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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

516301

Report Date :

26.06.2018

 

IDENTIFICATION DETAILS

 

Name :

PLAYBOY LIFESTYLE PTE. LTD.

 

 

Registered Office :

3, Raffles Place, 06-01, Bharat Building, 048617

 

 

Country :

Singapore

 

 

Financials (as on) :

30.09.2015

 

 

Date of Incorporation :

26.04.2013

 

 

Com. Reg. No.:

201311242K

 

 

Legal Form :

Private Limited (Limited By Share)

 

 

Line of Business :

The Subject is principally engaged in general wholesale trade.

 

[We tried to confirm / obtain the detailed activity but the same is not available from any sources]

 

 

No. of Employees :

Not available

 

 

RATING & COMMENTS

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

 

MIRA’s Rating :

C

 

Credit Rating

Explanation

Rating Comments

C

Medium High Risk

Business dealings permissible preferably on secured basis

 

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

 

Country Name

Previous Rating

(31.12.2017)

Current Rating

(01.04.2018)

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 electronics, petroleum products, chemicals, medical and optical devices, pharmaceuticals, and on Singapore’s 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 from 2012-2017 was slower than during the previous decade, a result of slowing structural growth - as Singapore reached high-income levels - and soft global demand for exports. Growth recovered to 3.6% in 2017 with a strengthening global economy.

The government is attempting to restructure Singapore’s economy to reduce its dependence on foreign labor, raise productivity growth, and increase wages amid slowing labor force growth and an aging population. 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 signatory of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and a party to the Regional Comprehensive Economic Partnership (RCEP) negotiations with 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.

:

201311242K

COMPANY NAME

:

PLAYBOY LIFESTYLE PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

26/04/2013

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED (LIMITED BY SHARE)

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

3, RAFFLES PLACE, 06-01, BHARAT BUILDING, 048617, SINGAPORE.

BUSINESS ADDRESS

:

3, RAFFLES PLACE, 06-01, BHARAT BUILDING, 048617, SINGAPORE.

TEL.NO.

:

65-63252788

FAX.NO.

:

N/A

CONTACT PERSON

:

CHUA GEOK KHENG ( DIRECTOR )

PRINCIPAL ACTIVITY

:

GENERAL WHOLESALE TRADE

ISSUED AND PAID UP CAPITAL

:

1.00 ORDINARY SHARE, OF A VALUE OF SGD 1.00

SALES

:

N/A

NET WORTH

:

SGD 1 [2015]

STAFF STRENGTH

:

N/A

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

N/A

PAYMENT

:

UNKNOWN

MANAGEMENT CAPABILITY

:

AVERAGE

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) general wholesale trade.

 

The immediate and ultimate holding company of the Subject is TRIPLE PLAY LIMITED, a company incorporated in HONG KONG.

 

Share Capital History

Date

Issue & Paid Up Capital

22/06/2018

SGD 1.00

 

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

 

Current Shareholder(s) :

Name

Address

IC/PP/Loc No

Shareholding

(%)

TRIPLE PLAY LIMITED

18TH FLOOR, EDINBURGH TOWER, THE LANDMARK, 15 QUEEN'S ROAD CENTRAL HONG KONG

T13UF1741

1.00

100.00

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

------

1.00

100.00

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

=====

+ Also Director

 

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

CHUA GEOK KHENG

Address

:

17C, SIMEI STREET 4, 08-16, DOUBLE BAY RESIDENCES, 529884, SINGAPORE.

IC / PP No

:

S2621909D

Nationality

:

MALAYSIAN

Date of Appointment

:

26/04/2013



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

200513096D

ALLIANCE STEEL PTE. LTD.

Secretary

20/09/2005

0.00

-

-

-

-

13/02/2018

2

201012702W

LITTERED WITH BOOKS PTE. LTD.

Secretary

15/06/2010

0.00

-

-

-

-

16/11/2017

3

201311242K

PLAYBOY LIFESTYLE PTE. LTD.

