MIRA INFORM REPORT

Report Date :

22.08.2012

IDENTIFICATION DETAILS

Name :	WEST MARINE ENGINEERING PTE. LTD.

Registered Office :	16N Enterprise Road Enterprise 10 Singapore 627662

Country :	Singapore

Date of Incorporation :	20.12.2004

Com. Reg. No.:	200416366N

Legal Form :	Limited Exempt Private Company

Line of Business :	Manufacture and repair of engines and turbines except aircraft, vehicle and cycle engines

No. of Employees :	About 10 Employees (Headquarter)

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No Complaints
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

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

Contact Points

Company Name:	West Marine Engineering Pte. Ltd.
Supplied Name:	Westmarine Engineering Pte Ltd.
Trading Address:	16N Enterprise Road Enterprise 10 Singapore 627662
Supplied Address:	Singapore
Telephone Number:	+65-6841-6726
Fax Number:	+65-6841-6729
E-mail:	sales@westmarine-sg.com

Note: The exact name and address are as above.

Credit Summary

Credit Opinion:

Business connections are permissible.

Company Identification Details

Registered Name:	West Marine Engineering Pte. Ltd.
Registered Address:	16N Enterprise Road Enterprise 10 Singapore 627662
Date of Registration::	2004-12-20
Registered Number:	200416366N
Country of Incorporation:	Singapore
Registered Capital:	SGD 300,000.00 (USD 239,850) (As of 2012.08, 1 SGD = 0.7995 USD)
Paid-up Capital:	SGD 300,000.00 (USD 239,850) = 300,000 Shares@1 SGD
Legal Form:	Limited Exempt Private Company
Principal Activities:	28110 Manufacture and repair of engines and turbines except aircraft, vehicle and cycle engines 27902 Manufacture of electrical machinery, apparatus, appliances and supplies (including sound or visual signalling apparatus, electrical insulators except porcelain or glass)
Staff:	About 10 Employees (Headquarter)
Status:	Live Company
Listed at Stock Exchange:	No
Date of Last Annual Return:	2011-11-16

History

Subject was incorporated on 2004-12-20 with registered number 200416366N as Limited Exempt Private Company in Singapore.

Shareholders

Unit: SGD

Name	Subscription Amount	Proportion of Investment (%)
Tian Hao	153,000	51%
Soewito Soenaryo	147,000	49%
Total	300,000	100%

Major Shareholder Information:

1
Name:	Tian Hao
ID Number:	S7179934D
Address:	343 Choa Chu Kang Loop #07-39 Singapore 680343
Nationality:	Singapore Citizen
2
Name:	Soewito Soenaryo
ID Number:	U 265048
Address:	Jl. Dharmahusada Indah Tengah Iv/26, C-152 Surabaya Indonesia
Nationality:	Indonesian

Subsidiaries & Branches

Factory:

Address:	No.7 Jing Road, No.2 Nanwei Road, Dingmao Development Zone, Zhenjiang City, Jiangsu Province, China
Telephone Number:	+86-511-8889-3758
Fax Number:	+86-511-8889-6848

Offices:

1
Name:	Indonesia Office
Address:	Jl. Dupakno. 17 BlokA-14 (Ruko Pasific Megah) ,Surabaya 60172
Telephone Number:	+62-31-547-2915
Fax Number:	+62-31-547-2911
2
Name:	Vietnam Office
Address:	74/676 Nguyen Thuong Hien St., Dist Govap, HCMC, Vietnam
Telephone Number:	+84-8-985-9865
Fax Number:	+84-8-515-1105
3
Name:	Dubai Office
Address:	Ulstein Middle East DMCEST, Al Jadaf Ship Docking Yard, P.O.Box 121874,
Telephone Number:	+971-4-324-3400
Fax Number:	+971-4-324-5506
4
Name:	India Office
Address:	4-B Timber Market Society Reay Rd, Mumbai, 400010
Telephone Number:	+91-23-722431
Fax Number:	+91-23-732430
5
Name:	Greece Office
Address:	57,Anapafseos Str., Piraeus 186.48,Greece
Telephone Number:	+30-210-461-4498
Fax Number:	+30-210-461-4393
6
Name:	Germany Office
Address:	Danziger Straße 11 • D-28790 Schwanewede/Germany
Telephone Number:	+49-0-4209-91-88 -0
Fax Number:	+49-0-4209-91-88-11
7
Name:	Italy Office
Address:	Via L.A. Muratori 19 C 57128 Livorno, Italy
Telephone Number:	+39-348-262-0503
Fax Number:	+39-0586-560300
8
Name:	Panama Office
Address:	Po. Box 0831 02757 Paitilla Panama, Rep. Of Panama
Tel/ Fax Number:	+507-224-5761

Management Information

Core Management

Detailed Information of Management:

1
Name:	Tian Hao
Position:	Director
ID Number:	S7179934D
Address:	343 Choa Chu Kang Loop, #07-39, Singapore 680343
Date of Change of Address:
Nationality:	Singapore Citizen
Date of Appointment:	2004-12-20
2
Name:	Soewito Soenaryo
Position:	Director
ID Number:	U 265048
Address:	Jl. Dharmahusada Indah Tengah Iv/26, C-152 Surabaya Indonesia
Nationality:	Indonesian
Date of Appointment:	2006-3-13
3
Name:	Seet Su Meng
Position:	Secretary
ID Number:	S1601987I
Address:	417 Ang Mo Kio Avenue 10, #09-1021, Singapore 560417
Nationality:	Singapore Citizen
Date of Appointment:	2011-11-2

Personnel Structure

Total Employees

About 10 Employees (Headquarter)

Operation Information

Offices & Factories

	Headquarter
Address:	16N Enterprise Road Enterprise 10 Singapore 627662

Production Information

l Subject is engaged in manufacturing of marine products such as davit system (slewing davit, A-frame davit), marine crane (fix boom, telescopic and knuckle boom), and rudder system (flap rudder, fishtail rudder), etc.

l It is introduced that subject has a factory in Zhenjiang City, Jiangsu Province, mainland China.

Purchase Information

l The components and raw materials for production are purchased from Europe, America, and mainland China, etc.

Sales Information

l Subject is engaged in sales of marine products.

l It is introduced that subject also provides services of lifeboat/ davit inspection, repairing, testing and certification.

l Subject’s sales regions include Singapore domestic market, Europe, America, and other Asian countries.

Major products sold

	Product
1	Davit system
2	Marine crane
3	High lift flap rudder
4	Fishtail rudder
5	Sewage treatment equipment
6	Oil water separator
7	Boat winch
8	Hydraulic sliding door

Settlements

Purchase

Domestic Markets

Subject has little domestic purchase.

Overseas Markets

Products	Payment Terms	Proportion
Components and raw materials	CBD, etc	100%

Sales

Domestic Markets

Product	Sales Terms	Proportion
Marine products	COD, CBD, etc	100%

Overseas Markets

Product	Sales Terms	Proportion
Marine products	CBD, etc	100%

Financial Information

In Singapore, Limited Exempt Private Companies are not obligated to submit their financial statements to the local registry. We did not find the financials of subject from the local registry, the subject also declined to disclose such information due to the confidentiality reason.

Bankers

Subject declined to disclose its bank details; from other source we cannot obtain the relevant information, either.

Auditors

Name:

Lee S F & Co

Interview Details

Name:	Ms. Wang
Department:	Sales Department

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.54
UK Pound	1	Rs.87.39
Euro	1	Rs.68.72

INFORMATION DETAILS

Report Prepared by :

MNL

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.