MIRA INFORM REPORT

Report No. :	356539
Report Date :	24.12.2015

IDENTIFICATION DETAILS

Name :	CASHCOT INDUSTRIES PTE. LTD.
Registered Office :	30, Cecil Street, 19-08, Prudential Tower, 049712
Country :	Singapore
Financials (as on) :	31.03.2014
Date of Incorporation :	31.12.2010
Com. Reg. No.:	201027524-R
Legal Form :	Private Limited
Line of Business :	Trading of Cotton
No. of Employees :	5 [2015]

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Slow But Correct
Litigation :	Clear

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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.

:

201027524-R

COMPANY NAME

:

CASHCOT INDUSTRIES PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

31/12/2010

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

30, CECIL STREET, 19-08, PRUDENTIAL TOWER, 049712, SINGAPORE.

BUSINESS ADDRESS

:

3, SHENTON WAY, 19-02, SHENTON HOUSE, 068805, SINGAPORE.

TEL.NO.

:

65-62229964

FAX.NO.

:

65-62254469

CONTACT PERSON

:

RAVAL JATIN CHANDRAKANT ( MANAGING DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF COTTON

ISSUED AND PAID UP CAPITAL

:

8,110,000.00 ORDINARY SHARE, OF A VALUE OF USD 8,110,000.00 

SALES

:

USD 118,802,749 [2014]

NET WORTH

:

USD 11,187,380 [2014]

STAFF STRENGTH

:

5 [2015]

BANKER (S)

:

RAIFFEISEN BANK INTERNATIONAL AG UNITED OVERSEAS BANK LIMITED COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

STABLE

PAYMENT

:

SLOW BUT CORRECT

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 cotton.

The ultimate holding company of the Subject is BHADRESH TRADING CORPORATION LIMITED, a company incorporated in INDIA.

Former Address(es)

Address	As At Date
30 CECIL STREET #19-08 PRUDENTIAL TOWER , 049712	05/11/2015

Share Capital History

Date	Issue & Paid Up Capital
05/11/2015	USD 8,110,000.00

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

Current Shareholder(s) :

Name	Address	IC/PP/Loc No	Shareholding	(%)
BHADRESH TRADING CORPORATION LIMITED	205, MAJESTIC SHOPPING CENTRE, 144, J S S ROAD, MUMBAI, MAHARASHTRA, 400004, INDIA.	T10UF4128	8,110,000.00	100.00
			---------------	------
			8,110,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	PARTH BHADRESH MEHTA
Address	:	701, MANJU APARTMENT, 2-A, NARAYAN DHABOLKAR ROAD OFF, NEPEAN SEA ROAD, MUMBAI, 400006, INDIA.
IC / PP No	:	F1208746
Nationality	:	INDIAN
Date of Appointment	:	31/12/2010

DIRECTOR 2

Name Of Subject	:	MASDEWIANA BINTE MOHD KASIM
Address	:	213, TAMPINES STREET 23, 02-169, 520213, SINGAPORE.
IC / PP No	:	S7935914I
Nationality	:	SINGAPOREAN
Date of Appointment	:	31/12/2010

DIRECTOR 3

Name Of Subject	:	RAVAL JATIN CHANDRAKANT
Address	:	18, SIMEI STREET 1, 03-10, MELVILLE PARK, 529943, SINGAPORE.
IC / PP No	:	S7862802B
Nationality	:	SINGAPOREAN
Date of Appointment	:	17/06/2015

MANAGEMENT

1)	Name of Subject	:	RAVAL JATIN CHANDRAKANT
	Position	:	MANAGING DIRECTOR

AUDITOR

Auditor	:	T RAVI & CO.
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	LIM SOH SEA
	IC / PP No	:	S7077960I
	Address	:	101A, LORONG 2, TOA PAYOH, 08-07, 310101, SINGAPORE.

