MIRA INFORM
REPORT
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Report Date : |
03.08.2011 |
IDENTIFICATION DETAILS
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Name : |
STAR ASIA INC |
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Registered Office : |
37 W 47th St, Ste 401, New York, NY 10036-2864 |
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Country : |
United States |
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Financials (as on) : |
31.12.2010 (Consolidated) |
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Date of Incorporation : |
Not Available |
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Legal Form : |
Private Independent |
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Line of Business : |
retail sale of
any combination of the lines of jewelry |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small Company |
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Payment
Behaviour : |
Unknown |
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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 – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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United States |
a1 |
a1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Bottom of Form
Company name & address
Star Asia Inc
37 W 47th St
Ste 401
New York, NY 10036-2864
United States
Tel: 212-997-7827
Synthesis
Employees: 15
Company Type: Private Independent
Financials in: USD
(Millions)
Reporting Currency: US
Dollar
Annual Sales: 3.6
Total Assets: NA
Business Description
Establishments primarily engaged in the retail sale of any combination of the lines of jewelry, such as diamonds and other precious stones mounted in precious metals as rings, bracelets, and broaches; sterling and plated silverware; and watches and clocks.
Industry
Industry Retail (Specialty)
ANZSIC 2006: 4253 - Watch and
Jewellery Retailing
NACE 2002: 5248 - Other
retail sale in specialised stores
NAICS 2002: 448310 - Jewelry
Stores
UK SIC 2003: 5248 - Other
retail sale in specialised stores
US SIC 1987: 5944 - Jewelry
Stores
Key Executives
(Emails Available)
Name Title
Sailesh Sanghavin Owner
News
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Title |
Date |
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In Brief |
18-Jul-2011 |
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IFMI
Reports Fourth Quarter and Full Year 2010 Financial Results |
28-Feb-2011 |
|
PM's wife a
champ |
7-Dec-2009 |
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Star Asia
Wins Multi-Year Satellite Uplink Contract in the Philippines |
11-Feb-2011 |
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Merlimau
polls set for March 6 |
31-Jan-2011 |
1 - Profit & Loss Item Exchange Rate: USD 1 = USD 1
2 - Balance Sheet Item Exchange Rate: USD 1 = USD 1
Corporate Overview
Location
37 W 47th St
Ste 401
New York, NY, 10036-2864
New York County
United States
Tel: 212-997-7827
Sales USD(mil): 3.6
Assets USD(mil): NA
Employees: 15
Industry: Retail
(Specialty)
Company Type: Private
Independent
Quoted Status: Not
Quoted
Owner: Sailesh
Sanghavin
Contents
· Industry Codes
· Business Description
· Financial Data
· Additional Information
Industry Codes
ANZSIC 2006 Codes:
4253 - Watch and Jewellery Retailing
NACE 2002 Codes:
5248 - Other retail sale in specialised stores
NAICS 2002 Codes:
448310 - Jewelry Stores
US SIC 1987:
5944 - Jewelry Stores
UK SIC 2003:
5248 - Other retail sale in specialised stores
Business
Description
Establishments
primarily engaged in the retail sale of any combination of the lines of
jewelry, such as diamonds and other precious stones mounted in precious metals
as rings, bracelets, and broaches; sterling and plated silverware; and watches
and clocks.
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Credit Report as of 02/01/2011
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Location |
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37 W 47th St
Ste: 401 |
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County: |
New York |
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MSA: |
New York, NY |
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Phone: |
212-997-7827 |
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ABI©: |
509234530 |
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Annual Sales: |
$3,570,000 (USD) |
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Employees: |
15 |
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Facility Size(ft2): |
2,500 - 9,999 |
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Business Type: |
Private |
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Location Type: |
Single Location |
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Primary Line of Business: |
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SIC: |
5944-09 - Jewelers-Retail |
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NAICS: |
448310 - Jewelry Stores |
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Secondary Lines of Business: |
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* Similar
Businesses are defined as the closest businesses sharing the same six-digit primary
SIC code ( 5944-09 - Jewelers-Retail) regardless of size.
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Adelaide
Souza Gems Jewelry |
47
Street Closeout |
A
Meirov & Brothers Co Inc |
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Absolute
Jewelers Inc |
Alfonso
Serrato Jewelry |
Abraham
Jewelry |
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Executives Report
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Executives |
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Owner |
Chief Executive Officer |
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In Brief
The Straits Times:
18 July 2011
[What follows is
the full text of the news story.]
Penang's baby present
GEORGE TOWN: All newborn babies in Penang may be getting a one-off RM100
(S$40) present from the state government starting this year.
The Penang
government is considering a proposal to give RM100 cash to newborn babies as
long as one of their parents is a Penang voter and the total family income does
not exceed RM4,000.
Chief Minister Lim
Guan Eng said yesterday that the Penang Golden Child Programme was expected to
cost the state between RM5 million and RM10 million a year. The programme would
be presented at the state executive committee meeting this week for discussion,
he said.
THE STAR/ASIA NEWS
NETWORK
Shootings in Thai
south
BANGKOK:
Insurgents opened fire at Buddhists shopping for goods for a festival in Pattani
last Friday, killing a student and injuring two men.
In another
shooting yesterday, suspected Muslim separatists shot dead three Muslim rubber
farmers at their farm in Yala, another province in the restive southern
Thailand.
While police
suspect a personal conflict or an insurgent attack planned on a Buddhist
religious day for the earlier killing, no further details were available for
yesterday's attack.
More than 4,500
people have been killed and nearly 9,000 wounded in the three southernmost Thai
provinces since the separatist violence started afresh in January 2004.
