MIRA INFORM REPORT

Report Date :

10.05.2014

IDENTIFICATION DETAILS

Name :	ADANI GLOBAL PTE LTD
Registered Office :	80, Raffles Place, 33-20 Uob Plaza, 048624,
Country :	Singapore
Financials (as on) :	31.03.2013
Date of Incorporation :	08.04.2000
Com. Reg. No.:	200003047-N
Legal Form :	Private Limited
Line of Business :	Trading of coal
No. of Employees :	25 [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.

:

200003047-N

COMPANY NAME

:

ADANI GLOBAL PTE LTD

FORMER NAME

:

N/A

INCORPORATION DATE

:

08/04/2000

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

80, RAFFLES PLACE, 33-20 UOB PLAZA, 048624, SINGAPORE.

BUSINESS ADDRESS

:

80, RAFFLES PLACE, 33-20, UOB PLAZA 2, 048264, SINGAPORE.

TEL.NO.

:

65-62252070

FAX.NO.

:

65-62252537

CONTACT PERSON

:

BASHEER AHMED SAYEED ( DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF COAL

ISSUED AND PAID UP CAPITAL

:

43,117,530.00 ORDINARY SHARE, OF A VALUE OF SGD 43,117,530.00

SALES

:

USD 2,173,318,063 [2013]

NET WORTH

:

USD 465,292,685 [2013]

STAFF STRENGTH

:

25 [2014]

BANKER (S)

:

AXIS BANK LIMITED SINGAPORE BRANCH COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A. ICICI BANK LTD INDIAN OVERSEAS BANK KBC BANK N.V. MALAYAN BANKING BHD MIZUHO CORPORATE BANK LTD NATIXIS OVERSEA-CHINESE BANKING CORPORATION LIMITED RAIFFEISEN ZENTRALBANK OESTERREICH AKTIENGESELLSCHAFT SOCIETE GENERALE STANDARD CHARTERED BANK STATE BANK OF INDIA, SINGAPORE BRANCH THE BANK OF TOKYO-MITSUBISHI UFJ, LTD (SINGAPORE BRANCH) UCO BANK WESTLB AG

LITIGATION

:

TRACED

FINANCIAL CONDITION

:

STABLE

PAYMENT

:

PROMPT

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

MODERATE

CURRENCY EXPOSURE

:

HIGH

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) trading of coal.

The immediate holding company of the Subject is ADANI GLOBAL LIMITED, a company incorporated in MAURITIUS.

The ultimate holding company of the Subject is ADANI ENTERPRISES LTD, a company incorporated in INDIA.

Share Capital History

Date	Issue & Paid Up Capital
09/05/2014	SGD 43,117,530.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
ADANI GLOBAL LIMITED	SUITE 501, ST JAMES COURT, ST.DENIS STREET, PORT-LOUIS, MAURITIUS.	T07UF0079	43,117,530.00	100.00
			---------------	------
			43,117,530.00	100.00
			============	=====

+ Also Director

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

Local No	Country	Company	(%)	As At
200614235E	SINGAPORE	ADANI SHIPPING PTE. LTD.	100.00	31/03/2012
	AUSTRALIA	ADANI MINERALS PTY LTD	100.00	31/03/2013
	AUSTRALIA	ADANI MINING PTY LTD	100.00	31/03/2013
	INDONESIA	PT ADANI GLOBAL	95.00	31/03/2013
	INDONESIA	PT ADANI GLOBAL COAL TRADING	95.00	31/03/2013
200910524K	SINGAPORE	ADANI WILMAR PTE. LTD.	50.00	31/03/2012

DIRECTORS

DIRECTOR 1

Name Of Subject	:	MR. BASHEER AHMED SAYEED
Address	:	10, BODMIN DRIVE, SERANGOON GARDEN ESTATE, 559610, SINGAPORE.
IC / PP No	:	S2705335A
Nationality	:	SINGAPOREAN
Date of Appointment	:	30/08/2010

DIRECTOR 2

Name Of Subject	:	ARUP ROY
Address	:	11, NATHAN ROAD, 16-01, REGENCY PARK, 248732, SINGAPORE.
IC / PP No	:	G5080102R
Nationality	:	SINGAPOREAN
Date of Appointment	:	02/01/2013

DIRECTOR 3

Name Of Subject	:	TETSUO ICHIKAWA
Address	:	224-1, HONGANJI, KUWANA-SI, MIE, JAPAN.
IC / PP No	:	TH7659465
Nationality	:	JAPANESE
Date of Appointment	:	06/02/2014

