MIRA INFORM REPORT

Report No. :	340084
Report Date :	09.09.2015

IDENTIFICATION DETAILS

Name :	CCD (SINGAPORE) PTE. LTD.
Registered Office :	29, Tembusu Avenue, 627535
Country :	Singapore
Financials (as on) :	31.12.2013
Date of Incorporation :	23.03.2010
Com. Reg. No.:	201006128-H
Legal Form :	Private Limited
Line of Business :	The Subject is engaged in manufacturing of chemical products.
No. of Employees :	100 [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
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.	:	201006128-H
COMPANY NAME	:	CCD (SINGAPORE) PTE. LTD.
FORMER NAME	:	N/A
INCORPORATION DATE	:	23/03/2010
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	29, TEMBUSU AVENUE, 627535, SINGAPORE.
BUSINESS ADDRESS	:	29, TEMBUSU AVENUE, JURONG ISLAND, 627535, SINGAPORE.
TEL.NO.	:	65-65155060
FAX.NO.	:	65-65154307
E-MAIL：		SERVICE@DCC.COM.TW.
CONTACT PERSON	:	LIM TIONG BENG ( DIRECTOR )
PRINCIPAL ACTIVITY	:	MANUFACTURE OF CHEMICAL PRODUCTS
ISSUED AND PAID UP CAPITAL	:	201,000,000.00 ORDINARY SHARE, OF A VALUE OF USD 201,000,000.00
SALES	:	USD 233,744,997 [2013]
NET WORTH	:	USD 163,760,074 [2013]
STAFF STRENGTH	:	100 [2015]
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	POOR
PAYMENT	:	SLOW
MANAGEMENT CAPABILITY	:	AVERAGE
COMMERCIAL RISK	:	MODERATE
CURRENCY EXPOSURE	:	N/A
GENERAL REPUTATION	:	SATISFACTORY
INDUSTRY OUTLOOK	:	MATURE

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) manufacture of chemical products.

The ultimate holding company of the Subject is DAIREN CHEMICAL CORPORATION, a company incorporated in TAIWAN.

Share Capital History

Date	Issue & Paid Up Capital
11/06/2015	USD 201,000,000.00

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

Current Shareholder(s) :

Name	Address	IC/PP/Loc No	Shareholding	(%)
DAIREN CHEMICAL CORPORATION	301, SONGKIANG RAOD, TAIPEI, 7TH FLOOR, 104, TAIWAN.	T10UF0733	100,500,000.00	50.00
CHANG CHUN PLASTICS CO., LTD	301, SONGKIANG ROAD, TAIPEI, 7TH FLOOR, 104, TAIWAN.	S96UF0574	50,250,000.00	25.00
CHANG CHUN PETROCHEMICAL CO., LTD	301, SONGKIANG ROAD, TAIPEI, 7TH FLOOR, 104, TAIWAN.	S96UF0573	50,250,000.00	25.00
			---------------	------
			201,000,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	CHEN,NINE-WEN
Address	:	11-2, JING 2ND ST TAOYUAN CITY, TAOYUAN COUNTY, 4TH FLOOR, 33071, TAIWAN.
IC / PP No	:	306322495
Nationality	:	TAIWANESE
Date of Appointment	:	23/03/2010

DIRECTOR 2

Name Of Subject	:	CHEN, JUNG-TSUNG
Address	:	60, ALLEY 140, LANE 101, SECTION 4, XINHAI ROAD, WENSHAN DISTRICT, TAIPEI CITY, 116, TAIWAN.
IC / PP No	:	307003506
Nationality	:	TAIWANESE
Date of Appointment	:	23/03/2010

DIRECTOR 3

Name Of Subject	:	HUANG, FU-CHU
Address	:	85, JURONG WEST CENTRAL 3, 05-44, THE CENTRIS, 648342, SINGAPORE.
IC / PP No	:	G5126793T
Nationality	:	TAIWANESE
Date of Appointment	:	23/03/2010

