MIRA INFORM REPORT

Report Date :

10.07.2012

IDENTIFICATION DETAILS

Name :	FUTURE ENTERPRISES PTE. LTD.

Registered Office :	31 Harrison Road #08-01 Food Empire Business Suites Singapore 369649

Country :	Singapore

Financials (as on) :	31.12.2011

Date of Incorporation :	16.09.1982

Com. Reg. No.:	198203912z

Legal Form :	Limited Private Company

Line of Business :	General wholesale trade (including general importers and exporters) Wholesale on a fee or contract basis (eg commission agents)

No. of Employees :	Not Available

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 :	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 – 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

Company Name:	Registered Number:
FUTURE ENTERPRISES PTE. LTD.	198203912Z

Date Incorporated:	Registered Office:	Telephone Number:
16/09/1982	31 HARRISON ROAD #08-01 FOOD EMPIRE BUSINESS SUITES SINGAPORE 369649	6744 8911
Age of Company:	Website:	Industry Type:
30	www.food-empire.com	MANUFACTURING

Risk Dashboard
Days Beyond Terms	Trend:	No. of Litigation Counts:
Company DTC:		1
87
Payment pattern as per previous month		No. of Charges(s): 0
Industry DTC
26

Directors		Corporate Structure
Number of Current Directors	3	Holding Company:	FOOD EMPIRE HOLDINGS LIMITED
Number that are shareholders	1	No. of Subsidiaries & Associated Companies:	3

EXECUTIVE SUMMARY

Company Name	:	FUTURE ENTERPRISES PTE. LTD.
Registration No	:	198203912Z
Date of Registration	:	16/09/1982
Former Name	:	NA
Date of Change of Name	:	NA
Type of Company	:	LIMITED PRIVATE COMPANY
Registered Address	:	31 HARRISON ROAD #08-01 FOOD EMPIRE BUSINESS SUITES SINGAPORE 369649
Date of Change of Address	:	20/06/2011
Contact No.	:	6744 8911
Fax No.	:	6744 2116
Website	:	www.food-empire.com
Registered Activities	:	1. GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS) 2. WHOLESALE ON A FEE OR CONTRACT BASIS (EG COMMISSION AGENTS)
Issued Ordinary Capital*	:	$53,700,000.00 SINGAPORE, DOLLARS, NO. OF SHARE : 800,000
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$53,700,000.00 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	:	3
No. of Local Associates	:	NA
Auditor	:	ERNST & YOUNG LLP
Bankers / Financiers	:	NA
Turnover	:	SINGAPORE, DOLLARS 190,520,869.50 (FY2011)
Net Worth	:	SINGAPORE, DOLLARS 76,778,847.00 (FY2011)
No. of Bank Charges	:	NA
No. of Litigation Suits	:	1
S1000 / SME 1000 / FG50 Ranking	:	1307 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2010/2011) 1410 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2009/2010) 917 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2008/2009) 820 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2007/2008) 720 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2007/2008)
Compounded Annual Growth Rate (CAGR)	:	0.45% (4 years)

SHAREHOLDER DETAILS

NAME	:	FOOD EMPIRE HOLDINGS LIMITED
SHAREHOLDER ID	:	200001282G
NATIONALITY	:	SINGAPORE
ADDRESS	:	50 RAFFLES PLACE #32-01 SINGAPORE LAND TOWER SINGAPORE 048623
NO. OF ORD SHARES	:	800,000
% OF SHAREHOLDING	:	100%
CURRENCY	:	SINGAPORE, DOLLARS

OFFICER DETAILS

NAME	:	TAN JOON HONG
ADDRESS	:	40 FABER AVENUE FABER HILLS SINGAPORE 129547
POSITION	:	DIRECTOR
DATE OF APPT	:	18/07/2007
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S1164255A

NAME	:	TAN WANG CHEOW
ADDRESS	:	115 LENGKONG DUA SINGAPORE 417749
POSITION	:	DIRECTOR
DATE OF APPT	:	01/09/1983
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S1250811E

NAME	:	TAN GUEK MING
ADDRESS	:	115 LENGKONG DUA SINGAPORE 417749
POSITION	:	DIRECTOR
DATE OF APPT	:	31/01/1983
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S1358277G

NAME	:	FONG CHOON SENG
ADDRESS	:	66 TANAH MERAH KECHIL AVENUE #07-31 CASA MERAH SINGAPORE 465532
POSITION	:	SECRETARY
DATE OF APPT	:	07/10/2011
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S1609552D

