MIRA INFORM REPORT

Report Date :

13.01.2014

IDENTIFICATION DETAILS

Name :	GRAINS AND INDUSTRIAL PRODUCTS TRADING PTE. LTD.
Registered Office :	77, Robinson Road, 28-00, Robinson 77, 068896
Country :	Singapore
Financials (as on) :	31.12.2012
Date of Incorporation :	14.02.2003
Com. Reg. No.:	200301302-K
Legal Form :	Private Limited
Line of Business :	Subject is engaged in the commodity and futures brokers and dealers
No. of Employees :	150

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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 – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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. Real GDP growth averaged 8.6% between 2004 and 2007. 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 5.2% in 2011 and 1.3% in 2012, 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, which has sunk to an average of about 1.0% in the last decade. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub.

Source : CIA

EXECUTIVE SUMMARY

REGISTRATION NO.	:	200301302-K
COMPANY NAME	:	GRAINS AND INDUSTRIAL PRODUCTS TRADING PTE. LTD.
FORMER NAME	:	N/A
INCORPORATION DATE	:	14/02/2003
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	77, ROBINSON ROAD, 28-00, ROBINSON 77, 068896, SINGAPORE.
BUSINESS ADDRESS	:	77, ROBINSON ROAD, 28-00, ROBINSON 77, 068896, SINGAPORE.
TEL.NO.	:	65-62270090
FAX.NO.	:	65-6250132
CONTACT PERSON	:	CHRISTOPEHER SILVA WHITE ( DIRECTOR )
PRINCIPAL ACTIVITY	:	COMMODITY AND FUTURES BROKERS AND DEALERS
ISSUED AND PAID UP CAPITAL	:	22,000,000.00 ORDINARY SHARE, OF A VALUE OF USD 22,000,000.00 2,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 2,000,000.00
SALES	:	USD 18,343,672,414 [2012]
NET WORTH	:	USD 34,544,997 [2012]
STAFF STRENGTH	:	150
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	LIMITED
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) commodity and futures brokers and dealers.

The immediate holding company of the Subject is BUNGE GLOBAL MARKETS, LTD., a company incorporated in BERMUDA.

The ultimate holding company of the Subject is BUNGE LIMITED, a company incorporated in BERMUDA.

Share Capital History

Date	Issue & Paid Up Capital
07/01/2014	USD 22000000.00 & SGD 2000000.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
BUNGE GLOBAL MARKETS, LTD.	CLARENDON HOUSE, 2, CHURCH STREET HAMILTON HM 11, BERMUDA.	T04UF0456	24,000,000.00	100.00
			---------------	------
			24,000,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	EDWIN WRYCROFT WHITELEY
Address	:	204, OCEAN DRIVE, 03-05, BERTH BY THE COVE, THE, 098628, SINGAPORE.
IC / PP No	:	G5236852P
Nationality	:	BRITISH
Date of Appointment	:	14/09/2012

DIRECTOR 2

Name Of Subject	:	MICHAEL DAVID GOETTL
Address	:	238, ORCHARD BOULEVARD, 40-07, ORCHARD RESIDENCES, THE, 237973, SINGAPORE.
IC / PP No	:	F2008706N
Nationality	:	AMERICAN
Date of Appointment	:	31/08/2010

DIRECTOR 3

Name Of Subject	:	CHOONG MOH HUAT
Address	:	2, KITCHENER LINK, 19-05, CITY SQUARE RESIDENCES, 207229, SINGAPORE.
IC / PP No	:	S2599756E
Nationality	:	SINGAPOREAN
Date of Appointment	:	13/06/2007

DIRECTOR 4

Name Of Subject	:	CHRISTOPEHER SILVA WHITE
Address	:	11, UNITY STREET, 08 - 15, 237995, SINGAPORE.
IC / PP No	:	G5704709M
Nationality	:	AMERICAN
Date of Appointment	:	06/06/2003

DIRECTOR 5

Name Of Subject	:	KLAUS-PETER HOPP
Address	:	81A, CLEMENCEAU AVENUE, 09-27, 239918, SINGAPORE.
IC / PP No	:	G5497596T
Nationality	:	GERMAN
Date of Appointment	:	12/12/2013

MANAGEMENT

1)	Name of Subject	:	CHRISTOPEHER SILVA WHITE
	Position	:	DIRECTOR

AUDITOR

Auditor	:	DELOITTE & TOUCHE LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

No company secretary was found in our databank.

BANKING

No Banker found in our databank.

ENCUMBRANCE (S)

No encumbrance was found in our databank at the time of investigation.

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	:	ASIA PACIFIC
Credit Term	:	N/A
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Goods Traded

:

GRAINS

Total Number of Employees:
YEAR	2013
GROUP	N/A
COMPANY	150

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) commodity and futures brokers and dealers.

