MIRA INFORM REPORT

 

 

Report Date :           

27.04.2011

 

IDENTIFICATION DETAILS

 

Name :

SPICE I2I LIMITED

 

 

Registered Office :

750a Chai Chee Road #05-01 Tecnopark@Chaichee Singapore 469001

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2008

 

 

Date of Incorporation :

15.07.1993

 

 

Com. Reg. No.:

199304568r

 

 

Legal Form :

Public Company Limited By Shares

 

 

Line of Business :

Mobile Cellular, Radio Paging And Other Wireless Telecommunications Activities and Telecommunications Services Including R&D, Design And Marketing Of Software

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

S$1,000,000

Status :

Satisfactory

Payment Behaviour :

No Complaints

Litigation :

Clear

 

 

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 – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

Singapore

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Executive Summary

 

Company Name

:

SPICE I2I LIMITED

Registration No

:

199304568R

Date of Registration

:

15/07/1993

Former Name

:

1.MEDIARING.COM PTE LTD Eff. date : 18/10/1999 Eff. date : 18/10/1999

2.MEDIARING.COM LTD Eff. date : 25/10/1999 Eff. date : 25/10/1999

3.MEDIARING LTD. Eff. date : 06/11/2002 Eff. date : 06/11/2002

Date of Change of Name

:

30/04/2010

Type of Company

:

PUBLIC COMPANY LIMITED BY SHARES

Registered Address

:

750A CHAI CHEE ROAD #05-01 TECNOPARK@CHAICHEE SINGAPORE 469001

Date of Change of Address

:

08/11/2002

Contact No.

:

6441 1213

Fax No.

:

6441 3013

Website

:

www.mediaring.com

Registered Activities

:

1. MOBILE CELLULAR, RADIO PAGING AND OTHER WIRELESS TELECOMMUNICATIONS ACTIVITIES

TELECOMMUNICATIONS SERVICES INCLUDING R&D, DESIGN AND MARKETING OF SOFTWARE

2. WHOLESALE OF TELECOMMUNICATIONS EQUIPMENT

DISTRIBUTION OF TELECOMMUNICATIONS HANDSET

Issued Ordinary Capital*

:

$438,034,223.07 SINGAPORE, DOLLARS ,NO. OF SHARE : 2,742,490,418

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$438,034,223.07 SINGAPORE, DOLLARS

Paid-Up Preference Capital

:

NA

* Number of Shares includes number of Issued Treasury Shares

Issued Treasury Capital

:

NA

Paid-Up Treasury Capital

:

NA

No. of Local Subsidiaries

:

5

No. of Local Associates

:

NA

Auditor

:

ERNST & YOUNG LLP

Bankers / Financiers

:

DEUTSCHE BANK AKTIENGESELLSCHAFT

STANDARD CHARTERED BANK

Turnover

:

SGD - SIN 167,286,455.00 (FY2009)

Net Worth

:

SGD - SIN 147,167,786.00 (FY2009)

No. of Bank Charges

:

2

No. of Litigation Suits

:

NA

S1000 / SME 500 / FG50 Ranking

:

1177 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2009/2010)

200 POSITION IN Singapore 500 Public Listed Companies Ranked By Sales/Turnover (2009/2010)

897 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2008/2009)

185 POSITION IN Singapore 500 Public Listed Companies Ranked By Sales/Turnover (2008/2009)

194 POSITION IN Singapore 500 Public Listed Companies Ranked By Sales/Turnover (2007/2008)

Compounded Annual Growth Rate (CAGR)

:

1.35% (4 years)

 

 

Credit Recommendation

 

Recommended Credit Line

:

S$1,000,000

 

 

SHAREHOLDER DETAILS

 

As Subject is registered as a public company limited by shares, its shareholder details are not available. Please refer to documentary for information.

