MIRA INFORM REPORT

Report Date :

14.01.2014

IDENTIFICATION DETAILS

Name :	INTERLOCAL EXIM PTE LTD
Registered Office :	2, Kim Chuan Lane, Kong Siang Group Building, 537072
Country :	Singapore
Financials (as on) :	30.06.2012
Date of Incorporation :	28.10.1986
Com. Reg. No.:	198602384-C
Legal Form :	Private Limited Company
Line of Business :	· trader of wines and liquor. Subject distributes world-class brands like Johnnie Walker whisky, Smirnoff Vodka & Bailey’s Irish Cream
No. of Employees :	100 [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 :	---

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.

:

198602384-C

COMPANY NAME

:

INTERLOCAL EXIM PTE LTD

FORMER NAME

:

N/A

INCORPORATION DATE

:

28/10/1986

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

2, KIM CHUAN LANE, KONG SIANG GROUP BUILDING, 537072, SINGAPORE.

BUSINESS ADDRESS

:

2, KIM CHUAN LANE, KONG SIANG GROUP BUILDING, 537072, SINGAPORE.

TEL.NO.

:

65-63377755

FAX.NO.

:

65-63375455

WEB SITE

:

WWW.INTERLOCALEXIM.COM

CONTACT PERSON

:

DAVID LEE ENG THONG ( MANAGING DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF WINES AND LIQUOR

ISSUED AND PAID UP CAPITAL

:

105,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 105,000,000.00

SALES

:

SGD 310,875,578 [2012]

NET WORTH

:

SGD 232,182,429 [2012]

STAFF STRENGTH

:

100 [2014]

BANKER (S)

:

UNITED OVERSEAS BANK LIMITED

LITIGATION

:

TRACED

FINANCIAL CONDITION

:

STABLE

PAYMENT

:

FAIR

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 wines and liquor.

The immediate holding company of the Subject is KONG SIANG (PTE.) LTD., a company incorporated in

SINGAPORE.

The ultimate holding company of the Subject is KONG SIANG GROUP HOLDINGS PTE. LTD., a company incorporated in SINGAPORE.

Share Capital History

Date	Issue & Paid Up Capital
15/02/2013	SGD 105,000,000.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
KONG SIANG (PTE.) LTD.	2, KIM CHUAN LANE, 537072, SINGAPORE.	197602276K	105,000,000.00	100.00
			---------------	------
			105,000,000.00	100.00
			============	=====

+ Also Director

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

Local No	Country	Company	(%)	As At
199506100N	SINGAPORE	CHATSWOOD PTE. LTD.	100.00	30/06/2012
200501786C	SINGAPORE	KAURI WOOD PTE. LTD.	66.66	30/06/2012

DIRECTORS

DIRECTOR 1

Name Of Subject	:	DAVID DAVID LEE ENG THONG
Address	:	139, OCEAN DRIVE, 098513, SINGAPORE.
IC / PP No	:	S0034685C
Nationality	:	SINGAPOREAN
Date of Appointment	:	28/10/1986

DIRECTOR 2

Name Of Subject	:	LEE ENG KHIAN
Address	:	370H, ALEXANDRA ROAD, 08-01, THE ANCHORAGE CONDOMINIUM , 159961, SINGAPORE.
IC / PP No	:	S0111707G
Nationality	:	SINGAPOREAN
Date of Appointment	:	20/02/1988

DIRECTOR 3

Name Of Subject	:	LEE SIU HUANG
Address	:	370F, ALEXANDRA ROAD, 03-05, THE ANCHORAGE CONDOMINIUM, 159959, SINGAPORE.
IC / PP No	:	S1284906J
Nationality	:	SINGAPOREAN
Date of Appointment	:	20/02/1988

MANAGEMENT

1)	Name of Subject	:	DAVID LEE ENG THONG
	Position	:	MANAGING DIRECTOR

AUDITOR

Auditor	:	T S TAY PUBLIC ACCOUNTING CORPORATION
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	STELLA CHAN AH CHIT
	IC / PP No	:	S1212284E
	Address	:	210, WOLSKEL ROAD, SERANGOON PARK, 358000, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

UNITED OVERSEAS BANK LIMITED

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
9604572	05/08/1996	N/A	OVERSEAS UNION BANK LIMITED	-	Unsatisfied
9604573	05/08/1996	N/A	OVERSEAS UNION BANK LIMITED	-	Unsatisfied
199804276	18/08/1998	N/A	OVERSEAS UNION BANK LIMITED	-	Unsatisfied
C200503628	27/06/2005	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C200503630	27/06/2005	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C200503642	27/06/2005	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C200604151	28/06/2006	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C200604153	28/06/2006	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C200604154	28/06/2006	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C200604155	28/06/2006	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C200604157	28/06/2006	N/A	UNITED OVERSEAS BANK LIMITED	SGD 16,580,000.00	Unsatisfied
C201009525	14/10/2010	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C201307493	04/06/2013	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C201307494	04/06/2013	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C201307496	04/06/2013	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C201307498	04/06/2013	N/A	UNITED OVERSEAS BANK LIMITED	-	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.

