MIRA INFORM REPORT

Report Date :

31.08.2013

IDENTIFICATION DETAILS

Name :	TRANSOCEAN COMMODITIES PTE. LTD.

Registered Office :	171, Tras Street, 04-171a, Union Building, 079025

Country :	Singapore

Date of Incorporation :	22.03.2011

Com. Reg. No.:	201106907-M

Legal Form :	Private Limited Company

Line of Business :	General Wholesale Trade (The subject refused to confirm its activities. As per the registry the subject is involved in general trading.)

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 :	Unknown

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 – March 31^st 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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 0.8% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010, on the strength of renewed exports, before slowing to 5.2% in 2011 and 1.3% in 2012, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to an average of about 1.0% 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


* Adopted abbreviations :		SC - Subject Company (the company enquired by you)
		N/A - Not Applicable

EXECUTIVE SUMMARY

REGISTRATION NO.	:	201106907-M
COMPANY NAME	:	TRANSOCEAN COMMODITIES PTE. LTD.
FORMER NAME	:	N/A
INCORPORATION DATE	:	22/03/2011


COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO


REGISTERED ADDRESS	:	171, TRAS STREET, 04-171A, UNION BUILDING, 079025, SINGAPORE.
BUSINESS ADDRESS	:	80 RAFFLE PLACE, UNIT 26-01, UOB PLAZA 1, 048624, SINGAPORE.
TEL.NO.	:	65-65325746
FAX.NO.	:	65-65327680
CONTACT PERSON	:	RAVI KUMAR TERHAN ( DIRECTOR )


PRINCIPAL ACTIVITY	:	GENERAL WHOLESALE TRADE

ISSUED AND PAID UP CAPITAL	:	1.00 ORDINARY SHARE, OF A VALUE OF USD 1.00

SALES	:	N/A
NET WORTH	:	N/A

STAFF STRENGTH	:	N/A
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	N/A
PAYMENT	:	N/A
MANAGEMENT CAPABILITY	:	WEAK

COMMERCIAL RISK	:	N/A
CURRENCY EXPOSURE	:	N/A
GENERAL REPUTATION	:	POOR
INDUSTRY OUTLOOK	:	AVERAGE GROWTH

HISTORY / BACKGROUND

The SC is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the SC must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the SC is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the SC is insolvent. The SC is governed by the Companies Act and the company must file its annual returns, together with its financial statements with the Registrar of Companies.

The SC is principally engaged in the (as a / as an) general wholesale trade.

The major shareholder(s) of the SC are shown as follows :

Name	Address	IC/PP/Loc No	Shareholding	(%)
AAR TEE GROUP PTE. LTD.	171, TRAS STREET, 04-171A, UNION BUILDING, 079025, SINGAPORE.	201201877	1.00	100.00
			---------------	------
			1.00	100.00
			============	=====

+ Also Director

The SC interest in other companies (Subsidiaries/Associates) are shown as follow :

Local No	Country	Company	(%)	As At
201307484	SINGAPORE	INDUS INTERNATIONAL HOLDINGS PTE. LTD.	100.00	29/08/2013

DIRECTORS

DIRECTOR 1

Name Of Subject	:	MS. RAVI KUMAR TERHAN
Address	:	BUNGLOW 7 DIVYA SWAPNA DR. CHOITHRAM, GIDWANI MARG CHEMBUR, MUMBAI, 400074, INDIA.
IC / PP No	:	Z2081034



Nationality	:	INDIAN
Date of Appointment	:	25/01/2012

DIRECTOR 2

Name Of Subject	:	SHUSMA LIMBU
Address	:	15, MARINE TERRACE, 13-04, 440015, SINGAPORE.
IC / PP No	:	S7230159E



Nationality	:	SINGAPOREAN
Date of Appointment	:	25/01/2012

MANAGEMENT

Name of Subject

RAVI KUMAR TERHAN

Position

DIRECTOR

AUDITOR

Auditor	:	B SHARMA & CO
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	SHUSMA LIMBU
	IC / PP No	:	S7230159E

	Address	:	15, MARINE TERRACE, 13-04, 440015, SINGAPORE.

BANKING

No Banker found in our databank.

ENCUMBRANCE (S)

No encumbrance was found in our databank at the time of investigation.

LEGAL CHECK AGAINST SC

* A check has been conducted in our databank against the SC whether the subject has been involved in any litigation.

