MIRA INFORM REPORT

Report Date :

05.06.2012


Tel. No.:	65 63450355
Fax No.:	65 63460877

IDENTIFICATION DETAILS

Name :	BOR CHI (SINGAPORE) PTE LTD

Registered Office :	11 Tanjong Rhu Road, 18-01, 436896

Country :	Singapore

Date of Incorporation :	15.07.1988

Com. Reg. No.:	198802360-Z

Legal Form :	Exempt Private Company

Line of Business :	Trading of marine engine and ship parts

No. of Employees :	10

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 :	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

* Adopted abbreviations :

SC - Subject Company (the company enquired by you)

N/A - Not Applicable

EXECUTIVE SUMMARY

REGISTRATION NO.	:	198802360-Z
COMPANY NAME	:	BOR CHI (SINGAPORE) PTE LTD
FORMER NAME	:	N/A
INCORPORATION DATE	:	15/07/1988
COMPANY STATUS	:	EXIST
LEGAL STATUS	:	EXEMPT PRIVATE
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	11 TANJONG RHU ROAD, 18-01, 436896, SINGAPORE.
BUSINESS ADDRESS	:	11 TANJONG RHU ROAD 18-1, 436896, SINGAPORE.
TEL.NO.	:	65-63450355
FAX.NO.	:	65-63460877
EMAIL	:	borchisingapore@gmail.com
WEB SITE	:	www.borchisingapore.com/
CONTACT PERSON	:	JENG GOU JOU ( DIRECTOR )
PRINCIPAL ACTIVITY	:	TRADING OF MARINE ENGINE AND SHIP PARTS
AUTHORISED CAPITAL	:	1,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 1,000,000.00
ISSUED AND PAID UP CAPITAL	:	1,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 1,000,000.00
SALES	:	N/A
NET WORTH	:	N/A
STAFF STRENGTH	:	10 [2012]
BANKER (S)		UNITED OVERSEAS BANK (MALAYSIA) BHD
LITIGATION	:	TRACED
FINANCIAL CONDITION	:	N/A
PAYMENT	:	N/A
MANAGEMENT CAPABILITY	:	AVERAGE
COMMERCIAL RISK	:	LOW
CURRENCY EXPOSURE	:	HIGH
GENERAL REPUTATION	:	SATISFACTORY
INDUSTRY OUTLOOK	:	AVERAGE GROWTH

HISTORY / BACKGROUND

The SC is an exempt private company which is allowed to have a minimum of two and a maximum of twenty shareholders and all the shareholders must be individuals. An exempt company is a type of private limited company. As a private limited company, the SC must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the SC is capable of owning assets, entering into contracts, suing or be sued by other companies. The SC is governed by the Companies Act and must file in its annual return. The SC need not file in its financial statements but it has to file in a document duly signed by its director in charge of its finance, the secretary and its auditor stating that the SC is able to meet all its obligations as and when they fall due. Although the SC is not required to file in its financial statements, it also has to prepare its financial account which must be presented at the Annual General Meeting.

The SC is principally engaged in the (as a / as an) trading of marine engine and ship parts.

The major shareholder(s) of the SC are shown as follows :

Name	Address	IC/PP/Loc No	Shareholding
JENG HUANG FONG MAAN +	11 TANJONG RHU ROAD, 18-01, WATERSIDE, THE, 436896, SINGAPORE.	S2565232J	560,001.00
JENG GOU JOU +	11 TANJONG RHU ROAD, 18-01, WATERSIDE, THE, 436896, SINGAPORE.	S2565231B	439,999.00
			---------------
			1,000,000.00
			============

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	JENG GOU JOU
Address	:	11 TANJONG RHU ROAD, 18-01, WATERSIDE, THE, 436896, SINGAPORE.
IC / PP No	:	S2565231B



Nationality	:	SINGAPOREAN
Date of Appointment	:	15/07/1988

DIRECTOR 2

Name Of Subject	:	JENG HUANG FONG MAAN
Address	:	11 TANJONG RHU ROAD, 18-01, WATERSIDE, THE, 436896, SINGAPORE.
IC / PP No	:	S2565232J



Nationality	:	SINGAPOREAN
Date of Appointment	:	23/01/1989

MANAGEMENT

1)	Name of Subject	:	JENG GOU JOU
	Position	:	DIRECTOR

AUDITOR

Auditor	:	CHAN HOCK SENG & COMPANY
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	CHAN HWEE PING
	IC / PP No	:	S1284083G

	Address	:	606, HOUGANG AVENUE 4, 07-169, 530606, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)	Name	:	UNITED OVERSEAS BANK (MALAYSIA) BHD

The SC enjoys normal banking routine with above mentioned banker(s). The SC has bank charges with above mentioned banker(s).

ENCUMBRANCE (S)

ENCUMBRANCE 1

Date of Creation

18/08/1994

Description Of Charge

N/A

Amount Secured

N/A

Description Of Property Affected

N/A

Name & Address Of Chargee

UNITED OVERSEAS BANK (MALAYSIA) BHD

Form 40 Dated

Registered and Numbered 9404480 In The Register of Charges

LEGAL CHECK AGAINST SC

* A check has been conducted in our databank against the SC whether the subject has been involved in any litigation.

