MIRA INFORM REPORT

Report Date :

16.08.2014

IDENTIFICATION DETAILS

Name :	CMNK COMPUTER SYSTEMS PTE. LTD.
Formerly Known As :	DOMAIN 2000 PTE LTD
Registered Office :	4, Leng Kee Road, 06-06, Sis Building, 159088,
Country :	Singapore
Financials (as on) :	30.06.2013
Date of Incorporation :	17.06.1999
Com. Reg. No.:	199903356-W
Legal Form :	Private Limited
Line of Business :	Retail sale of computer hardware, software & accessories
No. of Employees	04 [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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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 0.6% 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

Company name and address

REGISTRATION NO.

:

199903356-W

COMPANY NAME

:

CMNK COMPUTER SYSTEMS PTE. LTD.

FORMER NAME

:

DOMAIN 2000 PTE LTD (28/01/2011)

INCORPORATION DATE

:

17/06/1999

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

4, LENG KEE ROAD, 06-06, SIS BUILDING, 159088, SINGAPORE.

BUSINESS ADDRESS

:

4 LENG KEE ROAD, 06-06, SIS BUILDING, 159088, SINGAPORE.

TEL.NO.

:

65-65389558

FAX.NO.

:

65-63233576

CONTACT PERSON

:

SANJEEV KUMAR GUPTA ( DIRECTOR )

PRINCIPAL ACTIVITY

:

RETAIL SALE OF COMPUTER HARDWARE, SOFTWARE & ACCESSORIES

ISSUED AND PAID UP CAPITAL

:

300,100.00 ORDINARY SHARE, OF A VALUE OF SGD 300,100.00
288,332.00 PREFERENCE SHARE, OF A VALUE OF SGD 245,100.08

SALES

:

USD 17,214,169 [2013]

NET WORTH

:

USD 1,645,839 [2013]

STAFF STRENGTH

:

4 [2014]

BANKER (S)

:

DBS BANK LTD

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

STABLE

PAYMENT

:

PROMPT

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

MODERATE

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) retail sale of computer hardware, software & accessories.

Share Capital History

Date	Issue & Paid Up Capital
10/02/2014	SGD 545,200.08

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
AVVA TECHNOLOGY PTE. LTD. [ORDINARY : 300,100 & PREFERENCE : 288,332]	46A, TOH TUCK ROAD, 06-05, SIGNATURE PARK, 596738, SINGAPORE.	201113233N	588,432.00	100.00
			---------------	------
			588,432.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	MR. SANJEEV KUMAR GUPTA
Address	:	46A, TOH TUCK ROAD, 06-05, SIGNATURE PARK, 596738, SINGAPORE.
IC / PP No	:	S6868516H
Nationality	:	SINGAPOREAN
Date of Appointment	:	21/03/2014

DIRECTOR 2

Name Of Subject	:	SUNITA GUPTA
Address	:	46A, TOH TUCK ROAD, 06-05, SIGNATURE PARK, 596738, SINGAPORE.
IC / PP No	:	S6868517F
Nationality	:	SINGAPOREAN
Date of Appointment	:	06/05/2014

MANAGEMENT

1)	Name of Subject	:	SANJEEV KUMAR GUPTA
	Position	:	DIRECTOR

AUDITOR

Auditor	:	RAFFLES PAC
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	SALMIAH BINTE SARPIAI
	IC / PP No	:	S1794643I
	Address	:	643, HOUGANG AVENUE 8, 10-279, 530643, SINGAPORE.

2)	Company Secretary	:	URAI SUWANARAT
	IC / PP No	:	S1621504Z
	Address	:	235, PASIR RIS STREET 21, 06-59, 510235, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

DBS BANK LTD

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C201109255	26/07/2011	N/A	DBS BANK LTD.	-	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	Percentage	:	60%
Overseas	:	YES	Percentage	:	40%

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	[	X	]	Good 31-60 Days	[	]	Average 61-90 Days	[	]
Fair 91-120 Days	[		]	Poor >120 Days	[	]

CLIENTELE

Local	:	YES	Percentage	:	100%
Domestic Markets	:	SINGAPORE
Overseas	:	NO
Credit Term	:	AS AGREED
Payment Mode	:	CHEQUES CASH

OPERATIONS

Goods Traded

:

COMPUTER HARDWARE, SOFTWARE & ACCESSORIES

Total Number of Employees:
YEAR	2014	2013
GROUP	N/A	N/A
COMPANY	4	4

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) retail sale of computer hardware, software & accessories.

