EXECUTIVE SUMMARY

HISTORY / BACKGROUND

DIRECTORS

MANAGEMENT

AUDITOR

COMPANY SECRETARIES

BANKING

ENCUMBRANCE (S)

PAYMENT RECORD

CLIENTELE

OPERATIONS

CURRENT INVESTIGATION

FINANCIAL ANALYSIS

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

INDUSTRY ANALYSIS

CREDIT RISK EVALUATION & RECOMMENDATION

PROFIT AND LOSS ACCOUNT

BALANCE SHEET

FINANCIAL RATIO

MIRA INFORM REPORT

Report No. :	348968
Report Date :	16.11.2015

IDENTIFICATION DETAILS

Name :	EMCO OVERSEAS PTE. LTD.

Registered Office :	80, Raffles Place, 25-01, Uob Plaza, 048624

Country :	Singapore

Financials (as on) :	31.03.2014

Date of Incorporation :	31.01.2008

Com. Reg. No.:	200802308-K

Legal Form :	Private Limited

Line of Business :	Manufacturing & repair of other general purpose machinery and equipments

No. of Employee :	Not Available

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 :	Slow

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

REGISTRATION NO.	:	200802308-K
COMPANY NAME	:	EMCO OVERSEAS PTE. LTD.
FORMER NAME	:	N/A
INCORPORATION DATE	:	31/01/2008


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


REGISTERED ADDRESS	:	80, RAFFLES PLACE, 25-01, UOB PLAZA, 048624, SINGAPORE.
BUSINESS ADDRESS	:	80, RAFFLES PLACE, 25-01 UOB PLAZA 1, 048624, SINGAPORE.
TEL.NO.	:	65-65356844
FAX.NO.	:	N/A
CONTACT PERSON	:	SHAILESH JAIN ( DIRECTOR )


PRINCIPAL ACTIVITY	:	MANUFACTURING & REPAIR OF OTHER GENERAL PURPOSE MACHINERY AND EQUIPMENTS

ISSUED AND PAID UP CAPITAL	:	10.00 ORDINARY SHARE, OF A VALUE OF SGD 10.00

SALES	:	N/A
NET WORTH	:	USD (10,204,608) [2014]

STAFF STRENGTH	:	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	:	MATURE

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) manufacturing & repair of other general purpose machinery and equipments.

Share Capital History

Date	Issue & Paid Up Capital
06/11/2015	SGD 10.00

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

Current Shareholder(s) :

Name	Address	IC/PP/Loc No	Shareholding	(%)
EMCO LIMITED	N-104, MIDC AREA JALGAON, 425 003 MAHARASHTRA, INDIA.	T08UF0821	10.00	100.00
			---------------	------
			10.00	100.00
			============	=====

+ Also Director

DIRECTOR 1

Name Of Subject	:	SHAILESH JAIN
Address	:	2902, TOWER A, SUMER TRINITY, PRABHADEVI, MUMBAI 400 025, MAHARASHTRA, INDIA.
IC / PP No	:	L1694747



Nationality	:	INDIAN
Date of Appointment	:	27/03/2009

DIRECTOR 2

Name Of Subject	:	SHRUTI MITTAL
Address	:	130, TANJONG RHU ROAD, 07-14, PEBBLE BAY, 436918, SINGAPORE.
IC / PP No	:	G5844275K



Nationality	:	INDIAN
Date of Appointment	:	29/09/2008

DIRECTOR 3

Name Of Subject	:	RAJESH SURESH JAIN
Address	:	2602, TOWER A, SUMER TRINITY, PRABHADEVI, MUMBAI 400 025, MAHARASHTRA, INDIA.
IC / PP No	:	Z2027523



Nationality	:	INDIAN
Date of Appointment	:	31/01/2008

1)	Name of Subject	:	SHAILESH JAIN
	Position	:	DIRECTOR

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

1)	Company Secretary	:	ANPARASAN S/O KAMACHI
	IC / PP No	:	S1821759G

	Address	:	82, WHAMPOA DRIVE, 08-955, 320082, SINGAPORE.

No Banker found in our databank.

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C201212009	08/10/2012	N/A	PUNJAB NATIONAL BANK (INTERNATIONAL) 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.


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

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

Local	:	N/A

Overseas	:	N/A

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

Products manufactured

GENERAL PURPOSE MACHINERY AND EQUIPMENTS

Branch

Other Information:

The Subject is principally engaged in the (as a / as an) manufacturing & repair of other general purpose machinery and equipments.

