MIRA INFORM REPORT

 

 

Report Date :

08.10.2013

 

IDENTIFICATION DETAILS

 

Name :

AQUA NOVA INVESTMENT HOLDINGS PTE. LTD.

 

 

Registered Office :

80, Robinson Road, 02-00, 068898

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

18.07.2012

 

 

Com. Reg. No.:

201217838-E

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Subject is engaged in the investment holding.

 

 

No. of Employees :

Not Available

 

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 :

Moderate

Payment Behaviour :

Slow

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, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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 0.8% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010, on the strength of renewed exports, before slowing to 5.2% in 2011 and 1.3% in 2012, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to an average of about 1.0% 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.

:

201217838-E

COMPANY NAME

:

AQUA NOVA INVESTMENT HOLDINGS PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

18/07/2012

 

 

 

 

 

 

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

 

 

 

 

 

 

REGISTERED ADDRESS

:

80, ROBINSON ROAD, 02-00, 068898, SINGAPORE.

BUSINESS ADDRESS

:

80 ROBINSON ROAD #02-00, 068898, SINGAPORE.

TEL.NO.

:

65-62363333

FAX.NO.

:

65-62364399

CONTACT PERSON

:

NICOLE ( STAFF )

 

 

 

 

 

 

PRINCIPAL ACTIVITY

:

INVESTMENT HOLDING

 

 

 

ISSUED AND PAID UP CAPITAL

:

8,400,000.00 ORDINARY SHARE, OF A VALUE OF USD 8,400,000.00

 

 

 

SALES

:

N/A

NET WORTH

:

USD 7,793,111 [2012]

 

 

 

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

:

POOR

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 holding.

 

The immediate and ultimate holding company of the SC is CLEAN RESOURCES ASIA GROWTH FUND L.P., a company incorporated in CAYMAN ISLANDS.

 

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

 

Name

Address

IC/PP/Loc No

Shareholding

(%)

CLEAN RESOURCES ASIA GROWTH FUND L.P.

CODAN TRUST CO (CAYMAN) LTD, CRICKET SQUARE, HUTCHINS DRIVE, PO BOX 2681, GRAND CAYMAN K1-1111, CAYMAN ISLANDS.

T12UF2722C

8,400,000.00

100.00

 

 

 

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

------

 

 

 

8,400,000.00

100.00

 

 

 

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

=====

+ Also Director



DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

MR. KRISHNAN SANJEEV

Address

:

23, ST. THOMAS WALK, 10-02, SAM KIANG MANSIONS, 238108, SINGAPORE.

IC / PP No

:

G5232170R

 

 

 

Nationality

:

AMERICAN

Date of Appointment

:

16/08/2012

 

 

 

 

DIRECTOR 2

 

Name Of Subject

:

PETER JOSEPH KENNEDY

Address

:

23, HUA GUAN AVENUE, HONG KONG PARK, 589119, SINGAPORE.

IC / PP No

:

G6221730N

 

 

 

 

 

 

 

 

 

Nationality

:

AMERICAN

Date of Appointment

:

20/07/2012

 

 

 

 

MANAGEMENT

 

 

 

1)

Name of Subject

:

KRISHNAN SANJEEV

 

Position

:

DIRECTOR

 

 

 

 

 

2)

Name of Subject

:

NICOLE

 

Position

:

STAFF

 

 

 

 

 

 

AUDITOR

 

Auditor

:

PRICEWATERHOUSECOOPERS LLP

Auditor' Address

:

N/A

 

 

 

 

 

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

ANG SIEW KOON

 

IC / PP No

:

S1721860C

 

 

 

 

 

Address

:

122, YISHUN STREET 11, 06-463, 760122, SINGAPORE.

 

 

 

 

 

 

 

 

 

 

 

 

 

2)

Company Secretary

:

WAYNE ALEXANDER PALMER

 

IC / PP No

:

S7686298B

 

 

 

 

 

Address

:

75, SIGLAP ROAD, FRANKEL ESTATE, 455880, 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

 

 

 


The staff from the registered office refused to disclose its clientele.

 

 

OPERATIONS

 

Services

:

INVESTMENT HOLDING

 

 

 

 

 

Branch

:

NO

 

Other Information:


The SC is principally engaged in the (as a / as an) investment holding.

