MIRA INFORM REPORT

Report Date :

14.01.2014

IDENTIFICATION DETAILS

Name :	BAGADIYA BROTHERS (SINGAPORE) PTE. LTD.
Registered Office :	150, Cecil Street, 14-01, 069543
Country :	Singapore
Financials (as on) :	31.03.2013
Date of Incorporation :	25.04.2007
Com. Reg. No.:	200707085-N
Legal Form :	Private Limited Company
Line of Business :	Engaged in ship chartering and ship management service
No. of Employees :	Not Available

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

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

EXECUTIVE SUMMARY

REGISTRATION NO.

:

200707085-N

COMPANY NAME

:

BAGADIYA BROTHERS (SINGAPORE) PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

25/04/2007

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

150, CECIL STREET, 14-01, 069543, SINGAPORE.

BUSINESS ADDRESS

:

150 CECIL STREET #14-01 AXA LIFE BUILDING, 069543, SINGAPORE.

TEL.NO.

:

65-62231423

FAX.NO.

:

65-62238294

CONTACT PERSON

:

AGRAWAL MAHESH KUMAR ( DIRECTOR )

PRINCIPAL ACTIVITY

:

SHIP CHARTERING AND SHIP MANAGEMENT SERVICES

ISSUED AND PAID UP CAPITAL

:

348,550.00 ORDINARY SHARE, OF A VALUE OF SGD 348,550.00 
712,050.00 PREFERENCE SHARE, OF A VALUE OF SGD 712,050.00 

SALES

:

USD 160,281,037 [2013]

NET WORTH

:

USD 22,850,890 [2013]

STAFF STRENGTH

:

N/A

BANKER (S)

:

RAIFFEISEN ZENTRALBANK OESTERREICH AKTIENGESELLSCHAFT SOCIETE GENERALE

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

FAIR

PAYMENT

:

GOOD

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

MARGINAL 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) ship chartering and ship management services.

The immediate and ultimate holding company of the Subject is BAGADIYA BROTHERS PVT LTD, a company incorporated in INDIA.

Share Capital History

Date	Issue & Paid Up Capital
15/02/2013	SGD 1,060,600.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
BAGADIYA BROTHERS PVT LTD [ORDINARY (348,550), PREFERENCE (712,050)]	BAGADIYA MANSION, JAWAHAR NAGAR, RAIPUR, INDIA-49200, INDIA.	T07UF1653	1,060,600.00	100.00
			---------------	------
			1,060,600.00	100.00
			============	=====

+ Also Director

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

Local No	Country	Company	(%)	As At
	INDONESIA	PT. BAGADIYA BROTHERS	99.90	31/03/2013

DIRECTORS

DIRECTOR 1

Name Of Subject	:	AGRAWAL MAHESH KUMAR
Address	:	121, MEYER ROAD, 04-04, THE MAKENA, 437932, SINGAPORE.
IC / PP No	:	S7087411C
Nationality	:	INDIAN
Date of Appointment	:	29/07/2009

DIRECTOR 2

Name Of Subject	:	AGRAWAL ANAND KUMAR
Address	:	BAGADIYA MANSION, JAWAHAR NAGAR, RAIPUR, INDIA, INDIA.
IC / PP No	:	H3415432
Nationality	:	INDIAN
Date of Appointment	:	22/06/2007

DIRECTOR 3

Name Of Subject	:	OMI BAGADIYA
Address	:	BAGADIYA MANSION, JAWAHAR NAGAR, RAIPUR, 492001, INDIA.
IC / PP No	:	J3891373
Nationality	:	INDIAN
Date of Appointment	:	25/04/2007

MANAGEMENT

1)	Name of Subject	:	AGRAWAL MAHESH KUMAR
	Position	:	DIRECTOR

AUDITOR

Auditor	:	NATARAJAN & SWAMINATHAN
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	SUMITA TRIPATHI
	IC / PP No	:	S8082769E
	Address	:	775, PASIR RIS STREET 71, 05-398, 510775, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

RAIFFEISEN ZENTRALBANK OESTERREICH AKTIENGESELLSCHAFT

2)

Name

:

SOCIETE GENERALE

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C200906169	29/09/2009	N/A	RAIFFEISEN ZENTRALBANK OESTERREICH AKTIENGESELLSCHAFT	-	Unsatisfied
C201001589	22/02/2010	N/A	BANK JULIUS BAER & CO. LTD.	-	Unsatisfied
C201108390	11/07/2011	N/A	SOCIETE GENERALE	-	Unsatisfied
C201108392	11/07/2011	N/A	SOCIETE GENERALE	-	Unsatisfied
C201111353	12/09/2011	N/A	DBS BANK LTD.	-	Unsatisfied
C201111454	14/09/2011	N/A	DBS BANK LTD.	-	Unsatisfied
C201210800	21/09/2012	N/A	AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED	-	Unsatisfied
C201300644	14/01/2013	N/A	STATE BANK OF INDIA	-	Unsatisfied

LEGAL CHECK AGAINST SUBJECT

* A check has been conducted in our databank against 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

Services

:

SHIP CHARTERING AND SHIP MANAGEMENT SERVICES

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) ship chartering and ship management services. 

