MIRA INFORM REPORT

Report No. :	351138
Report Date :	23.11.2015

IDENTIFICATION DETAILS

Name :	SUDIMA INTERNATIONAL PTE LTD
Registered Office :	151, Chin Swee Road, 15-03, Manhattan House, 169876
Country :	Singapore
Financials (as on) :	30.09.2014
Date of Incorporation :	27.01.1994
Com. Reg. No.:	199400641-G
Legal Form :	Private Limited
Line of Business :	Trading of commodities
No. of Employee :	33 [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 – 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.

:

199400641-G

COMPANY NAME

:

SUDIMA INTERNATIONAL PTE LTD

FORMER NAME

:

N/A

INCORPORATION DATE

:

27/01/1994

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

151, CHIN SWEE ROAD, 15-03, MANHATTAN HOUSE, 169876, SINGAPORE.

BUSINESS ADDRESS

:

151, CHIN SWEE ROAD, 15-03, MANHATTAN HOUSE, 169876, SINGAPORE.

TEL.NO.

:

65-67327180

FAX.NO.

:

65-67327180

EMAIL

:

INFO@SUDIMA.COM

WEB SITE

:

WWW.SUDIMA.COM

CONTACT PERSON

:

ANIL KUMAR JHUNJHNUWALA ( MANAGING DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF COMMODITIES

ISSUED AND PAID UP CAPITAL

:

8,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 8,000,000.00 

SALES

:

USD 288,751,539 [2014]

NET WORTH

:

USD 17,123,773 [2014]

STAFF STRENGTH

:

33 [2015]

BANKER (S)

:

OVERSEA-CHINESE BANKING CORPORATION LIMITED UCO BANK INDIAN OVERSEAS BANK CITIBANK N.A. KBC BANK N.V.

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

STABLE

PAYMENT

:

NO COMPLAINTS

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 commodities.

The immediate holding company of the Subject is SUREFAME LTD., a company incorporated in VIRGIN ISLANDS, BRITISH.

Share Capital History

Date	Issue & Paid Up Capital
05/11/2015	SGD 8,000,000.00

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

Current Shareholder(s) :

Name	Address	IC/PP/Loc No	Shareholding	(%)
ANIL KUMAR JHUNJHNUWALA +	5, ALLAMANDA GROVE, 269983, SINGAPORE.	S2597940J	2,380,000.00	29.75
SANGITA JHUNJHNUWALA +	5, ALLAMANDA GROVE, 269983, SINGAPORE.	S2597941I	20,000.00	0.25
SUREFAME LTD.	P.O.BOX 957, ROAD TOWN, OFFSHORE INCORPORATIONS CENTRE TORTOLA, VIRGIN ISLANDS, BRITISH.	T08UF4305	5,600,000.00	70.00
			---------------	------
			8,000,000.00	100.00
			============	=====

+ Also Director

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

Local No	Country	Company	Status	(%)	As At
201026807K	SINGAPORE	SUDIMA PROPERTIES PTE. LTD.	-	100.00	05/11/2015

DIRECTORS

DIRECTOR 1

Name Of Subject	:	MANOJ KUMAR JHUNJHNUWALA
Address	:	FLAT B, BLOCK 4 AQUA 33 33 CONSORT RISE POKFULAM, 2ND FLOOR, HONG KONG.
IC / PP No	:	KJ 03377241
Nationality	:	CHINESE
Date of Appointment	:	22/12/2000

DIRECTOR 2

Name Of Subject	:	LAXMI NIWAS JHUNJHNUWALA
Address	:	5, ALLAMANDA GROVE, 269983, SINGAPORE.
IC / PP No	:	S2693981Z
Nationality	:	SINGAPOREAN
Date of Appointment	:	27/01/1994

DIRECTOR 3

Name Of Subject	:	SANGITA JHUNJHNUWALA
Address	:	5, ALLAMANDA GROVE, 269983, SINGAPORE.
IC / PP No	:	S2597941I
Nationality	:	SINGAPOREAN
Date of Appointment	:	01/07/1998

