MIRA INFORM REPORT

Report No. :	351520
Report Date :	27.11.2015

IDENTIFICATION DETAILS

Name :	LE CHAMP (SOUTH EAST ASIA) PTE. LTD.

Registered Office :	3, Jalan Mesin, 368810

Country :	Singapore

Financials (as on) :	30.04.2009

Date of Incorporation :	06.05.1982

Com. Reg. No.:	198201870-G

Legal Form :	Exempt Private

Line of Business :	Trading of electronic components.

No. of Employee :	36 [2015]

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 :	Exist

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, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 of consumer electronics, information technology products, medical and optical devices, pharmaceuticals, and on its vibrant transportation, business, and financial services sectors. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but has continued to grow since 2010 on the strength of renewed exports. Growth in 2014 was slower at 2.9%, largely a result of soft demand for exports amid a sluggish global economy and weak growth in Singapore’s manufacturing sector. The government is attempting to restructure Singapore’s economy by weaning its dependence on foreign labor, addressing weak productivity, and increasing Singaporean wages. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and high-tech hub. Singapore is a member of the 12-nation Trans-Pacific Partnership free trade negotiations, the Regional Comprehensive Economic Partnership negotiations with the nine other ASEAN members plus Australia, China, India, Japan, South Korea and New Zealand, and in 2015, Singapore will form, with the other ASEAN members, the ASEAN Economic Community.

Source : CIA

EXECUTIVE SUMMARY

REGISTRATION NO.

198201870-G

COMPANY NAME

LE CHAMP (SOUTH EAST ASIA) PTE. LTD.

FORMER NAME

N/A

INCORPORATION DATE

06/05/1982

COMPANY STATUS

EXIST

LEGAL FORM

EXEMPT PRIVATE

LISTED STATUS

REGISTERED ADDRESS

3, JALAN MESIN, 368810, SINGAPORE.

BUSINESS ADDRESS

3, JALAN MESIN, 368810, SINGAPORE.

TEL.NO.

65-62728877

FAX.NO.

65-62742020

WEB SITE

WWW.LECHAMP.COM.SG

CONTACT PERSON

CHNG SENG CHYE @ CHNG HUNG SENG ( DIRECTOR )

PRINCIPAL ACTIVITY

TRADING OF ELECTRONIC COMPONENTS

ISSUED AND PAID UP CAPITAL

1,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 1,000,000.00

SALES

N/A

NET WORTH

N/A

STAFF STRENGTH

36 [2015]

BANKER (S)

INDUSTRIAL & COMMERCIAL BANK LTD
THE DEVELOPMENT BANK OF SINGAPORE LTD

LITIGATION

TRACED

FINANCIAL CONDITION

N/A

PAYMENT

UNKNOWN

MANAGEMENT CAPABILITY

AVERAGE

COMMERCIAL RISK

MODERATE

CURRENCY EXPOSURE

MODERATE

GENERAL REPUTATION

SATISFACTORY

INDUSTRY OUTLOOK

AVERAGE 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) trading of electronic components.

Share Capital History

Date	Issue & Paid Up Capital
25/11/2015	SGD 1,000,000.00

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

Current Shareholder(s) :

Name	Address	IC/PP/Loc No	Shareholding	(%)
MR. CHNG SENG CHYE +	42A, BRANKSOME ROAD, 439644, SINGAPORE.	S0161001E	900,000.00	90.00
CHNG HUNG HWEE +	42, BRANKSOME ROAD, 439580, SINGAPORE.	S1334575I	100,000.00	10.00
			---------------	------
			1,000,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	CHAN SOU KHENG
Address	:	426, PASIR RIS DRIVE 6, 07-65, 510426, SINGAPORE.
IC / PP No	:	S1193964C



Nationality	:	SINGAPOREAN
Date of Appointment	:	01/08/1993

DIRECTOR 2

Name Of Subject	:	CHNG SOO KIANG
Address	:	29, HARVEY AVENUE, 489506, SINGAPORE.
IC / PP No	:	S1230731D



Nationality	:	SINGAPOREAN
Date of Appointment	:	11/04/2000

DIRECTOR 3

Name Of Subject	:	CHNG HUNG HWEE
Address	:	42, BRANKSOME ROAD, 439580, SINGAPORE.
IC / PP No	:	S1334575I



