MIRA INFORM REPORT

Report Date :

27.09.2014

IDENTIFICATION DETAILS

Name :	DINOWIC PTE LTD
Registered Office :	16, Raffles Quay, 27-01A, Hong Leong Building, 048581
Country :	Singapore
Financials (as on) :	31.12.2013
Date of Incorporation :	11.01.1997
Com. Reg. No.:	199707495-K
Legal Form :	Private Limited
Line of Business :	Investment Holding and Trading of Steel and Stainless Steel.
No. of Employees :	12 [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
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.	:	199707495-K
COMPANY NAME	:	DINOWIC PTE LTD
FORMER NAME	:	N/A
INCORPORATION DATE	:	01/11/1997
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	16, RAFFLES QUAY, 27-01A, HONG LEONG BUILDING, 048581, SINGAPORE.
BUSINESS ADDRESS	:	16, RAFFLES QUAY, 27-01A, HONG LEONG BUILDING, 048581, SINGAPORE.
TEL.NO.	:	65-62261191
FAX.NO.	:	65-62261131
WEB SITE	:	WWW.DINOWIC.COM
CONTACT PERSON	:	LIM TIONG BENG ( DIRECTOR )
PRINCIPAL ACTIVITY	:	INVESTMENT HOLDING AND TRADING OF STEEL AND STAINLESS STEEL
ISSUED AND PAID UP CAPITAL	:	11,396,220.00 ORDINARY SHARE, OF A VALUE OF SGD 11,396,220.00
SALES	:	USD 444,498,372 [2013]
NET WORTH	:	USD 23,357,610 [2013]
STAFF STRENGTH	:	12 [2014]
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	FAIR
PAYMENT	:	PROMPT
MANAGEMENT CAPABILITY	:	AVERAGE
COMMERCIAL RISK	:	LOW
CURRENCY EXPOSURE	:	MODERATE
GENERAL REPUTATION	:	SATISFACTORY
INDUSTRY OUTLOOK	:	MARGINAL GROWTH

HISTORY / BACKGROUND

The Subject is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the Subject is insolvent. The Subject is governed by the Companies Act and the company must file its annual returns, together with its financial statements with the Registrar of Companies.

The Subject is principally engaged in the (as a / as an) investment holding and trading of steel and stainless steel.

Share Capital History

Date	Issue & Paid Up Capital
24/09/2014	SGD 11,396,220.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
UNICORN POWER INTERNATIONAL LIMITED	171, MAIN STREET, P. O. BOX 4041, ROAD TOWN, TORTOLA, VIRGIN ISLANDS, BRITISH.	T10UF0432K	11,396,220.00	100.00
			---------------	------
			11,396,220.00	100.00
			============	=====

+ Also Director

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

Local No	Country	Company	(%)	As At
200914450R	SINGAPORE	DINOWIC TRADING PTE. LTD.	100.00	31/12/2013

DIRECTORS

DIRECTOR 1

Name Of Subject	:	LIM TIONG BENG
Address	:	2, GUOK AVENUE, 119632, SINGAPORE.
IC / PP No	:	S1073678A
Nationality	:	SINGAPOREAN
Date of Appointment	:	05/02/2010

MANAGEMENT

1)	Name of Subject	:	LIM TIONG BENG
	Position	:	DIRECTOR

AUDITOR

Auditor	:	WU CHIAW CHING & COMPANY
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	JULIANA LOH JOO HUI
	IC / PP No	:	S2558149J
	Address	:	22, ST. GEORGES ROAD, 12-182, 321022, 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 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	[	X	]	Good 31-60 Days	[	]	Average 61-90 Days	[	]
Fair 91-120 Days	[		]	Poor >120 Days	[	]

Clientele

Local	:	YES	Percentage	:	70%
Domestic Markets	:	SINGAPORE
Overseas	:	YES	Percentage	:	30%
Export Market	:	ASIA
Credit Term	:	AS AGREED
Payment Mode	:	CHEQUES LETTER OF CREDIT (LC)

Operations

Goods Traded

:

STEEL, STAINLESS STEEL

Services

:

INVESTMENT HOLDING

Ownership of premises

:

LEASED/RENTED

Total Number of Employees:
YEAR	2014	2013	2012	2011	2010
GROUP	N/A	N/A	N/A	N/A	N/A
COMPANY	12	12	15	15	14

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) investment holding and trading of steel and stainless steel.

The Subject is one of the largest and strongest stainless steel trading company in Singapore.

The Subject deals in Prime, Secondary and Scrap Stainless Steel.

