MIRA INFORM REPORT

Report No. :	347402
Report Date :	29.10.2015

IDENTIFICATION DETAILS

Name :	XANGBO GLOBAL MARKETS PTE. LTD.
Formerly Known As :	XANGBO MANAGEMENT PTE. LTD
Registered Office :	65, Chulia Street, 36-01, Ocbc Centre, 049513
Country :	Singapore
Financials (as on) :	30.06.2014
Date of Incorporation :	24.07.2007
Com. Reg. No.:	200713446-E
Legal Form :	Private Limited
Line of Business :	Trading of Commodities, Other Investment Holding Companies.
No. of Employees :	15 [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 :	Slow but correct
Litigation :	Clear

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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 in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but rebounded 15.1% in 2010, on the strength of renewed exports. Growth in 2014 was slower at 13.9%, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub. Singapore is a member of the 12-nation Trans-Pacific Partnership free trade agreement negotiations and, with the nine other ASEAN members, will form the ASEAN Economic Community in 2015.

Source : CIA

EXECUTIVE SUMMARY

REGISTRATION NO.	:	200713446-E
COMPANY NAME	:	XANGBO GLOBAL MARKETS PTE. LTD.
FORMER NAME	:	XANGBO MANAGEMENT PTE. LTD. (23/12/2009)
INCORPORATION DATE	:	24/07/2007
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	65, CHULIA STREET, 36-01, OCBC CENTRE, 049513, SINGAPORE.
BUSINESS ADDRESS	:	65, CHULIA STREET, 36-01, OCBC CENTRE, 049513, SINGAPORE.
TEL.NO.	:	65-63030730
FAX.NO.	:	N/A
EMAIL	:	NFO@XANGBO.COM
WEB SITE	:	WWW.XANGBO.COM
CONTACT PERSON	:	ANDREW ANOOP SINGH ( DIRECTOR )
PRINCIPAL ACTIVITY	:	TRADING OF COMMODITIES, OTHER INVESTMENT HOLDING COMPANIES
ISSUED AND PAID UP CAPITAL	:	1,500,000.00 ORDINARY SHARE, OF A VALUE OF SGD 1,500,000.00
SALES	:	USD 83,435,673 [2014]
NET WORTH	:	USD 2,491,649 [2014]
STAFF STRENGTH	:	15 [2015]
BANKER (S)		OVERSEA-CHINESE BANKING CORPORATION LTD STANDARD CHARTERED BANK THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD BARCLAYS BANK PLC DEUTSCHE BANK AKTIENGESELLSCHAFT
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	LIMITED
PAYMENT	:	POOR
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, other investment holding companies.

The immediate holding company of the Subject is MARITIME TRADE CORP, a company incorporated in CAYMAN ISLANDS.

Share Capital History

Date	Issue & Paid Up Capital
07/05/2015	SGD 1,500,000.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
MARITIME TRADE CORP	89, NEXUS WAY, CAMANA BAY, KY1-9007, CAYMAN ISLANDS.	T10UF1163	1,500,000.00	100.00
			---------------	------
			1,500,000.00	100.00
			============	=====

+ Also Director

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

Local No	Country	Company	(%)	As At
	TAIWAN	XANGBO TRADING(TAIWAN) CO., LTD	100.00	30/06/2013
	CHINA	YARLUNG XANGBO TRADING(SHANGHAI) CO., LTD	100.00	30/06/2013
	CYPRUS	VOLGA COMMODITY SOLUTIONS LTD	100.00	30/06/2013
	UNITED ARAB EMIRATES	MERCURY COMMODITIES AND TRADING DMCC	100.00	30/06/2013
	GERMANY	XANGBO HANDELGESELLSHAFT DEUTSCHLAND GMBH	100.00	30/06/2013
011	KOREA	XANGBO TRADING(KOREA) CO., LTD	100.00	30/06/2013
	UNITED STATES	XANGBO AMERICA LLC	100.00	30/06/2013
	UNITED STATES	XANGBO AMERICA TRADING COMPANY	100.00	30/06/2013
	BRAZIL	XANGBO DO BRAZIL PARTICIPACOES LTDA	100.00	30/06/2013
	CYPRUS	CALANNA VENTURES LIMITED	100.00	30/06/2013

DIRECTORS

DIRECTOR 1

Name Of Subject	:	GEOFFREY ROWLAND ANIDJAR MAIN
Address	:	29D, BARKER ROAD, BARKER TERRACES, 307505, SINGAPORE.
IC / PP No	:	G5994076M
Nationality	:	BRITISH
Date of Appointment	:	08/12/2014

