MIRA INFORM REPORT

Report No. :	348731
Report Date :	06.11.2015

IDENTIFICATION DETAILS

Name :	TROPICAL GRAINS & FEEDS INDUSTRIES PTE LTD
Registered Office :	16, Raffles Quay, 39-03, Hong Leong Building, 048581
Country :	Singapore.
Financials (as on) :	31.03.2014
Date of Incorporation :	21.03.1996
Com. Reg. No.:	199601945-W
Legal Form :	Private Limited
Line of Business :	Distribution of animal feeds, fertilizers, agricultural chemicals, and other farm supplies
No. of Employee :	3 [2015]

RATING & COMMENTS

MIRA’s Rating :

B

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

Status :	Small company
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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
Singapore	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

SINGAPORE ECONOMIC OVERVIEW

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. Unemployment is very low. The economy depends heavily on exports, particularly of consumer electronics, information technology products, medical and optical devices, pharmaceuticals, and on its vibrant transportation, business, and financial services sectors. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but has continued to grow since 2010 on the strength of renewed exports. Growth in 2014 was slower at 2.9%, largely a result of soft demand for exports amid a sluggish global economy and weak growth in Singapore’s manufacturing sector. The government is attempting to restructure Singapore’s economy by weaning its dependence on foreign labor, addressing weak productivity, and increasing Singaporean wages. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and high-tech hub. Singapore is a member of the 12-nation Trans-Pacific Partnership free trade negotiations, the Regional Comprehensive Economic Partnership negotiations with the nine other ASEAN members plus Australia, China, India, Japan, South Korea and New Zealand, and in 2015, Singapore will form, with the other ASEAN members, the ASEAN Economic Community.

Source : CIA

EXECUTIVE SUMMARY

REGISTRATION NO.

:

199601945-W

COMPANY NAME

:

TROPICAL GRAINS & FEEDS INDUSTRIES PTE LTD

FORMER NAME

:

N/A

INCORPORATION DATE

:

21/03/1996

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

16, RAFFLES QUAY, 39-03, HONG LEONG BUILDING, 048581, SINGAPORE.

BUSINESS ADDRESS

:

16, RAFFLES QUAY, 39-03, HONG LEONG BUILDING, 048581, SINGAPORE.

TEL.NO.

:

65-65388233

FAX.NO.

:

65-65361869

CONTACT PERSON

:

LIM BOON HOCK ( DIRECTOR )

PRINCIPAL ACTIVITY

:

DISTRIBUTION OF ANIMAL FEEDS, FERTILIZERS, AGRICULTURAL CHEMICALS, AND OTHER FARM SUPPLIES.

ISSUED AND PAID UP CAPITAL

:

1,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 1,000,000.00

SALES

:

USD 464,167,824 [2014]

NET WORTH

:

USD 2,854,509 [2014]

STAFF STRENGTH

:

3 [2015]

BANKER (S)

:

SOCIETE GENERALE

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) distribution of animal feeds, fertilizers, agricultural chemicals, and other farm supplies..

The immediate holding company of the Subject is FINGLETON INVESTMENTS LIMITED, a company incorporated in VIRGIN ISLANDS, BRITISH.

Share Capital History

Date	Issue & Paid Up Capital
21/10/2015	SGD 1,000,000.00

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

Current Shareholder(s) :

Name	Address	IC/PP/Loc No	Shareholding	(%)
SUNIL KHANDELWAL +	30, TANAH MERAH KECHIL ROAD, 10-04, EAST MEADOWS, 465558, SINGAPORE.	S6983238E	1.00	0.00
LIM BOON HOCK +	973, HOUGANG STREET, 91, 05-218, 530973, SINGAPORE.	S1625414B	1.00	0.00
FINGLETON INVESTMENTS LIMITED	OFFSHORE INCORPORATION CENTRE, ROAD TOWN, TORTOLA, P.O. BOX 957, VIRGIN ISLANDS, BRITISH.	S96UF0367	999,998.00	100.00
			---------------	------
			1,000,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	SUNIL KHANDELWAL
Address	:	30, TANAH MERAH KECHIL ROAD, 10-04, EAST MEADOWS, 465558, SINGAPORE.
IC / PP No	:	S6983238E
Nationality	:	SINGAPOREAN
Date of Appointment	:	21/03/1996

