MIRA INFORM REPORT

Report Date :

19.04.2014

IDENTIFICATION DETAILS

Name :	CONCORD FORTUNE RESOURCES PTE. LIMITED
Registered Office :	8, Temasek Boulevard, 36-01, Suntec Tower Three, 038988,
Country :	Singapore
Financials (as on) :	31.03.2013
Date of Incorporation :	03.06.2011
Com. Reg. No.:	201113314-N
Legal Form :	Private Limited
Line of Business :	Trading of iron ore, agricultural products
No. of Employees	09 [2014]

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 :	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, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
Singapore	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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 0.6% in 2009 as a result of the global financial crisis, but rebounded 15.1% 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

EXECUTIVE SUMMARY

REGISTRATION NO.

:

201113314-N

COMPANY NAME

:

CONCORD FORTUNE RESOURCES PTE. LIMITED

FORMER NAME

:

N/A

INCORPORATION DATE

:

03/06/2011

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

8, TEMASEK BOULEVARD, 36-01, SUNTEC TOWER THREE, 038988, SINGAPORE.

BUSINESS ADDRESS

:

8 TEMASEK BOULEVARD #36-01 SUNTEC TOWER THREE, 038988, SINGAPORE.

TEL.NO.

:

65-66379494

FAX.NO.

:

65-66379484

WEB SITE

:

WWW.CONCORDFORTUNE.COM

CONTACT PERSON

:

FONG CHO YEE JOEY ( DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF IRON ORE, AGRICULTURAL PRODUCTS

ISSUED AND PAID UP CAPITAL

:

3,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 3,000,000.00

SALES

:

USD 474,555,546 [2013]

NET WORTH

:

USD 14,483,491 [2013]

STAFF STRENGTH

:

9 [2014]

BANKER (S)

:

ABN AMRO BANK N.V. ING BANK N.V. COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A. UNITED OVERSEAS BANK LIMITED RAIFFEISEN BANK INTERNATIONAL AG

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

FAIR

PAYMENT

:

GOOD

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

HISTORY / BACKGROUND

The Subject 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 Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject 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 Subject is insolvent. The Subject 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 Subject is principally engaged in the (as a / as an) trading of iron ore, agricultural products.

The immediate holding company of the Subject is CLASSY WISE HOLDINGS LIMITED, a company incorporated in VIRGIN ISLANDS, BRITISH.

The ultimate holding company of the Subject is ETERNAL CONCORD LIMITED, a company incorporated in VIRGIN ISLANDS, BRITISH.

Share Capital History

Date	Issue & Paid Up Capital
17/04/2014	SGD 3,000,000.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
CLASSY WISE HOLDINGS LIMITED	NOVASAGE CHAMBERS, P.O. BOX 4389, ROAD TOWN, TORTOLA, VIRGIN ISLANDS, BRITISH.	T12UF1160	3,000,000.00	100.00
			---------------	------
			3,000,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	SONTHALIA RAHUL
Address	:	260A, SENGKANG EAST WAY, 09-488, 541260, SINGAPORE.
IC / PP No	:	G5319978Q
Nationality	:	INDIAN
Date of Appointment	:	18/06/2012

DIRECTOR 2

Name Of Subject	:	JOEY FONG CHO YEE
Address	:	FLAT B, 11/F, BLOCK 1, THE GREAT HILL, 8, TUNG LO WAN HILL ROAD, TAI WAI, NEW TERRITORIES, HONG KONG.
IC / PP No	:	KJ0274141
Nationality	:	CHINESE
Date of Appointment	:	24/09/2011

DIRECTOR 3

Name Of Subject	:	DANIEL YUENG NGAI
Address	:	FLAT A, 28/F, BLOCK 1, CAVENDISH HEIGHTS, 33 PERKINS ROAD, JARDINE'S LOOKOUT, HONG KONG.
IC / PP No	:	KJ0259034
Nationality	:	CHINESE
Date of Appointment	:	24/09/2011

DIRECTOR 4

Name Of Subject	:	LIU WEIJIE
Address	:	70, BAYSHORE ROAD, 21-08, COSTA DEL SOL, 469987, SINGAPORE.
IC / PP No	:	S2718140F
Nationality	:	SINGAPOREAN
Date of Appointment	:	21/06/2011

MANAGEMENT

1)	Name of Subject	:	FONG CHO YEE JOEY
	Position	:	DIRECTOR

AUDITOR

Auditor	:	ARDENT ASSOCIATES LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	JULIANA LOH JOO HUI
	IC / PP No	:	S2558149J
	Address	:	22, ST. GEORGE'S ROAD, 12-182, 321022, SINGAPORE.

