MIRA
INFORM REPORT
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Report Date : |
23.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
EFFISSIMO
CAPITAL MANAGEMENT PTE. LTD. |
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Registered Office : |
260 Orchard Road #12-06 The Heeren 238855 |
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Country : |
Singapore |
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Date of Incorporation : |
19.06.2006 |
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Com. Reg. No.: |
200608902D |
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Legal Form : |
Exempt Pte Ltd |
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Line of Business : |
Fund Management |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Subject Company
EFFISSIMO CAPITAL MANAGEMENT PTE. LTD.
Line Of Business
FUND MANAGEMENT
Parent Company
-
Financial Elements
Sales : -
Networth : -
Paid-Up
Capital : JPY10,000,000
Net result : -
Net Margin(%) : -
Return on Equity(%) : -
Leverage Ratio : -
BUSINESS INFORMATION REPORT
COMPANY IDENTIFICATION
Subject Company : EFFISSIMO CAPITAL MANAGEMENT PTE.
LTD.
Former Name : -
Business Address :
260 ORCHARD ROAD
#12-06
THE HEEREN
Town :
SINGAPORE
Postcode :
238855
County : -
Country : Singapore
Telephone : 6735 1107
Fax :
6735 8102
ROC Number :
200608902D
Reg.
Town : -
SUMMARY
All amounts in this report are in: JPY unless otherwise stated
Legal Form :
Exempt Pte Ltd
Date Inc. :
19/06/2006
Previous Legal Form : -
Summary year : -
Sales : -
Capital : -
Paid-Up Capital : 10,000,000
Employees : 5
Net result : -
Share value : -
BASED
ON ACRA'S RECORD
NO. OF SHARES CURRENCY AMOUNT
ISSUED ORDINARY 10,000,000 YEN
10,000,000.00
PAID-UP ORDINARY -
YEN 10,000,000.00
AUDITOR: NIL
REFERENCES
Litigation :
No
Company status : TRADING
Started :
19/06/2006
PRINCIPAL(S)
TAKASHI KOSAKA G5880391Q
Director
DIRECTOR(S)
TAKASHI KOSAKA
G5880391Q Director
Appointed on : 19/06/2006
Street : 8 CAIRNHILL
CIRCLE
#09-14
CAIRNHILL CREST
Town : SINGAPORE
Postcode : 229814
Country : Singapore
YOICHIRO IMAI
MR7272242 Director
Appointed on : 21/09/2006
Street : 8 CAIRNHILL
CIRCLE
#05-12
CAIRNHILL CREST
Town : SINGAPORE
Postcode : 229814
Country : Singapore
HISAAKI SATO
G5869654X Company Secretary
Appointed on : 23/05/2007
Street : 3 BIDEFORD
ROAD
#15-05
Town : SINGAPORE
Postcode : 229920
Country : Singapore
ANG LEE LEE
S7009933J Company Secretary
Appointed on : 22/11/2007
Street : 502 PASIR
RIS STREET 52
#14-227
Town : SINGPAORE
Postcode : 510502
Country : Singapore
FORMER DIRECTOR(S)
KAWAI KENTARO G5874077U
ACTIVITY(IES)
BUSINESS MANAGEMENT Code:3160
BASED ON ACRA'S RECORD
1) FUND MANAGEMENT ACTIVITIES; FUND MANAGER, FINANCIAL ADVISOR
CHARGES
No Charges On Premises/Property In Our
Database
PREMISES/PROPERTY INFORMATIONS
No Premises/Property Information In Our
Databases
BANKERS
No Bankers
Information In Our Database
SHAREHOLDERS(S)
TAKASHI KOSAKA 3,000,000 Private Person
Street : 8 CAIRNHILL CIRCLE
#09-14
CAIRNHILL CREST
Town : SINGAPORE
Postcode : 229814
Country : Singapore
YOICHIRO IMAI
4,000,000 Private Person
Street : 8 CAIRNHILL CIRCLE
#05-12
CAIRNHILL CREST
Town : SINGAPORE
Postcode : 229814
Country : Singapore
HISAAKI SATO 3,000,000 Private Person
Street : 3 BIDEFORD ROAD
#15-05
Town : SINGAPORE
Postcode : 229920
Country : Singapore
SUBSIDIARY(IES)
No Participation In Our Database
PAYMENT HISTORY AND EXPERIENCES
Trade Morality : AVERAGE
Liquidity :
UNKNOWN
Payments :
REGULAR
Trend :
LEVEL
Financial Situation :UNKNOWN
FINANCIAL COMMENTS
LIMITED EXEMPT PRIVATE COMPANY:
WHERE THE SHARES OF A PRIVATE COMPANY ARE NOT OWNED BY ANY CORPORATE
BODY AND THERE ARE NO MORE THAN 20 MEMBERS, THE PRIVATE COMPANY IS KNOWN AS AN
EXEMPT PRIVATE COMPANY.
