MIRA INFORM REPORT

Report Date :

07.09.2012

IDENTIFICATION DETAILS

Name :	KCTEX INTERNATIONAL LIMITED

Registered Office :	6 Shenton Way #24-09 Dbs Building Singapore 068809

Country :	Singapore

Financials (as on) :	JUN 2011

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)

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

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

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 – March 31^st, 2012

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Singapore

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. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. Real GDP growth averaged 8.6% between 2004 and 2007. The economy contracted 1.0% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010 and 4.9% in 2011, on the strength of renewed exports. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to a compound annual growth rate of just 1.8% in the last decade. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub.

Source : CIA

Company name

Company Name:	Registered Number:
KCTEX INTERNATIONAL LIMITED	200610550N

Date Incorporated:	Registered Office:	Telephone Number:
19/07/2006	6 SHENTON WAY #24-09 DBS BUILDING SINGAPORE 068809	6325 5755
Age of Company:	Website:	Industry Type:
6	www.kctexinternational.com	COMMERCE-WHOLESALE

Risk Dashboard
Days Beyond Terms	Trend:	No. of Litigation Counts:
Company DTC:		NA
7
Worse off than last month; last month the entity took 73 days to pay		No. of Charges(s): 0
Industry DTC
25

Directors		Corporate Structure
Number of Current Directors	3	Holding Company:	PATTERSON INVESTMENTS LIMITED
Number that are shareholders	1	No. of Subsidiaries & Associated Companies:	NA

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	:	6 SHENTON WAY #24-09 DBS BUILDING SINGAPORE 068809
Date of Change of Address	:	17/10/2011
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	:	SINGAPORE, DOLLARS 461,742,933.01 (FY2011)
Net Worth	:	SINGAPORE, DOLLARS 39,824,010.74 (FY2011)
No. of Bank Charges	:	NA
No. of Litigation Suits	:	NA
S1000 / SME 1000 / FG50 Ranking	:	767 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2010/2011) 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)	:	28.03% (4 years)

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 #20-01 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	NAPIER HEALTHCARE SOLUTIONS PTE. LTD.	DIRECTOR	28/10/2008	19512000	78.04
7	OLAM INTERNATIONAL LIMITED	DIRECTOR	04/07/1995	-	-
8	REDINGTON DISTRIBUTION PTE. LTD.	DIRECTOR	28/03/2005	-	-
9	RPL PTE. LTD.	DIRECTOR	26/03/1987	450000	15.00
10	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	MERLINDUS TECHNOLOGIES PTE. LTD.	STRUCK OFF	DIRECTOR	23/09/2004	10/02/2012
19	MERLINDUS TECHNOLOGIES PTE. LTD.	STRUCK OFF	SHAREHOLDER	-	-
20	OLAM INTERNATIONAL LIMITED	LIVE COMPANY	SECRETARY	01/12/1995	01/03/2000
21	ONE PHILLIP STREET PTE LTD	DISSOLVED - MEMBERS' VOLUNTARY WINDING UP	DIRECTOR	01/03/1996	07/11/2007
22	ONE PHILLIP STREET PTE LTD	DISSOLVED - MEMBERS' VOLUNTARY WINDING UP	SECRETARY	30/04/1998	19/08/2005
23	PRESCO (PTE.) LIMITED	STRUCK OFF	DIRECTOR	01/01/1980	08/12/2010
24	PRESCO (PTE.) LIMITED	STRUCK OFF	SECRETARY	30/04/1998	08/12/2010
25	REDINGTON DISTRIBUTION PTE. LTD.	LIVE COMPANY	SHAREHOLDER	-	23/08/2012
26	SCANDIA ESSAR PTE LTD	DISSOLVED - MEMBERS' VOLUNTARY WINDING UP	DIRECTOR	31/07/1987	26/12/2000
27	VALENTINO GARMENT PTE. LTD.	DISSOLVED - MEMBERS' VOLUNTARY WINDING UP	DIRECTOR	29/08/1988	29/06/2000
28	VALENTINO GARMENT PTE. LTD.	DISSOLVED - MEMBERS' VOLUNTARY WINDING UP	SECRETARY	30/04/1998	29/06/2000
29	VILCO (PRIVATE) LTD	DISSOLVED - MEMBERS' VOLUNTARY WINDING UP	DIRECTOR	14/05/1987	25/11/2006

Bankruptcy Record

(Status include petition filed, order made, discharge, annulment, set aside, rescinded and withdrawn)

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

Note: Please purchase case details to know the latest status.

