MIRA INFORM REPORT

Report No. :	351757
Report Date :	28.11.2015

IDENTIFICATION DETAILS

Name :	PACORINI METALS (ASIA) PTE. LTD.

Formerly Known As :	PACORINI TOLL PTE. LTD. PACORINI-SEMBLOG (ASIA PACIFIC) PTE. LTD.

Registered Office :	438B, Alexandra Road, 08-01, Alexandra Technopark, 119968

Country :	Singapore

Financials (as on) :	31.12.2013

Date of Incorporation :	17.03.2004

Com. Reg. No.:	200403163-E

Legal Form :	Private Limited

Line of Business :	Providing logistics solution for the metal industries.

No. of Employee :	65 [2015]

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Good

Payment Behaviour :	Regular

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

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.

200403163-E

COMPANY NAME

PACORINI METALS (ASIA) PTE. LTD.

FORMER NAME

PACORINI TOLL PTE. LTD. (02/07/2010)
PACORINI-SEMBLOG (ASIA PACIFIC) PTE. LTD. (17/10/2006)

INCORPORATION DATE

17/03/2004

COMPANY STATUS

EXIST

LEGAL FORM

PRIVATE LIMITED

LISTED STATUS

REGISTERED ADDRESS

438B, ALEXANDRA ROAD, 08-01, ALEXANDRA TECHNOPARK, 119968, SINGAPORE.

BUSINESS ADDRESS

438B, ALEXANDRA ROAD, 08-01, ALEXANDRA TECNOPARK, 119968, SINGAPORE.

TEL.NO.

65-68737123

FAX.NO.

65-68737123

WEB SITE

WWW.PACORINIMETALS.SG

CONTACT PERSON

WASZKIS PETER MARC ( DIRECTOR )

PRINCIPAL ACTIVITY

PROVIDING LOGISTICS SOLUTION FOR THE METAL INDUSTRIES

ISSUED AND PAID UP CAPITAL

3,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 3,000,000.00

SALES

USD 115,695,146 [2014]

NET WORTH

USD 53,352,440 [2014]

STAFF STRENGTH

65 [2015]

BANKER (S)

SOCIETE GENERALE

LITIGATION

CLEAR

FINANCIAL CONDITION

STRONG

PAYMENT

REGULAR

MANAGEMENT CAPABILITY

AVERAGE

COMMERCIAL RISK

LOW

CURRENCY EXPOSURE

MODERATE

GENERAL REPUTATION

SATISFACTORY

INDUSTRY OUTLOOK

MARGINAL 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) providing logistics solution for the metal industries.

The immediate holding company of the Subject is GLENCORE ASIAN HOLDINGS PTE. LTD., a company incorporated in SINGAPORE.

Share Capital History

Date	Issue & Paid Up Capital
26/11/2015	SGD 3,000,000.00

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

Current Shareholder(s) :

Name	Address	IC/PP/Loc No	Shareholding	(%)
GLENCORE ASIAN HOLDINGS PTE. LTD.	1, TEMASEK AVENUE, 34-01, MILLENIA TOWER	200715492W	3,000,000.00	100.00
			---------------	------
			3,000,000.00	100.00
			============	=====

+ Also Director

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

Local No	Country	Company	Status	(%)	As At
	CHINA	PACORINI METALS (SHANGHAI) LOGISTICS COMPANY LIMITED	-	100.00	31/12/2014
201205116	SINGAPORE	PMA HOLDINGS PTE. LTD.	-	100.00	26/11/2015
011	KOREA	PACORINI METALS (KOREA) LIMITED	-	100.00	31/12/2014
	HONG KONG	PACORINI METALS (HK) LIMITED	-	100.00	31/12/2014
	INDONESIA	PT . PACORINI METALS INDONESIA	-	60.00	31/12/2014

DIRECTORS

DIRECTOR 1

Name Of Subject	:	GAN WAN PIN
Address	:	1, AMBER ROAD, 08-04, 439845, SINGAPORE.
IC / PP No	:	S7441038C



