MIRA INFORM REPORT

Report No. :	485368
Report Date :	09.01.2018

IDENTIFICATION DETAILS

Name :	VISA RESOURCES PTE. LTD.
Registered Office :	61, Robinson Road, 17- 01a, Robinson Centre, 068893
Country :	Singapore
Financials (as on) :	31.03.2016
Date of Incorporation :	28.11.2008
Com. Reg. No.:	200822399-M
Legal Form :	Private Limited (Limited By Share)
Line of Business :	The Subject is principally engaged in trading of commodities, coal, other minerals, ores, carbon steel products, steelmaking raw materials products, base metals products, minor metals.
No. of Employees :	8 [2017]

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

Country Name	Previous Rating (30.06.2017)	Current Rating (30.09.2017)
Singapore	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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. Growth in 2014-16 was slower than during the previous decade, at under 3% annually, 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 growth, and increasing Singaporean wages. Singapore has attracted major investments in advanced manufacturing, pharmaceuticals, and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and technology hub. Singapore is a member of the Regional Comprehensive Economic Partnership negotiations with the nine other ASEAN members plus Australia, China, India, Japan, South Korea, and New Zealand. In 2015, Singapore formed, with the other ASEAN members, the ASEAN Economic Community.

Source : CIA

EXECUTIVE SUMMARY

REGISTRATION NO.

:

200822399-M

COMPANY NAME

:

VISA RESOURCES PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

28/11/2008

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED (LIMITED BY SHARE)

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.

:

65-64359000/64359018

FAX.NO.

:

65-64359001

CONTACT PERSON

:

VIVEK AGARWAL ( MANAGING DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF COMMODITIES, COAL, OTHER MINERALS, ORES, CARBON STEEL PRODUCTS, STEELMAKING RAW MATERIALS PRODUCTS, BASE METALS PRODUCTS, MINOR METALS

ISSUED AND PAID UP CAPITAL

:

8,685,000.00 ORDINARY SHARE, OF A VALUE OF SGD 8,685,000.00

SALES

:

USD 192,449,400 [2016]

NET WORTH

:

USD 14,454,147 [2016]

STAFF STRENGTH

:

8 [2017]

BANKER (S)

:

ING BANK N.V. ABN AMRO BANK N.V. OVERSEA-CHINESE BANKING CORPORATION LIMITED THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED RAIFFEISEN ZENTRALBANK OESTERREICH AKTIENGESELLSCHAFT BNP PARIBAS

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

STRONG

PAYMENT

:

NO COMPLAINTS

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

HISTORY / BACKGROUND

The Subject is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the Subject is insolvent. The Subject is governed by the Companies Act and the company must file its annual returns, together with its financial statements with the Registrar of Companies.

The Subject is principally engaged in the (as a / as an) trading of commodities, coal, other minerals, ores, carbon steel products, steelmaking raw materials products, base metals products, minor metals.

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

Share Capital History

Date	Issue & Paid Up Capital
21/06/2017	SGD 8,685,000.00

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	8,685,000.00	100.00
			---------------	------
			8,685,000.00	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	:	28/11/2008

INTEREST CHECK

Interest in companies	:	see below
Interest in business	:	none in our databank
Former interest	:	none in our databank

INTEREST IN COMPANY

No	Local No	Company	Designation	App Date	Shareholding (Number of Share)	Profit/(loss) After Tax	Financial Year	Status	As At
1	200822399M	VISA RESOURCES PTE. LTD.	Director	28/11/2008	0.00	USD2,350,955.00	2016	-	21/06/2017

MANAGEMENT

1)	Name of Subject	:	VIVEK AGARWAL
	Position	:	MANAGING DIRECTOR

AUDITOR

Auditor	:	MOORE STEPHENS LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	STEVEN LUK CHIEW PENG
	IC / PP No	:	S6970685A
	Address	:	6, MARTIN PLACE, 31-11, MARTIN PLACE RESIDENCES, 237990, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

ING BANK N.V.

2)

Name

:

ABN AMRO BANK N.V.

