MIRA INFORM REPORT

Report No. :	341071
Report Date :	16.09.2015

IDENTIFICATION DETAILS

Name :	VINMAR OVERSEAS (SINGAPORE) PTE LTD
Registered Office :	152, Beach Road, 13-02/03, Gateway East, 189721
Country :	Singapore
Financials (as on) :	31.12.2014
Date of Incorporation :	11.03.1994
Com. Reg. No.:	199401696-C
Legal Form :	Private Limited
Line of Business :	Subject is engaged in trading of chemicals, plastics, polymer.
No. of Employees :	9

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
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.	:	199401696-C
COMPANY NAME	:	VINMAR OVERSEAS (SINGAPORE) PTE LTD
FORMER NAME	:	VINMAR (SINGAPORE) PTE LTD (24/06/1997)
INCORPORATION DATE	:	11/03/1994
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	152, BEACH ROAD, 13-02/03, GATEWAY EAST, 189721, SINGAPORE.
BUSINESS ADDRESS	:	152, BEACH ROAD, 13-02/03, GATEWAY EAST, 189721, SINGAPORE.
TEL.NO.	:	65-91178755
FAX.NO.	:	N/A
CONTACT PERSON	:	MEHTA DEVANG DWARKADAS ( DIRECTOR )
PRINCIPAL ACTIVITY	:	TRADING OF CHEMICALS, PLASTICS,POLYMER
ISSUED AND PAID UP CAPITAL	:	2,600,000.00 ORDINARY SHARE, OF A VALUE OF SGD 2,600,000.00
SALES	:	USD 328,759,385 [2014]
NET WORTH	:	USD (1,234,981) [2014]
STAFF STRENGTH	:	9 [2015]
LITIGATION	:	TRACED
FINANCIAL CONDITION	:	POOR
PAYMENT	:	AVERAGE
MANAGEMENT CAPABILITY	:	AVERAGE
COMMERCIAL RISK	:	MODERATE
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) trading of chemicals, plastics,polymer.

The immediate holding company of the Subject is KUVERA INTERNATIONAL LTD., a company incorporated in BAHAMAS.

Share Capital History

Date	Issue & Paid Up Capital
15/09/2015	SGD 2,600,000.00

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

Current Shareholder(s) :

Name	Address	IC/PP/Loc No	Shareholding	(%)
KUVERA INTERNATIONAL LTD.	16800, IMPERIAL VALLEY DRIVE, SUITE 499, HOUSTON TEXAS, 77060, BAHAMAS.	T11UF5132H	2,600,000.00	100.00
			---------------	------
			2,600,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	MEHTA DEVANG DWARKADAS
Address	:	13403, PARK CENTRE COURT, HOUSTON TEXAS, 77069, UNITED STATES.
IC / PP No	:	G5172489K
Nationality	:	INDIAN
Date of Appointment	:	14/02/2013

DIRECTOR 2

Name Of Subject	:	VIJAY GORADIA
Address	:	62, WINDWARD COVE, THE WOODLANDS, 77381, TEXAS, UNITED STATES.
IC / PP No	:	505435411
Nationality	:	AMERICAN
Date of Appointment	:	11/03/1994

DIRECTOR 3

Name Of Subject	:	SWATANTRA VIJAY JAIN
Address	:	13702, BAYFRONT DR, HOUSTON, TEXAS, 77077, UNITED STATES.
IC / PP No	:	516406119
Nationality	:	AMERICAN
Date of Appointment	:	30/06/1997

DIRECTOR 4

Name Of Subject	:	KWAN HON KAY @ LAWRENCE
Address	:	39, TELOK BLANGAH RISE, 09-347, 090039, SINGAPORE.
IC / PP No	:	S0283956C
Nationality	:	SINGAPOREAN
Date of Appointment	:	01/07/2014

DIRECTOR 5

Name Of Subject	:	HEMANT P.GORADIA
Address	:	35, HOLLYMEAD DR, THE WOODLANDS, TEXAS, 77381, UNITED STATES.
IC / PP No	:	Z2111381
Nationality	:	INDIAN
Date of Appointment	:	11/03/1994

MANAGEMENT

1)	Name of Subject	:	MEHTA DEVANG DWARKADAS
	Position	:	DIRECTOR

AUDITOR

Auditor	:	PKF-CAP LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	KWAN HON KAY @ LAWRENCE
	IC / PP No	:	S0283956C
	Address	:	39, TELOK BLANGAH RISE, 09-347, 090039, SINGAPORE.

BANKING

No Banker found in our databank. 

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C201205716	24/05/2012	N/A	WELLS FARGO BANK, NATIONAL ASSOCIATION	USD 460,000,000.00

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	:	20654
Year	:	2010	Place	:	SINGAPORE
Court	:	MAGISTRATE COURT
Date Filed	:	06/08/2010
Solicitor Ref	:	YSY/LWK/10.007264
Solicitor Firm	:	ASCENTSIA LAW CORPORATION
Plaintiff	:	HITACHI CAPITAL SINGAPORE PTE LTD
Defendants	:	VINMAR OVERSEAS (SINGAPORE) PTE LTD (199401696)
Hearing Date	:	N/A
Amount Claimed	:	4811
Nature of Claim	:	SGD
Remark	:	CONTRACT

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

OPERATIONS

Goods Traded

:

CHEMICALS, PLASTICS

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

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) trading of chemicals, plastics,polymer. 

