MIRA INFORM REPORT

Report Date :

23.07.2011

IDENTIFICATION DETAILS

Name :	STARCOM RESOURCES PTE LTD
Registered Office :	5 Shenton Way #18-03 Uic Building Singapore 068808
Country :	Singapore
Financials (as on) :	31.12.2009
Date of Incorporation :	28.10.2000
Com. Reg. No.:	200009210G
Legal Form :	Limited Private Company
Line of Business :	General Wholesale Trade

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$529,000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
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	:	STARCOM RESOURCES PTE LTD
Registration No	:	200009210G
Date of Registration	:	28/10/2000
Former Name	:	NA
Date of Change of Name	:	NA
Type of Company	:	LIMITED PRIVATE COMPANY
Registered Address	:	5 SHENTON WAY #18-03 UIC BUILDING SINGAPORE 068808
Date of Change of Address	:	29/09/2010
Contact No.	:	6336 7288
Fax No.	:	6336 3118
Website	:	www.starcomresources.net
Registered Activities	:	GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS)
Issued Ordinary Capital*	:	$798,502.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 798,502
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$798,502.00 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	:	2
No. of Local Associates	:	NA
Auditor	:	BDO LLP
Bankers / Financiers	:	LH ASIAN TFF PTE. LTD. STANDARD CHARTERED BANK DBS BANK LTD. SOCIETE GENERALE
Turnover	:	SGD - SIN 291,509,182.00 (FY2009)
Net Worth	:	SGD - SIN 5,291,303.00 (FY2009)
No. of Bank Charges	:	8
No. of Litigation Suits	:	NA
S1000 / SME 500 / FG50 Ranking	:	483 POSITION IN SINGAPORE 1000 (2008/2009) 594 POSITION IN SINGAPORE 1000 (2007/2008)
Compounded Annual Growth Rate (CAGR)	:	46.77% (4 years)

Credit Recommendation

Recommended Credit Line

:

S$529,000

SHAREHOLDER DETAILS

NAME	:	AJAY KUMAR AGGARWAL
SHAREHOLDER ID	:	S6864098I
NATIONALITY	:	SINGAPORE P.R.
ADDRESS	:	26 SHELFORD ROAD #01-01 SHELFORD VIEW SINGAPORE 288420
NO. OF ORD SHARES	:	537,452
% OF SHAREHOLDING	:	67.3%
CURRENCY	:	SINGAPORE, DOLLARS
NAME	:	SOFTCON ETABLISSMENT
SHAREHOLDER ID	:	T03UF2379E
NATIONALITY	:	LIECHTENSTEIN
ADDRESS	:	FURST-FRANZ-JOSEF-STRASSE-362, POSTFACH 66 FL-9493 MAUREN, FURSTENTUM, LIECHTENSTEIN
NO. OF ORD SHARES	:	143,730
% OF SHAREHOLDING	:	18%
CURRENCY	:	SINGAPORE, DOLLARS
NAME	:	GOH YOUNG LIN
SHAREHOLDER ID	:	S0002699I
NATIONALITY	:	SINGAPORE CITIZEN
ADDRESS	:	151 CAVENAGH ROAD #07-157 CAVENAGH COURT SINGAPORE 229628
NO. OF ORD SHARES	:	99,583
% OF SHAREHOLDING	:	12.5%
CURRENCY	:	SINGAPORE, DOLLARS
NAME	:	WAYPORT DEVELOPMENTS LIMITED
SHAREHOLDER ID	:	T08UF0030C
NATIONALITY	:	VIRGIN ISLANDS, BRITISH
ADDRESS	:	AKARA BUILDING, 24 DE CASTRO STREET WICKHAMS CAY 1, TORTOLA, BRITISH VIRGIN ISLAND
NO. OF ORD SHARES	:	17,737
% OF SHAREHOLDING	:	2.2%
CURRENCY	:	SINGAPORE, DOLLARS

