MIRA INFORM REPORT

Report Date :

24.04.2013

IDENTIFICATION DETAILS

Name :	Zagro Singapore Pte Ltd
Formerly Known As :	AGRI NUTRITION ASIA PTE LTD Eff. date : 02/02/1980 Eff. date : 02/02/1980 ZUELLIG (T) PTE LTD Eff. date : 22/06/1992 Eff. date : 22/06/1992
Registered Office :	5 Woodlands Terrace, #06-00 Zagro Global Hub 738430
Country :	Singapore
Financials (as on) :	December, 2011
Date of Incorporation :	02.02.1980
Com. Reg. No.:	198000391G
Legal Form :	Limited Private Company
Line of Business :	Manufacturer and Trading in Feed Supplements, Premixes & Specialist Feeds
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 :	Satisfactory
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

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:
ZAGRO SINGAPORE PTE LTD	198000391G

Date Incorporated:	Registered Office:	Telephone Number:
02/02/1980	5 WOODLANDS TERRACE #06-00 ZAGRO GLOBAL HUB SINGAPORE 738430	6759 1811
Age of Company:	Website:	Industry Type:
33	www.zagro.com	MANUFACTURING

Risk Dashboard
Days Beyond Terms	Trend:	No. of Litigation Counts:
Company DTC:		0
18
Better than last month;last month the entity took 35 days to pay		No. of Charges(s): 0
Industry DTC
83

Directors		Corporate Structure
Number of Current Directors	5	Holding Company:	ZAGRO ASIA LIMITED
Number that are shareholders	1	No. of Subsidiaries & Associated Companies:	1

EXECUTIVE SUMMARY

Company Name	:	ZAGRO SINGAPORE PTE LTD
Registration No	:	198000391G
Date of Registration	:	02/02/1980
Former Name	:	1.AGRI NUTRITION ASIA PTE LTD Eff. date : 02/02/1980 Eff. date : 02/02/1980 2.ZUELLIG (T) PTE LTD Eff. date : 22/06/1992 Eff. date : 22/06/1992
Date of Change of Name	:	14/05/1998
Type of Company	:	LIMITED PRIVATE COMPANY
Registered Address	:	5 WOODLANDS TERRACE #06-00 ZAGRO GLOBAL HUB SINGAPORE 738430
Date of Change of Address	:	09/05/2002
Contact No.	:	6759 1811
Fax No.	:	6759 1855
Website	:	www.zagro.com
Registered Activities	:	OTHER BUSINESS SUPPORT SERVICES ACTIVITIES NEC (EG ADMINISTRATION OF LOYALTY PROGRAMMES) MANUF, TRADING IN FEED SUPPLEMENTS, PREMIXES & SPECIALIST FEEDS
Issued Ordinary Capital*	:	$2,000,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 2,000,000
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$2,000,000.00 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	:	1
No. of Local Associates	:	NA
Auditor	:	ERNST & YOUNG LLP
Bankers / Financiers	:	NA
Turnover	:	SGD - SIN 66,084,591.00 (FY2011)
Net Worth	:	SGD - SIN 27,233,268.00 (FY2011)
No. of Bank Charges	:	NA
No. of Litigation Suits	:	0
S1000/ SME 1000/ FG50 Ranking	:	No found for SINGAPORE 1000 and SME 1000
Compounded Annual Growth Rate (CAGR)	:	10.55% (4 years)

SHAREHOLDER DETAILS

NAME	:	ZAGRO ASIA LIMITED
SHAREHOLDER ID	:	199406784D
NATIONALITY	:	SINGAPORE
ADDRESS	:	5 WOODLANDS TERRACE #06-00 ZAGRO GLOBAL HUB SINGAPORE 738430
NO. OF ORD SHARES	:	2,000,000
% OF SHAREHOLDING	:	100%
CURRENCY	:	SINGAPORE, DOLLARS

OFFICER DETAILS

NAME	:	SOO KAM BENG @ SOO MAN KHENG
ADDRESS	:	79 JALAN PANTAS TAMAN CONNAUGHT CHERAS 56000 KUALA LUMPUR MALAYSIA
POSITION	:	DIRECTOR
DATE OF APPT	:	01/02/2000
NATIONALITY	:	MALAYSIAN
I/C PASSPORT	:	471201-04-5151
NAME	:	POH BENG SWEE
ADDRESS	:	10 WILBY ROAD SINGAPORE 276298
POSITION	:	DIRECTOR
DATE OF APPT	:	22/07/1988
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S0199884F
NAME	:	NGAI YUET HOONG
ADDRESS	:	67 ROSEWOOD DRIVE #05-34 ROSEWOOD SUITES SINGAPORE 737876
POSITION	:	DIRECTOR
DATE OF APPT	:	30/06/2004
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S1108044H
NAME	:	CHOW SIEW HWA
ADDRESS	:	74 WEST COAST ROAD #02-102 VARSITY PARK CONDOMINIUM SINGAPORE 126827
POSITION	:	DIRECTOR
DATE OF APPT	:	30/06/2004
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S1187164Z
NAME	:	KAREN ANNE WEE
ADDRESS	:	481 PASIR RIS DRIVE 4 #12-411 SINGAPORE 510481
POSITION	:	DIRECTOR
DATE OF APPT	:	01/02/2000
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S1580927B
NAME	:	KELOTH RAJ KUMAR
ADDRESS	:	192 PASIR RIS STREET 12 #04-14 SINGAPORE 510192
POSITION	:	SECRETARY
DATE OF APPT	:	06/07/2012
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S1707500D