DIRECTOR 4

Name Of Subject	:	ANIL KUMAR JHUNJHNUWALA
Address	:	5, ALLAMANDA GROVE, 269983, SINGAPORE.
IC / PP No	:	S2597940J
Nationality	:	SINGAPOREAN
Date of Appointment	:	01/01/2005

MANAGEMENT

1)	Name of Subject	:	ANIL KUMAR JHUNJHNUWALA
	Position	:	MANAGING DIRECTOR

AUDITOR

Auditor	:	RSM CHIO LIM LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	ANIL KUMAR JHUNJHNUWALA
	IC / PP No	:	S2597940J
	Address	:	5, ALLAMANDA GROVE, 269983, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

OVERSEA-CHINESE BANKING CORPORATION LIMITED

2)

Name

:

UCO BANK

3)

Name

:

INDIAN OVERSEAS BANK

4)

Name

:

CITIBANK N.A.

5)

Name

:

KBC BANK N.V.

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C200803217	08/04/2008	N/A	UCO BANK	-	Unsatisfied
C201008385	20/09/2010	N/A	OVERSEA-CHINESE BANKING CORPORATION LIMITED	-	Unsatisfied
C201101767	10/02/2011	N/A	AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED	-	Unsatisfied
C201101836	14/02/2011	N/A	INDIAN OVERSEAS BANK	-	Unsatisfied
C201200802	18/01/2012	N/A	DBS BANK LTD.	-	Unsatisfied
C201312214	06/09/2013	N/A	CITIBANK N.A.	-	Unsatisfied
C201404360	02/05/2014	N/A	KBC BANK N.V.	-	Unsatisfied
C201505217	04/05/2015	N/A	CTBC BANK CO., LTD.	-	Unsatisfied
C201508518	27/07/2015	N/A	MELAYAN BANKING BERHAD	-	Unsatisfied

LITIGATION CHECK AGAINST SUBJECT

* A check has been conducted in our databank againt the Subject whether the subject has been involved in any litigation.

No legal action was found in our databank.

No winding up petition was found in our databank.

PAYMENT RECORD

SOURCES OF RAW MATERIALS:
Local	:	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	:	WORLDWIDE
Credit Term	:	N/A
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Goods Traded

:

COMMODITIES

Total Number of Employees:
YEAR	2015	2014
GROUP	N/A	N/A
COMPANY	33	31

Branch

:

NO

Other Information:

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

The Subject sells the followings:

* Agro commodities

* Timber

* Pharmacetical

* Textiles 

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-67327180
Match	:	N/A
Address Provided by Client	:	151, CHIN SWEE ROAD, 15-03, MANHATTAN HOUSE,169876,SINGAPORE
Current Address	:	151, CHIN SWEE ROAD, 15-03, MANHATTAN HOUSE, 169876, SINGAPORE.
Match	:	YES

Other Investigations

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

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	2010 - 2014	]
Profit/(Loss) Before Tax	:	Decreased	[	2010 - 2014	]
Return on Shareholder Funds	:	Acceptable	[	20.18%	]
Return on Net Assets	:	Acceptable	[	22.80%	]
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. The Subject's management had generated acceptable return for its shareholders using its assets.
Working Capital Control
Stock Ratio	:	Favourable	[	2 Days	]
Debtor Ratio	:	Favourable	[	40 Days	]
Creditors Ratio	:	Favourable	[	11 Days	]
The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in 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	[	1.26 Times	]
Current Ratio	:	Unfavourable	[	1.32 Times	]
A minimum liquid ratio of 1 should be maintained by the Subject in order to assure its creditors of its ability to meet short term obligations and the Subject was in a good liquidity position. Thus, we believe the Subject is able to meet all its short term obligations as and when they fall due.
Solvency
Interest Cover	:	Favourable	[	115.32 Times	]
Gearing Ratio	:	Unfavourable	[	1.13 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 :	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 1994, the Subject is a Private Limited company, focusing on trading of commodities. The Subject has been in business for over two decades. It has built up a strong clientele base and satisfactory reputation will enable the Subject to further enhance its business in the near term. The Subject is expected to enjoy a stable market shares. A paid up capital of SGD 8,000,000 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. The Subject is operating on a medium scale and it has approximately 33 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 17,123,773, 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.

