ABC RESOURCES PTE. LTD.
SINGAPORE CREDIT REPORTREPORT DATE: MAY 2019

SINGAPORE CREDIT REPORT

Company Name:

Registered Number:

ABC RESOURCES PTE. LTD.

201312345N

Date Incorporated:

Registered Office:Telephone Number:

26/12/2013

10 COLLYER QUAY #01-01 10 COLLYER
QUAY SINGAPORE 049319

6123 4567

Age of Company:

Website:Industry Type:6

www.abcresources.com

COMMERCEWHOLESALE

CreditAssessment

Risk Dashboard

Risk & Rating

Debts Turn Cash

Recommended CreditLine:$645,000

Company DTC:

Credit Rating:

The entity is paying
current to the creditors

DP5

No. of Litigation
Count (s):Trend:

NA

Current

No. of Charge (s):14

Industry DTC

19 Days
Directors

Corporate Structure

Number of Current Directors
Number that areshareholders

1
2

Holding Company:
No. of Subsidiaries &Associated Companies:NANA

The DP Credit Rating, a statistical model that measures the probability of default of the evaluated company, is designed forcompanies incorporated in Singapore. The model uses financial statement data to generate the DP Credit Rating, taking into
account the performance of 6 broad risk categories: profitability, capital structure, liquidity, activity, growth and size.

Risk Assessment Grid
Section

Assessment

Profitability

STRONGGOOD

FAIRMARGINAL

WEAK

Capital Structure

STRONGGOOD

FAIRMARGINAL

WEAK

Liquidity

STRONGGOOD

FAIRMARGINAL

WEAK

Activity

STRONGGOOD

FAIRMARGINAL

WEAK

GrowthSTRONGGOOD

FAIRMARGINAL

WEAK

Size

STRONGGOOD

FAIRMARGINAL

WEAK

THIS REPORT MUST NOT BE COMMUNICATED TO THE PERSON/S OR FIRM/S REPORTED ON, OR TO ANY OTHER PARTY. It isfurnished by Experian Credit Services Singapore Pte Ltd (UEN 198302653E) ("Experian") in STRICT CONFIDENCE at your request for yourexclusive use. In accepting this report, you hereby agree to be responsible for all damages arising from a violation or breach of the above
confidentiality obligation. This report is not intended to be used as the sole basis for any business decision and is based upon data which isprovided by third parties, the accuracy or completeness of which it is not possible for Experian to check. Experian shall not be liable for any loss
or injury caused by your use or disclosure of this report. For any questions regarding this report, please contact the Customer Service unit at+65 6320 1900 or via email at cs@experian.com.
2

SINGAPORE CREDIT REPORTABC RESOURCES PTE. LTD.
Executive Summary
Company Name:

ABC Resources Pte. Ltd.

Registration No:

201312345N

Date of Registration:

26/12/2013

Former Name:

NA

Date of Change of Name:

NA

Type of Company:

Private Company Limited By Shares
A private company is one which has a small group of shareholders.
Under the law, this group cannot be more than 50. A private company
cannot ask the public to invest in it or to deposit money with it. Capitalmust be raised privately from among the small group of shareholders
and through bank loans.

Registered Address:

10 COLLYER QUAY #01-01 10 COLLYER QUAY SINGAPORE
049319Date of Change of Address:

10/05/2013

Business Address:

10 Collyer Quay #01-01 10 Collyer Quay Singapore 049319

Contact No.

:

6123 4567

Fax No.

:6123 4568

Website:www.abcresources.com

Registered Activities:

Wholesale Trade Of A Variety Of Goods Without A Dominant ProductBusiness Activities:

General wholesale trade (including general importers and exporters)

Issued Ordinary Capital*:$10,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 10,000.00$10,300,000.00 UNITED STATES OF AMERICA, DOLLARS ,NO. OF
SHARE : 10,406,578.00

Issued Preference Capital:

NA

Issued Others Capital:NA

Paid-Up Ordinary Capital:$10,000.00 SINGAPORE, DOLLARS$10,300,000.00 UNITED STATES OF AMERICA, DOLLARS

Paid-Up Preference Capital:NA

Paid-Up Others Capital:NA* Number of Shares includes number of Issued Treasury Shares
Issued Treasury Capital:NA

Paid-Up Treasury Capital:NA

Note: The number of shares is displayed up to two decimal points.
No. of Local Subsidiary (ies):NA

No. of Local Associate (s):NA

THIS REPORT MUST NOT BE COMMUNICATED TO THE PERSON/S OR FIRM/S REPORTED ON, OR TO ANY OTHER PARTY. It isfurnished by Experian Credit Services Singapore Pte Ltd (UEN 198302653E) ("Experian") in STRICT CONFIDENCE at your request for yourexclusive use. In accepting this report, you hereby agree to be responsible for all damages arising from a violation or breach of the above
confidentiality obligation. This report is not intended to be used as the sole basis for any business decision and is based upon data which isprovided by third parties, the accuracy or completeness of which it is not possible for Experian to check. Experian shall not be liable for any loss
or injury caused by your use or disclosure of this report. For any questions regarding this report, please contact the Customer Service unit at+65 6320 1900 or via email at cs@experian.com.
3

Holding Company:

NA

Listed Status:

No

Staff Strength:~20

Auditor:

RSM CHIO LIM LLP

Banker (s) / Financier (s):Dbs Bank Ltd.
Bnp Paribas
Bank Of China Limited
Ing Bank N.V.
China Citic Bank International Limited Singapore Branch

Turnover:$817,934,236.00 (FY2017)

Net Worth:$6,447,129.00 (FY2017)

No. of Bank Charge (s):14

No. of Litigation Suit (s):NAPayment Behavior:

Regular

S1000 / SME 1000 / FG50
Ranking:

600 POSITION IN Singapore
Sales/Turnover (2017/2018)

1000

Companies

Rankedby

610 POSITION IN Singapore
Sales/Turnover (2016/2017)

1000

Companies

Rankedby

500 POSITION IN Singapore
Sales/Turnover (2015/2016)

1000

Companies

Rankedby

100 POSITION IN Singapore
Sales/Turnover (2014/2015)

1000

Companies

RankedbyCredit Rating & Recommendation
Credit Rating::

DP5

Recommended Credit Line:

