MIRA INFORM REPORT

Report Date :

10.01.2014

IDENTIFICATION DETAILS

Name :	EXPORT TRADING COMMODITIES PTE. LTD.
Registered Office :	20, Cecil Street, 14-01, Equity Plaza, 049705
Country :	Singapore
Financials (as on) :	31.03.2013
Date of Incorporation :	04.05.2010
Com. Reg. No.:	201009524-M
Legal Form :	Private Limited
Line of Business :	Trading & distribution of agricultural commodities
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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 – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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

EXECUTIVE SUMMARY

REGISTRATION NO.

:

201009524-M

COMPANY NAME

:

EXPORT TRADING COMMODITIES PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

04/05/2010

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

20, CECIL STREET, 14-01, EQUITY PLAZA, 049705, SINGAPORE.

BUSINESS ADDRESS

:

ONE RAFFLES PLACE #44-01A UOB CENTRE, 048616, SINGAPORE.

TEL.NO.

:

65-65368400

FAX.NO.

:

65-65364470

CONTACT PERSON

:

MAHESKUMAR ( DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING & DISTRIBUTION OF AGRICULTURAL COMMODITIES

ISSUED AND PAID UP CAPITAL

:

29,300,000.00 ORDINARY SHARE, OF A VALUE OF USD 29,300,000.00
1,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 1,000,000.00

SALES

:

USD 397,845,490 [2013]

NET WORTH

:

USD 23,656,760 [2013]

STAFF STRENGTH

:

N/A

BANKER (S)

:

ING BANK N. V. STANDARD CHARTERED BANK DBS BANK LTD

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

LIMITED

PAYMENT

:

GOOD

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

HISTORY / BACKGROUND

The Subject 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 Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject 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 Subject is insolvent. The Subject 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 Subject is principally engaged in the (as a / as an) trading & distribution of agricultural commodities.

The immediate holding company of the Subject is ETC GROUP, a company incorporated in MAURITIUS.

The ultimate holding company of the Subject is EXPORT MARKETING (BVI) LTD, a company incorporated in VIRGIN ISLANDS, BRITISH.

The intermediate holding company of the Subject is EXPORT TRADING GROUP PTE. LTD., a company incorporated in SINGAPORE.

Share Capital History

Date	Issue & Paid Up Capital
07/01/2014	USD 29300000.00 & SGD 1000000.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
ETC GROUP	STREET LOUIS BUSINESS CENTRE, CNR DESROCHES & STREET LOUIS STREETS, PORT LOUIS, MAURITIUS.	T10UF1760	30,300,000.00	100.00
			---------------	------
			30,300,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	JAYESHKUMAR GORDHANBHAI PATEL
Address	:	OCBA-502, 381-JUMEIRA PALM POST BOX: 482076, UNITED ARAB EMIRATES (DUBAI).
IC / PP No	:	AB585827
Nationality	:	TANZANIAN
Date of Appointment	:	20/09/2012

DIRECTOR 2

Name Of Subject	:	PRADIPKUMAR RAOJIBHAI PATEL
Address	:	GALANA ROAD, LR 2/624, KILIMANI AREA, NAIROBY, KENYA.
IC / PP No	:	C023197
Nationality	:	KENYAN
Date of Appointment	:	04/05/2010

DIRECTOR 3

Name Of Subject	:	KETAN KUMAR VINUBHAI PATEL
Address	:	1, RAFFLES PLACE, 44-01A, ONE RAFFLES PLACE, 048616, SINGAPORE.
IC / PP No	:	G5076425M
Nationality	:	BRITISH
Date of Appointment	:	04/05/2010

DIRECTOR 4

Name Of Subject	:	MAHESHKUMAR RAOJIBHAI PATEL
Address	:	PLOT 1505, MSASANI PENINSULA MSASANI KINONDOMI, DAR ES SALAAM, TANZANIA.
IC / PP No	:	AB558438
Nationality	:	TANZANIAN
Date of Appointment	:	04/05/2010

DIRECTOR 5

Name Of Subject	:	VASUDEVA BANGERA BARKUR
Address	:	P.O. BOX 10295, PLOT 77, LUGALO ROAD UPANGA, DAR ES SALAAM, TANZANIA.
IC / PP No	:	Z2327387
Nationality	:	INDIAN
Date of Appointment	:	20/09/2012

MANAGEMENT

1)	Name of Subject	:	MAHESKUMAR
	Position	:	DIRECTOR

AUDITOR

Auditor	:	KPMG LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	AZMAN BIN ABDULLAH
	IC / PP No	:	S7321299E
	Address	:	407, JURONG WEST STREET 42, 02-643, 640407, SINGAPORE.

