MIRA INFORM REPORT

Report No. :	352312
Report Date :	01.12.2015

IDENTIFICATION DETAILS

Name :	VALENCY INTERNATIONAL TRADING PTE. LTD.
Registered Office :	10, Anson Road, 17-23, International Plaza, 079903
Country :	Singapore
Financials (as on) :	31.03.2012
Date of Incorporation :	06.02.2007
Com. Reg. No.:	200702113-R
Legal Form :	Exempt Private
Line of Business :	Trading of Commodity Products
No. of Employees :	25 [2015]

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 :	Unknown
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	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. 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.

:

200702113-R

COMPANY NAME

:

VALENCY INTERNATIONAL TRADING PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

06/02/2007

COMPANY STATUS

:

EXIST

LEGAL FORM

:

EXEMPT PRIVATE

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

10, ANSON ROAD, 17-23, INTERNATIONAL PLAZA, 079903, SINGAPORE.

BUSINESS ADDRESS

:

10, ANSON ROAD, 17-23, INTERNATIONAL PLAZA, 079903, SINGAPORE.

TEL.NO.

:

65-62236141

FAX.NO.

:

65-62234252

WEB SITE

:

WWW.VALENCYINTERNATIONAL.COM

CONTACT PERSON

:

PRAVEEN KUMAR JAIN ( MANAGING DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF COMMODITY PRODUCTS

ISSUED AND PAID UP CAPITAL

:

1,000,000.00 ORDINARY SHARE, OF A VALUE OF USD 10,000,000.00

SALES

:

USD 441,500,048 [2012]

NET WORTH

:

USD 24,426,661 [2012]

STAFF STRENGTH

:

25 [2015]

BANKER (S)

:

BANK OF BARODA BANK OF INDIA HABIB BANK LTD INDIAN BANK OVERSEA-CHINESE BANKING CORPORATION LTD RAIFFEISEN ZENTRALBANK OESTERREICH AKTIENGESELLSCHAFT THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD UCO BANK UNITED OVERSEAS BANK LTD SOCIETE GENERALE STANDARD CHARTERED BANK THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

N/A

PAYMENT

:

N/A

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

MODERATE

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

HISTORY/ BACKGROUND

The Subject is an exempt private company whose shares are not held by any corporate body and has no more than 20 shareholders who are all natural persons. An exempt company is a type of private limited company. 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, suing or be sued by other companies. An exempt private company with an annual turnover of less than SGD5 million are exempted from statutory auditing requirements. Instead of filing audited annual accounts, the Subject has to file in a document duly signed by its director in charge of its finance and the company secretary stating that the Subject is able to meet all its obligations as and when they fall due. The Subject is not required to have their accounts audited. However, the Subject will prepare unaudited accounts for purposes of AGMs and filing with Registry Office if it is unable to meet all its obligations as and when they fall due .

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

Share Capital History

Date	Issue & Paid Up Capital
30/11/2015	USD 10,000,000.00

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

Current Shareholder(s) :

Name	Address	IC/PP/Loc No	Shareholding	(%)
PRAVEEN KUMAR JAIN +	110, TANJONG RHU ROAD, 05-05 CAMELOT BY-THE-WATER, 436928, SINGAPORE.	S2669189C	680,000.00	68.00
PRADEEP MAHESHWARI	187, TANJONG RHU ROAD, 14-07, SANCTUARY GREEN	S7761157F	200,000.00	20.00
BASBA NAND BALODI	10B, HOUGANG STREET 11, 05-38 MINTON	S2706601A	120,000.00	12.00
			---------------	------
			1,000,000.00	100.00
			============	=====

+ Also Director

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

Local No	Country	Company	Status	(%)	As At
201114132E	SINGAPORE	VARDHMAN INVESTMENTS PTE. LTD.	-	90.00	30/11/2015
201526229H	SINGAPORE	VALENCY USHA INTERNATIONAL PTE. LTD.	-	50.00	30/11/2015

DIRECTORS

DIRECTOR 1

Name Of Subject	:	AJAIB HARI DASS
Address	:	17, JALAN INSAF, THOMSON RISE ESTATE, 578013, SINGAPORE.
IC / PP No	:	S0889104D
Nationality	:	SINGAPOREAN
Date of Appointment	:	29/05/2007