DIRECTOR 2

Name Of Subject	:	ELENA MEZHERITSKAYA
Address	:	102C, OXLEY RISE, HOLLYWOOD APARTMENTS, 238702, SINGAPORE.
IC / PP No	:	G6103178U
Nationality	:	RUSSIAN
Date of Appointment	:	08/12/2014

MANAGEMENT

1)	Name of Subject	:	ANDREW ANOOP SINGH
	Position	:	DIRECTOR

AUDITOR

Auditor	:	ERNST & YOUNG LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	WONG KAN YEE VALERIE
	IC / PP No	:	S8430798Z
	Address	:	307, CLEMENTI AVENUE 4, 10-373, 120307, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

OVERSEA-CHINESE BANKING CORPORATION LTD

2)

Name

:

STANDARD CHARTERED BANK

3)

Name

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD

4)

Name

:

BARCLAYS BANK PLC

5)

Name

:

DEUTSCHE BANK AKTIENGESELLSCHAFT

ENCUMBRANCE

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C200907796	30/11/2009	N/A	THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD	-	Unsatisfied
C201003168	15/04/2010	N/A	STANDARD CHARTERED BANK	-	Unsatisfied
C201006815	04/08/2010	N/A	ICICI BANK LIMITED	-	Unsatisfied
C201103499	21/03/2011	N/A	OVERSEA-CHINESE BANKING CORPORATION LTD	-	Unsatisfied
C201113034	17/10/2011	N/A	CITIC BANK INTERNATIONAL LIMITED SINGAPORE BRANCH	-	Unsatisfied
C201113037	17/10/2011	N/A	CITIC BANK INTERNATIONAL LIMITED SINAPORE BRANCH	-	Unsatisfied
C201307977	12/06/2013	N/A	BARCLAYS BANK PLC	-	Unsatisfied
C201309097	04/07/2013	N/A	STANDARD CHARTERED BANK	-	Unsatisfied
C201312254	06/09/2013	N/A	STANDARD CHARTERED BANK	-	Unsatisfied
C201312255	06/09/2013	N/A	STANDARD CHARTERED BANK	-	Unsatisfied
C201313514	04/10/2013	N/A	DEUTSCHE BANK AKTIENGESELLSCHAFT	-	Unsatisfied
C201314447	25/10/2013	N/A	STANDARD CHARTERED BANK	-	Unsatisfied
C201314944	05/11/2013	N/A	STANDARD CHARTERED BANK	-	Unsatisfied
C201315333	14/11/2013	N/A	STANDARD CHARTERED BANK	-	Unsatisfied
C201315586	21/11/2013	N/A	STANDARD CHARTERED BANK	-	Unsatisfied
C201316472	10/12/2013	N/A	STANDARD CHARTERED BANK	-	Unsatisfied
C201316767	13/12/2013	N/A	STANDARD CHARTERED BANK	-	Unsatisfied
C201400701	16/01/2014	N/A	STANDARD CHARTERED BANK	-	Unsatisfied
C201400702	16/01/2014	N/A	STANDARD CHARTERED BANK	-	Unsatisfied
C201400705	16/01/2014	N/A	STANDARD CHARTERED BANK	-	Unsatisfied
C201400714	16/01/2014	N/A	STANDARD CHARTERED BANK	-	Unsatisfied
C201401087	27/01/2014	N/A	STANDARD CHARTERED BANK	-	Unsatisfied
C201402563	11/03/2014	N/A	BANK OF COMMUNICATIONS CO., LTD	-	Unsatisfied
C201406672	03/07/2014	N/A	EFG BANK AG (EFG BANK SA) (EFG BANK LTD)	-	Unsatisfied
C201413112	21/11/2014	N/A	EFG BANK CAYMAN BRANCH	-	Unsatisfied
C201504478	10/04/2015	N/A	STANDARD CHARTERED BANK	-	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 staff from the registered office refused to disclose the Subject's suppliers.

The Subject refused to provide any name of trade/service supplier and we are unable to conduct any trade enquiry. However, from financial historical data we conclude that :

OVERALL PAYMENT HABIT
Prompt 0-30 Days	[	]	Good 31-60 Days	[		]	Average 61-90 Days	[	]
Fair 91-120 Days	[	]	Poor >120 Days	[	X	]

CLIENTELE

Local	:	YES
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	WORLDWIDE
Credit Term	:	N/A

OPERATIONS

Goods Traded

:

COMMODITIES

Services

:

OTHER INVESTMENT HOLDING COMPANIES

Total Number of Employees:
YEAR	2015	2014
GROUP	N/A	N/A
COMPANY	15	15

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) trading of commodities, other investment holding companies.

