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

PROFIT AND LOSS ACCOUNT

BALANCE SHEET

FINANCIAL RATIO

MIRA INFORM REPORT

Report No. :	349878
Report Date :	19.11.2015

IDENTIFICATION DETAILS

Name :	CORAL POWER DEVELOPMENT PTE. LTD.

Registered Office :	30, Cecil Street, 10-05, Prudential Tower, 049712

Country :	Singapore

Financials (as on) :	31.12.2014

Date of Incorporation :	16.09.2011

Com. Reg. No.:	201128496-M

Legal Form :	Private Limited

Line of Business :	Services of investment [Note: We tried to confirm / obtain the detailed activity but the same is not available from any sources]

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 :	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

REGISTRATION NO.	:	201128496-M
COMPANY NAME	:	CORAL POWER DEVELOPMENT PTE. LTD.
FORMER NAME	:	N/A
INCORPORATION DATE	:	16/09/2011


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


REGISTERED ADDRESS	:	30, CECIL STREET, 10-05, PRUDENTIAL TOWER, 049712, SINGAPORE.
BUSINESS ADDRESS	:	30, CECIL STREET, 10-05, PRUDENTIAL TOWER, 049712, SINGAPORE.
TEL.NO.	:	65-65322902
FAX.NO.	:	N/A
CONTACT PERSON	:	TENG HONG JOE ( DIRECTOR )


PRINCIPAL ACTIVITY	:	SERVICES OF INVESTMENT

ISSUED AND PAID UP CAPITAL	:	1.00 ORDINARY SHARE, OF A VALUE OF USD 1.00

SALES	:	N/A
NET WORTH	:	USD (9,983) [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	:	MARGINAL 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) services of investment.

Share Capital History

Date	Issue & Paid Up Capital
13/11/2015	USD 1.00

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

Current Shareholder(s) :

Name	Address	IC/PP/Loc No	Shareholding	(%)
LAMBASA GLOBAL OPPORTUNITY FUND B.V. [USD 1]	PLETTERIJWEG, 43, WILLEMSTAD, CURACAO, NETHERLANDS.	T14UF4892	1.00	100.00
			---------------	------
			1.00	100.00
			============	=====

+ Also Director

DIRECTOR 1

Name Of Subject	:	TENG HONG JOE
Address	:	41, EWE BOON ROAD, 07-43, CRYSTAL TOWER, 259335, SINGAPORE.
IC / PP No	:	S2700348F



Nationality	:	SINGAPOREAN
Date of Appointment	:	27/06/2012

1)	Name of Subject	:	TENG HONG JOE
	Position	:	DIRECTOR

No Auditor found in our databank

1)	Company Secretary	:	GANESH KODUVAYUR
	IC / PP No	:	G3109780R

	Address	:	219A, BEDOK CENTRAL, 13-02, 461219, SINGAPORE.

No Banker found in our databank.

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

* 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 Subject refused to disclose its supplier.

Local	:	N/A

Overseas	:	N/A

Credit Term	:	N/A

Payment Mode	:	N/A

The Subject refused to disclose its clientele.

Services

INVESTMENT

Branch

Other Information:

The Subject is principally engaged in the (as a / as an) services of investment.

The Subject refused to disclose its business operation.

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-65322902
Match	:	N/A

Address Provided by Client	:	30, CECIL STREET, 10-05, 049712, SINGAPORE
Current Address	:	30, CECIL STREET, 10-05, PRUDENTIAL TOWER, 049712, SINGAPORE.
Match	:	NO

Other Investigations

On 16th November 2015, we contacted the Subject's Secretary and she provided limited information.

The address provided is incomplete.

The Subject's Secretary refused to disclose the fax number, number of employees and banker.

The Subject's Secretary also refused to disclose when it commence its business operation.

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 :	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

Incorporated in 2011, the Subject is a Private Limited company, focusing on services of investment. 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. 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. Due to its weak liquidity position, the Subject may face working capital deficiency in meeting its short term financial obligations if no fresh capital are injected into the Subject. Being a zero geared company, the Subject virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. The Subject's unfavourable financial performance over the years has wiped out its shareholders' funds to a deficit of USD -9,983. 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 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.

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

Financial Year End	2014-12-31	2013-12-31
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

PROFIT/(LOSS) FROM OPERATIONS	(9,984)	-
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	(9,984)	-
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	(9,984)	-
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	(9,984)	-
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	(9,984)	-
	=============	-

Cash & bank balances	1	1
	----------------	----------------
TOTAL CURRENT ASSETS	1	1
	----------------	----------------
TOTAL ASSET	1	1
	=============	=============

Other creditors & accruals	9,984	-
	----------------	----------------
TOTAL CURRENT LIABILITIES	9,984	-
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	(9,983)	1
	----------------	----------------
TOTAL NET ASSETS	(9,983)	1
	=============	=============

SHARE CAPITAL
Ordinary share capital	1	1
	----------------	----------------
TOTAL SHARE CAPITAL	1	1

Retained profit/(loss) carried forward	(9,984)	-
	----------------	----------------
TOTAL RESERVES	(9,984)	-

	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	(9,983)	1

	----------------	----------------
	(9,983)	1
	=============	=============

Overall Assessment :

The turnover was nil as per the Registry.

Overall financial condition of the Subject : N/A

TYPES OF FUNDS
Cash	1	1
Net Liquid Funds	1	1
Net Liquid Assets	(9,983)	1
Net Current Assets/(Liabilities)	(9,983)	1
Net Tangible Assets	(9,983)	1
Net Monetary Assets	(9,983)	1
PROFIT & LOSS ITEMS
Earnings Before Interest & Tax (EBIT)	0	0
Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)	(9,984)	0
BALANCE SHEET ITEMS
Total Borrowings	0	0
Total Liabilities	9,984	0
Total Assets	1	1
Net Assets	(9,983)	1
Net Assets Backing	(9,983)	1
Shareholders' Funds	(9,983)	1
Total Share Capital	1	1
Total Reserves	(9,984)	0
LIQUIDITY (Times)
Cash Ratio	0	0
Liquid Ratio	0	0
Current Ratio	0	0
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0
Debtors Ratio	0	0
Creditors Ratio	0	0
SOLVENCY RATIOS (Times)
Gearing Ratio	0	0
Liabilities Ratio	(1.00)	0
Times Interest Earned Ratio	0	0
Assets Backing Ratio	1.00	1.00
PERFORMANCE RATIO (%)
Operating Profit Margin	0	0
Net Profit Margin	0	0
Return On Net Assets	100.01	0
Return On Capital Employed	100.01	0
Return On Shareholders' Funds/Equity	100.01	0
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.66.11
UK Pound	1	Rs.100.51
Euro	1	Rs.70.39

INFORMATION DETAILS

Analysis Done by :	KAR

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.