KEY PERSONNEL PROFILE

Name:	TAN WANG CHEOW
NRIC Number:	S1250811E
Available Address:	115 LENGKONG DUA SINGAPORE 417749

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	AKASTIA VENTURES PTE. LTD.	SHAREHOLDER	-	1	10.00
2	EASY VICTORY GROUP PTE. LTD.	DIRECTOR	17/06/2008	-	-
3	EURO ASIA DYNAMIC VENTURES PTE. LTD.	SHAREHOLDER	-	1	10.00
4	FOOD EMPIRE HOLDINGS LIMITED	DIRECTOR	17/02/2000	-	-
5	FUTURE ENGINEERING & COMMUNICATION PTE LTD	SECRETARY	20/04/1990	100000	20.00
6	FUTURE ENTERPRISES PTE. LTD.	DIRECTOR	01/09/1983	-	-
7	FUTURE ENTERPRISES PTE. LTD.	MANAGING DIRECTOR	01/09/1983	-	-
8	ICHIBAN LIFESTYLE HOLDINGS PTE. LTD.	DIRECTOR	11/10/2007	-	-
9	JUST NOODLES PTE. LTD.	SHAREHOLDER	-	62000	31.00
10	K L INDUSTRIES PTE LTD	DIRECTOR	09/04/1994	-	-
11	K L INDUSTRIES PTE LTD	SECRETARY	23/04/1992	-	-
12	KONG LAM & CO	OWNER	10/01/1983	-	-
13	KONG LAM HOLDINGS PTE LTD	DIRECTOR	18/12/1991	2000	20.00
14	KONG LAM HOLDINGS PTE LTD	SECRETARY	18/12/1991	2000	20.00
15	MOMIJI JAPANESE RESTAURANT PTE LTD	SHAREHOLDER	-	55000	55.00
16	NISEDAJ INVESTMENTS PTE. LTD.	DIRECTOR	19/07/2006	900	90.00
17	QUADTEL ASIA PTE LTD	SHAREHOLDER	-	211764	12.33
18	SKYVENTURE VWT SINGAPORE PTE. LTD.	DIRECTOR	20/03/2008	-	-
19	SWP INVESTMENTS PTE. LTD.	DIRECTOR	24/05/2012	30000	50.00

