MIRA INFORM REPORT

 

 

Report Date :

23.09.2014

 

IDENTIFICATION DETAILS

 

Name :

CALLFOREIGN INC PTE. LTD.

 

 

Registered Office :

7 , Kaki Bukit Road 1, 03-05, 415937,

 

 

Country :

Singapore

 

 

Date of Incorporation :

15.01.2007

 

 

Com. Reg. No.:

200700748-D

 

 

Legal Form :

Exempt Private

 

 

Line of Business :

Subject is principally engaged in the telecommunication services

 

 

No. of Employees :

10 [2014]

 

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 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but rebounded 15.1% in 2010, on the strength of renewed exports, before slowing to in 2011-13, 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. 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

 

 

 

 

Company name and address

 

REGISTRATION NO.

:

200700748-D

COMPANY NAME

:

CALLFOREIGN INC PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

15/01/2007

 

 

 

 

 

 

COMPANY STATUS

:

EXIST

LEGAL FORM

:

EXEMPT PRIVATE

LISTED STATUS

:

NO

 

 

 

 

 

 

REGISTERED ADDRESS

:

7, KAKI BUKIT ROAD 1, 03-05, 415937, SINGAPORE.

BUSINESS ADDRESS

:

7 KAKI BUKIT ROAD 1 #03-05 EUNOS TECHNOLINK, 415937, SINGAPORE.

TEL.NO.

:

65-67458885

FAX.NO.

:

65-67448885

WEB SITE

:

WWW.CALLFOREIGN.COM

CONTACT PERSON

:

BISHNU GHIMIRE ( DIRECTOR )

 

 

 

 

 

 

PRINCIPAL ACTIVITY

:

TELECOMMUNICATION SERVICES

 

 

 

ISSUED AND PAID UP CAPITAL

:

730,000.00 ORDINARY SHARE, OF A VALUE OF SGD 730,000.00

 

 

 

SALES

:

N/A

NET WORTH

:

N/A

 

 

 

STAFF STRENGTH

:

10 [2014]

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

N/A

PAYMENT

:

N/A

MANAGEMENT CAPABILITY

:

AVERAGE

 

 

 

COMMERCIAL RISK

:

MODERATE

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

MARGINAL GROWTH

 

 

HISTORY / BACKGROUND

 

The Subject is an exempt private company whose shares are not held by any corporate body and has no more than 20 shareholders who are all natural persons. An exempt company is a type of private limited company. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject is capable of owning assets, entering into contracts, suing or be sued by other companies. An exempt private company with an annual turnover of less than SGD5 million are exempted from statutory auditing requirements. Instead of filing audited annual accounts, the Subject has to file in a document duly signed by its director in charge of its finance and the company secretary stating that the Subject is able to meet all its obligations as and when they fall due. The Subject is not required to have their accounts audited. However, the Subject will prepare unaudited accounts for purposes of AGMs and filing with Registry Office if it is unable to meet all its obligations as and when they fall due .

The Subject is principally engaged in the (as a / as an) telecommunication services.

 

Share Capital History

Date

Issue & Paid Up Capital

19/09/2014

SGD 730,000.00

 

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

 

Name

Address

IC/PP/Loc No

Shareholding

(%)

BISHNU GHIMIRE +

3, BEDOK RESERVOIR VIEW, 10-04, AQUARIUS BY THE PARK, 478927, SINGAPORE.

G6035024N

730,000.00

100.00

 

 

 

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

------

 

 

 

730,000.00

100.00

 

 

 

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

=====

+ Also Director

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

ANDREW LIM CHEE GUAN

Address

:

700, UPPER CHANGI ROAD EAST, 04-07, CHANGI COURT, 486830, SINGAPORE.

IC / PP No

:

S7634751D

 

 

 

 

 

 

 

 

 

Nationality

:

SINGAPOREAN

Date of Appointment

:

21/05/2007

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 2

 

Name Of Subject

:

BISHNU GHIMIRE

Address

:

3, BEDOK RESERVOIR VIEW, 10-04, AQUARIUS BY THE PARK, 478927, SINGAPORE.

IC / PP No

:

G6035024N

 

 

 

 

 

 

 

 

 

Nationality

:

NEPALESE

Date of Appointment

:

15/01/2007

 

 

 

 

 

 

 

 

 

 

 

 



MANAGEMENT

 

1)

Name of Subject

:

BISHNU GHIMIRE

 

Position

:

DIRECTOR

 

 

 

 

 

AUDITOR

 

Auditor

:

A.H. LOW & CO

Auditor' Address

:

N/A

 

 

 

 

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

ANDREW LIM CHEE GUAN

 

IC / PP No

:

S7634751D

 

 

 

 

 

Address

:

700, UPPER CHANGI ROAD EAST, 04-07, CHANGI COURT, 486830, 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 SUBJECT


* A check has been conducted in our databank againt the Subject 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 Subject is a service provider.

