MIRA INFORM REPORT

Report Date :

11.10.2011

IDENTIFICATION DETAILS

Name :	SWISS SINGAPORE OVERSEAS ENTERPRISES PTE. LTD.
Registered Office :	3 Shenton Way #14-01 Shenton House Singapore 068805
Country :	Singapore
Financials (as on) :	31.03.2010 (Group) 31.03.2008 (Company)
Date of Incorporation :	07.01.1978
Com. Reg. No.:	197800048Z
Legal Form :	Limited Private Company
Line of Business :	General Wholesale Trade

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	S$1,000,000
Status :	Very Good
Payment Behaviour :	No Complaints
Litigation :	Exists

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^st, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
Singapore	a1	a1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Bottom of Form

Executive Summary

Company Name	:	SWISS SINGAPORE OVERSEAS ENTERPRISES PTE. LTD.
Registration No	:	197800048Z
Date of Registration	:	07/01/1978
Former Name	:	NA
Date of Change of Name	:	NA
Type of Company	:	LIMITED PRIVATE COMPANY
Registered Address	:	3 SHENTON WAY #14-01 SHENTON HOUSE SINGAPORE 068805
Date of Change of Address	:	24/01/1989
Contact No.	:	6221 8455
Fax No.	:	6222 4984
Website	:	www.adityabirla.com
Registered Activities	:	1. GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS) 2. WHOLESALE ON A FEE OR CONTRACT BASIS (EG COMMISSION AGENTS)
Issued Ordinary Capital*	:	$36,955,598.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 36,955,598
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$36,955,598.00 SINGAPORE, DOLLARS
Paid-Up Preference Capital	:	NA
* Number of Shares includes number of Issued Treasury Shares
Issued Treasury Capital	:	NA
Paid-Up Treasury Capital	:	NA
No. of Local Subsidiaries	:	NA
No. of Local Associates	:	NA
Auditor	:	LAU CHIN HUAT & CO
Bankers / Financiers	:	NA
Turnover	:	SGD - SIN 2,651,876,078.00 (FY2010)
Net Worth	:	SGD - SIN 213,501,924.00 (FY2010)
No. of Bank Charges	:	NA
No. of Litigation Suits	:	10
S1000 / SME 500 / FG50 Ranking	:	125 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2009/2010) 408 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2009/2010) 99 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2008/2009) 169 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2008/2009) 453 POSITION IN Singapore 1000 Companies Ranked by Return on Equities (2008/2009)
Compounded Annual Growth Rate (CAGR)	:	9.75% (4 years)

Credit Recommendation

Recommended Credit Line

:

S$1,000,000

SHAREHOLDER DETAILS

NAME	:	ABHA INVESTMENTS PTE. LTD.
SHAREHOLDER ID	:	200802696G
NATIONALITY	:	SINGAPORE
ADDRESS	:	3 SHENTON WAY #14-01 SHENTON HOUSE SINGAPORE 068805
NO. OF ORD SHARES	:	7,000,000
% OF SHAREHOLDING	:	18.9%
CURRENCY	:	SINGAPORE, DOLLARS
NAME	:	CALYX INVESTMENTS PTE. LTD.
SHAREHOLDER ID	:	200802697W
NATIONALITY	:	SINGAPORE
ADDRESS	:	3 SHENTON WAY #14-01 SHENTON HOUSE SINGAPORE 068805
NO. OF ORD SHARES	:	7,000,000
% OF SHAREHOLDING	:	18.9%
CURRENCY	:	SINGAPORE, DOLLARS
NAME	:	INDOGENIOUS HOLDINGS PTE. LTD.
SHAREHOLDER ID	:	200802699Z
NATIONALITY	:	SINGAPORE
ADDRESS	:	3 SHENTON WAY #14-01 SHENTON HOUSE SINGAPORE 068805
NO. OF ORD SHARES	:	7,000,000
% OF SHAREHOLDING	:	18.9%
CURRENCY	:	SINGAPORE, DOLLARS
NAME	:	BIG BANYAN INVESTMENTS PTE. LTD.
SHAREHOLDER ID	:	200804356E
NATIONALITY	:	SINGAPORE
ADDRESS	:	3 SHENTON WAY #14-01 SHENTON HOUSE SINGAPORE 068805
NO. OF ORD SHARES	:	7,000,000
% OF SHAREHOLDING	:	18.9%
CURRENCY	:	SINGAPORE, DOLLARS
NAME	:	BLUE BUCKS INVESTMENTS PTE. LTD.
SHAREHOLDER ID	:	200804357R
NATIONALITY	:	SINGAPORE
ADDRESS	:	3 SHENTON WAY #14-01 SHENTON HOUSE SINGAPORE 068805
NO. OF ORD SHARES	:	7,000,000
% OF SHAREHOLDING	:	18.9%
CURRENCY	:	SINGAPORE, DOLLARS
NAME	:	KIRAN INVESTMENTS PTE. LTD.
SHAREHOLDER ID	:	200802701M
NATIONALITY	:	SINGAPORE
ADDRESS	:	3 SHENTON WAY #14-01 SHENTON HOUSE SINGAPORE 068805
NO. OF ORD SHARES	:	1,955,598
% OF SHAREHOLDING	:	5.3%
CURRENCY	:	SINGAPORE, DOLLARS

