MIRA INFORM REPORT

Report No. :	324778
Report Date :	01.06.2015

IDENTIFICATION DETAILS

Name :	SPECTRA INNOVATIONS PTE LTD
Registered Office :	51, Changi Business Park Central 2, 09-14, Signature, The, 486066
Country :	Singapore
Financials (as on) :	31.03.2014
Date of Incorporation :	14.07.1999
Com. Reg. No.:	199904042-N
Legal Form :	Private Limited
Line of Business :	Wholesale of Computer Hardware and Peripheral Equipment
No. of Employee :	20

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	No complaints
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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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. Unemployment is very low. 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. Growth in 2014 was slower at 13.9%, 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. Singapore is a member of the 12-nation Trans-Pacific Partnership free trade agreement negotiations and, with the nine other ASEAN members, will form the ASEAN Economic Community in 2015.

Source : CIA

EXECUTIVE SUMMARY

REGISTRATION NO.	:	199904042-N
COMPANY NAME	:	SPECTRA INNOVATIONS PTE LTD
FORMER NAME	:	N/A
INCORPORATION DATE	:	14/07/1999
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	51, CHANGI BUSINESS PARK CENTRAL 2, 09-14, SIGNATURE, THE, 486066, SINGAPORE.
BUSINESS ADDRESS	:	51, CHANGI BUSINESS PARK CENTRAL 2, 09-14, THE SIGNATURE, 486066, SINGAPORE.
TEL.NO.	:	65-65878536
FAX.NO.	:	65-67846816
CONTACT PERSON	:	KANWAL NAN SAHNEY ( MANAGING DIRECTOR )
PRINCIPAL ACTIVITY	:	WHOLESALE OF COMPUTER HARDWARE AND PERIPHERAL EQUIPMENT
ISSUED AND PAID UP CAPITAL	:	4,000,000.00 ORDINARY SHARE, OF A VALUE OF USD 4,000,000.00
BANKER (S)		AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD CITIBANK N.A. MALAYAN BANKING BHD STANDARD CHARTERED BANK THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED UNITED OVERSEAS BANK LTD CITIBANK BHD THE BANK OF EAST ASIA LIMITED UNITED OVERSEAS BANK LIMITED THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED
SALES	:	USD 106,315,494 [2014]
NET WORTH	:	USD 6,231,781 [2014]
STAFF STRENGTH	:	20 [2015]
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	STRONG
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) wholesale of computer hardware and peripheral equipment.

The immediate holding company of the Subject is SPECVISION HOLDINGS PTE. LTD., a company incorporated in SINGAPORE.

Share Capital History

Date	Issue & Paid Up Capital
29/05/2015	USD 4,000,000.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
SPECVISION HOLDINGS PTE. LTD.	51, CHANGI BUSINESS PARK CENTRAL 2, 09-14, THE SIGNATURE, 486066, SINGAPORE.	200403417	2,600,000.00	65.00
SOHAN GOENKA	2, SUNG PING STREET, HUNGHOM, KOWLOON, HONG KONG.	Z2280602	1,000,000.00	25.00
SURESHKUMAR PANSARI +	801, SHUBH ANGAN BLDG, 5TH N.S.ROAD, JVPD SCHEME, VILE PARLE(W), MUMBAI, 400056, INDIA.	M3084473	100,000.00	2.50
KRISHNA KUMAR CHOUDHARY +	402, SHUBH ANGAN BLDG, 5TH N.S.ROAD, JVPD SCHEME, VILE PARLE(W), MUMBAI, 400056, INDIA.	Z1895304	100,000.00	2.50
MANJU SURESH PANSARI	801/802, SHUBH ANGAN, 5TH N.S.ROAD, JVPD SCHEME, VILE PARLE(W), MUMBAI, 400056, INDIA.	Z2602520	100,000.00	2.50
MEENA KRISHANKUMAR CHOUDHARY	402, SHUBH ANGAN BLDG, 5TH N.S.ROAD, JVPD SCHEME, VILE PARLE(W), MUMBAI, 400056, INDIA.	G8360318	100,000.00	2.50
			---------------	------
			4,000,000.00	100.00
			============	=====

+ Also Director

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

Local No	Country	Company	(%)	As At
200402091K	SINGAPORE	UNISPEC TECHNOLOGIES PTE. LTD.	50.00	31/03/2013

DIRECTORS

DIRECTOR 1

Name Of Subject	:	MAMIDANNA PRASAD
Address	:	88/8, 2ND CROSS BOREWELL ROAD, WHITEFIELD, BANGALORE, 560066, INDIA.
IC / PP No	:	452058183
Nationality	:	AMERICAN
Date of Appointment	:	10/05/2003

