MIRA INFORM REPORT

Report Date :

10.03.2011

IDENTIFICATION DETAILS

Name :	SUNLIGHT MERCANTILE PTE. LTD.
Registered Office :	2 Shenton Way #15-05 Sgx Centre Singapore 068804
Country :	Singapore
Financials (as on) :	31.12.2007
Date of Incorporation :	26.12.1984
Com. Reg. No.:	198404381N
Legal Form :	Limited Exempt Private Company
Line of Business :	Wholesale of logs, sawn timber, plywood and related products

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$813,000
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 – December 31, 2010

Country Name	Previous Rating (30.09.2010)	Current Rating (31.12.2010)
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	:	SUNLIGHT MERCANTILE PTE. LTD.
Registration No	:	198404381N
Date of Registration	:	26/12/1984
Former Name	:	NA
Date of Change of Name	:	NA
Type of Company	:	LIMITED EXEMPT PRIVATE COMPANY
Registered Address	:	2 SHENTON WAY #15-05 SGX CENTRE SINGAPORE 068804
Date of Change of Address	:	22/10/2001
Contact No.	:	6722 6666
Fax No.	:	6225 4019
Website	:	NA
Registered Activities	:	1. WHOLESALE OF LOGS, SAWN TIMBER, PLYWOOD AND RELATED PRODUCTS 2. WHOLESALE OF LOGS, SAWN TIMBER, PLYWOOD AND RELATED PRODUCTS
Issued Ordinary Capital*	:	$3,300,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 3,300,000
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$3,300,000.00 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	:	PRUDENTIAL PUBLIC ACCOUNTING CORPORATION
Bankers / Financiers	:	INDIAN BANK OVERSEA-CHINESE BANKING CORPORATION LIMITED DBS BANK LTD. INDIAN
Turnover	:	SGD - SIN 144,065,735.00 (FY2007)
Net Worth	:	SGD - SIN 8,127,493.00 (FY2007)
No. of Bank Charges	:	9
No. of Litigation Suits	:	2
S1000 / SME 500 / FG50 Ranking	:	No found for SINGAPORE 1000 and SME 500
Compounded Annual Growth Rate (CAGR)	:	8.58% (4 years)

Credit Recommendation

Recommended Credit Line

:

S$813,000

SHAREHOLDER DETAILS

NAME	:	FAZAL CURRIM BIN MANSOOR SHERIFF
SHAREHOLDER ID	:	S2170011H
NATIONALITY	:	SINGAPORE CITIZEN
ADDRESS	:	99 MEYER ROAD #15-03 SOVEREIGN, THE SINGAPORE 437920
NO. OF ORD SHARES	:	2,329,797
% OF SHAREHOLDING	:	70.6%
CURRENCY	:	SINGAPORE, DOLLARS
NAME	:	ZULAIHAMA BINTE MEERAMOHIADEEN SYED THAMBY JAFFAR
SHAREHOLDER ID	:	S1564167C
NATIONALITY	:	SINGAPORE CITIZEN
ADDRESS	:	99 MEYER ROAD #15-03 SOVEREIGN, THE SINGAPORE 437920
NO. OF ORD SHARES	:	970,203
% OF SHAREHOLDING	:	29.4%
CURRENCY	:	SINGAPORE, DOLLARS

OFFICER DETAILS

NAME	:	ABDUL RAB BIN ABDUL AZIZ
ADDRESS	:	104 WHAMPOA DRIVE #06-56 SINGAPORE 323104
POSITION	:	DIRECTOR
DATE OF APPT	:	15/10/2002
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S1288096J
NAME	:	ZULAIHAMA BINTE MEERAMOHIADEEN SYED THAMBY JAFFAR
ADDRESS	:	99 MEYER ROAD #15-03 SOVEREIGN, THE SINGAPORE 437920
POSITION	:	SECRETARY
DATE OF APPT	:	17/01/1985
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S1564167C
NAME	:	FAZAL CURRIM BIN MANSOOR SHERIFF
ADDRESS	:	99 MEYER ROAD #15-03 SOVEREIGN, THE SINGAPORE 437920
POSITION	:	DIRECTOR MANAGING DIRECTOR
DATE OF APPT	:	26/12/1984 17/01/1985
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S2170011H
NAME	:	OMAR CURRIM S/O FAZAL CURRIM
ADDRESS	:	99 MEYER ROAD #15-03 SOVEREIGN, THE SINGAPORE 437920
POSITION	:	DIRECTOR
DATE OF APPT	:	31/01/2008
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S8121193J

