EXECUTIVE SUMMARY

HISTORY / BACKGROUND

DIRECTORS

MANAGEMENT

AUDITOR

COMPANY SECRETARIES

BANKING

ENCUMBRANCE (S)

LITIGATION CHECK - SUBJECT COMPANY AS A DEFENDANT

PAYMENT RECORD

CLIENTELE

OPERATIONS

CURRENT INVESTIGATION

FINANCIAL ANALYSIS

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

INDUSTRY ANALYSIS

CREDIT RISK EVALUATION & RECOMMENDATION

FINANCIAL ACCOUNT

EXECUTIVE SUMMARY

HISTORY / BACKGROUND

DIRECTORS

MANAGEMENT

AUDITOR

COMPANY SECRETARIES

BANKING

ENCUMBRANCE (S)

LITIGATION CHECK - SUBJECT COMPANY AS A DEFENDANT

PAYMENT RECORD

CLIENTELE

OPERATIONS

CURRENT INVESTIGATION

FINANCIAL ANALYSIS

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

INDUSTRY ANALYSIS

CREDIT RISK EVALUATION & RECOMMENDATION

FINANCIAL ACCOUNT

MIRA INFORM REPORT

MIRA INFORM REPORT

Unit

Report No. :	492780
Report Date :	23.02.2018

IDENTIFICATION DETAILS

Name :	IORA INTERNATIONAL PTE. LTD.

Registered Office :	138. Cecil Street, 03-02, Cecil Court, 069538

Country :	Singapore

Date of Incorporation :	05.02.2013

Com. Reg. No.:	201303645R

Legal Form :	Exempt Private (Limited By Share)

Line of Business :	The subject is principally engaged in the trading of ferrous & nonferrous metals, commodity.

No. of Employees :	15 [2018]

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

Credit Rating

Explanation

Rating Comments

Medium Risk

Business dealings permissible on a regular monitoring basis

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

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Singapore

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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. Growth in 2014-17 was slower than during the previous decade, at under 3% annually, 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 growth, and increasing Singaporean wages. Singapore has attracted major investments in advanced manufacturing, pharmaceuticals, and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and technology hub. Singapore is a member of the Regional Comprehensive Economic Partnership negotiations with the nine other ASEAN members plus Australia, China, India, Japan, South Korea, and New Zealand. In 2015, Singapore formed, with the other ASEAN members, the ASEAN Economic Community.

Source : CIA

REGISTRATION NO.

201303645R

COMPANY NAME

IORA INTERNATIONAL PTE. LTD.

FORMER NAME

N/A

INCORPORATION DATE

05/02/2013

COMPANY STATUS

EXIST

LEGAL FORM

EXEMPT PRIVATE (LIMITED BY SHARE)

LISTED STATUS

REGISTERED ADDRESS

138. CECIL STREET, 03-02, CECIL COURT, 069538, SINGAPORE.

BUSINESS ADDRESS

138, CECIL STREET 03-02 CECIL COURT, 069538, SINGAPORE.

TEL.NO.

65-69668706

FAX.NO.

65-69668769

INFO@IORAINTERNATIONAL.COM

WEB SITE

WWW.IORAINTERNATIONAL.COM

CONTACT PERSON

MOHIT GAGNEJA ( MANAGING DIRECTOR )

PRINCIPAL ACTIVITY

TRADING OF FERROUS & NON FERROUS METALS, COMMODITY

ISSUED AND PAID UP CAPITAL

5,000,000.00 ORDINARY SHARE, OF A VALUE OF USD 5,000,000.00

SALES

N/A

NET WORTH

N/A

STAFF STRENGTH

15 [2018]

BANKER (S)

BANK OF INDIA
CITIBANK N.A.

LITIGATION

CLEAR

FINANCIAL CONDITION

N/A

PAYMENT

UNKNOWN

MANAGEMENT CAPABILITY

AVERAGE

COMMERCIAL RISK

MODERATE

CURRENCY EXPOSURE

MODERATE

GENERAL REPUTATION

SATISFACTORY

INDUSTRY OUTLOOK

AVERAGE GROWTH

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 ≤ SGD10 million, or total assets ≤ SGD10 million or number of employees ≤ 50 (meet at least 2 criteria for immediate past two financial years) are exempted from statutory auditing requirements. 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.