MANAGEMENT

1)	Name of Subject	:	BASHEER AHMED SAYEED
	Position	:	DIRECTOR

AUDITOR

Auditor	:	PRUDENTIAL PUBLIC ACCOUNTING CORPORATION
Auditor' Address	:	17, PHILLIP STREET 05- 02 GRAND BUILDING, 048695, SINGAPORE

COMPANY SECRETARIES

1)	Company Secretary	:	LEE LAI NAH
	IC / PP No	:	S1607980D
	Address	:	73, CAVENAGH ROAD, 02-376, CAVENAGH GARDENS, 229624, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

AXIS BANK LIMITED SINGAPORE BRANCH

2)

Name

:

COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.

3)

Name

:

ICICI BANK LTD

4)

Name

:

INDIAN OVERSEAS BANK

5)

Name

:

KBC BANK N.V.

6)

Name

:

MALAYAN BANKING BHD

7)

Name

:

MIZUHO CORPORATE BANK LTD

8)

Name

:

NATIXIS

9)

Name

:

OVERSEA-CHINESE BANKING CORPORATION LIMITED

10)

Name

:

RAIFFEISEN ZENTRALBANK OESTERREICH AKTIENGESELLSCHAFT

11)

Name

:

SOCIETE GENERALE

12)

Name

:

STANDARD CHARTERED BANK

13)

Name

:

STATE BANK OF INDIA, SINGAPORE BRANCH

14)

Name

:

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD (SINGAPORE BRANCH)

15)

Name

:

UCO BANK

16)

Name

:

WESTLB AG

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C200405199	20/10/2004	N/A	NATIXIS	-	Unsatisfied
C200405202	20/10/2004	N/A	NATIXIS	-	Unsatisfied
C200406727	30/12/2004	N/A	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD (SINGAPORE BRANCH)	-	Unsatisfied
C200507645	12/12/2005	N/A	MALAYAN BANKING BERHAD	-	Unsatisfied
C200507749	15/12/2005	N/A	MALAYAN BANKING BERHAD	-	Unsatisfied
C200701001	02/02/2007	N/A	AXIS BANK LIMITED SINGAPORE BRANCH	-	Unsatisfied
C200701800	07/03/2007	N/A	MIZUHO CORPORATE BANK LTD	-	Unsatisfied
C200701802	07/03/2007	N/A	MIZUHO CORPORATE BANK LTD	-	Unsatisfied
C200703399	08/05/2007	N/A	UCO BANK	-	Unsatisfied
C200804646	22/05/2008	N/A	STATE BANK OF INDIA	-	Unsatisfied
C200806123	07/07/2008	N/A	STANDARD CHARTERED BANK	-	Unsatisfied
C200806728	21/07/2008	N/A	STANDARD CHARTERED BANK	-	Unsatisfied
C200807372	07/08/2008	N/A	MIZUHO CORPORATE BANK LTD	-	Unsatisfied
C200808441	10/09/2008	N/A	STANDARD CHARTERED BANK	-	Unsatisfied
C200907993	04/12/2009	N/A	STANDARD CHARTERED BANK	-	Unsatisfied
C200907995	04/12/2009	N/A	STANDARD CHARTERED BANK	-	Unsatisfied
C201009664	18/10/2010	N/A	STATE BANK OF INDIA	-	Unsatisfied
C201010226	29/10/2010	N/A	ICICI BANK LIMITEED	-	Unsatisfied
C201012141	14/12/2010	N/A	UCO BANK	-	Unsatisfied
C201102341	23/02/2011	N/A	AXIS BANK LIMITED, DIFC BRANCH	-	Unsatisfied
C201103334	17/03/2011	N/A	STATE BANK OF INDIA	-	Unsatisfied
C201108747	19/07/2011	N/A	INDIAN OVERSEAS BANK	-	Unsatisfied
C201108751	19/07/2011	N/A	INDIAN OVERSEAS BANK	-	Unsatisfied
C201110544	23/08/2011	N/A	THE BANK OF NEW YORK MELLON	-	Unsatisfied
C201110549	23/08/2011	N/A	THE BANK OF NEW YORK MELLON	-	Unsatisfied
C201112299	03/10/2011	N/A	SOCIETE GENERALE	-	Unsatisfied
C201112300	03/10/2011	N/A	SOCIETE GENERALE	-	Unsatisfied
C201209055	08/08/2012	N/A	DBS BANK LTD.	-	Unsatisfied
C201209061	08/08/2012	N/A	DBS BANK LTD.	-	Unsatisfied
C201210492	14/09/2012	N/A	STANDARD CHARTERED BANK	-	Unsatisfied
C201210759	21/09/2012	N/A	STANDARD CHARTERED BANK	-	Unsatisfied
C201213508	22/11/2012	N/A	EMIRATES NBD PJSC	-	Unsatisfied
C201300874	17/01/2013	N/A	STANDARD CHARTERED BANK	-	Unsatisfied
C201309477	11/07/2013	N/A	STANDARD CHARTERED BANK	-	Unsatisfied
C201309479	11/07/2013	N/A	STANDARD CHARTERED BANK	-	Unsatisfied
C20131212	16/08/2013	N/A	AXIS BANK LIMITED, DIFC BRANCH	-	Unsatisfied
C201313236	30/09/2013	N/A	CIMB BANK BERHAD	-	Unsatisfied
C201313240	30/09/2013	N/A	CIMB BANK BERHAD	-	Unsatisfied
C201314951	06/11/2013	N/A	CTBC BANK CO., LTD.	-	Unsatisfied
C201314954	06/11/2013	N/A	CTBC BANK CO., LTD.	-	Unsatisfied
C20140354	31/03/2014	N/A	STANDARD CHARTERED BANK	-	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	:	2085
Year	:	2012	Place	:	SINGAPORE
Court	:	DISTRICT COURT
Date Filed	:	23/07/2012
Solicitor Ref	:	CY-12-0419-443
Solicitor Firm	:	CHRISTOPHER YAP & CO
Plaintiff	:	NEW OASIS SERVICES PTE LTD
Defendants	:	ADANI GLOBAL PTE LTD (200003047) 10 ANSON ROAD, 34-16 INTERNATIONAL PLAZA, 079903, SINGAPORE.
Remark	:	MISCELLANEOUS

