MIRA INFORM REPORT

Report Date :

07.12.2013

IDENTIFICATION DETAILS

Name :	SUNWARD PHARMACEUTICAL PRIVATE LIMITED
Formerly Known As :	SUNWARD CHEMICAL INDUSTRIAL COMPANY PRIVATE LIMITED
Registered Office :	371, BEACH ROAD, 17 - 04, KEYPOINT, 199597
Country :	Singapore
Financials (as on) :	30.06.2012
Date of Incorporation :	10.05.1968
Com. Reg. No.:	196800189-K
Legal Form :	Private Limited
Line of Business :	Manufacturing of medicinal and pharmaceutical products
No. of Employees :	190

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 Limited :	SGD 1,491,304 (USD 1,089,000)
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 – 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

EXECUTIVE SUMMARY

REGISTRATION NO.

:

196800189-K

COMPANY NAME

:

SUNWARD PHARMACEUTICAL PRIVATE LIMITED

FORMER NAME

:

SUNWARD CHEMICAL INDUSTRIAL COMPANY PRIVATE LIMITED (20/12/1989)

INCORPORATION DATE

:

10/05/1968

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

371, BEACH ROAD, 17 - 04, KEYPOINT, 199597, SINGAPORE.

BUSINESS ADDRESS

:

11 WAN LEE ROAD, 627943, SINGAPORE.

TEL.NO.

:

65-62656022

FAX.NO.

:

65-62658276

WEB SITE

:

WWW.SUNWARDPHARMA.COM

CONTACT PERSON

:

JUNG YI HUEY ( MANAGER )

PRINCIPAL ACTIVITY

:

MANUFACTURING OF MEDICINAL AND PHARMACEUTICAL PRODUCTS

ISSUED AND PAID UP CAPITAL

:

31,194.00 ORDINARY SHARE, OF A VALUE OF SGD 3,119,400.00

SALES

:

SGD 28,427,338 [2012]

NET WORTH

:

SGD 25,624,797 [2012]

STAFF STRENGTH

:

190 [2013]

BANKER (S)

:

UNITED OVERSEAS BANK LIMITED

LITIGATION

:

TRACED

FINANCIAL CONDITION

:

STRONG

PAYMENT

:

GOOD

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

N/A

CURRENCY EXPOSURE

:

N/A

GENERAL REPUTATION

:

GOOD

INDUSTRY OUTLOOK

:

MATURE

PROPOSED CREDIT LIMIT

:

SGD 1,491,304 (USD 1,089,000)

HISTORY / BACKGROUND

The SC 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 SC must have at least two directors. A private 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, 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 SC is insolvent. The SC 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 SC is principally engaged in the (as a / as an) manufacturing of medicinal and pharmaceutical products.

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
JUNG JIUNN DER +	17, JALAN JITONG, SELETAR HILLS ESTATE, 809131, SINGAPORE.	S2181641H	10,787.00	34.58
JUNG YI HUEY +	53, CROWHURST DRIVE, STAR MANSIONS, 557932, SINGAPORE.	S2179447C	5,631.00	18.05
JUNG YU PEN [DECEASED]	3, KASAI ROAD, SELETAR HILLS ESTATE, 808251, SINGAPORE.	S2176097H	5,000.00	16.03
JUNG YI HWA	3, KASAI ROAD, SELETAR HILLS ESTATE, 808251, SINGAPORE.	S2177090F	5,000.00	16.03
LIN GAU DE	34, NERAM ROAD, SELETAR HILLS ESTATE, SINGAPORE.	S2189842B	2,500.00	8.01
LOH MEW LENG +	85, CHEVIOT HILL, FRANKEL ESTATE, 459667, SINGAPORE.	S0282728Z	700.00	2.24
WEI CHUN JU	3, KASAI ROAD, SELETAR HILLS ESTATE, 808251, SINGAPORE.	S2202353E	451.00	1.45
TAN GEE BENG PRIVATE LIMITED	95, AMOY STREET, 069915, SINGAPORE.	196700431Z	450.00	1.44
LIM AH KENG	40A, LORONG 6, GEYLANG, 399194, SINGAPORE.	S2134537G	363.00	1.16
MR. GAN HOCK SENG	1157, JALAN RJ 3/14, TAMAN RASAH JAYA, 70300 SEREMBAN, NEGERI SEMBILAN, MALAYSIA.	590315-05-5229 5629527	110.00	0.35
MR. GAN HOCK CHOON	1157, JALAN RJ 3/14, TAMAN RASAH JAYA, 70300 SEREMBAN, NEGERI SEMBILAN, MALAYSIA.	601030-05-5365 6132723	109.00	0.35
TAN QUEE CHUAN	23, HILLVIEW AVENUE, 01 - 10, GLENDALE PARK, 669557, SINGAPORE.	S0557078F	63.00	0.20
TAN CHENG CHOW @ TAN GEE BENG	55, HILLSIDE DRIVE, 549004, SINGAPORE.	S0609465A	30.00	0.10
			---------------	------
			31,194.00	100.00
			============	=====

+ Also Director

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

Local No	Country	Company	(%)	As At
200309826D	SINGAPORE	RESEARCH LABORATORY COSMETIQUES PTE. LTD.	100.00	30/06/2012
199000029G	SINGAPORE	SPECTRUM HEALTH PROMOTION PTE LTD	100.00	30/06/2012
41816W	MALAYSIA	SUNWARD PHARMACEUTICAL SDN. BHD.	100.00	30/06/2012