THE NATION/ASIA NEWS NETWORK, REUTERS
China floods claim 460
BEIJING: More than 460 people have died or gone missing in China since
last month, after extreme summer weather triggered huge floods and deadly
landslides, the government authorities said.
Torrential
downpours have pummelled large swathes of China since the beginning of last
month, wreaking havoc in some areas where mudslides and flash floods have torn
through towns, killing and trapping countless people.
China has issued a
yellow alert to warn ships and fishing boats around the waters of the East
China Sea to take precautious measures as Typhoon Ma-on was expected to hit the
region last night, reported Xinhua news agency.
AGENCE
FRANCE-PRESSE
US mum out of jail
ORLANDO (Florida):
Under a heavy guard and facing shouts of 'baby killer', a young mother walked
out of jail a free woman yesterday, only days after she was acquitted of
murdering her two-year-old daughter.
Ms Casey Anthony,
25, spent years in the spotlight, including two months of a nationally
televised trial.
As her vehicle
left the jail's parking lot, the crowd of more than 100 people surged against
the police barricades, shouting insults.
After three years
behind bars, Ms Anthony was given US$537.68 (S$654.70) in cash from her jail
account to begin her new life, although it was not clear, after the publicity
surrounding the case, where she will stay or what she will do next.
ASSOCIATED PRESS
Italian PM faces
hearings
ROME: Italian
Prime Minister Silvio Berlusconi faces trial hearings today for bribery and for
paying for sex with a 17-year-old girl.
The 74-year-old is
a defendant in three ongoing trials but is only due to attend the corruption
hearing in which he stands accused of paying a bribe to his former British
lawyer, David Mills, to give false testimony in court.
The premier has
repeatedly protested his innocence and insists that prosecutors are waging a
personal vendetta against him.
AGENCE
FRANCE-PRESSE
New Cabinet for
Egypt
CAIRO: Egyptian
Prime Minister Essam Sharaf is expected to reveal a new Cabinet line-up today
in a reshuffle aimed at appeasing protesters who have been holding a sit-in for
more than a week over the slow pace of reform.
Foreign Minister
Mohammed al-Orabi resigned last Saturday after criticism that he was close to
ousted president Hosni Mubarak and the old regime. Deputy Prime Minister Yehia
el-Gamal resigned last Tuesday.
The Finance
Minister and the Trade and Industry Minister have also resigned in a shake-up
that official media said could lead to up to 15 ministers being replaced.
REUTERS, AGENCE
FRANCE-PRESSE
IFMI Reports Fourth Quarter and Full Year 2010
Financial Results
Institutional Financial Markets, Inc.
China Weekly News: 09 March 2011
[What follows is the full text of the news story.]
Institutional
Financial Markets, Inc. (NYSE AMEX: IFMI), a leading investment firm specializing
in credit-related fixed income investments, reported financial results for the
quarter and year ended December 31, 2010. Financial Highlights Adjusted
operating income was $4.7 million, or $0.30 per diluted share, for the three
months ended December 31, 2010, as compared to adjusted operating income of
$0.6 million, or $0.06 per diluted share, for the three months ended December
31, 2009. Adjusted operating income was $25.4 million, or $1.62 per diluted
share, for the year ended December 31, 2010, as compared to adjusted operating
loss of ($2.0) million, or ($0.21) per diluted share, for the year ended
December 31, 2009. Adjusted operating income is not a measure recognized under
generally accepted accounting principles.
Revenue was $24.9
million for the three months ended December 31, 2010, as compared to revenue of
$22.2 million for the three months ended December 31, 2009. Revenue was $125.6
million for the year ended December 31, 2010, as compared to revenue of $84.1
million for the year ended December 31, 2009.
Net income was
$3.6 million for the three months ended December 31, 2010, as compared to net
loss of ($1.0) million for the three months ended December 31, 2009. Net income
was $11.2 million for the year ended December 31, 2010, as compared to net loss
of ($11.8) million for the year ended December 31, 2009.
Net income
attributable to IFMI was $2.6 million, or $0.25 per diluted share, for the
three months ended December 31, 2010, as compared to net loss of ($1.0)
million, or ($0.10) per diluted share, for the three months ended December 31,
2009. Net income attributable to IFMI was $7.6 million, or $0.73 per diluted
share, for the year ended December 31, 2010, as compared to net loss of ($11.7)
million, or ($1.21) per diluted share, for the year ended December 31, 2009.
Total Equity and Dividend Declaration At December 31, 2010, total equity was
$89.5 million, as compared to $77.7 million as of December 31, 2009.
At December 31,
2010, diluted book value per share was $5.68, as compared to $4.98 as of
December 31, 2009.
The Company's
Board of Directors has declared a dividend of $0.05 per share. The dividend
will be payable on March 28, 2011 to stockholders of record on March 14, 2011.
"We are
pleased with our results for the fourth quarter and full year, which included
significant revenue and income growth and an increase in diluted book value per
share," said Daniel G. Cohen, Chairman and Chief Executive Officer of
IFMI. "Our capital levels remain strong and we continue to maintain a
healthy balance sheet, enabling us to once again provide tangible stockholder
value through a dividend."
Cohen continued,
"2010 was a transformative year for our company in many respects. In
September, we agreed to acquire JVB Financial, which specializes in the
wholesale distribution of fixed income securities, expanding our registered
representatives by 52 professionals. Following the successful completion of
this transaction, we changed our name to Institutional Financial Markets, Inc.
which we believe appropriately reflects the Company's continued growth and
broadening capabilities. Looking ahead, given our many accomplishments in 2010
and improving market conditions, we believe we are well positioned for
continued growth and look forward to delivering increased value to our
stockholders." Capital Markets Net trading revenue increased 17% to $14.3
million for the three months ended December 31, 2010, up from $12.2 million for
the three months ended December 31, 2009. Net trading revenue increased 60% to
$70.8 million for the year ended December 31, 2010, up from $44.2 million for
the year ended December 31, 2009. The increase was primarily the result of the
Company's continued expansion of its capital markets segment.