$645,000[All figures quoted in Singapore Dollars (SGD) unless otherwise stated]

THIS REPORT MUST NOT BE COMMUNICATED TO THE PERSON/S OR FIRM/S REPORTED ON, OR TO ANY OTHER PARTY. It isfurnished by Experian Credit Services Singapore Pte Ltd (UEN 198302653E) ("Experian") in STRICT CONFIDENCE at your request for yourexclusive use. In accepting this report, you hereby agree to be responsible for all damages arising from a violation or breach of the above
confidentiality obligation. This report is not intended to be used as the sole basis for any business decision and is based upon data which isprovided by third parties, the accuracy or completeness of which it is not possible for Experian to check. Experian shall not be liable for any loss
or injury caused by your use or disclosure of this report. For any questions regarding this report, please contact the Customer Service unit at+65 6320 1900 or via email at cs@experian.com.
4

SHAREHOLDER (S) DETAILSNAMESHAREHOLDER ID
NATIONALITY
ADDRESS::::NO. OF ORD SHARES:NO. OF PREF SHARESNO. OF OTH SHARES% OF SHAREHOLDING

:
:

NAME
SHAREHOLDER ID
NATIONALITY
ADDRESSNO. OF ORD SHARES

:
:
:
:
:

NO. OF PREF SHARESNO. OF OTH SHARES% OF SHAREHOLDING::WANG JENNI
S7081234A
CHINESE
100 CANTONMENT ROAD #01-07 THE BEACON SINGAPORE
0897754,900.00
5,306,578.00
0.00
0.00
49.0% (ORD), SINGAPORE, DOLLARS
51.0% (ORD), UNITED STATES OF AMERICA, DOLLARS
0% (PREF)
0% (OTHER)
ABC TRADING PTE. LTD.
201712345H
SINGAPORE
5 KRAMAT LANE #01-01 UNITED HOUSE SINGAPORE 228773
5,100.00
5,100,000.00
0.00
0.00
51.0% (ORD), SINGAPORE, DOLLARS
49.0% (ORD), UNITED STATES OF AMERICA, DOLLARS
0% (PREF)
0% (OTHER)

THIS REPORT MUST NOT BE COMMUNICATED TO THE PERSON/S OR FIRM/S REPORTED ON, OR TO ANY OTHER PARTY. It isfurnished by Experian Credit Services Singapore Pte Ltd (UEN 198302653E) ("Experian") in STRICT CONFIDENCE at your request for yourexclusive use. In accepting this report, you hereby agree to be responsible for all damages arising from a violation or breach of the above
confidentiality obligation. This report is not intended to be used as the sole basis for any business decision and is based upon data which isprovided by third parties, the accuracy or completeness of which it is not possible for Experian to check. Experian shall not be liable for any loss
or injury caused by your use or disclosure of this report. For any questions regarding this report, please contact the Customer Service unit at+65 6320 1900 or via email at cs@experian.com.
5

OFFICER (S) DETAILSNAMEADDRESSPOSITIONDATE OF APPTNATIONALITY
I/C PASSPORT

:
:
:
:
:
:

LIM SEE TING
10 CECIL STREET #10-08 PRUDENTIAL TOWER SINGAPORE 049712
SECRETARY
26/03/2013
SINGAPORE CITIZEN
S7071234INAME
ADDRESSPOSITIONDATE OF APPTNATIONALITY
I/C PASSPORT

:
:
:
:
:
:

DIANA BINTE MOHD AHMAD
123 TAMPINES STREET 10 #01-100 SINGAPORE 520213
SECRETARY
26/03/2013
SINGAPORE CITIZEN
S7935678INAME
ADDRESSPOSITIONDATE OF APPTNATIONALITY
I/C PASSPORT

:
:
:
:
:
:

WANG JENNI
100 CANTONMENT ROAD #01-07 THE BEACON SINGAPORE 089775
DIRECTOR
26/03/2013
CHINESE
S7081234A

THIS REPORT MUST NOT BE COMMUNICATED TO THE PERSON/S OR FIRM/S REPORTED ON, OR TO ANY OTHER PARTY. It isfurnished by Experian Credit Services Singapore Pte Ltd (UEN 198302653E) ("Experian") in STRICT CONFIDENCE at your request for yourexclusive use. In accepting this report, you hereby agree to be responsible for all damages arising from a violation or breach of the above
confidentiality obligation. This report is not intended to be used as the sole basis for any business decision and is based upon data which isprovided by third parties, the accuracy or completeness of which it is not possible for Experian to check. Experian shall not be liable for any loss
or injury caused by your use or disclosure of this report. For any questions regarding this report, please contact the Customer Service unit at+65 6320 1900 or via email at cs@experian.com.
6KEY PERSONNEL PROFILEName:

WANG JENNINRIC Number:

S7081234A

Available Address:

100 CANTONMENT ROAD #01-07 THE BEACON SINGAPORE 089775

Current Business Interest
Note: Information reflected in this section pertains only to the latest 100 business interests (where applicable)
related to the Key Personnel.
No. Name

1

2

ABC RESOURCES PTE. LTD.

ABC RESOURCES PTE. LTD.

PositionAppt Date

DIRECTORORDINARY(SINGAPORE,
DOLLARS)
4,900.00
ORDINARY(UNITED
26/03/2013
STATES OF AMERICA,DOLLARS)5,306,578.00

DIRECTORORDINARY(SINGAPORE,
DOLLARS)
4,900.00
ORDINARY(UNITEDSTATES OF AMERICA,DOLLARS)5,306,578.00-# of Share%49%
50.99%

49%
50.99%

Previous Business
No. Name

StatusPositionAppt Date

Last Known
Inactive Date

1

SINGAPORE
INTERNATIONAL PTE.
LTD.

STRUCK OFF

DIRECTOR

31/10/2017-

2

ABC SINGAPORE PTE.
LTD.

LIVE COMPANY DIRECTOR

26/06/2015

19/07/2017

3

CDE SINGAPORE PTE.
LTD.

STRUCK OFF

06/10/2017-

DIRECTOR

Bankruptcy Record(Status include petition filed, order made, discharge, annulment, set aside, rescinded and withdrawn)
Case
Year
No.
No Trace

Filing
Date

Petitioner
Name

Case
StatusParty
StatusAmountLast Updated

Note: Please purchase case details to know the latest status.

