MIRA INFORM REPORT

Report Date :

18.07.2011

IDENTIFICATION DETAILS

Name :	CLUB 21 PTE. LTD.
Registered Office :	6b Orange Grove Road Como House Singapore 258332
Country :	Singapore
Financials (as on) :	31.12.2009
Date of Incorporation :	29.07.1976
Com. Reg. No.:	197601559e
Legal Form :	Limited Private Company
Line of Business :	Wholesale of Wearing Apparel For Adults

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	S$1,000,000
Status :	Moderate
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 – March 31^st, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
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	:	CLUB 21 PTE. LTD.
Registration No	:	197601559E
Date of Registration	:	29/07/1976
Former Name	:	NA
Date of Change of Name	:	NA
Type of Company	:	LIMITED PRIVATE COMPANY
Registered Address	:	6B ORANGE GROVE ROAD COMO HOUSE SINGAPORE 258332
Date of Change of Address	:	26/11/2010
Contact No.	:	6270 2212
Fax No.	:	6270 0266
Website	:	http://www.club21global.com
Registered Activities	:	WHOLESALE OF WEARING APPAREL FOR ADULTS
Issued Ordinary Capital*	:	$10,000,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 10,000,000
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$10,000,000.00 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	:	4
No. of Local Associates	:	2
Auditor	:	WINSTON LOONG & CO.
Bankers / Financiers	:	BNP PARIBAS OVERSEA-CHINESE BANKING CORPORATION LIMITED
Turnover	:	SGD – SIN 246,507,785.00 (FY2009)
Net Worth	:	SGD – SIN 33,471,059.00 (FY2009)
No. of Bank Charges	:	4
No. of Litigation Suits	:	NA
No. of employees		500 (Approximately)
S1000 / SME 500 / FG50 Ranking	:	870 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2009/2010) 690 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2008/2009) 671 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2007/2008) 733 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2006/2007) 744 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2005/2006)
Compounded Annual Growth Rate (CAGR)	:	14.35% (4 years)

Credit Recommendation

Recommended Credit Line

:

S$1,000,000

SHAREHOLDER DETAILS

NAME	:	COMO HOLDINGS INC
SHAREHOLDER ID	:	S76UF0130A
NATIONALITY	:	PANAMA
ADDRESS	:	3/F ARANGO-ORILLAC BUILDING, 54TH STREET, NUEVA, URBANIZACION OBARRIO, REPUBLIC OF PANAMA
NO. OF ORD SHARES	:	7,000,000
% OF SHAREHOLDING	:	70%
CURRENCY	:	SINGAPORE, DOLLARS
NAME	:	CHRISTINA FU MRS CHRISTINA ONG
SHAREHOLDER ID	:	S1194249J
NATIONALITY	:	SINGAPORE CITIZEN
ADDRESS	:	38A NASSIM ROAD SINGAPORE 258424
NO. OF ORD SHARES	:	2,999,999
% OF SHAREHOLDING	:	30%
CURRENCY	:	SINGAPORE, DOLLARS
NAME	:	ONG BENG SENG
SHAREHOLDER ID	:	S2158153D
NATIONALITY	:	SINGAPORE P.R.
ADDRESS	:	38A NASSIM ROAD SINGAPORE 258424
NO. OF ORD SHARES	:	1
% OF SHAREHOLDING	:	0%
CURRENCY	:	SINGAPORE, DOLLARS

OFFICER DETAILS

NAME	:	MRS CHAN YEOW CHENG
ADDRESS	:	10 LEITH ROAD SINGAPORE 547884
POSITION	:	DIRECTOR SECRETARY
DATE OF APPT	:	26/01/1977 26/01/1977
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S0175089E
NAME	:	CHRISTINA FU MRS CHRISTINA ONG
ADDRESS	:	38A NASSIM ROAD SINGAPORE 258424
POSITION	:	DIRECTOR
DATE OF APPT	:	29/07/1976
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S1194249J
NAME	:	ONG BENG SENG
ADDRESS	:	38A NASSIM ROAD SINGAPORE 258424
POSITION	:	DIRECTOR
DATE OF APPT	:	29/07/1976
NATIONALITY	:	SINGAPORE P.R.
I/C PASSPORT	:	S2158153D
NAME	:	ONG CHENG SIM MELISSA
ADDRESS	:	38A NASSIM ROAD SINGAPORE 258424
POSITION	:	DIRECTOR
DATE OF APPT	:	22/05/2006
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S7404618E

