MIRA INFORM REPORT

Report Date :

03.08.2012

IDENTIFICATION DETAILS

Name :	DREYMOOR FERTILIZERS OVERSEAS PTE. LTD.
Registered Office :	10 Anson Road #09-05/06 International Plaza Singapore 079903
Country :	Singapore
Financials (as on) :	DEC 2010
Date of Incorporation :	29.12.2003
Com. Reg. No.:	200313284K
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 :

A

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

Status :	Good
Payment Behaviour :	Regular
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

Company Name:	Registered Number:
DREYMOOR FERTILIZERS OVERSEAS PTE. LTD.	200313284K

Date Incorporated:	Registered Office:	Telephone Number:
29/12/2003	10 ANSON ROAD #09-05/06 INTERNATIONAL PLAZA SINGAPORE 079903	6226 4132
Age of Company:	Website:	Industry Type:
9	NA	COMMERCE-WHOLESALE

Risk Dashboard
Days Beyond Terms	Trend:	No. of Litigation Counts:
Company DTC:		NA
NA
The entity is paying current to the creditors		No. of Charges(s): 3
Industry DTC
25

Directors		Corporate Structure
Number of Current Directors	2	Holding Company:	FLETCHER INTERNATIONAL LTD.
Number that are shareholders	1	No. of Subsidiaries & Associated Companies:	NA

EXECUTIVE SUMMARY

Company Name	:	DREYMOOR FERTILIZERS OVERSEAS PTE. LTD.
Registration No	:	200313284K
Date of Registration	:	29/12/2003
Former Name	:	NA
Date of Change of Name	:	NA
Type of Company	:	LIMITED PRIVATE COMPANY
Registered Address	:	10 ANSON ROAD #09-05/06 INTERNATIONAL PLAZA SINGAPORE 079903
Date of Change of Address	:	15/10/2011
Contact No.	:	6226 4132
Fax No.	:	6226 4130
Website	:	NA
Registered Activities	:	GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS)
Issued Ordinary Capital*	:	$5,000,000.00 SINGAPORE, DOLLARS, NO. OF SHARE : 5,000,000
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$5,000,000.00 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	:	TAN KIA YEW & CO
Bankers / Financiers	:	ING BANK N.V. BNP PARIBAS (SUISSE) SA UNICREDIT BANK AG
Turnover	:	SGD - SIN 1,209,692,219.00 (FY2010)
Net Worth	:	SGD - SIN 111,765,261.00 (FY2010)
No. of Bank Charges	:	3
No. of Litigation Suits	:	1
S1000 / SME 1000 / FG50 Ranking	:	No found for SINGAPORE 1000 and SME 1000
Compounded Annual Growth Rate (CAGR)	:	44.5% (4 years)

SHAREHOLDER DETAILS

NAME	:	FLETCHER INTERNATIONAL LTD.
SHAREHOLDER ID	:	T04UF0565K
NATIONALITY	:	BAHAMAS
ADDRESS	:	IDB HOUSE, EAST BAY STREET, NASSAU BAHAMAS
NO. OF ORD SHARES	:	5,000,000
% OF SHAREHOLDING	:	100%
CURRENCY	:	SINGAPORE, DOLLARS

OFFICER DETAILS

NAME	:	ANTHONY ANNE CATHARINE
ADDRESS	:	8 LORONG 29 GEYLANG #07-06 SINGAPORE 388064
POSITION	:	SECRETARY
DATE OF APPT	:	26/01/2004
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S1347717E
NAME	:	BHARAT MEKANI
ADDRESS	:	1 AMBER ROAD #17-03 AMBER POINT SINGAPORE 439845
POSITION	:	DIRECTOR
DATE OF APPT	:	03/05/2010
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S2617111C
NAME	:	SANDEEP CHAUHAN
ADDRESS	:	B-5/28 HISSAR ROAD, ROHTAK 124001 HARYANA STATE, INDIA
POSITION	:	DIRECTOR
DATE OF APPT	:	03/05/2010
NATIONALITY	:	INDIAN
I/C PASSPORT	:	Z1928308

KEY PERSONNEL PROFILE

Name:	BHARAT MEKANI
NRIC Number:	S2617111C
Available Address:	1 AMBER ROAD #17-03 AMBER POINT SINGAPORE 439845

