MIRA INFORM REPORT

Report No. :	328161
Report Date :	22.06.2015

IDENTIFICATION DETAILS

Name :	TRADE SEA INTERNATIONAL PTE. LTD.

Registered Office :	1, Amber Road, 17-03, Amber Point, 439845

Country :	Singapore

Date of Incorporation :	24.10.2005

Com. Reg. No.:	200514829-Z

Legal Form :	Exempt Private

Line of Business :	Subject is engaged in distribution of construction or mining cranes

No. of Employee :	8 [2015]

RATING & COMMENTS

MIRA’s Rating :

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

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, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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. Unemployment is very low. The economy depends heavily on exports, particularly of consumer electronics, information technology products, medical and optical devices, pharmaceuticals, and on its vibrant transportation, business, and financial services sectors. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but has continued to grow since 2010 on the strength of renewed exports. Growth in 2014 was slower at 2.9%, largely a result of soft demand for exports amid a sluggish global economy and weak growth in Singapore’s manufacturing sector. The government is attempting to restructure Singapore’s economy by weaning its dependence on foreign labor, addressing weak productivity, and increasing Singaporean wages. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and high-tech hub. Singapore is a member of the 12-nation Trans-Pacific Partnership free trade negotiations, the Regional Comprehensive Economic Partnership negotiations with the nine other ASEAN members plus Australia, China, India, Japan, South Korea and New Zealand, and in 2015, Singapore will form, with the other ASEAN members, the ASEAN Economic Community.

Source : CIA

EXECUTIVE SUMMARY

REGISTRATION NO.

200514829-Z

COMPANY NAME

TRADE SEA INTERNATIONAL PTE. LTD.

FORMER NAME

N/A

INCORPORATION DATE

24/10/2005

COMPANY STATUS

EXIST

LEGAL FORM

EXEMPT PRIVATE

LISTED STATUS

REGISTERED ADDRESS

1, AMBER ROAD, 17-03, AMBER POINT, 439845, SINGAPORE.

BUSINESS ADDRESS

101, CECIL STREET, 15-10, TONG ENG BUILDING, 069533, SINGAPORE.

TEL.NO.

65-62202036

FAX.NO.

65-62235040

CONTACT PERSON

KIRTIDA MEKANI ( DIRECTOR )

PRINCIPAL ACTIVITY

DISTRIBUTION OF CONSTRUCTION OR MINING CRANES

ISSUED AND PAID UP CAPITAL

1,935,450.00 ORDINARY SHARE, OF A VALUE OF SGD 1,935,450.00

SALES

N/A

NET WORTH

N/A

STAFF STRENGTH

8 [2015]

BANKER (S)

BANK OF INDIA
UNITED OVERSEAS BANK LIMITED

LITIGATION

CLEAR

FINANCIAL CONDITION

N/A

PAYMENT

N/A

MANAGEMENT CAPABILITY

AVERAGE

COMMERCIAL RISK

MODERATE

CURRENCY EXPOSURE

MODERATE

GENERAL REPUTATION

SATISFACTORY

INDUSTRY OUTLOOK

AVERAGE 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) distribution of construction or mining cranes.

Share Capital History

Date	Issue & Paid Up Capital
22/06/2015	SGD 1,935,450.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
ATUL DAMJI SHAH +	2, ARDMORE PARK, 28-03, ARDMORE II, 259947, SINGAPORE.	S2767386D	1,451,587.00	75.00
BHARAT MEKANI +	1, AMBER ROAD, 17-03, AMBER POINT, 439845, SINGAPORE.	S2617111C	483,862.00	25.00
MRS. KIRTIDA MEKANI +	1, AMBER ROAD, 17-03, AMBER POINT, 439845, SINGAPORE.	S2617112A	1.00	0.00
			---------------	------
			1,935,450.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	MRS. KIRTIDA MEKANI
Address	:	1, AMBER ROAD, 17-03, AMBER POINT, 439845, SINGAPORE.
IC / PP No	:	S2617112A



Nationality	:	SINGAPOREAN
Date of Appointment	:	24/10/2005

DIRECTOR 2

Name Of Subject	:	BHARAT MEKANI
Address	:	1, AMBER ROAD, 17-03, AMBER POINT, 439845, SINGAPORE.
IC / PP No	:	S2617111C



Nationality	:	SINGAPOREAN
Date of Appointment	:	24/10/2005

DIRECTOR 3

Name Of Subject	:	ATUL DAMJI SHAH
Address	:	2, ARDMORE PARK, 28-03, ARDMORE II, 259947, SINGAPORE.
IC / PP No	:	S2767386D



Nationality	:	SINGAPOREAN
Date of Appointment	:	01/03/2006

MANAGEMENT

1)	Name of Subject	:	KIRTIDA MEKANI
	Position	:	DIRECTOR

AUDITOR

Auditor	:	T RAVI & CO.
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	BHARAT MEKANI
	IC / PP No	:	S2617111C

