MIRA INFORM REPORT

Report Date :

02.01.2015

IDENTIFICATION DETAILS

Name :	BAY-LINE SHIPPING PTE. LTD.

Registered Office :	120, Lower Delta Road, 11-08, Cendex Centre, 169208

Country :	Singapore

Date of Incorporation :	30.08.2007

Com. Reg. No.:	200716053-R

Legal Form :	Exempt Private Company

Line of Business :	Engaged in Shipping Business i.e., Agency, Chartering, Shipping Management, Freight Forwarding and Shipping Logistics

No of Employees :	Not Available [We tried to confirm the number of employees but no one is ready to part any information from the company management.]

RATING & COMMENTS

MIRA’s Rating :

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 :	Exists

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, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but rebounded 15.1% in 2010, on the strength of renewed exports, before slowing to in 2011-13, 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. 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.	:	200716053-R
COMPANY NAME	:	BAY-LINE SHIPPING PTE. LTD.
FORMER NAME	:	N/A
INCORPORATION DATE	:	30/08/2007


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


REGISTERED ADDRESS	:	120, LOWER DELTA ROAD, 11-08, CENDEX CENTRE, 169208, SINGAPORE.
BUSINESS ADDRESS	:	120 LOWER DELTA ROAD, #11-08 CENDEX CENTRE, 169208, SINGAPORE.
TEL.NO.	:	65-62230665
FAX.NO.	:	65-65348863
WEB SITE	:	WWW.BAYLINESHIPPING.COM
CONTACT PERSON	:	QUAMRUDDIN AHMED ( MANAGING DIRECTOR )


PRINCIPAL ACTIVITY	:	Engaged in Shipping Business i.e., Agency, Chartering, Shipping Management, Freight Forwarding and Shipping Logistics

ISSUED AND PAID UP CAPITAL	:	300,000.00 ORDINARY SHARE, OF A VALUE OF SGD 300,000.00

SALES	:	N/A
NET WORTH	:	N/A

STAFF STRENGTH	:	N/A
LITIGATION	:	TRACED
FINANCIAL CONDITION	:	N/A
PAYMENT	:	Unknown
MANAGEMENT CAPABILITY	:	AVERAGE

COMMERCIAL RISK	:	MODERATE
CURRENCY EXPOSURE	:	MODERATE
GENERAL REPUTATION	:	SATISFACTORY
INDUSTRY OUTLOOK	:	MARGINAL GROWTH

HISTORY / BACKGROUND

The Subject is an exempt private company whose shares are not held by any corporate body and has no more than 20 shareholders who are all natural persons. An exempt company is a type of private limited company. 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, suing or be sued by other companies. An exempt private company with an annual turnover of less than SGD5 million are exempted from statutory auditing requirements. Instead of filing audited annual accounts, the Subject has to file in a document duly signed by its director in charge of its finance and the company secretary stating that the Subject is able to meet all its obligations as and when they fall due. The Subject is not required to have their accounts audited. However, the Subject will prepare unaudited accounts for purposes of AGMs and filing with Registry Office if it is unable to meet all its obligations as and when they fall due .

The Subject is principally engaged in the (as a / as an) Shipping Business i.e., Agency, Chartering, Shipping Management, Freight Forwarding and Shipping Logistics

Share Capital History

Date	Issue & Paid Up Capital
02/01/2015	SGD 300,000.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
MR. QUAMRUDDIN AHMED +	156, PRINCE CHARLES CRESCENT, 18-17, TANGLIN VIEW, 159015, SINGAPORE.	S2763670E	300,000.00	100.00
			---------------	------
			300,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	SAIQUA TUHEEN
Address	:	120, LOWER DELTA ROAD, 11-08, CENDEX CENTRE, 169208, SINGAPORE.
IC / PP No	:	S6860465F



Nationality	:	SINGAPOREAN
Date of Appointment	:	30/08/2007

DIRECTOR 2

Name Of Subject	:	MYA THU ZAR
Address	:	359A, ADMIRALTY DRIVE, 07-208, 751359, SINGAPORE.
IC / PP No	:	G0678859P



Nationality	:	MYANMAR
Date of Appointment	:	15/03/2008

DIRECTOR 3

Name Of Subject	:	MR. QUAMRUDDIN AHMED
Address	:	156, PRINCE CHARLES CRESCENT, 18-17, TANGLIN VIEW, 159015, SINGAPORE.
IC / PP No	:	S2763670E



Nationality	:	SINGAPOREAN
Date of Appointment	:	30/08/2007

MANAGEMENT

1)	Name of Subject	:	QUAMRUDDIN AHMED
	Position	:	MANAGING DIRECTOR

2)	Name of Subject	:	LIM
	Position	:	STAFF

AUDITOR

No Auditor found in our databank

COMPANY SECRETARIES

1)	Company Secretary	:	MR. QUAMRUDDIN AHMED
	IC / PP No	:	S2763670E

	Address	:	156, PRINCE CHARLES CRESCENT, 18-17, TANGLIN VIEW, 159015, SINGAPORE.