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	AXIOS INVESTMENT PTE. LTD.	DIRECTOR	16/05/2005	1500002	100.00
2	CIS AGRIFERTS PTE LTD	DIRECTOR	13/07/2000	45001	22.50
3	CIS AGRIFERTS PTE LTD	SECRETARY	30/11/2004	45001	22.50
4	DIGITEL HOLDINGS PTE. LTD.	SHAREHOLDER	-	1	0.00
5	DREYMOOR FERTILIZERS OVERSEAS PTE. LTD.	DIRECTOR	03/05/2010	-	-
6	MGM IMPEX PTE. LTD.	SHAREHOLDER	-	12500	12.50
7	RAJDHAIRYA INTERNATIONAL PTE. LTD.	SHAREHOLDER	-	1000	100.00
8	RIDO DRILLING SERVICES PTE. LTD.	DIRECTOR	07/10/2008	1	100.00
9	RIDO DRILLING SERVICES PTE. LTD.	SECRETARY	07/10/2008	1	100.00
10	STARS INCEPTION CAPITAL ADVISORS PTE. LTD.	DIRECTOR	16/04/2009	-	-
11	STARS INCEPTION CAPITAL ADVISORS PTE. LTD.	SECRETARY	16/04/2009	-	-
12	SYNERGY TRADE AND FINANCE PTE. LTD.	DIRECTOR	09/07/2004	-	-
13	SYNERGY TRADE AND FINANCE PTE. LTD.	SECRETARY	09/07/2004	-	-
14	TRADE SEA INTERNATIONAL PTE. LTD.	DIRECTOR	24/10/2005	1	0.00
15	TRADE SEA INTERNATIONAL PTE. LTD.	SECRETARY	24/10/2005	1	0.00

Previous Business

No.	Name	Status	Position	Appt Date	Last Known Inactive Date
1	AXIOS INVESTMENT PTE. LTD.	LIVE COMPANY	SECRETARY	16/05/2005	24/03/2009
2	DIGITEL HOLDINGS PTE. LTD.	LIVE COMPANY	DIRECTOR	16/12/2004	13/09/2011
3	DIGITEL HOLDINGS PTE. LTD.	LIVE COMPANY	SECRETARY	16/12/2004	13/09/2011
4	KOTHARI PRODUCTS SINGAPORE PRIVATE LIMITED	LIVE COMPANY	DIRECTOR/SHR	21/05/2008	19/07/2012
5	KOTHARI PRODUCTS SINGAPORE PRIVATE LIMITED	LIVE COMPANY	SECRETARY/SHR	21/05/2008	19/07/2012
6	MAGNUM IMPEX PTE. LTD.	LIVE COMPANY	DIRECTOR	24/09/2008	31/10/2011
7	MAGNUM IMPEX PTE. LTD.	LIVE COMPANY	SECRETARY	24/09/2008	31/10/2011
8	RAAD HOLDINGS PRIVATE LIMITED	STRUCK OFF	DIRECTOR	29/09/2008	04/02/2010
9	RAAD HOLDINGS PRIVATE LIMITED	STRUCK OFF	SECRETARY	29/09/2008	04/02/2010
10	RAAD HOLDINGS PRIVATE LIMITED	STRUCK OFF	SHAREHOLDER	-	-

Bankruptcy Record

(Status include petition filed, order made, discharge, annulment, set aside, rescinded and withdrawn)

Case No.	Year	Date of Filing	Petitioner Name	Amount
No Trace

Note: Please purchase case details to know the latest status.

Litigation Search – Writ of Summons

Court	Case No.	Transfer	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 3 bank charges registered against Subject by its bankers. The charge numbers are:

1)	Charge No.	:	C201203916
	Date of Registration	:	11/04/2012
	Chargee	:	ING BANK N.V.
	Amount Secured and Currency	:	All Monies
	Address	:	9 RAFFLES PLACE #19-02 REPUBLIC PLAZA SINGAPORE 048619
2)	Charge No.	:	C201105452
	Date of Registration	:	04/05/2011
	Chargee	:	BNP PARIBAS (SUISSE) SA
	Amount Secured and Currency	:	All Monies
	Address	:	---
3)	Charge No.	:	C200901023
	Date of Registration	:	11/02/2009
	Chargee	:	UNICREDIT BANK AG
	Amount Secured and Currency	:	1,500,000.00 EUROS
	Address	:	30 CECIL STREET #25-01 PRUDENTIAL TOWER SINGAPORE 049712

COMPLIANCE RECORDS

Date of Last AGM	:	21/11/2011
Date of Last AR	:	22/11/2011
Date of A/C Laid At Last AGM	:	31/12/2010

COMPLIANCE RATING FOR ANNUAL FILING

ANNUAL GENERAL MEETING,ANNUAL RETURN OR ACCOUNTS LATE

Note:

Provided by ACRA (Accounting and Corporate Regulatory Authority), the Compliance Rating for Annual Filing measures a company’s compliance with the provisions under S175, S197 or S201 of the Companies Act, Cap. 50.