The Subject sells MTBE,Methanol,MEK,DEG,LAB,Acetic Acid,MEG,TEG 

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-91178755
Match	:	N/A
Address Provided by Client	:	152 BEACH ROAD 13-02/03 GATEWAY (EAST) SINGAPORE 189721
Current Address	:	152, BEACH ROAD, 13-02/03, GATEWAY EAST, 189721, SINGAPORE.
Match	:	YES

Other Investigations

We contacted one of the staff from the registered office and he only provided limited information.

He refused to disclose the Subject's fax number and bankers.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Erratic	[	2010 - 2014	]
Profit/(Loss) Before Tax	:	Increased	[	2010 - 2014	]
Return on Shareholder Funds	:	Unfavourable	[	92.76%	]
Return on Net Assets	:	Unfavourable	[	92.76%	]
The fluctuating turnover reflects the fierce competition among the existing and new market players.Higher losses before tax during the year could be due to the higher operating costs incurred. Although the Subject's returns showed positive figures it is not reflective of the true situation. The Subject incurred losses during the year and its shareholders' funds have turned red. The positive returns on shareholders' funds is the result of losses divided by negative shareholders' funds. The Subject's management was inefficient in utilising the assets to generate returns.
Working Capital Control
Stock Ratio	:	Nil	[	0 Days	]
Debtor Ratio	:	Favourable	[	9 Days	]
Creditors Ratio	:	Favourable	[	14 Days	]
As the Subject is a service oriented company, the Subject does not need to keep stocks. The favourable debtors' days could be due to the good credit control measures implemented by the Subject. The Subject had a favourable creditors' ratio where the Subject could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.
Liquidity
Liquid Ratio	:	Acceptable	[	0.96 Times	]
Current Ratio	:	Unfavourable	[	0.96 Times	]
The Subject's liquid ratio was slightly low. This could indicate that the Subject's working capital was slightly deficient. The Subject will have to improve its liquidity position either by obtaining short term financing or increase its paid up capital so that it can 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's losses increased but its turnover showed a  fluctuating trend. This indicate the Subject was slowly losing its market share due to its competitors. The Subject's liquidity was at an acceptable range. If the Subject is able to obtain further short term financing, it should be able to meet all 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 : 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 :	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 1994, the Subject is a Private Limited company, focusing on trading of chemicals, plastics,polymer. 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. We noted that the issued and paid up capital of the Subject stands at SGD 2,600,000 and having strong backing from its holding company.

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 9 employees. Overall, we regard that the Subject's management capability is average. This indicates that the Subject has greater potential to improve its business performance and raising income for the Subject. 

Due to the challenging market conditions, the Subject's business performance seems to be deteriorating and losses incurred. 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 managed to maintain an adequate liquidity level, indicating that the Subject has the ability to meet its 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. The Subject's unfavourable financial performance over the years has wiped out its shareholders' funds to a deficit of USD -1,234,981. Therefore, the Subject as a going concern is much dependent on its ability to generate sufficient cash flow and obtain additional financing to meet its future obligations. 

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. 

Based on the above unfavourable condition, we regard granting credit to the Subject to be quite risky. Hence, credit is not recommended.

PROFIT AND LOSS ACCOUNT

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

Financial Year End	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31
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	328,759,385	457,998,329	9,090,862	1,005,878	-
	----------------	----------------	----------------	----------------	----------------
Total Turnover	328,759,385	457,998,329	9,090,862	1,005,878	-
Costs of Goods Sold	(328,497,831)	(457,600,547)	-	-	-
	----------------	----------------	----------------	----------------	----------------
Gross Profit	261,554	397,782	-	-	-
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	(1,145,554)	(991,188)	(256,501)	(7,942)	(126,823)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	(1,145,554)	(991,188)	(256,501)	(7,942)	(126,823)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	(1,145,554)	(991,188)	(256,501)	(7,942)	(126,823)
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	(1,881,282)	(890,094)	(633,593)	(625,651)	(498,828)
	----------------	----------------	----------------	----------------	----------------
As restated	(1,881,282)	(890,094)	(633,593)	(625,651)	(498,828)
	----------------	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	(3,026,836)	(1,881,282)	(890,094)	(633,593)	(625,651)
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	(3,026,836)	(1,881,282)	(890,094)	(633,593)	(625,651)
	=============	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
DEPRECIATION (as per notes to P&L)	1,638	31,140	30,681	30,681	-
	----------------	----------------	----------------	----------------	----------------
	1,638	31,140	30,681	30,681	-
	=============	=============	=============	=============

