
the market. It should have received supports from its regular customers.
Presently, the issued and paid up capital of the Subject stands at USD
1,750,000. The Subject does not have strong shareholders' backing.
Without a strong shareholders' backing, the opportunity of the Subject to
expand its business is limited. |
FINANCIAL
ACCOUNT
No latest financial accounts are available at the Registry Office.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.37 |
|
|
1 |
INR 89.71 |
|
Euro |
1 |
INR 78.89 |
|
SGD |
1 |
INR 48.50 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIY |
|
|
|
|
Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.