Nationality	:	SINGAPOREAN
Date of Appointment	:	20/11/1986

DIRECTOR 4

Name Of Subject	:	MR. CHNG SENG CHYE
Address	:	42A, BRANKSOME ROAD, 439644, SINGAPORE.
IC / PP No	:	S0161001E



Nationality	:	SINGAPOREAN
Date of Appointment	:	06/05/1982

MANAGEMENT

1)	Name of Subject	:	CHNG SENG CHYE @ CHNG HUNG SENG
	Position	:	DIRECTOR

AUDITOR

Auditor	:	GEETHA A & ASSOCIATES
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	LEE CHEE YONG
	IC / PP No	:	S1691164Z

	Address	:	20, TENG TONG ROAD, 423511, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)	Name	:	INDUSTRIAL & COMMERCIAL BANK LTD

2)	Name	:	THE DEVELOPMENT BANK OF SINGAPORE LTD

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
200001635	13/04/2000	N/A	DBS BANK LTD.	-	Unsatisfied
200001636	13/04/2000	N/A	DBS BANK LTD.	-	Unsatisfied
200002374	30/05/2000	N/A	ICB (2002) LIMITED	-	Unsatisfied
200002375	30/05/2000	N/A	ICB (2002) LIMITED	-	Unsatisfied

LITIGATION CHECK AGAINST SUBJECT

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

LEGAL ACTION

Code No

Case No

10463

Year

2008

Place

SINGAPORE

Court

MAGISTRATE COURT

Date Filed

30/04/2008

Solicitor Ref

MW.ACC(PI)5017.07.GL

Solicitor Firm

EDWIN SEAH & K S TEO

Plaintiff

JAVIER NEO WEI LOON (JAVIER LIANG WEILUN)

Defendants

LE CHAMP (SOUTH EAST ASIA) PTE. LTD. (198201870)

3 JALAN MESIN, 368810, SINGAPORE.

Hearing Date

N/A

Amount Claimed

11000

Nature of Claim

SGD

Remark

TORT-NEGLIGENCE

No winding up petition was found in our databank

PAYMENT RECORD

SOURCES OF RAW MATERIALS:
Local	:	YES
Overseas	:	YES

CLIENTELE

Local	:	YES
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	ASIA
Credit Term	:	N/A

Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Goods Traded

ELECTRONIC COMPONENTS

Total Number of Employees:
YEAR	2015	2014	2013	2012

GROUP	N/A	N/A	N/A	N/A
COMPANY	36	30	30	30

Branch

Other Information:

The Subject is principally engaged in the (as a / as an) trading of electronic components.

The Subject is in the business of supplying high-quality equipment and components for the electronics and semiconductor industries.

The Subject supplies including Batteries, Capacitors, Circuit Protection / Discrete, Coils / Transformers and others.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	6562728877
Current Telephone Number	:	65-62728877
Match	:	YES

Address Provided by Client	:	NO 3 JALAN MESIN,368810,SINGAPORE
Current Address	:	3, JALAN MESIN, 368810, SINGAPORE.
Match	:	YES

Other Investigations

On 24th November 2015 we contacted one of the staff from the Subject and she provided some information.

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 :	2010	2011	2012	2013	2014

Population (Million)	5.08	5.18	5.31	5.40	5.47
Gross Domestic Products ( % )	14.5	4.9	1.3	3.7	(3.5)
Consumer Price Index	2.8	5.2	4.6	2.4	2.4
Total Imports (Million)	423,221.8	459,655.1	474,554.0	466,762.0	463,779.1
Total Exports (Million)	478,840.7	514,741.2	510,329.0	513,391.0	518,922.7

Unemployment Rate (%)	2.2	2.1	2.0	1.9	1.9
Tourist Arrival (Million)	11.64	13.17	14.49	15.46	15.01
Hotel Occupancy Rate (%)	85.6	86.5	86.4	86.3	85.5
Cellular Phone Subscriber (Million)	1.43	1.50	1.52	1.97	1.98

Registration of New Companies (No.)	29,798	32,317	31,892	37,288	41,589
Registration of New Companies (%)	12.8	8.5	(1.3)	9.8	11.5
Liquidation of Companies (No.)	15,126	19,005	17,218	17,369	18,767
Liquidation of Companies (%)	(32.5)	25.6	9.4	(5.3)	8.0

