MIRA INFORM REPORT

Report Date :

05.12.2013

IDENTIFICATION DETAILS

Name :	AURIC PACIFIC GROUP LIMITED
Formerly Known As :	GOODMAN FIELDER ASIA HOLDINGS LIMITED
Registered Office :	50, Collyer Quay, 06-03, Oue Bayfront, 049321,
Country :	Singapore
Financials (as on) :	31.12.2012
Date of Incorporation :	02.06.1985
Com. Reg. No.:	198802981-D
Legal Form :	Public (Limited By Share)
Line of Business :	Manufacturing of food products, investment holding
No. of Employees :	Not Available

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

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, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
Singapore	A1	A1

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 0.8% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010, on the strength of renewed exports, before slowing to 5.2% in 2011 and 1.3% in 2012, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to an average of about 1.0% 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

* Adopted abbreviations :	SC - Subject Company (the company enquired by you)
	N/A - Not Applicable

EXECUTIVE SUMMARY

REGISTRATION NO.

:

198802981-D

COMPANY NAME

:

AURIC PACIFIC GROUP LIMITED

FORMER NAME

:

GOODMAN FIELDER ASIA HOLDINGS LIMITED (18/05/1995)
COLD STORAGE HOLDINGS LTD (13/01/1993)

INCORPORATION DATE

:

20/08/1988

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PUBLIC (LIMITED BY SHARE)

LISTED STATUS

:

YES

LISTED DATE

:

02/06/1985

REGISTERED ADDRESS

:

50, COLLYER QUAY, 06-03, OUE BAYFRONT, 049321, SINGAPORE.

BUSINESS ADDRESS

:

#06-03, OUE BAYFRONT 50 COLLYER QUAY, 049321, SINGAPORE.

TEL.NO.

:

65-63362262

FAX.NO.

:

65-63362272

EMAIL

:

CORPORATE@AURICGROUP.COM

WEB SITE

:

WWW.AURIC.COM.SG

CONTACT PERSON

:

EDWIN NEO ( DIRECTOR )

PRINCIPAL ACTIVITY

:

MANUFACTURING OF FOOD PRODUCTS, INVESTMENT HOLDING

ISSUED AND PAID UP CAPITAL

:

125,667,324.00 ORDINARY SHARE, OF A VALUE OF SGD 64,460,182.00

SALES

:

SGD 389,997,000 [2012]

NET WORTH

:

SGD 252,175,000 [2012]

STAFF STRENGTH

:

N/A

BANKER (S)

:

OVERSEA-CHINESE BANKING CORPORATION LIMITED

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

LIMITED

PAYMENT

:

AVERAGE

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

N/A

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

GOOD

INDUSTRY OUTLOOK

:

MATURE

HISTORY / BACKGROUND

As a public limited company, the SC must have at least one shareholder but there is no limit on the maximum number of shareholders. The SC must have at least two directors. A public limited company is a separate legal entity from its shareholders. As a separate legal entity, the SC is capable of owning assets, entering into contracts, suing or be sued by other companies. The liabilities of the shareholders are only up to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the SC is insolvent. The SC is governed by the Companies Act and must file in its annual return, together with its financial statements with the Registrar of Companies.

The SC is principally engaged in the (as a / as an) manufacturing of food products, investment holding.

