MIRA INFORM REPORT

Report Date :

05.10.2012

IDENTIFICATION DETAILS

Name :	BAOSTEEL SINGAPORE PTE LTD
Registered Office :	7 Temasek Boulevard #40-02/03 Suntec Tower One Singapore 038987
Country :	Singapore
Financials (as on) :	31.12.2011
Date of Incorporation :	25.02.1997
Com. Reg. No.:	199701206Z
Legal Form :	Limited Private Company
Line of Business :	Bank/Financial Holding Companies
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Good
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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2011)	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

SINAGPORE - 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:
BAOSTEEL SINGAPORE PTE LTD	199701206Z

Date Incorporated:	Registered Office:	Telephone Number:
25/02/1997	7 TEMASEK BOULEVARD #40-02/03 SUNTEC TOWER ONE SINGAPORE 038987	6333 6818
Age of Company:	Website:	Industry Type:
15	www.baosteel.sg	COMMERCE-WHOLESALE

Risk Dashboard
Days Beyond Terms		Trend:	No. of Litigation Counts:
Company DTC:			1
NA
The entity is paying current to the creditors			No. of Charges(s): 0
	Industry DTC
	24

Directors		Corporate Structure
Number of Current Directors	2	Holding Company:	BAOSHAN IRON & STEEL CO., LTD.
Number that are shareholders	1	No. of Subsidiaries & Associated Companies:	NA

EXECUTIVE SUMMARY

Company Name	:	BAOSTEEL SINGAPORE PTE LTD
Registration No	:	199701206Z
Date of Registration	:	25/02/1997
Former Name	:	NA
Date of Change of Name	:	NA
Type of Company	:	LIMITED PRIVATE COMPANY
Registered Address	:	7 TEMASEK BOULEVARD #40-02/03 SUNTEC TOWER ONE SINGAPORE 038987
Date of Change of Address	:	02/05/2006
Contact No.	:	6333 6818
Fax No.	:	6333 6819
Website	:	www.baosteel.sg
Registered Activities	:	1. BANK/FINANCIAL HOLDING COMPANIES HOLDING COMPANIES 2. GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS)
Issued Ordinary Capital*	:	$1,419,036.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 1,419,036
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$1,419,036.00 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	:	ERNST & YOUNG LLP
Bankers / Financiers	:	NA
Turnover	:	SGD - SIN 843,870,388.00 (FY2011)
Net Worth	:	SGD - SIN 112,033,109.00 (FY2011)
No. of Bank Charges	:	NA
No. of Litigation Suits	:	1
S1000 / SME 1000 / FG50 Ranking	:	434 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2010/2011) 556 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2009/2010) 280 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2008/2009) 620 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2008/2009) 667 POSITION IN Singapore 1000 Companies Ranked by Return on Equities (2008/2009)
Compounded Annual Growth Rate (CAGR)	:	NA

SHAREHOLDER DETAILS

NAME	:	BAOSHAN IRON & STEEL CO., LTD.
SHAREHOLDER ID	:	T10UF4045C
NATIONALITY	:	CHINA
ADDRESS	:	NO. 885, FUJIN ROAD, BAOSHAN DISTRICT, SHANGHAI 201900 P.R.C
NO. OF ORD SHARES	:	1,419,036
% OF SHAREHOLDING	:	100%
CURRENCY	:	SINGAPORE, DOLLARS

OFFICER DETAILS

NAME	:	QIU CHENGZHI
ADDRESS	:	62 BAYSHORE ROAD #08-03 PEARL TOWER SINGAPORE 469983
POSITION	:	DIRECTOR
DATE OF APPT	:	25/02/1997
NATIONALITY	:	CHINESE
I/C PASSPORT	:	F5522963P
NAME	:	HUANG WEILIANG
ADDRESS	:	3509 TONG JI ROAD BAOSHAN DISTRICT 201900 SHANGHAI, CHINA
POSITION	:	DIRECTOR
DATE OF APPT	:	09/04/2008
NATIONALITY	:	CHINESE
I/C PASSPORT	:	P01390765
NAME	:	TEO HUI YONG
ADDRESS	:	28 KIM TIAN ROAD #35-08 TWIN REGENCY SINGAPORE 169278
POSITION	:	SECRETARY
DATE OF APPT	:	16/06/2006
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S0214050J