During the fourth
quarter, the Company acted as a representative of the underwriters in the
initial public offering of Australia Acquisition Corp. (NASDAQ:AACOU). Through
the underwriting syndicate led by the Company, 6.4 million units were sold in
an initial public offering at a price of $10.00 per unit generating gross
proceeds of $64 million. The Company recognized $1.0 million in net new issue
revenue from this engagement.
During the fourth
quarter, the Company recognized additional new issue revenue from several
different engagements including: (i) as an advisor to a hotel developer in
Atlantic City, NJ, in a debt restructuring transaction; (ii) as an advisor to
the Cayman Islands government in obtaining bank financing for a local project;
and (iii) as underwriter to a special purpose acquisition company that
completed its initial acquisition in the fourth quarter, which transaction
resulted in deferred underwriting fees payable to the Company. Asset Management
For the three months ended December 31, 2010, the Company earned $6.2 million
of asset management revenue comprised of (i) $5.0 million in fees from managing
securitized entities; (ii) $0.5 million in asset management fees from the
Company's Strategos Deep Value funds; and (iii) $0.7 million in other asset
management fees primarily comprised of fees earned on separate account
management arrangements.
For the year ended
December 31, 2010, the Company earned $25.3 million of asset management revenue
comprised of (i) $19.9 million in fees from managing securitized entities; (ii)
$2.6 million in asset management fees from the Company's investment funds
primarily comprised of fees earned on the Strategos Deep Value funds; and (iii)
$2.8 million in other asset management fees primarily comprised of fees earned
on separate account management arrangements and from managing permanent capital
vehicles. Principal Investing & Other For the three months ended December
31, 2010, the Company earned $2.7 million in principal transactions and other
income which included $2.4 million in gains (net of foreign currency hedging
losses) from its investment in Star Asia Finance, Ltd.
For the year ended
December 31, 2010, the Company earned $25.7 million in principal transactions
and other income which included $15.8 million in gains (net of foreign currency
hedging losses) from its investment in Star Asia, $4.5 million of gains from
its investment in the Strategos Deep Value funds, and $5.4 million in gains and
income from its other investments. Conference Call Management will hold a
conference call this morning at 10:00 AM EDT to discuss these results. The
conference call will also be available via webcast. Interested parties can
access the live webcast by clicking the webcast link on IFMI's homepage at
www.IFMI.com. Those wishing to listen to the conference call with operator
assistance can dial (877) 686-9573 (domestic) or (706) 643-6983
(international), participant pass code 46052537, or request the IFMI earnings
call. A recording of the call will be available for two weeks following the
call by dialing (800) 642-1687 (domestic) or (706) 645-9291 (international),
participant pass code 46052537. About IFMI IFMI is a leading investment firm
specializing in credit-related fixed income investments. IFMI was founded in
1999 as an investment firm focused on small-cap banking institutions, but has
grown over the past eleven years into a more diversified fixed income
specialist. IFMI's primary operating segments are Capital Markets and Asset
Management. The Company's Capital Markets segment consists of credit-related
fixed income sales and trading as well as new issue placements in corporate and
securitized products. IFMI's Asset Management segment manages assets through
listed and private companies, funds, managed accounts and collateralized debt
obligations. As of December 31, 2010, we manage approximately $10.3 billion in
credit-related fixed income assets in a variety of asset classes; including
U.S. trust preferred securities, European hybrid capital securities, Asian
commercial real estate debt, and mortgage- and asset-backed securities.
IFMI Reports Fourth Quarter and Full Year 2010
Financial Results
Business Wire: 28 February 2011
[What follows is the full text of the news story.]
Revenue of $24.9 Million
for the Fourth Quarter and $125.6 Million for the Full Year
Adjusted Operating
Income of $4.7 Million for the Fourth Quarter and $25.4 Million for the Full
Year
Adjusted Operating
Income per Diluted Share of $0.30 for the Fourth Quarter and $1.62 for the Full
Year
Net Income of $3.6
million for the Fourth Quarter and $11.2 million for the Full Year
Diluted Net Income
per Share of $0.25 for the Fourth Quarter and $0.73 for the Full Year
Board Declares
Dividend of $0.05 per Share
PHILADELPHIA &
NEW YORK--(BUSINESS WIRE)-- Institutional Financial Markets, Inc. (NYSE AMEX:
IFMI), a leading investment firm specializing in credit-related fixed income
investments, today reported financial results for the quarter and year ended
December 31, 2010.
Financial Highlights
Adjusted operating
income was $4.7 million, or $0.30 per diluted share, for the three months ended
December 31, 2010, as compared to adjusted operating income of $0.6 million, or
$0.06 per diluted share, for the three months ended December 31, 2009. Adjusted
operating income was $25.4 million, or $1.62 per diluted share, for the year
ended December 31, 2010, as compared to adjusted operating loss of ($2.0)
million, or ($0.21) per diluted share, for the year ended December 31, 2009.
Adjusted operating income is not a measure recognized under generally accepted
accounting principles.
Revenue was $24.9
million for the three months ended December 31, 2010, as compared to revenue of
$22.2 million for the three months ended December 31, 2009. Revenue was $125.6
million for the year ended December 31, 2010, as compared to revenue of $84.1
million for the year ended December 31, 2009.
Net income was
$3.6 million for the three months ended December 31, 2010, as compared to net
loss of ($1.0) million for the three months ended December 31, 2009. Net income
was $11.2 million for the year ended December 31, 2010, as compared to net loss
of ($11.8) million for the year ended December 31, 2009.
