MIRA INFORM REPORT

Report Date :

24.12.2012

IDENTIFICATION DETAILS

Name :	SEACHANGE MARITIME (SINGAPORE) PTE. LTD.
Registered Office :	7 Temasek Boulevard #21-03 Suntec Tower One Singapore 038987
Country :	Singapore
Financials (as on) :	31.12.2010
Date of Incorporation :	13.02.2009
Com. Reg. No.:	200902692G
Legal Form :	Limited Private Company
Line of Business :	Other personal service activities Ship owning
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 :	Slow
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 (31.03.2012)	Current Rating (30.06.2012)
Singapore	A1	A1

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:
SEACHANGE MARITIME (SINGAPORE) PTE. LTD.	200902692G

Date Incorporated:	Registered Office:	Telephone Number:
13/02/2009	7 TEMASEK BOULEVARD #21-03 SUNTEC TOWER ONE SINGAPORE 038987	NA
Age of Company:	Website:	Industry Type:
3	NA	TRANSPORT/STORAGE

Risk Dashboard
Days Beyond Terms	Trend:	No. of Litigation Counts:
Company DTC:		NA
147
Worse off than last month; last month the entity took 133 days to pay		No. of Charges(s): 0
Industry DTC
29

Directors		Corporate Structure
Number of Current Directors	3	Holding Company:	SEACHANGE SHIP MANAGEMENT LLC
Number that are shareholders	2	No. of Subsidiaries & Associated Companies:	NA

EXECUTIVE SUMMARY

Company Name	:	SEACHANGE MARITIME (SINGAPORE) PTE. LTD.
Registration No	:	200902692G
Date of Registration	:	13/02/2009
Former Name	:	NA
Date of Change of Name	:	NA
Type of Company	:	LIMITED PRIVATE COMPANY
Registered Address	:	7 TEMASEK BOULEVARD #21-03 SUNTEC TOWER ONE SINGAPORE 038987
Date of Change of Address	:	19/07/2010
Contact No.	:	NA
Fax No.	:	NA
Website	:	NA
Registered Activities	:	OTHER PERSONAL SERVICE ACTIVITIES NEC SHIP OWNING
Issued Ordinary Capital*	:	$1.00 SINGAPORE, DOLLARS, NO. OF SHARE : 1 $300,000.00 UNITED STATES OF AMERICA, DOLLARS, NO. OF SHARE : 300,000
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$300,000.00 UNITED STATES OF AMERICA, DOLLARS $1.00 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	:	SHANKER IYER & CO
Bankers / Financiers	:	NA
Turnover	:	SGD - SIN 3,747,563.00 (FY2010)
Net Worth	:	SGD - SIN (36,657.00) (FY2010)
No. of Bank Charges	:	NA
No. of Litigation Suits	:	NA
S1000 / SME 1000 / FG50 Ranking	:	No found for SINGAPORE 1000 and SME 1000
Compounded Annual Growth Rate (CAGR)	:	NA

SHAREHOLDER DETAILS

NAME	:	SEACHANGE SHIP MANAGEMENT LLC
SHAREHOLDER ID	:	T12UF1682G
NATIONALITY	:	MARSHALL ISLANDS
ADDRESS	:	TRUST COMPANY COMPLEX, AJELTAKE ROAD, AJELTAKE ISLAND MAJURO, MARSHALL ISLANDS, MH 96960
NO. OF ORD SHARES	:	300,000
% OF SHAREHOLDING	:	100%
CURRENCY	:	UNITED STATES OF AMERICA, DOLLARS
NAME	:	SEACHANGE SHIP MANAGEMENT LLC
SHAREHOLDER ID	:	T12UF1681L
NATIONALITY	:	NA
ADDRESS	:	TRUST COMPANY COMPLEX, AJELTAKE ROAD, AJELTAKE ISLAND MAJURO, MARSHALL ISLANDS, MH 96960
NO. OF ORD SHARES	:	1
% OF SHAREHOLDING	:	0%
CURRENCY	:	SINGAPORE, DOLLARS

