MIRA INFORM REPORT

Report No. :	348924
Report Date :	06.11.2015

IDENTIFICATION DETAILS

Name :	ALUZINC ASIA PTE. LTD.

Registered Office :	1, George Street, 21-06, One George Street, 049145

Country :	Singapore

Financials (as on) :	31.12.2013

Date of Incorporation :	28.08.2007

Com. Reg. No.:	200715853-R

Legal Form :	Private Limited

Line of Business :	Trading of steel, metal and others.

No. of Employees :	20 [2015]

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Singapore

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.	:	200715853-R
COMPANY NAME	:	ALUZINC ASIA PTE. LTD.
FORMER NAME	:	N/A
INCORPORATION DATE	:	28/08/2007


COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO


REGISTERED ADDRESS	:	1, GEORGE STREET, 21-06, ONE GEORGE STREET, 049145, SINGAPORE.
BUSINESS ADDRESS	:	1 GEORGE STREET #21-06 ONE GEORGE STREET, 049145, SINGAPORE.
TEL.NO.	:	65-64911354
FAX.NO.	:	65-62239354
EMAIL	:	INFO@ALUZINC-ASIA.COM
WEB SITE	:	WWW.ALUZINC-ASIA.COM
CONTACT PERSON	:	RAJESH BALASUBRAMANIAN ( DIRECTOR )


PRINCIPAL ACTIVITY	:	TRADING OF STEEL, METAL AND OTHERS

ISSUED AND PAID UP CAPITAL	:	3,742,853.00 ORDINARY SHARE, OF A VALUE OF SGD 6,492,853.00

SALES	:	USD 111,120,912 [2013]
NET WORTH	:	USD 5,830,255 [2013]

STAFF STRENGTH	:	20 [2015]

BANKER (S)		CITIBANK N.A. THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED BNP PARIBAS
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	FAIR
PAYMENT	:	AVERAGE
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 steel, metal and others.

The immediate holding company of the Subject is ALUZINC AG, a company incorporated in LIECHTENSTEIN.

The ultimate holding company of the Subject is AVIRRO TRUST REG., a company incorporated in LIECHTENSTEIN.

Share Capital History

Date	Issue & Paid Up Capital
22/05/2015	SGD 6,492,853.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
ALUZINC AG	LANDSTRASSE 107, P.O. BOX 742, LL-9490 VADUZ, LIECHTENSTEIN.	T07UF2690	2,742,853.00	73.28
SADOSHIMA CORPORATION	1-16-19, SHIMANOUCHI, CHUOU-KU, OSAKA, 542-0082, JAPAN.	T12UF3040	1,000,000.00	26.72
			---------------	------
			3,742,853.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	MITSURU TANAKA
Address	:	17-20-317, 1-CHOME, NISHIARAI, SAKAE-CHO ADACHI-KU, TOKYO, 123-0843, JAPAN.
IC / PP No	:	MS6360164



Nationality	:	JAPANESE
Date of Appointment	:	30/09/2012

DIRECTOR 2

Name Of Subject	:	RAJESH BALASUBRAMANIAN
Address	:	9, TANJONG RHU ROAD, 06-01, THE WATERSIDE, 436894, SINGAPORE.
IC / PP No	:	S7169662F



Nationality	:	SINGAPOREAN
Date of Appointment	:	05/06/2008

DIRECTOR 3

Name Of Subject	:	KOHEI SADOSHIMA
Address	:	19-14 OHARA CHO ASHIYA CITY HYOGO, JAPAN.
IC / PP No	:	TK4360205



Nationality	:	JAPANESE
Date of Appointment	:	01/10/2014

DIRECTOR 4

Name Of Subject	:	ECKSTEIN ALFRED
Address	:	BRUNNENSTRASSE 14, 8303, BASSERSDORF, SWITZERLAND.
IC / PP No	:	F1101824



Nationality	:	SWISS
Date of Appointment	:	28/08/2007

DIRECTOR 5

Name Of Subject	:	SHUE PUI YEE
Address	:	102, HAIG ROAD, 14-09, DUNMAN VIEW, 438798, SINGAPORE.
IC / PP No	:	S8172157B



Nationality	:	SINGAPOREAN
Date of Appointment	:	01/11/2012
Remark	:	ALTERNATE DIRECTOR TO RAJESH BALASUBRAMANIAN

DIRECTOR 6

Name Of Subject	:	SATHYAMOORTHY PRABHU
Address	:	806, THOMSON ROAD, 07-09, THOMSON, 800, 298189, SINGAPORE.
IC / PP No	:	G6234492Q



Nationality	:	INDIAN
Date of Appointment	:	02/05/2014

MANAGEMENT

1)	Name of Subject	:	RAJESH BALASUBRAMANIAN
	Position	:	DIRECTOR

AUDITOR

Auditor	:	DELOITTE & TOUCHE LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	SEAH SIEW YIAN
	IC / PP No	:	S1670866F

	Address	:	433, BUKIT PANJANG RING ROAD, 03-625, 670433, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)	Name	:	CITIBANK N.A.

