MIRA INFORM REPORT

Report No. :	491044.2
Report Date :	09.03.2018

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. 23^rd 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 :	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 :	ECONOMY
In the fourth quarter of 2017, the economy grew by 3.6% on a year-on-year basis, moderating from the 5.5% growth in the previous quarter. The sectors which contributed the most to growth in the quarter were the manufacturing and finance & insurance sectors. For the whole of 2017, the economy expanded by 3.6%, higher than the 2.4% growth in 2016. All major sectors grew in 2017, with the exception of the construction sector. The manufacturing and finance & insurance sectors were the key contributors to overall GDP growth.
The manufacturing sector expanded by 4.8% in the fourth quarter 2017, slowing from the 19% surge in the third quarter. Growth was led by robust output expansions in the electronics and precision engineering clusters, which more than offset declines in the biomedical manufacturing and transport engineering clusters. For full year 2017, the manufacturing sector grew by 10%, higher than the 3.7% growth in 2016. Growth was primarily driven by the electronics and precision engineering clusters, while output declines in the biomedical manufacturing, transport engineering and general manufacturing clusters weighed on growth.
The services producing industries collectively expanded to 3.5% in the fourth quarter 2017, the same pace of growth as the previous quarter. Among the services sectors, the finance & insurance sector registered the strongest growth at 6.3%, followed by the information & communications (6.0%) and the transportation & storage (5.3%) sectors. Services producing industries as a whole expanded to 2.8% in full year 2017, faster than the 1.4% growth in 2016. All services sectors saw positive growth.
Among the services sectors, the transportation & storage and finance & insurance sectors registered the fastest pace of growth in 2017. Growth of the transportation & storage sector came in at 4.8%, a pickup from the 1.3% in 2016, largely due to stronger growth in the water transport and air transport segments. Similarly, the finance & insurance sector expanded by 4.8%, improving from the 1.6% growth in 2016. The robust performance of the sector was largely because of strong growth in the fund management segment, even as growth in the financial intermediation and insurance segments remained firm.
Besides, the construction sector contracted to 5.0%, extending the 9.3% decline in the third quarter 2017. The output of the sector was weighed down primarily by the weakness in private sector construction activities, as certified payments across all private construction segments declined. Meanwhile, the construction sector contracted to 8.4% in 2017, a reversal from the 1.9% growth in 2016. Output in the sector was primarily weighed down by the weakness in private sector construction works.
In the fourth quarter 2017, total demand rose by 4.9%, lower than the 5.5% growth in the preceding quarter. For the whole of 2017, growth in total demand came in at 4.4%, an improvement from the 1.6% in 2016. External demand was the key contributor to total demand growth (3.0 percentage-points), while the contribution from domestic demand was also positive (1.4 percentage-points).
Total domestic demand rose by 6.6 % in the fourth quarter 2017, following the 8.5% growth in the previous quarter. Growth was supported primarily by the build-up in inventories and also higher consumption expenditure. Gross fixed capital formation also contributed positively to total domestic demand growth in the quarter. For 2017 as a whole, total domestic demand increased by 5.4%, higher than the 3.1% expansion in 2016. Meanwhile, external demand rose by 4.2% in the fourth quarter 2017, similar to the 4.4% growth in the preceding quarter. The increase in external demand was primarily due to higher real merchandise exports. For the full year 2017, external demand grew at a faster pace of 4.1%, compared to the 1.1% growth in 2016.
Total consumption expenditure rose at a slower pace of 4.4% in the fourth quarter 2017, compared to the 5.7% expansion in the previous quarter. For the full year 2017, total consumption expenditure grew by 3.3%, an improvement from the 2.1% growth in 2016, on the back of faster growth in both public and private consumption. Public consumption expanded by 4.1%, compared to 3.5% in 2016, while private consumption grew by 3.1%, compared to 1.7% in the previous year. Expenditure on miscellaneous goods & services, recreation & culture and housing & utilities were the main contributors to private consumption growth.
Since November 2017, the outlook for global growth has improved slightly with the IMF upgrading its global growth forecast for 2018 to 3.9%, partly on the back of higher growth expected in the US due to the recently approved tax reforms. However, as compared to 2017, growth in most of Singapore’s key final demand markets such as the Eurozone, Japan, NIEs and ASEAN-5 is projected to moderate or remain unchanged in 2018. In the US, GDP growth is projected to improve further in 2018, supported by domestic demand and fiscal stimulus arising from the recently approved tax reforms, although there are uncertainties around the extent to which investments would respond to the tax reforms. On the other hand, growth in the Eurozone economy is projected to moderate in 2018, following the rebound seen in 2017. Growth will be underpinned by continued improvements in labour market conditions and largely accommodative monetary policies.
In Asia, China’s growth is also expected to ease in 2018 on the back of a slowdown in investment, even as consumption is likely to remain stable and provide support to growth. Meanwhile, growth in the key ASEAN economies is expected to remain firm in 2018, supported by sustained improvements in domestic demand as well as merchandise exports. On balance, the external demand outlook for Singapore is expected to be slightly weaker in 2018 as compared to 2017. Taking into account the global and domestic economic environments, Ministry of Trade and Industry (MTI) has maintained the 2018 GDP growth forecast at “1.5 to 3.5%”. MTI’s central view is that growth will likely come in slightly above the middle of the forecast range, barring the materialisation of downside risks.
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 64.92
UK Pound	1	INR 90.23
Euro	1	INR 80.54
SGD	1	INR 49.40

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)

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