MIRA INFORM REPORT

Report Date :

03.08.2011

IDENTIFICATION DETAILS

Name :	PARGAN SINGAPORE PTE LTD
Registered Office :	101 Cecil Street #22-08 Tong Eng Building Singapore 069533
Country :	Singapore
Financials (as on) :	31.03.2001
Date of Incorporation :	19.04.1997
Com. Reg. No.:	199702633z
Legal Form :	Exempt Pte Ltd
Line of Business :	International commodity trading specialised in timber logs and timber related products, raw cashew nuts, sesame seed, agro commodities, spices and other general mechandise

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 :	SGD 300,000
Status :	Moderate
Payment Behaviour :	Regular
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	a1	a1

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

Subject Company

PARGAN SINGAPORE PTE LTD

Line Of Business 

 
INTERNATIONAL COMMODITY TRADING SPECIALISED IN TIMBER LOGS AND TIMBER RELATED PRODUCTS, RAW CASHEW NUTS, SESAME SEED, AGRO COMMODITIES, SPICES AND OTHER GENERAL MECHANDISE 

Parent Company

----

Financial Elements

FY 2001

COMPANY

Sales : S$31,027,694

Networth : S$1,328,314

Paid-Up Capital : S$1,250,000

Net result : S$15,713

Net Margin(%) : 0.05%

Return on Equity(%) : 1.18%

Leverage Ratio : 2.88%

Rating

Credit Opinion : CREDIT LINE TO A MAXIMUM OF SGD 300,000 CAN BE CONSIDERED

COMPANY IDENTIFICATION

Subject Company :	PARGAN SINGAPORE PTE LTD
Business Address:	101 CECIL STREET #22-08 TONG ENG BUILDING
Town:	SINGAPORE
Postcode:	069533
Country:	Singapore
Telephone:	6221 3716
Fax:	6220 1691
ROC Number:	199702633Z
Easy Number company:	00000405623657

SUMMARY

Legal Form:	Exempt Pte Ltd
Date Inc.:	19/04/1997
Summary year :
All amounts in this report are in :	SGD
Sales:	31,027,694
Networth :	1,328,314
Capital:
Paid-Up Capital:	1,250,000
Employees:	10
Net result :	15,713
Share value:

AUDITOR

 
FOO KON TAN GRANT THORNTON LLP  
 
 
BASED ON ACRA'S RECORD 
 
  NO OF SHARE  CURRENCY  AMOUNT 
ISSUED ORDINARY  2,000,000  SGD  2,000,000.00
PAID-UP ORDINARY  -  SGD  2,000,000.00

REFERENCES

Credit Opinion:

CREDIT LINE TO A MAXIMUM OF SGD 300,000 CAN BE CONSIDERED

Litigation:	Yes
Company status :	TRADING
Started :	19/04/1997

PRINCIPAL(S)

BASANT KUMAR MAHESHWARI

S2613463C

Director

DIRECTOR(S)

FOO SOON SOO	S1310912E	Company Secretary
Appointed on :	18/01/2005
Street :	4 MIMOSA VALE MIMOSA VALE
Town:	SINGAPORE
Postcode:	807927
Country:	Singapore

BASANT KUMAR MAHESHWARI	S2613463C	Director
Appointed on :	19/04/1997
Street :	20 AMBER ROAD #14-02 KING'S MANSION
Town:	SINGAPORE
Postcode:	439869
Country:	Singapore

LALITA BASANT MAHESHWARI	S2613464A	Director
Appointed on :	15/06/2001
Street :	20 AMBER ROAD #14-02 KING'S MANSION
Town:	SINGAPORE
Postcode:	439569
Country:	Singapore

FORMER DIRECTOR(S)

KWAN HON KAY @ LAWRENCE KWAN	S0283956C
DAU DAYAL GUPTA	S2558283G

ACTIVITY(IES)

Activity Code:	11760	IMPORTERS And EXPORTERS
Activity Code:	21690	TIMBER - WHSLE

BASED ON ACRA'S RECORD 
1) WHOLESALE OF LOGS, SAWN TIMBER, PLYWOOD AND RELATED PRODUCTS; 
 TRADER IN TIMBER AND OTHER COMMODITIES 
2) GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS)

CHARGES

	NOT AVAILABLE
Date:	28/01/2000
Amount:	0
Comments :	CHARGE NO: 200000453 (DISCHARGED) AMOUNT SECURED: ALL MONIES OWING CHARGEE: THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

	NOT AVAILABLE
Date:	08/04/2004
Amount:	0
Comments :	CHARGE NO: C200401803 (DISCHARGED) AMOUNT SECURED: ALL MONIES OWING CHARGEE: NEDBANK LTD

	NOT AVAILABLE
Date:	18/12/2003
Amount:	0
Comments :	CHARGE NO: C200306109 (DISCHARGED) AMOUNT SECURED: ALL MONIES OWING CHARGEE: DBS BANK LTD

	NOT AVAILABLE
Date:	06/10/2003
Amount:	0
Comments :	CHARGE NO: C200304749 (DISCHARGED) AMOUNT SECURED: ALL MONIES OWING CHARGEE: THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD

	NOT AVAILABLE
Date:	12/01/2006
Amount:	0
Comments :	CHARGE NO: C200600286 (DISCHARGED) AMOUNT SECURED: ALL MONIES OWING CHARGEE: OVERSEA-CHINESE BANKING CORPORATION LIMITED

	AVAILABLE
Date:	08/10/2009
Amount:	0
Comments :	CHARGE NO: C200906378 AMOUNT SECURED: ALL MONIES OWING CHARGEE: OVERSEA-CHINESE BANKING CORPORATION LIMITED

PREMISES/PROPERTY INFORMATIONS

	AVAILABLE
Date:	16/03/2011
Site Address :	101 CECIL STREET #22-08 TONG ENG BUILDING SINGAPORE 069533 Singapore
Annual Value:	29,100

* ANNUAL VALUE IS THE ESTIMATED ANNUAL RENT THE PROPERTY CAN FETCH IF IT WERE RENTED OUT. THE ANNUAL VALUE IS DETERMINED IN THE SAME MANNER REGARDLESS OF WHETHER THE PROPERTY IS LET-OUT, OWNER-OCCUPIED OR VACANT.

