MIRA INFORM REPORT

Report Date :

10.10.2012

IDENTIFICATION DETAILS

Name :	GOODWOOD SHIP MANAGEMENT PTE. LTD.
Registered Office :	20 Science Park Road #02-34/36 Teletech Park Singapore 117674
Country :	Singapore
Financials (as on) :	31.12.2011
Date of Incorporation :	04.03.2008
Com. Reg. No.:	200804341W
Legal Form :	Limited Private Company
Line of Business :	Provide Ship Management, Freight & Logistics Services & Other Related Services
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 :	Slow but correct
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

SINGAPORE - 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:
GOODWOOD SHIP MANAGEMENT PTE. LTD.	200804341W

Date Incorporated:	Registered Office:	Telephone Number:
04/03/2008	20 SCIENCE PARK ROAD #02-34/36 TELETECH PARK SINGAPORE 117674	6500 4040
Age of Company:	Website:	Industry Type:
4	NA	TRANSPORT/STORAGE

Risk Dashboard
Days Beyond Terms		Trend:	No. of Litigation Counts:
Company DTC:			NA
39
Better than last month;last month the entity took 24 days to pay			No. of Charges(s): 0
	Industry DTC
	29

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

EXECUTIVE SUMMARY

Company Name	:	GOODWOOD SHIP MANAGEMENT PTE. LTD.
Registration No	:	200804341W
Date of Registration	:	04/03/2008
Former Name	:	NA
Date of Change of Name	:	NA
Type of Company	:	LIMITED PRIVATE COMPANY
Registered Address	:	20 SCIENCE PARK ROAD #02-34/36 TELETECH PARK SINGAPORE 117674
Date of Change of Address	:	07/05/2008
Contact No.	:	6500 4040
Fax No.	:	6500 4040
Website	:	NA
Registered Activities	:	SHIP MANAGEMENT SERVICES PROVIDE SHIP MANAGEMENT, FREIGHT & LOGISTICS SERVICES & OTHER RELATED SERVICES
Issued Ordinary Capital*	:	$560,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 560,000
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$560,000.00 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	:	1
No. of Local Associates	:	NA
Auditor	:	KPMG LLP
Bankers / Financiers	:	NA
Turnover	:	SINGAPORE, DOLLARS 4,499,609.00 (FY2011)
Net Worth	:	SINGAPORE, DOLLARS 499,968.00 (FY2011)
No. of Bank Charges	:	NA
No. of Litigation Suits	:	NA
S1000 / SME 1000 / FG50 Ranking	:	No found for SINGAPORE 1000 and SME 1000
Compounded Annual Growth Rate (CAGR)	:	40.84% (3 years)

SHAREHOLDER DETAILS

NAME	:	SAMCO SHIPHOLDING PTE. LTD.
SHAREHOLDER ID	:	200814598E
NATIONALITY	:	SINGAPORE
ADDRESS	:	80 RAFFLES PLACE #32-01 UOB PLAZA SINGAPORE 048624
NO. OF ORD SHARES	:	280,000
% OF SHAREHOLDING	:	50%
CURRENCY	:	SINGAPORE, DOLLARS
NAME	:	GROVER SHIPPING (BAHAMAS) LTD.
SHAREHOLDER ID	:	T09UF2220L
NATIONALITY	:	BAHAMAS
ADDRESS	:	N-3026 WINTERBORTHAM PLACE, MARLBOROUGH AND QUEENS STREET, NASSAU, BAHAMAS
NO. OF ORD SHARES	:	154,000
% OF SHAREHOLDING	:	27.5%
CURRENCY	:	SINGAPORE, DOLLARS
NAME	:	ASHOK RAMKRISHNA SABNIS
SHAREHOLDER ID	:	S2693126F
NATIONALITY	:	SINGAPORE CITIZEN
ADDRESS	:	48 FABER TERRACE FABER HILLS SINGAPORE 129034
NO. OF ORD SHARES	:	126,000
% OF SHAREHOLDING	:	22.5%
CURRENCY	:	SINGAPORE, DOLLARS

