MIRA INFORM REPORT

Report No. :	342924
Report Date :	30.09.2015

IDENTIFICATION DETAILS

Name :	VISA BULK SHIPPING PTE. LTD.
Formerly Known As :	DRY BULK CHARTERING PTE. LTD.
Registered Office :	61, Robinson Road, 17-01a, Robinson Centre, 068893
Country :	Singapore
Financials (as on) :	31.03.2014
Date of Incorporation :	17.10.2007
Com. Reg. No.:	200719310-E
Legal Form :	Private Limited
Line of Business :	The Subject is engaged in the chartering of ships, barges and boats with crew (freight).
No. of Employees :	4 [2015]

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.	:	200719310-E
COMPANY NAME	:	VISA BULK SHIPPING PTE. LTD.
FORMER NAME	:	DRY BULK CHARTERING PTE. LTD. (23/01/2009)
INCORPORATION DATE	:	17/10/2007
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	61, ROBINSON ROAD, 17-01A, ROBINSON CENTRE, 068893, SINGAPORE.
BUSINESS ADDRESS	:	61, ROBINSON ROAD, 17-01A, ROBINSON CENTRE, 068893, SINGAPORE.
TEL.NO.	:	65-64359000
FAX.NO.	:	N/A
CONTACT PERSON	:	N/A
PRINCIPAL ACTIVITY	:	CHARTERING OF SHIPS, BARGES AND BOATS WITH CREW (FREIGHT)
ISSUED AND PAID UP CAPITAL	:	10,000.00 ORDINARY SHARE, OF A VALUE OF SGD 10,000.00
SALES	:	USD 33,580,381 [2014]
NET WORTH	:	USD (1,572,311) [2014]
STAFF STRENGTH	:	4 [2015]
LITIGATION	:	TRACED
FINANCIAL CONDITION	:	POOR
PAYMENT	:	AVERAGE
MANAGEMENT CAPABILITY	:	AVERAGE
COMMERCIAL RISK	:	N/A
CURRENCY EXPOSURE	:	N/A
GENERAL REPUTATION	:	SATISFACTORY
INDUSTRY OUTLOOK	:	MARGINAL 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) chartering of ships, barges and boats with crew (freight).

The immediate holding company of the Subject is VISA GROUP LIMITED, a company incorporated in SINGAPORE.

Share Capital History

Date	Issue & Paid Up Capital
29/09/2015	SGD 10,000.00

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

Current Shareholder(s):

Name	Address	IC/PP/Loc No	Shareholding	(%)
VISA GROUP LIMITED	61, ROBINSON ROAD, 17-01A, ROBINSON CENTRE, 068893, SINGAPORE.	200911321E	10,000.00	100.00
			---------------	------
			10,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	VIVEK AGARWAL
Address	:	10, DRAYCOTT PARK, 16-08, DRAYCOTT EIGHT, 259405, SINGAPORE.
IC / PP No	:	G5935678Q
Nationality	:	INDIAN
Date of Appointment	:	17/10/2007

DIRECTOR 2

Name Of Subject	:	ABHISHEK AGARWAL
Address	:	11, BEDOK RESERVOIR VIEW, 15-02, AQUARIUS BY THE PARK, 478931, SINGAPORE.
IC / PP No	:	S8062633I
Nationality	:	SINGAPOREAN
Date of Appointment	:	14/09/2010

MANAGEMENT

No data found in our databank.

AUDITOR

Auditor	:	CASEY LIN & COMPANY
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	MR. STEVEN LUK CHIEW PENG
	IC / PP No	:	S6970685A
	Address	:	6, MARTIN PLACE 31-11, MARTIN PLACE RESIDENCES, 237990, 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	:	851
Year	:	2011	Place	:	SINGAPORE
Court	:	SUPREME COURT
Date Filed	:	24/11/2011
Solicitor Ref	:	GWS.JN.1179.11.11
Solicitor Firm	:	W S GOH & CO.
Plaintiff	:	UNITED BUNKERING & TRADING (ASIA) PTE. LTD.
Defendants	:	VISA BULK SHIPPING PTE. LTD. (200719310)
Hearing Date	:	N/A
Amount Claimed	:	700892.04 33642.82
Nature of Claim	:	USD USD
Remark	:	OTHERS / MISCELLANEOUS
Code No	:	99	Case No	:	20361
Year	:	2014	Place	:	SINGAPORE
Court	:	MAGISTRATE COURT
Date Filed	:	29/10/2014
Solicitor	:	TAN JET WAH DEREK
Solicitor Ref	:	DTJW/MNWP/20132344
Solicitor Firm	:	WONGPARTNERSHIP LLP
Plaintiff	:	PT. SENTOSA LAJU ENERGY
Defendants	:	VISA BULK SHIPPING PTE. LTD. (200719310)
Hearing Date	:	N/A
Amount Claimed	:	16653.67
Nature of Claim	:	USD
Remark	:	OTHERS
No winding up petition was found in our databank