Net income
attributable to IFMI was $2.6 million, or $0.25 per diluted share, for the
three months ended December 31, 2010, as compared to net loss of ($1.0)
million, or ($0.10) per diluted share, for the three months ended December 31,
2009. Net income attributable to IFMI was $7.6 million, or $0.73 per diluted share,
for the year ended December 31, 2010, as compared to net loss of ($11.7)
million, or ($1.21) per diluted share, for the year ended December 31, 2009.
Total Equity and
Dividend Declaration
· At December 31, 2010, total equity was $89.5 million, as compared to $77.7 million as of December 31, 2009.
· At December 31, 2010, diluted book value per share was $5.68, as compared to $4.98 as of December 31, 2009.
· The Company�s Board of Directors has declared a dividend of $0.05 per share. The dividend will be payable on March 28, 2011 to stockholders of record on March 14, 2011.
�We are pleased
with our results for the fourth quarter and full year, which included
significant revenue and income growth and an increase in diluted book value per
share,� said Daniel G. Cohen, Chairman and Chief Executive Officer of IFMI.
�Our capital levels remain strong and we continue to maintain a healthy
balance sheet, enabling us to once again provide tangible stockholder value
through a dividend.�
Cohen continued,
�2010 was a transformative year for our company in many respects. In
September, we agreed to acquire JVB Financial, which specializes in the
wholesale distribution of fixed income securities, expanding our registered
representatives by 52 professionals. Following the successful completion of
this transaction, we changed our name to Institutional Financial Markets, Inc.
which we believe appropriately reflects the Company�s continued growth and
broadening capabilities. Looking ahead, given our many accomplishments in 2010
and improving market conditions, we believe we are well positioned for
continued growth and look forward to delivering increased value to our
stockholders.�
Capital Markets
Net trading
revenue increased 17% to $14.3 million for the three months ended December 31,
2010, up from $12.2 million for the three months ended December 31, 2009. Net
trading revenue increased 60% to $70.8 million for the year ended December 31,
2010, up from $44.2 million for the year ended December 31, 2009. The increase
was primarily the result of the Company�s continued expansion of its capital
markets segment.
During the fourth
quarter, the Company acted as a representative of the underwriters in the
initial public offering of Australia Acquisition Corp. (NASDAQ:AACOU). Through
the underwriting syndicate led by the Company, 6.4 million units were sold in
an initial public offering at a price of $10.00 per unit generating gross
proceeds of $64 million. The Company recognized $1.0 million in net new issue
revenue from this engagement.
During the fourth
quarter, the Company recognized additional new issue revenue from several
different engagements including: (i) as an advisor to a hotel developer in
Atlantic City, NJ, in a debt restructuring transaction; (ii) as an advisor to
the Cayman Islands government in obtaining bank financing for a local project;
and (iii) as underwriter to a special purpose acquisition company that
completed its initial acquisition in the fourth quarter, which transaction
resulted in deferred underwriting fees payable to the Company.
Asset Management
For the three
months ended December 31, 2010, the Company earned $6.2 million of asset
management revenue comprised of (i) $5.0 million in fees from managing
securitized entities; (ii) $0.5 million in asset management fees from the
Company�s Strategos Deep Value funds; and (iii) $0.7 million in other asset
management fees primarily comprised of fees earned on separate account
management arrangements.
For the year ended
December 31, 2010, the Company earned $25.3 million of asset management revenue
comprised of (i) $19.9 million in fees from managing securitized entities; (ii)
$2.6 million in asset management fees from the Company�s investment funds primarily
comprised of fees earned on the Strategos Deep Value funds; and (iii) $2.8
million in other asset management fees primarily comprised of fees earned on
separate account management arrangements and from managing permanent capital
vehicles.
Principal Investing & Other
For the three
months ended December 31, 2010, the Company earned $2.7 million in principal
transactions and other income which included $2.4 million in gains (net of
foreign currency hedging losses) from its investment in Star Asia Finance, Ltd.
For the year ended
December 31, 2010, the Company earned $25.7 million in principal transactions
and other income which included $15.8 million in gains (net of foreign currency
hedging losses) from its investment in Star Asia, $4.5 million of gains from
its investment in the Strategos Deep Value funds, and $5.4 million in gains and
income from its other investments.
Conference Call
Management will
hold a conference call this morning at 10:00 AM EDT to discuss these results.
The conference call will also be available via webcast. Interested parties can
access the live webcast by clicking the webcast link on IFMI's homepage at
www.IFMI.com. Those wishing to listen to the conference call with operator
assistance can dial (877) 686-9573 (domestic) or (706) 643-6983
(international), participant pass code 46052537, or request the IFMI earnings
call. A recording of the call will be available for two weeks following the
call by dialing (800) 642-1687 (domestic) or (706) 645-9291 (international),
participant pass code 46052537.
About IFMI
IFMI is a leading
investment firm specializing in credit-related fixed income investments. IFMI
was founded in 1999 as an investment firm focused on small-cap banking institutions,
but has grown over the past eleven years into a more diversified fixed income
specialist. IFMI�s primary operating segments are Capital Markets and Asset
Management. The Company�s Capital Markets segment consists of credit-related
fixed income sales and trading as well as new issue placements in corporate and
securitized products. IFMI�s Asset Management segment manages assets through
listed and private companies, funds, managed accounts and collateralized debt
obligations. As of December 31, 2010, we manage approximately $10.3 billion in
credit-related fixed income assets in a variety of asset classes; including
U.S. trust preferred securities, European hybrid capital securities, Asian
commercial real estate debt, and mortgage- and asset-backed securities.