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
CITIBANK NOMINEES SINGAPORE PTE LTD	8, MARINA VIEW, 21 - 00, ASIA SQUARE TOWER 1, 018960, SINGAPORE.	198801936	62,467,367.00	49.71
DMG & PARTNERS SECURITIES PTE LTD	10, COLLYER QUAY, 09 - 08, OCEAN FINANCIAL CENTRE, 049315, SINGAPORE.	198701140	27,542,311.00	21.92
LEE RUBBER COMPANY (PTE) LIMITED	65, CHULIA STREET, 44-01, OCBC CENTRE, 049513, SINGAPORE.	193100023M	3,712,457.00	2.95
HSBC (SINGAPORE) NOMINEES PTE LTD	21, COLLYER QUAY, 10 - 02, HSBC BUILDING, 049320, SINGAPORE.	194600097	1,840,581.00	1.46
DBS NOMINEES (PRIVATE) LIMITED	WISMA GENTING, JALAN SULTAN ISMAIL, 6TH FLOOR, 50250 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.	993504	1,104,001.00	0.88
RAFFLES NOMINEES (PTE) LTD	7, CHANGI BUSINESS PARK CRESCENT, 03 - 00, STANDARD CHARTERED @ CHANGI, 486028, SINGAPORE.	193700032	988,386.00	0.79
UNITED OVERSEAS BANK NOMINEES PTE LTD	80, RAFFLES PLACE, UOB PLAZA, 048624, SINGAPORE.	196800520	902,529.00	0.72
DBS VICKERS SECURITIES (S) PTE LTD	12, MARINA BOULEVARD, MARINA BAY FINANCIAL CENTRE, 018982, SINGAPORE.	198600294	680,144.00	0.54
PHILLIP SECURITIES PTE LTD	250, NORTH BRIDGE ROAD, 06 - 00, RAFFLES CITY TOWER, 179101, SINGAPORE.	197501035	652,265.00	0.52
HONG LEONG FINANCE NOMINEES PTE LTD	16, RAFFLES QUAY, 01 - 05, HONG LEONG BUILDING , 048581, SINGAPORE.	199401472	629,000.00	0.50
REMAINING SHAREHOLDERS			25,148,283.00	20.01
			---------------	------
			125,667,324.00	100.00
			============	=====

+ Also Director

The SC interest in other companies (Subsidiaries/Associates) are shown as follow :

Local No	Country	Company	(%)	As At
011041	HONG KONG	SUNSHINE SERVICES (HK) LTD	100.00	31/12/2012
200600994H	SINGAPORE	CHARM FIT PTE. LTD.	100.00	31/12/2012
200906299K	SINGAPORE	AP FUND MANAGEMENT PTE. LTD.	100.00	31/12/2012
249154P	MALAYSIA	CLASSIC ASPIRE SDN. BHD.	100.00	31/12/2012
17634V	MALAYSIA	AURIC PACIFIC (M) SDN. BHD.	100.00	18/06/2013
199503808N	SINGAPORE	AURIC PROPERTY PTE LTD	100.00	31/12/2012
200002994Z	SINGAPORE	AURIC PACIFIC INVESTMENT HOLDINGS PTE. LTD.	100.00	31/12/2012
199602205C	SINGAPORE	MILFORD SOUND PTE. LTD.	100.00	31/12/2012
199508019D	SINGAPORE	APG FOODS PTE LTD	100.00	31/12/2012

DIRECTORS

DIRECTOR 1

Name Of Subject	:	LIM BOH SOON
Address	:	56, YUK TONG AVENUE, 596357, SINGAPORE.
IC / PP No	:	S1215642A
Nationality	:	SINGAPOREAN
Date of Appointment	:	23/02/2006

DIRECTOR 2

Name Of Subject	:	CHANG YEW CHAN
Address	:	33, KEW CRESCENT, 466208, SINGAPORE.
IC / PP No	:	S2578596G
Nationality	:	SINGAPOREAN
Date of Appointment	:	23/02/2006

DIRECTOR 3

Name Of Subject	:	CHEOK ALBERT SAYCHUAN
Address	:	PENTHOUSE AP-1-1, SRI LANGIT CONDO, JALAN TAMAN SEPUTEH 7, TAMAN SEPUTEH, 58000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
IC / PP No	:	E4090110
Nationality	:	AUSTRALIAN
Date of Appointment	:	22/07/2002

DIRECTOR 4

Name Of Subject	:	DR RONNIE TAN KEH POO @ TAN KAY POO
Address	:	81, MEYER ROAD, 11-01, MEYER PARK, 437908, SINGAPORE.
IC / PP No	:	S2554854Z
Nationality	:	SINGAPOREAN
Date of Appointment	:	01/10/2004

DIRECTOR 5

Name Of Subject	:	EDWIN NEO
Address	:	804, ADMIRALTY CENTRE, TOWER 1, 18, HARCOURT ROAD, HONG KONG.
IC / PP No	:	761301212
Nationality	:	BRITISH
Date of Appointment	:	15/03/2011

DIRECTOR 6

Name Of Subject	:	SAW PHAIK HWA
Address	:	16, SIME ROAD, 288299, SINGAPORE.
IC / PP No	:	S2538965D
Nationality	:	SINGAPOREAN
Date of Appointment	:	25/07/2012

