MIRA INFORM REPORT

Report Date :

20.12.2012

IDENTIFICATION DETAILS

Name :	AGRITRADE RESOURCES ASIA PTE. LTD.

Registered Office :	80 Raffles Place #45-01-03 Uob Plaza Singapore 048624

Country :	Singapore

Financials (as on) :	31.03.2012

Date of Incorporation :	11.08.2011

Reg. No.:	201119039H

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 :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but Correct
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 – June 30^th, 2012

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Singapore

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

Singapore - ECONOMIC OVERVIEW

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. Real GDP growth averaged 8.6% between 2004 and 2007. The economy contracted 1.0% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010 and 4.9% in 2011, on the strength of renewed exports. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to a compound annual growth rate of just 1.8% in the last decade. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub.

Source : CIA

Company Name:	Registered Number:
AGRITRADE RESOURCES ASIA PTE. LTD.	201119039H

Date Incorporated:	Registered Office:	Telephone Number:
11/08/2011	80 RAFFLES PLACE #45-01-03 UOB PLAZA SINGAPORE 048624	NA
Age of Company:	Website:	Industry Type:
1	NA	NA

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): 0
Industry DTC
24 Days

Directors		Corporate Structure
Number of Current Directors	3	Holding Company:	AGRITRADE RESOURCES GLOBAL LIMITED
Number that are shareholders	1	No. of Subsidiaries & Associated Companies:	NA

Company name

AGRITRADE RESOURCES ASIA PTE. LTD.

Executive Summary

Company Name	:	AGRITRADE RESOURCES ASIA PTE. LTD.
Registration No	:	201119039H
Date of Registration	:	11/08/2011
Former Name	:	NA
Date of Change of Name	:	NA
Type of Company	:	Limited Private Company
Registered Address	:	80 RAFFLES PLACE #45-01-03 UOB PLAZA SINGAPORE 048624
Date of Change of Address	:	16/07/2012
Contact No.	:	NA
Fax No.	:	NA
Website	:	NA
Registered Activities	:	General Wholesale Trade (Including General Importers And Exporters) Coal Trading
Issued Ordinary Capital*	:	$100.00 SINGAPORE, DOLLARS NO. OF SHARE : 100 $3,000,000.00 UNITED STATES OF AMERICA, DOLLARS NO. OF SHARE : 3,000,000
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$3,000,000.00 UNITED STATES OF AMERICA, DOLLARS $100.00 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
Holding Company	:	Agritrade Resources Global Limited
Auditor	:	Kelvin Wong & Co
Bankers / Financiers	:	NA
Turnover	:	$11,596,212.00 (FY2012)
Net Worth	:	$4,360,895.00 (FY2012)
No. of Bank Charges	:	NA
No. of Litigation Suits	:	NA
S1000 / SME 1000 / FG50 Ranking	:	No found for SINGAPORE 1000 and SME 1000

SHAREHOLDER DETAILS

NAME	:	AGRITRADE RESOURCES GLOBAL LIMITED
SHAREHOLDER ID	:	T11UF3196G
NATIONALITY	:	VIRGIN ISLANDS, BRITISH
ADDRESS	:	P.O. BOX 957 OFFSHORE INCORPORATIONS CENTRE, ROAD TOWN, TORTOLA, BRITISH VIRGIN ISLANDS
NO. OF ORD SHARES	:	100 3,000,000
% OF SHAREHOLDING	:	100%
CURRENCY	:	SINGAPORE, DOLLARS UNITED STATES OF AMERICA, DOLLARS

OFFICER DETAILS

NAME	:	SHIU SHU MING
ADDRESS	:	HOUSE C11,FORTUNE GARDEN , 72 TING KOK ROAD,TAI PO NEW TERRITORIES,HONG KONG
POSITION	:	DIRECTOR
DATE OF APPT	:	11/08/2011
NATIONALITY	:	CHINESE
I/C PASSPORT	:	KJ0071800

NAME	:	RASHID BIN MAIDIN
ADDRESS	:	327 TAMPINES STREET 32 #10-384 SINGAPORE 520327
POSITION	:	DIRECTOR
DATE OF APPT	:	14/09/2011
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S7231528F