The Subject trades a range of agricultural and natural resource commodities including grains, oilseeds, fertilizer, coal and metals.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-63030730
Match	:	N/A
Address Provided by Client	:	36-01 OCBC CENTRE, 65 CHULIA STREET, SINGAPORE-049513.
Current Address	:	65, CHULIA STREET, 36-01, OCBC CENTRE, 049513, SINGAPORE.
Match	:	YES

Other Investigations

We contacted one of the staff from the Subject's registered office and she provided some information.

The Subject refused to disclose its fax number.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Erratic	[	2010 - 2014	]
Profit/(Loss) Before Tax	:	Decreased	[	2010 - 2014	]
Return on Shareholder Funds	:	Unfavourable	[	4.09%	]
Return on Net Assets	:	Unfavourable	[	0.07%	]
The fluctuating turnover reflects the fierce competition among the existing and new market players.The Subject's profit fell sharply because of the high operating costs incurred. The unfavourable return on shareholders' funds could indicate that the Subject was inefficient in utilising its assets to generate returns.
Working Capital Control
Stock Ratio	:	Nil	[	0 Days	]
Debtor Ratio	:	Unfavourable	[	1098 Days	]
Creditors Ratio	:	Unfavourable	[	4865 Days	]
As the Subject is a service oriented company, the Subject does not need to keep stocks. The Subject's debtors ratio was high. The Subject should tighten its credit control and improve its collection period. The unfavourable creditors' ratio could be due to the Subject taking advantage of the credit granted by its suppliers. However this may affect the goodwill between the Subject and its suppliers and the Subject may inadvertently have to pay more for its future supplies.
Liquidity
Liquid Ratio	:	Favourable	[	1.00 Times	]
Current Ratio	:	Unfavourable	[	1.00 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	:	Nil	[	0.00 Times	]
Gearing Ratio	:	Favourable	[	0.00 Times	]
The Subject's interest cover was nil as it did not pay any interest during the year. 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 recorded lower profits as its turnover showed a erratic trend. The Subject's management was unable to control its costs efficiently as its profit showed a downward trend. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. The Subject did not make any interest payment during the year. The Subject was dependent on its shareholders' funds to finance its business needs. 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 : LIMITED

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	2009	2010	2011	2012	2013
Population (Million)	4.98	5.08	5.18	5.31	5.40
Gross Domestic Products ( % )	(0.8)	14.5	4.9	1.3	3.7
Consumer Price Index	0.6	2.8	5.2	4.6	2.4
Total Imports (Million)	356,299.3	423,221.8	459,655.1	474,554.0	466,762.0
Total Exports (Million)	391,118.1	478,840.7	514,741.2	510,329.0	513,391.0
Unemployment Rate (%)	3.2	2.2	2.1	2.0	1.9
Tourist Arrival (Million)	9.68	11.64	13.17	14.49	15.46
Hotel Occupancy Rate (%)	75.8	85.6	86.5	86.4	86.3
Cellular Phone Subscriber (Million)	1.37	1.43	1.50	1.52	1.97
Registration of New Companies (No.)	26,414	29,798	32,317	31,892	37,288
Registration of New Companies (%)	4.3	12.8	8.5	(1.3)	9.8
Liquidation of Companies (No.)	22,393	15,126	19,005	17,218	17,369
Liquidation of Companies (%)	113.4	(32.5)	25.6	9.4	(5.3)
Registration of New Businesses (No.)	26,876	23,978	23,494	24,788	22,893
Registration of New Businesses (%)	8.15	(10.78)	2.02	5.51	1.70
Liquidation of Businesses (No.)	23,552	24,211	23,005	22,489	22,598
Liquidation of Businesses (%)	11.4	2.8	(5)	(2.2)	0.5
Bankruptcy Orders (No.)	2,058	1,537	1,527	1,748	1,992
Bankruptcy Orders (%)	(11.5)	(25.3)	(0.7)	14.5	14.0
Bankruptcy Discharges (No.)	3,056	2,252	1,391	1,881	2,584
Bankruptcy Discharges (%)	103.7	(26.3)	(38.2)	35.2	37.4
INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	3.25	(0.48)	4.25	3.64	-
Fish Supply & Wholesale	(1.93)	(10.5)	12.10	(0.5)	-
Manufacturing *	71.5	92.8	100.0	100.3	102.0
Food, Beverages & Tobacco	90.4	96.4	100.0	103.5	103.5
Textiles	145.9	122.1	100.0	104.0	87.1
Wearing Apparel	211.0	123.3	100.0	92.1	77.8
Leather Products & Footwear	79.5	81.8	100.0	98.6	109.8
Wood & Wood Products	101.4	104.0	100.0	95.5	107.4
Paper & Paper Products	95.4	106.1	100.0	97.4	103.2
Printing & Media	100.9	103.5	100.0	93.0	86.1
Crude Oil Refineries	96.4	95.6	100.0	99.4	93.5
Chemical & Chemical Products	80.3	97.6	100.0	100.5	104.1
Pharmaceutical Products	49.1	75.3	100.0	109.7	107.2
Rubber & Plastic Products	101.2	112.3	100.0	96.5	92.9
Non-metallic Mineral	91.9	92.5	100.0	98.2	97.6
Basic Metals	92.6	102.2	100.0	90.6	76.5
Fabricated Metal Products	90.8	103.6	100.0	104.3	105.1
Machinery & Equipment	57.3	78.5	100.0	112.9	114.5
Electrical Machinery	86.8	124.1	100.0	99.3	108.5
Electronic Components	85.2	113.6	100.0	90.6	94.3
Transport Equipment	96.0	94.0	100.0	106.3	107.5
Construction	(36.9)	14.20	20.50	28.70	-
Real Estate	1.4	21.3	25.4	31.9	-
Services
Electricity, Gas & Water	1.70	4.00	7.00	6.30	-
Transport, Storage & Communication	3.90	12.80	7.40	5.30	-
Finance & Insurance	(16.4)	(0.4)	8.90	0.50	-
Government Services	4.50	9.70	6.90	6.00	-
Education Services	0.10	(0.9)	(1.4)	0.30	-
* Based on Index of Industrial Production (2011 = 100)

