MIRA INFORM REPORT

Report Date :

12.04.2014

IDENTIFICATION DETAILS

Name :	ADANI GLOBAL PTE LTD
Registered Office :	80, Raffles Place, 33-20, Uob Plaza, 048624
Country :	Singapore
Financials (as on) :	31.03.2011
Date of Incorporation :	08.04.2000
Com. Reg. No.:	200003047-N
Legal Form :	Private Limited Company
Line of Business :	Trader of coal
No. of Employees :	20

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Exists

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 – december 01, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
Singapore	A1	A1

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. The economy contracted 0.8% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010, on the strength of renewed exports, before slowing to in 2011-13, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity. 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

* Adopted abbreviations :	SC - Subject Company (the company enquired by you)
	N/A - Not Applicable

EXECUTIVE SUMMARY

REGISTRATION NO.	:	200003047-N
COMPANY NAME	:	ADANI GLOBAL PTE LTD
FORMER NAME	:	N/A
INCORPORATION DATE	:	08/04/2000
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	80, RAFFLES PLACE, 33-20, UOB PLAZA, 048624, SINGAPORE.
BUSINESS ADDRESS	:	80, RAFFLES PLACE, 33-20, UOB PLAZA 2, 048264, SINGAPORE.
TEL.NO.	:	65-62252070
FAX.NO.	:	65-62252537
CONTACT PERSON	:	BASHEER AHMED SAYEED ( DIRECTOR )
PRINCIPAL ACTIVITY	:	TRADING OF COAL
ISSUED AND PAID UP CAPITAL	:	43,117,530.00 ORDINARY SHARE, OF A VALUE OF SGD 43,117,530.00
SALES	:	USD 1,949,365,296 [2011]
NET WORTH	:	USD 213,226,893 [2011]
BANKER (S)		AXIS BANK LIMITED SINGAPORE BRANCH COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A. ICICI BANK LTD INDIAN OVERSEAS BANK KBC BANK N.V. MALAYAN BANKING BHD MIZUHO CORPORATE BANK LTD NATIXIS OVERSEA-CHINESE BANKING CORPORATION LIMITED RAIFFEISEN ZENTRALBANK OESTERREICH AKTIENGESELLSCHAFT SOCIETE GENERALE STANDARD CHARTERED BANK STATE BANK OF INDIA, SINGAPORE BRANCH THE BANK OF TOKYO-MITSUBISHI UFJ, LTD (SINGAPORE BRANCH) UCO BANK WESTLB AG
STAFF STRENGTH	:	20 [2013]
LITIGATION	:	TRACED
FINANCIAL CONDITION	:	STABLE
PAYMENT	:	GOOD
MANAGEMENT CAPABILITY	:	AVERAGE
COMMERCIAL RISK	:	N/A
CURRENCY EXPOSURE	:	N/A
GENERAL REPUTATION	:	GOOD
INDUSTRY OUTLOOK	:	AVERAGE GROWTH

HISTORY / BACKGROUND

The SC is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the SC must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the SC is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the SC is insolvent. The SC is governed by the Companies Act and the company must file its annual returns, together with its financial statements with the Registrar of Companies.

The SC is principally engaged in the (as a / as an) trading of coal.

The immediate holding company of the SC is ADANI GLOBAL LIMITED, a company incorporated in MAURITIUS.

The ultimate holding company of the SC is ADANI ENTERPRISES LTD, a company incorporated in INDIA.

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
ADANI GLOBAL LIMITED	SUITE 501, ST JAMES COURT, ST.DENIS STREET, PORT-LOUIS, MAURITIUS.	T07UF0079D	43,117,530.00	100.00
			---------------	------
			43,117,530.00	100.00
			============	=====

+ Also Director

The SC interest in other companies (Subsidiaries/Associates) are shown as follow :

Local No	Country	Company	(%)	As At
200614235E	SINGAPORE	ADANI SHIPPING PTE. LTD.	100.00	31/03/2012
200910524K	SINGAPORE	ADANI WILMAR PTE. LTD.	50.00	31/03/2012