Applicable to all “Live” locally incorporated companies except for the Limited Partnerships, Limited Liability Partnerships, Business Entities, Foreign Companies and Public Accounting Firms, the rating provide information on whether a company is up-to-date with the holding of its Annual General Meeting (AGM) with up-to-date financial statements and filing of its Annual Return (AR).

For more information: www.acra.gov.sg/compliance

FINANCIAL HIGHLIGHTS

Financial Figures	Company
	DEC 2010	% Change	DEC 2009	DEC 2008	DEC 2007	DEC 2006
Currency	SGD - SIN		SGD - SIN	SGD - SIN	SGD - SIN	SGD - SIN
Profit and Loss Key Figures
Turnover	1,209,692,219	106.19	586,678,449	1,120,559,294	372,011,696	277,461,848
Profit/(Loss) Before Tax	14,709,038	35.95	10,819,556	62,246,910	6,341,821	6,349,064
Profit After Tax attributable to Shareholders	13,110,905	21.18	10,819,556	62,246,910	6,341,821	6,349,064
Balance Sheet Key Figures
Total Assets	167,149,321	40.31	119,129,986	101,710,949	49,793,778	36,324,265
Current Assets	160,861,614	47.70	108,911,899	90,094,825	43,239,303	30,400,833
Non Current Assets	6,287,707	-38.46	10,218,087	11,616,124	6,554,475	5,923,432
Total Liabilities	55,384,061	306.25	13,632,864	9,906,502	18,316,499	9,822,847
Current Liabilities	55,384,061	306.25	13,632,864	9,906,502	18,316,499	9,822,847
Non Current Liabilities	0	NA	0	0	0	0
Shareholders' Funds	111,765,261	5.94	105,497,122	91,804,446	31,477,281	26,501,418
Share Capital	136,036	-6.49	145,471	141,057	150,218	158,382
Total Reserves	111,629,225	5.96	105,351,651	91,663,389	31,327,063	26,343,036

FINANCIAL RATIOS

	Company
	DEC 2010	DEC 2009	DEC 2008	DEC 2007	DEC 2006
Growth %
Year-on-Year Growth	106.19	-47.64	201.22	34.08	NA
Profitability
Profit Margin (%)	1.08	1.84	5.55	1.70	2.29
Return on Equity (%)	11.73	10.26	67.80	20.15	23.96
Return on Assets (%)	7.84	9.08	61.20	12.74	17.48
Leverage
Total Debt/Equity (Times)	0.50	0.13	0.11	0.58	0.37
Current Debt/Equity (Times)	0.50	0.13	0.11	0.58	0.37
Long Term Debt To Equity (Times)	0.00	0.00	0.00	0.00	0.00
Total Asset To Total Equity (Times)	1.50	1.13	1.11	1.58	1.37
Asset Management
Total Assets Turnover (Times)	7.24	4.92	11.02	7.47	7.64
Fixed Assets Turnover (Times)	192.39	57.42	96.47	56.76	46.84
Liquidity
Current Ratio (Times)	2.90	7.99	9.09	2.36	3.09

FINANCIAL COMMENTARY

Compound Annual Growth Rate

The company's CAGR is 44.5% (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 1.08 per cent in FY10 (FY09: 1.84 per cent). The company is now able to book in SGD - SIN 0.01 of profit for every SGD - SIN of sales in FY10, as compared with SGD - SIN 0.02 a year ago.

Liquidity

Current ratio stood at 2.90 times in FY10 (FY09: 7.99 times). This means that the company has SGD - SIN 2.90 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.

FINANCIAL COMMENTARY

Leverage

Total debt-to-equity ratio notched 0.50 times in FY10, compared with 0.13 times in FY09. This means that the company requires additional external financing of SGD - SIN 0.50 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 11.73 per cent for Subject in the current financial period, as compared to 10.26 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 7.84 per cent (FY09: 9.08 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 7.24 times in FY10 (FY09: 4.92 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.55.77
UK Pound	1	Rs.86.74
Euro	1	Rs.68.31

INFORMATION DETAILS

Report Prepared by :

PDT

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.