The Subject is engaged in the agribusiness which is trading of grains.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-62270090
Match	:	N/A
Address Provided by Client	:	77, ROBINSON ROAD, 33-01 ROBINSON 77, SINGAPORE 068896
Current Address	:	77, ROBINSON ROAD, 28-00, ROBINSON 77, 068896, SINGAPORE.
Match	:	NO

Other Investigations

On 7th January 2014 we contacted one of the staff from the registered office and she provided some information.

The address also belongs to the registered office.

She refused to disclose the Subject's number of employees.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	2008 - 2012	]
Profit/(Loss) Before Tax	:	Decreased	[	2008 - 2012	]
Return on Shareholder Funds	:	Unfavourable	[	(49.09%)	]
Return on Net Assets	:	Unfavourable	[	(1.38%)	]
The Subject's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.The Subject incurred losses during the year due to the inefficient control of its operating costs. The Subject's unfavourable returns on shareholders' funds indicate the management's inefficiency in utilising its assets to generate returns.
Working Capital Control
Stock Ratio	:	Nil	[	0 Days	]
Debtor Ratio	:	Favourable	[	2 Days	]
Creditors Ratio	:	Favourable	[	1 Days	]
As the Subject is a service oriented company, the Subject does not need to keep 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	[	1.12 Times	]
Current Ratio	:	Unfavourable	[	1.12 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	:	Unfavourable	[	(0.03 Times)	]
Gearing Ratio	:	Favourable	[	0.00 Times	]
The Subject incurred losses in the year. It did not generate sufficient income to service its interest.  If the situation does not improve, the Subject may be vulnerable to default in servicing the interest. The Subject had no gearing and hence it had virtually no financial risk. The Subject was financed by its shareholders' funds and internally generated fund. During the economic downturn, the Subject, having a zero gearing, will be able to compete better than those which are highly geared in the same industry.
Overall Assessment :
Although the Subject's turnover increased its profits however showed a reverse trend. The losses could be due to the management's failure to maintain its competitiveness in the market. 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's interest cover was negative, indicating that it did not generate sufficient income to service its interest. If its result does not show impressive improvements or succeed obtaining short term financing or capital injection, it may not be able to service its interest and repay the loans. The Subject was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The Subject has good chance of getting loans, if the needs arises.
Overall financial condition of the Subject : LIMITED

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)

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 2003, the Subject is a Private Limited company, focusing on commodity and futures brokers and dealers. 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 holding company has enabled the Subject to remain competitive despite the challenging business environment. The Subject is a large entity with strong capital position. We are confident with the Subject's business and its future growth prospect.

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. 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.

Despite the higher turnover, the Subject suffered pre-tax losses which reflected a highly competitive business environment. The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. However, 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 zero geared company, the Subject virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. Given a positive net worth standing at USD 34,544,997, the Subject should be able to maintain its business in the near terms.

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 normally.

PROFIT AND LOSS ACCOUNT

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

Financial Year End	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31
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	18,343,672,414	13,166,387,828	6,241,419,642	4,543,911,157	8,066,066,299
	----------------	----------------	----------------	----------------	----------------
Total Turnover	18,343,672,414	13,166,387,828	6,241,419,642	4,543,911,157	8,066,066,299
Costs of Goods Sold	(18,336,809,409)	(13,146,465,301)	(6,227,110,716)	(4,533,760,153)	(8,053,873,400)
	----------------	----------------	----------------	----------------	----------------
Gross Profit	6,863,005	19,922,527	14,308,926	10,151,004	12,192,899
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	(17,480,621)	8,364,482	7,970,096	5,029,020	3,894,441
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	(17,480,621)	8,364,482	7,970,096	5,029,020	3,894,441
Taxation	521,165	(1,573,387)	(824,333)	(509,097)	(390,148)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	(16,959,456)	6,791,095	7,145,763	4,519,923	3,504,293
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	28,317,298	21,526,203	14,380,440	9,860,517	6,356,224
	----------------	----------------	----------------	----------------	----------------
As restated	28,317,298	21,526,203	14,380,440	9,860,517	6,356,224
	----------------	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	11,357,842	28,317,298	21,526,203	14,380,440	9,860,517
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	11,357,842	28,317,298	21,526,203	14,380,440	9,860,517
	=============	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Others	17,002,456	6,946,608	2,778,139	846,638	2,314,886
	----------------	----------------	----------------	----------------	----------------
	17,002,456	6,946,608	2,778,139	846,638	2,314,886
	=============	=============	=============	=============	=============