DIRECTORS

DIRECTOR 1

Name Of Subject	:	MR. BASHEER AHMED SAYEED
Address	:	10, BODMIN DRIVE, SERANGOON GARDEN ESTATE, 559610, SINGAPORE.
IC / PP No	:	S2705335A
Nationality	:	SINGAPOREAN
Date of Appointment	:	30/08/2010

DIRECTOR 2

Name Of Subject	:	YOSHIHIRO MIWA
Address	:	35-16, DENENCHOUFU 3-CHOME, OTA-KU, TOKYO, 145-0071, JAPAN.
IC / PP No	:	TH8318890
Nationality	:	JAPANESE
Date of Appointment	:	05/02/2013

DIRECTOR 3

Name Of Subject	:	ARUP ROY
Address	:	11, NATHAN ROAD, 16-01, REGENCY PARK, 248732, SINGAPORE.
IC / PP No	:	G5080102R
Nationality	:	INDIAN
Date of Appointment	:	02/01/2013

MANAGEMENT

1)	Name of Subject	:	BASHEER AHMED SAYEED
	Position	:	DIRECTOR

AUDITOR

Auditor	:	PRUDENTIAL PUBLIC ACCOUNTING CORPORATION
Auditor' Address	:	17, PHILLIP STREET #05- 02 GRAND BUILDING, 048695, SINGAPORE.

COMPANY SECRETARIES

1)	Company Secretary	:	CLIFFORD EMMANUEL GERMAIN ABAYASEKARA
	IC / PP No	:	S21914781
	Address	:	407B, FERNVALE ROAD, 04-13, 792407, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

AXIS BANK LIMITED SINGAPORE BRANCH

2)

Name

:

COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.

3)

Name

:

ICICI BANK LTD

4)

Name

:

INDIAN OVERSEAS BANK

5)

Name

:

KBC BANK N.V.

6)

Name

:

MALAYAN BANKING BHD

7)

Name

:

MIZUHO CORPORATE BANK LTD

8)

Name

:

NATIXIS

9)

Name

:

OVERSEA-CHINESE BANKING CORPORATION LIMITED

10)

Name

:

RAIFFEISEN ZENTRALBANK OESTERREICH AKTIENGESELLSCHAFT

11)

Name

:

SOCIETE GENERALE

12)

Name

:

STANDARD CHARTERED BANK

13)

Name

:

STATE BANK OF INDIA, SINGAPORE BRANCH

14)

Name

:

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD (SINGAPORE BRANCH)

15)

Name

:

UCO BANK

16)

Name

:

