MIRA INFORM REPORT

Report Date :

21.07.2011

IDENTIFICATION DETAILS

Name :	WINDMILL INTERNATIONAL PTE LTD

Registered Office :	167 Jalan Bukit Merah #02-13 Connection One Singapore 150167

Country :	Singapore

Financials (as on) :	31.03.2010

Date of Incorporation :	20.09.1973

Com. Reg. No.:	197301770K

Legal Form :	Limited Private Company

Line of Business :	Building-Cleaning Services (Including Janitorial Service)

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	S$1,000,000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Exists

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 – March 31^st, 2011

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Singapore

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

Bottom of Form

Executive Summary

Company Name	:	WINDMILL INTERNATIONAL PTE LTD
Registration No	:	197301770K
Date of Registration	:	20/09/1973
Former Name	:	NA
Date of Change of Name	:	NA
Type of Company	:	LIMITED PRIVATE COMPANY
Registered Address	:	167 JALAN BUKIT MERAH #02-13 CONNECTION ONE SINGAPORE 150167
Date of Change of Address	:	29/10/2007
Contact No.	:	6272 3287
Fax No.	:	6224 8018
Website	:	NA
Registered Activities	:	1. BUILDING-CLEANING SERVICES (INCLUDING JANITORIAL SERVICE) BULK COMMODITY TRADERS 2. CHARTERING OF SHIPS, BARGES AND BOATS WITH CREW (FREIGHT) VESSELS OWNER & OPERATORS
Issued Ordinary Capital*	:	$10,116,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 8,705,000
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$10,116,000.00 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	:	TEOFOONGWONGLCLOONG
Bankers / Financiers	:	NA
Turnover	:	SINGAPORE, DOLLARS 32,469,300.00 (FY2010)
Net Worth	:	SINGAPORE, DOLLARS 39,418,813.00 (FY2010)
No. of Bank Charges	:	NA
No. of Litigation Suits	:	4
S1000 / SME 500 / FG50 Ranking	:	792 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (1999/2000) 865 POSITION IN Singapore 1000 Companies Ranked by Net Profit (1999/2000) 566 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (1998/1999) 353 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (1997/1998) 497 POSITION IN Singapore 1000 Companies Ranked by Net Profit (1997/1998)
Compounded Annual Growth Rate (CAGR)	:	NA

Credit Recommendation

Recommended Credit Line

S$1,000,000

SHAREHOLDER DETAILS

NAME	:	KSP INVESTMENTS PTE LTD
SHAREHOLDER ID	:	198400382Z
NATIONALITY	:	SINGAPORE
ADDRESS	:	167 JALAN BUKIT MERAH #02-13 CONNECTION ONE SINGAPORE 150167
NO. OF ORD SHARES	:	8,705,000
% OF SHAREHOLDING	:	100%
CURRENCY	:	SINGAPORE, DOLLARS

OFFICER DETAILS

NAME	:	SAT PAL S/O I D KHATTAR
ADDRESS	:	3D TANGLIN HILL SINGAPORE 248035
POSITION	:	DIRECTOR
DATE OF APPT	:	21/02/2003
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S0000747A

NAME	:	PHUA MUI KENG JENNY
ADDRESS	:	5A COTSWOLD CLOSE SINGAPORE 357738
POSITION	:	DIRECTOR
DATE OF APPT	:	01/01/1990
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S0009183I

NAME	:	SITHAWALLA HAIDER MOHAMEDALLY @ SITHAWALLA HAYDER MOHAMEDALLY
ADDRESS	:	60 GREENMEAD AVENUE HILLCREST PARK SINGAPORE 289448
POSITION	:	DIRECTOR SECRETARY
DATE OF APPT	:	30/09/2000 27/06/2005
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S0820450J

NAME	:	HO PENG CHEONG
ADDRESS	:	5A COTSWOLD CLOSE SINGAPORE 357738
POSITION	:	DIRECTOR MANAGING DIRECTOR
DATE OF APPT	:	19/09/1980 19/09/1980
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S0871828H