Nationality	:	SINGAPOREAN
Date of Appointment	:	15/10/2014

DIRECTOR 2

Name Of Subject	:	KALMIN GARY IAN
Address	:	BERNOLDWEG 10, 6300 ZUG, SWITZERLAND.
IC / PP No	:	M6165246



Nationality	:	AUSTRALIAN
Date of Appointment	:	13/09/2010

DIRECTOR 3

Name Of Subject	:	WASZKIS PETER MARC
Address	:	OBSTGARTEN 3, CH-6402, MERLISCHACHEN, SWITZERLAND.
IC / PP No	:	C4YLKF1MY



Nationality	:	GERMAN
Date of Appointment	:	29/05/2005

DIRECTOR 4

Name Of Subject	:	VERMEULEN ALFRED
Address	:	93, WEST COAST DRIVE, 08-30, HUNDRED TREES, 128018, SINGAPORE.
IC / PP No	:	G5855497P



Nationality	:	DUTCH
Date of Appointment	:	15/10/2014

MANAGEMENT

1)	Name of Subject	:	WASZKIS PETER MARC
	Position	:	DIRECTOR

AUDITOR

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

COMPANY SECRETARIES

1)	Company Secretary	:	KOH HUI LIAK
	IC / PP No	:	S0059247A

	Address	:	842, SIMS AVENUE, 10-764, 400842, 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
C201405856	11/06/2014	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	:	N/A
Overseas	:	N/A

The Subject is a service provider and it does not deal with any trade supplier.

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	:	AS AGREED

Payment Mode	:	TELEGRAPHIC TRANSFER (TT) CHEQUES

OPERATIONS

Services

PROVIDING LOGISTICS SOLUTION FOR THE METAL INDUSTRIES

Total Number of Employees:
YEAR	2015	2014	2013

GROUP	N/A	N/A	N/A
COMPANY	65	30	30

Branch

Other Information:

The Subject is principally engaged in the (as a / as an) providing logistics solution for the metal industries.

The Subject is a leading specialized provider of integrated logistics solutions for the metals industries and trade finance facilitation services in Asia.

The Subject's mission is to continuously innovate and improve, through the use of technology enablers and superior operational processes, to offer reliable, value-adding, and cost efficient services to our clients.

Besides that, Subject will be able to examine a proposed transaction from every angle and can perform risk identification and risk measurement to suggest risk control and mitigation solutions that are optimal and realistic.

The Subject provides specialized logistics solutions for non-ferrous metals, covering London Metal Exchange (“LME”) registered metals and other metal-related products (e.g. aluminum, copper, zinc, lead, nickel and tin in various forms, shapes and packing including concentrates in bulk)

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	6568737123
Current Telephone Number	:	65-68737123
Match	:	YES

Address Provided by Client	:	438B, ALEXANDRA ROAD, 08-01, ALEXANDRA TECNOPARK,119968,SINGAPORE
Current Address	:	438B, ALEXANDRA ROAD, 08-01, ALEXANDRA TECNOPARK, 119968, SINGAPORE.
Match	:	YES

Other Investigations

On 25th November 2015 we contacted one of the staff from the Subject and she provided some information.

FINANCIAL ANALYSIS

Profitability
Return on Shareholder Funds	:	Favourable	[	46.45%	]
Return on Net Assets	:	Favourable	[	48.21%	]

Generally the Subject was profitable. The favourable return on shareholders' funds and return on net assets indicate that the Subject's management was efficient in utilising the assets to generate returns.

Working Capital Control
Stock Ratio	:	Nil	[	0 Days	]
Debtor Ratio	:	Favourable	[	45 Days	]
Creditors Ratio	:	Favourable	[	48 Days	]

As the Subject is a service oriented company, the Subject does not need to keep stocks. The favourable debtors' days could be due to the good credit control measures implemented by the Subject. The Subject had a favourable creditors' ratio where the Subject could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.