3)

Name

:

OVERSEA-CHINESE BANKING CORPORATION LIMITED

4)

Name

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

5)

Name

:

RAIFFEISEN ZENTRALBANK OESTERREICH AKTIENGESELLSCHAFT

6)

Name

:

BNP PARIBAS

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C201201288	02/02/2012	N/A	OVERSEA-CHINESE BANKING CORPORATION LIMITED	-	Unsatisfied
C201213172	14/11/2012	N/A	ICICI BANK LIMITED	-	Unsatisfied
C201213173	14/11/2012	N/A	ICICI BANK LIMITED	-	Unsatisfied
C201510707	18/09/2015	N/A	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	-	Unsatisfied
C201601646	05/02/2016	N/A	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	-	Unsatisfied
C201603555	01/04/2016	N/A	COOPERATIEVE RABOBANK U.A.	-	Unsatisfied
C201605370	27/05/2016	N/A	CREDIT SUISSE AG	-	Unsatisfied
C201605373	27/05/2016	N/A	CREDIT SUISSE AG	-	Unsatisfied

LITIGATION CHECK AGAINST SUBJECT

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

No legal action was found in our databank.

No winding up petition was found in our databank.

PAYMENT RECORD

SOURCES OF RAW MATERIALS:
Local	:	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

:

BULK COMMODITIES, COAL, OTHER MINERALS,ORES, CARBON STEEL PRODUCTS, STEELMAKING RAW MATERIALS PRODUCTS, BASE METALS PRODUCTS, MINOR METALS

Total Number of Employees:
YEAR	2017	2016	2015	2014	2013
GROUP	N/A	N/A	N/A	N/A	N/A
COMPANY	8	8	8	8	8

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) trading of commodities, coal, other minerals, ores, carbon steel products, steelmaking raw materials products, base metals products, minor metals.

The Subject engaged in the trading of commodities such as coal, coke, minerals & metals.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-64359000/64359018
Match	:	N/A
Address Provided by Client	:	17-01A, ROBINSON CENTRE, 61 ROBINSON ROAD 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 Subject and she provided some information.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Erratic	[	2012 - 2016	]
Profit/(Loss) Before Tax	:	Increased	[	2012 - 2016	]
Return on Shareholder Funds	:	Acceptable	[	16.26%	]
Return on Net Assets	:	Acceptable	[	19.97%	]
The fluctuating turnover reflects the fierce competition among the existing and new market players.The higher profit could be attributed to the increase in turnover. The Subject's management had generated acceptable return for its shareholders using its assets.
Working Capital Control
Debtor Ratio	:	Favourable	[	39 Days	]
Creditors Ratio	:	Favourable	[	30 Days	]
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	[	1.54 Times	]
Current Ratio	:	Unfavourable	[	1.54 Times	]
A minimum liquid ratio of 1 should be maintained by the Subject in order to assure its creditors of its ability to meet short term obligations and the Subject was in a good liquidity position. Thus, we believe the Subject is able to meet all its short term obligations as and when they fall due.
Solvency
Interest Cover	:	Acceptable	[	9.08 Times	]
Gearing Ratio	:	Favourable	[	0.22 Times	]
The Subject's interest cover was slightly low. If there is no sharp fall in its profit or sudden increase in the interest rates, we believe the Subject is able to generate sufficient income to service its interest and repay the loans. The Subject was 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 turnover was erratic, the Subject had maintained a steady growth in its profit. This indicate the management's efficiency in controlling its costs and profitability. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. The Subject had an acceptable interest cover. If there is no sudden sharp increase in interest rate or fall in the Subject's profit, we do believe the Subject is able to generate sufficient cash flow to service its interest payment. The Subject 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 :	2012	2013	2014	2015	2016*
Population (Million)	5.31	5.40	5.47	5.54	5.63
Gross Domestic Products ( % )	1.3	3.7	(3.5)	3.7	4.8
Consumer Price Index	4.6	2.4	2.4	(0.5)	(0.7)
Total Imports (Million)	474,554.0	466,762.0	463,779.1	407,767.9	398,372.0
Total Exports (Million)	510,329.0	513,391.0	518,922.7	476,285.4	468,552.0
Unemployment Rate (%)	2.0	1.9	1.9	1.9	2.1
Tourist Arrival (Million)	14.49	15.46	15.01	15.23	16.28
Hotel Occupancy Rate (%)	86.4	86.3	85.5	85.0	-
Cellular Phone Subscriber (Million)	1.52	1.97	1.98	1.99	-
Registration of New Companies (No.)	31,892	37,288	41,589	34,243	35,528
Registration of New Companies (%)	(1.3)	9.8	11.5	(17.7)	3.8
Liquidation of Companies (No.)	17,218	17,369	18,767	21,384	-
Liquidation of Companies (%)	9.4	(5.3)	8.0	13.9	-
Registration of New Businesses (No.)	24,788	22,893	35,773	28,480	33,326
Registration of New Businesses (%)	5.51	1.70	56.30	(20.39)	17.02
Liquidation of Businesses (No.)	22,489	22,598	22,098	26,116	-
Liquidation of Businesses (%)	(2.2)	0.5	(2.2)	18.2	-
Bankruptcy Orders (No.)	1,748	1,992	1,757	1,776	-
Bankruptcy Orders (%)	14.5	14.0	(11.8)	1.0	-
Bankruptcy Discharges (No.)	1,881	2,584	3,546	3,499	-
Bankruptcy Discharges (%)	35.2	37.4	37.2	(1.3)	-
INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	5.16	1.78	4.29	3.04	-
Fish Supply & Wholesale	(0.5)	(3.8)	(8.6)	(8.5)	(9.9)
Manufacturing #
Food, Beverages & Tobacco	97.9	97.9	99.4	100.0	103.7
Textiles	140.1	119.5	102.7	100.0	93.3
Wearing Apparel	395.4	334.1	212.6	100.0	80.3
Leather Products & Footwear	109.5	122.0	106.5	100.0	93.2
Wood & Wood Products	93.3	103.0	107.2	100.0	90.5
Paper & Paper Products	98.5	104.4	104.5	100.0	99.7
Printing & Media	122.8	113.8	105.968	100.0	86.9
Crude Oil Refineries	107.1	100.7	92.2	100.0	100.5
Chemical & Chemical Products	85.3	88.4	96.7	100.0	97.6
Pharmaceutical Products	103.8	101.421	109.4	100.0	115.9
Rubber & Plastic Products	113.5	109.497	109.2	100.0	87.9
Non-metallic Mineral	108.8	107.4	90.759	100.0	93.6
Basic Metals	91.5	77.2	99.3	100.0	113.1
Fabricated Metal Products	107.314	107.5	107.757	100.0	91.7
Machinery & Equipment	107.3	109.1	118.2	100.0	79.3
Electrical Machinery	80.102	87.4	97.871	100.0	99.3
Electronic Components	100.7	105.0	105.6	100.0	106.3
Transport Equipment	109.9	111.1	106.68	100.0	98.7
Construction	28.70	25.40	22.00	-	-
Real Estate	31.9	88.5	145.1	-	-
Services
Electricity, Gas & Water	6.30	6.70	6.50	-	-
Transport, Storage & Communication	5.30	9.80	14.20	-	-
Finance & Insurance	0.50	3.30	6.00	-	-
Government Services	6.00	6.50	6.30	-	-
Education Services	0.30	3.10	5.98	-	-
* Estimate / Preliminary
# Based on Index of Industrial Production (2015 = 100)