NAME	:	GOPINATH PILLAI
ADDRESS	:	67 HUA GUAN AVENUE SINGAPORE 589163
POSITION	:	DIRECTOR
DATE OF APPT	:	05/04/1995
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S1115764E

KEY PERSONNEL PROFILE

Name:	HO PENG CHEONG
NRIC Number:	S0871828H
Available Address:	5A COTSWOLD CLOSE SINGAPORE 357738

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	AEC BILINGUAL PTE. LTD.	DIRECTOR	15/10/2007	-	-
2	AEC BUSINESS SCHOOL PTE. LTD.	DIRECTOR	15/12/2005	-	-
3	AEC COLLEGE PTE. LTD.	DIRECTOR	18/06/2004	-	-
4	AEC COLLEGE PTE. LTD.	MANAGING DIRECTOR	15/11/2005	-	-
5	AEC RESOURCE DEVELOPMENT PTE LTD	DIRECTOR	27/04/2007	-	-
6	BRIGHTON COMMERCIAL TRAINING CENTRE PTE. LTD.	DIRECTOR	15/12/2005	-	-
7	DJ TRUSTEE PTE. LTD.	DIRECTOR	03/05/2006	1	50.00
8	DJ TRUSTEE PTE. LTD.	SECRETARY	03/05/2006	1	50.00
9	EDUCATIONAL DEVELOPMENT PTE LTD	DIRECTOR	29/12/1999	-	-
10	EDUCATIONAL DEVELOPMENT PTE LTD	MANAGING DIRECTOR	29/12/1999	-	-
11	EDUCATIONAL RESOURCES PTE LTD	DIRECTOR	22/11/1999	-	-
12	EDUTECH INVESTMENTS (INDIA) PTE LTD	DIRECTOR	24/02/2003	-	-
13	EXECUTIVE JETS ASIA PTE. LTD.	DIRECTOR	05/11/2004	3	30.00
14	FLEXI LEARNING SYSTEMS PTE LTD	DIRECTOR	01/06/2005	-	-
15	INFOCOMM TECHNOLOGIES AND EDUCATION PTE LTD	DIRECTOR	14/07/2000	-	-
16	KSP INVESTMENTS PTE LTD	DIRECTOR	01/10/2001	2297214	44.03
17	OLOL MANAGEMENT SERVICES PTE LTD	DIRECTOR	18/10/2006	-	-
18	PLAYWARE STUDIOS ASIA PTE. LTD.	DIRECTOR	16/01/2001	-	-
19	PREMIER TRAVEL (GSA) PTE. LTD.	DIRECTOR	26/03/2009	93000	15.24
20	SAVANT INFOCOMM PTE LTD	DIRECTOR	15/12/1997	-	-
21	SAVANT INFOTECH SOLUTIONS PTE. LTD.	DIRECTOR	01/10/2001	-	-
22	SMARTWORKS LEARNING CENTRE PTE. LTD.	DIRECTOR	05/09/2006	-	-
23	WINDMILL INTERNATIONAL PTE LTD	DIRECTOR	19/09/1980	-	-
24	WINDMILL INTERNATIONAL PTE LTD	MANAGING DIRECTOR	19/09/1980	-	-