AN EXEMPT PRIVATE COMPANY ENJOYS A GREATER
AMOUNT OF PRIVACY THAN A
PRIVATE COMPANY. IT IS NOT REQUIRED TO FILE ACCOUNTS WITH THE
REGISTRAR IF IT CAN PRODUCE A CERTIFICATE SIGNED BY ONE OF ITS
DIRECTORS, SECRETARY AND AUDITOR CONFIRMING THE FOLLOWING POINTS:
1. THE COMPANY IS AN EXEMPT PRIVATE COMPANY.
2. THE AUDITED ACCOUNTS HAVE BEEN TABLED BEFORE THE SHAREHOLDERS
AT THE ANNUAL GENERAL MEETING.
3. THE COMPANY IS ABLE TO MEET ITS LIABILITIES.
THERE IS THEREFORE NO DISCLOSURE TO THE PUBLIC OF THE ACCOUNTS OF THE
COMPANY ALTHOUGH THE ACCOUNTS STILL HAVE TO BE AUDITED EVERY YEAR AND APPROVED
AT AN ANNUAL GENERAL MEETING OF THE COMPANY.
A PRIVATE COMPANY THAT IS WHOLLY OWNED BY THE GOVERNMENT MAY BECOME AN
EXEMPT PRIVATE COMPANY IF THE MINISTER FOR FINANCE, IN THE NATIONAL INTEREST,
DECLARES IT TO BE SUCH BY A GAZETTE NOTIFICATION.
EXEMPT FROM AUDIT
AN EXEMPT PRIVATE COMPANY IS EXEMPT FROM AUDIT REQUIREMENTS IF THE
STARTING DATE OF ITS FINANCIAL YEAR IS BETWEEN 15 MAY 2003 AND 31 MAY 2004 AND
ITS TURNOVER FOR THAT FINANCIAL YEAR DOES NOT EXCEED $2.5 MILLION. FOR
FINANCIAL YEARS STARTING 1 JUNE 2004, THE AMOUNT OF THE TURNOVER HAS BEEN
RAISED TO $5 MILLION. THESE COMPANIES ARE STILL
REQUIRED TO MAINTAIN PROPER ACCOUNTING.
BACKGROUND/OPERATION
THE COMPANY WAS INCORPORATED IN THE REPUBLIC OF SINGAPORE ON 19/06/2006
AS A LIMITED EXEMPT PRIVATE COMPANY AND IS TRADING UNDER ITS PRESENT NAMESTYLE
AS "EFFISSIMO CAPITAL MANAGEMENT PTE. LTD.".
AS AT 21/01/2008, THE COMPANY HAS ISSUED AND PAID-UP CAPITAL OF
10,000,000 SHARES OF A VALUE OF JPY10,000,000.
PRINCIPAL ACTIVITIES:
SUBJECT IS REGISTERED WITH THE ACCOUNTING
& CORPORATE REGULATORY
AUTHORITY (ACRA) TO BE PRINCIPALLY ENGAGED
IN THE BUSINESS OF:
1) FUND MANAGEMENT ACTIVITIES; FUND MANAGER,
FINANCIAL ADVISOR
FROM THE RESEARCH DONE, THE FOLLOWING
INFORMATION WAS GATHERED:
SUBJECT ENGAGES IN THE FOLLOWING ACTIVITIES:
* FUND MANAGEMENT
FROM THE TELE-INTERVIEW CONDUCTED ON
23/01/2008, THE FOLLOWING WAS
GATHERED:
NUMBER OF EMPLOYEES:
* 2008: 5
NO OTHER TRADE INFORMATION IS AVAILABLE ON
23/01/2008.
