MIRA INFORM REPORT

Report Date :

17.10.2013

IDENTIFICATION DETAILS

Name :	GOLDEN AGRI INTERNATIONAL PTE LTD
Formerly Known As :	AFP AGRI-RESURCES PTE LTD
Registered Office :	108, Pasir Panjang Road, 06-00, Golden Agri Plaza, 118535
Country :	Singapore
Financials (as on) :	31.12.2012
Date of Incorporation :	17.02.1998
Com. Reg. No.:	199800781-G
Legal Form :	Private Limited Company
Line of Business :	trader of crude palm oil and its related products.
No. of Employees :	150 [2013]

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 – 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

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

EXECUTIVE SUMMARY

REGISTRATION NO.

:

199800781-G

COMPANY NAME

:

GOLDEN AGRI INTERNATIONAL PTE LTD

FORMER NAME

:

AFP AGRI-RESURCES PTE LTD (22/07/1999)
ALDEBURGH PTE LTD (27/06/1998)

INCORPORATION DATE

:

17/02/1998

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

108, PASIR PANJANG ROAD, 06-00, GOLDEN AGRI PLAZA, 118535, SINGAPORE.

BUSINESS ADDRESS

:

108 PASIR PANJANG ROAD, #06-00 GOLDEN AGRI PLAZA, 118535, SINGAPORE.

TEL.NO.

:

65-65900800

FAX.NO.

:

65-62247756

WEB SITE

:

WWW.GOLDENAGRI.COM.SG

CONTACT PERSON

:

SIMON LIM ( DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING IN CRUDE PALM OIL AND ITS RELATED PRODUCTS

ISSUED AND PAID UP CAPITAL

:

2,450,000.00 ORDINARY SHARE, OF A VALUE OF SGD 20,000,000.00

SALES

:

USD 4,568,025,000 [2012]

NET WORTH

:

USD 78,908,000 [2012]

STAFF STRENGTH

:

150 [2013]

BANKER (S)

:

COMMERZBANK AKTIENGESELLSCHAFT COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A. FORTIS BANK (NETHERLAND) N.V SINGAPORE BRANCH PT BANK MANDIRI (PERSERO) TBK RAIFFEISEN BANK INTERNATIONAL AG THE BANK OF TOKYO LTD WESTLB AG FORTIS BANK S.A./N.V. ABN AMRO BANK N.V. OVERSEA-CHINESE BANKING CORPORATION LIMITED

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

LIMITED

PAYMENT

:

AVERAGE

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

GOOD

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) trading in crude palm oil and its related products.

The immediate holding company of the SC is GOLDEN AGRI-RESOURCES LTD, a company incorporated in MAURITIUS.

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
GOLDEN AGRI-RESOURCES LTD	C/O MULTICONSULT LIMITED, LES CASCADES BUILDING, EDITH CAVELL STREET, PORT LOUIS, MAURITIUS.	T03UF0450	2,450,000.00	100.00
			---------------	------
			2,450,000.00	100.00
			============	=====

+ Also Director

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

Local No	Country	Company	(%)	As At
965815H	MALAYSIA	GOLDEN AGRI INTERNATIONAL (M) TRADING SDN. BHD.	100.00	31/12/2012
011086	INDIA	GOLDEN AGRI RESOURCES (INDIA) PRIVATE LIMITED	100.00	31/12/2012
011018	CAYMAN ISLANDS	GOLDEN AGRI INTERNATIONAL TRADING (CAYMAN) LTD	100.00	31/12/2012
011021	MAURITIUS	GOLDEN AGRI INTERNATIONAL TRADING (MAURITIUS) LTD	100.00	31/12/2012
201131260D	SINGAPORE	GOLDEN AGRI INTERNATIONAL INDIA HOLDING PTE. LTD.	100.00	31/12/2012
198803778N	SINGAPORE	GOLDEN AGRI PLAZA PTE. LTD.	100.00	31/12/2012
011018	CAYMAN ISLANDS	GOLDEN AGRI INTERNATIONAL (CAYMAN) LTD	100.00	31/12/2012

DIRECTORS

DIRECTOR 1

Name Of Subject	:	CHEN SAU HUA
Address	:	148, MEI LING STREET, 15 - 107, 140148, SINGAPORE.
IC / PP No	:	S6972966E
Nationality	:	SINGAPOREAN
Date of Appointment	:	02/08/2002