BANKERS

DBS BANK LTD.

OVERSEA-CHINESE BANKING CORPORATIONLIMITED

NEDCOR BANK LIMITED, SPORE BRANCH

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

ASSOCIATED COMPANY(IES)

SPRUCE SOFT INTERNATIONAL PTE LTD	SINGAPORE
	Singapore

SHAREHOLDERS(S)

BASANT KUMAR MAHESHWARI

1,200,000

Private Person

Street :	20 AMBER ROAD #14-02 KING'S MANSION
Town:	SINGAPORE
Postcode:	439869
Country:	Singapore

LALITA BASANT MAHESHWARI

800,000

Private Person

Street :	20 AMBER ROAD #14-02 KING'S MANSION
Town:	SINGAPORE
Postcode:	439569
Country:	Singapore

FORMER SHAREHOLDER(S)

DAU DAYAL GUPTA

625,000

PAYMENT HISTORY AND EXPERIENCES

Trade Morality:	AVERAGE
Liquidity :	UNKNOWN
Payments :	REGULAR
Trend :	LEVEL
Financial Situation:	UNKNOWN

LITIGATION(S)

Type Of Case:	High Court - W/S
Case Number:	HWS00712/2007
Defendant	PARGAN SINGAPORE PTE LTD	ROC # : 199702633Z

Type Of Case:	District Court - W/S
Case Number:	DCS00252/2007
Defendant	PARGAN SINGAPORE PTE LTD	ROC # : 199702633Z
Plaintiff	SAJ VIET OVERSEAS PRIVATE LIMITED	ROC # :
	AMOUNT: 161,037.02 USD

Type Of Case:	High Court - W/S
Case Number:	HWS01403/98
Defendant	PARGAN SINGAPORE PTE LTD	ROC # : 199702633Z
Plaintiff	WAWOI GUAVI TIMBER CO PTY LTD	ROC # : 199702633Z
	P-WA WOI GUAVI TIMBER CO PTY LTD

Type Of Case:	District Court - W/S
Case Number:	DCS00321/2000
Plaintiff	SAMTA PTE LTD	ROC # : 197400501K
Defendant	PARGAN SINGAPORE PTE LTD	ROC # : 199702633Z

Type Of Case:	District Court - W/S
Case Number:	DCS51404/1998
Defendant	PARGAN SINGAPORE PTE LTD	ROC # : 199702633Z
Plaintiff	WAWOI GUAVI TIMBER CO PTY LTD	ROC # : 197400501K

Type Of Case:	Magistrate Court - W/S
Case Number:	MCS21349/2002
Defendant	PARGAN SINGAPORE PTE LTD	ROC # : 199702633Z
Plaintiff	WISDOM INTERNATIONAL LINES PTE LTD	ROC # : 200104566C

Type Of Case:	High Court - W/S
Case Number:	HWS600178/2000
Defendant	PARGAN SINGAPORE PTE LTD	ROC # : 199702633Z
Plaintiff	MODERN SYNTEX (INDIA) LTD	ROC # : 199702633Z
	P// MODERN SYNTEX INDIA LTD

FINANCIAL ELEMENTS

All amounts in this report are in :

SGD

Audit Qualification:	UNQUALIFIED (CLEAN) OPINION	UNQUALIFIED (CLEAN) OPINION	UNQUALIFIED (CLEAN) OPINION
Date Account Lodged:
Balance Sheet Date:	31/03/2001	31/03/2000	31/03/1999
Number of weeks:	52	52	52
Consolidation Code:	COMPANY	COMPANY	COMPANY

ASSETS
Intangible Fixed Assets:	0	0	2,489
Tangible Fixed Assets:	1,408,056	1,320,427	121,442
Investments	250,000
Total Fixed Assets:	1,658,056	1,320,427	123,931
Receivables:	3,352,870	3,954,428	3,917,771
Cash,Banks, Securitis:	78,838	52,681	37,103
Other current assets:	69,823	59,832	53,427
Total Current Assets:	3,501,531	4,066,941	4,008,301
TOTAL ASSETS:	5,159,587	5,387,368	4,132,232
LIABILITIES
Equity capital:	1,250,000	1,000,000	1,000,000
Profit & lost Account:	78,314	62,601	58,853
Total Equity:	1,328,314	1,062,601	1,058,853
Long Term Loans:	692,400	831,200
L/T deffered taxes:	12,000	12,000	12,000
Other long term Liab.:	95,057
Total L/T Liabilities:	799,457	843,200	12,000
Trade Creditors:	1,473,489	1,484,543	1,647,324
Short term liabilities:	18,700
Due to Bank:	1,528,144	1,814,014	1,379,133
Provisions:	8,487	43,180	20,640
Other Short term Liab.:	2,996	139,830	14,282
Total short term Liab.:	3,031,816	3,481,567	3,061,379
TOTAL LIABILITIES:	3,831,273	4,324,767	3,073,379
PROFIT & LOSS ACCOUNT
Net Sales	31,027,694	46,906,045	43,824,794
Gross Profit:	1,247,351	1,175,734
Results of Ord Ops:	456,201	388,581
NET RESULT BEFORE TAX:	22,213	26,288	60,760
Tax :	6,500	22,540	24,000
Net income/loss year:	15,713	3,748	36,760
Interest Paid:	433,988	362,293	327,784
Depreciation:	51,511	17,331	30,156
Wages and Salaries:	260,416	284,753

