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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

501559

Report Date :

31.03.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

WAJILAM EXPORTS (SINGAPORE) PRIVATE LIMITED

 

 

Registered Office :

10, Anson Road, 27-14, International Plaza, 079903

 

 

Country :

Singapore

 

 

Date of Incorporation :

26.04.1984

 

 

Com. Reg. No.:

198401487-E

 

 

Legal Form :

Exempt Private (Limited by Share)

 

 

Line of Business :

The Subject is principally engaged in trading of timber log.

 

 

No. of Employees :

Not Available

 

 

 

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 on the strength of renewed exports. Growth in 2014-15 was slower at under 3%, 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, and increasing Singaporean wages. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and high-tech hub. Singapore is a member of the 12-nation Trans-Pacific Partnership free trade negotiations, as well as 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.

:

198401487-E

COMPANY NAME

:

WAJILAM EXPORTS (SINGAPORE) PRIVATE LIMITED

FORMER NAME

:

N/A

INCORPORATION DATE

:

26/04/1984

COMPANY STATUS

:

EXIST

LEGAL FORM

:

EXEMPT PRIVATE (LIMITED BY SHARE)

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

10, ANSON ROAD, 27-14, INTERNATIONAL PLAZA, 079903, SINGAPORE.

BUSINESS ADDRESS

:

10, ANSON ROAD, 27-14, INTERNATIOANL PLAZA, 079903, SINGAPORE.

TEL.NO.

:

65-62245561

FAX.NO.

:

65-62254932

CONTACT PERSON

:

TARUN CHAMANLAL MEHTA ( MANAGING DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF TIMBER LOG

ISSUED AND PAID UP CAPITAL

:

9,562,700.00 ORDINARY SHARE, OF A VALUE OF SGD 9,562,700.00

SALES

:

N/A

NET WORTH

:

N/A

STAFF STRENGTH

:

N/A

BANKER (S)

:

INDIAN BANK

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

N/A

PAYMENT

:

UNKNWON

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 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 of timber log.

 

Share Capital History

Date

Issue & Paid Up Capital

16/05/2017

SGD 9,562,700.00

 

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


Current Shareholder(s) :

Name

Address

IC/PP/Loc No

Shareholding

(%)

TARUN CHAMANLAL MEHTA +

99, MEYER ROAD, 24-01, THE SOVEREIGN, 437920, SINGAPORE.

S2591001Z

4,346,683.00

45.45

SMITA TARUN MEHTA +

99, MEYER ROAD, 24-01, THE SOVEREIGN, 437920, SINGAPORE.

S2591002H

3,477,345.00

36.36

YASH MEHTA +

59, MEYER ROAD, 18-12, THE SEAFRONT ON MEYER, 437880, SINGAPORE.

F0859649L

1,738,672.00

18.18

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

------

9,562,700.00

100.00

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

=====

+ Also Director



DIRECTORS


DIRECTOR 1

 

Name Of Subject

:

YASH MEHTA

Address

:

59, MEYER ROAD, 18-12, THE SEAFRONT ON MEYER, 437880, SINGAPORE.

IC / PP No

:

F0859649L

Nationality

:

INDIAN

Date of Appointment

:

16/09/2013



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

198401487E

WAJILAM EXPORTS (SINGAPORE) PRIVATE LIMITED

Director

16/09/2013

1,738,672.00

-

-

-

16/05/2017

 

DIRECTOR 2

 

Name Of Subject

:

SMITA TARUN MEHTA

Address

:

99, MEYER ROAD, 24-01, THE SOVEREIGN, 437920, SINGAPORE.

IC / PP No

:

S2591002H

Nationality

:

SINGAPOREAN

Date of Appointment

:

14/06/1995



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

198401487E

WAJILAM EXPORTS (SINGAPORE) PRIVATE LIMITED

Director

14/06/1995

3,477,345.00

-

-

-

16/05/2017

 

DIRECTOR 3

 

Name Of Subject

:

TARUN CHAMANLAL MEHTA

Address

:

99, MEYER ROAD, 24-01, THE SOVEREIGN, 437920, SINGAPORE.

IC / PP No

:

S2591001Z

Nationality

:

SINGAPOREAN

Date of Appointment

:

26/04/1984



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

198401487E

WAJILAM EXPORTS (SINGAPORE) PRIVATE LIMITED

Secretary Director

03/05/1984 26/04/1984

4,346,683.00

-

-

-

16/05/2017



MANAGEMENT

 

 

1)

Name of Subject

:

TARUN CHAMANLAL MEHTA

Position

:

MANAGING DIRECTOR

 

 

AUDITOR

 

Auditor

:

PRUDENTIAL PUBLIC ACCOUNTING CORPORATION

Auditor' Address

:

N/A

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

TARUN CHAMANLAL MEHTA

IC / PP No

:

S2591001Z

Address

:

99, MEYER ROAD, 24-01, THE SOVEREIGN, 437920, SINGAPORE.

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

INDIAN BANK

 

 

ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

C201603972

13/04/2016

N/A

INDIAN BANK

-

Unsatisfied

 

LITIGATION CHECK AGAINST SUBJECT


* A check has been conducted in our databank againt 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 provide its suppliers.

 

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Export Market

:

INDIA

Credit Term

:

N/A

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

OPERATIONS

 

Goods Traded

:

TIMBER LOG

 

Total Number of Employees:

YEAR

2015

2014

GROUP

N/A

N/A

COMPANY

3

3

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) trading of timber log.

The Subject refused to disclose any information on its operation.


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

6562245561

Current Telephone Number

:

65-62245561

Match

:

YES

Address Provided by Client

:

10 ANSON ROAD, #27-14 INTERNATIONAL PLAZA, SINGAPORE 079903

Current Address

:

10, ANSON ROAD, 27-14, INTERNATIOANL PLAZA, 079903, 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.

The Subject refused to disclose its number of employees.


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 :

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 1984, the Subject is an Exempt Private company, focusing on trading of timber log. 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. A paid up capital of SGD 9,562,700 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 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 65.04

UK Pound

1

INR 92.28

Euro

1

INR 80.62

SGD

1

INR 49.65 

 

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

 

 

INFORMATION DETAILS

 

Report Prepared by :

TPT

 

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.