MIRA INFORM REPORT

Report Date :

05.08.2011

IDENTIFICATION DETAILS

Name :	VALENCY INTERNATIONAL TRADING PTE. LTD.

Registered Office :	10 Anson Road #17-23 International Plaza Singapore 079903

Country :	Singapore

Financials (as on) :	31.03.2010

Date of Incorporation :	06.02.2007

Com. Reg. No.:	200702113R

Legal Form :	Limited Private Company

Line of Business :	General Wholesale Trade

RATING & COMMENTS

MIRA’s` Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	S$1,000,000
Status :	Satisfactory
Payment Behaviour :	No Complaints
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^st, 2011

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Singapore

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Executive Summary

Company Name	:	VALENCY INTERNATIONAL TRADING PTE. LTD.
Registration No	:	200702113R
Date of Registration	:	06/02/2007
Former Name	:	NA
Date of Change of Name	:	NA
Type of Company	:	LIMITED PRIVATE COMPANY
Registered Address	:	10 ANSON ROAD #17-23 INTERNATIONAL PLAZA SINGAPORE 079903
Date of Change of Address	:	19/06/2007
Contact No.	:	62236141
Fax No.	:	62234252
Website	:	www.valencyinternational.com
Registered Activities	:	1. GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS) 2. WHOLESALE ON A FEE OR CONTRACT BASIS (EG COMMISSION AGENTS)
Issued Ordinary Capital*	:	$5,000,000.00 U.S. DOLLAR ,NO. OF SHARE : 500,000
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$5,000,000.00 U.S. DOLLAR
Paid-Up Preference Capital	:	NA
* Number of Shares includes number of Issued Treasury Shares
Issued Treasury Capital	:	NA
Paid-Up Treasury Capital	:	NA
No. of Local Subsidiaries	:	NA
No. of Local Associates	:	NA
Auditor	:	STAMFORD ASSOCIATES LLP
Bankers / Financiers	:	BANK OF BARODA THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED INDIAN BANK CITIBANK N.A. RAIFFEISEN BANK INTERNATIONAL AG OVERSEA-CHINESE BANKING CORPORATION LIMITED UCO BANK HABIB BANK LIMITED STANDARD CHARTERED BANK
Turnover	:	SGD - SIN 183,886,034.00 (FY2010)
Net Worth	:	SGD - SIN 12,806,175.00 (FY2010)
No. of Bank Charges	:	14
No. of Litigation Suits	:	NA
S1000 / SME 500 / FG50 Ranking	:	No found for SINGAPORE 1000 and SME 500
Compounded Annual Growth Rate (CAGR)	:	NA

Credit Recommendation

Recommended Credit Line

S$1,000,000

SHAREHOLDER DETAILS

NAME	:	PRAVEEN KUMAR JAIN
SHAREHOLDER ID	:	S2669189C
NATIONALITY	:	SINGAPORE CITIZEN
ADDRESS	:	110 TANJONG RHU ROAD #05-05 CAMELOT SINGAPORE 436928
NO. OF ORD SHARES	:	255,000
% OF SHAREHOLDING	:	51%
CURRENCY	:	U.S. DOLLAR

NAME	:	KIRMUSI INVESTMENTS LIMITED
SHAREHOLDER ID	:	T08UF0899B
NATIONALITY	:	VIRGIN ISLANDS, BRITISH
ADDRESS	:	P.O. BOX 957, OFFSHORE INCORPORATIONS CENTRE ROAD TOWN, TORTOLA, BRITISH VIRGIN ISLANDS
NO. OF ORD SHARES	:	245,000
% OF SHAREHOLDING	:	49%
CURRENCY	:	U.S. DOLLAR

OFFICER DETAILS

NAME	:	KOH HUI LIAK
ADDRESS	:	842 SIMS AVENUE #10-764 SINGAPORE 400842
POSITION	:	SECRETARY
DATE OF APPT	:	06/02/2007
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S0059247A

NAME	:	AJAIB HARI DASS
ADDRESS	:	17 JALAN INSAF THOMSON RISE ESTATE SINGAPORE 578013
POSITION	:	DIRECTOR
DATE OF APPT	:	29/05/2007
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S0889104D

NAME	:	PRAVEEN KUMAR JAIN
ADDRESS	:	110 TANJONG RHU ROAD #05-05 CAMELOT SINGAPORE 436928
POSITION	:	DIRECTOR MANAGING DIRECTOR
DATE OF APPT	:	25/05/2007 25/05/2007
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S2669189C

NAME	:	MRS SUNITA JAIN
ADDRESS	:	110 TANJONG RHU ROAD #05-05 CAMELOT SINGAPORE 436928
POSITION	:	DIRECTOR
DATE OF APPT	:	25/09/2007
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S2669190G

