MIRA INFORM REPORT

Report No. :	347797
Report Date :	31.10.2015

IDENTIFICATION DETAILS

Name :	UIL (SINGAPORE) PTE. LTD.
Registered Office :	143, Cecil Street, 08-01, GB Building, 069542
Country :	Singapore
Financials (as on) :	31.03.2015
Date of Incorporation :	02.09.2009
Com. Reg. No.:	200916245-C
Legal Form :	Private Limited
Line of Business :	The subject is principally engaged in the trading of ferrous and non-ferrous metal, steel products.
No. of Employees :	16 [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.	:	200916245-C
COMPANY NAME	:	UIL (SINGAPORE) PTE. LTD.
FORMER NAME	:	N/A
INCORPORATION DATE	:	02/09/2009
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	143, CECIL STREET, 08-01, GB BUILDING, 069542, SINGAPORE.
BUSINESS ADDRESS	:	50 COLLYER QUAY 08-05 OUE BAYFRONT BUILDING, 049321, SINGAPORE.
TEL.NO.	:	65-69226422
FAX.NO.	:	65-62263641
CONTACT PERSON	:	N/A
PRINCIPAL ACTIVITY	:	TRADING OF FERROUS AND NON-FERROUS METAL, STEEL PRODUCTS
ISSUED AND PAID UP CAPITAL	:	27,798,000.00 ORDINARY SHARE, OF A VALUE OF USD 30,340,000.00
SALES	:	USD 1,008,951,280 [2015]
NET WORTH	:	USD 55,653,281 [2015]
STAFF STRENGTH	:	16 [2015]
BANKER (S)		INDIAN OVERSEAS BANK UCO BANK UNITED OVERSEAS BANK LIMITED CITIBANK N.A. OVERSEA-CHINESE BANKING CORPORATION LIMITED BNP PARIBAS ING BANK N.V.
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	FAIR
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 ferrous and non-ferrous metal, steel products.

The immediate holding company of the Subject is UD TRADING GROUP HOLDING PTE. LTD., a company incorporated in SINGAPORE.

Share Capital History

Date	Issue & Paid Up Capital
29/09/2015	USD 30,340,000.00

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

Current Shareholder(s) :

Name	Address	IC/PP/Loc No	Shareholding	(%)
UD TRADING GROUP HOLDING PTE. LTD.	50, COLLYER QUAY, 08-05, OUE BAYFRONT, 049321, SINGAPORE.	201305101C	23,298,000.00	83.81
USHDEV INTERNATIONAL LTD.	NEW HARILEELA HOUSE MINT ROAD, MUMBAI, 400 001, 6TH FLOOR, INDIA.	T09UF2170	4,500,000.00	16.19
			---------------	------
			27,798,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	PRATEEK VIJAY GUPTA
Address	:	FROND K1, PALM JUMEIRAH DUBAI UAE, UNITED ARAB EMIRATES.
IC / PP No	:	Z2473964
Nationality	:	INDIAN
Date of Appointment	:	02/09/2009

DIRECTOR 2

Name Of Subject	:	DHAVAL HARISH SHAH
Address	:	6, MARINA BOULEVARD, 19-21, THE SAIL @ MARINA BAY, 018985, SINGAPORE.
IC / PP No	:	G5454772U
Nationality	:	INDIAN
Date of Appointment	:	20/06/2013

MANAGEMENT

No data found in our databank.

AUDITOR

Auditor	:	NG, LEE & ASSOCIATES - DFK
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	ROBIN LIM BOON CHENG
	IC / PP No	:	S1249098D
	Address	:	121, BUKIT BATOK CENTRAL, 16-439, 650121, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

INDIAN OVERSEAS BANK

2)

Name

:

UCO BANK

3)

Name

:

UNITED OVERSEAS BANK LIMITED

4)

Name

:

CITIBANK N.A.

5)

Name

:

OVERSEA-CHINESE BANKING CORPORATION LIMITED

6)

Name

:

BNP PARIBAS

7)

Name

:

ING BANK N.V.

