MIRA INFORM REPORT

Report No. :	322584
Report Date :	19.05.2015

IDENTIFICATION DETAILS

Name :	BRIGHT RUBY RESOURCES PTE. LIMITED
Registered Office :	163, Penang Road, 02-03, Winsland House Ii, 238463
Country :	Singapore
Financials (as on) :	30.06.2014
Date of Incorporation :	18.12.2009
Com. Reg. No.:	200923603-R
Legal Form :	Private Limited
Line of Business :	Subject is engaged in the trading of commodities, iron ores.
No. of Employees :	50 [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 :	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.

:

200923603-R

COMPANY NAME

:

BRIGHT RUBY RESOURCES PTE. LIMITED

FORMER NAME

:

N/A

INCORPORATION DATE

:

18/12/2009

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

163, PENANG ROAD, 02-03, WINSLAND HOUSE II, 238463, SINGAPORE.

BUSINESS ADDRESS

:

9, RAFFLES PLACE, 59-01/02, REPUBLIC PLAZA, 048619, SINGAPORE.

TEL.NO.

:

65-64352615/64352612

FAX.NO.

:

65-64389989

CONTACT PERSON

:

WANG CHANGJUN ( MANAGING DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF COMMODITIES, IRON ORES

ISSUED AND PAID UP CAPITAL

:

50,000,000.00 ORDINARY SHARE, OF A VALUE OF USD 50,000,000.00 
215,000,000.00 PREFERENCE SHARE, OF A VALUE OF USD 215,000,000.00 

SALES

:

USD 5,155,876,000 [2014]

NET WORTH

:

USD 145,027,000 [2014]

STAFF STRENGTH

:

50 [2015]

BANKER (S)

:

ABN AMRO BANK N.V. BNP PARIBAS MALAYAN BANKING BHD RAIFFEISEN ZENTRALBANK OESTERREICH AKTIENGESELLSCHAFT THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED UNITED OVERSEAS BANK LIMITED OVERSEA-CHINESE BANKING CORPORATION LIMITED BANK OF CHINA LIMITED

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

STABLE

PAYMENT

:

GOOD

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) trading of commodities, iron ores.

The immediate holding company of the Subject is BRIGHT RUBY INTERNATIONAL LIMITED, a company incorporated in VIRGIN ISLANDS, BRITISH.

Share Capital History

Date	Issue & Paid Up Capital
18/05/2015	USD 265,000,000.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
BRIGHT RUBY INTERNATIONAL LIMITED [50,000,000 ORDINARY SHARES IN USD & 215,000,000 PREFERENCE SHARES IN USD]	PORTCULLIS TRUSTNET CHAMBERS, P.O. BOX 3444, ROAD TOWN, TORTOLA, VIRGIN ISLANDS, BRITISH.	T09UF3231	265,000,000.00	100.00
			---------------	------
			265,000,000.00	100.00
			============	=====

+ Also Director

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

Local No	Country	Company	(%)	As At
201013786Z	SINGAPORE	BRIGHT RUBY INVESTMENT PTE. LIMITED	100.00	18/05/2015

DIRECTORS

DIRECTOR 1

Name Of Subject	:	WANG CHANGJUN
Address	:	33, JALAN MUTIARA, 10-03, LATITUDE, 249208, SINGAPORE.
IC / PP No	:	S7187057Z
Nationality	:	SINGAPOREAN
Date of Appointment	:	18/12/2009

MANAGEMENT

1)	Name of Subject	:	WANG CHANGJUN
	Position	:	MANAGING DIRECTOR

AUDITOR

Auditor	:	PRICEWATERHOUSECOOPER LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	LOO BOON SAN
	IC / PP No	:	S7083674B
	Address	:	207D, COMPASSVALE LANE, 13-42, COMPASSVALE CREST, 547207, SINGAPORE.

2)	Company Secretary	:	ANDREW HUDSON
	IC / PP No	:	G6066360U
	Address	:	19, SPRINGWOOD HEIGHT, SPRINGWOOD, 118007, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

ABN AMRO BANK N.V.