BALANCE SHEET

LONG TERM INVESTMENTS/OTHER ASSETS
Subsidiary companies	22,012,500	12,500	12,500	11,500	10,000
Deferred assets	1,702,088	-	-	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	23,714,588	12,500	12,500	11,500	10,000
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	23,714,588	12,500	12,500	11,500	10,000
CURRENT ASSETS
Trade debtors	104,550,908	243,891,795	39,984,089	41,778,976	140,430,776
Other debtors, deposits & prepayments	217,763	169,034	174,134	145,176	150,791
Amount due from related companies	-	-	6,075,556	-	-
Cash & bank balances	34,921	124,874	44,256	7,910	67,060
Others	-	774,079	-	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	104,803,592	244,959,782	46,278,035	41,932,062	140,648,627
	----------------	----------------	----------------	----------------	----------------
TOTAL ASSET	128,518,180	244,972,282	46,290,535	41,943,562	140,658,627
	=============	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	60,820,814	46,962,764	22,452,909	23,721,731	127,081,348
Other creditors & accruals	29,442,155	168,273,064	1,055,876	2,152,022	2,129,607
Provision for taxation	1,624	-	12,048	502,214	400,000
Other liabilities	3,708,590	232,001	56,344	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	93,973,183	215,467,829	23,577,177	26,375,967	129,610,955
	----------------	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	10,830,409	29,491,953	22,700,858	15,556,095	11,037,672
	----------------	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	34,544,997	29,504,453	22,713,358	15,567,595	11,047,672
	=============	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	23,187,155	1,187,155	1,187,155	1,187,155	1,187,155
	----------------	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	23,187,155	1,187,155	1,187,155	1,187,155	1,187,155
RESERVES
Retained profit/(loss) carried forward	11,357,842	28,317,298	21,526,203	14,380,440	9,860,517
	----------------	----------------	----------------	----------------	----------------
TOTAL RESERVES	11,357,842	28,317,298	21,526,203	14,380,440	9,860,517
	----------------	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	34,544,997	29,504,453	22,713,358	15,567,595	11,047,672
	----------------	----------------	----------------	----------------	----------------
	34,544,997	29,504,453	22,713,358	15,567,595	11,047,672
	=============	=============	=============	=============	=============

FINANCIAL RATIO

TYPES OF FUNDS
Cash	34,921	124,874	44,256	7,910	67,060
Net Liquid Funds	34,921	124,874	44,256	7,910	67,060
Net Liquid Assets	10,830,409	29,491,953	22,700,858	15,556,095	11,037,672
Net Current Assets/(Liabilities)	10,830,409	29,491,953	22,700,858	15,556,095	11,037,672
Net Tangible Assets	34,544,997	29,504,453	22,713,358	15,567,595	11,047,672
Net Monetary Assets	10,830,409	29,491,953	22,700,858	15,556,095	11,037,672
BALANCE SHEET ITEMS
Total Borrowings	0	0	0	0	0
Total Liabilities	93,973,183	215,467,829	23,577,177	26,375,967	129,610,955
Total Assets	128,518,180	244,972,282	46,290,535	41,943,562	140,658,627
Net Assets	34,544,997	29,504,453	22,713,358	15,567,595	11,047,672
Net Assets Backing	34,544,997	29,504,453	22,713,358	15,567,595	11,047,672
Shareholders' Funds	34,544,997	29,504,453	22,713,358	15,567,595	11,047,672
Total Share Capital	23,187,155	1,187,155	1,187,155	1,187,155	1,187,155
Total Reserves	11,357,842	28,317,298	21,526,203	14,380,440	9,860,517
LIQUIDITY (Times)
Cash Ratio	0.00	0.00	0.00	0.00	0.00
Liquid Ratio	1.12	1.14	1.96	1.59	1.09
Current Ratio	1.12	1.14	1.96	1.59	1.09
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0	0	0	0
Debtors Ratio	2	7	2	3	6
Creditors Ratio	1	1	1	2	6
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00	0.00	0.00	0.00
Liabilities Ratio	2.72	7.30	1.04	1.69	11.73
Times Interest Earned Ratio	(0.03)	2.20	3.87	6.94	2.68
Assets Backing Ratio	1.49	24.85	19.13	13.11	9.31
PERFORMANCE RATIO (%)
Operating Profit Margin	(0.10)	0.06	0.13	0.11	0.05
Net Profit Margin	(0.09)	0.05	0.11	0.10	0.04
Return On Net Assets	(1.38)	51.89	47.32	37.74	56.20
Return On Capital Employed	(1.38)	51.89	47.32	37.74	56.20
Return On Shareholders' Funds/Equity	(49.09)	23.02	31.46	29.03	31.72
Dividend Pay Out Ratio (Times)	0.00	0.00	0.00	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.61.94
UK Pound	1	Rs.102.06
Euro	1	Rs.84.31

INFORMATION DETAILS

Report Prepared by :

NNA

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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