MIRA INFORM REPORT

Report No. :	323563
Report Date :	25.05.2015

IDENTIFICATION DETAILS

Name :	ADISSEO ASIA PACIFIC PTE LTD
Registered Office :	30, Hill Street, 03-03, 179360
Country :	Singapore
Financials (as on) :	31.12.2013
Date of Incorporation :	27.12.2001
Com. Reg. No.:	200108221-W
Legal Form :	Private Limited
Line of Business :	Wholesale of Animal Feed
No. of Employees :	20 [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.	:	200108221-W
COMPANY NAME	:	ADISSEO ASIA PACIFIC PTE LTD
FORMER NAME	:	N/A
INCORPORATION DATE	:	27/12/2001
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	30, HILL STREET, 03-03, 179360, SINGAPORE.
BUSINESS ADDRESS	:	30, HILL STREET, 03-03, 179360, SINGAPORE.
TEL.NO.	:	65-65431121
FAX.NO.	:	65-65453547
CONTACT PERSON	:	JEAN-MARC DUBLANC ( DIRECTOR )
PRINCIPAL ACTIVITY	:	WHOLESALE OF ANIMAL FEED
ISSUED AND PAID UP CAPITAL	:	418,002.00 ORDINARY SHARE, OF A VALUE OF EUR 418,002.00
SALES	:	USD 178,540,165 [2013]
NET WORTH	:	USD 23,288,449 [2013]
STAFF STRENGTH	:	20 [2015]
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	STABLE
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 animal feed.

The immediate holding company of the Subject is DRAKKAR GROUP S.A., a company incorporated in BELGIUM.

Share Capital History

Date	Issue & Paid Up Capital
22/05/2015	EUR 418,002.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
DRAKKAR GROUP S.A.	AVENUE DE TERVUEREN, 34, 1040 BRUSSELS, BELGIUM.	T03UF0579	418,002.00	100.00
			---------------	------
			418,002.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	FREDERIC PIERRE JACQUES PUISTIENNE
Address	:	84, BIS BOULEVARD DE LA REINE, 78000, VERSAILLES, FRANCE.
IC / PP No	:	13AF52170
Nationality	:	FRENCH
Date of Appointment	:	01/02/2007

DIRECTOR 2

Name Of Subject	:	FRANCOIS CLAUDE EUGENE PELLET
Address	:	5, COURT ROAD, SERANGOON GARDEN ESTATE, 558124, SINGAPORE.
IC / PP No	:	G5436849L
Nationality	:	FRENCH
Date of Appointment	:	28/10/2013

DIRECTOR 3

Name Of Subject	:	JEAN-MARC DUBLANC
Address	:	116, RUE DU CHERCHE MIDI, 75006 PARIS, FRANCE.
IC / PP No	:	12CL36944
Nationality	:	FRENCH
Date of Appointment	:	30/06/2012

MANAGEMENT

1)	Name of Subject	:	FRANCOIS CLAUDE EUGENE PELLET
	Position	:	MANAGING DIRECTOR

2)	Name of Subject	:	JEAN-MARC DUBLANC
	Position	:	DIRECTOR

AUDITOR

Auditor	:	PRICEWATERHOUSECOOPERS LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	LOW SIEW TIAN
	IC / PP No	:	S6963151G
	Address	:	453, TAMPINES STREET 42, 11-204, 520453, SINGAPORE.

2)	Company Secretary	:	TAY CHEE WAH
	IC / PP No	:	S6968275H
	Address	:	1, BEDOK SOUTH AVENUE, 1, 09-921, 460001, SINGAPORE.

BANKING

No Banker found in our databank.

ENCUMBRANCE (S)

No encumbrance was found in our databank at the time of investigation.

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

OPERATIONS

Goods Traded

:

NUTRITIONAL FEED ADDITIVES

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

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) wholesale of animal feed.

The Subject specialises in the trading of nutritional feed additives.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	6565431121
Current Telephone Number	:	65-65431121
Match	:	YES
Address Provided by Client	:	30, HILL STREET, 03-03,179360,SINGAPORE
Current Address	:	30, HILL STREET, 03-03, 179360, SINGAPORE.
Match	:	YES

Other Investigations

On 20th May 2015 we contacted one of the staff from the Subject and she provided some information.