KEY PERSONNEL PROFILE

Name:	CHRISTINA FU MRS CHRISTINA ONG
NRIC Number:	S1194249J
Available Address:	38A NASSIM ROAD SINGAPORE 258424

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	AX 21 HOLDINGS PTE LTD	DIRECTOR	16/03/2001	-	-
2	CLUB 21 DISTRIBUTION (SINGAPORE) PTE. LTD.	DIRECTOR	18/05/1993	-	-
3	CLUB 21 ENTERPRISES (SINGAPORE) PRIVATE LIMITED	DIRECTOR	02/08/1989	-	-
4	CLUB 21 PTE. LTD.	DIRECTOR	29/07/1976	2999999	29.99
5	COJO PRIVATE LIMITED	DIRECTOR	10/11/2009	-	-
6	HERITAGE HOLDINGS PTE LTD	DIRECTOR	02/11/1992	-	-
7	JOMO PRIVATE LIMITED	DIRECTOR	18/08/1992	1199999	99.99
8	KIDS 21 PTE LTD	DIRECTOR	15/08/1996	-	-
9	KUO INTERNATIONAL (PRIVATE) LTD.	SHAREHOLDER	-	338753	6.77
10	MOCO PRIVATE LIMITED	DIRECTOR	06/06/1980	99999	19.99
11	MOGEMS SERVICES PTE LTD	DIRECTOR	19/05/1998	-	-
12	SHAMBHALA YOGA CENTRE PTE LTD	DIRECTOR	07/08/1992	-	-
13	SINGAPORE AIRLINES LIMITED	DIRECTOR	01/09/2007	-	-
14	SINGAPORE HEALTH SERVICES PTE LTD	DIRECTOR	15/04/2006	-	-
15	VIVA FOUNDATION FOR CHILDREN WITH CANCER	DIRECTOR	06/02/2006	-	-
16	Y.S. FU HOLDINGS (2002) PTE. LTD.	DIRECTOR	02/12/2002	1001250	20.02

Previous Business

No.	Name	Status	Position	Appt Date	Last Known Inactive Date
1	BULGARI SOUTH ASIAN OPERATIONS PTE LTD	LIVE COMPANY	DIRECTOR	11/04/1988	10/10/2000
2	COAN PTE LTD	DISSOLVED - MEMBERS' VOLUNTARY WINDING UP	DIRECTOR	21/12/1988	08/07/2009
3	COMO HOTELS & RESORTS (ASIA) PTE. LTD.	LIVE COMPANY	DIRECTOR	17/05/2002	31/12/2002
4	GOOD FAITH PRIVATE INVESTMENT LTD	STRUCK OFF	DIRECTOR	01/06/1981	22/04/1999
5	HERITAGE INVESTMENTS PTE. LTD.	STRUCK OFF	DIRECTOR	01/09/2003	14/07/2010
6	LASALLE COLLEGE OF THE ARTS LIMITED	LIVE COMPANY	SHAREHOLDER	-	12/07/2011
7	ORO PTE LTD	DISSOLVED - MEMBERS' VOLUNTARY WINDING UP	DIRECTOR	20/07/1981	17/01/1990
8	PRADA SINGAPORE PTE LTD	LIVE COMPANY	DIRECTOR	25/01/1994	04/06/1998
9	PRADA SINGAPORE PTE LTD	LIVE COMPANY	MANAGING DIRECTOR	23/04/1996	01/01/1998
10	VIVA FOUNDATION FOR CHILDREN WITH CANCER	LIVE COMPANY	SHAREHOLDER	-	18/01/2011
11	Y.S. FU HOLDINGS PTE LTD	DISSOLVED - MEMBERS' VOLUNTARY WINDING UP	DIRECTOR	15/11/1980	08/08/2007
12	Y.S. FU HOLDINGS PTE LTD	DISSOLVED - MEMBERS' VOLUNTARY WINDING UP	SHAREHOLDER	-	-