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C201012095	14/12/2010	N/A	INDIAN OVERSEAS BANK	-	Unsatisfied
C201012097	14/12/2010	N/A	INDIAN OVERSEAS BANK	-	Unsatisfied
C201212689	02/11/2012	N/A	UCO BANK	-	Unsatisfied
C201301493	28/01/2013	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C201301496	28/01/2013	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C201308457	24/06/2013	N/A	CITIBANK N.A.	-	Unsatisfied
C201308459	24/06/2013	N/A	CITIBANK N.A	-	Unsatisfied
C201407990	30/07/2014	N/A	STATE BANK OF INDIA	-	Unsatisfied
C201410856	07/10/2014	N/A	AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED	-	Unsatisfied
C201410857	07/10/2014	N/A	AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED	-	Unsatisfied
C201411091	10/10/2014	N/A	OVERSEA-CHINESE BANKING CORPORATION LIMITED	-	Unsatisfied
C201411093	10/10/2014	N/A	OVERSEA-CHINESE BANKING CORPORATION LIMITED	-	Unsatisfied
C201413245	25/11/2014	N/A	THE BANK OF TOKYOMITSUBISHI UFJ, LTD. SINGAPORE BRANCH	-	Unsatisfied
C201414060	11/12/2014	N/A	BNP PARIBAS	-	Unsatisfied
C201505949	25/05/2015	N/A	ING BANK N.V.	-	Unsatisfied

LITIGATION CHECK AGAINST SUBJECT

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

No legal action was found in our databank.

No winding up petition was found in our databank.

PAYMENT RECORD

SOURCES OF RAW MATERIALS:
Local	:	YES
Overseas	:	YES

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

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

CLIENTELE

Local	:	YES
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	ASIA PACIFIC
Credit Term	:	AS AGREED
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Goods Traded

:

FERROUS AND NON-FERROUS METAL, STEEL PRODUCTS

Total Number of Employees:
YEAR	2015
GROUP	N/A
COMPANY	16

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) trading of ferrous and non-ferrous metal, steel products.

The Subject is engaged in the trading of steel & steel products.

The Subject also sells metal and other commodity products.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-69226422
Match	:	N/A
Address Provided by Client	:	#50, COLLYER QUAY, #08-05 OUE BAYFRONT SINGAPORE 049321
Current Address	:	50 COLLYER QUAY 08-05 OUE BAYFRONT BUILDING, 049321, SINGAPORE.
Match	:	NO

Other Investigations

We contacted one of the staff from the Subject and she only provided limited information.
The address provided is incomplete.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	2011 - 2015	]
Profit/(Loss) Before Tax	:	Increased	[	2011 - 2015	]
Return on Shareholder Funds	:	Acceptable	[	23.75%	]
Return on Net Assets	:	Favourable	[	32.95%	]
The Subject's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.The higher profit could be attributed to the increase in turnover. The Subject's management had generated acceptable return for its shareholders using its assets.
Working Capital Control
Stock Ratio	:	Nil	[	0 Days	]
Debtor Ratio	:	Unfavourable	[	84 Days	]
Creditors Ratio	:	Favourable	[	36 Days	]
As the Subject is a service oriented company, the Subject does not need to keep stocks. The high debtors' ratio could indicate that the Subject was weak in its credit control. However, the Subject could also giving longer credit periods to its customers in order to boost its sales or to capture / retain its market share. The 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	[	1.28 Times	]
Current Ratio	:	Unfavourable	[	1.28 Times	]
A minimum liquid ratio of 1 should be maintained by the Subject in order to assure its creditors of its ability to meet short term obligations and the Subject was in a good liquidity position. Thus, we believe the Subject is able to meet all its short term obligations as and when they fall due.
Solvency
Interest Cover	:	Acceptable	[	5.86 Times	]
Gearing Ratio	:	Unfavourable	[	1.78 Times	]
The Subject's interest cover was slightly low. If there is no sharp fall in its profit or sudden increase in the interest rates, we believe the Subject is able to generate sufficient income to service its interest and repay the loans. The Subject was highly geared, thus it had a high financial risk. The Subject was dependent on loans to finance its business needs. In times of economic downturn and / or high interest rate, the Subject will become less profitable and competitive than other firms in the same industry, which are lowly geared. This is because the Subject has to service the interest and to repay the loan, which will erode part of its profits. The profits will fluctuate depending on the Subject's turnover and the interest it needs to pay.
Overall Assessment :
Generally, the Subject's performance has improved with higher turnover and profit. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. The Subject had an acceptable interest cover. If there is no sudden sharp increase in interest rate or fall in the Subject's profit, we do believe the Subject is able to generate sufficient cash flow to service its interest payment. The Subject's gearing level was high and its going concern will be in doubt if there is no injection of additional shareholders' funds in times of economic downturn and / or high interest rates.
Overall financial condition of the Subject : FAIR

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

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

INDUSTRY ANALYSIS

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

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 2009, the Subject is a Private Limited company, focusing on trading of ferrous and non-ferrous metal, steel products. 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. The Subject is a large entity with strong capital position of USD 30,340,000. We are confident with the Subject's business and its future growth prospect. Having strong support from its holding company has enabled the Subject to remain competitive despite the challenging business environment.

