MIRA INFORM REPORT

 

 

Report Date :

04.03.2013

 

IDENTIFICATION DETAILS

 

Name :

SOUTHERN CAPITAL GROUP PRIVATE LIMITED

 

 

Formerly Known As :

MUBERRY PARTNERS PRIVATE LIMITED (20/03/2007)

 

 

Registered Office :

1 Marina Boulevard, 28-00 One Marina Boulevard, 018989,

 

 

Country :

Singapore.

 

 

Date of Incorporation :

17.05.2004

 

 

Com. Reg. No.:

200406003-D

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Investment, Fund Management, Private Equity, Industry, Finance And Consulting Services

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Singapore

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Singapore - ECONOMIC OVERVIEW

 

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. Real GDP growth averaged 8.6% between 2004 and 2007. The economy contracted 1.0% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010 and 4.9% in 2011, on the strength of renewed exports. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to a compound annual growth rate of just 1.8% in the last decade. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub.

 

Source : CIA

 

 

 

 

 

 

 

* Adopted abbreviations :

SC - Subject Company (the company enquired by you)

 

 

N/A - Not Applicable

                                                                                    

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

200406003-D

COMPANY NAME

:

SOUTHERN CAPITAL GROUP PRIVATE LIMITED

FORMER NAME

:

MUBERRY PARTNERS PRIVATE LIMITED (20/03/2007)

INCORPORATION DATE

:

17/05/2004

 

 

 

 

 

 

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

 

 

 

 

 

 

REGISTERED ADDRESS

:

1 MARINA BOULEVARD, 28-00 ONE MARINA BOULEVARD, 018989, SINGAPORE.

BUSINESS ADDRESS

:

501 ORCHARD ROAD, #17-01 WHEELOCK PLACE, 238880, SINGAPORE.

TEL.NO.

:

65-68368600

FAX.NO.

:

65-68368601

WEB SITE

:

WWW.SOUTHERNCAPITALGROUP.COM

CONTACT PERSON

:

TAN JHU HWA ( DIRECTOR )

 

 

 

 

 

 

PRINCIPAL ACTIVITY

:

INVESTMENT, FUND MANAGEMENT, PRIVATE EQUITY, INDUSTRY, FINANCE AND CONSULTING SERVICES

 

 

 

ISSUED AND PAID UP CAPITAL

:

250,000.00 ORDINARY SHARE, OF A VALUE OF SGD 250,000.00

 

 

 

SALES

:

N/A

NET WORTH

:

N/A

 

 

 

STAFF STRENGTH

:

N/A

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

N/A

PAYMENT

:

N/A

MANAGEMENT CAPABILITY

:

AVERAGE

 

 

 

COMMERCIAL RISK

:

N/A

CURRENCY EXPOSURE

:

N/A

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

MARGINAL GROWTH

 

HISTORY / BACKGROUND

The SC is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the SC must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the SC is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the SC is insolvent. The SC is governed by the Companies Act and the company must file its annual returns, together with its financial statements with the Registrar of Companies.

The SC is principally engaged in the (as a / as an) investment, fund management, private equity, industry, finance and consulting services.

The major shareholder(s) of the SC are shown as follows :

 

Name

Address

IC/PP/Loc No

Shareholding

(%)

SOUTHERN CAPITAL EQUITY LIMITED

P O BOX 309, UGLAND HOUSE, GRAND CAYMAN KY1-1104, CAYMAN ISLANDS.

T12UF4610

250,000.00

100.00

 

 

 

---------------

------

 

 

 

250,000.00

100.00

 

 

 

============

=====

 

+ Also Director

DIRECTORS



DIRECTOR 1

 

Name Of Subject

:

TAN TIONG HIAN

Address

:

27 JALAN NUSA, TAMAN DUTA , 50480 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.

IC / PP No

:

S2756589A

 

 

 

 

 

 

 

 

 

 

 

 

Date of Appointment

:

19/11/2009

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 2

 

Name Of Subject

:

TAN JHU HWA

Address

:

5B RIDLEY PARK, 05-01, TANGLIN PARK, 248478, SINGAPORE.