RATIOS

Date Account Lodged:	31/03/2001	31/03/2000	31/03/1999
Turnover per employee:	3102769.4	4690604.5	4382479.4
Net result / Turnover(%):	0	0	0
Fin. Charges / Turnover(%):	0.01	0.01	0.01
Net Margin(%):	0.05	0.01	0.08
Return on Equity(%):	1.18	0.35	3.47
Return on Assets(%):	0.3	0.07	0.89
Net Working capital:	469715	585374	946922
Cash Ratio:	0.03	0.02	0.01
Quick Ratio:	1.13	1.15	1.29
Current ratio:	1.15	1.17	1.31
Receivables Turnover:	38.9	30.35	32.18
Leverage Ratio:	2.88	4.07	2.91

 
Net Margin  : (100*Net income loss year)/Net sales
Return on Equity : (100*Net income loss year)/Total equity
Return on Assets  : (100*Net income loss year)/Total fixed assets
Dividends Coverage  : Net income loss year/Dividends
Net Working capital  : Total current assets - Total short term liabilities
Cash Ratio  : Cash Bank securities/Total short term liabilities
Quick Ratio  : (Cash Bank securities+Receivables)/Total Short term liabilities
Current ratio  : Total current assets/Total short term liabilities
Inventory Turnover : (360*Inventories)/Net sales
Receivables Turnover  : (Receivable*360)/Net sales
Leverage Ratio  : Total liabilities/(Total equity-Intangible assets)

FINANCIAL COMMENTS

NOTE: THE FINANCIAL STATEMENT IN THIS REPORT IS THOSE OF 2001 AND IS 
CONSIDERED OUTDATED. HENCE, FINANCIAL ANALYSIS IS NOT CONDUCTED. THE 
FINANCIAL STATEMENT SERVES AS A REFERENCE ONLY. IN REPLACEMENT, 
ADVERSE CHECK ON ITS LOCAL DIRECTORS ARE MADE.
 
EXEMPT PRIVATE COMPANY 
WHERE THE SHARES OF A PRIVATE COMPANY ARE NOT OWNED BY ANY CORPORATE 
BODY AND THERE ARE NO MORE THAN 20 MEMBERS, THE PRIVATE COMPANY IS 
KNOWN AS AN EXEMPT PRIVATE COMPANY.
AN EXEMPT PRIVATE COMPANY ENJOYS A GREATER AMOUNT OF PRIVACY THAN A 
PRIVATE COMPANY. IT IS NOT REQUIRED TO FILE ACCOUNTS WITH THE 
REGISTRAR IF IT CAN PRODUCE A CERTIFICATE SIGNED BY ONE OF ITS 
DIRECTORS, SECRETARY AND AUDITOR CONFIRMING THE FOLLOWING POINTS: 
1. THE COMPANY IS AN EXEMPT PRIVATE COMPANY.
2. THE AUDITED ACCOUNTS HAVE BEEN TABLED BEFORE THE SHAREHOLDERS 
AT THE ANNUAL GENERAL MEETING. 
3. THE COMPANY IS ABLE TO MEET ITS LIABILITIES. 
 
THERE IS THEREFORE NO DISCLOSURE TO THE PUBLIC OF THE ACCOUNTS OF THE
COMPANY ALTHOUGH THE ACCOUNTS STILL HAVE TO BE AUDITED EVERY YEAR AND 
APPROVED AT AN ANNUAL GENERAL MEETING OF THE COMPANY. 
 
A PRIVATE COMPANY THAT IS WHOLLY OWNED BY THE GOVERNMENT MAY BECOME AN
EXEMPT PRIVATE COMPANY IF THE MINISTER FOR FINANCE, IN THE NATIONAL
INTEREST, DECLARES IT TO BE SUCH BY A GAZETTE NOTIFICATION. 
 
EXEMPT FROM AUDIT  
AN EXEMPT PRIVATE COMPANY IS EXEMPT FROM AUDIT REQUIREMENTS IF THE 
STARTING DATE OF ITS FINANCIAL YEAR IS BETWEEN 15 MAY 2003 AND 31 MAY
2004 AND ITS TURNOVER FOR THAT FINANCIAL YEAR DOES NOT EXCEED $2.5 
MILLION. FOR FINANCIAL YEARS STARTING 1 JUNE 2004, THE AMOUNT OF THE 
TURNOVER HAS BEEN RAISED TO $5 MILLION. THESE COMPANIES ARE STILL 
REQUIRED TO MAINTAIN PROPER ACCOUNTING.

BACKGROUND/OPERATION

THE COMPANY WAS INCORPORATED IN THE REPUBLIC OF SINGAPORE ON  
19/04/1997 AS A LIMITED EXEMPT PRIVATE COMPANY AND IS TRADING UNDER 
ITS PRESENT NAMESTYLE AS "PARGAN SINGAPORE PTE LTD". 
 
AS AT 10/03/2011, THE COMPANY HAS AN ISSUED AND PAID-UP CAPITAL OF
2,000,000 SHARES OF A VALUE OF S$2,000,000. 
 