2)	Company Secretary	:	LIM SOH SEA
	IC / PP No	:	S7077960I
	Address	:	101A, LORONG 2, TOA PAYOH, 08-07, 310101, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

ING BANK N. V.

2)

Name

:

STANDARD CHARTERED BANK

3)

Name

:

DBS BANK LTD

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C201105023	21/04/2011	N/A	FBN BANK (UK) LTD	-	Unsatisfied
C201105037	21/04/2011	N/A	FBN BANK (UK) LTD	-	Unsatisfied
C201105046	21/04/2011	N/A	FBN BANK (UK) LTD	-	Unsatisfied
C201105048	21/04/2011	N/A	FBN BANK (UK) LTD	-	Unsatisfied
C201105052	21/04/2011	N/A	FBN BANK (UK) LTD	-	Unsatisfied
C201110093	15/08/2011	N/A	ING BANK N. V.	-	Unsatisfied
C201111858	21/09/2011	N/A	THE STANDARD BANK OF SOUTH AFRICA LIMITED	-	Unsatisfied
C201200560	12/01/2012	N/A	THE STANDARD BANK OF SOUTH AFRICA LTD	-	Unsatisfied
C201200563	12/01/2012	N/A	THE STANDARD BANK OF SOUTH AFRICA LTD	-	Unsatisfied
C201200568	12/01/2012	N/A	THE STANDARD BANK OF SOUTH AFRICA LTD	-	Unsatisfied
C201200569	12/01/2012	N/A	THE STANDARD BANK OF SOUTH AFRICA LTD	-	Unsatisfied
C201200576	12/01/2012	N/A	THE STANDARD BANK OF SOUTH AFRICA LTD	-	Unsatisfied
C201200600	12/01/2012	N/A	THE STANDARD BANK OF SOUTH AFRICA LTD	-	Unsatisfied
C201206896	25/06/2012	N/A	STANDARD CHARTERED BANK	-	Unsatisfied
C201206897	25/06/2012	N/A	STANDARD CHARTERED BANK	-	Unsatisfied
C201206901	25/06/2012	N/A	STANDARD CHARTERED BANK	-	Unsatisfied
C201209070	08/08/2012	N/A	THE STANDARD BANK OF SOUTH AFRICA LIMITED	-	Unsatisfied
C201209072	08/08/2012	N/A	THE STANDARD BANK OF SOUTH AFRICA LIMITED	-	Unsatisfied
C201209073	08/08/2012	N/A	THE STANDARD BANK OF SOUTH AFRICA LIMITED	-	Unsatisfied
C201209074	08/08/2012	N/A	THE STANDARD BANK OF SOUTH AFRICA LIMITED	-	Unsatisfied
C201209076	08/08/2012	N/A	THE STANDARD BANK OF SOUTH AFRICA LIMITED	-	Unsatisfied
C201209077	08/08/2012	N/A	THE STANDARD BANK OF SOUTH AFRICA LIMITED	-	Unsatisfied
C201209078	08/08/2012	N/A	THE STANDARD BANK OF SOUTH AFRICA LIMITED	-	Unsatisfied
C201209080	08/08/2012	N/A	THE STANDARD BANK OF SOUTH AFRICA LIMITED	-	Unsatisfied
C201209520	22/08/2012	N/A	COOPERATIEVE CENTRALE RAIFFEISENBOERENLEENBANK B.A.(''RABOBANK NEDERLAND, RABOBANK INTERNATIONAL'')	-	Unsatisfied
C201210225	07/09/2012	N/A	THE STANDARD BANK OF SOUTH AFRICA LIMITED	-	Unsatisfied
C201213919	29/11/2012	N/A	STANDARD CHARTERED BANK	-	Unsatisfied
C201213921	29/11/2012	N/A	STANDARD CHARTERED BANK	-	Unsatisfied
C201300689	15/01/2013	N/A	DBS BANK LTD	-	Unsatisfied
C201300692	15/01/2013	N/A	DBS BANK LTD.	-	Unsatisfied
C201307520	04/06/2013	N/A	THE STANDARD BANK OF SOUTH AFRICA LIMITED	-	Unsatisfied
C201307521	04/06/2013	N/A	THE STANDARD BANK OF SOUTH AFRICA LIMITED	-	Unsatisfied
C201307522	04/06/2013	N/A	THE STANDARD BANK OF SOUTH AFRICA LIMITED	-	Unsatisfied
C201307523	04/06/2013	N/A	THE STANDARD BANK OF SOUTH AFRICA LIMITED	-	Unsatisfied