The Subject deals in all Austenitic, Ferritic and Martenstic Grades.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-62261191
Match	:	N/A
Address Provided by Client	:	16, RAFFLES QUAY #27-01A, HONG LEONG BUILDING, SINGAPORE 048581
Current Address	:	16, RAFFLES QUAY, 27-01A, HONG LEONG BUILDING, 048581, SINGAPORE.
Match	:	YES

Other Investigations

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

FINANCIAL ANALYSIS

Profitability
Turnover	:	Erratic	[	2009 - 2013	]
Profit/(Loss) Before Tax	:	Decreased	[	2009 - 2013	]
Return on Shareholder Funds	:	Unfavourable	[	7.98%	]
Return on Net Assets	:	Acceptable	[	13.66%	]
The fluctuating turnover reflects the fierce competition among the existing and new market players.The dip in profit could be due to the stiff market competition which reduced the Subject's profit margin. 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	:	Favourable	[	0 Days	]
Debtor Ratio	:	Favourable	[	24 Days	]
Creditors Ratio	:	Favourable	[	21 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	[	1.72 Times	]
Current Ratio	:	Unfavourable	[	1.73 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	[	2.54 Times	]
Gearing Ratio	:	Favourable	[	0.07 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 :
The Subject recorded lower profits as its turnover showed a erratic trend. The Subject's management was unable to control its costs efficiently as its profit showed a downward trend. 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 : FAIR

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

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 1997, the Subject is a Private Limited company, focusing on investment holding and trading of steel and stainless steel. 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 shareholder 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 established an extensive clientele base in the market. Besides catering to the local market, the Subject has penetrated into other countries. With the contribution of both local and overseas customers, the Subject is likely to be exposed to lower commercial risk. Hence, we believe that the Subject has better business expansion opportunities in the future. Being a small company, the Subject's business operation is supported by 12 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.

Financially, the Subject registered a higher turnover compared to previous year. However, its profits showed a reverse trend. The lower profit achieved was a result of higher operating cost and increased competition. 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 23,357,610, 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.

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 has reached its maturity stage and only enjoying a marginal growth. The steady growth of the country's economy will further enhance the industry activities. Thus, the Subject's future performance is very much depend on its marketing strategies in order to retain its position in the market.

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

PROFIT AND LOSS ACCOUNT

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

DINOWIC 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	GROUP	GROUP	GROUP	GROUP	GROUP
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	USD	USD	USD	USD	USD
TURNOVER	444,498,372	436,493,332	579,841,258	463,628,983	292,040,350
Other Income	6,998	17,075	591,115	-	-
	----------------	----------------	----------------	----------------	----------------
Total Turnover	444,505,370	436,510,407	580,432,373	463,628,983	292,040,350
Costs of Goods Sold	-	-	(565,098,474)	-	-
	----------------	----------------	----------------	----------------	----------------
Gross Profit	-	-	15,333,899	-	-
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	1,932,227	2,114,963	2,539,245	2,359,640	1,423,191
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	1,932,227	2,114,963	2,539,245	2,359,640	1,423,191
Taxation	(68,590)	(264,094)	(283,393)	(227,525)	(221,557)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	1,863,637	1,850,869	2,255,852	2,132,115	1,201,634
Pre-acquisition profit/(loss)	-	114,638	-	-	-
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS	1,863,637	1,965,507	2,255,852	2,132,115	1,201,634
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS	1,863,637	1,965,507	2,255,852	2,132,115	1,201,634
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	9,722,073	7,756,566	5,500,714	3,368,599	2,166,965
Prior year adjustment	3,815,378	-	-	-	-
	----------------	----------------	----------------	----------------	----------------
As restated	13,537,451	7,756,566	5,500,714	3,368,599	2,166,965
	----------------	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	15,401,088	9,722,073	7,756,566	5,500,714	3,368,599
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	15,401,088	9,722,073	7,756,566	5,500,714	3,368,599
	=============	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Trust receipts	96,315	96,954	143,044	15,210	26,515
Others	1,161,314	1,779,721	-	2,436,368	2,702,087
	----------------	----------------	----------------	----------------	----------------
	1,257,629	1,876,675	143,044	2,451,578	2,728,602
	=============	=============	=============	=============	=============