An exempt private company with an annual turnover of more than SGD10 million, or total assets more than SGD10 million or number of employees more than 50 (meet at least 2 criteria for immediate past two financial years) are required to file the audited financial.

The subject is principally engaged in the (as a / as an) trading of ferrous & nonferrous metals, commodity.

Share Capital History

Date	Issue & Paid Up Capital
21/02/2018	USD 5,000,000.00

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

Current Shareholder(s) :

Name	Address	IC/PP/Loc No	Shareholding	(%)
MOHIT GAGNEJA +	130, TANJONG RHU ROAD, 03-20, PEBBLE BAY, 436918, SINGAPORE.	G3027005W	1,000,000.00	20.00
TIWARI ANAND +	62, BAYSHORE ROAD, 09-08, BAYSHORE PARK, 469983, SINGAPORE.	G3046118K	1,000,000.00	20.00
GUPTA ALOK KUMAR +	A-601, VARDHMAN APARTMENTS, MAYUR VIHAR PHASE-1, DELHI, 110091, INDIA.	Z2213554	1,000,000.00	20.00
SURESH KUMAR PANDEY	AU/09, NEW NAVY NAGAR COLABA, MUMBAI, MAHARASHTRA 400005 ,INDIA	L2489465	1,000,000.00	20.00
DEEPA CHHATANI	124, A/547, BLOCK-11, GOVIND NAGAR ,KANPUR, UTTAR PRADESH 208006 ,INDIA	K2487980	1,000,000.00	20.00
			---------------	------
			5,000,000.00	100.00
			============	=====

+ Also Director

DIRECTOR 1

Name Of Subject	:	GUPTA ALOK KUMAR
Address	:	A-601, VARDHMAN APARTMENTS, MAYUR VIHAR PHASE-1, DELHI, 110091, INDIA.
IC / PP No	:	Z2213554



Nationality	:	INDIAN
Date of Appointment	:	05/02/2013

INTEREST CHECK


Interest in companies	:	see below
Interest in business	:	none in our databank
Former interest	:	none in our databank

INTEREST IN COMPANY

No	Local No	Company	Designation	App Date	Shareholding		Profit/(loss) After Tax	Financial Year	Status	As At
					No.	%
1	201303645R	IORA INTERNATIONAL PTE. LTD.	Director	05/02/2013	1,000,000.00	20.00	282.00	-	-	21/02/2018

DIRECTOR 2

Name Of Subject	:	TIWARI ANAND
Address	:	62, BAYSHORE ROAD, 09-08, BAYSHORE PARK, 469983, SINGAPORE.
IC / PP No	:	G3046118K



Nationality	:	INDIAN
Date of Appointment	:	04/01/2016

INTEREST CHECK


Interest in companies	:	see below
Interest in business	:	none in our databank
Former interest	:	none in our databank

INTEREST IN COMPANY

No	Local No	Company	Designation	App Date	Shareholding		Profit/(loss) After Tax	Financial Year	Status	As At
					No.	%
1	201303645R	IORA INTERNATIONAL PTE. LTD.	Director	04/01/2016	1,000,000.00	20.00	282.00	-	-	21/02/2018

DIRECTOR 3

Name Of Subject	:	MOHIT GAGNEJA
Address	:	130, TANJONG RHU ROAD, 03-20, PEBBLE BAY, 436918, SINGAPORE.
IC / PP No	:	G3027005W



Nationality	:	INDIAN
Date of Appointment	:	12/03/2013

INTEREST CHECK


Interest in companies	:	see below
Interest in business	:	none in our databank
Former interest	:	none in our databank

INTEREST IN COMPANY

No	Local No	Company	Designation	App Date	Shareholding		Profit/(loss) After Tax	Financial Year	Status	As At
					No.	%
1	201303645R	IORA INTERNATIONAL PTE. LTD.	Director	12/03/2013	1,000,000.00	20.00	282.00	-	-	21/02/2018

1)	Name of Subject	:	MOHIT GAGNEJA
	Position	:	MANAGING DIRECTOR

Auditor	:	SASHI KALA DEVI ASSOCIATES
Auditor' Address	:	N/A

1)	Company Secretary	:	MAYA DEVI D/O S. RENGANATHAN
	IC / PP No	:	S1248652I

	Address	:	31, CANTONMENT ROAD, 089747, SINGAPORE.

