|
|
|
MIRA INFORM REPORT
|
Report No. : |
511918 |
|
Report Date : |
01.06.2018 |
IDENTIFICATION DETAILS
|
Name : |
MYSTIC JEWELLERS PTE. LTD. |
|
|
|
|
Formerly Known As : |
SOUTHEAST GLOBAL TRADE PTE. LTD. |
|
|
|
|
Registered Office : |
101, Cecil Street, 20-11, Tong Eng Building, 069533 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Date of Incorporation : |
29.04.2016 |
|
|
|
|
Com. Reg. No.: |
201611616E |
|
|
|
|
Legal Form : |
Exempt Private (Limited by Share) |
|
|
|
|
Line of Business : |
Subject is engaged in trading of diamond jewellery,
gemstones and precious metals. |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
C |
|
Credit Rating |
Explanation |
Rating Comments |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured 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 (30.09.2017) |
Current Rating (31.12.2017) |
|
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 electronics, petroleum products, chemicals, medical and optical devices, pharmaceuticals, and on Singapore’s 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 from 2012-2017 was slower than during the previous decade, a result of slowing structural growth - as Singapore reached high-income levels - and soft global demand for exports. Growth recovered to 3.6% in 2017 with a strengthening global economy.
The government is attempting to restructure Singapore’s economy to reduce its dependence on foreign labor, raise productivity growth, and increase wages amid slowing labor force growth and an aging population. 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 signatory of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and a party to the Regional Comprehensive Economic Partnership (RCEP) negotiations with 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. |
: |
201611616E |
|
COMPANY
NAME |
: |
MYSTIC
JEWELLERS PTE. LTD. |
|
FORMER
NAME |
: |
SOUTHEAST
GLOBAL TRADE PTE. LTD. (25/01/2017) |
|
INCORPORATION
DATE |
: |
29/04/2016 |
|
COMPANY
STATUS |
: |
EXIST |
|
LEGAL
FORM |
: |
EXEMPT
PRIVATE (LIMITED BY SHARE) |
|
LISTED
STATUS |
: |
NO |
|
REGISTERED
ADDRESS |
: |
101,
CECIL STREET, 20-11, TONG ENG BUILDING, 069533, SINGAPORE. |
|
BUSINESS
ADDRESS |
: |
101
CECIL STREET #20-11 TONG ENG BUILDING,, 069533, SINGAPORE. |
|
TEL.NO. |
: |
65-62200230 |
|
FAX.NO. |
: |
65-67258484 |
|
CONTACT
PERSON |
: |
LIN
( STAFF ) |
|
PRINCIPAL
ACTIVITY |
: |
TRADING
OF DIAMOND JEWELLERY, GEMSTONES AND PRECIOUS METALS |
|
ISSUED
AND PAID UP CAPITAL |
: |
10,000.00
ORDINARY SHARE, OF A VALUE OF USD 10,000.00 |
|
SALES |
: |
N/A |
|
NET
WORTH |
: |
N/A |
|
STAFF
STRENGTH |
: |
n/a
[2018] |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL
CONDITION |
: |
N/A |
|
PAYMENT |
: |
UNKNOWN |
|
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 ≤ 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 diamond jewellery, gemstones and precious metals.
Share
Capital History
|
Date |
Issue
& Paid Up Capital |
|
30/05/2018 |
USD
10,000.00 |
The
major shareholder(s) of the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
SENTHILNATHAN
VISWANATHAN + |
101,
CECIL STREET, 20-11, TONG ENG BUILDING, 069533, SINGAPORE. |
S2687325H |
10,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
10,000.00 |
100.00 |
|||
|
============ |
===== |
+
Also Director
DIRECTORS
|
DIRECTOR 1
|
Name
Of Subject |
: |
SENTHILNATHAN
VISWANATHAN |
|
Address |
: |
101,
CECIL STREET, 20-11, TONG ENG BUILDING, 069533, SINGAPORE. |