The staff from the registered office refused to disclose the Subject's OPERATION.

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-65356844
Match	:	N/A

Address Provided by Client	:	80 RAFFLES PLACE, NO 25-01 UOB PLAZA, SINGAPORE 048624
Current Address	:	80, RAFFLES PLACE, 25-01 UOB PLAZA 1, 048624, SINGAPORE.
Match	:	YES

Other Investigations

On 6th November 2015 we contacted one of the staff from the Subject's registered office and she only provided limited information.

She refused to disclose the fax number, number of employees and bankers.

She also refused to comment anything on the Subject nil turnover 2014.

Major Economic Indicators :	2010	2011	2012	2013	2014

Population (Million)	5.08	5.18	5.31	5.40	5.47
Gross Domestic Products ( % )	14.5	4.9	1.3	3.7	(3.5)
Consumer Price Index	2.8	5.2	4.6	2.4	2.4
Total Imports (Million)	423,221.8	459,655.1	474,554.0	466,762.0	463,779.1
Total Exports (Million)	478,840.7	514,741.2	510,329.0	513,391.0	518,922.7

Unemployment Rate (%)	2.2	2.1	2.0	1.9	1.9
Tourist Arrival (Million)	11.64	13.17	14.49	15.46	15.01
Hotel Occupancy Rate (%)	85.6	86.5	86.4	86.3	85.5
Cellular Phone Subscriber (Million)	1.43	1.50	1.52	1.97	1.98

Registration of New Companies (No.)	29,798	32,317	31,892	37,288	41,589
Registration of New Companies (%)	12.8	8.5	(1.3)	9.8	11.5
Liquidation of Companies (No.)	15,126	19,005	17,218	17,369	18,767
Liquidation of Companies (%)	(32.5)	25.6	9.4	(5.3)	8.0

Registration of New Businesses (No.)	23,978	23,494	24,788	22,893	35,773
Registration of New Businesses (%)	(10.78)	2.02	5.51	1.70	56.30
Liquidation of Businesses (No.)	24,211	23,005	22,489	22,598	22,098
Liquidation of Businesses (%)	2.8	(5)	(2.2)	0.5	(2.2)

Bankruptcy Orders (No.)	1,537	1,527	1,748	1,992	1,757
Bankruptcy Orders (%)	(25.3)	(0.7)	14.5	14.0	(11.8)
Bankruptcy Discharges (No.)	2,252	1,391	1,881	2,584	3,546
Bankruptcy Discharges (%)	(26.3)	(38.2)	35.2	37.4	37.2

INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	(0.48)	4.25	3.64	-
Fish Supply & Wholesale	(10.5)	12.10	(0.5)	-	2.80

Manufacturing *	92.8	100.0	100.3	102.0
Food, Beverages & Tobacco	96.4	100.0	103.5	103.5	105.0
Textiles	122.1	100.0	104.0	87.1	74.9
Wearing Apparel	123.3	100.0	92.1	77.8	49.5
Leather Products & Footwear	81.8	100.0	98.6	109.8	95.9
Wood & Wood Products	104.0	100.0	95.5	107.4	112.0
Paper & Paper Products	106.1	100.0	97.4	103.2	103.4
Printing & Media	103.5	100.0	93.0	86.1	80.3
Crude Oil Refineries	95.6	100.0	99.4	93.5	85.6
Chemical & Chemical Products	97.6	100.0	100.5	104.1	114.0
Pharmaceutical Products	75.3	100.0	109.7	107.2	115.7
Rubber & Plastic Products	112.3	100.0	96.5	92.9	92.8
Non-metallic Mineral	92.5	100.0	98.2	97.6	82.2
Basic Metals	102.2	100.0	90.6	76.5	98.3
Fabricated Metal Products	103.6	100.0	104.3	105.1	105.1
Machinery & Equipment	78.5	100.0	112.9	114.5	124.0
Electrical Machinery	124.1	100.0	99.3	108.5	121.3
Electronic Components	113.6	100.0	90.6	94.3	95.0
Transport Equipment	94.0	100.0	106.3	107.5	103.2

Construction	14.20	20.50	28.70	-	22.00
Real Estate	21.3	25.4	31.9	-	145.1

Services
Electricity, Gas & Water	4.00	7.00	6.30	-
Transport, Storage & Communication	12.80	7.40	5.30	-	14.20
Finance & Insurance	(0.4)	8.90	0.50	-	6.00
Government Services	9.70	6.90	6.00	-
Education Services	(0.9)	(1.4)	0.30	-	5.98

