MIRA INFORM REPORT

Report Date :

28.02.2013

IDENTIFICATION DETAILS

Name :	BGP GEOEXPLORER PTE. LTD.
Registered Office :	10 Anson Road #27-06 International Plaza Singapore 079903
Country :	Singapore
Financials (as on) :	31.12.2010
Date of Incorporation :	16.11.2005
Com. Reg. No.:	200515896M
Legal Form :	Limited Private Company
Line of Business :	Chartering Of Ships, Barges And Boats With Crew (Freight) Ship Owner, Shipping Agents And Ship Chandlers, Ship Brokers & Ship Manager
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Poor
Payment Behaviour :	Regular
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:
BGP GEOEXPLORER PTE. LTD.	200515896M

Date Incorporated:	Registered Office:	Telephone Number:
16/11/2005	10 ANSON ROAD #27-06 INTERNATIONAL PLAZA SINGAPORE 079903	62239535
Age of Company:	Website:	Industry Type:
8	NA	TRANSPORT/STORAGE

Risk Dashboard
Days Beyond Terms		Trend:	No. of Litigation Counts:
Company DTC:			NA
130
Worse off than last month;last month the entity took 102 days to pay			No. of Charges(s): 0
	Industry DTC
	28

Directors		Corporate Structure
Number of Current Directors	7	Holding Company:	BGP INC.
Number that are shareholders	1	No. of Subsidiaries & Associated Companies:	1

EXECUTIVE SUMMARY

Company Name	:	BGP GEOEXPLORER PTE. LTD.
Registration No	:	200515896M
Date of Registration	:	16/11/2005
Former Name	:	NA
Date of Change of Name	:	NA
Type of Company	:	LIMITED PRIVATE COMPANY
Registered Address	:	10 ANSON ROAD #27-06 INTERNATIONAL PLAZA SINGAPORE 079903
Date of Change of Address	:	01/04/2010
Contact No.	:	62239535
Fax No.	:	NA
Website	:	NA
Registered Activities	:	1. CHARTERING OF SHIPS, BARGES AND BOATS WITH CREW (FREIGHT) SHIP OWNER, SHIPPING AGENTS AND SHIP CHANDLERS, SHIP BROKERS & SHIP MANAGER 2. PETROLEUM, MINING AND PROSPECTING SERVICES (INCLUDING OFFSHORE EXPLORATION SERVICES) GEOPHYSICAL RESEARCH AND SEISMIC SERVICES
Issued Ordinary Capital*	:	$1,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 1,000
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$1,000.00 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	:	C. S. CHOONG & CO. PAC
Bankers / Financiers	:	NA
Turnover	:	SINGAPORE, DOLLARS 83,665,816.73 (FY2010)
Net Worth	:	SINGAPORE, DOLLARS (74,410,414.26) (FY2010)
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)	:	NA

SHAREHOLDER DETAILS

NAME	:	BGP INC.
SHAREHOLDER ID	:	T06UF0630E
NATIONALITY	:	NA
ADDRESS	:	OMAR HODGE BUILDING, WICKHAMS CAY I, P.O. BOX 362, ROAD TOWN TORTOLA BRITISH VIRGIN ISLANDS
NO. OF ORD SHARES	:	1,000
% OF SHAREHOLDING	:	100%
CURRENCY	:	SINGAPORE, DOLLARS

OFFICER DETAILS

NAME	:	LING MIN
ADDRESS	:	3 JALAN MEMBINA #07-03 CENTRAL GREEN CONDOMINIUM SINGAPORE 169480
POSITION	:	DIRECTOR
DATE OF APPT	:	15/03/2010
NATIONALITY	:	CHINESE
I/C PASSPORT	:	G6376000K
NAME	:	GOU LIANG
ADDRESS	:	65 FANYANG ROAD SHUANG TA DISTRICT ZHUOZHOU CITY HEBEI 072751 CHINA
POSITION	:	DIRECTOR
DATE OF APPT	:	01/12/2005
NATIONALITY	:	CHINESE
I/C PASSPORT	:	P 5452604
NAME	:	LI JINYONG
ADDRESS	:	XINHUA EAST STREET PINGSHU TOWN DACHENG DISTRICT HEBEI CHINA
POSITION	:	DIRECTOR
DATE OF APPT	:	01/12/2005
NATIONALITY	:	CHINESE
I/C PASSPORT	:	P 6225662
NAME	:	ZHENG HUASHENG
ADDRESS	:	65 FANYANG ROAD SHUANG TA DISTRICT ZHUOZHOU CITY HEBEI 072751 CHINA
POSITION	:	DIRECTOR MANAGING DIRECTOR
DATE OF APPT	:	01/12/2005 15/03/2010
NATIONALITY	:	CHINESE
I/C PASSPORT	:	P 6440358
NAME	:	LIU HAIBO
ADDRESS	:	#902, NO. 307, MIDDLE FANYANG ROAD, ZHUOZHOU CITY, BAODING, HEBEI PROVINCE, P.R. CHINA
POSITION	:	DIRECTOR
DATE OF APPT	:	01/12/2005
NATIONALITY	:	CHINESE
I/C PASSPORT	:	P 6454109
NAME	:	ZENG QINGPING
ADDRESS	:	ROOM 1003, NO.307, FANYANG ZHONG ROAD, ZHUOZHOU CITY, BAODING, HEBEI PROVINCE, CHINA 072751
POSITION	:	DIRECTOR
DATE OF APPT	:	15/03/2010
NATIONALITY	:	CHINESE
I/C PASSPORT	:	P00846830