Litigation Search – Writ of Summons

Court	Case No.	Transfer	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.

COMPLIANCE

Date of Last AGM	:	16/12/2011
Date of Last AR	:	23/12/2011
Date of A/C Laid At Last AGM	:	30/06/2011

COMPLIANCE RATING FOR ANNUAL FILING

ANNUAL GENERAL MEETING,ANNUAL RETURN AND ACCOUNTS UP-TO-DATE

Note:

Provided by ACRA (Accounting and Corporate Regulatory Authority), the Compliance Rating for Annual Filing measures a company’s compliance with the provisions under S175, S197 or S201 of the Companies Act, Cap. 50.

Applicable to all “Live” locally incorporated companies except for the Limited Partnerships, Limited Liability Partnerships, Business Entities, Foreign Companies and Public Accounting Firms, the rating provide information on whether a company is up-to-date with the holding of its Annual General Meeting (AGM) with up-to-date financial statements and filing of its Annual Return (AR).

For more information: www.acra.gov.sg/compliance

FINANCIAL HIGHLIGHTS

Financial Figures	Group
	JUN 2011	% Change	JUN 2010	JUN 2009	JUN 2008	JUN 2007
Currency	SGD - SIN		SGD - SIN	SGD - SIN	SGD - SIN	SGD - SIN
Profit and Loss Key Figures
Turnover	461,742,933	40.68	328,222,241	255,701,142	263,091,174	171,833,130
Profit/(Loss) Before Tax	18,520,558	58.04	11,718,607	8,190,348	8,622,349	6,885,196
Profit After Tax attributable to Shareholders	16,290,010	60.19	10,169,289	7,102,651	7,327,988	5,831,567

Balance Sheet Key Figures
Total Assets	138,185,002	19.53	115,603,103	77,232,622	72,606,902	57,719,176
Current Assets	136,955,751	19.27	114,830,291	76,745,717	72,223,407	57,367,440
Non Current Assets	1,229,250	59.06	772,812	486,905	383,495	351,736

Total Liabilities	98,360,991	15.14	85,427,871	52,693,014	49,827,691	37,941,502
Current Liabilities	98,348,830	15.14	85,418,379	52,690,274	49,825,034	37,939,782
Non Current Liabilities	12,161	28.12	9,492	2,740	2,657	1,720

Shareholders' Funds	39,824,011	31.98	30,175,234	24,539,608	22,779,213	19,777,674
Share Capital	11,592,000	-8.49	12,667,050	13,206,222	12,867,903	4,635,501
Total Reserves	28,193,161	61.03	17,508,184	11,333,386	9,911,310	15,142,173

FINANCIAL RATIOS

	Group
	JUN 2011	JUN 2010	JUN 2009	JUN 2008	JUN 2007
Growth %
Year-on-Year Growth	40.68	28.36	-2.81	53.11	NA

Profitability
Profit Margin (%)	3.53	3.10	2.78	2.79	3.39
Return on Equity (%)	40.90	33.70	28.94	32.17	29.49
Return on Assets (%)	11.79	8.80	9.20	10.09	10.10

Leverage
Total Debt/Equity (Times)	2.47	2.83	2.15	2.19	1.92
Current Debt/Equity (Times)	2.47	2.83	2.15	2.19	1.92
Long Term Debt To Equity (Times)	0.00	0.00	0.00	0.00	0.00
Total Asset To Total Equity (Times)	3.47	3.83	3.15	3.19	2.92

Asset Management
Total Assets Turnover (Times)	3.34	2.84	3.31	3.62	2.98
Fixed Assets Turnover (Times)	375.63	424.71	525.16	686.04	488.53

Liquidity
Current Ratio (Times)	1.39	1.34	1.46	1.45	1.51

FINANCIAL HIGHLIGHTS

Financial Figures	Company
	JUN 2011	% Change	JUN 2010	JUN 2009	JUN 2008	JUN 2007
Currency	SGD - SIN		SGD - SIN	SGD - SIN	SGD - SIN	SGD - SIN
Profit and Loss Key Figures
Turnover	388,692,238	37.44	282,812,865	205,642,712	232,530,798	157,433,991
Profit/(Loss) Before Tax	18,253,607	53.28	11,908,985	6,219,178	7,219,787	7,810,836
Profit After Tax attributable to Shareholders	16,428,246	53.08	10,732,075	5,572,807	6,511,321	7,044,433

