MIRA INFORM REPORT

Report Date :

09.04.2012

IDENTIFICATION DETAILS

Name :	SPM HOLDINGS PTE. LTD.
Registered Office :	101 Cecil Street #24-10 Tong Eng Building Singapore 069533
Country :	Singapore
Financials (as on) :	31.03.2011
Date of Incorporation :	19.03.2008
Com. Reg. No.:	200805403Z
Legal Form :	Limited Private Company
Line of Business :	General Wholesale Trade (Including General Importers And Exporters)
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

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, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
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	:	SPM HOLDINGS PTE. LTD.
Registration No	:	200805403Z
Date of Registration	:	19/03/2008
Former Name	:	NA
Date of Change of Name	:	NA
Type of Company	:	LIMITED PRIVATE COMPANY
Registered Address	:	101 CECIL STREET #24-10 TONG ENG BUILDING SINGAPORE 069533
Date of Change of Address	:	03/06/2009
Contact No.	:	NA
Fax No.	:	NA
Website	:	NA
Registered Activities	:	GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS)
Issued Ordinary Capital*	:	$1,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 1,000 $4,800,000.00 U.S. DOLLAR, NO. OF SHARE : 4,800,000
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$4,800,000.00 U.S. DOLLAR $1,000.00 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	:	1
Auditor	:	T RAVI & CO.
Bankers / Financiers	:	MORGAN WALKER SOLICITORS LIMITED MORGAN WALKER SOLICITORS LLP
Turnover	:	SINGAPORE, DOLLARS 0.00 (FY2011)
Net Worth	:	SINGAPORE, DOLLARS 44,433.55 (FY2011)
No. of Bank Charges	:	2
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

:

No Recommendation

SHAREHOLDER DETAILS

NAME	:	SUBHASH KABINI POWER CORPORATION LIMITED
SHAREHOLDER ID	:	T08UF1391D
NATIONALITY	:	INDIA
ADDRESS	:	8/2, ULSOOR ROAD, BANGALORE 560042
NO. OF ORD SHARES	:	1,000 4,800,000
% OF SHAREHOLDING	:	0% 100%
CURRENCY	:	SINGAPORE, DOLLARS U.S. DOLLAR

OFFICER DETAILS

NAME	:	SUBHASH CHAND SETHI
ADDRESS	:	8 MOIRA STREET, KOLKATA 700017, WEST BENGAL, INDIA
POSITION	:	DIRECTOR
DATE OF APPT	:	19/03/2008
NATIONALITY	:	INDIAN
I/C PASSPORT	:	F9377133
NAME	:	HARSHVARDHAN SETHI
ADDRESS	:	8 MOIRA ST, 2ND FLOOR, PS-SHAKESPEARE SARANI, KOLKATA 700017, INDIA
POSITION	:	DIRECTOR
DATE OF APPT	:	08/03/2011
NATIONALITY	:	INDIAN
I/C PASSPORT	:	J4113699
NAME	:	SUMATHI D/O. VALLATHARASU
ADDRESS	:	97 BELIMBING AVENUE OASIS @ MULBERRY SINGAPORE 347488
POSITION	:	DIRECTOR SECRETARY
DATE OF APPT	:	23/10/2009 23/10/2009
NATIONALITY	:	SINGAPORE P.R.
I/C PASSPORT	:	S6977044D

KEY PERSONNEL PROFILE

Name:	SUBHASH CHAND SETHI
NRIC Number:	F9377133
Available Address:	8 MOIRA STREET, KOLKATA 700017, WEST BENGAL, INDIA

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	RABAAN (S) PTE. LTD.	DIRECTOR	25/03/2008	-	-
2	SPM HOLDINGS PTE. LTD.	DIRECTOR	19/03/2008	-	-

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 (%)
RABAAN (S) PTE. LTD.	45.65

BANKERS/ FINANCIERS

Subject enjoys a normal banking routine with its bankers. To date, there have been 2 bank charges registered against Subject by its bankers. The charge numbers are:

1)	Charge No.	:	C201103988
	Date of Registration	:	31/03/2011
	Chargee	:	MORGAN WALKER SOLICITORS LIMITED
	Amount Secured and Currency	:	NA
	Address	:	---
2)	Charge No.	:	C200900002
	Date of Registration	:	30/12/2008
	Chargee	:	MORGAN WALKER SOLICITORS LLP
	Amount Secured and Currency	:	All Monies
	Address	:	---

LITIGATION

Clear

cOMPLIANCE RECORDS

Date of Last AGM	:	31/08/2011
Date of Last AR	:	30/09/2011
Date of A/C Laid At Last AGM	:	31/03/2011

FINANCIAL HIGHLIGHTS

Financial Figures	Company
	MAR 2011	% Change	MAR 2010	MAR 2009
Currency	SINGAPORE, DOLLARS		SINGAPORE, DOLLARS	SINGAPORE, DOLLARS
Profit and Loss Key Figures
Turnover	0	NA	0	0
Profit/(Loss) Before Tax	(1,989,780)	NA	(4,587,730)	(71,700)
Profit After Tax attributable to Shareholders	(1,989,780)	NA	(4,587,730)	(71,700)
Balance Sheet Key Figures
Total Assets	36,676,470	-10.57	41,013,663	27,218,746
Current Assets	16,650,842	-58.55	40,166,669	26,361,470
Non Current Assets	20,025,628	2,264.32	846,994	857,276
Total Liabilities	36,632,037	-5.66	38,830,713	894,526
Current Liabilities	24,666,859	7,807.74	311,933	894,526
Non Current Liabilities	11,965,178	-68.94	38,518,780	0
Shareholders' Funds	44,434	-97.96	2,182,950	26,324,220
Share Capital	6,375,369	-6.81	6,841,520	6,924,573
Total Reserves	(6,330,936)	NA	(4,658,571)	19,399,647

FINANCIAL RATIOS

	Company
	MAR 2011	MAR 2010	MAR 2009
Growth %
Year-on-Year Growth	NA	NA	NA
Profitability
Profit Margin (%)	0.00	0.00	0.00
Return on Equity (%)	-4,478.10	-210.16	-0.27
Return on Assets (%)	-5.43	-11.19	-0.26
Leverage
Total Debt/Equity (Times)	824.42	17.79	0.03
Current Debt/Equity (Times)	555.14	0.14	0.03
Long Term Debt To Equity (Times)	269.28	17.65	0.00
Total Asset To Total Equity (Times)	825.42	18.79	1.03
Asset Management
Total Assets Turnover (Times)	0.00	0.00	0.00
Fixed Assets Turnover (Times)	0.00	0.00	0.00
Liquidity
Current Ratio (Times)	0.68	128.77	29.47

FINANCIAL COMMENTARY

Profitability

We are unable to comment on Subject's profitability.

Liquidity

Current ratio stood at 0.68 times in FY11 (FY10: 128.77 times). This means that the company has SINGAPORE, DOLLARS 0.68 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 824.42 times in FY11, compared with 17.79 times in FY10. This means that the company requires additional external financing of SINGAPORE, DOLLARS 824.42 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

We are unable to comment on Subject's return on equity.

We are unable to comment on Subject's return on assets.

We are unable to comment on Subject's total assets turnover ratio.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.05
UK Pound	1	Rs.81.09
Euro	1	Rs.67.39

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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