MIRA INFORM REPORT

Report Date :

23.06.2011

IDENTIFICATION DETAILS

Name :	PICTUREWORKS PTE. LTD.
Registered Office :	4008 Ang Mo Kio Avenue 10 #03-21/22 Techplace 1 Singapore 569625
Country :	Singapore
Financials (as on) :	31.12.2009
Date of Incorporation :	28.08.2003
Com. Reg. No.:	200308346z
Legal Form :	Limited Private Company
Line of Business :	Software Consultancy

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Poor
Payment Behaviour :	Unknown
Litigation :	Exists

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

Bottom of Form

Executive Summary

Company Name	:	PICTUREWORKS PTE. LTD.
Registration No	:	200308346Z
Date of Registration	:	28/08/2003
Former Name	:	NA
Date of Change of Name	:	NA
Type of Company	:	LIMITED PRIVATE COMPANY
Registered Address	:	4008 ANG MO KIO AVENUE 10 #03-21/22 TECHPLACE 1 SINGAPORE 569625
Date of Change of Address	:	18/12/2006
Contact No.	:	NA
Fax No.	:	NA
Website	:	NA
Registered Activities	:	SOFTWARE CONSULTANCY
Issued Ordinary Capital*	:	$500,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 500,000
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$500,000.00 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	:	NA
No. of Local Associates	:	NA
Auditor	:	JAMES RAJ & CO.
Bankers / Financiers	:	NA
Turnover	:	SINGAPORE, DOLLARS 3,630,056.00 (FY2009)
Net Worth	:	SINGAPORE, DOLLARS 843,826.00 (FY2009)
No. of Bank Charges	:	NA
No. of Litigation Suits	:	1
S1000 / SME 500 / FG50 Ranking	:	No found for SINGAPORE 1000 and SME 1000

Compounded Annual Growth Rate (CAGR)

:

33.73% (5 years)

Credit Recommendation

Recommended Credit Line

:

No Recommendation

SHAREHOLDER DETAILS

NAME	:	PICTUREWORKS HOLDINGS SDN. BHD.
SHAREHOLDER ID	:	T08UF3051D
NATIONALITY	:	MALAYSIA
ADDRESS	:	6B JALAN 19/36, 46300 PETALING JAYA SELANGOR DARUL EHSAN MALAYSIA
NO. OF ORD SHARES	:	500,000
% OF SHAREHOLDING	:	100%
CURRENCY	:	SINGAPORE, DOLLARS

OFFICER DETAILS

NAME	:	TAN PEE TEE
ADDRESS	:	25 JALAN SELAMAT SINGAPORE 418548
POSITION	:	DIRECTOR
DATE OF APPT	:	04/01/2008
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S1284852H
NAME	:	CHEONG CHIA CHOU @ CHANG CHIA CHOU
ADDRESS	:	153A LORONG 1 TOA PAYOH #05-1165 TOA PAYOH SAPPHIRE SINGAPORE 311153
POSITION	:	DIRECTOR
DATE OF APPT	:	28/08/2003
NATIONALITY	:	SINGAPORE P.R.
I/C PASSPORT	:	S7579335I
NAME	:	AZURA BINTE KOYAH
ADDRESS	:	351A CANBERRA ROAD #07-313 SINGAPORE 751351
POSITION	:	SECRETARY
DATE OF APPT	:	01/08/2010
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S8504682I

KEY PERSONNEL PROFILE

Name:	CHEONG CHIA CHOU @ CHANG CHIA CHOU
NRIC Number:	S7579335I
Available Address:	153A LORONG 1 TOA PAYOH #05-1165 TOA PAYOH SAPPHIRE SINGAPORE 311153

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	PICTUREANYWHERE PTE. LTD.	DIRECTOR	19/09/2006	70	70.00
2	PICTUREWORKS PTE. LTD.	DIRECTOR	28/08/2003	-	-

Previous Business

No.	Name	Status	Position	Appt Date	Last Known Inactive Date
1	CREATIVE BEVERAGE INGREDIENTS PTE. LTD.	LIVE COMPANY	DIRECTOR/SHR	02/12/2003	12/04/2011
2	PICTUREWORKS PTE. LTD.	LIVE COMPANY	SHAREHOLDER	-	25/05/2011
3	TROPIX INTERNATIONAL PTE. LTD.	STRUCK OFF	DIRECTOR	21/11/2003	-

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 (%)
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

The following litigation suits were traced against Subject. Case status is as per available database. For the latest status of the suit, please obtain the full details of the suit through Litigation Detail Search (DLIT) offered.

