MIRA INFORM REPORT

Report Date :

19.02.2011

IDENTIFICATION DETAILS

Name :	FIRST RESOURCES LIMITED
Registered Office :	8 Temasek Boulevard #36-02 Suntec Tower Three Singapore 038988
Country :	Singapore
Financials (as on) :	31.12.2009
Date of Incorporation :	09.12.2004
Com. Reg. No.:	200415931M
Legal Form :	Public Company Limited By Shares
Line of Business :	General Wholesale Trade (Including General Importers and Exporters)

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	S$1,000,000
Status :	Good
Payment Behaviour :	NO complaints
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 – June 30, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
Singapore	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Executive Summary

Company Name	:	FIRST RESOURCES LIMITED
Registration No	:	200415931M
Date of Registration	:	09/12/2004
Former Name	:	FIRST RESOURCES PTE. LTD. Eff. date : 09/12/2004 Eff. date : 09/12/2004
Date of Change of Name	:	22/11/2007
Type of Company	:	PUBLIC COMPANY LIMITED BY SHARES
Registered Address	:	8 TEMASEK BOULEVARD #36-02 SUNTEC TOWER THREE SINGAPORE 038988
Date of Change of Address	:	09/12/2004
Contact No.	:	6333 6788
Fax No.	:	6333 6711
Website	:	www.first-resources.com
Registered Activities	:	1. GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS) 2. WHOLESALE ON A FEE OR CONTRACT BASIS (EG COMMISSION AGENTS) INCLUDING HOLDING AND SERVICING COMPANY.
Issued Ordinary Capital*	:	$417,103,342.10 SINGAPORE, DOLLARS ,NO. OF SHARE : 1,468,459,221
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$417,103,342.10 SINGAPORE, DOLLARS
Paid-Up Preference Capital	:	NA
* Number of Shares includes number of Issued Treasury Shares
Issued Treasury Capital	:	NA
Paid-Up Treasury Capital	:	NA
No. of Local Subsidiaries	:	NA
No. of Local Associates	:	NA
Auditor	:	ERNST & YOUNG LLP
Bankers / Financiers	:	NA
Turnover	:	SGD - SIN 321,009,765.00 (FY2009)
Net Worth	:	SGD - SIN 786,002,244.00 (FY2009)
No. of Bank Charges	:	NA
No. of Litigation Suits	:	1
S1000 / SME 500 / FG50 Ranking	:	511 POSITION IN SINGAPORE 1000 (2008/2009) 637 POSITION IN SINGAPORE 1000 (2007/2008)
Compounded Annual Growth Rate (CAGR)	:	NA

Credit Recommendation

Recommended Credit Line

:

S$1,000,000

SHAREHOLDER DETAILS

As Subject is registered as a public company limited by shares, its shareholder details are not available. Please refer to documentary for information.

OFFICER DETAILS

NAME	:	ONG BENG KEE
ADDRESS	:	79 JALAN CANNING ESTATE, IPOH GARDEN, 31400 IPOH, PERAK, MALAYSIA
POSITION	:	DIRECTOR
DATE OF APPT	:	01/05/2010
NATIONALITY	:	MALAYSIAN
I/C PASSPORT	:	A20745821
NAME	:	HEE THENG FONG
ADDRESS	:	16 GREENLEAF GROVE SINGAPORE 279500
POSITION	:	DIRECTOR
DATE OF APPT	:	01/10/2007
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S0063817Z
NAME	:	LIM MING SEONG
ADDRESS	:	69 CHARTWELL DRIVE SERANGOON GARDEN ESTATE SINGAPORE 558765
POSITION	:	DIRECTOR
DATE OF APPT	:	01/10/2007
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S0348871C
NAME	:	TAN SAN-JU
ADDRESS	:	56 SUNSET WAY CLEMENTI PARK SINGAPORE 597081
POSITION	:	SECRETARY
DATE OF APPT	:	14/11/2007
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S1495769C
NAME	:	TENG CHEONG KWEE
ADDRESS	:	16B MARGOLIOUTH ROAD #06-03 SINGAPORE 258542
POSITION	:	DIRECTOR
DATE OF APPT	:	01/10/2007
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S2552749F
NAME	:	RAY NUGRAHA YOSHUARA
ADDRESS	:	485 YIO CHU KANG ROAD #03-01 CASTLE GREEN SINGAPORE 787058
POSITION	:	DIRECTOR
DATE OF APPT	:	01/10/2007
NATIONALITY	:	SINGAPORE P.R.
I/C PASSPORT	:	S2745919F
NAME	:	NG SHIN EIN
ADDRESS	:	7A HOLLAND HILL #02-09 SINGAPORE 278732
POSITION	:	DIRECTOR
DATE OF APPT	:	01/10/2007
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S7412592A

