MIRA INFORM REPORT

Report Date :

04.05.2011

IDENTIFICATION DETAILS

Name :	NATURAL FOREST PTE. LTD.
Registered Office :	133 Cecil Street #10-01(B) Keck Seng Tower Singapore 069535
Country :	Singapore
Financials (as on) :	31.07.2010
Date of Incorporation :	27.08.2007
Com. Reg. No.:	200715726R
Legal Form :	Limited 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$17,000
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 – 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	:	NATURAL FOREST PTE. LTD.
Registration No	:	200715726R
Date of Registration	:	27/08/2007
Former Name	:	NA
Date of Change of Name	:	NA
Type of Company	:	LIMITED PRIVATE COMPANY
Registered Address	:	133 CECIL STREET #10-01(B) KECK SENG TOWER SINGAPORE 069535
Date of Change of Address	:	25/06/2010
Contact No.	:	62385920
Fax No.	:	NA
Website	:	NA
Registered Activities	:	1. WHOLESALE OF LOGS, SAWN TIMBER, PLYWOOD AND RELATED PRODUCTS TRADING OF TIMBER AND WOOD PRODUCTS ETC 2. GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS)
Issued Ordinary Capital*	:	$100,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 100,000
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$100,000.00 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	:	C.S.CHAN & CO
Bankers / Financiers	:	NA
Turnover	:	SINGAPORE, DOLLARS 144,197,788.02 (FY2010)
Net Worth	:	SINGAPORE, DOLLARS 341,923.67 (FY2010)
No. of Bank Charges	:	NA
No. of Litigation Suits	:	NA
S1000 / SME 500 / FG50 Ranking	:	1649 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2009/2010)
Compounded Annual Growth Rate (CAGR)	:	NA

Credit Rating & Recommendation

Recommended Credit Line

:

S$17,000

SHAREHOLDER DETAILS

NAME	:	SENT OVERSEAS INVESTMENT PTE. LTD.
SHAREHOLDER ID	:	200715725E
NATIONALITY	:	SINGAPORE
ADDRESS	:	133 CECIL STREET #10-01(B) KECK SENG TOWER SINGAPORE 069535
NO. OF ORD SHARES	:	100,000
% OF SHAREHOLDING	:	100%
CURRENCY	:	SINGAPORE, DOLLARS

OFFICER DETAILS

NAME	:	YONG ING FATT
ADDRESS	:	12 WIMBORNE ROAD SINGAPORE 436641
POSITION	:	DIRECTOR
DATE OF APPT	:	27/08/2007
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S0203127B
NAME	:	TING TIEW ANN
ADDRESS	:	12 WIMBORNE ROAD SINGAPORE 436641
POSITION	:	DIRECTOR
DATE OF APPT	:	27/08/2007
NATIONALITY	:	SINGAPORE P.R.
I/C PASSPORT	:	S2505336B
NAME	:	TAN HWEE BIN
ADDRESS	:	120 JURONG EAST STREET 13 #01-83 IVORY HEIGHTS SINGAPORE 600120
POSITION	:	SECRETARY
DATE OF APPT	:	27/08/2007
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S6814026I

KEY PERSONNEL PROFILE

Name:	YONG ING FATT
NRIC Number:	S0203127B
Available Address:	12 WIMBORNE ROAD SINGAPORE 436641

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	EVERGREEN TEAK TRADING PTE LTD	DIRECTOR	16/12/1994	400000	80.00
2	EVERGREEN TEAK TRADING PTE LTD	MANAGING DIRECTOR	16/12/1994	400000	80.00
3	NATURAL FOREST PTE. LTD.	DIRECTOR	27/08/2007	-	-
4	SENT OVERSEAS INVESTMENT PTE. LTD.	DIRECTOR	27/08/2007	-	-

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 (%)
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

Clear

COMPLIANCE

Date of Last AGM	:	28/02/2011
Date of Last AR	:	16/03/2011
Date of A/C Laid At Last AGM	:	31/07/2010

FINANCIAL HIGHLIGHTS

Financial Figures	Company
	JUL 2010	% Change	JUL 2009	JUL 2008
Currency	SINGAPORE, DOLLARS		SINGAPORE, DOLLARS	SINGAPORE, DOLLARS
Profit and Loss Key Figures
Turnover	144,197,788	35.94	106,077,906	37,845,028
Profit/(Loss) Before Tax	104,701	-32.38	154,828	77,119
Profit After Tax attributable to Shareholders	104,505	-30.56	150,496	77,119
Balance Sheet Key Figures
Total Assets	26,056,678	-35.17	40,191,583	23,134,417
Current Assets	26,042,554	-35.18	40,179,428	23,132,315
Non Current Assets	14,124	16.20	12,155	2,102
Total Liabilities	25,714,754	-35.56	39,907,861	22,950,981
Current Liabilities	25,714,754	-35.56	39,907,861	22,950,981
Non Current Liabilities	0	NA	0	0
Shareholders' Funds	341,924	20.51	283,723	183,436
Share Capital	105,038	-4.97	110,528	106,317
Total Reserves	236,886	36.77	173,195	77,119

FINANCIAL RATIOS

	Company
	JUL 2010	JUL 2009	JUL 2008
Growth %
Year-on-Year Growth	35.94	180.30	NA
Profitability
Profit Margin (%)	0.07	0.14	0.20
Return on Equity (%)	30.56	53.04	42.04
Return on Assets (%)	0.40	0.37	0.33
Leverage
Total Debt/Equity (Times)	75.21	140.66	125.12
Current Debt/Equity (Times)	75.21	140.66	125.12
Long Term Debt To Equity (Times)	0.00	0.00	0.00
Total Asset To Total Equity (Times)	76.21	141.66	126.12
Asset Management
Total Assets Turnover (Times)	5.53	2.64	1.64
Fixed Assets Turnover (Times)	10,209.39	8,727.04	18,004.29
Liquidity
Current Ratio (Times)	1.01	1.01	1.01

FINANCIAL COMMENTARY

Profitability

The company yielded a rate of net profit on sales of 0.07 per cent in FY10 (FY09: 0.14 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 0.00 a year ago.

Liquidity

Current ratio stood at 1.01 times in FY10 (FY09: 1.01 times). This means that the company has SINGAPORE, DOLLARS 1.01 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.

FINANCIAL COMMENTARY

Leverage

Total debt-to-equity ratio notched 75.21 times in FY10, as compared with 140.66 times in FY09. This means that the company requires additional external financing of SINGAPORE, DOLLARS 75.21 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 30.56 per cent for Subject in the current financial period, as compared to 53.04 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 0.40 per cent (FY09: 0.37 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 5.53 times in FY10 (FY09: 2.64 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.44.34
UK Pound	1	Rs.73.69
Euro	1	Rs.65.75

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.