|
IC
/ PP No |
: |
S2687325H |
|
Nationality |
: |
INDIAN |
|
Date
of Appointment |
: |
29/04/2016 |
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 |
201333893C |
ANANT
COMMODITIES PTE. LTD. |
Secretary |
17/12/2013 |
0.00 |
- |
- |
2017 |
- |
04/02/2016 |
|
2 |
201219396Z |
BLUEPOINT
OFFSHORE SERVICES PTE. LTD. |
Secretary |
06/08/2012 |
0.00 |
- |
- |
2017 |
- |
27/06/2016 |
|
3 |
200704863N |
CHOICE
ONE MANUFACTURING PTE. LTD. |
Secretary |
24/03/2007 |
0.00 |
- |
- |
2013 |
- |
03/06/2014 |
|
4 |
201626800R |
CNC
TECH SERVICES & TRADING PTE. LTD. |
Secretary |
30/09/2016 |
0.00 |
- |
- |
2017 |
- |
16/03/2017 |
|
5 |
201533846W |
CONSTRUCTO
INTERNATIONAL PTE. LTD. |
Director
Secretary |
04/09/2015
04/09/2015 |
0.00 |
- |
- |
2017 |
- |
11/12/2017 |
|
6 |
200822113R |
DORIS
CONTAINER LINES PTE. LTD. |
Secretary |
01/04/2009 |
0.00 |
- |
- |
2017 |
- |
06/04/2015 |
|
7 |
200410750R |
FORMULA
1 FURNICHE PTE. LTD. |
Secretary |
01/06/2009 |
0.00 |
- |
SGD(277,185.00) |
2013 |
- |
25/03/2015 |
|
8 |
201104986K |
GLOBAL
IT DISTRIBUTION PTE. LTD. |
Secretary |
01/11/2012 |
0.00 |
- |
- |
2017 |
- |
16/03/2016 |
|
9 |
201508960Z |
HORIZON
STAR INTERNATIONAL TRADING PTE. LTD. |
Director
Secretary |
03/04/2015
01/06/2015 |
0.00 |
- |
- |
2017 |
- |
08/11/2017 |
|
10 |
200809977K |
KOTHARI
PRODUCTS SINGAPORE PRIVATE LIMITED |
Director |
16/08/2011 |
0.00 |
- |
USD1,361,632.00 |
2017 |
- |
05/02/2018 |
|
11 |
201611616E |
MYSTIC
JEWELLERS PTE. LTD. |
Director |
29/04/2016 |
10,000.00 |
100.00 |
- |
2017 |
- |
30/05/2018 |
|
12 |
201701483W |
P
& N GLOBAL TRADING PTE. LTD. |
Secretary |
14/01/2017 |
0.00 |
- |
- |
2017 |
- |
21/12/2017 |
|
13 |
201012193R |
PETRO
GULF RESOURCES PTE. LTD. |
Secretary |
08/06/2010 |
0.00 |
- |
- |
2017 |
- |
18/02/2014 |
|
14 |
201424879D |
ROSETTA
PRODUCTS PTE. LTD. |
Secretary
Director |
25/08/2014
25/08/2014 |
0.00 |
- |
- |
2017 |
- |
07/12/2017 |
|
15 |
201303374Z |
SAI
GLOBAL TRADING PTE. LTD. |
Secretary |
01/02/2013 |
0.00 |
- |
- |
2017 |
- |
06/12/2016 |
|
16 |
200720533D |
SHIV-VANI
SINGAPORE PTE. LIMITED |
Secretary |
10/04/2010 |
0.00 |
- |
- |
2013 |
- |
01/04/2014 |
|
17 |
201119454W |
WESTERN
THOMSON GROUP PTE. LTD. |
Secretary
Director |
16/08/2011
16/08/2011 |
0.00 |
- |
- |
2017 |
- |
21/07/2015 |
|
18 |
201229342K |
ZENITH
EXIM PTE. LTD. |
Secretary |
30/11/2012 |
0.00 |
- |
- |
2017 |
- |
03/09/2013 |
MANAGEMENT
|
|
1) |
Name
of Subject |
: |
LIN |
|
Position |
: |
STAFF |
|
AUDITOR
|
No Auditor found in our databank
COMPANY
SECRETARIES
|
No company secretary was found in our
databank.
BANKING
|
No Banker found in our databank.
ENCUMBRANCE
(S)
|
No encumbrance was found in our databank at the
time of investigation.
CIVIL
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 staff from the registered office refused to
disclose the Subject's suppliers.
CLIENTELE
|
|
Local |
: |
N/A |
|
Overseas |
: |
N/A |
The staff from the registered office refused to
disclose the Subject's clientele.
OPERATIONS
|
|
Goods
Traded |
: |
DIAMOND
JEWELLERY, GEMSTONES AND PRECIOUS METALS |
|
|
Total
Number of Employees: |
|||||||||
|
YEAR |
2018 |
||||||||
|
COMPANY |
n/a |
||||||||
|
Branch |
: |
NO |
Other
Information:
The Subject is principally engaged in the (as a
/ as an) trading of diamond jewellery, gemstones and precious metals.
The staff from the registered office refused to disclose
the Subject's operation.