DIRECTOR 2

Name Of Subject	:	SIMON LIM
Address	:	JL. SUKARELA, 1 RT 009/RW 009 PENJARINGAN, JAKARTA UTARA, INDONESIA.
IC / PP No	:	T789264
Nationality	:	INDONESIAN
Date of Appointment	:	02/08/2002

DIRECTOR 3

Name Of Subject	:	MILTON SUBIANTO NG
Address	:	9, RHU CROSS, 12 - 08, COSTA RHU, 437436, SINGAPORE.
IC / PP No	:	S2567370J
Nationality	:	SINGAPOREAN
Date of Appointment	:	06/04/1999

DIRECTOR 4

Name Of Subject	:	DJAFAR WIDJAJA
Address	:	38, STEVENS ROAD, 02 - 02, 257845, SINGAPORE.
IC / PP No	:	S2173297D
Nationality	:	SINGAPOREAN
Date of Appointment	:	06/04/1999

DIRECTOR 5

Name Of Subject	:	RAFAEL BUHAY CONCEPCION JR.
Address	:	JL. PRAPANCA IV, 64, KEBAYORAN BARU, JAKARTA SELATAN, INDONESIA.
IC / PP No	:	EB5738159
Nationality	:	FILIPINO
Date of Appointment	:	02/08/2002

DIRECTOR 6

Name Of Subject	:	OEI JONG NIAN @ FRANKY OESMAN WIDJAJA
Address	:	7A, BISHOPSGATE, 249973, SINGAPORE.
IC / PP No	:	S2173296F
Nationality	:	SINGAPOREAN
Date of Appointment	:	06/04/1999

MANAGEMENT

1)	Name of Subject	:	SIMON LIM
	Position	:	DIRECTOR

AUDITOR

Auditor	:	MOORE STEPHENS LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	LYE CHOR MEI
	IC / PP No	:	S2590497D
	Address	:	34, DAKOTA CRESCENT, 06 - 04, DAKOTA RESIDENCES, 399936, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

COMMERZBANK AKTIENGESELLSCHAFT

2)

Name

:

COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.

3)

Name

:

FORTIS BANK (NETHERLAND) N.V SINGAPORE BRANCH

4)

Name

:

PT BANK MANDIRI (PERSERO) TBK

5)

Name

:

RAIFFEISEN BANK INTERNATIONAL AG

6)

Name

:

THE BANK OF TOKYO LTD

7)

Name

:

WESTLB AG

8)

Name

:

FORTIS BANK S.A./N.V.

9)

Name

:

ABN AMRO BANK N.V.

10)

Name

:

OVERSEA-CHINESE BANKING CORPORATION LIMITED

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C200706143	31/07/2007	N/A	THE BANK OF TOKYO LTD	N/A	Unsatisfied
C200707118	30/08/2007	N/A	PT BANK MANDIRI (PERSERO) TBK	N/A	Unsatisfied
C200707120	30/08/2007	N/A	PT BANK MANDIRI (PERSERO) TBK	N/A	Unsatisfied
C200707121	30/08/2007	N/A	PT BANK MANDIRI (PERSERO) TBK	N/A	Unsatisfied
C200708066	27/09/2007	N/A	THE BANK OF TOKYO LTD	N/A	Unsatisfied
C200710393	27/11/2007	N/A	FORTIS BANK (NETHERLAND) N.V SINGAPORE BRANCH	N/A	Unsatisfied
C200710394	27/11/2007	N/A	FORTIS BANK S.A./N.V.	N/A	Unsatisfied
C200808610	16/09/2008	N/A	COMMERZBANK AKTIENGESELLSCHAFT	N/A	Unsatisfied
C200808613	16/09/2008	N/A	COMMERZBANK AKTIENGESELLSCHAFT	N/A	Unsatisfied
C200904852	06/08/2009	N/A	THE BANK OF TOKYO LTD	N/A	Unsatisfied
C201104069	01/04/2011	N/A	THE BANK OF TOKYO LTD	N/A	Unsatisfied
C201109859	08/08/2011	N/A	RAIFFEISEN BANK INTERNATIONAL AG	N/A	Unsatisfied
C201110413	21/08/2011	N/A	WESTLB AG	N/A	Unsatisfied
C201110414	21/08/2011	N/A	WESTLB AG	N/A	Unsatisfied
C201110415	21/08/2011	N/A	WESTLB AG	N/A	Unsatisfied
C201110416	21/08/2011	N/A	WESTLB AG	N/A	Unsatisfied
C201110417	21/08/2011	N/A	WESTLB AG	N/A	Unsatisfied
C201206355	12/06/2012	N/A	COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.	N/A	Unsatisfied
C201304474	28/03/2013	N/A	THE BANK OF TOKYO LTD	N/A	Unsatisfied
C201306840	21/05/2013	N/A	PORTIGON AG SINGAPORE BRANCH	N/A	Unsatisfied
C201307672	06/06/2013	N/A	RAIFFEISEN BANK INTERNATIONAL AG	N/A	Unsatisfied
C201307870	11/06/2013	N/A	ABN AMRO BANK N.V.	N/A	Unsatisfied
C201308165	18/06/2013	N/A	BANCO SANTANDER, S.A.	N/A	Unsatisfied
C201308930	02/07/2013	N/A	OVERSEA-CHINESE BANKING CORPORATION LIMITED	N/A	Unsatisfied