2)

Name

:

BNP PARIBAS

3)

Name

:

MALAYAN BANKING BHD

4)

Name

:

RAIFFEISEN ZENTRALBANK OESTERREICH AKTIENGESELLSCHAFT

5)

Name

:

THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED

6)

Name

:

UNITED OVERSEAS BANK LIMITED

7)

Name

:

OVERSEA-CHINESE BANKING CORPORATION LIMITED

8)

Name

:

BANK OF CHINA LIMITED

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C201000811	25/01/2010	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C201000814	25/01/2010	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C201001680	24/02/2010	N/A	RAIFFEISEN ZENTRALBANK OESTERREICH AKTIENGESELLSCHAFT	-	Unsatisfied
C201008119	14/09/2010	N/A	MALAYAN BANKING BERHAD	-	Unsatisfied
C201008759	28/09/2010	N/A	OVERSEA-CHINESE BANKING CORPORATION LIMITED	-	Unsatisfied
C201103261	16/03/2011	N/A	MALAYAN BANKING BERHAD	-	Unsatisfied
C201212269	24/10/2012	N/A	CHINA CITIC BANK INTERNATIONAL LIMITED SINGAPORE BRANCH	-	Unsatisfied
C201212272	24/10/2012	N/A	CHINA CITIC BANK INTERNATIONAL LIMITED SINGAPORE BRANCH	-	Unsatisfied
C201300813	16/01/2013	N/A	AGRICULTURAL BANK OF CHINA LIMITED	-	Unsatisfied
C201301533	28/01/2013	N/A	BANK OF CHINA LIMITED	-	Unsatisfied
C201301535	28/01/2013	N/A	BANK OF CHINA LIMITED	-	Unsatisfied
C201312817	18/09/2013	N/A	CREDIT SUISSE AG	-	Unsatisfied
C201312818	18/09/2013	N/A	CREDIT SUISSE AG	-	Unsatisfied
C201312829	18/09/2013	N/A	CREDIT SUISSE AG	-	Unsatisfied
C201314236	22/10/2013	N/A	INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED	-	Unsatisfied
C201401150	28/01/2014	N/A	AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED	-	Unsatisfied
C201403497	04/04/2014	N/A	BANK OF CHINA LIMITED	-	Unsatisfied
C201403498	04/04/2014	N/A	BANK OF CHINA LIMITED	-	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 Subject refused to disclose its 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	[	X	]	Average 61-90 Days	[	]
Fair 91-120 Days	[	]	Poor >120 Days	[		]

CLIENTELE

Local	:	N/A
Overseas	:	N/A
Credit Term	:	N/A
Payment Mode	:	N/A

The Subject refused to disclose any information on its clientele. 

OPERATIONS

Goods Traded

:

COMMODITIES, IRON ORES

Total Number of Employees:
YEAR	2015	2014	2013	2012
GROUP	N/A	N/A	N/A	N/A
COMPANY	50	50	50	20

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) trading of commodities, iron ores. 

The Subject refused to disclose any information on its business operations. 

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	65 66454121
Current Telephone Number	:	65-64352615/64352612
Match	:	NO
Address Provided by Client	:	163 PENANG ROAD 02-03 WINSLAND HOUSE II SINGAPORE 238463
Current Address	:	9, RAFFLES PLACE, 59-01/02, REPUBLIC PLAZA, 048619, SINGAPORE.
Match	:	NO

Other Investigations

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

The address provided belongs to the Subject's registered office.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	2010 - 2014	]
Profit/(Loss) Before Tax	:	Decreased	[	2010 - 2014	]
Return on Shareholder Funds	:	Favourable	[	191.96%	]
Return on Net Assets	:	Favourable	[	219.40%	]
The Subject's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.The dip in profit could be due to the stiff market competition which reduced the Subject's profit margin. Generally the Subject was profitable. The favourable return on shareholders' funds and return on net assets indicate that the Subject's management was efficient in utilising the assets to generate returns.
Working Capital Control
Stock Ratio	:	Nil	[	0 Days	]
Debtor Ratio	:	Favourable	[	35 Days	]
Creditors Ratio	:	Favourable	[	11 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	[	1.18 Times	]
Current Ratio	:	Unfavourable	[	1.18 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	:	Favourable	[	15.51 Times	]
Gearing Ratio	:	Unfavourable	[	1.76 Times	]
The interest cover showed that the Subject was able to service the interest. The favourable interest cover could indicate that the Subject was making enough profit to pay for the interest accrued. The Subject was highly geared, thus it had a high financial risk. The Subject was dependent on loans to finance its business needs. In times of economic downturn and / or high interest rate, the Subject will become less profitable and competitive than other firms in the same industry, which are lowly geared. This is because the Subject has to service the interest and to repay the loan, which will erode part of its profits. The profits will fluctuate depending on the Subject's turnover and the interest it needs to pay.
Overall Assessment :
Although the Subject's turnover had increased, its profits had declined over the same corresponding period. This could be due to the stiffer market competition and / or higher operating costs which lowered the Subject's profit margin. 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. With the favourable interest cover, the Subject could be able to service all the accrued interest without facing any difficulties. The Subject's gearing level was high and its going concern will be in doubt if there is no injection of additional shareholders' funds in times of economic downturn and / or high interest rates.
Overall financial condition of the Subject : STABLE