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 (%)
CLUB 21 ENTERPRISES (SINGAPORE) PRIVATE LIMITED	100
SUPERNATURE PTE LTD	90
SHAMBHALA YOGA CENTRE PTE LTD	80
KIDS 21 PTE LTD	70
CLUB 21 DISTRIBUTION (SINGAPORE) PTE. LTD.	50
ACE PAIR PTE. LTD.	25

BANKERS/ FINANCIERS

Subject enjoys a normal banking routine with its bankers. To date, there have been 4 bank charges registered against Subject by its bankers. The charge numbers are:

1)	Charge No.	:	C200603778
	Date of Registration	:	13/06/2006
	Chargee	:	BNP PARIBAS
	Amount Secured and Currency	:	All Monies
	Address	:	20 COLLYER QUAY #01-01 TUNG CENTRE SINGAPORE 049319
2)	Charge No.	:	C200603777
	Date of Registration	:	13/06/2006
	Chargee	:	BNP PARIBAS
	Amount Secured and Currency	:	All Monies
	Address	:	20 COLLYER QUAY #01-01 TUNG CENTRE SINGAPORE 049319
3)	Charge No.	:	C200603776
	Date of Registration	:	13/06/2006
	Chargee	:	OVERSEA-CHINESE BANKING CORPORATION LIMITED
	Amount Secured and Currency	:	All Monies
	Address	:	65 CHULIA STREET #26-00 OCBC CENTRE SINGAPORE 049513
4)	Charge No.	:	C200603775
	Date of Registration	:	13/06/2006
	Chargee	:	OVERSEA-CHINESE BANKING CORPORATION LIMITED
	Amount Secured and Currency	:	All Monies
	Address	:	65 CHULIA STREET #26-00 OCBC CENTRE SINGAPORE 049513

LITIGATION

Clear

COMPLIANCE

Date of Last AGM	:	29/06/2010
Date of Last AR	:	30/07/2010
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	246,507,785	1.51	242,837,343	265,961,580	187,449,293	144,197,759
Profit/(Loss) Before Tax	(11,518,271)	NA	(3,425,587)	8,809,354	7,149,956	12,442,116
Profit After Tax attributable to Shareholders	(14,326,190)	NA	(3,530,825)	4,488,561	3,169,851	8,478,924
Balance Sheet Key Figures
Total Assets	158,310,085	-9.73	175,376,342	163,448,612	109,809,480	86,584,279
Current Assets	133,064,435	-11.73	150,742,591	134,437,847	87,384,713	72,232,831
Non Current Assets	25,245,650	2.48	24,633,751	29,010,765	22,424,767	14,351,448
Total Liabilities	124,839,026	-2.21	127,662,142	110,971,230	61,389,307	40,823,186
Current Liabilities	123,676,876	-2.42	126,748,790	110,626,050	61,155,653	40,612,850
Non Current Liabilities	1,162,150	27.24	913,352	345,180	233,654	210,336
Shareholders' Funds	33,471,059	-29.85	47,714,200	52,477,382	48,420,173	45,761,093
Share Capital	10,000,000	0.00	10,000,000	10,000,000	10,000,000	10,000,000
Total Reserves	23,471,059	-37.77	37,714,200	42,477,382	38,420,173	35,761,093

