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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

491044

Report Date :

14.02.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

CMIA CAPITAL PARTNERS PTE. LTD.

 

 

Formerly Known As :

CM INVESTMENT ADVISERS PTE. LTD.

 

 

Registered Office :

1, Kim Seng Promenade, 13-08, Great World City, 237994

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2016

 

 

Date of Incorporation :

20.11.2003

 

 

Com. Reg. No.:

200311837N

 

 

Legal Form :

Exempt Private (Limited By Share)

 

 

Line of Business :

Subject is engaged in the corporate finance advisory services.

 

 

No. of Employees :

20

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but Correct

 

 

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

 

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

Singapore

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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. Growth in 2014-17 was slower than during the previous decade, at under 3% annually, 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 growth, and increasing Singaporean wages. Singapore has attracted major investments in advanced manufacturing, pharmaceuticals, and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and technology hub. Singapore is a member of the Regional Comprehensive Economic Partnership negotiations with the nine other ASEAN members plus Australia, China, India, Japan, South Korea, and New Zealand. In 2015, Singapore formed, with the other ASEAN members, the ASEAN Economic Community.

 

Source : CIA

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

200311837N

COMPANY NAME

:

CMIA CAPITAL PARTNERS PTE. LTD.

FORMER NAME

:

CM INVESTMENT ADVISERS PTE. LTD. (25/05/2006)

INCORPORATION DATE

:

20/11/2003

COMPANY STATUS

:

EXIST

LEGAL FORM

:

EXEMPT PRIVATE (LIMITED BY SHARE)

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

1, KIM SENG PROMENADE, 13-08, GREAT WORLD CITY, 237994, SINGAPORE.

BUSINESS ADDRESS

:

1 KIM SENG PROMENADE #13-08 GREAT WORLD CITY WEST TOWER, 237994, SINGAPORE.

TEL.NO.

:

65-62361288

FAX.NO.

:

65-65366316

WEB SITE

:

WWW.CMIA.COM

CONTACT PERSON

:

LEE CHONG MIN ( DIRECTOR )

PRINCIPAL ACTIVITY

:

CORPORATE FINANCE ADVISORY SERVICES

ISSUED AND PAID UP CAPITAL

:

2,100,000.00 ORDINARY SHARE, OF A VALUE OF SGD 2,100,000.00

SALES

:

SGD 3,301,675 [2016]

NET WORTH

:

SGD 4,250,928 [2016]

STAFF STRENGTH

:

20 [2018]

LITIGATION

:

TRACED

FINANCIAL CONDITION

:

FAIR

PAYMENT

:

SLOW BUT CORRECT

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

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 ≤ SGD10 million, or total assets ≤ SGD10 million or number of employees ≤ 50 (meet at least 2 criteria for immediate past two financial years) are exempted from statutory auditing requirements. 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.

An exempt private company with an annual turnover of more than SGD10 million, or total assets more than SGD10 million or number of employees more than 50 (meet at least 2 criteria for immediate past two financial years) are required to file the audited financial.

The Subject is principally engaged in the (as a / as an) corporate finance advisory services.

 

Share Capital History

Date

Issue & Paid Up Capital

09/02/2018

SGD 2,100,000.00

 

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


Current Shareholder(s) :

Name

Address

IC/PP/Loc No

Shareholding

(%)

LEE CHONG MIN +

46, MOUNT ECHO PARK, MOUNT ECHO PARK, 248796, SINGAPORE.

S1789995C

1,470,000.00

70.00

YAP KIAN WOON +

18, CHWEE CHIAN ROAD, 119781, SINGAPORE.

S6804776E

630,000.00

30.00

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

------

2,100,000.00

100.00

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

=====

+ Also Director

 

The Subject's interest in other companies (Subsidiaries/Associates) are shown as follow :

 

Local No

Country

Company

Status

(%)

As At

CHINA

CHONGQING LIONROCK YI MING EQUITY INVESTMENT MANAGEMENT CO. LTD

-

100.00

31/12/2016



DIRECTORS


DIRECTOR 1

 

Name Of Subject

:

ANSON WANG

Address

:

3C EREDINE, 38, MOUNT KELLETT ROAD, HONG KONG.