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 2009, the Subject is a Private Limited company, focusing on trading of commodities, iron ores. 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. With an issued and paid up capital of USD 265,000,000 and strong backing from its holding company, the Subject has the ability to further expand its business in the future compared to other corporation.

The Subject is operating on a medium scale and it has approximately 50 employees in its business operations. Overall, we regard that the Subject's management capability is average. This indicates that the Subject has greater potential to improve its business performance and raising income for the Subject.

Financially, the Subject registered a higher turnover compared to previous year. However, its profits showed a reverse trend. The lower profit achieved was a result of higher operating cost and increased competition. Based on the higher profitability, the Subject has generated a favourable return based on its existing shareholders' funds 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. The high gearing ratio clearly implied that the Subject was supported by more debt than equity. Thus, the Subject is exposed to high financial risk. Given a positive net worth standing at USD 145,027,000, the Subject should be able to maintain its business in the near terms. 

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 promptly.

PROFIT AND LOSS ACCOUNT

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

BRIGHT RUBY RESOURCES PTE. LIMITED

Financial Year End	2014-06-30	2013-06-30	2012-06-30	2011-06-30	2010-06-30
Months	12	12	12	12	12
Consolidated Account	GROUP	GROUP	GROUP	GROUP	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	SUMMARY
Currency	USD	USD	USD	USD	SGD
TURNOVER	5,155,876,000	4,080,635,000	3,822,772,000	2,911,775,000	1,632,945,518
Other Income	1,012,000	851,000	647,000	309,000	-
	----------------	----------------	----------------	----------------	----------------
Total Turnover	5,156,888,000	4,081,486,000	3,823,419,000	2,912,084,000	1,632,945,518
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	297,675,000	311,644,000	414,606,000	239,972,000	226,073,982
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	297,675,000	311,644,000	414,606,000	239,972,000	226,073,982
Taxation	(19,280,000)	(16,287,000)	(20,757,000)	(13,322,000)	(22,611,954)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	278,395,000	295,357,000	393,849,000	226,650,000	203,462,028
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	366,632,000	421,275,000	227,426,000	160,776,000	(201,725,000)
	----------------	----------------	----------------	----------------	----------------
As restated	366,632,000	421,275,000	227,426,000	160,776,000	(201,725,000)
	----------------	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	645,027,000	716,632,000	621,275,000	387,426,000	1,737,028
DIVIDENDS - Ordinary (paid & proposed)	(550,000,000)	(350,000,000)	(200,000,000)	(160,000,000)	-
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	95,027,000	366,632,000	421,275,000	227,426,000	1,737,028
	=============	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Others	20,515,000	16,519,000	18,215,000	9,845,000	-
	----------------	----------------	----------------	----------------	----------------
	20,515,000	16,519,000	18,215,000	9,845,000	-
	=============	=============	=============	=============	-
DEPRECIATION (as per notes to P&L)	99,000	88,000	18,000	-	-
	----------------	----------------	----------------	----------------	----------------
	99,000	88,000	18,000	-	-
	=============	=============	=============