Director Secretary

26/04/2013 26/04/2013

0.00

-

N/A

2015

-

22/06/2018

4

200712200D

VVOX GLOBAL PTE. LTD.

Secretary

06/07/2007

0.00

-

-

-

-

12/10/2016

 

DIRECTOR 2

 

Name Of Subject

:

ELLIOT PHILIP FRIEDMAN

Address

:

425, BROADWAY APT 327, SANTA MONICA CA 90401-2391, UNITED STATES.

IC / PP No

:

433869711

Nationality

:

AMERICAN

Date of Appointment

:

26/04/2013



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

201311242K

PLAYBOY LIFESTYLE PTE. LTD.

Director

26/04/2013

0.00

-

N/A

2015

-

22/06/2018



MANAGEMENT

 

 

1)

Name of Subject

:

CHUA GEOK KHENG

Position

:

DIRECTOR

 

 

AUDITOR


No Auditor found in our databank

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

CHUA GEOK KHENG

IC / PP No

:

S2621909D

Address

:

17C, SIMEI STREET 4, 08-16, DOUBLE BAY RESIDENCES, 529884, SINGAPORE.

Date of Appointment

:

26/04/2013

 

 

BANKING


No Banker found in our databank.

 

ENCUMBRANCE (S)


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

 

 

CIVIL 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.

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 staff from the registered office refused to disclose any information on the Subject's suppliers.

 

CLIENTELE

 

Local

:

N/A

Overseas

:

N/A


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

 

 

OPERATIONS

 

Goods Traded

:

GENERAL WHOLESALE TRADE

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) general wholesale trade.

The staff from the registered office refused to disclose any information on 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

:

65-63252788

Match

:

N/A

Address Provided by Client

:

3 RAFFLES PLACE # 06-01 BHARAT BUILDING 048617 SINGAPORE

Current Address

:

3, RAFFLES PLACE, 06-01, BHARAT BUILDING, 048617, SINGAPORE.

Match

:

YES


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

 

Other Investigations


We have contacted one of the staff from the Subject's registered office and she only provided limited information.

The staff from the Subject's registered office refused to disclose the Subject's fax number, number of employees and bankers.

The staff from the Subject's registered office refused to disclose when the Subject had commenced its business operation.


FINANCIAL ANALYSIS

 

The Subject's latest financial accounts are up to 2015 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 :

2013

2014

2015

2016

2017*

 

Population (Million)

5.40

5.47

5.54

5.61

5.61

Gross Domestic Products ( % )

5.1

3.9

2.2

2.4

3.6

Consumer Price Index

2.4

1.0

(0.5)

(0.5)

0.6

Total Imports (Million)

466,762.0

463,779.1

407,767.9

398,372.0

403,300.0

Total Exports (Million)

513,391.0

518,922.7

476,285.4

468,552.0

466,900.0

 

Unemployment Rate (%)

1.9

1.9

1.9

2.1

-

Tourist Arrival (Million)

15.46

15.01

15.23

16.28

-

Hotel Occupancy Rate (%)

86.3

85.5

84.0

83.1

84.7

Cellular Phone Subscriber (Million)

1.97

1.98

1.99

-

-

 

Registration of New Companies (No.)

37,288

41,589

34,243

35,227

37,395

Registration of New Companies (%)

9.8

11.5

(17.7)

2.9

6.2

Liquidation of Companies (No.)

17,369

18,767

21,384

23,218

22,379

Liquidation of Companies (%)

(5.3)

8.0

13.9

8.6

(3.6)

 

Registration of New Businesses (No.)

22,893

35,773

28,480

27,120

22,148

Registration of New Businesses (%)

1.70

56.30

(20.39)

(4.78)

(18.33)

Liquidation of Businesses (No.)

22,598

22,098

26,116

35,866

24,344

Liquidation of Businesses (%)

0.5

(2.2)

18.2

37.3

(32.1)

 

Bankruptcy Orders (No.)