WESTLB AG

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C200405199	20/10/2004	N/A	NATIXIS	N/A	Unsatisfied
C200405202	20/10/2004	N/A	NATIXIS	N/A	Unsatisfied
C200406727	30/12/2004	N/A	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD (SINGAPORE BRANCH)	N/A	Unsatisfied
C200507645	12/12/2005	N/A	MALAYAN BANKING BERHAD	N/A	Unsatisfied
C200507749	15/12/2005	N/A	MALAYAN BANKING BERHAD	N/A	Unsatisfied
C200701001	02/02/2007	N/A	AXIS BANK LIMITED SINGAPORE BRANCH	N/A	Unsatisfied
C200701800	07/03/2007	N/A	MIZUHO CORPORATE BANK LTD	N/A	Unsatisfied
C200701802	07/03/2007	N/A	MIZUHO CORPORATE BANK LTD	N/A	Unsatisfied
C200703399	08/05/2007	N/A	UCO BANK	N/A	Unsatisfied
C200804646	22/05/2008	N/A	STATE BANK OF INDIA	N/A	Unsatisfied
C200806123	07/07/2008	N/A	STANDARD CHARTERED BANK	N/A	Unsatisfied
C200806728	21/07/2008	N/A	STANDARD CHARTERED BANK	N/A	Unsatisfied
C200807372	07/08/2008	N/A	MIZUHO CORPORATE BANK LTD	N/A	Unsatisfied
C200808441	10/09/2008	N/A	STANDARD CHARTERED BANK	N/A	Unsatisfied
C200907993	04/12/2009	N/A	STANDARD CHARTERED BANK	N/A	Unsatisfied
C200907995	04/12/2009	N/A	STANDARD CHARTERED BANK	N/A	Unsatisfied
C201009664	18/10/2010	N/A	STATE BANK OF INDIA	N/A	Unsatisfied
C201010226	29/10/2010	N/A	ICICI BANK LIMITEED	N/A	Unsatisfied
C201012141	14/12/2010	N/A	UCO BANK	N/A	Unsatisfied
C201102341	23/02/2011	N/A	AXIS BANK LIMITED, DIFC BRANCH	N/A	Unsatisfied
C201103334	17/03/2011	N/A	STATE BANK OF INDIA	N/A	Unsatisfied
C201108747	19/07/2011	N/A	INDIAN OVERSEAS BANK	N/A	Unsatisfied
C201108751	19/07/2011	N/A	INDIAN OVERSEAS BANK	N/A	Unsatisfied
C201110544	23/08/2011	N/A	THE BANK OF NEW YORK MELLON	N/A	Unsatisfied
C201110549	23/08/2011	N/A	THE BANK OF NEW YORK MELLON	N/A	Unsatisfied
C201112299	03/10/2011	N/A	SOCIETE GENERALE	N/A	Unsatisfied
C201112300	03/10/2011	N/A	SOCIETE GENERALE	N/A	Unsatisfied
C201209055	08/08/2012	N/A	DBS BANK LTD.	N/A	Unsatisfied
C201209061	08/08/2012	N/A	DBS BANK LTD.	N/A	Unsatisfied
C201210492	14/09/2012	N/A	STANDARD CHARTERED BANK	N/A	Unsatisfied
C201210759	21/09/2012	N/A	STANDARD CHARTERED BANK	N/A	Unsatisfied
C201213508	22/11/2012	N/A	EMIRATES NBD PJSC	N/A	Unsatisfied
C201300874	17/01/2013	N/A	STANDARD CHARTERED BANK	N/A	Unsatisfied
C201309477	11/07/2013	N/A	STANDARD CHARTERED BANK	N/A	Unsatisfied
C201309479	11/07/2013	N/A	STANDARD CHARTERED BANK	N/A	Unsatisfied

LEGAL CHECK AGAINST SC

* A check has been conducted in our databank against the SC whether the subject has been involved in any litigation.

LEGAL ACTION
Code No	:	99	Case No	:	2085
Year	:	2012	Place	:	SINGAPORE
Court	:	DISTRICT COURT
Date Filed	:	23/07/2012
Solicitor Ref	:	CY-12-0419-443
Solicitor Firm	:	CHRISTOPHER YAP & CO
Plaintiff	:	NEW OASIS SERVICES PTE LTD
Defendants	:	ADANI GLOBAL PTE LTD (200003047) 10 ANSON ROAD, 34-16 INTERNATIONAL PLAZA, 079903, SINGAPORE.
Remark	:	MISCELLANEOUS

NOTE:

Please check with creditors for confirmation as alleged debts may have been paid since recorded or are being disputed. The person who has been sued has the same name as the subject. However, we are unable to determine whether the person sued is the one and the same person.

No winding up petition was found in our databank

PAYMENT RECORD

SOURCES OF RAW MATERIALS:
Local	:	N/A
Overseas	:	N/A

The SC refused to disclose its suppliers.

The SC refused to provide any name of trade/service supplier and we are unable to conduct any trade enquiry. However, from financial historical data we conclude that :

OVERALL PAYMENT HABIT
Prompt 0-30 Days	[	]	Good 31-60 Days	[	X	]	Average 61-90 Days	[	]
Fair 91-120 Days	[	]	Poor >120 Days	[		]

CLIENTELE

Local	:	N/A
Overseas	:	N/A

The SC refused to disclose information on its clientele.

OPERATIONS

Goods Traded

:

COAL

Total Number of Employees:
YEAR	2013
GROUP	N/A
COMPANY	20

Branch

:

NO

Other Information:

The SC is principally engaged in the (as a / as an) trading of coal.