The staff from the registered office refused to disclose its operation.


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-62363333

Match

:

N/A

 

 

 

Address Provided by Client

:

80 ROBINSON ROAD HEX 02-00 SINGAPORE 068898

Current Address

:

80 ROBINSON ROAD #02-00, 068898, SINGAPORE.

Match

:

NO

 

 

 

 

Other Investigations


On 4th October 2013 we contacted one of the staff from the registered office and she only provided limited information on the SC.

The address provided is incorrect.

She refused to disclose the SC's number of employees.

 

FINANCIAL ANALYSIS

 

 

The SC's turnover was nil during the year indicate that it was inactive. As a result, we are unable to comment on its financial performance.

 

 

 

 

 

 

 

Overall financial condition of the SC : N/A

 

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

 

Major Economic Indicators :

2008

2009

2010

2011

2012

 

 

 

 

 

 

Population (Million)

4.84

4.98

5.08

5.18

5.31

Gross Domestic Products ( % )

1.5

<0.8>

14.5

4.9

1.3

Consumer Price Index

6.6

0.6

2.8

5.2

4.6

Total Imports (Million)

450,892.6

356,299.3

423,221.8

459,655.1

474,554.0

Total Exports (Million)

476,762.2

391,118.1

478,840.7

514,741.2

510,329.0

 

 

 

 

 

 

Unemployment Rate (%)

2.2

3.2

2.2

2.1

2.0

Tourist Arrival (Million)

10.12

9.68

11.64

13.17

14.37

Hotel Occupancy Rate (%)

81.0

75.8

85.6

86.5

86.4

Cellular Phone Subscriber (Million)

1.31

1.37

1.43

1.50

1.52

 

 

 

 

 

 

Registration of New Companies (No.)

25,327

26,414

29,798

32,317

31,892

Registration of New Companies (%)

<2.2>

4.3

12.8

8.5

<1.3>

Liquidation of Companies (No.)

10,493

22,393

15,126

19,005

17,218

Liquidation of Companies (%)

13.7

113.4

<32.5>

25.6

9.4

 

 

 

 

 

 

Registration of New Businesses (No.)

24,850

26,876

23,978

23,494

24,788

Registration of New Businesses (%)

0.36

8.15

<10.78>

2.02

5.51

Liquidation of Businesses (No.)

21,150

23,552

24,211

23,005

22,489

Liquidation of Businesses (%)

<0.8>

11.4

2.8

<5>

<2.2>

 

 

 

 

 

 

Bankruptcy Orders (No.)

2,326

2,058

1,537

1,527

1,748

Bankruptcy Orders (%)

<15.9>

<11.5>

<25.3>

<0.7>

14.5

Bankruptcy Discharges (No.)

1,500

3,056

2,252

1,391

1,881

Bankruptcy Discharges (%)

<7.7>

103.7

<26.3>

<38.2>

35.2

 

 

 

 

 

 

INDUSTRIES ( % of Growth ) :

 

 

 

 

 

Agriculture

 

 

 

 

 

Production of Principal Crops

<0.32>

3.25

<0.48>

4.25

3.64

Fish Supply & Wholesale

<6.31>

<1.93>

<10.5>

12.10

<0.5>

 

 

 

 

 

 

Manufacturing *

74.6

71.5

92.8

100.0

100.3

Food, Beverages & Tobacco

94.8

90.4

96.4

100.0

103.5

Textiles

180.1

145.9

122.1

100.0

104.0

Wearing Apparel

334.6

211.0

123.3

100.0

92.1

Leather Products & Footwear

128.2

79.5

81.8

100.0

98.6

Wood & Wood Products

132.0

101.4

104.0

100.0

95.5

Paper & Paper Products

101.0

95.4

106.1

100.0

97.4

Printing & Media

118.2

100.9

103.5

100.0

93.0

Crude Oil Refineries

113.1

96.4

95.6

100.0

99.4

Chemical & Chemical Products

84.5

80.3

97.6

100.0

100.5

Pharmaceutical Products

43.7

49.1

75.3

100.0

109.7

Rubber & Plastic Products

120.1

101.2

112.3

100.0

96.5

Non-metallic Mineral

96.5

91.9

92.5

100.0

98.2

Basic Metals

109.8

92.6

102.2

100.0

90.6

Fabricated Metal Products

101.3

90.8

103.6

100.0

104.3

Machinery & Equipment

65.0

57.3

78.5

100.0

112.9

Electrical Machinery

81.7

86.8

124.1

100.0

99.3

Electronic Components

93.1

85.2

113.6

100.0

90.6

Transport Equipment

102.0

96.0

94.0

100.0

106.3

 