1,992

1,757

1,776

1,797

1,638

Bankruptcy Orders (%)

14.0

(11.8)

1.0

1.2

(8.9)

Bankruptcy Discharges (No.)

2,584

3,546

3,499

4,359

2,030

Bankruptcy Discharges (%)

37.4

37.2

(1.3)

24.6

(53.4)

 

INDUSTRIES ( % of Growth ) :

Agriculture

Production of Principal Crops

1.78

4.29

3.04

-

-

Fish Supply & Wholesale

(3.8)

(8.6)

(8.5)

(9.9)

-

 

Manufacturing #

Food, Beverages & Tobacco

97.9

99.4

100.0

103.7

110.3

Textiles

119.5

102.7

100.0

92.4

84.4

Wearing Apparel

334.1

212.6

100.0

83.4

88.2

Leather Products & Footwear

122.0

106.5

100.0

88.8

79.0

Wood & Wood Products

103.0

107.2

100.0

95.0

92.9

Paper & Paper Products

104.4

104.5

100.0

97.3

96.1

Printing & Media

113.8

105.968

100.0

85.1

73.1

Crude Oil Refineries

100.7

92.2

100.0

104.2

113.5

Chemical & Chemical Products

88.4

96.7

100.0

98.9

105.3

Pharmaceutical Products

101.421

109.4

100.0

113.8

96.0

Rubber & Plastic Products

109.497

109.2

100.0

91.4

93.7

Non-metallic Mineral

107.4

90.759

100.0

89.8

72.9

Basic Metals

77.2

99.3

100.0

106.2

108.3

Fabricated Metal Products

107.5

107.757

100.0

93.8

91.3

Machinery & Equipment

109.1

118.2

100.0

80.8

86.1

Electrical Machinery

87.4

97.871

100.0

101.5

111.7

Electronic Components

105.0

105.6

100.0

114.1

151.4

Transport Equipment

111.1

106.68

100.0

101.0

99.5

 

Construction

25.40

22.00

-

-

-

Real Estate

88.5

145.1

-

-

-

 

Services

Electricity, Gas & Water

6.70

6.50

-

-

-

Transport, Storage & Communication

9.80

14.20

-

-

-

Finance & Insurance

3.30

6.00

-

7.40

-

Government Services

6.50

6.30

-

-

-

Education Services

3.10

5.98

-

2.40

-

 

* Estimate / Preliminary

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



INDUSTRY ANALYSIS

 

INDUSTRY :

TRADING

According to the Ministry of Trade and Industry, the wholesale & retail trade sector expanded to 3.0% in the fourth quarter of 2017, moderating from the 3.3% growth in the previous quarter. The wholesale trade segment was boosted by an improvement in foreign wholesale sales volume, which more than offset the weakness in domestic wholesale sales volume. For the whole of 2017, the sector expanded by 2.3%, faster than the 1.0% growth in 2016. The improvement in growth can be attributed to the wholesale segment.

The domestic wholesale sales volume fell by 1.1% in the fourth quarter 2017, reversing the 2.0% growth in the preceding quarter. The poorer outturn was led by declines in the sales volume of household equipment & furniture (-27%) and general wholesale merchandise (-19%), which outweighed the increase in the sales volume of telecommunications & computers (20%). For the whole of 2017, the domestic wholesale trade index expanded by 1.0%, a turnaround from the 2.7% decline in 2016.

On the other hand, foreign wholesale sales volume rose to 6.2% in the fourth quarter 2017, a step-up from the 5.1% growth in the preceding quarter. Growth was driven by expansions in the sales of petroleum & petroleum-related products (11%t), telecommunications & computers (19%) and electronic components (16%). However, growth was partly offset by a 20% decline in the sales volume of metals, timber & construction materials. For the full year 2017, the foreign wholesale trade index rose by 3.6%, faster than the increase of 1.5% in the previous year.

