MIRA INFORM REPORT

Report No. :	343222
Report Date :	03.10.2015

IDENTIFICATION DETAILS

Name :	FROST GLOBAL PTE. LTD.
Registered Office :	10, Anson Road, 18-24, International Plaza, 079903
Country :	Singapore
Financials (as on) :	31.03.2014
Date of Incorporation :	11.04.2008
Com. Reg. No.:	200807142-H
Legal Form :	Private Limited
Line of Business :	Trading of mineral fuels and lubricants.
No. of Employees :	9 [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 :	Moderate
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.	:	200807142-H
COMPANY NAME	:	FROST GLOBAL PTE. LTD.
FORMER NAME	:	N/A
INCORPORATION DATE	:	11/04/2008
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	10, ANSON ROAD, 18-24, INTERNATIONAL PLAZA, 079903, SINGAPORE.
BUSINESS ADDRESS	:	10, ANSON ROAD, 18-24, INTERNATIONAL PLAZA, 079903, SINGAPORE.
TEL.NO.	:	65-62278086
FAX.NO.	:	65-62278682
CONTACT PERSON	:	TODI ASHISH ( DIRECTOR )
PRINCIPAL ACTIVITY	:	TRADING OF MINERAL FUELS AND LUBRICANTS
ISSUED AND PAID UP CAPITAL	:	10,203,246.00 ORDINARY SHARE, OF A VALUE OF SGD 10,203,246.00
SALES	:	USD 460,955,612 [2014]
NET WORTH	:	USD 17,005,087 [2014]
STAFF STRENGTH	:	9 [2015]
BANKER (S)		BANK OF INDIA DBS BANK LTD INDIAN OVERSEAS BANK THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED UCO BANK THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED OVERSEA-CHINESE BANKING CORPORATION LIMITED RHB BANK BHD UNITED OVERSEAS BANK LIMITED
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	LIMITED
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 mineral fuels and lubricants.

The immediate holding company of the Subject is FROST INTERNATIONAL LTD, a company incorporated in INDIA.

Share Capital History

Date	Issue & Paid Up Capital
30/09/2015	SGD 10,203,246.00

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

Current Shareholder(s) :

Name	Address	IC/PP/Loc No	Shareholding	(%)
TODI ASHISH +	1, TANJONG RHU ROAD, 14-03, THE WATERSIDE, 436879, SINGAPORE.	S7069930C	4,051,213.00	39.71
FROST INTERNATIONAL LTD	402, KALPANA PLAZA, 24/147B, BIRHANA ROAD, 208001, KANPUR, INDIA.	T08UF2578	6,152,033.00	60.29
			---------------	------
			10,203,246.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	MR. UDAY JAYAM DESAI
Address	:	S-279, PANCHSHEEL PARK, DELHI, 2ND FLOOR, 110017, INDIA.
IC / PP No	:	Z2775352
Nationality	:	INDIAN
Date of Appointment	:	30/04/2008

DIRECTOR 2

Name Of Subject	:	TODI ASHISH
Address	:	1, TANJONG RHU ROAD, 14-03, THE WATERSIDE, 436879, SINGAPORE.
IC / PP No	:	S7069930C
Nationality	:	SINGAPOREAN
Date of Appointment	:	30/04/2008

MANAGEMENT

1)	Name of Subject	:	TODI ASHISH
	Position	:	DIRECTOR

AUDITOR

Auditor	:	STAMFORD ASSOCIATES LLP
Auditor' Address	:	N/A

Auditor	:	STAMFORD ASSOCIATES LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	ANJANA NARAYANAN @ ROSITHA BANU
	IC / PP No	:	S7682158E
	Address	:	97, BEDOK NORTH AVENUE 4, 08-1515, 460097, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

BANK OF INDIA

2)

Name

:

DBS BANK LTD

3)

Name

:

INDIAN OVERSEAS BANK

4)

Name

:

THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED

5)

Name

:

UCO BANK

6)