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 SC refused to disclose its suppliers. 

The SC refused to provide any name of trade/service supplier and we are unable to conduct any trade enquiry. However, from financial historical data we conclude that :

OVERALL PAYMENT HABIT
Prompt 0-30 Days	[	]	Good 31-60 Days	[	]	Average 61-90 Days	[	X	]
Fair 91-120 Days	[	]	Poor >120 Days	[	]

CLIENTELE

Local	:	YES
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	WORLDWIDE
Credit Term	:	AS AGREED
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Goods Traded

:

CRUDE PALM OIL

Total Number of Employees:
YEAR	2013
GROUP	N/A
COMPANY	150

Branch

:

NO

Other Information:

The SC is principally engaged in the (as a / as an) trading in crude palm oil and its related products. 

The SC is the related company of Golden Agri-Resources Ltd ("GAR") is the world's second largest palm oil plantation company with a total planted area of 459,500 hectares (including smallholders) as at 30 September 2012, located in Indonesia. It has integrated operations focused on the production of palm-based edible oil and fat. 

The SC is engaged in the distribution of palm oil and its related products.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-65900800
Match	:	N/A
Address Provided by Client	:	108 PASIR PANJANG ROAD, NO. 06-00 GOLDEN AGRI PLAZA 118535 SINGAPORE
Current Address	:	108 PASIR PANJANG ROAD, #06-00 GOLDEN AGRI PLAZA, 118535, SINGAPORE.
Match	:	YES

Other Investigations

we contacted one of the staff from the SC and she provided some information on the SC.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	2010 - 2012	]
Profit/(Loss) Before Tax	:	Increased	[	2010 - 2012	]
Return on Shareholder Funds	:	Acceptable	[	18.95%	]
Return on Net Assets	:	Acceptable	[	21.09%	]
The SC's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.The SC's management have been efficient in controlling its operating costs. The SC's management had generated acceptable return for its shareholders using its assets.
Working Capital Control
Stock Ratio	:	Favourable	[	0 Days	]
Debtor Ratio	:	Favourable	[	33 Days	]
Creditors Ratio	:	Favourable	[	40 Days	]
The SC's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The favourable debtors' days could be due to the good credit control measures implemented by the SC. The SC had a favourable creditors' ratio where the SC could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.
Liquidity
Liquid Ratio	:	Favourable	[	1.15 Times	]
Current Ratio	:	Unfavourable	[	1.16 Times	]
A minimum liquid ratio of 1 should be maintained by the SC in order to assure its creditors of its ability to meet short term obligations and the SC was in a good liquidity position. Thus, we believe the SC is able to meet all its short term obligations as and when they fall due.
Solvency
Interest Cover	:	Unfavourable	[	2.22 Times	]
Gearing Ratio	:	Unfavourable	[	1.86 Times	]
The SC's interest cover was low. If its profits fall or when interest rate rises, it may not be able to meet all its interest payment. The SC was highly geared, thus it had a high financial risk. The SC was dependent on loans to finance its business needs. In times of economic downturn and / or high interest rate, the SC will become less profitable and competitive than other firms in the same industry, which are lowly geared. This is because the SC has to service the interest and to repay the loan, which will erode part of its profits. The profits will fluctuate depending on the SC's turnover and the interest it needs to pay.
Overall Assessment :
Generally, the SC's performance has improved with higher turnover and profit. The SC was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the SC should be able to repay its short term obligations. If there is a fall in the SC's profit or any increase in interest rate, the SC may not be able to generate sufficient cash-flow to service its interest. The SC's gearing level was high and its going concern will be in doubt if there is no injection of additional shareholders' funds in times of economic downturn and / or high interest rates.
Overall financial condition of the SC : LIMITED