FINANCIAL RATIOS

	Group
	DEC 2009	DEC 2008	DEC 2007	DEC 2006	DEC 2005
Growth %
Year-on-Year Growth	1.51	-8.69	41.88	29.99	NA
Profitability
Profit Margin (%)	NA	NA	1.69	1.69	5.88
Return on Equity (%)	NA	NA	8.55	6.55	18.53
Return on Assets (%)	NA	NA	2.75	2.89	9.79
Leverage
Total Debt/Equity (Times)	3.73	2.68	2.11	1.27	0.89
Current Debt/Equity (Times)	3.70	2.66	2.11	1.26	0.89
Long Term Debt To Equity (Times)	0.03	0.02	0.01	0.00	0.00
Total Asset To Total Equity (Times)	4.73	3.68	3.11	2.27	1.89
Asset Management
Total Assets Turnover (Times)	1.56	1.38	1.63	1.71	1.67
Fixed Assets Turnover (Times)	9.76	9.86	9.17	8.36	10.05
Liquidity
Current Ratio (Times)	1.08	1.19	1.22	1.43	1.78

FINANCIAL HIGHLIGHTS

Financial Figures	Company
	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	101,581,387	2.09	99,500,393	117,321,699	99,871,059	72,493,137
Profit/(Loss) Before Tax	245,870	-97.54	9,998,492	9,296,833	11,159,351	9,365,218
Profit After Tax attributable to Shareholders	(855,955)	NA	7,054,666	7,213,382	8,423,418	6,922,198
Balance Sheet Key Figures
Total Assets	139,941,646	3.87	134,733,514	101,849,294	74,633,028	55,501,822
Current Assets	117,632,325	-0.98	118,790,574	85,006,998	58,568,056	45,171,262
Non Current Assets	22,309,321	39.93	15,942,940	16,842,296	16,064,972	10,330,560
Total Liabilities	78,215,575	8.45	72,124,611	46,297,079	26,318,272	14,816,236
Current Liabilities	77,228,082	8.21	71,368,693	46,026,782	26,112,272	14,610,236
Non Current Liabilities	987,493	30.63	755,918	270,297	206,000	206,000
Shareholders' Funds	61,726,071	-1.41	62,608,903	55,552,215	48,314,756	40,685,586
Share Capital	10,000,000	0.00	10,000,000	10,000,000	10,000,000	10,000,000
Total Reserves	51,726,071	-1.68	52,608,903	45,552,215	38,314,756	30,685,586

FINANCIAL RATIOS

	Company
	DEC 2009	DEC 2008	DEC 2007	DEC 2006	DEC 2005
Growth %
Year-on-Year Growth	2.09	-15.19	17.47	37.77	NA
Profitability
Profit Margin (%)	-0.84	7.09	6.15	8.43	9.55
Return on Equity (%)	-1.39	11.27	12.98	17.43	17.01
Return on Assets (%)	-0.61	5.24	7.08	11.29	12.47
Leverage
Total Debt/Equity (Times)	1.27	1.15	0.83	0.54	0.36
Current Debt/Equity (Times)	1.25	1.14	0.83	0.54	0.36
Long Term Debt To Equity (Times)	0.02	0.01	0.00	0.00	0.01
Total Asset To Total Equity (Times)	2.27	2.15	1.83	1.54	1.36
Asset Management
Total Assets Turnover (Times)	0.73	0.74	1.15	1.34	1.31
Fixed Assets Turnover (Times)	4.55	6.24	6.97	6.22	7.02
Liquidity
Current Ratio (Times)	1.52	1.66	1.85	2.24	3.09

FINANCIAL COMMENTARY

Compound Annual Growth Rate

The company's CAGR is 14.35% (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

We are unable to comment on Subject's profitability.

Liquidity

Current ratio stood at 1.08 times in FY09 (FY08: 1.19 times). This means that the group has SGD - SIN 1.08 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 3.73 times in FY09, as compared with 2.68 times in FY08. This means that the group requires additional external financing of SGD - SIN 3.73 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

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 1.56 times in FY09 (FY08: 1.38 times). 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.44.53
UK Pound	1	Rs.71.91
Euro	1	Rs.62.98

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%)

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