The Subject engaged in trading of computer product including notebook, cpu, other software product.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-65389558
Match	:	N/A
Address Provided by Client	:	10 ANSON ROAD # 34-15 INTERNATIONAL PLAZA SINGAPORE 079903.
Current Address	:	4 LENG KEE ROAD, 06-06, SIS BUILDING, 159088, SINGAPORE.
Match	:	NO

Other Investigations

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

The address provided belongs to the Subject's former registered office.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Decreased	[	2009 - 2013	]
Profit/(Loss) Before Tax	:	Decreased	[	2009 - 2013	]
Return on Shareholder Funds	:	Acceptable	[	15.70%	]
Return on Net Assets	:	Acceptable	[	24.63%	]
The continuous fall in turnover could be due to the lower demand for the Subject's products / services.The dip in profit could be due to the stiff market competition which reduced the Subject's profit margin. The Subject's management had generated acceptable return for its shareholders using its assets.
Working Capital Control
Stock Ratio	:	Favourable	[	1 Days	]
Debtor Ratio	:	Unfavourable	[	82 Days	]
Creditors Ratio	:	Favourable	[	17 Days	]
The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The high debtors' ratio could indicate that the Subject was weak in its credit control. However, the Subject could also giving longer credit periods to its customers in order to boost its sales or to capture / retain its market share. 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	:	Favourable	[	1.56 Times	]
Current Ratio	:	Unfavourable	[	1.57 Times	]
A minimum liquid ratio of 1 should be maintained by the Subject in order to assure its creditors of its ability to meet short term obligations and the Subject was in a good liquidity position. Thus, we believe the Subject is able to meet all its short term obligations as and when they fall due.
Solvency
Interest Cover	:	Acceptable	[	3.19 Times	]
Gearing Ratio	:	Unfavourable	[	1.18 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 highly geared, thus it had a high financial risk. The Subject was dependent on loans to finance its business needs. In times of economic downturn and / or high interest rate, the Subject will become less profitable and competitive than other firms in the same industry, which are lowly geared. This is because the Subject has to service the interest and to repay the loan, which will erode part of its profits. The profits will fluctuate depending on the Subject's turnover and the interest it needs to pay.
Overall Assessment :
The Subject's performance deteriorated over the years with lower turnover and profit. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. 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'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 Subject : STABLE

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 1999, the Subject is a Private Limited company, focusing on retail sale of computer hardware, software & accessories. Having been in the industry for over a decade, the Subject has achieved a certain market share and has built up a satisfactory reputation in the market. It should have received supports from its regular customers. Having strong support from its shareholder has enabled the Subject to remain competitive despite the challenging business environment.

Over the years, the Subject should have build up its clientele base and received supports from its regular customers. Investigation revealed that the Subject's interest lies mostly in the local market. Thus, any adverse changes to the local economy might have a negative impact on the Subject's business performance. Being a small company, the Subject's business operation is supported by 4 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.

The Subject's business performance showed a reverse trend as both its turnover and pre-tax profit have decreased compared to the previous year. Return on shareholders' funds of the Subject was at an acceptable range which indicated that the management was efficient in utilising its funds to generate income. The Subject 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 Subject was supported by more debt than equity. Given a positive net worth standing at USD 1,645,839, 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.

We regard that the Subject's overall payment habit is prompt. The Subject had a favourable creditors' ratio as evidenced by its favourable collection days.

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.

CMNK COMPUTER SYSTEMS PTE. LTD.

Financial Year End	2013-06-30	2012-06-30	2011-06-30	2010-06-30	2009-06-30
Months	12	12	12	12	12
Consolidated Account	Company	Company	Company	Company	Company
Audited Account	YES	YES	YES	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES	YES	YES	YES
Financial Type	FULL	FULL	FULL	FULL	FULL
Currency	USD	USD	USD	USD	USD
TURNOVER	17,214,169	23,446,396	25,839,872	19,571,988	15,461,308
Other Income	52,235	26,453	50,408	107,083	75,661
	----------------	----------------	----------------	----------------	----------------
Total Turnover	17,266,404	23,472,849	25,890,280	19,679,071	15,536,969
Costs of Goods Sold	(16,692,494)	(22,310,248)	(24,911,720)	(19,026,715)	(14,289,306)
	----------------	----------------	----------------	----------------	----------------
Gross Profit	573,910	1,162,601	978,560	652,356	1,247,663
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	278,197	392,567	265,375	203,082	99,892
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	278,197	392,567	265,375	203,082	99,892
Taxation	(19,881)	(27,594)	(22,400)	(17,000)	(12,000)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	258,316	364,973	242,975	186,082	87,892
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	1,000,089	635,116	582,141	444,893	357,001
	----------------	----------------	----------------	----------------	----------------
As restated	1,000,089	635,116	582,141	444,893	357,001
	----------------	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	1,258,405	1,000,089	825,116	630,975	444,893
TRANSFER TO RESERVES - General	-	-	-	(48,834)	-
DIVIDENDS - Ordinary (paid & proposed)	-	-	(190,000)	-	-
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	1,258,405	1,000,089	635,116	582,141	444,893
	=============	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Bank overdraft	17,367	21,827	-	-	-
Letter of credit	25,281	38,590	-	-	-
Others	84,558	52,628	76,686	96,647	93,185
	----------------	----------------	----------------	----------------	----------------
	127,206	113,045	76,686	96,647	93,185
	=============	=============	=============	=============	=============

BALANCE SHEET

CMNK COMPUTER SYSTEMS PTE. LTD.

