MIRA INFORM REPORT

Report Date :

20.06.2012

IDENTIFICATION DETAILS

Name :	EXPORT TRADING COMMODITIES PTE. LTD.
Registered Office :	20 Cecil Street #14-01 Equity Plaza Singapore 049705
Country :	Singapore
Financials (as on) :	31.03.2011
Date of Incorporation :	04.05.2010
Com. Reg. No.:	201009524M
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

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	A1	A1

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

Company Name:	Registered Number:
EXPORT TRADING COMMODITIES PTE. LTD.	201009524M

Date Incorporated:	Registered Office:	Telephone Number:
04/05/2010	20 CECIL STREET #14-01 EQUITY PLAZA SINGAPORE 049705	NA
Age of Company:	Website:	Industry Type:
2	NA	COMMERCE-WHOLESALE

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): 13
Industry DTC
24 Days

Directors		Corporate Structure
Number of Current Directors	6	Holding Company:	Etc Group
Number that are shareholders	1	No. of Subsidiaries & Associated Companies:	NA

Executive Summary

Company Name	:	Export Trading Commodities Pte. Ltd.
Registration No	:	201009524M
Date of Registration	:	04/05/2010
Former Name	:	NA
Date of Change of Name	:	NA
Type of Company	:	Limited Private Company
Registered Address	:	20 CECIL STREET #14-01 EQUITY PLAZA SINGAPORE 049705
Date of Change of Address	:	04/05/2010
Contact No.	:	NA
Fax No.	:	NA
Website	:	NA
Registered Activities	:	General Wholesale Trade (Including General Importers And Exporters) Trading & Distribution Of Agricultural Commodities
Issued Ordinary Capital*	:	$1,000,000.00 SINGAPORE, DOLLARS NO. OF SHARE : 1,000,000
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$1,000,000.00 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	:	NA
No. of Local Associates	:	NA
Auditor	:	Kpmg Llp
Bankers / Financiers	:	The Standard Bank Of South Africa Limited Bnp Paribas Ing Bank N.V. Fbn Bank (Uk) Ltd
Turnover	:	$24,033,717.00 (FY2011)
Net Worth	:	$1,078,726.00 (FY2011)
No. of Bank Charges	:	13
No. of Litigation Suits	:	NA
S1000 / SME 1000 / FG50 Ranking	:	No found for SINGAPORE 1000 and SME 1000

SHAREHOLDER DETAILS

NAME	:	ETC GROUP
SHAREHOLDER ID	:	T10UF1760H
NATIONALITY	:	MAURITIUS
ADDRESS	:	ST. LOUIS BUSINESS CENTRE, CNR DESROCHES & ST. LOUIS STREETS, PORT LOUIS, MAURITIUS
NO. OF ORD SHARES	:	1,000,000
% OF SHAREHOLDING	:	100%
CURRENCY	:	SINGAPORE, DOLLARS

OFFICER DETAILS

NAME	:	MAHESHKUMAR RAOJIBHAI PATEL
ADDRESS	:	PLOT NO. 1505, MSASANI PENINSULA, MSASANI KINONDONI, DAR ES SALAAM, TANZANIA
POSITION	:	DIRECTOR
DATE OF APPT	:	04/05/2010
NATIONALITY	:	TANZANIAN
I/C PASSPORT	:	AB312563
NAME	:	PRADIPIKUMAR RAOJIBHAI PATEL
ADDRESS	:	GALANA ROAD, LR NO.2/624, KILIMANI AREA, NAIROBY, KENYA
POSITION	:	DIRECTOR
DATE OF APPT	:	04/05/2010
NATIONALITY	:	KENYAN
I/C PASSPORT	:	C001426
NAME	:	KETANKUMAR VINUBHAI PATEL
ADDRESS	:	1 RAFFLES PLACE #44-01A ONE RAFFLES PLACE SINGAPORE 048616
POSITION	:	DIRECTOR MANAGING DIRECTOR
DATE OF APPT	:	04/05/2010 01/09/2011
NATIONALITY	:	BRITISH
I/C PASSPORT	:	G5076425M
NAME	:	LIM SOH SEA
ADDRESS	:	101A LORONG 2 TOA PAYOH #08-07 SINGAPORE 310101
POSITION	:	SECRETARY
DATE OF APPT	:	04/05/2010
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S7077960I
NAME	:	AZMAN BIN ABDULLAH
ADDRESS	:	407 JURONG WEST STREET 42 #02-643 SINGAPORE 640407
POSITION	:	SECRETARY
DATE OF APPT	:	04/05/2010
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S7321299E

KEY PERSONNEL PROFILE

Name:	KETANKUMAR VINUBHAI PATEL
NRIC Number:	G5076425M
Available Address:	1 RAFFLES PLACE #44-01A ONE RAFFLES PLACE SINGAPORE 48616

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	EXPORT TRADING COMMODITIES PTE. LTD.	DIRECTOR	04/05/2010	-	NA
2	EXPORT TRADING COMMODITIES PTE. LTD.	MANAGING DIRECTOR	01/09/2011	-	NA
3	EXPORT TRADING GROUP PTE. LTD.	DIRECTOR	20/04/2010	-	NA

Previous Business

No.	Name	Status	Position	Appt 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

Negative List (if any)

Traces	Status	Last Updated Date
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 have been 13 bank charges registered against Subject by its bankers. The charge numbers are:

