MIRA INFORM REPORT

Report Date :

22.11.2011

IDENTIFICATION DETAILS

Name :	REDINGTON DISTRIBUTION PTE. LTD.

Registered Office :	39 ROBINSON ROAD #09-04 SINGAPORE 068911

Country :	Singapore

Financials (as on) :	30.03.2011

Date of Incorporation :	28.03.2005

Com. Reg. No.:	200503995E

Legal Form :	Limited Private Company

Line of Business :	Wholesale of Computer Hardware and Peripheral Equipment

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 – September 30^th, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

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	:	REDINGTON DISTRIBUTION PTE. LTD.
Registration No	:	200503995E
Date of Registration	:	28/03/2005
Former Name	:	NA
Date of Change of Name	:	NA
Type of Company	:	LIMITED PRIVATE COMPANY
Registered Address	:	39 ROBINSON ROAD #09-04 SINGAPORE 068911
Date of Change of Address	:	25/06/2007
Contact No.	:	6273 6515
Fax No.	:	64386616
Website	:	NA
Registered Activities	:	WHOLESALE OF COMPUTER HARDWARE AND PERIPHERAL EQUIPMENT
Issued Ordinary Capital*	:	$4,000,000.00 U.S. DOLLAR ,NO. OF SHARE : 3,800,000
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$4,000,000.00 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	:	ERNST & YOUNG LLP
Bankers / Financiers	:	NA
Turnover	:	SGD - SIN 302,430,116.00 (FY2011)
Net Worth	:	SGD - SIN 15,517,174.00 (FY2011)
No. of Bank Charges	:	NA
No. of Litigation Suits	:	NA
S1000 / SME 500 / FG50 Ranking	:	993 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2009/2010) 793 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2008/2009)
Compounded Annual Growth Rate (CAGR)	:	2.7% (4 years)

Credit Recommendation

Recommended Credit Line

S$1,000,000

SHAREHOLDER DETAILS

NAME	:	REDINGTON (INDIA) LIMITED
SHAREHOLDER ID	:	T05UF1286F
NATIONALITY	:	INDIA
ADDRESS	:	SPL GUINDY HOUSE, 95, MOUNT ROAD GUINDY, CHENNAI - 600032, INDIA
NO. OF ORD SHARES	:	3,800,000
% OF SHAREHOLDING	:	100%
CURRENCY	:	U.S. DOLLAR

OFFICER DETAILS

NAME	:	RANGAREDDY JAYACHANDRAN
ADDRESS	:	3 GRANGE GARDEN #09-01 GRANGE, THE SINGAPORE 249633
POSITION	:	DIRECTOR
DATE OF APPT	:	28/03/2005
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S2220352E

NAME	:	RAMANATHAN SRINIVASAN
ADDRESS	:	15 ARDMORE PARK #05-02 ARDMORE PARK SINGAPORE 259959
POSITION	:	DIRECTOR
DATE OF APPT	:	28/03/2005
NATIONALITY	:	SINGAPORE P.R.
I/C PASSPORT	:	S2566556B

NAME	:	YIP MING FAI
ADDRESS	:	29 TOH TUCK DRIVE SINGAPORE 596888
POSITION	:	SECRETARY
DATE OF APPT	:	01/01/2010
NATIONALITY	:	SINGAPORE P.R.
I/C PASSPORT	:	S2567316F

NAME	:	RAJ SHANKAR
ADDRESS	:	1 TANJONG RHU ROAD #19-04 WATERSIDE, THE SINGAPORE 436879
POSITION	:	DIRECTOR
DATE OF APPT	:	28/03/2005
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S2678584G

KEY PERSONNEL PROFILE

Name:	RANGAREDDY JAYACHANDRAN
NRIC Number:	S2220352E
Available Address:	3 GRANGE GARDEN #09-01 GRANGE, THE SINGAPORE 249633