The Subject refused to disclose its bankers.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Erratic	[	2009 - 2013	]
Profit/(Loss) Before Tax	:	Decreased	[	2009 - 2013	]
Return on Shareholder Funds	:	Acceptable	[	18.45%	]
Return on Net Assets	:	Acceptable	[	21.94%	]
The fluctuating turnover reflects the fierce competition among the existing and new market players.The Subject's profit fell sharply because of the high operating costs incurred. The Subject's management had generated acceptable return for its shareholders using its assets.
Working Capital Control
Stock Ratio	:	Favourable	[	31 Days	]
Debtor Ratio	:	Unfavourable	[	71 Days	]
Creditors Ratio	:	Favourable	[	0 Days	]
The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The high debtors' ratio could indicate that the Subject was weak in its credit control. However, the Subject could also giving longer credit periods to its customers in order to boost its sales or to capture / retain its market share. 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	[	1.27 Times	]
Current Ratio	:	Unfavourable	[	1.79 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	[	241.51 Times	]
Gearing Ratio	:	Favourable	[	0.00 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 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 :
The Subject recorded lower profits as its turnover showed a erratic trend. The Subject's management was unable to control its costs efficiently as its profit showed a downward trend. 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 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 : 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 2001, the Subject is a Private Limited company, focusing on wholesale of animal feed. 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. Presently, the issued and paid up capital of the Subject stands at EUR 418,002. However, 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.

The Subject's business performance showed a reverse trend as both its turnover and pre-tax profit have decreased compared to the previous year. 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 USD 23,288,449, the Subject should be able to maintain its business in the near terms.

Having a strong assets backing, the Subject possesses latent assets as collateral for further financial extension. Hence, it has good chance of getting loans if the needs arises.

We regard that the Subject's overall payment habit is prompt. The Subject had a favourable creditors' ratio as evidenced by its favourable collection days

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.

Financial Year End	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31
Months	12	12	12	12	12
Consolidated Account	Company	Company	Company	Company	Company
Audited Account	YES	YES	YES	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES	YES	YES	YES
Financial Type	FULL	FULL	FULL	SUMMARY	SUMMARY
Currency	USD	USD	USD	SGD	SGD
TURNOVER	178,540,165	238,869,769	235,398,294	264,388,270	257,990,516
	----------------	----------------	----------------	----------------	----------------
Total Turnover	178,540,165	238,869,769	235,398,294	264,388,270	257,990,516
Costs of Goods Sold	(165,089,460)	(220,951,469)	(218,394,334)	-	-
	----------------	----------------	----------------	----------------	----------------
Gross Profit	13,450,705	17,918,300	17,003,960	-	-
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	5,096,172	9,100,668	8,322,020	9,145,946	9,584,524
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	5,096,172	9,100,668	8,322,020	9,145,946	9,584,524
Taxation	(798,391)	(1,412,932)	(1,058,846)	(1,537,675)	(1,624,383)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	4,297,781	7,687,736	7,263,174	7,608,271	7,960,141
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	18,622,076	25,934,340	18,671,166	16,068,541	8,108,400
	----------------	----------------	----------------	----------------	----------------
As restated	18,622,076	25,934,340	18,671,166	16,068,541	8,108,400
	----------------	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	22,919,857	33,622,076	25,934,340	23,676,812	16,068,541
DIVIDENDS - Ordinary (paid & proposed)	-	(15,000,000)	-	-	-
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	22,919,857	18,622,076	25,934,340	23,676,812	16,068,541
	=============	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Bank overdraft	21,189	38,130	-	-	-
	----------------	----------------	----------------	----------------	----------------
	21,189	38,130	-	-	-
	=============	=============	-	-	-
DEPRECIATION (as per notes to P&L)	119,414	207,898	206,715	-	-
	----------------	----------------	----------------	----------------	----------------
	119,414	207,898	206,715	-	-
	=============	=============	=============