 

 

OFFICER DETAILS

 

NAME

:

CHUAH SEONG LING

ADDRESS

:

WISMA CSL, NO. 10, JALAN JURUNILAI U1/20 HICOM-GLENMARIE INDUSTRIAL PARK, 40150 SHAH ALAM, MALAYSIA

POSITION

:

DIRECTOR

MANAGING DIRECTOR

DATE OF APPT

:

30/04/2010

01/10/2010

NATIONALITY

:

MALAYSIAN

I/C PASSPORT

:

A10684985

 

NAME

:

TAY-TAN BEE KIEW EILEEN

ADDRESS

:

7 ST. HELIER'S AVENUE SERANGOON GARDEN ESTATE SINGAPORE 555803

POSITION

:

DIRECTOR

DATE OF APPT

:

02/10/2002

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0007926Z

 

NAME

:

CHANDRA DAS S/O RAJAGOPAL SITARAM

ADDRESS

:

28 CASSIA DRIVE RAFFLES PARK SINGAPORE 289721

POSITION

:

DIRECTOR

DATE OF APPT

:

31/07/2010

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0047609I

 

NAME

:

SIN HANG BOON

ADDRESS

:

41 KASAI ROAD SELETAR HILLS ESTATE SINGAPORE 808288

POSITION

:

DIRECTOR

DATE OF APPT

:

09/06/2003

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1141475C

 

NAME

:

JOANNA LIM LAN SIM

ADDRESS

:

165 TAMPINES STREET 12 #09-305 SINGAPORE 521165

POSITION

:

SECRETARY

DATE OF APPT

:

15/12/2009

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1572261D

 

NAME

:

VIJAY BRIJENDRA CHOPRA

ADDRESS

:

23 LEONIE HILL #22-01 LEONIE GARDEN SINGAPORE 239224

POSITION

:

DIRECTOR

DATE OF APPT

:

14/10/2009

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S2594107A

 

NAME

:

THOMAS HENRIK ZILLIACUS

ADDRESS

:

34 SEAH IM ROAD SINGAPORE 099107

POSITION

:

DIRECTOR

DATE OF APPT

:

28/02/2002

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S2722538A

 

NAME

:

MODI BHUPENDRA KUMAR

ADDRESS

:

6 MARINA BOULEVARD #63-18 SAIL @ MARINA BAY, THE SINGAPORE 018985

POSITION

:

DIRECTOR

DATE OF APPT

:

31/08/2009

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S2756367H

 

NAME

:

DIVYA MODI

ADDRESS

:

36, AMRITA SHERGIL MARG NEW DELHI, INDIA

POSITION

:

DIRECTOR

DATE OF APPT

:

31/08/2009

NATIONALITY

:

INDIAN

I/C PASSPORT

:

Z1812202

 

NAME

:

JAI SWARUP PATHAK

ADDRESS

:

634, RIMPAU BOULEVARD, LOS ANGELES CALIFORNIA 90005, UNITED STATES OF AMERICA

POSITION

:

DIRECTOR

DATE OF APPT

:

14/10/2009

NATIONALITY

:

INDIAN

I/C PASSPORT

:

Z1826366

 

NAME

:

DILIP MODI

ADDRESS

:

36 AMRITA SHERGILL MARG NEW DELHI - 100 003, INDIA

POSITION

:

DIRECTOR

DATE OF APPT

:

30/04/2010

NATIONALITY

:

INDIAN

I/C PASSPORT

:

Z1903124

 

 

KEY PERSONNEL PROFILE

 

Name:

CHUAH SEONG LING

NRIC Number:

A10684985

Available Address:

WISMA CSL, NO. 10, JALAN JURUNILAI U1/20 HICOM-GLENMARIE INDUSTRIAL PARK, 40150 SHAH ALAM, MALAYSIA

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

SPICE I2I LIMITED

DIRECTOR

30/04/2010

-

-

2

SPICE I2I LIMITED

MANAGING DIRECTOR

01/10/2010

-

-

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

SPICE I2I LIMITED

LIVE COMPANY

SHAREHOLDER

-

21/04/2011

2

SPICE-CSL PTE. LTD.

LIVE COMPANY

DIRECTOR/SHR

24/03/2010

30/03/2011

 

Bankruptcy Record

Case No.