SUDIMA INTERNATIONAL PTE LTD

Financial Year End	2014-09-30	2013-09-30	2012-09-30	2011-09-30	2010-09-30
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	288,751,539	255,611,481	198,458,745	193,972,531	170,990,170
	----------------	----------------	----------------	----------------	----------------
Total Turnover	288,751,539	255,611,481	198,458,745	193,972,531	170,990,170
Costs of Goods Sold	(278,270,765)	(245,355,846)	(190,240,432)	(187,004,483)	-
	----------------	----------------	----------------	----------------	----------------
Gross Profit	10,480,774	10,255,635	8,218,313	6,968,048	-
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	3,920,751	3,927,086	2,709,845	1,897,986	1,707,494
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	3,920,751	3,927,086	2,709,845	1,897,986	1,707,494
Taxation	(465,467)	(406,269)	(285,504)	(214,770)	(140,421)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	3,455,284	3,520,817	2,424,341	1,683,216	1,567,072
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	7,892,068	4,371,251	1,946,910	1,802,153	(1,162,349)
	----------------	----------------	----------------	----------------	----------------
As restated	7,892,068	4,371,251	1,946,910	1,802,153	(1,162,349)
	----------------	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	11,347,352	7,892,068	4,371,251	3,485,369	404,723
CAPITALISATION FOR BONUS ISSUES	-	-	-	(1,538,459)	-
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	11,347,352	7,892,068	4,371,251	1,946,910	404,723
	=============	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Others	34,297	68,722	101,529	107,468	-
	----------------	----------------	----------------	----------------	----------------
	34,297	68,722	101,529	107,468	-
	=============	=============	=============	=============	-
DEPRECIATION (as per notes to P&L)	494,387	337,676	309,265	265,565	-
	----------------	----------------	----------------	----------------	----------------
	494,387	337,676	309,265	265,565	-
	=============	=============	=============	=============

BALANCE SHEET

SUDIMA INTERNATIONAL PTE LTD

ASSETS EMPLOYED:
FIXED ASSETS	5,264,358	1,431,474	1,246,674	1,282,148	1,603,900
Investment properties	1,417,779	1,462,635	1,529,257	1,475,952	-
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	1,417,779	1,462,635	1,529,257	1,475,952	-
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	6,682,137	2,894,109	2,775,931	2,758,100	1,603,900
Stocks	1,878,909	1,222,259	998,644	969,252	-
Trade debtors	31,350,898	21,729,315	23,255,457	17,364,382	-
Other debtors, deposits & prepayments	1,264,918	1,684,852	785,277	5,540,750	-
Amount due from related companies	29,066	283,482	280,143	-	-
Cash & bank balances	1,399,450	3,004,957	1,685,763	2,234,213	-
Others	8,526,201	7,710,522	6,276,804	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	44,449,442	35,635,387	33,282,088	26,108,597	24,949,384
	----------------	----------------	----------------	----------------	----------------
TOTAL ASSET	51,131,579	38,529,496	36,058,019	28,866,697	26,553,284
	=============	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	8,231,517	8,542,578	6,548,277	5,337,975	-
Other creditors & accruals	1,897,566	1,217,042	1,044,953	1,192,620	-
Hire purchase & lease creditors	14,330	12,912	13,465	9,689	-
Short term borrowings/Term loans	79,997	104,247	386,152	537,064	-
Other borrowings	19,072,502	9,925,665	12,810,299	8,231,402	-
Amounts owing to holding company	4,155,560	4,352,296	4,362,375	4,734,728	-
Provision for taxation	332,866	328,316	248,415	208,373	-
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	33,784,338	24,483,056	25,413,936	20,251,851	18,952,541
	----------------	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	10,665,104	11,152,331	7,868,152	5,856,746	5,996,843
	----------------	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	17,347,241	14,046,440	10,644,083	8,614,846	7,600,743
	=============	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	5,595,529	5,595,529	5,595,529	5,595,529	8,000,000
	----------------	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	5,595,529	5,595,529	5,595,529	5,595,529	8,000,000
Revaluation reserve	170,050	170,050	170,050	170,050	-
Exchange equalisation/fluctuation reserve	10,842	70,574	85,467	45,496	-
Retained profit/(loss) carried forward	11,347,352	7,892,068	4,371,251	1,946,910	404,723
Others	-	-	-	-	(1,671,512)
	----------------	----------------	----------------	----------------	----------------
TOTAL RESERVES	11,528,244	8,132,692	4,626,768	2,162,456	(1,266,789)
	----------------	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	17,123,773	13,728,221	10,222,297	7,757,985	6,733,211
Long term loans	207,274	287,271	378,493	797,117	-
Lease obligations	16,194	30,948	43,293	59,744	-
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	223,468	318,219	421,786	856,861	867,532
	----------------	----------------	----------------	----------------	----------------
	17,347,241	14,046,440	10,644,083	8,614,846	7,600,743
	=============	=============	=============	=============	=============