Banking relations are maintained principally with :

1)	Name	:	BANK OF INDIA

2)	Name	:	CITIBANK N.A.

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C201608146	17/08/2016	N/A	BANK OF INDIA	-	Unsatisfied
C201610172	06/10/2016	N/A	CTBC BANK CO., LTD.	-	Unsatisfied
C201610184	06/10/2016	N/A	CTBC BANK CO., LTD.	-	Unsatisfied
C201705968	19/06/2017	N/A	MACQUARIE BANK LIMITED SINGAPORE BRANCH	-	Unsatisfied
C201801735	13/02/2018	N/A	CITIBANK N.A.	-	Unsatisfied
C201801739	13/02/2018	N/A	CITIBANK N.A.	-	Unsatisfied

* A check has been conducted in our databank against 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 suppliers.

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

Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

Goods Traded

FERROUS & NON FERROUS METALS, COMMODITY

Total Number of Employees:
YEAR	2018	2017

GROUP	N/A	N/A
COMPANY	15	10

Branch

Other Information:

The Subject is principally engaged in the (as a / as an) trading of ferrous & non ferrous metals, commodity.

The Subject deals in wide range of raw materials such as Coal, Iron Ore, Chemicals, Intermediates etc.

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-69668706
Match	:	N/A

Address Provided by Client	:	138 CECIL STREET, 03-02 069538
Current Address	:	138, CECIL STREET 03-02 CECIL COURT, 069538, SINGAPORE.
Match	:	NO

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 he provided some information.

The address provided is incomplete.

Major Economic Indicators :	2012	2013	2014	2015	2016*

Population (Million)	5.31	5.40	5.47	5.54	5.63
Gross Domestic Products ( % )	1.3	3.7	(3.5)	3.7	4.8
Consumer Price Index	4.6	2.4	2.4	(0.5)	(0.7)
Total Imports (Million)	474,554.0	466,762.0	463,779.1	407,767.9	398,372.0
Total Exports (Million)	510,329.0	513,391.0	518,922.7	476,285.4	468,552.0

Unemployment Rate (%)	2.0	1.9	1.9	1.9	2.1
Tourist Arrival (Million)	14.49	15.46	15.01	15.23	16.28
Hotel Occupancy Rate (%)	86.4	86.3	85.5	85.0	-
Cellular Phone Subscriber (Million)	1.52	1.97	1.98	1.99	-

Registration of New Companies (No.)	31,892	37,288	41,589	34,243	35,528
Registration of New Companies (%)	(1.3)	9.8	11.5	(17.7)	3.8
Liquidation of Companies (No.)	17,218	17,369	18,767	21,384	-
Liquidation of Companies (%)	9.4	(5.3)	8.0	13.9	-

Registration of New Businesses (No.)	24,788	22,893	35,773	28,480	33,326
Registration of New Businesses (%)	5.51	1.70	56.30	(20.39)	17.02
Liquidation of Businesses (No.)	22,489	22,598	22,098	26,116	-
Liquidation of Businesses (%)	(2.2)	0.5	(2.2)	18.2	-

Bankruptcy Orders (No.)	1,748	1,992	1,757	1,776	-
Bankruptcy Orders (%)	14.5	14.0	(11.8)	1.0	-
Bankruptcy Discharges (No.)	1,881	2,584	3,546	3,499	-
Bankruptcy Discharges (%)	35.2	37.4	37.2	(1.3)	-

INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	5.16	1.78	4.29	3.04	-
Fish Supply & Wholesale	(0.5)	(3.8)	(8.6)	(8.5)	(9.9)