DIRECTOR 7

Name Of Subject	:	STEPHEN RIADY
Address	:	259, OCEAN DRIVE, 098538, SINGAPORE.
IC / PP No	:	S2769826C
Nationality	:	SINGAPOREAN
Date of Appointment	:	12/05/1997

MANAGEMENT

1)	Name of Subject	:	EDWIN NEO
	Position	:	DIRECTOR

AUDITOR

Auditor	:	ERNST & YOUNG LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	TAN T'ENG TA' BENEDICT
	IC / PP No	:	S7305447H
	Address	:	110, GERALD DRIVE, 04-42, SELETAR SPRINGS CONDOMINIUM, 799036, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

OVERSEA-CHINESE BANKING CORPORATION LIMITED

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C201001716	25/02/2010	N/A	OVERSEA-CHINESE BANKING CORPORATION LIMITED	N/A	Unsatisfied
C201114239	11/11/2011	N/A	OVERSEA-CHINESE BANKING CORPORATION LIMITED	N/A	Unsatisfied

LEGAL CHECK AGAINST SC

* A check has been conducted in our databank againt the SC 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	:	YES
Overseas	:	YES

The SC 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

Products manufactured

:

FOOD PRODUCTS

Services

:

INVESTMENT HOLDING

Branch

:

NO

Other Information:

The SC is principally engaged in the (as a / as an) manufacturing of food products, investment holding.

The Group has diverse business interests ranging from the distribution of fast moving consumer food and non-food products, food manufacturing and retailing, the management of restaurant and food court operations and other strategic investments including property investment.

Although the Group is based in Singapore, through its various businesses, it has a presence in various countries throughout Asia including Singapore, Malaysia, Indonesia, Thailand, Hong Kong SAR and China.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client	:	6563362262
Current Telephone Number	:	65-63362262
Match	:	YES
Address Provided by Client	:	#06-03 OUE BAYFRONT, 50 COLLYER QUAY SINGAPORE 049321
Current Address	:	#06-03, OUE BAYFRONT 50 COLLYER QUAY, 049321, SINGAPORE.
Match	:	YES

Other Investigations

we contacted one of the staff from the SC and she provided some information on the SC.

The SC refused to disclose its number of employees.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	2009 - 2012	]
Profit/(Loss) Before Tax	:	Decreased	[	2009 - 2012	]
Return on Shareholder Funds	:	Unfavourable	[	5.79%	]
Return on Net Assets	:	Unfavourable	[	<0.23%>	]
The SC's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.The SC incurred losses during the year due to the inefficient control of its operating costs. The unfavourable return on shareholders' funds could indicate that the SC was inefficient in utilising its assets to generate returns.
Working Capital Control
Stock Ratio	:	Favourable	[	34 Days	]
Debtor Ratio	:	Favourable	[	53 Days	]
Creditors Ratio	:	Unfavourable	[	75 Days	]
The SC'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 SC. The unfavourable creditors' ratio could be due to the SC taking advantage of the credit granted by its suppliers. However this may affect the goodwill between the SC and its suppliers and the SC may inadvertently have to pay more for its future supplies.
Liquidity
Liquid Ratio	:	Favourable	[	2.03 Times	]
Current Ratio	:	Favourable	[	2.47 Times	]
A minimum liquid ratio of 1 should be maintained by the SC in order to assure its creditors of its ability to meet short term obligations and the SC was in a good liquidity position. Thus, we believe the SC is able to meet all its short term obligations as and when they fall due.
Solvency
Interest Cover	:	Unfavourable	[	<1.66 Times>	]
Gearing Ratio	:	Favourable	[	0.03 Times	]
The SC incurred losses in the year. It did not generate sufficient income to service its interest. If the situation does not improve, the SC may be vulnerable to default in servicing the interest. The SC was lowly geared thus it had a low financial risk. The SC was mainly financed by its shareholders' funds and internally generated funds. In times of economic slowdown / downturn, the SC 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 SC's turnover increased its profits however showed a reverse trend. The losses could be due to the management's failure to maintain its competitiveness in the market. The SC was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the SC should be able to repay its short term obligations. The SC's interest cover was negative, indicating that it did not generate sufficient income to service its interest. If its result does not show impressive improvements or succeed obtaining short term financing or capital injection, it may not be able to service its interest and repay the loans. The SC 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 SC : LIMITED