DIRECTOR 4

Name Of Subject	:	LIN, EN-TEH
Address	:	4-161, SONGPU N LN NIAOSONG DISTRICT, KAOHSIUNG CITY, 833, TAIWAN.
IC / PP No	:	302100447
Nationality	:	TAIWANESE
Date of Appointment	:	23/03/2010

DIRECTOR 5

Name Of Subject	:	LIN, SHEAN-TUNG
Address	:	7, ALLEY 12, LANE 41, SECTION 2, YANGDE BOULEVARD, SHILIN DISTRICT, TAIPEI CITY, 111, TAIWAN.
IC / PP No	:	300862355
Nationality	:	TAIWANESE
Date of Appointment	:	23/03/2010

DIRECTOR 6

Name Of Subject	:	SU, SHIH-KUANG
Address	:	5, ALLEY 4, LANE 97, SECTION 4, MINSHENG E. ROAD, SONGSHAN DISTRICT, TAIPEY CITY, 2ND FLOOR, 105, TAIWAN.
IC / PP No	:	306307066
Nationality	:	TAIWANESE
Date of Appointment	:	23/03/2010

DIRECTOR 7

Name Of Subject	:	MR. LIM TIONG BENG
Address	:	2, GUOK AVENUE, 119632, SINGAPORE.
IC / PP No	:	S1073678A
Nationality	:	SINGAPOREAN
Date of Appointment	:	23/03/2010

DIRECTOR 8

Name Of Subject	:	LIN, FU-SHEN
Address	:	79, SECTION 1, XINHAI ROAD DAAN DISTRICT, TAIPEI CITY, 3RD FLOOR, TAIWAN.
IC / PP No	:	301489567
Nationality	:	TAIWANESE
Date of Appointment	:	23/03/2010

DIRECTOR 9

Name Of Subject	:	LIAO, LONG-SHING
Address	:	5, SECTION 3, XHONGSHAN, NORTH ROAD, ZHONGSHAN DISTRICT, TAIPEI CITY, 104, TAIWAN.
IC / PP No	:	301444753
Nationality	:	TAIWANESE
Date of Appointment	:	23/03/2010

DIRECTOR 10

Name Of Subject	:	TSENG, CHENG
Address	:	40, ZHONGYONG, 5TH ROAD, SHILIN DISTRICT, TAIPEI CITY, 111, TAIWAN.
IC / PP No	:	308603887
Nationality	:	TAIWANESE
Date of Appointment	:	23/03/2010

DIRECTOR 11

Name Of Subject	:	HUANG, HO-CHING
Address	:	16, SHIN-YI ROAD, BEITOU, TAIPEI, 7TH FLOOR, TAIWAN.
IC / PP No	:	307414197
Nationality	:	TAIWANESE
Date of Appointment	:	23/03/2010

MANAGEMENT

1)	Name of Subject	:	LIAO, LONG-SHING
	Position	:	MANAGING DIRECTOR

2)	Name of Subject	:	LIM TIONG BENG
	Position	:	DIRECTOR

AUDITOR

Auditor	:	KPMG LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	CHAN CHOW PHENG
	IC / PP No	:	S1298885J
	Address	:	59, TELOK BLANGAH HEIGHTS, 04-11, 100059, 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 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 any information on its trade 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	[	X	]	Poor >120 Days	[	]

CLIENTELE

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

OPERATIONS

Products manufactured

:

CHEMICAL PRODUCTS

Total Number of Employees:
YEAR	2015	2014
GROUP	N/A	N/A
COMPANY	100	100

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) manufacture of chemical products.

The Subject is manufacturing of chemicals.