DIRECTOR 2

Name Of Subject	:	LIM BOON HOCK
Address	:	973, HOUGANG STREET, 91, 05-218, 530973, SINGAPORE.
IC / PP No	:	S1625414B
Nationality	:	SINGAPOREAN
Date of Appointment	:	20/04/1998

MANAGEMENT

1)	Name of Subject	:	LIM BOON HOCK
	Position	:	DIRECTOR

AUDITOR

Auditor	:	NATARAJAN & SWAMINATHAN
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	VANGAL RANGARAJAN RANGANATHAN
	IC / PP No	:	S2662860A
	Address	:	207, SERANGOON CENTRAL, 11-198, 550207, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

SOCIETE GENERALE

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
200104800	03/10/2001	N/A	SOCIETE GENERALE	-	Unsatisfied
200205651	24/12/2002	N/A	SOCIETE GENERALE	-	Unsatisfied
C200300329	29/01/2003	N/A	THE ROYAL BANK OF SCOTLAND N.V.	-	Unsatisfied
C200301011	06/03/2003	N/A	SOCIETE GENERALE	-	Unsatisfied
C200604843	25/07/2006	N/A	THE ROYAL BANK OF SCOTLAND N.V.	-	Unsatisfied
C201115086	30/11/2011	N/A	COOPERATIEVE CENTRALE RAIFFEISENBOERENLEENBANK B.A.	-	Unsatisfied
C201115087	30/11/2011	N/A	COOPERATIEVE CENTRALE RAIFFEISENBOERENLEENBANK B.A.	-	Unsatisfied
C201510012	02/09/2015	N/A	SOCIETE GENERALE	-	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 staff from the registered office refused to disclose the Subject's 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	[	]	Average 61-90 Days	[	X	]
Fair 91-120 Days	[	]	Poor >120 Days	[	]

CLIENTELE

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

OPERATIONS

Goods Traded

:

ANIMAL FEEDS, FERTILIZERS, AGRICULTURAL CHEMICALS, AND OTHER FARM SUPPLIES.

Total Number of Employees:
YEAR	2015	2014
GROUP	N/A	N/A
COMPANY	3	3

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) distribution of animal feeds, fertilizers, agricultural chemicals, and other farm supplies..

The staff from the registered office refused to disclose the Subject's operation.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-65388233
Match	:	N/A
Address Provided by Client	:	N/A
Current Address	:	16, RAFFLES QUAY, 39-03, HONG LEONG BUILDING, 048581, SINGAPORE.
Match	:	N/A

Other Investigations

On 5th November 2015 we contacted one of the staff from the Subject's registered office and she provided limited information.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Erratic	[	2010 - 2014	]
Profit/(Loss) Before Tax	:	Increased	[	2010 - 2014	]
Return on Shareholder Funds	:	Acceptable	[	10.29%	]
Return on Net Assets	:	Acceptable	[	14.50%	]
The fluctuating turnover reflects the fierce competition among the existing and new market players.The Subject's management have been efficient in controlling its operating costs. The Subject's management had generated acceptable return for its shareholders using its assets.
Working Capital Control
Stock Ratio	:	Nil	[	0 Days	]
Debtor Ratio	:	Unfavourable	[	82 Days	]
Creditors Ratio	:	Unfavourable	[	78 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	[	1.02 Times	]
Current Ratio	:	Unfavourable	[	1.02 Times	]
A minimum liquid ratio of 1 should be maintained by the Subject in order to assure its creditors of its ability to meet short term obligations and the Subject was in a good liquidity position. Thus, we believe the Subject is able to meet all its short term obligations as and when they fall due.
Solvency
Interest Cover	:	Acceptable	[	4.27 Times	]
Gearing Ratio	:	Unfavourable	[	8.62 Times	]
The Subject's interest cover was slightly low. If there is no sharp fall in its profit or sudden increase in the interest rates, we believe the Subject is able to generate sufficient income to service its interest and repay the loans. The Subject was 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 turnover was erratic, the Subject had maintained a steady growth in its profit. This indicate the management's efficiency in controlling its costs and profitability. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. The Subject had an acceptable interest cover. If there is no sudden sharp increase in interest rate or fall in the Subject's profit, we do believe the Subject is able to generate sufficient cash flow to service its interest payment. The Subject'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 : FAIR