Note 1: Adjusted
operating income (loss) and adjusted operating income (loss) per diluted share
are non-GAAP measures of performance. Please see the discussion of non-GAAP
measures of performance below. Also see the tables below for the
reconciliations of non-GAAP measures of performance to their corresponding GAAP
measures of performance.
Forward-looking Statements
This communication
contains certain statements, estimates and forecasts with respect to future
performance and events. These statements, estimates and forecasts are
�forward-looking statements.� In some cases, forward-looking statements can
be identified by the use of forward-looking terminology such as �may,�
�might,� �will,� �should,� �expect,� �plan,�
�anticipate,� �believe,� �estimate,� �predict,� �potential�
or �continue� or the negatives thereof or variations thereon or similar
terminology. All statements other than statements of historical fact included
in this communication are forward-looking statements and are based on various
underlying assumptions and expectations and are subject to known and unknown
risks, uncertainties and assumptions, and may include projections of our future
financial performance based on our growth strategies and anticipated trends in
our business. These statements are based on our current expectations and
projections about future events. There are important factors that could cause
our actual results, level of activity, performance or achievements to differ
materially from the results, level of activity, performance or achievements
expressed or implied in the forward-looking statements including, but not
limited to, those discussed under the heading �Risk Factors� and
�Management�s Discussion and Analysis of Financial Condition� in our
filings with the Securities and Exchange Commission (�SEC�), which are
available at the SEC�s website at www.sec.gov and our website at
www.IFMI.com/sec-filings. Such risk factors include the following: (a) a
decline in general economic conditions or the global financial markets, (b)
losses caused by financial or other problems experienced by third parties, (c)
losses due to unidentified or unanticipated risks, (d) a lack of liquidity,
i.e., ready access to funds for use in our businesses, (e) the ability to
attract and retain personnel, (f) litigation and regulatory issues, (g)
competitive pressure, and (h) a potential Ownership Change under Section 382 of
the Internal Revenue Code. As a result, there can be no assurance that the
forward-looking statements included in this communication will prove to be
accurate or correct. In light of these risks, uncertainties and assumptions,
the future performance or events described in the forward-looking statements in
this communication might not occur. Accordingly, you should not rely upon
forward-looking statements as a prediction of actual results and we do not
undertake any obligation to update any forward-looking statements, whether as a
result of new information, future events or otherwise.
Cautionary Note
Regarding Quarterly Financial Results
General
Due to the nature
of our business, our revenue and operating results may fluctuate materially
from quarter to quarter. Accordingly, revenue and net income in any particular
quarter may not be indicative of future results. Further, our employee
compensation arrangements are in large part incentive-based and therefore will
fluctuate with revenue. The amount of compensation expense recognized in any
one quarter may not be indicative of such expense in future periods. As a
result, we suggest that annual results may be the most meaningful gauge for
investors in evaluating our business performance.
|
INSTITUTIONAL
FINANCIAL MARKETS, INC. |
||||||||||||||||||
|
CONSOLIDATED
STATEMENTS OF OPERATIONS (unaudited) |
||||||||||||||||||
|
(in thousands,
except per share data) |
||||||||||||||||||
|
� |
� |
|
� |
|
� |
|
� |
|
� |
|
||||||||
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
|
|
|
|
12/31/10 |
� |
12/31/09 |
|
12/31/10 |
� |
12/31/09 |
||||||||
|
Revenue |
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
� |
||||||||
|
Net trading |
|
$ |
14,326 |
|
|
$ |
12,247 |
|
|
$ |
70,809 |
|
|
$ |
44,165 |
|
||
|
Asset management |
|
|
6,231 |
|
|
|
7,364 |
|
|
|
25,281 |
|
|
|
31,148 |
|
||
|
New issue and advisory |
|
|
1,675 |
|
|
|
591 |
|
|
|
3,778 |
|
|
|
1,816 |
|
||
|
Principal transactions and other income |
|
� |
2,672 |
� |
|
� |
1,950 |
� |