The Subject refused to disclose its operation. 

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-62231423
Match	:	N/A
Address Provided by Client	:	150 CECIL STREET, HEX 14-01 AXA LIFE BUILDING SINGAPORE 069543
Current Address	:	150 CECIL STREET #14-01 AXA LIFE BUILDING, 069543, SINGAPORE.
Match	:	YES

Other Investigations

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

The Subject refused to disclose its number of employees.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Decreased	[	25.01%	]
Profit/(Loss) Before Tax	:	Decreased	[	19.74%	]
Return on Shareholder Funds	:	Acceptable	[	13.19%	]
Return on Net Assets	:	Acceptable	[	15.32%	]
The lower turnover could be due to the intense market competition.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	:	Nil	[	0 Days	]
Debtor Ratio	:	Unfavourable	[	70 Days	]
Creditors Ratio	:	Favourable	[	42 Days	]
As the Subject is a service oriented company, the Subject does not need to keep 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	[	1.26 Times	]
Current Ratio	:	Unfavourable	[	1.26 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	[	13.97 Times	]
Gearing Ratio	:	Unfavourable	[	1.19 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 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. With the favourable interest cover, the Subject could be able to service all the accrued interest without facing any difficulties. 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 : FAIR

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

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

INDUSTRY ANALYSIS

INDUSTRY :	ECONOMY
According to Ministry of Trade and Industry (MTI), the Singapore economy is expected to grow by 1.0 to 3.0% in 2013 as growth in the global economy is likely to remain subdued despite macroeconomic conditions stablising in recent months of 2013.
However, the global economic outlook is still clouded with uncertainties. Notably, concerns remain over the extent of the fiscal cutback with the budget sequester in the US and potential flareup of the debt crisis in the Eurozone. Should any of these risks materialise, Singapore's economic growth could come in lower than expected.
Although resilient domestic demand in emerging Asia will provide some support to global demand, it will not fully mitigate the effects of an economic slowdown in the advanced economies. Consequently, Singapore's externally-oriented sectors such as electronics and wholesale trade will continue to perform poorly, while the financial services sector will be affected by heightened uncertainties in the external environment. Nevertheless, there will be some modest support to growth from the biomedical manufacturing cluster and tourism-related sectors. The former will likely see increased production of active pharmaceutical ingredients and biologics while the latter will benefit from rising visitor arrivals from the region.
For the whole of 2012, Singapore's GDP growth slowed to 1.3%, from 5.2% in 2011, mainly due to weakness in the externally-oriented sectors. Manufacturing sector growth slowed sharply from 7.8% in the year 2011 to 0.1%. The hudge decline was largely due to a rebound in the output of the biomedical manufacturing and transport engineering clusters, which together helped to mitigate part of the fall in output in the electronics cluster. By contrast, the construction sector growth accelerated from 6.3% to 8.2% in 2012, due to the expansion in both public and private building activities.
Growth in the services producing industries also moderated to 1.2% in 2012, compared to 4.6% in 2011. This was mainly due to the slowdown in wholesale and retail trade, accommodation and food services as well as other services industries. In particular, the wholesale and retail trade sector contracted by 0.7%, compared to the 1.6% growth in year 2011. The accommodation and food services as well as other services industries posted lower gains of 2.8% and 0.1% respectively, compared to 8.2% and 6.3% in 2011.
For the whole of 2012, all sectors, except the wholesale and retail trade, contributed to growth. Business services was the largest contributor with 0.4 percentage-points, followed by construction with 0.3 percentage-points and transportation and storage at 0.2 percentagepoints. Besides, growth in total demand moderated to 2.4%, compared to 4.2% in 2011. Domestic demand was the key contributor to total demand growth, accounting for 2.2 percentage-points, or over 90 per cent, of the increase.
In 2012, total domestic demand rose by 9.7%, following the 6.5% increase in 2011. The growth in total domestic demand was broad-based across consumption, gross fixed capital formation (GFCF) and changes in inventories. The total consumption expenditure in 2012 grew slightly by 0.9%, easing from the 3.7% growth in 2011. Public consumption expenditure fell by 3.6%, reversing the 0.5% growth in 2011. Private consumption expenditure registered a 2.2% gain, moderating from the 4.6% increase in the preceding year.
Overall, the Singapore economy is expected to grow by 1.0 to 3.0% in 2013.
OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 2007, the Subject is a Private Limited company, focusing on ship chartering and ship management services. Having been in business for 7 years, the Subject has established a remarkable clientele base for itself which has contributed to its business growth. 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. 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. Nevertheless, given a positive net worth standing at USD 22,850,890, 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 has reached its maturity stage and only enjoying a marginal growth. The steady growth of the country's economy will further enhance the industry activities. Thus, the Subject's future performance is very much depend on its marketing strategies in order to retain its position in the market. 

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.

BAGADIYA BROTHERS (SINGAPORE) PTE. LTD.

