MIRA INFORM REPORT

 

 

Report No. :

498669

Report Date :

21.03.2018

 

 

IDENTIFICATION DETAILS

 

Name :

EVERGREEN GLOBAL PTE LTD

 

 

Registered Office :

1, North Bridge Road, 19-05, High Street Centre, 179094

 

 

Country :

Singapore

 

 

Date of Incorporation :

15.05.1989

 

 

Com. Reg. No.:

198901946N

 

 

Legal Form :

Exempt Private (Limited By Share)

 

 

Line of Business :

The Subject is engaged in the trading of tyre, rubber, yarn and coal.

 

 

No. of Employees :

24 [2018]

 

 

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

(30.09.2017)

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 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.

:

198901946N

COMPANY NAME

:

EVERGREEN GLOBAL PTE LTD

FORMER NAME

:

N/A

INCORPORATION DATE

:

15/05/1989

COMPANY STATUS

:

EXIST

LEGAL FORM

:

EXEMPT PRIVATE (LIMITED BY SHARE)

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

1, NORTH BRIDGE ROAD, 19-05, HIGH STREET CENTRE, 179094, SINGAPORE.

BUSINESS ADDRESS

:

77, HIGH STREET, 10-05, HIGH STREET PLAZA, 179433, SINGAPORE.

TEL.NO.

:

65-63365251

FAX.NO.

:

65-63366961

WEB SITE

:

WWW.EVERGREEN-GLOBAL.COM

CONTACT PERSON

:

NAVIN JATIA ( DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF TYRE, RUBBER, YARN AND COAL

ISSUED AND PAID UP CAPITAL

:

10,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 10,000,000.00

SALES

:

N/A

NET WORTH

:

N/A

STAFF STRENGTH

:

24 [2018]

BANKER (S)

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED
CITIBANK N.A.
UCO BANK
UNITED OVERSEAS BANK LIMITED
OVERSEA-CHINESE BANKING CORPORATION LIMITED
INDIAN BANK
SOCIETE GENERALE
KBC BANK N.V.

LITIGATION

:

TRACED

FINANCIAL CONDITION

:

N/A

PAYMENT

:

UNKNOWN

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

MODERATE

CURRENCY EXPOSURE

:

MODERATE

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 tyre, rubber, yarn and coal.

 

Share Capital History

Date

Issue & Paid Up Capital

20/03/2018

SGD 10,000,000.00

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

 

Current Shareholder(s) :

Name

Address

IC/PP/Loc No

Shareholding

(%)

NAVIN JATIA +

44, POOLE ROAD, 437532, SINGAPORE.

S7070323H

7,499,999.00

75.00

SAMRIDHI JATIA +

44, POOLE ROAD, 437532, SINGAPORE.

S7173680F

1.00

0.00

RAM NIRANJAN

14, KITCHENER LINK, 05-32, CITY SQUARE RESIDENCES 207223 ,SINGAPORE

S2568718C

2,500,000.00

25.00

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

------

10,000,000.00

100.00

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

=====

+ Also Director

 

The Subject's interest in other companies (Subsidiaries/Associates) are shown as follow :


Local No

Country

Company

Status

(%)

As At

53199379E

SINGAPORE

CALOOCAN STANDARD

-

100.00

20/03/2018

53198228M

SINGAPORE

NORTH TREND MARKETING

-

100.00

20/03/2018

 

 

 

 

 

 

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

SAMRIDHI JATIA

Address

:

44, POOLE ROAD, 437532, SINGAPORE.

IC / PP No

:

S7173680F

Nationality

:

SINGAPOREAN

Date of Appointment

:

10/12/1996



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

198901946N

EVERGREEN GLOBAL PTE LTD

Director

10/12/1996

1.00

0.00001

-

-

-

20/03/2018

 

DIRECTOR 2

 

Name Of Subject

:

NAVIN JATIA

Address

:

44, POOLE ROAD, 437532, SINGAPORE.

IC / PP No

:

S7070323H

Nationality

:

SINGAPOREAN

Date of Appointment

:

14/09/1994


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

198901946N

EVERGREEN GLOBAL PTE LTD

Director

14/09/1994

7,499,999.00

75.00

-

-

-

20/03/2018

2

200409516K

POLYPLEX (ASIA) PTE. LTD.

Director

29/07/2004

0.00

-

SGD2,521,341.00

2016

-

03/01/2017



MANAGEMENT

 

 

 

1)

Name of Subject

:

NAVIN JATIA

Position

:

DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

NATARAJAN & SWAMINATHAN

Auditor' Address

:

N/A

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

VISWANATHAN RAMDAS

IC / PP No

:

S2641475Z

Address

:

502, WOODLANDS DRIVE 14, 09-34, 730502, SINGAPORE.

 

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

 

2)

Name

:

CITIBANK N.A.