PAYMENT RECORD

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

The Subject is a service provider.

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 staff from the registered office refused to disclose the Subject's clientele.

OPERATIONS

Services

:

CHARTERING OF SHIPS, BARGES AND BOATS WITH CREW (FREIGHT)

Total Number of Employees:
YEAR	2015	2014
GROUP	N/A	N/A
COMPANY	4	2

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) chartering of ships, barges and boats with crew (freight).

The staff from the registered office refused to disclose the Subject's operation.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-64359000
Match	:	N/A
Address Provided by Client	:	61, ROBINSON ROAD, 17-01 A, ROBINSON CENTRE SINGAPORE 068893
Current Address	:	61, ROBINSON ROAD, 17-01A, ROBINSON CENTRE, 068893, SINGAPORE.
Match	:	YES

Other Investigations

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

She refused to disclose the Subject's fax number.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Erratic	[	2010 - 2014	]
Profit/(Loss) Before Tax	:	Decreased	[	2010 - 2014	]
Return on Shareholder Funds	:	Unfavourable	[	(14.36%)	]
Return on Net Assets	:	Unfavourable	[	(14.52%)	]
The fluctuating turnover reflects the fierce competition among the existing and new market players.The management had succeeded in turning the Subject into a profit making company. The profit could be due to better control of its operating costs and efficiency in utilising its resources. 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	:	Nil	[	0 Days	]
Debtor Ratio	:	Favourable	[	29 Days	]
Creditors Ratio	:	Favourable	[	8 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	:	Unfavourable	[	0.71 Times	]
Current Ratio	:	Unfavourable	[	0.71 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	:	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 turnover showed a volatile trend but its losses were lower when compared to the previous corresponding period. This could suggest that the Subject was more efficient in its operating cost control and was more competitive. 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 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 :	ECONOMY
The Ministry of Trade and Industry (MTI) announced that it expects the Singapore economy to grow by around 3.0% in 2014, and by 2.0 to 4.0% in 2015. Besides that in 2013, the economy grew by 4.1%, higher than the 1.9% growth in 2012. This was mainly due to strong growth in the services producing industries, particularly the finance & insurance, as well as wholesale & retail trade sectors.
In 2013, all sectors contributed positively to growth. Finance & insurance was the largest contributor (1.2 percentage-points), followed by wholesale & retail trade (0.8 percentage-points) and business services (0.6 percentage-points). Growth in the manufacturing sector was improved by 1.7%, on the back of strong growth in the electronics and transport engineering clusters. By contrast, growth in the construction sector moderated to 5.9%, from 8.6% in 2012.
Growth in the services producing industries picked up to 5.3% in 2013, from 2.0% in 2012. This was mainly due to stronger growth in the finance & insurance and wholesale & retail trade sectors. The finance & insurance sector grew by 11%, up from 1.3% in the previous year. The wholesale & retail trade sector has expanded by 5.0%, after declining by 1.4% the year before.
For the whole of 2013, growth in total demand was 3.1%, similar to the pace of growth in 2012. External demand was the key contributor to total demand growth, accounting for 2.7 percentage-points, or almost 90%, of the increase. External demand grew at a faster pace of 3.6%, compared to the 1.4% growth in 2012. This was supported mainly by growth in the exports of machinery & transport equipment, miscellaneous manufactures, and transport services. Total domestic demand rose by a modest 1.7%, following the 8.6% increase in 2012. The slower growth in total domestic demand was primarily due to the decline in gross fixed capital formation (GFCF).
For the full year, total consumption expenditure grew by 4.4% in 2013, faster than the 2.8% growth in 2012. Public consumption expenditure increased by 11%, a strong rebound from the 1.9% decline in 2012. Private consumption expenditure recorded gains of 2.7%, moderating from the 4.1% increase in the preceding year.
Furthermore, in the first three quarters of 2014, the Singapore economy grew by 3.3% on a year-on-year basis. For the rest of the year, growth is expected to ease slightly on a year-on-year basis, in line with a projected slowdown in the global economy. Externally-oriented sectors such as the manufacturing and transportation & storage sectors are likely to slow, whereas growth in the construction sector will continue to be weighed down by the weakness in private sector construction activities. On the other hand, domestically-oriented sectors like business services are likely to remain resilient.
Additionally, the labour market in Singapore is expected to remain tight in 2015, with low unemployment and rising vacancy rates. Against this global and domestic backdrop, the growth outlook for the Singapore economy remains modest. In tandem with the expected pick-up in external demand, externally-oriented sectors such as manufacturing, wholesale trade and finance & insurance are likely to provide support to growth. While some domestically-oriented sectors such as businesses services are expected to remain resilient, labour-intensive ones like construction, retail and food services may see their growth weighed down by labour constraints.
OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 2007, the Subject is a Private Limited company, focusing on chartering of ships, barges and boats with crew (freight). 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 have a strong support from its holding company. However, the Subject does not have a strong capital position of SGD 10,000. Without a strong capital, the Subject may face difficulties to expand its business compared to other large corporation.

