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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

509732

Report Date :

16.05.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

TRADE SEA INTERNATIONAL PTE. LTD.

 

 

Registered Office :

1, Amber Road, 17-03, Amber Point, 439845

 

 

Country :

Singapore

 

 

Date of Incorporation :

24.10.2005

 

 

Com. Reg. No.:

200514829-Z

 

 

Legal Form :

Exempt Private (Limited By Share)

 

 

Line of Business :

The subject is principally engaged in the distribution of construction and mining cranes.

 

 

No. of Employees :

11 [2017]

 

 

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 2014-16 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.

:

200514829-Z

COMPANY NAME

:

TRADE SEA INTERNATIONAL PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

24/10/2005

COMPANY STATUS

:

EXIST

LEGAL FORM

:

EXEMPT PRIVATE (LIMITED BY SHARE)

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

1, AMBER ROAD, 17-03, AMBER POINT, 439845, SINGAPORE.

BUSINESS ADDRESS

:

101, CECIL STREET, 15-10, TONG ENG BUILDING, 069533, SINGAPORE.

TEL.NO.

:

65-62202036

FAX.NO.

:

65-62235040

CONTACT PERSON

:

KIRTIDA MEKANI @ KIRTIDA MEKANI ( DIRECTOR )

PRINCIPAL ACTIVITY

:

DISTRIBUTION OF CONSTRUCTION AND MINING CRANES

ISSUED AND PAID UP CAPITAL

:

5,050,000.00 ORDINARY SHARE, OF A VALUE OF SGD 5,050,000.00 

SALES

:

N/A

NET WORTH

:

N/A

STAFF STRENGTH

:

11 [2017]

BANKER (S)

:

BANK OF INDIA
UNITED OVERSEAS BANK LIMITED

LITIGATION

:

CLEAR

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 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) distribution of construction and mining cranes.

 

Share Capital History

Date

Issue & Paid Up Capital

14/08/2017

SGD 5,050,000.00

 

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


Current Shareholder(s) :

Name

Address

IC/PP/Loc No

Shareholding

(%)

ATUL DAMJI SHAH +

2, ARDMORE PARK, 28-03, ARDMORE II, 259947, SINGAPORE.

S2767386D

3,787,500.00

75.00

MR. BHARAT MEKANI +

1, AMBER ROAD, 17-03, AMBER POINT, 439845, SINGAPORE.

S2617111C

1,262,500.00

25.00

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

------

5,050,000.00

100.00

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

=====

 

+ Also Director

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

MANIKANDAN NAYATH

Address

:

815, TAMPINES AVENUE 4, 03-243, TAMPINES POLYVIEW, 520815, SINGAPORE.

IC / PP No

:

S7668079E

Nationality

:

INDIAN

Date of Appointment

:

03/01/2017



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

200514829Z

TRADE SEA INTERNATIONAL PTE. LTD.

Director

03/01/2017

0.00

-

-

-

14/08/2017

 

DIRECTOR 2

 

Name Of Subject

:

MR. BHARAT MEKANI

Address

:

1, AMBER ROAD, 17-03, AMBER POINT, 439845, SINGAPORE.

IC / PP No

:

S2617111C

Nationality

:

SINGAPOREAN

Date of Appointment

:

24/10/2005



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

200006123H

CIS AGRIFERTS PTE LTD

Secretary Director

30/11/2004 13/07/2000

1,136,251.00

-

-

-

28/12/2016

2

200313284K

DREYMOOR FERTILIZERS OVERSEAS PTE. LTD.

Director

03/05/2010

0.00

USD3,850,640.00

2015

-

02/08/2017

3

200408590K

SYNERGY TRADE AND FINANCE PTE. LTD.

Secretary Director

09/07/2004 09/07/2004

0.00

SGD349,649.00

2014

-

08/07/2016

4

200514829Z

TRADE SEA INTERNATIONAL PTE. LTD.

Secretary Director

24/10/2005 24/10/2005

1,262,500.00

-

-

-

14/08/2017

 

DIRECTOR 3

 

Name Of Subject

:

ATUL DAMJI SHAH

Address

:

2, ARDMORE PARK, 28-03, ARDMORE II, 259947, SINGAPORE.

IC / PP No

:

S2767386D

Nationality

:

KENYAN

Date of Appointment

:

01/03/2006



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

200514829Z

TRADE SEA INTERNATIONAL PTE. LTD.

Director

01/03/2006

3,787,500.00

-

-

-

14/08/2017



MANAGEMENT

 

 

1)

Name of Subject

:

KIRTIDA MEKANI @ KIRTIDA MEKANI

Position

:

DIRECTOR

 

AUDITOR

 

Auditor

:

T RAVI & CO.

Auditor' Address

:

N/A

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

MR. BHARAT MEKANI

IC / PP No

:

S2617111C

Address

:

1, AMBER ROAD, 17-03, AMBER POINT, 439845, SINGAPORE.

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

BANK OF INDIA

 

2)

Name

:

UNITED OVERSEAS BANK LIMITED

 

 

ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

C200907371

13/11/2009

N/A

BANK OF INDIA

-

Unsatisfied

C201110988

02/09/2011

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C201110996

02/09/2011

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C201111007

02/09/2011

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C201111222

09/09/2011

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C201111223

09/09/2011

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C201203601

03/04/2012

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C201203613

04/04/2012

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C201403505

07/04/2014

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C201403541

07/04/2014

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C201405950

13/06/2014

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C201405951

13/06/2014

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C201411867

29/10/2014

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C201411869

29/10/2014

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C201412635

13/11/2014

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C201412637

13/11/2014

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C20151214

26/01/2015

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C201501332

27/01/2015

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C201606163

21/06/2016

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C201606171

21/06/2016

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C201609152

09/09/2016

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C201609155

09/09/2016

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C201609156

09/09/2016

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C201609157

09/09/2016

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C201609158

09/09/2016

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C201609161

09/09/2016

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C201610713

24/10/2016

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C201610714

24/10/2016

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C201610716

24/10/2016

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C201610718

24/10/2016

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C201701433

09/02/2017

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

 

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 legal action was found in our databank.

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

Credit Term

:

N/A

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

OPERATIONS

 

Goods Traded

:

CONSTRUCTION AND MINING CRANES

 

Total Number of Employees:

 

YEAR

2017

2016

2015

2014

2013

 

GROUP

N/A

N/A

N/A

N/A

N/A

COMPANY

11

11

8

8

5

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) distribution of construction and mining cranes. 

The Subject is engaged in the general trading such as machineries, hardwares and others.

The Subject however refuse to disclose further information on its operation. 


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-62202036

Match

:

N/A

Address Provided by Client

:

1, AMBER ROAD, # 17-03, AMBER POINT SINGAPORE 439845

Current Address

:

101, CECIL STREET, 15-10, TONG ENG BUILDING, 069533, SINGAPORE.

Match

:

NO


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 on the Subject.

The address provided is the Subject's registered office.

He refused to disclose further information on its business activity.


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 2005, the Subject is an Exempt Private company, focusing on distribution of construction and mining cranes. 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 5,050,000 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. Being a small company, the Subject's business operation is supported by 11 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. 

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

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 67.53

UK Pound

1

INR 91.49

Euro

1

INR 80.53

SGD

1

INR 50.52

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

VAR

 

 

Report Prepared by :

NIT

 

 

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.