LEGAL ACTION
Code No	:	99	Case No	:	25758
Year	:	2007	Place	:	SINGAPORE
Court	:	MAGISTRATE COURT
Date Filed	:	21/11/2007
Solicitor	:	YU SIN GIAP JAMES
Solicitor Ref	:	10887/MJ
Solicitor Firm	:	YU & CO
Plaintiff	:	YER HAI SIU
Defendants	:	INTERLOCAL EXIM PTE LTD (198602384)
Amount Claimed	:	220
Nature of Claim	:	SGD
Remark	:	TORT - NEGLIGENCE
Code No	:	99	Case No	:	464
Year	:	2009	Place	:	SINGAPORE
Court	:	DISTRICT COURT
Date Filed	:	11/02/2009
Solicitor	:	SABRINDER SINGH
Solicitor Ref	:	KS/SS/7070/08/S N
Solicitor Firm	:	KERTAR & CO
Plaintiff	:	CONSTRUCTION PTE LTD
Defendants	:	INTERLOCAL EXIM PTE LTD (198602384)
Amount Claimed	:	108723.91
Nature of Claim	:	SGD
Code No	:	99	Case No	:	6139
Year	:	2012	Place	:	SINGAPORE
Court	:	MAGISTRATE COURT
Date Filed	:	07/03/2012
Solicitor Ref	:	GS/11/8421/TR/SY/MAL
Solicitor Firm	:	KSCGP JURIS LLP
Plaintiff	:	CHOY KUM THONG
Defendants	:	INTERLOCAL EXIM PTE LTD (198602384)
Amount Claimed	:	6900
Nature of Claim	:	SGD
Remark	:	TORT - NEGLIGENCE

NOTE:

Please check with creditors for confirmation as alleged debts may have been paid since recorded or are being disputed. The person who has been sued has the same name as the subject. However, we are unable to determine whether the person sued is the one and the same person.

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

CLIENTELE

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

OPERATIONS

Goods Traded

:

WINES AND LIQUOR

Total Number of Employees:
YEAR	2014
GROUP	N/A
COMPANY	100

Branch

:

NO

Other Information:

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

The Subject distributes world-class brands like Johnnie Walker whisky, Smirnoff Vodka & Bailey’s Irish Cream

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	6563377755
Current Telephone Number	:	65-63377755
Match	:	YES
Address Provided by Client	:	2 KIM CHUAN LANE, KONG SIANG GROUP BUILDING SINGAPORE 537072
Current Address	:	2, KIM CHUAN LANE, KONG SIANG GROUP BUILDING, 537072, SINGAPORE.
Match	:	YES

Other Investigations

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

FINANCIAL ANALYSIS

Profitability
Turnover	:	Decreased	[	3.76%	]
Profit/(Loss) Before Tax	:	Increased	[	15.13%	]
Return on Shareholder Funds	:	Acceptable	[	15.20%	]
Return on Net Assets	:	Acceptable	[	17.37%	]
The lower turnover could be due to the unfavourable market conditions.The Subject's management have been efficient in controlling its operating costs. The Subject's management had generated acceptable return for its shareholders using its assets.
Working Capital Control
Stock Ratio	:	Unfavourable	[	145 Days	]
Debtor Ratio	:	Unfavourable	[	77 Days	]
Creditors Ratio	:	Unfavourable	[	110 Days	]
The Subject could be incurring higher holding cost. As its capital was tied up in stocks, it could face liquidity problems. 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 unfavourable creditors' ratio could be due to the Subject taking advantage of the credit granted by its suppliers. However this may affect the goodwill between the Subject and its suppliers and the Subject may inadvertently have to pay more for its future supplies.
Liquidity
Liquid Ratio	:	Favourable	[	1.20 Times	]
Current Ratio	:	Unfavourable	[	1.71 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	[	37.79 Times	]
Gearing Ratio	:	Favourable	[	0.34 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 :
Due to the efficient control of its operating costs, the Subject was able to remain profitable despite lower turnover achieved during the year. 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 : STABLE

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 :	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 1986, the Subject is a Private Limited company, focusing on trading of wines and liquor. The Subject has been in business for over 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 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. The Subject has a total workforce of 100 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.

Despite the lower turnover, the Subject's pre-tax profit have increased compared to the previous year. The higher profit could be due to better control of its operating costs and efficiency in utilising its resources. 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 SGD 232,182,429, 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.

The Subject's overall payment habit is fair and this clearly implied a weak credit control of the Subject.

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.