DIRECTOR 2

Name Of Subject	:	MRS. SUNITA JAIN
Address	:	110, TANJONG RHU ROAD, 05-05 CAMELOT, 436928, SINGAPORE.
IC / PP No	:	S2669190G
Nationality	:	SINGAPOREAN
Date of Appointment	:	25/09/2007

DIRECTOR 3

Name Of Subject	:	PRAVEEN KUMAR JAIN
Address	:	110, TANJONG RHU ROAD, 05-05 CAMELOT BY-THE-WATER, 436928, SINGAPORE.
IC / PP No	:	S2669189C
Nationality	:	SINGAPOREAN
Date of Appointment	:	25/05/2007

MANAGEMENT

1)	Name of Subject	:	PRAVEEN KUMAR JAIN
	Position	:	MANAGING DIRECTOR

AUDITOR

Auditor	:	STAMFORD ASSOCIATES LLP
Auditor' Address	:	N/A

Auditor	:	STAMFORD ASSOCIATES LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	KOH HUI LIAK
	IC / PP No	:	S0059247A
	Address	:	842, SIMS AVENUE, 10-764, 400842, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

BANK OF BARODA

2)

Name

:

BANK OF INDIA

3)

Name

:

HABIB BANK LTD

4)

Name

:

INDIAN BANK

5)

Name

:

OVERSEA-CHINESE BANKING CORPORATION LTD

6)

Name

:

RAIFFEISEN ZENTRALBANK OESTERREICH AKTIENGESELLSCHAFT

7)

Name

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD

8)

Name

:

UCO BANK

9)

Name

:

UNITED OVERSEAS BANK LTD

10)

Name

:

SOCIETE GENERALE

11)

Name

:

STANDARD CHARTERED BANK

12)

Name

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C200705104	03/07/2007	N/A	INDIAN BANK	-	Unsatisfied
C200709160	26/10/2007	N/A	STANDARD CHARTERED BANK	-	Unsatisfied
C200709161	26/10/2007	N/A	STANDARD CHARTERED BANK	-	Unsatisfied
C200808755	19/09/2008	N/A	HABIB BANK LTD	-	Unsatisfied
C200904685	29/07/2009	N/A	UCO BANK	-	Unsatisfied
C200904870	07/08/2009	N/A	OVERSEA-CHINESE BANKING CORPORATION LTD	-	Unsatisfied
C200904872	07/08/2009	N/A	OVERSEA-CHINESE BANKING CORPORATION LTD	-	Unsatisfied
C200905048	17/08/2009	N/A	INDIAN BANK	-	Unsatisfied
C200907736	25/11/2009	N/A	INDIAN BANK	-	Unsatisfied
C201002633	29/03/2010	N/A	INDIAN BANK	-	Unsatisfied
C201005709	06/07/2010	N/A	THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD	-	Unsatisfied
C201006029	15/07/2010	N/A	BANK OF BARODA	-	Unsatisfied
C201103495	21/03/2011	N/A	UNITED OVERSEAS BANK LTD	-	Unsatisfied
C201107554	22/06/2011	N/A	THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD	-	Unsatisfied
C201107784	28/06/2011	N/A	HABIB BANK LTD	-	Unsatisfied
C201107855	29/06/2011	N/A	HABIB BANK LTD	-	Unsatisfied
C201210599	18/09/2012	N/A	BANK OF BARODA	-	Unsatisfied
C201212892	08/11/2012	N/A	INDIAN BANK	-	Unsatisfied
C201301434	25/01/2013	N/A	AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED	-	Unsatisfied
C201301464	25/01/2013	N/A	AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED	-	Unsatisfied
C201302495	13/02/2013	N/A	SOCIETE GENERALE	-	Unsatisfied
C201302496	13/02/2013	N/A	SOCIETE GENERALE	-	Unsatisfied
C201304842	08/04/2013	N/A	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	-	Unsatisfied
C201304847	08/04/2013	N/A	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	-	Unsatisfied
C201315416	16/11/2013	N/A	INDIAN BANK	-	Unsatisfied
C201404757	14/05/2014	N/A	STANDARD CHARTERED BANK	-	Unsatisfied
C201509519	24/08/2015	N/A	STANDARD CHARTERED BANK	-	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

CLIENTELE

Local	:	YES
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	ASIA AFRICA
Credit Term	:	AS AGREED
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Goods Traded

:

COMMODITY PRODUCTS

Total Number of Employees:
YEAR	2015	2014	2013	2012	2011
GROUP	N/A	N/A	N/A	N/A	N/A
COMPANY	25	20	20	10	10

Branch

:

NO

Other Information:

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

The Subject is a premier global commodity trading house having wide network in various continents.

