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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

486080

Report Date :

12.01.2018

 

IDENTIFICATION DETAILS

 

Name :

RELIANCE PRODUCTS PTE. LTD.

 

 

Formerly Known As :

RELIANCE LOGISTIC PTE. LTD.

 

 

Registered Office :

23, Tuas Avenue 10, 639149

 

 

Country :

Singapore

 

 

Date of Incorporation :

09.01.2004

 

 

Com. Reg. No.:

200400369-K

 

 

Legal Form :

Exempt Private (Limited By Share)

 

 

Line of Business :

Subject is engaged in warehousing and logistic service, freight forwarding.

 

 

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 :

Exist

 

 

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 2014-16 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.

:

200400369-K

COMPANY NAME

:

RELIANCE PRODUCTS PTE. LTD.

FORMER NAME

:

RELIANCE LOGISTIC PTE. LTD. (02/09/2011)

INCORPORATION DATE

:

09/01/2004

COMPANY STATUS

:

EXIST

LEGAL FORM

:

EXEMPT PRIVATE (LIMITED BY SHARE)

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

23, TUAS AVENUE 10, 639149, SINGAPORE.

BUSINESS ADDRESS

:

23, TUAS AVENUE 10, 639149, SINGAPORE.

TEL.NO.

:

65-68622558

FAX.NO.

:

65-68623286

CONTACT PERSON

:

MAUNG SHWE TINT ( MANAGING DIRECTOR )

PRINCIPAL ACTIVITY

:

WAREHOUSING AND LOGISTIC SERVICE, FREIGHT FORWARDING

ISSUED AND PAID UP CAPITAL

:

1,100,000.00 ORDINARY SHARE, OF A VALUE OF SGD 1,100,000.00

SALES

:

N/A

NET WORTH

:

N/A

STAFF STRENGTH

:

N/A

BANKER (S)

:

UNITED OVERSEAS BANK LIMITED

LITIGATION

:

TRACED

FINANCIAL CONDITION

:

N/A

PAYMENT

:

UNKNOWN

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

MODERATE

CURRENCY EXPOSURE

:

MODERATE

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) warehousing and logistic service, freight forwarding.

 

Share Capital History

Date

Issue & Paid Up Capital

28/07/2017

SGD 1,100,000.00

 

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


Current Shareholder(s) :

Name

Address

IC/PP/Loc No

Shareholding

(%)

MAUNG SHWE TINT +

49, JALAN MAS PUTEH, PASIR PANJANG GARDENS, 128642, SINGAPORE.

S7064893H

1,100,000.00

100.00

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

------

1,100,000.00

100.00

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

=====

+ Also Director



DIRECTORS


DIRECTOR 1

 

Name Of Subject

:

TAN CHAY SENG

Address

:

150, BUKIT BATOK STREET 11, 03-230, 650150, SINGAPORE.

IC / PP No

:

S1045864A

Nationality

:

SINGAPOREAN

Date of Appointment

:

16/07/2014



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 (Number of Share)

Profit/(loss) After Tax

Financial Year

Status

As At

1

200806053C

RELIANCE GLOBAL (S) PTE. LTD.

Shareholder

-

25.00

-

-

-

05/02/2016

2

200400369K

RELIANCE PRODUCTS PTE. LTD.

Director

16/07/2014

0.00

-

-

-

28/07/2017

 

DIRECTOR 2

 

Name Of Subject

:

PRAKASH VEER PANDEY

Address

:

704, JURONG WEST STREET 71, 02-92, 640704, SINGAPORE.

IC / PP No

:

S7564002A

Nationality

:

SINGAPOREAN

Date of Appointment

:

16/07/2014



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 (Number of Share)

Profit/(loss) After Tax

Financial Year

Status

As At

1

200400369K

RELIANCE PRODUCTS PTE. LTD.

Director

16/07/2014

0.00

-

-

-

28/07/2017

 

DIRECTOR 3

 

Name Of Subject

:

MAUNG SHWE TINT

Address

:

49, JALAN MAS PUTEH, PASIR PANJANG GARDENS, 128642, SINGAPORE.