|
� |
25,684 |
� |
|
� |
6,957 |
� |
||
|
Total revenue |
|
� |
24,904 |
� |
|
� |
22,152 |
� |
|
� |
125,552 |
� |
|
� |
84,086 |
� |
||
|
|
|
|
|
|
|
|
|
|
|
� |
||||||||
|
Operating expenses |
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
� |
||||||||
|
Compensation and benefits |
|
|
13,256 |
|
|
|
17,662 |
|
|
|
77,446 |
|
|
|
70,519 |
|
||
|
Business development, occupancy, equipment |
|
|
1,357 |
|
|
|
1,572 |
|
|
|
5,470 |
|
|
|
5,469 |
|
||
|
Professional services, subscriptions, and
other operating |
|
|
5,888 |
|
|
|
5,673 |
|
|
|
25,931 |
|
|
|
16,666 |
|
||
|
Depreciation and amortization |
|
|
457 |
|
|
|
624 |
|
|
|
2,356 |
|
|
|
2,543 |
|
||
|
Impairment of goodwill |
|
� |
- |
� |
|
� |
- |
� |
|
� |
5,607 |
� |
|
� |
- |
� |
||
|
Total operating expenses |
|
� |
20,958 |
� |
|
� |
25,531 |
� |
|
� |
116,810 |
� |
|
� |
95,197 |
� |
||
|
|
|
|
|
|
|
|
|
|
|
� |
||||||||
|
Operating income (loss) |
|
� |
3,946 |
� |
|
� |
(3,379 |
) |
|
� |
8,742 |
� |
|
� |
(11,111 |
) |
||
|
|
|
|
|
|
|
|
|
|
|
� |
||||||||
|
Non-operating income (expense) |
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
� |
||||||||
|
Interest expense |
|
|
(1,519 |
) |
|
|
(1,216 |
) |
|
|
(7,686 |
) |
|
|
(4,974 |
) |
||
|
Gain on repurchase of debt |
|
|
37 |
|
|
|
- |
|
|
|
2,555 |
|
|
|
- |
|
||
|
Gain on sale of management contracts |
|
|
- |
|
|
|
3,130 |
|
|
|
971 |
|
|
|
7,746 |
|
||
|
Income (loss) from equity method
affiliates |
|
� |
(120 |
) |
|
� |
137 |
� |
|
� |
5,884 |
� |
|
� |
(3,455 |
) |
||
|
Income (loss) before income taxes |
|
|
2,344 |
|
|
|
(1,328 |
) |
|
|
10,466 |
|
|
|
(11,794 |
) |
||
|
Income tax expense (benefit) |
|
� |
(1,250 |
) |
|
� |
(291 |
) |
|
� |
(749 |
) |
|
� |
9 |
� |
||
|
Net income (loss) |
|
|
3,594 |
|
|
|
(1,037 |
) |
|
|
11,215 |
|
|
|
(11,803 |
) |
||
|
Less: Net income (loss) attributable to
the noncontrolling interest |
|
� |
975 |
� |
|
� |
(87 |
) |
|
� |
3,620 |
� |
|
� |
(98 |
) |
||
|
Net income (loss) attributable to IFMI |
|
$ |
2,619 |
� |
|
$ |
(950 |
) |
|
$ |
7,595 |
� |
|
$ |
(11,705 |
) |
||
|
� |
� |
� |
� |
� |
� |
� |
� |
� |
||||||||||
|
� |
||||||||||||||||
|
Earnings per share |
||||||||||||||||
|
� |
|
� |
|
� |
|
� |
|
� |
|
|||||||
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|||||||||||
|
|
|
|
12/31/10 |
� |
12/31/09 |
|
12/31/10 |
� |
12/31/09 |
|||||||
|
Basic |
|
|
|
|
|
|
|
|
||||||||
|
Net income (loss) attributable to IFMI |
|
$ |
2,619 |
|
$ |
(950 |
) |
|
$ |
7,595 |
|
$ |
(11,705 |
) |
||
|
Basic shares outstanding |
|
� |
10,441 |
|
� |
9,723 |
� |
|
� |
10,404 |
|
� |
9,639 |
� |
||
|
Net income (loss) attributable to IFMI per
share |
|
$ |
0.25 |
|
$ |
(0.10 |
) |
|
$ |
0.73 |
|
$ |
(1.21 |
) |
||
|
� |
|
|
|
|
|
|
|
|
|
|
||||||
|
Diluted |
|
|
|
|
|
|
|
|
||||||||
|
Net income (loss) attributable to IFMI |
|
$ |
2,619 |
|
$ |
(950 |
) |
|
$ |
7,595 |
|
$ |
(11,705 |
) |
||
|
Plus: Net income attributable to the
convertible noncontrolling interest |
|
|
975 |
|
|
- |
|
|
|
3,620 |
|
|
- |
|
||
|
Less: Additional tax expense if convertible non controlling interest
is converted |
|
� |
363 |
|
� |
- |
� |
|
� |
260 |
|
� |
- |
� |
||
|
Enterprise net income (loss) |
|
$ |
3,957 |
|
$ |
(950 |
) |
|
$ |
11,475 |
|
$ |
(11,705 |
) |
||
|
|
|
|
|
|
|
|
|
|
|
� |
||||||
|
Basic shares outstanding |
|
|
10,441 |
|
|
9,723 |
|
|
|
10,404 |
|
|
9,639 |
|
||
|
Shares issuable if convertible non
controlling interest is converted |
|
� |
5,284 |
|
� |
- |
� |
|
� |
5,284 |
|
� |
- |
� |
||
|
Diluted shares outstanding |
|
� |
15,725 |
|
� |
9,723 |
� |
|
� |
15,688 |
|
� |
9,639 |
� |
||
|
|
|
� |
|
� |
|
� |
|
� |
|
� |
||||||
|
Diluted net income (loss) per share |
|
$ |
0.25 |
|
$ |
(0.10 |
) |
|
$ |
0.73 |
|
$ |
(1.21 |
) |
||
|
|
|
|
|
|
|
|
|
|
|
� |
||||||
|
� |
||||||||||||||||
|
Reconciliation of adjusted operating
income (loss) to operating income (loss) and calculation of per share amounts |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
� |
||||||
|
Operating income (loss) |
|
$ |
3,946 |
|
$ |
(3,379 |
) |
|
$ |
8,742 |
|
$ |
(11,111 |
) |
||
|
Depreciation and amortization |
|
|
457 |
|
|
624 |
|
|
|
2,356 |
|
|
2,543 |
|
||
|
Impairment of goodwill |
|
|
- |
|
|
- |
|
|
|
5,607 |
|
|
- |
|
||
|
Share-based compensation |
|
|
91 |
|
|
3,321 |
|
|
|
2,505 |
|
|
6,556 |
|
||
|
IFMI share of incentive fees - equity
method affiliates |
|
� |
189 |
|
� |
- |
� |
|
� |