2)	Name	:	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

3)	Name	:	BNP PARIBAS

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C201010998	18/11/2010	N/A	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	-	Unsatisfied
C201116059	21/12/2011	N/A	BNP PARIBAS	-	Unsatisfied
C201116069	21/12/2011	N/A	BNP PARIBAS	-	Unsatisfied
C201213565	23/11/2012	N/A	MALAYAN BANKING BERHAD	-	Unsatisfied
C201213568	23/11/2012	N/A	MALAYAN BANKING BERHAD	-	Unsatisfied
C201409932	12/09/2014	N/A	THE HONGKONG AND SHANGHAI BANKING CORPORATION 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	:	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

[

]

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

STEEL, METAL AND OTHERS

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

Branch

Other Information:

The Subject is principally engaged in the (as a / as an) trading of steel, metal and others.

The Subject specializes in coated steels for roofing and sidings.

The Subject supplies the followings:

* Cold Rolled Coils
* Galvanized Corrugated Steel
* Galvalume Corrugated Steel
* Pre-painted Steel
* Cold rolled steel -
Cold Rolled Full Hard Steel
Cold Rolled Closed Annealed Steel
* Prepainted steel

The Subject plays a pivotal role in furnishing superior construction related ideas and products from developed markets.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-64911354
Match	:	N/A

Address Provided by Client	:	1 GEORGE STREET 21-06 ONE GEORGE STREET,049145,SINGAPORE
Current Address	:	1 GEORGE STREET #21-06 ONE GEORGE STREET, 049145, SINGAPORE.
Match	:	YES

Other Investigations

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

FINANCIAL ANALYSIS

Profitability
Turnover	:	Erratic	[	2011 - 2013	]
Profit/(Loss) Before Tax	:	Increased	[	2011 - 2013	]
Return on Shareholder Funds	:	Unfavourable	[	7.58%	]
Return on Net Assets	:	Acceptable	[	16.56%	]

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 unfavourable return on shareholders' funds could indicate that the Subject was inefficient in utilising its assets to generate returns.

Working Capital Control
Stock Ratio	:	Nil	[	0 Days	]
Debtor Ratio	:	Unfavourable	[	77 Days	]
Creditors Ratio	:	Unfavourable	[	74 Days	]

As the Subject is a service oriented company, the Subject does not need to keep 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 unfavourable creditors' ratio could be due to the Subject taking advantage of the credit granted by its suppliers. However this may affect the goodwill between the Subject and its suppliers and the Subject may inadvertently have to pay more for its future supplies.

Liquidity
Liquid Ratio	:	Favourable	[	1.26 Times	]
Current Ratio	:	Unfavourable	[	1.26 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	:	Unfavourable	[	1.95 Times	]
Gearing Ratio	:	Favourable	[	0.00 Times	]

The Subject's interest cover was low. If its profits fall or when interest rate rises, it may not be able to meet all its interest payment. 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 :
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. If there is a fall in the Subject's profit or any increase in interest rate, the Subject may not be able to generate sufficient cash-flow to service its interest. 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 : FAIR

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 2007, the Subject is a Private Limited company, focusing on trading of steel, metal and others. Having been in business for more than 5 years, the Subject has established a remarkable clientele base for itself which has contributed to its business growth. A paid up capital of SGD 6,492,853 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.

Despite the lower turnover, the Subject's pre-tax profit have increased compared to the previous year. The higher profit could be due to better control of its operating costs and efficiency in utilising its resources. The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. 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 5,830,255, the Subject should be able to maintain its business in the near terms.

Without a strong assets backing, the Subject may face difficulties in getting loans for its future expansion and continued growth . The Subject's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials. Overall the Subject has a good control over its resources.

The Subject's payment habit is average. With its adequate working capital, the Subject should be able to pay its short term debts.

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.

