MIRA INFORM REPORT

Report Date :

03.04.2013

IDENTIFICATION DETAILS

Name :	EXPORT TRADING COMMODITIES PTE. LTD.

Registered Office :	20 Cecil Street #14-01 Equity Plaza Singapore 049705

Country :	Singapore

Financials (as on) :	March 2012

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 :

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

(31.03.2012)

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

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	65368400
Age of Company:	Website:	Industry Type:
3	www.exporttradinggroup.com	COMMERCE-WHOLESALE

Risk Dashboard
Days Beyond Terms	Trend:	No. of Litigation Counts:
Company DTC:		NA
75
Payment pattern as per previous month		No. of Charges(s): 30
Industry DTC
25

Directors		Corporate Structure
Number of Current Directors	5	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.	:	65368400
Fax No.	:	65364470
Website	:	www.exporttradinggroup.com
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 $19,300,000.00 UNITED STATES OF AMERICA, DOLLARS ,NO. OF SHARE : 19,300,000
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$19,300,000.00 UNITED STATES OF AMERICA, DOLLARS $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	:	DBS BANK LTD. STANDARD CHARTERED BANK THE STANDARD BANK OF SOUTH AFRICA LIMITED COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.(''RABOBANK NEDERLAND, RABOBANK INTERNATIONAL'') BNP PARIBAS ING BANK N.V. FBN BANK (UK) LTD
Turnover	:	SGD - SIN 133,402,428.00 (FY2012)
Net Worth	:	SGD - SIN 2,293,058.00 (FY2012)
No. of Bank Charges	:	30
No. of Litigation Suits	:	NA
S1000 / SME 1000 / FG50 Ranking	:	1608 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2011/2012)
Compounded Annual Growth Rate (CAGR)	:	NA

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 19,300,000
% OF SHAREHOLDING	:	4.9% 95.1%
CURRENCY	:	SINGAPORE, DOLLARS UNITED STATES OF AMERICA, DOLLARS

OFFICER DETAILS

NAME	:	MAHESHKUMAR RAOJIBHAI PATEL
ADDRESS	:	PLOT NO:1505 DAR ES SALAAM MSASANI, TANZANIA
POSITION	:	DIRECTOR
DATE OF APPT	:	04/05/2010
NATIONALITY	:	TANZANIAN
I/C PASSPORT	:	AB519038

NAME	:	JAYESHKUMAR GORDHANBHAI PATEL
ADDRESS	:	P.O. BOX 63228, PLOT NO 98, LUGALO STREET CITY CENTRE, DAR ES SALAAM, TANZANIA
POSITION	:	DIRECTOR
DATE OF APPT	:	20/09/2012
NATIONALITY	:	TANZANIAN
I/C PASSPORT	:	AB522439

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

NAME	:	VASUDEVA BANGERA BARKUR
ADDRESS	:	P.O. BOX 10295, PLOT NO. 77, LUGALO ROAD UPANGA, DAR ES SALAAM, TANZANIA
POSITION	:	DIRECTOR
DATE OF APPT	:	20/09/2012
NATIONALITY	:	INDIAN
I/C PASSPORT	:	Z2327387

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.	MANAGING DIRECTOR	01/09/2011	-	NA
2	EXPORT TRADING COMMODITIES PTE. LTD.	DIRECTOR	04/05/2010	-	NA
3	EXPORT TRADING GROUP PTE. LTD.	DIRECTOR	20/04/2010	-	NA

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 have been 30 bank charges registered against Subject by its bankers. The charge numbers are:

1)	Charge No.	:	C201300692
	Date of Registration	:	15/01/2013
	Chargee	:	DBS BANK LTD.
	Amount Secured and Currency	:	All Monies
	Address	:	6 SHENTON WAY, DBS BUILDING TOWER ONE SINGAPORE 068809

2)	Charge No.	:	C201300689
	Date of Registration	:	15/01/2013
	Chargee	:	DBS BANK LTD.
	Amount Secured and Currency	:	All Monies
	Address	:	6 SHENTON WAY, DBS BUILDING TOWER ONE SINGAPORE 068809

3)	Charge No.	:	C201213921
	Date of Registration	:	29/11/2012
	Chargee	:	STANDARD CHARTERED BANK
	Amount Secured and Currency	:	All Monies
	Address	:	6 BATTERY ROAD SINGAPORE 049909

4)	Charge No.	:	C201213919
	Date of Registration	:	29/11/2012
	Chargee	:	STANDARD CHARTERED BANK
	Amount Secured and Currency	:	All Monies
	Address	:	6 BATTERY ROAD SINGAPORE 049909