No legal action was found in our databank.

No winding up petition was found in our databank.

PAYMENT RECORD


SOURCES OF RAW MATERIALS:
Local	:	N/A
Overseas	:	N/A

The staff from the registered office refused to disclose any information on the SC's suppliers.

CLIENTELE

Local	:	N/A

Overseas	:	N/A

The staff from the registered office refused to disclose any information on the SC's clientele.

OPERATIONS

Goods Traded

GENERAL WHOLESALE TRADE

Branch

Other Information:

The SC is principally engaged in the (as a / as an) general wholesale trade.

The staff from the registered office refused to disclose any information on the SC's operation.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-65325746
Match	:	N/A

Address Provided by Client	:	C/O THE IYER PRACTICE 3 PHILIP STREET #18-00 COMMERCE PONI SINGAPORE 048693
Current Address	:	80 RAFFLE PLACE, UNIT 26-01, UOB PLAZA 1, 048624, SINGAPORE.
Match	:	NO

We have contacted the SC's Accountant and its Company Secretary for the latest financial accounts. However they have rejected our request in view of the confidentiality of the documents.

Other Investigations

we contacted one of the staff from the registered office and she only provided limited information on the SC.

The address provided belongs to the SC's former registered office.

She refused to disclose the SC's number of employees.

FINANCIAL ANALYSIS

No latest financial accounts are available at the Registry Office, thus we are not able to comment on the SC's financial performance.

Overall financial condition of the SC : N/A

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	2008	2009	2010	2011	2012

Population (Million)	4.84	4.98	5.08	5.18	5.31
Gross Domestic Products ( % )	1.5	<0.8>	14.5	4.9	1.3
Consumer Price Index	6.6	0.6	2.8	5.2	4.6
Total Imports (Million)	450,892.6	356,299.3	423,221.8	459,655.1	474,554.0
Total Exports (Million)	476,762.2	391,118.1	478,840.7	514,741.2	510,329.0

Unemployment Rate (%)	2.2	3.2	2.2	2.1	2.0
Tourist Arrival (Million)	10.12	9.68	11.64	13.17	14.37
Hotel Occupancy Rate (%)	81.0	75.8	85.6	86.5	86.4
Cellular Phone Subscriber (Million)	1.31	1.37	1.43	1.50	1.52

Registration of New Companies (No.)	25,327	26,414	29,798	32,317	31,892
Registration of New Companies (%)	<2.2>	4.3	12.8	8.5	<1.3>
Liquidation of Companies (No.)	10,493	22,393	15,126	19,005	17,218
Liquidation of Companies (%)	13.7	113.4	<32.5>	25.6	9.4

Registration of New Businesses (No.)	24,850	26,876	23,978	23,494	24,788
Registration of New Businesses (%)	0.36	8.15	<10.78>	2.02	5.51
Liquidation of Businesses (No.)	21,150	23,552	24,211	23,005	22,489
Liquidation of Businesses (%)	<0.8>	11.4	2.8	<5>	<2.2>

Bankruptcy Orders (No.)	2,326	2,058	1,537	1,527	1,748
Bankruptcy Orders (%)	<15.9>	<11.5>	<25.3>	<0.7>	14.5
Bankruptcy Discharges (No.)	1,500	3,056	2,252	1,391	1,881
Bankruptcy Discharges (%)	<7.7>	103.7	<26.3>	<38.2>	35.2

INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	<0.32>	3.25	<0.48>	4.25	3.64
Fish Supply & Wholesale	<6.31>	<1.93>	<10.5>	12.10	<0.5>

Manufacturing *	74.6	71.5	92.8	100.0	100.3
Food, Beverages & Tobacco	94.8	90.4	96.4	100.0	103.5
Textiles	180.1	145.9	122.1	100.0	104.0
Wearing Apparel	334.6	211.0	123.3	100.0	92.1
Leather Products & Footwear	128.2	79.5	81.8	100.0	98.6
Wood & Wood Products	132.0	101.4	104.0	100.0	95.5
Paper & Paper Products	101.0	95.4	106.1	100.0	97.4
Printing & Media	118.2	100.9	103.5	100.0	93.0
Crude Oil Refineries	113.1	96.4	95.6	100.0	99.4
Chemical & Chemical Products	84.5	80.3	97.6	100.0	100.5
Pharmaceutical Products	43.7	49.1	75.3	100.0	109.7
Rubber & Plastic Products	120.1	101.2	112.3	100.0	96.5
Non-metallic Mineral	96.5	91.9	92.5	100.0	98.2
Basic Metals	109.8	92.6	102.2	100.0	90.6
Fabricated Metal Products	101.3	90.8	103.6	100.0	104.3
Machinery & Equipment	65.0	57.3	78.5	100.0	112.9
Electrical Machinery	81.7	86.8	124.1	100.0	99.3
Electronic Components	93.1	85.2	113.6	100.0	90.6
Transport Equipment	102.0	96.0	94.0	100.0	106.3