INDUSTRY ANALYSIS

INDUSTRY :	TRADING
The wholesale & retail trade sector expanded by 6.8% in the third quarter of 2015, higher than the 6.0% growth in the preceding quarter. Growth was supported by both the wholesale trade and retail trade segments. The wholesale trade segment was boosted by an increase in both domestic and foreign wholesale trade sales volume. In particular, the domestic wholesale trade index rose by 7.4%, following the 8.1 % increase in the previous quarter. The strong performance in domestic wholesale trade was due to a surge in the sales of petroleum and petroleum products (14%), chemicals & chemical products (39%) and telecommunications & computers (18%).
Similarly, the foreign wholesale trade index rose by 10% in the third quarter of 2015, accelerating from the 6.9% rise in the previous quarter. Growth was driven by improvements in the sales of petroleum & petroleum products (21%), metals, timber & construction materials (10%) and general wholesale trade (8.8%).
Overall retail trade sales volume also recorded resilient growth of 5.6% in the third quarter of 2015, extending the 6.4 % expansion in the second quarter. Growth was supported by a surge in the volume of motor vehicle sales (44%), which was in turn due to a substantial increase in the supply of Certificate of Entitlements. Excluding motor vehicles, retail sales volume increased at a much slower pace of 0.7% over the same period. The increase in retail sales volume (excluding motor vehicles) was due to improved non-discretionary goods sales. For instance, the sales of medical goods & toiletries and department store goods rose by 8.1% and 3.6% respectively.
According to the Retail News Asia, Food and beverage has overtaken fashion as the primary driver of demand for retail real estate in Singapore. Despite declining retail sales and consumer spending, the prime retail sector remained in good shape during the third quarter 2015.
OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 2008, the Subject is a Private Limited company, focusing on trading of commodities, coal, other minerals, ores, carbon steel products, steelmaking raw materials products, base metals products, minor metals. 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. A paid up capital of SGD 8,685,000 allows the Subject to expand its business more comfortably. With a strong backing from its holding company, the Subject enjoys timely financial assistance should the needs arise.