6,154 |
|
� |
- |
� |
||
|
Adjusted operating income (loss) |
|
$ |
4,683 |
|
$ |
566 |
� |
|
$ |
25,364 |
|
$ |
(2,012 |
) |
||
|
|
|
|
|
|
|
|
|
|
|
� |
||||||
|
Diluted shares outstanding |
|
� |
15,725 |
|
� |
9,723 |
� |
|
� |
15,688 |
|
� |
9,639 |
� |
||
|
Adjusted operating income (loss) per share |
|
$ |
0.30 |
|
$ |
0.06 |
� |
|
$ |
1.62 |
|
$ |
(0.21 |
) |
||
|
� |
� |
� |
� |
� |
� |
� |
� |
� |
||||||||
|
INSTITUTIONAL
FINANCIAL MARKETS, INC. |
||||||||||
|
CONSOLIDATED
BALANCE SHEETS |
||||||||||
|
(in thousands,
except per share data) |
||||||||||
|
� |
� |
|
� |
December 31, 2010 |
� |
|
||||
|
|
|
|
|
(unaudited) |
|
December 31, 2009 |
||||
|
Assets |
|
|
|
|
||||||
|
Cash and cash equivalents |
|
$ |
43,946 |
|
|
$ |
69,692 |
|
||
|
Restricted cash |
|
|
4,507 |
|
|
|
255 |
|
||
|
Receivables from related parties |
|
|
966 |
|
|
|
1,255 |
|
||
|
Other receivables |
|
|
6,033 |
|
|
|
4,268 |
|
||
|
Investments-trading |
|
|
189,015 |
|
|
|
135,428 |
|
||
|
Other investments, at fair value |
|
|
46,551 |
|
|
|
43,647 |
|
||
|
Receivables under resale agreements |
|
|
- |
|
|
|
20,357 |
|
||
|
Goodwill |
|
|
3,231 |
|
|
|
8,838 |
|
||
|
Other assets |
|
� |
12,498 |
� |
|
� |
14,680 |
� |
||
|
Total assets |
|
$ |
306,747 |
� |
|
$ |
298,420 |
� |
||
|
|
|
|
|
|
|
� |
||||
|
Liabilities |
|
|
|
|
||||||
|
Payables to: |
|
|
|
|
||||||
|
Brokers, dealers, and clearing agencies |
|
$ |
45,469 |
|
|
$ |
13,491 |
|
||
|
Related parties |
|
|
34 |
|
|
|
- |
|
||
|
Accounts payable and other liabilities |
|
|
13,165 |
|
|
|
13,199 |
|
||
|
Accrued compensation |
|
|
17,358 |
|
|
|
7,689 |
|
||
|
Trading securities sold, not yet purchased |
|
|
17,820 |
|
|
|
114,712 |
|
||
|
Securities sold under agreements to
repurchase |
|
|
69,816 |
|
|
|
- |
|
||
|
Deferred income taxes |
|
|
8,889 |
|
|
|
9,717 |
|
||
|
Debt |
|
� |
44,688 |
� |
|
� |
61,961 |
� |
||
|
Total liabilities |
|
� |
217,239 |
� |
|
� |
220,769 |
� |
||
|
Equity |
|
|
|
|
||||||
|
Series B voting non convertible preferred
stock |
|
|
5 |
|
|
|
- |
|
||
|
Common stock |
|
|
10 |
|
|
|
10 |
|
||
|
Additional paid-in capital |
|
|
58,954 |
|
|
|
57,411 |
|
||
|
Accumulated other comprehensive loss |
|
|
(665 |
) |
|
|
(582 |
) |
||
|
Retained Earnings / (accumulated deficit) |
|
|
6,382 |
|
|
|
(170 |
) |
||
|
Treasury stock, at cost; 50,400 shares of
common stock |
|
� |
(328 |
) |
|
� |
(328 |
) |
||
|
Total stockholders' equity |
|
|
64,358 |
|
|
|
56,341 |
|
||
|
Noncontrolling interest |
|
� |
25,150 |
� |
|
� |
21,310 |
� |
||
|
Total equity |
|
� |
89,508 |
� |
|
� |
77,651 |
� |
||
|
Total liabilities and equity |
|
$ |
306,747 |
� |
|
$ |
298,420 |
� |
||
|
� |
� |
� |
� |
� |
� |
� |
||||
|
CALCULATION OF DILUTED BOOK VALUE PER SHARE
(1) |
||||||||||
|
Total equity |
|
$ |
89,508 |
|
|
$ |
77,651 |
|
||
|
|
|
|
|
|
|
� |
||||
|
Common shares outstanding |
|
|
10,483 |
|
|
|
10,293 |
|
||
|
IFMI, LLC convertible membership units
outstanding |
|
� |
5,284 |
� |
|
� |
5,284 |
� |
||
|
Total shares and units outstanding (2) |
|
� |
15,767 |
� |
|
� |
15,577 |
� |
||
|
Diluted Book Value Per Share |
|
$ |
5.68 |
� |
|
$ |
4.98 |
� |
||
|
(1) Diluted book value per share assumes all units of IFMI, LLC not
already owned by the Company are converted into Company shares. |
|
(2) Shares and units outstanding are as of the last day of the relevant
period and not a weighted average. |
|
� |
Non-GAAP
Measures
Adjusted
operating income (loss) and adjusted operating income (loss) per diluted share
Adjusted
operating income (loss) is not a financial measure recognized by GAAP. Adjusted
operating income (loss) represents operating income (loss), computed in
accordance with GAAP, before depreciation and amortization, impairments of
intangible assets, and share-based compensation expense plus the Company�s
share of any incentive fees earned included in income from equity method
affiliates. Depreciation, amortization, impairments, and share based
compensation expenses that have been excluded from adjusted operating income
(loss) are non-cash items. Incentive fees earned as a component of income from
equity method affiliates is included so that all incentive fees earned are
treated in a consistent manner as part of adjusted operating income. Adjusted
operating income (loss) per diluted share is calculated, by dividing adjusted
operating income (loss) by diluted shares outstanding calculated in accordance
with GAAP.
