MIRA INFORM REPORT

Report No. :	341123
Report Date :	18.09.2015

IDENTIFICATION DETAILS

Name :	PARGAN SINGAPORE PTE LTD

Registered Office :	101, Cecil Street, 22-08, Tong Eng Building, 069533

Country :	Singapore

Date of Incorporation :	19.04.1997

Com. Reg. No.:	199702633-Z

Legal Form :	Exempt Private

Line of Business :	Trading of Timber and Allied Products, Agro-Commodities.

No. of Employees :	10 [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 :	Slow but correct

Litigation :	Exist

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.

199702633-Z

COMPANY NAME

PARGAN SINGAPORE PTE LTD

FORMER NAME

N/A

INCORPORATION DATE

19/04/1997

COMPANY STATUS

EXIST

LEGAL FORM

EXEMPT PRIVATE

LISTED STATUS

REGISTERED ADDRESS

101, CECIL STREET, 22-08, TONG ENG BUILDING, 069533, SINGAPORE.

BUSINESS ADDRESS

101, CECIL STREET, 22-08, TONG ENG BUILDING, 069533, SINGAPORE.

TEL.NO.

65-62213716

FAX.NO.

65-62201691

WEB SITE

WWW.PARGAN.NET

CONTACT PERSON

BASANT KUMAR MAHESHWARI ( DIRECTOR )

PRINCIPAL ACTIVITY

TRADING OF TIMBER AND ALLIED PRODUCTS, AGRO-COMMODITIES

ISSUED AND PAID UP CAPITAL

2,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 2,000,000.00

SALES

N/A

NET WORTH

N/A

STAFF STRENGTH

10 [2015]

BANKER (S)

OVERSEA-CHINESE BANKING CORPORATION LTD
OVERSEA-CHINESE BANKING CORPORATION LIMITED
UNITED OVERSEAS BANK LIMITED

LITIGATION

TRACED

FINANCIAL CONDITION

N/A

PAYMENT

N/A

MANAGEMENT CAPABILITY

AVERAGE

COMMERCIAL RISK

LOW

CURRENCY EXPOSURE

HIGH

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 timber and allied products, agro-commodities.

Share Capital History

Date	Issue & Paid Up Capital
17/09/2015	SGD 2,000,000.00

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

Current Shareholder(s) :

Name	Address	IC/PP/Loc No	Shareholding	(%)
BASANT KUMAR MAHESHWARI +	99, MEYER ROAD 10-02, SOVEREIGN, 437920, SINGAPORE.	S2613463C	1,200,000.00	60.00
LALITA BASANT MAHESHWARI +	99, MEYER ROAD, 10-02, SOVEREIGN, 437920, SINGAPORE.	S2613464A	800,000.00	40.00
			---------------	------
			2,000,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	LALITA BASANT MAHESHWARI
Address	:	99, MEYER ROAD, 10-02, SOVEREIGN, 437920, SINGAPORE.
IC / PP No	:	S2613464A



Nationality	:	SINGAPOREAN
Date of Appointment	:	15/06/2001

DIRECTOR 2

Name Of Subject	:	BASANT KUMAR MAHESHWARI
Address	:	99, MEYER ROAD 10-02, SOVEREIGN, 437920, SINGAPORE.
IC / PP No	:	S2613463C



Nationality	:	SINGAPOREAN
Date of Appointment	:	19/04/1997

MANAGEMENT

1)	Name of Subject	:	BASANT KUMAR MAHESHWARI
	Position	:	DIRECTOR

AUDITOR

Auditor	:	S. RENGANATHAN & CO.
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	MS. FOO SOON SOO
	IC / PP No	:	S1310912E

	Address	:	63, TAVISTOCK AVENUE, SERANGOON GARDEN ESTATE, 555161, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)	Name	:	OVERSEA-CHINESE BANKING CORPORATION LTD

2)	Name	:	OVERSEA-CHINESE BANKING CORPORATION LIMITED

Name

UNITED OVERSEAS BANK LIMITED

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C200906378	08/10/2009	N/A	OVERSEA-CHINESE BANKING CORPORATION LIMITED	-	Unsatisfied
C201304919	09/04/2013	N/A	STANDARD CHARTERED BANK (SINGAPORE)	-	Unsatisfied
C201305032	11/04/2013	N/A	STANDARD CHARTERED BANK (SINGAPORE)	-	Unsatisfied
C201507136	25/06/2015	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C201507203	26/06/2015	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C201507207	26/06/2015	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied

LITIGATION CHECK AGAINST SUBJECT

* A check has been conducted in our databank against the Subject whether the subject has been involved in any litigation.

