MIRA INFORM REPORT

Report No. :	335030
Report Date :	03.08.2015

IDENTIFICATION DETAILS

Name :	TECK INTERNATIONAL PTE LTD

Registered Office :	1, Upper Aljunied Link, 06-05/06, Block A, Joo Seng Warehse, 367901

Country :	Singapore

Financials (as on) :	31.12.2013

Date of Incorporation :	05.02.1976

Com. Reg. No.:	197600239-Z

Legal Form :	Private Limited

Line of Business :	General wholesale trade (including general importers and exporters). [Note: We tried to confirm / obtain the detailed activity but the same is not available from any sources]

No. of Employee :	40 [2015]

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Moderate

Payment Behaviour :	Slow

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, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Singapore

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. Unemployment is very low. The economy depends heavily on exports, particularly of consumer electronics, information technology products, medical and optical devices, pharmaceuticals, and on its vibrant transportation, business, and financial services sectors. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but has continued to grow since 2010 on the strength of renewed exports. Growth in 2014 was slower at 2.9%, largely a result of soft demand for exports amid a sluggish global economy and weak growth in Singapore’s manufacturing sector. The government is attempting to restructure Singapore’s economy by weaning its dependence on foreign labor, addressing weak productivity, and increasing Singaporean wages. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and high-tech hub. Singapore is a member of the 12-nation Trans-Pacific Partnership free trade negotiations, the Regional Comprehensive Economic Partnership negotiations with the nine other ASEAN members plus Australia, China, India, Japan, South Korea and New Zealand, and in 2015, Singapore will form, with the other ASEAN members, the ASEAN Economic Community.

Source : CIA

EXECUTIVE SUMMARY

REGISTRATION NO.

197600239-Z

COMPANY NAME

TECK INTERNATIONAL PTE LTD

FORMER NAME

N/A

INCORPORATION DATE

05/02/1976

COMPANY STATUS

EXIST

LEGAL FORM

PRIVATE LIMITED

LISTED STATUS

REGISTERED ADDRESS

1, UPPER ALJUNIED LINK, 06-05/06, BLOCK A, JOO SENG WAREHSE, 367901, SINGAPORE.

BUSINESS ADDRESS

1, UPPER ALJUNIED LINK, BLOCK A, 06-05/06, JOO SENG WAREHOUSE, 367901, SINGAPORE.

TEL.NO.

65-62879633

FAX.NO.

N/A

CONTACT PERSON

LOO TECK KOON ( MANAGING DIRECTOR )

PRINCIPAL ACTIVITY

GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS)

ISSUED AND PAID UP CAPITAL

4,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 4,000,000.00

SALES

USD 29,537,849 [2013]

NET WORTH

USD 9,113,383 [2013]

STAFF STRENGTH

40 [2015]

BANKER (S)

UNITED OVERSEAS BANK LIMITED

LITIGATION

CLEAR

FINANCIAL CONDITION

POOR

PAYMENT

POOR

MANAGEMENT CAPABILITY

AVERAGE

COMMERCIAL RISK

N/A

CURRENCY EXPOSURE

N/A

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) general wholesale trade (including general importers and exporters).

Share Capital History

Date	Issue & Paid Up Capital
25/06/2015	SGD 4,000,000.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
HIN LAM TRADING COMPANY PRIVATE LIMITED	1, UPPER ALJUNIED LINK, 04-06, 367901, SINGAPORE.	197600023M	1,651,667.00	41.29
WOO MEI LIN	1B, SANDY LANE, 437311, SINGAPORE.	S0100470J	658,333.00	16.46
LOO TECK KOON +	19, DUNSFOLD DRIVE, BRADDELL HEIGHTS ESTATE, 359381, SINGAPORE.	S0064969D	350,000.00	8.75
LOO CHONG EIK +	34, GOODMAN ROAD, 438997, SINGAPORE.	S 7911332H	350,000.00	8.75
LOO KIM CHUAN +	36, GOODMAN ROAD, 439002, SINGAPORE.	S0152897A	350,000.00	8.75
LOO YONG CHUAN	9, CANTONMENT CLOSE, 19-77, 080009, SINGAPORE.	S0354221A	640,000.00	16.00
			---------------	------
			4,000,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	LOO KIM PHECK
Address	:	12, AMBER GARDENS, 02-07, KING'S MANSION, 439959, SINGAPORE.
IC / PP No	:	S1610292Z



