MIRA INFORM REPORT

Report Date :

03.02.2012

IDENTIFICATION DETAILS

Name :	SURAJ AGRI-BUSINESS PTE. LTD
Registered Office :	171 Chin Swee Road #08-01 San Centre, 169877
Country :	Singapore
Financials (as on) :	2011
Date of Incorporation :	18.08.2004
Com. Reg. No.:	200410417W
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 :

B

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

Maximum Credit Limit :	S$416,000
Status :	Moderate
Payment Behaviour :	No complaints
Litigation :	Exists

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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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	:	SURAJ AGRI-BUSINESS PTE. LTD.
Registration No	:	200410417W
Date of Registration	:	18/08/2004
Former Name	:	NA
Date of Change of Name	:	NA
Type of Company	:	LIMITED PRIVATE COMPANY
Registered Address	:	171 CHIN SWEE ROAD #08-01 SAN CENTRE SINGAPORE 169877
Date of Change of Address	:	16/09/2006
Contact No.	:	62200178
Fax No.	:	62200128
Website	:	NA
Registered Activities	:	1. GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS) INTERNATIONAL TRADER 2. WHOLESALE ON A FEE OR CONTRACT BASIS (EG COMMISSION AGENTS) COMMISSION AGENTS
Issued Ordinary Capital*	:	$543,602.00 SINGAPORE, DOLLARS, NO. OF SHARE : 543,602
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$543,602.00 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	:	JAMES CHAN & PARTNERS LLP
Bankers / Financiers	:	BANK OF INDIA
Turnover	:	SGD - SIN 61,062,534.00 (FY2011)
Net Worth	:	SGD - SIN 4,161,874.00 (FY2011)
No. of Bank Charges	:	1
No. of Litigation Suits	:	1
S1000 / SME 500 / FG50 Ranking	:	No records found for SINGAPORE 1000 and SME 1000
Compounded Annual Growth Rate (CAGR)	:	23.64% (4 years)

Credit & Recommendation

Recommended Credit Line

:

S$416,000

SHAREHOLDER DETAILS

NAME	:	SURAJ IMPEX (INDIA) PVT. LTD.
SHAREHOLDER ID	:	T04UF1855B
NATIONALITY	:	INDIA
ADDRESS	:	LAKSHYA, D-9, RATLAM KOTHI INDORE (M.P.) 452001, INDIA
NO. OF ORD SHARES	:	543,600
% OF SHAREHOLDING	:	100%
CURRENCY	:	SINGAPORE, DOLLARS
NAME	:	VEDULA PADMAJA
SHAREHOLDER ID	:	S2667225B
NATIONALITY	:	SINGAPORE CITIZEN
ADDRESS	:	201 GLADESIDE PATH SUWANEE, GA 30024 (USA)
NO. OF ORD SHARES	:	1
% OF SHAREHOLDING	:	0%
CURRENCY	:	SINGAPORE, DOLLARS
NAME	:	VINOD KUMAR JAIN
SHAREHOLDER ID	:	Z1932618
NATIONALITY	:	INDIAN
ADDRESS	:	LAKSHYA, D-9, RATLAM KOTHI INDORE (M.P.) 452001, INDIA
NO. OF ORD SHARES	:	1
% OF SHAREHOLDING	:	0%
CURRENCY	:	SINGAPORE, DOLLARS

OFFICER DETAILS

NAME	:	PRAVEEN KUMAR VYAS
ADDRESS	:	37, TILAK NAGAR (EXTN) NEAR JAIN DADAWADI INDORE (M.P.) 452001, INDIA
POSITION	:	DIRECTOR
DATE OF APPT	:	15/10/2004
NATIONALITY	:	INDIAN
I/C PASSPORT	:	G6219591
NAME	:	LEK PENG YONG
ADDRESS	:	302 SHUNFU ROAD #03-39 SINGAPORE 570302
POSITION	:	SECRETARY
DATE OF APPT	:	18/08/2004
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S0552208J
NAME	:	ITHNIN BIN HUSHIN
ADDRESS	:	605 CHOA CHU KANG STREET 62 #02-147 SINGAPORE 680605
POSITION	:	DIRECTOR
DATE OF APPT	:	21/05/2007
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S0849678A
NAME	:	VINOD KUMAR JAIN
ADDRESS	:	LAKSHYA, D-9, RATLAM KOTHI INDORE (M.P.) 452001, INDIA
POSITION	:	DIRECTOR
DATE OF APPT	:	18/08/2004
NATIONALITY	:	INDIAN
I/C PASSPORT	:	Z1932618

KEY PERSONNEL PROFILE

Name:	VINOD KUMAR JAIN
NRIC Number:	Z1932618
Available Address:	LAKSHYA, D-9, RATLAM KOTHI INDORE (M.P.) 452001, INDIA

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	SURAJ AGRI-BUSINESS PTE. LTD.	DIRECTOR	18/08/2004	1	0.00

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.	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 1 bank charges registered against Subject by its bankers. The charge numbers are:

1)	Charge No.	:	C200507757
	Date of Registration	:	15/12/2005
	Chargee	:	BANK OF INDIA
	Amount Secured and Currency	:	All Monies
	Address	:	138 ROBINSON ROAD #01-01/02-01/03-01 THE CORPORATE OFFICE SINGAPORE 068906

LITIGATION

The following litigation suits were traced against Subject. Case status is as per available in DP Information Network Pte Ltd database. For the latest status of the suit, please obtain the full details of the suit through Litigation Detail Search (DLIT) offered by DP Information Network Pte Ltd.