BALANCE SHEET

ASSETS EMPLOYED:
FIXED ASSETS	295,099	389,889	396,538	590,247	236,230
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	295,099	389,889	396,538	590,247	236,230
Stocks	15,111,511	13,316,022	17,722,689	-	-
Trade debtors	34,610,528	38,364,511	39,348,112	-	-
Other debtors, deposits & prepayments	-	1,178,538	1,364,464	-	-
Short term deposits	115,596	-	208,470	-	-
Amount due from subsidiary companies	1,285,836	516,852	555	-	-
Cash & bank balances	1,057,976	959,801	1,017,340	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	52,181,447	54,335,724	59,661,630	60,057,312	75,236,223
	----------------	----------------	----------------	----------------	----------------
TOTAL ASSET	52,476,546	54,725,613	60,058,168	60,647,559	75,472,453
	=============	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	36,222	13,534	30,017,739	-	-
Other creditors & accruals	1,873,487	2,320,010	2,146,796	-	-
Bank overdraft	-	904,340	-	-	-
Amounts owing to subsidiary companies	26,355,590	30,890,766	72,560	-	-
Provision for taxation	887,934	1,570,517	1,458,200	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	29,153,233	35,699,167	33,695,295	36,471,696	58,961,900
	----------------	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	23,028,214	18,636,557	25,966,335	23,585,616	16,274,323
	----------------	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	23,323,313	19,026,446	26,362,873	24,175,863	16,510,553
	=============	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	368,592	368,592	368,592	418,002	418,002
	----------------	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	368,592	368,592	368,592	418,002	418,002
Retained profit/(loss) carried forward	22,919,857	18,622,076	25,934,340	23,676,812	16,068,541
	----------------	----------------	----------------	----------------	----------------
TOTAL RESERVES	22,919,857	18,622,076	25,934,340	23,676,812	16,068,541
	----------------	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	23,288,449	18,990,668	26,302,932	24,094,814	16,486,543
Deferred taxation	34,864	35,778	59,941	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	34,864	35,778	59,941	81,049	24,010
	----------------	----------------	----------------	----------------	----------------
	23,323,313	19,026,446	26,362,873	24,175,863	16,510,553
	=============	=============	=============	=============	=============

FINANCIAL RATIO

TYPES OF FUNDS
Cash	1,173,572	959,801	1,225,810	-	-
Net Liquid Funds	1,173,572	55,461	1,225,810	-	-
Net Liquid Assets	7,916,703	5,320,535	8,243,646	23,585,616	16,274,323
Net Current Assets/(Liabilities)	23,028,214	18,636,557	25,966,335	23,585,616	16,274,323
Net Tangible Assets	23,323,313	19,026,446	26,362,873	24,175,863	16,510,553
Net Monetary Assets	7,881,839	5,284,757	8,183,705	23,504,567	16,250,313
BALANCE SHEET ITEMS
Total Borrowings	0	904,340	0	-	-
Total Liabilities	29,188,097	35,734,945	33,755,236	36,552,745	58,985,910
Total Assets	52,476,546	54,725,613	60,058,168	60,647,559	75,472,453
Net Assets	23,323,313	19,026,446	26,362,873	24,175,863	16,510,553
Net Assets Backing	23,288,449	18,990,668	26,302,932	24,094,814	16,486,543
Shareholders' Funds	23,288,449	18,990,668	26,302,932	24,094,814	16,486,543
Total Share Capital	368,592	368,592	368,592	418,002	418,002
Total Reserves	22,919,857	18,622,076	25,934,340	23,676,812	16,068,541
LIQUIDITY (Times)
Cash Ratio	0.04	0.03	0.04	-	-
Liquid Ratio	1.27	1.15	1.24	-	-
Current Ratio	1.79	1.52	1.77	1.65	1.28
WORKING CAPITAL CONTROL (Days)
Stock Ratio	31	20	27	-	-
Debtors Ratio	71	59	61	-	-
Creditors Ratio	0	0	50	-	-
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.05	0.00	-	-
Liabilities Ratio	1.25	1.88	1.28	1.52	3.58
Times Interest Earned Ratio	241.51	239.67	0.00	-	-
Assets Backing Ratio	63.28	51.62	71.52	57.84	39.50
PERFORMANCE RATIO (%)
Operating Profit Margin	2.85	3.81	3.54	3.46	3.72
Net Profit Margin	2.41	3.22	3.09	2.88	3.09
Return On Net Assets	21.94	48.03	31.57	37.83	58.05
Return On Capital Employed	21.94	45.85	31.57	37.83	58.05
Return On Shareholders' Funds/Equity	18.45	40.48	27.61	31.58	48.28
Dividend Pay Out Ratio (Times)	0.00	1.95	0.00	-	-
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.57
UK Pound	1	Rs.99.67
Euro	1	Rs.70.83

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	VNT

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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