MIRA INFORM REPORT

Report Date :

06.12.2011

IDENTIFICATION DETAILS

Name :	RELAYTRONICS SINGAPORE PTE. LTD.
Registered Office :	10 Ubi Crescent #02-82 Ubi Techpark Singapore 408564
Country :	Singapore
Financials (as on) :	31.03.2010
Date of Incorporation :	17.01.2004
Com. Reg. No.:	200400708C
Legal Form :	Limited Exempt Private Company
Line of Business :	Other Business Support Services Activities(Eg Administration Of Loyalty Programmes)
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

C

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

Status :	Poor
Payment Behaviour :	Unknown
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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
Singapore	A1	A1

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

Executive Summary

Company Name	:	RELAYTRONICS SINGAPORE PTE. LTD.
Registration No	:	200400708C
Date of Registration	:	17/01/2004
Former Name	:	NA
Date of Change of Name	:	NA
Type of Company	:	LIMITED EXEMPT PRIVATE COMPANY
Registered Address	:	10 UBI CRESCENT #02-82 UBI TECHPARK SINGAPORE 408564
Date of Change of Address	:	26/05/2009
Contact No.	:	63347851
Fax No.	:	63347851
Website	:	www.relaytronics.com
Registered Activities	:	1. OTHER BUSINESS SUPPORT SERVICES ACTIVITIES NEC (EG ADMINISTRATION OF LOYALTY PROGRAMMES) INTN'L PROCUREMENT HUB WITH TESTING/QUALITY CONTROL FOR PRODUCT CERTIFICATION 2. WHOLESALE OF ELECTRONIC COMPONENTS
Issued Ordinary Capital*	:	$607,411.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 607,411
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$607,411.00 SINGAPORE, DOLLARS
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	:	NATARAJAN & SWAMINATHAN
Bankers / Financiers	:	BANK OF INDIA MALAYAN BANKING BERHAD
Turnover	:	SGD - SIN 4,400,268.00 (FY2010)
Net Worth	:	SGD - SIN 1,066,313.00 (FY2010)
No. of Bank Charges	:	3
No. of Litigation Suits	:	NA
S1000 / SME 500 / FG50 Ranking	:	No found for SINGAPORE 1000 and SME 1000
Compounded Annual Growth Rate (CAGR)	:	NA

SHAREHOLDER DETAILS

NAME	:	AMIT MEHTA
SHAREHOLDER ID	:	S7364817C
NATIONALITY	:	INDIAN
ADDRESS	:	16 SIMEI STREET 1 #03-11 MELVILLE PARK SINGAPORE 529942
NO. OF ORD SHARES	:	425,188
% OF SHAREHOLDING	:	70%
CURRENCY	:	SINGAPORE, DOLLARS
NAME	:	NEHA MEHTA
SHAREHOLDER ID	:	S7860140Z
NATIONALITY	:	SINGAPORE P.R.
ADDRESS	:	16 SIMEI STREET 1 #03-11 MELVILLE PARK SINGAPORE 529942
NO. OF ORD SHARES	:	182,223
% OF SHAREHOLDING	:	30%
CURRENCY	:	SINGAPORE, DOLLARS

OFFICER DETAILS

NAME	:	VANGAL RANGARAJAN RANGANATHAN
ADDRESS	:	207 SERANGOON CENTRAL #11-198 SINGAPORE 550207
POSITION	:	SECRETARY
DATE OF APPT	:	21/07/2005
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S2662860A
NAME	:	AMIT MEHTA
ADDRESS	:	16 SIMEI STREET 1 #03-11 MELVILLE PARK SINGAPORE 529942
POSITION	:	DIRECTOR
DATE OF APPT	:	22/09/2004
NATIONALITY	:	INDIAN
I/C PASSPORT	:	S7364817C

KEY PERSONNEL PROFILE

Name:	AMIT MEHTA
NRIC Number:	S7364817C
Available Address:	16 SIMEI STREET 1 #03-11 MELVILLE PARK SINGAPORE 529942

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	RELAYTRONICS SINGAPORE PTE. LTD.	DIRECTOR	22/09/2004	425188	70.00

Previous Business

No.	Name	Status	Position	Appt Date	Last Known Inactive Date
No Trace

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
No Trace

SUBSIDIARIES AND ASSOCIATE COMPANIES

Company	Shareholdings (%)
NA

BANKERS/ FINANCIERS

Subject enjoys a normal banking routine with its bankers. To date, there have been 3 bank charges registered against Subject by its bankers. The charge numbers are:

1)	Charge No.	:	C201003573
	Date of Registration	:	30/04/2010
	Chargee	:	BANK OF INDIA
	Amount Secured and Currency	:	All Monies
	Address	:	138 ROBINSON ROAD #01-01/02-01/03-01 THE CORPORATE OFFICE SINGAPORE 068906
2)	Charge No.	:	C200804299
	Date of Registration	:	09/05/2008
	Chargee	:	MALAYAN BANKING BERHAD
	Amount Secured and Currency	:	All Monies
	Address	:	2 BATTERY ROAD MAYBANK TOWER SINGAPORE 049907
3)	Charge No.	:	C200803973
	Date of Registration	:	29/04/2008
	Chargee	:	BANK OF INDIA
	Amount Secured and Currency	:	All Monies
	Address	:	138 ROBINSON ROAD #01-01/02-01/03-01 THE CORPORATE OFFICE SINGAPORE 068906

LITIGATION

Clear

COMPLIANCE RECORDS

Date of Last AGM	:	31/12/2010
Date of Last AR	:	31/01/2011
Date of A/C Laid At Last AGM	:	31/03/2010