REGISTERED ADDRESS:
20 CECIL STREET
#14-01 EQUITY PLAZA
SINGAPORE 049705
- DATE OF CHANGE OF ADDRESS: 19/06/2006
BUSINESS ADDRESS:
260 ORCHARD ROAD
#12-06 THE HEEREN
SINGAPORE
- RENTED PREMISE
- OWNED BY ATLAS ICE (SINGAPORE) PRIVATE
LIMITED
WEBSITE:
-
EMAIL:
-
MANAGEMENT
THE DIRECTORS AT THE TIME OF THE REPORT ARE:
1) TAKASHI KOSAKA, A JAPANESE
- BASED IN SINGAPORE.
2) YOICHIRO IMAI, A JAPANESE
- BASED IN SINGAPORE.
ADVERSE ON DIRECTORS
AS THE DIRECTORS ARE FOREIGNERS, THE ADVERSE
CHECK ON DIRECTORS WILL
NOT BE CONDUCTED.
Singapore’s Country Rating 2007
Investment Grade
IN SINGAPORE, THE POLITICAL SITUATION
REMAINS STABLE.
SINGAPORE BOASTS THE BEST GOVERNANCE IN ASIA, WITH AN EFFECTIVE LEGAL
SYSTEM FACILITATING DEBT COLLECTION AND TO A HIGH DEGREE OF FINANCIAL TRANSPARENCY.
EXTERNAL ACCOUNTS
HAVE REMAINED SUBSTANTIALLY IN SURPLUS, CONTRIBUTED TO THE
DYNAMISM OF THE
ELECTRONICS AND PHARMACEUTICALS SECTORS AND TO REPATRIATION OF PROFITS FROM
SINGAPORE INVESTMENTS. THE FINANCIAL AND TOURISM SECTORS HAVE ALSO CONTRIBUTED
TO THE LARGE CURRENT ACCOUNT SURPLUS.
SINGAPORE CONTINUES TO KEENLY WELCOME FOREIGN INVESTMENT AND OFFERS A VERY OPEN
AND WELL-PLANNED ECONOMIC AND POLITICAL ENVIRONMENT. IT HAS BEEN IMPLEMENTING
AMBITIOUS DIVERSIFICATION STRATEGY, FOCUSED PARTICULARLY ON THE CHEMICALS AND
PHARMACEUTICAL SECTORS.
THE GOVERNMENT USES FOREIGN DIRECT INVESTMENT TO DEVELOP PRIORITY SECTORS (ELECTRONICS, CHEMICALS, BIOTECHNOLOGY). THE AIM IS TO ENCOURAGE THE GROWTH OF HIGH ADDED-VALUE ACTIVITIES AND TURN SINGAPORE INTO A REGIONAL HUB FOR FOREIGN INVESTORS INTERESTED IN ASIA.
CERTAIN SECTORS (MEDIA, LEGAL AND FINANCIAL SERVICES) ARE HOWEVER ONLY PARTIALLY OPEN TO FOREIGN INVESTMENT. THESE SECTORS ARE SLOWLY OPENING UP, BUT THE PROGRESS IS SLOW.
AFTER HIGH GROWTH IN
2006, BUOYED BY THE DYNAMISM OF BOTH EXPORTS AND HOUSEHOLD CONSUMPTION, A
SLOWDOWN IS EXPECTED IN 2007.
ASSETS
MAJOR EXPORTER OF CAPITAL IN ASIA, NOTABLY VIA THE
STATE-OWNED TEMASEK HOLDING COMPANY.
HIGH QUALITY
COMPETITIVENESS IN ASIA
EXCELLENT BUSINESS CLIMATE
POLITICAL STABILITY.
WEAKNESSES
SKILLED MANPOWER HAS BEEN
LACKING IN THE SECTORS TARGETED FOR DEVELOPMENT.
AN AGEING POPULATION COULD, ULTIMATELY, AFFECT ECONOMIC PERFORMANCE.
GROWING INEQUALITY AND THE EMERGENCE OF LONG-TERM UNEMPLOYMENT AMONG THE LEAST SKILLED COULD GENERATE SOCIAL TENSIONS.
