MIRA INFORM REPORT

 

 

Report Date :           

30.12.2011

 

IDENTIFICATION DETAILS

 

Name :

ONYX HOSPITALITY SINGAPORE PTE. LTD.

 

 

Registered Office :

80 Robinson Road #02-00 Singapore 068898

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

17.05.2010

 

 

Com. Reg. No.:

201010506Z

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Hotels with Restaurant Manage and own hotels and/with Restaurants

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

NB

 

RATING

STATUS

PROPOSED CREDIT LINE

----

NB

New Business

----

 

Status :

New Company

 

 

Payment Behaviour :

Unknown

 

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

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

:

Onyx Hospitality Singapore Pte. Ltd.

Registration No

:

201010506Z

Date of Registration

:

17/05/2010

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

Limited Private Company

Registered Address

:

80 ROBINSON ROAD #02-00 SINGAPORE 068898

(Note : The above given address was the company old registered address)

Date of Change of Address

:

01/11/2011

Contact No.

:

NA

Fax No.

:

NA

Website

:

NA

Operating  address

:

No. 8 Cross Street, nO. 11-00 PWC Building Singapore 048424, Singapore

Registered Activities

:

1. Hotels With Restaurant

Manage And Own Hotels And/With Restaurants

2. Operating Of Serviced Apartments

Manage And Own Service Apartments And/With Restaurants

Business Activities

:

NA

Issued Ordinary Capital*

:

$15,000,000.00 U.S. DOLLAR NO. OF SHARE : 15,000,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$15,000,000.00 U.S. DOLLAR

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

:

NA

No. of Local Associates

:

NA

Auditor

:

Ernst & Young Llp

Bankers / Financiers

:

NA

Turnover

:

$0.00 (FY2010)

Net Worth

:

$(892,509.00) (FY2010)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

NA

Payment Behavior

:

Untraced

S1000 / SME 500 / FG50 Ranking

:

No found for SINGAPORE 1000 and SME 1000

 

 

Credit Recommendation

 

Recommended Credit Line

:

No Recommendation

 

 

SHAREHOLDER DETAILS

 

NAME

:

AMARI COMPANY LIMITED

SHAREHOLDER ID

:

T10UF1322E

NATIONALITY

:

NA

ADDRESS

:

240 MOO 5 PATTAYA - NAKLUA ROAD, TUMBOL NAKLUA AMPHUR BANGLAMUNG, CHOLBURI 20150, THAILAND

NO. OF ORD SHARES

:

10,650,000

% OF SHAREHOLDING

:

71%

CURRENCY

:

U.S. DOLLAR

 

NAME

:

RESORTS LIMITED

SHAREHOLDER ID

:

T11UF2090E

NATIONALITY

:

VIRGIN ISLANDS, BRITISH

ADDRESS

:

P.O.BOX 957, OFFSHORE INCORPORATIONS CENTRE ROAD TOWN, TORTOLA, BRITISH VIRGIN ISLANDS

NO. OF ORD SHARES

:

4,350,000

% OF SHAREHOLDING

:

29%

CURRENCY

:

U.S. DOLLAR

 

 

OFFICER DETAILS

 

NAME

:

Peter Stewart Henley

ADDRESS

:

1/154 CHIDLOM ROAD, LUMPINI, PATUMWAN, BANGKOK 10330

POSITION

:

DIRECTOR

DATE OF APPT

:

17/05/2010

NATIONALITY

:

BRITISH

I/C PASSPORT

:

761267702

 

NAME

:

Yuthachai Charanachitta

ADDRESS

:

10 SOI SOONVIJAI 3, KWANG BANGKAPI, KHET HUAY KWANG, BANGKOK

POSITION

:

DIRECTOR

DATE OF APPT

:

17/05/2010

NATIONALITY

:

THAI

I/C PASSPORT

:

I647230

 

NAME

:

LOW SIEW TIAN

ADDRESS

:

453 TAMPINES STREET 42 #11-204 SINGAPORE 520453

POSITION

:

SECRETARY

DATE OF APPT

:

26/08/2010

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S6963151G

 

NAME

:

JEREMY WILLIAM FOX

ADDRESS

:

228 CARPMAEL ROAD SINGAPORE 429951

POSITION

:

