MIRA INFORM REPORT

Report No. :	485397
Report Date :	13.01.2018

IDENTIFICATION DETAILS

Name :	SIFY TECHNOLOGIES (SINGAPORE) PTE. LIMITED
Registered Office :	30, Cecil Street, 19-08, Prudential Tower, 049712
Country :	Singapore
Financials (as on) :	31.03.2017
Date of Incorporation :	07.12.2009
Com. Reg. No.:	200922843Z
Legal Form :	Private Limited (Limited By Share)
Line of Business :	The subject is principally engaged in the sourcing and selling of networking equipments and it softwares and ict service provider.
No. of Employees :	6 [2018]

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Satisfactory
Payment Behaviour :	No Complaints
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

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.	:	200922843Z
COMPANY NAME	:	SIFY TECHNOLOGIES (SINGAPORE) PTE. LIMITED
FORMER NAME	:	N/A
INCORPORATION DATE	:	07/12/2009
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED (LIMITED BY SHARE)
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	30, CECIL STREET, 19-08, PRUDENTIAL TOWER, 049712, SINGAPORE.
BUSINESS ADDRESS	:	30, CECIL STREET, 19-08, PRUDENTIAL TOWER, 049712, SINGAPORE.
TEL.NO.	:	65-63201888
FAX.NO.	:	N/A
WEB SITE	:	WWW.SIFYTECHNOLOGIES.COM
CONTACT PERSON	:	VIJAY KUMAR MUTHU RAJU PARAVASA RAJU ( DIRECTOR )
PRINCIPAL ACTIVITY	:	SOURCING AND SELLING OF NETWORKING EQUIPMENTS AND IT SOFTWARES AND ICT SERVICE PROVIDER
ISSUED AND PAID UP CAPITAL	:	500,000.00 ORDINARY SHARE, OF A VALUE OF USD 500,000.00  2,000.00 ORDINARY SHARE, OF A VALUE OF SGD 2,000.00
SALES	:	USD 5,516,162 [2017]
NET WORTH	:	USD 519,578 [2017]
STAFF STRENGTH	:	6 [2018]
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	STABLE
PAYMENT	:	NO COMPLAINTS
MANAGEMENT CAPABILITY	:	AVERAGE
COMMERCIAL RISK	:	LOW
CURRENCY EXPOSURE	:	MODERATE
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) sourcing and selling of networking equipments and it softwares and ict service provider.

The immediate holding company of the Subject is SIFY TECHNOLOGIES LIMITED, a company incorporated in INDIA.

The ultimate holding company of the Subject is RAMANAND CORE INVESTMENT COMPANY PRIVATE LIMITED, a company incorporated in INDIA.

Share Capital History

Date	Issue & Paid Up Capital
11/01/2018	USD 500,000.00 & SGD 2,000.00

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

Current Shareholder(s) :

Name	Address	IC/PP/Loc No	Shareholding	(%)
SIFY TECHNOLOGIES LIMITED [USD 500,000; SGD 2,000]	TIDEL PARK, 2ND FLOOR, 4, RAJIV, GANDHI SALAI, TARAMANI., CHENNAI TAMIL NADU 600113 ,INDIA	T09UF3085	502,000.00	100.00
			---------------	------
			502,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	DAVID JEFFREY NISHBALL
Address	:	7, DRAYCOTT DRIVE, 15 - 01, 259421, SINGAPORE.
IC / PP No	:	S2730986J
Nationality	:	AMERICAN
Date of Appointment	:	18/12/2012

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		Profit/(loss) After Tax	Financial Year	Status	As At
					No.	%
1	200922843Z	SIFY TECHNOLOGIES (SINGAPORE) PTE. LIMITED	Director	18/12/2012	0.00	-	USD109,993.00	2017	-	11/01/2018

DIRECTOR 2

Name Of Subject	:	VIJAY KUMAR MUTHU RAJU PARAVASA RAJU
Address	:	B, BLK 5TH, FLR FLAT E, CEE DEE YES REGAL PALM GDN, 383, VELACHERRY MAIN RD, CHENNAI, TAMIL NADU, 600042, INDIA.
IC / PP No	:	G0464380
Nationality	:	INDIAN
Date of Appointment	:	17/09/2012