PRINCIPAL ACTIVITIES: 
SUBJECT IS REGISTERED WITH THE ACCOUNTING & CORPORATE REGULATORY 
AUTHORITY (ACRA) TO BE PRINCIPALLY ENGAGED IN THE BUSINESS OF:
1) WHOLESALE OF LOGS, SAWN TIMBER, PLYWOOD AND RELATED PRODUCTS; 
 TRADER IN TIMBER AND OTHER COMMODITIES  
2) GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS)
 
FROM THE RESEARCH DONE, THE FOLLOWING INFORMATION WAS GATHERED:
  
SUBJECT ENGAGES IN THE FOLLOWING ACTIVITY: 
* INTERNATIONAL TRADING COMPANY 
* INTERNATIONAL COMMODITY TRADING SPECIALISED IN TIMBER LOGS AND 
TIMBER RELATED PRODUCTS, RAW CASHEW NUTS, SESAME SEED, AGRO
COMMODITIES, SPICES AND OTHER GENERAL MECHANDISE 
 
OVERSEAS OFFICES:  
SOUTH EAST ASIA 
* INDONESIA
* MALAYSIA 
* MYANMAR 
* VIETNAM  
* INDIA 
* SINGAPORE
AFRICA 
* IVORY COAST  
* NIGERIA 
 
THEY USE THEIR BUSINESS ASSOCIATES AND AGENTS FOR THE TRADE
RELATIONSHIPS TO THE FOLLOWING REGIONS: 
* EUROPE 
* INDIAN SUBCONTINENT 
* MIDDLE EAST  
* AMERICAS
 
THEIR PRODUCTS ARE CLASSIFIED IN 3 MAJOR SEGMENTS 
* TIMBER AND ALLIED PRODUCTS 
* AGRO-COMMODITIES 
* GENERAL MERCHANDISE COMPRISING OF MANUFACTURED PRODUCTS
 
PRODUCTS DEALINGS:  
- TIMBER LOGS 
* TEAK 
* KERUING
* MERBAU 
* SELANGAN BATU  
* MERANTI 
* KAPUR 
* RESAK
* ARAU  
* PYINKADO 
* PINYAU 
* PINE 
IMPORT COUNTRIES:
* MALAYSIA  
* INDONESIA 
* MYANMAR 
* NEW ZEALAND  
* PAPUA NEW GUINEA
* SOLOMON ISLANDS 
* IVORY COAST 
* GHANA 
* TOGO  
* NIGERIA
* EQUADOR 
* CHILE 
* WEST INDIES  
* ETC
 
- OTHER TIMBER PRODUCTS 
* PARTICLE BOARDS 
* PLYWOOD 
* VENEER 
* SAWN TIMBER
IMPORT COUNTRIES: 
* MALAYSIA 
* INDONESIA  
* THAILAND 
* CHINA
* INDIA 
* ITALY  
* ROMANIA 
* BRAZIL
 
- CASHEW NUTS 
* RAW CASHEW NUTS 
* CASHEW KERNELS  
IMPORT COUNTRIES: 
* VIETNAM
* INDIA 
  
- AGRO-COMMODITIES: 
* CLOVE 
* BLACK EYE BEANS
* BROAD BEANS 
* GINGER  
* WHITE HALF WALNUT MEAT 
* SMALL DRIED PEPPER 
* TUMBRIC
* WHITE SESAME SEEDS  
* BUTTER BEANS 
* SESAME CAKE 
* CHINESE SOYA BEAN MEAL 
* YELLOW MAIZE
* BURMESE GROUNDNUT CAKE 
* LARGE SPECKLED KIDNEY BEAN 
* CORRIANDER 
* LEUTILS  
* PEANUT
* CASTOR SEEDS KAP 
* GREEN BEAN 
* LIGHT SPECKLED KIDNEY BEANS 
* BROWN SESAME SEEDS 
* PEARL BEANS
* WHITE PUMPKIN SEEDS MEAT 
* RED KIDNEY BEAN 
* TOORWHOLE  
* GRAM DHALL 
* BLACK MATPE
* CUMMIN 
* RED BEAN 
IMPORT COUNTRIES: 
* MALAYSIA 
* INDONESIA
* VIETNAM 
* IVORY COAST  
* NIGERIA 
 
- GENERAL MERCHANDISE
  
= BISCUIT & CONFECTIONERY 
IMPORT COUNTRIES: 
* MALAYSIA 
* INDONESIA
* VIETNAM  
 
= BUILDING MATERIAL 
IMPORT COUNTRIES:  
* VIETNAM
* INDIA 
 
= CARBON BLACK
IMPORT COUNTRIES: 
* INDIA 
 
= CROWN CAPS, LUG CAPS, PLASTIC CLOSURES, AND ROPP ALUMINIUM CAPS 
(USED BY FOOD AND BEVERAGE MANUFACTURERS)
IMPORT COUNTRIES: 
* INDIA 
 
= ELECTRIC OVEN
IMPORT COUNTRIES:  
* CHINA 
 
= JUTE AND JUTE BAGS 
IMPORT COUNTRIES:
* BANGLADESH 
* INDIA 
 
= FOOTWEAR
IMPORT COUNTRIES: 
* VIETNAM 
 
= FRUIT JUICES AND FRUIT FLAVORS  
IMPORT COUNTRIES:
* MALAYSIA 
* THAILAND 
* VIETNAM 
  
= GARMENTS
(COTTON, LACE AND EMBROIDERED) 
IMPORT COUNTRIES: 
* INDONESIA  
* INDIA
= GAS STOVE 
IMPORT COUNTRIES: 
* INDIA
  
