MIRA INFORM REPORT

Report Date :

29.09.2012

IDENTIFICATION DETAILS

Name :	SORAB ENTERPRISE PTE. LTD.

Registered Office :	10 UBI Crescent #02-93 UBI Techpark Singapore 408564

Country :	Singapore

Financials (as on) :	31.12.2006

Date of Incorporation :	05.03.2003

Com. Reg. No.:	200301988E

Legal Form :	Limited Exempt Private Company

Line of Business :	trader of spices without any production activities itself

No. of Employees :	Not Available

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 – June 30^th, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Singapore

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

Contact Points

Company Name:	SORAB ENTERPRISE PTE. LTD.
Supplied Name:	SORAB ENTERPRISE PTE LTD
Trading Address:	10 UBI Crescent, #02-93 Lobby E, Ubi Tech Park Singapore 408564
Supplied Address:	Singapore
Telephone Number:	+65-6224-3738/ +65-6224-8816
Fax Number:	+65 67429363
E-mail:	sorab@sorabenterprise.com

Notes: Subject’s exact name and address are as above

Credit Summary

Credit Opinion:

Business connections are permissible.

Company Identification Details

Registered Name:	SORAB ENTERPRISE PTE. LTD.
Registered Address:	10 UBI Crescent #02-93 UBI Techpark Singapore 408564
Date of Registration::	2003-3-5
Registered Number:	200301988E
Country of Incorporation:	Singapore
Registered Capital:	SGD 150,000 (USD 122,895) (As of 2012.09, 1 SGD = 0.8193 USD)
Paid-up Capital:	SGD 150,000 (USD 122,895) = 150,000 Shares@1 SGD
Legal Form:	Limited Exempt Private Company
Principal Activities:	46900--General Wholesale Trade (Including General Importers And Exporters)
Staff:	N/A
Status:	Live Company
Listed at Stock Exchange:	No
Date of Last Annual Return:	2012-8-31

Notes: Subject did not introduce its staff number and from other source we can not obtain the relevant information, either.

History

Subject was incorporated on 2003-3-5 with registered number 200301988E as Limited Exempt Private Company in Singapore.

Shareholders

Unit: SGD

Name	Subscription Amount	Proportion of Investment (%)
Balbinder Kaur Mrs.Ketankumar Goda	30,000	20%
Goda Pushpa Chandrakant	90,000	60%
Jayshri Bakulkumar Goda	30,000	20%
Total	150,000	100%

Major Shareholder Information:

1
Name:	Balbinder Kaur Mrs.Ketankumar Goda
ID Number:	S1750703F
Address:	846 Sims Avenue #08-758 Singapore 400846
2
Name:	Goda Pushpa Chandrakant
ID Number:	S2036659A
Address:	846 Sims Avenue #08-758 Singapore 400846
3
Name:	Jayshri Bakulkumar Goda
ID Number:	S2631688Z
Address:	461A Upper East Coast Road #02-06 The Baycourt Singapore 466507

Subsidiaries & Branches

Subject did not introduce whether it has any subsidiaries or branches, from other source we can not obtain the relevant information, either.

Management Information

Core Management

Detailed Information of Management:

1
Name:	Ketankumar Chandrakant Goda
Position:	Secretary
ID Number:	S1745603B
Address:	846 Sims Avenue #08-758 Singapore 400846
Nationality:	Singapore Citizen
Date of Appointment:	2008-5-21
2
Name:	Balbinder Kaur Mrs.Ketankumar Goda
Position:	Director
ID Number:	S1750703F
Address:	846 Sims Avenue #08-758 Singapore 400846
Nationality:	Singapore Citizen
Date of Appointment:	2003-3-5
3
Name:	Goda Pushpa Chandrakant
Position:	Director
ID Number:	S2036659A
Address:	846 Sims Avenue #08-758 Singapore 400846
Nationality:	Singapore Citizen
Date of Appointment:	2003-3-5
4
Name:	Jayshri Bakulkumar Goda
Position:	Director
ID Number:	S2631688Z
Address:	461A Upper East Coast Road #02-06 The Baycourt Singapore 466507
Nationality:	Singapore citizen
Date of Appointment:	2003-3-5

Operation Information

Offices & Factories

	Office
Address:	10 UBI Crescent, #02-93 Lobby E, Ubi Tech Park Singapore 408564

Production Information

l Subject is a trader of spices without any production activities itself

Purchase Information

l Subject purchases mainly abroad and it is introduced that subject has associates in different regions to serve the customers.