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	2010	2011	2012	2013	2014
Population (Million)	5.08	5.18	5.31	5.40	5.47
Gross Domestic Products ( % )	14.5	4.9	1.3	3.7	(3.5)
Consumer Price Index	2.8	5.2	4.6	2.4	2.4
Total Imports (Million)	423,221.8	459,655.1	474,554.0	466,762.0	463,779.1
Total Exports (Million)	478,840.7	514,741.2	510,329.0	513,391.0	518,922.7
Unemployment Rate (%)	2.2	2.1	2.0	1.9	1.9
Tourist Arrival (Million)	11.64	13.17	14.49	15.46	15.01
Hotel Occupancy Rate (%)	85.6	86.5	86.4	86.3	85.5
Cellular Phone Subscriber (Million)	1.43	1.50	1.52	1.97	1.98
Registration of New Companies (No.)	29,798	32,317	31,892	37,288	41,589
Registration of New Companies (%)	12.8	8.5	(1.3)	9.8	11.5
Liquidation of Companies (No.)	15,126	19,005	17,218	17,369	18,767
Liquidation of Companies (%)	(32.5)	25.6	9.4	(5.3)	8.0
Registration of New Businesses (No.)	23,978	23,494	24,788	22,893	35,773
Registration of New Businesses (%)	(10.78)	2.02	5.51	1.70	56.30
Liquidation of Businesses (No.)	24,211	23,005	22,489	22,598	22,098
Liquidation of Businesses (%)	2.8	(5)	(2.2)	0.5	(2.2)
Bankruptcy Orders (No.)	1,537	1,527	1,748	1,992	1,757
Bankruptcy Orders (%)	(25.3)	(0.7)	14.5	14.0	(11.8)
Bankruptcy Discharges (No.)	2,252	1,391	1,881	2,584	3,546
Bankruptcy Discharges (%)	(26.3)	(38.2)	35.2	37.4	37.2
INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	(0.48)	4.25	3.64	-
Fish Supply & Wholesale	(10.5)	12.10	(0.5)	-	2.80
Manufacturing *	92.8	100.0	100.3	102.0
Food, Beverages & Tobacco	96.4	100.0	103.5	103.5	105.0
Textiles	122.1	100.0	104.0	87.1	74.9
Wearing Apparel	123.3	100.0	92.1	77.8	49.5
Leather Products & Footwear	81.8	100.0	98.6	109.8	95.9
Wood & Wood Products	104.0	100.0	95.5	107.4	112.0
Paper & Paper Products	106.1	100.0	97.4	103.2	103.4
Printing & Media	103.5	100.0	93.0	86.1	80.3
Crude Oil Refineries	95.6	100.0	99.4	93.5	85.6
Chemical & Chemical Products	97.6	100.0	100.5	104.1	114.0
Pharmaceutical Products	75.3	100.0	109.7	107.2	115.7
Rubber & Plastic Products	112.3	100.0	96.5	92.9	92.8
Non-metallic Mineral	92.5	100.0	98.2	97.6	82.2
Basic Metals	102.2	100.0	90.6	76.5	98.3
Fabricated Metal Products	103.6	100.0	104.3	105.1	105.1
Machinery & Equipment	78.5	100.0	112.9	114.5	124.0
Electrical Machinery	124.1	100.0	99.3	108.5	121.3
Electronic Components	113.6	100.0	90.6	94.3	95.0
Transport Equipment	94.0	100.0	106.3	107.5	103.2
Construction	14.20	20.50	28.70	-	22.00
Real Estate	21.3	25.4	31.9	-	145.1
Services
Electricity, Gas & Water	4.00	7.00	6.30	-
Transport, Storage & Communication	12.80	7.40	5.30	-	14.20
Finance & Insurance	(0.4)	8.90	0.50	-	6.00
Government Services	9.70	6.90	6.00	-
Education Services	(0.9)	(1.4)	0.30	-	5.98
* Based on Index of Industrial Production (2011 = 100)

