MIRA INFORM REPORT

Report Date :

13.10.2011

IDENTIFICATION DETAILS

Name :	KCTEX INTERNATIONAL LIMITED
Registered Office :	5 Shenton Way #19-05 Uic Building Singapore 068808
Country :	Singapore
Financials (as on) :	30.06.2010 (Group) 30.06.2010 (Company)
Date of Incorporation :	19.07.2006
Com. Reg. No.:	200610550N
Legal Form :	Public Company Limited By Shares
Line of Business :	General Wholesale Trade (Including General Importers and Exporters)

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	S$1,000,000
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 – September 30^th, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
Singapore	a1	a1

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

Executive Summary

Company Name	:	KCTEX INTERNATIONAL LIMITED
Registration No	:	200610550N
Date of Registration	:	19/07/2006
Former Name	:	NA
Date of Change of Name	:	NA
Type of Company	:	PUBLIC COMPANY LIMITED BY SHARES
Registered Address	:	5 SHENTON WAY #19-05 UIC BUILDING SINGAPORE 068808
Date of Change of Address	:	18/09/2006
Contact No.	:	6325 5755
Fax No.	:	6325 4232
Website	:	www.kctexinternational.com
Registered Activities	:	1. GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS) 2. OTHER INVESTMENT HOLDING COMPANIES
Issued Ordinary Capital*	:	$9,000,000.00 U.S. DOLLAR ,NO. OF SHARE : 9,000,000
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$9,000,000.00 U.S. DOLLAR
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	:	ERNST & YOUNG LLP
Bankers / Financiers	:	NA
Turnover	:	SGD - SIN 328,222,241.00 (FY2010)
Net Worth	:	SGD - SIN 30,175,234.00 (FY2010)
No. of Bank Charges	:	NA
No. of Litigation Suits	:	NA
S1000 / SME 500 / FG50 Ranking	:	853 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2009/2010) 724 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2008/2009) 718 POSITION IN Singapore 1000 Companies Ranked by Return on Equities (2008/2009)
Compounded Annual Growth Rate (CAGR)	:	24.08% (3 years)

Credit Recommendation

Recommended Credit Line

:

S$1,000,000

SHAREHOLDER DETAILS

NAME	:	PATTERSON INVESTMENTS LIMITED
SHAREHOLDER ID	:	T06UF1948H
NATIONALITY	:	MAURITIUS
ADDRESS	:	IFS COURT, TWENTYEIGHT CYBERCITY, EBENE
NO. OF ORD SHARES	:	9,000,000
% OF SHAREHOLDING	:	100%
CURRENCY	:	U.S. DOLLAR

OFFICER DETAILS

NAME	:	NATHANIEL CHELVARAJAH VANNIASINGHAM
ADDRESS	:	501D WELLINGTON CIRCLE #10-80 SINGAPORE 754501
POSITION	:	SECRETARY
DATE OF APPT	:	21/12/2010
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S0158629G
NAME	:	RANGAREDDY JAYACHANDRAN
ADDRESS	:	3 GRANGE GARDEN #09-01 GRANGE, THE SINGAPORE 249633
POSITION	:	DIRECTOR
DATE OF APPT	:	19/07/2006
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S2220352E
NAME	:	THIYAGARAJAN ANAIYAMPATTI SIVASWAMY
ADDRESS	:	335 BUKIT TIMAH ROAD #05-01 WING ON LIFE GARDEN SINGAPORE 259718
POSITION	:	DIRECTOR
DATE OF APPT	:	19/07/2006
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S2680972Z
NAME	:	PARASURAMAN RAMESH
ADDRESS	:	1 TANJONG RHU ROAD #13-02 WATERSIDE, THE SINGAPORE 436879
POSITION	:	DIRECTOR
DATE OF APPT	:	03/06/2010
NATIONALITY	:	SINGAPORE P.R.
I/C PASSPORT	:	S2683858D

KEY PERSONNEL PROFILE

Name:	RANGAREDDY JAYACHANDRAN
NRIC Number:	S2220352E
Available Address:	3 GRANGE GARDEN #09-01 GRANGE, THE SINGAPORE 249633

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	AFRI VENTURES LIMITED	DIRECTOR	02/08/2010	-	-
2	AQUARIUS CAPITAL ASIA PTE. LTD.	DIRECTOR	07/08/2006	80000	80.00
3	AQUARIUS INVESTMENT ADVISORS PTE. LTD.	DIRECTOR	03/04/1995	-	-
4	KCTEX INTERNATIONAL LIMITED	DIRECTOR	19/07/2006	-	-
5	KEWALRAM SINGAPORE LIMITED	DIRECTOR	04/02/1980	-	-
6	MERLINDUS TECHNOLOGIES PTE. LTD.	DIRECTOR	23/09/2004	21000	50.97
7	NAPIER HEALTHCARE SOLUTIONS PTE. LTD.	DIRECTOR	28/10/2008	6000000	47.58
8	OLAM INTERNATIONAL LIMITED	DIRECTOR	04/07/1995	-	-
9	REDINGTON DISTRIBUTION PTE. LTD.	DIRECTOR	28/03/2005	-	-
10	RPL PTE. LTD.	DIRECTOR	26/03/1987	450000	15.00
11	RPL PTE. LTD.	SECRETARY	30/04/1998	450000	15.00