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	AFRI VENTURES LIMITED	DIRECTOR	02/08/2010	-	-
2	AQUARIUS CAPITAL ASIA PTE. LTD.	DIRECTOR	07/08/2006	80000	80.00
3	AQUARIUS INVESTMENT ADVISORS PTE. LTD.	DIRECTOR	03/04/1995	-	-
4	KCTEX INTERNATIONAL LIMITED	DIRECTOR	19/07/2006	-	-
5	KEWALRAM SINGAPORE LIMITED	DIRECTOR	04/02/1980	-	-
6	MERLINDUS TECHNOLOGIES PTE. LTD.	DIRECTOR	23/09/2004	21000	50.97
7	NAPIER HEALTHCARE SOLUTIONS PTE. LTD.	DIRECTOR	28/10/2008	6000000	47.58
8	OLAM INTERNATIONAL LIMITED	DIRECTOR	04/07/1995	-	-
9	REDINGTON DISTRIBUTION PTE. LTD.	DIRECTOR	28/03/2005	-	-
10	RPL PTE. LTD.	DIRECTOR	26/03/1987	450000	15.00
11	RPL PTE. LTD.	SECRETARY	30/04/1998	450000	15.00

Previous Business

No.	Name	Status	Position	Appt Date	Last Known Inactive Date
1	AGRIND TRADING (SINGAPORE) PTE LTD	STRUCK OFF	DIRECTOR	29/04/1994	27/06/1997
2	AQUARIUS CAPITALCORP PTE. LTD.	STRUCK OFF	DIRECTOR	14/09/2006	01/02/2008
3	AQUARIUS FUNDS PTE. LTD.	LIVE COMPANY	DIRECTOR	27/01/2006	30/11/2007
4	AQUARIUS INVESTMENT ADVISORS PTE. LTD.	LIVE COMPANY	SECRETARY	12/05/1995	16/11/1999
5	AQUARIUS INVESTMENTS (SINGAPORE) PTE. LTD.	STRUCK OFF	DIRECTOR	18/01/2006	01/02/2008
6	CADENSWORTH TRADING PTE LTD	STRUCK OFF	DIRECTOR	09/04/1990	12/02/2009
7	CADENSWORTH TRADING PTE LTD	STRUCK OFF	SECRETARY	30/04/1998	12/02/2009
8	CWG (ASIA) PTE LTD	STRUCK OFF	DIRECTOR	29/10/1994	11/09/1999
9	CWG (ASIA) PTE LTD	STRUCK OFF	SHAREHOLDER	-	-
10	GLOBAL BUSINESS PARTNERS PTE. LTD.	STRUCK OFF	DIRECTOR	06/10/1997	08/02/2001
11	KAY-ASIA INVESTMENT PTE LTD	DISSOLVED - MEMBERS' VOLUNTARY WINDING UP	DIRECTOR	23/12/1982	09/06/1992
12	KAY-ASIA SERVICES PTE LTD	DISSOLVED - MEMBERS' VOLUNTARY WINDING UP	DIRECTOR	08/02/1993	17/02/2007
13	KAY-ASIA SERVICES PTE LTD	DISSOLVED - MEMBERS' VOLUNTARY WINDING UP	SECRETARY	30/04/1998	17/02/2007
14	KAYTRONICS PTE LTD	DISSOLVED - MEMBERS' VOLUNTARY WINDING UP	DIRECTOR	07/10/1987	02/05/1994
15	KEWALRAM REALTY LIMITED	DISSOLVED - MEMBERS' VOLUNTARY WINDING UP	DIRECTOR	31/05/1980	22/09/1999
16	MATCHONO TRADING PTE LTD	STRUCK OFF	DIRECTOR	02/10/1990	26/09/2006
17	MATCHONO TRADING PTE LTD	STRUCK OFF	SECRETARY	30/04/1998	26/09/2006
18	OLAM INTERNATIONAL LIMITED	LIVE COMPANY	SECRETARY	01/12/1995	01/03/2000
19	ONE PHILLIP STREET PTE LTD	DISSOLVED - MEMBERS' VOLUNTARY WINDING UP	DIRECTOR	01/03/1996	07/11/2007
20	ONE PHILLIP STREET PTE LTD	DISSOLVED - MEMBERS' VOLUNTARY WINDING UP	SECRETARY	30/04/1998	19/08/2005
21	PRESCO (PTE.) LIMITED	STRUCK OFF	DIRECTOR	01/01/1980	08/12/2010
22	PRESCO (PTE.) LIMITED	STRUCK OFF	SECRETARY	30/04/1998	08/12/2010
23	REDINGTON DISTRIBUTION PTE. LTD.	LIVE COMPANY	SHAREHOLDER	-	09/05/2011
24	SCANDIA ESSAR PTE LTD	DISSOLVED - MEMBERS' VOLUNTARY WINDING UP	DIRECTOR	31/07/1987	26/12/2000
25	VALENTINO GARMENT PTE. LTD.	DISSOLVED - MEMBERS' VOLUNTARY WINDING UP	DIRECTOR	29/08/1988	29/06/2000
26	VALENTINO GARMENT PTE. LTD.	DISSOLVED - MEMBERS' VOLUNTARY WINDING UP	SECRETARY	30/04/1998	29/06/2000
27	VILCO (PRIVATE) LTD	DISSOLVED - MEMBERS' VOLUNTARY WINDING UP	DIRECTOR	14/05/1987	25/11/2006