Previous Business

No.	Name	Status	Position	Appt Date	Last Known Inactive Date
1	AEC ACCOUNTANCY & BUSINESS SCHOOL PTE. LTD.	STRUCK OFF	DIRECTOR	27/04/2007	10/05/2010
2	AEC INTERNET EDUCATION TECHNOLOGY PTE LTD	STRUCK OFF	DIRECTOR	27/04/2007	10/05/2010
3	DJ HOLDINGS PTE LTD	STRUCK OFF	DIRECTOR	20/07/1979	09/04/2004
4	DJ HOLDINGS PTE LTD	STRUCK OFF	SHAREHOLDER	-	-
5	ECIL LTD.	DISSOLVED - MEMBERS' VOLUNTARY WINDING UP	DIRECTOR	22/07/1998	31/05/2003
6	EXECUTIVE JETS ASIA (CHARTERS) PTE. LTD.	LIVE COMPANY	DIRECTOR	17/02/2006	11/06/2008
7	FUTURECOMP SYSTEM PTE. LTD.	LIVE COMPANY	DIRECTOR	12/02/1996	13/12/1997
8	HAGLEY & HOYLE PRIVATE LIMITED	LIVE COMPANY	DIRECTOR	09/11/1990	02/11/1992
9	HAGLEY & HOYLE PUBLISHING PTE LTD	STRUCK OFF	DIRECTOR	09/11/1990	02/11/1992
10	HEAD & HAND PTE. LTD.	STRUCK OFF	DIRECTOR	09/11/1990	02/11/1992
11	INNO-PACIFIC PROPERTY HOLDINGS PTE LTD	STRUCK OFF	DIRECTOR	09/11/1990	02/11/1992
12	MOT INVESTMENTS PTE. LTD.	STRUCK OFF	DIRECTOR	11/07/2006	09/12/2009
13	MOT INVESTMENTS PTE. LTD.	STRUCK OFF	SHAREHOLDER	-	-
14	NORSCAN FOREST PRODUCTS PTE LTD	DISSOLVED - MEMBERS' VOLUNTARY WINDING UP	DIRECTOR	09/11/1990	02/11/1992
15	NORSCAN MACHINERIES PTE LTD	DISSOLVED - MEMBERS' VOLUNTARY WINDING UP	DIRECTOR	09/11/1990	02/11/1992
16	PACIFIC GREAVES PTE LTD	STRUCK OFF	DIRECTOR	20/04/1994	19/06/1999
17	REX RESTAURANT (S) PTE LTD	LIVE COMPANY	DIRECTOR	20/10/1995	17/03/1997
18	SAVANT INFOCOMM PTE LTD	LIVE COMPANY	SHAREHOLDER	-	15/07/2011
19	SEA KING INVESTMENTS PTE LTD	STRUCK OFF	DIRECTOR	11/07/1987	07/07/2000
20	SPICERS PAPER (ASIA) TRADING PTE LTD	DISSOLVED - MEMBERS' VOLUNTARY WINDING UP	DIRECTOR	09/11/1990	02/11/1992
21	THE MCGREGORR CONSULTANTS PTE LTD	STRUCK OFF	DIRECTOR	27/04/2007	-
22	TIBET JINZHU INTERNATIONAL (S) PTE LTD	STRUCK OFF	DIRECTOR	04/09/1993	20/10/1998
23	TJIAT HO PTE LTD	DISSOLVED - MEMBERS' VOLUNTARY WINDING UP	DIRECTOR	12/09/1981	25/10/1987
24	WEI LIANG INVESTMENT PTE LTD	STRUCK OFF	DIRECTOR	01/12/1989	20/04/2006
25	WEI LIANG INVESTMENT PTE LTD	STRUCK OFF	SHAREHOLDER	-	-
26	WEI LOONG SHIPPING PTE LTD	DISSOLVED - COMPULSORY WINDING UP (INSOLVENCY)	DIRECTOR	15/08/1988	29/04/1993
27	WINDMILL CONSULTANCY SERVICES PTE LTD	STRUCK OFF	DIRECTOR	25/01/1995	15/11/1999
28	WINDMILL FOREST PRODUCTS PTE. LIMITED	STRUCK OFF	DIRECTOR	27/02/2004	04/03/2010
29	WINDMILL INTERNATIONAL PTE LTD	LIVE COMPANY	SHAREHOLDER	-	11/05/2011
30	WINDMILL MARITIME PTE LTD	DISSOLVED - COMPULSORY WINDING UP (INSOLVENCY)	MANAGING DIRECTOR	18/08/1981	05/07/1986

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
No Trace

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. Case status is as per available database. For the latest status of the suit, please obtain the full details of the suit through Litigation Detail Search (DLIT).

