MIRA INFORM REPORT

Report Date :

25.05.2013

IDENTIFICATION DETAILS

Name :	REDINGTON DISTRIBUTION PTE. LTD

Registered Office :	39 Robinson Road #09-04 Singapore 068911

Country :	Singapore

Financials (as on) :	March 2012 (Group) March 2012 (Company)

Date of Incorporation :	28.03.2005

Com. Reg. No.:	200503995E

Legal Form :	Limited Private Company

Line of Business :	Wholesaler of computer hardware and peripheral equipment

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

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

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, 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. Real GDP growth averaged 8.6% between 2004 and 2007. The economy contracted 1.0% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010 and 4.9% in 2011, on the strength of renewed exports. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to a compound annual growth rate of just 1.8% in the last decade. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub.

Source : CIA

Company Name:	Registered Number:
REDINGTON DISTRIBUTION PTE. LTD.	200503995E

Date Incorporated:	Registered Office:	Telephone Number:
28/03/2005	39 ROBINSON ROAD #09-04 SINGAPORE 068911	6273 6515
Age of Company:	Website:	Industry Type:
8	NA	COMMERCE-WHOLESALE

Risk Dashboard
Days Beyond Terms	Trend:	No. of Litigation Counts:
Company DTC:		NA
62
Better than last month;last month the entity took 82 days to pay		No. of Charges(s): 1
Industry DTC
27

Directors		Corporate Structure
Number of Current Directors	3	Holding Company:	REDINGTON (INDIA) LIMITED
Number that are shareholders	1	No. of Subsidiaries & Associated Companies:	NA

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 UNITED STATES OF AMERICA, DOLLARS ,NO. OF SHARE : 3,800,000
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$4,000,000.00 UNITED STATES OF AMERICA, 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	:	ERNST & YOUNG LLP
Bankers / Financiers	:	ICICI BANK LIMITED
Turnover	:	SGD - SIN 350,306,900.00 (FY2012)
Net Worth	:	SGD - SIN 17,543,898.00 (FY2012)
No. of Bank Charges	:	1
No. of Litigation Suits	:	NA
S1000 / SME 1000 / FG50 Ranking	:	838 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2011/2012) 821 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2010/2011) 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)	:	10.57% (4 years)

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	:	UNITED STATES OF AMERICA, DOLLARS