Over the years, the Subject should have build up its clientele base and received supports from its regular customers. Investigation revealed that the Subject's interest lies mostly in the local market. Thus, any adverse changes to the local economy might have a negative impact on the Subject's business performance. Being a small company, the Subject's business operation is supported by 4 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. 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. 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 -1,572,311. 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 has reached its maturity stage and only enjoying a marginal growth. The steady growth of the country's economy will further enhance the industry activities. Thus, the Subject's future performance is very much depend on its marketing strategies in order to retain its position in the market.

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	2014-03-31	2013-03-31	2012-03-31	2011-03-31	2010-03-31
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	SUMMARY
Currency	USD	USD	USD	USD	SGD
TURNOVER	33,580,381	25,681,258	33,145,287	46,248,926	62,454,123
Other Income	24,193	57,324	-	-	-
	----------------	----------------	----------------	----------------	----------------
Total Turnover	33,604,574	25,738,582	33,145,287	46,248,926	62,454,123
Costs of Goods Sold	(32,916,702)	(24,973,667)	(31,588,091)	(45,316,392)	-
	----------------	----------------	----------------	----------------	----------------
Gross Profit	687,872	764,915	1,557,196	932,534	-
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	228,233	(28,339)	978,594	(3,386,173)	1,336,492
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	228,233	(28,339)	978,594	(3,386,173)	1,336,492
Taxation	(2,455)	-	0	0	(221,463)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	225,778	(28,339)	978,594	(3,386,173)	1,115,030
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	(1,804,909)	(1,776,570)	(2,755,164)	631,009	(484,021)
	----------------	----------------	----------------	----------------	----------------
As restated	(1,804,909)	(1,776,570)	(2,755,164)	631,009	(484,021)
	----------------	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	(1,579,131)	(1,804,909)	(1,776,570)	(2,755,164)	631,009
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	(1,579,131)	(1,804,909)	(1,776,570)	(2,755,164)	631,009
	=============	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
DEPRECIATION (as per notes to P&L)	745	4,047	-	-	-
	----------------	----------------	----------------	----------------	----------------
	745	4,047	-	-	-
	=============	=============