NOTE:

Please check with creditors for confirmation as alleged debts may have been paid since recorded or are being disputed. The person wo 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	:	N/A
Overseas	:	N/A

The Subject refused to disclose its suppliers.

The Subject refused to provide any name of trade/service supplier and we are unable to conduct any trade enquiry. However, from financial historical data we conclude that :

OVERALL PAYMENT HABIT
Prompt 0-30 Days	[	X	]	Good 31-60 Days	[	]	Average 61-90 Days	[	]
Fair 91-120 Days	[		]	Poor >120 Days	[	]

CLIENTELE

Local	:	NO
Overseas	:	YES	Percentage	:	100%
Export Market	:	INDIA ASIA
Credit Term	:	N/A
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Goods Traded

:

COAL

Total Number of Employees:
YEAR	2014	2013
GROUP	N/A	N/A
COMPANY	25	20

Branch

:

NO

Other Information:

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

The Subject is engaged in the trading of coal.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	6562252070
Current Telephone Number	:	65-62252070
Match	:	YES
Address Provided by Client	:	80 RAFFLES PLACE #33-20 UOB PLAZA 11 SINGAPORE 048624
Current Address	:	80, RAFFLES PLACE, 33-20, UOB PLAZA 2, 048264, SINGAPORE.
Match	:	NO

Other Investigations

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

The address provided is incorrect.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Erratic	[	2010 - 2013	]
Profit/(Loss) Before Tax	:	Increased	[	2010 - 2013	]
Return on Shareholder Funds	:	Favourable	[	34.52%	]
Return on Net Assets	:	Acceptable	[	28.91%	]
The fluctuating turnover reflects the fierce competition among the existing and new market players.The higher profit could be attributed to the increase in turnover. Generally the Subject was profitable. The favourable return on shareholders' funds and return on net assets indicate that the Subject's management was efficient in utilising the assets to generate returns.
Working Capital Control
Stock Ratio	:	Favourable	[	0 Days	]
Debtor Ratio	:	Unfavourable	[	126 Days	]
Creditors Ratio	:	Favourable	[	29 Days	]
The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The Subject's debtors ratio was high. The Subject should tighten its credit control and improve its collection period. 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	[	1.75 Times	]
Current Ratio	:	Unfavourable	[	1.76 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	:	Acceptable	[	7.68 Times	]
Gearing Ratio	:	Unfavourable	[	1.87 Times	]
The Subject's interest cover was slightly low. If there is no sharp fall in its profit or sudden increase in the interest rates, we believe the Subject is able to generate sufficient income to service its interest and repay the loans. 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 :
Although the turnover was erratic, the Subject had maintained a steady growth in its profit. This indicate the management's efficiency in controlling its costs and profitability. 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 had an acceptable interest cover. If there is no sudden sharp increase in interest rate or fall in the Subject's profit, we do believe the Subject is able to generate sufficient cash flow to service its interest payment. 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 : STABLE

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 2000, the Subject is a Private Limited company, focusing on trading of coal. 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.