= GLASS BOTTLES 
IMPORT COUNTRIES: 
* INDONESIA 
* INDIA
  
= MILK & MILK PRODUCTS 
IMPORT COUNTRIES: 
* INDONESIA 
* VIETNAM
* INDIA 
 
= STEEL 
IMPORT COUNTRIES:
* INDIA  
 
= TOILETRIES 
IMPORT COUNTRIES:  
* INDONESIA
* INDIA 
 
= TYRES 
IMPORT COUNTRIES:  
* INDIA
* CHINA 
 
SUBJECT IS A MEMBER OF THE FOLLOWING ENTITIES:  
* SINGAPORE INDIAN CHAMBER OF COMMERCE AND INDUSTRIES 
* SINGAPORE TRADERS ASSOCIATION
* SINGAPORE BUSINESS FEDERATION 
* WORLD CASHEW ASSOCIATION  
 
FROM THE PRIOR TELE-INTERVIEW CONDUCTED, THE FOLLOWING 
WAS GATHERED:
 
NUMBER OF EMPLOYEES:  
* 2008: 10 
 
NO OTHER TRADE INFORMATION EXCEPT VERIFICATION OF BUSINESS ADDRESS AND
CONTACT NUMBER, IS AVAILABLE AS TELE-INTERVIEW ON BUSINESS ACTIVITIES 
WAS NOT GRANTED BY SUBJECT'S PERSONNEL 
 
FROM THE TELE-INTERVIEW CONDUCTED, THE FOLLOWING WAS 
GATHERED:
  
SUBJECT CONFIRMED ITS BUSINESS ADDRESS, EMAIL, WEBSITE AND FAX NUMBER.
 
NO OTHER TRADE INFORMATION IS AVAILABLE 
 
REGISTERED AND BUSINESS ADDRESS: 
101 CECIL STREET 
#22-08 TONG ENG BUILDING 
SINGAPORE 069533  
DATE OF CHANGE OF ADDRESS: 05/11/2009
- OWNED PREMISE 
 
WEBSITE: http://www.pargan.net  
 
EMAIL: info@pargan.net

MANAGEMENT

THE DIRECTORS AT THE TIME OF THIS REPORT ARE: 
 
1) BASANT KUMAR MAHESHWARI, A SINGAPOREAN 
 - HOLDS OTHER DIRECTORSHIPS AS RECORDED IN OUR DATABASE: 
 S.S INFORMATICS PTE LTD
 
2) LALITA BASANT MAHESHWARI, A SINGAPORE PERMANENT RESIDENT 
 - HOLDS NO OTHER DIRECTORSHIPS AS RECORDED IN OUR DATABASE.

ADVERSE ON DIRECTORS

DIRECTOR'S NAME : BASANT KUMAR MAHESHWARI 
ADVERSE REPORT AGAINST DIRECTOR : NOT AVAILABLE FROM OUR DATABASE 
PROPERTY OWNERSHIP : OWNS 1 
ANNUAL VALUE : S$30,000 
CO-OWNER (S) : LALITA BASANT MAHESHWARI
  
DIRECTOR'S NAME : LALITA BASANT MAHESHWARI 
ADVERSE REPORT AGAINST DIRECTOR : NOT AVAILABLE FROM OUR DATABASE 
PROPERTY OWNERSHIP : OWNS 1 
ANNUAL VALUE : S$30,000
CO-OWNER (S) : BASANT KUMAR MAHESHWARI 
 
* ANNUAL VALUE IS THE ESTIMATED ANNUAL RENT THE PROPERTY CAN FETCH IF 
IT WERE RENTED OUT. THE ANNUAL VALUE IS DETERMINED IN THE SAME MANNER 
REGARDLESS OF WHETHER THE PROPERTY IS LET-OUT, OWNER-OCCUPIED OR
VACANT.

Singapore’s Country Rating 2010

Investment Grade

THE SINGAPORE ECONOMY WAS SIGNIFICANTLY AFFECTED BY THE CRISIS DUE TO THE CONTRACTION OF EXPORTS, WHICH REPRESENT 210% OF GDP. SALES ABROAD OF MANUFACTURED PRODUCTS (ELECTRONICS, ENGINEERING, PHARMACEUTICALS, PETROCHEMICALS) AND SERVICES (FINANCIAL SERVICES, TOURISM, TRANSPORT) WERE AFFECTED BY THE WEAK PERFORMANCE OF THE MAIN TRADING PARTNERS (MALAYSIA, UNITED STATES, CHINA, JAPAN). WITH THE ECONOMY'S SLIDE INTO RECESSION, THE CENTRAL BANK REDUCED INTEREST RATES SEVERAL TIMES AND A STIMULUS PROGRAMME REPRESENTING 8% OF GDP WAS IMPLEMENTED IN JANUARY LAST YEAR. ALTHOUGH INCREASED PUBLIC SPENDING ON INFRASTRUCTURE, TRANSPORT, HEALTH AND EDUCATION ENABLED THE AUTHORITIES TO LIMIT THE CONTRACTION OF INVESTMENT, THAT DID NOT SUFFICE TO OFFSET THE DROP IN PRIVATE INVESTMENT. THE GOVERNMENT MOREOVER GRANTED DEFAULT GUARANTEES OF UP TO 80% ON NEW LOANS. AND HOUSEHOLD CONSUMPTION WAS SUPPORTED BY A REDUCTION OF INCOME TAX AND MEASURES TO FOSTER EMPLOYMENT. 