Previous Business

No.	Name	Status	Position	Appt Date	Last Known Inactive Date
1	ASIANPARENTING PTE LTD	CONVERTED TO LLP	SECRETARY	29/07/2000	07/12/2006
2	DMX (TS) PTE. LTD.	LIVE COMPANY	DIRECTOR	01/07/2008	24/02/2012
3	DMX BIOMETRIC PTE. LTD.	STRUCK OFF	SHAREHOLDER	-	-
4	EPIQ FOOD SERVICES PTE. LTD.	LIVE COMPANY	DIRECTOR/SHR	04/05/2000	11/02/2011
5	EPIQ FOOD SERVICES PTE. LTD.	LIVE COMPANY	SECRETARY/SHR	04/05/2000	11/02/2011
6	FES INDUSTRIES PTE LTD	LIVE COMPANY	DIRECTOR/SHR	24/09/1997	04/06/2012
7	FES INDUSTRIES PTE LTD	LIVE COMPANY	SECRETARY/SHR	24/09/1997	04/06/2012
8	FOOD EMPIRE HOLDINGS LIMITED	LIVE COMPANY	SHAREHOLDER	-	18/09/2011
9	FOODAWORLD MARKETING PTE LTD	LIVE COMPANY	DIRECTOR/SHR	04/08/1990	11/02/2011
10	FOODAWORLD MARKETING PTE LTD	LIVE COMPANY	SECRETARY/SHR	04/08/1990	11/02/2011
11	FUTURE COMMUNICATIONS PTE LTD	LIVE COMPANY	DIRECTOR/SHR	02/08/1985	02/07/2012
12	FUTURE COMMUNICATIONS PTE LTD	LIVE COMPANY	SECRETARY/SHR	06/06/1986	02/07/2012
13	FUTURE CORPORATION PTE LTD	LIVE COMPANY	DIRECTOR/SHR	20/04/1990	04/06/2012
14	FUTURE CORPORATION PTE LTD	LIVE COMPANY	SECRETARY/SHR	20/04/1990	04/06/2012
15	FUTURE ENGINEERING & COMMUNICATION PTE LTD	LIVE COMPANY	DIRECTOR	20/04/1990	28/10/2011
16	FUTURE ENTERPRISES (RUSSIA) PTE LTD	DISSOLVED - MEMBERS' VOLUNTARY WINDING UP	DIRECTOR	15/12/2000	-
17	FUTURE ENTERPRISES (RUSSIA) PTE LTD	DISSOLVED - MEMBERS' VOLUNTARY WINDING UP	SECRETARY	07/02/2001	-
18	FUTURE ENTERPRISES PTE. LTD.	LIVE COMPANY	SECRETARY/SHR	01/09/1983	05/07/2012
19	HEALTHMARK REGIONAL (VIETNAM) PTE. LTD.	DISSOLVED - MEMBERS' VOLUNTARY WINDING UP	SHAREHOLDER	-	-
20	HOCK LAM HANG ENTERPRISES (PTE .) LTD.	STRUCK OFF	SHAREHOLDER	-	25/07/2000
21	HYNETIC ELECTRONICS PTE LTD	DISSOLVED - MEMBERS' VOLUNTARY WINDING UP	DIRECTOR/SHR	02/05/1987	15/08/2001
22	HYNETIC ELECTRONICS PTE LTD	DISSOLVED - MEMBERS' VOLUNTARY WINDING UP	SECRETARY/SHR	02/05/1987	15/08/2001
23	ICHIBAN LIFESTYLE HOLDINGS PTE. LTD.	LIVE COMPANY	DIRECTOR	15/02/2007	15/06/2012
24	JUST NOODLES PTE. LTD.	LIVE COMPANY	DIRECTOR	04/05/2000	16/05/2012
25	JUST NOODLES PTE. LTD.	LIVE COMPANY	SECRETARY	04/05/2000	16/05/2012
26	KONG LAM TEXTILES (PRIVATE) LIMITED	LIVE COMPANY	DIRECTOR	23/02/1982	28/02/2012
27	LA CASITA PTE LTD	LIVE COMPANY	DIRECTOR	30/08/1996	22/05/2012
28	MASTERS CORPORATION PTE LTD	LIVE COMPANY	DIRECTOR/SHR	11/11/1982	10/03/2011
29	MASTERS CORPORATION PTE LTD	LIVE COMPANY	SECRETARY/SHR	31/01/1985	10/03/2011
30	MOMIJI HOLDINGS PTE LTD	STRUCK OFF	DIRECTOR	26/03/1994	-
31	MOMIJI HOLDINGS PTE LTD	STRUCK OFF	SECRETARY	26/03/1994	-
32	MOMIJI JAPANESE RESTAURANT PTE LTD	LIVE COMPANY	DIRECTOR	02/05/1992	18/01/2011
33	MOMIJI JAPANESE RESTAURANT PTE LTD	LIVE COMPANY	SECRETARY	02/05/1992	18/01/2011
34	RAFFLES HUNGARY PTE LTD	STRUCK OFF	DIRECTOR	31/03/1992	-
35	RAFFLES REALTY PTE LTD	LIVE COMPANY	DIRECTOR	04/03/1991	02/08/2011
36	RAFFLES REALTY PTE LTD	LIVE COMPANY	SECRETARY	04/03/1991	02/08/2011
37	RENO BOX PTE. LTD.	LIVE COMPANY	DIRECTOR/SHR	11/03/1985	20/12/2011
38	RENO BOX PTE. LTD.	LIVE COMPANY	SECRETARY/SHR	11/03/1985	20/12/2011
39	ROCKEBY BIOMED CORPORATION LIMITED	DISSOLVED - CREDITORS' VOLUNTARY WINDING UP	SHAREHOLDER	-	30/12/2010
40	STARKAZ PTE. LTD.	DISSOLVED - MEMBERS' VOLUNTARY WINDING UP	DIRECTOR	02/07/2007	-

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 (%)

FOODAWORLD MARKETING PTE LTD	100
FES INDUSTRIES PTE LTD	100
FOOD EMPIRE REAL ESTATES PTE. LTD.	100

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

there have been 1 litigation suits filed against Subject.

