MIRA INFORM REPORT

Report No. :	341345
Report Date :	22.09.2015

IDENTIFICATION DETAILS

Name :	MGA INTERNATIONAL PTE. LTD.

Registered Office :	1 Raffles Place, #34-01 One Raffles Place, 048616

Country :	Singapore

Financials (as on) :	31.03.2014

Date of Incorporation :	07.03.2003

Com. Reg. No.:	200302074N

Legal Form :	Private Company Limited By Shares

Line of Business :	The Subject is engaged in the Trading, Importing and Exporting of Timber.

No. of Employees :	10 [Estimated]

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	Not Registered in New Zealand
Payment Behaviour :	--
Litigation :	--

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

IDENTIFICATION
Comments:	The given contact number, +64 (7) 9284250 / 9284264; and address refers to TPT FORESTS LIMITED. The respondent contacted, Ms. Nasha (Receptionist) clarified that TPT FORESTS LIMITED is a business partner of MGA INTERNATIONAL PTE. LTD., while the latter is registered and solely operates in Singapore.

Verified
Subject name:	MGA INTERNATIONAL PTE. LTD.
Address:	1 Raffles Place #34-01 One Raffles Place
Town:	Singapore
Zip/postal code:	048616
Country:	Singapore
Telephone:	+65 62243982
Fax:	+65 62243976
Email:	info@mga.com.sg
Website:	www.mga.com.sg

EXECUTIVE SUMMARY

Date registered:	07-03-2003
Legal form:	Private Company Limited by Shares
Authorised capital:	SGD 4,200,000
Sales turnover:	SGD 137,947,241 (12 months, 31-03-2014)
Main activities:	Timber trader.
Employees:	10 (Estimated)

REGISTRY DATA
Key Facts
Date registered:	07-03-2003
Legal form:	Private Company Limited by Shares
Registration no:	200302074N
Registry auth.:	Accounting and Corporate Regulatory Authority
Registry status:	Live/Active
Previous names:	MG FORESTS PTE. LTD. Present style adopted on 26-09-2007.

LEGAL FILINGS

Bankruptcy filings:	None
Court judgements:	None
Tax liens:	None
Other:	None

MANAGEMENT & STAFF
Key Managers
Name:	Gupta Mukesh
Job title:	Managing Director

Name:	Gupta Anju Mukeshkumar
Job title:	Director

Name:	Gupta Shivani Mukeshkumar
Job title:	Director

Name:	Nancy Julia Zehnder
Job title:	Company Secretary

Key Advisors
Auditor:	MGI MENON & ASSOCIATES 60, Robinson Road #11- 01 Bea Building Singapore 068892 Singapore

Staff
No of employees	10 (Estimated)

BOARD OF DIRECTORS / OTHER APPOINTMENTS
Appointments
Name:	Gupta Mukesh
Board function:	Managing Director
ID number:	S2719427C
Date appointed:	21-08-2003
Address:	2B Ramsgate Road Singapore 437473 Singapore

Name:	Gupta Anju Mukeshkumar
Board function:	Director
ID number:	S2719428A
Date appointed:	07-03-2003
Address:	2B Ramsgate Road Singapore 437473 Singapore

Name:	Gupta Shivani Mukeshkumar
Board function:	Director
ID number:	S8873609E
Date appointed:	30-04-2011
Address:	2B Ramsgate Road Singapore 437473 Singapore

Name:	Nancy Julia Zehnder
Board function:	Company Secretary
ID number:	S0240727B
Date appointed:	21-06-2010
Address:	58 Dakota Crescent #02-257 Singapore 390058 Singapore

SHARE CAPITAL
Composition
Authorised:	SGD 4,200,000
Number/type:	4,200,000 ordinary shares
Share value:	SGD 1
Issued:	SGD 4,200,000
Paid-up:	SGD 4,200,000

Shareholders/Owners

How Listed	Full List

Composition
Name:	MGA CORPORATION PRIVATE LIMITED
No. of shares:	2,940,000 ordinary shares
% of shares:	70.00%
Address:	Plot No: 244/1, N. H. 8-A PO Box 140 Ghandhidham Katch 370201 Gujarat India
Comment:	CIN: U51901GJ1996PTC031109 Registration No.: 031109 Registration Date: 08/11/1996

Name:	Gupta Mukesh
No. of shares:	1,260,000 ordinary shares
% of shares:	30.00%
Address:	2B Ramsgate Road Singapore 437473 Singapore

CORPORATE AFFILIATIONS
Structure
Name:	MGA CORPORATION PRIVATE LIMITED
Affiliation type:	Parent Company
Address:	Plot No: 244/1, N. H. 8-A PO Box 140 Ghandhidham Katch 370201 Gujarat India
Comment:	CIN: U51901GJ1996PTC031109 Registration No.: 031109 Registration Date: 08/11/1996