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		Profit/(loss) After Tax	Financial Year	Status	As At
					No.	%
1	200922843Z	SIFY TECHNOLOGIES (SINGAPORE) PTE. LIMITED	Director	17/09/2012	0.00	-	USD109,993.00	2017	-	11/01/2018

MANAGEMENT

1)	Name of Subject	:	VIJAY KUMAR MUTHU RAJU PARAVASA RAJU
	Position	:	DIRECTOR

AUDITOR

Auditor	:	NATARAJAN & SWAMINATHAN
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	LIM SOH SEA
	IC / PP No	:	S7077960I
	Address	:	30, CECIL STREET, 19-08, PRUDENTIAL TOWER, 049712, SINGAPORE.

2)	Company Secretary	:	AZMAN BIN ABDULLAH
	IC / PP No	:	S7321299E
	Address	:	407, JURONG WEST, STREET 42, 02-643, 640407, SINGAPORE.

BANKING

No Banker found in our databank. 

ENCUMBRANCE (S)

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

LITIGATION CHECK - SUBJECT COMPANY AS A DEFENDANT

* A check has been conducted in our databank against 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 staff from the registered office refused to disclose the Subject's 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	:	AS AGREED
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Goods Traded

:

NETWORKING EQUIPMENTS

Services

:

ICT SERVICE PROVIDER

Total Number of Employees:
YEAR	2018
GROUP	N/A
COMPANY	6

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) sourcing and selling of networking equipments and it softwares and ict service provider. 

Sify is among the largest integrated ICT Solutions and Services.

Sify also provides services that cater to the burgeoning demands of the small and medium business (SMB) community. 

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-63201888
Match	:	N/A
Address Provided by Client	:	30 CECIL STREET, # 19-08 PRUDENTIAL TOWER 049712
Current Address	:	30, CECIL STREET, 19-08, PRUDENTIAL TOWER, 049712, SINGAPORE.
Match	:	YES

Other Investigations

we contacted one of the staff from the Subject's registered office and she only provided limited information.

He refused to disclose the fax number.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	2014 - 2017	]
Profit/(Loss) Before Tax	:	Increased	[	2014 - 2017	]
Return on Shareholder Funds	:	Acceptable	[	21.17%	]
Return on Net Assets	:	Acceptable	[	23.19%	]
The Subject's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.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 management had generated acceptable return for its shareholders using its assets.
Working Capital Control
Stock Ratio	:	Favourable	[	29 Days	]
Debtor Ratio	:	Favourable	[	51 Days	]
Creditors Ratio	:	Unfavourable	[	81 Days	]
The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The favourable debtors' days could be due to the good credit control measures implemented by the Subject. The 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	:	Favourable	[	1.07 Times	]
Current Ratio	:	Unfavourable	[	1.45 Times	]
A minimum liquid ratio of 1 should be maintained by the Subject in order to assure its creditors of its ability to meet short term obligations and the Subject was in a good liquidity position. Thus, we believe the Subject is able to meet all its short term obligations as and when they fall due.
Solvency
Interest Cover	:	Nil	[	0.00 Times	]
Gearing Ratio	:	Favourable	[	0.00 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 higher turnover had helped to reduce the Subject's losses. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. The Subject did not make any interest payment during the year. The Subject was dependent on its shareholders' funds to finance its business needs. The Subject 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 : STABLE

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	-	7.40
Government Services	6.00	6.50	6.30	-	-
Education Services	0.30	3.10	5.98	-	2.40
* Estimate / Preliminary
# Based on Index of Industrial Production (2015 = 100)