To date, there have been 4 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	0
District ($80,000 - $250,000)	0	2
High (>$250,000)	0	2

Winding Up Trace		No
In litigation/Dissolved/Struck Off/In receivership		No

The details are as follows:

1)	Court	:	Supreme Court
	Case No.	:	1797
	Date of Filing	:	05/10/1990
	Amount	:	197,200.00
	Cause	:	NA
	Case Status	:	NA
	Plaintiff	:	THAI HIN LONG TRADING PTE LTD
	Last Update Date	:	02/09/2000

2)	Court	:	District Court
	Case No.	:	375
	Date of Filing	:	15/01/1993
	Amount	:	0.00
	Cause	:	CONTRACTS-GENERAL
	Case Status	:	CONCLUDED
	Plaintiff	:	DONG YUAN HANG TRADING (PTE) LTD
	Last Update Date	:	02/09/2000

3)	Court	:	Supreme Court
	Case No.	:	2171
	Date of Filing	:	10/11/1993
	Amount	:	120,600.00
	Cause	:	MONEYLENDING
	Case Status	:	CONCLUDED
	Plaintiff	:	SINAMEX TRADING PTE LTD
	Last Update Date	:	02/09/2000

4)	Court	:	District Court
	Case No.	:	3016
	Date of Filing	:	15/07/1997
	Amount	:	42,200.00
	Cause	:	Contracts - General
	Case Status	:	DEEMED DISCONTINUED
	Plaintiff	:	HARROGATE INTERNATIONAL TRADING PTE LTD
	Last Update Date	:	04/03/2011

COMPLIANCE

Date of Last AGM	:	27/09/2010
Date of Last AR	:	27/01/2011
Date of A/C Laid At Last AGM	:	31/03/2010

FINANCIAL HIGHLIGHTS

Financial Figures	Group
	MAR 2008	% Change	MAR 2007	MAR 2006
Currency	SGD - SIN		SGD - SIN	SGD - SIN
Profit and Loss Key Figures
Turnover	52,095,309	402.16	10,374,154	32,411,152
Profit/(Loss) Before Tax	15,028,534	2,023.15	707,840	9,392,086
Profit After Tax attributable to Shareholders	15,031,216	2,023.53	707,840	9,391,243

Balance Sheet Key Figures
Total Assets	44,620,582	-19.59	55,491,164	39,075,488
Current Assets	25,909,697	37.56	18,834,959	24,267,694
Non Current Assets	18,710,885	-48.96	36,656,205	14,807,794

Total Liabilities	9,406,098	-19.98	11,754,975	18,051,125
Current Liabilities	9,406,098	-19.98	11,754,975	18,051,125
Non Current Liabilities	0	NA	0	0

Shareholders' Funds	35,214,484	-19.48	43,736,189	21,024,363
Share Capital	10,116,000	0.00	10,116,000	10,116,000
Total Reserves	25,098,484	-25.35	33,620,189	10,908,363

FINANCIAL RATIOS

	Group
	MAR 2008	MAR 2007	MAR 2006
Growth %
Year-on-Year Growth	402.16	-67.99	NA

Profitability
Profit Margin (%)	28.85	6.82	28.98
Return on Equity (%)	42.68	1.62	44.67
Return on Assets (%)	33.69	1.28	24.03

Leverage
Total Debt/Equity (Times)	0.27	0.27	0.86
Current Debt/Equity (Times)	0.27	0.27	0.86
Long Term Debt To Equity (Times)	NA	NA	NA
Total Asset To Total Equity (Times)	1.27	1.27	1.86

Asset Management
Total Assets Turnover (Times)	1.17	0.19	0.83
Fixed Assets Turnover (Times)	2.78	0.28	2.19

Liquidity
Current Ratio (Times)	2.75	1.60	1.34

FINANCIAL HIGHLIGHTS

Financial Figures	Company
	MAR 2010	% Change	MAR 2009	MAR 2008	MAR 2007	MAR 2006
Currency	SINGAPORE, DOLLARS		SINGAPORE, DOLLARS	SINGAPORE, DOLLARS	SINGAPORE, DOLLARS	SINGAPORE, DOLLARS
Profit and Loss Key Figures
Turnover	32,469,300	-7.73	35,188,911	0	0	0
Profit/(Loss) Before Tax	177,113	-68.84	568,359	0	0	0
Profit After Tax attributable to Shareholders	141,380	-89.86	1,394,359	0	0	0