BANKING

No Banker found in our databank.

ENCUMBRANCE (S)

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

LITIGATION CHECK AGAINST SUBJECT

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

LEGAL ACTION

Code No

Case No

3918

Year

2014

Place

SINGAPORE

Court

DISTRICT COURT

Date Filed

19/12/2014

Solicitor

GURBANI PREM KUMAR

Solicitor Ref

PG/20140152/PD

Solicitor Firm

GURBANI & CO.

Plaintiff

LINES PTE LTD

Defendants

BAY-LINE SHIPPING PTE. LTD. (200716053)

Amount Claimed

59218

Nature of Claim

USD

Remark

CARRIAGE OF GOODS BY AIR/SEA

No winding up petition was found in our databank

PAYMENT RECORD

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

The Subject is a service provider.

CLIENTELE

Local	:	YES
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	ASIA AFRICA
Credit Term	:	N/A

Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Services

LOGISTICS, SHIPPING, AGENCY, CHARTERING AND BROKERAGES

Branch

Other Information:

The Subject is principally engaged in the (as a / as an) Shipping Business i.e., Agency, Chartering, Shipping Management, Freight Forwarding and Shipping Logistics

Bay Line is the leading shipping company in Break-Bulk shipping by providing its customers with efficient, reliable and valued added services between Myanmar and major ports in India, Bangladesh, Far East & Africa.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-62230665
Match	:	N/A

Address Provided by Client	:	120 LOWER DELTA ROAD, #11-08 CENDEX CENTRE SINGAPORE 169208
Current Address	:	120 LOWER DELTA ROAD, #11-08 CENDEX CENTRE, 169208, SINGAPORE.
Match	:	YES

We have contacted the Subject'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 Subject and she provided some information.

She refused to disclose the Subject's number of employees and bankers.

FINANCIAL ANALYSIS

The Subject is a private exempt company which does not need to file in its accounts with the Registrar of Companies for the information of the public. Therefore, we are not able to comment on the Subject's financial performance.

Overall financial condition of the Subject : N/A

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	2009	2010	2011	2012	2013

Population (Million)	4.98	5.08	5.18	5.31	5.40
Gross Domestic Products ( % )	(0.8)	14.5	4.9	1.3	3.7
Consumer Price Index	0.6	2.8	5.2	4.6	2.4
Total Imports (Million)	356,299.3	423,221.8	459,655.1	474,554.0	466,762.0
Total Exports (Million)	391,118.1	478,840.7	514,741.2	510,329.0	513,391.0

Unemployment Rate (%)	3.2	2.2	2.1	2.0	1.9
Tourist Arrival (Million)	9.68	11.64	13.17	14.49	15.46
Hotel Occupancy Rate (%)	75.8	85.6	86.5	86.4	86.3
Cellular Phone Subscriber (Million)	1.37	1.43	1.50	1.52	1.97

Registration of New Companies (No.)	26,414	29,798	32,317	31,892	37,288
Registration of New Companies (%)	4.3	12.8	8.5	(1.3)	9.8
Liquidation of Companies (No.)	22,393	15,126	19,005	17,218	17,369
Liquidation of Companies (%)	113.4	(32.5)	25.6	9.4	(5.3)

Registration of New Businesses (No.)	26,876	23,978	23,494	24,788	22,893
Registration of New Businesses (%)	8.15	(10.78)	2.02	5.51	1.70
Liquidation of Businesses (No.)	23,552	24,211	23,005	22,489	22,598
Liquidation of Businesses (%)	11.4	2.8	(5)	(2.2)	0.5

Bankruptcy Orders (No.)	2,058	1,537	1,527	1,748	1,992
Bankruptcy Orders (%)	(11.5)	(25.3)	(0.7)	14.5	14.0
Bankruptcy Discharges (No.)	3,056	2,252	1,391	1,881	2,584
Bankruptcy Discharges (%)	103.7	(26.3)	(38.2)	35.2	37.4

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

Manufacturing *	71.5	92.8	100.0	100.3	102.0
Food, Beverages & Tobacco	90.4	96.4	100.0	103.5	103.5
Textiles	145.9	122.1	100.0	104.0	87.1
Wearing Apparel	211.0	123.3	100.0	92.1	77.8
Leather Products & Footwear	79.5	81.8	100.0	98.6	109.8
Wood & Wood Products	101.4	104.0	100.0	95.5	107.4
Paper & Paper Products	95.4	106.1	100.0	97.4	103.2
Printing & Media	100.9	103.5	100.0	93.0	86.1
Crude Oil Refineries	96.4	95.6	100.0	99.4	93.5
Chemical & Chemical Products	80.3	97.6	100.0	100.5	104.1
Pharmaceutical Products	49.1	75.3	100.0	109.7	107.2
Rubber & Plastic Products	101.2	112.3	100.0	96.5	92.9
Non-metallic Mineral	91.9	92.5	100.0	98.2	97.6
Basic Metals	92.6	102.2	100.0	90.6	76.5
Fabricated Metal Products	90.8	103.6	100.0	104.3	105.1
Machinery & Equipment	57.3	78.5	100.0	112.9	114.5
Electrical Machinery	86.8	124.1	100.0	99.3	108.5
Electronic Components	85.2	113.6	100.0	90.6	94.3
Transport Equipment	96.0	94.0	100.0	106.3	107.5