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 8 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.

Despite the lower turnover, the Subject's pre-tax profit have increased compared to the previous year. The higher profit could be due to better control of its operating costs and efficiency in utilising its resources. 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 14,454,147, 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.

VISA RESOURCES PTE. LTD.

Financial Year End	2016-03-31	2015-03-31	2014-03-31	2013-03-31	2012-03-31
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	192,449,400	203,759,408	142,349,372	119,249,489	138,816,591
Other Income	33,622	6,816	2,321,873	292,070	224,641
	----------------	----------------	----------------	----------------	----------------
Total Turnover	192,483,022	203,766,224	144,671,245	119,541,559	139,041,232
Costs of Goods Sold	(185,249,545)	(197,532,590)	(138,869,231)	(116,198,869)	(136,853,770)
	----------------	----------------	----------------	----------------	----------------
Gross Profit	7,233,477	6,233,634	5,802,014	3,342,690	2,187,462
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	2,576,516	1,981,443	1,328,988	708,692	796,279
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	2,576,516	1,981,443	1,328,988	708,692	796,279
Taxation	(225,561)	(208,930)	(89,997)	141,219	(80,000)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	2,350,955	1,772,513	1,238,991	849,911	716,279
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	6,408,780	4,636,267	3,397,276	2,547,365	1,831,086
	----------------	----------------	----------------	----------------	----------------
As restated	6,408,780	4,636,267	3,397,276	2,547,365	1,831,086
	----------------	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	8,759,735	6,408,780	4,636,267	3,397,276	2,547,365
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	8,759,735	6,408,780	4,636,267	3,397,276	2,547,365
	=============	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Loan from holding company	-	-	-	5,903	-
Others	318,721	322,823	130,901	457,464	383,882
	----------------	----------------	----------------	----------------	----------------
	318,721	322,823	130,901	463,367	383,882
	=============	=============	=============	=============	=============
DEPRECIATION (as per notes to P&L)	27,202	1,714	-	1,425	2,569
	----------------	----------------	----------------	----------------	----------------
	27,202	1,714	-	1,425	2,569
	=============	=============	=============	=============	=============

BALANCE SHEET

VISA RESOURCES PTE. LTD.

ASSETS EMPLOYED:
FIXED ASSETS	129,983	13,686	3,508	-	1,425
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	129,983	13,686	3,508	-	1,425
Trade debtors	20,778,016	26,001,041	16,388,067	10,272,607	24,012,272
Other debtors, deposits & prepayments	1,250,478	1,318,921	4,530,212	1,835,674	1,887,790
Short term deposits	8,391,665	2,357,853	5,344,670	897,254	684,553
Amount due from related companies	7,146,977	5,840,588	-	59,352	-
Cash & bank balances	3,585,162	1,106,159	3,362,754	825,862	5,121,040
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	41,152,298	36,624,562	29,625,703	13,890,749	31,705,655
	----------------	----------------	----------------	----------------	----------------
TOTAL ASSET	41,282,281	36,638,248	29,629,211	13,890,749	31,707,080
	=============	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	15,294,094	13,990,920	13,081,212	3,859,837	20,726,823
Other creditors & accruals	370,578	550,959	1,653,278	342,179	359,201
Bank overdraft	-	-	23,817	-	-
Short term borrowings/Term loans	-	-	-	-	4,074,137
Other borrowings	3,074,818	4,124,241	4,428,152	1,548,972	1,640,152
Amounts owing to related companies	7,765,604	5,616,575	-	-	1,609,282
Provision for taxation	264,777	252,361	112,073	48,073	80,000
Lease payables	13,065	-	-	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	26,782,936	24,535,056	19,298,532	5,799,061	28,489,595
	----------------	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	14,369,362	12,089,506	10,327,171	8,091,688	3,216,060
	----------------	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	14,499,345	12,103,192	10,330,679	8,091,688	3,217,485
	=============	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	5,694,412	5,694,412	5,694,412	4,694,412	670,120
	----------------	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	5,694,412	5,694,412	5,694,412	4,694,412	670,120
Retained profit/(loss) carried forward	8,759,735	6,408,780	4,636,267	3,397,276	2,547,365
	----------------	----------------	----------------	----------------	----------------
TOTAL RESERVES	8,759,735	6,408,780	4,636,267	3,397,276	2,547,365
	----------------	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	14,454,147	12,103,192	10,330,679	8,091,688	3,217,485
Lease obligations	45,198	-	-	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	45,198	-	-	-	-
	----------------	----------------	----------------	----------------	----------------
	14,499,345	12,103,192	10,330,679	8,091,688	3,217,485
	=============	=============	=============	=============	=============