BALANCE SHEET

ASSETS EMPLOYED:
FIXED ASSETS	39,306	-	-	-	0
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	39,306	-	-	-	-
Trade debtors	2,705,015	879,144	671,848	2,706,103	-
Other debtors, deposits & prepayments	1,016,957	183,253	471,347	558,092	-
Cash & bank balances	60,435	47,225	889,298	91,029	-
Others	80,734	-	-	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	3,863,141	1,109,622	2,032,493	3,355,224	5,147,821
	----------------	----------------	----------------	----------------	----------------
TOTAL ASSET	3,902,447	1,109,622	2,032,493	3,355,224	5,147,821
	=============	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	735,183	2,887,107	3,765,624	4,431,040	-
Other creditors & accruals	4,739,575	20,604	36,619	279,965	-
Amounts owing to holding company	-	-	-	750,000	-
Provision for taxation	-	-	-	14,890	-
Other liabilities	-	-	-	627,673	-
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	5,474,758	2,907,711	3,802,243	6,103,568	4,340,649
	----------------	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	(1,611,617)	(1,798,089)	(1,769,750)	(2,748,344)	807,172
	----------------	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	(1,572,311)	(1,798,089)	(1,769,750)	(2,748,344)	807,172
	=============	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	6,820	6,820	6,820	6,820	10,000
	----------------	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	6,820	6,820	6,820	6,820	10,000
Retained profit/(loss) carried forward	(1,579,131)	(1,804,909)	(1,776,570)	(2,755,164)	631,009
Others	-	-	-	-	166,163
	----------------	----------------	----------------	----------------	----------------
TOTAL RESERVES	(1,579,131)	(1,804,909)	(1,776,570)	(2,755,164)	797,172
	----------------	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	(1,572,311)	(1,798,089)	(1,769,750)	(2,748,344)	807,172
TOTAL LONG TERM LIABILITIES	-	-	-	-	0
	----------------	----------------	----------------	----------------	----------------
	(1,572,311)	(1,798,089)	(1,769,750)	(2,748,344)	807,172
	=============	=============	=============	=============	=============

FINANCIAL RATIO

TYPES OF FUNDS
Cash	60,435	47,225	889,298	91,029	-
Net Liquid Funds	60,435	47,225	889,298	91,029	-
Net Liquid Assets	(1,611,617)	(1,798,089)	(1,769,750)	(2,748,344)	807,172
Net Current Assets/(Liabilities)	(1,611,617)	(1,798,089)	(1,769,750)	(2,748,344)	807,172
Net Tangible Assets	(1,572,311)	(1,798,089)	(1,769,750)	(2,748,344)	807,172
Net Monetary Assets	(1,611,617)	(1,798,089)	(1,769,750)	(2,748,344)	807,172
PROFIT & LOSS ITEMS
Earnings Before Interest & Tax (EBIT)	0	0	978,594	(3,386,173)	-
Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)	228,978	(24,292)	978,594	(3,386,173)	-
BALANCE SHEET ITEMS
Total Borrowings	0	0	0	0	-
Total Liabilities	5,474,758	2,907,711	3,802,243	6,103,568	4,340,649
Total Assets	3,902,447	1,109,622	2,032,493	3,355,224	5,147,821
Net Assets	(1,572,311)	(1,798,089)	(1,769,750)	(2,748,344)	807,172
Net Assets Backing	(1,572,311)	(1,798,089)	(1,769,750)	(2,748,344)	807,172
Shareholders' Funds	(1,572,311)	(1,798,089)	(1,769,750)	(2,748,344)	807,172
Total Share Capital	6,820	6,820	6,820	6,820	10,000
Total Reserves	(1,579,131)	(1,804,909)	(1,776,570)	(2,755,164)	797,172
LIQUIDITY (Times)
Cash Ratio	0.01	0.02	0.23	0.01	-
Liquid Ratio	0.71	0.38	0.53	0.55	-
Current Ratio	0.71	0.38	0.53	0.55	1.19
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0	0	0	-
Debtors Ratio	29	12	7	21	-
Creditors Ratio	8	42	44	36	-
SOLVENCY RATIOS (Times)
Gearing Ratio	0	0	0	0	-
Liabilities Ratio	(3.48)	(1.62)	(2.15)	(2.22)	5.38
Times Interest Earned Ratio	0	0	0	0	-
Assets Backing Ratio	(230.54)	(263.65)	(259.49)	(402.98)	80.72
PERFORMANCE RATIO (%)
Operating Profit Margin	0.68	(0.11)	2.95	(7.32)	2.14
Net Profit Margin	0.67	(0.11)	2.95	(7.32)	1.79
Return On Net Assets	(14.52)	1.58	(55.30)	123.21	165.58
Return On Capital Employed	(14.52)	1.58	(55.30)	123.21	165.58
Return On Shareholders' Funds/Equity	(14.36)	1.58	(55.30)	123.21	138.14
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.66.18
UK Pound	1	Rs.100.46
Euro	1	Rs.74.61

INFORMATION DETAILS

Analysis Done by :	KAR
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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