MIRA INFORM REPORT

Report No. :	497551
Report Date :	13.03.2018

IDENTIFICATION DETAILS

Name :	ORCHID DMC (SINGAPORE) PTE. LTD.
Registered Office :	1, North Bridge Road, 10-09, High Street Centre, 179094
Country :	Singapore
Date of Incorporation :	14.10.2016
Com. Reg. No.:	201628343-Z
Legal Form :	Private Limited (Limited By Share)
Line of Business :	The Subject is principally engaged in travel agencies and tour operators.
No. of Employees :	Not available

RATING & COMMENTS

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

MIRA’s Rating :

NB

Credit Rating	Explanation	Rating Comments
NB	New Business	No recommendation can be done due to business in infancy stage

Status :	New Business
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 (30.09.2017)	Current Rating (31.12.2017)
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.	:	201628343-Z
COMPANY NAME	:	ORCHID DMC (SINGAPORE) PTE. LTD.
FORMER NAME	:	N/A
INCORPORATION DATE	:	14/10/2016
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED (LIMITED BY SHARE)
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	1, NORTH BRIDGE ROAD, 10-09, HIGH STREET CENTRE, 179094, SINGAPORE.
BUSINESS ADDRESS	:	1 NORTH BRIDGE ROAD #10-09 HIGH STREET CENTER, 179094, SINGAPORE.
TEL.NO.	:	N/A
FAX.NO.	:	N/A
HP.NO.	:	6593535490
EMAIL	:	BRANCHHEAD@ORCHIDDMC.NET
WEB SITE	:	OFFLINE.ORCHIDDMC.NET
CONTACT PERSON	:	AMITAVA BISWAS ( DIRECTOR )
PRINCIPAL ACTIVITY	:	TRAVEL AGENCIES AND TOUR OPERATORS
ISSUED AND PAID UP CAPITAL	:	100,000.00 ORDINARY SHARE, OF A VALUE OF SGD 100,000.00
SALES	:	N/A
NET WORTH	:	N/A
STAFF STRENGTH	:	N/A
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	N/A
PAYMENT	:	UNKNOWN
MANAGEMENT CAPABILITY	:	WEAK
COMMERCIAL RISK	:	N/A
CURRENCY EXPOSURE	:	N/A
GENERAL REPUTATION	:	POOR
INDUSTRY OUTLOOK	:	AVERAGE 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) travel agencies and tour operators.

Share Capital History

Date	Issue & Paid Up Capital
13/10/2017	SGD 100,000.00

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

Current Shareholder(s) :

Name	Address	IC/PP/Loc No	Shareholding	(%)
MANOJ KUMAR MISHRA +	737, PH-II, PKT-B, SEC-13, DWARKA, DELHI, 110075, INDIA.	Z2854297	10,000.00	10.00
AMITAVA BISWAS +	BH-38, SECTOR 11, SALT LAKE, BIDHANNAGAR NORTH NORTH 24, PARGANAS, WEST BENGAL, 700091, INDIA.	Z2926708	10,000.00	10.00
ORCHID DMC PRIVATE LIMITED	WEST TALBAGAN ROAD, NONA CHANDANPUKUR, BARRACKPORE, WEST BENGAL 700122 ,INDIA	T16UF7842	80,000.00	80.00
			---------------	------
			100,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	JASBIR KAUR D/O DARSHAN SINGH
Address	:	147, PASIR RIS STREET 13, 04-14, 510147, SINGAPORE.
IC / PP No	:	S1401093I
Nationality	:	SINGAPOREAN
Date of Appointment	:	14/10/2016

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 (Number of Share)	Profit/(loss) After Tax	Financial Year	Status	As At
1	201626525M	GITANSHI COMMODITIES WORLDWIDE PTE. LTD.	Director	28/09/2016	0.00	-	-	-	26/05/2017
2	201624328D	METALMEN VENTURES (SINGAPORE) PTE. LTD.	Director	06/09/2016	0.00	-	-	-	07/10/2016
3	201628343Z	ORCHID DMC (SINGAPORE) PTE. LTD.	Director	14/10/2016	0.00	-	-	-	13/10/2017

DIRECTOR 2

Name Of Subject	:	AMITAVA BISWAS
Address	:	BH-38, SECTOR 11, SALT LAKE, BIDHANNAGAR NORTH NORTH 24, PARGANAS, WEST BENGAL, 700091, INDIA.
IC / PP No	:	Z2926708
Nationality	:	INDIAN
Date of Appointment	:	14/10/2016

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 (Number of Share)	Profit/(loss) After Tax	Financial Year	Status	As At
1	201628343Z	ORCHID DMC (SINGAPORE) PTE. LTD.	Director	14/10/2016	10,000.00	-	-	-	13/10/2017

DIRECTOR 3

Name Of Subject	:	MANOJ KUMAR MISHRA
Address	:	737, PH-II, PKT-B, SEC-13, DWARKA, DELHI, 110075, INDIA.
IC / PP No	:	Z2854297
Nationality	:	INDIAN
Date of Appointment	:	14/10/2016

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 (Number of Share)	Profit/(loss) After Tax	Financial Year	Status	As At
1	201628343Z	ORCHID DMC (SINGAPORE) PTE. LTD.	Director	14/10/2016	10,000.00	-	-	-	13/10/2017

MANAGEMENT

1)	Name of Subject	:	AMITAVA BISWAS
	Position	:	DIRECTOR

AUDITOR

Auditor	:	ACEVISION & ASSOCIATES PAC
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	RAMA DIWAKAR PRASAD
	IC / PP No	:	S7069357G
	Address	:	121, TANJONG RHU ROAD, 10-36, TANJONG RIA CONDOMINIUM, 436914, 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 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 is service provider.