KEY PERSONNEL PROFILE

Name:	FAZAL CURRIM BIN MANSOOR SHERIFF
NRIC Number:	S2170011H
Available Address:	99 MEYER ROAD #15-03 SOVEREIGN, THE SINGAPORE 437920

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	FLEET AUTOMATION SERVICES PTE. LTD.	DIRECTOR	05/03/2005	13600	26.66
2	INTERNATIONAL BULK SHIPPING PTE. LTD.	DIRECTOR	23/08/2005	150000	20.00
3	INTERNATIONAL BULK TRADE PTE. LTD.	DIRECTOR	26/10/2002	150000	20.00
4	SMC BARGES PTE LTD	DIRECTOR	28/01/2000	599999	59.99
5	SMC MARINE MANAGEMENT PTE. LTD.	DIRECTOR	15/08/2008	10251	51.00
6	SMC MARINE SERVICES (PTE) LTD	DIRECTOR	19/03/1999	599999	59.99
7	SMC OFFSHORE SERVICES PTE LTD	DIRECTOR	05/07/1999	599999	59.99
8	SMC TOWAGE PTE LTD	DIRECTOR	28/01/2000	599999	59.99
9	SUNLIGHT MERCANTILE PTE. LTD.	DIRECTOR	26/12/1984	2329797	70.59
10	SUNLIGHT MERCANTILE PTE. LTD.	MANAGING DIRECTOR	17/01/1985	2329797	70.59

Previous Business

No.	Name	Status	Position	Appt Date	Last Known Inactive Date
1	DOWLET TRADING ENTERPRISES PTE LTD	LIVE COMPANY	DIRECTOR/SHR	27/10/1984	23/09/2010
2	SINGAPORE INDIAN CHAMBER OF COMMERCE & INDUSTRY	LIVE COMPANY	DIRECTOR	29/04/2000	02/10/2010
3	SUNLIGHT MERCANTILE COMPANY	TERMINATION	OWNER	15/05/1979	31/12/1984

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 (%)
NA

BANKERS/ FINANCIERS

Subject enjoys a normal banking routine with its bankers. To date, there have been 9 bank charges registered against Subject by its bankers. The charge numbers are:

1)	Charge No.	:	C200708311
	Date of Registration	:	03/10/2007
	Chargee	:	INDIAN BANK
	Address	:	3 RAFFLES PLACE BHARAT BUILDING SINGAPORE 048617
2)	Charge No.	:	C200705458
	Date of Registration	:	12/07/2007
	Chargee	:	OVERSEA-CHINESE BANKING CORPORATION LIMITED
	Address	:	65 CHULIA STREET #26-00 OCBC CENTRE SINGAPORE 049513
3)	Charge No.	:	C200705457
	Date of Registration	:	12/07/2007
	Chargee	:	OVERSEA-CHINESE BANKING CORPORATION LIMITED
	Address	:	65 CHULIA STREET #26-00 OCBC CENTRE SINGAPORE 049513
4)	Charge No.	:	C200606473
	Date of Registration	:	27/09/2006
	Chargee	:	INDIAN BANK
	Address	:	3 RAFFLES PLACE BHARAT BUILDING SINGAPORE 048617
5)	Charge No.	:	C200606472
	Date of Registration	:	27/09/2006
	Chargee	:	INDIAN BANK
	Address	:	3 RAFFLES PLACE BHARAT BUILDING SINGAPORE 048617
6)	Charge No.	:	C200501750
	Date of Registration	:	28/03/2005
	Chargee	:	INDIAN BANK
	Address	:	3 RAFFLES PLACE BHARAT BUILDING SINGAPORE 048617
7)	Charge No.	:	C200401023
	Date of Registration	:	04/03/2004
	Chargee	:	DBS BANK LTD.
	Address	:	6 SHENTON WAY, DBS BUILDING TOWER ONE SINGAPORE 068809
8)	Charge No.	:	200204009
	Date of Registration	:	01/07/2002
	Chargee	:	INDIAN
	Address	:	3 RAFFLES PLACE BHARAT BUILDING SINGAPORE 048617
9)	Charge No.	:	199805176
	Date of Registration	:	09/10/1998
	Chargee	:	INDIAN BANK
	Address	:	3 RAFFLES PLACE BHARAT BUILDING SINGAPORE 048617

LITIGATION

The following litigation suits were traced against Subject. Case status is as per available in database. 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 2 litigation suits filed against Subject.