The Subject focuses only on overseas market. This global approach has enabled the Subject to generate a better growth sales. Being an export-oriented company, the Subject however is subjected to certain inherent risk of global economy slowdown, foreign currencies fluctuations and stiff competition in the international market. The Subject's business operation is supported by 25 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. Based on the higher profitability, the Subject has generated a favourable return based on its existing shareholders' funds 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 465,292,685, 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.

We regard that the Subject's overall payment habit is prompt. The Subject had a favourable creditors' ratio as evidenced by its favourable collection days.

The industry shows an upward trend and this trend is very likely to sustain in the near terms. Hence, the Subject is expected to benefit from the favourable outlook of the industry.

Based on the above condition, we recommend credit be granted to the Subject promptly.

PROFIT AND LOSS ACCOUNT

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

ADANI GLOBAL PTE LTD

Financial Year End	2013-03-31	2012-03-31	2011-03-31	2010-03-31
Months	12	12	12	12
Consolidated Account	Company	Company	Company	Company
Audited Account	YES	YES	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES	YES	YES
Financial Type	FULL	FULL	FULL	FULL
Currency	USD	USD	USD	USD
TURNOVER	2,173,318,063	2,609,496,812	1,949,365,296	1,701,985,498
Other Income	-	-	13,185,115	718,495
	----------------	----------------	----------------	----------------
Total Turnover	2,173,318,063	2,609,496,812	1,962,550,411	1,702,703,993
Costs of Goods Sold	(1,976,017,085)	(2,484,361,385)	(1,809,127,338)	(1,627,546,579)
	----------------	----------------	----------------	----------------
Gross Profit	197,300,978	125,135,427	153,423,073	75,157,414
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	172,896,145	96,849,385	124,147,044	41,839,652
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	172,896,145	96,849,385	124,147,044	41,839,652
Taxation	(12,254,738)	(5,425,000)	(8,027,927)	(2,725,000)
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	160,641,407	91,424,385	116,119,117	39,114,652
	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	277,051,278	185,626,893	69,507,776	30,393,124
	----------------	----------------	----------------	----------------
As restated	277,051,278	185,626,893	69,507,776	30,393,124
	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	437,692,685	277,051,278	185,626,893	69,507,776
	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	437,692,685	277,051,278	185,626,893	69,507,776
	=============	=============	=============	=============
Term loan / Borrowing	19,383,625	24,710,459	-	1,710,672
Trust receipts	6,517,263	6,812,207	1,425,941	6,102,442
	----------------	----------------	----------------	----------------
	25,900,888	31,522,666	1,425,941	7,813,114
	=============	=============	=============	=============