 

 

 

 

 

Construction

45.90

<36.9>

14.20

20.50

28.70

Real Estate

<11.2>

1.4

21.3

25.4

31.9

 

 

 

 

 

 

Services

 

 

 

 

 

Electricity, Gas & Water

<1.3>

1.70

4.00

7.00

6.30

Transport, Storage & Communication

11.60

3.90

12.80

7.40

5.30

Finance & Insurance

<5.9>

<16.4>

<0.4>

8.90

0.50

Government Services

17.40

4.50

9.70

6.90

6.00

Education Services

0.50

0.10

<0.9>

<1.4>

0.30

 

 

 

 

 

 

* Based on Index of Industrial Production (2011 = 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 2013 as growth in the global economy is likely to remain subdued despite macroeconomic conditions stablising in recent months of 2013.

 

However, the global economic outlook is still clouded with uncertainties. Notably, concerns remain over the extent of the fiscal cutback with the budget sequester in the US and potential flareup of the debt crisis in the Eurozone. Should any of these risks materialise, Singapore's economic growth could come in lower than expected.

 

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 whole of 2012, Singapore's GDP growth slowed to 1.3%, from 5.2% in 2011, mainly due to weakness in the externally-oriented sectors. Manufacturing sector growth slowed sharply from 7.8% in the year 2011 to 0.1%. The hudge decline was largely due to a rebound in the output of the biomedical manufacturing and transport engineering clusters, which together helped to mitigate part of the fall in output in the electronics cluster. By contrast, the construction sector growth accelerated from 6.3% to 8.2% in 2012, due to the expansion in both public and private building activities.

 

Growth in the services producing industries also moderated to 1.2% in 2012, compared to 4.6% in 2011. This was mainly due to the slowdown in wholesale and retail trade, accommodation and food services as well as other services industries. In particular, the wholesale and retail trade sector contracted by 0.7%, compared to the 1.6% growth in year 2011. The accommodation and food services as well as other services industries posted lower gains of 2.8% and 0.1% respectively, compared to 8.2% and 6.3% in 2011.

 

For the whole of 2012, all sectors, except the wholesale and retail trade, contributed to growth. Business services was the largest contributor with 0.4 percentage-points, followed by construction with 0.3 percentage-points and transportation and storage at 0.2 percentagepoints. Besides, growth in total demand moderated to 2.4%, compared to 4.2% in 2011. Domestic demand was the key contributor to total demand growth, accounting for 2.2 percentage-points, or over 90 per cent, of the increase.

 

In 2012, total domestic demand rose by 9.7%, following the 6.5% increase in 2011. The growth in total domestic demand was broad-based across consumption, gross fixed capital formation (GFCF) and changes in inventories. The total consumption expenditure in 2012 grew slightly by 0.9%, easing from the 3.7% growth in 2011. Public consumption expenditure fell by 3.6%, reversing the 0.5% growth in 2011. Private consumption expenditure registered a 2.2% gain, moderating from the 4.6% increase in the preceding year.

 

Overall, the Singapore economy is expected to grow by 1.0 to 3.0% in 2013.

 

 

 

OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH



CREDIT RISK EVALUATION & RECOMMENDATION

 


Incorporated in 2012, the SC is a Private Limited company, focusing on investment holding. Having been in the business for only 1 year, the SC's position in the market is not stable. The SC has yet to build up its own image and market shares. However, having strong support from its holding company has enabled the SC to remain competitive despite the challenging business environment. The capital standing of the SC is fair. With an adequate share capital, the SC has the potential of expanding its business in future.