OFFICER DETAILS

NAME	:	CILIANDRA FANGIONO
ADDRESS	:	7 HOLT ROAD #06-02 SINGAPORE 249445
POSITION	:	DIRECTOR
DATE OF APPT	:	18/04/2007
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S7679167H

KEY PERSONNEL PROFILE

Name:	HEE THENG FONG
NRIC Number:	S0063817Z
Available Address:	16 GREENLEAF GROVE SINGAPORE 279500

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	BUSINESS CHINA	DIRECTOR	18/09/2007	-	-
2	DATAPULSE TECHNOLOGY LIMITED	DIRECTOR	14/01/1994	-	-
3	DELONG HOLDINGS LIMITED	DIRECTOR	01/06/2006	-	-
4	FIRST RESOURCES LIMITED	DIRECTOR	01/10/2007	-	-
5	HTF MANAGEMENT PTE. LTD.	DIRECTOR	16/04/1986	1	50.00
6	HTF MANAGEMENT PTE. LTD.	SECRETARY	16/04/1986	1	50.00
7	KHATTARWONG	MANAGER	01/06/2008	-	-
8	SINGAPORE CHINESE CHAMBER OF COMMERCE FOUNDATION	DIRECTOR	27/03/2009	-	-
9	SINOMEM TECHNOLOGY LIMITED	DIRECTOR	14/05/2003	-	-
10	SUN YAT SEN NANYANG MEMORIAL HALL COMPANY LIMITED	DIRECTOR	27/03/2009	-	-
11	TYE SOON LIMITED	DIRECTOR	01/05/1997	-	-
12	YHI INTERNATIONAL LIMITED	DIRECTOR	22/05/2003	-	-

Previous Business

No.	Name	Status	Position	Appt Date	Last Known Inactive Date
1	ATLANTA SPORTSWEAR PTE LTD	STRUCK OFF	SECRETARY	12/07/1989	04/11/1989
2	BAN JOO & COMPANY LIMITED	LIVE COMPANY	DIRECTOR	15/03/2000	16/01/2007
3	BORNEO MERCANTILE (S) PTE LTD	STRUCK OFF	SECRETARY	23/06/1986	26/06/1991
4	BUSINESS CHINA	LIVE COMPANY	SHAREHOLDER	-	03/01/2011
5	DELGRO CORPORATION LIMITED	LIVE COMPANY	DIRECTOR	01/07/1995	28/04/2003