OFFICER DETAILS

NAME	:	YARIV ZGHOUL
ADDRESS	:	201 NORTH COCONUT LANE MIAMI BEACH, FL 33139
POSITION	:	DIRECTOR
DATE OF APPT	:	13/02/2009
NATIONALITY	:	ISRAELI
I/C PASSPORT	:	10938451
NAME	:	SAMUEL HAMMOND NORTON
ADDRESS	:	3835 EL PRADO BLVD. MIAMI, FLORIDA 33133 USA
POSITION	:	DIRECTOR
DATE OF APPT	:	13/02/2009
NATIONALITY	:	AMERICAN
I/C PASSPORT	:	488899220
NAME	:	DAMIR GLAVAN
ADDRESS	:	46A TOH TUCK ROAD #05-02 SIGNATURE PARK SINGAPORE 596738
POSITION	:	DIRECTOR
DATE OF APPT	:	08/04/2011
NATIONALITY	:	CROATIAN
I/C PASSPORT	:	F2297812T
NAME	:	CHENG LIAN SIANG
ADDRESS	:	7 SIN MING WALK #20-17 GARDENS AT BISHAN, THE SINGAPORE 575577
POSITION	:	SECRETARY
DATE OF APPT	:	13/02/2009
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S1519832Z
NAME	:	PATHIMA MUNEERA AZMI
ADDRESS	:	122 JURONG EAST STREET 13 #02-31 IVORY HEIGHTS SINGAPORE 600122
POSITION	:	SECRETARY
DATE OF APPT	:	13/02/2009
NATIONALITY	:	SINGAPORE P.R.
I/C PASSPORT	:	S2715498J

KEY PERSONNEL PROFILE

Name:	YARIV ZGHOUL
NRIC Number:	10938451
Available Address:	201 NORTH COCONUT LANE MIAMI BEACH, FL 33139

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	BIG PINE KEY PTE. LTD.	DIRECTOR	19/04/2010	-	NA
2	FIESTA KEY PTE. LTD.	DIRECTOR	20/06/2012	-	NA
3	PARK KEY PTE. LTD.	DIRECTOR	24/02/2011	-	NA
4	PLANTATION KEY PTE. LTD.	DIRECTOR	01/07/2008	-	NA
5	SEACHANGE MARITIME (SINGAPORE) PTE. LTD.	DIRECTOR	13/02/2009	-	NA
6	VIRGINIA KEY PTE. LTD.	DIRECTOR	13/03/2007	-	NA

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.	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 are no bank charges registered against Subject by its bankers.

LITIGATION

Clear

COMPLIANCE RECORDS

Date of Last AGM	:	30/06/2011
Date of Last AR	:	29/07/2011
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
Currency	SGD - SIN		SGD - SIN
Profit and Loss Key Figures
Turnover	3,747,563	1,228.59	282,071
Profit/(Loss) Before Tax	152,769	NA	(491,932)
Profit After Tax attributable to Shareholders	152,769	NA	(491,932)
Balance Sheet Key Figures
Total Assets	5,879,556	174.26	2,143,764
Current Assets	5,744,503	175.02	2,088,796
Non Current Assets	135,053	145.69	54,968
Total Liabilities	5,916,213	152.22	2,345,647
Current Liabilities	5,916,213	152.22	2,345,647
Non Current Liabilities	0	NA	0
Shareholders' Funds	(36,657)	NA	(201,883)
Share Capital	272,151	-6.17	290,049
Total Reserves	(308,808)	NA	(491,932)

FINANCIAL RATIOS

	Company
	DEC 2010	DEC 2009
Growth %
Year-on-Year Growth	1,228.59	NA
Profitability
Profit Margin (%)	4.08	-174.40
Return on Equity (%)	-416.75	243.67
Return on Assets (%)	2.60	-22.95
Leverage
Total Debt/Equity (Times)	-161.39	-11.62
Current Debt/Equity (Times)	0.00	0.00
Long Term Debt To Equity (Times)	0.00	0.00
Total Asset To Total Equity (Times)	-160.39	-10.62
Asset Management
Total Assets Turnover (Times)	0.64	0.13
Fixed Assets Turnover (Times)	27.75	5.13
Liquidity
Current Ratio (Times)	0.97	0.89

FINANCIAL COMMENTARY

Profitability

The company yielded a rate of net profit on sales of 4.08 per cent in FY10. The company is now able to book in SGD - SIN 0.04 of profit for every SGD - SIN of sales.

Liquidity

Current ratio stood at 0.97 times in FY10 (FY09: 0.89 times). This means that the company has SGD - SIN 0.97 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

We are unable to comment on Subject's leverage.

Efficiency Ratio

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

Return on assets stood at 2.60 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 0.64 times in FY10 (FY09: 0.13 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.

S

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.07
UK Pound	1	Rs.89.54
Euro	1	Rs.72.77

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.