MIRA INFORM REPORT

Report Date :

04.04.2012

IDENTIFICATION DETAILS

Name :	ORICA SINGAPORE PTE LTD

Formerly Known As :	IMPKEMIX HOLDINGS SOUTH EAST ASIA PTE LTD

Registered Office :	78 Shenton Way #06-15/16 Singapore 079120

Country :	Singapore

Financials (as on) :	30.09.2010

Date of Incorporation :	01.07.1987

Com. Reg. No.:	198701881H

Legal Form :	Limited Private Company

Line of Business :	Bank/Financial Holding Companies Holding Companies

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	S$1,000,000

Status :	Good

Payment Behaviour :	No Complaints

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 – September 30^th, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Singapore

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

Executive Summary

Company Name	:	ORICA SINGAPORE PTE LTD
Registration No	:	198701881H
Date of Registration	:	01/07/1987
Former Name	:	IMPKEMIX HOLDINGS SOUTH EAST ASIA PTE LTD Eff. date : 01/07/1987 Eff. date : 01/07/1987
Date of Change of Name	:	02/02/1998
Type of Company	:	LIMITED PRIVATE COMPANY
Registered Address	:	78 SHENTON WAY #06-15/16 SINGAPORE 079120
Date of Change of Address	:	09/04/2010
Contact No.	:	6603 4500
Fax No.	:	6733 8123
Website	:	www.orica.com
Registered Activities	:	BANK/FINANCIAL HOLDING COMPANIES HOLDING COMPANIES
Issued Ordinary Capital*	:	$16,436,170.00 SINGAPORE, DOLLARS, NO. OF SHARE : 1,643,617
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$16,436,170.00 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	:	KPMG LLP
Bankers / Financiers	:	NA
Turnover	:	SGD - SIN 226,905,176.00 (FY2010)
Net Worth	:	SGD - SIN 86,743,648.00 (FY2010)
No. of Bank Charges	:	NA
No. of Litigation Suits	:	2
S1000 / SME 500 / FG50 Ranking	:	495 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2009/2010) 621 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2009/2010) 820 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (1997/1998)
Compounded Annual Growth Rate (CAGR)	:	25.01% (4 years)

Credit Recommendation

Recommended Credit Line

S$1,000,000

SHAREHOLDER DETAILS

NAME	:	ORICA INTERNATIONAL PTE. LTD.
SHAREHOLDER ID	:	200802587K
NATIONALITY	:	SINGAPORE
ADDRESS	:	78 SHENTON WAY #06-15/16 SINGAPORE 079120
NO. OF ORD SHARES	:	1,643,617
% OF SHAREHOLDING	:	100%
CURRENCY	:	SINGAPORE, DOLLARS

OFFICER DETAILS

NAME	:	RODNEY ROBERT MARCHAND
ADDRESS	:	41 CEDARWOOD GROVE SINGAPORE 738369
POSITION	:	DIRECTOR
DATE OF APPT	:	12/09/2011
NATIONALITY	:	AMERICAN
I/C PASSPORT	:	G5147201U

NAME	:	KRISTA MAREE BOWIE
ADDRESS	:	45H DUNSFOLD DRIVE DUNSFOLD 18 SINGAPORE 359423
POSITION	:	SECRETARY
DATE OF APPT	:	23/08/2010
NATIONALITY	:	AUSTRALIAN
I/C PASSPORT	:	G5939744W

NAME	:	TAN SOO MONG
ADDRESS	:	60 YUK TONG AVENUE SHAN YAO GARDEN SINGAPORE 596361
POSITION	:	DIRECTOR
DATE OF APPT	:	24/02/1992
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S0154992H

KEY PERSONNEL PROFILE

Name:	TAN SOO MONG
NRIC Number:	S0154992H
Available Address:	60 YUK TONG AVENUE SHAN YAO GARDEN SINGAPORE 596361

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	ANBAO INSURANCE PTE. LTD.	DIRECTOR	26/07/2008	-	-
2	BRONSON AND JACOBS (S.E.ASIA) PTE LIMITED	DIRECTOR	30/08/2007	-	-
3	ORICA INTERNATIONAL PTE. LTD.	DIRECTOR	04/02/2008	-	-
4	ORICA SINGAPORE PTE LTD	DIRECTOR	24/02/1992	-	-

Previous Business

No.

Name

Status

Position

Appt Date

Last Known Inactive Date

DGL CAMEL (SINGAPORE) PTE. LTD.

LIVE COMPANY

DIRECTOR

12/05/2009

15/02/2012

DULUXGROUP (PNG) PTE. LTD.