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

The SC does not yet generated any turnover during the financial year and it has incurred losses of USD 206,889. The SC has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. However, the SC is in good liquidity position with its current liabilities well covered by it current assets. Hence, it has sufficient working capital to meet its short term financial obligations. Being a zero geared company, the SC virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. Given a positive net worth standing at USD 7,793,111, the SC should be able to maintain its business in the near terms.

Without a strong assets backing, the SC may face difficulties in getting loans for its future expansion and continued growth.

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 recommend credit be granted to the SC with close monitoring.

 



PROFIT AND LOSS ACCOUNT

 

 

THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS.

AQUA NOVA INVESTMENT HOLDINGS PTE. LTD.

 

Financial Year End

2012-12-31

Months

6

Consolidated Account

Company

Audited Account

YES

Unqualified Auditor's Report (Clean Opinion)

YES

Financial Type

FULL

Currency

USD

 

 

TURNOVER

0

 

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

 

 

PROFIT/(LOSS) FROM OPERATIONS

<206,889>

 

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

PROFIT/(LOSS) BEFORE TAXATION

<206,889>

 

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

PROFIT/(LOSS) AFTER TAXATION

<206,889>

 

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

 

 

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

PROFIT AVAILABLE FOR APPROPRIATIONS

<206,889>

 

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

<206,889>

 

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

 

 

INTEREST EXPENSE (as per notes to P&L)

 

Term loan / Borrowing

5,913

Others

1,284

 

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

 

7,197

 

 

 

BALANCE SHEET

 

 

AQUA NOVA INVESTMENT HOLDINGS PTE. LTD.

 

LONG TERM INVESTMENTS/OTHER ASSETS

 

Investments

7,000,640

 

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

7,000,640

 

 

 

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

TOTAL LONG TERM ASSETS

7,000,640

 

 

CURRENT ASSETS

 

Cash & bank balances

864,512

 

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

TOTAL CURRENT ASSETS

864,512

 

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

TOTAL ASSET

7,865,152

 

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

 

 

CURRENT LIABILITIES

 

Other creditors & accruals

72,041

 

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

TOTAL CURRENT LIABILITIES

72,041

 

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

NET CURRENT ASSETS/(LIABILITIES)

792,471

 

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

TOTAL NET ASSETS

7,793,111

 

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

 

 

SHARE CAPITAL

 

Ordinary share capital

8,000,000

 

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

TOTAL SHARE CAPITAL

8,000,000

 

 

RESERVES

 

Retained profit/(loss) carried forward

<206,889>

 

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

TOTAL RESERVES

<206,889>

 

 

 

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

SHAREHOLDERS' FUNDS/EQUITY

7,793,111

 

 

 

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

 

7,793,111

 

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

 

 

 

FINANCIAL RATIO

 

 

AQUA NOVA INVESTMENT HOLDINGS PTE. LTD.

 

TYPES OF FUNDS

 

Cash

864,512

Net Liquid Funds

864,512

Net Liquid Assets

792,471

Net Current Assets/(Liabilities)

792,471

Net Tangible Assets

7,793,111

Net Monetary Assets

792,471

BALANCE SHEET ITEMS

 

Total Borrowings

0

Total Liabilities

72,041

Total Assets

7,865,152

Net Assets

7,793,111

Net Assets Backing

7,793,111

Shareholders' Funds

7,793,111

Total Share Capital

8,000,000

Total Reserves

<206,889>

LIQUIDITY (Times)

 

Cash Ratio

12.00

Liquid Ratio

12.00

Current Ratio

12.00

WORKING CAPITAL CONTROL (Days)

 

Stock Ratio

0

Debtors Ratio

0

Creditors Ratio

0

SOLVENCY RATIOS (Times)

 

Gearing Ratio

0.00

Liabilities Ratio

0.01

Times Interest Earned Ratio

<27.75>

Assets Backing Ratio

0.97

PERFORMANCE RATIO (%)

 

Operating Profit Margin

0.00

Net Profit Margin

0.00

Return On Net Assets

<2.56>

Return On Capital Employed

<2.56>

Return On Shareholders' Funds/Equity

<2.65>

Dividend Pay Out Ratio (Times)

0.00

NOTES TO ACCOUNTS

 

Contingent Liabilities

0





 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.78

UK Pound

1

Rs.99.06

Euro

1

Rs.83.84

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIS

 

 

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.