INDUSTRY ANALYSIS

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

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 2007, the Subject is a Private Limited company, focusing on trading of commodities, other investment holding companies. 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 1,500,000 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.

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 15 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.

The Subject's business performance showed a reverse trend as both its turnover and pre-tax profit have decreased compared to the previous year. The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. The Subject is in good liquidity position with its current liabilities well covered by it current assets. Hence, it has sufficient working capital to meet its short term financial obligations. Being a zero geared company, the Subject virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. Given a positive net worth standing at USD 2,491,649, the Subject should be able to maintain its business in the near terms.

Having a strong assets backing, the Subject possesses latent assets as collateral for further financial extension. Hence, it has good chance of getting loans if the needs arises.

The poor payment habit may affect the goodwill between the Subject and its suppliers and the Subject may inadvertently have to pay more for its future supplies.

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	2014-06-30	2013-06-30	2012-06-30	2011-06-30	2010-06-30
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	FULL	SUMMARY	SUMMARY
Currency	USD	USD	USD	SGD	SGD
TURNOVER	83,435,673	91,148,590	47,053,600	147,796,266	214,592,171
	----------------	----------------	----------------	----------------	----------------
Total Turnover	83,435,673	91,148,590	47,053,600	147,796,266	214,592,171
Costs of Goods Sold	(83,101,275)	(91,097,196)	(46,876,028)	-	-
	----------------	----------------	----------------	----------------	----------------
Gross Profit	334,398	51,394	177,572	-	-
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	118,089	306,304	588,922	(1,361,659)	878,052
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	118,089	306,304	588,922	(1,361,659)	878,052
Taxation	(16,273)	26,999	66,241	-	(143,263)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	101,816	333,303	655,163	(1,361,659)	734,789
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	1,124,607	791,304	136,141	1,750,423	1,015,634
	----------------	----------------	----------------	----------------	----------------
As restated	1,124,607	791,304	136,141	1,750,423	1,015,634
	----------------	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	1,226,423	1,124,607	791,304	388,764	1,750,423
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	1,226,423	1,124,607	791,304	388,764	1,750,423
	=============	=============	=============	=============	=============