KEY PERSONNEL PROFILE

Name:	QIU CHENGZHI
NRIC Number:	F5522963P
Available Address:	62 BAYSHORE ROAD #08-03 PEARL TOWER SINGAPORE 469983

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	BAOSTEEL SINGAPORE PTE LTD	DIRECTOR	25/02/1997	-	-
2	BAOSTEEL SINGAPORE PTE LTD	MANAGING DIRECTOR	13/03/1997	-	-
3	FORTUNE BS COMPANY PTE. LTD.	DIRECTOR	02/09/2009	-	-

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

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.	:	4421
	Transfer	:	-
	Date of Filing	:	18/12/2009
	Amount	:	SGD 2,084.00 SGD 320.00 SGD 5,000.00
	Cause	:	Tort - Negligence (Motor Accidents With Injury)
	Case Status	:	CONCLUDED
	Plaintiff	:	DANIEL TAN YU MENG

COMPLIANCE

Date of Last AGM	:	30/03/2012
Date of Last AR	:	16/04/2012
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	843,870,388	26.51	667,036,403	429,404,373	827,490,665	938,753,766
Profit/(Loss) Before Tax	21,407,832	12.14	19,089,700	14,125,529	28,071,070	23,667,352
Profit After Tax attributable to Shareholders	19,776,520	10.31	17,928,518	13,189,656	24,785,229	20,802,882
Balance Sheet Key Figures
Total Assets	143,089,942	11.86	127,921,812	112,440,740	114,700,960	143,564,398
Current Assets	133,066,869	8.81	122,289,417	106,320,333	108,313,046	136,375,160
Non Current Assets	10,023,073	77.95	5,632,395	6,120,407	6,387,914	7,189,238
Total Liabilities	31,056,833	11.21	27,927,266	24,682,529	42,395,290	92,957,532
Current Liabilities	31,005,361	11.24	27,871,477	24,622,870	42,337,441	92,895,926
Non Current Liabilities	51,472	-7.74	55,789	59,659	57,849	61,606
Shareholders' Funds	112,033,109	12.04	99,994,546	87,758,211	72,305,671	50,606,866
Share Capital	1,230,342	-7.74	1,333,536	1,426,032	1,382,757	1,472,566
Total Reserves	110,802,767	12.31	98,661,010	86,332,179	70,922,914	49,134,300

FINANCIAL RATIOS

	Company
	DEC 2011	DEC 2010	DEC 2009	DEC 2008	DEC 2007
Growth %
Year-on-Year Growth	26.51	55.34	-48.11	-11.85	NA
Profitability
Profit Margin (%)	2.34	2.69	3.07	3.00	2.22
Return on Equity (%)	17.65	17.93	15.03	34.28	41.11
Return on Assets (%)	13.82	14.02	11.73	21.61	14.49
Leverage
Total Debt/Equity (Times)	0.28	0.28	0.28	0.59	1.84
Current Debt/Equity (Times)	0.28	0.28	0.28	0.59	1.84
Long Term Debt To Equity (Times)	0.00	0.00	0.00	0.00	0.00
Total Asset To Total Equity (Times)	1.28	1.28	1.28	1.59	2.84
Asset Management
Total Assets Turnover (Times)	5.90	5.21	3.82	7.21	6.54
Fixed Assets Turnover (Times)	84.19	118.43	70.16	129.54	130.58
Liquidity
Current Ratio (Times)	4.29	4.39	4.32	2.56	1.47

FINANCIAL COMMENTARY

Profitability

The company yielded a rate of net profit on sales of 2.34 per cent in FY11 (FY10: 2.69 per cent). The company is now able to book in SGD - SIN 0.02 of profit for every SGD - SIN of sales in FY11, as compared with SGD - SIN 0.03 a year ago.

Liquidity

Current ratio stood at 4.29 times in FY11 (FY10: 4.39 times). This means that the company has SGD - SIN 4.29 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 0.28 times in FY11, compared with 0.28 times in FY10. This means that the company requires additional external financing of SGD - SIN 0.28 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 17.65 per cent for Subject in the current financial period, as compared to 17.93 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 13.82 per cent (FY10: 14.02 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 5.90 times in FY11 (FY10: 5.21 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.51.97
UK Pound	1	Rs.83.67
Euro	1	Rs.67.19

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.