Registration of New Businesses (No.)	23,978	23,494	24,788	22,893	35,773
Registration of New Businesses (%)	(10.78)	2.02	5.51	1.70	56.30
Liquidation of Businesses (No.)	24,211	23,005	22,489	22,598	22,098
Liquidation of Businesses (%)	2.8	(5)	(2.2)	0.5	(2.2)

Bankruptcy Orders (No.)	1,537	1,527	1,748	1,992	1,757
Bankruptcy Orders (%)	(25.3)	(0.7)	14.5	14.0	(11.8)
Bankruptcy Discharges (No.)	2,252	1,391	1,881	2,584	3,546
Bankruptcy Discharges (%)	(26.3)	(38.2)	35.2	37.4	37.2

INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	(0.48)	4.25	3.64	-
Fish Supply & Wholesale	(10.5)	12.10	(0.5)	-	2.80

Manufacturing *	92.8	100.0	100.3	102.0
Food, Beverages & Tobacco	96.4	100.0	103.5	103.5	105.0
Textiles	122.1	100.0	104.0	87.1	74.9
Wearing Apparel	123.3	100.0	92.1	77.8	49.5
Leather Products & Footwear	81.8	100.0	98.6	109.8	95.9
Wood & Wood Products	104.0	100.0	95.5	107.4	112.0
Paper & Paper Products	106.1	100.0	97.4	103.2	103.4
Printing & Media	103.5	100.0	93.0	86.1	80.3
Crude Oil Refineries	95.6	100.0	99.4	93.5	85.6
Chemical & Chemical Products	97.6	100.0	100.5	104.1	114.0
Pharmaceutical Products	75.3	100.0	109.7	107.2	115.7
Rubber & Plastic Products	112.3	100.0	96.5	92.9	92.8
Non-metallic Mineral	92.5	100.0	98.2	97.6	82.2
Basic Metals	102.2	100.0	90.6	76.5	98.3
Fabricated Metal Products	103.6	100.0	104.3	105.1	105.1
Machinery & Equipment	78.5	100.0	112.9	114.5	124.0
Electrical Machinery	124.1	100.0	99.3	108.5	121.3
Electronic Components	113.6	100.0	90.6	94.3	95.0
Transport Equipment	94.0	100.0	106.3	107.5	103.2

Construction	14.20	20.50	28.70	-	22.00
Real Estate	21.3	25.4	31.9	-	145.1

Services
Electricity, Gas & Water	4.00	7.00	6.30	-
Transport, Storage & Communication	12.80	7.40	5.30	-	14.20
Finance & Insurance	(0.4)	8.90	0.50	-	6.00
Government Services	9.70	6.90	6.00	-
Education Services	(0.9)	(1.4)	0.30	-	5.98

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

INDUSTRY ANALYSIS

INDUSTRY :	TRADING


The wholesale and retail trade sectors have expanded by 2.0% in the third quarter of 2014, extending the 1.8 per cent growth in the previous quarter. In 2013, the wholesale and retail sector expanded by 5.0%, after declining by 1.4% the year before. Growth of the sector was driven by the wholesale trade segment.

The domestic wholesale trade index has increased by 3.2% in the fourth quarter of 2013, moderating from the 6.6% growth in the previous quarter. The slower growth was due to a decline in the sales of furniture and household equipment (-12%) and petroleum and petroleum products (-0.6%). For the full year, the domestic wholesale trade index grew by 5.2% reversing the 2.2% decline in 2012. On the other hand, the foreign wholesale trade index has increased by a slower pace of 5.6% in the fourth quarter, compared to the 7.7% expansion in the preceding quarter. The slowdown was due to a fall in the sales of telecommunication equipment and computer (-3.8%) and petroleum and petroleum products (-2.5%). For the full year, the growth of the foreign wholesale trade index moderated slightly to 8.6% from 9.1% in the previous year.

In the fourth quarter of 2013, retail sales volume fell by 6.2%, extending the 5.6% decline in the previous quarter. Excluding motor vehicles, retail sales volume increased by 0.4%, a slower pace of expansion as compared to the 1.6% gain in the preceding quarter. The sales volume of motor vehicles fell by 33% in the fourth quarter of 2013, extending the 32% decline in the previous quarter. Meanwhile, the sales of several discretionary items also fell in the fourth quarter of 2013. For instance, the sales of telecommunications apparatus and computers fell by 12%, while the sales of furniture and household equipment declined by 5.4%.