KEY PERSONNEL PROFILE

No.	Name	Status	Position	Appt Date	Last Known Inactive Date
6	HOWEN INVESTMENT CO (PTE) LTD	IN LIQUIDATION - MEMBERS' VOLUNTARY WINDING UP	SECRETARY	07/02/1984	28/09/1995
7	JUSTUS MANAGEMENT PTE LTD	STRUCK OFF	DIRECTOR	06/01/1984	01/08/1989
8	MEDIACORP TV SINGAPORE PTE LTD	LIVE COMPANY	DIRECTOR	01/10/1994	01/09/1999
9	MEMSTAR TECHNOLOGY LTD.	LIVE COMPANY	DIRECTOR	15/08/1997	13/11/1999
10	NEWFRONT INVESTMENTS PTE. LTD.	LIVE COMPANY	DIRECTOR	27/09/1993	22/06/1995
11	ORIENTAL CENTURY LIMITED	IN LIQUIDATION - CREDITORS' VOLUNTARY WINDING UP	DIRECTOR	29/03/2006	26/04/2007
12	PACIFIC KING SHIPPING HOLDING PTE. LTD.	IN LIQUIDATION - COMPULSORY WINDING UP (INSOLVENCY)	DIRECTOR	28/05/2005	30/06/2006
13	ROTOL SINGAPORE LTD	LIVE COMPANY	DIRECTOR	22/09/1995	05/10/2005
14	SAN TEH LTD	LIVE COMPANY	DIRECTOR	01/03/1995	04/02/1998
15	SAPPHIRE CORPORATION LIMITED	LIVE COMPANY	DIRECTOR	18/10/1999	20/07/2007
16	SBS TRANSIT LTD	LIVE COMPANY	DIRECTOR	01/09/1995	11/11/1997
17	SHINTAKE INDUSTRY (SINGAPORE) PTE. LTD.	LIVE COMPANY	DIRECTOR	29/08/1986	09/09/1987
18	SINGAPORE CHINESE CHAMBER OF COMMERCE FOUNDATION	LIVE COMPANY	SHAREHOLDER	-	07/01/2011
19	SINGAPORE CHINESE ORCHESTRA COMPANY LIMITED	LIVE COMPANY	DIRECTOR	15/09/2000	26/01/2011
20	SUN YAT SEN NANYANG MEMORIAL HALL COMPANY LIMITED	LIVE COMPANY	DIRECTOR	31/03/2005	30/03/2007
21	SYSTIME COMPUTERS (ASIA) PTE. LTD.	DISSOLVED - MEMBERS' VOLUNTARY WINDING UP	DIRECTOR	18/11/1983	02/08/1984

KEY PERSONNEL PROFILE

No.	Name	Status	Position	Appt Date	Last Known Inactive Date
22	TRANSIL CORPORATION PTE. LTD.	LIVE COMPANY	DIRECTOR	17/12/2004	01/01/2008
23	WATERBANK PROPERTIES (S) PTE LTD	LIVE COMPANY	DIRECTOR	01/09/1995	28/04/2003

Bankruptcy Record

Case No.	Year	Date of Filing	Petitioner Name	Amount
No Trace

Litigation Search – Writ of Summons

Court	Case No.	Year	Date of Filing	Amount	Cause Category
M	38417	2001	10/12/2001	SGD 2,652.15	Negligence Related

SUBSIDIARIES AND ASSOCIATE COMPANIES

Company	Shareholdings (%)
NA

BANKERS/ FINANCIERS

Subject enjoys a normal banking routine with its bankers. To date, there are no bank charges registered against Subject by its bankers.

LITIGATION

The following litigation suits were traced against Subject. For the latest status of the suit, please obtain the full details of the suit through Litigation Detail Search (DLIT) offered

To date, there have been 1 litigation suits filed against Subject.

	Current Year On/After 01 Jan 2011	Past Years Wef 01 Jan 2011
Court (Claim under normal circumstances)
Magistrate (< $80,000)	0	1
District ($80,000 - $250,000)	0	0
High (>$250,000)	0	0
Winding Up Trace		No
In litigation/Dissolved/Struck Off/In receivership		No

The details are as follows:

1)	Court	:	Magistrate Court
	Case No.	:	7683
	Date of Filing	:	12/03/2009
	Amount	:	SGD 1,462.60 SGD 240.00
	Cause	:	Tort - Negligence (Motor Accidents Without Death/ Injury)
	Case Status	:	CONCLUDED
	Plaintiff	:	SMRT TAXIS PTE LTD MOHAMED JAHANGER BIN SYED AHMAD
	Last Update Date in DP Info Database	:	22/06/2010

COMPLIANCE RECORDS

Date of Last AGM	:	28/04/2010
Date of Last AR	:	13/05/2010
Date of A/C Laid At Last AGM	:	31/12/2009