The Subject has been trading in diversified portfolio of products such as Steel and Steel Scrap, Iron Ore, Fertilizers, Raw Cashew Nuts and Kernels, Timber, Chemicals and Agro products.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-62236141
Match	:	N/A
Address Provided by Client	:	10 ANSON ROAD, #17-23 INTERNATIONAL PLAZA, SINGAPORE 079903, SINGAPORE.
Current Address	:	10, ANSON ROAD, 17-23, INTERNATIONAL PLAZA, 079903, SINGAPORE.
Match	:	YES

Other Investigations

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

FINANCIAL ANALYSIS

The Subject's latest financial accounts are up to 2012 which is out dated in our opinion. Therefore, our comment on the Subject financial performance is restricted thereto.

Overall financial condition of the Subject : N/A

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	2010	2011	2012	2013	2014
Population (Million)	5.08	5.18	5.31	5.40	5.47
Gross Domestic Products ( % )	14.5	4.9	1.3	3.7	(3.5)
Consumer Price Index	2.8	5.2	4.6	2.4	2.4
Total Imports (Million)	423,221.8	459,655.1	474,554.0	466,762.0	463,779.1
Total Exports (Million)	478,840.7	514,741.2	510,329.0	513,391.0	518,922.7
Unemployment Rate (%)	2.2	2.1	2.0	1.9	1.9
Tourist Arrival (Million)	11.64	13.17	14.49	15.46	15.01
Hotel Occupancy Rate (%)	85.6	86.5	86.4	86.3	85.5
Cellular Phone Subscriber (Million)	1.43	1.50	1.52	1.97	1.98
Registration of New Companies (No.)	29,798	32,317	31,892	37,288	41,589
Registration of New Companies (%)	12.8	8.5	(1.3)	9.8	11.5
Liquidation of Companies (No.)	15,126	19,005	17,218	17,369	18,767
Liquidation of Companies (%)	(32.5)	25.6	9.4	(5.3)	8.0
Registration of New Businesses (No.)	23,978	23,494	24,788	22,893	35,773
Registration of New Businesses (%)	(10.78)	2.02	5.51	1.70	56.30
Liquidation of Businesses (No.)	24,211	23,005	22,489	22,598	22,098
Liquidation of Businesses (%)	2.8	(5)	(2.2)	0.5	(2.2)
Bankruptcy Orders (No.)	1,537	1,527	1,748	1,992	1,757
Bankruptcy Orders (%)	(25.3)	(0.7)	14.5	14.0	(11.8)
Bankruptcy Discharges (No.)	2,252	1,391	1,881	2,584	3,546
Bankruptcy Discharges (%)	(26.3)	(38.2)	35.2	37.4	37.2
INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	(0.48)	4.25	3.64	-
Fish Supply & Wholesale	(10.5)	12.10	(0.5)	-	2.80
Manufacturing *	92.8	100.0	100.3	102.0
Food, Beverages & Tobacco	96.4	100.0	103.5	103.5	105.0
Textiles	122.1	100.0	104.0	87.1	74.9
Wearing Apparel	123.3	100.0	92.1	77.8	49.5
Leather Products & Footwear	81.8	100.0	98.6	109.8	95.9
Wood & Wood Products	104.0	100.0	95.5	107.4	112.0
Paper & Paper Products	106.1	100.0	97.4	103.2	103.4
Printing & Media	103.5	100.0	93.0	86.1	80.3
Crude Oil Refineries	95.6	100.0	99.4	93.5	85.6
Chemical & Chemical Products	97.6	100.0	100.5	104.1	114.0
Pharmaceutical Products	75.3	100.0	109.7	107.2	115.7
Rubber & Plastic Products	112.3	100.0	96.5	92.9	92.8
Non-metallic Mineral	92.5	100.0	98.2	97.6	82.2
Basic Metals	102.2	100.0	90.6	76.5	98.3
Fabricated Metal Products	103.6	100.0	104.3	105.1	105.1
Machinery & Equipment	78.5	100.0	112.9	114.5	124.0
Electrical Machinery	124.1	100.0	99.3	108.5	121.3
Electronic Components	113.6	100.0	90.6	94.3	95.0
Transport Equipment	94.0	100.0	106.3	107.5	103.2
Construction	14.20	20.50	28.70	-	22.00
Real Estate	21.3	25.4	31.9	-	145.1
Services
Electricity, Gas & Water	4.00	7.00	6.30	-
Transport, Storage & Communication	12.80	7.40	5.30	-	14.20
Finance & Insurance	(0.4)	8.90	0.50	-	6.00
Government Services	9.70	6.90	6.00	-
Education Services	(0.9)	(1.4)	0.30	-	5.98
* 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 2007, the Subject is an Exempt Private company, focusing on trading of commodity products. Having been in business for more than 5 years, the Subject has established a remarkable clientele base for itself which has contributed to its business growth. Presently, the issued and paid up capital of the Subject stands at USD 10,000,000.