5)	Charge No.	:	C201210225
	Date of Registration	:	07/09/2012
	Chargee	:	THE STANDARD BANK OF SOUTH AFRICA LIMITED
	Amount Secured and Currency	:	All Monies
	Address	:	---

6)	Charge No.	:	C201209520
	Date of Registration	:	22/08/2012
	Chargee	:	COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.(''RABOBANK NEDERLAND, RABOBANK INTERNATIONAL'')
	Amount Secured and Currency	:	All Monies
	Address	:	---

BANKERS/ FINANCIERS

7)	Charge No.	:	C201209080
	Date of Registration	:	08/08/2012
	Chargee	:	THE STANDARD BANK OF SOUTH AFRICA LIMITED
	Amount Secured and Currency	:	All Monies
	Address	:	---

8)	Charge No.	:	C201209078
	Date of Registration	:	08/08/2012
	Chargee	:	THE STANDARD BANK OF SOUTH AFRICA LIMITED
	Amount Secured and Currency	:	All Monies
	Address	:	---

9)	Charge No.	:	C201209077
	Date of Registration	:	08/08/2012
	Chargee	:	THE STANDARD BANK OF SOUTH AFRICA LIMITED
	Amount Secured and Currency	:	All Monies
	Address	:	---

10)	Charge No.	:	C201209076
	Date of Registration	:	08/08/2012
	Chargee	:	THE STANDARD BANK OF SOUTH AFRICA LIMITED
	Amount Secured and Currency	:	All Monies
	Address	:	---

11)	Charge No.	:	C201209074
	Date of Registration	:	08/08/2012
	Chargee	:	THE STANDARD BANK OF SOUTH AFRICA LIMITED
	Amount Secured and Currency	:	All Monies
	Address	:	---

12)	Charge No.	:	C201209073
	Date of Registration	:	08/08/2012
	Chargee	:	THE STANDARD BANK OF SOUTH AFRICA LIMITED
	Amount Secured and Currency	:	All Monies
	Address	:	---

13)	Charge No.	:	C201209072
	Date of Registration	:	08/08/2012
	Chargee	:	THE STANDARD BANK OF SOUTH AFRICA LIMITED
	Amount Secured and Currency	:	All Monies
	Address	:	---

BANKERS/ FINANCIERS

14)	Charge No.	:	C201209070
	Date of Registration	:	08/08/2012
	Chargee	:	THE STANDARD BANK OF SOUTH AFRICA LIMITED
	Amount Secured and Currency	:	All Monies
	Address	:	---

15)	Charge No.	:	C201206901
	Date of Registration	:	25/06/2012
	Chargee	:	STANDARD CHARTERED BANK
	Amount Secured and Currency	:	All Monies
	Address	:	6 BATTERY ROAD SINGAPORE 049909

16)	Charge No.	:	C201206897
	Date of Registration	:	25/06/2012
	Chargee	:	STANDARD CHARTERED BANK
	Amount Secured and Currency	:	All Monies
	Address	:	6 BATTERY ROAD SINGAPORE 049909

17)	Charge No.	:	C201206896
	Date of Registration	:	25/06/2012
	Chargee	:	STANDARD CHARTERED BANK
	Amount Secured and Currency	:	All Monies
	Address	:	6 BATTERY ROAD SINGAPORE 049909

18)	Charge No.	:	C201200600
	Date of Registration	:	12/01/2012
	Chargee	:	THE STANDARD BANK OF SOUTH AFRICA LIMITED
	Amount Secured and Currency	:	All Monies
	Address	:	---

19)	Charge No.	:	C201200576
	Date of Registration	:	12/01/2012
	Chargee	:	THE STANDARD BANK OF SOUTH AFRICA LIMITED
	Amount Secured and Currency	:	All Monies
	Address	:	---

20)	Charge No.	:	C201200569
	Date of Registration	:	12/01/2012
	Chargee	:	THE STANDARD BANK OF SOUTH AFRICA LIMITED
	Amount Secured and Currency	:	All Monies
	Address	:	---

BANKERS/ FINANCIERS

21)	Charge No.	:	C201200568
	Date of Registration	:	12/01/2012
	Chargee	:	THE STANDARD BANK OF SOUTH AFRICA LIMITED
	Amount Secured and Currency	:	All Monies
	Address	:	---

22)	Charge No.	:	C201200563
	Date of Registration	:	12/01/2012
	Chargee	:	THE STANDARD BANK OF SOUTH AFRICA LIMITED
	Amount Secured and Currency	:	All Monies
	Address	:	---

23)	Charge No.	:	C201200560
	Date of Registration	:	12/01/2012
	Chargee	:	THE STANDARD BANK OF SOUTH AFRICA LIMITED
	Amount Secured and Currency	:	All Monies
	Address	:	---

