MIRA INFORM REPORT

Report Date :

27.06.2014

IDENTIFICATION DETAILS

Name :	BULK TRADE PTE LTD
Formerly Known As :	FADENSWORTH HOLDINGS PTE LTD (06/07/1990)
Registered Office :	29, Tanjong Kling Road, 628054
Country :	Singapore
Financials (as on) :	31.12.2013
Date of Incorporation :	24.03.1990
Com. Reg. No.:	199001384-H
Legal Form :	Private Limited
Line of Business :	Trader of ferrous metal, non-ferrous metal, hardware
No of Employees :	14 [2014]

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
Singapore	A1	A1

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.	:	199001384-H
COMPANY NAME	:	BULK TRADE PTE LTD
FORMER NAME	:	FADENSWORTH HOLDINGS PTE LTD (06/07/1990)
INCORPORATION DATE	:	24/03/1990
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	29, TANJONG KLING ROAD, 628054, SINGAPORE.
BUSINESS ADDRESS	:	1 MARITIME SQUARE, #09-05 HARBOURFRONT CENTRE, 099253, SINGAPORE.
TEL.NO.	:	65-63753088
FAX.NO.	:	65-62722355
EMAIL	:	BULKTRADE@BULKTRADE.COM.SG
WEB SITE	:	WWW.BULKTRADE.COM.SG
CONTACT PERSON	:	WONG WENG SUN ( DIRECTOR )
PRINCIPAL ACTIVITY	:	TRADING OF FERROUS METAL, NON-FERROUS METAL, HARDWARE
ISSUED AND PAID UP CAPITAL	:	1,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 1,000,000.00
SALES	:	SGD 190,893,832 [2013]
NET WORTH	:	SGD 15,394,184 [2013]
STAFF STRENGTH	:	14 [2014]
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	STRONG
PAYMENT	:	GOOD
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 ferrous metal, non-ferrous metal, hardware.

The immediate holding company of the Subject is SEMBCORP MARINE LTD, a company incorporated in SINGAPORE.

The ultimate holding company of the Subject is SEMBCORP INDUSTRIES LTD, a company incorporated in SINGAPORE.

Share Capital History

Date	Issue & Paid Up Capital
19/05/2014	SGD 1,000,000.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
SEMBCORP MARINE LTD	29, TANJONG KLING ROAD, 628054, SINGAPORE.	196300098Z	1,000,000.00	100.00
			---------------	------
			1,000,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	WONG WENG SUN
Address	:	2, SARACA WALK, 807239, SINGAPORE.
IC / PP No	:	S2567091D
Nationality	:	SINGAPOREAN
Date of Appointment	:	01/09/2003

DIRECTOR 2

Name Of Subject	:	TAN CHENG TAT
Address	:	51, ST. NICHOLAS VIEW, 568014, SINGAPORE.
IC / PP No	:	S1696002J
Nationality	:	SINGAPOREAN
Date of Appointment	:	15/08/2005

DIRECTOR 3

Name Of Subject	:	NG THIAM POH
Address	:	49, SUNSHINE TERRACE, BARTLEY RISE, 535718, SINGAPORE.
IC / PP No	:	S1125440C
Nationality	:	SINGAPOREAN
Date of Appointment	:	05/11/2008

DIRECTOR 4

Name Of Subject	:	CHUA SAN LYE
Address	:	666, YISHUN AVENUE 4, 05-157, 760666, SINGAPORE.
IC / PP No	:	S1491280J
Nationality	:	SINGAPOREAN
Date of Appointment	:	01/08/2011

MANAGEMENT

1)	Name of Subject	:	WONG WENG SUN
	Position	:	DIRECTOR

AUDITOR

Auditor	:	KPMG LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	TAN YAH SZE
	IC / PP No	:	S21966461A
	Address	:	110, GERALD DRIVE, 01-48, SELETAR SPRINGS CONDOMINIUM, 799036, SINGAPORE.

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 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	:	ASIA
Credit Term	:	15 - 30 DAYS
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)
Type of Customer	:	DEALERS

OPERATIONS

Goods Traded

:

FERROUS METAL, NON-FERROUS METAL, HARDWARE

Total Number of Employees:
YEAR	2014	2013	2012	2009
GROUP	N/A	N/A	N/A	N/A
COMPANY	14	14	20	12

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) trading of ferrous metal, non-ferrous metal, hardware.

The principal activities of the Subject consist of bulk trading in marine engineering related products.