The products produces are as follows:

Vinyl Acetate
Allyl Alcohol

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-65155060
Match	:	N/A
Address Provided by Client	:	29, TEMBUSU AVENUE, JURONG ISLAND,627535,SINGAPORE
Current Address	:	29, TEMBUSU AVENUE, JURONG ISLAND, 627535, SINGAPORE.
Match	:	YES

Other Investigations

We contacted one of the staff from the Subject and she provided limited information.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	(0.00%)	]
Profit/(Loss) Before Tax	:	Increased	[	(789.58%)	]
Return on Shareholder Funds	:	Unfavourable	[	(19.78%)	]
Return on Net Assets	:	Unfavourable	[	(10.41%)	]
The higher turnover could be attributed to the favourable market condition.Higher losses before tax during the year could be due to the higher operating costs incurred. The Subject's unfavourable returns on shareholders' funds indicate the management's inefficiency in utilising its assets to generate returns.
Working Capital Control
Stock Ratio	:	Unfavourable	[	81 Days	]
Debtor Ratio	:	Favourable	[	45 Days	]
Creditors Ratio	:	Unfavourable	[	86 Days	]
The Subject could be incurring higher holding cost. As its capital was tied up in stocks, it could face liquidity problems. The favourable debtors' days could be due to the good credit control measures implemented by the Subject. 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	:	Unfavourable	[	0.66 Times	]
Current Ratio	:	Unfavourable	[	0.91 Times	]
A low liquid ratio means that the Subject may be facing working capital deficiency. If the Subject cannot obtain additional financing or injection of fresh capital, it may face difficulties in meeting its short term obligations.
Solvency
Interest Cover	:	Unfavourable	[	(22.13 Times)	]
Gearing Ratio	:	Unfavourable	[	1.64 Times	]
The Subject incurred losses in the year. It did not generate sufficient income to service its interest.  If the situation does not improve, the Subject may be vulnerable to default in servicing the interest. 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 Subject's turnover increased its profits however showed a reverse trend. The losses could be due to the management's failure to maintain its competitiveness in the market. Due to its weak liquidity position, the Subject will be faced with problems in meeting all its short term obligations if no short term loan is obtained or additional capital injected into the Subject. The Subject's interest cover was negative, indicating that it did not generate sufficient income to service its interest. If its result does not show impressive improvements or succeed obtaining short term financing or capital injection, it may not be able to service its interest and repay the loans. 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 : POOR

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 :	MANUFACTURING
In the third quarter of 2014, manufacturing output has increased by 1.9%, extending the 1.5% growth in the previous quarter. Growth was largely driven by the biomedical manufacturing and chemicals clusters. Besides, for the whole 2013, the manufacturing sector grew by 1.7%, an uptick from the 0.3% growth recorded in the previous year. All clusters recorded an expansion in 2013, except the biomedical manufacturing cluster.
The chemicals cluster grew by 5.2% in the third quarter of 2014. Growth was led by the petrochemicals and specialty chemicals segments, which expanded by 8.9% and 7.1% respectively. By contrast, the petroleum segment contracted by 4.2% in the third quarter of 2014 due to plant maintenance shutdowns. For the year of 2013, the chemicals cluster grew only by 0.7%.
Besides, output of the biomedical manufacturing cluster expanded by 9.0% in the third quarter of 2014. The medical technology segment posted robust growth of 23% due to higher production of medical instruments and supplies, while the output of the pharmaceuticals segment rose by 6.2%. However, in the whole of 2013, the biomedical manufacturing cluster recorded only a flat growth.
In the third quarter of 2014, the transport engineering cluster contracted by 2.0%, dragged down by the aerospace segment. Output in the aerospace segment plunged by 18% on the back of fewer repair jobs from commercial airlines. This was mitigated by the 4.1% growth in the marine & offshore engineering segment, which was supported by higher contributions from rig building projects. Nonetheless, for the whole of 2013, the transport engineering cluster grew by 5.2%.
Moreover, output of the precision engineering cluster increased by 1.3% in the third quarter of 2014. The machinery & systems segment grew by 6.2%, supported by higher demand for semiconductor-related equipment and mechanical engineering work. This was partly offset by the decline in the output of the precision modules & components segment. Conversely, in the full year of 2013, the precision engineering cluster's output declined by 5.6%.
Furthermore, in the third quarter of 2014, output of the general manufacturing industries declined by 3.0%. The 2.1% growth in the food, beverages & tobacco segment was more than offset by declines in the other two segments. In particular, the miscellaneous industries segment contracted by 4.7% on the back of lower output in construction-related products, such as concrete & cement products and steel structural components. For the full year of 2013, the general manufacturing cluster grew by 2.8%.
Besides, in the third quarter of 2014, the electronics cluster expanded by 0.9%, reversing the 5.0% contraction in the previous quarter. Growth was supported by an expansion in the computer peripherals (6.3%) and data storage (2.6%) segments. Moreover, for the year 2013, the electronics cluster expanded by 3.5%.
OVERALL INDUSTRY OUTLOOK : MATURE

