MIRA INFORM REPORT

Report No. :	322228
Report Date :	18.05.2015

IDENTIFICATION DETAILS

Name :	OMEGA FII INVESTMENTS PTE. LTD.

Registered Office :	8, Shenton Way, 19-01 Axa Tower, 068811

Country :	Singapore

Financials (as on) :	31.03.2014

Date of Incorporation :	02.03.2012

Com. Reg. No.:	201205301-G

Legal Form :	Private Limited

Line of Business :	Investment Holding

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Singapore

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. Unemployment is very low. 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. Growth in 2014 was slower at 13.9%, 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. Singapore is a member of the 12-nation Trans-Pacific Partnership free trade agreement negotiations and, with the nine other ASEAN members, will form the ASEAN Economic Community in 2015.

Source : CIA

EXECUTIVE SUMMARY

REGISTRATION NO.	:	201205301-G
COMPANY NAME	:	OMEGA FII INVESTMENTS PTE. LTD.
FORMER NAME	:	N/A
INCORPORATION DATE	:	02/03/2012


COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO


REGISTERED ADDRESS	:	8, SHENTON WAY, 19-01 AXA TOWER, 068811, SINGAPORE.
BUSINESS ADDRESS	:	80, ROBINSON ROAD, 02-00, 068898, SINGAPORE.
TEL.NO.	:	65-62363333
FAX.NO.	:	65-62364399
CONTACT PERSON	:	LEE WEI HSIUNG ( DIRECTOR )


PRINCIPAL ACTIVITY	:	INVESTMENT HOLDING

ISSUED AND PAID UP CAPITAL	:	92,285,000.00 ORDINARY SHARE, OF A VALUE OF USD 92,285,000.00 1.00 PREFERENCE SHARE, OF A VALUE OF SGD 1.00

SALES	:	N/A
NET WORTH	:	USD 10,368,488 [2014]

STAFF STRENGTH	:	N/A
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	N/A
PAYMENT	:	N/A
MANAGEMENT CAPABILITY	:	WEAK

COMMERCIAL RISK	:	N/A
CURRENCY EXPOSURE	:	N/A
GENERAL REPUTATION	:	SATISFACTORY
INDUSTRY OUTLOOK	:	MARGINAL GROWTH

HISTORY / BACKGROUND

The Subject 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 Subject must have at least two directors. 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, 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 Subject is insolvent. The Subject 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 Subject is principally engaged in the (as a / as an) investment holding.

Share Capital History

Date	Issue & Paid Up Capital
15/05/2015	USD 92,285,000.00 & SGD 1.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
OMEGA TC HOLDINGS PTE. LTD. [SGD=92285000, USD=1]	8, SHENTON WAY, 19-01, AXA TOWER, 068811, SINGAPORE.	201023451C	92,285,001.00	100.00
			---------------	------
			92,285,001.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	LEE WEI HSIUNG
Address	:	633, JURONG WEST STREET 65, 10-310, 640633, SINGAPORE.
IC / PP No	:	S7927166G



Nationality	:	SINGAPOREAN
Date of Appointment	:	01/06/2014

DIRECTOR 2

Name Of Subject	:	JAGANNATHAN NIRANJAN
Address	:	16, KEPPEL BAY DRIVE, 08-19, CARIBBEAN AT KEPPEL BAY, SINGAPORE.
IC / PP No	:	G3087013T



Nationality	:	INDIAN
Date of Appointment	:	27/10/2014

MANAGEMENT

1)	Name of Subject	:	LEE WEI HSIUNG
	Position	:	DIRECTOR

AUDITOR

Auditor	:	DELOITTE & TOUCHE LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	LEE WEI HSIUNG
	IC / PP No	:	S7927166G

	Address	:	633, JURONG WEST STREET 65, 10-310, 640633, SINGAPORE.

2)	Company Secretary	:	TAY TUAN LENG
	IC / PP No	:	S7432140B

	Address	:	635, PASIR RIS DRIVE 1, 11-600, 510635, SINGAPORE.

BANKING

No Banker found in our databank.

ENCUMBRANCE (S)

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

LITIGATION 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	:	N/A

Overseas	:	N/A

The staff from the registered office refused to disclose the Subject's clientele.