 

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

 

 

 

Export Market

:

WORLDWIDE

Credit Term

:

N/A

 

 

 

 

 

 

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATIONS

 

Services

:

TELECOMMUNICATION SERVICES

 

 

 

 

 

Total Number of Employees:

YEAR

2014

 

GROUP

N/A

 

 

 

 

 

 

 

 

COMPANY

10

 

 

 

 

 

 

 

 

 

Branch

:

NO

 

Other Information:


The Subject is principally engaged in the (as a / as an) telecommunication services.

Callforeign is a leading prepaid telecommunications service provider at the forefront of Internet Telephony technology.

It delivers premium quality telecommunications services to retail, wholesale and corporate customers throughout the world.


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-67458885

Match

:

N/A

 

 

 

Address Provided by Client

:

7 KAKI BUKIT ROAD 1 #03-05 EUNOS TECHNOLINK SINGAPORE

Current Address

:

7 KAKI BUKIT ROAD 1 #03-05 EUNOS TECHNOLINK, 415937, SINGAPORE.

Match

:

NO

 

 

 


We have contacted the Subject's Accountant and its Company Secretary for the latest financial accounts. However they have rejected our request in view of the confidentiality of the documents.

 

 

Other Investigations


we contacted one of the staff from the Subject and she provided some information.

The address provided is incomplete.

FINANCIAL ANALYSIS

 

The Subject is a private exempt company which does not need to file in its accounts with the Registrar of Companies for the information of the public. Therefore, we are not able to comment on the Subject's financial performance.

 

 

 

 

 

 

 

Overall financial condition of the Subject : N/A

 

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

 

Major Economic Indicators :

2009

2010

2011

2012

2013

 

 

 

 

 

 

Population (Million)

4.98

5.08

5.18

5.31

5.40

Gross Domestic Products ( % )

(0.8)

14.5

4.9

1.3

3.7

Consumer Price Index

0.6

2.8

5.2

4.6

2.4

Total Imports (Million)

356,299.3

423,221.8

459,655.1

474,554.0

466,762.0

Total Exports (Million)

391,118.1

478,840.7

514,741.2

510,329.0

513,391.0

 

 

 

 

 

 

Unemployment Rate (%)

3.2

2.2

2.1

2.0

1.9

Tourist Arrival (Million)

9.68

11.64

13.17

14.49

15.46

Hotel Occupancy Rate (%)

75.8

85.6

86.5

86.4

86.3

Cellular Phone Subscriber (Million)

1.37

1.43

1.50

1.52

1.97

 

 

 

 

 

 

Registration of New Companies (No.)

26,414

29,798

32,317

31,892

37,288

Registration of New Companies (%)

4.3

12.8

8.5

(1.3)

9.8

Liquidation of Companies (No.)

22,393

15,126

19,005

17,218

17,369

Liquidation of Companies (%)

113.4

(32.5)

25.6

9.4

(5.3)

 

 

 

 

 

 

Registration of New Businesses (No.)

26,876

23,978

23,494

24,788

22,893

Registration of New Businesses (%)

8.15

(10.78)

2.02

5.51

1.70

Liquidation of Businesses (No.)

23,552

24,211

23,005

22,489

22,598

Liquidation of Businesses (%)

11.4

2.8

(5)

(2.2)

0.5

 

 

 

 

 

 

Bankruptcy Orders (No.)

2,058

1,537

1,527

1,748

1,992

Bankruptcy Orders (%)

(11.5)

(25.3)

(0.7)

14.5

14.0

Bankruptcy Discharges (No.)

3,056

2,252

1,391

1,881

2,584

Bankruptcy Discharges (%)

103.7

(26.3)

(38.2)

35.2

37.4

 

 

 

 

 

 

INDUSTRIES ( % of Growth ) :

 

 

 

 

 

Agriculture

 

 

 

 

 

Production of Principal Crops

3.25

(0.48)

4.25

3.64

-

Fish Supply & Wholesale

(1.93)

(10.5)

12.10

(0.5)

-

 

 

 

 

 

 

Manufacturing *

71.5

92.8

100.0

100.3

102.0

Food, Beverages & Tobacco

90.4

96.4

100.0

103.5

103.5

Textiles

145.9

122.1

100.0

104.0

87.1

Wearing Apparel

211.0

123.3

100.0

92.1

77.8

Leather Products & Footwear

79.5

81.8

100.0

98.6

109.8

Wood & Wood Products

101.4

104.0

100.0

95.5

107.4

Paper & Paper Products

95.4

106.1

100.0

97.4

103.2

Printing & Media

100.9

103.5

100.0

93.0

86.1

Crude Oil Refineries

96.4

95.6

100.0

99.4

93.5

Chemical & Chemical Products

80.3

97.6

100.0

100.5

104.1

Pharmaceutical Products

49.1

75.3

100.0

109.7

107.2

Rubber & Plastic Products

101.2

112.3

100.0

96.5

92.9

Non-metallic Mineral

91.9

92.5

100.0

98.2

97.6

Basic Metals

92.6

102.2

100.0

90.6

76.5

Fabricated Metal Products

90.8

103.6

100.0

104.3

105.1

Machinery & Equipment

57.3

78.5

100.0

112.9

114.5

Electrical Machinery

86.8

124.1

100.0

99.3

108.5

Electronic Components

85.2

113.6

100.0

90.6

94.3

Transport Equipment

96.0

94.0

100.0

106.3

107.5

 