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 1998, the SC is a Private Limited company, focusing on trading in crude palm oil and its related products. With its long establishment in the market, the SC has received strong support from its stable customers base. Its business position in the market is quite stable and it is expected to enjoy better market shares over its rivals. Having strong support from its shareholder has enabled the SC to remain competitive despite the challenging business environment. The SC has strong capital position. We are confident with the SC's business and its future growth prospect. 

Over the years, the SC has penetrated into both the local and overseas market. The SC has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the SC to further enhance its business in the near term. The SC is a fairly large and rapidly growing company with over 150 staff in its operations Overall, we regard that the SC's management capability is average. This indicates that the SC has greater potential to improve its business performance and raising income for the SC. 

We noted that both the turnover and profits have increased compared to the previous year. The higher profit could be due to increase in turnover and better control over its operating costs. Return on shareholders' funds of the SC was at an acceptable range which indicated that the management was efficient in utilising its funds to generate income. The SC is in good liquidity position with its current liabilities well covered by it current assets. Hence, it has sufficient working capital to meet its short term financial obligations. The high gearing ratio clearly implied that the SC was supported by more debt than equity. Thus, the SC is exposed to high financial risk. Given a positive net worth standing at USD 78,908,000, the SC should be able to maintain its business in the near terms. 

Having a strong assets backing, the SC possesses latent assets as collateral for further financial extension. Hence, it has good chance of getting loans if the needs arises. 

The SC's payment habit is average. With its adequate working capital, the SC should be able to pay its short term debts. 

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. 

Based on the above condition, we recommend credit be granted to the SC normally.

PROFIT AND LOSS ACCOUNT

THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS.

GOLDEN AGRI INTERNATIONAL PTE LTD

Financial Year End	2012-12-31	2011-12-31	2010-12-31
Months	12	12	12
Consolidated Account	Company	Company	Company
Audited Account	YES	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES	YES
Financial Type	FULL	FULL	FULL
Currency	USD	USD	USD
TURNOVER	4,568,025,000	4,509,646,000	2,588,379,000
Other Income	-	-	5,981,000
	----------------	----------------	----------------
Total Turnover	4,568,025,000	4,509,646,000	2,594,360,000
Costs of Goods Sold	<4,422,949,000>	<4,396,303,000>	<2,517,449,000>
	----------------	----------------	----------------
Gross Profit	145,076,000	113,343,000	76,911,000
	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	15,244,000	13,925,000	17,657,000
	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	15,244,000	13,925,000	17,657,000
Taxation	<293,000>	<372,000>	<1,213,000>
	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	14,951,000	13,553,000	16,444,000
	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	49,347,000	35,794,000	19,350,000
	----------------	----------------	----------------
As restated	49,347,000	35,794,000	19,350,000
	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	64,298,000	49,347,000	35,794,000
	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	64,298,000	49,347,000	35,794,000
	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Hire purchase	-	-	3,000
Lease interest	4,000	3,000	-
Term loan / Borrowing	6,543,000	5,645,000	3,319,000
Trust receipts	5,971,000	7,594,000	2,072,000
	----------------	----------------	----------------
	12,518,000	13,242,000	5,394,000