Name

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

7)

Name

:

OVERSEA-CHINESE BANKING CORPORATION LIMITED

8)

Name

:

RHB BANK BHD

9)

Name

:

UNITED OVERSEAS BANK LIMITED

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C200808784	20/09/2008	N/A	BANK OF INDIA	-	Unsatisfied
C201000318	12/01/2010	N/A	DBS BANK LTD	-	Unsatisfied
C201102219	21/02/2011	N/A	THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED	-	Unsatisfied
C201105289	28/04/2011	N/A	UCO BANK	-	Unsatisfied
C201105332	29/04/2011	N/A	DBS BANK LTD	-	Unsatisfied
C201105336	29/04/2011	N/A	DBS BANK LTD	-	Unsatisfied
C201107708	27/06/2011	N/A	INDIAN OVERSEAS BANK	-	Unsatisfied
C201107711	27/06/2011	N/A	INDIAN OVERSEAS BANK	-	Unsatisfied
C201305004	11/04/2013	N/A	UNION BANK OF INDIA, HONG KONG BRANCH	-	Unsatisfied
C201305008	11/04/2013	N/A	UNION BANK OF INDIA, HONG KONG BRANCH	-	Unsatisfied
C201401111	27/01/2014	N/A	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	-	Unsatisfied
C201410741	02/10/2014	N/A	AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED	-	Unsatisfied
C201410743	02/10/2014	N/A	AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED	-	Unsatisfied
C201500759	19/01/2015	N/A	OVERSEA-CHINESE BANKING CORPORATION LIMITED	-	Unsatisfied
C201503765	25/03/2015	N/A	RHB BANK BHD	-	Unsatisfied
C201504213	06/04/2015	N/A	RHB BANK BHD	-	Unsatisfied
C201504485	13/04/2015	N/A	UNITED OVERSEAS BANK 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	:	N/A
Overseas	:	N/A

The Subject refused to disclose it'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	[	X	]	Average 61-90 Days	[	]
Fair 91-120 Days	[	]	Poor >120 Days	[		]

CLIENTELE

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

OPERATIONS

Goods Traded

:

FUELS AND LUBRICANTS

Total Number of Employees:
YEAR	2015	2014	2012
GROUP	N/A	N/A	N/A
COMPANY	9	12	10

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) trading of mineral fuels and lubricants.

Products dealing:
* Agro products
* Metals
* Minerals
* Petrochemicals
* Textiles

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that:

Telephone Number Provided By Client	:	6562278086
Current Telephone Number	:	65-62278086
Match	:	YES
Address Provided by Client	:	10 ANSON ROAD 18-24 INTERNATIONAL PLAZA,079903,SINGPAORE
Current Address	:	10, ANSON ROAD, 18-24, INTERNATIONAL PLAZA, 079903, SINGAPORE.
Match	:	YES

Other Investigations

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

FINANCIAL ANALYSIS

Profitability
Turnover	:	Erratic	[	2010 - 2014	]
Profit/(Loss) Before Tax	:	Increased	[	2010 - 2014	]
Return on Shareholder Funds	:	Acceptable	[	15.79%	]
Return on Net Assets	:	Favourable	[	33.75%	]
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	:	Favourable	[	42 Days	]
Creditors Ratio	:	Favourable	[	1 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	[	1.21 Times	]
Current Ratio	:	Unfavourable	[	1.21 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	[	2.05 Times	]
Gearing Ratio	:	Unfavourable	[	3.84 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 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. 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'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 : LIMITED

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 2008, the Subject is a Private Limited company, focusing on trading of mineral fuels and lubricants. 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 10,203,246 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.

Investigation revealed, 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 9 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 17,005,087, 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 normally.