Nationality	:	SINGAPOREAN
Date of Appointment	:	08/10/2003

DIRECTOR 2

Name Of Subject	:	LOO TECK KOON
Address	:	19, DUNSFOLD DRIVE, BRADDELL HEIGHTS ESTATE, 359381, SINGAPORE.
IC / PP No	:	S0064969D



Nationality	:	SINGAPOREAN
Date of Appointment	:	05/02/1976

DIRECTOR 3

Name Of Subject	:	LOO KIM CHUAN
Address	:	36, GOODMAN ROAD, 439002, SINGAPORE.
IC / PP No	:	S0152897A



Nationality	:	SINGAPOREAN
Date of Appointment	:	13/08/1987

DIRECTOR 4

Name Of Subject	:	LOO CHONG EIK
Address	:	34, GOODMAN ROAD, 438997, SINGAPORE.
IC / PP No	:	S 7911332H



Nationality	:	SINGAPOREAN
Date of Appointment	:	09/06/2008

MANAGEMENT

1)	Name of Subject	:	LOO TECK KOON
	Position	:	MANAGING DIRECTOR

AUDITOR

Auditor	:	LEE BOON SONG & CO PAC
Auditor' Address	:	N/A

Auditor	:	LEE BOON SONG & CO PAC
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	TAY QUEE MENG
	IC / PP No	:	S0299917Z

	Address	:	23, HOUGANG AVENUE 3, 04-287, 530023, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)	Name	:	UNITED OVERSEAS BANK LIMITED

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
8500307	26/01/1985	N/A	UNITED OVERSEAS BANK LIMITED	SGD 300,000.00	Unsatisfied
9201018	13/03/1992	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
199803464	07/07/1998	N/A	DBS BANK LTD.	-	Unsatisfied
C200400513	28/01/2004	N/A	DBS BANK LTD.	-	Unsatisfied
C200405389	29/10/2004	N/A	DBS BANK LTD.	-	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	:	N/A
Overseas	:	N/A

The staff from the registered office refused to disclose the Subject's 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

[

]

Good 31-60 Days

[

]

Average 61-90 Days

[

]

Fair 91-120 Days

[

]

Poor >120 Days

[

]

CLIENTELE

Local	:	N/A

Overseas	:	N/A

The staff from the registered office refused to disclose the Subject's clientele.

OPERATIONS

Goods Traded

GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS)

Total Number of Employees:
YEAR	2015
GROUP	N/A
COMPANY	40

Branch

Other Information:

The Subject is principally engaged in the (as a / as an) general wholesale trade (including general importers and exporters).

The staff from the registered office refused to disclose the Subject's operation.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-62879633
Match	:	N/A

Address Provided by Client	:	1 UPPER ALJUNIED LINK, BLK - A, #06-05/06, JOO SENG WAREHOUSE, SINGAPORE
Current Address	:	1, UPPER ALJUNIED LINK, BLOCK A, 06-05/06, JOO SENG WAREHOUSE, 367901, SINGAPORE.
Match	:	NO

Other Investigations

On 25th June 2015 we contacted one of the staff from the Subject's registered office and she only provided limited information.

She refused to disclose the fax number.

The address provided is incomplete.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Erratic	[	2009 - 2013	]
Profit/(Loss) Before Tax	:	Decreased	[	2009 - 2013	]
Return on Shareholder Funds	:	Unfavourable	[	(2.72%)	]
Return on Net Assets	:	Unfavourable	[	(1.32%)	]

The fluctuating turnover reflects the fierce competition among the existing and new market players.The Subject incurred losses during the year due to the inefficient control of its operating costs. The Subject's unfavourable returns on shareholders' funds indicate the management's inefficiency in utilising its assets to generate returns.