Liquidity
Liquid Ratio	:	Favourable	[	3.34 Times	]
Current Ratio	:	Favourable	[	3.34 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	[	3,590.24 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 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 : STRONG

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 :	ECONOMY


The Ministry of Trade and Industry (MTI) announced that it expects the Singapore economy to grow by around 3.0% in 2014, and by 2.0 to 4.0% in 2015. Besides that in 2013, the economy grew by 4.1%, higher than the 1.9% growth in 2012. This was mainly due to strong growth in the services producing industries, particularly the finance & insurance, as well as wholesale & retail trade sectors.

In 2013, all sectors contributed positively to growth. Finance & insurance was the largest contributor (1.2 percentage-points), followed by wholesale & retail trade (0.8 percentage-points) and business services (0.6 percentage-points). Growth in the manufacturing sector was improved by 1.7%, on the back of strong growth in the electronics and transport engineering clusters. By contrast, growth in the construction sector moderated to 5.9%, from 8.6% in 2012.

Growth in the services producing industries picked up to 5.3% in 2013, from 2.0% in 2012. This was mainly due to stronger growth in the finance & insurance and wholesale & retail trade sectors. The finance & insurance sector grew by 11%, up from 1.3% in the previous year. The wholesale & retail trade sector has expanded by 5.0%, after declining by 1.4% the year before.

For the whole of 2013, growth in total demand was 3.1%, similar to the pace of growth in 2012. External demand was the key contributor to total demand growth, accounting for 2.7 percentage-points, or almost 90%, of the increase. External demand grew at a faster pace of 3.6%, compared to the 1.4% growth in 2012. This was supported mainly by growth in the exports of machinery & transport equipment, miscellaneous manufactures, and transport services. Total domestic demand rose by a modest 1.7%, following the 8.6% increase in 2012. The slower growth in total domestic demand was primarily due to the decline in gross fixed capital formation (GFCF).

For the full year, total consumption expenditure grew by 4.4% in 2013, faster than the 2.8% growth in 2012. Public consumption expenditure increased by 11%, a strong rebound from the 1.9% decline in 2012. Private consumption expenditure recorded gains of 2.7%, moderating from the 4.1% increase in the preceding year.

Furthermore, in the first three quarters of 2014, the Singapore economy grew by 3.3% on a year-on-year basis. For the rest of the year, growth is expected to ease slightly on a year-on-year basis, in line with a projected slowdown in the global economy. Externally-oriented sectors such as the manufacturing and transportation & storage sectors are likely to slow, whereas growth in the construction sector will continue to be weighed down by the weakness in private sector construction activities. On the other hand, domestically-oriented sectors like business services are likely to remain resilient.

Additionally, the labour market in Singapore is expected to remain tight in 2015, with low unemployment and rising vacancy rates. Against this global and domestic backdrop, the growth outlook for the Singapore economy remains modest. In tandem with the expected pick-up in external demand, externally-oriented sectors such as manufacturing, wholesale trade and finance & insurance are likely to provide support to growth. While some domestically-oriented sectors such as businesses services are expected to remain resilient, labour-intensive ones like construction, retail and food services may see their growth weighed down by labour constraints.

OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 2004, the Subject is a Private Limited company, focusing on providing logistics solution for the metal industries. 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 3,000,000 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 moderate size company, the Subject has a total workforce of 65 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.

The Subject has generated its turnover of USD 115,695,146 and its pre tax profit of USD 25,767,176. 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. 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 53,352,440, 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 has reached its maturity stage and only enjoying a marginal growth. The steady growth of the country's economy will further enhance the industry activities. Thus, the Subject's future performance is very much depend on its marketing strategies in order to retain its position in the market.

In view of the above favourable condition, we recommend credit be proceeded to the Subject with favourable term.