BALANCE SHEET

GOLDEN AGRI INTERNATIONAL PTE LTD

ASSETS EMPLOYED:
FIXED ASSETS	7,492,000	7,808,000	3,414,000
LONG TERM INVESTMENTS/OTHER ASSETS
Subsidiary companies	30,717,000	30,683,000	30,683,000
	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	30,717,000	30,683,000	30,683,000
	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	38,209,000	38,491,000	34,097,000
CURRENT ASSETS
Stocks	2,479,000	97,517,000	48,673,000
Trade debtors	408,417,000	211,160,000	117,151,000
Other debtors, deposits & prepayments	52,887,000	28,399,000	36,072,000
Short term deposits	10,361,000	13,693,000	13,930,000
Amount due from holding company	423,000	1,127,000	396,000
Amount due from subsidiary companies	19,233,000	17,273,000	15,674,000
Amount due from related companies	192,105,000	280,626,000	155,054,000
Cash & bank balances	8,650,000	15,375,000	9,631,000
	----------------	----------------	----------------
TOTAL CURRENT ASSETS	694,555,000	665,170,000	396,581,000
	----------------	----------------	----------------
TOTAL ASSET	732,764,000	703,661,000	430,678,000
	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	479,619,000	431,021,000	97,048,000
Other creditors & accruals	8,041,000	24,306,000	5,377,000
Hire purchase & lease creditors	22,000	21,000	21,000
Short term borrowings/Term loans	7,500,000	7,500,000	7,500,000
Other borrowings	86,434,000	34,988,000	40,315,000
Deposits from customers	-	-	24,789,000
Amounts owing to related companies	19,236,000	2,103,000	177,009,000
Provision for taxation	270,000	324,000	1,214,000
	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	601,122,000	500,263,000	353,273,000
	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	93,433,000	164,907,000	43,308,000
	----------------	----------------	----------------
TOTAL NET ASSETS	131,642,000	203,398,000	77,405,000
	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	14,610,000	14,610,000	14,610,000
	----------------	----------------	----------------
TOTAL SHARE CAPITAL	14,610,000	14,610,000	14,610,000
RESERVES
Retained profit/(loss) carried forward	64,298,000	49,347,000	35,794,000
	----------------	----------------	----------------
TOTAL RESERVES	64,298,000	49,347,000	35,794,000
	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	78,908,000	63,957,000	50,404,000
LONG TERM LIABILITIES
Long term loans	52,691,000	139,379,000	26,918,000
Lease obligations	43,000	62,000	-
Hire purchase creditors	-	-	83,000
	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	52,734,000	139,441,000	27,001,000
	----------------	----------------	----------------
	131,642,000	203,398,000	77,405,000
	=============	=============	=============

FINANCIAL RATIO

GOLDEN AGRI INTERNATIONAL PTE LTD

TYPES OF FUNDS
Cash	19,011,000	29,068,000	23,561,000
Net Liquid Funds	19,011,000	29,068,000	23,561,000
Net Liquid Assets	90,954,000	67,390,000	<5,365,000>
Net Current Assets/(Liabilities)	93,433,000	164,907,000	43,308,000
Net Tangible Assets	131,642,000	203,398,000	77,405,000
Net Monetary Assets	38,220,000	<72,051,000>	<32,366,000>
BALANCE SHEET ITEMS
Total Borrowings	146,690,000	181,950,000	74,837,000
Total Liabilities	653,856,000	639,704,000	380,274,000
Total Assets	732,764,000	703,661,000	430,678,000
Net Assets	131,642,000	203,398,000	77,405,000
Net Assets Backing	78,908,000	63,957,000	50,404,000
Shareholders' Funds	78,908,000	63,957,000	50,404,000
Total Share Capital	14,610,000	14,610,000	14,610,000
Total Reserves	64,298,000	49,347,000	35,794,000
LIQUIDITY (Times)
Cash Ratio	0.03	0.06	0.07
Liquid Ratio	1.15	1.13	0.98
Current Ratio	1.16	1.33	1.12
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	8	7
Debtors Ratio	33	17	17
Creditors Ratio	40	36	14
SOLVENCY RATIOS (Times)
Gearing Ratio	1.86	2.84	1.48
Liabilities Ratio	8.29	10.00	7.54
Times Interest Earned Ratio	2.22	2.05	4.27
Assets Backing Ratio	9.01	13.92	5.30
PERFORMANCE RATIO (%)
Operating Profit Margin	0.33	0.31	0.68
Net Profit Margin	0.33	0.30	0.64
Return On Net Assets	21.09	13.36	29.78
Return On Capital Employed	21.09	13.36	29.77
Return On Shareholders' Funds/Equity	18.95	21.19	32.62
Dividend Pay Out Ratio (Times)	0.00	0.00	0.00
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.69
UK Pound	1	Rs.98.59
Euro	1	Rs.83.67

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.