Previous Business

No.		Name		Status		Position		Appt Date		Last Known Inactive Date
1		AGRIND TRADING (SINGAPORE) PTE LTD		STRUCK OFF		DIRECTOR		29/04/1994		27/06/1997
2		AQUARIUS CAPITALCORP PTE. LTD.		STRUCK OFF		DIRECTOR		14/09/2006		01/02/2008
3		AQUARIUS FUNDS PTE. LTD.		LIVE COMPANY		DIRECTOR		27/01/2006		30/11/2007
4		AQUARIUS INVESTMENT ADVISORS PTE. LTD.		LIVE COMPANY		SECRETARY		12/05/1995		16/11/1999
5		AQUARIUS INVESTMENTS (SINGAPORE) PTE. LTD.		STRUCK OFF		DIRECTOR		18/01/2006		01/02/2008
6		CADENSWORTH TRADING PTE LTD		STRUCK OFF		DIRECTOR		09/04/1990		12/02/2009
7		CADENSWORTH TRADING PTE LTD		STRUCK OFF		SECRETARY		30/04/1998		12/02/2009
8		CWG (ASIA) PTE LTD		STRUCK OFF		DIRECTOR		29/10/1994		11/09/1999
9	CWG (ASIA) PTE LTD		STRUCK OFF		SHAREHOLDER		-		-
10	GLOBAL BUSINESS PARTNERS PTE. LTD.		STRUCK OFF		DIRECTOR		06/10/1997		08/02/2001
11	KAY-ASIA INVESTMENT PTE LTD		DISSOLVED - MEMBERS' VOLUNTARY WINDING UP		DIRECTOR		23/12/1982		09/06/1992
12	KAY-ASIA SERVICES PTE LTD		DISSOLVED - MEMBERS' VOLUNTARY WINDING UP		DIRECTOR		08/02/1993		17/02/2007
13	KAY-ASIA SERVICES PTE LTD		DISSOLVED - MEMBERS' VOLUNTARY WINDING UP		SECRETARY		30/04/1998		17/02/2007
14	KAYTRONICS PTE LTD		DISSOLVED - MEMBERS' VOLUNTARY WINDING UP		DIRECTOR		07/10/1987		02/05/1994
15	KEWALRAM REALTY LIMITED		DISSOLVED - MEMBERS' VOLUNTARY WINDING UP		DIRECTOR		31/05/1980		22/09/1999
16	MATCHONO TRADING PTE LTD		STRUCK OFF		DIRECTOR		02/10/1990		26/09/2006
17	MATCHONO TRADING PTE LTD		STRUCK OFF		SECRETARY		30/04/1998		26/09/2006
18	OLAM INTERNATIONAL LIMITED		LIVE COMPANY		SECRETARY		01/12/1995		01/03/2000
19	ONE PHILLIP STREET PTE LTD		DISSOLVED - MEMBERS' VOLUNTARY WINDING UP		DIRECTOR		01/03/1996		07/11/2007
20	ONE PHILLIP STREET PTE LTD		DISSOLVED - MEMBERS' VOLUNTARY WINDING UP		SECRETARY		30/04/1998		19/08/2005
21	PRESCO (PTE.) LIMITED		STRUCK OFF		DIRECTOR		01/01/1980		08/12/2010
22	PRESCO (PTE.) LIMITED		STRUCK OFF		SECRETARY		30/04/1998		08/12/2010
23	REDINGTON DISTRIBUTION PTE. LTD.		LIVE COMPANY		SHAREHOLDER		-		25/07/2011
24	SCANDIA ESSAR PTE LTD		DISSOLVED - MEMBERS' VOLUNTARY WINDING UP		DIRECTOR		31/07/1987		26/12/2000
25	VALENTINO GARMENT PTE. LTD.		DISSOLVED - MEMBERS' VOLUNTARY WINDING UP		DIRECTOR		29/08/1988		29/06/2000
26	VALENTINO GARMENT PTE. LTD.		DISSOLVED - MEMBERS' VOLUNTARY WINDING UP		SECRETARY		30/04/1998		29/06/2000
27	VILCO (PRIVATE) LTD		DISSOLVED - MEMBERS' VOLUNTARY WINDING UP		DIRECTOR		14/05/1987		25/11/2006

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

Clear

COMPLIANCE

Date of Last AGM	:	18/11/2010
Date of Last AR	:	21/12/2010
Date of A/C Laid At Last AGM	:	30/06/2010