The SC refused to disclose any information on its operation.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client	:	6562252070
Current Telephone Number	:	65-62252070
Match	:	YES
Address Provided by Client	:	80 RAFFLES PLACE #33-20 UOB PLAZA 11 SINGAPORE 048624
Current Address	:	80, RAFFLES PLACE, 33-20, UOB PLAZA 2, 048264, SINGAPORE.
Match	:	NO

Other Investigations

we contacted one of the staff from the SC and she provided some information on the SC.

The address provided is incorrect.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	14.53%	]
Profit/(Loss) Before Tax	:	Increased	[	196.72%	]
Return on Shareholder Funds	:	Favourable	[	54.46%	]
Return on Net Assets	:	Acceptable	[	25.45%	]
The higher turnover could be attributed to the favourable market condition and the SC could be gaining the market share progressively.The higher profit could be attributed to the increase in turnover. Generally the SC was profitable. The favourable return on shareholders' funds and return on net assets indicate that the SC's management was efficient in utilising the assets to generate returns.
Working Capital Control
Stock Ratio	:	Nil	[	0 Days	]
Debtor Ratio	:	Unfavourable	[	106 Days	]
Creditors Ratio	:	Favourable	[	38 Days	]
As the SC is a service oriented company, the SC does not need to keep stocks. The SC's debtors ratio was high. The SC should tighten its credit control and improve its collection period. The SC had a favourable creditors' ratio where the SC could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.
Liquidity
Liquid Ratio	:	Favourable	[	1.65 Times	]
Current Ratio	:	Unfavourable	[	1.65 Times	]
A minimum liquid ratio of 1 should be maintained by the SC in order to assure its creditors of its ability to meet short term obligations and the SC was in a good liquidity position. Thus, we believe the SC is able to meet all its short term obligations as and when they fall due.
Solvency
Interest Cover	:	Favourable	[	88.06 Times	]
Gearing Ratio	:	Unfavourable	[	2.02 Times	]
The interest cover showed that the SC was able to service the interest. The favourable interest cover could indicate that the SC was making enough profit to pay for the interest accrued. The SC was highly geared, thus it had a high financial risk. The SC was dependent on loans to finance its business needs. In times of economic downturn and / or high interest rate, the SC will become less profitable and competitive than other firms in the same industry, which are lowly geared. This is because the SC has to service the interest and to repay the loan, which will erode part of its profits. The profits will fluctuate depending on the SC's turnover and the interest it needs to pay.
Overall Assessment :
Generally, the SC's performance has improved with higher turnover and profit. The SC was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the SC should be able to repay its short term obligations. With the favourable interest cover, the SC could be able to service all the accrued interest without facing any difficulties. The SC's gearing level was high and its going concern will be in doubt if there is no injection of additional shareholders' funds in times of economic downturn and / or high interest rates.
Overall financial condition of the SC : STABLE