C201307526	04/06/2013	N/A	THE STANDARD BANK OF SOUTH AFRICA LIMITED	-	Unsatisfied
C201307538	04/06/2013	N/A	THE STANDARD BANK OF SOUTH AFRICA LIMITED	-	Unsatisfied
C201307542	04/06/2013	N/A	THE STANDARD BANK OF SOUTH AFRICA LIMITED	-	Unsatisfied
C201307543	04/06/2013	N/A	THE STANDARD BANK OF SOUTH AFRICA LIMITED	-	Unsatisfied
C201307544	04/06/2013	N/A	THE STANDARD BANK OF SOUTH AFRICA LIMITED	-	Unsatisfied
C201307547	04/06/2013	N/A	THE STANDARD BANK OF SOUTH AFRICA LIMITED	-	Unsatisfied
C201307548	04/06/2013	N/A	THE STANDARD BANK OF SOUTH AFRICA LIMITED	-	Unsatisfied
C201307553	05/06/2013	N/A	THE STANDARD BANK OF SOUTH AFRICA LIMITED	-	Unsatisfied
C201307554	05/06/2013	N/A	THE STANDARD BANK OF SOUTH AFRICA LIMITED	-	Unsatisfied
C201307555	05/06/2013	N/A	THE STANDARD BANK OF SOUTH AFRICA LIMITED	-	Unsatisfied
C201307557	05/06/2013	N/A	THE STANDARD BANK OF SOUTH AFRICA LIMITED	-	Unsatisfied
C201307559	05/06/2013	N/A	THE STANDARD BANK OF SOUTH AFRICA LIMITED	-	Unsatisfied
C201307565	05/06/2013	N/A	THE STANDARD BANK OF SOUTH AFRICA LIMITED	-	Unsatisfied
C201307566	05/06/2013	N/A	THE STANDARD BANK OF SOUTH AFRICA LIMITED	-	Unsatisfied
C201307567	05/06/2013	N/A	THE STANDARD BANK OF SOUTH AFRICA LIMITED	-	Unsatisfied
C201307572	05/06/2013	N/A	THE STANDARD BANK OF SOUTH AFRICA LIMITED	-	Unsatisfied
C201307576	05/06/2013	N/A	THE STANDARD BANK OF SOUTH AFRICA LIMITED	-	Unsatisfied
C201307578	05/06/2013	N/A	THE STANDARD BANK OF SOUTH AFRICA LIMITED	-	Unsatisfied
C201307582	05/06/2013	N/A	THE STANDARD BANK OF SOUTH AFRICA LIMITED	-	Unsatisfied
C201307584	05/06/2013	N/A	THE STANDARD BANK OF SOUTH AFRICA LIMITED	-	Unsatisfied
C201307586	05/06/2013	N/A	THE STANDARD BANK OF SOUTH AFRICA LIMITED	-	Unsatisfied
C201307589	05/06/2013	N/A	THE STANDARD BANK OF SOUTH AFRICA LIMITED	-	Unsatisfied
C201307595	05/06/2013	N/A	THE STANDARD BANK OF SOUTH AFRICA LIMITED	-	Unsatisfied
C201307597	05/06/2013	N/A	THE STANDARD BANK OF SOUTH AFRICA LIMITED	-	Unsatisfied
C201309170	05/07/2013	N/A	AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED	-	Unsatisfied
C201309171	05/07/2013	N/A	AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED	-	Unsatisfied
C201310454	31/07/2013	N/A	THE STANDARD BANK OF SOUTH AFRICA LIMITED	-	Unsatisfied
C201310456	31/07/2013	N/A	THE STANDARD BANK OF SOUTH AFRICA LIMITED	-	Unsatisfied
C201311691	27/08/2013	N/A	THE STANDARD BANK OF SOUTH AFRICA LIMITED	-	Unsatisfied
C201316160	04/12/2013	N/A	CIMB BANK BERHAD	-	Unsatisfied
C201316164	04/12/2013	N/A	CIMB BANK BERHAD	-	Unsatisfied
C201316166	04/12/2013	N/A	CIMB BANK BERHAD	-	Unsatisfied
C201317289	23/12/2013	N/A	THE STANDARD BANK OF SOUTH AFRICA LIMITED	-	Unsatisfied

LEGAL CHECK AGAINST SUBJECT

* A check has been conducted in our databank againt the Subject 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 Subject refused to disclose its suppliers.