Besides, retail sales volume rose by 2.1% in the fourth quarter 2017, improving from the 0.9% growth recorded in the third quarter. Growth was supported by improvements in both motor vehicle and non-motor vehicle sales volumes. While motor vehicle sales benefitted from an on-year increase in COE supply, growth in non-motor vehicle sales came on the back of an improvement in consumer sentiments. Notably, the sales volume of discretionary goods such as recreational goods, computer & telecommunication equipment and wearing apparel & footwear grew by 4.6%, 4.3 % and 3.1% respectively.

For the full year 2017, retail sales volume expanded by 1.3%, similar to the 1.5% growth recorded in 2016. Growth was driven by both motor vehicle sales and non-motor vehicle sales, which the former rising by 1.5% and the latter increasing by 1.3%. The rise in non-motor vehicle sales was underpinned by higher sales of discretionary goods. For instance, the sales volume of recreational goods (3.9%), watches & jewellery (2.4%), computer & telecommunications equipment (1.7%) and wearing apparel & footwear (1.5%) improved in 2017.

OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH



CREDIT RISK EVALUATION & RECOMMENDATION

 


Incorporated in 2013, the Subject is a Private Limited company, focusing on general wholesale trade. 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 has a strong support from its holding company. However, the Subject does not have a strong capital position of SGD 1. Without a strong capital, the Subject may face difficulties to expand its business compared to other large corporation.

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.

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.

In view of the above, we only recommend credit be proceeded to the Subject with guarantee.



PROFIT AND LOSS ACCOUNT

 

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

PLAYBOY LIFESTYLE PTE. LTD.

 

Financial Year End

2015-09-30

2014-09-30

Months

12

12

Consolidated Account

Company

Company

Audited Account

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

Financial Type

FULL

FULL

Currency

SGD

SGD

 

 

 

 

 

BALANCE SHEET

 

PLAYBOY LIFESTYLE PTE. LTD.

 

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

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

CURRENT ASSETS

Cash & bank balances

1

1

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

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

TOTAL CURRENT ASSETS

1

1

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

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

TOTAL ASSET

1

1

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

1

1

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

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

TOTAL NET ASSETS

1

1

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

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

FINANCED BY:

SHARE CAPITAL

Ordinary share capital

1

1

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

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

TOTAL SHARE CAPITAL

1

1

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

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

SHAREHOLDERS' FUNDS/EQUITY

1

1

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

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

 

 

 

 

 

FINANCIAL RATIO

 

PLAYBOY LIFESTYLE PTE. LTD.

 

TYPES OF FUNDS

Cash

1

1

Net Liquid Funds

1

1

Net Liquid Assets

1

1

Net Current Assets/(Liabilities)

1

1

Net Tangible Assets

1

1

Net Monetary Assets

1

1

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

0

0

Total Assets

1

1

Net Assets

1

1

Net Assets Backing

1

1

Shareholders' Funds

1

1

Total Share Capital

1

1

Total Reserves

0

0

GROWTH RATIOS (Year on Year) (%)

Revenue

-

-

Proft/(Loss) Before Tax

-

-

Proft/(Loss) After Tax

-

-

Total Assets

-

-

Total Liabilities

-

-

LIQUIDITY (Times)

Cash Ratio

0

0

Liquid Ratio

0

0

Current Ratio

0

0

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

0

0

Times Interest Earned Ratio

0

0

Assets Backing Ratio

1.00

1.00

PERFORMANCE RATIO (%)

Operating Profit Margin

0

0

Net Profit Margin

0

0

Return On Net Assets

0

0

Return On Capital Employed

0

0

Return On Shareholders' Funds/Equity

0

0

Dividend Pay Out Ratio (Times)

0

0

NOTES TO ACCOUNTS

Contingent Liabilities

0

0




 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 68.15

UK Pound

1

INR 90.27

Euro

1

INR 79.35

SGD

1

INR 50.16

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

VIV

 

 

Report Prepared by :

SYL

                                                


 

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.