MIRA INFORM REPORT

Report Date :

14.06.2013

IDENTIFICATION DETAILS

Name :	SAVEX SINGAPORE (PTE.) LTD.
Registered Office :	3 Shenton Way #12-09 Shenton House 068805
Country :	Singapore
Financials (as on) :	March, 2012
Date of Incorporation :	03.02.2010
Com. Reg. No.:	201002692Z
Legal Form :	Limited Private Company
Line of Business :	General Wholesale Trade (Including General Importers and Exporters) Distribution & Export of It Products
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 :	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	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 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

Company Name:	Registered Number:
SAVEX SINGAPORE (PTE.) LTD.	201002692Z

Date Incorporated:	Registered Office:	Telephone Number:
03/02/2010	3 SHENTON WAY #12-09 SHENTON HOUSE SINGAPORE 068805	NA
Age of Company:	Website:	Industry Type:
3	http://www.savex.org	COMMERCE - WHOLESALE

Risk Dashboard
Days Beyond Terms	Trend:	No. of Litigation Counts:
Company DTC:		NA
NA
The entity is paying current to the creditors		No. of Charges(s): 0
Industry DTC
37

Directors		Corporate Structure
Number of Current Directors	3	Holding Company:	SAVEX COMPUTERS LIMITED
Number that are shareholders	2	No. of Subsidiaries & Associated Companies:	NA

EXECUTIVE SUMMARY

Company Name	:	SAVEX SINGAPORE (PTE.) LTD.
Registration No	:	201002692Z
Date of Registration	:	03/02/2010
Former Name	:	NA
Date of Change of Name	:	NA
Type of Company	:	LIMITED PRIVATE COMPANY
Registered Address	:	3 SHENTON WAY #12-09 SHENTON HOUSE SINGAPORE 068805
Date of Change of Address	:	15/07/2011
Contact No.	:	NA
Fax No.	:	NA
Website	:	http://www.savex.org
Registered Activities	:	GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS) DISTRIBUTION & EXPORT OF IT PRODUCTS
Issued Ordinary Capital*	:	$5,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 5,000
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$5,000.00 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	:	S C MOHAN & ASSOCIATES
Bankers / Financiers	:	NA
Turnover	:	SINGAPORE, DOLLARS 2,967,254.00 (FY2012)
Net Worth	:	SINGAPORE, DOLLARS 111,149.00 (FY2012)
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	:	SAVEX COMPUTERS LIMITED
SHAREHOLDER ID	:	T10UF0334L
NATIONALITY	:	INDIA
ADDRESS	:	124-B MAKER CHAMBERS-III, NARIMANPOINT, MUMBAI-400021, INDIA
NO. OF ORD SHARES	:	4,950
% OF SHAREHOLDING	:	99%
CURRENCY	:	SINGAPORE, DOLLARS
NAME	:	ANIL ISHWARLAL JAGASIA
SHAREHOLDER ID	:	Z2025924
NATIONALITY	:	INDIAN
ADDRESS	:	16, SOONA MAHAL, 143- MARINE DRIVE, MUMBAI-400020, INDIA
NO. OF ORD SHARES	:	50
% OF SHAREHOLDING	:	1%
CURRENCY	:	SINGAPORE, DOLLARS

OFFICER DETAILS

NAME	:	DEVANG ACHYUT PANDYA
ADDRESS	:	13, VORA BHUVAN, KING'S CIRCLE, MATUNGA, MUMBAI-400019, INDIA
POSITION	:	DIRECTOR
DATE OF APPT	:	03/02/2010
NATIONALITY	:	INDIAN
I/C PASSPORT	:	F8521343
NAME	:	M SAMBASIVAM
ADDRESS	:	204 MARSILING DRIVE #12-192 SINGAPORE 730204
POSITION	:	SECRETARY
DATE OF APPT	:	03/02/2010
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S1650785G
NAME	:	SHETH MITAN CHETAN
ADDRESS	:	406 BEDOK NORTH AVENUE 3 #24-189 SINGAPORE 460406
POSITION	:	DIRECTOR
DATE OF APPT	:	03/02/2010
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S8071300B
NAME	:	ANIL ISHWARLAL JAGASIA
ADDRESS	:	16, SOONA MAHAL, 143- MARINE DRIVE, MUMBAI-400020, INDIA
POSITION	:	DIRECTOR
DATE OF APPT	:	03/02/2010
NATIONALITY	:	INDIAN
I/C PASSPORT	:	Z2025924

KEY PERSONNEL PROFILE

Name:	ANIL ISHWARLAL JAGASIA
NRIC Number:	Z2025924
Available Address:	16, SOONA MAHAL, 143- MARINE DRIVE, MUMBAI-400020, INDIA

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	SAVEX SINGAPORE (PTE.) LTD.	DIRECTOR	03/02/2010	50	1.00

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 are no bank charges registered against Subject by its bankers.

LITIGATION

Clear

COMPLIANCE

Date of Last AGM	:	21/09/2012
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	SINGAPORE, DOLLARS		SGD - SIN
Profit and Loss Key Figures
Turnover	2,967,254	2,839.16	100,956
Profit/(Loss) Before Tax	128,746	NA	(13,201)
Profit After Tax attributable to Shareholders	119,350	NA	(13,201)
Balance Sheet Key Figures
Total Assets	980,087	2,359.50	39,849
Current Assets	980,087	2,359.50	39,849
Non Current Assets	0	NA	0
Total Liabilities	868,938	1,708.40	48,050
Current Liabilities	868,938	1,708.40	48,050
Non Current Liabilities	0	NA	0
Shareholders' Funds	111,149	NA	(8,201)
Share Capital	5,000	0.00	5,000
Total Reserves	106,149	NA	(13,201)

FINANCIAL RATIOS

	Company
	MAR 2012	MAR 2011
Growth %
Year-on-Year Growth	2,839.16	NA
Profitability
Profit Margin (%)	4.02	-13.08
Return on Equity (%)	107.38	160.97
Return on Assets (%)	12.18	-33.13
Leverage
Total Debt/Equity (Times)	7.82	-5.86
Current Debt/Equity (Times)	7.82	0.00
Long Term Debt To Equity (Times)	0.00	0.00
Total Asset To Total Equity (Times)	8.82	-4.86
Asset Management
Total Assets Turnover (Times)	3.03	2.53
Fixed Assets Turnover (Times)	0.00	0.00
Liquidity
Current Ratio (Times)	1.13	0.83

FINANCIAL COMMENTARY

Profitability

The company yielded a rate of net profit on sales of 4.02 per cent in FY12. The company is now able to book in SINGAPORE, DOLLARS 0.04 of profit for every SINGAPORE, DOLLARS of sales.

Liquidity

Current ratio stood at 1.13 times in FY12 (FY11: 0.83 times). This means that the company has SINGAPORE, DOLLARS 1.13 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.

Leverage

Total debt-to-equity ratio notched 7.82 times in FY12. This means that the company requires additional external financing of SINGAPORE, DOLLARS 7.82 for every SINGAPORE, DOLLARS 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 107.38 per cent for Subject in the current financial period, as compared to 160.97 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 12.18 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 3.03 times in FY12 (FY11: 2.53 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.58.41
UK Pound	1	Rs.91.62
Euro	1	Rs.78.12

INFORMATION DETAILS

Report Prepared by :

SDA

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 Businesss	----

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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