Financial Year End	2013-03-31	2012-03-31
Months	12	12
Consolidated Account	GROUP	GROUP
Audited Account	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES
Financial Type	FULL	FULL
Currency	USD	USD
TURNOVER	160,281,037	213,747,877
Other Income	1,991,302	1,238,963
	----------------	----------------
Total Turnover	162,272,339	214,986,840
Costs of Goods Sold	(156,855,268)	(209,086,875)
	----------------	----------------
Gross Profit	5,417,071	5,899,965
	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	3,316,717	4,132,382
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	3,316,717	4,132,382
Taxation	(302,000)	(428,674)
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	3,014,717	3,703,708
Minority interests	1	74
	----------------	----------------
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS	3,014,718	3,703,782
	----------------	----------------
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS	3,014,718	3,703,782
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	19,631,468	18,977,498
	----------------	----------------
As restated	19,631,468	18,977,498
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	22,646,186	22,681,280
DIVIDENDS - Ordinary (paid & proposed)	-	(3,049,812)
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	22,646,186	19,631,468
	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Term loan / Borrowing	255,753	274,946
	----------------	----------------
	255,753	274,946
	=============	=============

BALANCE SHEET

BAGADIYA BROTHERS (SINGAPORE) PTE. LTD.

ASSETS EMPLOYED:
FIXED ASSETS	4,144	3,488
LONG TERM INVESTMENTS/OTHER ASSETS
Investments	11,246,307	15,798,680
	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	11,246,307	15,798,680
	----------------	----------------
TOTAL LONG TERM ASSETS	11,250,451	15,802,168
CURRENT ASSETS
Trade debtors	30,674,236	13,269,488
Other debtors, deposits & prepayments	1,679,096	448,590
Short term deposits	20,214,228	8,628,812
Interest receivable	323,210	181,770
Amount due from holding company	17,610	-
Amount due from director	1,574,746	-
Cash & bank balances	3,553,173	1,365,562
Others	910,530	517,275
	----------------	----------------
TOTAL CURRENT ASSETS	58,946,829	24,411,497
	----------------	----------------
TOTAL ASSET	70,197,280	40,213,665
	=============	=============
CURRENT LIABILITIES
Trade creditors	18,057,617	9,401,472
Other creditors & accruals	1,729,323	157,351
Short term borrowings/Term loans	20,503,358	9,469,478
Other borrowings	6,263,816	-
Interest payable	23,000	-
Amounts owing to director	911	30,562
Provision for taxation	298,365	842,928
	----------------	----------------
TOTAL CURRENT LIABILITIES	46,876,390	19,901,791
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	12,070,439	4,509,706
	----------------	----------------
TOTAL NET ASSETS	23,320,890	20,311,874
	=============	=============
SHARE CAPITAL
Ordinary share capital	230,066	230,066
	----------------	----------------
TOTAL SHARE CAPITAL	230,066	230,066
RESERVES
Revaluation reserve	(26,274)	(20,573)
Retained profit/(loss) carried forward	22,646,186	19,631,468
	----------------	----------------
TOTAL RESERVES	22,619,912	19,610,895
MINORITY INTEREST	912	913
	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	22,850,890	19,841,874
LONG TERM LIABILITIES
Long term loans	470,000	470,000
	----------------	----------------
TOTAL LONG TERM LIABILITIES	470,000	470,000
	----------------	----------------
	23,320,890	20,311,874
	=============	=============

FINANCIAL RATIO

BAGADIYA BROTHERS (SINGAPORE) PTE. LTD.

TYPES OF FUNDS
Cash	23,767,401	9,994,374
Net Liquid Funds	23,767,401	9,994,374
Net Liquid Assets	12,070,439	4,509,706
Net Current Assets/(Liabilities)	12,070,439	4,509,706
Net Tangible Assets	23,320,890	20,311,874
Net Monetary Assets	11,600,439	4,039,706
BALANCE SHEET ITEMS
Total Borrowings	27,237,174	9,939,478
Total Liabilities	47,346,390	20,371,791
Total Assets	70,197,280	40,213,665
Net Assets	23,320,890	20,311,874
Net Assets Backing	22,850,890	19,841,874
Shareholders' Funds	22,850,890	19,841,874
Total Share Capital	230,066	230,066
Total Reserves	22,619,912	19,610,895
LIQUIDITY (Times)
Cash Ratio	0.51	0.50
Liquid Ratio	1.26	1.23
Current Ratio	1.26	1.23
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0
Debtors Ratio	70	23
Creditors Ratio	42	16
SOLVENCY RATIOS (Times)
Gearing Ratio	1.19	0.50
Liabilities Ratio	2.07	1.03
Times Interest Earned Ratio	13.97	16.03
Assets Backing Ratio	101.37	88.29
PERFORMANCE RATIO (%)
Operating Profit Margin	2.07	1.93
Net Profit Margin	1.88	1.73
Return On Net Assets	15.32	21.70
Return On Capital Employed	15.32	21.70
Return On Shareholders' Funds/Equity	13.19	18.67
Dividend Pay Out Ratio (Times)	0.00	0.82
NOTES TO ACCOUNTS
Contingent Liabilities	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.52
UK Pound	1	Rs.101.48
Euro	1	Rs.84.11

INFORMATION DETAILS

Report Prepared by :

MNL

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.