Investigation revealed, 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. Being a small company, the Subject's business operation is supported by 25 employees. Overall, we regard that the Subject's management capability is average. This indicates that the Subject has greater potential to improve its business performance and raising income for the Subject.

As the Subject is registered as an Exempt Private company, it is not required to file financial statements for public review. As such, we are unable to ascertain its present financial health.

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 industry shows an upward trend and this trend is very likely to sustain in the near terms.

In view of the above, we only recommend credit be proceeded to the Subject with guarantee.

PROFIT AND LOSS ACCOUNT

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

VALENCY INTERNATIONAL TRADING PTE. LTD.

Financial Year End	2012-03-31	2011-03-31	2010-03-31	2009-03-31
Months	12	12	12	12
Consolidated Account	GROUP	Company	Company	Company
Audited Account	YES	YES	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES	YES	YES
Financial Type	FULL	FULL	FULL	FULL
Currency	USD	USD	USD	USD
TURNOVER	441,500,048	264,591,097	129,029,973	108,928,727
Other Income	275,895	4,343,035	76,571	106,341
	----------------	----------------	----------------	----------------
Total Turnover	441,775,943	268,934,132	129,106,544	109,035,068
Costs of Goods Sold	(425,292,234)	(256,727,372)	(124,300,899)	(104,546,204)
	----------------	----------------	----------------	----------------
Gross Profit	16,483,709	12,206,760	4,805,645	4,488,864
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	9,341,535	7,846,203	1,824,179	1,705,012
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	9,341,535	7,846,203	1,824,179	1,705,012
Taxation	(951,532)	(789,523)	(182,187)	(177,747)
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	8,390,003	7,056,680	1,641,992	1,527,265
Minority interests	(3,340)	-	-	-
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS	8,386,663	7,056,680	1,641,992	1,527,265
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS	8,386,663	7,056,680	1,641,992	1,527,265
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	11,036,649	3,985,894	2,343,902	757,878
Prior year adjustment	-	(5,925)	-	58,759
	----------------	----------------	----------------	----------------
As restated	11,036,649	3,979,969	2,343,902	816,637
	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	19,423,312	11,036,649	3,985,894	2,343,902
TRANSFER TO RESERVES - General	(2,500,000)	-	-	-
	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	16,923,312	11,036,649	3,985,894	2,343,902
	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Others	4,589,701	2,574,621	1,544,047	1,481,428
	----------------	----------------	----------------	----------------
	4,589,701	2,574,621	1,544,047	1,481,428
	=============	=============	=============	=============
DEPRECIATION (as per notes to P&L)	226,294	87,712	54,442	38,856
	----------------	----------------	----------------	----------------
	226,294	87,712	54,442	38,856
	=============	=============	=============	=============

BALANCE SHEET

VALENCY INTERNATIONAL TRADING PTE. LTD.