IC / PP No

:

S7368500A

 

 

 

 

 

 

 

 

 

 

 

 

Date of Appointment

:

10/04/2006

 

 

 

 

 

 

 

 

 

 

 

 



MANAGEMENT

 

 

 

1)

Name of Subject

:

TAN JHU HWA

 

Position

:

DIRECTOR

 

 

 

 

 

 

AUDITOR

 

Auditor

:

ERNST & YOUNG LLP

Auditor' Address

:

N/A

 

 

 

 

 

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

DESMOND LEE HENG CHOONG

 

IC / PP No

:

S2588967C

 

 

 

 

 

Address

:

9B HAPPY AVENUE NORTH, HAPPY MANSION, 369759, SINGAPORE.

 

 

 

 

 

 

 

 

 

 

 

 

 

2)

Company Secretary

:

KHOONG LAI KHENG

 

IC / PP No

:

S7579232H

 

 

 

 

 

Address

:

32 TANGLIN HALT ROAD 08-210, 142032, SINGAPORE.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BANKING


No Banker found in our databank.

ENCUMBRANCE (S)


No encumbrance was found in our databank at the time of investigation.

LEGAL CHECK AGAINST SC


* A check has been conducted in our databank againt the SC whether the subject has been involved in any litigation.

No legal action was found in our databank.

No winding up petition was found in our databank.

PAYMENT RECORD

 

 

SOURCES OF RAW MATERIALS:

Local

:

N/A

Overseas

:

N/A

 

 

 


The SC is a service provider and it does not deal with trade suppliers.

CLIENTELE

 

Local

:

N/A

 

 

 

Overseas

:

N/A


We were unable to obtain the SC's clientele.

OPERATIONS

 

Services

:

INVESTMENT, FUND MANAGEMENT, PRIVATE EQUITY, INDUSTRY, FINANCE AND CONSULTING

 

 

 

 

 

Branch

:

NO

 

 

Other Information:


The SC is principally engaged in the (as a / as an) investment, fund management, private equity, industry, finance and consulting services.

The SC has a successful track record of acquiring and growing middle market businesses with enterprise values of between US$20 million to $200 million.

The SC specialises in leveraged buyouts of businesses that play to Asia's strength - a large and fast growing domestic consumer market and its competitive edge as a major manufacturing and services hub.

The SC operates from 2 offices across Asia - Singapore and Kuala Lumpur (Malaysia).

Working alongside management, entrepreneurs, families and shareholders, the SC has considerable investment and operational expertise of the following industries: specialised financial services, value-added manufacturing, business process outsourcing, consumer products and services including food & beverage, healthcare and selected infrastructure.

RECENT DEVELOPMENT


11 Jul 2012

Singapore-based Mulberry Asia Fund II, a private equity fund managed by Southern Capital Group, has acquired medical products manufacturer Adventa alongside its present managing director Low Chin Guan. The deal is valued at MYR320.85 million ($100 million).

According to a filing to Bursa Malaysia dated 10 July 2012, the price is equivalent to RM2.1 per Adventa share. The offer was made through Aspion, a special purpose vehicle in which Mulberry and Low hold 70% and 30% equity interests respectively. Low currently owns 38.25% in Advanta.

Aspion will acquire 100% of Adventa. It proposed to pay RM96.3 million, or 30% of the purchase price, within six months from the completion date. The remaining RM224.6 million will be paid in cash on the completion date.

Upon completion of the proposed acquisition, Adventa will distribute at least RM1.7 per share to all shareholders.

Based in Malaysia, Adventa manufactures and distributes medical products and devices for the healthcare industry. The group has operations in five countries, with a workforce over 2,000. The company was listed on the Malaysian Stock Exchange in 2004.

In March 2009, Southern Capital closed its Mulberry Asia Fund II at $300 million, making it five times larger than its predecessor, which closed in 2005. The buyout fund seeks opportunities in consumer products, financial services, infrastructure and manufacturing across Asia.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-68368600

Match

:

N/A

 

 

 

Address Provided by Client

:

501 ORCHARD ROAD, #17-01 WHEELOCK PLACE, SINGAPORE 238880

Current Address

:

501 ORCHARD ROAD, #17-01 WHEELOCK PLACE, 238880, SINGAPORE.

Match

:

YES

 

 

 

 

Other Investigations


We were unable to obtain the SC's number of employees.

FINANCIAL ANALYSIS

 

 

No latest financial accounts are available at the Registry Office, thus we are not able to comment on the SC's financial performance.