FINANCIAL HIGHLIGHTS

Financial Figures	Group
	MAR 2010	% Change	MAR 2009	MAR 2008	MAR 2007	MAR 2006
Currency	SGD - SIN		SGD - SIN	SGD - SIN
Profit and Loss Key Figures
Turnover	4,400,268	-34.07	6,674,623	2,503,368	0	0
Profit/(Loss) Before Tax	80,760	-73.78	308,002	75,859	0	0
Profit After Tax attributable to Shareholders	73,312	-74.27	284,925	67,477	0	0
Balance Sheet Key Figures
Total Assets	2,227,759	15.35	1,931,319	1,228,106	0	0
Current Assets	1,609,441	21.28	1,327,019	1,218,811	0	0
Non Current Assets	618,318	2.32	604,300	9,295	0	0
Total Liabilities	1,161,447	25.34	926,613	868,237	0	0
Current Liabilities	645,939	10.31	585,581	868,237	0	0
Non Current Liabilities	515,508	51.16	341,032	0	0	0
Shareholders' Funds	1,066,313	6.13	1,004,705	359,869	0	0
Share Capital	596,621	-1.19	603,825	247,981	0	0
Total Reserves	469,692	17.17	400,880	111,888	0	0

FINANCIAL RATIOS

	Group
	MAR 2010	MAR 2009	MAR 2008	MAR 2007	MAR 2006
Growth %
Year-on-Year Growth	-34.07	166.63	NA	NA	NA
Profitability
Profit Margin (%)	1.67	4.27	2.70	NA	NA
Return on Equity (%)	6.88	28.36	18.75	NA	NA
Return on Assets (%)	3.29	14.75	5.49	NA	NA
Leverage
Total Debt/Equity (Times)	1.09	0.92	2.41	NA	NA
Current Debt/Equity (Times)	0.61	0.58	2.41	NA	NA
Long Term Debt To Equity (Times)	0.48	0.34	NA	NA	NA
Total Asset To Total Equity (Times)	2.09	1.92	3.41	NA	NA
Asset Management
Total Assets Turnover (Times)	1.98	3.46	2.04	NA	NA
Fixed Assets Turnover (Times)	7.12	11.05	269.32	NA	NA
Liquidity
Current Ratio (Times)	2.49	2.27	1.40	NA	NA

FINANCIAL HIGHLIGHTS

Financial Figures	Company
	MAR 2010	% Change	MAR 2009	MAR 2008	MAR 2007	MAR 2006
Currency	SGD - SIN		SGD - SIN	SGD - SIN	SGD - SIN	SGD - SIN
Profit and Loss Key Figures
Turnover	3,843,089	-37.79	6,177,356	2,503,368	2,914,784	2,312,241
Profit/(Loss) Before Tax	71,239	-75.51	290,850	101,582	23,180	13,667
Profit After Tax attributable to Shareholders	63,791	-76.18	267,772	93,200	21,230	13,085
Balance Sheet Key Figures
Total Assets	2,122,946	15.59	1,836,674	1,242,920	618,465	504,565
Current Assets	1,316,492	26.36	1,041,838	1,037,721	612,387	496,160
Non Current Assets	806,454	1.46	794,836	205,199	6,078	8,405
Total Liabilities	1,074,081	27.91	839,705	867,125	318,648	207,658
Current Liabilities	558,573	12.01	498,673	867,125	318,648	207,658
Non Current Liabilities	515,508	51.16	341,032	0	0	0
Shareholders' Funds	1,048,865	5.21	996,968	375,796	299,817	296,906
Share Capital	596,621	-1.19	603,825	247,981	185,112	197,284
Total Reserves	452,244	15.03	393,143	127,815	114,705	99,622

FINANCIAL RATIOS

	Company
	MAR 2010	MAR 2009	MAR 2008	MAR 2007	MAR 2006
Growth %
Year-on-Year Growth	-37.79	146.76	-14.11	26.06	NA
Profitability
Profit Margin (%)	1.66	4.33	3.72	0.73	0.57
Return on Equity (%)	6.08	26.86	24.80	7.08	4.41
Return on Assets (%)	3.00	14.58	7.50	3.43	2.59
Leverage
Total Debt/Equity (Times)	1.02	0.84	2.31	1.06	0.70
Current Debt/Equity (Times)	0.53	0.50	2.31	1.06	0.70
Long Term Debt To Equity (Times)	0.49	0.34	0.00	0.00	0.00
Total Asset To Total Equity (Times)	2.02	1.84	3.31	2.06	1.70
Asset Management
Total Assets Turnover (Times)	1.81	3.36	2.01	4.71	4.58
Fixed Assets Turnover (Times)	4.77	7.77	12.20	479.56	275.10
Liquidity
Current Ratio (Times)	2.36	2.09	1.20	1.92	2.39

FINANCIAL COMMENTARY

Profitability

The group yielded a rate of net profit on sales of 1.67 per cent in FY10 (FY09: 4.27 per cent). The group is now able to book in SGD - SIN 0.02 of profit for every SGD - SIN of sales in FY10, as compared with SGD - SIN 0.04 a year ago.

Liquidity

Current ratio stood at 2.49 times in FY10 (FY09: 2.27 times). This means that the group has SGD - SIN 2.49 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.

FINANCIAL COMMENTARY

Leverage

Total debt-to-equity ratio notched 1.09 times in FY10, compared with 0.92 times in FY09. This means that the group requires additional external financing of SGD - SIN 1.09 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 6.88 per cent for Subject in the current financial period, as compared to 28.36 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 3.29 per cent (FY09: 14.75 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 1.98 times in FY10 (FY09: 3.46 times). This ratio measures the group'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.51.39
UK Pound	1	Rs.80.20
Euro	1	Rs.68.92

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%)

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