MIRA INFORM REPORT

Report Date :

25.11.2014

IDENTIFICATION DETAILS

Name :	INTRA ASIA TRADING PTE LTD
Formerly Known As :	ULTILIAN TRADING PTE LTD
Registered Office :	10, Anson Road, 23-11, International Plaza, 079903
Country :	Singapore
Financials (as on) :	31.03.2014
Date of Incorporation :	09.04.1994
Com. Reg. No.:	199402508-K
Legal Form :	Private Limited
Line of Business :	Trading of Coal, Steel and Agricultural Products.
No. of Employees :	Not Available

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 :	Slow but correct
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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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. 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.

:

199402508-K

COMPANY NAME

:

INTRA ASIA TRADING PTE LTD

FORMER NAME

:

ULTILIAN TRADING PTE LTD (29/12/1999)

INCORPORATION DATE

:

09/04/1994

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

10, ANSON ROAD, 23-11, INTERNATIONAL PLAZA, 079903, SINGAPORE.

BUSINESS ADDRESS

:

10 ANSON ROAD, 23-11, INTERNATIONAL PLAZA, 079903, SINGAPORE.

TEL.NO.

:

65-62232955

FAX.NO.

:

65-62230125

WEB SITE

:

WWW.INTRAASIA.COM.SG

CONTACT PERSON

:

PESALADINNE MALLI KARJUNA REDDY ( MANAGING DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF COAL, STEEL AND AGRICULTURAL PRODUCTS

ISSUED AND PAID UP CAPITAL

:

70,861,994.00 ORDINARY SHARE, OF A VALUE OF SGD 70,861,994.00

SALES

:

USD 629,208,370 [2014]

NET WORTH

:

USD 64,395,165 [2014]

STAFF STRENGTH

:

N/A

BANKER (S)

:

BANK OF INDIA UNITED OVERSEAS BANK LIMITED INDIAN OVERSEAS BANK BANK OF BARODA UCO BANK

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

LIMITED

PAYMENT

:

AVERAGE

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 coal, steel and agricultural products.

Share Capital History

Date	Issue & Paid Up Capital
24/11/2014	SGD 70,861,994.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
GOLD DUST DEVELOPMENTS LIMITED	P.O.BOX 957, OFFSHORE, CORPORATIONS CENTRE ROAD TOWN, TORTOLA, VIRGIN ISLANDS, BRITISH.	T13UF5140	30,876,000.00	43.57
MR. PESALADINNE MALLI KARJUNA REDDY +	158, HAIG ROAD, 07-02, HAIG COURT, 438794, SINGAPORE.	S2722936J	12,762,075.00	18.01
PESALADINNE VIJAYALAKSHMI +	158, HAIG ROAD, 07-02, HAIG COURT, 438794, SINGAPORE.	S7061472C	2,939,205.00	4.15
BRISTOW INTERNATIONAL LIMITED	P.O. BOX 957, OFFSHORE CORPORATIONALS CENTRE, ROAD TOWN, TORTOLA, VIRGIN ISLANDS, BRITISH.	T09UF3040	24,284,714.00	34.27
			---------------	------
			70,861,994.00	100.00
			============	=====

+ Also Director

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

Local No	Country	Company	(%)	As At
	HONG KONG	ASSOCIATED (ASIA) LTD	100.00	31/03/2014

DIRECTORS

DIRECTOR 1

Name Of Subject	:	NARRA SATYANARAYANA
Address	:	26, SIMEI STREET 1, 02-05, MELVILLE PARK, 529947, SINGAPORE.
IC / PP No	:	G6223868U
Nationality	:	INDIAN
Date of Appointment	:	25/10/2012

DIRECTOR 2

Name Of Subject	:	JUSTIN LIM HWA TAT
Address	:	2, EAST COAST AVENUE, 01-12, LIAN VILLAS, 459170, SINGAPORE.
IC / PP No	:	G6322607L
Nationality	:	MALAYSIAN
Date of Appointment	:	01/09/2014

DIRECTOR 3

Name Of Subject	:	PESALADINNE VIJAYALAKSHMI
Address	:	158, HAIG ROAD, 07-02, HAIG COURT, 438794, SINGAPORE.
IC / PP No	:	S7061472C
Nationality	:	SINGAPOREAN
Date of Appointment	:	29/04/2005