Working Capital Control
Stock Ratio	:	Unfavourable	[	142 Days	]
Debtor Ratio	:	Favourable	[	47 Days	]
Creditors Ratio	:	Unfavourable	[	1706 Days	]

The Subject could be incurring higher holding cost. As its capital was tied up in stocks, it could face liquidity problems. The favourable debtors' days could be due to the good credit control measures implemented by the Subject. The unfavourable creditors' ratio could be due to the Subject taking advantage of the credit granted by its suppliers. However this may affect the goodwill between the Subject and its suppliers and the Subject may inadvertently have to pay more for its future supplies.

Liquidity
Liquid Ratio	:	Unfavourable	[	0.44 Times	]
Current Ratio	:	Unfavourable	[	1.40 Times	]

A low liquid ratio means that the Subject may be facing working capital deficiency. If the Subject cannot obtain additional financing or injection of fresh capital, it may face difficulties in meeting its short term obligations.

Solvency
Interest Cover	:	Unfavourable	[	(0.94 Times)	]
Gearing Ratio	:	Favourable	[	0.73 Times	]

The Subject incurred losses in the year. It did not generate sufficient income to service its interest. If the situation does not improve, the Subject may be vulnerable to default in servicing the interest. 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 losses increased but its turnover showed a fluctuating trend. This indicate the Subject was slowly losing its market share due to its competitors. Due to its weak liquidity position, the Subject will be faced with problems in meeting all its short term obligations if no short term loan is obtained or additional capital injected into the Subject. The Subject's interest cover was negative, indicating that it did not generate sufficient income to service its interest. If its result does not show impressive improvements or succeed obtaining short term financing or capital injection, it may not be able to service its interest and repay the loans. 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 : POOR

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 sectors have expanded by 2.0% in the third quarter of 2014, extending the 1.8 per cent growth in the previous quarter. In 2013, the wholesale and retail sector expanded by 5.0%, after declining by 1.4% the year before. Growth of the sector was driven by the wholesale trade segment.

The domestic wholesale trade index has increased by 3.2% in the fourth quarter of 2013, moderating from the 6.6% growth in the previous quarter. The slower growth was due to a decline in the sales of furniture and household equipment (-12%) and petroleum and petroleum products (-0.6%). For the full year, the domestic wholesale trade index grew by 5.2% reversing the 2.2% decline in 2012. On the other hand, the foreign wholesale trade index has increased by a slower pace of 5.6% in the fourth quarter, compared to the 7.7% expansion in the preceding quarter. The slowdown was due to a fall in the sales of telecommunication equipment and computer (-3.8%) and petroleum and petroleum products (-2.5%). For the full year, the growth of the foreign wholesale trade index moderated slightly to 8.6% from 9.1% in the previous year.

In the fourth quarter of 2013, retail sales volume fell by 6.2%, extending the 5.6% decline in the previous quarter. Excluding motor vehicles, retail sales volume increased by 0.4%, a slower pace of expansion as compared to the 1.6% gain in the preceding quarter. The sales volume of motor vehicles fell by 33% in the fourth quarter of 2013, extending the 32% decline in the previous quarter. Meanwhile, the sales of several discretionary items also fell in the fourth quarter of 2013. For instance, the sales of telecommunications apparatus and computers fell by 12%, while the sales of furniture and household equipment declined by 5.4%.

For the full year, retail sales volume contracted by 4.3%, a reversal from the 1.3% expansion in 2012. Excluding motor vehicle sales, the retail sales volume grew by 1.1% in 2013, slower than the 1.7% increase in 2012. Watches and jewellery recorded the largest increase (11%) in sales in 2013, followed by optical goods and book (3%) and medical goods and toiletries (3%). By contrast, the sales of telecommunications apparatus and computer (-7.3%), furniture and household equipment (-4.2%) and petrol service stations (-1.4) declined in 2013.

OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 1976, the Subject is a Private Limited company, focusing on general wholesale trade (including general importers and exporters). The Subject has been in business for over two decades. It has built up a strong clientele base and satisfactory reputation will enable the Subject to further enhance its business in the near term. The Subject is expected to enjoy a stable market shares. A paid up capital of SGD 4,000,000 allows the Subject to expand its business more comfortably. With a strong backing from its holding company, the Subject enjoys timely financial assistance should the needs arise.

The Subject is operating on a medium scale and it has approximately 40 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.

