MIRA INFORM REPORT

Report No. :	345730
Report Date :	21.10.2015

IDENTIFICATION DETAILS

Name :	INGRAM MICRO INDIA PRIVATE LIMITED SINGAPORE BRANCH
Formerly Known As :	INGRAM MICRO INDIA LIMITED SINGAPORE BRANCH
Registered Office :	205, Kallang Bahru, 1m-00, Maya Plastic Building, 339341,
Country :	Singapore
Financials (as on) :	31.03.2012
Date of Incorporation :	12.05.2010
Com. Reg. No.:	T10FC0043-L
Legal Form :	Foreign
Line of Business :	Subject is engaged in the wholesale of computer hardware and peripheral equipment & computer software.
No. of Employees :	5 [2015]

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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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. 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.	:	T10FC0043-L
COMPANY NAME	:	INGRAM MICRO INDIA PRIVATE LIMITED SINGAPORE BRANCH
FORMER NAME	:	INGRAM MICRO INDIA LIMITED SINGAPORE BRANCH (05/01/2015)
INCORPORATION DATE	:	12/05/2010
COMPANY STATUS	:	EXIST
LEGAL FORM	:	FOREIGN
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	205, KALLANG BAHRU, 1M-00, MAYA PLASTIC BUILDING, 339341, SINGAPORE.
BUSINESS ADDRESS	:	205 KALLANG BAHRU,LEVEL 1M, 339341, SINGAPORE.
TEL.NO.	:	65-62749633
FAX.NO.	:	65-62981111
WEB SITE	:	WWW.INGRAMMICRO.COM
CONTACT PERSON	:	STEPHEN JOHN PAINE ( DIRECTOR )
PRINCIPAL ACTIVITY	:	WHOLESALE OF COMPUTER HARDWARE AND PERIPHERAL EQUIPMENT & COMPUTER SOFTWARE
AUTHORISED CAPITAL	:	INR 320,000,000.00
SALES	:	USD 2,351,120 [2012]
NET WORTH	:	USD 125,672 [2012]
STAFF STRENGTH	:	5 [2015]
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	N/A
PAYMENT	:	N/A
MANAGEMENT CAPABILITY	:	AVERAGE
COMMERCIAL RISK	:	MODERATE
CURRENCY EXPOSURE	:	MODERATE
GENERAL REPUTATION	:	SATISFACTORY
INDUSTRY OUTLOOK	:	AVERAGE GROWTH

HISTORY / BACKGROUND

The Subject is principally engaged in the (as a / as an) wholesale of computer hardware and peripheral equipment & computer software.

The immediate holding company of the Subject is INGRAM MICRO INDIA LIMITED, a company incorporated in INDIA.

The ultimate holding company of the Subject is INGRAM MICRO INC, a company incorporated in UNITED STATES.

Share Capital History

Date	Authorised Shared Capital	Issue & Paid Up Capital
20/10/2015	INR 320,000,000.00	INR 0.00

No shareholders was found in our databank at the time of investigation

DIRECTORS

DIRECTOR 1

Name Of Subject	:	PABLO ANTONIO A. VENTURA
Address	:	8, BEDOK RESERVOIR VIEW, 05-21, CLEARWATER, THE, 479235, SINGAPORE.
IC / PP No	:	S7269876B
Nationality	:	FILIPINO
Date of Appointment	:	01/03/2015

DIRECTOR 2

Name Of Subject	:	STEPHEN JOHN PAINE
Address	:	32, ORANGE GROVE ROAD, 258354, SINGAPORE.
IC / PP No	:	094512629
Nationality	:	BRITISH
Date of Appointment	:	05/12/2006

DIRECTOR 3

Name Of Subject	:	JAISHANKAR KRISHNAN
Address	:	FLAT 1201, SOMERSET, HIRANANDANI GARDENS, POWAI, MUMBAI, 12TH FLOOR, 400076, INDIA.
IC / PP No	:	Z1780431
Nationality	:	INDIAN
Date of Appointment	:	27/10/2001

DIRECTOR 4

Name Of Subject	:	JOHN SOUMBASAKIS
Address	:	23, TENNESSEE IRVINE, CA 92606, UNITED STATES.
IC / PP No	:	488618101
Nationality	:	AMERICAN
Date of Appointment	:	09/12/2013

MANAGEMENT

1)	Name of Subject	:	STEPHEN JOHN PAINE
	Position	:	DIRECTOR

AUDITOR

No Auditor found in our databank 

COMPANY SECRETARIES

1)	Company Secretary	:	PABLO ANTONIO A. VENTURA
	IC / PP No	:	S7269876B
	Address	:	8, BEDOK RESERVOIR VIEW, 05-21, CLEARWATER, THE, 479235, SINGAPORE.
	Remarks	:	AGENT

2)	Company Secretary	:	MR. STEPHEN JOHN PAINE
	IC / PP No	:	G5843732N
	Address	:	38, CAIRNHILL ROAD, 06-02, LAURELS, THE, 229658, SINGAPORE.
	Remarks	:	AGENT

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 refused to disclose its suppliers. 

