MIRA INFORM REPORT

Report No. :	322959
Report Date :	19.05.2015

IDENTIFICATION DETAILS

Name :	COALNERGY MINERALS PTE. LTD.
Formerly Known As :	MAHESWARI BROS OVERSEAS PTE. LTD.
Registered Office :	435, Orchard Road, 19-01, Wisma Atria, 238877
Country :	Singapore
Financials (as on) :	31.12.2010
Date of Incorporation :	24.01.2007
Com. Reg. No.:	200701303-R
Legal Form :	Exempt Private
Line of Business :	Subject is engaged in trading of coal, minerals.
No. of Employees :	10 [2015]

RATING & COMMENTS

MIRA’s Rating :

Ca

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	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. 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

EXECUTIVE SUMMARY

REGISTRATION NO.

:

200701303-R

COMPANY NAME

:

COALNERGY MINERALS PTE. LTD.

FORMER NAME

:

MAHESWARI BROS OVERSEAS PTE. LTD. (04/10/2010)

INCORPORATION DATE

:

24/01/2007

COMPANY STATUS

:

EXIST

LEGAL FORM

:

EXEMPT PRIVATE

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

435, ORCHARD ROAD, 19-01, WISMA ATRIA, 238877, SINGAPORE.

BUSINESS ADDRESS

:

435 ORCHARD ROAD #19-01 WISMA ATRIA, 238877, SINGAPORE.

TEL.NO.

:

65-67331125

FAX.NO.

:

65-67336134

CONTACT PERSON

:

NABIN TULADHAR ( DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF COAL, MINERALS

ISSUED AND PAID UP CAPITAL

:

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

SALES

:

N/A

NET WORTH

:

N/A

STAFF STRENGTH

:

10 [2015]

BANKER (S)

:

BNP PARIBAS CITIBANK N.A.

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

N/A

PAYMENT

:

N/A

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

N/A

CURRENCY EXPOSURE

:

N/A

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) trading of coal, minerals.

Share Capital History

Date	Issue & Paid Up Capital
29/01/2015	SGD 1,000,000.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
NABIN TULADHAR +	435, ORCHARD ROAD, 16-05, WISMA ATRIA, 238877, SINGAPORE.	F1162642N	500,000.00	50.00
BIJAY KUMAR MANDHANI	MANDHANI COMPLEX, RAJBHAVAN ROAD, HYDERABAD, 4TH FLOOR, 500082, INDIA.	Z1866334	499,980.00	50.00
SHYAM SUNDER BAJAJ	106, RIVERVALE WALK, 05 - 122, 540106, SINGAPORE.	S7360144D	20.00	0.00
			---------------	------
			1,000,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	TAN BEE HNG
Address	:	537, ANG MO KIO AVENUE 5, 02-4056, 560537, SINGAPORE.
IC / PP No	:	S1794686B
Nationality	:	SINGAPOREAN
Date of Appointment	:	01/09/2010

DIRECTOR 2

Name Of Subject	:	SHOBHA BAJAJ
Address	:	106, RIVERVALE WALK, 05-122, 540106, SINGAPORE.
IC / PP No	:	S7584536G
Nationality	:	SINGAPOREAN
Date of Appointment	:	20/04/2011

DIRECTOR 3

Name Of Subject	:	SUNIL KHETPALIA
Address	:	FLAT 202, PRINCE REGENT 40, THAMBU SWAMY STREET, SYLYAN LODGE COLONY, KILPAUK CHENNAI, TN, 600010, INDIA.
IC / PP No	:	E9175760
Nationality	:	INDIAN
Date of Appointment	:	01/10/2012

DIRECTOR 4

Name Of Subject	:	NABIN TULADHAR
Address	:	435, ORCHARD ROAD, 16-05, WISMA ATRIA, 238877, SINGAPORE.
IC / PP No	:	F1162642N
Nationality	:	NEPALESE
Date of Appointment	:	04/04/2008

MANAGEMENT

1)	Name of Subject	:	NABIN TULADHAR
	Position	:	DIRECTOR

AUDITOR

Auditor	:	ROBERT YAM & CO.
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	TONY CHUA CHWEE BOCK
	IC / PP No	:	S0019417D
	Address	:	17, TELOK BLANGAH CRESCENT, 19-282, 090017, SINGAPORE.

BANKING

Banking relations are maintained principally with:

1)

Name

:

BNP PARIBAS

2)

Name

:

CITIBANK N.A.