IC / PP No

:

KJ0629485

Date of Appointment

:

10/04/2012



INTEREST CHECK

Interest in companies

:

see below

Interest in business

:

none in our databank

Former interest

:

none in our databank

INTEREST IN COMPANY

No

Local No

Company

Designation

App Date

Shareholding

Profit/(loss) After Tax

Financial Year

Status

As At

No.

%

1

200311837N

CMIA CAPITAL PARTNERS PTE. LTD.

Director

10/04/2012

0.00

-

SGD138,759.00

2016

-

09/02/2018

 

DIRECTOR 2

 

Name Of Subject

:

YAP KIAN WOON

Address

:

18, CHWEE CHIAN ROAD, 119781, SINGAPORE.

IC / PP No

:

S6804776E

Nationality

:

SINGAPOREAN

Date of Appointment

:

10/04/2012



INTEREST CHECK

Interest in companies

:

see below

Interest in business

:

none in our databank

Former interest

:

none in our databank

INTEREST IN COMPANY

No

Local No

Company

Designation

App Date

Shareholding

Profit/(loss) After Tax

Financial Year

Status

As At

No.

%

1

200311837N

CMIA CAPITAL PARTNERS PTE. LTD.

Director

10/04/2012

630,000.00

30.00

SGD138,759.00

2016

-

09/02/2018

 

DIRECTOR 3

 

Name Of Subject

:

LEE CHONG MIN

Address

:

46, MOUNT ECHO PARK, MOUNT ECHO PARK, 248796, SINGAPORE.

IC / PP No

:

S1789995C

Nationality

:

SINGAPOREAN

Date of Appointment

:

20/11/2003

 

INTEREST CHECK

Interest in companies

:

see below

Interest in business

:

none in our databank

Former interest

:

none in our databank

INTEREST IN COMPANY

No

Local No

Company

Designation

App Date

Shareholding

Profit/(loss) After Tax

Financial Year

Status

As At

No.

%

1

200311837N

CMIA CAPITAL PARTNERS PTE. LTD.

Director

20/11/2003

1,470,000.00

70.00

SGD138,759.00

2016

-

09/02/2018

2

201022897Z

PONTE GROUP PTE. LTD.

Director

27/10/2010

2,847,555.00

62.52

SGD261,254.00

2015

-

20/11/2017



MANAGEMENT

 

 

1)

Name of Subject

:

LEE CHONG MIN

Position

:

DIRECTOR

 

 

AUDITOR

 

Auditor

:

ERNST & YOUNG LLP

Auditor' Address

:

N/A

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

WEE WOON HONG

IC / PP No

:

S1681953J

Address

:

75, KISMIS AVENUE, CHENG SOON GARDEN, 598252, SINGAPORE.

 

BANKING


No Banker found in our databank.

 

ENCUMBRANCE (S)


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

 

 

LITIGATION CHECK - SUBJECT COMPANY AS A DEFENDANT


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

LEGAL ACTION

 

 

Status

:

PENDING

 

Code No

:

99

Case No

:

523

Year

:

2009

Place

:

SINGAPORE

Type

:

SUPREME COURT

Date Filed

:

24/04/2009

Solicitor Ref

:

2009001304/SSN/ET YS/LDK 20090

Solicitor Firm

:

ALLEN & GLEDHILL LLP

Plaintiff

:

CMIA CHINA FUND II LIMITED

DEFENDANTS

:

CMIA CAPITAL PARTNERS PTE. LTD. (200311837)

Hearing Date

:

N/A

 

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.