Balance Sheet Key Figures
Total Assets	60,145,203	81.52	33,134,933	44,681,014	55,654,221	26,093,736
Current Assets	38,031,749	60.89	23,638,888	25,900,329	18,828,216	24,080,261
Non Current Assets	22,113,454	132.87	9,496,045	18,780,685	36,826,005	2,013,475

Total Liabilities	20,726,390	216.89	6,540,641	9,454,067	11,810,119	17,917,668
Current Liabilities	17,629,276	169.53	6,540,641	9,454,067	11,810,119	17,917,668
Non Current Liabilities	3,097,114	NA	0	0	0	0

Shareholders' Funds	39,418,813	48.22	26,594,292	35,226,947	43,844,102	8,176,068
Share Capital	10,116,000	0.00	10,116,000	10,116,000	10,116,000	10,116,000
Total Reserves	29,302,813	77.83	16,478,292	25,110,947	33,728,102	(1,939,932)

FINANCIAL RATIOS

	Company
	MAR 2010	MAR 2009	MAR 2008	MAR 2007	MAR 2006
Growth %
Year-on-Year Growth	-7.73	NA	NA	NA	NA

Profitability
Profit Margin (%)	0.44	3.96	0.00	0.00	0.00
Return on Equity (%)	0.36	5.24	0.00	0.00	0.00
Return on Assets (%)	0.24	4.21	0.00	0.00	0.00

Leverage
Total Debt/Equity (Times)	0.53	0.25	0.27	0.27	2.19
Current Debt/Equity (Times)	0.45	0.25	0.27	0.27	2.19
Long Term Debt To Equity (Times)	0.08	0.00	0.00	0.00	0.00
Total Asset To Total Equity (Times)	1.53	1.25	1.27	1.27	3.19

Asset Management
Total Assets Turnover (Times)	0.54	1.06	0.00	0.00	0.00
Fixed Assets Turnover (Times)	1.47	3.71	0.00	0.00	0.00

Liquidity
Current Ratio (Times)	2.16	3.61	2.74	1.59	1.34

FINANCIAL COMMENTARY

Profitability

The company yielded a rate of net profit on sales of 0.44 per cent in FY10 (FY09: 3.96 per cent). The company is now able to book in SINGAPORE, DOLLARS 0.00 of profit for every SINGAPORE, DOLLARS of sales in FY10, as compared with SINGAPORE, DOLLARS 0.04 a year ago.

Liquidity

Current ratio stood at 2.16 times in FY10 (FY09: 3.61 times). This means that the company has SINGAPORE, DOLLARS 2.16 of current assets for every SINGAPORE, DOLLARS 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 0.53 times in FY10, as compared with 0.25 times in FY09. This means that the company requires additional external financing of SINGAPORE, DOLLARS 0.53 for every SINGAPORE, DOLLARS 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 0.36 per cent for Subject in the current financial period, as compared to 5.24 per cent a year ago. 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 0.24 per cent (FY09: 4.21 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 0.54 times in FY10 (FY09: 1.06 times). This ratio measures the company'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.44.46
UK Pound	1	Rs.71.67
Euro	1	Rs.62.94

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 Business	----

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.

Executive Summary

Credit Recommendation

SHAREHOLDER DETAILS

OFFICER DETAILS

KEY PERSONNEL PROFILE

SUBSIDIARIES AND ASSOCIATE COMPANIES

BANKERS/ FINANCIERS

LITIGATION

Wef 01 Jan 2011

COMPLIANCE

FINANCIAL HIGHLIGHTS

FINANCIAL RATIOS

FINANCIAL HIGHLIGHTS

FINANCIAL RATIOS

FINANCIAL COMMENTARY

Unit