INTERLOCAL EXIM PTE LTD

Financial Year End	2012-06-30	2011-06-30
Months	12	12
Consolidated Account	Company	Company
Audited Account	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES
Financial Type	FULL	FULL
Currency	SGD	SGD
TURNOVER	310,875,578	323,024,275
	----------------	----------------
Total Turnover	310,875,578	323,024,275
	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	39,269,495	34,107,614
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	39,269,495	34,107,614
Taxation	(3,975,474)	(3,711,253)
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	35,294,021	30,396,361
	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	91,888,408	61,492,047
	----------------	----------------
As restated	91,888,408	61,492,047
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	127,182,429	91,888,408
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	127,182,429	91,888,408
	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Term loan / Borrowing	1,067,294	891,230
	----------------	----------------
	1,067,294	891,230
	=============	=============

BALANCE SHEET

INTERLOCAL EXIM PTE LTD

ASSETS EMPLOYED:
FIXED ASSETS	23,164,544	24,307,343
LONG TERM INVESTMENTS/OTHER ASSETS
Subsidiary companies	1,093,872	1,093,872
Investment properties	35,776,093	34,680,875
Others	452,000	122,000
	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	37,321,965	35,896,747
	----------------	----------------
TOTAL LONG TERM ASSETS	60,486,509	60,204,090
CURRENT ASSETS
Stocks	123,713,514	81,031,829
Trade debtors	65,463,424	47,190,036
Other debtors, deposits & prepayments	1,477,919	400,840
Short term deposits	39,707,900	-
Amount due from holding company	643,270	1,154,929
Amount due from related companies	141,393,797	142,141,178
Cash & bank balances	41,363,259	91,594,215
	----------------	----------------
TOTAL CURRENT ASSETS	413,763,083	363,513,027
	----------------	----------------
TOTAL ASSET	474,249,592	423,717,117
	=============	=============
CURRENT LIABILITIES
Trade creditors	93,658,637	89,218,545
Other creditors & accruals	33,211,503	20,292,250
Short term borrowings/Term loans	78,437,887	74,399,736
Amounts owing to holding company	14,942,609	14,139,823
Amounts owing to subsidiary companies	328,329	52,698
Amounts owing to related companies	4,529,676	4,103,040
Amounts owing to director	11,827,207	10,335,092
Provision for taxation	5,131,315	3,800,801
	----------------	----------------
TOTAL CURRENT LIABILITIES	242,067,163	216,341,985
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	171,695,920	147,171,042
	----------------	----------------
TOTAL NET ASSETS	232,182,429	207,375,132
	=============	=============
SHARE CAPITAL
Ordinary share capital	105,000,000	105,000,000
	----------------	----------------
TOTAL SHARE CAPITAL	105,000,000	105,000,000
RESERVES
Retained profit/(loss) carried forward	127,182,429	91,888,408
	----------------	----------------
TOTAL RESERVES	127,182,429	91,888,408
	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	232,182,429	196,888,408
LONG TERM LIABILITIES
Long term loans	-	10,486,724
	----------------	----------------
TOTAL LONG TERM LIABILITIES	-	10,486,724
	----------------	----------------
	232,182,429	207,375,132
	=============	=============

FINANCIAL RATIO

INTERLOCAL EXIM PTE LTD

TYPES OF FUNDS
Cash	81,071,159	91,594,215
Net Liquid Funds	81,071,159	91,594,215
Net Liquid Assets	47,982,406	66,139,213
Net Current Assets/(Liabilities)	171,695,920	147,171,042
Net Tangible Assets	232,182,429	207,375,132
Net Monetary Assets	47,982,406	55,652,489
BALANCE SHEET ITEMS
Total Borrowings	78,437,887	84,886,460
Total Liabilities	242,067,163	226,828,709
Total Assets	474,249,592	423,717,117
Net Assets	232,182,429	207,375,132
Net Assets Backing	232,182,429	196,888,408
Shareholders' Funds	232,182,429	196,888,408
Total Share Capital	105,000,000	105,000,000
Total Reserves	127,182,429	91,888,408
LIQUIDITY (Times)
Cash Ratio	0.33	0.42
Liquid Ratio	1.20	1.31
Current Ratio	1.71	1.68
WORKING CAPITAL CONTROL (Days)
Stock Ratio	145	92
Debtors Ratio	77	53
Creditors Ratio	110	101
SOLVENCY RATIOS (Times)
Gearing Ratio	0.34	0.43
Liabilities Ratio	1.04	1.15
Times Interest Earned Ratio	37.79	39.27
Assets Backing Ratio	2.21	1.98
PERFORMANCE RATIO (%)
Operating Profit Margin	12.63	10.56
Net Profit Margin	11.35	9.41
Return On Net Assets	17.37	16.88
Return On Capital Employed	17.37	16.88
Return On Shareholders' Funds/Equity	15.20	15.44
Dividend Pay Out Ratio (Times)	0.00	0.00
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.