Sales Information

l Subject is engaged in sales of spices

l Subject’s products are mainly sold in domestic market and its customers are mainly aditional Retail Traders, Wholesalers, Supermarkets and etc

Major products

Spices

Cassia (Cinnamon)

Cloves

Coriander

Cumin

Ginger

Nutmeg

Pepper – Black / White

Starani

Turmeric

Tamarind

Chillies

Fennel

Fennugreek

Mace

Saffron

Dried Fruits / Seeds

Coconut Milk Powder

Cashew Kernels

Desiccated Coconut

Groundnut Kernels

Pine Nuts

Pumpkin Seeds

Raisins

Sunflower Seeds

Sesame Seeds

Food Additives / Ingredients

Cocoa Powder Natural / Alkalised

Ammonium/Sodium Bicarbonate

Citric Acid

Corn Starch

Dextrose Monohydrate

Lump Sugar

Maltodextrine

Monosodium Glutamate

Sodium Bicarbonate

Sodium Metabisulphite

Pulses / Dhalls

Black Urid Whole / Dhall

Black Eye Beans

Butter Beans

Channa Dhall

Chickpeas

Green Mung Beans / Dhall

Kidney Beans

Red Split Lentils

Herbs

China Roots

Cubebs

Galangal roots

Liquorice roots

Long Pepper

Valerian Roots

Senna Leaves / Pods

Gums / Raw Materials

Damar Batu

Gum Benjamin

Gum Benzoin

Gum Copal

Gum Damar

Kayu Buoya

Patchouli Leaves

Dehydrated Vegetables

Garlic Flakes

Garlic Granules

Garlic Powder

Onions Powder

Onions Flakes

Onions in Brine

Mushroom in Brine

Settlements

Purchase

Domestic Markets

Subject has little domestic purchase

Overseas Markets

Products	Payment Terms	Proportion
Spices, etc	CBD, etc	100%

Sales

Domestic Markets

Products	Payment Terms	Proportion
Spices, etc	COD, CBD, Credit Sales, etc	100%

Overseas Markets

Subject has little export business

Balance Sheet

Unit: SGD

	2006-12-31	2005-12-31	2004-12-31
Total Assets	685,278	367,147	209,289
Total Current Assets	685,278	367,147	209,048
Total Non-Current Assets f.k.a. [Fixed And Others]	0.00	0.00	241
Total Liabilities	685,278	275,253	132,316
Total Current Liabilities	575,378	275,253	132,316
Total Non-Current Liabilities	0	0	0
Total Equity f.k.a [Shareholder's Funds]	109,900 (USD 90,041)	91,894 (USD 75,289)	76,973 (USD 63,064)
Paid-Up Capital	50,000	50,000	50,000
Share Capital	-	-	-
Other Reserves, Total f.k.a. [Reserves]	59,900	41,894	26,973
Retained Earnings/(Accumulated Loss)	0	0	0

(As of 2012.09, 1 SGD = 0.8193 USD)

Profit/Loss Account

Unit: SGD

	2006	2005	2004
Revenue f.k.a [Sales Turnover And Other Operating Revenues]	4,285,929 (USD 3,511,462)	2,556,619 (USD 2,094,638)	1,748,025 (USD 1,432,157)
Profit/(Loss) before Tax from Continuing Operations f.k.a [Profit/(Loss) before tax]	18,006	14,921	16,427
Profit/(Loss) after Tax from Continuing Operations f.k.a [Profit/(Loss) After Tax]	18,006	14,921	16,427
Net Income/(Loss) From Extraordinary And Non-Operating Items	0	0	0
Profit/(Loss) After Tax and Extraordinary Items	18,006 (USD 14,752)	14,921 (USD 12,225)	16,427 (USD 13,459)

(As of 2012.09, 1 SGD = 0.8193 USD)

Financial Ratio

	2006	2005	2004
Earning Capacity
Rate of Net Profit on Sales (%)	0.42	0.58	0.94
Return of Investment (%)	2.63	4.06	7.85
Return of Shareholder's Funds (%)	16.38	16.24	21.34
Total Assets Turnover (%)	6.25	6.96	8.35
Financial Stability
Current/Working Capital Ratio (%)	1.19	1.33	1.58
Proprietary Ratio (%)	16.04	25.03	36.78
Total Debt to Equity Ratio (%)	86.18	74.97	63.22

In Singapore, Limited Exempt Private Companies are not obligated to submit their financial statements to the local registry. We did not find the latest financials of subject from the local registry, the subject also declined to disclose such information due to the confidentiality reason.

The financial Informaiton above is what we can obtain from all of our avaiable sources.

Bankers

Bank Charge

Charge Number	C201009251
Date of Registration	2010-10-8
Position:	Cimb Bank Berhad
Department:	All Monies

Auditors

Name:

MGI N RAJAN ASSOCIATES

Interview Details

Department:

Sales department

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.70
UK Pound	1	Rs.85.72
Euro	1	Rs.68.15

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.