 

 

 

 

 

Construction

(36.9)

14.20

20.50

28.70

-

Real Estate

1.4

21.3

25.4

31.9

-

 

 

 

 

 

 

Services

 

 

 

 

 

Electricity, Gas & Water

1.70

4.00

7.00

6.30

-

Transport, Storage & Communication

3.90

12.80

7.40

5.30

-

Finance & Insurance

(16.4)

(0.4)

8.90

0.50

-

Government Services

4.50

9.70

6.90

6.00

-

Education Services

0.10

(0.9)

(1.4)

0.30

-

 

 

 

 

 

 

* Based on Index of Industrial Production (2011 = 100)

 

 

 

 

 

 



INDUSTRY ANALYSIS

 

INDUSTRY :

TELECOMMUNICATION

 

 

 

Singapore's telecommunications industry has outperformed many of its regional peers with strong adoption of the latest products and services. Partially due to the country's small landmass and population size, the telecoms market has rapidly grown to a stage where it is approaching saturation. Next generation technologies, both mobile and fixed, are therefore the next step in fostering new developments and revenue streams, and industry players - the regulator and operators - have rightly moved in that direction.

 

In 2012, growth in the number of broadband subscribers moderated from 17% in 2011 to 10% in 2012. With the increase in the number of subscribers, the broadband subscription rate rose to 1.92 per capita in 2012. Similarly, the number of mobile subscribers grew by a slower 4.0% in 2012 compared to the 6.4% increase in 2011. As a result of the increase in subscribers, the mobile subscription rate reached 1.52 per capita in 2012, slightly higher than the 1.50 per capita in 2011. International telephone call duration saw an increase of 8.5% in 2012, a reversal from the 0.7% decline recorded in the year 2011.

 

The key challenge for operators in Singapore is how to monetize the sea change in consumption patterns. Meanwhile, any boost from Long Term Evolution (LTE) , or the 4th generation of cellular wireless standard (4G), will probably come towards end of the year 2012.

 

As the roll-out of Singapore's Next Generation National Broadband Network takes a closer step towards achieving 95% coverage of the island by end 2012, fiber subscription is expected to increase. However, it is believed that the rise would be gradual rather than exponential, as there is the lack of a "killer app" to drive demand; the more uncertain economic environment may also discourage consumers from upgrading to higher speed and also higher priced plans.

 

Singapore was ranked third in BMI's latest Asia Pacific Telecoms Risk/Reward Ratings with a Telecoms Rating score of 71.9. The Singaporean economy has underperformed since the beginning of 2012, suffering from subdued external demand for much of 2012 and failing to partake in the regional recovery as the year drew to a close. 2013 appears to have started on a brighter note, with the purchasing managers' index finally rising above 50 in January 2013.

 

The telecommunication sector forecast will grow by only 1.5% annually between 2013 and 2017 due to the high penetration and a shift in operators' strategies. In spite of the launch of next generation LTE services, the operators' ARPUs forecast to trendlower due to competition; it is predict the market average to reach SGD46 in 2017. Besides, it is expected that the number of 3G/4G phone subscribers in Singapore to reach 7.198mn in 2017, representing 81.6% of the total mobile market of 8.815mn subscribers.

 

 

 

OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH




 

CREDIT RISK EVALUATION & RECOMMENDATION

 


Incorporated in 2007, the Subject is an Exempt Private company, focusing on telecommunication services. Having been in business for more than 5 years, the Subject has established a remarkable clientele base for itself which has contributed to its business growth. With a weak shareholders' backing, the Subject's capital position is weak. Inadequate capital may be a constraint to the Subject as it limits its ability to expand its business in future. The capital standing of the Subject is weak. The Subject may face difficulties to expand its business compared to other large corporation. Without a strong capital, the business expansion opportunities of the Subject is limited.

Over the years, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. Being a small company, the Subject's business operation is supported by 10 employees. Overall, we regard that the Subject's management capability is average. This indicates that the Subject has greater potential to improve its business performance and raising income for the Subject.

As the Subject is registered as an Exempt Private company, it is not required to file financial statements for public review. As such, we are unable to ascertain its present financial health.

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 Subject'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 Subject with guarantee.

 



FINANCIAL ACCOUNT


No latest financial accounts are available at the Registry Office

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.78

UK Pound

1

Rs.99.27

Euro

1

Rs.78.16

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

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.