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	2008	2009	2010	2011	2012
Population (Million)	4.84	4.98	5.08	5.18	5.31
Gross Domestic Products ( % )	1.5	<0.8>	14.5	4.9	1.3
Consumer Price Index	6.6	0.6	2.8	5.2	4.6
Total Imports (Million)	450,892.6	356,299.3	423,221.8	459,655.1	474,554.0
Total Exports (Million)	476,762.2	391,118.1	478,840.7	514,741.2	510,329.0
Unemployment Rate (%)	2.2	3.2	2.2	2.1	2.0
Tourist Arrival (Million)	10.12	9.68	11.64	13.17	14.37
Hotel Occupancy Rate (%)	81.0	75.8	85.6	86.5	86.4
Cellular Phone Subscriber (Million)	1.31	1.37	1.43	1.50	1.52
Registration of New Companies (No.)	25,327	26,414	29,798	32,317	31,892
Registration of New Companies (%)	<2.2>	4.3	12.8	8.5	<1.3>
Liquidation of Companies (No.)	10,493	22,393	15,126	19,005	17,218
Liquidation of Companies (%)	13.7	113.4	<32.5>	25.6	9.4
Registration of New Businesses (No.)	24,850	26,876	23,978	23,494	24,788
Registration of New Businesses (%)	0.36	8.15	<10.78>	2.02	5.51
Liquidation of Businesses (No.)	21,150	23,552	24,211	23,005	22,489
Liquidation of Businesses (%)	<0.8>	11.4	2.8	<5>	<2.2>
Bankruptcy Orders (No.)	2,326	2,058	1,537	1,527	1,748
Bankruptcy Orders (%)	<15.9>	<11.5>	<25.3>	<0.7>	14.5
Bankruptcy Discharges (No.)	1,500	3,056	2,252	1,391	1,881
Bankruptcy Discharges (%)	<7.7>	103.7	<26.3>	<38.2>	35.2
INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	<0.32>	3.25	<0.48>	4.25	3.64
Fish Supply & Wholesale	<6.31>	<1.93>	<10.5>	12.10	<0.5>
Manufacturing *	74.6	71.5	92.8	100.0	100.3
Food, Beverages & Tobacco	94.8	90.4	96.4	100.0	103.5
Textiles	180.1	145.9	122.1	100.0	104.0
Wearing Apparel	334.6	211.0	123.3	100.0	92.1
Leather Products & Footwear	128.2	79.5	81.8	100.0	98.6
Wood & Wood Products	132.0	101.4	104.0	100.0	95.5
Paper & Paper Products	101.0	95.4	106.1	100.0	97.4
Printing & Media	118.2	100.9	103.5	100.0	93.0
Crude Oil Refineries	113.1	96.4	95.6	100.0	99.4
Chemical & Chemical Products	84.5	80.3	97.6	100.0	100.5
Pharmaceutical Products	43.7	49.1	75.3	100.0	109.7
Rubber & Plastic Products	120.1	101.2	112.3	100.0	96.5
Non-metallic Mineral	96.5	91.9	92.5	100.0	98.2
Basic Metals	109.8	92.6	102.2	100.0	90.6
Fabricated Metal Products	101.3	90.8	103.6	100.0	104.3
Machinery & Equipment	65.0	57.3	78.5	100.0	112.9
Electrical Machinery	81.7	86.8	124.1	100.0	99.3
Electronic Components	93.1	85.2	113.6	100.0	90.6
Transport Equipment	102.0	96.0	94.0	100.0	106.3
Construction	45.90	<36.9>	14.20	20.50	28.70
Real Estate	<11.2>	1.4	21.3	25.4	31.9
Services
Electricity, Gas & Water	<1.3>	1.70	4.00	7.00	6.30
Transport, Storage & Communication	11.60	3.90	12.80	7.40	5.30
Finance & Insurance	<5.9>	<16.4>	<0.4>	8.90	0.50
Government Services	17.40	4.50	9.70	6.90	6.00
Education Services	0.50	0.10	<0.9>	<1.4>	0.30
* Based on Index of Industrial Production (2011 = 100)
(Source : Department of Statistics)