 

 

 

 

 

 

 

Overall financial condition of the SC : N/A

 

 

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

 

Major Economic Indicators :

2006

2007

2008

2009

2010

 

 

 

 

 

 

Population (Million)

4.40

4.58

4.84

4.98

5.08

Gross Domestic Products ( % )

8.7

8.8

1.5

<0.8>

14.5

Consumer Price Index

1.0

2.1

6.6

0.6

2.8

Total Imports (Million)

378,924.1

395,979.7

450,892.6

356,299.3

423,221.8

Total Exports (Million)

431,559.2

450,627.7

476,762.2

391,118.1

478,840.7

 

 

 

 

 

 

Unemployment Rate (%)

2.7

2.3

2.2

3.2

2.2

Tourist Arrival (Million)

9.75

10.28

10.12

9.68

11.64

Hotel Occupancy Rate (%)

85.2

87.0

81.0

75.8

85.6

Cellular Phone Subscriber (Million)

1.05

1.22

1.31

1.37

1.43

 

 

 

 

 

 

Registration of New Companies (No.)

21,495

25,903

25,327

26,414

29,798

Registration of New Companies (%)

10.2

20.5

<2.2>

4.3

12.8

Liquidation of Companies (No.)

8,980

9,226

10,493

22,393

15,126

Liquidation of Companies (%)

28.1

2.7

13.7

113.4

<32.5>

 

 

 

 

 

 

Registration of New Businesses (No.)

24,219

24,762

24,850

26,876

23,978

Registration of New Businesses (%)

3.17

2.24

0.36

8.15

<10.78>

Liquidation of Businesses (No.)

26,843

21,322

21,150

23,552

24,211

Liquidation of Businesses (%)

<52.3>

<20.6>

<0.8>

11.4

2.8

 

 

 

 

 

 

Bankruptcy Orders (No.)

2,983

2,767

2,326

2,058

1,537

Bankruptcy Orders (%)

15.8

<7.2>

<15.9>

<11.5>

<25.3>

Bankruptcy Discharges (No.)

1,634

1,626

1,500

3,056

2,252

Bankruptcy Discharges (%)

<2.9>

<0.5>

<7.7>

103.7

<26.3>

 

 

 

 

 

 

INDUSTRIES ( % of Growth ) :

 

 

 

 

 

Agriculture

 

 

 

 

 

Production of Principal Crops

3.91

5.26

<0.32>

3.25

<0.48>

Fish Supply & Wholesale

1.33

<3.91>

<6.31>

<1.93>

3.60

 

 

 

 

 

 

Manufacturing *

94.4

100.0

95.8

91.8

119.1

Food, Beverages & Tobacco

89.9

100.0

107.7

102.7

109.5

Textiles

119.9

100.0

92.6

75.0

62.8

Wearing Apparel

114.5

100.0

71.8

45.3

26.4

Leather Products & Footwear

100.3

100.0

84.7

52.6

54.1

Wood & Wood Products

107.1

100.0

88.8

68.3

70.0

Paper & Paper Products

92.5

100.0

98.8

93.3

103.7

Printing & Media

97.6

100.0

96.7

82.5

84.7

Crude Oil Refineries

100.2

100.0

101.0

86.1

85.4

Chemical & Chemical Products

93.8

100.0

95.1

90.4

109.9

Pharmaceutical Products

102.1

100.0

92.8

104.4

159.9

Rubber & Plastic Products

100.1

100.0

92.2

77.6

86.1

Non-metallic Mineral

113.1

100.0

83.1

79.1

79.7

Basic Metals

110.0

100.0

120.9

101.9

112.5

Fabricated Metal Products

97.8

100.0

95.0

85.2

97.2

Machinery & Equipment

83.9

100.0

97.4

85.8

117.7

Electrical Machinery

98.8

100.0

98.1

104.2

149.1

Electronic Components

96.1

100.0

93.0

85.1

115.5

Transport Equipment

85.3

100.0

106.7

100.2

99.3

 

 

 

 

 

 

Construction

46.60

45.60

45.90

<36.9>

14.20

Real Estate

12.9

40.8

<11.2>

1.4

21.3

 

 

 

 

 

 

Services

 

 

 

 

 

Electricity, Gas & Water

<5.3>

11.00

<1.3>

1.70

4.00

Transport, Storage & Communication

6.00

8.50

11.60

3.90

12.80

Finance & Insurance

6.40

41.50

<5.9>

<16.4>

<0.4>

Government Services

13.50

3.80

17.40

4.50

9.70

Education Services

1.10

1.80

0.50

0.10

<0.9>

 

 

 

 

 

 

* Based on Index of Industrial Production (2007 = 100)

 

 

 

 

 

(Source : Department of Statistics)

 

 

 

 

 



INDUSTRY ANALYSIS

 

INDUSTRY :

ECONOMY

 

 

 


According to Ministry of Trade and Industry (MTI), the Singapore economy is expected to grow by 1.0 to 3.0% in 2012. Global economic conditions are expected to remain subdued in 2012, with the outlook clouded by increased uncertainty and financial volatility. In the advanced economies, final demand is likely to be restrained by continued household deleveraging, ongoing fiscal tightening as well as structural weaknesses in labour and housing markets.