NAME	:	TAN TIONG BENG EUGENE
ADDRESS	:	710 HOUGANG AVENUE 2 #07-139 SINGAPORE 530710
POSITION	:	SECRETARY
DATE OF APPT	:	11/08/2011
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S7811761C

NAME	:	NG XINWEI (HUANG XINWEI)
ADDRESS	:	23 JALAN TANAH PUTEH SINGAPORE 457346
POSITION	:	DIRECTOR
DATE OF APPT	:	11/08/2011
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S8606036A

KEY PERSONNEL PROFILE

Name:	SHIU SHU MING
NRIC Number:	KJ0071800
Available Address:	HOUSE C11,FORTUNE GARDEN , 72 TING KOK ROAD,TAI PO NEW TERRITORIES,HONG KONG

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	AGRITRADE RESOURCES ASIA PTE. LTD.	DIRECTOR	11/08/2011	-	NA

Previous Business

No.

Name

Status

Position

Appt Date

Last Known Inactive Date

No Trace

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 IN S’PORE

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

Clear

COMPLIANCE

Date of Last AGM	:	29/09/2012
Date of Last AR	:	15/10/2012
Date of A/C Laid at Last AGM	:	31/03/2012

COMPLIANCE RATING FOR ANNUAL FILING

	ANNUAL GENERAL MEETING,ANNUAL RETURN AND ACCOUNTS UP-TO-DATE

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).

FINANCIAL HIGHLIGHTS

Auditor’s Comments – True and Fair? Yes

	Company
FINANCIAL YEAR	31/03/2012 $
Turnover	11,596,212
Profit Before Tax and Minority Interest	654,758
Profit Before Tax and Minority Interest	654,758
ASSETS
Current Assets	8,911,172
Non-current Assets	0
- Fixed Assets	0
- Intangible Assets	0
- Long-term Investments	0
Total Assets	8,911,172
LIABILITIES
Current Liabilities	4,550,277
Long-Term Liabilities	0
Total Liabilities	4,550,277
SHAREHOLDERS’ FUNDS
Share Capital	3,791,538
Share Premium	0
Retained Earnings	569,358
Other Reserves	(1)
Shareholders Funds	4,360,895

FINANCIAL RATIOS

	Company
FINANCIAL YEAR END	31/03/2012
PROFITABILITY
Rate of Net Profit (%)	4.91
Return on Equity (%)	13.06
Return on Assets (%)	6.39
Return on Capital Employed	0.15
DEBT MANAGEMENT
Total Liabilities/Equity (times)	1.04
Current Liabilities/Equity (times)	1.04
Long Term Liabilities/Equity (times)	0.00
Debt Service Cover Ratio	740.00
Short-term Borrowings-to-cash Ratio	NA
EFFICIENCY MANAGEMENT
Total Assets Turnover (times)	1.30
Fixed Assets Turnover (times)	NA
Interest Coverage Ratio	740.00
Average Payment Period (days)	107
LIQUIDITY MANAGEMENT
Current Ratio (times)	1.96
Quick Ratio (times)	1.96
Average Collection Period (days)	93

FINANCIAL COMMENTARY

Profitability

The company yielded a rate of net profit on sales of 4.91 per cent in FY12. The company is now able to book in $0.05 of profit for every dollar of sales.

Liquidity

Current ratio stood at 1.96 times in FY12. This means that the company has $1.96 of current assets for every dollar of current liability incurred. Subject's current ratio is noted to be within the industry norm for the sector in which the company is operating.

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 liabilities-to-equity ratio notched 1.04 times in FY12. This means that the company requires additional external financing of $1.04 for every dollar injected into its operations. Subject's total liability-to-equity is noted to be within the industry norm for the sector in which the company is operating.

Generally, a total liability-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 13.06 per cent for Subject in the current financial period. 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 6.39 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 1.30 times in FY12. 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.54.73
UK Pound	1	Rs.89.02
Euro	1	Rs.72.48

INFORMATION DETAILS

Report Prepared by :

SDA

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.