MIRA INFORM REPORT

Report No. :	338244
Report Date :	01.09.2015

IDENTIFICATION DETAILS

Name :	AJINOMOTO (SINGAPORE) PRIVATE LIMITED
Registered Office :	460, Alexandra Road, 11-04/05, Psa Building, 119963
Country :	Singapore
Financials (as on) :	31.03.2015
Date of Incorporation :	23.07.1973
Com. Reg. No.:	197301385-Z
Legal Form :	Private Limited
Line of Business :	Wholesale of cereals, sugar, oils, sauces and dairy products.
No. of Employee :	37 [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 :	Exist

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.	:	197301385-Z
COMPANY NAME	:	AJINOMOTO (SINGAPORE) PRIVATE LIMITED
FORMER NAME	:	N/A
INCORPORATION DATE	:	23/07/1973
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	460, ALEXANDRA ROAD, 11-04/05, PSA BUILDING, 119963, SINGAPORE.
BUSINESS ADDRESS	:	460, ALEXANDRA ROAD, 11-04/05, PSA BUILDING, 119963, SINGAPORE.
TEL.NO.	:	65-62572022
FAX.NO.	:	65-62576866
WEB SITE	:	WWW.AJINOMOTO.COM.SG
CONTACT PERSON	:	KEITA ISHII ( MANAGING DIRECTOR )
PRINCIPAL ACTIVITY	:	WHOLESALE OF CEREALS, SUGAR, OILS, SAUCES AND DAIRY PRODUCTS
ISSUED AND PAID UP CAPITAL	:	1,999,000.00 ORDINARY SHARE, OF A VALUE OF SGD 1,999,000.00
SALES	:	USD 193,258,042 [2015]
NET WORTH	:	USD 13,172,695 [2015]
STAFF STRENGTH	:	37 [2015]
LITIGATION	:	TRACED
FINANCIAL CONDITION	:	STRONG
PAYMENT	:	AVERAGE
MANAGEMENT CAPABILITY	:	AVERAGE
COMMERCIAL RISK	:	N/A
CURRENCY EXPOSURE	:	N/A
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) wholesale of cereals, sugar, oils, sauces and dairy products.

The ultimate holding company of the Subject is AJINOMOTO CO. INC., a company incorporated in JAPAN.

Share Capital History

Date	Issue & Paid Up Capital
25/08/2015	SGD 1,999,000.00

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

Current Shareholder(s) :

Name	Address	IC/PP/Loc No	Shareholding	(%)
AJINOMOTO CO.,INC.	15-1, KYOBASHI 1-CHOME CHUO-KU TOKYO, 104, JAPAN.	S73UF0077	1,999,000.00	100.00
			---------------	------
			1,999,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	HIROYUKI TERAMOTO
Address	:	14-3-401, ASAGAYAKITA 1 CHOME SUGINAMI, TOKYO, JAPAN.
IC / PP No	:	TZ0718946
Nationality	:	JAPANESE
Date of Appointment	:	26/06/2015

DIRECTOR 2

Name Of Subject	:	KENTARO ARAI
Address	:	370H, ALEXANDRA ROAD, 05-09, ANCHORAGE CONDOMINIUM, THE, 159961, SINGAPORE.
IC / PP No	:	G5312507M
Nationality	:	JAPANESE
Date of Appointment	:	02/07/2012

DIRECTOR 3

Name Of Subject	:	ZHU ANLIAN
Address	:	612, YISHUN STREET, 61, 08-197, 760612, SINGAPORE.
IC / PP No	:	S2647127C
Nationality	:	SINGAPOREAN
Date of Appointment	:	01/04/2008

DIRECTOR 4

Name Of Subject	:	KEITA ISHII
Address	:	1-49-1, WAKABADAI, INAGI-CITY, TOKYO, JAPAN.
IC / PP No	:	TK2910858
Nationality	:	JAPANESE
Date of Appointment	:	26/06/2015

DIRECTOR 5

Name Of Subject	:	ETSUHIRO TAKATO
Address	:	25-20, SACHIGAOKA, ASAHI-KU, YOKOHAMA CITY, KANAGAWA, 241-0822, JAPAN.
IC / PP No	:	TZ0817664
Nationality	:	JAPANESE
Date of Appointment	:	27/06/2013

MANAGEMENT

1)	Name of Subject	:	KEITA ISHII
	Position	:	MANAGING DIRECTOR

AUDITOR

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

COMPANY SECRETARIES

1)	Company Secretary	:	LYNN WAN TIEW LENG
	IC / PP No	:	S1306315Z
	Address	:	32, LORONG MYDIN, 14-06, ASTORIA PARK, 416826, SINGAPORE.