The Subject 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	[	X	]	Average 61-90 Days	[	]
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

:

AGRICULTURAL COMMODITIES

Total Number of Employees:
YEAR	2013
GROUP	N/A
COMPANY	0

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) trading & distribution of agricultural commodities.

The Subject sells agricultural products.

The Subject sells products including pulses,cashew nuts,ground nuts and others.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	6565368400
Current Telephone Number	:	65-65368400
Match	:	YES
Address Provided by Client	:	ONE RAFFLES PLACE, #44-01 A OUB CENTRE SINGAPORE 048616
Current Address	:	ONE RAFFLES PLACE #44-01A UOB CENTRE, 048616, SINGAPORE.
Match	:	YES

Other Investigations

We contacted one of the staff from the Subject and she provided some information.

The Subject refused to disclose its number of employees.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	2011 - 2013	]
Profit/(Loss) Before Tax	:	Increased	[	2011 - 2013	]
Return on Shareholder Funds	:	Acceptable	[	10.67%	]
Return on Net Assets	:	Acceptable	[	19.87%	]
The Subject's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.The higher profit could be attributed to the increase in turnover. The Subject's management had generated acceptable return for its shareholders using its assets.
Working Capital Control
Stock Ratio	:	Favourable	[	0 Days	]
Debtor Ratio	:	Unfavourable	[	97 Days	]
Creditors Ratio	:	Favourable	[	22 Days	]
The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The Subject's debtors ratio was high. The Subject should tighten its credit control and improve its collection period. The Subject had a favourable creditors' ratio where the Subject could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.
Liquidity
Liquid Ratio	:	Favourable	[	1.18 Times	]
Current Ratio	:	Unfavourable	[	1.19 Times	]
A minimum liquid ratio of 1 should be maintained by the Subject in order to assure its creditors of its ability to meet short term obligations and the Subject was in a good liquidity position. Thus, we believe the Subject is able to meet all its short term obligations as and when they fall due.
Solvency
Interest Cover	:	Unfavourable	[	2.44 Times	]
Gearing Ratio	:	Unfavourable	[	3.90 Times	]
The Subject'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 Subject was highly geared, thus it had a high financial risk. The Subject was dependent on loans to finance its business needs. In times of economic downturn and / or high interest rate, the Subject will become less profitable and competitive than other firms in the same industry, which are lowly geared. This is because the Subject has to service the interest and to repay the loan, which will erode part of its profits. The profits will fluctuate depending on the Subject's turnover and the interest it needs to pay.
Overall Assessment :
Generally, the Subject's performance has improved with higher turnover and profit. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. If there is a fall in the Subject's profit or any increase in interest rate, the Subject may not be able to generate sufficient cash-flow to service its interest. The Subject'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 Subject : 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)

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 2010, the Subject is a Private Limited company, focusing on trading & distribution of agricultural commodities. The Subject has been in business for less than 5 years and it has slowly been building up contact with its clients while competing in the industry. Having strong support from its holding company has enabled the Subject to remain competitive despite the challenging business environment. The Subject has strong capital position. We are confident with the Subject's business and its future growth prospect.

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

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 Subject was at an acceptable range which indicated that the management was efficient in utilising its funds to generate income. The Subject 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 Subject was supported by more debt than equity. Thus, the Subject is exposed to high financial risk. Given a positive net worth standing at USD 23,656,760, the Subject should be able to maintain its business in the near terms.

Without a strong assets backing, the Subject may face difficulties in getting loans for its future expansion and continued growth.

Overall, the Subject's payment habit is good as the Subject has a good credit control and it could be taking advantage of the cash discounts while maintaining a good reputation with its creditors.

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

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

PROFIT AND LOSS ACCOUNT

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

EXPORT TRADING COMMODITIES PTE. LTD.

Financial Year End	2013-03-31	2012-03-31	2011-03-31
Months	12	12	11
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	397,845,490	106,636,633	18,149,983
Other Income	55,463	-	-
	----------------	----------------	----------------
Total Turnover	397,900,953	106,636,633	18,149,983
Costs of Goods Sold	(379,236,044)	(98,680,594)	(16,590,170)
	----------------	----------------	----------------
Gross Profit	18,664,909	7,956,039	1,559,813
	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	2,773,780	1,098,339	72,391
	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	2,773,780	1,098,339	72,391
Taxation	(250,000)	(80,000)	-
	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	2,523,780	1,018,339	72,391
	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	1,090,730	72,391	-
	----------------	----------------	----------------
As restated	1,090,730	72,391	-
	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	3,614,510	1,090,730	72,391
	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	3,614,510	1,090,730	72,391
	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Others	1,927,001	961,422	21,733
	----------------	----------------	----------------
	1,927,001	961,422	21,733
	=============	=============	=============

BALANCE SHEET

EXPORT TRADING COMMODITIES PTE. LTD.