For the full year, retail sales volume contracted by 4.3%, a reversal from the 1.3% expansion in 2012. Excluding motor vehicle sales, the retail sales volume grew by 1.1% in 2013, slower than the 1.7% increase in 2012. Watches and jewellery recorded the largest increase (11%) in sales in 2013, followed by optical goods and book (3%) and medical goods and toiletries (3%). By contrast, the sales of telecommunications apparatus and computer (-7.3%), furniture and household equipment (-4.2%) and petrol service stations (-1.4) declined in 2013.

OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 1982, the Subject is an Exempt Private company, focusing on trading of electronic components. The Subject has been in business for over two decades. It has built up a strong clientele base and satisfactory reputation will enable the Subject to further enhance its business in the near term. The Subject is expected to enjoy a stable market shares. A paid up capital of MYR 1,000,000 allows the Subject to expand its business more comfortably. However, the Subject does not have strong shareholders’ backing. Without a strong shareholders' backing, the opportunity of the Subject to expand its business 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. The Subject is operating on a medium scale and it has approximately 36 employees in its business operations. 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 Subject's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials. Overall the Subject has a good control over its resources.

The industry shows an upward trend and this trend is very likely to sustain in the near terms.

In view of the above, we recommend credit be granted to the Subject with close monitoring.

PROFIT AND LOSS ACCOUNT

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

Financial Year End	2009-04-30
Months	12
Consolidated Account	Company
Audited Account	YES
Unqualified Auditor's Report (Clean Opinion)	YES
Financial Type	SUMMARY
Currency	SGD

TURNOVER	60,420,757
	----------------
Total Turnover	60,420,757
	----------------

PROFIT/(LOSS) FROM OPERATIONS	6,208,397
	----------------
PROFIT/(LOSS) BEFORE TAXATION	6,208,397
Taxation	(795,601)
	----------------
PROFIT/(LOSS) AFTER TAXATION	5,412,796
	----------------
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS	5,412,796
	----------------
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS	5,412,796
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	48,230,216
	----------------
As restated	48,230,216
	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	53,643,012
	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	53,643,012
	=============

BALANCE SHEET

ASSETS EMPLOYED:
FIXED ASSETS	12,863,685

	----------------
TOTAL LONG TERM ASSETS	12,863,685

TOTAL CURRENT ASSETS	48,980,123
	----------------
TOTAL ASSET	61,843,808
	=============

TOTAL CURRENT LIABILITIES	7,200,796
	----------------
NET CURRENT ASSETS/(LIABILITIES)	41,779,327
	----------------
TOTAL NET ASSETS	54,643,012
	=============

SHARE CAPITAL
Ordinary share capital	1,000,000
	----------------
TOTAL SHARE CAPITAL	1,000,000

Retained profit/(loss) carried forward	53,643,012
	----------------
TOTAL RESERVES	53,643,012

	----------------
SHAREHOLDERS' FUNDS/EQUITY	54,643,012

	----------------
	54,643,012
	=============

FINANCIAL RATIO

TYPES OF FUNDS
Net Liquid Assets	41,779,327
Net Current Assets/(Liabilities)	41,779,327
Net Tangible Assets	54,643,012
Net Monetary Assets	41,779,327

BALANCE SHEET ITEMS
Total Liabilities	7,200,796
Total Assets	61,843,808
Net Assets	54,643,012
Net Assets Backing	54,643,012
Shareholders' Funds	54,643,012
Total Share Capital	1,000,000
Total Reserves	53,643,012

LIQUIDITY (Times)
Current Ratio	6.80

SOLVENCY RATIOS (Times)
Liabilities Ratio	0.13
Assets Backing Ratio	54.64

PERFORMANCE RATIO (%)
Operating Profit Margin	10.28
Net Profit Margin	8.96
Return On Net Assets	11.36
Return On Capital Employed	11.36
Return On Shareholders' Funds/Equity	9.91

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.55
UK Pound	1	Rs.100.64
Euro	1	Rs.70.70
SGD	1	Rs.47.39

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	KAS

Report Prepared by :	ANK

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.