MIRA INFORM REPORT

Report Date :

26.08.2014

IDENTIFICATION DETAILS

Name :	SUDIMA INTERNATIONAL PTE LTD

Registered Office :	151, Chin Swee Road, 15- 03, Manhattan House, 169876

Country :	Singapore

Financials (as on) :	30.09.2013

Date of Incorporation :	27.01.1994

Com. Reg. No.:	199400641-G

Legal Form :	Private Limited

Line of Business :	Subject is engaged in trading of commodities Subject sells the followings : · Agro commodities · Timber · Pharmaceutical · Textiles

No of Employees :	31

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 – June 01, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Singapore

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.

199400641-G

COMPANY NAME

SUDIMA INTERNATIONAL PTE LTD

FORMER NAME

N/A

INCORPORATION DATE

27/01/1994

COMPANY STATUS

EXIST

LEGAL FORM

PRIVATE LIMITED

LISTED STATUS

REGISTERED ADDRESS

151, CHIN SWEE ROAD, 15- 03, MANHATTAN HOUSE, 169876, SINGAPORE.

BUSINESS ADDRESS

151, CHIN SWEE ROAD, 15-03, MANHATTAN HOUSE, 169876, SINGAPORE.

TEL.NO.

65-67327180

FAX.NO.

65-67327180

INFO@SUDIMA.COM

WEB SITE

WWW.SUDIMA.COM

CONTACT PERSON

ANIL KUMAR JHUNJHNUWALA ( MANAGING DIRECTOR )

PRINCIPAL ACTIVITY

TRADING OF COMMODITIES

ISSUED AND PAID UP CAPITAL

8,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 8,000,000.00

SALES

USD 255,611,481 [2013]

NET WORTH

USD 13,728,221 [2013]

STAFF STRENGTH

31 [2014]

BANKER (S)

OVERSEA-CHINESE BANKING CORPORATION LIMITED
UCO BANK
INDIAN OVERSEAS BANK
CITIBANK N.A.
KBC BANK N.V.

LITIGATION

CLEAR

FINANCIAL CONDITION

STRONG

PAYMENT

PROMPT

MANAGEMENT CAPABILITY

AVERAGE

COMMERCIAL RISK

LOW

CURRENCY EXPOSURE

MODERATE

GENERAL REPUTATION

GOOD

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 commodities.

The immediate and ultimate holding company of the Subject is SUREFAME LTD., a company incorporated in VIRGIN ISLANDS, BRITISH.

Share Capital History

Date	Issue & Paid Up Capital
20/08/2014	SGD 8,000,000.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
ANIL KUMAR JHUNJHNUWALA +	5, ALLAMANDA GROVE, 269983, SINGAPORE.	S2597940J	2,380,000.00	29.75
SANGITA JHUNJHNUWALA +	5, ALLAMANDA GROVE, 269983, SINGAPORE.	S2597941I	20,000.00	0.25
SUREFAME LTD.	P.O.BOX 957, ROAD TOWN, OFFSHORE, INCORPORATIONS CENTRE, TORTOLA, VIRGIN ISLANDS, BRITISH.	T08UF4305	5,600,000.00	70.00
			---------------	------
			8,000,000.00	100.00
			============	=====

+ Also Director

The Subject's interest in other companies (Subsidiaries/Associates) are shown as follow :

Local No	Country	Company	(%)	As At
201026807K	SINGAPORE	SUDIMA PROPERTIES PTE. LTD.	100.00	30/09/2012

	VIETNAM	SUDIMA PANEL CO., LTD	100.00	30/09/2012

DIRECTORS

DIRECTOR 1

Name Of Subject	:	MANOJ KUMAR JHUNJHNUWALA
Address	:	23, ROBINSON ROAD, BLOCK C, 6TH FLOOR, HONG KONG.
IC / PP No	:	Z1537577



Nationality	:	INDIAN
Date of Appointment	:	22/12/2000

DIRECTOR 2

Name Of Subject	:	LAXMI NIWAS JHUNJHNUWALA
Address	:	5, ALLAMANDA GROVE, 269983, SINGAPORE.
IC / PP No	:	S2693981Z



Nationality	:	SINGAPOREAN
Date of Appointment	:	27/01/1994

DIRECTOR 3

Name Of Subject	:	SANGITA JHUNJHNUWALA
Address	:	5, ALLAMANDA GROVE, 269983, SINGAPORE.
IC / PP No	:	S2597941I



Nationality	:	SINGAPOREAN
Date of Appointment	:	01/07/1998

DIRECTOR 4

Name Of Subject	:	ANIL KUMAR JHUNJHNUWALA
Address	:	5, ALLAMANDA GROVE, 269983, SINGAPORE.
IC / PP No	:	S2597940J



Nationality	:	SINGAPOREAN
Date of Appointment	:	01/01/2005

MANAGEMENT

1)	Name of Subject	:	ANIL KUMAR JHUNJHNUWALA
	Position	:	MANAGING DIRECTOR, MANAGING DIRECTOR

AUDITOR

Auditor	:	RSM CHIO LIM LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	ANIL KUMAR JHUNJHNUWALA
	IC / PP No	:	S2597940J

	Address	:	5, ALLAMANDA GROVE, 269983, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)	Name	:	OVERSEA-CHINESE BANKING CORPORATION LIMITED

2)	Name	:	UCO BANK

3)	Name	:	INDIAN OVERSEAS BANK

4)	Name	:	CITIBANK N.A.