BANKING & FINANCING
Bankers
Bank name:	CITIBANK N.A.
Address:	Singapore

Bank name:	INDIAN BANK
Address:	Singapore

Charges & Mortgages	Charge 1 Charge Number C200805330 Date of Registration 13-06-2008 Name INDIAN BANK Amount Secured All Monies Charge 2 Charge Number C201102722 Date of Registration 04-03-2011 Name CITIBANK N.A. Amount Secured All Monies Charge 3 Charge Number C201303687 Date of Registration 08-03-2013 Name AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED Amount Secured All Monies Charge 4 Charge Number C201303692 Date of Registration 08-03-2013 Name AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED Amount Secured All Monies

Comments	It is generally not the policy of local banks to provide credit status information to non-bona fide applications, and interested parties would be advised to consult first with the Subject if banker's references are required.

FINANCIAL ACCOUNTS
Description
Required to file:	Yes
Source:	Commercial Registry Filings
Presentation:	Attached to this report / Summarised below
Date of accounts:	31-03-2014
Type of accounts:	Full audited
Currency:	Singapore Dollar (SGD)
Exchange rate:	USD 1 = SGD 1.4 as of 15-09-2015

Summarized
	31-03-2014		31-03-2013
Period:	12 months		12 months

Sales turnover:	137,947,241		129,136,801
Gross profit:	6,862,508		6,245,738
Profit before tax:	1,673,878		1,536,701
Profit after tax:	1,512,641		1,413,272
Non-current assets:	1,237,000		1,443,548
Current assets:	51,453,057		39,868,640
Total assets:	52,690,057		41,312,188
Current liabilities:	41,884,397		31,860,752
Non-curr. liabilities:	729,479		887,896
Total liabilities:	42,613,876		32,748,648
Shareholders' equity:	10,076,181		8,563,540

OPERATIONS & HISTORY
Activities
Full description:	The Subject is engaged in the trading, importing and exporting of timber.

Purchases
Import:	Malaysia, New Zealand, Papua New Guinea, Guyana, Suriname, Ivory Coast, Ghana and Liberia.

Sales
Export:	India, China and Vietnam.

PROPERTY & ASSETS
Premises	The Subject principally operates from premises located at the heading address, consisting of administrative offices.

PAYMENTS
Purchase Terms
Local:	Cash Credits 14-30 days
Imports:	L/Cs Credits 30 days net

Sales Terms
Local:	Cash Credits 14-30 days
Exports:	L/Cs Credits 30 days net

Debt Collections / Judgements	No negative information was found.

Payment Experience
Payment behaviour:	As trade references were not supplied, the Subject's payment track record history CANNOT BE ACCURATELY DETERMINED, but payments are believed to be PROMPT.

INVESTIGATIVE NOTES

Sources:		Interviews and material provided by the Subject Other official and local business sources


ATTACHMENTS

Attachments:		Financial statements Financial ratios

FINANCIAL RATIOS
	31-03-2014	31-03-2013	Trend
PROFITABILITY [%]
Gross Margin	4.97%	4.84%	2.69%
Gross Profit / Sales Turnover 100*
Operating Margin	N/A	N/A	N/A
Operating Profit / Sales Turnover 100*
Net Profit Margin	1.1%	1.09%	0.92%
Profit After Tax / Sales Turnover 100*
Return On Equity (ROE)	15.01%	16.5%	-9.03%
Profit After Tax / Equity 100*
Return On Assets (ROA)	2.87%	3.42%	-16.08%
Profit After Tax / Total Assets 100*
Return On Investment (ROI)	16.61%	17.94%	-7.41%
Profit Before Tax / Equity 100*
EFFICIENCY [%]
Asset Turnover	261.81%	312.59%	-16.24%
Sales Turnover / Total Assets 100*
Inventory Turnover	N/A	N/A	N/A
Sales Turnover / Inventory 100*
LIQUIDITY [%]
Current Ratio (CR)	122.85%	125.13%	-1.82%
Current Assets / Current Liabilities 100*
Quick Ratio (QR)	N/A	N/A	N/A
(Current Assets – Inventory) / Current Liabilities 100*
DEBT [%]
Debt Ratio	80.88%	79.27%	2.03%
Total Liabilities / Total Assets 100*
Long-Term Debt Ratio	7.24%	10.37%	-30.18%
Long-Term Liabilities / Equity 100*

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.75
UK Pound	1	Rs.102.17
Euro	1	Rs.74.37

INFORMATION DETAILS

Analysis Done by :	DIV

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.

MIRA INFORM REPORT

Unit