INDUSTRY ANALYSIS

INDUSTRY :	MANUFACTURING
The manufacturing sector contracted by 1.1% in the fourth quarter of 2012, led by declines in the electronics and precision engineering clusters. These clusters were weighed down by weak global demand for semiconductors and semiconductor-related equipment. For the whole year of 2012, the manufacturing sector grew by 0.1%, significantly lower than the 7.8% recorded in 2011 when the sector was boosted by a surge in the growth of the biomedical manufacturing cluster.
Output of the biomedical manufacturing cluster grew by 2.4% in the fourth quarter. The expansion was driven by the medical technology segment which grew by a healthy 9.2%, benefitting from robust export demand for medical devices. The pharmaceuticals segment also grew by a modest 1.1%. For 2012, the biomedical manufacturing cluster expanded by 9.9%.
Output of the transport engineering cluster expanded by 4.9% in the fourth quarter. The aerospace segment grew by 6.2%, supported by higher demand for repair jobs from commercial airlines. Similarly, the marine & offshore engineering segment expanded by 5.0%, on the back of higher contributions from oil rig projects and oilfield equipment components. In the year 2012, the transport engineering cluster surged by 11%.
The output of the precision engineering cluster shrank by 1.3% in the fourth quarter. The decline was led by the 5.3% contraction in the machinery & systems segment, which saw weak export demand for semiconductor-related equipment. On the other hand, the precision modules & components segment grew by 2.9%, supported by higher production of optical instruments & photographic equipment and electronic connectors. In 2012, the precision engineering cluster expanded by 1.3%.
The general manufacturing cluster's output grew by 1.2% in the fourth quarter, driven by the 6.4% growth in the miscellaneous industries segment. The segment's growth was supported by higher production of batteries and constructionrelated materials. By contrast, the printing and food, beverages & tobacco segments declined by 6.4% and 1.3% respectively. For 2012, the general manufacturing cluster grew by 2.0%.
The chemicals cluster's output grew by 7.7% in the fourth quarter. The petrochemicals and petroleum segments registered growth of 9.3% and 6.3% respectively, partly due to the low base from plant shutdowns in end of 2011. The specialty chemicals segment also expanded by 8.0% on the back of higher regional demand. For the year 2012, the chemicals cluster declined by 0.4%, primarily due to weak regional demand for specialty chemicals in the second and third quarter of 2012.
Output of the electronics cluster contracted by 10% in the fourth quarter, led by the semiconductors and computer peripherals segments which contracted by 13% and 15% respectively. By contrast, the data storage segment grew by 7.8%, mainly due to the low base in end of 2011 when floods in Thailand had disrupted the supply chain for data storage products. For the whole of 2012, the electronics cluster contracted by 11%.
OVERALL INDUSTRY OUTLOOK : MATURE

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 1988, the SC is a Public Listed company, focusing on manufacturing of food products, investment holding. The SC has been in business for over two decades. It has built up a strong clientele base and good reputation will enable the SC to further enhance its business in the near term. The SC is expected to enjoy a stable market shares. Having strong support from its shareholders has enabled the SC to remain competitive despite the challenging business environment. The SC has strong capital position. We are confident with the SC's business and its future growth prospect.

Overall, we regard that the SC's management capability is average. This indicates that the SC has greater potential to improve its business performance and raising income for the SC.

Despite the higher turnover, the SC suffered pre-tax losses which reflected a highly competitive business environment. The SC has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. The SC 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 SC 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 SGD 252,175,000, the SC should be able to maintain its business in the near terms.

The SC's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials. Overall the SC has a good control over its resources.

The SC's payment habit is average. With its adequate working capital, the SC should be able to pay its short term debts.

The industry has reached its optimum level and is generally stable. It is saturated and very competitive. Thus, the SC's growth prospect is very much depends on its capacity in sustaining its performance in the market.

Based on the above condition, we recommend credit be granted to the SC promptly.