BANKING

No Banker found in our databank. 

ENCUMBRANCE (S)

No encumbrance was found in our databank at the time of investigation. 

LITIGATION CHECK AGAINST SUBJECT

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

LEGAL ACTION
Code No	:	99	Case No	:	28509
Year	:	2010	Place	:	SINGAPORE
Court	:	MAGISTRATE COURT
Date Filed	:	23/10/2010
Solicitor Ref	:	GS/10/8853/CG
Solicitor Firm	:	K.S. CHIA GURDEEP & PARAM
Plaintiff	:	YEE YONG KWONG VAUGHN (YU YONGGUANG VAUGHN)
Defendants	:	AJINOMOTO (SINGAPORE) PRIVATE LIMITED (197301385) 460 ALEXANDRA ROAD, 11-04-05, PSA BUILDING, 119963, SINGAPORE.
Amount Claimed	:	26650
Nature of Claim	:	SGD
Remark	:	TORT-NEGLIGENCE
Code No	:	99	Case No	:	23709
Year	:	2010	Place	:	SINGAPORE
Court	:	MAGISTRATE COURT
Date Filed	:	07/09/2010
Solicitor Ref	:	MAB/9909/10/ANA
Solicitor Firm	:	MAHADI ABU BAKAR & PARTNERS
Plaintiff	:	YEE YONG KWONG VAUGHN
Defendants	:	AJINOMOTO (SINGAPORE) PRIVATE LIMITED (197301385) 460 ALEXANDRA ROAD, 11-04-05, PSA BUILDING, 119963, SINGAPORE.
Remark	:	TORT-NEGLIGENCE
Code No	:	99	Case No	:	23707
Year	:	2010	Place	:	SINGAPORE
Court	:	MAGISTRATE COURT
Date Filed	:	07/09/2010
Solicitor Ref	:	MAB/9910/10/ANA
Solicitor Firm	:	MAHADI ABU BAKAR & PARTNERS
Plaintiff	:	SIM YANG WEI BENJAMIN
Defendants	:	AJINOMOTO (SINGAPORE) PRIVATE LIMITED (197301385) 460 ALEXANDRA ROAD, 11-04-05, PSA BUILDING, 119963, SINGAPORE.
Remark	:	TORT-NEGLIGENCE

No winding up petition was found in our databank

PAYMENT RECORD

SOURCES OF RAW MATERIALS:
Local	:	N/A
Overseas	:	N/A

The Subject refused disclose its suppliers. 

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

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

CLIENTELE

Local	:	N/A
Overseas	:	N/A

The Subject refused to disclose its clientele. 

OPERATIONS

Goods Traded

:

FOOD PRODUCTS

Product Brand Name

:

AJINOMOTO

Total Number of Employees:
YEAR	2015	2014	2013	2012
GROUP	N/A	N/A	N/A	N/A
COMPANY	37	37	37	30

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) wholesale of cereals, sugar, oils, sauces and dairy products. 

The Subject promotes and distributes Ajinomoto products in the Singapore market through the retail and supermarket channels.

The Subject offers a variety of products including seasonings, frozen foods, processed foods, beverages, sweeteners and amino acids for the consumer market as well as the catering and food processing industries. 

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-62572022
Match	:	N/A
Address Provided by Client	:	460, ALEXANDRA ROAD, 11-04/05, PSA BUILDING,119963,SINGAPORE
Current Address	:	460, ALEXANDRA ROAD, 11-04/05, PSA BUILDING, 119963, SINGAPORE.
Match	:	YES