IC / PP No

:

S7064893H

Nationality

:

SINGAPOREAN

Date of Appointment

:

12/02/2004



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 (Number of Share)

Profit/(loss) After Tax

Financial Year

Status

As At

1

200706712W

FU XING PTE. LTD.

Director

15/10/2008

1.00

-

-

-

28/04/2017

2

200806053C

RELIANCE GLOBAL (S) PTE. LTD.

Director

28/03/2008

25.00

-

-

-

05/02/2016

3

200400369K

RELIANCE PRODUCTS PTE. LTD.

Director

12/02/2004

1,100,000.00

-

-

-

28/07/2017

4

201101522D

UNITED MERCURY GROUP CORPORATION PTE. LTD.

Director

17/01/2011

3.00

-

-

-

28/08/2014

5

200916365C

WIN STRATEGIC PTE. LTD.

Director

13/10/2010

0.00

-

-

-

02/06/2011



MANAGEMENT

 

 

 

1)

Name of Subject

:

MAUNG SHWE TINT

Position

:

MANAGING DIRECTOR

 

 

AUDITOR

 

Auditor

:

A2 PRACTICE

Auditor' Address

:

N/A

 

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

MA HLA HLA MAW

IC / PP No

:

S2735286C

Address

:

264, BUKIT BATOK EAST AVENUE 4, 06-207, 650264, SINGAPORE.

 

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

UNITED OVERSEAS BANK LIMITED

 

 

 

ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

C201411852

29/10/2014

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C201603599

01/04/2016

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C201607634

02/08/2016

N/A

UNITED OVERSEAS BANK LIMITED

-

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.

LEGAL ACTION

 

 

Code No

:

99

Case No

:

1283

Year

:

2017

Place

:

SINGAPORE

Court

:

MAGISTRATE COURT

Date Filed

:

23/01/2017

Solicitor

:

BOO MOH CHEH

Solicitor Ref

:

BMC.2908.16.WH

Solicitor Firm

:

KURUP & BOO

Plaintiff

:

JASVINDER KAUR D/O GURCHARAN SINGH MAKKAR

DEFENDANTS

:

RELIANCE PRODUCTS PTE. LTD. (200400369)

Hearing Date

:

N/A

Amount Claimed

:

8000

Nature of Claim

:

SGD

Remark

:

NEGLIGENCE

 

No winding up petition was found in our databank

 

 

PAYMENT RECORD

 

 

SOURCES OF RAW MATERIALS:

Local

:

YES

Overseas

:

YES

 

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Export Market

:

ASIA PACIFIC

Credit Term

:

AS AGREED

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

OPERATIONS

 

Services

:

WAREHOUSING AND LOGISTIC SERVICE, FREIGHT FORWARDING

 

Total Number of Employees:

 

YEAR

2015

2013

2012

GROUP

N/A

N/A

N/A

COMPANY

8

8

8

 

Branch

:

NO

 

Other Information:


The Subject is principally engaged in the (as a / as an) warehousing and logistic service, freight forwarding.

The Subject is engaged in the Logistics-Warehousing business.

 

CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-68622558

Match

:

N/A

Address Provided by Client

:

23, TIAS AVUNES 10, 639149

Current Address

:

23, TUAS AVENUE 10, 639149, 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 he 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 :

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

-

-

Government Services

6.00

6.50

6.30

-

-

Education Services

0.30

3.10

5.98

-

-

 

* Estimate / Preliminary

# Based on Index of Industrial Production (2015 = 100)



INDUSTRY ANALYSIS

 

INDUSTRY :

ECONOMY

The economy expanded by 1.9% in the third quarter of 2015, marginally slower than the 2.0% growth in the second quarter. On a quarter-on-quarter seasonally-adjusted annualised basis, the economy grew by 1.9%, a reversal from the 2.6% contraction in the previous quarter.