Over the years, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. Being a small company, the Subject's business operation is supported by 16 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 a favourable 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 55,653,281, the Subject should be able to maintain its business in the near terms.

The Subject's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials. Overall the Subject has a good control over its resources.

The Subject's payment habit is average. With its adequate working capital, the Subject should be able to pay its short term debts.

The industry shows an upward trend and this trend is very likely to sustain in the near terms. Hence, the Subject is expected to benefit from the favourable outlook of the industry.

Based on the above condition, we recommend credit be granted to the Subject normally.

PROFIT AND LOSS ACCOUNT

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

Financial Year End	2015-03-31	2014-03-31	2013-03-31	2012-03-31	2011-03-31
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	FULL	FULL	FULL
Currency	USD	USD	USD	USD	USD
TURNOVER	1,008,951,280	490,728,046	307,830,779	146,612,638	59,030,833
Other Income	1,142,793	204,569	646,444	343,187	36,966
	----------------	----------------	----------------	----------------	----------------
Total Turnover	1,010,094,073	490,932,615	308,477,223	146,955,825	59,067,799
Costs of Goods Sold	(987,993,162)	(479,249,412)	(300,469,839)	(144,851,839)	(58,536,720)
	----------------	----------------	----------------	----------------	----------------
Gross Profit	22,100,911	11,683,203	8,007,384	2,103,986	531,079
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	15,211,324	7,906,373	4,589,444	1,167,491	235,732
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	15,211,324	7,906,373	4,589,444	1,167,491	235,732
Taxation	(1,993,000)	(821,950)	(547,540)	(158,552)	(20,000)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	13,218,324	7,084,423	4,041,904	1,008,939	215,732
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	12,344,957	5,260,534	1,218,630	209,691	(6,041)
	----------------	----------------	----------------	----------------	----------------
As restated	12,344,957	5,260,534	1,218,630	209,691	(6,041)
	----------------	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	25,563,281	12,344,957	5,260,534	1,218,630	209,691
DIVIDENDS - Ordinary (paid & proposed)	(250,000)	-	-	-	-
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	25,313,281	12,344,957	5,260,534	1,218,630	209,691
	=============	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Term loan / Borrowing	-	-	-	509,425	136,299
Others	3,127,916	1,908,567	1,428,910	-	-
	----------------	----------------	----------------	----------------	----------------
	3,127,916	1,908,567	1,428,910	509,425	136,299
	=============	=============	=============	=============	=============
DEPRECIATION (as per notes to P&L)	37,996	14,283	911	608	551
	----------------	----------------	----------------	----------------	----------------
	37,996	14,283	911	608	551
	=============	=============	=============	=============	=============