Other Investigations

On 24th August 2015 we contacted one of the staff from the Subject and she provided some information.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	2011 - 2015	]
Profit/(Loss) Before Tax	:	Decreased	[	2011 - 2015	]
Return on Shareholder Funds	:	Acceptable	[	17.36%	]
Return on Net Assets	:	Acceptable	[	22.38%	]
The Subject's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.The Subject's profit fell sharply because of the high operating costs incurred. The Subject's management had generated acceptable return for its shareholders using its assets.
Working Capital Control
Stock Ratio	:	Favourable	[	4 Days	]
Debtor Ratio	:	Favourable	[	55 Days	]
Creditors Ratio	:	Favourable	[	52 Days	]
The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The favourable debtors' days could be due to the good credit control measures implemented by the Subject. The Subject had a favourable creditors' ratio where the Subject could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.
Liquidity
Liquid Ratio	:	Favourable	[	1.35 Times	]
Current Ratio	:	Unfavourable	[	1.41 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	[	0.11 Times	]
The Subject's interest cover was nil as it did not pay any interest during the year. The Subject was lowly geared thus it had a low financial risk. The Subject was mainly financed by its shareholders' funds and internally generated funds. In times of economic slowdown / downturn, the Subject being a lowly geared company, will be able to compete better than those companies which are highly geared in the same industry.
Overall Assessment :
Although the Subject's turnover had increased, its profits had declined over the same corresponding period. This could be due to the stiffer market competition and / or higher operating costs which lowered the Subject's profit margin. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. 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 as a lowly geared company, will be more secured compared to those highly geared companies. It has the ability to meet all its long term obligations.
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 :	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 1973, the Subject is a Private Limited company, focusing on wholesale of cereals, sugar, oils, sauces and dairy products. The Subject has been in business for over two decades. It has built up a strong clientele base and satisfactory reputation will enable the Subject to further enhance its business in the near term. The Subject is expected to enjoy a stable market shares. A paid up capital of SGD 1,999,000 allows the Subject to expand its business more comfortably. With a strong backing from its satisfactory, the Subject enjoys timely financial assistance should the needs arise. 

The Subject is operating on a medium scale and it has approximately 37 employees in its business operations. Overall, we regard that the Subject's management capability is average. This indicates that the Subject has greater potential to improve its business performance and raising income for the Subject. 

Financially, the Subject registered a higher turnover compared to previous year. However, its profits showed a reverse trend. The lower profit achieved was a result of higher operating cost and increased competition. 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. Being a lowly geared company, the Subject is exposed to low financial risk as it is mainly dependent on its internal funds to finance its business needs. Given a positive net worth standing at USD 13,172,695, the Subject should be able to maintain its business in the near terms. 

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 promptly.

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	193,258,042	189,042,173	188,562,576	187,048,535	147,667,521
Other Income	311,631	979,623	2,236,146	453,120	361,938
	----------------	----------------	----------------	----------------	----------------
Total Turnover	193,569,673	190,021,796	190,798,722	187,501,655	148,029,459
Costs of Goods Sold	(182,458,687)	(177,102,360)	(176,473,331)	(176,720,241)	(138,533,890)
	----------------	----------------	----------------	----------------	----------------
Gross Profit	11,110,986	12,919,436	14,325,391	10,781,414	9,495,569
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	2,948,545	4,665,070	6,205,749	4,128,735	3,974,191
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	2,948,545	4,665,070	6,205,749	4,128,735	3,974,191
Taxation	(662,275)	(850,661)	(855,737)	(668,550)	(490,016)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	2,286,270	3,814,409	5,350,012	3,460,185	3,484,175
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	12,881,635	13,174,951	10,479,280	9,215,111	7,590,930
	----------------	----------------	----------------	----------------	----------------
As restated	12,881,635	13,174,951	10,479,280	9,215,111	7,590,930
	----------------	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	15,167,905	16,989,360	15,829,292	12,675,296	11,075,105
DIVIDENDS - Ordinary (paid & proposed)	(3,227,259)	(4,107,725)	(2,654,341)	(2,196,016)	(1,859,994)
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	11,940,646	12,881,635	13,174,951	10,479,280	9,215,111
	=============	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
DEPRECIATION (as per notes to P&L)	124,354	254,671	129,006	121,819	76,420
	----------------	----------------	----------------	----------------	----------------
	124,354	254,671	129,006	121,819	76,420
	=============	=============	=============	=============	=============