Among the key sectors of the economy, the manufacturing sector recorded the weakest performance, contracting by 6.2% in the third quarter of 2015, extending the 4.8% decline in the previous quarter. The contraction was primarily due to a decline in the output of the transport engineering, electronics and precision engineering clusters.

The services producing industries performed better, with all sectors registering expansions. The wholesale & retail trade sector posted the strongest growth of 6.8%, followed by the finance & insurance (4.8%), information & communications (4.8%), other services (2.2%) and business services (1.5%) sectors. The accommodation & food services and transportation & storage sectors also recorded positive growth of 0.9% and 0.3% respectively.

Meanwhile, the construction sector grew by 1.6%, moderating from the 2.2% growth in the second quarter of 2015. The sectors that contributed the most to economic growth in the third quarter of 2015 were the wholesale & retail trade and finance & insurance sectors. Together, they accounted for about 97% of overall GDP growth.

Total demand rose by 4.1% in the third quarter, accelerating from the 0.6% growth in the previous quarter. The expansion was supported by both external and domestic demand. External demand rose at a faster pace of 3.2%, compared to the 1.1% growth in the previous quarter. Meanwhile, domestic demand increased by 6.6%, a rebound from the 0.6% decline in the second quarter.

Domestic demand was driven by consumption expenditure, which grew by 6.7% in the third quarter of 2015 following the 3.4% growth in the previous quarter. Both private and public consumption contributed to the rise in consumption expenditure. Changes in inventories also supported growth, rising by 1.6%, a reversal from the 2.9% contraction in the previous quarter. Growth in gross fixed capital formation moderated to 0.2%, from 4.1% in the previous quarter, weighed down by both public and private investments. Public investments contracted by 1.1%, a sharp reversal from the 11% growth in the previous quarter. On the other hand, private investments registered modest growth of 0.5%, slower than the 2.4% growth in the previous quarter.

Overall employment rose by 16,400 on a quarter-on-quarter basis in the third quarter of 2015, faster than the gains of 9,700 in the previous quarter. However, this represented a slower rate of increase as compared to the employment gains of 33,400 in the third quarter of 2014. The increase in employment in the third quarter brought the total number of employed persons in September 2015 to 3,644,000, 1.7% higher than a year ago. The rate of increase over 2014 was slower compared to that recorded in June 2015 (2.2%). At the sectoral level, employment in the services and construction sectors expanded on a quarter-on-quarter basis in the third quarter of 2015, while manufacturing employment continued to decline.

Even though global growth is expected to improve, the continued slowdown in the Chinese economy, the services-driven nature of growth in the US, as well as the trends of in-sourcing in China and the US may mean that external demand for Singapore and regional countries may not see a significant uplift in 2016. Domestically, the labour market is also expected to be tight, with the unemployment rate remaining low.

Against this backdrop, the growth outlook for the Singapore economy in 2016 is modest. While sectors such as finance & insurance and wholesale trade are expected to support growth, the manufacturing sector is likely to remain weak. Sector-specific factors may also weigh on the growth of some sectors. For instance, sustained low oil prices will continue to dampen rig building activities in the marine & offshore segment. Growth in labour-intensive sectors such as retail and food services may also be weighed down by labour constraints. By barring the materialisation of downside risks, the Singapore economy is expected to grow at a modest pace of "1.0% to 3.0%" in 2016.

OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH



CREDIT RISK EVALUATION & RECOMMENDATION

 

 

Incorporated in 2004, the Subject is an Exempt Private company, focusing on warehousing and logistic service, freight forwarding. 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. A paid up capital of SGD 1,100,000 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.


Over the years, 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. 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 has reached its maturity stage and only enjoying a marginal growth. The steady growth of the country's economy will further enhance the industry activities. Thus, the Subject's future performance is very much depend on its marketing strategies in order to retain its position in the market.

 
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

INR 63.74

UK Pound

1

INR 86.01

Euro

1

INR 76.14

SGD

1

INR 47.92

 

Note: Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

VIV

 

 

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)

 

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.