KEY PERSONNEL PROFILE

Name:	PRAVEEN KUMAR JAIN
NRIC Number:	S2669189C
Available Address:	110 TANJONG RHU ROAD #05-05 CAMELOT SINGAPORE 436928

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	VALENCY INTERNATIONAL TRADING PTE. LTD.	DIRECTOR	25/05/2007	255000	51.00
2	VALENCY INTERNATIONAL TRADING PTE. LTD.	MANAGING DIRECTOR	25/05/2007	255000	51.00

Previous Business

No.	Name	Status	Position	Appt Date	Last Known Inactive Date
1	FRONTLINE ASIA INTERNATIONAL TRADING COMPANY PTE LTD	STRUCK OFF	DIRECTOR	17/09/2001	05/06/2007
2	OVERSEAS TRADING & SHIPPING CO PTE LTD	LIVE COMPANY	DIRECTOR	05/09/1998	26/05/2007
3	S.S. INFORMATICS PTE LTD	STRUCK OFF	DIRECTOR	18/03/1996	05/10/2002
4	SINGAPORE INDIAN CHAMBER OF COMMERCE & INDUSTRY	LIVE COMPANY	DIRECTOR	16/04/2004	25/04/2008
5	SURYA ABHA INVESTMENTS PTE. LTD.	LIVE COMPANY	DIRECTOR	21/03/2007	26/05/2007
6	SURYA KIRAN INVESTMENTS PTE. LTD.	LIVE COMPANY	DIRECTOR	16/03/2007	26/05/2007
7	SURYA VINIYOG PTE. LTD.	LIVE COMPANY	DIRECTOR	12/03/2007	26/05/2007
8	SWISS SINGAPORE OVERSEAS ENTERPRISES PTE. LTD.	LIVE COMPANY	DIRECTOR	01/06/1997	26/05/2007

Bankruptcy Record

Case No.	Year	Date of Filing	Petitioner Name	Amount
No Trace

Litigation Search – Writ of Summons

Court	Case No.	Year	Date of Filing	Amount	Cause Category
M	3928	2002	19/02/2002	-	Negligence Related

SUBSIDIARIES AND ASSOCIATE COMPANIES

Company	Shareholdings (%)

NA

BANKERS/ FINANCIERS

Subject enjoys a normal banking routine with its bankers. To date, there have been 14 bank charges registered against Subject by its bankers. The charge numbers are:

1)	Charge No.	:	C201006029
	Date of Registration	:	15/07/2010
	Chargee	:	BANK OF BARODA
	Address	:	9 RAFFLES PLACE #34-02 REPUBLIC PLAZA SINGAPORE 048619

2)	Charge No.	:	C201005709
	Date of Registration	:	06/07/2010
	Chargee	:	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED
	Address	:	21 COLLYER QUAY #14-01 HSBC BUILDING SINGAPORE 049320

3)	Charge No.	:	C201002633
	Date of Registration	:	29/03/2010
	Chargee	:	INDIAN BANK
	Address	:	3 RAFFLES PLACE BHARAT BUILDING SINGAPORE 048617

4)	Charge No.	:	C201000460
	Date of Registration	:	14/01/2010
	Chargee	:	CITIBANK N.A.
	Address	:	3 TEMASEK AVENUE #12-00 CENTENNIAL TOWER SINGAPORE 039190

5)	Charge No.	:	C200907736
	Date of Registration	:	25/11/2009
	Chargee	:	INDIAN BANK
	Address	:	3 RAFFLES PLACE BHARAT BUILDING SINGAPORE 048617

6)	Charge No.	:	C200905589
	Date of Registration	:	04/09/2009
	Chargee	:	RAIFFEISEN BANK INTERNATIONAL AG
	Address	:	---

7)	Charge No.	:	C200905048
	Date of Registration	:	17/08/2009
	Chargee	:	INDIAN BANK
	Address	:	3 RAFFLES PLACE BHARAT BUILDING SINGAPORE 048617

8)	Charge No.	:	C200904872
	Date of Registration	:	07/08/2009
	Chargee	:	OVERSEA-CHINESE BANKING CORPORATION LIMITED
	Address	:	65 CHULIA STREET #26-00 OCBC CENTRE SINGAPORE 049513

9)	Charge No.	:	C200904870
	Date of Registration	:	07/08/2009
	Chargee	:	OVERSEA-CHINESE BANKING CORPORATION LIMITED
	Address	:	65 CHULIA STREET #26-00 OCBC CENTRE SINGAPORE 049513
10)	Charge No.	:	C200904685
	Date of Registration	:	29/07/2009
	Chargee	:	UCO BANK
	Address	:	3 RAFFLES PLACE #01-01 BHARAT BUILDING SINGAPORE 048617

11)	Charge No.	:	C200808755
	Date of Registration	:	19/09/2008
	Chargee	:	HABIB BANK LIMITED
	Address	:	3 PHILLIP STREET #01-03 COMMERCE POINT SINGAPORE 048693