OFFICER DETAILS

NAME	:	JAN PETTER ROED
ADDRESS	:	VICTORIA POINT CAY, MANGROVE, ANDROS BAHAMAS
POSITION	:	DIRECTOR
DATE OF APPT	:	05/08/2008
NATIONALITY	:	NORWEGIAN
I/C PASSPORT	:	25505862
NAME	:	BENGT AXEL OLOF HERMELIN
ADDRESS	:	201 OCEAN DRIVE #01-17 AZURE, THE SINGAPORE 098584
POSITION	:	DIRECTOR
DATE OF APPT	:	05/08/2008
NATIONALITY	:	SWEDISH
I/C PASSPORT	:	G6238035M
NAME	:	M SIVAANANTHAN
ADDRESS	:	101B LORONG 2 TOA PAYOH #06-09 SINGAPORE 311101
POSITION	:	SECRETARY
DATE OF APPT	:	06/03/2008
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S0181790F
NAME	:	ASHOK RAMKRISHNA SABNIS
ADDRESS	:	48 FABER TERRACE FABER HILLS SINGAPORE 129034
POSITION	:	DIRECTOR
DATE OF APPT	:	25/04/2008
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S2693126F

KEY PERSONNEL PROFILE

Name:	ASHOK RAMKRISHNA SABNIS
NRIC Number:	S2693126F
Available Address:	48 FABER TERRACE FABER HILLS SINGAPORE 129034

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	GOODWOOD SHIP MANAGEMENT PTE. LTD.	DIRECTOR	25/04/2008	126000	22.50
2	GOODWOOD SHIPPING AGENCIES PTE. LTD.	DIRECTOR	07/11/2008	-	-

Previous Business

No.	Name	Status	Position	Appt Date	Last Known Inactive Date
1	CAMILLO EITZEN (SINGAPORE) PTE. LTD.	LIVE COMPANY	DIRECTOR	19/07/2000	04/07/2001
2	CAMILLO EITZEN (SINGAPORE) PTE. LTD.	LIVE COMPANY	SHAREHOLDER	-	09/09/2011
3	EMS NEW BUILDING & PROJECTS PTE. LTD.	STRUCK OFF	DIRECTOR	24/05/2007	17/01/2008
4	EMS NEW BUILDING & PROJECTS PTE. LTD.	STRUCK OFF	SHAREHOLDER	-	07/10/2009
5	SELANDIA SHIP MANAGEMENT (SINGAPORE) PTE. LTD.	LIVE COMPANY	DIRECTOR	10/11/2003	26/09/2012
6	SELANDIA SHIP MANAGEMENT (SINGAPORE) PTE. LTD.	LIVE COMPANY	MANAGING DIRECTOR	10/11/2003	26/09/2012
7	SELANDIA SHIPPING AGENCIES PTE. LTD.	LIVE COMPANY	DIRECTOR	01/12/1999	18/07/2012
8	SELANDIA SHIPPING AGENCIES PTE. LTD.	LIVE COMPANY	SHAREHOLDER	-	18/07/2012

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 (%)
GOODWOOD SHIPPING AGENCIES 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

Clear

COMPLIANCE

Date of Last AGM	:	31/08/2012
Date of Last AR	:	06/09/2012
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	Group
	DEC 2011	% Change	DEC 2010	DEC 2009	DEC 2008
Currency	SINGAPORE, DOLLARS		SGD - SIN	SGD - SIN	SGD - SIN
Profit and Loss Key Figures
Turnover	4,499,609	21.70	3,697,425	3,815,943	1,610,573
Profit/(Loss) Before Tax	430,780	265.96	117,713	128,320	(669,530)
Profit After Tax attributable to Shareholders	424,314	267.93	115,325	130,314	(672,267)
Balance Sheet Key Figures
Total Assets	1,772,651	-4.74	1,860,850	1,830,036	1,869,187
Current Assets	1,350,861	7.55	1,256,053	972,697	758,612
Non Current Assets	421,790	-30.26	604,797	857,339	1,110,575
Total Liabilities	1,272,683	-27.41	1,753,216	1,827,742	2,002,062
Current Liabilities	649,704	231.87	195,769	258,770	413,686
Non Current Liabilities	622,979	-60.00	1,557,447	1,568,972	1,588,376
Shareholders' Funds	499,968	364.51	107,634	2,294	(132,875)
Share Capital	560,000	0.00	560,000	560,000	560,000
Total Reserves	(60,032)	NA	(452,366)	(557,706)	(692,875)