DIRECTOR 4

Name Of Subject	:	MR. PESALADINNE MALLI KARJUNA REDDY
Address	:	158, HAIG ROAD, 07-02, HAIG COURT, 438794, SINGAPORE.
IC / PP No	:	S2722936J
Nationality	:	SINGAPOREAN
Date of Appointment	:	14/12/1999

MANAGEMENT

1)	Name of Subject	:	PESALADINNE MALLI KARJUNA REDDY
	Position	:	MANAGING DIRECTOR

AUDITOR

Auditor	:	MGI N RAJAN ASSOCIATES
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	NARRA SATYANARAYANA
	IC / PP No	:	G6223868U
	Address	:	26, SIMEI STREET 1, 02-05, MELVILLE PARK, 529947, SINGAPORE.

BANKING

Banking relations are maintained principally with:

1)

Name

:

BANK OF INDIA

2)

Name

:

UNITED OVERSEAS BANK LIMITED

3)

Name

:

INDIAN OVERSEAS BANK

4)

Name

:

BANK OF BARODA

5)

Name

:

UCO BANK

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C200608541	19/12/2006	N/A	BANK OF INDIA	-	Unsatisfied
C200806374	14/07/2008	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C200808589	16/09/2008	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C200906380	08/10/2009	N/A	INDIAN OVERSEAS BANK	-	Unsatisfied
C200907709	25/11/2009	N/A	CANARA BANK, HONG KONG BRANCH	-	Unsatisfied
C201001368	11/02/2010	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C201002258	16/03/2010	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C201012720	29/12/2010	N/A	CANARA BANK, HONG KONG BRANCH	-	Unsatisfied
C201102714	03/03/2011	N/A	BANK OF BARODA	-	Unsatisfied
C201103211	15/03/2011	N/A	INDIAN OVERSEAS BANK	-	Unsatisfied
C201103212	15/03/2011	N/A	INDIAN OVERSEAS BANK	-	Unsatisfied
C201109593	03/08/2011	N/A	CANARA BANK, HONG KONG BRANCH	-	Unsatisfied
C201111528	15/09/2011	N/A	DBS BANK LTD.	-	Unsatisfied
C201114439	16/11/2011	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C201200893	19/01/2012	N/A	MALAYAN BANKING BERHAD	-	Unsatisfied
C201200896	19/01/2012	N/A	MALAYAN BANKING BERHAD	-	Unsatisfied
C201201503	08/02/2012	N/A	CANARA BANK, HONG KONG BRANCH	-	Unsatisfied
C201204101	16/04/2012	N/A	UNION BANK OF INDIA, HONG KONG BRANCH	-	Unsatisfied
C201304164	21/03/2013	N/A	BANK OF BARODA	-	Unsatisfied
C201304165	21/03/2013	N/A	BANK OF BARODA	-	Unsatisfied
C201305280	17/04/2013	N/A	CANARA BANK, HONG KONG BRANCH	-	Unsatisfied
C201308809	28/06/2013	N/A	UNION BANK OF INDIA, HONG KONG BRANCH	-	Unsatisfied

LITIGATION CHECK AGAINST SUBJECT

* A check has been conducted in our databank againt the Subject whether the subject has been involved in any litigation.

No legal action was found in our databank.

No winding up petition was found in our databank.

PAYMENT RECORD

SOURCES OF RAW MATERIALS:
Local	:	YES
Overseas	:	YES

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

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

:

COAL, STEEL AND AGRICULTURAL PRODUCTS

Total Number of Employees:
YEAR	2013
GROUP	N/A
COMPANY	15

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) trading of coal, steel and agricultural products.

The Subject is a one of the leading supplier of steel Products, coal product ,barcode, RFID equipment and agricultural products.