BALANCE SHEET

ASSETS EMPLOYED:
FIXED ASSETS	132,425	144,854	54,012	119,823	93,993
Investment properties	683,516	698,748	714,255	765,094	784,373
Deferred assets	1,849	1,849	1,849	1,849	1,849
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	685,365	700,597	716,104	766,943	786,222
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	817,790	845,451	770,116	886,766	880,215
Stocks	1,874,955	1,413,465	1,402,613	951,471	1,358,928
Trade debtors	29,049,676	25,789,128	28,331,923	23,397,642	28,288,090
Other debtors, deposits & prepayments	448,592	407,355	2,051,912	116,824	106,119
Cash & bank balances	11,360,855	11,551,620	11,999,048	7,786,162	4,523,127
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	42,734,078	39,161,568	43,785,496	32,252,099	34,276,264
	----------------	----------------	----------------	----------------	----------------
TOTAL ASSET	43,551,868	40,007,019	44,555,612	33,138,865	35,156,479
	=============	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	26,126,438	22,257,712	26,558,764	18,489,068	22,282,132
Other creditors & accruals	1,904,410	2,760,114	2,781,578	2,247,916	1,869,037
Short term borrowings/Term loans	1,481,278	-	-	-	-
Provision for taxation	867,047	875,509	808,270	690,552	558,150
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	30,379,173	25,893,335	30,148,612	21,427,536	24,709,319
	----------------	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	12,354,905	13,268,233	13,636,884	10,824,563	9,566,945
	----------------	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	13,172,695	14,113,684	14,407,000	11,711,329	10,447,160
	=============	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	1,232,049	1,232,049	1,232,049	1,232,049	1,232,049
	----------------	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	1,232,049	1,232,049	1,232,049	1,232,049	1,232,049
Retained profit/(loss) carried forward	11,940,646	12,881,635	13,174,951	10,479,280	9,215,111
	----------------	----------------	----------------	----------------	----------------
TOTAL RESERVES	11,940,646	12,881,635	13,174,951	10,479,280	9,215,111
	----------------	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	13,172,695	14,113,684	14,407,000	11,711,329	10,447,160
	----------------	----------------	----------------	----------------	----------------
	13,172,695	14,113,684	14,407,000	11,711,329	10,447,160
	=============	=============	=============	=============	=============

FINANCIAL RATIO

TYPES OF FUNDS
Cash	11,360,855	11,551,620	11,999,048	7,786,162	4,523,127
Net Liquid Funds	11,360,855	11,551,620	11,999,048	7,786,162	4,523,127
Net Liquid Assets	10,479,950	11,854,768	12,234,271	9,873,092	8,208,017
Net Current Assets/(Liabilities)	12,354,905	13,268,233	13,636,884	10,824,563	9,566,945
Net Tangible Assets	13,172,695	14,113,684	14,407,000	11,711,329	10,447,160
Net Monetary Assets	10,479,950	11,854,768	12,234,271	9,873,092	8,208,017
PROFIT & LOSS ITEMS
Earnings Before Interest & Tax (EBIT)	0	4,665,070	6,205,749	4,128,735	3,974,191
Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)	3,072,899	4,919,741	6,334,755	4,250,554	4,050,611
BALANCE SHEET ITEMS
Total Borrowings	1,481,278	0	0	0	0
Total Liabilities	30,379,173	25,893,335	30,148,612	21,427,536	24,709,319
Total Assets	43,551,868	40,007,019	44,555,612	33,138,865	35,156,479
Net Assets	13,172,695	14,113,684	14,407,000	11,711,329	10,447,160
Net Assets Backing	13,172,695	14,113,684	14,407,000	11,711,329	10,447,160
Shareholders' Funds	13,172,695	14,113,684	14,407,000	11,711,329	10,447,160
Total Share Capital	1,232,049	1,232,049	1,232,049	1,232,049	1,232,049
Total Reserves	11,940,646	12,881,635	13,174,951	10,479,280	9,215,111
LIQUIDITY (Times)
Cash Ratio	0.37	0.45	0.40	0.36	0.18
Liquid Ratio	1.34	1.46	1.41	1.46	1.33
Current Ratio	1.41	1.51	1.45	1.51	1.39
WORKING CAPITAL CONTROL (Days)
Stock Ratio	4	3	3	2	3
Debtors Ratio	55	50	55	46	70
Creditors Ratio	52	46	55	38	59
SOLVENCY RATIOS (Times)
Gearing Ratio	0.11	0	0	0	0
Liabilities Ratio	2.31	1.83	2.09	1.83	2.37
Times Interest Earned Ratio	0	0	0	0	0
Assets Backing Ratio	10.69	11.46	11.69	9.51	8.48
PERFORMANCE RATIO (%)
Operating Profit Margin	1.53	2.47	3.29	2.21	2.69
Net Profit Margin	1.18	2.02	2.84	1.85	2.36
Return On Net Assets	22.38	33.05	43.07	35.25	38.04
Return On Capital Employed	22.38	33.05	43.07	35.25	38.04
Return On Shareholders' Funds/Equity	17.36	27.03	37.13	29.55	33.35
Dividend Pay Out Ratio (Times)	1.41	1.08	0.50	0.63	0.53
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.26
UK Pound	1	Rs.101.99
Euro	1	Rs.74.79

INFORMATION DETAILS

Analysis Done by :	TRI
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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