CURRENT
INVESTIGATION
|
Latest
fresh investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
N/A |
|
Current
Telephone Number |
: |
65-62200230 |
|
Match |
: |
N/A |
|
Address
Provided by Client |
: |
20-11,
TONG ENG BUILDING, 101 CECIL STREET |
|
Current
Address |
: |
101
CECIL STREET #20-11 TONG ENG BUILDING,, 069533, SINGAPORE. |
|
Match |
: |
NO |
Other
Investigations
On 30th May 2018 we contacted one of the staff
from the Subject's registered office and he provided limited information.
The address provided is incomplete.
He refused to disclose the Subject's 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 : |
2013 |
2014 |
2015 |
2016 |
2017* |
|
|
|||||
|
Population
(Million) |
5.40 |
5.47 |
5.54 |
5.61 |
5.61 |
|
Gross
Domestic Products ( % ) |
5.1 |
3.9 |
2.2 |
2.4 |
3.6 |
|
Consumer
Price Index |
2.4 |
1.0 |
(0.5) |
(0.5) |
0.6 |
|
Total
Imports (Million) |
466,762.0 |
463,779.1 |
407,767.9 |
398,372.0 |
403,300.0 |
|
Total
Exports (Million) |
513,391.0 |
518,922.7 |
476,285.4 |
468,552.0 |
466,900.0 |
|
|
|||||
|
Unemployment
Rate (%) |
1.9 |
1.9 |
1.9 |
2.1 |
- |
|
Tourist
Arrival (Million) |
15.46 |
15.01 |
15.23 |
16.28 |
- |
|
Hotel
Occupancy Rate (%) |
86.3 |
85.5 |
84.0 |
83.1 |
84.7 |
|
Cellular
Phone Subscriber (Million) |
1.97 |
1.98 |
1.99 |
- |
- |
|
|
|||||
|
Registration
of New Companies (No.) |
37,288 |
41,589 |
34,243 |
35,227 |
37,395 |
|
Registration
of New Companies (%) |
9.8 |
11.5 |
(17.7) |
2.9 |
6.2 |
|
Liquidation
of Companies (No.) |
17,369 |
18,767 |
21,384 |
23,218 |
22,379 |
|
Liquidation
of Companies (%) |
(5.3) |
8.0 |
13.9 |
8.6 |
(3.6) |
|
|
|||||
|
Registration
of New Businesses (No.) |
22,893 |
35,773 |
28,480 |
27,120 |
22,148 |
|
Registration
of New Businesses (%) |
1.70 |
56.30 |
(20.39) |
(4.78) |
(18.33) |
|
Liquidation
of Businesses (No.) |
22,598 |
22,098 |
26,116 |
35,866 |
24,344 |
|
Liquidation
of Businesses (%) |
0.5 |
(2.2) |
18.2 |
37.3 |
(32.1) |
|
|
|||||
|
Bankruptcy
Orders (No.) |
1,992 |
1,757 |
1,776 |
1,797 |
1,638 |
|
Bankruptcy
Orders (%) |
14.0 |
(11.8) |
1.0 |
1.2 |
(8.9) |
|
Bankruptcy
Discharges (No.) |
2,584 |
3,546 |
3,499 |
4,359 |
2,030 |
|
Bankruptcy
Discharges (%) |
37.4 |
37.2 |
(1.3) |
24.6 |
(53.4) |
|
|
|||||
|
INDUSTRIES
( % of Growth ) : |
|||||
|
Agriculture |
|||||
|
Production
of Principal Crops |
1.78 |
4.29 |
3.04 |
- |
- |
|
Fish
Supply & Wholesale |
(3.8) |
(8.6) |
(8.5) |
(9.9) |
- |
|
|
|||||
|
Manufacturing
# |
|||||
|
Food,
Beverages & Tobacco |
97.9 |
99.4 |
100.0 |
103.7 |
110.3 |
|
Textiles |
119.5 |
102.7 |
100.0 |
92.4 |
84.4 |
|
Wearing
Apparel |
334.1 |
212.6 |
100.0 |
83.4 |
88.2 |
|
Leather
Products & Footwear |
122.0 |
106.5 |
100.0 |
88.8 |
79.0 |
|
Wood
& Wood Products |
103.0 |
107.2 |
100.0 |
95.0 |
92.9 |
|
Paper
& Paper Products |
104.4 |
104.5 |
100.0 |
97.3 |
96.1 |
|
Printing
& Media |
113.8 |
105.968 |
100.0 |
85.1 |
73.1 |
|
Crude
Oil Refineries |
100.7 |
92.2 |
100.0 |
104.2 |
113.5 |
|
Chemical
& Chemical Products |
88.4 |
96.7 |
100.0 |
98.9 |
105.3 |
|
Pharmaceutical
Products |
101.421 |
109.4 |
100.0 |
113.8 |
96.0 |
|
Rubber
& Plastic Products |
109.497 |
109.2 |
100.0 |
91.4 |
93.7 |
|
Non-metallic
Mineral |
107.4 |
90.759 |
100.0 |
89.8 |
72.9 |
|
Basic
Metals |
77.2 |
99.3 |
100.0 |
106.2 |
108.3 |
|
Fabricated
Metal Products |
107.5 |
107.757 |
100.0 |
93.8 |
91.3 |
|
Machinery
& Equipment |
109.1 |
118.2 |
100.0 |
80.8 |
86.1 |
|
Electrical
Machinery |
87.4 |
97.871 |
100.0 |
101.5 |
111.7 |
|
Electronic
Components |
105.0 |
105.6 |
100.0 |
114.1 |
151.4 |
|
Transport
Equipment |
111.1 |
106.68 |
100.0 |
101.0 |
99.5 |
|
|
|||||
|
Construction |