PROFIT AND LOSS ACCOUNT

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

AURIC PACIFIC GROUP LIMITED

Financial Year End	2012-12-31	2011-12-31	2010-12-31	2009-12-31
Months	12	12	12	12
Consolidated Account	GROUP	GROUP	GROUP	GROUP
Audited Account	YES	YES	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES	YES	YES
Financial Type	FULL	FULL	FULL	FULL
Currency	SGD	SGD	SGD	SGD
TURNOVER	389,997,000	386,753,000	381,814,000	405,964,000
Other Income	2,268,000	2,342,000	-	-
	----------------	----------------	----------------	----------------
Total Turnover	392,265,000	389,095,000	381,814,000	405,964,000
Costs of Goods Sold	<160,454,000>	<161,031,000>	<225,249,000>	<252,970,000>
	----------------	----------------	----------------	----------------
Gross Profit	231,811,000	228,064,000	156,565,000	152,994,000
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	<1,017,000>	11,843,000	9,601,000	<1,678,000>
SHARE OF PROFITS/(LOSSES) OF ASSOCIATED COMPANIES	-	<747,000>	-	-
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	<1,017,000>	11,096,000	9,601,000	<1,678,000>
Taxation	12,579,000	<2,592,000>	<2,032,000>	<419,000>
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	11,562,000	8,504,000	7,569,000	<2,097,000>
Minority interests	3,051,000	62,000	<1,267,000>	<1,308,000>
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS	14,613,000	8,566,000	6,302,000	<3,405,000>
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS	14,613,000	8,566,000	6,302,000	<3,405,000>
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	162,407,000	157,611,000	153,822,000	157,426,000
Prior year adjustment	-	-	-	<199,000>
	----------------	----------------	----------------	----------------
As restated	162,407,000	157,611,000	153,822,000	157,227,000
	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	177,020,000	166,177,000	160,124,000	153,822,000
DIVIDENDS - Ordinary (paid & proposed)	<3,770,000>	<3,770,000>	<2,513,000>	-
	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	173,250,000	162,407,000	157,611,000	153,822,000
	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Lease interest	4,000	2,000	3,000	17,000
Term loan / Borrowing	315,000	441,000	487,000	1,155,000
Others	63,000	34,000	40,000	39,000
	----------------	----------------	----------------	----------------
	382,000	477,000	530,000	1,211,000
	=============	=============	=============	=============

BALANCE SHEET

AURIC PACIFIC GROUP LIMITED

ASSETS EMPLOYED:
FIXED ASSETS	40,312,000	34,421,000	33,627,000	35,125,000
LONG TERM INVESTMENTS/OTHER ASSETS
Associated companies	282,000	282,000	1,607,000	1,463,000
Investments	12,907,000	16,448,000	17,728,000	22,376,000
Deferred assets	930,000	730,000	831,000	1,188,000
Deposits	4,134,000	2,934,000	-	-
Others	4,160,000	4,885,000	8,969,000	5,863,000
	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	22,413,000	25,279,000	29,135,000	30,890,000
INTANGIBLE ASSETS
Goodwill on consolidation	28,219,000	29,794,000	-	-
Trademarks	17,124,000	20,638,000	-	-
Others	47,470,000	50,286,000	103,753,000	102,957,000
	----------------	----------------	----------------	----------------
TOTAL INTANGIBLE ASSETS	92,813,000	100,718,000	103,753,000	102,957,000
	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	155,538,000	160,418,000	166,515,000	168,972,000
CURRENT ASSETS
Short term quoted/unquoted investments	-	2,330,000	6,630,000	5,952,000
Stocks	36,855,000	36,642,000	39,879,000	41,298,000
Trade debtors	56,411,000	53,174,000	56,324,000	51,458,000
Other debtors, deposits & prepayments	46,989,000	53,780,000	51,517,000	35,313,000
Short term deposits	17,129,000	16,540,000	8,738,000	26,609,000
Interest receivable	2,547,000	788,000	-	-
Cash & bank balances	46,708,000	45,306,000	44,875,000	33,191,000
	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	206,639,000	208,560,000	207,963,000	193,821,000
	----------------	----------------	----------------	----------------
TOTAL ASSET	362,177,000	368,978,000	374,478,000	362,793,000
	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	32,968,000	36,984,000	38,928,000	39,049,000
Other creditors & accruals	39,891,000	36,564,000	31,940,000	33,789,000
Hire purchase & lease creditors	65,000	22,000	-	-
Short term borrowings/Term loans	6,210,000	5,248,000	-	-
Other borrowings	-	-	15,577,000	19,260,000
Provision for taxation	2,637,000	18,652,000	17,675,000	18,443,000
Lease payables	-	-	15,000	160,000
Other liabilities	1,924,000	1,755,000	2,461,000	2,265,000
	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	83,695,000	99,225,000	106,596,000	112,966,000
	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	122,944,000	109,335,000	101,367,000	80,855,000
	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	278,482,000	269,753,000	267,882,000	249,827,000
	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	64,461,000	64,461,000	64,461,000	64,461,000
	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	64,461,000	64,461,000	64,461,000	64,461,000
RESERVES
General reserve	<3,019,000>	<1,675,000>	<112,000>	<331,000>
Retained profit/(loss) carried forward	173,250,000	162,407,000	157,611,000	153,822,000
	----------------	----------------	----------------	----------------
TOTAL RESERVES	170,231,000	160,732,000	157,499,000	153,491,000
MINORITY INTEREST	17,483,000	21,023,000	22,787,000	24,095,000
	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	252,175,000	246,216,000	244,747,000	242,047,000
LONG TERM LIABILITIES
Lease obligations	97,000	-	23,000	34,000
Deferred taxation	4,775,000	5,154,000	5,800,000	5,927,000
Others	21,435,000	18,383,000	17,312,000	1,819,000
	----------------	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	26,307,000	23,537,000	23,135,000	7,780,000
	----------------	----------------	----------------	----------------
	278,482,000	269,753,000	267,882,000	249,827,000
	=============	=============	=============	=============