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	-	NA
2	AQUARIUS CAPITAL ASIA PTE. LTD.	DIRECTOR	07/08/2006	80000	80.00
3	AQUARIUS INVESTMENT ADVISORS PTE. LTD.	DIRECTOR	03/04/1995	-	NA
4	KCTEX INTERNATIONAL LIMITED	DIRECTOR	19/07/2006	-	NA
5	KEWALRAM SINGAPORE LIMITED	DIRECTOR	04/02/1980	-	NA
6	NAPIER HEALTHCARE SOLUTIONS PTE. LTD.	DIRECTOR	28/10/2008	19632000	78.52
7	OLAM INTERNATIONAL LIMITED	DIRECTOR	04/07/1995	-	NA
8	REDINGTON DISTRIBUTION PTE. LTD.	DIRECTOR	28/03/2005	-	NA
9	RPL PTE. LTD.	DIRECTOR	26/03/1987	-	NA
10	RPL PTE. LTD.	SECRETARY	30/04/1998	-	NA
11	RPL PTE. LTD.	DIRECTOR	-	450000	15.00
12	RPL PTE. LTD.	SECRETARY	-	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	11/03/2013
5	AQUARIUS INVESTMENT ADVISORS PTE. LTD.	LIVE COMPANY	SHAREHOLDER	-	11/03/2013
6	AQUARIUS INVESTMENTS (SINGAPORE) PTE. LTD.	STRUCK OFF	DIRECTOR	18/01/2006	01/02/2008
7	CADENSWORTH TRADING PTE LTD	STRUCK OFF	DIRECTOR	09/04/1990	12/02/2009
8	CADENSWORTH TRADING PTE LTD	STRUCK OFF	SECRETARY	30/04/1998	12/02/2009
9	CWG (ASIA) PTE LTD	STRUCK OFF	DIRECTOR	29/10/1994	11/09/1999
10	CWG (ASIA) PTE LTD	STRUCK OFF	SHAREHOLDER	-	-
11	GLOBAL BUSINESS PARTNERS PTE. LTD.	STRUCK OFF	DIRECTOR	06/10/1997	08/02/2001
12	KAY-ASIA INVESTMENT PTE LTD	DISSOLVED - MEMBERS' VOLUNTARY WINDING UP	DIRECTOR	23/12/1982	09/06/1992
13	KAY-ASIA SERVICES PTE LTD	DISSOLVED - MEMBERS' VOLUNTARY WINDING UP	DIRECTOR	08/02/1993	-
14	KAY-ASIA SERVICES PTE LTD	DISSOLVED - MEMBERS' VOLUNTARY WINDING UP	SECRETARY	30/04/1998	-
15	KAYTRONICS PTE LTD	DISSOLVED - MEMBERS' VOLUNTARY WINDING UP	DIRECTOR	07/10/1987	02/05/1994
16	KEWALRAM REALTY LIMITED	DISSOLVED - MEMBERS' VOLUNTARY WINDING UP	DIRECTOR	31/05/1980	22/09/1999
17	MATCHONO TRADING PTE LTD	STRUCK OFF	DIRECTOR	02/10/1990	26/09/2006
18	MATCHONO TRADING PTE LTD	STRUCK OFF	SECRETARY	30/04/1998	26/09/2006
19	MERLINDUS TECHNOLOGIES PTE. LTD.	STRUCK OFF	DIRECTOR	23/09/2004	10/02/2012
20	MERLINDUS TECHNOLOGIES PTE. LTD.	STRUCK OFF	SHAREHOLDER	-	-
21	OLAM INTERNATIONAL LIMITED	LIVE COMPANY	SECRETARY	01/12/1995	09/04/2013
22	ONE PHILLIP STREET PTE LTD	DISSOLVED - MEMBERS' VOLUNTARY WINDING UP	DIRECTOR	01/03/1996	07/11/2007
23	ONE PHILLIP STREET PTE LTD	DISSOLVED - MEMBERS' VOLUNTARY WINDING UP	SECRETARY	30/04/1998	19/08/2005
24	PRESCO (PTE.) LIMITED	STRUCK OFF	DIRECTOR	01/01/1980	08/12/2010
25	PRESCO (PTE.) LIMITED	STRUCK OFF	SECRETARY	30/04/1998	08/12/2010
26	REDINGTON DISTRIBUTION PTE. LTD.	LIVE COMPANY	SHAREHOLDER	-	26/03/2013
27	SCANDIA ESSAR PTE LTD	DISSOLVED - MEMBERS' VOLUNTARY WINDING UP	DIRECTOR	31/07/1987	26/12/2000
28	VALENTINO GARMENT PTE. LTD.	DISSOLVED - MEMBERS' VOLUNTARY WINDING UP	DIRECTOR	29/08/1988	29/06/2000
29	VALENTINO GARMENT PTE. LTD.	DISSOLVED - MEMBERS' VOLUNTARY WINDING UP	SECRETARY	30/04/1998	29/06/2000
30	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.	Transfer	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 1 bank charges registered against Subject by its bankers. The charge numbers are:

1)	Charge No.	:	C201206669
	Date of Registration	:	20/06/2012
	Chargee	:	ICICI BANK LIMITED
	Amount Secured and Currency	:	All Monies
	Address	:	9 RAFFLES PLACE #50-01 REPUBLIC PLAZA SINGAPORE 048619

LITIGATION

Clear

COMPLIANCE

Date of Last AGM	:	21/06/2012
Date of Last AR	:	10/07/2012
Date of A/C Laid At Last AGM	:	31/03/2012

COMPLIANCE RATING FOR ANNUAL FILING

ANNUAL GENERAL MEETING,ANNUAL RETURN AND ACCOUNTS UP-TO-DATE

Note:

Provided by ACRA (Accounting and Corporate Regulatory Authority), the Compliance Rating for Annual Filing measures a company’s compliance with the provisions under S175, S197 or S201 of the Companies Act, Cap. 50.