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 2010, the Subject is a Private Limited company, focusing on manufacture of chemical products. The Subject has been in business for less than 5 years and it has slowly been building up contact with its clients while competing in the industry. However, it has yet to enjoy a stable market shares as it need to compete many well established players in the same field. Presently, the issued and paid up capital of the Subject stands at USD 201,000,000. The Subject have a strong support from its shareholders.

Over the years, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. Being a moderate size company, the Subject has a total workforce of 100 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.

Despite the higher turnover, the Subject suffered pre-tax losses which reflected a highly competitive business environment. The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. Due to its weak liquidity position, the Subject may face working capital deficiency in meeting its short term financial obligations if no fresh capital are injected into the Subject. 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 163,760,074, the Subject should be able to maintain its business in the near terms.

The Subject's overall payment habit is fair and this clearly implied a weak credit control of the Subject.

The industry has reached its optimum level and is generally stable. It is saturated and very competitive. Thus, the Subject's growth prospect is very much depends on its capacity in sustaining its performance in the market.

In view of the above, we recommend credit be granted to the Subject with close monitoring.

PROFIT AND LOSS ACCOUNT

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

Financial Year End	2013-12-31	2012-12-31	2011-12-31	2010-12-31
Months	12	12	12	9
Consolidated Account	Company	Company	Company	Company
Audited Account	YES	YES	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES	YES	YES
Financial Type	FULL	FULL	FULL	FULL
Currency	USD	USD	USD	USD
TURNOVER	233,744,997	-	0	0
Other Income	2,439,576	-	-	-
	----------------	----------------	----------------	----------------
Total Turnover	236,184,573	-	-	-
Costs of Goods Sold	(245,448,792)	-	-	-
	----------------	----------------	----------------	----------------
Gross Profit	(9,264,219)	-	-	-
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	(32,384,525)	(3,640,414)	(1,173,381)	(41,606)
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	(32,384,525)	(3,640,414)	(1,173,381)	(41,606)
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	(32,384,525)	(3,640,414)	(1,173,381)	(41,606)
	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	(4,855,401)	(1,214,987)	(41,606)	-
	----------------	----------------	----------------	----------------
As restated	(4,855,401)	(1,214,987)	(41,606)	-
	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	(37,239,926)	(4,855,401)	(1,214,987)	(41,606)
	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	(37,239,926)	(4,855,401)	(1,214,987)	(41,606)
	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Others	1,399,881	-	-	-
	----------------	----------------	----------------	----------------
	1,399,881	-	-	-
	=============	-	-	-