LIVE COMPANY

DIRECTOR

12/05/2009

18/01/2012

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

there have been 2 litigation suits filed against Subject.

	Current Year On/After 01 Jan 2012	Past Years W.e.f 01 Jan 2012

Court (Claim under normal circumstances)
Magistrate (< $80,000)	0	0
District ($80,000 - $250,000)	0	2
High (>$250,000)	0	0

Winding Up Trace		No
In litigation/Dissolved/Struck Off/In receivership		No

The details are as follows:

1)	Court	:	District Court
	Case No.	:	4831
	Date of Filing	:	21/10/2003
	Amount	:	0.00
	Cause	:	CONTRACTS - GENERAL
	Case Status	:	PENDING
	Plaintiff	:	JSY BUILDING CONSTRUCTION PTE LTD
	Last Update Date	:	23/10/2003

2)	Court	:	District Court
	Case No.	:	5173
	Date of Filing	:	NA
	Amount	:	0.00
	Cause	:	NA
	Case Status	:	NA
	Plaintiff	:	PLAINTIFF
	Last Update Date	:	09/01/1995

COMPLIANCE

Date of Last AGM	:	18/10/2011
Date of Last AR	:	01/11/2011
Date of A/C Laid At Last AGM	:	30/09/2010

FINANCIAL HIGHLIGHTS

Financial Figures	Company
	SEP 2010	% Change	SEP 2009	SEP 2008	SEP 2007
Currency	SGD - SIN		SGD - SIN	SGD - SIN	SGD - SIN
Profit and Loss Key Figures
Turnover	226,905,176	-40.52	381,452,849	258,657,910	185,699,825
Profit/(Loss) Before Tax	56,782,721	3.05	55,103,645	26,691,919	33,528,817
Profit After Tax attributable to Shareholders	43,263,817	-2.97	44,589,382	22,166,747	27,479,182

Balance Sheet Key Figures
Total Assets	178,350,391	-4.48	186,714,072	147,585,492	123,231,728
Current Assets	157,527,152	-5.16	166,101,457	128,037,252	101,736,508
Non Current Assets	20,823,239	1.02	20,612,615	19,548,240	21,495,220

Total Liabilities	91,606,742	14.51	80,000,723	88,464,807	32,653,673
Current Liabilities	91,606,742	14.51	80,000,723	88,464,807	32,653,673
Non Current Liabilities	0	NA	0	0	0

Shareholders' Funds	86,743,648	-18.71	106,713,351	59,120,685	90,578,054
Share Capital	12,891,631	-6.11	13,730,928	13,071,473	14,219,163
Total Reserves	73,852,017	-20.57	92,982,423	46,049,212	76,358,891

FINANCIAL RATIOS

	Company
	SEP 2010	SEP 2009	SEP 2008	SEP 2007
Growth %
Year-on-Year Growth	-40.52	47.47	39.29	99.87

Profitability
Profit Margin (%)	19.07	11.69	8.57	14.80
Return on Equity (%)	49.88	41.78	37.49	30.34
Return on Assets (%)	24.26	23.88	15.02	22.30

Leverage
Total Debt/Equity (Times)	1.06	0.75	1.50	0.36
Current Debt/Equity (Times)	1.06	0.75	1.50	0.36
Long Term Debt To Equity (Times)	0.00	0.00	0.00	0.00
Total Asset To Total Equity (Times)	2.06	1.75	2.50	1.36

Asset Management
Total Assets Turnover (Times)	1.27	2.04	1.75	1.51
Fixed Assets Turnover (Times)	10.90	18.51	13.23	8.64

Liquidity
Current Ratio (Times)	1.72	2.08	1.45	3.12

FINANCIAL COMMENTARY

Compound Annual Growth Rate

The company's CAGR is 25.01% (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 19.07 per cent in FY10 (FY09: 11.69 per cent). The company is now able to book in SGD - SIN 0.19 of profit for every SGD - SIN of sales in FY10, as compared with SGD - SIN 0.12 a year ago.

Liquidity

Current ratio stood at 1.72 times in FY10 (FY09: 2.08 times). This means that the company has SGD - SIN 1.72 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 1.06 times in FY10, compared with 0.75 times in FY09. This means that the company requires additional external financing of SGD - SIN 1.06 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 49.88 per cent for Subject in the current financial period, as compared to 41.78 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 24.26 per cent (FY09: 23.88 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 1.27 times in FY10 (FY09: 2.04 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.50.56
UK Pound	1	Rs.81.05
Euro	1	Rs.67.49

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.