2)	Company Secretary	:	CHAN LILY
	IC / PP No	:	S2668267C
	Address	:	259A, COMPASSVALE ROAD, 13 - 609, 541259, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

ABN AMRO BANK N.V.

2)

Name

:

ING BANK N.V.

3)

Name

:

COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.

4)

Name

:

UNITED OVERSEAS BANK LIMITED

5)

Name

:

RAIFFEISEN BANK INTERNATIONAL AG

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C201111615	16/09/2011	N/A	STANDARD CHARTERED BANK (SINGAPORE)	-	Unsatisfied
C201114534	17/11/2011	N/A	ABN AMRO BANK N.V.	-	Unsatisfied
C201116171	22/12/2011	N/A	ING BANK N.V.	-	Unsatisfied
C201203205	23/03/2012	N/A	COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.	-	Unsatisfied
C201206148	06/06/2012	N/A	BNP PARIBAS, HONG KONG	-	Unsatisfied
C201206193	07/06/2012	N/A	BNP PARIBAS, HONG KONG	-	Unsatisfied
C201214407	07/12/2012	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C201214408	07/12/2012	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C201215042	21/12/2012	N/A	BNP PARIBAS, HONG KONG	-	Unsatisfied
C201301430	25/01/2013	N/A	ABN AMRO BANK N.V., HONG KONG BRANCH	-	Unsatisfied
C201309953	22/07/2013	N/A	RAIFFEISEN BANK INTERNATIONAL AG	-	Unsatisfied
C201313029	24/09/2013	N/A	OVERSEA-CHINESE BANKING CORPORATION LIMITED, HONG KONG BRANCH	-	Unsatisfied
C201313039	24/09/2013	N/A	OVERSEA-CHINESE BANKING CORPORATION LIMITED, HONG KONG BRANCH	-	Unsatisfied

LEGAL CHECK AGAINST SUBJECT

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

No legal action was found in our databank.

No winding up petition was found in our databank.

PAYMENT RECORD

SOURCES OF RAW MATERIALS:
Local	:	YES
Overseas	:	YES

The Subject 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	:	YES
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	WORLDWIDE
Credit Term	:	N/A
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Goods Traded

:

IRON ORE, AGRICULTURAL PRODUCTS

Total Number of Employees:
YEAR	2014
GROUP	N/A
COMPANY	9

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) trading of iron ore, agricultural products.

The Subject deals with the followings:


- Iron ore, Nickel ore, Manganese ore and other mineral ore

- Thermal coal, PCI, coking coal, coke

Agricultural Products


- Rice of various country of origin (India, Vietnam, Myanmar etc.)

- Cashew Nuts (RCN)

- Sesame Seed

- Sugar
- Yellow Peas
- Pulses

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-66379494
Match	:	N/A
Address Provided by Client	:	8 TEMASEK BOULEVARD, #36-01 SUNTECTOWER THREE SINGAPORE 038988
Current Address	:	8 TEMASEK BOULEVARD #36-01 SUNTEC TOWER THREE, 038988, SINGAPORE.
Match	:	YES