THIS REPORT MUST NOT BE COMMUNICATED TO THE PERSON/S OR FIRM/S REPORTED ON, OR TO ANY OTHER PARTY. It isfurnished by Experian Credit Services Singapore Pte Ltd (UEN 198302653E) ("Experian") in STRICT CONFIDENCE at your request for yourexclusive use. In accepting this report, you hereby agree to be responsible for all damages arising from a violation or breach of the above
confidentiality obligation. This report is not intended to be used as the sole basis for any business decision and is based upon data which isprovided by third parties, the accuracy or completeness of which it is not possible for Experian to check. Experian shall not be liable for any loss
or injury caused by your use or disclosure of this report. For any questions regarding this report, please contact the Customer Service unit at+65 6320 1900 or via email at cs@experian.com.
7

KEY PERSONNEL PROFILE
Litigation Search – Writ of Summons
No Trace
Negative List (if any)
Source of information is from Experian available database. For further details, please contact us.
TracesNo Trace

StatusLast Updated Date

THIS REPORT MUST NOT BE COMMUNICATED TO THE PERSON/S OR FIRM/S REPORTED ON, OR TO ANY OTHER PARTY. It isfurnished by Experian Credit Services Singapore Pte Ltd (UEN 198302653E) ("Experian") in STRICT CONFIDENCE at your request for yourexclusive use. In accepting this report, you hereby agree to be responsible for all damages arising from a violation or breach of the above
confidentiality obligation. This report is not intended to be used as the sole basis for any business decision and is based upon data which isprovided by third parties, the accuracy or completeness of which it is not possible for Experian to check. Experian shall not be liable for any loss
or injury caused by your use or disclosure of this report. For any questions regarding this report, please contact the Customer Service unit at+65 6320 1900 or via email at cs@experian.com.
8

SUBSIDIARY (IES) AND ASSOCIATE COMPANY (IES) IN S’PORE
Company

Shareholdings (%)

NA

THIS REPORT MUST NOT BE COMMUNICATED TO THE PERSON/S OR FIRM/S REPORTED ON, OR TO ANY OTHER PARTY. It isfurnished by Experian Credit Services Singapore Pte Ltd (UEN 198302653E) ("Experian") in STRICT CONFIDENCE at your request for yourexclusive use. In accepting this report, you hereby agree to be responsible for all damages arising from a violation or breach of the above
confidentiality obligation. This report is not intended to be used as the sole basis for any business decision and is based upon data which isprovided by third parties, the accuracy or completeness of which it is not possible for Experian to check. Experian shall not be liable for any loss
or injury caused by your use or disclosure of this report. For any questions regarding this report, please contact the Customer Service unit at+65 6320 1900 or via email at cs@experian.com.
9

BANKER (S) / FINANCIER (S)Subject enjoys a normal banking routine with its bankers. To date, there have been 14 bank charges
registered against Subject by its bankers. The charge numbers are:
1)

2)

3)

4)

5)

6)

7)

Charge No.
Date of Registration
ChargeeAmount Secured andCurrency
Address::::

C201812345
23/10/2018
DBS BANK LTD.
All Monies:---

Charge No.
Date of Registration
ChargeeAmount Secured andCurrency
Address::::

C201712567
07/12/2017
BNP PARIBAS
All Monies:---

Charge No.
Date of Registration
ChargeeAmount Secured andCurrency
Address::::

C201601234
27/09/2016
DBS BANK LTD.
All Monies:---

Charge No.
Date of Registration
ChargeeAmount Secured andCurrency
Address::::

C201612345
27/09/2016
DBS BANK LTD.
All Monies:---

Charge No.
Date of Registration
ChargeeAmount Secured andCurrency
Address::::

C201625658
27/09/2016
DBS BANK LTD.
All Monies:---

Charge No.
Date of Registration
ChargeeAmount Secured andCurrency
Address::::

C201656789
22/09/2016
BANK OF CHINA LIMITEDAll Monies:---

Charge No.
Date of Registration
ChargeeAmount Secured andCurrency
Address::::

C201667890
11/04/2016
ING BANK N.V.
All Monies:---

THIS REPORT MUST NOT BE COMMUNICATED TO THE PERSON/S OR FIRM/S REPORTED ON, OR TO ANY OTHER PARTY. It isfurnished by Experian Credit Services Singapore Pte Ltd (UEN 198302653E) ("Experian") in STRICT CONFIDENCE at your request for yourexclusive use. In accepting this report, you hereby agree to be responsible for all damages arising from a violation or breach of the above
confidentiality obligation. This report is not intended to be used as the sole basis for any business decision and is based upon data which isprovided by third parties, the accuracy or completeness of which it is not possible for Experian to check. Experian shall not be liable for any loss
or injury caused by your use or disclosure of this report. For any questions regarding this report, please contact the Customer Service unit at+65 6320 1900 or via email at cs@experian.com.
10

BANKER (S) / FINANCIER (S)
8)

9)

10)

11)

12)

13)

14)

Charge No.
Date of Registration
ChargeeAmount Secured andCurrency
Address::::

C201545678
15/06/2015
ING BANK N.V.
All Monies:---

Charge No.
Date of Registration
ChargeeAmount Secured andCurrency
Address::::

C201434567
18/11/2014
BNP PARIBAS
All Monies:---

Charge No.
Date of Registration
ChargeeAmount Secured andCurrency
Address::::

C201423456
08/04/2014
BANK OF CHINA LIMITEDAll Monies:---

Charge No.
Date of Registration
ChargeeAmount Secured andCurrency
Address::::

C201445678
08/04/2014
BANK OF CHINA LIMITEDAll Monies:---

Charge No.
Date of Registration
ChargeeAmount Secured andCurrency
Address::::

C201356789
19/08/2013
ING BANK N.V.
All Monies:---

Charge No.
Date of Registration
ChargeeAmount Secured andCurrency
Address::::

C201312345
19/06/2013
CHINA CITIC BANK INTERNATIONAL LIMITED SINGAPORE BRANCHAll Monies:---

Charge No.
Date of Registration
ChargeeAmount Secured andCurrency
Address::::