PROFIT AND LOSS ACCOUNT

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

Financial Year End	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31
Months	12	12	12	12	12
Consolidated Account	Company	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	115,695,146	150,682,472	138,295,802	96,711,926	98,454,519
Other Income	1,385,347	517,236	932,858	494,980	-
	----------------	----------------	----------------	----------------	----------------
Total Turnover	117,080,493	151,199,708	139,228,660	97,206,906	98,454,519
Costs of Goods Sold	(83,845,610)	(117,061,197)	(107,541,637)	(72,186,757)	-
	----------------	----------------	----------------	----------------	----------------
Gross Profit	33,234,883	34,138,511	31,687,023	25,020,149	-
	----------------	----------------	----------------	----------------	----------------

PROFIT/(LOSS) FROM OPERATIONS	25,767,176	26,483,667	27,321,687	21,157,508	13,260,339
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	25,767,176	26,483,667	27,321,687	21,157,508	13,260,339
Taxation	(987,121)	(6,645,940)	(4,587,279)	(3,580,370)	(1,557,200)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	24,780,055	19,837,727	22,734,408	17,577,138	11,703,139
Minority interests	-	10	-	-	-
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	61,673,862	61,022,978	38,288,570	20,711,432	2,179,947
	----------------	----------------	----------------	----------------	----------------
As restated	61,673,862	61,022,978	38,288,570	20,711,432	2,179,947
	----------------	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	86,453,917	80,860,715	61,022,978	38,288,570	13,883,086
DIVIDENDS - Ordinary (paid & proposed)	(35,000,000)	(15,000,000)	-	-	-
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	51,453,917	65,860,715	61,022,978	38,288,570	13,883,086
	=============	=============	=============	=============	=============

INTEREST EXPENSE (as per notes to P&L)
Others	7,179	-	-	-	-
	----------------	----------------	----------------	----------------	----------------
	7,179	-	-	-	-
	=============	-	-	-	-

DEPRECIATION (as per notes to P&L)	466,198	429,113	194,527	100,813	-
	----------------	----------------	----------------	----------------	----------------
	466,198	429,113	194,527	100,813	-
	=============	=============	=============	=============

BALANCE SHEET

ASSETS EMPLOYED:
FIXED ASSETS	1,058,524	1,644,525	1,094,298	360,406	395,852

LONG TERM INVESTMENTS/OTHER ASSETS
Subsidiary companies	2,309,391	-	-	-	-
Associated companies	-	827,879	629,475	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	2,309,391	827,879	629,475	-	-

	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	3,367,915	2,472,404	1,723,773	360,406	395,852

Trade debtors	14,365,457	10,859,506	15,733,973	33,258,411	-
Other debtors, deposits & prepayments	17,693,726	11,410,694	5,216,148	17,779,829	-
Amount due from subsidiary companies	150,261	-	-	-	-
Amount due from related companies	36,286,308	46,516,605	44,230,827	2,852,592	-
Cash & bank balances	3,033,553	10,581,653	5,550,565	2,648,531	-
Others	-	16,690,819	17,327,250	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	71,529,305	96,059,277	88,058,763	56,539,363	26,375,586
	----------------	----------------	----------------	----------------	----------------
TOTAL ASSET	74,897,220	98,531,681	89,782,536	56,899,769	26,771,438
	=============	=============	=============	=============	=============

CURRENT LIABILITIES
Trade creditors	10,967,488	16,189,975	16,161,470	10,927,491	-
Other creditors & accruals	1,162,610	7,625,837	2,006,740	1,356,464	-
Deposits from customers	50,191	188,551	1,174,477	-	-
Amounts owing to subsidiary companies	5,621,079	-	-	-	-
Amounts owing to related companies	8,998	95,426	2,324,028	-	-
Provision for taxation	3,626,414	3,305,951	5,063,113	4,335,539	-
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	21,436,780	27,405,740	26,729,828	16,619,494	9,888,352
	----------------	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	50,092,525	68,653,537	61,328,935	39,919,869	16,487,234
	----------------	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	53,460,440	71,125,941	63,052,708	40,280,275	16,883,086
	=============	=============	=============	=============	=============