	Current Year On/After 01 Jan 2010	Past Years W.e.f 01 Jan 2010
Court (Claim under normal circumstances)
Magistrate (< $80,000)	0	1
District ($80,000 - $250,000)	0	0
High (>$250,000)	0	1
Winding Up Trace		No
In litigation/Dissolved/Struck Off/In receivership		No

The details are as follows:

1)	Court	:	Supreme Court
	Case No.	:	1266
	Date of Filing	:	04/10/2001
	Amount	:	746,967.18
	Cause	:	Contracts - Work Done And Service Rendered
	Case Status	:	CONCLUDED
	Plaintiff	:	EVER LUCKY SHIPPING COMPANY LIMITED
	Last Update Date	:	24/06/2010
2)	Court	:	Magistrate Court
	Case No.	:	1974
	Date of Filing	:	25/01/2006
	Amount	:	SGD 1,313.84 SGD 160.00
	Cause	:	Tort - Negligence (Motor Accidents Without Death/ Injury)
	Case Status	:	CONCLUDED
	Plaintiff	:	COMFORT TRANSPORTATION PTE LTD ONG YONG BENG
	Last Update Date	:	24/06/2010

COMPLIANCE RECORDS

Date of Last AGM	:	28/06/2010
Date of Last AR	:	19/07/2010
Date of A/C Laid At Last AGM	:	31/12/2009

FINANCIAL HIGHLIGHTS

Financial Figures	Company
	DEC 2007	% Change	DEC 2006	DEC 2004	DEC 2003
Currency	SGD - SIN		SGD - SIN	SGD - SIN	SGD - SIN
Profit and Loss Key Figures
Turnover	144,065,735	54.13	93,468,301	98,881,563	103,666,731
Profit/(Loss) Before Tax	1,346,234	241.66	394,031	502,163	1,185,043
Profit After Tax attributable to Shareholders	1,195,076	295.44	302,216	432,361	896,941
Balance Sheet Key Figures
Total Assets	30,532,531	50.53	20,282,881	18,866,495	23,939,715
Current Assets	30,339,981	51.23	20,061,727	18,562,964	23,552,183
Non Current Assets	192,550	-12.93	221,154	303,531	387,532
Total Liabilities	22,405,038	73.14	12,940,464	12,091,691	17,597,272
Current Liabilities	22,405,038	73.14	12,940,464	12,091,691	17,597,272
Non Current Liabilities	0	NA	0	0	0
Shareholders' Funds	8,127,493	10.69	7,342,417	6,774,804	6,342,443
Share Capital	2,130,000	0.00	2,130,000	2,130,000	2,130,000
Total Reserves	5,997,493	15.06	5,212,417	4,644,804	4,212,443

FINANCIAL RATIOS

	Company
	DEC 2007	DEC 2006	DEC 2004	DEC 2003
Growth %
Year-on-Year Growth	54.13	NA	-4.62	NA
Profitability
Profit Margin (%)	0.83	0.32	0.44	0.87
Return on Equity (%)	14.70	4.12	6.38	14.14
Return on Assets (%)	3.91	1.49	2.29	3.75
Leverage
Total Debt/Equity (Times)	2.76	1.76	1.78	2.77
Current Debt/Equity (Times)	2.76	1.76	1.78	2.77
Long Term Debt To Equity (Times)	NA	NA	NA	NA
Total Asset To Total Equity (Times)	3.76	2.76	2.78	3.77
Asset Management
Total Assets Turnover (Times)	4.72	4.61	5.24	4.33
Fixed Assets Turnover (Times)	748.20	422.64	325.77	267.50
Liquidity
Current Ratio (Times)	1.35	1.55	1.54	1.34

FINANCIAL COMMENTARY

Compound Annual Growth Rate

The company's CAGR is 8.58% (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

The company yielded a rate of net profit on sales of 0.83 per cent in FY07 (FY06: 0.32 per cent). The company is now able to book in SGD - SIN 0.01 of profit for every SGD - SIN of sales in FY07, as compared with SGD - SIN 0.00 a year ago.

Liquidity

Current ratio stood at 1.35 times in FY07 (FY06: 1.55 times). This means that the company has SGD - SIN 1.35 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 2.76 times in FY07, as compared with 1.76 times in FY06. This means that the company requires additional external financing of SGD - SIN 2.76 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 14.70 per cent for Subject in the current financial period, as compared to 4.12 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 3.91 per cent (FY06: 1.49 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 4.72 times in FY07 (FY06: 4.61 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.45.02
UK Pound	1	Rs.72.70
Euro	1	Rs.62.54

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