C201323456
19/06/2013
CHINA CITIC BANK INTERNATIONAL LIMITED SINGAPORE BRANCHAll Monies:---

THIS REPORT MUST NOT BE COMMUNICATED TO THE PERSON/S OR FIRM/S REPORTED ON, OR TO ANY OTHER PARTY. It isfurnished by Experian Credit Services Singapore Pte Ltd (UEN 198302653E) ("Experian") in STRICT CONFIDENCE at your request for yourexclusive use. In accepting this report, you hereby agree to be responsible for all damages arising from a violation or breach of the above
confidentiality obligation. This report is not intended to be used as the sole basis for any business decision and is based upon data which isprovided by third parties, the accuracy or completeness of which it is not possible for Experian to check. Experian shall not be liable for any loss
or injury caused by your use or disclosure of this report. For any questions regarding this report, please contact the Customer Service unit at+65 6320 1900 or via email at cs@experian.com.
11

BANKER (S) / FINANCIER (S)Payment Profiling (The payment pattern of Subject for the past 12 months)
Description
Improve
Consistent
Deteriorate
Alert
No Trend
Description
Improve:
Consistent:
Deteriorate:
Alert:No Trend:

Percentage
0%
0%
0%
0%
100.00%Current month’s performance better than previous month
Trend found in the way debtors (based on at least 6 consecutive records)
Current month’s performance worse than previous month
Negative List; Absolute refusal to make payment
Inconsistent; not able to categorize

Negative List (if any)
Source of information is from Experian available database. For further details, please contact us.
TracesNo Trace

StatusLast Updated Date

THIS REPORT MUST NOT BE COMMUNICATED TO THE PERSON/S OR FIRM/S REPORTED ON, OR TO ANY OTHER PARTY. It isfurnished by Experian Credit Services Singapore Pte Ltd (UEN 198302653E) ("Experian") in STRICT CONFIDENCE at your request for yourexclusive use. In accepting this report, you hereby agree to be responsible for all damages arising from a violation or breach of the above
confidentiality obligation. This report is not intended to be used as the sole basis for any business decision and is based upon data which isprovided by third parties, the accuracy or completeness of which it is not possible for Experian to check. Experian shall not be liable for any loss
or injury caused by your use or disclosure of this report. For any questions regarding this report, please contact the Customer Service unit at+65 6320 1900 or via email at cs@experian.com.
12

LITIGATION
Clear

THIS REPORT MUST NOT BE COMMUNICATED TO THE PERSON/S OR FIRM/S REPORTED ON, OR TO ANY OTHER PARTY. It isfurnished by Experian Credit Services Singapore Pte Ltd (UEN 198302653E) ("Experian") in STRICT CONFIDENCE at your request for yourexclusive use. In accepting this report, you hereby agree to be responsible for all damages arising from a violation or breach of the above
confidentiality obligation. This report is not intended to be used as the sole basis for any business decision and is based upon data which isprovided by third parties, the accuracy or completeness of which it is not possible for Experian to check. Experian shall not be liable for any loss
or injury caused by your use or disclosure of this report. For any questions regarding this report, please contact the Customer Service unit at+65 6320 1900 or via email at cs@experian.com.
13

COMPLIANCE RECORDS
Date of Last AGM
Date of Last AR
Date of A/C Laid at Last AGM:::

29/06/2018
13/07/2018
31/12/2017

THIS REPORT MUST NOT BE COMMUNICATED TO THE PERSON/S OR FIRM/S REPORTED ON, OR TO ANY OTHER PARTY. It isfurnished by Experian Credit Services Singapore Pte Ltd (UEN 198302653E) ("Experian") in STRICT CONFIDENCE at your request for yourexclusive use. In accepting this report, you hereby agree to be responsible for all damages arising from a violation or breach of the above
confidentiality obligation. This report is not intended to be used as the sole basis for any business decision and is based upon data which isprovided by third parties, the accuracy or completeness of which it is not possible for Experian to check. Experian shall not be liable for any loss
or injury caused by your use or disclosure of this report. For any questions regarding this report, please contact the Customer Service unit at+65 6320 1900 or via email at cs@experian.com.
14

SEARCH RECORDS
FINANCIAL RELATED SEARCH COUNT(The number of times that the above company had been searched by Financial Institutions using
QuestNet)
Year
2019
2018
2017

Total
18
37
45

Jan
2
3
4

Feb
3
1
4

Mar
3
3
1

Apr
7
2
1

May
3
6
3

Jun
0
2
5

Jul
0
5
8

Aug
0
1
7

Sep
0
5
1

Oct
0
4
2

Nov
0
3
6

Dec
0
2
3

COMMERCIAL RELATED SEARCH COUNT(The number of times that the above company had been searched by other companies, businesses orindividuals using QuestNet)
Year
2019
2018
2017

Total
2
3
5

Jan
0
0
1

Feb
1
0
0

Mar
0
1
0

Apr
1
0
0

May
0
0
0

Jun
0
0
1

Jul
0
0
0

Aug
0
1
1

Sep
0
0
2

Oct
0
1
0

Nov
0
0
0

Dec
0
0
0

THIS REPORT MUST NOT BE COMMUNICATED TO THE PERSON/S OR FIRM/S REPORTED ON, OR TO ANY OTHER PARTY. It isfurnished by Experian Credit Services Singapore Pte Ltd (UEN 198302653E) ("Experian") in STRICT CONFIDENCE at your request for yourexclusive use. In accepting this report, you hereby agree to be responsible for all damages arising from a violation or breach of the above
confidentiality obligation. This report is not intended to be used as the sole basis for any business decision and is based upon data which isprovided by third parties, the accuracy or completeness of which it is not possible for Experian to check. Experian shall not be liable for any loss
or injury caused by your use or disclosure of this report. For any questions regarding this report, please contact the Customer Service unit at+65 6320 1900 or via email at cs@experian.com.
15

BUSINESS PROFILE
The principal activities of Subject are general wholesale trade (including general importers and exporters).

Organisational Background
Incorporated on 26 March 2013, Subject has been in operation for 6 years.
Mr. WANG JENNI acts as Subject's Chief Executive and is responsible for its overall management, strategicplanning and business developments.
Operations
Subject's Executive has confirmed Subject's operating address as:•

10 Collyer Quay #01-01 10 Collyer Quay Singapore 049319

An interview with Subject's Executive revealed the following:
Subject is principally engaged in the wholesale trading of iron ore and ferrous raw materials.
Enquiry on its sales territory revealed that Subject serves clients from both the domestic and overseas
markets.
Subject currently operates with approximately 20 employees.
However, further inquiry was unsuccessful as Subject's Executive has declined to further disclose information
pertaining to other aspects of Subject's operation, citing confidentiality reasons.