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 are no bank charges registered against Subject by its bankers.

LITIGATION

Clear

COMPLIANCE

Date of Last AGM	:	24/06/2011
Date of Last AR	:	12/07/2011
Date of A/C Laid At Last AGM	:	31/03/2011

FINANCIAL HIGHLIGHTS

Financial Figures	Group
	MAR 2011	% Change	MAR 2010	MAR 2009	MAR 2008	MAR 2007
Currency	SGD - SIN		SGD - SIN	SGD - SIN	SGD - SIN	SGD - SIN
Profit and Loss Key Figures
Turnover	302,430,116	45.35	208,068,463	228,456,744	234,357,028	271,846,077
Profit/(Loss) Before Tax	3,682,136	40.14	2,627,435	2,223,922	1,964,959	1,194,942
Profit After Tax attributable to Shareholders	3,041,524	43.85	2,114,383	1,804,533	1,555,439	887,656

Balance Sheet Key Figures
Total Assets	71,416,730	46.94	48,602,697	36,389,098	41,754,834	34,065,929
Current Assets	71,370,169	46.89	48,588,289	36,373,234	41,745,364	34,041,726
Non Current Assets	46,561	223.16	14,408	15,864	9,470	24,203

Total Liabilities	55,899,557	60.35	34,860,975	25,030,775	32,218,608	25,594,804
Current Liabilities	55,891,947	60.33	34,860,975	25,030,775	32,218,608	25,594,804
Non Current Liabilities	7,610	NA	0	0	0	0

Shareholders' Funds	15,517,174	12.92	13,741,722	11,358,323	9,536,226	8,471,126
Share Capital	5,312,000	-6.82	5,700,568	5,769,400	5,881,900	6,240,332
Total Reserves	10,205,174	26.91	8,041,154	5,588,923	3,654,326	2,230,794

FINANCIAL RATIOS

	Group
	MAR 2011	MAR 2010	MAR 2009	MAR 2008	MAR 2007
Growth %
Year-on-Year Growth	45.35	-8.92	-2.52	-13.79	NA

Profitability
Profit Margin (%)	1.01	1.02	0.79	0.66	0.33
Return on Equity (%)	19.60	15.39	15.89	16.31	10.48
Return on Assets (%)	4.26	4.35	4.96	3.73	2.61

Leverage
Total Debt/Equity (Times)	3.60	2.54	2.20	3.38	3.02
Current Debt/Equity (Times)	3.60	2.54	2.20	3.38	3.02
Long Term Debt To Equity (Times)	0.00	NA	NA	NA	NA
Total Asset To Total Equity (Times)	4.60	3.54	3.20	4.38	4.02

Asset Management
Total Assets Turnover (Times)	4.23	4.28	6.28	5.61	7.98
Fixed Assets Turnover (Times)	6,495.35	14,441.18	14,400.95	24,747.31	11,231.92