PROFIT AND LOSS ACCOUNT

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

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	FULL	FULL
Currency	USD	USD	USD	USD	USD
TURNOVER	460,955,612	425,993,988	494,090,089	225,447,543	77,099,037
Other Income	1,804,375	3,247,354	-	-	-
	----------------	----------------	----------------	----------------	----------------
Total Turnover	462,759,987	429,241,342	494,090,089	225,447,543	77,099,037
Costs of Goods Sold	(454,364,774)	(422,596,651)	-	(221,822,579)	(75,799,680)
	----------------	----------------	----------------	----------------	----------------
Gross Profit	8,395,213	6,644,691	-	3,624,964	1,299,357
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	3,175,705	3,007,551	2,646,236	1,914,565	842,145
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	3,175,705	3,007,551	2,646,236	1,914,565	842,145
Taxation	(490,411)	(516,978)	(444,542)	(309,691)	(136,441)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	2,685,294	2,490,573	2,201,694	1,604,874	705,704
Pre-acquisition profit/(loss)	-	515,307	-	-	-
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS	2,685,294	3,005,880	2,201,694	1,604,874	705,704
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS	2,685,294	3,005,880	2,201,694	1,604,874	705,704
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	7,148,702	4,142,822	2,368,121	763,247	57,543
Prior year adjustment	-	-	(426,993)	-	-
	----------------	----------------	----------------	----------------	----------------
As restated	7,148,702	4,142,822	1,941,128	763,247	57,543
	----------------	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	9,833,996	7,148,702	4,142,822	2,368,121	763,247
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	9,833,996	7,148,702	4,142,822	2,368,121	763,247
	=============	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Lease interest	7,694	9,609	-	-	-
Letter of credit	710,490	564,810	-	-	-
Term loan / Borrowing	31,849	33,626	-	-	-
Others	2,288,767	1,386,043	-	748,539	294,359
	----------------	----------------	----------------	----------------	----------------
	3,038,800	1,994,088	-	748,539	294,359
	=============	=============	-	=============	=============
DEPRECIATION (as per notes to P&L)	159,976	160,964	-	99,791	98,010
	----------------	----------------	----------------	----------------	----------------
	159,976	160,964	-	99,791	98,010
	=============	=============	=============	=============	=============

BALANCE SHEET

ASSETS EMPLOYED:
FIXED ASSETS	2,393,979	2,548,699	2,471,387	1,895,903	1,990,356
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	2,393,979	2,548,699	2,471,387	1,895,903	1,990,356
Stocks	-	-	-	2,507,161	-
Trade debtors	53,288,013	50,839,745	-	9,989,216	26,458,530
Other debtors, deposits & prepayments	20,082,513	15,405,537	-	9,148,268	1,224,939
Short term deposits	14,713,071	135,198,561	-	58,979,353	4,729,979
Amount due from holding company	-	-	-	-	302,851
Amount due from director	-	-	-	518,137	194,871
Cash & bank balances	4,006,447	4,883,600	-	2,542,118	1,561,494
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	92,090,044	206,327,443	251,803,188	83,684,253	34,472,664
	----------------	----------------	----------------	----------------	----------------
TOTAL ASSET	94,484,023	208,876,142	254,274,575	85,580,156	36,463,020
	=============	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	694,944	5,948,172	-	58,294,187	7,708,130
Other creditors & accruals	10,862,103	286,681	-	252,496	1,481,288
Hire purchase & lease creditors	20,940	22,545	-	17,119	15,287
Short term borrowings/Term loans	99,828	101,232	-	99,515	90,921
Bill & acceptances payable	63,851,934	186,146,564	-	5,294,518	17,868,300
Amounts owing to holding company	1,575	-	-	90,529	-
Amounts owing to director	20,076	39,612	-	-	-
Provision for taxation	521,998	493,282	-	341,983	135,972
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	76,073,398	193,038,088	240,238,534	64,390,347	27,299,898
	----------------	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	16,016,646	13,289,355	11,564,654	19,293,906	7,172,766
	----------------	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	18,410,625	15,838,054	14,036,041	21,189,809	9,163,122
	=============	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	7,171,091	7,171,091	10,203,246	7,171,091	6,671,091
	----------------	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	7,171,091	7,171,091	10,203,246	7,171,091	6,671,091
Retained profit/(loss) carried forward	9,833,996	7,148,702	4,142,822	2,368,121	763,247
Others	-	-	(310,027)	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL RESERVES	9,833,996	7,148,702	3,832,795	2,368,121	763,247
	----------------	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	17,005,087	14,319,793	14,036,041	9,539,212	7,434,338
Long term loans	1,223,920	1,312,621	-	1,412,724	1,334,956
Other long term borrowings	-	-	-	168,021	314,835
Lease obligations	181,618	205,640	-	-	-
Hire purchase creditors	-	-	-	69,852	78,993
Others	-	-	-	10,000,000	-
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	1,405,538	1,518,261	-	11,650,597	1,728,784
	----------------	----------------	----------------	----------------	----------------
	18,410,625	15,838,054	14,036,041	21,189,809	9,163,122
	=============	=============	=============	=============	=============