Despite the higher turnover, the Subject suffered pre-tax losses which reflected a highly competitive business environment. The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. Due to its weak liquidity position, the Subject may face working capital deficiency in meeting its short term financial obligations if no fresh capital are injected into the Subject. 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 9,113,383, the Subject should be able to maintain its business in the near terms.

The poor payment habit may affect the goodwill between the Subject and its suppliers and the Subject may inadvertently have to pay more for its future supplies.

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.

Financial Year End	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31
Months	12	12	12	12	12
Consolidated Account	Company	Company	Company	Company	Company
Audited Account	YES	YES	YES	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES	YES	YES	YES
Financial Type	FULL	FULL	SUMMARY	SUMMARY	SUMMARY
Currency	USD	USD	SGD	SGD	SGD

TURNOVER	29,537,849	26,437,568	34,646,981	47,560,673	41,079,521
Other Income	-	1,049,450	-	-	-
	----------------	----------------	----------------	----------------	----------------
Total Turnover	29,537,849	27,487,018	34,646,981	47,560,673	41,079,521
Costs of Goods Sold	(502,219)	-	-	-	-
	----------------	----------------	----------------	----------------	----------------
Gross Profit	29,035,630	-	-	-	-
	----------------	----------------	----------------	----------------	----------------

PROFIT/(LOSS) FROM OPERATIONS	(248,326)	129,694	(75,839)	380,437	(1,159,792)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	(248,326)	129,694	(75,839)	380,437	(1,159,792)
Taxation	-	-	-	40,000	7,063
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	(248,326)	129,694	(75,839)	420,437	(1,152,729)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS	(248,326)	129,694	(75,839)	420,437	(1,152,729)
Extraordinary items	(39,731)	(457)	-	-	-
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS	(288,057)	129,237	(75,839)	420,437	(1,152,729)
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	6,129,189	5,999,952	7,449,816	7,029,379	7,029,379
	----------------	----------------	----------------	----------------	----------------
As restated	6,129,189	5,999,952	7,449,816	7,029,379	7,029,379
	----------------	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	5,841,132	6,129,189	7,373,977	7,449,816	7,029,379
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	5,841,132	6,129,189	7,373,977	7,449,816	7,029,379
	=============	=============	=============	=============	=============

INTEREST EXPENSE (as per notes to P&L)
Bank overdraft	48,550	42,710	-	-	-
Term loan / Borrowing	5,587	8,212	-	-	-
Trust receipts	51,252	43,962	-	-	-
Others	22,329	28,632	-	-	-
	----------------	----------------	----------------	----------------	----------------
	127,718	123,516	-	-	-
	=============	=============	-	-	-

DEPRECIATION (as per notes to P&L)	61,954	62,043	-	-	-
	----------------	----------------	----------------	----------------	----------------
	61,954	62,043	-	-	-
	=============	=============

BALANCE SHEET

ASSETS EMPLOYED:
FIXED ASSETS	1,723,653	1,777,413	5,564,347	5,614,592	5,346,220

Associated companies	2,500,865	2,567,324	-	-	-
Investment properties	163,870	172,064	-	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	2,664,735	2,739,388	-	-	-

	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	4,388,388	4,516,801	5,564,347	5,614,592	5,346,220

Stocks	11,452,053	10,574,971	-	-	-
Trade debtors	3,819,841	2,378,538	-	-	-
Other debtors, deposits & prepayments	453,265	168,337	-	-	-
Short term deposits	495,756	511,165	-	-	-
Cash & bank balances	441,139	369,402	-	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	16,662,054	14,002,413	16,944,996	15,895,173	16,258,712
	----------------	----------------	----------------	----------------	----------------
TOTAL ASSET	21,050,442	18,519,214	22,509,343	21,509,765	21,604,932
	=============	=============	=============	=============	=============

CURRENT LIABILITIES
Trade creditors	2,346,951	1,729,354	-	-	-
Other creditors & accruals	2,950,070	3,026,385	-	-	-
Bank overdraft	877,730	999,123	-	-	-
Short term borrowings/Term loans	107,677	119,232	-	-	-
Other borrowings	5,606,378	3,082,547	-	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	11,888,806	8,956,641	11,175,002	9,567,085	9,950,798
	----------------	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	4,773,248	5,045,772	5,769,994	6,328,088	6,307,914
	----------------	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	9,161,636	9,562,573	11,334,341	11,942,680	11,654,134
	=============	=============	=============	=============	=============