OPERATIONS

Services

INVESTMENT HOLDING

Branch

Other Information:

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

The staff from the registered office refused to disclose the Subject's operation.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-62363333
Match	:	N/A

Address Provided by Client	:	80 ROBINSON ROAD #2-00 SINGAPORE 068898
Current Address	:	80, ROBINSON ROAD, 02-00, 068898, SINGAPORE.
Match	:	YES

Other Investigations

On 14th May 2015 we contacted one of the staff from the Subject's registered office and he only provided limited information.

He refused to disclose the Subject bankers and number of employees.

The staff from the registered office refused to comment on the Subject's nil turnover for the year 2014.

FINANCIAL ANALYSIS

The Subject'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 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 :	ECONOMY


The Ministry of Trade and Industry (MTI) announced that it expects the Singapore economy to grow by around 3.0% in 2014, and by 2.0 to 4.0% in 2015. Besides that in 2013, the economy grew by 4.1%, higher than the 1.9% growth in 2012. This was mainly due to strong growth in the services producing industries, particularly the finance & insurance, as well as wholesale & retail trade sectors.

In 2013, all sectors contributed positively to growth. Finance & insurance was the largest contributor (1.2 percentage-points), followed by wholesale & retail trade (0.8 percentage-points) and business services (0.6 percentage-points). Growth in the manufacturing sector was improved by 1.7%, on the back of strong growth in the electronics and transport engineering clusters. By contrast, growth in the construction sector moderated to 5.9%, from 8.6% in 2012.

Growth in the services producing industries picked up to 5.3% in 2013, from 2.0% in 2012. This was mainly due to stronger growth in the finance & insurance and wholesale & retail trade sectors. The finance & insurance sector grew by 11%, up from 1.3% in the previous year. The wholesale & retail trade sector has expanded by 5.0%, after declining by 1.4% the year before.

For the whole of 2013, growth in total demand was 3.1%, similar to the pace of growth in 2012. External demand was the key contributor to total demand growth, accounting for 2.7 percentage-points, or almost 90%, of the increase. External demand grew at a faster pace of 3.6%, compared to the 1.4% growth in 2012. This was supported mainly by growth in the exports of machinery & transport equipment, miscellaneous manufactures, and transport services. Total domestic demand rose by a modest 1.7%, following the 8.6% increase in 2012. The slower growth in total domestic demand was primarily due to the decline in gross fixed capital formation (GFCF).

For the full year, total consumption expenditure grew by 4.4% in 2013, faster than the 2.8% growth in 2012. Public consumption expenditure increased by 11%, a strong rebound from the 1.9% decline in 2012. Private consumption expenditure recorded gains of 2.7%, moderating from the 4.1% increase in the preceding year.

Furthermore, in the first three quarters of 2014, the Singapore economy grew by 3.3% on a year-on-year basis. For the rest of the year, growth is expected to ease slightly on a year-on-year basis, in line with a projected slowdown in the global economy. Externally-oriented sectors such as the manufacturing and transportation & storage sectors are likely to slow, whereas growth in the construction sector will continue to be weighed down by the weakness in private sector construction activities. On the other hand, domestically-oriented sectors like business services are likely to remain resilient.

Additionally, the labour market in Singapore is expected to remain tight in 2015, with low unemployment and rising vacancy rates. Against this global and domestic backdrop, the growth outlook for the Singapore economy remains modest. In tandem with the expected pick-up in external demand, externally-oriented sectors such as manufacturing, wholesale trade and finance & insurance are likely to provide support to growth. While some domestically-oriented sectors such as businesses services are expected to remain resilient, labour-intensive ones like construction, retail and food services may see their growth weighed down by labour constraints.

OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 2012, the Subject is a Private Limited company, focusing on investment holding. The Subject has been in business for less than 5 years and it has slowly been building up contact with its clients while competing in the industry. However, it has yet to enjoy a stable market shares as it need to compete many well established players in the same field. The Subject is a large entity with strong capital position of USD 92,285,000 & SGD 1. We are confident with the Subject's business and its future growth prospect. With a strong backing from its shareholders, the Subject enjoys timely financial assistance should the needs arise.