DIRECTOR 2

Name Of Subject	:	KANWAL NAIN SAHNEY
Address	:	70A, BOURNEMOUTH ROAD, BOURNEMOUTH EIGHT, 439720, SINGAPORE.
IC / PP No	:	S2616608Z
Nationality	:	SINGAPOREAN
Date of Appointment	:	01/04/2005

DIRECTOR 3

Name Of Subject	:	ANNU SAHNEY
Address	:	70A, BOURNEMOUTH ROAD, BOURNEMOUTH EIGHT, 439720, SINGAPORE.
IC / PP No	:	S2616610A
Nationality	:	SINGAPOREAN
Date of Appointment	:	10/10/2000

DIRECTOR 4

Name Of Subject	:	KKUNAL SAHNEY
Address	:	70A, BOURNEMOUTH ROAD, BOURNEMOUTH EIGHT, 439720, SINGAPORE.
IC / PP No	:	S8471090C
Nationality	:	SINGAPOREAN
Date of Appointment	:	15/03/2013

DIRECTOR 5

Name Of Subject	:	SURESHKUMAR PANSARI
Address	:	801, SHUBH ANGAN BLDG, 5TH N.S.ROAD, JVPD SCHEME, VILE PARLE(W), MUMBAI, 400056, INDIA.
IC / PP No	:	M3084473
Nationality	:	INDIAN
Date of Appointment	:	02/03/2015

DIRECTOR 6

Name Of Subject	:	KRISHNA KUMAR CHOUDHARY
Address	:	402, SHUBH ANGAN BLDG, 5TH N.S.ROAD, JVPD SCHEME, VILE PARLE(W), MUMBAI, 400056, INDIA.
IC / PP No	:	Z1895304
Nationality	:	INDIAN
Date of Appointment	:	02/03/2015

MANAGEMENT

1)	Name of Subject	:	KANWAL NAN SAHNEY
	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	:	KALYANASUNDARAM MARAN
	IC / PP No	:	S2662120H
	Address	:	30, JALAN BAHAGIA, 02-380, 320030, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD

2)

Name

:

CITIBANK N.A.

3)

Name

:

MALAYAN BANKING BHD

4)

Name

:

STANDARD CHARTERED BANK

5)

Name

:

THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED

6)

Name

:

UNITED OVERSEAS BANK LTD

7)

Name

:

CITIBANK BHD

8)

Name

:

THE BANK OF EAST ASIA LIMITED

9)

Name

:

UNITED OVERSEAS BANK LIMITED

10)

Name

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C200508077	27/12/2005	N/A	MALAYAN BANKING BERHAD	-	Unsatisfied
C200604054	22/06/2006	N/A	MALAYAN BANKING BERHAD	-	Unsatisfied
C200908078	09/12/2009	N/A	THE BANK OF EAST ASIA LIMITED	-	Unsatisfied
C200908177	11/12/2009	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C201001055	03/02/2010	N/A	STANDARD CHARTERED BANK (SINGAPORE)	-	Unsatisfied
C201001341	10/02/2010	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C201102612	01/03/2011	N/A	STANDARD CHARTERED BANK (SINGAPORE)	-	Unsatisfied
C201104893	20/04/2011	N/A	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	-	Unsatisfied
C201211671	10/10/2012	N/A	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	-	Unsatisfied
C201306976	22/05/2013	N/A	THE HONGKONG AND SHANGAI BANKING CORPORATION LIMITED	-	Unsatisfied
C201402480	07/03/2014	N/A	AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED	-	Unsatisfied
C201505826	20/05/2015	N/A	RHB BANK BERHAD	-	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

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	:	INDIA ASIA
Credit Term	:	AS AGREED
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Goods Traded

:

COMPUTER HARDWARE AND COMPUTER ACCESSORIES

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

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) wholesale of computer hardware and peripheral equipment.

The Subject involved in:
* Dealing with peripherals & computer components
* Distribution of computer peripherals and integrated circuits

The Subject's products dealings are as follows:
* Computer accessories
* Computer peripherals
* Data storage solutions

The Subject has vision to be the leading provider of technology products and design services for semiconductors, Rf products and computer storage sub-systems.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-65878536
Match	:	N/A
Address Provided by Client	:	51 CHANGI BUSINESS PARK CENTRAL 2 09 14 THE SIGNATURE SINGAPORE 486066
Current Address	:	51, CHANGI BUSINESS PARK CENTRAL 2, 09-14, THE SIGNATURE, 486066, SINGAPORE.
Match	:	YES