FINANCIAL RATIO

SUDIMA INTERNATIONAL PTE LTD

TYPES OF FUNDS
Cash	1,399,450	3,004,957	1,685,763	2,234,213	-
Net Liquid Funds	1,399,450	3,004,957	1,685,763	2,234,213	-
Net Liquid Assets	8,786,195	9,930,072	6,869,508	4,887,494	5,996,843
Net Current Assets/(Liabilities)	10,665,104	11,152,331	7,868,152	5,856,746	5,996,843
Net Tangible Assets	17,347,241	14,046,440	10,644,083	8,614,846	7,600,743
Net Monetary Assets	8,562,727	9,611,853	6,447,722	4,030,633	5,129,311
PROFIT & LOSS ITEMS
Earnings Before Interest & Tax (EBIT)	0	0	2,811,374	2,005,454	-
Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)	0	0	3,120,639	2,271,019	-
BALANCE SHEET ITEMS
Total Borrowings	19,390,297	10,361,043	13,631,702	9,635,016	-
Total Liabilities	34,007,806	24,801,275	25,835,722	21,108,712	19,820,073
Total Assets	51,131,579	38,529,496	36,058,019	28,866,697	26,553,284
Net Assets	17,347,241	14,046,440	10,644,083	8,614,846	7,600,743
Net Assets Backing	17,123,773	13,728,221	10,222,297	7,757,985	6,733,211
Shareholders' Funds	17,123,773	13,728,221	10,222,297	7,757,985	6,733,211
Total Share Capital	5,595,529	5,595,529	5,595,529	5,595,529	8,000,000
Total Reserves	11,528,244	8,132,692	4,626,768	2,162,456	(1,266,789)
LIQUIDITY (Times)
Cash Ratio	0.04	0.12	0.07	0.11	-
Liquid Ratio	1.26	1.41	1.27	1.24	-
Current Ratio	1.32	1.46	1.31	1.29	1.32
WORKING CAPITAL CONTROL (Days)
Stock Ratio	2	2	2	2	-
Debtors Ratio	40	31	43	33	-
Creditors Ratio	11	13	13	10	-
SOLVENCY RATIOS (Times)
Gearing Ratio	1.13	0.75	1.33	1.24	-
Liabilities Ratio	1.99	1.81	2.53	2.72	2.94
Times Interest Earned Ratio	115.32	58.14	27.69	18.66	-
Assets Backing Ratio	3.10	2.51	1.90	1.54	0.95
PERFORMANCE RATIO (%)
Operating Profit Margin	1.36	1.54	1.37	0.98	1.00
Net Profit Margin	1.20	1.38	1.22	0.87	0.92
Return On Net Assets	22.80	28.45	26.41	23.28	22.46
Return On Capital Employed	22.78	28.42	26.38	23.25	22.46
Return On Shareholders' Funds/Equity	20.18	25.65	23.72	21.70	23.27
Dividend Pay Out Ratio (Times)	0	0	0	0	-
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.09
UK Pound	1	Rs.101.04
Euro	1	Rs.70.85

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%)

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

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