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	2008	2009	2010	2011	2012
Population (Million)	4.84	4.98	5.08	5.18	5.31
Gross Domestic Products ( % )	1.5	<0.8>	14.5	4.9	1.3
Consumer Price Index	6.6	0.6	2.8	5.2	4.6
Total Imports (Million)	450,892.6	356,299.3	423,221.8	459,655.1	474,554.0
Total Exports (Million)	476,762.2	391,118.1	478,840.7	514,741.2	510,329.0
Unemployment Rate (%)	2.2	3.2	2.2	2.1	2.0
Tourist Arrival (Million)	10.12	9.68	11.64	13.17	14.37
Hotel Occupancy Rate (%)	81.0	75.8	85.6	86.5	86.4
Cellular Phone Subscriber (Million)	1.31	1.37	1.43	1.50	1.52
Registration of New Companies (No.)	25,327	26,414	29,798	32,317	31,892
Registration of New Companies (%)	<2.2>	4.3	12.8	8.5	<1.3>
Liquidation of Companies (No.)	10,493	22,393	15,126	19,005	17,218
Liquidation of Companies (%)	13.7	113.4	<32.5>	25.6	9.4
Registration of New Businesses (No.)	24,850	26,876	23,978	23,494	24,788
Registration of New Businesses (%)	0.36	8.15	<10.78>	2.02	5.51
Liquidation of Businesses (No.)	21,150	23,552	24,211	23,005	22,489
Liquidation of Businesses (%)	<0.8>	11.4	2.8	<5>	<2.2>
Bankruptcy Orders (No.)	2,326	2,058	1,537	1,527	1,748
Bankruptcy Orders (%)	<15.9>	<11.5>	<25.3>	<0.7>	14.5
Bankruptcy Discharges (No.)	1,500	3,056	2,252	1,391	1,881
Bankruptcy Discharges (%)	<7.7>	103.7	<26.3>	<38.2>	35.2
INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	<0.32>	3.25	<0.48>	4.25	3.64
Fish Supply & Wholesale	<6.31>	<1.93>	<10.5>	12.10	<0.5>
Manufacturing *	74.6	71.5	92.8	100.0	100.3
Food, Beverages & Tobacco	94.8	90.4	96.4	100.0	103.5
Textiles	180.1	145.9	122.1	100.0	104.0
Wearing Apparel	334.6	211.0	123.3	100.0	92.1
Leather Products & Footwear	128.2	79.5	81.8	100.0	98.6
Wood & Wood Products	132.0	101.4	104.0	100.0	95.5
Paper & Paper Products	101.0	95.4	106.1	100.0	97.4
Printing & Media	118.2	100.9	103.5	100.0	93.0
Crude Oil Refineries	113.1	96.4	95.6	100.0	99.4
Chemical & Chemical Products	84.5	80.3	97.6	100.0	100.5
Pharmaceutical Products	43.7	49.1	75.3	100.0	109.7
Rubber & Plastic Products	120.1	101.2	112.3	100.0	96.5
Non-metallic Mineral	96.5	91.9	92.5	100.0	98.2
Basic Metals	109.8	92.6	102.2	100.0	90.6
Fabricated Metal Products	101.3	90.8	103.6	100.0	104.3
Machinery & Equipment	65.0	57.3	78.5	100.0	112.9
Electrical Machinery	81.7	86.8	124.1	100.0	99.3
Electronic Components	93.1	85.2	113.6	100.0	90.6
Transport Equipment	102.0	96.0	94.0	100.0	106.3
Construction	45.90	<36.9>	14.20	20.50	28.70
Real Estate	<11.2>	1.4	21.3	25.4	31.9
Services
Electricity, Gas & Water	<1.3>	1.70	4.00	7.00	6.30
Transport, Storage & Communication	11.60	3.90	12.80	7.40	5.30
Finance & Insurance	<5.9>	<16.4>	<0.4>	8.90	0.50
Government Services	17.40	4.50	9.70	6.90	6.00
Education Services	0.50	0.10	<0.9>	<1.4>	0.30
* Based on Index of Industrial Production (2011 = 100)
(Source : Department of Statistics)