Stocks	26,659	90,775	2,309,528	1,539,973	312,732
Trade debtors	3,844,989	3,374,318	3,997,503	2,694,583	1,831,437
Other debtors, deposits & prepayments	851	8,332	-	378,078	358,444
Short term deposits	502,778	500,000	500,000	500,000	500,000
Cash & bank balances	96,530	1,796,174	123,602	12,551	124,054
Others	70,414	2,508	185,336	-	37,104
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	4,542,221	5,772,107	7,115,969	5,125,185	3,163,771
	----------------	----------------	----------------	----------------	----------------
TOTAL ASSET	4,542,221	5,772,107	7,115,969	5,125,185	3,163,771
	=============	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	782,462	2,947,838	5,265,370	3,154,924	2,102,520
Other creditors & accruals	137,344	130,423	296,219	140,014	88,528
Bank overdraft	1,938,230	1,253,442	493,033	200,130	108,072
Provision for taxation	38,346	52,881	38,797	33,291	27,203
Other liabilities	-	-	-	817,251	243,955
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	2,896,382	4,384,584	6,093,419	4,345,610	2,570,278
	----------------	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	1,645,839	1,387,523	1,022,550	779,575	593,493
	----------------	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	1,645,839	1,387,523	1,022,550	779,575	593,493
	=============	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	387,434	387,434	387,434	197,434	197,434
	----------------	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	387,434	387,434	387,434	197,434	197,434
Retained profit/(loss) carried forward	1,258,405	1,000,089	635,116	582,141	444,893
Others	-	-	-	-	(48,834)
	----------------	----------------	----------------	----------------	----------------
TOTAL RESERVES	1,258,405	1,000,089	635,116	582,141	396,059
	----------------	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	1,645,839	1,387,523	1,022,550	779,575	593,493
	----------------	----------------	----------------	----------------	----------------
	1,645,839	1,387,523	1,022,550	779,575	593,493
	=============	=============	=============	=============	=============

FINANCIAL RATIO

CMNK COMPUTER SYSTEMS PTE. LTD.

TYPES OF FUNDS
Cash	599,308	2,296,174	623,602	512,551	624,054
Net Liquid Funds	(1,338,922)	1,042,732	130,569	312,421	515,982
Net Liquid Assets	1,619,180	1,296,748	(1,286,978)	(760,398)	280,761
Net Current Assets/(Liabilities)	1,645,839	1,387,523	1,022,550	779,575	593,493
Net Tangible Assets	1,645,839	1,387,523	1,022,550	779,575	593,493
Net Monetary Assets	1,619,180	1,296,748	(1,286,978)	(760,398)	280,761
BALANCE SHEET ITEMS
Total Borrowings	1,938,230	1,253,442	493,033	200,130	108,072
Total Liabilities	2,896,382	4,384,584	6,093,419	4,345,610	2,570,278
Total Assets	4,542,221	5,772,107	7,115,969	5,125,185	3,163,771
Net Assets	1,645,839	1,387,523	1,022,550	779,575	593,493
Net Assets Backing	1,645,839	1,387,523	1,022,550	779,575	593,493
Shareholders' Funds	1,645,839	1,387,523	1,022,550	779,575	593,493
Total Share Capital	387,434	387,434	387,434	197,434	197,434
Total Reserves	1,258,405	1,000,089	635,116	582,141	396,059
LIQUIDITY (Times)
Cash Ratio	0.21	0.52	0.10	0.12	0.24
Liquid Ratio	1.56	1.30	0.79	0.83	1.11
Current Ratio	1.57	1.32	1.17	1.18	1.23
WORKING CAPITAL CONTROL (Days)
Stock Ratio	1	1	33	29	7
Debtors Ratio	82	53	56	50	43
Creditors Ratio	17	48	77	61	54
SOLVENCY RATIOS (Times)
Gearing Ratio	1.18	0.90	0.48	0.26	0.18
Liabilities Ratio	1.76	3.16	5.96	5.57	4.33
Times Interest Earned Ratio	3.19	4.47	4.46	3.10	2.07
Assets Backing Ratio	4.25	3.58	2.64	3.95	3.01
PERFORMANCE RATIO (%)
Operating Profit Margin	1.62	1.67	1.03	1.04	0.65
Net Profit Margin	1.50	1.56	0.94	0.95	0.57
Return On Net Assets	24.63	36.44	33.45	38.45	32.53
Return On Capital Employed	11.31	19.14	22.57	30.59	27.52
Return On Shareholders' Funds/Equity	15.70	26.30	23.76	23.87	14.81
Dividend Pay Out Ratio (Times)	0.00	0.00	0.78	0.00	0.00
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.06
UK Pound	1	Rs.101.84
Euro	1	Rs.81.56

INFORMATION DETAILS

Analysis Done by :	RAS
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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