ASSETS EMPLOYED:
FIXED ASSETS	198,315	151,604	129,103
INTANGIBLE ASSETS
Computer software	20,237	22,395	-
	----------------	----------------	----------------
TOTAL INTANGIBLE ASSETS	20,237	22,395	-
	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	218,552	173,999	129,103
CURRENT ASSETS
Stocks	283,899	-	515,000
Trade debtors	105,656,692	15,005,568	700,442
Other debtors, deposits & prepayments	16,300,272	5,150,818	1,150,459
Short term deposits	13,500,000	-	-
Amount due from holding company	155,210	43,446	8,119
Amount due from related companies	7,130,000	50,401,670	1,986,776
Cash & bank balances	6,883,071	105,694	38,687
Others	124,052	-	-
	----------------	----------------	----------------
TOTAL CURRENT ASSETS	150,033,196	70,707,196	4,399,483
	----------------	----------------	----------------
TOTAL ASSET	150,251,748	70,881,195	4,528,586
	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	22,520,210	15,851,498	3,713,945
Other creditors & accruals	1,476,713	2,693,313	-
Short term borrowings/Term loans	92,348,065	49,500,000	-
Interest payable	-	881,151	-
Amounts owing to holding company	10,000,000	41,628	-
Amounts owing to related companies	-	625	-
Provision for taxation	250,000	80,000	-
	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	126,594,988	69,048,215	3,713,945
	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	23,438,208	1,658,981	685,538
	----------------	----------------	----------------
TOTAL NET ASSETS	23,656,760	1,832,980	814,641
	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	20,042,250	742,250	742,250
	----------------	----------------	----------------
TOTAL SHARE CAPITAL	20,042,250	742,250	742,250
RESERVES
Retained profit/(loss) carried forward	3,614,510	1,090,730	72,391
	----------------	----------------	----------------
TOTAL RESERVES	3,614,510	1,090,730	72,391
	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	23,656,760	1,832,980	814,641
	----------------	----------------	----------------
	23,656,760	1,832,980	814,641
	=============	=============	=============

FINANCIAL RATIO

EXPORT TRADING COMMODITIES PTE. LTD.

TYPES OF FUNDS
Cash	20,383,071	105,694	38,687
Net Liquid Funds	20,383,071	105,694	38,687
Net Liquid Assets	23,154,309	1,658,981	170,538
Net Current Assets/(Liabilities)	23,438,208	1,658,981	685,538
Net Tangible Assets	23,636,523	1,810,585	814,641
Net Monetary Assets	23,154,309	1,658,981	170,538
BALANCE SHEET ITEMS
Total Borrowings	92,348,065	49,500,000	0
Total Liabilities	126,594,988	69,048,215	3,713,945
Total Assets	150,251,748	70,881,195	4,528,586
Net Assets	23,656,760	1,832,980	814,641
Net Assets Backing	23,656,760	1,832,980	814,641
Shareholders' Funds	23,656,760	1,832,980	814,641
Total Share Capital	20,042,250	742,250	742,250
Total Reserves	3,614,510	1,090,730	72,391
LIQUIDITY (Times)
Cash Ratio	0.16	0.00	0.01
Liquid Ratio	1.18	1.02	1.05
Current Ratio	1.19	1.02	1.18
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0	10
Debtors Ratio	97	51	14
Creditors Ratio	22	59	82
SOLVENCY RATIOS (Times)
Gearing Ratio	3.90	27.01	0.00
Liabilities Ratio	5.35	37.67	4.56
Times Interest Earned Ratio	2.44	2.14	4.33
Assets Backing Ratio	1.18	2.44	1.10
PERFORMANCE RATIO (%)
Operating Profit Margin	0.70	1.03	0.40
Net Profit Margin	0.63	0.95	0.40
Return On Net Assets	19.87	112.37	11.55
Return On Capital Employed	19.85	111.02	11.55
Return On Shareholders' Funds/Equity	10.67	55.56	8.89
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.62.18
UK Pound	1	Rs.102.31
Euro	1	Rs.84.50

INFORMATION DETAILS

Report Prepared by :

NIS

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.