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C200905295	25/08/2009	N/A	BNP PARIBAS	-	Unsatisfied
C201104525	12/04/2011	N/A	BNP PARIBAS	-	Unsatisfied
C201201713	14/02/2012	N/A	CITIBANK N.A.	-	Unsatisfied
C201413426	28/11/2014	N/A	CITIBANK N.A.	-	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	:	N/A
Overseas	:	N/A

The Subject refused to disclose its suppliers.

CLIENTELE

Local	:	N/A
Overseas	:	N/A

The Subject refused to disclose its clientele.

OPERATIONS

Goods Traded

:

COAL, MINERALS

Total Number of Employees:
YEAR	2015	2014
GROUP	N/A	N/A
COMPANY	10	10

Branch

:

NO

Other Information:

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

The Subject refused to disclose its operation.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-67331125
Match	:	N/A
Address Provided by Client	:	435 ORCHARD ROAD 19-01 WISMA ATRIA,238877,SINGAPORE
Current Address	:	435 ORCHARD ROAD #19-01 WISMA ATRIA, 238877, SINGAPORE.
Match	:	YES

Other Investigations

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

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 2007, the Subject is an Exempt Private company, focusing on trading of coal, minerals. 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. A paid up capital of SGD 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 10 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 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.

PROFIT AND LOSS ACCOUNT

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

COALNERGY MINERALS PTE. LTD.

Financial Year End	2010-12-31	2009-12-31
Months	12	12
Consolidated Account	Company	Company
Audited Account	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES
Financial Type	SUMMARY	SUMMARY
Currency	SGD	SGD
TURNOVER	134,445,567	48,205,249
	----------------	----------------
Total Turnover	134,445,567	48,205,249
	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	1,520,001	1,090,799
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	1,520,001	1,090,799
Taxation	(224,988)	(155,734)
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	1,295,013	935,065
	----------------	----------------
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS	1,295,013	935,065
	----------------	----------------
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS	1,295,013	935,065
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	620,398	(314,667)
	----------------	----------------
As restated	620,398	(314,667)
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	1,915,411	620,398
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	1,915,411	620,398
	=============	=============

BALANCE SHEET

COALNERGY MINERALS PTE. LTD.

ASSETS EMPLOYED:
FIXED ASSETS	0	0
	----------------	----------------
TOTAL LONG TERM ASSETS	0	0
TOTAL CURRENT ASSETS	24,635,987	5,483,265
	----------------	----------------
TOTAL ASSET	24,635,987	5,483,265
	=============	=============
TOTAL CURRENT LIABILITIES	21,720,576	3,862,867
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	2,915,411	1,620,398
	----------------	----------------
TOTAL NET ASSETS	2,915,411	1,620,398
	=============	=============
SHARE CAPITAL
Ordinary share capital	1,000,000	1,000,000
	----------------	----------------
TOTAL SHARE CAPITAL	1,000,000	1,000,000
Retained profit/(loss) carried forward	1,915,411	620,398
Others	0	0
	----------------	----------------
TOTAL RESERVES	1,915,411	620,398
	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	2,915,411	1,620,398
TOTAL LONG TERM LIABILITIES	0	0
	----------------	----------------
	2,915,411	1,620,398
	=============	=============

FINANCIAL RATIO

COALNERGY MINERALS PTE. LTD.

TYPES OF FUNDS
Net Liquid Assets	2,915,411	1,620,398
Net Current Assets/(Liabilities)	2,915,411	1,620,398
Net Tangible Assets	2,915,411	1,620,398
Net Monetary Assets	2,915,411	1,620,398
BALANCE SHEET ITEMS
Total Liabilities	21,720,576	3,862,867
Total Assets	24,635,987	5,483,265
Net Assets	2,915,411	1,620,398
Net Assets Backing	2,915,411	1,620,398
Shareholders' Funds	2,915,411	1,620,398
Total Share Capital	1,000,000	1,000,000
Total Reserves	1,915,411	620,398
LIQUIDITY (Times)
Current Ratio	1.13	1.42
SOLVENCY RATIOS (Times)
Liabilities Ratio	7.45	2.38
Assets Backing Ratio	2.92	1.62
PERFORMANCE RATIO (%)
Operating Profit Margin	1.13	2.26
Net Profit Margin	0.96	1.94
Return On Net Assets	52.14	67.32
Return On Capital Employed	52.14	67.32
Return On Shareholders' Funds/Equity	44.42	57.71

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.55
UK Pound	1	Rs.99.86
Euro	1	Rs.72.67

INFORMATION DETAILS

Analysis Done by :	KAR
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.