Subject engages in the following activities:
* general import and export - activities include stocking,
* countertrade
* third country trade
* marketing consultancy services and projects representation

Products dealings:

Metals

Ferrous metals
* steel plates
* ship plates
* steel profiles including bulb flats
* inverted angles and angle bars
* erw, saw and seamless pipes, galvanized iron pipes and pipe fittings
* stainless steel sheets and profiles
* floor gratings, chequered plates
* deformed bars

Non-ferrous metals
* tin and zinc ingots
* copper rods and wire, welding cables
* aluminium sheets and profiles
* aluminium circles and ingots
* copper slag - raw and processed

Hardware
* welding electrodes, flux core wires, fasteners, wire ropes and steel wire
* anchor chains, anchors, flanges, elbows, rubber sheets and marine deck accessories
* aluminium and zinc anodes
* manhole covers and steel castings including bollards, panama chocks, deck rollers and chain stoppers, etc
* electric bulbs
* industrial hand gloves
* safety shoes etc

Automobile accessories
* trucks and off-the-road tyres
* wheels and sport rims
* spare parts

Equipment and accessories
* aircraft towing tractors (conventional & towbarless type)
* ro-ro terminal tractors
* yard shunters
* aircraft boarding stairs
* gpu
* asu
* aircraft refueller
* aichi aerial platform
* ground support equipment
* construction equipment
* reconditioned equipment/used machinery
* glass moulds
* generating sets, transformers, electrical cables (ht and lt)
* batteries
* lighting poles
* marine equipment and deck machinery
* aerial platform

Plastic raw materials and products
* pa
* dop
* pvc resin, alkyd resin
* synthetic latex
* upr
* hdpe, ldpe, pe, pp
* pp woven bags/pe bags
* pp/pe ropes
* recycled plastic materials

Oil and gas
* diesel oil, bunker oil
* lpg, oxygen, co2 and other industrial gases

Chemicals
* industrial chemicals and solvents
* oil spill dispersants
* pesticides and fertilizers

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-63753088
Match	:	N/A
Address Provided by Client	:	1 MARITIME SQUARE #09-05 HARBOUR FRONT CENTRE SINGAPORE 099253
Current Address	:	1 MARITIME SQUARE, #09-05 HARBOURFRONT CENTRE, 099253, SINGAPORE.
Match	:	YES

Other Investigations

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

FINANCIAL ANALYSIS

Profitability
Turnover	:	Decreased	[	2009 - 2013	]
Profit/(Loss) Before Tax	:	Increased	[	2009 - 2013	]
Return on Shareholder Funds	:	Acceptable	[	13.90%	]
Return on Net Assets	:	Acceptable	[	16.89%	]
The continuous fall in turnover could be due to the lower demand for the Subject's products / services. 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	:	Favourable	[	3 Days	]
Debtor Ratio	:	Favourable	[	2 Days	]
Creditors Ratio	:	Favourable	[	38 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	[	1.43 Times	]
Current Ratio	:	Unfavourable	[	1.48 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	[	367.50 Times	]
Gearing Ratio	:	Favourable	[	0.00 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 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 :
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 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 : 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 1990, the Subject is a Private Limited company, focusing on trading of ferrous metal, non-ferrous metal and hardware. 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 a strong shareholders' backing , the Subject has the advantage to compete with its rivals and it is expected to enjoy timely financial assistance should the needs arise. 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's business operation is supported by 14 employees. Overall, we regard that the Subject's management capability is average. This indicates that the Subject has greater potential to improve its business performance and raising income for the Subject.

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 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 SGD 15,394,184, 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 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.

BULK TRADE PTE LTD

Financial Year End	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31
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	SGD	SGD	SGD	SGD	SGD
TURNOVER	190,893,832	196,801,284	244,334,528	88,878,252	122,233,910
	----------------	----------------	----------------	----------------	----------------
Total Turnover	190,893,832	196,801,284	244,334,528	88,878,252	122,233,910
Costs of Goods Sold	(187,507,572)	(192,767,260)	(239,357,026)	(86,643,349)	(119,137,318)
	----------------	----------------	----------------	----------------	----------------
Gross Profit	3,386,260	4,034,024	4,977,502	2,234,903	3,096,592
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	2,593,715	2,170,969	3,279,155	1,192,896	1,993,099
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	2,593,715	2,170,969	3,279,155	1,192,896	1,993,099
Taxation	(453,309)	(317,114)	(509,374)	(169,402)	(283,601)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	2,140,406	1,853,855	2,769,781	1,023,494	1,709,498
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	13,668,217	13,380,562	14,610,781	13,917,287	14,207,789
	----------------	----------------	----------------	----------------	----------------
As restated	13,668,217	13,380,562	14,610,781	13,917,287	14,207,789
	----------------	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	15,808,623	15,234,417	17,380,562	14,940,781	15,917,287
DIVIDENDS - Ordinary (paid & proposed)	(927,000)	(1,566,200)	(4,000,000)	(330,000)	(2,000,000)
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	14,881,623	13,668,217	13,380,562	14,610,781	13,917,287
	=============	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Others	7,077	11,623	-	-	-
	----------------	----------------	----------------	----------------	----------------
	7,077	11,623	-	-	-
	=============	=============