FINANCIAL RATIO

VISA RESOURCES PTE. LTD.

Cash Ratio	0.45	0.14	0.45	0.30	0.20
TYPES OF FUNDS
Cash	11,976,827	3,464,012	8,707,424	1,723,116	5,805,593
Net Liquid Funds	11,976,827	3,464,012	8,683,607	1,723,116	5,805,593
Net Liquid Assets	14,369,362	12,089,506	10,327,171	8,091,688	3,216,060
Net Current Assets/(Liabilities)	14,369,362	12,089,506	10,327,171	8,091,688	3,216,060
Net Tangible Assets	14,499,345	12,103,192	10,330,679	8,091,688	3,217,485
Net Monetary Assets	14,324,164	12,089,506	10,327,171	8,091,688	3,216,060
PROFIT & LOSS ITEMS
Earnings Before Interest & Tax (EBIT)	2,895,237	2,304,266	1,459,889	1,172,059	1,180,161
Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)	2,922,439	2,305,980	1,459,889	1,173,484	1,182,730
BALANCE SHEET ITEMS
Total Borrowings	3,120,016	4,124,241	4,451,969	1,548,972	5,714,289
Total Liabilities	26,828,134	24,535,056	19,298,532	5,799,061	28,489,595
Total Assets	41,282,281	36,638,248	29,629,211	13,890,749	31,707,080
Net Assets	14,499,345	12,103,192	10,330,679	8,091,688	3,217,485
Net Assets Backing	14,454,147	12,103,192	10,330,679	8,091,688	3,217,485
Shareholders' Funds	14,454,147	12,103,192	10,330,679	8,091,688	3,217,485
Total Share Capital	5,694,412	5,694,412	5,694,412	4,694,412	670,120
Total Reserves	8,759,735	6,408,780	4,636,267	3,397,276	2,547,365
GROWTH RATIOS (Year on Year)
Revenue	(5.55)	43.14	19.37	(14.10)	(8.12)
Proft/(Loss) Before Tax	30.03	49.09	87.53	(11.00)	(55.20)
Proft/(Loss) After Tax	32.63	43.06	45.78	18.66	(55.24)
Total Assets	12.68	23.66	113.30	(56.19)	(16.59)
Total Liabilities	9.35	27.13	232.79	(79.64)	(19.78)
LIQUIDITY (Times)
Liquid Ratio	1.54	1.49	1.54	2.40	1.11
Current Ratio	1.54	1.49	1.54	2.40	1.11
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0	0	0	0
Debtors Ratio	39	47	42	31	63
Creditors Ratio	30	26	34	12	55
SOLVENCY RATIOS (Times)
Gearing Ratio	0.22	0.34	0.43	0.19	1.78
Liabilities Ratio	1.86	2.03	1.87	0.72	8.85
Times Interest Earned Ratio	9.08	7.14	11.15	2.53	3.07
Assets Backing Ratio	2.55	2.13	1.81	1.72	4.80
PERFORMANCE RATIO (%)
Operating Profit Margin	1.34	0.97	0.93	0.59	0.57
Net Profit Margin	1.22	0.87	0.87	0.71	0.52
Return On Net Assets	19.97	19.04	14.13	14.48	36.68
Return On Capital Employed	19.97	19.04	14.10	14.48	36.68
Return On Shareholders' Funds/Equity	16.26	14.65	11.99	10.50	22.26
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	INR 63.67
UK Pound	1	INR 86.11
Euro	1	INR 76.59
SGD	1	INR 47.68

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Report Prepared by :

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