BALANCE SHEET

DINOWIC PTE LTD

ASSETS EMPLOYED:
FIXED ASSETS	34,044	5,145,514	4,812,630	18,906	25,969
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	34,044	5,145,514	4,812,630	18,906	25,969
Stocks	117,112	1,428,431	7,787,160	15,022,950	7,750,183
Trade debtors	29,094,332	58,113,288	33,616,509	19,212,589	12,071,614
Other debtors, deposits & prepayments	18,506,781	1,732,526	8,963,324	121,208	32,204
Short term loans & advances	-	-	-	2,925,183	550,378
Amount due from related companies	-	1,713,816	16,417,939	1,766,288	-
Cash & bank balances	7,640,919	5,748,044	8,501,055	7,442,563	21,513,876
Amount owing by shareholders	15,910	10,278	2,004	-	-
Others	23,344	15,994	3,100	1,343,348	3,616
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	55,398,398	68,762,377	75,291,091	47,834,129	41,921,871
	----------------	----------------	----------------	----------------	----------------
TOTAL ASSET	55,432,442	73,907,891	80,103,721	47,853,035	41,947,840
	=============	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	25,037,104	32,654,107	34,073,975	19,162,965	28,300,672
Other creditors & accruals	1,676,871	3,192,628	1,685,374	1,508,738	1,299,146
Deposits from customers	-	11,207	20,699,361	12,318,726	242,851
Bill & acceptances payable	1,597,273	6,395,093	7,662,050	198,685	-
Amounts owing to related companies	3,576,384	13,680,119	-	-	1,546,551
Provision for taxation	186,281	285,576	259,307	225,013	225,042
Other liabilities	-	-	-	980,330	7,665
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	32,073,913	56,218,730	64,380,067	34,394,457	31,621,927
	----------------	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	23,324,485	12,543,647	10,911,024	13,439,672	10,299,944
	----------------	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	23,358,529	17,689,161	15,723,654	13,458,578	10,325,913
	=============	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	7,956,522	7,956,522	7,956,522	7,956,522	6,956,522
	----------------	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	7,956,522	7,956,522	7,956,522	7,956,522	6,956,522
Exchange equalisation/fluctuation reserve	-	(1,780)	(1,780)	-	-
Retained profit/(loss) carried forward	15,401,088	9,722,073	7,756,566	5,500,714	3,368,599
Others	-	-	-	(1,872)	(1,858)
	----------------	----------------	----------------	----------------	----------------
TOTAL RESERVES	15,401,088	9,720,293	7,754,786	5,498,842	3,366,741
	----------------	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	23,357,610	17,676,815	15,711,308	13,455,364	10,323,263
Deferred taxation	919	12,346	12,346	3,214	2,650
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	919	12,346	12,346	3,214	2,650
	----------------	----------------	----------------	----------------	----------------
	23,358,529	17,689,161	15,723,654	13,458,578	10,325,913
	=============	=============	=============	=============	=============

FINANCIAL RATIO

DINOWIC PTE LTD

TYPES OF FUNDS
Cash	7,640,919	5,748,044	8,501,055	7,442,563	21,513,876
Net Liquid Funds	6,043,646	(647,049)	839,005	7,243,878	21,513,876
Net Liquid Assets	23,207,373	11,115,216	3,123,864	(1,583,278)	2,549,761
Net Current Assets/(Liabilities)	23,324,485	12,543,647	10,911,024	13,439,672	10,299,944
Net Tangible Assets	23,358,529	17,689,161	15,723,654	13,458,578	10,325,913
Net Monetary Assets	23,206,454	11,102,870	3,111,518	(1,586,492)	2,547,111
BALANCE SHEET ITEMS
Total Borrowings	1,597,273	6,395,093	7,662,050	198,685	0
Total Liabilities	32,074,832	56,231,076	64,392,413	34,397,671	31,624,577
Total Assets	55,432,442	73,907,891	80,103,721	47,853,035	41,947,840
Net Assets	23,358,529	17,689,161	15,723,654	13,458,578	10,325,913
Net Assets Backing	23,357,610	17,676,815	15,711,308	13,455,364	10,323,263
Shareholders' Funds	23,357,610	17,676,815	15,711,308	13,455,364	10,323,263
Total Share Capital	7,956,522	7,956,522	7,956,522	7,956,522	6,956,522
Total Reserves	15,401,088	9,720,293	7,754,786	5,498,842	3,366,741
LIQUIDITY (Times)
Cash Ratio	0.24	0.10	0.13	0.22	0.68
Liquid Ratio	1.72	1.20	1.05	0.95	1.08
Current Ratio	1.73	1.22	1.17	1.39	1.33
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	1	5	12	10
Debtors Ratio	24	49	21	15	15
Creditors Ratio	21	27	22	15	35
SOLVENCY RATIOS (Times)
Gearing Ratio	0.07	0.36	0.49	0.01	0.00
Liabilities Ratio	1.37	3.18	4.10	2.56	3.06
Times Interest Earned Ratio	2.54	2.13	18.75	1.96	1.52
Assets Backing Ratio	2.94	2.22	1.98	1.69	1.48
PERFORMANCE RATIO (%)
Operating Profit Margin	0.43	0.48	0.44	0.51	0.49
Net Profit Margin	0.42	0.45	0.39	0.46	0.41
Return On Net Assets	13.66	22.57	17.06	35.75	40.21
Return On Capital Employed	13.66	22.57	17.06	35.75	40.21
Return On Shareholders' Funds/Equity	7.98	11.12	14.36	15.85	11.64
Dividend Pay Out Ratio (Times)	0.00	0.00	0.00	0.00	0.00
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.57
UK Pound	1	Rs.100.42
Euro	1	Rs.78.45

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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