The Subject refused to provide any name of trade/service supplier and we are unable to conduct any trade enquiry. However, from financial historical data we conclude that :

OVERALL PAYMENT HABIT

Prompt 0-30 Days

[

]

Good 31-60 Days

[

]

Average 61-90 Days

[

X

]

Fair 91-120 Days

[

]

Poor >120 Days

[

]

 

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Export Market

:

ASIA

Credit Term

:

AS AGREED

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

OPERATIONS

 

Services

:

CORPORATE FINANCE ADVISORY SERVICES

 

Total Number of Employees:

YEAR

2018

GROUP

N/A

COMPANY

20

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) corporate finance advisory services.

The Subject is a private equity and venture capital firm specializing in investing in growth capital, buyouts, and middle market investments.

It seeks to work in partnership with management teams and are a value-added investor, such as in providing bespoke capital strategies and in making business introductions through its extensive network of government and business contacts.


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-62361288

Match

:

N/A

Address Provided by Client

:

1 KIM SENG PROMENADE # 13-08 GREAT WORLD CITY, WEST TOWER SINGAPORE

Current Address

:

1 KIM SENG PROMENADE #13-08 GREAT WORLD CITY WEST TOWER, 237994, SINGAPORE.

Match

:

NO

 

Other Investigations


We contacted one of the staff from the Subject and he provided some information.

The address provided is incomplete.


FINANCIAL ANALYSIS

 

 

Profitability

Turnover

:

Decreased

[

27.32%

]

Profit/(Loss) Before Tax

:

Decreased

[

72.18%

]

Return on Shareholder Funds

:

Unfavourable

[

3.26%

]

Return on Net Assets

:

Unfavourable

[

3.37%

]

The lower turnover could be due to the intense market competition.The Subject's profit fell sharply because of the high operating costs incurred. The unfavourable return on shareholders' funds could indicate that the Subject was inefficient in utilising its assets to generate returns.

Working Capital Control

Debtor Ratio

:

Unfavourable

[

203 Days

]

Creditors Ratio

:

Favourable

[

1 Days

]

The Subject's debtors ratio was high. The Subject should tighten its credit control and improve its collection period. The Subject had a favourable creditors' ratio where the Subject could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.

Liquidity

Liquid Ratio

:

Favourable

[

3.20 Times

]

Current Ratio

:

Favourable

[

3.20 Times

]

A minimum liquid ratio of 1 should be maintained by the Subject in order to assure its creditors of its ability to meet short term obligations and the Subject was in a good liquidity position. Thus, we believe the Subject is able to meet all its short term obligations as and when they fall due.

Solvency

Interest Cover

:

Favourable

[

15.28 Times

]

Gearing Ratio

:

Favourable

[

0.00 Times

]

The interest cover showed that the Subject was able to service the interest. The favourable interest cover could indicate that the Subject was making enough profit to pay for the interest accrued. The Subject had no gearing and hence it had virtually no financial risk. The Subject was financed by its shareholders' funds and internally generated fund. During the economic downturn, the Subject, having a zero gearing, will be able to compete better than those which are highly geared in the same industry.

Overall Assessment :

The Subject's performance deteriorated over the years with lower turnover and profit. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. With the favourable interest cover, the Subject could be able to service all the accrued interest without facing any difficulties. The Subject was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The Subject has good chance of getting loans, if the needs arises.

Overall financial condition of the Subject : FAIR

 

 

 

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

 

 

Major Economic Indicators :

2012

2013

2014

2015

2016*

 

Population (Million)

5.31

5.40

5.47

5.54

5.63

Gross Domestic Products ( % )

1.3

3.7

(3.5)

3.7

4.8

Consumer Price Index

4.6

2.4

2.4

(0.5)

(0.7)

Total Imports (Million)

474,554.0

466,762.0

463,779.1

407,767.9

398,372.0

Total Exports (Million)

510,329.0

513,391.0

518,922.7

476,285.4

468,552.0

 

Unemployment Rate (%)

2.0

1.9

1.9

1.9

2.1

Tourist Arrival (Million)

14.49

15.46

15.01

15.23

16.28

Hotel Occupancy Rate (%)

86.4

86.3

85.5

85.0

-

Cellular Phone Subscriber (Million)

1.52

1.97

1.98

1.99

-

 

Registration of New Companies (No.)