1)	Charge No.		:		C201200600
	Date of Registration		:		12/01/2012
	Chargee		:		THE STANDARD BANK OF SOUTH AFRICA LIMITED
	Amount Secured and Currency		:		All Monies
	Address		:		---
2)	Charge No.		:		C201200576
	Date of Registration		:		12/01/2012
	Chargee		:		THE STANDARD BANK OF SOUTH AFRICA LIMITED
	Amount Secured and Currency		:		All Monies
	Address		:		---
3)	Charge No.		:		C201200569
	Date of Registration		:		12/01/2012
	Chargee		:		THE STANDARD BANK OF SOUTH AFRICA LIMITED
	Amount Secured and Currency		:		All Monies
	Address		:		---
4)	Charge No.		:		C201200568
	Date of Registration		:		12/01/2012
	Chargee		:		THE STANDARD BANK OF SOUTH AFRICA LIMITED
	Amount Secured and Currency		:		All Monies
	Address		:		---
5)	Charge No.		:		C201200563
	Date of Registration		:		12/01/2012
	Chargee		:		THE STANDARD BANK OF SOUTH AFRICA LIMITED
	Amount Secured and Currency		:		All Monies
	Address		:		---
6)	Charge No.		:		C201200560
	Date of Registration		:		12/01/2012
	Chargee		:		THE STANDARD BANK OF SOUTH AFRICA LIMITED
	Amount Secured and Currency		:		All Monies
	Address		:		---
7)	Charge No.		:		C201111858
	Date of Registration		:		21/09/2011
	Chargee		:		BNP PARIBAS
	Amount Secured and Currency		:		All Monies
	Address		:		20 COLLYER QUAY #01-01 TUNG CENTRE SINGAPORE 049319
8)		Charge No.		:		C201110093
		Date of Registration		:		15/08/2011
		Chargee		:		ING BANK N.V.
		Amount Secured and Currency		:		All Monies
		Address		:		9 RAFFLES PLACE #19-02 REPUBLIC PLAZA SINGAPORE 048619
9)		Charge No.		:		C201105052
		Date of Registration		:		21/04/2011
		Chargee		:		FBN BANK (UK) LTD
		Amount Secured and Currency		:		All Monies
		Address		:		---
10)		Charge No.		:		C201105048
		Date of Registration		:		21/04/2011
		Chargee		:		FBN BANK (UK) LTD
		Amount Secured and Currency		:		All Monies
		Address		:		---
11)		Charge No.		:		C201105046
		Date of Registration		:		21/04/2011
		Chargee		:		FBN BANK (UK) LTD
		Amount Secured and Currency		:		All Monies
		Address		:		---
12)		Charge No.		:		C201105037
		Date of Registration		:		21/04/2011
		Chargee		:		FBN BANK (UK) LTD
		Amount Secured and Currency		:		All Monies
		Address		:		---
13)		Charge No.		:		C201105023
		Date of Registration		:		21/04/2011
		Chargee		:		FBN BANK (UK) LTD
		Amount Secured and Currency		:		All Monies
		Address		:		---

LITIGATION

Clear

COMPLIANCE RECORDS

Date of Last AGM	:	30/09/2011
Date of Last AR	:	14/10/2011
Date of A/C Laid at Last AGM	:	31/03/2011

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

Auditor’s Comments – True and Fair? Yes

	Company
FINANCIAL YEAR	04/05/2010 to 31/03/2011 $
Turnover	24,033,717
Profit Before Tax and Minority Interest	95,858
Profit After Tax and Minority Interest	95,858
ASSETS
Current Assets	5,825,676
Non-current Assets	170,955
- Fixed Assets	170,955
- Intangible Assets	0
- Long-term Investments	0
Total Assets	5,996,631
LIABILITIES
Current Liabilities	4,917,906
Long-Term Liabilities	0
Total Liabilities	4,917,906
SHAREHOLDERS’ FUNDS
Share Capital	982,867
Share Premium	0
Retained Earnings	95,858
Minority Interest	0
Other Reserves	1
Shareholders Funds	1,078,726

Financial figures are presented in USD - USA as reflected in Subject's financial statements and are converted to S$ at the rate of S$1.324173 per USD - USA in FYE11 as presented in this report.

FINANCIAL RATIOS

	Company
FINANCIAL YEAR END	04/05/2010 to 31/03/2011
PROFITABILITY
Rate of Net Profit (%)	0.40
Return on Equity (%)	8.89
Return on Assets (%)	1.60
Return on Capital Employed	0.12
DEBT MANAGEMENT
Total Liabilities/Equity (times)	4.56
Current Liabilities/Equity (times)	4.56
Long Term Liabilities/Equity (times)	0.00
Debt Service Cover Ratio	4.33
Short-term Borrowings-to-cash Ratio	NA
EFFICIENCY MANAGEMENT
Total Assets Turnover (times)	4.01
Fixed Assets Turnover (times)	140.59
Interest Coverage Ratio	4.33
Average Payment Period (days)	75
LIQUIDITY MANAGEMENT
Current Ratio (times)	1.18
Quick Ratio (times)	0.77
Average Collection Period (days)	14

FINANCIAL COMMENTARY

Profitability

The company yielded a rate of net profit on sales of 0.40 per cent in FY11. The company is now able to book in $0.00 of profit for every dollar of sales.

Liquidity

Current ratio stood at 1.18 times in FY11. This means that the company has $1.18 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.

FINANCIAL COMMENTARY

Leverage

Total liabilities-to-equity ratio notched 4.56 times in FY11. This means that the company requires additional external financing of $4.56 for every dollar injected into its operations. Subject's total liability-to-equity is noted to be higher than 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 8.89 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 1.60 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 4.01 times in FY11. 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.56.01
UK Pound	1	Rs.87.85
Euro	1	Rs.70.54

INFORMATION DETAILS

Report Prepared by :

PRL

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.