Applicable to all “Live” locally incorporated companies except for the Limited Partnerships, Limited Liability Partnerships, Business Entities, Foreign Companies and Public Accounting Firms, the rating provide information on whether a company is up-to-date with the holding of its Annual General Meeting (AGM) with up-to-date financial statements and filing of its Annual Return (AR).

For more information: www.acra.gov.sg/compliance

FINANCIAL HIGHLIGHTS

Financial Figures	Group
	MAR 2012	% Change	MAR 2011	MAR 2010	MAR 2009	MAR 2008
Currency	SGD - SIN		SGD - SIN	SGD - SIN	SGD - SIN	SGD - SIN
Profit and Loss Key Figures
Turnover	350,306,900	15.83	302,430,116	208,068,463	228,456,744	234,357,028
Profit/(Loss) Before Tax	4,546,793	23.48	3,682,136	2,627,435	2,223,922	1,964,959
Profit After Tax attributable to Shareholders	3,507,337	15.32	3,041,524	2,114,383	1,804,533	1,555,439

Balance Sheet Key Figures
Total Assets	67,135,947	-5.99	71,416,730	48,602,697	36,389,098	41,754,834
Current Assets	67,031,610	-6.08	71,370,169	48,588,289	36,373,234	41,745,364
Non Current Assets	104,337	124.09	46,561	14,408	15,864	9,470

Total Liabilities	49,592,049	-11.28	55,899,557	34,860,975	25,030,775	32,218,608
Current Liabilities	49,577,432	-11.30	55,891,947	34,860,975	25,030,775	32,218,608
Non Current Liabilities	14,617	92.08	7,610	0	0	0

Shareholders' Funds	17,543,898	13.06	15,517,174	13,741,722	11,358,323	9,536,226
Share Capital	5,004,000	-5.80	5,312,000	5,700,568	5,769,400	5,881,900
Total Reserves	12,539,898	22.88	10,205,174	8,041,154	5,588,923	3,654,326

FINANCIAL RATIOS

	Group
	MAR 2012	MAR 2011	MAR 2010	MAR 2009	MAR 2008
Growth %
Year-on-Year Growth	15.83	45.35	-8.92	-2.52	NA

Profitability
Profit Margin (%)	1.00	1.01	1.02	0.79	0.66
Return on Equity (%)	19.99	19.60	15.39	15.89	16.31
Return on Assets (%)	5.22	4.26	4.35	4.96	3.73

Leverage
Total Debt/Equity (Times)	2.83	3.60	2.54	2.20	3.38
Current Debt/Equity (Times)	2.83	3.60	2.54	2.20	3.38
Long Term Debt To Equity (Times)	0.00	0.00	NA	NA	NA
Total Asset To Total Equity (Times)	3.83	4.60	3.54	3.20	4.38

Asset Management
Total Assets Turnover (Times)	5.22	4.23	4.28	6.28	5.61
Fixed Assets Turnover (Times)	3,357.46	6,495.35	14,441.18	14,400.95	24,747.31

Liquidity
Current Ratio (Times)	1.35	1.28	1.39	1.45	1.30

FINANCIAL HIGHLIGHTS

Financial Figures	Company
	MAR 2012	% Change	MAR 2011	MAR 2010	MAR 2009	MAR 2008
Currency	SGD - SIN		SGD - SIN	SGD - SIN	SGD - SIN	SGD - SIN
Profit and Loss Key Figures
Turnover	339,926,922	13.08	300,614,416	208,068,463	228,456,744	234,357,028
Profit/(Loss) Before Tax	4,629,760	35.04	3,428,340	2,621,202	2,223,367	1,957,689
Profit After Tax attributable to Shareholders	3,672,746	28.23	2,864,159	2,108,151	1,804,185	1,553,411