Balance Sheet Key Figures
Total Assets	113,735,678	14.27	99,532,144	70,213,393	63,054,154	54,498,230
Current Assets	111,005,112	15.01	96,513,884	67,224,409	60,227,613	52,861,245
Non Current Assets	2,730,566	-9.53	3,018,260	2,988,984	2,826,542	1,636,985

Total Liabilities	74,076,986	5.94	69,924,940	46,866,451	40,015,760	33,547,294
Current Liabilities	74,076,986	5.94	69,924,940	46,866,451	40,015,760	33,547,294
Non Current Liabilities	0	NA	0	0	0	0

Shareholders' Funds	39,658,692	33.95	29,607,204	23,346,942	23,038,395	20,950,936
Share Capital	11,592,000	-8.49	12,667,050	13,206,222	12,868,200	4,635,501
Total Reserves	28,066,692	65.68	16,940,154	10,140,720	10,170,195	16,315,435

FINANCIAL RATIOS

	Company
	JUN 2011	JUN 2010	JUN 2009	JUN 2008	JUN 2007
Growth %
Year-on-Year Growth	37.44	37.53	-11.56	47.70	NA

Profitability
Profit Margin (%)	4.23	3.79	2.71	2.80	4.47
Return on Equity (%)	41.42	36.25	23.87	28.26	33.62
Return on Assets (%)	14.44	10.78	7.94	10.33	12.93

Leverage
Total Debt/Equity (Times)	1.87	2.36	2.01	1.74	1.60
Current Debt/Equity (Times)	1.87	2.36	2.01	1.74	1.60
Long Term Debt To Equity (Times)	0.00	0.00	0.00	0.00	0.00
Total Asset To Total Equity (Times)	2.87	3.36	3.01	2.74	2.60

Asset Management
Total Assets Turnover (Times)	3.42	2.84	2.93	3.69	2.89
Fixed Assets Turnover (Times)	142.35	93.70	68.80	82.27	96.17

Liquidity
Current Ratio (Times)	1.50	1.38	1.43	1.51	1.58

FINANCIAL COMMENTARY

Compound Annual Growth Rate

The company's CAGR is 28.03% (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 3.53 per cent in FY11 (FY10: 3.10 per cent). The group is now able to book in SINGAPORE, DOLLARS 0.04 of profit for every SINGAPORE, DOLLARS of sales in FY11, as compared with SINGAPORE, DOLLARS 0.03 a year ago.

Liquidity

Current ratio stood at 1.39 times in FY11 (FY10: 1.34 times). This means that the group has SINGAPORE, DOLLARS 1.39 of current assets for every SINGAPORE, DOLLARS 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.

FINANCIAL COMMENTARY

Leverage

Total debt-to-equity ratio notched 2.47 times in FY11, compared with 2.83 times in FY10. This means that the group requires additional external financing of SINGAPORE, DOLLARS 2.47 for every SINGAPORE, DOLLARS 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 40.90 per cent for Subject in the current financial period, as compared to 33.70 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 11.79 per cent (FY10: 8.80 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 3.34 times in FY11 (FY10: 2.84 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.55.97
UK Pound	1	Rs.89.02
Euro	1	Rs.70.61

INFORMATION DETAILS

Report Prepared by :

PDT

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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

MIRA INFORM REPORT

Company name

EXECUTIVE SUMMARY

SHAREHOLDER DETAILS

OFFICER DETAILS

KEY PERSONNEL PROFILE

SUBSIDIARIES AND ASSOCIATE COMPANIES

BANKERS/ FINANCIERS

COMPLIANCE

COMPLIANCE RATING FOR ANNUAL FILING

FINANCIAL HIGHLIGHTS

FINANCIAL RATIOS

FINANCIAL HIGHLIGHTS

FINANCIAL RATIOS

FINANCIAL COMMENTARY

Compound Annual Growth Rate

FINANCIAL COMMENTARY

Unit