To date, there have been 1 litigation suits filed against Subject.

	Current Year On/After 01 Jan 2011	Past Years wef 01 Jan 2011
Court (Claim under normal circumstances)
Magistrate (< $80,000)	0	1
District ($80,000 - $250,000)	0	0
High (>$250,000)	0	0
Winding Up Trace		No
In litigation/Dissolved/Struck Off/In receivership		No

The details are as follows:

1)	Court	:	Magistrate Court
	Case No.	:	24067
	Date of Filing	:	02/10/2006
	Amount	:	3,752.75
	Cause	:	Tort - Negligence (Motor Accidents Without Death/ Injury)
	Case Status	:	PENDING
	Plaintiff	:	MASRUDEAN BIN SABTU
	Last Update Date	:	02/10/2006

COMPLIANCE RECORDS

Date of Last AGM	:	30/06/2010
Date of Last AR	:	27/07/2010
Date of A/C Laid At Last AGM	:	31/12/2009

FINANCIAL HIGHLIGHTS

Financial Figures	Company
	DEC 2009	JUL 2006	JUL 2005	JUL 2004
Currency	SINGAPORE, DOLLARS	SINGAPORE, DOLLARS	SINGAPORE, DOLLARS	SINGAPORE, DOLLARS
Profit and Loss Key Figures
Turnover	3,630,056	1,079,376	1,089,435	848,797
Profit/(Loss) Before Tax	243,979	29,977	46,894	80,506
Profit After Tax attributable to Shareholders	228,357	29,977	46,894	80,506
Balance Sheet Key Figures
Total Assets	1,884,172	221,793	228,636	154,631
Current Assets	907,176	126,085	149,162	142,317
Non Current Assets	976,996	95,708	79,474	12,314
Total Liabilities	1,040,346	221,414	227,234	154,123
Current Liabilities	996,480	200,859	202,562	154,123
Non Current Liabilities	43,866	20,555	24,672	0
Shareholders' Funds	843,826	379	1,402	508
Share Capital	500,000	2	2	2
Total Reserves	343,826	377	1,400	506

FINANCIAL RATIOS

	Company
	DEC 2009	JUL 2006	JUL 2005	JUL 2004
Growth %
Year-on-Year Growth	NA	-0.92	28.35	NA
Profitability
Profit Margin (%)	6.29	2.78	4.30	9.48
Return on Equity (%)	27.06	7,909.50	3,344.79	15,847.64
Return on Assets (%)	12.12	13.52	20.51	52.06
Leverage
Total Debt/Equity (Times)	1.23	584.21	162.08	303.39
Current Debt/Equity (Times)	1.18	529.97	144.48	303.39
Long Term Debt To Equity (Times)	0.05	54.23	17.60	0.00
Total Asset To Total Equity (Times)	2.23	585.21	163.08	304.39
Asset Management
Total Assets Turnover (Times)	1.93	4.87	4.76	5.49
Fixed Assets Turnover (Times)	3.72	11.28	13.71	68.93
Liquidity
Current Ratio (Times)	0.91	0.63	0.74	0.92

FINANCIAL COMMENTARY

Compound Annual Growth Rate

The company's CAGR is 33.73% (5 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 company yielded a rate of net profit on sales of 6.29 per cent in FY09. The company is now able to book in SINGAPORE, DOLLARS 0.06 of profit for every SINGAPORE, DOLLARS of sales.

Liquidity

Current ratio stood at 0.91 times in FY09. This means that the company has SINGAPORE, DOLLARS 0.91 of current assets for every SINGAPORE, DOLLARS 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 1.23 times in FY09. This means that the company requires additional external financing of SINGAPORE, DOLLARS 1.23 for every SINGAPORE, DOLLARS 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 27.06 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 12.12 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 1.93 times in FY09. This ratio measures the company'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.44.82
UK Pound	1	Rs.72.84
Euro	1	Rs.64.58

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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