Other Investigations

On 28th May 2015 we contacted one of the staff from the Subject and she provided some information.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	2010 - 2014	]
Profit/(Loss) Before Tax	:	Increased	[	2010 - 2014	]
Return on Shareholder Funds	:	Acceptable	[	15.01%	]
Return on Net Assets	:	Acceptable	[	15.47%	]
The Subject's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.The higher profit could be attributed to the increase in turnover. 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	[	0 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	[	1.32 Times	]
Current Ratio	:	Unfavourable	[	1.32 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	:	Nil	[	0.00 Times	]
Gearing Ratio	:	Favourable	[	0.00 Times	]
The Subject's interest cover was nil as it did not pay any interest during the year. The Subject had no gearing and hence it had virtually no financial risk. The Subject was financed by its shareholders' funds and internally generated fund. During the economic downturn, the Subject, having a zero gearing, will be able to compete better than those which are highly geared in the same industry.
Overall Assessment :
Generally, the Subject's performance has improved with higher turnover and profit. 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 did not make any interest payment during the year. The Subject was dependent on its shareholders' funds to finance its business needs. The Subject was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The Subject has good chance of getting loans, if the needs arises.
Overall financial condition of the Subject : STRONG

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)
(Source : Department of Statistics)

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 1999, the Subject is a Private Limited company, focusing on wholesale of computer hardware and peripheral equipment. Having been in the industry for over a decade, the Subject has achieved a certain market share and has built up a satisfactory reputation in the market. It should have received supports from its regular customers. A paid up capital of USD 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.

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 20 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 zero geared company, the Subject virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. Given a positive net worth standing at SGD 6,231,781, 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.

SPECTRA INNOVATIONS PTE LTD

Financial Year End	2014-03-31	2013-03-31	2012-03-31	2011-03-31	2010-03-31
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	FULL	FULL	FULL
Currency	USD	USD	USD	USD	USD
TURNOVER	106,315,494	101,588,288	100,764,840	82,913,393	56,989,137
Other Income	450,403	161,200	151,000	89,023	87,564
	----------------	----------------	----------------	----------------	----------------
Total Turnover	106,765,897	101,749,488	100,915,840	83,002,416	57,076,701
Costs of Goods Sold	(103,812,325)	(99,289,203)	(98,223,707)	(80,443,183)	(55,311,036)
	----------------	----------------	----------------	----------------	----------------
Gross Profit	2,953,572	2,460,285	2,692,133	2,559,233	1,765,665
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	761,609	172,557	180,644	390,656	74,647
SHARE OF PROFITS/(LOSSES) OF ASSOCIATED COMPANIES	-	-	-	-	2,670
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	761,609	172,557	180,644	390,656	77,317
Taxation	(22,323)	(11,757)	(7,251)	(36,932)	(5,779)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	739,286	160,800	173,393	353,724	71,538
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS	739,286	160,800	173,393	353,724	71,538
Extraordinary items	(100,001)	(49,177)	-	-	-
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS	639,285	111,623	173,393	353,724	71,538
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	285,078	1,173,455	1,000,062	646,338	574,800
	----------------	----------------	----------------	----------------	----------------
As restated	285,078	1,173,455	1,000,062	646,338	574,800
	----------------	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	924,363	1,285,078	1,173,455	1,000,062	646,338
DIVIDENDS - Ordinary (paid & proposed)	-	(1,000,000)	-	-	-
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	924,363	285,078	1,173,455	1,000,062	646,338
	=============	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Bank overdraft	1,467	11,697	14,244	11,855	5,679
Trust receipts	225,941	257,569	359,858	-	-
Others	-	-	-	483,823	217,550
	----------------	----------------	----------------	----------------	----------------
	227,408	269,266	374,102	495,678	223,229
	=============	=============	=============	=============	=============
DEPRECIATION (as per notes to P&L)	30,458	34,376	31,988	31,988	3,161
	----------------	----------------	----------------	----------------	----------------
	30,458	34,376	31,988	31,988	3,161
	=============	=============	=============	=============	=============