BALANCE SHEET

ASSETS EMPLOYED:
FIXED ASSETS	81,254	60,316	669	1,580	1,132
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	81,254	60,316	669	1,580	1,132
Trade debtors	230,907,647	182,160,884	109,623,659	84,205,262	25,491,666
Other debtors, deposits & prepayments	1,835,461	111,626	5,016,505	119,117	3,903,019
Short term deposits	17,500,910	9,103,061	8,682,046	-	-
Interest receivable	100,851	78,831	37,049	44,501	30,685
Amount due from related companies	-	11,645,000	-	-	-
Cash & bank balances	3,588,052	722,929	9,800,029	6,497,323	4,076,309
Others	-	-	-	1,002,561	4,209
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	253,932,921	203,822,331	133,159,288	91,868,764	33,505,888
	----------------	----------------	----------------	----------------	----------------
TOTAL ASSET	254,014,175	203,882,647	133,159,957	91,870,344	33,507,020
	=============	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	96,940,222	110,225,979	46,624,053	35,262,014	-
Other creditors & accruals	106,095	149,856	70,884	47,343	9,981
Short term borrowings/Term loans	99,331,587	49,990,193	58,780,875	38,007,694	21,267,348
Amounts owing to holding company	-	-	247,123	-	-
Provision for taxation	1,982,990	831,662	556,488	134,663	20,000
Other liabilities	-	-	-	5,200,000	-
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	198,360,894	161,197,690	106,279,423	78,651,714	21,297,329
	----------------	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	55,572,027	42,624,641	26,879,865	13,217,050	12,208,559
	----------------	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	55,653,281	42,684,957	26,880,534	13,218,630	12,209,691
	=============	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	30,340,000	30,340,000	12,000,000	12,000,000	12,000,000
	----------------	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	30,340,000	30,340,000	12,000,000	12,000,000	12,000,000
Retained profit/(loss) carried forward	25,313,281	12,344,957	5,260,534	1,218,630	209,691
Others	-	-	9,620,000	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL RESERVES	25,313,281	12,344,957	14,880,534	1,218,630	209,691
	----------------	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	55,653,281	42,684,957	26,880,534	13,218,630	12,209,691
	----------------	----------------	----------------	----------------	----------------
	55,653,281	42,684,957	26,880,534	13,218,630	12,209,691
	=============	=============	=============	=============	=============

FINANCIAL RATIO

TYPES OF FUNDS
Cash	21,088,962	9,825,990	18,482,075	6,497,323	4,076,309
Net Liquid Funds	21,088,962	9,825,990	18,482,075	6,497,323	4,076,309
Net Liquid Assets	55,572,027	42,624,641	26,879,865	13,217,050	12,208,559
Net Current Assets/(Liabilities)	55,572,027	42,624,641	26,879,865	13,217,050	12,208,559
Net Tangible Assets	55,653,281	42,684,957	26,880,534	13,218,630	12,209,691
Net Monetary Assets	55,572,027	42,624,641	26,879,865	13,217,050	12,208,559
PROFIT & LOSS ITEMS
Earnings Before Interest & Tax (EBIT)	0	9,814,940	6,018,354	1,676,916	372,031
Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)	18,377,236	9,829,223	6,019,265	1,677,524	372,582
BALANCE SHEET ITEMS
Total Borrowings	99,331,587	49,990,193	58,780,875	38,007,694	21,267,348
Total Liabilities	198,360,894	161,197,690	106,279,423	78,651,714	21,297,329
Total Assets	254,014,175	203,882,647	133,159,957	91,870,344	33,507,020
Net Assets	55,653,281	42,684,957	26,880,534	13,218,630	12,209,691
Net Assets Backing	55,653,281	42,684,957	26,880,534	13,218,630	12,209,691
Shareholders' Funds	55,653,281	42,684,957	26,880,534	13,218,630	12,209,691
Total Share Capital	30,340,000	30,340,000	12,000,000	12,000,000	12,000,000
Total Reserves	25,313,281	12,344,957	14,880,534	1,218,630	209,691
LIQUIDITY (Times)
Cash Ratio	0.11	0.06	0.17	0.08	0.19
Liquid Ratio	1.28	1.26	1.25	1.17	1.57
Current Ratio	1.28	1.26	1.25	1.17	1.57
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0	0	0	0
Debtors Ratio	84	135	130	210	158
Creditors Ratio	36	84	57	89	0
SOLVENCY RATIOS (Times)
Gearing Ratio	1.78	1.17	2.19	2.88	1.74
Liabilities Ratio	3.56	3.78	3.95	5.95	1.74
Times Interest Earned Ratio	5.86	5.14	4.21	3.29	2.73
Assets Backing Ratio	1.83	1.41	2.24	1.10	1.02
PERFORMANCE RATIO (%)
Operating Profit Margin	1.51	1.61	1.49	0.80	0.40
Net Profit Margin	1.31	1.44	1.31	0.69	0.37
Return On Net Assets	32.95	22.99	22.39	12.69	3.05
Return On Capital Employed	32.95	22.99	22.39	12.69	3.05
Return On Shareholders' Funds/Equity	23.75	16.60	15.04	7.63	1.77
Dividend Pay Out Ratio (Times)	0.02	0	0	0	0
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.22
UK Pound	1	Rs.99.93
Euro	1	Rs.71.67

INFORMATION DETAILS

Analysis Done by :	KAS
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%)

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