Manufacturing #
Food, Beverages & Tobacco	97.9	97.9	99.4	100.0	103.7
Textiles	140.1	119.5	102.7	100.0	93.3
Wearing Apparel	395.4	334.1	212.6	100.0	80.3
Leather Products & Footwear	109.5	122.0	106.5	100.0	93.2
Wood & Wood Products	93.3	103.0	107.2	100.0	90.5
Paper & Paper Products	98.5	104.4	104.5	100.0	99.7
Printing & Media	122.8	113.8	105.968	100.0	86.9
Crude Oil Refineries	107.1	100.7	92.2	100.0	100.5
Chemical & Chemical Products	85.3	88.4	96.7	100.0	97.6
Pharmaceutical Products	103.8	101.421	109.4	100.0	115.9
Rubber & Plastic Products	113.5	109.497	109.2	100.0	87.9
Non-metallic Mineral	108.8	107.4	90.759	100.0	93.6
Basic Metals	91.5	77.2	99.3	100.0	113.1
Fabricated Metal Products	107.314	107.5	107.757	100.0	91.7
Machinery & Equipment	107.3	109.1	118.2	100.0	79.3
Electrical Machinery	80.102	87.4	97.871	100.0	99.3
Electronic Components	100.7	105.0	105.6	100.0	106.3
Transport Equipment	109.9	111.1	106.68	100.0	98.7

Construction	28.70	25.40	22.00	-	-
Real Estate	31.9	88.5	145.1	-	-

Services
Electricity, Gas & Water	6.30	6.70	6.50	-	-
Transport, Storage & Communication	5.30	9.80	14.20	-	-
Finance & Insurance	0.50	3.30	6.00	-	7.40
Government Services	6.00	6.50	6.30	-	-
Education Services	0.30	3.10	5.98	-	2.40

* Estimate / Preliminary
# Based on Index of Industrial Production (2015 = 100)

INDUSTRY :	TRADING


The wholesale & retail trade sector expanded by 6.8% in the third quarter of 2015, higher than the 6.0% growth in the preceding quarter. Growth was supported by both the wholesale trade and retail trade segments. The wholesale trade segment was boosted by an increase in both domestic and foreign wholesale trade sales volume. In particular, the domestic wholesale trade index rose by 7.4%, following the 8.1 % increase in the previous quarter. The strong performance in domestic wholesale trade was due to a surge in the sales of petroleum and petroleum products (14%), chemicals & chemical products (39%) and telecommunications & computers (18%).

Similarly, the foreign wholesale trade index rose by 10% in the third quarter of 2015, accelerating from the 6.9% rise in the previous quarter. Growth was driven by improvements in the sales of petroleum & petroleum products (21%), metals, timber & construction materials (10%) and general wholesale trade (8.8%).

Overall retail trade sales volume also recorded resilient growth of 5.6% in the third quarter of 2015, extending the 6.4 % expansion in the second quarter. Growth was supported by a surge in the volume of motor vehicle sales (44%), which was in turn due to a substantial increase in the supply of Certificate of Entitlements. Excluding motor vehicles, retail sales volume increased at a much slower pace of 0.7% over the same period. The increase in retail sales volume (excluding motor vehicles) was due to improved non-discretionary goods sales. For instance, the sales of medical goods & toiletries and department store goods rose by 8.1% and 3.6% respectively.

According to the Retail News Asia, Food and beverage has overtaken fashion as the primary driver of demand for retail real estate in Singapore. Despite declining retail sales and consumer spending, the prime retail sector remained in good shape during the third quarter 2015.

OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH

Incorporated in 2013, the Subject is an Exempt Private company, focusing on trading of ferrous & non ferrous metals, commodity. 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. Presently, the issued and paid up capital of the Subject stands at USD 5,000,000. The Subject does not have strong shareholders' backing. Without a strong shareholders' backing, the opportunity of the Subject to expand its business is limited.

Investigation revealed, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. Being a small company, the Subject's business operation is supported by 15 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.

No financial accounts are available for analysis. As such, we are not able to comment on the Subject's current financial standing.

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.

No latest financial accounts are available at the Registry Office.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.05
UK Pound	1	INR 90.41
Euro	1	INR 79.83
SGD	1	INR 49.00

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	NIS

Report Prepared by :	TPT

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.

An exempt private company with an annual turnover of ≤ SGD10 million, or total assets ≤ SGD10 million or number of employees ≤ 50 (meet at least 2 criteria for immediate past two financial years) are exempted from statutory auditing requirements. 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.

An exempt private company with an annual turnover of more than SGD10 million, or total assets more than SGD10 million or number of employees more than 50 (meet at least 2 criteria for immediate past two financial years) are required to file the audited financial.

Overall financial condition of the Subject : N/A