BALANCE SHEET

SPECTRA INNOVATIONS PTE LTD

ASSETS EMPLOYED:
FIXED ASSETS	595,642	7,909	31,988	63,976	-
Associated companies	-	436,320	453,818	397,797	345,419
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	-	436,320	453,818	397,797	345,419
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	595,642	444,229	485,806	461,773	345,419
Stocks	-	2,795,785	3,582,118	5,206,378	3,275,947
Trade debtors	-	8,425,798	8,483,188	9,884,211	7,179,968
Other debtors, deposits & prepayments	-	4,113,827	2,317,509	792,501	514,843
Short term deposits	-	1,207,439	1,104,199	919,794	810,264
Amount due from holding company	-	-	-	471,054	460,520
Amount due from related companies	-	2,806,282	2,358,659	503,523	427,261
Amount due from associated companies	-	-	-	4,530	12,480
Cash & bank balances	-	729,050	391,981	351,735	498,752
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	23,436,702	20,078,181	18,237,654	18,133,726	13,180,035
	----------------	----------------	----------------	----------------	----------------
TOTAL ASSET	24,032,344	20,522,410	18,723,460	18,595,499	13,525,454
	=============	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	-	4,747,106	4,235,773	5,903,891	3,873,875
Other creditors & accruals	-	143,515	100,149	1,077,030	98,140
Bank overdraft	-	-	116,448	202,934	159,697
Short term borrowings/Term loans	-	540,465	737,745	6,425,210	5,828,386
Deposits from customers	-	2,890,682	876,605	757,245	30,955
Bill & acceptances payable	-	7,524,355	8,273,505	-	-
Amounts owing to holding company	-	221,422	534,176	-	-
Amounts owing to related companies	-	-	-	2,961	42,800
Amounts owing to director	-	150,256	273,752	179,026	177,183
Provision for taxation	-	19,074	21,339	22,309	5,305
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	17,800,132	16,236,875	15,169,492	14,570,606	10,216,341
	----------------	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	5,636,570	3,841,306	3,068,162	3,563,120	2,963,694
	----------------	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	6,232,212	4,285,535	3,553,968	4,024,893	3,309,113
	=============	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	4,000,000	4,000,000	2,250,000	2,250,000	2,250,000
	----------------	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	4,000,000	4,000,000	2,250,000	2,250,000	2,250,000
Retained profit/(loss) carried forward	2,231,781	285,078	1,173,455	1,000,062	646,338
	----------------	----------------	----------------	----------------	----------------
TOTAL RESERVES	2,231,781	285,078	1,173,455	1,000,062	646,338
	----------------	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	6,231,781	4,285,078	3,423,455	3,250,062	2,896,338
Long term loans	-	-	125,075	763,955	412,775
Deferred taxation	-	457	5,438	10,876	-
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	430	457	130,513	774,831	412,775
	----------------	----------------	----------------	----------------	----------------
	6,232,212	4,285,535	3,553,968	4,024,893	3,309,113
	=============	=============	=============	=============	=============

FINANCIAL RATIO

SPECTRA INNOVATIONS PTE LTD

TYPES OF FUNDS
Cash	-	1,936,489	1,496,180	1,271,529	1,309,016
Net Liquid Funds	-	(5,587,866)	(6,893,773)	1,068,595	1,149,319
Net Liquid Assets	5,636,570	1,045,521	(513,956)	(1,643,258)	(312,253)
Net Current Assets/(Liabilities)	5,636,570	3,841,306	3,068,162	3,563,120	2,963,694
Net Tangible Assets	6,232,212	4,285,535	3,553,968	4,024,893	3,309,113
Net Monetary Assets	5,636,140	1,045,064	(644,469)	(2,418,089)	(725,028)
BALANCE SHEET ITEMS
Total Borrowings	-	8,064,820	9,252,773	7,392,099	6,400,858
Total Liabilities	17,800,562	16,237,332	15,300,005	15,345,437	10,629,116
Total Assets	24,032,344	20,522,410	18,723,460	18,595,499	13,525,454
Net Assets	6,232,212	4,285,535	3,553,968	4,024,893	3,309,113
Net Assets Backing	6,231,782	4,285,078	3,423,455	3,250,062	2,896,338
Shareholders' Funds	6,231,781	4,285,078	3,423,455	3,250,062	2,896,338
Total Share Capital	4,000,000	4,000,000	2,250,000	2,250,000	2,250,000
Total Reserves	2,231,781	285,078	1,173,455	1,000,062	646,338
LIQUIDITY (Times)
Cash Ratio	-	0.12	0.10	0.09	0.13
Liquid Ratio	-	1.06	0.97	0.89	0.97
Current Ratio	1.32	1.24	1.20	1.24	1.29
WORKING CAPITAL CONTROL (Days)
Stock Ratio	-	10	13	23	21
Debtors Ratio	-	30	31	44	46
Creditors Ratio	-	17	16	27	26
SOLVENCY RATIOS (Times)
Gearing Ratio	-	1.88	2.70	2.27	2.21
Liabilities Ratio	2.86	3.79	4.47	4.72	3.67
Times Interest Earned Ratio	-	1.64	1.48	1.79	1.35
Assets Backing Ratio	1.56	1.07	1.58	1.79	1.47
PERFORMANCE RATIO (%)
Operating Profit Margin	0.72	0.17	0.18	0.47	0.14
Net Profit Margin	0.70	0.16	0.17	0.43	0.13
Return On Net Assets	15.47	10.31	15.61	22.02	9.08
Return On Capital Employed	15.47	10.31	15.11	20.96	8.66
Return On Shareholders' Funds/Equity	15.01	3.75	5.06	10.88	2.47
Dividend Pay Out Ratio (Times)	-	6.22	0.00	0.00	0.00
NOTES TO ACCOUNTS
Contingent Liabilities	-	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.76
UK Pound	1	Rs.97.80
Euro	1	Rs.69.91

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	SDA

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.