FINANCIAL RATIOS

	Group
	DEC 2011	DEC 2010	DEC 2009	DEC 2008
Growth %
Year-on-Year Growth	21.70	-3.11	136.93	NA
Profitability
Profit Margin (%)	9.43	3.12	3.41	NA
Return on Equity (%)	84.87	107.15	5,680.65	NA
Return on Assets (%)	23.94	6.20	7.12	NA
Leverage
Total Debt/Equity (Times)	2.55	16.29	796.75	NA
Current Debt/Equity (Times)	1.30	1.82	112.80	NA
Long Term Debt To Equity (Times)	1.25	14.47	683.95	NA
Total Asset To Total Equity (Times)	3.55	17.29	797.75	NA
Asset Management
Total Assets Turnover (Times)	2.54	1.99	2.09	0.86
Fixed Assets Turnover (Times)	10.67	6.11	4.45	1.45
Liquidity
Current Ratio (Times)	2.08	6.42	3.76	1.83

FINANCIAL HIGHLIGHTS

Financial Figures	Company
	DEC 2011	% Change	DEC 2010	DEC 2009	DEC 2008
Currency	SINGAPORE, DOLLARS		SGD - SIN	SGD - SIN	SGD - SIN
Profit and Loss Key Figures
Turnover	4,058,552	23.60	3,283,604	3,442,180	1,607,827
Profit/(Loss) Before Tax	381,113	295.28	96,415	112,405	(545,839)
Profit After Tax attributable to Shareholders	381,113	295.28	96,415	112,405	(545,839)
Balance Sheet Key Figures
Total Assets	1,828,643	-4.47	1,914,192	1,777,542	1,990,543
Current Assets	1,092,687	5.88	1,031,982	653,799	634,492
Non Current Assets	735,956	-16.58	882,210	1,123,743	1,356,051
Total Liabilities	1,224,549	-27.59	1,691,211	1,650,976	1,976,382
Current Liabilities	601,570	349.72	133,764	82,004	390,611
Non Current Liabilities	622,979	-60.00	1,557,447	1,568,972	1,585,771
Shareholders' Funds	604,094	170.92	222,981	126,566	14,161
Share Capital	560,000	0.00	560,000	560,000	560,000
Total Reserves	44,094	NA	(337,019)	(433,434)	(545,839)

FINANCIAL RATIOS

	Company
	DEC 2011	DEC 2010	DEC 2009	DEC 2008
Growth %
Year-on-Year Growth	23.60	-4.61	114.09	NA
Profitability
Profit Margin (%)	9.39	2.94	3.27	-33.95
Return on Equity (%)	63.09	43.24	88.81	-3,854.52
Return on Assets (%)	20.84	5.04	6.32	-27.42
Leverage
Total Debt/Equity (Times)	2.03	7.58	13.04	139.57
Current Debt/Equity (Times)	1.00	0.60	0.65	27.58
Long Term Debt To Equity (Times)	1.03	6.98	12.40	111.98
Total Asset To Total Equity (Times)	3.03	8.58	14.04	140.57
Asset Management
Total Assets Turnover (Times)	2.22	1.72	1.94	0.81
Fixed Assets Turnover (Times)	5.51	3.72	3.06	1.19
Liquidity
Current Ratio (Times)	1.82	7.71	7.97	1.62

FINANCIAL COMMENTARY

Compound Annual Growth Rate

The company's CAGR is 40.84% (3 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 group yielded a rate of net profit on sales of 9.43 per cent in FY11 (FY10: 3.12 per cent). The group is now able to book in SINGAPORE, DOLLARS 0.09 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 2.08 times in FY11 (FY10: 6.42 times). This means that the group has SINGAPORE, DOLLARS 2.08 of current assets for every SINGAPORE, DOLLARS of current liability incurred.

FINANCIAL COMMENTARY

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 2.55 times in FY11, compared with 16.29 times in FY10. This means that the group requires additional external financing of SINGAPORE, DOLLARS 2.55 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 84.87 per cent for Subject in the current financial period, as compared to 107.15 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 23.94 per cent (FY10: 6.20 per cent). The return on asset measures the overall effectiveness of management in generating profit with its available assets.

FINANCIAL COMMENTARY

Total assets turnover ratio logged at 2.54 times in FY11 (FY10: 1.99 times). This ratio measures the group'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.52.37
UK Pound	1	Rs.83.99
Euro	1	Rs.67.99

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%)

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