We
present adjusted operating income (loss) and related per diluted share amounts
in this release because we consider them to be useful and appropriate
supplemental measures of our performance. Adjusted operating income (loss) and
related per diluted share amounts help us to evaluate our performance without
the effects of certain GAAP calculations that may not have a direct cash impact
on our current operating performance. In addition, our management uses adjusted
operating income (loss) and related per diluted share amounts to evaluate the
performance of our operations. Adjusted operating income (loss) and related per
diluted share amounts, as we define them, are not necessarily comparable to
similarly entitled measures of other companies and may not be appropriate
measures for performance relative to other companies. Adjusted operating income
(loss) should not be assessed in isolation from or construed as a substitute
for operating income (loss) prepared in accordance with GAAP. Adjusted
operating income (loss) is not intended to represent, and should not be
considered to be a more meaningful measure than, or an alternative to, measures
of operating performance as determined in accordance with GAAP.
Investors:
Institutional Financial Markets, Inc.
Joseph W. Pooler, Jr., 215-701-8952
Executive Vice President and Chief Financial Officer
investorrelations@ifmi.com
or
Media:
Joele Frank, Wilkinson Brimmer Katcher
James Golden, 212-355-4449
jgolden@joelefrank.com
Star Asia Wins Multi-Year Satellite Uplink Contract in the
Philippines
Satellite Today: 11 February 2011
[What follows is the full text of the news story.]
[Satellite
TODAY 02-11-11] Star Asia Technologies, a developer of mobile
satellite
and terrestrial broadband wireless services, signed a multi-year
agreement
with Broadband Broadcast Services (BBS) to provide wireless and
satellite
services from the Philippines, Star Asia announced Feb. 10.
Star
Asia's operating entity, EasyCall Communications Philippine Inc.
(ECPI),
will co-locate its satellite head-end facilities at BBS's existing
satellite
space center to enable service provisioning from the Subic Bay
Freeport
Zone. The agreement will permit BBS to implement use of satellite
antennas
and other equipment in the Philippines. Star Asia uses capacity
provided
by the Asia Broadcast Satellite (ABS) fleet.
"This
is an important arrangement as we can now advance the marketing and
sales
activities of our fleet of satellites covering the Philippines, including:
ABS-1;
ABS-5 and our new ABS-2 satellite, " ABS CEO Tom Choi said in a
statement.
Merlimau polls set for March 6
The Straits Times: 31 January 2011
[What follows is the full text of the news story.]
SEGAMAT:
The Election Commission has fixed nomination day for the Merlimau by-election,
Malaysia's 15th since the 2008 general election, on Feb 26 and polling on March
6.
The
seat fell vacant following the death of its assemblyman, Datuk Mohamad Hidhir
Abu Hassan, 54, from a heart attack on Jan 20.
He had
been Merlimau's assemblyman since 2004.
Malacca
Chief Minister Ali Rustam has been named the ruling Barisan Nasional's Merlimau
by-election director.
In the
last general election, Mr Mohamad Hidhir retained his seat after he defeated Parti
Islam SeMalaysia's Jasme Tompang with a 2,154-vote majority.
THE
STAR/ASIA NEWS NETWORK
Two firms to put up P120-M chicken processing plant in
Mindanao next year
Philippines News Agency: 09 December 2010
[What follows is the full text of the news story.]
By
Digna D. Banzon
DAVAO
CITY, Dec. 10 (PNA) - A processing plant for chicken will be put up to operate
by July 2011 after San Miguel Foods, Inc. (SMFI) and North Star Asia Holding
Corporations (North Star) signed a memorandum of agreement (MOA) here on
Thursday.
SMFI
was represented by Dr. Leo A. Obiar, general manager for Poultry and Meats
Business while North Star by its president Engr. Vicente T. Lao.
The
plant will be located at El Salvador in Misamis Oriental within a 3.7-hectare
property where it will process chicken by sections of the desired requirement
in SMFI's market in Japan.
Eric
Irlandez, SMFI's Mindanao operations manager, said the new plant has a capacity
of processing 30,000 birds per day and expandable to 40,000.
Irlandez
said locating in the new site is ideal as it is near the source of raw product,
making operating lower in cost.
He
said the plant will strictly follow Good Manufacturing Practices and certified
by the International Organization for Standards (ISO 9001 22000) and the Hazard
Analysis and Critical Control Points (HACCP).
Meanwhile,
Lao said they are now into the ground preparations including drilling of water
source but it still has to pass quality assessment.
He
said they already have picked three sites from the area where they intend to
set up the plant.
He
said when the plant's operation goes on stream, it will be a boost to the
poultry production in Mindanao and we will be able to give more work to the
chicken industry in the island.
On the
other hand, the North Star is the toll processor for the export plant that will
process the chicken produced by SMFI's contract growers particularly in
Northern Mindanao.
Obiar
said the new plant will boost their chicken production with the continuing
demand in their market.
He cited
that their Japan market is strict in terms of appearance and size and the
products that they ship must follow specific quality and standard.
He
said there is high demand of specific part for breast chicken sold in Japan as
"yakitori" or the Japanese barbecue of packed 500 grams chicken part
that comes with a barbecue stick sold in Japan market at about P300. This
particular export product is processed in their Luzon processing plant.
With
SMFI looking for other areas, Obiar said they consider Mindanao as a good site
considering that it has good source of raw products.
He
said operating a plant here would also provide more employment as processing is
done manually and when the plant becomes operational, more manpower is needed.
At
present, Obiar said about 400 to 600 metric tons of cut and packed chicken for
the Japan market are processed in their Luzon plant and hopefully an additional
40 to 50 tons from the Cagayan de Oro plant.
He
said with the new plant there will be other businesses that will be tapped
considering that poultry growing would also need feeds. (PNA)
(THROUGH
ASIA PULSE)
10-12
2010
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.23 |
|
UK Pound |
1 |
Rs.72.09 |
|
Euro |
1 |
Rs.62.99 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.