Balance Sheet Key Figures
Total Assets	65,575,522	-7.69	71,034,623	48,576,969	36,374,034	41,731,120
Current Assets	65,187,971	-7.70	70,625,594	48,499,878	36,294,787	41,654,048
Non Current Assets	387,551	-5.25	409,029	77,091	79,247	77,072

Total Liabilities	47,990,177	-13.86	55,713,835	34,844,479	25,019,025	32,198,268
Current Liabilities	47,990,177	-13.86	55,713,835	34,844,479	25,019,025	32,198,268
Non Current Liabilities	0	NA	0	0	0	0

Shareholders' Funds	17,585,345	14.78	15,320,788	13,732,490	11,355,010	9,532,851
Share Capital	5,004,000	-5.80	5,312,000	5,700,568	5,769,400	5,881,900
Total Reserves	12,581,345	25.70	10,008,788	8,031,922	5,585,610	3,650,951

FINANCIAL RATIOS

	Company
	MAR 2012	MAR 2011	MAR 2010	MAR 2009	MAR 2008
Growth %
Year-on-Year Growth	13.08	44.48	-8.92	-2.52	NA

Profitability
Profit Margin (%)	1.08	0.95	1.01	0.79	0.66
Return on Equity (%)	20.89	18.69	15.35	15.89	16.30
Return on Assets (%)	5.60	4.03	4.34	4.96	3.72

Leverage
Total Debt/Equity (Times)	2.73	3.64	2.54	2.20	3.38
Current Debt/Equity (Times)	2.73	3.64	2.54	2.20	3.38
Long Term Debt To Equity (Times)	0.00	0.00	0.00	0.00	0.00
Total Asset To Total Equity (Times)	3.73	4.64	3.54	3.20	4.38

Asset Management
Total Assets Turnover (Times)	5.18	4.23	4.28	6.28	5.62
Fixed Assets Turnover (Times)	877.12	734.95	2,699.00	2,882.84	3,040.75

Liquidity
Current Ratio (Times)	1.36	1.27	1.39	1.45	1.29

FINANCIAL COMMENTARY

Compound Annual Growth Rate

The company's CAGR is 10.57% (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 1.00 per cent in FY12 (FY11: 1.01 per cent). The group is now able to book in SGD - SIN 0.01 of profit for every SGD - SIN of sales in FY12, as compared with SGD - SIN 0.01 a year ago.

Liquidity

Current ratio stood at 1.35 times in FY12 (FY11: 1.28 times). This means that the group has SGD - SIN 1.35 of current assets for every SGD - SIN of current liability incurred.

FINANCIAL COMMENTARY

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 2.83 times in FY12, as compared with 3.60 times in FY11. This means that the group requires additional external financing of SGD - SIN 2.83 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 19.99 per cent for Subject in the current financial period, as compared to 19.60 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 5.22 per cent (FY11: 4.26 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 5.22 times in FY12 (FY11: 4.23 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.55.61
UK Pound	1	Rs.83.98
Euro	1	Rs.71.94

INFORMATION DETAILS

Report Prepared by :

NIT

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

SHAREHOLDER DETAILS

OFFICER DETAILS

KEY PERSONNEL PROFILE

SUBSIDIARIES AND ASSOCIATE COMPANIES

BANKERS/ FINANCIERS

LITIGATION

COMPLIANCE

COMPLIANCE RATING FOR ANNUAL FILING

FINANCIAL HIGHLIGHTS

FINANCIAL RATIOS

FINANCIAL HIGHLIGHTS

FINANCIAL RATIOS

FINANCIAL COMMENTARY

Compound Annual Growth Rate

Unit