BEING THE WORLD’S MOST OPEN ECONOMY, IT HAS BEEN VULNERABLE TO WORLD ECONOMIC DOWNTURNS.
FINANCIAL SERVICES
SECTOR
PAST PERFORMANCE
THE FINANCIAL SERVICES SECTOR GREW SUBSTANTIALLY BY 20%, FOLLOWING A 17% GAIN RECORDED IN 2Q 2007.HOWEVER, ON A SEASONALLY ADJUSTED QUARTER-ON-QUARTER BASIS, THE SECTOR FELL BY 8.6%, COMPARED WITH THE 39% GROWTH IN 2Q 2007. THE DECLINE PARTLY REFLECTED THE IMPACT FROM THE TURMOIL IN FINANCIAL MARKETS WORLDWIDE.
MOST SEGMENTS REGISTERED BROAD-BASED GROWTH. THE DOMESTIC STOCK MARKET RECORDED A 2.2 TIMES INCREASE IN TURNOVER VOLUMES, DESPITE A SHARP CORRECTION IN STOCK PRICES IN AUGUST. THE WEALTH ADVISORY CLUSTER WAS SIMILARLY RESILIENT. AT THE SAME TIME, GROWTH WAS BOOSTED BY THE BANKING CLUSTER, WHICH CONTINUED TO REGISTER SUBSTANTIAL GROWTH IN BOTH DOMESTIC AND OFFSHORE LENDING ACTIVITY.
LOANS TO NON-BANK CUSTOMERS GREW BY 13.0% IN 3Q 2007. THE STOCK OF TOTAL LOANS IN THE DOMESTIC BANKING SECTOR STOOD AT S$219 BILLION AT THE END OF SEPTEMBER, S$9.6 BILLION HIGHER THAN AT THE END OF JUNE.
CREDIT GROWTH WAS DRIVEN MAINLY BY LOANS TO CORPORATES, WHICH ROSE BY 15.0%. LENDING TO THE BUSINESS SERVICES AND TRANSPORT AND STORAGE SEGMENTS REMAINED STRONG, WITH INCREASES OF 41.0% AND 37.0% RESPECTIVELY. CREDIT EXTENDED TO THE BUILDING AND CONSTRUCTION SECTOR ROSE BY 21.0%, PARTLY REFLECTING THE GROWTH IN COMMERCIAL BUILDING ACTIVITY. THE BUOYANT PROPERTY MARKET ALSO SPURRED MORTGAGE LOANS, LIFTING OVERALL CONSUMER-RELATED LOANS GROWTH TO 10.0%, COMPARED WITH 5.7% IN 2Q 2007.
FINANCE COMPANIES ALSO REGISTER STRONGER CREDIT GROWTH OF 21.0%. THE OVERALL STOCK OF LOANS, DISBURSED BY FINANCE COMPANIES ROSE TO S$9.6 BILLION AS AT END-SEPTEMBER, S$826 MILLION HIGHER THAN AT END-JUNE.
THE STOCK OF TOTAL ASSETS/LIABILITIES IN THE ASIAN DOLLAR MARKET ROSE BY 26.0% TO REACH US$845 BILLION IN 3Q 2007. THIS WAS MAINLY ATTRIBUTED TO STRONG LENDING ACTIVITY IN BOTH THE NON-BANK AND INTERBANK MARKETS. IN THE NON-BANK MARKET, LOANS RECORDED A SUBSTANTIAL 34.0% GROWTH, AS LENDING TO EAST ASIAN AND EUROPEAN REGIONS
CONTINUED TO GATHER MOMENTUM. LOANS GROWTH IN THE INTERBANK SEGMENT ALSO ROSE 19.0%, COMPARED TO THE 11% GROWTH IN 2Q 2007.
OUTLOOK
WITHIN THE FINANICAL SERVICES INDUSTRY, THE OUTLOOK IS POSITIVE, ESPECIALLY FOR INSURANCE COMPANIES, OVERALL, A NET WEIGHTED BALANCE OF 17.0% OF FIRMS FORECASTS HIGHER BUSINESS ACTIVITY IN THE COMING MONTHS.
EXTRACTED FROM: MINISTRY OF TRADE AND INDUSTRY, SINGAPORE
SINGAPORE DEPARTMENT OF STATISTICS
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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 and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)