 

3)

Name

:

UCO BANK

 

4)

Name

:

UNITED OVERSEAS BANK LIMITED

 

5)

Name

:

OVERSEA-CHINESE BANKING CORPORATION LIMITED

 

6)

Name

:

INDIAN BANK

 

7)

Name

:

SOCIETE GENERALE

 

8)

Name

:

KBC BANK N.V.

 

 

 

ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

C200403270

07/07/2004

N/A

CITIBANK N.A.

USD 300,000.00

Unsatisfied

C200500550

27/01/2005

N/A

DBS BANK LTD.

-

Unsatisfied

C200503588

24/06/2005

N/A

CITIBANK N.A.

-

Unsatisfied

C200506958

09/11/2005

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C200604459

10/07/2006

N/A

OVERSEAS-CHINESE BANKING CORPORATION LIMITED

-

Unsatisfied

C200705165

05/07/2007

N/A

OVERSEA-CHINESE BANKING CORPORATION LIMITED

-

Unsatisfied

C200708109

27/09/2007

N/A

INDIAN BANK

-

Unsatisfied

C200806242

09/07/2008

N/A

OVERSEA-CHINESE BANKING CORPORATION LIMITED

-

Unsatisfied

C200808149

01/09/2008

N/A

INDIAN BANK

-

Unsatisfied

C201009188

08/10/2010

N/A

INDIAN BANK

-

Unsatisfied

C201206660

20/06/2012

N/A

INDIAN BANK

-

Unsatisfied

C201506044

27/05/2015

N/A

MALAYAN BANKING BERHAD

-

Unsatisfied

C201508283

22/07/2015

N/A

CTBC BANK CO., LTD.

-

Unsatisfied

C201514479

21/12/2015

N/A

KBC BANK N.V.

-

Unsatisfied

C201610886

26/10/2016

N/A

RHB BANK BERHAD

-

Unsatisfied

C201610915

27/10/2016

N/A

RHB BANK BERHAD

-

Unsatisfied

C201610930

27/10/2016

N/A

RHB BANK BERHAD

-

Unsatisfied

C201610976

28/10/2016

N/A

RHB BANK BERHAD

-

Unsatisfied

 

 

CIVIL LITIGATION CHECK - SUBJECT COMPANY AS A DEFENDANT


* A check has been conducted in our databank againt the Subject whether the subject has been involved in any litigation.

No winding up petition was found in our databank.

LEGAL ACTION

 

 

 

Total PENDING Case(s) : 1

 

 

Case Status

:

PENDING

Code No

:

99

Case No

:

911

Year

:

2016

Place

:

SINGAPORE

Court

:

SUPREME COURT

Date Filed

:

25/08/2016

Solicitor

:

LOH LI QIN

Solicitor Firm

:

MALLAL & NAMAZIE

Plaintiff

:

RAM NIRANJAN

DEFENDANTS

:

EVERGREEN GLOBAL PTE LTD (198901946)

Amount Claimed

:

360000

Nature of Claim

:

SGD

Remark

:

EQUITY AND TRUSTS

 

 

PAYMENT RECORD

 

 

SOURCES OF RAW MATERIALS:

Local

:

YES

Overseas

:

YES

 

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Export Market

:

WORLDWIDE

Credit Term

:

N/A

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

OPERATIONS

 

Goods Traded

:

TYRE, RUBBER, YARN AND COAL

 

Total Number of Employees:

 

YEAR

2018

2017

2016

2015

2014

GROUP

N/A

N/A

N/A

N/A

N/A

COMPANY

24

24

24

24

24

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) trading of tyre, rubber, yarn and coal.

The Subject specialising in tyres for commercial vehicles.

The Subject has been trading in natural rubber from Myanmar and Styrene Butadiene Rubber (SBR) from Indopol in Indonesia.

The Subject is well known in the Textile Raw Material and Tyre business.


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-63365251

Match

:

N/A

Address Provided by Client

:

77 HIGH STREET, #10-05 HIGH STREET PLAZA, SINGAPORE 179433, REPUBLIC OF SINGAPORE

Current Address

:

77, HIGH STREET, 10-05, HIGH STREET PLAZA, 179433, 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 she provided some information.


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.

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.

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

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 1989, the Subject is an Exempt Private company, focusing on trading of tyre, rubber, yarn and coal. The Subject has been in business for over two decades. It has built up a strong clientele base and satisfactory reputation will enable the Subject to further enhance its business in the near term. The Subject is expected to enjoy a stable market shares. Presently, the issued and paid up capital of the Subject stands at SGD 10,000,000.

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. Being a small company, the Subject's business operation is supported by 24 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.

No financial accounts are available for analysis. As such, we are not able to comment on the Subject's current financial standing.

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 shows an upward trend and this trend is very likely to sustain in the near terms.

In view of the above, we recommend credit be granted to the Subject with close monitoring.

 

 

FINANCIAL ACCOUNT


No latest financial accounts are available at the Registry Office.


 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 65.20

UK Pound

1

INR 91.49

Euro

1

INR 80.46

SGD

1

INR 49.45

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

NIS

 

 

Report Prepared by :

KET

                                                


 

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.