IN Q1 2010, GROWTH REBOUNDED SIGNIFICANTLY (15.5% Y/Y). FOR THE ENTIRE YEAR, GROWTH IS EXPECTED TO REMAIN HIGH (8.9%) THANKS TO THE POSITIVE IMPACT ON DOMESTIC DEMAND OF THESE EXPANSIONARY MONETARY AND FISCAL POLICIES AND THE GRADUAL RECOVERY OF THE WORLD ECONOMY. INVESTMENT, CONSUMPTION, AND NET EXPORTS ARE AGAIN EXPECTED TO CONTRIBUTE POSITIVELY TO GROWTH. ON THE SUPPLY SIDE, THE CONSTRUCTION SECTOR WILL BENEFIT AGAIN THIS YEAR FROM INCREASED PUBLIC SPENDING WHILE ELECTRONICS, PHARMACEUTICALS, PETROCHEMICALS, FINANCIAL SERVICES, AND TOURISM WILL GRADUALLY RECOVER. THE COFACE PAYMENT MONITORING RECORDS ARE THUS EXPECTED TO REFLECT THIS FAVOURABLE TREND. SINGAPORE BOASTS THE BEST GOVERNANCE IN ASIA UNDERPINNED BY AN EFFECTIVE LEGAL SYSTEM THAT FACILITATES CLAIM COLLECTION AND A HIGH LEVEL OF FINANCIAL TRANSPARENCY.

STRONG FINANCIAL POSITION

DESPITE IMPLEMENTATION OF A BROAD STIMULUS PROGRAMME, THE COUNTRY CONTINUED TO RUN A SLIGHT FISCAL SURPLUS IN 2009, WHICH IS EXPECTED TO GROW IN 2010. PUBLIC SECTOR FINANCES HAVE THUS REMAINED SOLID.

DESPITE THE CONTRACTION OF THE CURRENT ACCOUNT SURPLUS, EXTERNAL ACCOUNTS ALSO REMAINED LARGELY IN SURPLUS LAST YEAR. IN 2010, THE CURRENT ACCOUNT SURPLUS WILL LIKELY REMAIN STABLE AS RESULT OF THE MORE RAPID RECOVERY OF IMPORTS COMPARED TO EXPORTS, ASSOCIATED WITH THE RISE OF RAW MATERIAL PRICES AND THE REBOUND OF DOMESTIC DEMAND. BESIDES, THE VOLATILITY OF PORTFOLIO INVESTMENT FLOWS THAT DEVELOPED AFTER THE LEHMAN BROTHERS BANKRUPTCY EASED IN 2009. IN 2010, THE HIGH LEVEL OF FOREIGN EXCHANGE RESERVES IS EXPECTED TO CONTINUE TO ENDOW THE COUNTRY WITH GOOD CAPACITY TO WITHSTAND SUDDEN CAPITAL.

MOREOVER, DESPITE THE INTERNATIONAL FINANCIAL TURMOIL AND THE EXPOSURE OF SOME BANKS TO SUBPRIMES AND LEHMAN BROTHERS, THE BANKING SYSTEM IS STILL SOLID THANKS TO SATISFACTORY RISK MANAGEMENT, EFFECTIVE OVERSIGHT, AND HIGH SOLVENCY AND LIQUIDITY RATIOS. 

ASSETS

· VERY HIGH QUALITY-COMPETITIVENESS

· DEVELOPMENT OF HIGH VALUE-ADDED SECTORS (CHEMICALS, PHARMACEUTICALS, FINANCE)

· STRONG FDI INFLOWS THANKS TO AN ADVANTAGEOUS TAX REGIME, POLITICAL STABILITY AND AN EXCELLENT BUSINESS ENVIRONMENT

· MAJOR EXPORTER OF CAPITAL IN ASIA VIA THE PUBLIC HOLDING COMPANY TEMASEK

WEAKNESSES

• ECONOMY DEPENDENT ON FOREIGN DEMAND
• SHORTAGES OF SKILLED LABOUR
• AGEING POPULATION
• LATENT SOCIAL TENSIONS IN A CONTEXT OF INCREASING INEQUALITY AND GROWING DURABLE UNEMPLOYMENT AMONG THE LEAST SKILLED

WHOLESALE AND RETAIL TRADE SECTOR

PAST PERFORMANCE

THE WHOLESALE AND RETAIL TRADE SECTOR GREW BY 19.0 IN 2Q 2010, FOLLOWING THE 17.0% GAIN IN 1Q 2010. IT IS ATTRIBUTED TO IMPROVEMENTS IN GLOBAL TRADE FLOWS.

DOMESTIC WHOLESALE TRADE INDEX

THE DOMESTIC WHOLESALE TRADE (SEASONALLY ADJUSTED) DECLINED BY 1.4% IN 2Q 2010 OVER 1Q 2010, WITH LOWER SALES IN CHEMICALS AND CHEMICAL PRODUCTS, INDUSTRIAL AND CONSTRUCTION MACHINERY. EXCLUDING PETROLEUM, OVERALL DOMESTIC SALES FELL BY 3.4%.

COMPARED TO THE SAME PERIOD A YEAR AGO, DOMESTIC WHOLESALE TRADE IN 2Q 2010 ROSE BY 15.1%, WITH HIGHER SALES REPORTED BY ALL SECTORS EXCEPT INDUSTRIAL AND CONSTRUCTION MACHINERY SECTOR. EXCLUDING PETROLEUM, DOMESTIC WHOLESALE TRADE GREW BY 20.0%.

AFTER REMOVING PRICE EFFECT, DOMESTIC WHOLESALE TRADE VOLUME SHOWED A RELATIVELY SMALLER YEAR-0N-YEAR INCREASE OF 1.3%. EXCLUDING PETROLEUM, DOMESTIC WHOLESALE TRADE GREW BY 15.4%.

MOST SECTORS REGISTERED QUARTER-ONP-QUARTER DECLINES IN DOMESTIC WHOLESALE TRADE AFTER SEASONAL ADJUSTMENT.