OFFICER DETAILS

NAME	:	RAMAKANT RATHI
ADDRESS	:	CHRIESIMATT 33 6340 BAAR/ZG SWITZERLAND
POSITION	:	DIRECTOR
DATE OF APPT	:	25/02/1994
NATIONALITY	:	SWISS
I/C PASSPORT	:	6118609
NAME	:	LEE TAU CHYE
ADDRESS	:	61 MOUNT SINAI DRIVE #21-02 KAMEHAMEHA SINGAPORE 277113
POSITION	:	DIRECTOR
DATE OF APPT	:	29/01/2009
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S0213815H
NAME	:	CHEONG SENG CHOW
ADDRESS	:	43 LORONG 5 TOA PAYOH #11-129 SINGAPORE 310043
POSITION	:	SECRETARY
DATE OF APPT	:	16/08/2010
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S1350970J

KEY PERSONNEL PROFILE

Name:	RAMAKANT RATHI
NRIC Number:	6118609
Available Address:	CHRIESIMATT 33 6340 BAAR/ZG SWITZERLAND

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	SWISS SINGAPORE OVERSEAS ENTERPRISES PTE. LTD.	DIRECTOR	25/02/1994	-	-

Previous Business

No.	Name	Status	Position	Appt Date	Last Known Inactive Date
1	SWISS SINGAPORE OVERSEAS ENTERPRISES PTE. LTD.	LIVE COMPANY	SHAREHOLDER	-	26/04/2011

Bankruptcy Record

Case No.	Year	Date of Filing	Petitioner Name	Amount
No Trace

Litigation Search – Writ of Summons

Court	Case No.	Year	Date of Filing	Amount	Cause Category
No Trace

SUBSIDIARIES AND ASSOCIATE COMPANIES

Company	Shareholdings (%)
NA

BANKERS/ FINANCIERS

Subject enjoys a normal banking routine with its bankers. To date, there are no bank charges registered against Subject by its bankers.

LITIGATION

The following litigation suits were traced against Subject. Case status is as per available. For the latest status of the suit, please obtain the full details of the suit through Litigation Detail Search (DLIT) offered.

To date, there have been 10 litigation suits filed against Subject.

	Current Year On/After 01 Jan 2011	Past Years W.e.f 01 Jan 2011
Court (Claim under normal circumstances)
Magistrate (< $80,000)	0	6
District ($80,000 - $250,000)	0	2
High (>$250,000)	0	2
Winding Up Trace		No
In litigation/Dissolved/Struck Off/In receivership		No

The details are as follows:

1)	Court	:	Magistrate Court
	Case No.	:	29626
	Date of Filing	:	29/12/2000
	Amount	:	13,175.59
	Cause	:	Contracts - Sale of Goods
	Case Status	:	CONCLUDED
	Plaintiff	:	ANDRE & CIE S.A. LAUSANNE
	Last Update Date	:	03/03/2008
2)	Court	:	Magistrate Court
	Case No.	:	3928
	Date of Filing	:	19/02/2002
	Amount	:	0.00
	Cause	:	Negligence - Motor Accidents (Not Injuries / Death)
	Case Status	:	CONCLUDED
	Plaintiff	:	LIM LING CHUN
	Last Update Date	:	03/03/2008
3)	Court	:	District Court
	Case No.	:	3463
	Date of Filing	:	31/07/2003
	Amount	:	73,000.00
	Cause	:	Contracts - General
	Case Status	:	CONCLUDED
	Plaintiff	:	LIVEN AGRICHEM PTE LTD
	Last Update Date	:	03/03/2008
4)	Court	:	Magistrate Court
	Case No.	:	3572
	Date of Filing	:	13/02/2004
	Amount	:	33,000.00
	Cause	:	Agency Law
	Case Status	:	CONCLUDED
	Plaintiff	:	ALLIANCE INTERNATIONAL MERCHANT PTE LTD
	Last Update Date	:	03/03/2008
5)	Court	:	Supreme Court
	Case No.	:	1881
	Date of Filing	:	22/11/1994
	Amount	:	135,375.00
	Cause	:	Contracts - Sale of Goods
	Case Status	:	CONCLUDED
	Plaintiff	:	SINOTRAD PTE LTD
	Last Update Date	:	03/03/2008
6)	Court	:	Magistrate Court
	Case No.	:	13659
	Date of Filing	:	30/08/1994
	Amount	:	10,911.30
	Cause	:	Contracts - Work Done And Service Rendered
	Case Status	:	DEEMED DISCONTINUED
	Plaintiff	:	S G S SINGAPORE PTE LTD
	Last Update Date	:	03/03/2008
7)	Court	:	District Court
	Case No.	:	107
	Date of Filing	:	10/01/1995
	Amount	:	16,307.66
	Cause	:	Contracts - General
	Case Status	:	CONCLUDED
	Plaintiff	:	GLORY WORLD INTERNATIONAL LTD
	Last Update Date	:	03/03/2008
8)	Court	:	Magistrate Court
	Case No.	:	11054
	Date of Filing	:	27/06/1996
	Amount	:	9,078.49
	Cause	:	Contracts - Sale of Goods
	Case Status	:	CONCLUDED
	Plaintiff	:	DIGITUS COMPUTER SYSTEMS PTE LTD
	Last Update Date	:	03/03/2008
9)	Court	:	Magistrate Court
	Case No.	:	2788
	Date of Filing	:	11/02/1998
	Amount	:	7,647.75
	Cause	:	Contracts - Work Done And Service Rendered
	Case Status	:	CONCLUDED
	Plaintiff	:	TOH TAN & PARTNERS SUING AS A FIRM
	Last Update Date	:	03/03/2008
10)	Court	:	Supreme Court
	Case No.	:	846
	Date of Filing	:	08/06/1999
	Amount	:	0.00
	Cause	:	Contracts - General
	Case Status	:	CONCLUDED
	Plaintiff	:	PACIFIC CARRIERS LTD
	Last Update Date	:	03/03/2008

COMPLIANCE

Date of Last AGM	:	16/09/2010
Date of Last AR	:	06/10/2010
Date of A/C Laid At Last AGM	:	31/03/2010

FINANCIAL HIGHLIGHTS

Financial Figures	Group
	MAR 2010	% Change	MAR 2009	MAR 2008	MAR 2007	MAR 2006
Currency	SGD - SIN		SGD - SIN	SGD - SIN	SGD - SIN	SGD - SIN
Profit and Loss Key Figures
Turnover	2,651,876,078	-22.38	3,416,392,035	2,420,724,538	1,873,238,153	1,827,539,057
Profit/(Loss) Before Tax	57,209,827	-51.35	117,598,515	121,165,730	12,669,061	5,988,609
Profit After Tax attributable to Shareholders	55,676,031	-51.31	114,338,119	115,398,584	11,574,034	4,888,457
Balance Sheet Key Figures
Total Assets	504,531,438	6.58	473,378,725	479,165,395	244,025,552	369,087,806
Current Assets	500,041,541	6.66	468,816,073	474,703,399	239,317,477	363,994,129
Non Current Assets	4,489,897	-1.59	4,562,652	4,461,996	4,708,075	5,093,677
Total Liabilities	291,029,516	20.49	241,542,776	284,550,846	159,980,675	294,725,380
Current Liabilities	290,077,278	20.48	240,776,697	283,931,410	159,646,628	293,819,157
Non Current Liabilities	952,238	24.30	766,079	619,436	334,047	906,223
Shareholders' Funds	213,501,924	-7.91	231,835,950	194,614,549	84,044,877	74,362,426
Share Capital	30,021,296	-1.19	30,383,791	30,976,257	32,863,893	32,151,785
Total Reserves	183,480,628	-8.92	201,452,159	163,638,292	51,180,984	42,210,641

FINANCIAL RATIOS

	Group
	MAR 2010	MAR 2009	MAR 2008	MAR 2007	MAR 2006
Growth %
Year-on-Year Growth	-22.38	41.13	29.23	2.50	NA
Profitability
Profit Margin (%)	2.10	3.35	4.77	0.62	0.27
Return on Equity (%)	26.08	49.32	59.30	13.77	6.57
Return on Assets (%)	11.04	24.15	24.08	4.74	1.32
Leverage
Total Debt/Equity (Times)	1.36	1.04	1.46	1.90	3.96
Current Debt/Equity (Times)	1.36	1.04	1.46	1.90	3.95
Long Term Debt To Equity (Times)	0.00	0.00	0.00	0.00	0.01
Total Asset To Total Equity (Times)	2.36	2.04	2.46	2.90	4.96
Asset Management
Total Assets Turnover (Times)	5.26	7.22	5.05	7.68	4.95
Fixed Assets Turnover (Times)	590.63	748.77	542.52	397.88	358.79
Liquidity
Current Ratio (Times)	1.72	1.95	1.67	1.50	1.24