INDUSTRY ANALYSIS

INDUSTRY :	TRADING
The wholesale and retail trade sector contracted by 1.5% in the fourth quarter of 2012, extending the 0.2% decline in the preceding quarter. For the whole of 2012, the sector declined by 0.7%, reversing the 1.6% growth in 2011. The sector was weighed down primarily by the wholesale trade segment. In 2012, the wholesale trade segment contracted by 1.0%, a reversal from the 1.4% growth in 2011. Growth of the retail trade segment also moderated to 2.0%, from 3.2% in the year 2011.
The domestic wholesale trade index grew by 1.2% in the fourth quarter of 2012, an improvement from the 5.4% decline in the third quarter. This was partly due to an increase in the sales of chemicals & chemical products and ship chandlers & bunkering. For the full year of 2012, the domestic wholesale trade index contracted by 2.2%, extending the 1.7% decline in 2011. The foreign wholesale trade index grew by 8.6% in the fourth quarter, an increase from the 6.6% growth in the third quarter. The expansion was partly due to resilient sales of petroleum & petroleum products. For the whole of 2012, the foreign wholesale trade index expanded by 9.1%, faster than the 4.3% increase in 2011.
In the fourth quarter of 2012, retail sales volume declined by 2.0%, extending the 0.3% decline in the third quarter. Excluding motor vehicles, retail sales volume grew by 0.4%, a slight moderation compared to the 1.5% gain in the third quarter of 2012. The sales volume of motor vehicles fell by 11% in the fourth quarter of 2012, after contracting by 6.1% in the third quarter. The sales of several discretionary items also declined in the fourth quarter. Besides, the sales of optical goods & books in 2012 fell by 3.6%, while the sales of telecommunications apparatus & computers declined by 1.4%.
For 2012 as a whole, retail sales volume grew by 1.3%, compared to the 2.0% expansion in 2011. Excluding motor vehicle sales, the increase in retail sales volume also moderated from 5.4% in 2011 to 1.7% in 2012. Medical goods & toiletries registered the largest increase (9.3%) in sales, followed by telecommunications apparatus & computers (6.9%). By contrast, the sales of watches & jewellery (-2.2%) and optical goods & books (-3.6%) declined.
OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 2000, the SC is a Private Limited company, focusing on trading of coal. With its long presence in the industry coupled with its vast experiences in the business, the SC should have built up certain goodwill with its clients over times. Having strong support from its holding company has enabled the SC to remain competitive despite the challenging business environment. The SC is a large entity with strong capital position. We are confident with the SC's business and its future growth prospect.

To date, the SC's business operation is supported by 20 employees. Overall, we regard that the SC's management capability is average. This indicates that the SC has greater potential to improve its business performance and raising income for the SC.

We noted that both the turnover and profits have increased compared to the previous year. The higher profit could be due to increase in turnover and better control over its operating costs. Based on the higher profitability, the SC has generated a favourable return based on its existing shareholders' funds which indicated that the management was efficient in utilising its funds to generate income. The SC is in good liquidity position with its current liabilities well covered by it current assets. Hence, it has sufficient working capital to meet its short term financial obligations. The high gearing ratio clearly implied that the SC was supported by more debt than equity. Nevertheless, given a positive net worth standing at USD 213,226,893, the SC should be able to maintain its business in the near terms.

Having a strong assets backing, the SC possesses latent assets as collateral for further financial extension. Hence, it has good chance of getting loans if the needs arises.

Overall, the SC's payment habit is good as the SC has a good credit control and it could be taking advantage of the cash discounts while maintaining a good reputation with its creditors.

The industry shows an upward trend and this trend is very likely to sustain in the near terms. Hence, the SC is expected to benefit from the favourable outlook of the industry.

Based on the above condition, we recommend credit be granted to the SC promptly.

PROFIT AND LOSS ACCOUNT

THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS.

ADANI GLOBAL PTE LTD

Financial Year End	2011-03-31	2010-03-31
Months	12	12
Consolidated Account	Company	Company
Audited Account	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES
Financial Type	FULL	FULL
Currency	USD	USD
TURNOVER	1,949,365,296	1,701,985,498
Other Income	13,185,115	718,495
	----------------	----------------
Total Turnover	1,962,550,411	1,702,703,993
Costs of Goods Sold	<1,809,127,338>	<1,627,546,579>
	----------------	----------------
Gross Profit	153,423,073	75,157,414
	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	124,147,044	41,839,652
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	124,147,044	41,839,652
Taxation	<8,027,927>	<2,725,000>
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	116,119,117	39,114,652
	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	69,507,776	30,393,124
	----------------	----------------
As restated	69,507,776	30,393,124
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	185,626,893	69,507,776
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	185,626,893	69,507,776
	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Term loan / Borrowing	-	1,710,672
Trust receipts	1,425,941	6,102,442
	----------------	----------------
	1,425,941	7,813,114