* Based on Index of Industrial Production (2011 = 100)

INDUSTRY :	MANUFACTURING


In the third quarter of 2014, manufacturing output has increased by 1.9%, extending the 1.5% growth in the previous quarter. Growth was largely driven by the biomedical manufacturing and chemicals clusters. Besides, for the whole 2013, the manufacturing sector grew by 1.7%, an uptick from the 0.3% growth recorded in the previous year. All clusters recorded an expansion in 2013, except the biomedical manufacturing cluster.

The chemicals cluster grew by 5.2% in the third quarter of 2014. Growth was led by the petrochemicals and specialty chemicals segments, which expanded by 8.9% and 7.1% respectively. By contrast, the petroleum segment contracted by 4.2% in the third quarter of 2014 due to plant maintenance shutdowns. For the year of 2013, the chemicals cluster grew only by 0.7%.

Besides, output of the biomedical manufacturing cluster expanded by 9.0% in the third quarter of 2014. The medical technology segment posted robust growth of 23% due to higher production of medical instruments and supplies, while the output of the pharmaceuticals segment rose by 6.2%. However, in the whole of 2013, the biomedical manufacturing cluster recorded only a flat growth.

In the third quarter of 2014, the transport engineering cluster contracted by 2.0%, dragged down by the aerospace segment. Output in the aerospace segment plunged by 18% on the back of fewer repair jobs from commercial airlines. This was mitigated by the 4.1% growth in the marine & offshore engineering segment, which was supported by higher contributions from rig building projects. Nonetheless, for the whole of 2013, the transport engineering cluster grew by 5.2%.

Moreover, output of the precision engineering cluster increased by 1.3% in the third quarter of 2014. The machinery & systems segment grew by 6.2%, supported by higher demand for semiconductor-related equipment and mechanical engineering work. This was partly offset by the decline in the output of the precision modules & components segment. Conversely, in the full year of 2013, the precision engineering cluster's output declined by 5.6%.

Furthermore, in the third quarter of 2014, output of the general manufacturing industries declined by 3.0%. The 2.1% growth in the food, beverages & tobacco segment was more than offset by declines in the other two segments. In particular, the miscellaneous industries segment contracted by 4.7% on the back of lower output in construction-related products, such as concrete & cement products and steel structural components. For the full year of 2013, the general manufacturing cluster grew by 2.8%.

Besides, in the third quarter of 2014, the electronics cluster expanded by 0.9%, reversing the 5.0% contraction in the previous quarter. Growth was supported by an expansion in the computer peripherals (6.3%) and data storage (2.6%) segments. Moreover, for the year 2013, the electronics cluster expanded by 3.5%.

OVERALL INDUSTRY OUTLOOK : MATURE

Incorporated in 2008, the Subject is a Private Limited company, focusing on manufacturing & repair of other general purpose machinery and equipments. 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. The Subject have a strong support from its shareholder. However, the Subject does not have a strong capital position. Without a strong capital, the Subject may face difficulties to expand its business compared to other large corporation.

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.

The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. The Subject managed to maintain an adequate liquidity level, indicating that the Subject has the ability to meet its financial obligations. The Subject has generated an unfavourable gearing ratio indicated that the Subject is in high financial risk. The Subject's unfavourable financial performance over the years has wiped out its shareholders' funds to a deficit of USD -10,204,608. Therefore, the Subject as a going concern is much dependent on its ability to generate sufficient cash flow and obtain additional financing to meet its future obligations.

The industry has reached its optimum level and is generally stable. It is saturated and very competitive. Thus, the Subject's growth prospect is very much depends on its capacity in sustaining its performance 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.

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

EMCO OVERSEAS PTE. LTD.