OFFICER DETAILS

NAME	:	BRUNO WALTER FURRER
ADDRESS	:	UNTERE ALLMENDSTRASSE 11 2ND FLOOR, CH-6312, STEINHAUSEN, SWITZERLAND
POSITION	:	DIRECTOR
DATE OF APPT	:	01/03/2001
NATIONALITY	:	SWISS
I/C PASSPORT	:	F0772970
NAME	:	GOH YOUNG LIN
ADDRESS	:	151 CAVENAGH ROAD #07-157 CAVENAGH COURT SINGAPORE 229628
POSITION	:	DIRECTOR SECRETARY
DATE OF APPT	:	28/10/2000 17/11/2000
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S0002699I
NAME	:	AJAY KUMAR AGGARWAL
ADDRESS	:	26 SHELFORD ROAD #01-01 SHELFORD VIEW SINGAPORE 288420
POSITION	:	DIRECTOR MANAGING DIRECTOR
DATE OF APPT	:	28/10/2000 01/01/2001
NATIONALITY	:	SINGAPORE P.R.
I/C PASSPORT	:	S6864098I

KEY PERSONNEL PROFILE

Name:	AJAY KUMAR AGGARWAL
NRIC Number:	S6864098I
Available Address:	26 SHELFORD ROAD #01-01 SHELFORD VIEW SINGAPORE 288420

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	AMBER FARMS PTE. LTD.	DIRECTOR	15/04/2008	-	-
2	GWA SINGAPORE PTE. LTD.	DIRECTOR	09/06/2008	-	-
3	INDIGO BLUE PTE. LTD.	DIRECTOR	14/05/2004	1	50.00
4	LEMPRIERE (SINGAPORE) PTE. LTD.	DIRECTOR	30/04/2008	2	100.00
5	LEMPRIERE GRAIN SINGAPORE PTE. LTD.	DIRECTOR	09/06/2010	-	-
6	MERIT COMMODITIES PTE LTD	DIRECTOR	13/11/2001	1	50.00
7	MERIT COMMODITIES PTE LTD	MANAGING DIRECTOR	21/12/2001	1	50.00
8	STARCOM RESOURCES PTE LTD	DIRECTOR	28/10/2000	457602	57.30
9	STARCOM RESOURCES PTE LTD	MANAGING DIRECTOR	01/01/2001	457602	57.30

Previous Business

No.	Name	Status	Position	Appt Date	Last Known Inactive Date
1	AMBER FARMS PTE. LTD.	LIVE COMPANY	SHAREHOLDER	-	03/01/2011
2	MERIT CHARTERING (ASIA) PTE LTD	LIVE COMPANY	DIRECTOR/SHR	11/09/2001	12/11/2010
3	MONSOON IMPRESSIONS PTE. LTD.	STRUCK OFF	DIRECTOR	12/04/2005	-

Bankruptcy Record

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

KEY PERSONNEL PROFILE

Litigation Search – Writ of Summons

Court	Case No.	Year	Date of Filing	Amount	Cause Category
No Trace

SUBSIDIARIES AND ASSOCIATE COMPANIES

Company	Shareholdings (%)
LEMPRIERE GRAIN SINGAPORE PTE. LTD.	100
AMBER FARMS PTE. LTD.	55

BANKERS/ FINANCIERS

Subject enjoys a normal banking routine with its bankers. To date, there have been 8 bank charges registered against Subject by its bankers. The charge numbers are:

1)	Charge No.	:	C201006826
	Date of Registration	:	04/08/2010
	Chargee	:	LH ASIAN TFF PTE. LTD.
	Address	:	---
2)	Charge No.	:	C200902762
	Date of Registration	:	13/05/2009
	Chargee	:	STANDARD CHARTERED BANK
	Address	:	6 BATTERY ROAD SINGAPORE 049909
3)	Charge No.	:	C200902761
	Date of Registration	:	13/05/2009
	Chargee	:	STANDARD CHARTERED BANK
	Address	:	6 BATTERY ROAD SINGAPORE 049909
4)	Charge No.	:	C200503582
	Date of Registration	:	23/06/2005
	Chargee	:	DBS BANK LTD.
	Address	:	6 SHENTON WAY, DBS BUILDING TOWER ONE SINGAPORE 068809
5)	Charge No.	:	C200503578
	Date of Registration	:	23/06/2005
	Chargee	:	DBS BANK LTD.
	Address	:	6 SHENTON WAY, DBS BUILDING TOWER ONE SINGAPORE 068809
6)	Charge No.	:	200204841
	Date of Registration	:	31/10/2002
	Chargee	:	SOCIETE GENERALE
	Address	:	80 ROBINSON ROAD #26-00 SINGAPORE 068898
7)	Charge No.	:	200204840
	Date of Registration	:	31/10/2002
	Chargee	:	SOCIETE GENERALE
	Address	:	80 ROBINSON ROAD #26-00 SINGAPORE 068898
8)	Charge No.	:	200204839
	Date of Registration	:	31/10/2002
	Chargee	:	SOCIETE GENERALE
	Address	:	80 ROBINSON ROAD #26-00 SINGAPORE 068898

LITIGATION

Clear

COMPLIANCE

Date of Last AGM	:	31/07/2010
Date of Last AR	:	27/08/2010
Date of A/C Laid At Last AGM	:	31/12/2009

FINANCIAL HIGHLIGHTS

Financial Figures	Group
	DEC 2009	% Change	DEC 2008	DEC 2007	MAY 2006	MAY 2005
Currency	SGD - SIN		SGD - SIN	SGD - SIN	SGD - SIN	SGD - SIN
Profit and Loss Key Figures
Turnover	291,509,182	-33.14	435,982,314	476,846,716	114,371,540	62,812,316
Profit/(Loss) Before Tax	273,588	-91.69	3,291,077	3,000,941	295,266	(795,123)
Profit After Tax attributable to Shareholders	(1,364,637)	NA	3,855,467	2,390,212	294,523	(803,722)
Balance Sheet Key Figures
Total Assets	46,191,482	53.69	30,054,995	38,957,190	7,073,153	20,870,185
Current Assets	45,686,575	56.06	29,274,519	38,161,319	6,723,728	20,494,276
Non Current Assets	504,907	-35.31	780,476	795,871	349,425	375,909
Total Liabilities	40,900,179	73.30	23,601,040	36,145,356	6,617,256	21,071,157
Current Liabilities	37,486,126	84.88	20,276,193	32,565,953	2,723,386	17,285,666
Non Current Liabilities	3,414,053	2.68	3,324,847	3,579,403	3,893,870	3,785,491
Shareholders' Funds	5,291,303	-18.01	6,453,956	2,811,835	455,898	(200,972)
Share Capital	703,664	3.13	682,311	738,331	798,353	433,289
Total Reserves	4,587,639	-20.51	5,771,645	2,073,504	(342,455)	(634,261)

FINANCIAL RATIOS

	Group
	DEC 2009	DEC 2008	DEC 2007	MAY 2006	MAY 2005
Growth %
Year-on-Year Growth	-33.14	-8.57	316.93	82.08	NA
Profitability
Profit Margin (%)	NA	0.88	0.50	0.26	NA
Return on Equity (%)	NA	59.74	85.01	64.60	NA
Return on Assets (%)	NA	12.83	6.14	4.16	NA
Leverage
Total Debt/Equity (Times)	7.73	3.66	12.85	14.51	NA
Current Debt/Equity (Times)	7.08	3.14	11.58	5.97	NA
Long Term Debt To Equity (Times)	0.65	0.52	1.27	8.54	NA
Total Asset To Total Equity (Times)	8.73	4.66	13.85	15.51	NA
Asset Management
Total Assets Turnover (Times)	6.31	14.51	12.24	16.17	3.01
Fixed Assets Turnover (Times)	577.35	558.61	599.15	327.31	167.09
Liquidity
Current Ratio (Times)	1.22	1.44	1.17	2.47	1.19