31,892

37,288

41,589

34,243

35,528

Registration of New Companies (%)

(1.3)

9.8

11.5

(17.7)

3.8

Liquidation of Companies (No.)

17,218

17,369

18,767

21,384

-

Liquidation of Companies (%)

9.4

(5.3)

8.0

13.9

-

 

Registration of New Businesses (No.)

24,788

22,893

35,773

28,480

33,326

Registration of New Businesses (%)

5.51

1.70

56.30

(20.39)

17.02

Liquidation of Businesses (No.)

22,489

22,598

22,098

26,116

-

Liquidation of Businesses (%)

(2.2)

0.5

(2.2)

18.2

-

 

Bankruptcy Orders (No.)

1,748

1,992

1,757

1,776

-

Bankruptcy Orders (%)

14.5

14.0

(11.8)

1.0

-

Bankruptcy Discharges (No.)

1,881

2,584

3,546

3,499

-

Bankruptcy Discharges (%)

35.2

37.4

37.2

(1.3)

-

 

INDUSTRIES ( % of Growth ) :

Agriculture

Production of Principal Crops

5.16

1.78

4.29

3.04

-

Fish Supply & Wholesale

(0.5)

(3.8)

(8.6)

(8.5)

(9.9)

 

Manufacturing #

Food, Beverages & Tobacco

97.9

97.9

99.4

100.0

103.7

Textiles

140.1

119.5

102.7

100.0

93.3

Wearing Apparel

395.4

334.1

212.6

100.0

80.3

Leather Products & Footwear

109.5

122.0

106.5

100.0

93.2

Wood & Wood Products

93.3

103.0

107.2

100.0

90.5

Paper & Paper Products

98.5

104.4

104.5

100.0

99.7

Printing & Media

122.8

113.8

105.968

100.0

86.9

Crude Oil Refineries

107.1

100.7

92.2

100.0

100.5

Chemical & Chemical Products

85.3

88.4

96.7

100.0

97.6

Pharmaceutical Products

103.8

101.421

109.4

100.0

115.9

Rubber & Plastic Products

113.5

109.497

109.2

100.0

87.9

Non-metallic Mineral

108.8

107.4

90.759

100.0

93.6

Basic Metals

91.5

77.2

99.3

100.0

113.1

Fabricated Metal Products

107.314

107.5

107.757

100.0

91.7

Machinery & Equipment

107.3

109.1

118.2

100.0

79.3

Electrical Machinery

80.102

87.4

97.871

100.0

99.3

Electronic Components

100.7

105.0

105.6

100.0

106.3

Transport Equipment

109.9

111.1

106.68

100.0

98.7

 

Construction

28.70

25.40

22.00

-

-

Real Estate

31.9

88.5

145.1

-

-

 

Services

Electricity, Gas & Water

6.30

6.70

6.50

-

-

Transport, Storage & Communication

5.30

9.80

14.20

-

-

Finance & Insurance

0.50

3.30

6.00

-

7.40

Government Services

6.00

6.50

6.30

-

-

Education Services

0.30

3.10

5.98

-

2.40

 

* Estimate / Preliminary

# Based on Index of Industrial Production (2015 = 100)



INDUSTRY ANALYSIS

 

INDUSTRY :

ECONOMY

The economy expanded by 1.9% in the third quarter of 2015, marginally slower than the 2.0% growth in the second quarter. On a quarter-on-quarter seasonally-adjusted annualised basis, the economy grew by 1.9%, a reversal from the 2.6% contraction in the previous quarter.

Among the key sectors of the economy, the manufacturing sector recorded the weakest performance, contracting by 6.2% in the third quarter of 2015, extending the 4.8% decline in the previous quarter. The contraction was primarily due to a decline in the output of the transport engineering, electronics and precision engineering clusters.