LEGAL ACTION

Code No

Case No

252

Year

2007

Place

SINGAPORE

Court

SUPREME COURT

Date Filed

20/04/2007

Solicitor

HARESH KAMDAR

Solicitor Ref

HK 2007 CO 2

Solicitor Firm

KAMDAR & ASSOCIATES

Plaintiff

SAJ VIET OVERSEAS PRIVATE LIMITED

Defendants

PARGAN SINGAPORE PTE LTD (199702633)

Hearing Date

N/A

Amount Claimed

161037.02

Nature of Claim

USD

Remark

CONTRACT-PROVISION OF SERVICES

Code No

Case No

712

Year

2007

Place

SINGAPORE

Court

SUPREME COURT

Date Filed

07/11/2007

Solicitor

SINGH PURAIN DARSHAN

Solicitor Ref

DSP/S.07.6655.N

Solicitor Firm

DARSHAN & TEO

Plaintiff

SAJVIET OVERSEAS PRIVATE LIMITED

Defendants

PARGAN SINGAPORE PTE LTD (199702633)

Hearing Date

N/A

Amount Claimed

161037.02

Nature of Claim

USD

Remark

OTHERS/MISCELLANEOUS

No winding up petition was found in our databank

PAYMENT RECORD


SOURCES OF RAW MATERIALS:
Local	:	NO	Percentage	:	0%
Overseas	:	YES	Percentage	:	100%
Import Countries	:	MALAYSIA,INDONESIA,VIETNAM,NIGERIA,ASIA,INDIA

CLIENTELE

Local	:	YES	Percentage	:	50%
Domestic Markets	:	SINGAPORE
Overseas	:	YES	Percentage	:	50%
Export Market	:	WORLDWIDE
Credit Term	:	AS AGREED

Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Goods Traded

TIMBER AND ALLIED PRODUCTS, AGRO-COMMODITIES

Total Number of Employees:
YEAR	2015	2014	2012

GROUP	N/A	N/A	N/A
COMPANY	10	10	10

Branch

Other Information:

The Subject is principally engaged in the (as a / as an) trading of timber and allied products, agro-commodities.

Products dealings:

Timber logs
* teak
* keruing
* merbau
* selangan batu
* meranti
* kapur
* resak
* arau
* pyinkado
* pinyau
* pine

Other timber products
* particle boards
* plywood
* veneer
* sawn timber

Cashew nuts
* raw cashew nuts
* cashew kernels

Various grades:

white whole
* ww-180 & ww-210 (only from india)
* ww-240

Miscellaneous
* scorched whole (sw)
* dessert whole (dw)
* large white pieces (lwp/lp)

Agro-commodities:
* clove
* black eye beans
* broad beans
* ginger
* white half walnut meat
* small dried pepper
* tumbric
* white sesame seeds
* butter beans
* sesame cake
* chinese soya bean meal
* yellow maize
* burmese groundnut cake
* large speckled kidney bean
* corriander
* leutils
* peanut
* castor seeds kap
* green bean
* light speckled kidney beans
* brown sesame seeds
* pearl beans
* white pumpkin seeds meat
* red kidney bean
* toorwhole
* gram dhall
* black matpe
* cummin
* red bean

Different specifications for some of the products that they supply:
rice
* basmati, parboiled, white rice, broken
* origin - india, thailand, vietnam

sesame seeds
* hulled, non hulled, white, brown
* origin - india, ghana, tanzania

ginger
* dry whole, dry split
* origin - myanmar, nigeria, vietnam

turmeric
* finger, sliced, raw, polished
* origin - myanmar, vietnam

general merchandise

biscuit & confectionery
import countries:
* malaysia
* indonesia
* vietnam

building material
import countries:
* vietnam
* india

carbon black
import countries:
* india

crown caps, lug caps, plastic closures, and ropp aluminium caps
(used by food and beverage manufacturers)

import countries:
* india

electric oven
import countries:
* china

jute and jute bags
import countries:
* bangladesh
* india

footwear
import countries:
* vietnam

fruit juices and fruit flavors
import countries:
* malaysia
* thailand
* vietnam

garments
(cotton, lace and embroidered)
import countries:
* indonesia
* india

gas stove
import countries:
* india

glass bottles
import countries:
* indonesia
* india

milk & milk products
import countries:
* indonesia
* vietnam
* india

steel
import countries:
* india

toiletries
import countries:
* indonesia
* india

tyres
import countries:
* india
* china

The SC is a member of the following entities:
* singapore indian chamber of commerce and industries
* singapore traders association
* singapore business federation
* world cashew association

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	62213716
Current Telephone Number	:	65-62213716
Match	:	YES

Address Provided by Client	:	101 CECIL STREET, 22.08, TONG ENG BULDING SINGAPORE 069533
Current Address	:	101, CECIL STREET, 22-08, 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.

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 :	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 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 1997, the Subject is an Exempt Private company, focusing on trading of timber and allied products, agro-commodities. 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 2,000,000 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.

Over the years, the Subject has established an extensive clientele base in the market. Besides catering to the local market, the Subject has penetrated into other countries. With the contribution of both local and overseas customers, the Subject is likely to be exposed to lower commercial risk. Hence, we believe that the Subject has better business expansion opportunities in the future. 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.

Investigation revealed that the Subject's supplies are 100% sourced from overseas countries. As an imported oriented company, its forex exposure is high. The Subject faces foreign currency fluctuation which may affect its overall operating costs.

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.66.50
UK Pound	1	Rs.101.99
Euro	1	Rs.75.03

INFORMATION DETAILS

Analysis Done by :	TRI

Report Prepared by :	NIT

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.