To date, there have been 1 litigation suits filed against Subject.

	Current Year On/After 01 Jan 2012	Past Years Bef 01 Jan 2012
Court (Claim under normal circumstances)
Magistrate (< $80,000)	0	0
District ($80,000 - $250,000)	0	1
High (>$250,000)	0	0
Winding Up Trace		No
In litigation/Dissolved/Struck Off/In receivership		No

The details are as follows:

1)	Court	:	District Court
	Case No.	:	2219
	Date of Filing	:	19/06/2009
	Amount	:	69,489.50
	Cause	:	Others / Miscellaneous
	Case Status	:	PENDING
	Plaintiff	:	CERES COMMODITIES PVT LTD
	Last Update Date	:	22/06/2009

COMPLIANCE RECORDS

Date of Last AGM	:	30/09/2011
Date of Last AR	:	28/10/2011
Date of A/C Laid At Last AGM	:	31/03/2011

FINANCIAL HIGHLIGHTS

Financial Figures	Company
	MAR 2011	% Change	MAR 2010	MAR 2009	MAR 2008	MAR 2007
Currency	SGD - SIN		SGD - SIN	SGD - SIN	SINGAPORE, DOLLARS	SINGAPORE, DOLLARS
Profit and Loss Key Figures
Turnover	61,062,534	90.98	31,972,568	116,772,020	114,232,571	26,127,901
Profit/(Loss) Before Tax	45,808	-55.35	102,586	2,513,247	1,893,211	193,257
Profit After Tax attributable to Shareholders	42,010	-57.91	99,810	2,103,427	1,582,037	176,241
Balance Sheet Key Figures
Total Assets	11,899,646	137.82	5,003,685	11,196,505	7,670,427	1,056,348
Current Assets	10,462,164	203.29	3,449,501	11,190,369	7,664,606	1,056,348
Non Current Assets	1,437,482	-7.51	1,554,184	6,136	5,820	0
Total Liabilities	7,737,772	1,228.47	582,456	6,768,458	5,182,885	95,670
Current Liabilities	7,736,812	1,230.66	581,426	6,767,415	5,182,885	95,670
Non Current Liabilities	960	-6.80	1,030	1,043	0	0
Shareholders' Funds	4,161,874	-5.87	4,421,228	4,428,046	2,487,542	960,678
Share Capital	438,241	-6.82	470,298	475,977	485,266	514,835
Total Reserves	3,723,633	-5.75	3,950,930	3,952,069	2,002,275	445,844

FINANCIAL RATIOS

	Company
	MAR 2011	MAR 2010	MAR 2009	MAR 2008	MAR 2007
Growth %
Year-on-Year Growth	90.98	-72.62	2.22	337.21	NA
Profitability
Profit Margin (%)	0.07	0.31	1.80	1.38	0.67
Return on Equity (%)	1.01	2.26	47.50	63.60	18.35
Return on Assets (%)	0.35	1.99	18.79	20.63	16.68
Leverage
Total Debt/Equity (Times)	1.86	0.13	1.53	2.08	0.10
Current Debt/Equity (Times)	1.86	0.13	1.53	2.08	0.10
Long Term Debt To Equity (Times)	0.00	0.00	0.00	0.00	0.00
Total Asset To Total Equity (Times)	2.86	1.13	2.53	3.08	1.10
Asset Management
Total Assets Turnover (Times)	5.13	6.39	10.43	14.89	24.73
Fixed Assets Turnover (Times)	42.48	20.57	19,030.64	19,626.78	0.00
Liquidity
Current Ratio (Times)	1.35	5.93	1.65	1.48	11.04

FINANCIAL COMMENTARY

Compound Annual Growth Rate

The company's CAGR is 23.64% (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 0.07 per cent in FY11 (FY10: 0.31 per cent). The company is now able to book in SGD - SIN 0.00 of profit for every SGD - SIN of sales in FY11, as compared with SGD - SIN 0.00 a year ago.

Liquidity

Current ratio stood at 1.35 times in FY11 (FY10: 5.93 times). This means that the company has SGD - SIN 1.35 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 1.86 times in FY11, compared with 0.13 times in FY10. This means that the company requires additional external financing of SGD - SIN 1.86 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 1.01 per cent for Subject in the current financial period, as compared to 2.26 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 0.35 per cent (FY10: 1.99 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 5.13 times in FY11 (FY10: 6.39 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.49.12
UK Pound	1	Rs.77.84
Euro	1	Rs.64.54

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.