BALANCE SHEET

ADANI GLOBAL PTE LTD

ASSETS EMPLOYED:
FIXED ASSETS	245,355	4,155,419	2,576,955	2,642,585
LONG TERM INVESTMENTS/OTHER ASSETS
Subsidiary companies	42,472,783	32,903,663	25,903,663	23,903,663
Investment properties	4,443,050	-	1,549,218	1,586,527
Others	3,800,000	3,800,000	2,800,000	1,550,000
	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	50,715,833	36,703,663	30,252,881	27,040,190
	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	50,961,188	40,859,082	32,829,836	29,682,775
Stocks	2,050,613	-	-	-
Trade debtors	751,931,017	388,031,350	565,490,160	336,318,353
Other debtors, deposits & prepayments	123,473,367	14,790,812	496,746,525	19,050,017
Short term deposits	62,852,692	43,768,429	47,909,945	38,121,479
Short term loans & advances	287,907,176	333,843,809	-	-
Amount due from holding company	9,036,503	126,602,687	-	-
Amount due from subsidiary companies	229,105,242	261,439,544	-	-
Amount due from related companies	1,811,655	397,772,946	-	-
Cash & bank balances	10,283,912	22,427,523	9,216,900	10,934,829
Others	-	-	52,420,969	67,741,273
	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	1,478,452,177	1,588,677,100	1,171,784,499	472,165,951
	----------------	----------------	----------------	----------------
TOTAL ASSET	1,529,413,365	1,629,536,182	1,204,614,335	501,848,726
	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	155,077,461	131,912,410	189,246,415	142,066,744
Other creditors & accruals	14,168,330	36,660,288	184,085	28,649
Short term borrowings/Term loans	-	-	150,699,952	25,659,992
Other borrowings	648,793,295	835,479,373	-	-
Bill & acceptances payable	-	-	290,974,500	131,792,265
Other liabilities & accruals	-	-	52,840,978	13,946,032
Amounts owing to subsidiary companies	5,786,309	-	-	-
Amounts owing to related companies	8,919,535	2,531,442	-	30,433,503
Amounts owing to director	-	-	-	171,909
Provision for taxation	8,939,039	5,499,011	7,525,000	2,725,000
Other liabilities	-	-	19,805,178	-
	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	841,683,969	1,012,082,524	711,276,108	346,824,094
	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	636,768,208	576,594,576	460,508,391	125,341,857
	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	687,729,396	617,453,658	493,338,227	155,024,632
	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	27,600,000	27,600,000	27,600,000	27,600,000
	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	27,600,000	27,600,000	27,600,000	27,600,000
Retained profit/(loss) carried forward	437,692,685	277,051,278	185,626,893	69,507,776
	----------------	----------------	----------------	----------------
TOTAL RESERVES	437,692,685	277,051,278	185,626,893	69,507,776
	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	465,292,685	304,651,278	213,226,893	97,107,776
Long term loans	-	-	280,111,334	57,916,856
Other long term borrowings	222,436,711	312,802,380	-	-
	----------------	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	222,436,711	312,802,380	280,111,334	57,916,856
	----------------	----------------	----------------	----------------
	687,729,396	617,453,658	493,338,227	155,024,632
	=============	=============	=============	=============

FINANCIAL RATIO

ADANI GLOBAL PTE LTD

TYPES OF FUNDS
Cash	73,136,604	66,195,952	57,126,845	49,056,308
Net Liquid Funds	73,136,604	66,195,952	(233,847,655)	(82,735,957)
Net Liquid Assets	634,717,595	576,594,576	460,508,391	125,341,857
Net Current Assets/(Liabilities)	636,768,208	576,594,576	460,508,391	125,341,857
Net Tangible Assets	687,729,396	617,453,658	493,338,227	155,024,632
Net Monetary Assets	412,280,884	263,792,196	180,397,057	67,425,001
BALANCE SHEET ITEMS
Total Borrowings	871,230,006	1,148,281,753	721,785,786	215,369,113
Total Liabilities	1,064,120,680	1,324,884,904	991,387,442	404,740,950
Total Assets	1,529,413,365	1,629,536,182	1,204,614,335	501,848,726
Net Assets	687,729,396	617,453,658	493,338,227	155,024,632
Net Assets Backing	465,292,685	304,651,278	213,226,893	97,107,776
Shareholders' Funds	465,292,685	304,651,278	213,226,893	97,107,776
Total Share Capital	27,600,000	27,600,000	27,600,000	27,600,000
Total Reserves	437,692,685	277,051,278	185,626,893	69,507,776
LIQUIDITY (Times)
Cash Ratio	0.09	0.07	0.08	0.14
Liquid Ratio	1.75	1.57	1.65	1.36
Current Ratio	1.76	1.57	1.65	1.36
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0	0	0
Debtors Ratio	126	54	106	72
Creditors Ratio	29	19	38	32
SOLVENCY RATIOS (Times)
Gearing Ratio	1.87	3.77	3.39	2.22
Liabilities Ratio	2.29	4.35	4.65	4.17
Times Interest Earned Ratio	7.68	4.07	88.06	6.36
Assets Backing Ratio	24.92	22.37	17.87	5.62
PERFORMANCE RATIO (%)
Operating Profit Margin	7.96	3.71	6.37	2.46
Net Profit Margin	7.39	3.50	5.96	2.30
Return On Net Assets	28.91	20.79	25.45	32.03
Return On Capital Employed	28.91	20.79	25.45	32.03
Return On Shareholders' Funds/Equity	34.52	30.01	54.46	40.28
Dividend Pay Out Ratio (Times)	0.00	0.00	0.00	0.00
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.05
UK Pound	1	Rs.101.65
Euro	1	Rs.83.07

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	NIS

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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