THIS REPORT MUST NOT BE COMMUNICATED TO THE PERSON/S OR FIRM/S REPORTED ON, OR TO ANY OTHER PARTY. It isfurnished by Experian Credit Services Singapore Pte Ltd (UEN 198302653E) ("Experian") in STRICT CONFIDENCE at your request for yourexclusive use. In accepting this report, you hereby agree to be responsible for all damages arising from a violation or breach of the above
confidentiality obligation. This report is not intended to be used as the sole basis for any business decision and is based upon data which isprovided by third parties, the accuracy or completeness of which it is not possible for Experian to check. Experian shall not be liable for any loss
or injury caused by your use or disclosure of this report. For any questions regarding this report, please contact the Customer Service unit at+65 6320 1900 or via email at cs@experian.com.
16

INDUSTRY INFORMATIONCOMMERCE (WHOLESALE / RETAIL)OVERVIEW
The wholesale & retail trade sector contracted by 0.6 per cent year-on-year in the fourth quarter, a reversal
from the 1.8 per cent growth in the previous quarter. For the whole of 2018, the sector expanded by 1.5 per
cent, easing from the 1.9 per cent growth in 2017. The moderation in growth can be attributed to the wholesalesegment.

WHOLESALE TRADE
In the fourth quarter, the wholesale trade segment was weighed down by a decline in foreign wholesale sales
volume, which was partially offset by an increase in domestic wholesale sales volume.
The domestic wholesale sales volume grew by 4.7 per cent year-on-year in the fourth quarter, higher than the
2.3 per cent growth in the preceding quarter. The expansion was led by an increase in the sales volume of
petroleum & petroleum-related products (20 per cent) and food, beverages & tobacco (13 per cent), which
outweighed the decline in the sales volume of electronic components (-26 per cent). For the whole of 2018,
the domestic wholesale trade index increased by 1.1 per cent, comparable to the 1.0 per cent growth in 2017.
On the other hand, foreign wholesale sales volume fell by 2.0 per cent year-on-year in the fourth quarter,
extending the 0.6 per cent decline in the preceding quarter. The decline was largely due to contractions in thesales of metals, timber & construction materials (-7.8 per cent) and others1 (-12 per cent). Nevertheless, thesedeclines were partly offset by the 5.2 per cent increase in the sales volume of petroleum & petroleum-related
products. For the full year, the foreign wholesale trade index rose by 0.7 per cent, moderating from theincrease of 3.6 per cent in the previous year.

RETAIL SALES
Retail sales volume shrank by 2.2 per cent year-on-year in the fourth quarter, worsening from the 0.9 per centdecline recorded in the third quarter. Retail sales was weighed down by both motor vehicle and non-motor
vehicle sales. Motor vehicle sales fell by 11 per cent on the back of an on-year decline in COE supply, while
non-motor vehicle sales dipped by 0.4 per cent, driven by a fall in the sales volume of both non-discretionary
and discretionary goods. In particular, the sales volume of non-discretionary goods such as sales atsupermarkets & hypermarkets and mini-marts & convenience stores shrank by 3.2 per cent and 3.1 per centrespectively. On the other hand, the sales volume of discretionary goods such as wearing apparel & footwear,
optical goods & books and computer & telecommunications equipment fell by 1.5 per cent, 2.9 per cent, and1.3 per cent respectively.
For the full year, retail sales volume declined by 1.1 per cent, reversing the 1.3 per cent growth recorded in2017. Growth was weighed down by motor vehicle sales, which fell by 8.7 per cent. Excluding motor vehicles,
retail sales volume grew by 0.5 per cent.
The increase in non-motor vehicle sales was underpinned by higher sales of discretionary goods. For
instance, the sales volume of furniture & household equipment (3.4 per cent), wearing apparel & footwear (2.0
per cent) and watches & jewellery (2.0 per cent) improved in 2018.

THIS REPORT MUST NOT BE COMMUNICATED TO THE PERSON/S OR FIRM/S REPORTED ON, OR TO ANY OTHER PARTY. It isfurnished by Experian Credit Services Singapore Pte Ltd (UEN 198302653E) ("Experian") in STRICT CONFIDENCE at your request for yourexclusive use. In accepting this report, you hereby agree to be responsible for all damages arising from a violation or breach of the above
confidentiality obligation. This report is not intended to be used as the sole basis for any business decision and is based upon data which isprovided by third parties, the accuracy or completeness of which it is not possible for Experian to check. Experian shall not be liable for any loss
or injury caused by your use or disclosure of this report. For any questions regarding this report, please contact the Customer Service unit at+65 6320 1900 or via email at cs@experian.com.
17

INDUSTRY INFORMATIONECONOMIC OUTLOOKLEADING INDICATOR IN THE FOURTH QUARTER OF 2018
The composite leading index (CLI) points to stable growth in the Singapore economy in the near term.
Specifically, the CLI was flat on a quarter-on-quarter basis in the fourth quarter of 2018, following a marginal
0.1 per cent decline in the third quarter.
Of the nine components in the CLI, four of them increased on a quarter-on-quarter basis, namely the stock offinished goods, domestic liquidity, non-oil retained imports and money supply. By contrast, non-oil sea cargohandled, new companies formed, wholesale trade, stock price and the US Purchasing Mangers' Index
declined compared to a quarter ago.