LEGAL ACTION

Code No

Case No

2464

Year

2010

Place

SINGAPORE

Court

MAGISTRATE COURT

Date Filed

27/01/2010

Solicitor

UNIVERSAL LEAF (ASIA) PTE LTD

Defendants

BOR CHI (SINGAPORE) PTE LTD (198802360)

11 TANJONG RHU ROAD, 18-01, 436896, SINGAPORE.

Amount Claimed

8,381.60

Nature of Claim

NEGLIGENCE

Remark

NOTE:

Please check with creditors for confirmation as alleged debts may have been paid since recorded or are being disputed. The person wo has been sued has the same name as the subject. However, we are unable to determine whether the person sued is the one and the same person.

No winding up petition was found in our databank

PAYMENT RECORD

SOURCES OF RAW MATERIALS:
Local	:	NO	Percentage	:	0%
Overseas	:	YES	Percentage	:	100%

CLIENTELE

Local	:	YES
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	WORLDWIDE
Credit Term	:	30 - 60 DAYS

Payment Mode	:	CHEQUES,TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Goods Traded

MARINE ENGINE AND SHIP PARTS

Total Number of Employees:
YEAR	2012	2011
GROUP	N/A	N/A
COMPANY	10	12

Branch

Other Information:

The SC is principally engaged in the (as a / as an) trading of marine engine and ship parts.

The SC is a well known name in the supply of marine spare parts.

The SC supplies the following products:

* Main Engine Parts

* Purifiers

* Turbo Chargers

* Turbine Equipment

* Diesel Generators

* Motors

* Inert Gas Systems

* Air Conditioners

* Deck Machinery

* Lifeboats & Liferafts

* Air Compressors

* Anchor & Chain

* Pumps

* Power Plants

CURRENT INVESTIGATION

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client	:	65 63450355
Current Telephone Number	:	65-63450355
Match	:	YES

Address Provided by Client	:	11 TANJONG RHU ROAD 18-1 SINGAPORE 436896
Current Address	:	11 TANJONG RHU ROAD 18-1, 436896, SINGAPORE.
Match	:	YES

Other Investigations

we contacted one of the staff from the SC and she provided some information on the SC.

FINANCIAL ANALYSIS

The SC is a private exempt company which does not need to file in its accounts with the Registrar of Companies for the information of the public. Therefore, we are not able to comment on the SC's financial performance.

Overall financial condition of the SC : N/A

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	2006	2007	2008	2009	2010
�
Population (Million)	4.40	4.58	4.84	4.98	5.08
Gross Domestic Products ( % )	8.7	8.8	1.5	<0.8>	14.5
Consumer Price Index	1.0	2.1	6.6	0.6	2.8
Total Imports (Million)	378,924.1	395,979.7	450,892.6	356,299.3	423,221.8
Total Exports (Million)	431,559.2	450,627.7	476,762.2	391,118.1	478,840.7
�
Unemployment Rate (%)	2.7	2.3	2.2	3.2	2.2
Tourist Arrival (Million)	9.75	10.28	10.12	9.68	11.64
Hotel Occupancy Rate (%)	85.2	87.0	81.0	75.8	85.6
Cellular Phone Subscriber (Million)	1.05	1.22	1.31	1.37	1.43
�
Registration of New Companies (No.)	21,495	25,903	25,327	26,414	29,798
Registration of New Companies (%)	10.2	20.5	<2.2>	4.3	12.8
Liquidation of Companies (No.)	8,980	9,226	10,493	22,393	15,126
Liquidation of Companies (%)	28.1	2.7	13.7	113.4	<32.5>
�
Registration of New Businesses (No.)	24,219	24,762	24,850	26,876	23,978
Registration of New Businesses (%)	3.17	2.24	0.36	8.15	<10.78>
Liquidation of Businesses (No.)	26,843	21,322	21,150	23,552	24,211
Liquidation of Businesses (%)	<52.3>	<20.6>	<0.8>	11.4	2.8
�
Bankruptcy Orders (No.)	2,983	2,767	2,326	2,058	1,537
Bankruptcy Orders (%)	15.8	<7.2>	<15.9>	<11.5>	<25.3>
Bankruptcy Discharges (No.)	1,634	1,626	1,500	3,056	2,252
Bankruptcy Discharges (%)	<2.9>	<0.5>	<7.7>	103.7	<26.3>
�
INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	3.91	5.26	<0.32>	3.25	<0.48>
Fish Supply & Wholesale	1.33	<3.91>	<6.31>	<1.93>	3.60
�
Manufacturing *	94.4	100.0	95.8	91.8	119.1
Food, Beverages & Tobacco	89.9	100.0	107.7	102.7	109.5
Textiles	119.9	100.0	92.6	75.0	62.8
Wearing Apparel	114.5	100.0	71.8	45.3	26.4
Leather Products & Footwear	100.3	100.0	84.7	52.6	54.1
Wood & Wood Products	107.1	100.0	88.8	68.3	70.0
Paper & Paper Products	92.5	100.0	98.8	93.3	103.7
Printing & Media	97.6	100.0	96.7	82.5	84.7
Crude Oil Refineries	100.2	100.0	101.0	86.1	85.4
Chemical & Chemical Products	93.8	100.0	95.1	90.4	109.9
Pharmaceutical Products	102.1	100.0	92.8	104.4	159.9
Rubber & Plastic Products	100.1	100.0	92.2	77.6	86.1
Non-metallic Mineral	113.1	100.0	83.1	79.1	79.7
Basic Metals	110.0	100.0	120.9	101.9	112.5
Fabricated Metal Products	97.8	100.0	95.0	85.2	97.2
Machinery & Equipment	83.9	100.0	97.4	85.8	117.7
Electrical Machinery	98.8	100.0	98.1	104.2	149.1
Electronic Components	96.1	100.0	93.0	85.1	115.5
Transport Equipment	85.3	100.0	106.7	100.2	99.3
�
Construction	46.60	45.60	45.90	<36.9>	14.20
Real Estate	12.9	40.8	<11.2>	1.4	21.3
�
Services
Electricity, Gas & Water	<5.3>	11.00	<1.3>	1.70	4.00
Transport, Storage & Communication	6.00	8.50	11.60	3.90	12.80
Finance & Insurance	6.40	41.50	<5.9>	<16.4>	<0.4>
Government Services	13.50	3.80	17.40	4.50	9.70
Education Services	1.10	1.80	0.50	0.10	<0.9>
�
* Based on Index of Industrial Production (2007 = 100)
(Source : Department of Statistics)