FINANCIAL HIGHLIGHTS

Financial Figures	Company
	MAR 2008	% Change	MAR 2007	MAR 2006
Currency	SGD - SIN		SGD - SIN	SGD - SIN
Profit and Loss Key Figures
Turnover	*	NA	0	1,827,664,418
Profit/(Loss) Before Tax	*	NA	0	6,113,608
Profit After Tax attributable to Shareholders	*	NA	0	5,497,146
Balance Sheet Key Figures
Total Assets	329,605,339	107.07	159,177,572	370,289,927
Current Assets	325,133,825	110.25	154,643,336	362,918,343
Non Current Assets	4,471,514	-1.38	4,534,236	7,371,584
Total Liabilities	192,728,898	90.40	101,223,208	288,930,469
Current Liabilities	192,728,083	90.80	101,009,087	288,298,263
Non Current Liabilities	815	-99.62	214,121	632,206
Shareholders' Funds	136,876,441	136.18	57,954,364	81,359,458
Share Capital	21,065,477	0.00	21,065,477	32,151,785
Total Reserves	115,810,964	213.95	36,888,887	49,207,673

* As per Companies Act, section 201 Accounts, Consolidated accounts and directors report, sub-section 3A.

FINANCIAL RATIOS

	Company
	MAR 2008	MAR 2007	MAR 2006
Growth %
Year-on-Year Growth	NA	-100.00	NA
Profitability
Profit Margin (%)	0.00	0.00	0.30
Return on Equity (%)	0.00	0.00	6.76
Return on Assets (%)	0.00	0.00	1.48
Leverage
Total Debt/Equity (Times)	1.41	1.75	3.55
Current Debt/Equity (Times)	1.41	1.74	3.54
Long Term Debt To Equity (Times)	0.00	0.00	0.01
Total Asset To Total Equity (Times)	2.41	2.75	4.55
Asset Management
Total Assets Turnover (Times)	0.00	0.00	4.94
Fixed Assets Turnover (Times)	0.00	0.00	247.93
Liquidity
Current Ratio (Times)	1.69	1.53	1.26

FINANCIAL COMMENTARY

Compound Annual Growth Rate

The company's CAGR is 9.75% (4 years).

CAGR is the year-over-year growth rate of a company over a specified period. Instead of looking at the average growth rate, CAGR allow users to look at the annualized growth rate of a company over a given period, a more indicative measure of growth of a company’s performance over a given period.

Profitability

The group yielded a rate of net profit on sales of 2.10 per cent in FY10 (FY09: 3.35 per cent). The group is now able to book in SGD - SIN 0.02 of profit for every SGD - SIN of sales in FY10, as compared with SGD - SIN 0.03 a year ago.

Liquidity

Current ratio stood at 1.72 times in FY10 (FY09: 1.95 times). This means that the group has SGD - SIN 1.72 of current assets for every SGD - SIN of current liability incurred.

A minimum figure of 1.0 would be considered the lowest limit that this figure should reach. Any business that has a current ratio near 1.0 may be heading for liquidity problems, and would need to be closely monitored. A figure greater than 2.0 would be more desirable, to act as a buffer against any short-term liquidity problems, and give creditors/bank managers a degree of comfort when granting credit/finance.

Leverage

Total debt-to-equity ratio notched 1.36 times in FY10, as compared with 1.04 times in FY09. This means that the group requires additional external financing of SGD - SIN 1.36 for every SGD - SIN injected into its operations.

Generally, a total debt-to-equity ratio of less than 0.5 times is preferred. The ratio measures the proportion of the company's reliance on external debt for financing, relative to the shareholder's fund. A lower ratio would imply a greater financial safety and operating freedom for the company.

Efficiency Ratio

Return on equity was 26.08 per cent for Subject in the current financial period, as compared to 49.32 per cent a year ago. The return on equity measures the return earned on the owner's investment. Generally, the higher this return, the better off the owner.

Return on assets stood at 11.04 per cent (FY09: 24.15 per cent). The return on asset measures the overall effectiveness of management in generating profit with its available assets.

Total assets turnover ratio logged at 5.26 times in FY10 (FY09: 7.22 times). This ratio measures the group's ability to make productive use of its total assets to generate sales which reflects the efficiency of the management in utilising its resources.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.07
UK Pound	1	Rs.76.65
Euro	1	Rs.66.17

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.