OUTLOOK FOR 2019
Since November 2018, the external demand outlook for Singapore has weakened slightly. In particular, theIMF has revised downwards its 2019 global growth forecast by 0.2 percentage-point to 3.5 per cent, withdowngrades to the forecasts for some of Singapore's key final demand markets such as the Eurozone and
ASEAN-5 economies. As compared to 2018, growth in most of the key advanced and regional economies is
expected to moderate in 2019.
In the US, GDP growth is projected to ease in 2019 as the economy enters the later stages of themacroeconomic cycle and the impact of the fiscal stimulus implemented last year starts to fade. Nonetheless,private consumption is expected to continue to support growth on the back of strong labour market conditions
and healthy wage growth. Growth in the Eurozone economy is projected to moderate in 2019, following theeasing in growth momentum since early 2018. However, healthy labour market conditions and low borrowing
costs should help to support domestic demand in the Eurozone economy. In Asia, China's economy isexpected to ease further in 2019 on the back of a slowdown in investment and exports growth, even as private
consumption is likely to remain stable, supported in part by government measures to boost householdspending. Meanwhile, the key ASEAN economies are projected to expand at a slower pace in 2019, weighed
down by a moderation in merchandise exports. Nevertheless, domestic demand is likely to remain resilient on
account of firm consumer sentiments.
At the same time, uncertainties and downside risks in the global economy have increased since three months
ago. First, there remains the risk of a further escalation of the trade conflicts between the US and its key
trading partners, which could trigger a sharp fall in global business and consumer confidence. Should thishappen, global investment and consumption spending would decline, with an adverse impact on global
economic growth. Second, a sharperthan-expected slowdown of the Chinese economy could adversely affectthe region's growth due to falling import demand from China, especially given regional economies' closeinterlinkages with China through their participation in manufacturing and trade-related services value chains.
Third, there is a risk that the UK will leave the EU without a withdrawal agreement. A “no-deal” Brexit could
lead to substantial trade frictions between the UK and its trading partners, and weigh on consumer andbusiness sentiments in the UK and EU, with potential negative effects on global growth. The heightened
uncertainties and risks in the global economy have led to a rise in volatility in global financial markets. Should
the downside risks materialise, financial market volatility could spike and adversely affect investor sentiments,
thereby exacerbating the negative effects on global growth.

THIS REPORT MUST NOT BE COMMUNICATED TO THE PERSON/S OR FIRM/S REPORTED ON, OR TO ANY OTHER PARTY. It isfurnished by Experian Credit Services Singapore Pte Ltd (UEN 198302653E) ("Experian") in STRICT CONFIDENCE at your request for yourexclusive use. In accepting this report, you hereby agree to be responsible for all damages arising from a violation or breach of the above
confidentiality obligation. This report is not intended to be used as the sole basis for any business decision and is based upon data which isprovided by third parties, the accuracy or completeness of which it is not possible for Experian to check. Experian shall not be liable for any loss
or injury caused by your use or disclosure of this report. For any questions regarding this report, please contact the Customer Service unit at+65 6320 1900 or via email at cs@experian.com.
18

INDUSTRY INFORMATION
Against this external backdrop, the pace of growth in the Singapore economy is expected to slow in 2019 ascompared to 2018. First, the manufacturing sector is likely to see a significant moderation in growth following
two years of robust expansions. In particular, the electronics and precision engineering clusters are expected
to face external headwinds due to weakening global demand for semiconductors and semiconductor
equipment with the fading of the global electronics cycle. Second, growth in outward-oriented services sectors
such as wholesale trade, transportation & storage and finance & insurance is expected to ease in tandem withthe moderation in growth in key advanced and regional economies.
Nonetheless, the information & communications sector and the education, health & social services segment
are expected to remain resilient, supported by firms' robust demand for IT and digital solutions and the rampup of operations in healthcare facilities respectively. Meanwhile, the construction sector is likely to see aturnaround after three consecutive years of contraction, as the pickup in contracts awarded since the second
half of 2017 should translate into construction activities in the quarters ahead.
Taking into account the global and domestic economic environment, MTI has maintained the 2019 GDP
growth forecast at “1.5 to 3.5 per cent”, with growth expected to come in slightly below the mid-point of theforecast range.
Source: Ministry of Trade and Industry - Economic Survey Report of Singapore 2018_4Q2018 -Annual Report

THIS REPORT MUST NOT BE COMMUNICATED TO THE PERSON/S OR FIRM/S REPORTED ON, OR TO ANY OTHER PARTY. It isfurnished by Experian Credit Services Singapore Pte Ltd (UEN 198302653E) ("Experian") in STRICT CONFIDENCE at your request for yourexclusive use. In accepting this report, you hereby agree to be responsible for all damages arising from a violation or breach of the above
confidentiality obligation. This report is not intended to be used as the sole basis for any business decision and is based upon data which isprovided by third parties, the accuracy or completeness of which it is not possible for Experian to check. Experian shall not be liable for any loss
or injury caused by your use or disclosure of this report. For any questions regarding this report, please contact the Customer Service unit at+65 6320 1900 or via email at cs@experian.com.
19

FINANCIAL HIGHLIGHTS
Auditor’s Comments – True and Fair? Yes
Company
FINANCIAL YEAR

31/12/2017% Change$

31/12/2016$

Turnover817,934,236

14.87

712,046,166

Cost of Sales(815,444,664)

9.09(747,467,487)

Gross Profit

2,489,573

NA(35,421,320)

Other Income(3,004,751)-106.23

48,199,851

Operating Profit(5,155,058)

NA(42,931,051)

Profit Before Tax andMinority Interest(9,124,357)-282.26

5,006,292

Taxation

48,076-104.84(994,015)

Minority Interest

1,343

NA

0

Extraordinary Item

0

NA

0

Profit After Tax andMinority Interest(9,074,938)-326.18

4,012,276

Retained Profit at Beginningof the Year7,269,706

120.093,303,114

Dividends Paid

(5,494,384)NA0Retained Profit at the end of
the Year(7,299,616)-199.78

7,315,391

Financial figures are presented in USD - USA as reflected in Subject's financial statements and are converted to S$ at therate of S$1.373596 per USD - USA in FYE17, S$1.382228 per USD - USA in FYE16 as presented in this report.