Year

Date of Filing

Petitioner Name

Amount

No Trace

 

 

 

 

 

Litigation Search – Writ of Summons

Court

Case No.

Year

Date of Filing

Amount

Cause Category

No Trace

 

 

 

 

 

 

 

SUBSIDIARIES AND ASSOCIATE COMPANIES

 

Company

Shareholdings (%)

MEDIARING NETWORK SERVICES PTE. LIMITED

100

MELLON TECHNOLOGY PTE. LTD.

100

CAVU CORP PTE. LTD.

100

MEDIARING COMMUNICATIONS PTE. LTD.

100

SPICE-CSL PTE. LTD.

100

 

                                                                                                                       

BANKERS/ FINANCIERS

 

Subject enjoys a normal banking routine with its bankers. To date, there have been 2 bank charges registered against Subject by its bankers. The charge numbers are:

 

1)

Charge No.

:

C201001404

 

Date of Registration

:

11/02/2010

 

Chargee

:

DEUTSCHE BANK AKTIENGESELLSCHAFT

 

Address

:

---

 

2)

Charge No.

:

C201001397

 

Date of Registration

:

11/02/2010

 

Chargee

:

STANDARD CHARTERED BANK

 

Address

:

6 BATTERY ROAD SINGAPORE 049909

 

 

LITIGATION

 

Clear

 

 

COMPLIANCE RECORDS

 

Date of Last AGM

:

30/04/2010

Date of Last AR

:

31/05/2010

Date of A/C Laid At Last AGM

:

31/12/2009

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Group

 

DEC 2009

% Change

DEC 2008

DEC 2007

DEC 2006

DEC 2005

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

167,286,455

-15.81

198,699,143

167,451,638

185,336,411

158,570,096

Profit/(Loss) Before Tax

2,562,489

226.64

784,502

2,135,219

13,220,775

8,610,676

Profit After Tax attributable to Shareholders

2,533,387

165.21

955,230

3,286,224

13,133,640

8,610,676

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

201,819,672

13.91

177,174,720

184,133,693

160,897,385

101,231,691

Current Assets

156,412,246

23.94

126,197,604

147,780,879

73,274,304

80,802,375

Non Current Assets

45,407,426

-10.93

50,977,116

36,352,814

87,623,081

20,429,316

 

 

 

 

 

 

 

Total Liabilities

54,651,885

16.88

46,758,302

48,160,378

34,009,632

23,064,016

Current Liabilities

47,056,091

6.68

44,108,491

45,461,678

32,064,142

23,064,014

Non Current Liabilities

7,595,794

186.65

2,649,811

2,698,700

1,945,490

2

 

 

 

 

 

 

 

Shareholders' Funds

147,167,786

12.84

130,416,419

135,973,315

126,887,753

78,167,676

Share Capital

245,239,385

7.47

228,187,110

241,557,704

244,307,879

90,177,962

Total Reserves

(98,071,599)

NA

(97,770,691)

(105,584,389)

(117,420,126)

(12,010,286)

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Group

 

DEC 2009

DEC 2008

DEC 2007

DEC 2006

DEC 2005

Growth %

 

 

 

 

 

Year-on-Year Growth

-15.81

18.66

-9.65

16.88

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

1.51

0.48

1.96

7.09

5.43

Return on Equity (%)

1.72

0.73

2.42

10.35

11.02

Return on Assets (%)

1.26

0.54

1.78

8.16

8.51

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

0.37

0.36

0.35

0.27

0.30

Current Debt/Equity (Times)

0.32

0.34

0.33

0.25

0.30

Long Term Debt To Equity (Times)

0.05

0.02

0.02

0.02

0.00

Total Asset To Total Equity (Times)

1.37

1.36

1.35

1.27

1.30

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

0.83

1.12

0.91

1.15

1.57

Fixed Assets Turnover (Times)

3.68

3.90

4.61

2.12

7.76

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

3.32

2.86

3.25

2.29

3.50

 

 

 

 