INDUSTRY ANALYSIS

INDUSTRY :	INFORMATION TECHNOLOGY
Singapore's infocomm services industry is well-positioned to tap into the new business opportunities of the digital age. An early mover in infocomm technology, Singapore today ranks as the second most network-ready country in the world and the first in Asia, according to the World Economic Forum's "Global Information Technology Report 2014". The roll out of the Intelligent Nation 2015 Master Plan and the National Broadband Network will further strengthen Singapore's infrastructure network.
Furthermore, BMI has a positive outlook for the growth of Singapore's IT market in 2014, which will underperform emerging market growth rates, but is expected to outperform against other developed markets. Strong income growth, exposure to the APAC growth story and government policy will all support IT market growth over the medium term. Growth from the sales of PC and devices will slow as high device penetration in the city state means little prospect for first time sales, but short replacement cycles and strong demand for premium devices will ensure it remains a lucrative market for vendors. Considering the government active push to promote Singapore as a destination for cloud, big data and analytics services, Singapore should be a strong contender in the data centre space against peers such as Australia, Taiwan, South Korea and Hong Kong.
The information & communications sector grew by 2.3% in the third quarter of 2014. Previously, in the fourth quarter of 2013, the information & communications sector grew by 5.0%, following the 6.0% expansion in the preceding quarter. For the whole of 2013, growth was 5.5%, lower than the 6.2% in 2012.
Nonetheless, computer hardware sales forecast to increase from SGD2.926bn in 2014 to SGD3.333bn in 2018, equating to a compound annual growth rate (CAGR) of 3.5% in local currency terms. The slowdown in tablet sales represents downside by a stabilization in desktop and notebook volumes will see the market continue to grow over the medium term. Besides, software sales forecast to increase from SGD1.436bn in 2014 to SGD1.733bn in 2018, representing a CAGR of 5.2% in local currency terms. SME demand for basic enterprise software (particularly SaaS), complex deployments by large enterprises and investments in security software will all be growth areas.
IT Services sales forecast to increase from SGD3.236bn in 2014 to SGD4.091bn in 2018, equating to a CAGR of 5.9% in local currency terms. Growing demand for cloud computing, big data and analytics services from telecoms, healthcare, logistics and government will support IT services outperformance.
The Intelligent Nation 2015 master plan lays out the blueprint for Singapore’s infocomm strategies in the digital age, with the creation of some 80,000 jobs and an increase of value-add to SGD 26 billion. The master plan will incorporate emerging technologies and leverage strategic developments. Some of these emerging developments include Cloud Computing, Business Analytics and Green ICT. While Singapore has performed well in international e-Government rankings, the next e-Government master plan is already in the pipeline to ensure that we remain at the forefront of e-Government practice and services.
OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 2009, the Subject is a Private Limited company, focusing on sourcing and selling of networking equipments and it softwares and ict service provider. 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. Presently, the issued and paid up capital of the Subject stands at USD 500,000 & SGD 2,000. 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 6 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. Return on shareholders' funds of the Subject was at a favourable 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 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 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 condition, we recommend credit be granted to the Subject normally.

PROFIT AND LOSS ACCOUNT

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

SIFY TECHNOLOGIES (SINGAPORE) PTE. LIMITED

Financial Year End	2017-03-31	2016-03-31	2015-03-31	2014-03-31
Months	12	12	12	12
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	5,516,162	1,183,224	1,088,496	584,522
Other Income	280	232,298	18,160	-
	----------------	----------------	----------------	----------------
Total Turnover	5,516,442	1,415,522	1,106,656	584,522
Costs of Goods Sold	(4,802,867)	(849,986)	(747,182)	(331,712)
	----------------	----------------	----------------	----------------
Gross Profit	713,575	565,536	359,474	252,810
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	120,497	(71,231)	116,981	(54,803)
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	120,497	(71,231)	116,981	(54,803)
Taxation	(10,504)	2,000	(2,000)	264
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	109,993	(69,231)	114,981	(54,539)
	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	(91,993)	(22,762)	(137,743)	(83,204)
	----------------	----------------	----------------	----------------
As restated	(91,993)	(22,762)	(137,743)	(83,204)
	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	18,000	(91,993)	(22,762)	(137,743)
	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	18,000	(91,993)	(22,762)	(137,743)
	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Loan from holding company	-	725	-	-
	----------------	----------------	----------------	----------------
	-	725	-	-
	-	=============	-	-
DEPRECIATION (as per notes to P&L)	420	-	-	-
	----------------	----------------	----------------	----------------
Total Amortization And Depreciation	420	-	-	-
	=============