Financial Year End	2013-12-31	2012-12-31	2011-12-31
Months	12	12	12
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	111,120,912	120,574,245	75,093,911
	----------------	----------------	----------------
Total Turnover	111,120,912	120,574,245	75,093,911
Costs of Goods Sold	(104,946,780)	(115,291,070)	(71,069,297)
	----------------	----------------	----------------
Gross Profit	6,174,132	5,283,175	4,024,614
	----------------	----------------	----------------

PROFIT/(LOSS) FROM OPERATIONS	470,852	407,018	(108,188)
	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	470,852	407,018	(108,188)
Taxation	(28,926)	(30,049)	51,622
	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	441,926	376,969	(56,566)
	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	320,403	(56,566)	935,020
	----------------	----------------	----------------
As restated	320,403	(56,566)	935,020
	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	762,329	320,403	878,454
TRANSFER TO RESERVES - General	-	-	(935,020)
	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	762,329	320,403	(56,566)
	=============	=============	=============

INTEREST EXPENSE (as per notes to P&L)
Term loan / Borrowing	37,028	105,960	66,057
Others	457,756	260,326	177,044
	----------------	----------------	----------------
	494,784	366,286	243,101
	=============	=============	=============

BALANCE SHEET


ASSETS EMPLOYED:
FIXED ASSETS	85,211	164,502	160,382

	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	85,211	164,502	160,382

Trade debtors	23,414,759	21,864,936	10,559,969
Other debtors, deposits & prepayments	1,118,601	1,378,571	2,181,557
Short term deposits	3,097,771	1,305,655	335,552
Amount due from related companies	18,898	8,646	-
Cash & bank balances	493,459	108,733	847,886
Others	-	4,577	2,000
	----------------	----------------	----------------
TOTAL CURRENT ASSETS	28,143,488	24,671,118	13,926,964
	----------------	----------------	----------------
TOTAL ASSET	28,228,699	24,835,620	14,087,346
	=============	=============	=============

CURRENT LIABILITIES
Trade creditors	21,194,446	17,084,923	11,580,295
Other creditors & accruals	211,456	296,743	359,201
Short term borrowings/Term loans	-	900,000	-
Deposits from customers	494,125	913,399	136,490
Amounts owing to holding company	421,078	-	-
Amounts owing to related companies	-	163,854	-
Provision for taxation	46,201	16,094	-
Other liabilities	31,138	72,278	-
	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	22,398,444	19,447,291	12,075,986
	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	5,745,044	5,223,827	1,850,978
	----------------	----------------	----------------
TOTAL NET ASSETS	5,830,255	5,388,329	2,011,360
	=============	=============	=============

SHARE CAPITAL
Ordinary share capital	5,067,926	5,067,926	2,067,926
	----------------	----------------	----------------
TOTAL SHARE CAPITAL	5,067,926	5,067,926	2,067,926

Retained profit/(loss) carried forward	762,329	320,403	(56,566)
	----------------	----------------	----------------
TOTAL RESERVES	762,329	320,403	(56,566)

	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	5,830,255	5,388,329	2,011,360

	----------------	----------------	----------------
	5,830,255	5,388,329	2,011,360
	=============	=============	=============

FINANCIAL RATIO

TYPES OF FUNDS
Cash	3,591,230	1,414,388	1,183,438
Net Liquid Funds	3,591,230	1,414,388	1,183,438
Net Liquid Assets	5,745,044	5,223,827	1,850,978
Net Current Assets/(Liabilities)	5,745,044	5,223,827	1,850,978
Net Tangible Assets	5,830,255	5,388,329	2,011,360
Net Monetary Assets	5,745,044	5,223,827	1,850,978
BALANCE SHEET ITEMS
Total Borrowings	0	900,000	0
Total Liabilities	22,398,444	19,447,291	12,075,986
Total Assets	28,228,699	24,835,620	14,087,346
Net Assets	5,830,255	5,388,329	2,011,360
Net Assets Backing	5,830,255	5,388,329	2,011,360
Shareholders' Funds	5,830,255	5,388,329	2,011,360
Total Share Capital	5,067,926	5,067,926	2,067,926
Total Reserves	762,329	320,403	(56,566)
LIQUIDITY (Times)
Cash Ratio	0.16	0.07	0.10
Liquid Ratio	1.26	1.27	1.15
Current Ratio	1.26	1.27	1.15
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0	0
Debtors Ratio	77	66	51
Creditors Ratio	74	54	59
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.17	0.00
Liabilities Ratio	3.84	3.61	6.00
Times Interest Earned Ratio	1.95	2.11	0.55
Assets Backing Ratio	1.15	1.06	0.97
PERFORMANCE RATIO (%)
Operating Profit Margin	0.42	0.34	(0.14)
Net Profit Margin	0.40	0.31	(0.08)
Return On Net Assets	16.56	14.35	6.71
Return On Capital Employed	16.56	14.35	6.71
Return On Shareholders' Funds/Equity	7.58	7.00	(2.81)
Dividend Pay Out Ratio (Times)	0.00	0.00	0.00
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.67
UK Pound	1	Rs.101.02
Euro	1	Rs.71.35

INFORMATION DETAILS

Analysis Done by :	KAR

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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