INDUSTRY ANALYSIS

INDUSTRY :

TRADING

The 1st Quarter 2012 total retail sales is expected to grow from a forecast SGD44.45bn (US$35.28bn) in 2011 to SGD51.50bn (US$46.82bn) by 2015. Singapore lacks the advantage of a massive consumer base, its low unemployment rate, the rapid influx of foreign immigrants and increasing visitor arrivals will continue to instill dynamism into the local retail scene and further buoy consumer spending.

The February 2011 budget provided a boost to consumer spending power, with the SGD6.6bn (US$5.2bn) Total Benefits package earmarked for households in 2011-2012 expected to have positive implications for the Singapore consumer.

In terms of retail sub-sectors, the over-the-counter pharmaceutical sector to be worth US$0.15bn in 2011 and for sales to increase by more than 35% to US$0.20bn by 2015. Sales of consumer electronics products are expected to increase by nearly 24%, from US$3.96bn in 2011 to US$4.90bn by the end of the forecast period on the back of strong demand for high-end products such as multimedia notebooks, 3G phones and smartphones.

The food retail segment will have a market share of 21.3% in 2011, when the sub-sector is forecast to be worth US$7.50bn. Sales are expected to grow to US$8.11bn by 2015.

Mass grocery retail sales are forecast to be US$3.46bn in 2011 and to grow by more than 25% to US$4.45bn by 2015, more than three times the rate of growth for overall food sales. This would take mass grocery retail's share of the overall food market from 45.7% in 2011 to 52.9% by the end of the forecast period.

Retail sales of Asian countries in 2011 are forecast US$3.13trn. China and India are predicted to account for nearly 91% of regional retail sales in 2011, and by 2015 their share of the regional market is expected to be more than 92%. Growth in regional retail sales for 2011-2015 is forecast at 71.6%, an annual average 14.4%. India should experience the most rapid rate of growth, followed by China. Singapore's market share of 1.1% in 2011 is forecast to fall to 0.8% by 2015.

OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 1988, the SC is a Exempt Private company, focusing on trading of marine engine and ship parts. With over 2 decades of experience in the business, the SC has fairly rich experiences in the business and has achieved a certain market share. With SGD1 million in issued and paid up capital, the SC has the potential of capturing a higher market shares as it is competing aggressively in the market.

Over the years, the SC has penetrated into both the local and overseas market. The SC has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the SC to further enhance its business in the near term. To date, the SC's business operation is supported by 10 employees. Overall, we regard that the SC's management capability is average. This indicates that the SC has greater potential to improve its business performance and raising income for the SC.

As the SC is registered as a Exempt Private company, it is not required to file financial statements for public review. As such, we are unable to ascertain its present financial health.

Investigation revealed that the SC's supplies are 100% sourced from overseas countries. As an imported oriented company, its forex exposure is high. The SC faces foreign currency fluctuation which may affect its overall operating costs.

The industry shows an upward trend and this trend is very likely to sustain in the near terms. Hence, the SC is expected to benefit from the favourable outlook of the industry. Nonetheless, the SC should adopt better competitive strategies in order to sustain its business position and to compete with other well established players in the same industry.

In view of the above, we recommend credit be granted to the SC with close monitoring.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.52
UK Pound	1	Rs.85.29
Euro	1	Rs.68.86

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.