Although resilient domestic demand in emerging Asia will provide some support to global demand, it will not fully mitigate the effects of an economic slowdown in the advanced economies. Consequently, Singapore's externally-oriented sectors such as electronics and wholesale trade will continue to perform poorly, while the financial services sector will be affected by heightened uncertainties in the external environment. Nevertheless, there will be some modest support to growth from the biomedical manufacturing cluster and tourism-related sectors. The former will likely see increased production of active pharmaceutical ingredients and biologics while the latter will benefit from rising visitor arrivals from the region.


For the 4th quarter of 2011, growth in the Singapore economy will likely weaken alongside deteriorating external macroeconomic conditions. Within the manufacturing sector, the electronics cluster is expected to register a lower level of output given the downturn in the global electronics cycle. This in turn will have knock-on effects on the precision engineering cluster and wholesale trade. The biomedical manufacturing (BMS) cluster is expected to see a pullback in growth following the strong surge in the 3rd quarter of 2011. In the financial services sector, activity in the core financial intermediation will moderate and the sentiment-sensitive segments are expected to continue to perform poorly.


The manufacturing sector expanded by 14.2 % on a year-on-year basis, reversing from the 5.6 % decline in the preceding quarter. On a sequential basis, the sector grew by an annualised rate of 11.7 %. This was largely due to a rebound in biomedical manufacturing output, as some companies switched to producing a higher value mix of pharmaceutical products. By contrast, the electronics cluster continued to contract, as global demand for semiconductor chips and other electronic components moderated.


The construction sector grew marginally by 0.3 % on a year-on-year basis, moderating from the 1.5 % growth in the preceding quarter. On a sequential basis, the sector contracted by an annualised rate of 11.8 %, largely due to a decline in private sector building activities.


The wholesale and retail trade sector saw a small year-on-year decline of 0.2 %, mainly due to weakening export activities. Supported by air travel demand, the transport and storage sector grew by 4.2 %, similar to the pace of growth in the preceding quarter. On a sequential basis, growth momentum in both sectors declined, by annualised rates of 0.6 % and 4.5 % respectively.


The financial services sector grew at 10.5 % on a year-on-year basis, anchored by gains in domestic and offshore lending activities. However, the business services sector registered a weak growth of 1.7 %, largely due to a moderation in the real estate services segment. On a sequential basis, both sectors grew marginally by 0.8 % and 0.9 % respectively.


Supported by healthy visitor inflows, the hotels and restaurants sector and the 'other services' industries (which include arts, entertainment and recreation activities) grew by 5.6 % and 4.0 % respectively. However, on a sequential basis, these sectors declined by 2.6 and 0.7 % respectively.


Overall, the Singapore economy is expected to grow by around 5.0% in 2011 and by 1.0 to 3.0% in 2012.

 

 

OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH

 

CREDIT RISK EVALUATION & RECOMMENDATION

 


Incorporated in 2004, the SC is a Private Limited company, focusing on investment, fund management, private equity, industry, finance and consulting services. Having been in business for 9 years, the SC has established a remarkable clientele base for itself which has contributed to its business growth. Having strong support from its shareholders has enabled the SC to remain competitive despite the challenging business environment. However, the capital standing of the SC is weak. The SC may face difficulties to expand its business compared to other large corporation.


Overall, we regard that the SC's management capability is average.


No financial accounts are available for analysis. As such, we are not able to comment on the SC's current financial standing.


The industry has reached its maturity stage and only enjoying a marginal growth. The steady growth of the country's economy will further enhance the industry activities. Thus, the SC's future performance is very much depend on its marketing strategies in order to retain its position in the market.


In view of the above, we only recommend credit be proceeded to the SC with guarantee.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.48

UK Pound

1

Rs.82.71

Euro

1

Rs.71.27

 

INFORMATION DETAILS

 

Report Prepared by :

NLM

 

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.