DIRECTOR

DATE OF APPT

:

17/05/2011

NATIONALITY

:

AMERICAN

I/C PASSPORT

:

S7462303D

 

NAME

:

CHAN LAI YIN

ADDRESS

:

26 SIMEI STREET 1 #11-08 MELVILLE PARK SINGAPORE 529947

POSITION

:

SECRETARY

DATE OF APPT

:

26/08/2010

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S7480587F

 

NAME

:

Nijaporn Charanachitta

ADDRESS

:

10 SOI SOONVIJAI 3, KWANG BANGKAPI, KHET HUAY KWANG, BANGKOK

POSITION

:

DIRECTOR

DATE OF APPT

:

17/05/2010

NATIONALITY

:

THAI

I/C PASSPORT

:

W849840

 

 

KEY PERSONNEL PROFILE

 

Name:

Peter Stewart Henley

NRIC Number:

761267702

Available Address:

1/154 CHIDLOM ROAD, LUMPINI, PATUMWAN, BANGKOK 10330

 

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

ONYX HOSPITALITY SINGAPORE PTE. LTD.

DIRECTOR

17/05/2010

-

NA

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

No Trace

 

 

 

 

 

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 IN S’PORE

 

Company

Shareholdings (%)

NA

 

 

 

BANKERS/ FINANCIERS

 

Subject enjoys a normal banking routine with its bankers. To date, there are no bank charges registered against Subject by its bankers.

 

             

LITIGATION

 

Clear

 

 

COMPLIANCE RECORDS

 

Date of Last AGM

 :

15/09/2011

Date of Last AR

 :

10/10/2011

Date of A/C Laid at Last AGM

 :

31/12/2010

 

 

FINANCIAL HIGHLIGHTS

 

Auditor’s Comments – True and Fair? Qualified Opinion

 

 

Company

FINANCIAL YEAR

31/12/2010

$

Turnover

0

Profit Before Tax and Minority Interest

(892,510)

Profit After Tax and Minority Interest

(892,510)

ASSETS

 

Current Assets

2,922,498

Non-current Assets

15,490,684

Total Assets

18,413,182

LIABILITIES

 

Current Liabilities

19,305,690

Long-Term Liabilities

0

Total Liabilities

19,305,690

SHAREHOLDERS’ FUNDS

 

Share Capital

1

Retained Earnings

(892,510)

Shareholders Funds

(892,509)

 

Financial figures are presented in USD - USA as reflected in Subject's financial statements and are converted to S$ at the rate of S$1.343088 per USD - USA in FYE10 as presented in this report.

 

 

FINANCIAL RATIOS

 

 

Company

FINANCIAL YEAR END

31/12/2010

PROFITABILITY

 

  Rate of Net Profit (%)

NA

  Return on Equity (%)

100.00

  Return on Assets (%)

-4.85

  Return on Capital Employed

0.88

DEBT MANAGEMENT

 

  Total Liabilities/Equity (times)

-21.63

  Current Liabilities/Equity (times)

-21.63

  Long Term Liabilities/Equity (times)

0.00

  Debt Service Cover Ratio

-0.05

  Short-term Borrowings-to-cash Ratio

0.00

EFFICIENCY MANAGEMENT

 

  Total Assets Turnover (times)

0.00

  Fixed Assets Turnover (times)

0.00

  Interest Coverage Ratio

-7.26

  Average Payment Period (days)

NA

LIQUIDITY MANAGEMENT

 

  Current Ratio (times)

0.15

  Quick Ratio (times)

0.15

  Average Collection Period (days)

NA

 

 

FINANCIAL COMMENTARY

 

Profitability

 

 

We are unable to comment on Subject's profitability

 

Liquidity

 

Current ratio stood at 0.15 times in FY10. This means that the company has $0.15 of current assets for every dollar of current liability incurred. Subject's current ratio is noted to be lower than the industry 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 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

 

We are unable to comment on Subject's leverage

 

 

Efficiency Ratio

 

 

We are unable to comment on Subject's return on equity.

 

We are unable to comment on Subject's return on assets.

 

We are unable to comment on Subject's total assets turnover ratio.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.36

UK Pound

1

Rs.82.51

Euro

1

Rs.68.99

 

 

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%)

 

 

 

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.