Other Investigations

we contacted one of the staff from the Subject's registered office and she only provided some information.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	150.50%	]
Profit/(Loss) Before Tax	:	Decreased	[	31.12%	]
Return on Shareholder Funds	:	Favourable	[	44.59%	]
Return on Net Assets	:	Favourable	[	44.68%	]
The increase in turnover could be due to the Subject adopting an aggressive marketing strategy.The Subject's profit fell sharply because of the high operating costs incurred. Generally the Subject was profitable. The favourable return on shareholders' funds and return on net assets indicate that the Subject's management was efficient in utilising the assets to generate returns.
Working Capital Control
Stock Ratio	:	Favourable	[	10 Days	]
Debtor Ratio	:	Acceptable	[	55 Days	]
Creditors Ratio	:	Favourable	[	9 Days	]
The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The Subject's management was quite efficient in handling its debtors. The Subject's debtors days were at an acceptable range, thus the risk of its debts turning bad was minimised. The Subject had a favourable creditors' ratio where the Subject could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.
Liquidity
Liquid Ratio	:	Acceptable	[	0.99 Times	]
Current Ratio	:	Unfavourable	[	1.11 Times	]
The Subject's liquid ratio was slightly low. This could indicate that the Subject's working capital was slightly deficient. The Subject will have to improve its liquidity position either by obtaining short term financing or increase its paid up capital so that it can meet all its short term obligations as and when they fall due.
Solvency
Interest Cover	:	Acceptable	[	7.20 Times	]
Gearing Ratio	:	Favourable	[	0.30 Times	]
The Subject's interest cover was slightly low. If there is no sharp fall in its profit or sudden increase in the interest rates, we believe the Subject is able to generate sufficient income to service its interest and repay the loans. The Subject was lowly geared thus it had a low financial risk. The Subject was mainly financed by its shareholders' funds and internally generated funds. In times of economic slowdown / downturn, the Subject being a lowly geared company, will be able to compete better than those companies which are highly geared in the same industry.
Overall Assessment :
Although the Subject's turnover had increased, its profits had declined over the same corresponding period. This could be due to the stiffer market competition and / or higher operating costs which lowered the Subject's profit margin. Due to its weak liquidity position, the Subject will be faced with problems in meeting all its short term obligations if no short term loan is obtained or additional capital injected into the Subject. The Subject had an acceptable interest cover. If there is no sudden sharp increase in interest rate or fall in the Subject's profit, we do believe the Subject is able to generate sufficient cash flow to service its interest payment. The Subject as a lowly geared company, will be more secured compared to those highly geared companies. It has the ability to meet all its long term obligations.
Overall financial condition of the Subject : FAIR

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	2009	2010	2011	2012	2013
Population (Million)	4.98	5.08	5.18	5.31	5.40
Gross Domestic Products ( % )	(0.8)	14.5	4.9	1.3	3.7
Consumer Price Index	0.6	2.8	5.2	4.6	2.4
Total Imports (Million)	356,299.3	423,221.8	459,655.1	474,554.0	466,762.0
Total Exports (Million)	391,118.1	478,840.7	514,741.2	510,329.0	513,391.0
Unemployment Rate (%)	3.2	2.2	2.1	2.0	1.9
Tourist Arrival (Million)	9.68	11.64	13.17	14.49	15.46
Hotel Occupancy Rate (%)	75.8	85.6	86.5	86.4	86.3
Cellular Phone Subscriber (Million)	1.37	1.43	1.50	1.52	1.97
Registration of New Companies (No.)	26,414	29,798	32,317	31,892	37,288
Registration of New Companies (%)	4.3	12.8	8.5	(1.3)	9.8
Liquidation of Companies (No.)	22,393	15,126	19,005	17,218	17,369
Liquidation of Companies (%)	113.4	(32.5)	25.6	9.4	(5.3)
Registration of New Businesses (No.)	26,876	23,978	23,494	24,788	22,893
Registration of New Businesses (%)	8.15	(10.78)	2.02	5.51	1.70
Liquidation of Businesses (No.)	23,552	24,211	23,005	22,489	22,598
Liquidation of Businesses (%)	11.4	2.8	(5)	(2.2)	0.5
Bankruptcy Orders (No.)	2,058	1,537	1,527	1,748	1,992
Bankruptcy Orders (%)	(11.5)	(25.3)	(0.7)	14.5	14.0
Bankruptcy Discharges (No.)	3,056	2,252	1,391	1,881	2,584
Bankruptcy Discharges (%)	103.7	(26.3)	(38.2)	35.2	37.4
INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	3.25	(0.48)	4.25	3.64	-
Fish Supply & Wholesale	(1.93)	(10.5)	12.10	(0.5)	-
Manufacturing *	71.5	92.8	100.0	100.3	102.0
Food, Beverages & Tobacco	90.4	96.4	100.0	103.5	103.5
Textiles	145.9	122.1	100.0	104.0	87.1
Wearing Apparel	211.0	123.3	100.0	92.1	77.8
Leather Products & Footwear	79.5	81.8	100.0	98.6	109.8
Wood & Wood Products	101.4	104.0	100.0	95.5	107.4
Paper & Paper Products	95.4	106.1	100.0	97.4	103.2
Printing & Media	100.9	103.5	100.0	93.0	86.1
Crude Oil Refineries	96.4	95.6	100.0	99.4	93.5
Chemical & Chemical Products	80.3	97.6	100.0	100.5	104.1
Pharmaceutical Products	49.1	75.3	100.0	109.7	107.2
Rubber & Plastic Products	101.2	112.3	100.0	96.5	92.9
Non-metallic Mineral	91.9	92.5	100.0	98.2	97.6
Basic Metals	92.6	102.2	100.0	90.6	76.5
Fabricated Metal Products	90.8	103.6	100.0	104.3	105.1
Machinery & Equipment	57.3	78.5	100.0	112.9	114.5
Electrical Machinery	86.8	124.1	100.0	99.3	108.5
Electronic Components	85.2	113.6	100.0	90.6	94.3
Transport Equipment	96.0	94.0	100.0	106.3	107.5
Construction	(36.9)	14.20	20.50	28.70	-
Real Estate	1.4	21.3	25.4	31.9	-
Services
Electricity, Gas & Water	1.70	4.00	7.00	6.30	-
Transport, Storage & Communication	3.90	12.80	7.40	5.30	-
Finance & Insurance	(16.4)	(0.4)	8.90	0.50	-
Government Services	4.50	9.70	6.90	6.00	-
Education Services	0.10	(0.9)	(1.4)	0.30	-
* Based on Index of Industrial Production (2011 = 100)