ASSETS EMPLOYED:
FIXED ASSETS	2,761,707	2,875,505	46,194	71,349
Investment properties	1,445,148	-	-	-
	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	1,445,148	-	-	-
	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	4,206,855	2,875,505	46,194	71,349
Stocks	122,175	-	-	-
Trade debtors	52,361,391	23,470,059	16,076,961	8,537,169
Other debtors, deposits & prepayments	50,009,522	32,643,989	6,277,679	2,456,112
Short term deposits	7,246,761	4,029,816	3,194,153	1,056,263
Cash & bank balances	1,854,825	546,465	837,781	505,334
	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	111,594,674	60,690,329	26,386,574	12,554,878
	----------------	----------------	----------------	----------------
TOTAL ASSET	115,801,529	63,565,834	26,432,768	12,626,227
	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	2,869,914	1,236,946	4,692,003	272,545
Other creditors & accruals	1,486,695	23,278,755	410,412	107,003
Hire purchase & lease creditors	54,465	46,018	11,635	10,704
Bank overdraft	105,285	70,293	2,014	184,233
Short term borrowings/Term loans	829,957	777,416	679,963	464,820
Other borrowings	10,256,836	494,264	-	-
Bill & acceptances payable	71,373,450	16,731,765	9,677,548	3,165,810
Amounts owing to director	100,768	100,768	325,050	1,815,338
Provision for taxation	951,144	800,506	197,229	171,419
Other liabilities	-	1,261,889	644,942	504,787
	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	88,028,514	44,798,620	16,640,796	6,696,659
	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	23,566,160	15,891,709	9,745,778	5,858,219
	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	27,773,015	18,767,214	9,791,972	5,929,568
	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	7,500,000	5,000,000	5,000,000	3,500,000
	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	7,500,000	5,000,000	5,000,000	3,500,000
Retained profit/(loss) carried forward	16,923,312	11,036,649	3,985,894	2,343,902
Others	3,349	-	-	-
	----------------	----------------	----------------	----------------
TOTAL RESERVES	16,926,661	11,036,649	3,985,894	2,343,902
	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	24,426,661	16,036,649	8,985,894	5,843,902
Long term loans	2,977,069	2,385,005	722,950	-
Hire purchase creditors	369,418	346,081	74,593	79,338
Deferred taxation	(133)	(521)	8,535	6,328
	----------------	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	3,346,354	2,730,565	806,078	85,666
	----------------	----------------	----------------	----------------
	27,773,015	18,767,214	9,791,972	5,929,568
	=============	=============	=============	=============

FINANCIAL RATIO

VALENCY INTERNATIONAL TRADING PTE. LTD.

TYPES OF FUNDS
Cash	9,101,586	4,576,281	4,031,934	1,561,597
Net Liquid Funds	(62,377,149)	(12,225,777)	(5,647,628)	(1,788,446)
Net Liquid Assets	23,443,985	15,891,709	9,745,778	5,858,219
Net Current Assets/(Liabilities)	23,566,160	15,891,709	9,745,778	5,858,219
Net Tangible Assets	27,773,015	18,767,214	9,791,972	5,929,568
Net Monetary Assets	20,097,631	13,161,144	8,939,700	5,772,553
PROFIT & LOSS ITEMS
Earnings Before Interest & Tax (EBIT)	13,931,236	10,420,824	3,368,226	3,186,440
Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)	14,157,530	10,508,536	3,422,668	3,225,296
BALANCE SHEET ITEMS
Total Borrowings	85,966,480	20,850,842	11,168,703	3,904,905
Total Liabilities	91,374,868	47,529,185	17,446,874	6,782,325
Total Assets	115,801,529	63,565,834	26,432,768	12,626,227
Net Assets	27,773,015	18,767,214	9,791,972	5,929,568
Net Assets Backing	24,426,661	16,036,649	8,985,894	5,843,902
Shareholders' Funds	24,426,661	16,036,649	8,985,894	5,843,902
Total Share Capital	7,500,000	5,000,000	5,000,000	3,500,000
Total Reserves	16,926,661	11,036,649	3,985,894	2,343,902
LIQUIDITY (Times)
Cash Ratio	0.10	0.10	0.24	0.23
Liquid Ratio	1.27	1.35	1.59	1.87
Current Ratio	1.27	1.35	1.59	1.87
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0	0	0
Debtors Ratio	43	32	45	29
Creditors Ratio	2	2	14	1
SOLVENCY RATIOS (Times)
Gearing Ratio	3.52	1.30	1.24	0.67
Liabilities Ratio	3.74	2.96	1.94	1.16
Times Interest Earned Ratio	3.04	4.05	2.18	2.15
Assets Backing Ratio	3.70	3.75	1.96	1.69
PERFORMANCE RATIO (%)
Operating Profit Margin	2.12	2.97	1.41	1.57
Net Profit Margin	1.90	2.67	1.27	1.40
Return On Net Assets	50.16	55.53	34.40	53.74
Return On Capital Employed	49.87	55.18	34.35	52.03
Return On Shareholders' Funds/Equity	34.33	44.00	18.27	26.13
Dividend Pay Out Ratio (Times)	0	0	0	0
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.81
UK Pound	1	Rs.100.37
Euro	1	Rs.70.68
SGD	1	Rs.47.17

Note : Above are approximate rates obtained from sources believed to be correct

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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