The Subject trades both ferrous and non ferrous metals and their range includes Steel Rounds, Steel Sections, Steel Plates, HMS1&2, Iron Ore, manganese Ore, Chrome Ore etc.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that:

Telephone Number Provided By Client	:	6562232955
Current Telephone Number	:	65-62232955
Match	:	YES
Address Provided by Client	:	10 ANSON ROAD, 23-11, INTERNATIONAL PLAZA,079903 SINGAPORE
Current Address	:	10 ANSON ROAD, 23-11, INTERNATIONAL PLAZA, 079903, SINGAPORE.
Match	:	YES

Other Investigations

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

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	2012 - 2014	]
Profit/(Loss) Before Tax	:	Increased	[	2012 - 2014	]
Return on Shareholder Funds	:	Unfavourable	[	5.01%	]
Return on Net Assets	:	Acceptable	[	14.75%	]
The Subject's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.The higher profit could be attributed to the increase in turnover. The unfavourable return on shareholders' funds could indicate that the Subject was inefficient in utilising its assets to generate returns.
Working Capital Control
Stock Ratio	:	Nil	[	0 Days	]
Debtor Ratio	:	Unfavourable	[	82 Days	]
Creditors Ratio	:	Favourable	[	36 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	[	1.56 Times	]
Current Ratio	:	Unfavourable	[	1.56 Times	]
A minimum liquid ratio of 1 should be maintained by the Subject in order to assure its creditors of its ability to meet short term obligations and the Subject was in a good liquidity position. Thus, we believe the Subject is able to meet all its short term obligations as and when they fall due.
Solvency
Interest Cover	:	Unfavourable	[	1.58 Times	]
Gearing Ratio	:	Favourable	[	0.79 Times	]
The Subject's interest cover was low. If its profits fall or when interest rate rises, it  may not be able to meet all its interest payment. 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 :
Generally, the Subject's performance has improved with higher 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. If there is a fall in the Subject's profit or any increase in interest rate, the Subject may not be able to generate sufficient cash-flow to service its interest. 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 : LIMITED

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 1994, the Subject is a Private Limited company, focusing on trading of coal, steel and agricultural products. 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. The Subject is a large entity with strong capital position of SGD 70,861,994. We are confident with the Subject's business and its future growth prospect. Having strong support from its shareholders has enabled the Subject to remain competitive despite the challenging business environment.

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.

We noted that both the turnover and profits have increased compared to the previous year. The higher profit could be due to increase in turnover and better control over its operating costs. The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. 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 USD 64,395,165, 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 payment habit is average. With its adequate working capital, the Subject should be able to pay its short term debts.

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.

INTRA ASIA TRADING PTE LTD

Financial Year End	2014-03-31	2013-03-31	2012-03-31
Months	12	12	12
Consolidated Account	Company	Company	Company
Audited Account	YES	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES	YES
Financial Type	FULL	FULL	FULL
Currency	USD	USD	USD
TURNOVER	629,208,370	515,143,101	453,515,323
	----------------	----------------	----------------
Total Turnover	629,208,370	515,143,101	453,515,323
Costs of Goods Sold	(617,632,056)	(504,594,382)	(445,075,610)
	----------------	----------------	----------------
Gross Profit	11,576,314	10,548,719	8,439,713
	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	3,582,990	2,049,403	1,624,962
	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	3,582,990	2,049,403	1,624,962
Taxation	(358,615)	(453,172)	(278,596)
	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	3,224,375	1,596,231	1,346,366
	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	6,513,437	4,917,206	3,570,840
	----------------	----------------	----------------
As restated	6,513,437	4,917,206	3,570,840
	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	9,737,812	6,513,437	4,917,206
	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	9,737,812	6,513,437	4,917,206
	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Hire purchase	4,906	7,013	8,716
Others	6,169,948	5,881,713	4,424,324
	----------------	----------------	----------------
	6,174,854	5,888,726	4,433,040
	=============	=============	=============