BALANCE SHEET

ASSETS EMPLOYED:
FIXED ASSETS	4,245	1,601	30,682	61,363	54,217
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	4,245	1,601	30,682	61,363	54,217
Trade debtors	8,432,929	35,735,747	260,139	93,389	-
Other debtors, deposits & prepayments	64,062	47,969	48,446	38,143	28,202
Amount due from holding company	-	-	569,739	569,739	1,250,000
Amount due from related companies	400,000	-	73,253	534,421	-
Cash & bank balances	19,294,526	9,577,714	7,944,580	97,589	63,589
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	28,191,517	45,361,430	8,896,157	1,333,281	1,341,791
	----------------	----------------	----------------	----------------	----------------
TOTAL ASSET	28,195,762	45,363,031	8,926,839	1,394,644	1,396,008
	=============	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	12,545,827	34,575,284	29,100	22,269	-
Other creditors & accruals	107,454	209,005	42,001	6,931	9,328
Amounts owing to holding company	-	-	-	-	65,000
Amounts owing to related companies	16,777,462	10,668,169	7,953,977	207,182	155,476
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	29,430,743	45,452,458	8,025,078	236,382	229,804
	----------------	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	(1,239,226)	(91,028)	871,079	1,096,899	1,111,987
	----------------	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	(1,234,981)	(89,427)	901,761	1,158,262	1,166,204
	=============	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	1,791,855	1,791,855	1,791,855	1,791,855	1,791,855
	----------------	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	1,791,855	1,791,855	1,791,855	1,791,855	1,791,855
Retained profit/(loss) carried forward	(3,026,836)	(1,881,282)	(890,094)	(633,593)	(625,651)
	----------------	----------------	----------------	----------------	----------------
TOTAL RESERVES	(3,026,836)	(1,881,282)	(890,094)	(633,593)	(625,651)
	----------------	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	(1,234,981)	(89,427)	901,761	1,158,262	1,166,204
	----------------	----------------	----------------	----------------	----------------
	(1,234,981)	(89,427)	901,761	1,158,262	1,166,204
	=============	=============	=============	=============	=============

FINANCIAL RATIO

TYPES OF FUNDS
Cash	19,294,526	9,577,714	7,944,580	97,589	63,589
Net Liquid Funds	19,294,526	9,577,714	7,944,580	97,589	63,589
Net Liquid Assets	(1,239,226)	(91,028)	871,079	1,096,899	1,111,987
Net Current Assets/(Liabilities)	(1,239,226)	(91,028)	871,079	1,096,899	1,111,987
Net Tangible Assets	(1,234,981)	(89,427)	901,761	1,158,262	1,166,204
Net Monetary Assets	(1,239,226)	(91,028)	871,079	1,096,899	1,111,987
PROFIT & LOSS ITEMS
Earnings Before Interest & Tax (EBIT)	(1,145,554)	(991,188)	(256,501)	(7,942)	(126,823)
Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)	(1,143,916)	(960,048)	(225,820)	22,739	(126,823)
BALANCE SHEET ITEMS
Total Borrowings	0	0	0	0	0
Total Liabilities	29,430,743	45,452,458	8,025,078	236,382	229,804
Total Assets	28,195,762	45,363,031	8,926,839	1,394,644	1,396,008
Net Assets	(1,234,981)	(89,427)	901,761	1,158,262	1,166,204
Net Assets Backing	(1,234,981)	(89,427)	901,761	1,158,262	1,166,204
Shareholders' Funds	(1,234,981)	(89,427)	901,761	1,158,262	1,166,204
Total Share Capital	1,791,855	1,791,855	1,791,855	1,791,855	1,791,855
Total Reserves	(3,026,836)	(1,881,282)	(890,094)	(633,593)	(625,651)
LIQUIDITY (Times)
Cash Ratio	0.66	0.21	0.99	0.41	0.28
Liquid Ratio	0.96	1.00	1.11	5.64	5.84
Current Ratio	0.96	1.00	1.11	5.64	5.84
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0	0	0	0
Debtors Ratio	9	28	10	34	0
Creditors Ratio	14	28	1	8	0
SOLVENCY RATIOS (Times)
Gearing Ratio	0	0	0	0	0
Liabilities Ratio	(23.83)	(508.26)	8.90	0.20	0.20
Times Interest Earned Ratio	0	0	0	0	0
Assets Backing Ratio	(0.69)	(0.05)	0.50	0.65	0.65
PERFORMANCE RATIO (%)
Operating Profit Margin	(0.35)	(0.22)	(2.82)	(0.79)	0
Net Profit Margin	(0.35)	(0.22)	(2.82)	(0.79)	0
Return On Net Assets	92.76	1,108.38	(28.44)	(0.69)	(10.87)
Return On Capital Employed	92.76	1,108.38	(28.44)	(0.69)	(10.87)
Return On Shareholders' Funds/Equity	92.76	1,108.38	(28.44)	(0.69)	(10.87)
Dividend Pay Out Ratio (Times)	0	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.66.44
UK Pound	1	Rs.102.41
Euro	1	Rs.75.05

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	TRU

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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