MIRA INFORM REPORT

Report Date :

30.09.2014

IDENTIFICATION DETAILS

Name :	KAYBEE EXIM PTE LTD
Formerly Known As :	SPECTRA EXIM PTE. LTD.
Registered Office :	120, Lower Delta Road, 14-01, Cendex Centre, 169208,
Country :	Singapore
Financials (as on) :	31.12.2013
Date of Incorporation :	26.12.1986
Com. Reg. No.:	198602930-C
Legal Form :	Private Limited
Line of Business :	Trading of textile fabrics, yarn and general merchandise
No. of Employees :	50 [2014]

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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

Company name and address

REGISTRATION NO.

:

198602930-C

COMPANY NAME

:

KAYBEE EXIM PTE LTD

FORMER NAME

:

SPECTRA EXIM PTE. LTD. (25/03/1997)

INCORPORATION DATE

:

26/12/1986

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

120, LOWER DELTA ROAD, 14-01, CENDEX CENTRE, 169208, SINGAPORE.

BUSINESS ADDRESS

:

120 LOWER DELTA ROAD, 14-01, CENDEX CENTRE, 169208, SINGAPORE.

TEL.NO.

:

65-62998900

FAX.NO.

:

65-62990989

WEB SITE

:

WWW.GRUPOKAYBEE.COM

CONTACT PERSON

:

VIKRAM KUMAR CHAND ( MANAGING DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF TEXTILE FABRICS, YARN AND GENERAL MERCHANDISE

ISSUED AND PAID UP CAPITAL

:

7,896,227.00 ORDINARY SHARE, OF A VALUE OF SGD 7,896,227.00

SALES

:

USD 304,725,543 [2013]

NET WORTH

:

USD 10,407,381 [2013]

STAFF STRENGTH

:

50 [2014]

BANKER (S)

:

ABN AMRO BANK N.V. AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD KBC BANK N.V. STANDARD CHARTERED BANK THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED UNITED OVERSEAS BANK LTD

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

FAIR

PAYMENT

:

GOOD

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

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 textile fabrics, yarn and general merchandise.

The immediate holding company of the Subject is GRUPO KAYBEE PTE. LIMITED, a company incorporated in SINGAPORE.

Share Capital History

Date	Issue & Paid Up Capital
25/09/2014	SGD 7,896,227.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
GRUPO KAYBEE PTE. LIMITED	120, LOWER DELTA ROAD, 14-01, CENDEX CENTRE, 169208, SINGAPORE.	200600869K	7,896,227.00	100.00
			---------------	------
			7,896,227.00	100.00
			============	=====

+ Also Director

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

Local No	Country	Company	(%)	As At
	CHINA	KAYBEE SHANGHAI CONSULTING CO. LTD	100.00	31/12/2013
200103139C	SINGAPORE	VEGA FOODS CORP PRIVATE LTD.	75.00	31/12/2013

DIRECTORS

DIRECTOR 1

Name Of Subject	:	GOVIND KARUNAKARAN
Address	:	16, WAREHAM ROAD, 436780, SINGAPORE.
IC / PP No	:	S2637302F
Nationality	:	SINGAPOREAN
Date of Appointment	:	19/06/1989

DIRECTOR 2

Name Of Subject	:	MR. VIKRAM KUMAR CHAND
Address	:	48, CORNATION ROAD WEST, 01-01, ASTRID MEADOWS, 269263, SINGAPORE.
IC / PP No	:	S2706056J
Nationality	:	SINGAPOREAN
Date of Appointment	:	28/07/1993

DIRECTOR 3

Name Of Subject	:	KUMAR K CHAND @ KUMAR KISHINCHAND GAJWANI
Address	:	44, CORONATION ROAD WEST, 01-01, ASTRID MEADOWS, 269260, SINGAPORE.
IC / PP No	:	S2696283H
Nationality	:	SINGAPOREAN
Date of Appointment	:	09/03/2009

MANAGEMENT

1)	Name of Subject	:	VIKRAM KUMAR CHAND
	Position	:	MANAGING DIRECTOR

AUDITOR

Auditor	:	MOORE STEPHENS LLP
Auditor' Address	:	N/A

Auditor	:	MOORE STEPHENS LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	SHIRLEY LIM GUAT HUA
	IC / PP No	:	S2510643A
	Address	:	5, BEDOK PLACE, BEDOK GROVE, 486078, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

ABN AMRO BANK N.V.