12)	Charge No.	:	C200709161
	Date of Registration	:	26/10/2007
	Chargee	:	STANDARD CHARTERED BANK
	Address	:	6 BATTERY ROAD SINGAPORE 049909

13)	Charge No.	:	C200709160
	Date of Registration	:	26/10/2007
	Chargee	:	STANDARD CHARTERED BANK
	Address	:	6 BATTERY ROAD SINGAPORE 049909

14)	Charge No.	:	C200705104
	Date of Registration	:	03/07/2007
	Chargee	:	INDIAN BANK
	Address	:	3 RAFFLES PLACE BHARAT BUILDING SINGAPORE 048617

LITIGATION

Clear

COMPLIANCE RECORDS

Date of Last AGM	:	30/09/2010
Date of Last AR	:	28/10/2010
Date of A/C Laid At Last AGM	:	31/03/2010

FINANCIAL HIGHLIGHTS

Financial Figures	Company
	MAR 2010	% Change	MAR 2009	MAR 2008
Currency	SGD - SIN		SGD - SIN	SGD - SIN
Profit and Loss Key Figures
Turnover	183,886,034	17.04	157,113,349	109,973,505
Profit/(Loss) Before Tax	2,599,714	5.71	2,459,224	1,439,237
Profit After Tax attributable to Shareholders	2,340,072	6.23	2,202,851	1,120,052

Balance Sheet Key Figures
Total Assets	37,670,448	106.85	18,211,438	22,272,690
Current Assets	37,604,615	107.66	18,108,528	22,134,588
Non Current Assets	65,833	-36.03	102,910	138,102

Total Liabilities	24,864,273	154.17	9,782,486	18,196,880
Current Liabilities	23,715,497	145.53	9,658,926	18,053,761
Non Current Liabilities	1,148,776	829.73	123,560	143,119

Shareholders' Funds	12,806,175	51.93	8,428,952	4,075,810
Share Capital	7,125,710	41.15	5,048,225	2,955,758
Total Reserves	5,680,465	68.02	3,380,727	1,120,052

FINANCIAL RATIOS

	Company
	MAR 2010	MAR 2009	MAR 2008
Growth %
Year-on-Year Growth	17.04	42.86	NA

Profitability
Profit Margin (%)	1.27	1.40	1.02
Return on Equity (%)	18.27	26.13	27.48
Return on Assets (%)	6.21	12.10	5.03

Leverage
Total Debt/Equity (Times)	1.94	1.16	4.46
Current Debt/Equity (Times)	1.85	1.15	4.43
Long Term Debt To Equity (Times)	0.09	0.01	0.04
Total Asset To Total Equity (Times)	2.94	2.16	5.46

Asset Management
Total Assets Turnover (Times)	4.88	8.63	4.94
Fixed Assets Turnover (Times)	2,793.22	1,526.71	796.32

Liquidity
Current Ratio (Times)	1.59	1.87	1.23

FINANCIAL COMMENTARY

Profitability

The company yielded a rate of net profit on sales of 1.27 per cent in FY10 (FY09: 1.40 per cent). The company is now able to book in SGD - SIN 0.01 of profit for every SGD - SIN of sales in FY10, as compared with SGD - SIN 0.01 a year ago.

Liquidity

Current ratio stood at 1.59 times in FY10 (FY09: 1.87 times). This means that the company has SGD - SIN 1.59 of current assets for every SGD - SIN of current liability incurred.

A minimum figure of 1.0 would be considered the lowest limit that this figure should reach. Any business that has a current ratio near 1.0 may be heading for liquidity problems, and would need to be closely monitored. A figure greater than 2.0 would be more desirable, to act as a buffer against any short-term liquidity problems, and give creditors/bank managers a degree of comfort when granting credit/finance.

Leverage

Total debt-to-equity ratio notched 1.94 times in FY10, compared with 1.16 times in FY09. This means that the company requires additional external financing of SGD - SIN 1.94 for every SGD - SIN injected into its operations.

Generally, a total debt-to-equity ratio of less than 0.5 times is preferred. The ratio measures the proportion of the company's reliance on external debt for financing, relative to the shareholder's fund. A lower ratio would imply a greater financial safety and operating freedom for the company.

Efficiency Ratio

Return on equity was 18.27 per cent for Subject in the current financial period, as compared to 26.13 per cent a year ago. The return on equity measures the return earned on the owner's investment. Generally, the higher this return, the better off the owner.

Return on assets stood at 6.21 per cent (FY09: 12.10 per cent). The return on asset measures the overall effectiveness of management in generating profit with its available assets.

Total assets turnover ratio logged at 4.88 times in FY10 (FY09: 8.63 times). This ratio measures the company's ability to make productive use of its total assets to generate sales which reflects the efficiency of the management in utilising its resources.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.42
UK Pound	1	Rs.72.70
Euro	1	Rs.63.55

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

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%)

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