2)	Company Secretary	:	MASDEWIANA BINTE MOHD KASIM
	IC / PP No	:	S7935914I
	Address	:	213, TAMPINES STREET 23, 02-169, 520213, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

RAIFFEISEN BANK INTERNATIONAL AG

2)

Name

:

UNITED OVERSEAS BANK LIMITED

3)

Name

:

COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C201208622	31/07/2012	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C201208623	31/07/2012	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C201212312	25/10/2012	N/A	COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.	-	Unsatisfied
C201300043	02/01/2013	N/A	CIMB BANK BERHAD	-	Unsatisfied
C201300062	02/01/2013	N/A	CIMB BANK BERHAD	-	Unsatisfied
C201300067	02/01/2013	N/A	CIMB BANK BERHAD	-	Unsatisfied
C201308772	28/06/2013	N/A	J.P.MORGAN VENTURES ENERGY CORPORATION	-	Unsatisfied
C201400217	07/01/2014	N/A	CIMB BANK BERHAD	-	Unsatisfied
C201402304	03/03/2014	N/A	CIMB BANK BERHAD	-	Unsatisfied

LITIGATION CHECK AGAINST SUBJECT

* A check has been conducted in our databank against 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 Subject refused to disclose its suppliers. 

CLIENTELE

Local	:	YES
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	WORLDWIDE
Credit Term	:	N/A
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Goods Traded

:

COTTON

Total Number of Employees:
YEAR	2015	2014	2013
GROUP	N/A	N/A	N/A
COMPANY	5	5	5

Branch

:

NO

Other Information:

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

The Subject only trades raw cotton.

The Subject refused to disclose further information on its operation. 

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-62229964
Match	:	N/A
Address Provided by Client	:	3, SHENTON WAY, 19-02, SHENTON HOUSE,068805 SINGAPORE
Current Address	:	3, SHENTON WAY, 19-02, SHENTON HOUSE, 068805, SINGAPORE.
Match	:	YES

Other Investigations

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

FINANCIAL ANALYSIS

Profitability
Turnover	:	Erratic	[	2012 - 2014	]
Profit/(Loss) Before Tax	:	Increased	[	2012 - 2014	]
Return on Shareholder Funds	:	Acceptable	[	10.58%	]
Return on Net Assets	:	Acceptable	[	15.83%	]
The fluctuating turnover reflects the fierce competition among the existing and new market players. The Subject's management have been efficient in controlling its operating costs. The Subject's management had generated acceptable return for its shareholders using its assets.
Working Capital Control
Stock Ratio	:	Nil	[	0 Days	]
Debtor Ratio	:	Favourable	[	28 Days	]
Creditors Ratio	:	Favourable	[	0 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	:	Favourable	[	1.77 Times	]
Current Ratio	:	Unfavourable	[	1.77 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	:	Acceptable	[	3.56 Times	]
Gearing Ratio	:	Favourable	[	0.40 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 :
Although the turnover was erratic, the Subject had maintained a steady growth in its profit. This indicate the management's efficiency in controlling its costs and profitability. 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. 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 : STABLE

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 2010, the Subject is a Private Limited company, focusing on trading of cotton. The Subject has been in business for less than 5 years and it has slowly been building up contact with its clients while competing in the industry. However, it has yet to enjoy a stable market shares as it need to compete many well established players in the same field. A paid up capital of USD 8,110,000 allows the Subject to expand its business more comfortably. With a strong backing from its shareholder, the Subject enjoys timely financial assistance should the needs arise.

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. Being a small company, the Subject's business operation is supported by 5 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. 

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. Return on shareholders' funds of the Subject was at an acceptable range which indicated that the management was efficient in utilising its funds to generate income. 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 11,187,380, the Subject should be able to maintain its business in the near terms.

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.

CASHCOT INDUSTRIES PTE. LTD.

Financial Year End	2014-03-31	2013-03-31	2012-03-31
Months	12	12	15
Consolidated Account	Company	Company	Company
Audited Account	YES	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES	YES
Financial Type	FULL	FULL	FULL
Currency	USD	USD	USD
TURNOVER	118,802,749	99,418,976	123,693,034
	----------------	----------------	----------------
Total Turnover	118,802,749	99,418,976	123,693,034
Costs of Goods Sold	(115,346,359)	(96,119,551)	(121,482,884)
	----------------	----------------	----------------
Gross Profit	3,456,390	3,299,425	2,210,150
	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	1,273,936	1,096,404	1,183,597
	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	1,273,936	1,096,404	1,183,597
Taxation	(90,857)	(266,700)	(119,000)
	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	1,183,079	829,704	1,064,597
	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	1,894,301	1,064,597	-
	----------------	----------------	----------------
As restated	1,894,301	1,064,597	-
	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	3,077,380	1,894,301	1,064,597
	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	3,077,380	1,894,301	1,064,597
	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Term loan / Borrowing	497,410	576,248	192,414
Others	-	-	356,210
	----------------	----------------	----------------
	497,410	576,248	548,624
	=============	=============	=============

BALANCE SHEET

CASHCOT INDUSTRIES PTE. LTD.