BALANCE SHEET

SIFY TECHNOLOGIES (SINGAPORE) PTE. LIMITED

ASSETS EMPLOYED:
FIXED ASSETS	3,140	-	-	-
	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	3,140	-	-	-
Stocks	431,437	-	-	-
Trade debtors	771,600	167,460	187,930	174,781
Other debtors, deposits & prepayments	17,534	278,822	30,514	4,097
Amount due from holding company	333,033	60,497	-	-
Cash & bank balances	26,971	372,636	18,375	15,574
Others	93,966	17,537	-	-
	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	1,674,541	896,952	236,819	194,452
	----------------	----------------	----------------	----------------
TOTAL ASSET	1,677,681	896,952	236,819	194,452
	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	1,071,997	183,653	19,045	66,528
Other creditors & accruals	72,158	5,414	6,221	25,004
Deposits from customers	9,663	297,000	-	-
Amounts owing to holding company	-	1,300	230,737	239,085
Amounts owing to related companies	4,035	-	-	-
Provision for taxation	250	-	2,000	-
	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	1,158,103	487,367	258,003	330,617
	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	516,438	409,585	(21,184)	(136,165)
	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	519,578	409,585	(21,184)	(136,165)
	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	501,578	501,578	1,578	1,578
	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	501,578	501,578	1,578	1,578
Retained profit/(loss) carried forward	18,000	(91,993)	(22,762)	(137,743)
	----------------	----------------	----------------	----------------
TOTAL RESERVES	18,000	(91,993)	(22,762)	(137,743)
	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	519,578	409,585	(21,184)	(136,165)
	----------------	----------------	----------------	----------------
	519,578	409,585	(21,184)	(136,165)
	=============	=============	=============	=============

FINANCIAL RATIO

SIFY TECHNOLOGIES (SINGAPORE) PTE. LIMITED

TYPES OF FUNDS
Cash	26,971	372,636	18,375	15,574
Net Liquid Funds	26,971	372,636	18,375	15,574
Net Liquid Assets	85,001	409,585	(21,184)	(136,165)
Net Current Assets/(Liabilities)	516,438	409,585	(21,184)	(136,165)
Net Tangible Assets	519,578	409,585	(21,184)	(136,165)
Net Monetary Assets	85,001	409,585	(21,184)	(136,165)
PROFIT & LOSS ITEMS
Earnings Before Interest & Tax (EBIT)	120,497	(70,506)	116,981	(54,803)
Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)	120,917	(70,506)	116,981	(54,803)
BALANCE SHEET ITEMS
Total Borrowings	0	0	0	0
Total Liabilities	1,158,103	487,367	258,003	330,617
Total Assets	1,677,681	896,952	236,819	194,452
Net Assets	519,578	409,585	(21,184)	(136,165)
Net Assets Backing	519,578	409,585	(21,184)	(136,165)
Shareholders' Funds	519,578	409,585	(21,184)	(136,165)
Total Share Capital	501,578	501,578	1,578	1,578
Total Reserves	18,000	(91,993)	(22,762)	(137,743)
GROWTH RATIOS (Year on Year)
Revenue	366.20	8.70	47.15	(14.98)
Proft/(Loss) Before Tax	269.16	(160.89)	268.67	23.62
Proft/(Loss) After Tax	258.88	(160.21)	266.59	23.99
Total Assets	87.04	278.75	(3.76)	(18.34)
Total Liabilities	137.62	88.90	(38.34)	(3.16)
LIQUIDITY (Times)
Cash Ratio	0.02	0.76	0.07	0.05
Liquid Ratio	1.07	1.84	0.92	0.59
Current Ratio	1.45	1.84	0.92	0.59
WORKING CAPITAL CONTROL (Days)
Stock Ratio	29	0	0	0
Debtors Ratio	51	52	63	109
Creditors Ratio	81	79	9	73
SOLVENCY RATIOS (Times)
Gearing Ratio	0	0	0	0
Liabilities Ratio	2.23	1.19	(12.18)	(2.43)
Times Interest Earned Ratio	0	(97.25)	0	0
Assets Backing Ratio	1.04	0.82	(13.42)	(86.29)
PERFORMANCE RATIO (%)
Operating Profit Margin	2.18	(6.02)	10.75	(9.38)
Net Profit Margin	1.99	(5.85)	10.56	(9.33)
Return On Net Assets	23.19	(17.21)	(552.21)	40.25
Return On Capital Employed	23.19	(17.21)	(552.21)	40.25
Return On Shareholders' Funds/Equity	21.17	(16.90)	(542.77)	40.05
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	INR 63.52
UK Pound	1	INR 86.05
Euro	1	INR 76.53
SGD	1	INR 48.06

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

INFORMATION DETAILS

Analysis Done by :	VIV
Report Prepared by :	TPT

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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