BALANCE SHEET

INTRA ASIA TRADING PTE LTD

ASSETS EMPLOYED:
FIXED ASSETS	2,263,274	2,210,172	2,227,350
LONG TERM INVESTMENTS/OTHER ASSETS
Subsidiary companies	8,000	8,000	8,000
Investment properties	2,153,909	10,984,263	9,396,595
	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	2,161,909	10,992,263	9,404,595
	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	4,425,183	13,202,435	11,631,945
Trade debtors	140,519,329	114,557,492	62,067,043
Other debtors, deposits & prepayments	1,031,418	1,509,000	3,633,466
Short term deposits	26,778,635	22,555,411	19,115,436
Interest receivable	151,505	178,821	-
Cash & bank balances	386,118	1,288,586	2,791,045
Amount owing by shareholders	2,704,544	-	-
	----------------	----------------	----------------
TOTAL CURRENT ASSETS	171,571,549	140,089,310	87,606,990
	----------------	----------------	----------------
TOTAL ASSET	175,996,732	153,291,745	99,238,935
	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	60,129,186	73,181,566	38,901,889
Other creditors & accruals	366,294	72,971	3,103,482
Hire purchase & lease creditors	6,724	32,678	31,988
Short term borrowings/Term loans	262,198	874,851	851,314
Other borrowings	7,920,762	-	-
Bill & acceptances payable	40,633,304	38,188,725	22,951,070
Amounts owing to director	-	106,409	65,846
Provision for taxation	537,436	472,120	411,647
	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	109,855,904	112,929,320	66,317,236
	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	61,715,645	27,159,990	21,289,754
	----------------	----------------	----------------
TOTAL NET ASSETS	66,140,828	40,362,425	32,921,699
	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	43,432,353	18,632,353	18,632,353
	----------------	----------------	----------------
TOTAL SHARE CAPITAL	43,432,353	18,632,353	18,632,353
Retained profit/(loss) carried forward	9,737,812	6,513,437	4,917,206
Others	11,225,000	11,225,000	4,480,000
	----------------	----------------	----------------
TOTAL RESERVES	20,962,812	17,738,437	9,397,206
	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	64,395,165	36,370,790	28,029,559
Long term loans	1,729,184	3,897,101	4,765,570
Hire purchase creditors	16,479	94,534	126,570
	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	1,745,663	3,991,635	4,892,140
	----------------	----------------	----------------
	66,140,828	40,362,425	32,921,699
	=============	=============	=============

FINANCIAL RATIO

INTRA ASIA TRADING PTE LTD

TYPES OF FUNDS
Cash	27,164,753	23,843,997	21,906,481
Net Liquid Funds	(13,468,551)	(14,344,728)	(1,044,589)
Net Liquid Assets	61,715,645	27,159,990	21,289,754
Net Current Assets/(Liabilities)	61,715,645	27,159,990	21,289,754
Net Tangible Assets	66,140,828	40,362,425	32,921,699
Net Monetary Assets	59,969,982	23,168,355	16,397,614
BALANCE SHEET ITEMS
Total Borrowings	50,568,651	43,087,889	28,726,512
Total Liabilities	111,601,567	116,920,955	71,209,376
Total Assets	175,996,732	153,291,745	99,238,935
Net Assets	66,140,828	40,362,425	32,921,699
Net Assets Backing	64,395,165	36,370,790	28,029,559
Shareholders' Funds	64,395,165	36,370,790	28,029,559
Total Share Capital	43,432,353	18,632,353	18,632,353
Total Reserves	20,962,812	17,738,437	9,397,206
LIQUIDITY (Times)
Cash Ratio	0.25	0.21	0.33
Liquid Ratio	1.56	1.24	1.32
Current Ratio	1.56	1.24	1.32
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0	0
Debtors Ratio	82	81	50
Creditors Ratio	36	53	32
SOLVENCY RATIOS (Times)
Gearing Ratio	0.79	1.18	1.02
Liabilities Ratio	1.73	3.21	2.54
Times Interest Earned Ratio	1.58	1.35	1.37
Assets Backing Ratio	1.52	2.17	1.77
PERFORMANCE RATIO (%)
Operating Profit Margin	0.57	0.40	0.36
Net Profit Margin	0.51	0.31	0.30
Return On Net Assets	14.75	19.67	18.40
Return On Capital Employed	14.75	19.65	18.38
Return On Shareholders' Funds/Equity	5.01	4.39	4.80
Dividend Pay Out Ratio (Times)	0.00	0.00	0.00
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.78
UK Pound	1	Rs.96.78
Euro	1	Rs.76.59

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	NIT

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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