NAME	:	SOON KWAI YING
ADDRESS	:	12 STIRLING ROAD #13-08 QUEENS SINGAPORE 148955
POSITION	:	SECRETARY
DATE OF APPT	:	16/11/2005
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S1835489F
NAME	:	WANG TIEJUN
ADDRESS	:	#1001, NO. 189, FANYANG XI ROAD, ZHUOZHOU CITY, HEBEI PROVINCE, P.R. CHINA
POSITION	:	DIRECTOR
DATE OF APPT	:	01/12/2005
NATIONALITY	:	CHINESE
I/C PASSPORT	:	S90108348

KEY PERSONNEL PROFILE

Name:	ZHENG HUASHENG
NRIC Number:	P 6440358
Available Address:	65 FANYANG ROAD SHUANG TA DISTRICT ZHUOZHOU CITY HEBEI 072751 CHINA

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	BGP GEOEXPLORER PTE. LTD.	MANAGING DIRECTOR	15/03/2010	-	NA
2	BGP GEOEXPLORER PTE. LTD.	DIRECTOR	01/12/2005	-	NA
3	GEO BRIDGE PTE. LTD.	DIRECTOR	22/02/2006	-	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 (%)
EXPLOITER 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	:	29/01/2013
Date of Last AR	:	04/02/2013
Date of A/C Laid At Last AGM	:	31/12/2010

COMPLIANCE RATING FOR ANNUAL FILING

ANNUAL GENERAL MEETING, ANNUAL RETURN OR ACCOUNTS LATE

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 2010	% Change	DEC 2009	DEC 2008	DEC 2007	DEC 2006
Currency	SINGAPORE, DOLLARS		SINGAPORE, DOLLARS	SINGAPORE, DOLLARS	SINGAPORE, DOLLARS	SINGAPORE, DOLLARS
Profit and Loss Key Figures
Turnover	83,665,817	698.73	10,474,850	67,598,951	24,028,201	(4,513,880)
Profit/(Loss) Before Tax	(14,808,615)	NA	(37,243,103)	(7,705,309)	(18,157,890)	(4,513,880)
Profit After Tax attributable to Shareholders	(14,808,615)	NA	(37,490,756)	(7,705,309)	(18,157,890)	(4,513,880)
Balance Sheet Key Figures
Total Assets	123,934,219	-20.50	155,888,009	135,288,605	107,835,033	84,635,312
Current Assets	60,772,967	216.58	19,196,964	31,926,643	12,537,610	2,325,708
Non Current Assets	63,161,252	-53.79	136,691,045	103,361,961	95,297,422	82,309,604
Total Liabilities	198,344,633	-9.69	219,624,746	156,960,990	124,450,391	82,383,505
Current Liabilities	9,504,685	-53.73	20,540,148	72,375,030	59,302,253	1,631,815
Non Current Liabilities	188,839,948	-5.15	199,084,598	84,585,961	65,148,138	80,751,690
Shareholders' Funds	(74,410,414)	NA	(63,736,737)	(21,672,386)	(16,615,359)	2,251,807
Share Capital	804	-6.49	860	834	888	936
Total Reserves	(74,411,218)	NA	(63,737,597)	(21,673,220)	(16,616,247)	2,250,870

FINANCIAL RATIOS

	Company
	DEC 2010	DEC 2009	DEC 2008	DEC 2007	DEC 2006
Growth %
Year-on-Year Growth	698.73	-84.50	181.33	NA	NA
Profitability
Profit Margin (%)	-17.70	-357.91	-11.40	-75.57	100.00
Return on Equity (%)	19.90	58.82	35.55	109.28	-200.46
Return on Assets (%)	-11.95	-24.05	-5.70	-16.84	-5.33
Leverage
Total Debt/Equity (Times)	-2.67	-3.45	-7.24	-7.49	36.59
Current Debt/Equity (Times)	0.00	0.00	0.00	0.00	0.72
Long Term Debt To Equity (Times)	0.00	0.00	0.00	0.00	35.86
Total Asset To Total Equity (Times)	-1.67	-2.45	-6.24	-6.49	37.59
Asset Management
Total Assets Turnover (Times)	0.68	0.07	0.50	0.22	-0.05
Fixed Assets Turnover (Times)	1.32	0.08	0.65	0.25	-0.05
Liquidity
Current Ratio (Times)	6.39	0.93	0.44	0.21	1.43

FINANCIAL COMMENTARY

Profitability

We are unable to comment on Subject's profitability.

Liquidity

Current ratio stood at 6.39 times in FY10 (FY09: 0.93 times). This means that the company has SINGAPORE, DOLLARS 6.39 of current assets for every SINGAPORE, DOLLARS 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

We are unable to comment on Subject's leverage.

Efficiency Ratio

Return on equity was 19.90 per cent for Subject in the current financial period, as compared to 58.82 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.

We are unable to comment on Subject's return on assets.

Total assets turnover ratio logged at 0.68 times in FY10 (FY09: 0.07 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.53.83
UK Pound	1	Rs.81.24
Euro	1	Rs.70.38

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%)

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.