FINANCIAL RATIO

TYPES OF FUNDS
Cash	18,719,518	140,082,161	-	61,521,471	6,291,473
Net Liquid Funds	(45,132,416)	(46,064,403)	-	56,226,953	(11,576,827)
Net Liquid Assets	16,016,646	13,289,355	11,564,654	16,786,745	7,172,766
Net Current Assets/(Liabilities)	16,016,646	13,289,355	11,564,654	19,293,906	7,172,766
Net Tangible Assets	18,410,625	15,838,054	14,036,041	21,189,809	9,163,122
Net Monetary Assets	14,611,108	11,771,094	11,564,654	5,136,148	5,443,982
PROFIT & LOSS ITEMS
Earnings Before Interest & Tax (EBIT)	6,214,505	5,001,639	-	2,663,104	1,136,504
Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)	6,374,481	5,162,603	-	2,762,895	1,234,514
BALANCE SHEET ITEMS
Total Borrowings	65,378,240	187,788,602	-	7,061,749	19,703,292
Total Liabilities	77,478,936	194,556,349	240,238,534	76,040,944	29,028,682
Total Assets	94,484,023	208,876,142	254,274,575	85,580,156	36,463,020
Net Assets	18,410,625	15,838,054	14,036,041	21,189,809	9,163,122
Net Assets Backing	17,005,087	14,319,793	14,036,041	9,539,212	7,434,338
Shareholders' Funds	17,005,087	14,319,793	14,036,041	9,539,212	7,434,338
Total Share Capital	7,171,091	7,171,091	10,203,246	7,171,091	6,671,091
Total Reserves	9,833,996	7,148,702	3,832,795	2,368,121	763,247
LIQUIDITY (Times)
Cash Ratio	0.25	0.73	-	0.96	0.23
Liquid Ratio	1.21	1.07	-	1.26	1.26
Current Ratio	1.21	1.07	1.05	1.30	1.26
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0	-	4	0
Debtors Ratio	42	44	-	16	125
Creditors Ratio	1	5	-	96	37
SOLVENCY RATIOS (Times)
Gearing Ratio	3.84	13.11	-	0.74	2.65
Liabilities Ratio	4.56	13.59	17.12	7.97	3.90
Times Interest Earned Ratio	2.05	2.51	-	3.56	3.86
Assets Backing Ratio	2.57	2.21	1.38	2.95	1.37
PERFORMANCE RATIO (%)
Operating Profit Margin	0.69	0.71	0.54	0.85	1.09
Net Profit Margin	0.58	0.71	0.45	0.71	0.92
Return On Net Assets	33.75	31.58	18.85	12.57	12.40
Return On Capital Employed	33.72	31.53	18.85	12.56	12.38
Return On Shareholders' Funds/Equity	15.79	20.99	15.69	16.82	9.49
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.65.55
UK Pound	1	Rs.99.17
Euro	1	Rs.73.08

INFORMATION DETAILS

Analysis Done by :	TRI
Report Prepared by :	VNT

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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