BALANCE SHEET

ASSETS EMPLOYED:
FIXED ASSETS	316,534,088	278,323,857	57,896,792	-
Others	296,895	394,824	-	-
	----------------	----------------	----------------	----------------
TOTAL INTANGIBLE ASSETS	296,895	394,824	-	-
	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	316,830,983	278,718,681	57,896,792	-
Stocks	51,970,873	-	-	-
Trade debtors	28,714,135	-	-	-
Other debtors, deposits & prepayments	9,985,833	11,933,167	2,051,814	93,520
Amount due from related companies	80,252,220	287,298	-	-
Cash & bank balances	18,883,168	10,994,613	23,089,729	2,872,228
	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	189,806,229	23,215,078	25,141,543	2,965,748
	----------------	----------------	----------------	----------------
TOTAL ASSET	506,637,212	301,933,759	83,038,335	2,965,748
	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	57,865,203	-	-	-
Other creditors & accruals	5,117,059	34,788,203	11,237,177	-
Short term borrowings/Term loans	135,080,813	-	-	-
Other liabilities & accruals	-	-	16,145	7,354
Amounts owing to holding company	6,021,672	-	-	-
Amounts owing to related companies	4,792,391	957	-	-
	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	208,877,138	34,789,160	11,253,322	7,354
	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	(19,070,909)	(11,574,082)	13,888,221	2,958,394
	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	297,760,074	267,144,599	71,785,013	2,958,394
	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	201,000,000	172,000,000	73,000,000	3,000,000
	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	201,000,000	172,000,000	73,000,000	3,000,000
Retained profit/(loss) carried forward	(37,239,926)	(4,855,401)	(1,214,987)	(41,606)
	----------------	----------------	----------------	----------------
TOTAL RESERVES	(37,239,926)	(4,855,401)	(1,214,987)	(41,606)
	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	163,760,074	167,144,599	71,785,013	2,958,394
Long term loans	134,000,000	100,000,000	-	-
	----------------	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	134,000,000	100,000,000	-	-
	----------------	----------------	----------------	----------------
	297,760,074	267,144,599	71,785,013	2,958,394
	=============	=============	=============	=============

FINANCIAL RATIO

TYPES OF FUNDS
Cash	18,883,168	10,994,613	23,089,729	2,872,228
Net Liquid Funds	18,883,168	10,994,613	23,089,729	2,872,228
Net Liquid Assets	(71,041,782)	(11,574,082)	13,888,221	2,958,394
Net Current Assets/(Liabilities)	(19,070,909)	(11,574,082)	13,888,221	2,958,394
Net Tangible Assets	297,463,179	266,749,775	71,785,013	2,958,394
Net Monetary Assets	(205,041,782)	(111,574,082)	13,888,221	2,958,394
PROFIT & LOSS ITEMS
Earnings Before Interest & Tax (EBIT)	0	0	0	0
Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)	0	0	0	0
BALANCE SHEET ITEMS
Total Borrowings	269,080,813	100,000,000	0	0
Total Liabilities	342,877,138	134,789,160	11,253,322	7,354
Total Assets	506,637,212	301,933,759	83,038,335	2,965,748
Net Assets	297,760,074	267,144,599	71,785,013	2,958,394
Net Assets Backing	163,760,074	167,144,599	71,785,013	2,958,394
Shareholders' Funds	163,760,074	167,144,599	71,785,013	2,958,394
Total Share Capital	201,000,000	172,000,000	73,000,000	3,000,000
Total Reserves	(37,239,926)	(4,855,401)	(1,214,987)	(41,606)
LIQUIDITY (Times)
Cash Ratio	0.09	0.32	2.05	390.57
Liquid Ratio	0.66	0.67	2.23	403.28
Current Ratio	0.91	0.67	2.23	403.28
WORKING CAPITAL CONTROL (Days)
Stock Ratio	81	0	0	0
Debtors Ratio	45	0	0	0
Creditors Ratio	86	0	0	0
SOLVENCY RATIOS (Times)
Gearing Ratio	1.64	0.60	0	0
Liabilities Ratio	2.09	0.81	0.16	0
Times Interest Earned Ratio	(22.13)	0	0	0
Assets Backing Ratio	1.48	1.55	0.98	0.99
PERFORMANCE RATIO (%)
Operating Profit Margin	(13.85)	0	0	0
Net Profit Margin	(13.85)	0	0	0
Return On Net Assets	(10.41)	(1.36)	(1.63)	(1.41)
Return On Capital Employed	(10.40)	(1.36)	(1.63)	(1.41)
Return On Shareholders' Funds/Equity	(19.78)	(2.18)	(1.63)	(1.41)
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.66.61
UK Pound	1	Rs.102.30
Euro	1	Rs.74.61

INFORMATION DETAILS

Analysis Done by :	DIV
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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