Veni Vidi Vici Capital Corporation AG (Switzerland) is an asset management boutique with focus on sustainable private equity investments in emerging markets

Commercial Register of Canton Zug
Jindasing Corporation

Thailand enjoys a strategic location and serves as a gateway into the heart of Asia – home to what is today the largest growing economic market. Addressing a strong sociodemographic trend towards an active and healthy lifestyle, with a portfolio of three divisions – SING™FOODS, SING™FITNESS, and SING™APPAREL – Bangkok (Thailand) based Jindasing Corporation provides the umbrella for the ultimate one-stop fitness experience with which the company strives to become the leading lifestyle brand in the Asia Pacific region over the next decade through high competence, ongoing research and innovation, and the use of renewable resources.

Jindasing Corporation will be led by a Swiss-Thai management with strong professional and academic background as well as profound relevant industry and market knowledge and an excellent local network.

To meet growth expectations, Jindasing Corporation is issuing CHF 10m in fixed rate notes of CHF 100,000 with duration of 6 years yielding 7.50% annually. The offering period lasts from December 1, 2010 until December 31, 2010.

Jindasing Corporation has demonstrated a strong positive net present value (NPV) and an internal rate of return (IRR) of 18.8% under conservative assumptions. Those results will allow the company to reduce their debt ratio (gearing) from an initial 1.23 to 0.85 in Y3 and to zero in Y6. The present terminal value (Y7+) of the company's free cash flows has been determined with CHF 92.6m using a growth rate of 10% and a discount rate of 14%. The company is expected to turn EVA positive after Y2.

Return on capital employed (ROCE) is a measure of the earning power of the resources used in implementing the company's strategic options. ROCE is expected to turn positive in Y3 with 14.69% and then increase to 28.69% (Y4), 30.13% (Y5) and 42.06% (Y6).

Interest cover – the company's ability to service their outstanding long-term debt – will be rising rapidly in line with earnings over the forecast period: 2.46 (Y2), 6.53 (Y3), 10.92 (Y4), 15.68 (Y5), 20.89 (Y6).

Jindasing Corporation is a start-up venture and can be considered a question mark within the BCG matrix. The company is at the beginning of its life cycle and not yet established in its markets; moreover it will require substantial investment. With their strong brand and strategic capabilities we argue that their business risk is substantially lower than is the case with a normal question mark that cannot build on such competitive advantage. Moreover, Jindasing Corporation can clearly demonstrate their ability to service the required debt and the availability of net assets that can cover all of their outstanding debt anytime beyond Y2.

Jindasing Corporation is facing strongly favourable industry, market, and environmental conditions. Their management is committed to deliver success to all of the company's stakeholders and believes to have clearly identified competitive gaps and to possess the strategic capabilities necessary for achieving competitive advantage in this exciting growth market.

All this combined makes their fixed rate notes an attractive investment opportunity even for moderately risk-averse investors. For further information about Jindasing Corporation please contact us or visit their website at