FINANCIAL HIGHLIGHTS

Financial Figures	Company
	DEC 2009	% Change	DEC 2008	DEC 2007	MAY 2006	MAY 2005
Currency	U.S. DOLLAR		U.S. DOLLAR	U.S. DOLLAR	U.S. DOLLAR	U.S. DOLLAR
Profit and Loss Key Figures
Turnover	*	NA	0	0	0	38,244,414
Profit/(Loss) Before Tax	*	NA	0	0	0	(483,681)
Profit After Tax attributable to Shareholders	*	NA	0	0	0	(488,912)
Balance Sheet Key Figures
Total Assets	30,327,602	53.25	19,790,103	25,148,322	4,247,126	12,652,904
Current Assets	30,050,362	54.13	19,497,358	24,992,461	4,072,662	12,466,863
Non Current Assets	277,240	-5.30	292,745	155,861	174,464	186,041
Total Liabilities	26,755,414	72.90	15,474,594	23,672,094	4,008,170	12,817,785
Current Liabilities	24,409,200	86.07	13,118,176	21,327,744	1,930,414	10,515,035
Non Current Liabilities	2,346,214	-0.43	2,356,418	2,344,350	2,077,756	2,302,750
Shareholders' Funds	3,572,188	-17.22	4,315,509	1,476,228	238,956	(164,881)
Share Capital	483,574	0.00	483,574	483,574	483,574	263,574
Total Reserves	3,088,614	-19.40	3,831,935	992,654	(244,618)	(428,455)

* As per Companies Act, section 201 Accounts, Consolidated accounts and directors report, sub-section 3A.

FINANCIAL RATIOS

	Company
	DEC 2009	DEC 2008	DEC 2007	MAY 2006	MAY 2005
Growth %
Year-on-Year Growth	NA	NA	NA	-100.00	NA
Profitability
Profit Margin (%)	0.00	0.00	0.00	0.00	-1.28
Return on Equity (%)	0.00	0.00	0.00	0.00	296.52
Return on Assets (%)	0.00	0.00	0.00	0.00	-3.86
Leverage
Total Debt/Equity (Times)	7.49	3.59	16.04	16.77	-77.74
Current Debt/Equity (Times)	6.83	3.04	14.45	8.08	0.00
Long Term Debt To Equity (Times)	0.66	0.55	1.59	8.70	0.00
Total Asset To Total Equity (Times)	8.49	4.59	17.04	17.77	-76.74
Asset Management
Total Assets Turnover (Times)	0.00	0.00	0.00	0.00	3.02
Fixed Assets Turnover (Times)	0.00	0.00	0.00	0.00	205.57
Liquidity
Current Ratio (Times)	1.23	1.49	1.17	2.11	1.19

FINANCIAL COMMENTARY

Compound Annual Growth Rate

The company's CAGR is 46.77% (4 years).

CAGR is the year-over-year growth rate of a company over a specified period. Instead of looking at the average growth rate, CAGR allow users to look at the annualized growth rate of a company over a given period, a more indicative measure of growth of a company’s performance over a given period.

Profitability

We are unable to comment on Subject's profitability as Subject posted losses for the financial year end under review.

Liquidity

Current ratio stood at 1.22 times in FY09 (FY08: 1.44 times). This means that the group has SGD - SIN 1.22 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 7.73 times in FY09, as compared with 3.66 times in FY08. This means that the group requires additional external financing of SGD - SIN 7.73 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

We are unable to comment on Subject's return on equity as Subject posted losses for the financial year end under review.

We are unable to comment on Subject's return on assets as Subject posted losses for the financial year end under review.

Total assets turnover ratio logged at 6.31 times in FY09 (FY08: 14.51 times). 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.44.37
UK Pound	1	Rs.72.34
Euro	1	Rs.63.87

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

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%)

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