FINANCIAL RATIO

TYPES OF FUNDS
Cash	63,837,000	61,846,000	53,613,000	59,800,000
Net Liquid Funds	63,837,000	61,846,000	53,613,000	59,800,000
Net Liquid Assets	86,089,000	72,693,000	61,488,000	39,557,000
Net Current Assets/(Liabilities)	122,944,000	109,335,000	101,367,000	80,855,000
Net Tangible Assets	185,669,000	169,035,000	164,129,000	146,870,000
Net Monetary Assets	59,782,000	49,156,000	38,353,000	31,777,000
BALANCE SHEET ITEMS
Total Borrowings	6,372,000	5,270,000	15,600,000	19,294,000
Total Liabilities	110,002,000	122,762,000	129,731,000	120,746,000
Total Assets	362,177,000	368,978,000	374,478,000	362,793,000
Net Assets	278,482,000	269,753,000	267,882,000	249,827,000
Net Assets Backing	252,175,000	246,216,000	244,747,000	242,047,000
Shareholders' Funds	252,175,000	246,216,000	244,747,000	242,047,000
Total Share Capital	64,461,000	64,461,000	64,461,000	64,461,000
Total Reserves	170,231,000	160,732,000	157,499,000	153,491,000
LIQUIDITY (Times)
Cash Ratio	0.76	0.62	0.50	0.53
Liquid Ratio	2.03	1.73	1.58	1.35
Current Ratio	2.47	2.10	1.95	1.72
WORKING CAPITAL CONTROL (Days)
Stock Ratio	34	35	38	37
Debtors Ratio	53	50	54	46
Creditors Ratio	75	84	63	56
SOLVENCY RATIOS (Times)
Gearing Ratio	0.03	0.02	0.06	0.08
Liabilities Ratio	0.44	0.50	0.53	0.50
Times Interest Earned Ratio	<1.66>	24.26	19.12	<0.39>
Assets Backing Ratio	1.00	1.00	1.00	1.00
PERFORMANCE RATIO (%)
Operating Profit Margin	<0.26>	2.87	2.51	<0.41>
Net Profit Margin	3.75	2.21	1.65	<0.84>
Return On Net Assets	<0.23>	4.29	3.78	<0.19>
Return On Capital Employed	<0.16>	2.96	2.57	<0.12>
Return On Shareholders' Funds/Equity	5.79	3.48	2.57	<1.41>
Dividend Pay Out Ratio (Times)	0.26	0.44	0.40	0.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.33
UK Pound	1	Rs.102.18
Euro	1	Rs.84.68

INFORMATION DETAILS

Report Prepared by :

NIS

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.