INDUSTRY ANALYSIS

INDUSTRY :	TRADING
The wholesale and retail trade sectors have expanded by 2.0% in the third quarter of 2014, extending the 1.8 per cent growth in the previous quarter. In 2013, the wholesale and retail sector expanded by 5.0%, after declining by 1.4% the year before. Growth of the sector was driven by the wholesale trade segment.
The domestic wholesale trade index has increased by 3.2% in the fourth quarter of 2013, moderating from the 6.6% growth in the previous quarter. The slower growth was due to a decline in the sales of furniture and household equipment (-12%) and petroleum and petroleum products (-0.6%). For the full year, the domestic wholesale trade index grew by 5.2% reversing the 2.2% decline in 2012. On the other hand, the foreign wholesale trade index has increased by a slower pace of 5.6% in the fourth quarter, compared to the 7.7% expansion in the preceding quarter. The slowdown was due to a fall in the sales of telecommunication equipment and computer (-3.8%) and petroleum and petroleum products (-2.5%). For the full year, the growth of the foreign wholesale trade index moderated slightly to 8.6% from 9.1% in the previous year.
In the fourth quarter of 2013, retail sales volume fell by 6.2%, extending the 5.6% decline in the previous quarter. Excluding motor vehicles, retail sales volume increased by 0.4%, a slower pace of expansion as compared to the 1.6% gain in the preceding quarter. The sales volume of motor vehicles fell by 33% in the fourth quarter of 2013, extending the 32% decline in the previous quarter. Meanwhile, the sales of several discretionary items also fell in the fourth quarter of 2013. For instance, the sales of telecommunications apparatus and computers fell by 12%, while the sales of furniture and household equipment declined by 5.4%.
For the full year, retail sales volume contracted by 4.3%, a reversal from the 1.3% expansion in 2012. Excluding motor vehicle sales, the retail sales volume grew by 1.1% in 2013, slower than the 1.7% increase in 2012. Watches and jewellery recorded the largest increase (11%) in sales in 2013, followed by optical goods and book (3%) and medical goods and toiletries (3%). By contrast, the sales of telecommunications apparatus and computer (-7.3%), furniture and household equipment (-4.2%) and petrol service stations (-1.4) declined in 2013.
OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 1996, the Subject is a Private Limited company, focusing on distribution of animal feeds, fertilizers, agricultural chemicals, and other farm supplies. 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 SGD 1,000,000 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 3 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. 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 2,854,509, 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.

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.

TROPICAL GRAINS & FEEDS INDUSTRIES 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	SUMMARY	SUMMARY	SUMMARY
Currency	USD	USD	SGD	SGD	SGD
TURNOVER	464,167,824	454,729,720	514,651,351	523,611,001	297,424,420
Other Income	1,583	91,972	-	-	-
	----------------	----------------	----------------	----------------	----------------
Total Turnover	464,169,407	454,821,692	514,651,351	523,611,001	297,424,420
Costs of Goods Sold	(463,563,380)	(453,642,839)	-	-	-
	----------------	----------------	----------------	----------------	----------------
Gross Profit	606,027	1,178,853	-	-	-
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	316,970	286,953	317,925	244,068	249,126
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	316,970	286,953	317,925	244,068	249,126
Taxation	(23,300)	(19,509)	(28,973)	(21,838)	(21,053)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	293,670	267,444	288,952	222,230	228,073
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	1,972,604	1,705,160	1,416,208	1,193,978	965,905
	----------------	----------------	----------------	----------------	----------------
As restated	1,972,604	1,705,160	1,416,208	1,193,978	965,905
	----------------	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	2,266,274	1,972,604	1,705,160	1,416,208	1,193,978
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	2,266,274	1,972,604	1,705,160	1,416,208	1,193,978
	=============	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Term loan / Borrowing	90,947	659,726	-	-	-
Trust receipts	5,937	9,641	-	-	-
	----------------	----------------	----------------	----------------	----------------
	96,884	669,367	-	-	-
	=============	=============	-	-	-