THIS REPORT MUST NOT BE COMMUNICATED TO THE PERSON/S OR FIRM/S REPORTED ON, OR TO ANY OTHER PARTY. It isfurnished by Experian Credit Services Singapore Pte Ltd (UEN 198302653E) ("Experian") in STRICT CONFIDENCE at your request for yourexclusive use. In accepting this report, you hereby agree to be responsible for all damages arising from a violation or breach of the above
confidentiality obligation. This report is not intended to be used as the sole basis for any business decision and is based upon data which isprovided by third parties, the accuracy or completeness of which it is not possible for Experian to check. Experian shall not be liable for any loss
or injury caused by your use or disclosure of this report. For any questions regarding this report, please contact the Customer Service unit at+65 6320 1900 or via email at cs@experian.com.
20

FINANCIAL HIGHLIGHTS
Auditor’s Comments – True and Fair? Yes
Company
FINANCIAL YEAR

31/12/2017% Change$

31/12/2016$

ASSETS
Current Assets

102,252,860-65.16

293,471,873

Non-current Assets

8,669-71.2630,164- Fixed Assets

8,669-71.2630,1640NA0102,261,529-65.16

293,502,037

95,814,399-64.82

272,353,512

0

NA

0

95,814,399-64.82

272,353,512

Share Capital

13,746,745-0.62

13,833,133

Share Premium

0

NA

0

Retained Earnings(7,299,616)-199.78

7,315,391

Minority Interest

0

NA

0

Other Reserves

0

NA

0

6,447,129-69.51

21,148,524- Intangible Assets
Total Assets
LIABILITIESCurrent Liabilities
Long-Term Liabilities
Total Liabilities
SHAREHOLDERS’ FUNDS

Shareholders Funds

Financial figures are presented in USD - USA as reflected in Subject's financial statements and are converted to S$ at therate of S$1.373596 per USD - USA in FYE17, S$1.382228 per USD - USA in FYE16 as presented in this report.
Shareholder's
Funds
3.2%
Current Liabilities
46.8%
Current Asset
50.0%

Non Current Assets
0.0%

THIS REPORT MUST NOT BE COMMUNICATED TO THE PERSON/S OR FIRM/S REPORTED ON, OR TO ANY OTHER PARTY. It isfurnished by Experian Credit Services Singapore Pte Ltd (UEN 198302653E) ("Experian") in STRICT CONFIDENCE at your request for yourexclusive use. In accepting this report, you hereby agree to be responsible for all damages arising from a violation or breach of the above
confidentiality obligation. This report is not intended to be used as the sole basis for any business decision and is based upon data which isprovided by third parties, the accuracy or completeness of which it is not possible for Experian to check. Experian shall not be liable for any loss
or injury caused by your use or disclosure of this report. For any questions regarding this report, please contact the Customer Service unit at+65 6320 1900 or via email at cs@experian.com.
21

FINANCIAL RATIOS
Company
FINANCIAL YEAR END

31/12/2017

31/12/2016

Rate of Net Profit (%)

-1.10

0.56

Return on Equity (%)-140.78

18.97

Return on Assets (%)

-8.87

1.36

Return on Capital Employed

NA

0.25

Total Liabilities / Equity (times)

14.86

12.88

Current Liabilities / Equity (times)

14.86

12.88

Long Term Liabilities / Equity (times)

NA

NA

Debt Service Cover Ratio

NA

20.15

Short-term Borrowings-to-cash Ratio

0.33

1.32

Total Assets Turnover (times)

8.00

2.43

Fixed Assets Turnover (times)

94,351.62

23,605.83

Interest Coverage Ratio

NA

20.07

Average Payment Period (days)

24

79

Current Ratio (times)

1.07

1.08

Quick Ratio (times)

1.07

1.03

Average Collection Period (days)

32

86

PROFITABILITY

DEBT MANAGEMENTEFFICIENCY MANAGEMENTLIQUIDITY MANAGEMENTTHIS REPORT MUST NOT BE COMMUNICATED TO THE PERSON/S OR FIRM/S REPORTED ON, OR TO ANY OTHER PARTY. It isfurnished by Experian Credit Services Singapore Pte Ltd (UEN 198302653E) ("Experian") in STRICT CONFIDENCE at your request for yourexclusive use. In accepting this report, you hereby agree to be responsible for all damages arising from a violation or breach of the above
confidentiality obligation. This report is not intended to be used as the sole basis for any business decision and is based upon data which isprovided by third parties, the accuracy or completeness of which it is not possible for Experian to check. Experian shall not be liable for any loss
or injury caused by your use or disclosure of this report. For any questions regarding this report, please contact the Customer Service unit at+65 6320 1900 or via email at cs@experian.com.
22

FINANCIAL COMMENTARYProfitability$900,000,000$800,000,000$700,000,000$600,000,000$500,000,000$400,000,000$300,000,000$200,000,000$100,000,000$0($100,000,000)

Turnover
Profit/(Loss) After Tax

2016

2017

We are unable to comment on Subject's profitability.
Liquidity

1.082
1.08
1.078
1.076
1.074
1.072
1.07
1.068
1.066
1.064

Current Ratio

2016

2017

Current ratio stood at 1.07 times in FY17 (FY16: 1.08 times). This means that the company has $1.07 ofcurrent assets for every dollar of current liability incurred. Subject's current ratio is noted to be within theindustry norm for the sector in which the company is operating.
A minimum figure of 1.0 would be considered the lowest limit that this figure should reach. Any business thathas a current ratio near 1.0 may be heading for liquidity problems, and would need to be closely monitored. A
figure greater than 2.0 would be more desirable, to act as a buffer against any short-term liquidity problems,and give creditors/bank managers a degree of comfort when granting credit/finance.

THIS REPORT MUST NOT BE COMMUNICATED TO THE PERSON/S OR FIRM/S REPORTED ON, OR TO ANY OTHER PARTY. It isfurnished by Experian Credit Services Singapore Pte Ltd (UEN 198302653E) ("Experian") in STRICT CONFIDENCE at your request for yourexclusive use. In accepting this report, you hereby agree to be responsible for all damages arising from a violation or breach of the above
confidentiality obligation. This report is not intended to be used as the sole basis for any business decision and is based upon data which isprovided by third parties, the accuracy or completeness of which it is not possible for Experian to check. Experian shall not be liable for any loss
or injury caused by your use or disclosure of this report. For any questions regarding this report, please contact the Customer Service unit at+65 6320 1900 or via email at cs@experian.com.
23

FINANCIAL COMMENTARY
Leverage$300,000,000$250,000,000$200,000,000
Equity$150,000,000

Total Liabilities$100,000,000$50,000,000
$0
2016

2017

Total liabilities-to-equity ratio notched 14.86 times in FY17, compared with 12.88 times in FY16. This meansthat the company requires additional external financing of $14.86 for every dollar injected into its operations.
Subject's total liability-to-equity is noted to be higher than the industry norm for the sector in which thecompany is operating.
Generally, a total liability-to-equity ratio of less than 0.5 times is preferred. The ratio measures the proportionof the company's reliance on external debt for financing, relative to the shareholder's fund. A lower ratio would
imply a greater financial safety and operating freedom for the company.
Efficiency Ratio

20
15
Return on Equity

10

Return on Assets

5
0
2016

2017

We are unable to comment on Subject's return on equity.
We are unable to comment on Subject's return on assets.
Total assets turnover ratio logged at 8.00 times in FY17 (FY16: 2.43 times). This ratio measures thecompany's ability to make productive use of its total assets to generate sales which reflects the efficiency ofthe management in utilizing its resources.