2)

Name

:

AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD

3)

Name

:

KBC BANK N.V.

4)

Name

:

STANDARD CHARTERED BANK

5)

Name

:

THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED

6)

Name

:

UNITED OVERSEAS BANK LTD

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
9601310	08/03/1996	N/A	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	USD 392,215.00	Unsatisfied
C200500560	27/01/2005	N/A	STANDARD CHARTERED BANK	-	Unsatisfied
C200700640	23/01/2007	N/A	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	-	Unsatisfied
C200705767	23/07/2007	N/A	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	-	Unsatisfied
C200807865	22/08/2008	N/A	AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED	-	Unsatisfied
C200900785	30/01/2009	N/A	DBS BANK LTD.	-	Unsatisfied
C200902086	08/04/2009	N/A	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	-	Unsatisfied
C200902087	08/04/2009	N/A	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	-	Unsatisfied
C201010975	18/11/2010	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C201108797	19/07/2011	N/A	THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED	-	Unsatisfied
C201203997	12/04/2012	N/A	THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED	-	Unsatisfied

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	[	]	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	:	WORLDWIDE
Credit Term	:	30 - 60 DAYS
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Goods Traded

:

TEXTILE FABRICS, YARN AND GENERAL MERCHANDISE

Total Number of Employees:
YEAR	2014	2013	2012	2011	2010
GROUP	N/A	N/A	N/A	N/A	N/A
COMPANY	50	50	50	50	50

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) trading of textile fabrics, yarn and general merchandise.

The Subject's principal activities are those of traders in all kinds of textile fabrics, yarn and general merchandise.

About Kaybee group:
It is a premier multinational company and integrated global organisation providing complete textile solutions to international
clients. the textile division helps customers globally to source all kinds of textile products ranging from fires and yarn to fashion
farics, home furnishings and garments.

The group also manages affiliated businesses in food and other general merchandise.

Oerating from more than 15 locations worldwide, the core activity of the group is to procure from competitive asian manufacturing nations and service its primary markets in latin america and africa. it also has an extensive and growing clientele in the united states, europe and india.

The Subject is a member of the following entities:
* Singapore international chambers of commerce
* Singapore indian chambers of commerce & industry

The Subject is the headquarters of the Kaybee Group of companies.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-62998900
Match	:	N/A
Address Provided by Client	:	120 LOWER DELTA ROAD, HEX14-01 CENDEX CENTRE, SINGAPORE 169208
Current Address	:	120 LOWER DELTA ROAD, 14-01, CENDEX CENTRE, 169208, SINGAPORE.
Match	:	YES