5)	Name	:	KBC BANK N.V.

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C200401283	18/03/2004	N/A	OVERSEA-CHINESE BANKING CORPORATION LIMITED	-	Unsatisfied
C200803217	08/04/2008	N/A	UCO BANK	-	Unsatisfied
C201008385	20/09/2010	N/A	OVERSEA-CHINESE BANKING CORPORATION LIMITED	-	Unsatisfied
C201101767	10/02/2011	N/A	AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED	-	Unsatisfied
C201101836	14/02/2011	N/A	INDIAN OVERSEAS BANK	-	Unsatisfied
C201200802	18/01/2012	N/A	DBS BANK LTD.	-	Unsatisfied
C201312214	06/09/2013	N/A	CITIBANK N.A.	-	Unsatisfied
C201404360	02/05/2014	N/A	KBC BANK N.V.	-	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	:	N/A
Overseas	:	N/A

The Subject refused to disclose its suppliers.

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

[

]

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

COMMODITIES

Total Number of Employees:
YEAR	2014
GROUP	N/A
COMPANY	31

Branch

Other Information:

The Subject is principally engaged in the (as a / as an) trading of commodities.

The Subject sells the followings:

* Agro commodities

* Timber

* Pharmacetical

* Textiles

CURRENT INVESTIGATION

Telephone Number Provided By Client	:	6567327180
Current Telephone Number	:	65-67327180
Match	:	YES

Address Provided by Client	:	#15-03 MANHATTAN HOUSE 151 CHIN SWEE ROAD SINGAPORE 169876
Current Address	:	151, CHIN SWEE ROAD, 15-03, MANHATTAN HOUSE, 169876, SINGAPORE.
Match	:	YES

Latest fresh investigations carried out on the Subject indicated that :

Other Investigations

we contacted one of the staff from the Subject and she only provided limited information.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	2011 - 2013	]
Profit/(Loss) Before Tax	:	Increased	[	2011 - 2013	]
Return on Shareholder Funds	:	Acceptable	[	25.65%	]
Return on Net Assets	:	Acceptable	[	28.45%	]

The Subject's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.The higher profit could be attributed to the increase in turnover. The Subject's management had generated acceptable return for its shareholders using its assets.

Working Capital Control
Stock Ratio	:	Favourable	[	2 Days	]
Debtor Ratio	:	Favourable	[	31 Days	]
Creditors Ratio	:	Favourable	[	13 Days	]

The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The favourable debtors' days could be due to the good credit control measures implemented by the Subject. 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	[	1.41 Times	]
Current Ratio	:	Unfavourable	[	1.46 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	:	Favourable	[	58.14 Times	]
Gearing Ratio	:	Favourable	[	0.75 Times	]

The interest cover showed that the Subject was able to service the interest. The favourable interest cover could indicate that the Subject was making enough profit to pay for the interest accrued. 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 :
Generally, the Subject's performance has improved with higher 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. With the favourable interest cover, the Subject could be able to service all the accrued interest without facing any difficulties. 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 : STRONG

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 1994, the Subject is a Private Limited company, focusing on trading of commodities. The Subject has been in business for two decades. It has built up a strong clientele base and good reputation will enable the Subject to further enhance its business in the near term. The Subject is expected to enjoy a stable market shares. 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. The Subject is operating on a medium scale and it has approximately 31 employees in its business operations. 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.

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. 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. 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 13,728,221, the Subject should be able to maintain its business in the near terms.

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.

Financial Year End	2013-09-30	2012-09-30	2011-09-30
Months	12	12	12
Consolidated Account	GROUP	GROUP	GROUP
Audited Account	YES	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES	YES
Financial Type	FULL	FULL	FULL
Currency	USD	USD	USD

TURNOVER	255,611,481	198,458,745	193,972,531
	----------------	----------------	----------------
Total Turnover	255,611,481	198,458,745	193,972,531
Costs of Goods Sold	(245,355,846)	(190,240,432)	(187,004,483)
	----------------	----------------	----------------
Gross Profit	10,255,635	8,218,313	6,968,048
	----------------	----------------	----------------

PROFIT/(LOSS) FROM OPERATIONS	3,927,086	2,709,845	1,897,986
	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	3,927,086	2,709,845	1,897,986
Taxation	(406,269)	(285,504)	(214,770)
	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	3,520,817	2,424,341	1,683,216
	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	4,371,251	1,946,910	1,802,153
	----------------	----------------	----------------
As restated	4,371,251	1,946,910	1,802,153
	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	7,892,068	4,371,251	3,485,369
CAPITALISATION FOR BONUS ISSUES	-	-	(1,538,459)
	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	7,892,068	4,371,251	1,946,910
	=============	=============	=============