KEY PERSONNEL PROFILE

Name:	POH BENG SWEE
NRIC Number:	S0199884F
Available Address:	10 WILBY ROAD SINGAPORE 276298

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	AGRI NUTRITION ASIA PTE. LTD.	DIRECTOR	25/10/1994	-	NA
2	AGROCONNECT.COM PTE LTD	DIRECTOR	30/03/2000	-	NA
3	AGROEXCHANGEPLUS PTE LTD	DIRECTOR	30/08/2002	-	NA
4	AGSIN PTE LTD	DIRECTOR	03/09/1997	-	NA
5	PLASTICSCOMMERCE PTE. LTD.	SHAREHOLDER	-	1386128	0.92
6	POHCONNECT HOLDINGS PTE LTD	DIRECTOR	26/07/2001	60000	60.00
7	VETSQUARE.COM PTE LTD	DIRECTOR	12/05/2000	-	NA
8	ZAGRO ANIMAL HEALTH PTE. LTD.	DIRECTOR	08/04/2004	-	NA
9	ZAGRO ASIA LIMITED	DIRECTOR	21/09/1994	-	NA
10	ZAGRO INDUSTRIES PTE LTD	DIRECTOR	15/04/2000	-	NA
11	ZAGRO NEWCO PTE LTD	DIRECTOR	26/03/1997	-	NA
12	ZAGRO SINGAPORE PTE LTD	DIRECTOR	22/07/1988	-	NA

Previous Business

No.	Name	Status	Position	Appt Date	Last Known Inactive Date
1	F.E. ZUELLIG (SINGAPORE) PTE LTD	DISSOLVED - MEMBERS' VOLUNTARY WINDING UP	DIRECTOR	22/07/1988	01/05/1994
2	INSTITUTE OF MOLECULAR AGROBIOLOGY	LIVE COMPANY	DIRECTOR	25/10/1997	27/01/2003
3	NUVANTA PTE LTD	LIVE COMPANY	DIRECTOR	03/01/1989	30/11/2011
4	VETSQUARE.COM PTE LTD	LIVE COMPANY	SHAREHOLDER	-	21/10/2011
5	ZAGRO ANIMAL HEALTH PTE. LTD.	LIVE COMPANY	SHAREHOLDER	-	02/10/2012
6	ZAGRO ASIA LIMITED	LIVE COMPANY	SHAREHOLDER	-	22/04/2013
7	ZAGRO INDUSTRIES PTE LTD	LIVE COMPANY	SHAREHOLDER	-	21/10/2011
8	ZAGRO NEWCO PTE LTD	LIVE COMPANY	SHAREHOLDER	-	21/10/2011

KEY PERSONNEL PROFILE

9

ZAGRO SINGAPORE PTE LTD

LIVE COMPANY

SHAREHOLDER

-

16/01/2013

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 (%)
ZAGRO ANIMAL HEALTH 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

To date, there have been 0 litigation suits filed against Subject.

	Current Year On/After 01 Jan 2013	Past Years Bef 01 Jan 2013
Court (Claim under normal circumstances)
Magistrate (< $80,000)	0	1
District ($80,000 - $250,000)	0	0
High (>$250,000)	0	4
Winding Up Trace		No
In litigation/Dissolved/Struck Off/In receivership		No

The details are as follows:

1)	Court	:	Supreme Court
	Case No.	:	129
	Transfer	:	-
	Date of Filing	:	13/02/2009
	Amount	:	219,429.00
	Cause	:	Contract - Sale of Goods & Services
	Case Status	:	CONCLUDED
	Plaintiff	:	KK ANIMAL NUTRITION (PTY) LTD KEMIRA PHOSPHATES (PTY) LTD TRADING AS KK ANIMAL NUTRITION
	Last Update Date	:	24/03/2010
2)	Court	:	Supreme Court
	Case No.	:	309
	Transfer	:	-
	Date of Filing	:	17/05/2007
	Amount	:	USD 94,395.00 USD 8,513.00
	Cause	:	Contract - Sale of goods
	Case Status	:	CONCLUDED
	Plaintiff	:	YAMANAKA EP CORPORATION
	Last Update Date	:	28/11/2008