FINANCIAL HIGHLIGHTS

Financial Figures	Group
	JUN 2010	% Change	JUN 2009	JUN 2008	JUN 2007
Currency	SGD - SIN		SGD - SIN	SGD - SIN	SGD - SIN
Profit and Loss Key Figures
Turnover	328,222,241	28.36	255,701,142	263,091,174	171,833,130
Profit/(Loss) Before Tax	11,718,607	43.08	8,190,348	8,622,349	6,885,196
Profit After Tax attributable to Shareholders	10,169,289	43.18	7,102,651	7,327,988	5,831,567
Balance Sheet Key Figures
Total Assets	115,603,103	49.68	77,232,622	72,606,902	57,719,176
Current Assets	114,830,291	49.62	76,745,717	72,223,407	57,367,440
Non Current Assets	772,812	58.72	486,905	383,495	351,736
Total Liabilities	85,427,871	62.12	52,693,014	49,827,691	37,941,502
Current Liabilities	85,418,379	62.11	52,690,274	49,825,034	37,939,782
Non Current Liabilities	9,492	246.42	2,740	2,657	1,720
Shareholders' Funds	30,175,234	22.97	24,539,608	22,779,213	19,777,674
Share Capital	12,667,050	-4.08	13,206,222	12,867,903	4,635,501
Total Reserves	17,508,184	54.48	11,333,386	9,911,310	15,142,173

FINANCIAL RATIOS

	Group
	JUN 2010	JUN 2009	JUN 2008	JUN 2007
Growth %
Year-on-Year Growth	28.36	-2.81	53.11	NA
Profitability
Profit Margin (%)	3.10	2.78	2.79	3.39
Return on Equity (%)	33.70	28.94	32.17	29.49
Return on Assets (%)	8.80	9.20	10.09	10.10
Leverage
Total Debt/Equity (Times)	2.83	2.15	2.19	1.92
Current Debt/Equity (Times)	2.83	2.15	2.19	1.92
Long Term Debt To Equity (Times)	0.00	0.00	0.00	0.00
Total Asset To Total Equity (Times)	3.83	3.15	3.19	2.92
Asset Management
Total Assets Turnover (Times)	2.84	3.31	3.62	2.98
Fixed Assets Turnover (Times)	424.71	525.16	686.04	488.53
Liquidity
Current Ratio (Times)	1.34	1.46	1.45	1.51

FINANCIAL HIGHLIGHTS

Financial Figures	Company
	JUN 2010	% Change	JUN 2009	JUN 2008	JUN 2007
Currency	SGD - SIN		SGD - SIN	SGD - SIN	SGD - SIN
Profit and Loss Key Figures
Turnover	282,812,865	37.53	205,642,712	232,530,798	157,433,991
Profit/(Loss) Before Tax	11,908,985	91.49	6,219,178	7,219,787	7,810,836
Profit After Tax attributable to Shareholders	10,732,075	92.58	5,572,807	6,511,321	7,044,433
Balance Sheet Key Figures
Total Assets	99,532,144	41.76	70,213,393	63,054,154	54,498,230
Current Assets	96,513,884	43.57	67,224,409	60,227,613	52,861,245
Non Current Assets	3,018,260	0.98	2,988,984	2,826,542	1,636,985
Total Liabilities	69,924,940	49.20	46,866,451	40,015,760	33,547,294
Current Liabilities	69,924,940	49.20	46,866,451	40,015,760	33,547,294
Non Current Liabilities	0	NA	0	0	0
Shareholders' Funds	29,607,204	26.81	23,346,942	23,038,395	20,950,936
Share Capital	12,667,050	-4.08	13,206,222	12,868,200	4,635,501
Total Reserves	16,940,154	67.05	10,140,720	10,170,195	16,315,435

FINANCIAL RATIOS

	Company
	JUN 2010	JUN 2009	JUN 2008	JUN 2007
Growth %
Year-on-Year Growth	37.53	-11.56	47.70	NA
Profitability
Profit Margin (%)	3.79	2.71	2.80	4.47
Return on Equity (%)	36.25	23.87	28.26	33.62
Return on Assets (%)	10.78	7.94	10.33	12.93
Leverage
Total Debt/Equity (Times)	2.36	2.01	1.74	1.60
Current Debt/Equity (Times)	2.36	2.01	1.74	1.60
Long Term Debt To Equity (Times)	0.00	0.00	0.00	0.00
Total Asset To Total Equity (Times)	3.36	3.01	2.74	2.60
Asset Management
Total Assets Turnover (Times)	2.84	2.93	3.69	2.89
Fixed Assets Turnover (Times)	93.70	68.80	82.27	96.17
Liquidity
Current Ratio (Times)	1.38	1.43	1.51	1.58

FINANCIAL COMMENTARY

Compound Annual Growth Rate

The company's CAGR is 24.08% (3 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 3.10 per cent in FY10 (FY09: 2.78 per cent). The group is now able to book in SGD - SIN 0.03 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 1.34 times in FY10 (FY09: 1.46 times). This means that the group has SGD - SIN 1.34 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 2.83 times in FY10, as compared with 2.15 times in FY09. This means that the group requires additional external financing of SGD - SIN 2.83 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 33.70 per cent for Subject in the current financial period, as compared to 28.94 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 8.80 per cent (FY09: 9.20 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 2.84 times in FY10 (FY09: 3.31 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.49.24
UK Pound	1	Rs.76.80
Euro	1	Rs.67.17

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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