BALANCE SHEET

TROPICAL GRAINS & FEEDS INDUSTRIES PTE LTD

Trade debtors	104,649,959	101,925,032	-	-	-
Other debtors, deposits & prepayments	20,000,000	25,296,296	-	-	-
Cash & bank balances	2,918,205	6,169,839	-	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	127,568,164	133,391,167	171,231,168	109,218,998	83,048,506
	----------------	----------------	----------------	----------------	----------------
TOTAL ASSET	127,568,164	133,391,167	171,231,168	109,218,998	83,048,506
	=============	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	98,993,220	130,277,731	-	-	-
Other creditors & accruals	1,065,410	104,816	-	-	-
Short term borrowings/Term loans	20,000,000	-	-	-	-
Other borrowings	-	425,067	-	-	-
Bill & acceptances payable	4,620,105	-	-	-	-
Provision for taxation	34,920	22,714	-	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	124,713,655	130,830,328	168,385,982	107,158,516	80,722,198
	----------------	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	2,854,509	2,560,839	2,845,186	2,060,482	2,326,308
	----------------	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	2,854,509	2,560,839	2,845,186	2,060,482	2,326,308
	=============	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	588,235	588,235	1,000,000	1,000,000	1,000,000
	----------------	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	588,235	588,235	1,000,000	1,000,000	1,000,000
Retained profit/(loss) carried forward	2,266,274	1,972,604	1,705,160	1,416,208	1,193,978
Others	-	-	140,026	(355,726)	132,330
	----------------	----------------	----------------	----------------	----------------
TOTAL RESERVES	2,266,274	1,972,604	1,845,186	1,060,482	1,326,308
	----------------	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	2,854,509	2,560,839	2,845,186	2,060,482	2,326,308
	----------------	----------------	----------------	----------------	----------------
	2,854,509	2,560,839	2,845,186	2,060,482	2,326,308
	=============	=============	=============	=============	=============

FINANCIAL RATIO

TYPES OF FUNDS
Cash	2,918,205	6,169,839	-	-	-
Net Liquid Funds	(1,701,900)	6,169,839	-	-	-
Net Liquid Assets	2,854,509	2,560,839	2,845,186	2,060,482	2,326,308
Net Current Assets/(Liabilities)	2,854,509	2,560,839	2,845,186	2,060,482	2,326,308
Net Tangible Assets	2,854,509	2,560,839	2,845,186	2,060,482	2,326,308
Net Monetary Assets	2,854,509	2,560,839	2,845,186	2,060,482	2,326,308
PROFIT & LOSS ITEMS
Earnings Before Interest & Tax (EBIT)	413,854	956,320	-	-	-
Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)	413,854	956,320	-	-	-
BALANCE SHEET ITEMS
Total Borrowings	24,620,105	425,067	-	-	-
Total Liabilities	124,713,655	130,830,328	168,385,982	107,158,516	80,722,198
Total Assets	127,568,164	133,391,167	171,231,168	109,218,998	83,048,506
Net Assets	2,854,509	2,560,839	2,845,186	2,060,482	2,326,308
Net Assets Backing	2,854,509	2,560,839	2,845,186	2,060,482	2,326,308
Shareholders' Funds	2,854,509	2,560,839	2,845,186	2,060,482	2,326,308
Total Share Capital	588,235	588,235	1,000,000	1,000,000	1,000,000
Total Reserves	2,266,274	1,972,604	1,845,186	1,060,482	1,326,308
LIQUIDITY (Times)
Cash Ratio	0.02	0.05	-	-	-
Liquid Ratio	1.02	1.02	-	-	-
Current Ratio	1.02	1.02	1.02	1.02	1.03
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0	-	-	-
Debtors Ratio	82	82	-	-	-
Creditors Ratio	78	105	-	-	-
SOLVENCY RATIOS (Times)
Gearing Ratio	8.62	0.17	-	-	-
Liabilities Ratio	43.69	51.09	59.18	52.01	34.70
Times Interest Earned Ratio	4.27	1.43	-	-	-
Assets Backing Ratio	4.85	4.35	2.85	2.06	2.33
PERFORMANCE RATIO (%)
Operating Profit Margin	0.07	0.06	0.06	0.05	0.08
Net Profit Margin	0.06	0.06	0.06	0.04	0.08
Return On Net Assets	14.50	37.34	11.17	11.85	10.71
Return On Capital Employed	14.50	37.34	11.17	11.85	10.71
Return On Shareholders' Funds/Equity	10.29	10.44	10.16	10.79	9.80
Dividend Pay Out Ratio (Times)	0	0	-	-	-
NOTES TO ACCOUNTS
Contingent Liabilities	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 :	KAS
Report Prepared by :	ANK

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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