FINANCIAL HIGHLIGHTS

Financial Figures	Group
	DEC 2009	% Change	DEC 2008	DEC 2007	DEC 2006	DEC 2005
Currency	SGD - SIN		SGD - SIN	SGD - SIN	SGD - SIN	SINGAPORE, DOLLARS
Profit and Loss Key Figures
Turnover	321,009,765	-20.45	403,527,460	277,384,352	148,284,009	0
Profit/(Loss) Before Tax	242,347,557	3.04	235,195,220	146,071,356	86,973,155	0
Profit After Tax attributable to Shareholders	174,348,474	4.41	166,981,565	102,813,404	60,706,565	0
Balance Sheet Key Figures
Total Assets	1,342,440,696	18.46	1,133,212,265	1,024,464,868	658,255,831	0
Current Assets	274,733,283	21.87	225,440,055	297,424,660	147,569,865	0
Non Current Assets	1,067,707,413	17.62	907,772,210	727,040,208	510,685,966	0
Total Liabilities	556,438,452	10.14	505,232,925	482,175,580	382,133,818	0
Current Liabilities	75,978,978	-7.38	82,031,720	72,457,004	55,289,589	0
Non Current Liabilities	480,459,474	13.53	423,201,205	409,718,576	326,844,229	0
Shareholders' Funds	786,002,244	25.16	627,979,340	542,289,288	276,122,013	0
Share Capital	393,922,275	15.57	340,837,725	385,499,220	57,174,251	0
Total Reserves	392,079,969	36.55	287,141,615	156,790,068	218,947,762	0

FINANCIAL RATIOS

	Group
	DEC 2009	DEC 2008	DEC 2007	DEC 2006	DEC 2005
Growth %
Year-on-Year Growth	-20.45	45.48	87.06	NA	NA
Profitability
Profit Margin (%)	54.31	41.38	37.07	40.94	NA
Return on Equity (%)	22.18	26.59	18.96	21.99	NA
Return on Assets (%)	12.99	14.74	10.04	9.22	NA
Leverage
Total Debt/Equity (Times)	0.71	0.80	0.89	1.38	NA
Current Debt/Equity (Times)	0.10	0.13	0.13	0.20	NA
Long Term Debt To Equity (Times)	0.61	0.67	0.76	1.18	NA
Total Asset To Total Equity (Times)	1.71	1.80	1.89	2.38	NA
Asset Management
Total Assets Turnover (Times)	0.24	0.36	0.27	0.23	NA
Fixed Assets Turnover (Times)	0.30	0.44	0.38	0.29	NA
Liquidity
Current Ratio (Times)	3.62	2.75	4.10	2.67	NA

FINANCIAL COMMENTARY

Profitability

The group yielded a rate of net profit on sales of 54.31 per cent in FY09. The group is now able to book in SGD - SIN 0.54 of profit for every SGD - SIN of sales.

Liquidity

Current ratio stood at 3.62 times in FY09. This means that the group has SGD - SIN 3.62 of current assets for every SGD - SIN of current liability incurred.

A minimum figure of 1.0 would be considered the lowest limit that this figure should reach. Any business that has a current ratio near 1.0 may be heading for liquidity problems, and would need to be closely monitored. A figure greater than 2.0 would be more desirable, to act as a buffer against any short-term liquidity problems, and give creditors/bank managers a degree of comfort when granting credit/finance.

Leverage

Total debt-to-equity ratio notched at 0.71 times in FY09. This means that the group requires additional external financing of SGD - SIN 0.71 for every SGD - SIN injected into its operations.

Generally, a total debt-to-equity ratio of less than 0.5 times is preferred. The ratio measures the proportion of the company's reliance on external debt for financing, relative to the shareholder's fund. A lower ratio would imply a greater financial safety and operating freedom for the company.

Efficiency Ratio

Return on equity was 22.18 per cent for Subject in the current financial period. The return on equity measures the return earned on the owner's investment. Generally, the higher this return, the better off the owner.

Return on assets stood at 12.99 per cent. The return on asset measures the overall effectiveness of management in generating profit with its available assets.

Total assets turnover ratio logged at 0.24 times in FY09. This ratio measures the group's ability to make productive use of its total assets to generate sales which reflects the efficiency of the management in utilising its resources.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.18
UK Pound	1	Rs.73.04
Euro	1	Rs.61.43

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
----	NB	New Company	----

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 and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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.