CLIENTELE

Local	:	N/A
Overseas	:	N/A

The Subject refused to disclose its clientele information.

OPERATIONS

Services

:

TRAVEL AGENCIES AND TOUR OPERATORS

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) travel agencies and tour operators.

The Subject is a reputed destination management organization spread across the globe with their expertise and experience in organizing excellent family holidays, group travels, MICE tours, Educational tours, medical tours along with top-class hotel reservation, transportation and amazing sightseeing options.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	6593535490
Match	:	N/A
Address Provided by Client	:	1-NORTH BRIDGE ROAD 10-09 HIGH STREET CENTRE, 179094 SINGAPORE
Current Address	:	1 NORTH BRIDGE ROAD #10-09 HIGH STREET CENTER, 179094, SINGAPORE.
Match	:	YES
We have contacted the Subject'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 have contacted one of the staff from the Subject and she provided some information.

The Subject refused to disclose its number of employees and banker information.

The Subject does not use fax facilities.

FINANCIAL ANALYSIS

No latest financial accounts are available at the Registry Office, thus we are not able to comment on the Subject's financial performance.

Overall financial condition of the Subject : N/A

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	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	-	-
Government Services	6.00	6.50	6.30	-	-
Education Services	0.30	3.10	5.98	-	-
* Estimate / Preliminary
# Based on Index of Industrial Production (2015 = 100)

INDUSTRY ANALYSIS

INDUSTRY :	TOURISM
Tourism is one of Singapore major economic sectors. In terms of sustainable economic growth, tourism takes a central role, and Singapore is well placed to be at the forefront of the development. Singapore enjoyed a healthy influx of international arrivals via Singapore Changi Airport in 2013 with the abundance of low cost carriers, transporting tourists from regional destinations with multiple flights per day.
In the first half of 2014, tourism receipts (TR) grew 2% year-on-year to S$11.8 billion, even while international visitor arrivals (IVA) dipped 3% to 7.5 million over the same period. TR is an important indicator of tourism performance and these results are in-line with STB's yield-driven strategy as we pursue quality tourism. This growth in 1H2014 TR was on the back of higher expenditure in Sightseeing, Entertainment & Gaming (SEG) from January to June. Fewer visitor arrivals were registered following the continued impact from China's tourism law, which was enacted in October 2013. In addition, the disappearance of flight MH370, abduction of Chinese visitors in Sabah and political unrest in Thailand have all had a dampening effect on Chinese travel to the region. Excluding China, visitor arrivals from the other markets grew 2% over the same six-month period.
In the second quarter of 2014 (Q2), TR dipped 3% year-on-year to S$5.6 billion while IVA slid 6% to 3.6 million over the same period. The TR decline was mainly due to lower shopping expenditure, particularly from China, Indonesia and Malaysia but was partially offset by the growth in Sightseeing, Entertainment & Gaming (SEG) expenditure. Besides, gazetted hotel room revenue came in at an estimated S$0.8 billion (+5.2%) in Q2 2014 and S$1.6 billion (+9.1%) from January to June 2014.
In addition, Singapore's International Visitor Arrivals (IVA) in 2013 reached 15.6 million, registering a strong year-on-year growth of 7.4%. Besides, tourism receipts (TR) came in at S$23.5 billion, a 1.7% year-on-year growth. Other than that, Visitor Days increased 5.6% to hit 54.2 million days, while Average Length of Stay (ALOS) decreased 1.7% to 3.48 days in 2013.
Singapore's tourism must be developed to its full potential. Higher tourism receipts will positively impact the economy, create new jobs, and stimulate new economic activities.
OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 2016, the Subject is a Private Limited company, focusing on travel agencies and tour operators. The Subject was newly established and it has yet to build up a stable clientele base in the market. It is likely to incur start-up costs during the initial years of its operations. The Subject has a strong support from its shareholder. However, the Subject does not have a strong capital position of SGD 100,000. Without a strong capital, the Subject may face difficulties to expand its business compared to other large corporation.

We regard that the Subject's management capability is weak. Without capable management, the Subject is unlikely to be successful and often contribute to unacceptable levels of accountability. Weak management can affect productivity, profitability, sales growth and ultimately can result in the failure of a business.

No financial accounts are available for analysis. As such, we are not able to comment on the Subject's current financial standing.

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

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

FINANCIAL ACCOUNT

No latest financial accounts are available at the Registry Office.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.02
UK Pound	1	INR 90.12
Euro	1	INR 80.09
SGD	1	INR 49.39

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.