	Address	:	1, AMBER ROAD, 17-03, AMBER POINT, 439845, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)	Name	:	BANK OF INDIA

2)	Name	:	UNITED OVERSEAS BANK LIMITED

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C200907371	13/11/2009	N/A	BANK OF INDIA	-	Unsatisfied
C201110988	02/09/2011	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C201110996	02/09/2011	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C201111222	09/09/2011	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C201111223	09/09/2011	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C201203601	03/04/2012	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C201203613	04/04/2012	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C201403505	07/04/2014	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C201403541	07/04/2014	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C201405950	13/06/2014	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C201405951	13/06/2014	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C201411867	29/10/2014	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C201411869	29/10/2014	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C201412635	13/11/2014	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C201412637	13/11/2014	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied

LITIGATION 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	:	YES
Overseas	:	YES

CLIENTELE

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

Payment Mode	:	N/A

OPERATIONS

Goods Traded

CONSTRUCTION OR MINING CRANES

Total Number of Employees:
YEAR	2015	2014	2013

GROUP	N/A	N/A	N/A
COMPANY	8	8	5

Branch

Other Information:

The Subject is principally engaged in the (as a / as an) distribution of construction or mining cranes.

The Subject refused to disclose its operation information.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-62202036
Match	:	N/A

Address Provided by Client	:	101, CECIL STREET, 15-10, TONG ENG BUILDING,069533,SINGAPORE
Current Address	:	101, CECIL STREET, 15-10, TONG ENG BUILDING, 069533, 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 on the Subject.

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)

INDUSTRY ANALYSIS

INDUSTRY :	TRADING


The wholesale and retail trade sectors have expanded by 2.0% in the third quarter of 2014, extending the 1.8 per cent growth in the previous quarter. In 2013, the wholesale and retail sector expanded by 5.0%, after declining by 1.4% the year before. Growth of the sector was driven by the wholesale trade segment.

The domestic wholesale trade index has increased by 3.2% in the fourth quarter of 2013, moderating from the 6.6% growth in the previous quarter. The slower growth was due to a decline in the sales of furniture and household equipment (-12%) and petroleum and petroleum products (-0.6%). For the full year, the domestic wholesale trade index grew by 5.2% reversing the 2.2% decline in 2012. On the other hand, the foreign wholesale trade index has increased by a slower pace of 5.6% in the fourth quarter, compared to the 7.7% expansion in the preceding quarter. The slowdown was due to a fall in the sales of telecommunication equipment and computer (-3.8%) and petroleum and petroleum products (-2.5%). For the full year, the growth of the foreign wholesale trade index moderated slightly to 8.6% from 9.1% in the previous year.

In the fourth quarter of 2013, retail sales volume fell by 6.2%, extending the 5.6% decline in the previous quarter. Excluding motor vehicles, retail sales volume increased by 0.4%, a slower pace of expansion as compared to the 1.6% gain in the preceding quarter. The sales volume of motor vehicles fell by 33% in the fourth quarter of 2013, extending the 32% decline in the previous quarter. Meanwhile, the sales of several discretionary items also fell in the fourth quarter of 2013. For instance, the sales of telecommunications apparatus and computers fell by 12%, while the sales of furniture and household equipment declined by 5.4%.

For the full year, retail sales volume contracted by 4.3%, a reversal from the 1.3% expansion in 2012. Excluding motor vehicle sales, the retail sales volume grew by 1.1% in 2013, slower than the 1.7% increase in 2012. Watches and jewellery recorded the largest increase (11%) in sales in 2013, followed by optical goods and book (3%) and medical goods and toiletries (3%). By contrast, the sales of telecommunications apparatus and computer (-7.3%), furniture and household equipment (-4.2%) and petrol service stations (-1.4) declined in 2013.

OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 2005, the Subject is an Exempt Private company, focusing on distribution of construction or mining cranes. Having been in the industry for over a decade, the Subject has achieved a certain market share and has built up a satisfactory reputation in the market. It should have received supports from its regular customers. A paid up capital of SGD 1,935,450 allows the Subject to expand its business more comfortably. However, the Subject does not have strong shareholders’ backing. Without a strong shareholders' backing, the opportunity of the Subject to expand its business is limited.

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. Being a small company, the Subject's business operation is supported by 8 employees. 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 Subject's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials. Overall the Subject has a good control over its resources.

The industry shows an upward trend and this trend is very likely to sustain in the near terms.

In view of the above, we only recommend credit be proceeded to the Subject with guarantee.

FINANCIAL ACCOUNT

No latest financial accounts are available at the Registry Office.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.82
UK Pound	1	Rs.101.26
Euro	1	Rs.72.36

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	ASH

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.