INTEREST EXPENSE (as per notes to P&L)
Others	68,722	101,529	107,468
	----------------	----------------	----------------
	68,722	101,529	107,468
	=============	=============	=============

BALANCE SHEET

ASSETS EMPLOYED:
FIXED ASSETS	1,431,474	1,246,674	1,282,148

Investment properties	1,462,635	1,529,257	1,475,952
	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	1,462,635	1,529,257	1,475,952

	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	2,894,109	2,775,931	2,758,100

Stocks	1,222,259	998,644	969,252
Trade debtors	21,729,315	23,255,457	17,364,382
Other debtors, deposits & prepayments	1,684,852	785,277	5,540,750
Amount due from related companies	283,482	280,143	-
Cash & bank balances	3,004,957	1,685,763	2,234,213
Others	7,710,522	6,276,804	-
	----------------	----------------	----------------
TOTAL CURRENT ASSETS	35,635,387	33,282,088	26,108,597
	----------------	----------------	----------------
TOTAL ASSET	38,529,496	36,058,019	28,866,697
	=============	=============	=============

CURRENT LIABILITIES
Trade creditors	8,542,578	6,548,277	5,337,975
Other creditors & accruals	1,217,042	1,044,953	1,192,620
Hire purchase & lease creditors	12,912	13,465	9,689
Short term borrowings/Term loans	104,247	386,152	537,064
Other borrowings	9,925,665	12,810,299	8,231,402
Amounts owing to holding company	4,352,296	4,362,375	4,734,728
Provision for taxation	328,316	248,415	208,373
	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	24,483,056	25,413,936	20,251,851
	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	11,152,331	7,868,152	5,856,746
	----------------	----------------	----------------
TOTAL NET ASSETS	14,046,440	10,644,083	8,614,846
	=============	=============	=============

SHARE CAPITAL
Ordinary share capital	5,595,529	5,595,529	5,595,529
	----------------	----------------	----------------
TOTAL SHARE CAPITAL	5,595,529	5,595,529	5,595,529

Revaluation reserve	170,050	170,050	170,050
Exchange equalisation/fluctuation reserve	70,574	85,467	45,496
Retained profit/(loss) carried forward	7,892,068	4,371,251	1,946,910
	----------------	----------------	----------------
TOTAL RESERVES	8,132,692	4,626,768	2,162,456

	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	13,728,221	10,222,297	7,757,985

Long term loans	287,271	378,493	797,117
Lease obligations	30,948	43,293	59,744
	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	318,219	421,786	856,861
	----------------	----------------	----------------
	14,046,440	10,644,083	8,614,846
	=============	=============	=============

FINANCIAL RATIO

TYPES OF FUNDS
Cash	3,004,957	1,685,763	2,234,213
Net Liquid Funds	3,004,957	1,685,763	2,234,213
Net Liquid Assets	9,930,072	6,869,508	4,887,494
Net Current Assets/(Liabilities)	11,152,331	7,868,152	5,856,746
Net Tangible Assets	14,046,440	10,644,083	8,614,846
Net Monetary Assets	9,611,853	6,447,722	4,030,633
BALANCE SHEET ITEMS
Total Borrowings	10,361,043	13,631,702	9,635,016
Total Liabilities	24,801,275	25,835,722	21,108,712
Total Assets	38,529,496	36,058,019	28,866,697
Net Assets	14,046,440	10,644,083	8,614,846
Net Assets Backing	13,728,221	10,222,297	7,757,985
Shareholders' Funds	13,728,221	10,222,297	7,757,985
Total Share Capital	5,595,529	5,595,529	5,595,529
Total Reserves	8,132,692	4,626,768	2,162,456
LIQUIDITY (Times)
Cash Ratio	0.12	0.07	0.11
Liquid Ratio	1.41	1.27	1.24
Current Ratio	1.46	1.31	1.29
WORKING CAPITAL CONTROL (Days)
Stock Ratio	2	2	2
Debtors Ratio	31	43	33
Creditors Ratio	13	13	10
SOLVENCY RATIOS (Times)
Gearing Ratio	0.75	1.33	1.24
Liabilities Ratio	1.81	2.53	2.72
Times Interest Earned Ratio	58.14	27.69	18.66
Assets Backing Ratio	2.51	1.90	1.54
PERFORMANCE RATIO (%)
Operating Profit Margin	1.54	1.37	0.98
Net Profit Margin	1.38	1.22	0.87
Return On Net Assets	28.45	26.41	23.28
Return On Capital Employed	28.42	26.38	23.25
Return On Shareholders' Funds/Equity	25.65	23.72	21.70
Dividend Pay Out Ratio (Times)	0.00	0.00	0.00
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.43
UK Pound	1	Rs.100.12
Euro	1	Rs.79.74

INFORMATION DETAILS

Analysis Done by :	KAR

Report Prepared by :	SMN

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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