Construction	(36.9)	14.20	20.50	28.70	-
Real Estate	1.4	21.3	25.4	31.9	-

Services
Electricity, Gas & Water	1.70	4.00	7.00	6.30	-
Transport, Storage & Communication	3.90	12.80	7.40	5.30	-
Finance & Insurance	(16.4)	(0.4)	8.90	0.50	-
Government Services	4.50	9.70	6.90	6.00	-
Education Services	0.10	(0.9)	(1.4)	0.30	-

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

INDUSTRY ANALYSIS

INDUSTRY :	ECONOMY


The Ministry of Trade and Industry (MTI) announced that it expects the Singapore economy to grow by around 3.0% in 2014, and by 2.0 to 4.0% in 2015. Besides that in 2013, the economy grew by 4.1%, higher than the 1.9% growth in 2012. This was mainly due to strong growth in the services producing industries, particularly the finance & insurance, as well as wholesale & retail trade sectors.

In 2013, all sectors contributed positively to growth. Finance & insurance was the largest contributor (1.2 percentage-points), followed by wholesale & retail trade (0.8 percentage-points) and business services (0.6 percentage-points). Growth in the manufacturing sector was improved by 1.7%, on the back of strong growth in the electronics and transport engineering clusters. By contrast, growth in the construction sector moderated to 5.9%, from 8.6% in 2012.

Growth in the services producing industries picked up to 5.3% in 2013, from 2.0% in 2012. This was mainly due to stronger growth in the finance & insurance and wholesale & retail trade sectors. The finance & insurance sector grew by 11%, up from 1.3% in the previous year. The wholesale & retail trade sector has expanded by 5.0%, after declining by 1.4% the year before.

For the whole of 2013, growth in total demand was 3.1%, similar to the pace of growth in 2012. External demand was the key contributor to total demand growth, accounting for 2.7 percentage-points, or almost 90%, of the increase. External demand grew at a faster pace of 3.6%, compared to the 1.4% growth in 2012. This was supported mainly by growth in the exports of machinery & transport equipment, miscellaneous manufactures, and transport services. Total domestic demand rose by a modest 1.7%, following the 8.6% increase in 2012. The slower growth in total domestic demand was primarily due to the decline in gross fixed capital formation (GFCF).

For the full year, total consumption expenditure grew by 4.4% in 2013, faster than the 2.8% growth in 2012. Public consumption expenditure increased by 11%, a strong rebound from the 1.9% decline in 2012. Private consumption expenditure recorded gains of 2.7%, moderating from the 4.1% increase in the preceding year.

Furthermore, in the first three quarters of 2014, the Singapore economy grew by 3.3% on a year-on-year basis. For the rest of the year, growth is expected to ease slightly on a year-on-year basis, in line with a projected slowdown in the global economy. Externally-oriented sectors such as the manufacturing and transportation & storage sectors are likely to slow, whereas growth in the construction sector will continue to be weighed down by the weakness in private sector construction activities. On the other hand, domestically-oriented sectors like business services are likely to remain resilient.

Additionally, the labour market in Singapore is expected to remain tight in 2015, with low unemployment and rising vacancy rates. Against this global and domestic backdrop, the growth outlook for the Singapore economy remains modest. In tandem with the expected pick-up in external demand, externally-oriented sectors such as manufacturing, wholesale trade and finance & insurance are likely to provide support to growth. While some domestically-oriented sectors such as businesses services are expected to remain resilient, labour-intensive ones like construction, retail and food services may see their growth weighed down by labour constraints.

OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 2007, the Subject is an Exempt Private company, focusing on logistics, shipping, agency, chartering and brokerages. Having been in business for more than 5 years, the Subject has established a remarkable clientele base for itself which has contributed to its business growth. With an issued and paid up capital of SGD 300,000 contributed by individual shareholder, the Subject may face difficulties in its attempt to further expand its business in the future. Thus, the Subject should put more efforts on its business to gain higher market share while competing aggressively in the market.

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.

As the Subject is registered as an Exempt Private company, it is not required to file financial statements for public review. As such, we are unable to ascertain its present financial health.

The industry has reached its maturity stage and only enjoying a marginal growth. The steady growth of the country's economy will further enhance the industry activities. Thus, the Subject's future performance is very much depend on its marketing strategies in order to retain its position in the market.

Based on the above unfavourable condition, we regard granting credit to the Subject to be quite risky. Hence, credit is not recommended.

FINANCIAL ACCOUNT

No latest financial accounts are available at the Registry Office.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.32
UK Pound	1	Rs.98.64
Euro	1	Rs.76.60

INFORMATION DETAILS

Analysis Done by :	DIV

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%)

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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.