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 2011, the Subject is a Private Limited company, focusing on trading of iron ore and agricultural products. The Subject has been in business for 3 years and it has slowly been building up contact with its clients while competing in the industry. Having strong support from its holding company has enabled the Subject to remain competitive despite the challenging business environment. The capital standing of the Subject is fair. With an adequate share capital, the Subject has the potential of expanding its business in future.

Over the years, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. Being a small company, the Subject's business operation is supported by 9 employees. Overall, we regard that the Subject's management capability is average. This indicates that the Subject has greater potential to improve its business performance and raising income for the Subject.

Financially, the Subject registered a higher turnover compared to previous year. However, its profits showed a reverse trend. The lower profit achieved was a result of higher operating cost and increased competition. The Subject 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 Subject managed to maintain an adequate liquidity level, indicating that the Subject has the ability to meet its financial obligations. Being a lowly geared company, the Subject is exposed to low financial risk as it is mainly dependent on its internal funds to finance its business needs. Given a positive net worth standing at USD 14,483,491, the Subject should be able to maintain its business in the near terms.

Having a strong assets backing, the Subject possesses latent assets as collateral for further financial extension. Hence, it has good chance of getting loans if the needs arises. The Subject's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials. Overall the Subject has a good control over its resources.

Overall, the Subject's payment habit is good as the Subject 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 Subject is expected to benefit from the favourable outlook of the industry.

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

PROFIT AND LOSS ACCOUNT

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

CONCORD FORTUNE RESOURCES PTE. LIMITED

Financial Year End	2013-03-31	2012-03-31
Months	12	10
Consolidated Account	Company	Company
Audited Account	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES
Financial Type	FULL	FULL
Currency	USD	USD
TURNOVER	474,555,546	189,442,925
Other Income	30,083	1,822,196
	----------------	----------------
Total Turnover	474,585,629	191,265,121
Costs of Goods Sold	(458,450,318)	(179,990,485)
	----------------	----------------
Gross Profit	16,135,311	11,274,636
	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	7,168,386	10,406,322
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	7,168,386	10,406,322
Taxation	(710,500)	(948,385)
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	6,457,886	9,457,937
	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	9,457,937	0
	----------------	----------------
As restated	9,457,937	-
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	15,915,823	9,457,937
DIVIDENDS - Ordinary (paid & proposed)	(3,900,000)	-
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	12,015,823	9,457,937
	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Others	1,156,382	489,695
	----------------	----------------
	1,156,382	489,695
	=============	=============