Liquidity
Current Ratio (Times)	1.28	1.39	1.45	1.30	1.33

FINANCIAL HIGHLIGHTS

Financial Figures	Company
	MAR 2011	% Change	MAR 2010	MAR 2009	MAR 2008	MAR 2007
Currency	SGD - SIN		SGD - SIN	SGD - SIN	SGD - SIN	SGD - SIN
Profit and Loss Key Figures
Turnover	300,614,416	44.48	208,068,463	228,456,744	234,357,028	271,846,079
Profit/(Loss) Before Tax	3,428,340	30.79	2,621,202	2,223,367	1,957,689	1,192,775
Profit After Tax attributable to Shareholders	2,864,159	35.86	2,108,151	1,804,185	1,553,411	886,032

Balance Sheet Key Figures
Total Assets	71,034,623	46.23	48,576,969	36,374,034	41,731,120	34,048,867
Current Assets	70,625,594	45.62	48,499,878	36,294,787	41,654,048	33,953,753
Non Current Assets	409,029	430.58	77,091	79,247	77,072	95,114

Total Liabilities	55,713,835	59.89	34,844,479	25,019,025	32,198,268	25,583,173
Current Liabilities	55,713,835	59.89	34,844,479	25,019,025	32,198,268	25,583,173
Non Current Liabilities	0	NA	0	0	0	0

Shareholders' Funds	15,320,788	11.57	13,732,490	11,355,010	9,532,851	8,465,692
Share Capital	5,312,000	-6.82	5,700,568	5,769,400	5,881,900	6,240,332
Total Reserves	10,008,788	24.61	8,031,922	5,585,610	3,650,951	2,225,360

FINANCIAL RATIOS

	Company
	MAR 2011	MAR 2010	MAR 2009	MAR 2008	MAR 2007
Growth %
Year-on-Year Growth	44.48	-8.92	-2.52	-13.79	NA

Profitability
Profit Margin (%)	0.95	1.01	0.79	0.66	0.33
Return on Equity (%)	18.69	15.35	15.89	16.30	10.47
Return on Assets (%)	4.03	4.34	4.96	3.72	2.60

Leverage
Total Debt/Equity (Times)	3.64	2.54	2.20	3.38	3.02
Current Debt/Equity (Times)	3.64	2.54	2.20	3.38	3.02
Long Term Debt To Equity (Times)	0.00	0.00	0.00	0.00	0.00
Total Asset To Total Equity (Times)	4.64	3.54	3.20	4.38	4.02

Asset Management
Total Assets Turnover (Times)	4.23	4.28	6.28	5.62	7.98
Fixed Assets Turnover (Times)	734.95	2,699.00	2,882.84	3,040.75	2,858.11

Liquidity
Current Ratio (Times)	1.27	1.39	1.45	1.29	1.33

FINANCIAL COMMENTARY

Compound Annual Growth Rate

The company's CAGR is 2.7% (4 years).

CAGR is the year-over-year growth rate of a company over a specified period. Instead of looking at the average growth rate, CAGR allow users to look at the annualized growth rate of a company over a given period, a more indicative measure of growth of a company’s performance over a given period.

Profitability

The group yielded a rate of net profit on sales of 1.01 per cent in FY11 (FY10: 1.02 per cent). The group is now able to book in SGD - SIN 0.01 of profit for every SGD - SIN of sales in FY11, as compared with SGD - SIN 0.01 a year ago.

Liquidity

Current ratio stood at 1.28 times in FY11 (FY10: 1.39 times). This means that the group has SGD - SIN 1.28 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 3.60 times in FY11, compared with 2.54 times in FY10. This means that the group requires additional external financing of SGD - SIN 3.60 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 19.60 per cent for Subject in the current financial period, as compared to 15.39 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 4.26 per cent (FY10: 4.35 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 4.23 times in FY11 (FY10: 4.28 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.51.72
UK Pound	1	Rs.81.42
Euro	1	Rs.69.89

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

Executive Summary

Credit Recommendation

SHAREHOLDER DETAILS

OFFICER DETAILS

KEY PERSONNEL PROFILE

Current Business Interest

SUBSIDIARIES AND ASSOCIATE COMPANIES

BANKERS/ FINANCIERS

LITIGATION

COMPLIANCE

FINANCIAL HIGHLIGHTS

FINANCIAL RATIOS

FINANCIAL HIGHLIGHTS

FINANCIAL RATIOS

FINANCIAL COMMENTARY

Compound Annual Growth Rate

Unit