CHEMICALS AND CHEMICAL PRODUCTS AND INDUSTRIAL AND CONSTRUCTION MACHINERY SECTORS RECORDED DECREASES OF 14.0% AND 9.0% RESPECTIVELY. PETROLEUM AND PETROLEUM PRODUCTS, ELECTRONIC COMPONENTS, FOOD, BEVERAGES AND TOBACCO AND GENERAL WHOLESALE TRADE SECTORS ALSO RECORDED DECLINES OF BETWEEN 1.8% AND 5.0% IN THEIR DOMESTIC SALES.

ON THE OTHER HAND, TIMBER, PAINTS AND CONSTRUCTION MATERIALS AND TELECOMMUNICATIONS AND COMPUTERS SECTORS, RECORDED POSITIVE QUARTER-ON-QUARTER GROWTHS OF 3.7% AND 0.9% RESPECTIVELY.

ALL WHOLESALE SECTORS, WITH THE EXCEPTION OF INDUSTRIAL AND CONSTRUCTION MACHINERY, REPORTED YEAR-ON-YEAR GROWTHS IN DOMESTIC WHOLESALE TRADE IN 2Q 2010.

GENERAL WHOLESALE TRADE SECTOR REGISTERED A STRONG POSITIVE GROWTH OF 63.7% IN ITS DOMESTIC SALES, COMPARED TO 2Q 2009. OTHER SECTORS THAT EXPERIENCED DOUBLE-DIGIT YEAR-ON-YEAR INCREASES IN DOMESTIC WHOLESALE TRADE INCLUDE ELECTRONIC COMPONENTS (25.4%), TELECOMMUNICATIONS AND COMPUTERS (23.0%), TIMBER, PAINTS AND CONSTRUCTION MATERIALS (21.3%), CHEMICALS AND CHEMICAL PRODUCTS (19.6%), SHIP CHANDLERS AND BUNKERING (15.9%) AND HOUSEHOLD EQUIPMENT AND FURNITURE (10.4%).

DOMESTIC SALES OF THE INDUSTRIAL AND CONSTRUCTION MACHINERY SECTOR DECLINED SLIGHTLY BY 3.0% COMPARED TO 2Q 2009.

FOREIGN WHOLESALE TRADE INDEX

COMPARED TO 1Q 2010, FOREIGN WHOLESALE TRADE (SEASONALLY ADJUSTED) GREW 3.1% IN 2Q 2010, WITH MOST OF THE WHOLESALE SECTORS REGISTERING HIGHER SALES. EXCLUDING PETROLEUM, FOREIGN WHOLESALE TRADE ROSE BY 4.4% QUARTER-ON-QUARTER.

ON A YEAR-ON-YEAR BASIS, FOREIGN WHOLESALE TRADE GREW BY 28.8%, WITH STRONG GROWTHS IN MOST WHOLESALE SECTORS. EXCLUDING PETROLEUM, FOREIGN WHOLESALE TRADE ROSE BY 18.8%.

AFTER ADJUSTING FOR PRICE CHANGES, FOREIGN WHOLESALE TRADE VOLUME ROSE BY 13.7% YEAR-ON-YEAR. EXCLUDING PETROLEUM, FOREIGN WHOLESALE TRADE VOLUME GREW BY 14.1%.

AFTER SEASONAL ADJUSTMENT, ALL WHOLESALE SECTORS REGISTERED POSITIVE QUARTER-ON-QUARTER GROWTHS IN FOREIGN WHOLESALE TRADE IN 2Q 2010.

TIMBER, PAINT AND CONSTRUCTION MATERIALS AND PETROLEUM AND PETROLEUM PRODUCTS POSTED DOUBLE-DIGIT GROWTHS OF 31.4% AND 12.6% RESPECTIVELY IN FOREIGN WHOLESALE TRADE.

FOREIGN SALES OF HOUSEHOLD EQUIPMENT AND FURNITURE, CHEMICALS AND CHEMICAL PRODUCTS, INDUSTRIAL AND CONSTRUCTION MACHINERY AND FOOD, BEVERAGES AND TOBACCO ALSO ROSE BETWEEN 4.0% AND 8.0%.

FOREIGN SALES OF SHIP CHANDLERS AND BUNKERING SECTOR FELL BY 1.7% OVER 1Q 2010.

OTHER THAN THE FOOD, BEVERAGES AND TOBACCO SECTOR WHICH REGISTERED A MARGINAL DROP OF 2.1%, ALL WHOLESALE SECTORS REGISTERED DOUBLE-DIGIT YEAR-ON-YEAR GROWTHS IN FOREIGN WHOLESALE TRADE.

PETROLEUM AND PETROLEUM PRODUCTS, SHIP CHANDLERS AND BUNKERING, CHEMICALS AND CHEMICAL PRODUCTS SECTORS REGISTERED HIGHER FOREIGN SALES OF BETWEEN 23.5% AND 42.3%. AFTER ADJUSTING FOR PRICE CHANGES, FOREIGN WHOLESALE TRADE VOLUME OF PETROLEUM AND PETROLEUM PRODUCTS AND CHEMICALS AND CHEMICAL PRODUCTS AND SHIP CHANDLERS AND BUNKERING ROSE BY A SMALLER 13.3%, 6.3% AND 1.3% RESPECTIVELY.

OTHER SECTORS THAT REPORTED STRONG YEAR-ON-YEAR GROWTHS IN FOREIGN SALES INCLUDED

TIMBER, PAINTS AND CONSTRUCTION MATERIALS (60.0%), INDUSTRIAL AND CONSTRUCTION MACHINERY (35.1%), TRANSPORT EQUIPMENT (30.7%), TELECOMMUNICATIONS AND COMPUTERS (23.1%) AND HOUSEHOLD EQUIPMENT AND FURNITURE (22.2%).