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

DEC 2008

DEC 2007

DEC 2006

DEC 2005

Currency

U.S. DOLLAR

U.S. DOLLAR

U.S. DOLLAR

 

Profit and Loss Key Figures

 

 

 

 

Turnover

*

0

0

0

Profit/(Loss) Before Tax

*

0

0

0

Profit After Tax attributable to Shareholders

*

0

0

0

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

Total Assets

99,862,000

105,536,000

100,556,000

59,178,000

Current Assets

55,945,000

73,144,000

40,732,000

44,000,000

Non Current Assets

43,917,000

32,392,000

59,824,000

15,178,000

 

 

 

 

 

Total Liabilities

15,874,000

19,735,000

17,213,000

12,661,000

Current Liabilities

15,874,000

19,735,000

17,213,000

12,661,000

Non Current Liabilities

0

0

0

0

 

 

 

 

 

Shareholders' Funds

83,988,000

85,801,000

83,343,000

46,517,000

Share Capital

161,723,000

160,758,000

154,208,000

54,113,000

Total Reserves

(77,735,000)

(74,957,000)

(70,865,000)

(7,596,000)

 

 

 

 

 

* As per Companies Act, section 201 Accounts, Consolidated accounts and directors report, sub-section 3A.

 

 

FINANCIAL RATIOS

 

 

Company

 

DEC 2008

DEC 2007

DEC 2006

DEC 2005

Growth %

 

 

 

 

Year-on-Year Growth

NA

NA

NA

NA

 

 

 

 

 

Profitability

 

 

 

 

Profit Margin (%)

0.00

0.00

0.00

0.00

Return on Equity (%)

0.00

0.00

0.00

0.00

Return on Assets (%)

0.00

0.00

0.00

0.00

 

 

 

 

 

Leverage

 

 

 

 

Total Debt/Equity (Times)

0.19

0.23

0.21

0.27

Current Debt/Equity (Times)

0.19

0.23

0.21

0.27

Long Term Debt To Equity (Times)

0.00

0.00

0.00

0.00

Total Asset To Total Equity (Times)

1.19

1.23

1.21

1.27

 

 

 

 

 

Asset Management

 

 

 

 

Total Assets Turnover (Times)

0.00

0.00

0.00

0.00

Fixed Assets Turnover (Times)

0.00

0.00

0.00

0.00

 

 

 

 

 

Liquidity

 

 

 

 

Current Ratio (Times)

3.52

3.71

2.37

3.48

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 1.35% (4 years).

 

CAGR is the year-over-year growth rate of a company over a specified period. Instead of looking at the average growth rate, CAGR allow users to look at the annualized growth rate of a company over a given period, a more indicative measure of growth of a company’s performance over a given period.

 

Profitability

The group yielded a rate of net profit on sales of 1.51 per cent in FY09. The group is now able to book in SGD - SIN 0.02 of profit for every SGD - SIN of sales.

 

Liquidity

Current ratio stood at 3.32 times in FY09. This means that the group has SGD - SIN 3.32 of current assets for every SGD - SIN of current liability incurred.

 

A minimum figure of 1.0 would be considered the lowest limit that this figure should reach. Any business that has 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.

 

 

Leverage

Total debt-to-equity ratio notched at 0.37 times in FY09. This means that the group requires additional external financing of SGD - SIN 0.37 for every SGD - SIN injected into its operations.

 

Generally, a total debt-to-equity ratio of less than 0.5 times is preferred. The ratio measures the proportion of 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

 

Return on equity was 1.72 per cent for Subject in the current financial period. The return on equity measures the return earned on the owner's investment.  Generally, the higher this return, the better off the owner.

 

Return on assets stood at 1.26 per cent. The return on asset measures the overall effectiveness of management in generating profit with its available assets.

 

Total assets turnover ratio logged at 0.83 times in FY09. This ratio measures the group's ability to make productive use of its total assets to generate sales which reflects the efficiency of the management in utilising its resources.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.59

UK Pound

1

Rs.73.44

Euro

1

Rs.64.81

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

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%)

 

 

 

 

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.