BALANCE SHEET

ASSETS EMPLOYED:
FIXED ASSETS	-	-	-	1,020,932	49,030,890
LONG TERM INVESTMENTS/OTHER ASSETS
Subsidiary companies	100,728	1,178,858	933,680	-	-
Investment securities	2,497	2,497	2,497	-	-
Deposits	57,751,028	5,750,000	11,613,921	-	-
Others	120,000,000	50,000,000	-	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	177,854,253	56,931,355	12,550,098	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	177,854,253	56,931,355	12,550,098	1,020,932	49,030,890
Trade debtors	250,941,025	115,309,048	32,257,474	-	-
Other debtors, deposits & prepayments	-	-	43,758	-	-
Short term deposits	137,214,095	23,492,474	50,146,971	-	-
Amount due from holding company	976,248	22,972,660	3,364,665	-	-
Amount due from subsidiary companies	285,753,973	291,729	2,060,526	-	-
Amount due from related companies	385,307,597	21,407,564	19,544,663	-	-
Cash & bank balances	72,736,742	708,326	21,416,209	-	-
Others	13,363,559	4,168,344	1,216,973	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	1,146,293,239	188,350,145	130,051,239	163,365,607	144,891,889
	----------------	----------------	----------------	----------------	----------------
TOTAL ASSET	1,324,147,492	245,281,500	142,601,337	164,386,539	193,922,779
	=============	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	1,107,635,011	183,177,526	37,824,629	-	-
Other creditors & accruals	44,935	33,874	50,700	-	-
Amounts owing to holding company	25,539,325	-	79,850,950	-	-
Amounts owing to related companies	340,764	350,214	10,352,055	-	-
Provision for taxation	16,273	-	11,789	-	-
Other liabilities	12,328,150	3,580,053	840,763	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	1,145,904,458	187,141,667	128,930,886	162,613,109	142,777,703
	----------------	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	388,781	1,208,478	1,120,353	752,498	2,114,186
	----------------	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	178,243,034	58,139,833	13,670,451	1,773,430	51,145,076
	=============	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	1,356,363	1,356,363	1,356,363	1,500,000	1,500,000
	----------------	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	1,356,363	1,356,363	1,356,363	1,500,000	1,500,000
Retained profit/(loss) carried forward	1,226,423	1,124,607	791,304	388,764	1,750,423
Others	(91,137)	(91,137)	(91,137)	(115,334)	(115,305)
	----------------	----------------	----------------	----------------	----------------
TOTAL RESERVES	1,135,286	1,033,470	700,167	273,430	1,635,118
	----------------	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	2,491,649	2,389,833	2,056,530	1,773,430	3,135,118
Others	175,751,385	55,750,000	11,613,921	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	175,751,385	55,750,000	11,613,921	-	48,009,958
	----------------	----------------	----------------	----------------	----------------
	178,243,034	58,139,833	13,670,451	1,773,430	51,145,076
	=============	=============	=============	=============	=============

FINANCIAL RATIO

TYPES OF FUNDS
Cash	209,950,837	24,200,800	71,563,180	-	-
Net Liquid Funds	209,950,837	24,200,800	71,563,180	-	-
Net Liquid Assets	388,781	1,208,478	1,120,353	752,498	2,114,186
Net Current Assets/(Liabilities)	388,781	1,208,478	1,120,353	752,498	2,114,186
Net Tangible Assets	178,243,034	58,139,833	13,670,451	1,773,430	51,145,076
Net Monetary Assets	(175,362,604)	(54,541,522)	(10,493,568)	752,498	(45,895,772)
BALANCE SHEET ITEMS
Total Borrowings	0	0	0	-	-
Total Liabilities	1,321,655,843	242,891,667	140,544,807	162,613,109	190,787,661
Total Assets	1,324,147,492	245,281,500	142,601,337	164,386,539	193,922,779
Net Assets	178,243,034	58,139,833	13,670,451	1,773,430	51,145,076
Net Assets Backing	2,491,649	2,389,833	2,056,530	1,773,430	3,135,118
Shareholders' Funds	2,491,649	2,389,833	2,056,530	1,773,430	3,135,118
Total Share Capital	1,356,363	1,356,363	1,356,363	1,500,000	1,500,000
Total Reserves	1,135,286	1,033,470	700,167	273,430	1,635,118
LIQUIDITY (Times)
Cash Ratio	0.18	0.13	0.56	-	-
Liquid Ratio	1.00	1.01	1.01	-	-
Current Ratio	1.00	1.01	1.01	1.00	1.01
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0	0	-	-
Debtors Ratio	1,098	462	250	-	-
Creditors Ratio	4,865	734	295	-	-
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00	0.00	-	-
Liabilities Ratio	530.43	101.64	68.34	91.69	60.86
Times Interest Earned Ratio	0.00	0.00	0.00	-	-
Assets Backing Ratio	131.41	42.86	10.08	1.18	34.10
PERFORMANCE RATIO (%)
Operating Profit Margin	0.14	0.34	1.25	(0.92)	0.41
Net Profit Margin	0.12	0.37	1.39	(0.92)	0.34
Return On Net Assets	0.07	0.53	4.31	(76.78)	1.72
Return On Capital Employed	0.07	0.53	4.31	(76.78)	1.72
Return On Shareholders' Funds/Equity	4.09	13.95	31.86	(76.78)	23.44
Dividend Pay Out Ratio (Times)	0.00	0.00	0.00	-	-
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.04
UK Pound	1	Rs.99.58
Euro	1	Rs.71.75

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	NIT

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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