Construction	45.90	<36.9>	14.20	20.50	28.70
Real Estate	<11.2>	1.4	21.3	25.4	31.9

Services
Electricity, Gas & Water	<1.3>	1.70	4.00	7.00	6.30
Transport, Storage & Communication	11.60	3.90	12.80	7.40	5.30
Finance & Insurance	<5.9>	<16.4>	<0.4>	8.90	0.50
Government Services	17.40	4.50	9.70	6.90	6.00
Education Services	0.50	0.10	<0.9>	<1.4>	0.30

* Based on Index of Industrial Production (2011 = 100)
(Source : Department of Statistics)

INDUSTRY ANALYSIS

INDUSTRY :	TRADING


The wholesale and retail trade sector contracted by 1.5% in the fourth quarter of 2012, extending the 0.2% decline in the preceding quarter. For the whole of 2012, the sector declined by 0.7%, reversing the 1.6% growth in 2011. The sector was weighed down primarily by the wholesale trade segment. In 2012, the wholesale trade segment contracted by 1.0%, a reversal from the 1.4% growth in 2011. Growth of the retail trade segment also moderated to 2.0%, from 3.2% in the year 2011.

The domestic wholesale trade index grew by 1.2% in the fourth quarter of 2012, an improvement from the 5.4% decline in the third quarter. This was partly due to an increase in the sales of chemicals & chemical products and ship chandlers & bunkering. For the full year of 2012, the domestic wholesale trade index contracted by 2.2%, extending the 1.7% decline in 2011. The foreign wholesale trade index grew by 8.6% in the fourth quarter, an increase from the 6.6% growth in the third quarter. The expansion was partly due to resilient sales of petroleum & petroleum products. For the whole of 2012, the foreign wholesale trade index expanded by 9.1%, faster than the 4.3% increase in 2011.

In the fourth quarter of 2012, retail sales volume declined by 2.0%, extending the 0.3% decline in the third quarter. Excluding motor vehicles, retail sales volume grew by 0.4%, a slight moderation compared to the 1.5% gain in the third quarter of 2012. The sales volume of motor vehicles fell by 11% in the fourth quarter of 2012, after contracting by 6.1% in the third quarter. The sales of several discretionary items also declined in the fourth quarter. Besides, the sales of optical goods & books in 2012 fell by 3.6%, while the sales of telecommunications apparatus & computers declined by 1.4%.

For 2012 as a whole, retail sales volume grew by 1.3%, compared to the 2.0% expansion in 2011. Excluding motor vehicle sales, the increase in retail sales volume also moderated from 5.4% in 2011 to 1.7% in 2012. Medical goods & toiletries registered the largest increase (9.3%) in sales, followed by telecommunications apparatus & computers (6.9%). By contrast, the sales of watches & jewellery (-2.2%) and optical goods & books (-3.6%) declined.


OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 2011, the SC is a Private Limited company, focusing on general wholesale trade. Having been in the industry for 2 years, the SC has yet to establish its clientele base and mainly depends on a few major clients. We noted that the SC's issued and paid up capital stands at only USD1. This means that its creditors are only able to recover a limited amount.

We regard that the SC's management capability is weak.

No financial accounts are available for analysis. As such, we are not able to comment on the SC's current financial standing.

The industry shows an upward trend and this trend is very likely to sustain in the near terms. Hence, the SC is expected to benefit from the favourable outlook of the industry.

In view of the above, we only recommend credit be proceeded to the SC with guarantee.

FINANCIAL ACCOUNT

No latest financial accounts are available at the Registry Office.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.57
UK Pound	1	Rs.103.34
Euro	1	Rs.88.16

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.