BALANCE SHEET

BRIGHT RUBY RESOURCES PTE. LIMITED

ASSETS EMPLOYED:
FIXED ASSETS	229,000	178,000	255,000	-	2,531
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	229,000	178,000	255,000	-	2,531
Trade debtors	493,633,000	404,692,000	164,018,000	147,108,000	-
Other debtors, deposits & prepayments	226,144,000	134,213,000	202,363,000	79,838,000	-
Short term deposits	122,429,000	86,775,000	141,900,000	54,264,000	-
Amount due from holding company	-	-	80,684,000	46,396,000	-
Amount due from related companies	32,098,000	44,169,000	160,416,000	104,925,000	-
Cash & bank balances	49,746,000	71,575,000	51,385,000	64,123,000	-
Others	20,129,000	-	-	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	944,179,000	741,424,000	800,766,000	496,654,000	602,932,289
	----------------	----------------	----------------	----------------	----------------
TOTAL ASSET	944,408,000	741,602,000	801,021,000	496,654,000	602,934,820
	=============	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	160,249,000	29,134,000	129,518,000	91,223,000	-
Other creditors & accruals	146,177,000	63,710,000	155,100,000	97,275,000	-
Hire purchase & lease creditors	-	-	31,000	-	-
Short term borrowings/Term loans	255,756,000	86,176,000	19,762,000	-	-
Amounts owing to holding company	217,395,000	123,484,000	-	-	-
Amounts owing to related companies	537,000	6,432,000	4,603,000	18,692,000	-
Provision for taxation	19,267,000	16,034,000	20,732,000	12,000,000	-
Other liabilities	-	-	-	38,000	-
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	799,381,000	324,970,000	329,746,000	219,228,000	336,197,792
	----------------	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	144,798,000	416,454,000	471,020,000	277,426,000	266,734,497
	----------------	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	145,027,000	416,632,000	471,275,000	277,426,000	266,737,028
	=============	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	50,000,000	50,000,000	50,000,000	50,000,000	265,000,000
	----------------	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	50,000,000	50,000,000	50,000,000	50,000,000	265,000,000
Retained profit/(loss) carried forward	95,027,000	366,632,000	421,275,000	227,426,000	1,737,028
	----------------	----------------	----------------	----------------	----------------
TOTAL RESERVES	95,027,000	366,632,000	421,275,000	227,426,000	1,737,028
	----------------	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	145,027,000	416,632,000	471,275,000	277,426,000	266,737,028
	----------------	----------------	----------------	----------------	----------------
	145,027,000	416,632,000	471,275,000	277,426,000	266,737,028
	=============	=============	=============	=============	=============

FINANCIAL RATIO

BRIGHT RUBY RESOURCES PTE. LIMITED

TYPES OF FUNDS
Cash	172,175,000	158,350,000	193,285,000	118,387,000	-
Net Liquid Funds	172,175,000	158,350,000	193,285,000	118,387,000	-
Net Liquid Assets	144,798,000	416,454,000	471,020,000	277,426,000	266,734,497
Net Current Assets/(Liabilities)	144,798,000	416,454,000	471,020,000	277,426,000	266,734,497
Net Tangible Assets	145,027,000	416,632,000	471,275,000	277,426,000	266,737,028
Net Monetary Assets	144,798,000	416,454,000	471,020,000	277,426,000	266,734,497
BALANCE SHEET ITEMS
Total Borrowings	255,756,000	86,176,000	19,793,000	0	-
Total Liabilities	799,381,000	324,970,000	329,746,000	219,228,000	336,197,792
Total Assets	944,408,000	741,602,000	801,021,000	496,654,000	602,934,820
Net Assets	145,027,000	416,632,000	471,275,000	277,426,000	266,737,028
Net Assets Backing	145,027,000	416,632,000	471,275,000	277,426,000	266,737,028
Shareholders' Funds	145,027,000	416,632,000	471,275,000	277,426,000	266,737,028
Total Share Capital	50,000,000	50,000,000	50,000,000	50,000,000	265,000,000
Total Reserves	95,027,000	366,632,000	421,275,000	227,426,000	1,737,028
LIQUIDITY (Times)
Cash Ratio	0.22	0.49	0.59	0.54	-
Liquid Ratio	1.18	2.28	2.43	2.27	-
Current Ratio	1.18	2.28	2.43	2.27	1.79
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0	0	0	-
Debtors Ratio	35	36	16	18	-
Creditors Ratio	11	3	12	11	-
SOLVENCY RATIOS (Times)
Gearing Ratio	1.76	0.21	0.04	0.00	-
Liabilities Ratio	5.51	0.78	0.70	0.79	1.26
Times Interest Earned Ratio	15.51	19.87	23.76	25.38	-
Assets Backing Ratio	2.90	8.33	9.43	5.55	1.01
PERFORMANCE RATIO (%)
Operating Profit Margin	5.77	7.64	10.85	8.24	13.84
Net Profit Margin	5.40	7.24	10.30	7.78	12.46
Return On Net Assets	219.40	78.77	91.84	90.05	84.76
Return On Capital Employed	219.40	78.77	91.83	90.05	84.76
Return On Shareholders' Funds/Equity	191.96	70.89	83.57	81.70	76.28
Dividend Pay Out Ratio (Times)	1.98	1.19	0.51	0.71	-
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.55
UK Pound	1	Rs.99.86
Euro	1	Rs.72.67

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	TPT

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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