The services producing industries performed better, with all sectors registering expansions. The wholesale & retail trade sector posted the strongest growth of 6.8%, followed by the finance & insurance (4.8%), information & communications (4.8%), other services (2.2%) and business services (1.5%) sectors. The accommodation & food services and transportation & storage sectors also recorded positive growth of 0.9% and 0.3% respectively.

Meanwhile, the construction sector grew by 1.6%, moderating from the 2.2% growth in the second quarter of 2015. The sectors that contributed the most to economic growth in the third quarter of 2015 were the wholesale & retail trade and finance & insurance sectors. Together, they accounted for about 97% of overall GDP growth.

Total demand rose by 4.1% in the third quarter, accelerating from the 0.6% growth in the previous quarter. The expansion was supported by both external and domestic demand. External demand rose at a faster pace of 3.2%, compared to the 1.1% growth in the previous quarter. Meanwhile, domestic demand increased by 6.6%, a rebound from the 0.6% decline in the second quarter.

Domestic demand was driven by consumption expenditure, which grew by 6.7% in the third quarter of 2015 following the 3.4% growth in the previous quarter. Both private and public consumption contributed to the rise in consumption expenditure. Changes in inventories also supported growth, rising by 1.6%, a reversal from the 2.9% contraction in the previous quarter. Growth in gross fixed capital formation moderated to 0.2%, from 4.1% in the previous quarter, weighed down by both public and private investments. Public investments contracted by 1.1%, a sharp reversal from the 11% growth in the previous quarter. On the other hand, private investments registered modest growth of 0.5%, slower than the 2.4% growth in the previous quarter.

Overall employment rose by 16,400 on a quarter-on-quarter basis in the third quarter of 2015, faster than the gains of 9,700 in the previous quarter. However, this represented a slower rate of increase as compared to the employment gains of 33,400 in the third quarter of 2014. The increase in employment in the third quarter brought the total number of employed persons in September 2015 to 3,644,000, 1.7% higher than a year ago. The rate of increase over 2014 was slower compared to that recorded in June 2015 (2.2%). At the sectoral level, employment in the services and construction sectors expanded on a quarter-on-quarter basis in the third quarter of 2015, while manufacturing employment continued to decline.

Even though global growth is expected to improve, the continued slowdown in the Chinese economy, the services-driven nature of growth in the US, as well as the trends of in-sourcing in China and the US may mean that external demand for Singapore and regional countries may not see a significant uplift in 2016. Domestically, the labour market is also expected to be tight, with the unemployment rate remaining low.

Against this backdrop, the growth outlook for the Singapore economy in 2016 is modest. While sectors such as finance & insurance and wholesale trade are expected to support growth, the manufacturing sector is likely to remain weak. Sector-specific factors may also weigh on the growth of some sectors. For instance, sustained low oil prices will continue to dampen rig building activities in the marine & offshore segment. Growth in labour-intensive sectors such as retail and food services may also be weighed down by labour constraints. By barring the materialisation of downside risks, the Singapore economy is expected to grow at a modest pace of "1.0% to 3.0%" in 2016.

OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH



CREDIT RISK EVALUATION & RECOMMENDATION

 


Incorporated in 2003, the Subject is an Exempt Private company, focusing on corporate finance advisory services. Having been in the industry for over a decade, the Subject has achieved a certain market share and has built up a satisfactory reputation in the market. It should have received supports from its regular customers. A paid up capital of SGD 2,100,000 allows the Subject to expand its business more comfortably. We considered that the Subject's business position in the market is much dependent on the efforts of its directors.


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 20 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.

The Subject's business performance showed a reverse trend as both its turnover and pre-tax profit have decreased compared to the previous year. The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. The Subject 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 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 SGD 4,250,928, the Subject should be able to maintain its business in the near terms.

The Subject's payment habit is average. With its adequate working capital, the Subject should be able to pay its short term debts.

 
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 promptly.



PROFIT AND LOSS ACCOUNT

 

 

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

CMIA CAPITAL PARTNERS PTE. LTD.