BALANCE SHEET

ADANI GLOBAL PTE LTD

ASSETS EMPLOYED:
FIXED ASSETS	2,576,955	2,642,585
LONG TERM INVESTMENTS/OTHER ASSETS
Subsidiary companies	25,903,663	23,903,663
Investment properties	1,549,218	1,586,527
Others	2,800,000	1,550,000
	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	30,252,881	27,040,190
	----------------	----------------
TOTAL LONG TERM ASSETS	32,829,836	29,682,775
CURRENT ASSETS
Trade debtors	565,490,160	336,318,353
Other debtors, deposits & prepayments	496,746,525	19,050,017
Short term deposits	47,909,945	38,121,479
Cash & bank balances	9,216,900	10,934,829
Others	52,420,969	67,741,273
	----------------	----------------
TOTAL CURRENT ASSETS	1,171,784,499	472,165,951
	----------------	----------------
TOTAL ASSET	1,204,614,335	501,848,726
	=============	=============
CURRENT LIABILITIES
Trade creditors	189,246,415	142,066,744
Other creditors & accruals	184,085	28,649
Short term borrowings/Term loans	150,699,952	25,659,992
Bill & acceptances payable	290,974,500	131,792,265
Other liabilities & accruals	52,840,978	13,946,032
Amounts owing to related companies	-	30,433,503
Amounts owing to director	-	171,909
Provision for taxation	7,525,000	2,725,000
Other liabilities	19,805,178	-
	----------------	----------------
TOTAL CURRENT LIABILITIES	711,276,108	346,824,094
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	460,508,391	125,341,857
	----------------	----------------
TOTAL NET ASSETS	493,338,227	155,024,632
	=============	=============
SHARE CAPITAL
Ordinary share capital	27,600,000	27,600,000
	----------------	----------------
TOTAL SHARE CAPITAL	27,600,000	27,600,000
RESERVES
Retained profit/(loss) carried forward	185,626,893	69,507,776
	----------------	----------------
TOTAL RESERVES	185,626,893	69,507,776
	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	213,226,893	97,107,776
LONG TERM LIABILITIES
Long term loans	280,111,334	57,916,856
	----------------	----------------
TOTAL LONG TERM LIABILITIES	280,111,334	57,916,856
	----------------	----------------
	493,338,227	155,024,632
	=============	=============

FINANCIAL RATIO

ADANI GLOBAL PTE LTD

TYPES OF FUNDS
Cash	57,126,845	49,056,308
Net Liquid Funds	57,126,845	49,056,308
Net Liquid Assets	460,508,391	125,341,857
Net Current Assets/(Liabilities)	460,508,391	125,341,857
Net Tangible Assets	493,338,227	155,024,632
Net Monetary Assets	180,397,057	67,425,001
BALANCE SHEET ITEMS
Total Borrowings	430,811,286	83,576,848
Total Liabilities	991,387,442	404,740,950
Total Assets	1,204,614,335	501,848,726
Net Assets	493,338,227	155,024,632
Net Assets Backing	213,226,893	97,107,776
Shareholders' Funds	213,226,893	97,107,776
Total Share Capital	27,600,000	27,600,000
Total Reserves	185,626,893	69,507,776
LIQUIDITY (Times)
Cash Ratio	0.08	0.14
Liquid Ratio	1.65	1.36
Current Ratio	1.65	1.36
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0
Debtors Ratio	106	72
Creditors Ratio	38	32
SOLVENCY RATIOS (Times)
Gearing Ratio	2.02	0.86
Liabilities Ratio	4.65	4.17
Times Interest Earned Ratio	88.06	6.36
Assets Backing Ratio	17.87	3.60
PERFORMANCE RATIO (%)
Operating Profit Margin	6.37	2.46
Net Profit Margin	5.96	2.30
Return On Net Assets	25.45	32.03
Return On Capital Employed	25.45	32.03
Return On Shareholders' Funds/Equity	54.46	40.28
Dividend Pay Out Ratio (Times)	0.00	0.00
NOTES TO ACCOUNTS
Contingent Liabilities	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.26
UK Pound	1	Rs.101.09
Euro	1	Rs.83.73

INFORMATION DETAILS

Report Prepared by :

DPT

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.