Overall, we regard that the Subject's management capability is weak. Without capable management, the Subject is unlikely to be successful and often contribute to unacceptable levels of accountability. Weak management can affect productivity, profitability, sales growth and ultimately can result in the failure of a business.

The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. Due to its weak liquidity position, the Subject may face working capital deficiency in meeting its short term financial obligations if no fresh capital are injected into the Subject. Being a zero geared company, the Subject 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 10,368,488, the Subject should be able to maintain its business in the near terms.

Having a strong assets backing, the Subject possesses latent assets as collateral for further financial extension. Hence, it has good chance of getting loans if the needs arises.

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.

Based on the above condition, we recommend credit be granted to the Subject normally.

PROFIT AND LOSS ACCOUNT

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

Financial Year End	2014-03-31	2013-03-31
Months	12	12
Consolidated Account	Company	Company
Audited Account	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES
Financial Type	FULL	FULL
Currency	USD	USD

PROFIT/(LOSS) FROM OPERATIONS	(26,126)	(24,820)
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	(26,126)	(24,820)
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	(26,126)	(24,820)
	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	(24,820)	-
	----------------	----------------
As restated	(24,820)	-
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	(50,946)	(24,820)
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	(50,946)	(24,820)
	=============	=============

BALANCE SHEET

Investments	48,319,275	-
	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	48,319,275	-

	----------------	----------------
TOTAL LONG TERM ASSETS	48,319,275	-

Other debtors, deposits & prepayments	3,310	1
Cash & bank balances	1,873,537	-
	----------------	----------------
TOTAL CURRENT ASSETS	1,876,847	1
	----------------	----------------
TOTAL ASSET	50,196,122	1
	=============	=============

Other creditors & accruals	16,549	6,939
Amounts owing to holding company	26,984	17,881
Other liabilities	37,650,000	-
	----------------	----------------
TOTAL CURRENT LIABILITIES	37,693,533	24,820
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	(35,816,686)	(24,819)
	----------------	----------------
TOTAL NET ASSETS	12,502,589	(24,819)
	=============	=============

SHARE CAPITAL
Ordinary share capital	1	1
	----------------	----------------
TOTAL SHARE CAPITAL	1	1

General reserve	10,419,433	-
Retained profit/(loss) carried forward	(50,946)	(24,820)
	----------------	----------------
TOTAL RESERVES	10,368,487	(24,820)

	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	10,368,488	(24,819)

Deferred taxation	2,134,101	-
	----------------	----------------
TOTAL LONG TERM LIABILITIES	2,134,101	-
	----------------	----------------
	12,502,589	(24,819)
	=============	=============

FINANCIAL RATIO

TYPES OF FUNDS
Cash	1,873,537	0
Net Liquid Funds	1,873,537	0
Net Liquid Assets	(35,816,686)	(24,819)
Net Current Assets/(Liabilities)	(35,816,686)	(24,819)
Net Tangible Assets	12,502,589	(24,819)
Net Monetary Assets	(37,950,787)	(24,819)
BALANCE SHEET ITEMS
Total Borrowings	0	0
Total Liabilities	39,827,634	24,820
Total Assets	50,196,122	1
Net Assets	12,502,589	(24,819)
Net Assets Backing	10,368,488	(24,819)
Shareholders' Funds	10,368,488	(24,819)
Total Share Capital	1	1
Total Reserves	10,368,487	(24,820)
LIQUIDITY (Times)
Cash Ratio	0.05	0.00
Liquid Ratio	0.05	0.00
Current Ratio	0.05	0.00
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0
Debtors Ratio	0	0
Creditors Ratio	0	0
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00
Liabilities Ratio	3.84	(1.00)
Times Interest Earned Ratio	0.00	0.00
Assets Backing Ratio	12,502,589.00	(24,819.00)
PERFORMANCE RATIO (%)
Operating Profit Margin	0.00	0.00
Net Profit Margin	0.00	0.00
Return On Net Assets	(0.21)	100.00
Return On Capital Employed	(0.21)	100.00
Return On Shareholders' Funds/Equity	(0.25)	100.00
Dividend Pay Out Ratio (Times)	0.00	0.00
NOTES TO ACCOUNTS
Contingent Liabilities	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.58
UK Pound	1	Rs.100.30
Euro	1	Rs.72.38

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	VNT

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.