THIS REPORT MUST NOT BE COMMUNICATED TO THE PERSON/S OR FIRM/S REPORTED ON, OR TO ANY OTHER PARTY. It isfurnished by Experian Credit Services Singapore Pte Ltd (UEN 198302653E) ("Experian") in STRICT CONFIDENCE at your request for yourexclusive use. In accepting this report, you hereby agree to be responsible for all damages arising from a violation or breach of the above
confidentiality obligation. This report is not intended to be used as the sole basis for any business decision and is based upon data which isprovided by third parties, the accuracy or completeness of which it is not possible for Experian to check. Experian shall not be liable for any loss
or injury caused by your use or disclosure of this report. For any questions regarding this report, please contact the Customer Service unit at+65 6320 1900 or via email at cs@experian.com.
24

DP Credit Rating Scale
Default Frequency<0.1%

DP Credit Rating
DP1

0.1% - <0.2%DP2

0.2% - <0.4%DP3

0.4% - <1.0%DP4

1.0% - <3.0%DP5

3.0% - <8.0%DP68% - <14.0%

DP7

14.0% - <30%

DP8

Explanation
Possess extremely strong financial
fundamental with high incentive andcapability for repayment of obligations.
Has strong financial health with above
average capability for meeting payments.
Stable financial health and above normal
operational
environment.
Generalunfavorable factors are not likely to cause
distress.
Overall financial health and operation are
considered normal. Capable of meeting its
commitments. May be susceptible todifficulties in the event of drastic changes
in economic conditions.
Adequate financial capabilities to meet
normalcommitments.
However,adversechangesin
economic
condition could lead to doubtfulness inthe ability to pay.
Sufficiently sound financial ability to meet
normal obligations. Capabilities in reacting
to adverse operational condition arelimited or consider doubtful.
Weakness in financial ability is apparent.
Vulnerable to unfavorable changes in theeconomic and operational environment
and is likely to fall into a weakened
financial condition.
Apparent weakness in financial healthwith limited capability to meet its
obligations especially in the event of any
adversechangesinoperatingenvironment.

Status*Premium
Premium
StrongStrongModerate

Moderate

MonitorMonitor*DP 1 to DP 4 is comparable to “Investment Grade” rated securities, and DP 5 to DP 6 is comparable to “High

Yield” rated securities, and DP 7 to DP8 is comparable to “High Risk” rated securities.

THIS REPORT MUST NOT BE COMMUNICATED TO THE PERSON/S OR FIRM/S REPORTED ON, OR TO ANY OTHER PARTY. It isfurnished by Experian Credit Services Singapore Pte Ltd (UEN 198302653E) ("Experian") in STRICT CONFIDENCE at your request for yourexclusive use. In accepting this report, you hereby agree to be responsible for all damages arising from a violation or breach of the above
confidentiality obligation. This report is not intended to be used as the sole basis for any business decision and is based upon data which isprovided by third parties, the accuracy or completeness of which it is not possible for Experian to check. Experian shall not be liable for any loss
or injury caused by your use or disclosure of this report. For any questions regarding this report, please contact the Customer Service unit at+65 6320 1900 or via email at cs@experian.com.
25

EXPERIAN’S COMMENTS & RATINGSDP Credit Rating
The DP Credit Rating, a statistical model that measures the probability of default of the evaluated company, isdesigned for companies incorporated in Singapore. The model uses financial statement data to generate the
DP Credit Rating, taking into account the performance of 6 broad risk categories: profitability, capital structure,liquidity, activity, growth and size.
The DP Credit Rating model grades companies on a scale of DP1 to DP8. Each grade represents a range ofprobability of default, with DP1 representing the lowest probability of default and DP8 the highest probability ofdefault.
The DP Credit Rating is an opinion of the company’s financial capacity to fulfill its financial obligations. This
opinion focuses on the company’s ability rather than its willingness to meet those overall obligations. Every
rating assigned by Experian is computed using available information with certain expectations andassumptions made about variables that may impact the company’s performance at the time of the rating.
The DP Credit Rating is good for one year as variables that impact the financial performance of a company
can change significantly over a period of time, causing the rated entity’s credit quality to deviate materiallyfrom expectation. Thereafter, a review of rating is recommended to reflect changes in the rated entity’s future
debt repayment capability.
Great care must be taken to fully appreciate the implications of probability of defaults and the rating scales. A
high credit risk grade rating on a company does not mean that it is certainly going to default. It indicates thatthe company has risks associated with it that make it significantly more vulnerable to default in comparison
with those in the lower credit risk grades.
In the event of a downgrade in rating, it does not imply that a default is anticipated or imminent. Rather it
indicates that the credit risk associated with the company is relatively higher than what it was before thedowngrade.

Comments* - The rating is an opinion of the company’s capability and ability based on prevailing conditions andinformation made available to Experian at the time of rating.
* - The rating is not a recommendation to buy or sell nor is it an endorsement or non-endorsement of anissue.
* - The information received has been obtained from sources believed to be reliable, but its accuracy orcompleteness is not guaranteed.
* - Experian does not assume any part of the requester’s risk in the use or non-use of this rating.
* - No part of this report may be reproduced, stored in retrieval system or transmitted, in any form or by anymeans.
* - Experian’s ratings are subject to change due to any unforeseen and/or foreseen circumstances

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confidentiality obligation. This report is not intended to be used as the sole basis for any business decision and is based upon data which isprovided by third parties, the accuracy or completeness of which it is not possible for Experian to check. Experian shall not be liable for any loss
or injury caused by your use or disclosure of this report. For any questions regarding this report, please contact the Customer Service unit at+65 6320 1900 or via email at cs@experian.com.
26