Other Investigations

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

FINANCIAL ANALYSIS

Profitability
Turnover	:	Erratic	[	2009 - 2013	]
Profit/(Loss) Before Tax	:	Decreased	[	2009 - 2013	]
Return on Shareholder Funds	:	Unfavourable	[	9.38%	]
Return on Net Assets	:	Acceptable	[	10.63%	]
The fluctuating turnover reflects the fierce competition among the existing and new market players.The management had succeeded in turning the Subject into a profit making company. The profit could be due to better control of its operating costs and efficiency in utilising its resources. 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	:	Favourable	[	54 Days	]
Creditors Ratio	:	Favourable	[	48 Days	]
As the Subject is a service oriented company, the Subject does not need to keep 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	:	Acceptable	[	0.98 Times	]
Current Ratio	:	Unfavourable	[	0.98 Times	]
The Subject's liquid ratio was slightly low. This could indicate that the Subject's working capital was slightly deficient. The Subject will have to improve its liquidity position either by obtaining short term financing or increase its paid up capital so that it can meet all its short term obligations as and when they fall due.
Solvency
Interest Cover	:	Acceptable	[	3.74 Times	]
Gearing Ratio	:	Favourable	[	0.42 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 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's turnover showed a volatile trend but its losses were lower when compared to the previous corresponding period. This could suggest that the Subject was more efficient in its operating cost control and was more competitive. The Subject's liquidity was at an acceptable range. If the Subject is able to obtain further short term financing, it should be able to meet all 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 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 :	TRADING
The wholesale and retail trade sector contracted by 1.5% in the fourth quarter of 2012, extending the 0.2% decline in the preceding quarter. For the whole of 2012, the sector declined by 0.7%, reversing the 1.6% growth in 2011. The sector was weighed down primarily by the wholesale trade segment. In 2012, the wholesale trade segment contracted by 1.0%, a reversal from the 1.4% growth in 2011. Growth of the retail trade segment also moderated to 2.0%, from 3.2% in the year 2011.
The domestic wholesale trade index grew by 1.2% in the fourth quarter of 2012, an improvement from the 5.4% decline in the third quarter. This was partly due to an increase in the sales of chemicals & chemical products and ship chandlers & bunkering. For the full year of 2012, the domestic wholesale trade index contracted by 2.2%, extending the 1.7% decline in 2011. The foreign wholesale trade index grew by 8.6% in the fourth quarter, an increase from the 6.6% growth in the third quarter. The expansion was partly due to resilient sales of petroleum & petroleum products. For the whole of 2012, the foreign wholesale trade index expanded by 9.1%, faster than the 4.3% increase in 2011.
In the fourth quarter of 2012, retail sales volume declined by 2.0%, extending the 0.3% decline in the third quarter. Excluding motor vehicles, retail sales volume grew by 0.4%, a slight moderation compared to the 1.5% gain in the third quarter of 2012. The sales volume of motor vehicles fell by 11% in the fourth quarter of 2012, after contracting by 6.1% in the third quarter. The sales of several discretionary items also declined in the fourth quarter. Besides, the sales of optical goods & books in 2012 fell by 3.6%, while the sales of telecommunications apparatus & computers declined by 1.4%.
For 2012 as a whole, retail sales volume grew by 1.3%, compared to the 2.0% expansion in 2011. Excluding motor vehicle sales, the increase in retail sales volume also moderated from 5.4% in 2011 to 1.7% in 2012. Medical goods & toiletries registered the largest increase (9.3%) in sales, followed by telecommunications apparatus & computers (6.9%). By contrast, the sales of watches & jewellery (-2.2%) and optical goods & books (-3.6%) declined.
OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 1986, the Subject is a Private Limited company, focusing on trading of textile fabrics, yarn and general merchandise. The Subject has been in business for over two decades. It has built up a strong clientele base whichn will enable the Subject to further enhance its business in the near term.  The Subject is expected to enjoy a stable market shares. Having strong support from its holding company has enabled the Subject to remain competitive despite the challenging business environment. The 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 is operating on a medium scale and it has approximately 50 employees in its business operations. Overall, we regard that the Subject's management capability is average. This indicates that the Subject has greater potential to improve its business performance and raising income for the Subject.

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 managed to maintain an adequate liquidity level, indicating that the Subject has the ability to meet its 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 10,407,381, 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.

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 normally.