SHARE CAPITAL
Ordinary share capital	1,898,523	1,898,523	1,898,523	1,898,523	3,000,000
	----------------	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	1,898,523	1,898,523	1,898,523	1,898,523	3,000,000

Exchange equalisation/fluctuation reserve	-	252,698	131,207	93,182	-
Retained profit/(loss) carried forward	51,453,917	65,860,715	61,022,978	38,288,570	13,883,086
	----------------	----------------	----------------	----------------	----------------
TOTAL RESERVES	51,453,917	66,113,413	61,154,185	38,381,752	13,883,086

MINORITY INTEREST	-	164,005	-	-	-
	----------------	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	53,352,440	68,175,941	63,052,708	40,280,275	16,883,086

Deferred taxation	108,000	2,950,000	-	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	108,000	2,950,000	-	-	-
	----------------	----------------	----------------	----------------	----------------
	53,460,440	71,125,941	63,052,708	40,280,275	16,883,086
	=============	=============	=============	=============	=============

FINANCIAL RATIO

TYPES OF FUNDS
Cash	3,033,553	10,581,653	5,550,565	2,648,531	-
Net Liquid Funds	3,033,553	10,581,653	5,550,565	2,648,531	-
Net Liquid Assets	50,092,525	68,653,537	61,328,935	39,919,869	16,487,234
Net Current Assets/(Liabilities)	50,092,525	68,653,537	61,328,935	39,919,869	16,487,234
Net Tangible Assets	53,460,440	71,125,941	63,052,708	40,280,275	16,883,086
Net Monetary Assets	49,984,525	65,703,537	61,328,935	39,919,869	16,487,234
PROFIT & LOSS ITEMS
Earnings Before Interest & Tax (EBIT)	25,774,355	26,483,667	27,321,687	21,157,508	-
Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)	26,240,553	26,912,780	27,516,214	21,258,321	-
BALANCE SHEET ITEMS
Total Borrowings	0	0	0	0	-
Total Liabilities	21,544,780	30,355,740	26,729,828	16,619,494	9,888,352
Total Assets	74,897,220	98,531,681	89,782,536	56,899,769	26,771,438
Net Assets	53,460,440	71,125,941	63,052,708	40,280,275	16,883,086
Net Assets Backing	53,352,440	68,175,941	63,052,708	40,280,275	16,883,086
Shareholders' Funds	53,352,440	68,175,941	63,052,708	40,280,275	16,883,086
Total Share Capital	1,898,523	1,898,523	1,898,523	1,898,523	3,000,000
Total Reserves	51,453,917	66,113,413	61,154,185	38,381,752	13,883,086
LIQUIDITY (Times)
Cash Ratio	0.14	0.39	0.21	0.16	-
Liquid Ratio	3.34	3.51	3.29	3.40	-
Current Ratio	3.34	3.51	3.29	3.40	2.67
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0	0	0	-
Debtors Ratio	45	26	42	126	-
Creditors Ratio	48	50	55	55	-
SOLVENCY RATIOS (Times)
Gearing Ratio	0	0	0	0	-
Liabilities Ratio	0.40	0.45	0.42	0.41	0.59
Times Interest Earned Ratio	3,590.24	0	0	0	-
Assets Backing Ratio	28.16	37.46	33.21	21.22	5.63
PERFORMANCE RATIO (%)
Operating Profit Margin	22.27	17.58	19.76	21.88	13.47
Net Profit Margin	21.42	13.17	16.44	18.17	11.89
Return On Net Assets	48.21	37.23	43.33	52.53	78.54
Return On Capital Employed	48.21	37.15	43.33	52.53	78.54
Return On Shareholders' Funds/Equity	46.45	29.10	36.06	43.64	69.32
Dividend Pay Out Ratio (Times)	1.41	0.76	0	0	-
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.75
UK Pound	1	Rs.100.68
Euro	1	Rs.70.88
SGD	1	Rs.47.26

Note : Above are approximate rates obtained from sources believed to be correct

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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