MIRA INFORM REPORT

Report Date :

04.06.2011

IDENTIFICATION DETAILS

Name :	SPG MINING PTE. LTD.
Registered Office :	371 Beach Road #12-01 Keypoint Singapore 199597
Country :	Singapore
Financials (as on) :	31.03.2010
Date of Incorporation :	04.01.2007
Com. Reg. No.:	200700175c
Legal Form :	Limited Private Company
Line of Business :	Other Personal Service Activities Nec Mining, Trading and Investments

RATING & COMMENTS

MIRA’s Rating :

B

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

Maximum Credit Limit :	S$447,000
Status :	Moderate
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 – March 31^st, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
Singapore	a1	a1

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	:	SPG MINING PTE. LTD.
Registration No	:	200700175C
Date of Registration	:	04/01/2007
Former Name	:	NA
Date of Change of Name	:	NA
Type of Company	:	LIMITED PRIVATE COMPANY
Registered Address	:	371 BEACH ROAD #12-01 KEYPOINT SINGAPORE 199597
Date of Change of Address	:	31/03/2010
Contact No.	:	NA
Fax No.	:	NA
Website	:	NA
Registered Activities	:	1. OTHER PERSONAL SERVICE ACTIVITIES NEC MINING, TRADING AND INVESTMENTS 2. GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS)
Issued Ordinary Capital*	:	$2,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 2,000 $3,800,000.00 U.S. DOLLAR ,NO. OF SHARE : 3,800,000
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$3,800,000.00 U.S. DOLLAR $2,000.00 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	:	1
No. of Local Associates	:	NA
Auditor	:	PRUDENTIAL PUBLIC ACCOUNTING CORPORATION
Bankers / Financiers	:	NA
Turnover	:	SINGAPORE, DOLLARS 33,521,055.41 (FY2010)
Net Worth	:	SINGAPORE, DOLLARS 8,946,649.54 (FY2010)
No. of Bank Charges	:	NA
No. of Litigation Suits	:	NA
S1000 / SME 500 / FG50 Ranking	:	No found for SINGAPORE 1000 and SME 1000
Compounded Annual Growth Rate (CAGR)	:	NA

Credit Recommendation

Recommended Credit Line

:

S$447,000

SHAREHOLDER DETAILS

NAME	:	GIMPEX LIMITED
SHAREHOLDER ID	:	T07UF0655L
NATIONALITY	:	INDIA
ADDRESS	:	GIMPEX HOUSE, 282 LINGHI CHETTY STREET, CHENNAI 600001, INDIA
NO. OF ORD SHARES	:	2,000 3,800,000
% OF SHAREHOLDING	:	0.1% 99.9%
CURRENCY	:	SINGAPORE, DOLLARS U.S. DOLLAR

OFFICER DETAILS

NAME	:	KULKARNI AVINASH DINKAR
ADDRESS	:	7 SIGLAP ROAD #03-60 MANDARIN GARDENS SINGAPORE 448909
POSITION	:	DIRECTOR
DATE OF APPT	:	01/04/2010
NATIONALITY	:	INDIAN
I/C PASSPORT	:	G0396238K
NAME	:	SHIV PRAKASH GOENKA
ADDRESS	:	NO.9 OLD 4, MAHARAJA SURYARAO ROAD, ALWARPET CHENNAI 600018, TAMILNADU, SOUTH INDIA
POSITION	:	DIRECTOR
DATE OF APPT	:	04/01/2007
NATIONALITY	:	INDIAN
I/C PASSPORT	:	J2475876
NAME	:	CLIFFORD EMMANUEL GERMAIN ABAYASEKARA
ADDRESS	:	33A SURIN AVENUE CHARLTON COURT SINGAPORE 535617
POSITION	:	SECRETARY
DATE OF APPT	:	05/01/2007
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S2191478I
NAME	:	SAMIR GOENKA
ADDRESS	:	NO.9, OLD 4, MAHARAJA SURYARAO ROAD, ALWARPET CHENNAI 600018, TAMILNADU, SOUTH INDIA
POSITION	:	DIRECTOR
DATE OF APPT	:	04/01/2007
NATIONALITY	:	INDIAN
I/C PASSPORT	:	Z1744863

KEY PERSONNEL PROFILE

Name:	SHIV PRAKASH GOENKA
NRIC Number:	J2475876
Available Address:	NO.9 OLD 4, MAHARAJA SURYARAO ROAD, ALWARPET CHENNAI 600018, TAMILNADU, SOUTH INDIA

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	ALLIANCE MINERALS (SINGAPORE) PTE. LTD.	DIRECTOR	06/10/2006	-	-
2	SPG MINING PTE. LTD.	DIRECTOR	04/01/2007	-	-

Previous Business

No.	Name	Status	Position	Appt Date	Last Known Inactive Date
No Trace

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 (%)
NM COMMODITIES PTE. LTD.	99.99