PROFIT AND LOSS ACCOUNT

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

KAYBEE EXIM 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	NO	YES	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	NO	YES	YES	YES
Financial Type	FULL	FULL	FULL	FULL	FULL
Currency	USD	USD	USD	USD	USD
TURNOVER	304,725,543	266,919,899	311,821,415	265,312,226	234,084,968
	----------------	----------------	----------------	----------------	----------------
Total Turnover	304,725,543	266,919,899	311,821,415	265,312,226	234,084,968
Costs of Goods Sold	(280,912,794)	(244,652,360)	(285,762,224)	(239,289,226)	-
	----------------	----------------	----------------	----------------	----------------
Gross Profit	23,812,749	22,267,539	26,059,191	26,023,000	-
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	1,032,561	(1,084,252)	1,228,836	904,970	799,663
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	1,032,561	(1,084,252)	1,228,836	904,970	799,663
Taxation	(56,061)	-	(3,616)	(88,764)	(46,116)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	976,500	(1,084,252)	1,225,220	816,206	753,547
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	4,515,854	5,600,106	4,374,886	3,558,680	2,805,133
	----------------	----------------	----------------	----------------	----------------
As restated	4,515,854	5,600,106	4,374,886	3,558,680	2,805,133
	----------------	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	5,492,354	4,515,854	5,600,106	4,374,886	3,558,680
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	5,492,354	4,515,854	5,600,106	4,374,886	3,558,680
	=============	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Bank overdraft	34,621	30,882	4,816	4,897	1,056
Term loan / Borrowing	57,528	103,922	122,390	153,939	124,837
Trust receipts	284,963	365,766	317,836	216,173	352,230
	----------------	----------------	----------------	----------------	----------------
	377,112	500,570	445,042	375,009	478,123
	=============	=============	=============	=============	=============

BALANCE SHEET

KAYBEE EXIM PTE LTD

ASSETS EMPLOYED:
FIXED ASSETS	5,340,940	5,594,664	6,260,886	1,460,643	1,321,146
LONG TERM INVESTMENTS/OTHER ASSETS
Subsidiary companies	7,915,958	7,665,958	7,665,958	7,415,958	7,415,958
Investment properties	902,519	919,342	-	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	8,818,477	8,585,300	7,665,958	7,415,958	7,415,958
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	14,159,417	14,179,964	13,926,844	8,876,601	8,737,104
Trade debtors	44,864,331	33,364,175	40,150,940	26,368,916	33,598,508
Other debtors, deposits & prepayments	798,415	1,496,431	945,082	1,773,504	799,966
Short term deposits	2,950,000	2,850,000	2,400,000	2,100,000	1,900,000
Amount due from subsidiary companies	2,391,103	3,345,511	3,084,547	3,042,839	2,916,925
Amount due from related companies	869,245	1,928,518	1,699,240	2,032,462	2,736,539
Cash & bank balances	2,220,885	1,511,492	1,030,180	2,171,693	3,969,131
Others	-	-	-	258,144	236,747
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	54,093,979	44,496,127	49,309,989	37,747,558	46,157,816
	----------------	----------------	----------------	----------------	----------------
TOTAL ASSET	68,253,396	58,676,091	63,236,833	46,624,159	54,894,920
	=============	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	36,794,867	27,373,918	32,759,761	18,635,777	26,938,546
Other creditors & accruals	7,900,585	8,227,555	7,430,281	9,530,754	9,728,635
Bank overdraft	-	-	-	-	95
Short term borrowings/Term loans	359,968	1,164,359	1,367,940	910,761	906,456
Bill & acceptances payable	1,239,858	1,170,686	-	-	-
Amounts owing to holding company	6,407,400	6,407,400	-	-	-
Amounts owing to related companies	2,223,510	1,707,390	1,162,658	371,907	112,516
Provision for taxation	61,948	6,015	113,029	152,173	144,946
Other liabilities	-	-	6,407,400	6,546,009	6,491,159
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	54,988,136	46,057,323	49,241,069	36,147,381	44,322,353
	----------------	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	(894,157)	(1,561,196)	68,920	1,600,177	1,835,463
	----------------	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	13,265,260	12,618,768	13,995,764	10,476,778	10,572,567
	=============	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	4,915,027	4,915,027	4,915,027	4,915,027	4,915,027
	----------------	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	4,915,027	4,915,027	4,915,027	4,915,027	4,915,027
Retained profit/(loss) carried forward	5,492,354	4,515,854	5,600,106	4,374,886	3,558,680
	----------------	----------------	----------------	----------------	----------------
TOTAL RESERVES	5,492,354	4,515,854	5,600,106	4,374,886	3,558,680
	----------------	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	10,407,381	9,430,881	10,515,133	9,289,913	8,473,707
Long term loans	2,775,965	3,102,986	3,395,730	1,101,964	2,013,959
Deferred taxation	81,914	84,901	84,901	84,901	84,901
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	2,857,879	3,187,887	3,480,631	1,186,865	2,098,860
	----------------	----------------	----------------	----------------	----------------
	13,265,260	12,618,768	13,995,764	10,476,778	10,572,567
	=============	=============	=============	=============	=============