24)	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

25)	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

26)	Charge No.	:	C201105052
	Date of Registration	:	21/04/2011
	Chargee	:	FBN BANK (UK) LTD
	Amount Secured and Currency	:	All Monies
	Address	:	---

27)	Charge No.	:	C201105048
	Date of Registration	:	21/04/2011
	Chargee	:	FBN BANK (UK) LTD
	Amount Secured and Currency	:	All Monies
	Address	:	---

BANKERS/ FINANCIERS

28)	Charge No.	:	C201105046
	Date of Registration	:	21/04/2011
	Chargee	:	FBN BANK (UK) LTD
	Amount Secured and Currency	:	All Monies
	Address	:	---

29)	Charge No.	:	C201105037
	Date of Registration	:	21/04/2011
	Chargee	:	FBN BANK (UK) LTD
	Amount Secured and Currency	:	All Monies
	Address	:	---

30)	Charge No.	:	C201105023
	Date of Registration	:	21/04/2011
	Chargee	:	FBN BANK (UK) LTD
	Amount Secured and Currency	:	All Monies
	Address	:	---

LITIGATION

Clear

COMPLIANCE

Date of Last AGM	:	30/09/2012
Date of Last AR	:	05/10/2012
Date of A/C Laid At Last AGM	:	31/03/2012

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
	MAR 2012	% Change	MAR 2011
Currency	SGD - SIN		SGD - SIN
Profit and Loss Key Figures
Turnover	133,402,428	455.06	24,033,717
Profit/(Loss) Before Tax	1,374,022	1,333.39	95,858
Profit After Tax attributable to Shareholders	1,273,942	1,228.99	95,858

Balance Sheet Key Figures
Total Assets	88,672,375	1,378.70	5,996,631
Current Assets	88,454,702	1,418.36	5,825,676
Non Current Assets	217,673	27.33	170,955

Total Liabilities	86,379,317	1,656.42	4,917,906
Current Liabilities	86,379,317	1,656.42	4,917,906
Non Current Liabilities	0	NA	0

Shareholders' Funds	2,293,058	112.57	1,078,726
Share Capital	928,555	-5.53	982,867
Total Reserves	1,364,503	1,323.45	95,859

FINANCIAL RATIOS

	Company
	MAR 2012	MAR 2011
Growth %
Year-on-Year Growth	455.06	NA

Profitability
Profit Margin (%)	0.95	0.40
Return on Equity (%)	55.56	8.89
Return on Assets (%)	1.44	1.60

Leverage
Total Debt/Equity (Times)	37.67	4.56
Current Debt/Equity (Times)	37.67	4.56
Long Term Debt To Equity (Times)	0.00	0.00
Total Asset To Total Equity (Times)	38.67	5.56

Asset Management
Total Assets Turnover (Times)	1.50	4.01
Fixed Assets Turnover (Times)	612.86	140.59

Liquidity
Current Ratio (Times)	1.02	1.18

FINANCIAL COMMENTARY

Profitability

The company yielded a rate of net profit on sales of 0.95 per cent in FY12 (FY11: 0.40 per cent). The company is now able to book in SGD - SIN 0.01 of profit for every SGD - SIN of sales in FY12, as compared with SGD - SIN 0.00 a year ago.

Liquidity

Current ratio stood at 1.02 times in FY12 (FY11: 1.18 times). This means that the company has SGD - SIN 1.02 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 37.67 times in FY12, as compared with 4.56 times in FY11. This means that the company requires additional external financing of SGD - SIN 37.67 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 55.56 per cent for Subject in the current financial period, as compared to 8.89 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 1.44 per cent (FY11: 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 1.50 times in FY12 (FY11: 4.01 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.54.33
UK Pound	1	Rs.82.72
Euro	1	Rs.69.81

INFORMATION DETAILS

Report Prepared by :

NLM

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.

MIRA INFORM REPORT

EXECUTIVE SUMMARY

SHAREHOLDER DETAILS

OFFICER DETAILS

KEY PERSONNEL PROFILE

SUBSIDIARIES AND ASSOCIATE COMPANIES

BANKERS/ FINANCIERS

BANKERS/ FINANCIERS

BANKERS/ FINANCIERS

BANKERS/ FINANCIERS

BANKERS/ FINANCIERS

LITIGATION

COMPLIANCE

COMPLIANCE RATING FOR ANNUAL FILING

FINANCIAL HIGHLIGHTS

FINANCIAL RATIOS

FINANCIAL COMMENTARY

FINANCIAL COMMENTARY

Unit