RETAIL SALES

RETAIL SALES VOLUME FELL BY 5.7% IN 2Q 2010, REVERSING THE 1.1% GROWTH REGISTERED IN 1Q 2010. EXCLUDING MOTOR VEHICLE SALES, THE GROWTH WAS LOWER AT 4.8%.

ALTHOUGH WEIGHED DOWN BY THE DECLINE OF MOTOR VEHICLE SALES (-33.0%), OTHER MAJOR RETAIL SEGMENTS, SUCH AS FURNITURE AND HOUSEHOLD EQUIPMENT (11.0%), WEARING APPAREL AND FOOTWEAR (9.9%), WATCHES AND JEWELLERY (7.7%), AND DEPARTMENT STORES (6.2%)

POSTED STRONG GROWTH IN 2Q 2010.

NEWS

TOURISTS BOOST JULY RETAIL SALES

A SURGE IN TOURIST NUMBERS HAS BEEN GOOD NEWS FOR LOCAL SHOP OWNERS AS RETAIL SPENDING BOUNCED BACK IN JULY AFTER A FIVE-MONTH SLUMP.

SHOPPERS SPENT MORE ON SMALLER ITEMS IN JULY, AND CAR SALES, WHILE STILL WEAK, BECAME LESS OF A DRAG ON OVERALL SPENDING.

THE MONTHLY RETAIL SALES INDEX JUMPED 3.2% IN JULY FROM JUNE, ENDING FIVE MONTHS OF DECLINE, IN MONTH-ON-MONTH TERMS, SINCE FEBRUARY. THE MOST RECENT SLIDE, IN JUNE, WAS 0.7%.

COMPARED TO A YEAR EARLIER, THE INDEX SHRANK A SMALLER-THAN-EXPECTED 1.2% IN JULY, AFTER JUNE’S 5.0% DECLINE. A BLOOMBERG NEWS SURVEY OF SEVEN ECONOMISTS HAD FORECAST A 2.7% YEAR-ON-YEAR DECLINE.

SHOPPERS WERE IN A BULLISH MOOD. THEY BOUGHT MORE APPAREL AND FOOTWEAR, MEDICAL GOODS AND TOILETRIES, AND WATCHES AND JEWELLERY, WHICH HELPED OFFSET A FALL IN CAR SALES, SAID THE DEPARTMENT OF STATISTICS, WHICH PUBLISHED THE FIGURES YESTERDAY.

SALES OF CLOTHES AND SHOES ROSE 10.5% YEAR-0N-YEAR, MEDICAL GOODS ROSE 12.3% AND WATCHES AND JEWELLERY 16.9%.

HSBC ECONOMISTS FREDERIC NEUMANN AND KIM SONG YI WROTE IN A REPORT THAT IT IS “LOOKING GOOD ON ORCHARD”.

“FOREIGN VISITORS ARE FUELLING THE BOOM WITH RECORD ARRIVALS RECORDED IN JULY. THESE ARE INCREASINGLY COMING FROM CHINA, AND ARE HELPING TO SUBSTAIN RETAIL SALES IN SINGAPORE AND BEYOND.”

CITIGROUP ECONOMIST KIT WEI ZHENG SAID: “VISITOR ARRIVALS HAVE BEEN GROWING IN THE DOUBLE-DIGITS SINCE THE START OF THIS YEAR AND JULY ARRIVALES CROSSED THE ONE-MILLION MARK FOR THE FIRST TIME.”

STILL, THE OVERALL INDEX STAYED IN DECLINE BECAUSE OF A SMALLER SUPPLY OF CAR CERTIFICATES OF ENTITLEMENT (COEs) WHICH SLOWED DOWN CAR SALES. MOTOR VEHICLE SALES, WHICH MAKE UP A THIRD OF THE INDEX – THE LARGEST PART – FELL 24.8% IN JULY FROM A YEAR EARLIER. THIS WAS LESS THAN JUNE’S 32.3% DECLINE.

STANDARD CHARTERED ECONOMIST ALVIN LIEW SAID: POOR CAR SALES ARE LIKELY TO WEIGH DOWN ON THE HEADLINE RETAIL GROWTH.

“ALTHOUGH THE LATEST DATA SEEM TO SUGGEST THAT THE IMPACT MAY BE WANING, WE NOTE THE SKY-ROCKETING COE PRIES COULD HURT CAR SALES AGAIN IN THE SUBSEQUENT MONTHS.

OUTLOOK

A NET WEIGHTED BALANCE OF 37% OF WHOLESALERS EXPECT POSITIVE BUSINESS SENTIMENTS FOR THE PERIOD ENDING DEC 2010. IN PARTICULAR, THOSE DEALING WITH FOOD AND BEVERAGES, COSMETICS AND TOILETRIES, INDUSTRIAL MACHINERY AND EQUIPMENT, ELECTRONIC COMPONENTS, COMPUTERS AND ACCESSORIES, AND MOTOR VEHICLES.

RETAILERS PREDICT MORE UPBEAT BUSINESS CONDITIONS FOR THE COMING MONTHS. A NET WEIGHTED BALANCE OF 29% OF RETAILERS FORECAST MORE FAVOURABLE BUSINESS PROSPECTS FOR THE PERIOD ENDING DEC 2010. THIS APPLIES TO DEPARTMENT STORES, RETAILERS OF WEARING APPAREL AND JEWELLERY AND WATCHES.

EXTRACTED FROM: MINISTRY OF TRADE AND INDUSTRY, SINGAPORE

SINGAPORE DEPARTMENT OF STATISTICS

THE STRAITS TIMES

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.23
UK Pound	1	Rs.72.09
Euro	1	Rs.62.99

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%)

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.