SHARE CAPITAL
Ordinary share capital	3,272,251	3,272,251	4,000,000	4,000,000	4,000,000
	----------------	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	3,272,251	3,272,251	4,000,000	4,000,000	4,000,000

Retained profit/(loss) carried forward	5,841,132	6,129,189	7,334,341	7,449,816	7,029,379
	----------------	----------------	----------------	----------------	----------------
TOTAL RESERVES	5,841,132	6,129,189	7,334,341	7,449,816	7,029,379

	----------------	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	9,113,383	9,401,440	11,334,341	11,449,816	11,029,379

Long term loans	48,253	161,133	-	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	48,253	161,133	-	492,864	624,755
	----------------	----------------	----------------	----------------	----------------
	9,161,636	9,562,573	11,334,341	11,942,680	11,654,134
	=============	=============	=============	=============	=============

FINANCIAL RATIO

TYPES OF FUNDS
Cash	936,895	880,567	-	-	-
Net Liquid Funds	59,165	(118,556)	-	-	-
Net Liquid Assets	(6,678,805)	(5,529,199)	5,769,994	6,328,088	6,307,914
Net Current Assets/(Liabilities)	4,773,248	5,045,772	5,769,994	6,328,088	6,307,914
Net Tangible Assets	9,161,636	9,562,573	11,334,341	11,942,680	11,654,134
Net Monetary Assets	(6,727,058)	(5,690,332)	5,769,994	5,835,224	5,683,159
PROFIT & LOSS ITEMS
Earnings Before Interest & Tax (EBIT)	(120,608)	253,210	-	-	-
Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)	(58,654)	315,253	-	-	-
BALANCE SHEET ITEMS
Total Borrowings	6,640,038	4,362,035	-	-	-
Total Liabilities	11,937,059	9,117,774	11,175,002	10,059,949	10,575,553
Total Assets	21,050,442	18,519,214	22,509,343	21,509,765	21,604,932
Net Assets	9,161,636	9,562,573	11,334,341	11,942,680	11,654,134
Net Assets Backing	9,113,383	9,401,440	11,334,341	11,449,816	11,029,379
Shareholders' Funds	9,113,383	9,401,440	11,334,341	11,449,816	11,029,379
Total Share Capital	3,272,251	3,272,251	4,000,000	4,000,000	4,000,000
Total Reserves	5,841,132	6,129,189	7,334,341	7,449,816	7,029,379
LIQUIDITY (Times)
Cash Ratio	0.08	0.10	-	-	-
Liquid Ratio	0.44	0.38	-	-	-
Current Ratio	1.40	1.56	1.52	1.66	1.63
WORKING CAPITAL CONTROL (Days)
Stock Ratio	142	146	-	-	-
Debtors Ratio	47	33	-	-	-
Creditors Ratio	1,706	24	-	-	-
SOLVENCY RATIOS (Times)
Gearing Ratio	0.73	0.46	-	-	-
Liabilities Ratio	1.31	0.97	0.99	0.88	0.96
Times Interest Earned Ratio	(0.94)	2.05	-	-	-
Assets Backing Ratio	2.80	2.92	2.83	2.99	2.91
PERFORMANCE RATIO (%)
Operating Profit Margin	(0.84)	0.49	(0.22)	0.80	(2.82)
Net Profit Margin	(0.84)	0.49	(0.22)	0.88	(2.81)
Return On Net Assets	(1.32)	2.65	(0.67)	3.19	(9.95)
Return On Capital Employed	(1.20)	2.40	(0.67)	3.19	(9.95)
Return On Shareholders' Funds/Equity	(2.72)	1.38	(0.67)	3.67	(10.45)
Dividend Pay Out Ratio (Times)	0.00	0.00	-	-	-
NOTES TO ACCOUNTS
Contingent Liabilities	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.00
UK Pound	1	Rs.99.83
Euro	1	Rs.70.16

INFORMATION DETAILS

Analysis Done by :	KAR

Report Prepared by :	ANK

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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