CLIENTELE

Local	:	YES
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	ASIA
Credit Term	:	N/A
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Goods Traded

:

COMPUTER HARDWARE AND PERIPHERAL EQUIPMENT & COMPUTER SOFTWARE

Total Number of Employees:
YEAR	2015	2014	2013
GROUP	N/A	N/A	N/A
COMPANY	5	6	6

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) wholesale of computer hardware and peripheral equipment & computer software. 

Ingram Group is a Fortune 100 company, is the world’s largest wholesale technology distributor and a global leader in IT supply-chain, mobile device lifecycle services and logistics solutions. 

The Group distributes and markets a large variety of technology and mobility products from leading companies, such as Acer, Apple, Cisco, Hewlett-Packard (“HP”), IBM, Lenovo, Microsoft, Samsung and many others. 

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-62749633
Match	:	N/A
Address Provided by Client	:	205, KALLANG BAHRU, LEVEL 1M, SINGAPORE 339341
Current Address	:	205 KALLANG BAHRU,LEVEL 1M, 339341, SINGAPORE.
Match	:	YES
We have contacted the SC'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.

FINANCIAL ANALYSIS

The Subject's latest financial accounts are up to 2012 which is out dated in our opinion. Therefore, our comment on the Subject financial performance is restricted thereto.

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 2010, the Subject is a Foreign company, focusing on wholesale of computer hardware and peripheral equipment & computer software. 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. 

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 5 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. 

No latest financial accounts were filed with the Registry office during our inspection. Therefore, our comment on the Subject's overall financial performance are restricted thereto. 

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

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.

INGRAM MICRO INDIA PRIVATE LIMITED SINGAPORE BRANCH

Financial Year End	2012-03-31	2011-03-31
Months	12	11
Consolidated Account	Company	Company
Audited Account	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES
Financial Type	FULL	FULL
Currency	USD	USD
TURNOVER	2,351,120	526,626
	----------------	----------------
Total Turnover	2,351,120	526,626
	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	111,958	25,078
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	111,958	25,078
Taxation	(9,545)	(1,819)
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	102,413	23,259
	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	23,259	-
	----------------	----------------
As restated	23,259	-
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	125,672	23,259
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	125,672	23,259
	=============	=============

BALANCE SHEET

INGRAM MICRO INDIA PRIVATE LIMITED SINGAPORE BRANCH

Other debtors, deposits & prepayments	681,097	1,036,397
Amount due from related companies	331,210	275,552
Cash & bank balances	4,469,108	1,849,369
Others	3,569	13,114
	----------------	----------------
TOTAL CURRENT ASSETS	5,484,984	3,174,432
	----------------	----------------
TOTAL ASSET	5,484,984	3,174,432
	=============	=============
Other creditors & accruals	5,239,723	3,094,566
Amounts owing to related companies	119,589	56,607
	----------------	----------------
TOTAL CURRENT LIABILITIES	5,359,312	3,151,173
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	125,672	23,259
	----------------	----------------
TOTAL NET ASSETS	125,672	23,259
	=============	=============
Retained profit/(loss) carried forward	125,672	23,259
	----------------	----------------
TOTAL RESERVES	125,672	23,259
	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	125,672	23,259
	----------------	----------------
	125,672	23,259
	=============	=============

FINANCIAL RATIO

INGRAM MICRO INDIA PRIVATE LIMITED SINGAPORE BRANCH

TYPES OF FUNDS
Cash	4,469,108	1,849,369
Net Liquid Funds	4,469,108	1,849,369
Net Liquid Assets	125,672	23,259
Net Current Assets/(Liabilities)	125,672	23,259
Net Tangible Assets	125,672	23,259
Net Monetary Assets	125,672	23,259
PROFIT & LOSS ITEMS
Earnings Before Interest & Tax (EBIT)	0	0
Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)	0	0
BALANCE SHEET ITEMS
Total Borrowings	0	0
Total Liabilities	5,359,312	3,151,173
Total Assets	5,484,984	3,174,432
Net Assets	125,672	23,259
Net Assets Backing	125,672	23,259
Shareholders' Funds	125,672	23,259
Total Share Capital	0	0
Total Reserves	125,672	23,259
LIQUIDITY (Times)
Cash Ratio	0.83	0.59
Liquid Ratio	1.02	1.01
Current Ratio	1.02	1.01
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0
Debtors Ratio	0	0
Creditors Ratio	0	0
SOLVENCY RATIOS (Times)
Gearing Ratio	0	0
Liabilities Ratio	42.65	135.48
Times Interest Earned Ratio	0	0
Assets Backing Ratio	-	-
PERFORMANCE RATIO (%)
Operating Profit Margin	4.76	4.76
Net Profit Margin	4.36	4.42
Return On Net Assets	89.09	107.82
Return On Capital Employed	89.09	107.82
Return On Shareholders' Funds/Equity	81.49	100.00
Dividend Pay Out Ratio (Times)	0	0
NOTES TO ACCOUNTS
Contingent Liabilities	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.89
UK Pound	1	Rs.100.39
Euro	1	Rs.73.52

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	TPT

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.