Stocks	-	1,237,347	-
Trade debtors	9,181,570	14,998,669	23,605,056
Other debtors, deposits & prepayments	4,538,227	1,324,777	625,405
Short term deposits	300,000	2,814,502	1,296,317
Loans & advances - current portion	10,322,041	-	-
Amount due from holding company	-	-	1,139,759
Cash & bank balances	1,291,175	751,374	385,393
	----------------	----------------	----------------
TOTAL CURRENT ASSETS	25,633,013	21,126,669	27,051,930
	----------------	----------------	----------------
TOTAL ASSET	25,633,013	21,126,669	27,051,930
	=============	=============	=============
Other creditors & accruals	656,181	1,119,715	257,200
Bill & acceptances payable	4,469,790	3,590,190	19,551,133
Amounts owing to holding company	8,273,046	5,505,803	-
Amounts owing to related companies	725,960	730,960	1,060,000
Provision for taxation	320,656	385,700	119,000
	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	14,445,633	11,332,368	20,987,333
	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	11,187,380	9,794,301	6,064,597
	----------------	----------------	----------------
TOTAL NET ASSETS	11,187,380	9,794,301	6,064,597
	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	8,110,000	7,900,000	5,000,000
	----------------	----------------	----------------
TOTAL SHARE CAPITAL	8,110,000	7,900,000	5,000,000
Retained profit/(loss) carried forward	3,077,380	1,894,301	1,064,597
	----------------	----------------	----------------
TOTAL RESERVES	3,077,380	1,894,301	1,064,597
	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	11,187,380	9,794,301	6,064,597
	----------------	----------------	----------------
	11,187,380	9,794,301	6,064,597
	=============	=============	=============

FINANCIAL RATIO

CASHCOT INDUSTRIES PTE. LTD.

TYPES OF FUNDS
Cash	1,591,175	3,565,876	1,681,710
Net Liquid Funds	(2,878,615)	(24,314)	(17,869,423)
Net Liquid Assets	11,187,380	8,556,954	6,064,597
Net Current Assets/(Liabilities)	11,187,380	9,794,301	6,064,597
Net Tangible Assets	11,187,380	9,794,301	6,064,597
Net Monetary Assets	11,187,380	8,556,954	6,064,597
PROFIT & LOSS ITEMS
Earnings Before Interest & Tax (EBIT)	0	0	1,732,221
Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)	0	0	1,732,221
BALANCE SHEET ITEMS
Total Borrowings	4,469,790	3,590,190	19,551,133
Total Liabilities	14,445,633	11,332,368	20,987,333
Total Assets	25,633,013	21,126,669	27,051,930
Net Assets	11,187,380	9,794,301	6,064,597
Net Assets Backing	11,187,380	9,794,301	6,064,597
Shareholders' Funds	11,187,380	9,794,301	6,064,597
Total Share Capital	8,110,000	7,900,000	5,000,000
Total Reserves	3,077,380	1,894,301	1,064,597
LIQUIDITY (Times)
Cash Ratio	0.11	0.31	0.08
Liquid Ratio	1.77	1.76	1.29
Current Ratio	1.77	1.86	1.29
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	5	0
Debtors Ratio	28	55	70
Creditors Ratio	0	0	0
SOLVENCY RATIOS (Times)
Gearing Ratio	0.40	0.37	3.22
Liabilities Ratio	1.29	1.16	3.46
Times Interest Earned Ratio	3.56	2.90	3.16
Assets Backing Ratio	1.38	1.24	1.21
PERFORMANCE RATIO (%)
Operating Profit Margin	1.07	1.10	0.96
Net Profit Margin	1.00	0.83	0.86
Return On Net Assets	15.83	17.08	28.56
Return On Capital Employed	15.83	17.08	28.56
Return On Shareholders' Funds/Equity	10.58	8.47	17.55
Dividend Pay Out Ratio (Times)	0	0	0
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.20
UK Pound	1	Rs.98.30
Euro	1	Rs.72.41
SGD	1	Rs.47.00

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

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	TRU

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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