BALANCE SHEET

CONCORD FORTUNE RESOURCES PTE. LIMITED

ASSETS EMPLOYED:
FIXED ASSETS	6,933,246	7,080,823
	----------------	----------------
TOTAL LONG TERM ASSETS	6,933,246	7,080,823
CURRENT ASSETS
Stocks	12,608,120	10,124,055
Trade debtors	71,995,542	39,248,541
Other debtors, deposits & prepayments	29,612	20,479,295
Short term deposits	697,684	511,502
Amount due from holding company	-	850
Amount due from related companies	14,906	421,798
Cash & bank balances	28,099,692	6,492,473
Others	69,250	777,400
	----------------	----------------
TOTAL CURRENT ASSETS	113,514,806	78,055,914
	----------------	----------------
TOTAL ASSET	120,448,052	85,136,737
	=============	=============
CURRENT LIABILITIES
Trade creditors	11,540,981	4,561
Other creditors & accruals	4,420,022	14,850,948
Bill & acceptances payable	4,398,418	31,946,144
Other liabilities & accruals	151,068	180,744
Amounts owing to holding company	12,018,214	1,000,000
Amounts owing to related companies	305,001	-
Provision for taxation	710,500	938,234
Other liabilities	68,273,473	20,027,962
	----------------	----------------
TOTAL CURRENT LIABILITIES	101,817,677	68,948,593
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	11,697,129	9,107,321
	----------------	----------------
TOTAL NET ASSETS	18,630,375	16,188,144
	=============	=============
SHARE CAPITAL
Ordinary share capital	2,467,668	2,467,668
	----------------	----------------
TOTAL SHARE CAPITAL	2,467,668	2,467,668
RESERVES
Retained profit/(loss) carried forward	12,015,823	9,457,937
	----------------	----------------
TOTAL RESERVES	12,015,823	9,457,937
	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	14,483,491	11,925,605
LONG TERM LIABILITIES
Others	4,146,884	4,262,539
	----------------	----------------
TOTAL LONG TERM LIABILITIES	4,146,884	4,262,539
	----------------	----------------
	18,630,375	16,188,144
	=============	=============

FINANCIAL RATIO

CONCORD FORTUNE RESOURCES PTE. LIMITED

TYPES OF FUNDS
Cash	28,797,376	7,003,975
Net Liquid Funds	24,398,958	(24,942,169)
Net Liquid Assets	(910,991)	(1,016,734)
Net Current Assets/(Liabilities)	11,697,129	9,107,321
Net Tangible Assets	18,630,375	16,188,144
Net Monetary Assets	(5,057,875)	(5,279,273)
BALANCE SHEET ITEMS
Total Borrowings	4,398,418	31,946,144
Total Liabilities	105,964,561	73,211,132
Total Assets	120,448,052	85,136,737
Net Assets	18,630,375	16,188,144
Net Assets Backing	14,483,491	11,925,605
Shareholders' Funds	14,483,491	11,925,605
Total Share Capital	2,467,668	2,467,668
Total Reserves	12,015,823	9,457,937
LIQUIDITY (Times)
Cash Ratio	0.28	0.10
Liquid Ratio	0.99	0.99
Current Ratio	1.11	1.13
WORKING CAPITAL CONTROL (Days)
Stock Ratio	10	20
Debtors Ratio	55	76
Creditors Ratio	9	0
SOLVENCY RATIOS (Times)
Gearing Ratio	0.30	2.68
Liabilities Ratio	7.32	6.14
Times Interest Earned Ratio	7.20	22.25
Assets Backing Ratio	7.55	6.56
PERFORMANCE RATIO (%)
Operating Profit Margin	1.51	5.49
Net Profit Margin	1.36	4.99
Return On Net Assets	44.68	67.31
Return On Capital Employed	44.68	67.31
Return On Shareholders' Funds/Equity	44.59	79.31
Dividend Pay Out Ratio (Times)	0.60	0.00
NOTES TO ACCOUNTS
Contingent Liabilities	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.38
UK Pound	1	Rs.101.63
Euro	1	Rs.83.57

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	NIS

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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