BALANCE SHEET

BULK TRADE PTE LTD

ASSETS EMPLOYED:
FIXED ASSETS	8,214	4,425	3,192	4,125	1,306
Deferred assets	-	47,301	47,301	47,301	47,301
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	-	47,301	47,301	47,301	47,301
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	8,214	51,726	50,493	51,426	48,607
Stocks	1,435,891	1,790,788	1,472,441	992,115	795,430
Trade debtors	1,230,040	508,247	25,344,350	16,040,969	7,675,074
Other debtors, deposits & prepayments	110,148	37,807	800	86,634	800
Short term deposits	3,000,000	4,000,000	5,000,000	-	-
Amount due from related companies	36,412,972	29,382,495	-	-	-
Cash & bank balances	5,475,343	4,307,698	5,020,060	13,401,376	13,497,576
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	47,664,394	40,027,035	36,837,651	30,521,094	21,968,880
	----------------	----------------	----------------	----------------	----------------
TOTAL ASSET	47,672,608	40,078,761	36,888,144	30,572,520	22,017,487
	=============	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	19,611,636	24,332,649	20,869,028	13,895,931	5,611,740
Other creditors & accruals	692,855	728,059	950,901	1,363,637	1,688,754
Other liabilities & accruals	437,693	462,090	674,011	-	-
Amounts owing to related companies	10,872,364	26,948	-	-	-
Provision for taxation	663,876	327,868	511,712	174,822	243,149
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	32,278,424	25,877,614	23,005,652	15,434,390	7,543,643
	----------------	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	15,385,970	14,149,421	13,831,999	15,086,704	14,425,237
	----------------	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	15,394,184	14,201,147	13,882,492	15,138,130	14,473,844
	=============	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000
	----------------	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000
Capital reserve	(487,439)	(467,070)	(498,070)	(472,651)	(443,443)
Retained profit/(loss) carried forward	14,881,623	13,668,217	13,380,562	14,610,781	13,917,287
	----------------	----------------	----------------	----------------	----------------
TOTAL RESERVES	14,394,184	13,201,147	12,882,492	14,138,130	13,473,844
	----------------	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	15,394,184	14,201,147	13,882,492	15,138,130	14,473,844
	----------------	----------------	----------------	----------------	----------------
	15,394,184	14,201,147	13,882,492	15,138,130	14,473,844
	=============	=============	=============	=============	=============

FINANCIAL RATIO

BULK TRADE PTE LTD

TYPES OF FUNDS
Cash	8,475,343	8,307,698	10,020,060	13,401,376	13,497,576
Net Liquid Funds	8,475,343	8,307,698	10,020,060	13,401,376	13,497,576
Net Liquid Assets	13,950,079	12,358,633	12,359,558	14,094,589	13,629,807
Net Current Assets/(Liabilities)	15,385,970	14,149,421	13,831,999	15,086,704	14,425,237
Net Tangible Assets	15,394,184	14,201,147	13,882,492	15,138,130	14,473,844
Net Monetary Assets	13,950,079	12,358,633	12,359,558	14,094,589	13,629,807
BALANCE SHEET ITEMS
Total Borrowings	0	0	0	0	0
Total Liabilities	32,278,424	25,877,614	23,005,652	15,434,390	7,543,643
Total Assets	47,672,608	40,078,761	36,888,144	30,572,520	22,017,487
Net Assets	15,394,184	14,201,147	13,882,492	15,138,130	14,473,844
Net Assets Backing	15,394,184	14,201,147	13,882,492	15,138,130	14,473,844
Shareholders' Funds	15,394,184	14,201,147	13,882,492	15,138,130	14,473,844
Total Share Capital	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000
Total Reserves	14,394,184	13,201,147	12,882,492	14,138,130	13,473,844
LIQUIDITY (Times)
Cash Ratio	0.26	0.32	0.44	0.87	1.79
Liquid Ratio	1.43	1.48	1.54	1.91	2.81
Current Ratio	1.48	1.55	1.60	1.98	2.91
WORKING CAPITAL CONTROL (Days)
Stock Ratio	3	3	2	4	2
Debtors Ratio	2	1	38	66	23
Creditors Ratio	38	46	32	59	17
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00	0.00	0.00	0.00
Liabilities Ratio	2.10	1.82	1.66	1.02	0.52
Times Interest Earned Ratio	367.50	187.78	0.00	0.00	0.00
Assets Backing Ratio	15.39	14.20	13.88	15.14	14.47
PERFORMANCE RATIO (%)
Operating Profit Margin	1.36	1.10	1.34	1.34	1.63
Net Profit Margin	1.12	0.94	1.13	1.15	1.40
Return On Net Assets	16.89	15.37	23.62	7.88	13.77
Return On Capital Employed	16.89	15.37	23.62	7.88	13.77
Return On Shareholders' Funds/Equity	13.90	13.05	19.95	6.76	11.81
Dividend Pay Out Ratio (Times)	0.43	0.84	1.44	0.32	1.17
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 60.16
UK Pound	1	Rs. 102.23
Euro	1	Rs. 82.04

INFORMATION DETAILS

Analysis Done by :	RSM
Report Prepared by :	DPT

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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