Note : The Subject is an Exempt Private Company and it is not required by law to file its financials for public view. The below financials are the last financial that submitted by the Subject to the Registrar before changed to Exempt Private Company.

Financial Year End

2016-12-31

2015-12-31

2014-12-31

2013-12-31

2012-12-31

Months

12

12

12

12

12

Consolidated Account

GROUP

GROUP

Company

Company

Company

Audited Account

YES

YES

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

YES

YES

Financial Type

FULL

FULL

SUMMARY

SUMMARY

SUMMARY

Currency

SGD

SGD

SGD

SGD

SGD

TURNOVER

3,301,675

4,542,455

4,511,171

3,029,226

1,596,464

Other Income

34,173

15,199

-

-

-

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

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

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

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

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

Total Turnover

3,335,848

4,557,654

4,511,171

3,029,226

1,596,464

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

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

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

133,807

480,893

1,350,391

27,708

(332,209)

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

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

133,807

480,893

1,350,391

27,708

(332,209)

Taxation

4,952

(17,688)

(59,140)

12,926

9,370

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

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

138,759

463,205

1,291,251

40,634

(322,839)

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

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

3,387,368

3,368,135

2,076,884

2,036,250

2,036,250

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

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

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

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

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

As restated

3,387,368

3,368,135

2,076,884

2,036,250

2,036,250

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

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

3,526,127

3,831,340

3,368,135

2,076,884

2,036,250

DIVIDENDS - Ordinary (paid & proposed)

-

(443,972)

-

-

-

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

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

3,526,127

3,387,368

3,368,135

2,076,884

2,036,250

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

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

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

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

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

INTEREST EXPENSE (as per notes to P&L)

Others

9,372

-

-

-

-

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

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

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

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

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

9,372

-

-

-

-

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

-

-

-

-

DEPRECIATION (as per notes to P&L)

29,791

28,611

-

-

-

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

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

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

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

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

Total Amortization And Depreciation

29,791

28,611

-

-

-

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

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

 

 

 

 

 

 

 

 

 

BALANCE SHEET

 

 

CMIA CAPITAL PARTNERS PTE. LTD.

 

ASSETS EMPLOYED:

FIXED ASSETS

49,006

46,557

45,011

59,800

99,194

LONG TERM INVESTMENTS/OTHER ASSETS

Associated companies

449,381

-

-

-

-

Investments

240

-

-

-

-

Others

342,975

272,525

-

-

-

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

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

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

792,596

272,525

-

-

-

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

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

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

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

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

TOTAL LONG TERM ASSETS

841,602

319,082

45,011

59,800

99,194

CURRENT ASSETS

Trade debtors

1,834,709

376,622

-

-

-

Other debtors, deposits & prepayments

152,494

107,179

-

-

-

Amount due from related companies

981,816

1,923,568

-

-

-

Cash & bank balances

1,988,676

1,425,846

-

-

-

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

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

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

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

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

TOTAL CURRENT ASSETS

4,957,695

3,833,215

4,017,446

3,481,390

2,646,969

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

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

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

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

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

TOTAL ASSET

5,799,297

4,152,297

4,062,457

3,541,190

2,746,163

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

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

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

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

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

CURRENT LIABILITIES

Trade creditors

6,230

53,863

-

-

-

Other creditors & accruals

432,673

150,954

-

-

-

Amounts owing to related companies

63,476

31,915

-

-

-

Amounts owing to director

1,045,990

658

-

-

-

Provision for taxation

-

27,539

-

-

-

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

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

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

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

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

TOTAL CURRENT LIABILITIES

1,548,369

264,929

194,322

964,306

209,913

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

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

3,409,326

3,568,286

3,823,124

2,517,084

2,437,056

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

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

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

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

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

LONG TERM LIABILITIES

TOTAL NET ASSETS

4,250,928

3,887,368

3,868,135

2,576,884

2,536,250

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

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

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

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

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

SHARE CAPITAL

Ordinary share capital

714,286

500,000

500,000

500,000

500,000

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

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

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

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

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

TOTAL SHARE CAPITAL

714,286

500,000

500,000

500,000

500,000

RESERVES

Exchange equalisation/fluctuation reserve

10,515

-

-

-

-

Retained profit/(loss) carried forward

3,526,127

3,387,368

3,368,135

2,076,884

2,036,250

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

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

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

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

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

TOTAL RESERVES

3,536,642

3,387,368

3,368,135

2,076,884

2,036,250

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

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

4,250,928

3,887,368

3,868,135

2,576,884

2,536,250

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

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

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

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

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

 

 

 

 

 

 

 

 

FINANCIAL RATIO

 

 

CMIA CAPITAL PARTNERS PTE. LTD.

 

TYPES OF FUNDS

Cash

1,988,676

1,425,846

-

-

-

Net Liquid Funds

1,988,676

1,425,846

-

-

-

Net Liquid Assets

3,409,326

3,568,286

3,823,124

2,517,084

2,437,056

Net Current Assets/(Liabilities)

3,409,326

3,568,286

3,823,124

2,517,084

2,437,056

Net Tangible Assets

4,250,928

3,887,368

3,868,135

2,576,884

2,536,250

Net Monetary Assets

3,409,326

3,568,286

3,823,124

2,517,084

2,437,056

PROFIT & LOSS ITEMS

Earnings Before Interest & Tax (EBIT)

143,179

480,893

-

-

-

Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)

172,970

509,504

-

-

-

BALANCE SHEET ITEMS

Total Liabilities

1,548,369

264,929

194,322

964,306

209,913

Total Assets

5,799,297

4,152,297

4,062,457

3,541,190

2,746,163

Net Assets

4,250,928

3,887,368

3,868,135

2,576,884

2,536,250

Net Assets Backing

4,250,928

3,887,368

3,868,135

2,576,884

2,536,250

Shareholders' Funds

4,250,928

3,887,368

3,868,135

2,576,884

2,536,250

Total Share Capital

714,286

500,000

500,000

500,000

500,000

Total Reserves

3,536,642

3,387,368

3,368,135

2,076,884

2,036,250

GROWTH RATIOS (Year on Year) (%)

Revenue

(27.32)

0.69

48.92

89.75

(55.48)

Proft/(Loss) Before Tax

(72.18)

(64.39)

4,773.65

108.34

(108.11)

Proft/(Loss) After Tax

(70.04)

(64.13)

3,077.76

112.59

(108.15)

Total Assets

39.66

2.21

14.72

28.95

(41.39)

Total Liabilities

484.45

36.34

(79.85)

359.38

(88.51)

LIQUIDITY (Times)

Cash Ratio

1.28

5.38

-

-

-

Liquid Ratio

3.20

14.47

-

-

-

Current Ratio

3.20

14.47

20.67

3.61

12.61

WORKING CAPITAL CONTROL (Days)

Debtors Ratio

203

30

-

-

-

Creditors Ratio

1

4

-

-

-

SOLVENCY RATIOS (Times)

Liabilities Ratio

0.36

0.07

0.05

0.37

0.08

Times Interest Earned Ratio

15.28

-

-

-

-

Assets Backing Ratio

5.95

7.77

7.74

5.15

5.07

PERFORMANCE RATIO (%)

Operating Profit Margin

4.05

10.59

29.93

0.91

(20.81)

Net Profit Margin

4.20

10.20

28.62

1.34

(20.22)

Return On Net Assets

3.37

12.37

34.91

1.08

(13.10)

Return On Capital Employed

3.37

12.37

34.91

1.08

(13.10)

Return On Shareholders' Funds/Equity

3.26

11.92

33.38

1.58

(12.73)

Dividend Pay Out Ratio (Times)

-

0.96

-

-

-

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 64.28

UK Pound

1

INR 89.02

Euro

1

INR 78.89

SGD

1

INR 48.59

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

TRU

 

 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

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.