25.40 |
22.00 |
- |
- |
- |
|
Real
Estate |
88.5 |
145.1 |
- |
- |
- |
|
|
|||||
|
Services |
|||||
|
Electricity,
Gas & Water |
6.70 |
6.50 |
- |
- |
- |
|
Transport,
Storage & Communication |
9.80 |
14.20 |
- |
- |
- |
|
Finance
& Insurance |
3.30 |
6.00 |
- |
7.40 |
- |
|
Government
Services |
6.50 |
6.30 |
- |
- |
- |
|
Education
Services |
3.10 |
5.98 |
- |
2.40 |
- |
|
|
|||||
|
*
Estimate / Preliminary |
|||||
|
#
Based on Index of Industrial Production (2015 = 100) |
INDUSTRY
ANALYSIS
|
|
INDUSTRY
: |
TRADING |
|
According
to the Ministry of Trade and Industry, the wholesale & retail trade
sector expanded to 3.0% in the fourth quarter of 2017, moderating from the
3.3% growth in the previous quarter. The wholesale trade segment was boosted
by an improvement in foreign wholesale sales volume, which more than offset
the weakness in domestic wholesale sales volume. For the whole of 2017, the
sector expanded by 2.3%, faster than the 1.0% growth in 2016. The improvement
in growth can be attributed to the wholesale segment. |
|
|
The
domestic wholesale sales volume fell by 1.1% in the fourth quarter 2017,
reversing the 2.0% growth in the preceding quarter. The poorer outturn was
led by declines in the sales volume of household equipment & furniture
(-27%) and general wholesale merchandise (-19%), which outweighed the
increase in the sales volume of telecommunications & computers (20%). For
the whole of 2017, the domestic wholesale trade index expanded by 1.0%, a
turnaround from the 2.7% decline in 2016. |
|
|
On
the other hand, foreign wholesale sales volume rose to 6.2% in the fourth
quarter 2017, a step-up from the 5.1% growth in the preceding quarter. Growth
was driven by expansions in the sales of petroleum & petroleum-related
products (11%t), telecommunications & computers (19%) and electronic
components (16%). However, growth was partly offset by a 20% decline in the
sales volume of metals, timber & construction materials. For the full
year 2017, the foreign wholesale trade index rose by 3.6%, faster than the
increase of 1.5% in the previous year. |
|
|
Besides,
retail sales volume rose by 2.1% in the fourth quarter 2017, improving from
the 0.9% growth recorded in the third quarter. Growth was supported by
improvements in both motor vehicle and non-motor vehicle sales volumes. While
motor vehicle sales benefitted from an on-year increase in COE supply, growth
in non-motor vehicle sales came on the back of an improvement in consumer
sentiments. Notably, the sales volume of discretionary goods such as recreational
goods, computer & telecommunication equipment and wearing apparel &
footwear grew by 4.6%, 4.3 % and 3.1% respectively. |
|
|
For
the full year 2017, retail sales volume expanded by 1.3%, similar to the 1.5%
growth recorded in 2016. Growth was driven by both motor vehicle sales and
non-motor vehicle sales, which the former rising by 1.5% and the latter
increasing by 1.3%. The rise in non-motor vehicle sales was underpinned by
higher sales of discretionary goods. For instance, the sales volume of
recreational goods (3.9%), watches & jewellery (2.4%), computer &
telecommunications equipment (1.7%) and wearing apparel & footwear (1.5%)
improved in 2017. |
|
|
OVERALL
INDUSTRY OUTLOOK : MARGINAL GROWTH |
|
FINANCIAL
ACCOUNT
|
No latest financial accounts are available at
the Registry Office.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 67.45 |
|
|
1 |
INR 89.79 |
|
Euro |
1 |
INR 78.79 |
|
SGD |
1 |
INR 50.24 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
|
|
|
|
Report Prepared
by : |
DNS |
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.