FINANCIAL RATIO

KAYBEE EXIM PTE LTD

TYPES OF FUNDS
Cash	5,170,885	4,361,492	3,430,180	4,271,693	5,869,131
Net Liquid Funds	3,931,027	3,190,806	3,430,180	4,271,693	5,869,036
Net Liquid Assets	(894,157)	(1,561,196)	68,920	1,600,177	1,835,463
Net Current Assets/(Liabilities)	(894,157)	(1,561,196)	68,920	1,600,177	1,835,463
Net Tangible Assets	13,265,260	12,618,768	13,995,764	10,476,778	10,572,567
Net Monetary Assets	(3,752,036)	(4,749,083)	(3,411,711)	413,312	(263,397)
BALANCE SHEET ITEMS
Total Borrowings	4,375,791	5,438,031	4,763,670	2,012,725	2,920,510
Total Liabilities	57,846,015	49,245,210	52,721,700	37,334,246	46,421,213
Total Assets	68,253,396	58,676,091	63,236,833	46,624,159	54,894,920
Net Assets	13,265,260	12,618,768	13,995,764	10,476,778	10,572,567
Net Assets Backing	10,407,381	9,430,881	10,515,133	9,289,913	8,473,707
Shareholders' Funds	10,407,381	9,430,881	10,515,133	9,289,913	8,473,707
Total Share Capital	4,915,027	4,915,027	4,915,027	4,915,027	4,915,027
Total Reserves	5,492,354	4,515,854	5,600,106	4,374,886	3,558,680
LIQUIDITY (Times)
Cash Ratio	0.09	0.09	0.07	0.12	0.13
Liquid Ratio	0.98	0.97	1.00	1.04	1.04
Current Ratio	0.98	0.97	1.00	1.04	1.04
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0	0	0	0
Debtors Ratio	54	46	47	36	52
Creditors Ratio	48	41	42	28	42
SOLVENCY RATIOS (Times)
Gearing Ratio	0.42	0.58	0.45	0.22	0.34
Liabilities Ratio	5.56	5.22	5.01	4.02	5.48
Times Interest Earned Ratio	3.74	(1.17)	3.76	3.41	2.67
Assets Backing Ratio	2.70	2.57	2.85	2.13	2.15
PERFORMANCE RATIO (%)
Operating Profit Margin	0.34	(0.41)	0.39	0.34	0.34
Net Profit Margin	0.32	(0.41)	0.39	0.31	0.32
Return On Net Assets	10.63	(4.63)	11.96	12.22	12.09
Return On Capital Employed	10.63	(4.63)	11.96	12.22	12.09
Return On Shareholders' Funds/Equity	9.38	(11.50)	11.65	8.79	8.89
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.61.42
UK Pound	1	Rs.99.72
Euro	1	Rs.77.93

INFORMATION DETAILS

Analysis Done by :	KAR
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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