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

Clear

COMPLIANCE RECORDS

Date of Last AGM	:	30/09/2010
Date of Last AR	:	30/10/2010
Date of A/C Laid At Last AGM	:	31/03/2010

FINANCIAL HIGHLIGHTS

Financial Figures	Group
	MAR 2010	% Change	MAR 2009	MAR 2008
Currency	SINGAPORE, DOLLARS		SGD - SIN	SINGAPORE, DOLLARS
Profit and Loss Key Figures
Turnover	33,521,055	48.14	22,628,123	0
Profit/(Loss) Before Tax	2,713,007	NA	(219,244)	0
Profit After Tax attributable to Shareholders	2,684,211	NA	(254,219)	0
Balance Sheet Key Figures
Total Assets	30,701,706	50.65	20,379,307	0
Current Assets	24,917,252	79.08	13,914,065	0
Non Current Assets	5,784,454	-10.53	6,465,242	0
Total Liabilities	21,755,056	54.69	14,064,020	0
Current Liabilities	21,755,056	54.69	14,064,020	0
Non Current Liabilities	0	NA	0	0
Shareholders' Funds	8,946,650	41.67	6,315,286	0
Share Capital	5,417,253	-1.20	5,482,825	0
Total Reserves	3,529,397	323.97	832,461	0

FINANCIAL RATIOS

	Group
	MAR 2010	MAR 2009	MAR 2008
Growth %
Year-on-Year Growth	48.14	NA	NA
Profitability
Profit Margin (%)	8.01	NA	NA
Return on Equity (%)	30.00	NA	NA
Return on Assets (%)	8.74	NA	NA
Leverage
Total Debt/Equity (Times)	2.43	2.23	NA
Current Debt/Equity (Times)	2.43	2.23	NA
Long Term Debt To Equity (Times)	NA	NA	NA
Total Asset To Total Equity (Times)	3.43	3.23	NA
Asset Management
Total Assets Turnover (Times)	1.09	1.11	NA
Fixed Assets Turnover (Times)	5.80	3.50	NA
Liquidity
Current Ratio (Times)	1.15	0.99	NA

FINANCIAL HIGHLIGHTS

Financial Figures	Company
	MAR 2010	% Change	MAR 2009	MAR 2008
Currency	SINGAPORE, DOLLARS		SINGAPORE, DOLLARS	SINGAPORE, DOLLARS
Profit and Loss Key Figures
Turnover	*	NA	0	29,153,602
Profit/(Loss) Before Tax	*	NA	0	440,966
Profit After Tax attributable to Shareholders	*	NA	0	389,499
Balance Sheet Key Figures
Total Assets	29,661,082	47.67	20,085,436	14,098,514
Current Assets	25,278,069	61.39	15,662,827	13,951,464
Non Current Assets	4,383,013	-0.90	4,422,609	147,050
Total Liabilities	19,214,210	38.24	13,899,313	8,119,183
Current Liabilities	19,214,210	38.24	13,899,313	8,119,183
Non Current Liabilities	0	NA	0	0
Shareholders' Funds	10,446,872	68.88	6,186,123	5,979,331
Share Capital	5,417,253	-1.20	5,483,015	5,589,832
Total Reserves	5,029,620	615.34	703,108	389,499

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

FINANCIAL RATIOS

	Company
	MAR 2010	MAR 2009	MAR 2008
Growth %
Year-on-Year Growth	NA	-100.00	NA
Profitability
Profit Margin (%)	0.00	0.00	1.34
Return on Equity (%)	0.00	0.00	6.51
Return on Assets (%)	0.00	0.00	2.76
Leverage
Total Debt/Equity (Times)	1.84	2.25	1.36
Current Debt/Equity (Times)	1.84	2.25	1.36
Long Term Debt To Equity (Times)	0.00	0.00	0.00
Total Asset To Total Equity (Times)	2.84	3.25	2.36
Asset Management
Total Assets Turnover (Times)	0.00	0.00	2.07
Fixed Assets Turnover (Times)	0.00	0.00	198.26
Liquidity
Current Ratio (Times)	1.32	1.13	1.72

FINANCIAL COMMENTARY

Profitability

The group yielded a rate of net profit on sales of 8.01 per cent in FY10. The group is now able to book in SINGAPORE, DOLLARS 0.08 of profit for every SINGAPORE, DOLLARS of sales.

Liquidity

Current ratio stood at 1.15 times in FY10 (FY09: 0.99 times). This means that the group has SINGAPORE, DOLLARS 1.15 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 2.43 times in FY10, as compared with 2.23 times in FY09. This means that the group requires additional external financing of SINGAPORE, DOLLARS 2.43 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 30.00 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 8.74 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 1.09 times in FY10 (FY09: 1.11 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.44.85
UK Pound	1	Rs.73.29
Euro	1	Rs.64.89

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.