Financial Year End	2014-03-31	2013-03-31
Months	12	12
Consolidated Account	Company	Company
Audited Account	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES
Financial Type	FULL	FULL
Currency	USD	USD

Other Income	-	503,653
	----------------	----------------
Total Turnover	-	503,653
	----------------	----------------

PROFIT/(LOSS) FROM OPERATIONS	(1,388,048)	(2,821,542)
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	(1,388,048)	(2,821,542)
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	(1,388,048)	(2,821,542)
	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	(8,816,567)	(5,995,025)
	----------------	----------------
As restated	(8,816,567)	(5,995,025)
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	(10,204,615)	(8,816,567)
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	(10,204,615)	(8,816,567)
	=============	=============

INTEREST EXPENSE (as per notes to P&L)
Loan from holding company	801,976	863,412
Term loan / Borrowing	422,509	1,095,553
Others	51,405	46,375
	----------------	----------------
	1,275,890	2,005,340
	=============	=============

LONG TERM INVESTMENTS/OTHER ASSETS
Subsidiary companies	108,955	108,955
Associated companies	485,416	485,416
Investments	1,103	1,103
	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	595,474	595,474

	----------------	----------------
TOTAL LONG TERM ASSETS	595,474	595,474

Other debtors, deposits & prepayments	11,706,233	11,706,340
Amount due from associated companies	3,480,638	3,480,638
Cash & bank balances	80,646	47,066
	----------------	----------------
TOTAL CURRENT ASSETS	15,267,517	15,234,044
	----------------	----------------
TOTAL ASSET	15,862,991	15,829,518
	=============	=============

Other creditors & accruals	169,509	250,943
Bank overdraft	-	159,371
Short term borrowings/Term loans	2,600,000	-
Amounts owing to holding company	12,140,232	10,868,552
Amounts owing to subsidiary companies	318,516	318,516
Amounts owing to related companies	367,358	1,511,638
Amounts owing to associated companies	1,535,000	-
	----------------	----------------
TOTAL CURRENT LIABILITIES	17,130,615	13,109,020
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	(1,863,098)	2,125,024
	----------------	----------------
TOTAL NET ASSETS	(1,267,624)	2,720,498
	=============	=============

SHARE CAPITAL
Ordinary share capital	7	7
	----------------	----------------
TOTAL SHARE CAPITAL	7	7

Retained profit/(loss) carried forward	(10,204,615)	(8,816,567)
	----------------	----------------
TOTAL RESERVES	(10,204,615)	(8,816,567)

	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	(10,204,608)	(8,816,560)

Long term loans	8,900,000	11,500,074
Others	36,984	36,984
	----------------	----------------
TOTAL LONG TERM LIABILITIES	8,936,984	11,537,058
	----------------	----------------
	(1,267,624)	2,720,498
	=============	=============

Overall Assessment :

The turnover was nil as per the Registry.

Overall financial condition of the Subject : N/A

TYPES OF FUNDS
Cash	80,646	47,066
Net Liquid Funds	80,646	(112,305)
Net Liquid Assets	(1,863,098)	2,125,024
Net Current Assets/(Liabilities)	(1,863,098)	2,125,024
Net Tangible Assets	(1,267,624)	2,720,498
Net Monetary Assets	(10,800,082)	(9,412,034)
PROFIT & LOSS ITEMS
Earnings Before Interest & Tax (EBIT)	(112,158)	(816,202)
Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)	(112,158)	(816,202)
BALANCE SHEET ITEMS
Total Borrowings	11,500,000	11,659,445
Total Liabilities	26,067,599	24,646,078
Total Assets	15,862,991	15,829,518
Net Assets	(1,267,624)	2,720,498
Net Assets Backing	(10,204,608)	(8,816,560)
Shareholders' Funds	(10,204,608)	(8,816,560)
Total Share Capital	7	7
Total Reserves	(10,204,615)	(8,816,567)
LIQUIDITY (Times)
Cash Ratio	0	0
Liquid Ratio	0.89	1.16
Current Ratio	0.89	1.16
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0
Debtors Ratio	0	0
Creditors Ratio	0	0
SOLVENCY RATIOS (Times)
Gearing Ratio	(1.13)	(1.32)
Liabilities Ratio	(2.55)	(2.80)
Times Interest Earned Ratio	(0.09)	(0.41)
Assets Backing Ratio	(181,089.14)	388,642.57
PERFORMANCE RATIO (%)
Operating Profit Margin	0	0
Net Profit Margin	0	0
Return On Net Assets	8.85	(30.00)
Return On Capital Employed	8.85	(28.34)
Return On Shareholders' Funds/Equity	13.60	32.00
Dividend Pay Out Ratio (Times)	0	0
NOTES TO ACCOUNTS
Contingent Liabilities	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.14
UK Pound	1	Rs.100.55
Euro	1	Rs.71.26

INFORMATION DETAILS

Analysis Done by :	HNA

Report Prepared by :	ANK

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.