	Current Year On/After 01 Jan 2012	Past Years W.e.f 01 Jan 2012

Court (Claim under normal circumstances)
Magistrate (< $80,000)	0	2
District ($80,000 - $250,000)	0	0
High (>$250,000)	0	0

Winding Up Trace		No
In litigation/Dissolved/Struck Off/In receivership		No

The details are as follows:

1)	Court	:	Magistrate Court
	Case No.	:	8638
	Transfer	:	-
	Date of Filing	:	29/03/2001
	Amount	:	23,010.15
	Cause	:	Negligence - Motor Accidents (Not Injuries / Death)
	Case Status	:	CONCLUDED
	Plaintiff	:	TEN SHINE VEGETARIAN SUPPLIER
	Last Update Date	:	03/10/2008

2)	Court	:	Magistrate Court
	Case No.	:	7964
	Transfer	:	-
	Date of Filing	:	13/05/1996
	Amount	:	5,001.48
	Cause	:	Contracts - Work Done And Service Rendered
	Case Status	:	CONCLUDED
	Plaintiff	:	THE PEOPLE'S INSURANCE CO LTD
	Last Update Date	:	03/10/2008

COMPLIANCE

Date of Last AGM	:	11/05/2012
Date of Last AR	:	16/05/2012
Date of A/C Laid At Last AGM	:	31/12/2011

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).

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

FINANCIAL HIGHLIGHTS

Financial Figures	Company
	DEC 2011	% Change	DEC 2010	DEC 2009	DEC 2008	DEC 2007
Currency	SGD - SIN		SGD - SIN	SGD - SIN	SGD - SIN	SGD - SIN
Profit and Loss Key Figures
Turnover	190,520,870	21.33	157,031,911	131,872,883	190,739,833	187,147,942
Profit/(Loss) Before Tax	4,374,162	0.83	4,338,071	5,801,615	11,855,012	16,461,169
Profit After Tax attributable to Shareholders	3,058,398	-34.98	4,704,113	4,954,728	9,460,587	15,845,096

Balance Sheet Key Figures
Total Assets	164,955,123	3.62	159,185,980	154,750,485	140,939,471	136,551,822
Current Assets	142,718,963	8.17	131,941,042	137,953,884	123,688,890	127,549,644
Non Current Assets	22,236,161	-18.38	27,244,938	16,796,601	17,250,581	9,002,178

Total Liabilities	88,176,276	34.43	65,590,872	53,297,157	45,168,133	90,652,884
Current Liabilities	88,144,889	34.57	65,502,423	49,557,465	29,068,908	79,285,586
Non Current Liabilities	31,388	-64.51	88,449	3,739,692	16,099,225	11,367,298

Shareholders' Funds	76,778,847	-17.97	93,595,107	101,453,328	95,771,339	45,898,939
Share Capital	47,122,682	-7.73	51,073,030	54,615,507	52,958,125	619,078
Total Reserves	29,656,166	-30.26	42,522,077	46,837,821	42,813,214	45,279,861

FINANCIAL RATIOS

	Company
	DEC 2011	DEC 2010	DEC 2009	DEC 2008	DEC 2007
Growth %
Year-on-Year Growth	21.33	19.08	-30.86	1.92	NA

Profitability
Profit Margin (%)	1.61	3.00	3.76	4.96	8.47
Return on Equity (%)	3.98	5.03	4.88	9.88	34.52
Return on Assets (%)	1.85	2.96	3.20	6.71	11.60

Leverage
Total Debt/Equity (Times)	1.15	0.70	0.53	0.47	1.98
Current Debt/Equity (Times)	1.15	0.70	0.49	0.30	1.73
Long Term Debt To Equity (Times)	0.00	0.00	0.04	0.17	0.25
Total Asset To Total Equity (Times)	2.15	1.70	1.53	1.47	2.98

Asset Management
Total Assets Turnover (Times)	1.15	0.99	0.85	1.35	1.37
Fixed Assets Turnover (Times)	8.57	5.76	7.85	11.06	20.79

Liquidity
Current Ratio (Times)	1.62	2.01	2.78	4.26	1.61

FINANCIAL COMMENTARY

Compound Annual Growth Rate

The company's CAGR is 0.45% (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 1.61 per cent in FY11 (FY10: 3.00 per cent). The company is now able to book in SINGAPORE, DOLLARS 0.02 of profit for every SINGAPORE, DOLLARS of sales in FY11, as compared with SINGAPORE, DOLLARS 0.03 a year ago.

Liquidity

Current ratio stood at 1.62 times in FY11 (FY10: 2.01 times). This means that the company has SINGAPORE, DOLLARS 1.62 of current assets for every SINGAPORE, DOLLARS 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

Total debt-to-equity ratio notched 1.15 times in FY11, compared with 0.70 times in FY10. This means that the company requires additional external financing of SINGAPORE, DOLLARS 1.15 for every SINGAPORE, DOLLARS 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 3.98 per cent for Subject in the current financial period, as compared to 5.03 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 1.85 per cent (FY10: 2.96 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 1.15 times in FY11 (FY10: 0.99 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.56.02
UK Pound	1	Rs.86.78
Euro	1	Rs.68.83

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.