LITIGATION

3)	Court	:	Magistrate Court
	Case No.	:	29180
	Transfer	:	-
	Date of Filing	:	06/12/2004
	Amount	:	14,795.00
	Cause	:	Contract - Sale Of Goods
	Case Status	:	CONCLUDED
	Plaintiff	:	GEMINI EXPORTS
	Last Update	:	18/04/2006
4)	Court	:	Supreme Court
	Case No.	:	16
	Transfer	:	-
	Date of Filing	:	06/01/2004
	Amount	:	250,000.00
	Cause	:	Building and Construction Law
	Case Status	:	CONCLUDED
	Plaintiff	:	KOYO ENGINEERING (S.E. ASIA) PTE. LTD.
	Last Update Date	:	20/12/2004
5)	Court	:	Supreme Court
	Case No.	:	1419
	Transfer	:	-
	Date of Filing	:	12/11/2001
	Amount	:	0.00
	Cause	:	INJUNCTION
	Case Status	:	CONCLUDED
	Plaintiff	:	BBR CONSTRUCTION SYSTEMS PTE LTD
	Last Update Date	:	05/09/2002

COMPLIANCE

Date of Last AGM	:	27/04/2012
Date of Last AR	:	21/05/2012
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	66,084,591	2.32	64,587,241	44,327,169	62,657,089	44,250,684
Profit/(Loss) Before Tax	6,475,963	6.92	6,056,900	4,981,331	6,905,223	1,500,976
Profit After Tax attributable to Shareholders	5,710,084	12.74	5,064,913	4,305,084	5,655,099	1,641,787
Balance Sheet Key Figures
Total Assets	45,153,711	10.52	40,856,487	35,935,182	33,765,059	38,392,867
Current Assets	35,604,259	13.42	31,392,416	25,651,430	22,690,008	26,689,311
Non Current Assets	9,549,452	0.90	9,464,071	10,283,752	11,075,051	11,703,556
Total Liabilities	17,920,443	4.03	17,225,478	16,152,086	18,365,447	28,585,554
Current Liabilities	17,421,330	4.64	16,648,960	15,539,576	17,628,064	28,063,385
Non Current Liabilities	499,113	-13.43	576,518	612,510	737,383	522,169
Shareholders' Funds	27,233,268	15.24	23,631,009	19,783,096	15,399,612	9,807,313
Share Capital	2,000,000	0.00	2,000,000	2,000,000	2,000,000	2,000,000
Total Reserves	25,233,268	16.65	21,631,009	17,783,096	13,399,612	7,807,313

FINANCIAL RATIOS

	Company
	DEC 2011	DEC 2010	DEC 2009	DEC 2008	DEC 2007
Growth %
Year-on-Year Growth	2.32	45.71	-29.25	41.60	NA
Profitability
Profit Margin (%)	8.64	7.84	9.71	9.03	3.71
Return on Equity (%)	20.97	21.43	21.76	36.72	16.74
Return on Assets (%)	12.65	12.40	11.98	16.75	4.28
Leverage
Total Debt/Equity (Times)	0.66	0.73	0.82	1.19	2.91
Current Debt/Equity (Times)	0.64	0.70	0.79	1.14	2.86
Long Term Debt To Equity (Times)	0.02	0.02	0.03	0.05	0.05
Total Asset To Total Equity (Times)	1.66	1.73	1.82	2.19	3.91
Asset Management
Total Assets Turnover (Times)	1.46	1.58	1.23	1.86	1.15
Fixed Assets Turnover (Times)	6.92	6.82	4.31	5.66	3.78
Liquidity
Current Ratio (Times)	2.04	1.89	1.65	1.29	0.95

FINANCIAL COMMENTARY

Compound Annual Growth Rate

The company's CAGR is 10.55% (4 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 company yielded a rate of net profit on sales of 8.64 per cent in FY11 (FY10: 7.84 per cent). The company is now able to book in SGD - SIN 0.09 of profit for every SGD - SIN of sales in FY11, as compared with SGD - SIN 0.08 a year ago.

Liquidity

Current ratio stood at 2.04 times in FY11 (FY10: 1.89 times). This means that the company has SGD - SIN 2.04 of current assets for every SGD - SIN 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 0.66 times in FY11, as compared with 0.73 times in FY10. This means that the company requires additional external financing of SGD - SIN 0.66 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 20.97 per cent for Subject in the current financial period, as compared to 21.43 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 12.65 per cent (FY10: 12.40 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 1.46 times in FY11 (FY10: 1.58 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.54.30
UK Pound	1	Rs.82.88
Euro	1	Rs.70.80

INFORMATION DETAILS

Report Prepared by :

NIT

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.