EXECUTIVE SUMMARY

HISTORY / BACKGROUND

DIRECTORS

MANAGEMENT

AUDITOR

COMPANY SECRETARIES

BANKING

ENCUMBRANCE (S)

LITIGATION CHECK AGAINST SUBJECT

PAYMENT RECORD

CLIENTELE

OPERATIONS

CURRENT INVESTIGATION

FINANCIAL ANALYSIS

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

INDUSTRY ANALYSIS

CREDIT RISK EVALUATION & RECOMMENDATION

FINANCIAL ACCOUNT

MIRA INFORM REPORT

Report No. :	320228
Report Date :	04.05.2015

IDENTIFICATION DETAILS

Name :	SMARTGEN INFRA PTE. LTD.

Registered Office :	7, Temasek Boulevard, 21- - 02a, Suntec Tower One, 038987

Country :	Singapore

Date of Incorporation :	18.03.2013

Com. Reg. No.:	201307067-C

Legal Form :	Private Limited

Line of Business :	Subject is engaged in the trading of coal.

No. of Employees :	1 [2015]

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 :	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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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. Unemployment is very low. 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. Growth in 2014 was slower at 13.9%, 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. Singapore is a member of the 12-nation Trans-Pacific Partnership free trade agreement negotiations and, with the nine other ASEAN members, will form the ASEAN Economic Community in 2015.

Source : CIA

REGISTRATION NO.

201307067-C

COMPANY NAME

SMARTGEN INFRA PTE. LTD.

FORMER NAME

N/A

INCORPORATION DATE

18/03/2013

COMPANY STATUS

EXIST

LEGAL FORM

PRIVATE LIMITED

LISTED STATUS

REGISTERED ADDRESS

7, TEMASEK BOULEVARD, 21- - 02A, SUNTEC TOWER ONE, 038987, SINGAPORE.

BUSINESS ADDRESS

7 TEMASEK BOULEVARD HEX 21-02A, SUNTEC TOWER ONE, 038989, SINGAPORE.

TEL.NO.

65-63346868

FAX.NO.

65-63342232

CONTACT PERSON

PALANINATHAN RAVICHANDRAN ( DIRECTOR )

PRINCIPAL ACTIVITY

TRADING OF COAL

ISSUED AND PAID UP CAPITAL

1,000,000.00 ORDINARY SHARE, OF A VALUE OF USD 1,000,000.00

SALES

N/A

NET WORTH

N/A

STAFF STRENGTH

1 [2015]

BANKER (S)

BNP PARIBAS

LITIGATION

CLEAR

FINANCIAL CONDITION

N/A

PAYMENT

N/A

MANAGEMENT CAPABILITY

WEAK

COMMERCIAL RISK

N/A

CURRENCY EXPOSURE

N/A

GENERAL REPUTATION

POOR

INDUSTRY OUTLOOK

AVERAGE GROWTH

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 of coal.

Share Capital History

Date	Issue & Paid Up Capital
29/04/2015	USD 1,000,000.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
VIJAIKUMAR RATHINAM +	1, FORT ROAD, 13-01, ONE FORT, 439069, SINGAPORE.	G5442392L	400,000.00	40.00
BARATHWAJ MURALI +	6-3-1099/1/2, B-201, PEARL CREEK APTS, SOMAJIGUDA, HYDERABAD, ANDHRA PRADESH, 500082, INDIA.	Z2460315	400,000.00	40.00
GAMECUBATOR LABS PTE. LTD.	7, TEMASEK BOULEVARD, 21-02A, SUNTEC TOWER ONE, 038987, SINGAPORE.	201418411H	200,000.00	20.00
			---------------	------
			1,000,000.00	100.00
			============	=====

+ Also Director

DIRECTOR 1

Name Of Subject	:	BARATHWAJ MURALI
Address	:	6-3-1099/1/2, B-201, PEARL CREEK APTS, SOMAJIGUDA, HYDERABAD, ANDHRA PRADESH, 500082, INDIA.
IC / PP No	:	Z2460315



Nationality	:	INDIAN
Date of Appointment	:	14/05/2013

DIRECTOR 2

Name Of Subject	:	VIJAIKUMAR RATHINAM
Address	:	1, FORT ROAD, 13-01, ONE FORT, 439069, SINGAPORE.
IC / PP No	:	G5442392L



Nationality	:	INDIAN
Date of Appointment	:	14/05/2013

1)	Name of Subject	:	PALANINATHAN RAVICHANDRAN
	Position	:	DIRECTOR

No Auditor found in our databank

1)	Company Secretary	:	IRENE SIONG SZE LIAN
	IC / PP No	:	S8575498Z

	Address	:	118, TAMPINES ROAD, 05-06, KOVAN GRANDEUR, 535193, SINGAPORE.

2)	Company Secretary	:	NG GEOK LAN @ HUANG YULUAN
	IC / PP No	:	S1592193E

	Address	:	573, PASIR RIS STREET, 53, 14-30, 510573, SINGAPORE.

Banking relations are maintained principally with :

1)	Name	:	BNP PARIBAS

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C201307377	31/05/2013	N/A	BNP PARIBAS	-	Unsatisfied

* 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.


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

The staff from the registered office refused to disclose any information on the Subject's suppliers.

Local	:	N/A

Overseas	:	N/A

The staff from the registered office refused to disclose any information on the Subject's clientele.

Goods Traded

COAL

Total Number of Employees:
YEAR	2015	2013
GROUP	N/A	N/A
COMPANY	1	1

Branch

Other Information:

The Subject is principally engaged in the (as a / as an) trading of coal.

The staff from the registered office refused to disclose any information on the Subject's operation.

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-63346868
Match	:	N/A

Address Provided by Client	:	7 TEMASEK BOULEVARD HEX 21-02A, SUNTEC TOWER ONE SINGAPORE 038989
Current Address	:	7 TEMASEK BOULEVARD HEX 21-02A, SUNTEC TOWER ONE, 038989, 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's registered office and she only provided limited information on the Subject.

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 :	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

Incorporated in 2013, the Subject is a Private Limited company, focusing on trading of coal. 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. However, it has yet to enjoy a stable market shares as it need to compete many well established players in the same field. A paid up capital of USD 1,000,000 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.

Being a small company, the Subject's business operation is supported by 1 employees. We regard that the Subject's management capability is weak. Without capable management, the Subject is unlikely to be successful and often contribute to unacceptable levels of accountability. Weak management can affect productivity, profitability, sales growth and ultimately can result in the failure of a business.

No financial accounts are available for analysis. As such, we are not able to comment on the Subject's current financial standing.

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.

No latest financial accounts are available at the Registry Office, thus we are not able to comment on the Subject's financial performance.

Overall financial condition of the Subject : N/A

No latest financial accounts are available at the Registry Office.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.57
UK Pound	1	Rs.97.99
Euro	1	Rs.70.53

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	TPT

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.