DIRECTORS

DIRECTOR 1

Name Of Subject	:	LOH MEW LENG
Address	:	85, CHEVIOT HILL, FRANKEL ESTATE, 459667, SINGAPORE.
IC / PP No	:	S0282728Z
Nationality	:	SINGAPOREAN
Date of Appointment	:	06/12/1969

DIRECTOR 2

Name Of Subject	:	JUNG YI HUEY
Address	:	53, CROWHURST DRIVE, STAR MANSIONS, 557932, SINGAPORE.
IC / PP No	:	S2179447C
Nationality	:	SINGAPOREAN
Date of Appointment	:	30/12/1987

DIRECTOR 3

Name Of Subject	:	JUNG JIUNN DER
Address	:	17, JALAN JITONG, SELETAR HILLS ESTATE, 809131, SINGAPORE.
IC / PP No	:	S2181641H
Nationality	:	SINGAPOREAN
Date of Appointment	:	17/12/1989

MANAGEMENT

1)	Name of Subject	:	JUNG YI HUEY
	Position	:	MANAGER

AUDITOR

Auditor	:	M Y CHAU & CO
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	NG SIEW HONG
	IC / PP No	:	S0245049F
	Address	:	461, CLEMENTI AVENUE 3, 15 - 614, 120461, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

UNITED OVERSEAS BANK LIMITED

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C200907698	24/11/2009	N/A	UNITED OVERSEAS BANK LIMITED	N/A	Unsatisfied
C201314046	17/10/2013	N/A	CIMB BANK BERHAD	N/A	Unsatisfied

LEGAL CHECK AGAINST SC

* A check has been conducted in our databank against the SC whether the subject has been involved in any litigation.

LEGAL ACTION
Code No	:	99	Case No	:	2858
Year	:	2009	Place	:	SINGAPORE
Court	:	MAGISTRATE COURT
Date Filed	:	02/02/2009
Solicitor	:	KRISHNAMOORTHI S/O KOLANTHAVELOO
Solicitor Ref	:	KK.PI(AS).10585.2008.AIN
Solicitor Firm	:	K. KRISHNA & PARTHERS
Plaintiff	:	KWOK LILIAN
Defendants	:	SUNWARD PHARMACEUTICAL PRIVATE LIMITED (196800189)
Amount Claimed	:	3427.80
Nature of Claim	:	SGD
Remark	:	TART - NEGLIGENCE

NOTE:

Please check with creditors for confirmation as alleged debts may have been paid since recorded or are being disputed. The person wo has been sued has the same name as the subject. However, we are unable to determine whether the person sued is the one and the same person.

No winding up petition was found in our databank

PAYMENT RECORD

SOURCES OF RAW MATERIALS:
Local	:	N/A
Overseas	:	N/A

The SC refused to disclose its suppliers information.

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	[	X	]	Average 61-90 Days	[	]
Fair 91-120 Days	[	]	Poor >120 Days	[		]

CLIENTELE

Local	:	N/A
Overseas	:	N/A

The SC refused to disclose its clientele information.

OPERATIONS

Products manufactured

:

MEDICINAL AND PHARMACEUTICAL PRODUCTS

Total Number of Employees:
YEAR	2013
GROUP	N/A
COMPANY	190

Branch

:

NO

Other Information:

The SC is principally engaged in the (as a / as an) manufacturing of medicinal and pharmaceutical products.

The SC is one of the largest generic pharmaceutical manufacturers in Singapore.

The SC supplies innovative drugs comprising of therapeutics and over-the-counter medication to its customers.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client	:	6562656022
Current Telephone Number	:	65-62656022
Match	:	YES
Address Provided by Client	:	11 WAN LEE ROAD SINGAPORE
Current Address	:	11 WAN LEE ROAD, 627943, SINGAPORE.
Match	:	NO

Other Investigations

On 3rd December 2013 we contacted one of the staff from the SC and she provided some information on the SC.

The address provided is incomplete.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	7.48%	]
Profit/(Loss) Before Tax	:	Increased	[	22.49%	]
Return on Shareholder Funds	:	Acceptable	[	17.85%	]
Return on Net Assets	:	Acceptable	[	21.83%	]
The higher turnover could be attributed to the favourable market condition.The SC's management have been efficient in controlling its operating costs. The SC's management had generated acceptable return for its shareholders using its assets.
Working Capital Control
Stock Ratio	:	Favourable	[	38 Days	]
Debtor Ratio	:	Unfavourable	[	89 Days	]
Creditors Ratio	:	Favourable	[	41 Days	]
The SC's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The SC's debtors ratio was high. The SC should tighten its credit control and improve its collection period. The SC had a favourable creditors' ratio where the SC could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.
Liquidity
Liquid Ratio	:	Favourable	[	3.98 Times	]
Current Ratio	:	Favourable	[	4.58 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	:	Favourable	[	44.17 Times	]
Gearing Ratio	:	Favourable	[	0.12 Times	]
The interest cover showed that the SC was able to service the interest. The favourable interest cover could indicate that the SC was making enough profit to pay for the interest accrued. 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 :
Generally, the SC's performance has improved with higher turnover and profit. 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. With the favourable interest cover, the SC could be able to service all the accrued interest without facing any difficulties. 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 : STRONG

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 1968, the SC is a Private Limited company, focusing on manufacturing of medicinal and pharmaceutical products. With its long presence in the industry coupled with its vast experiences in the business, the SC should have built up certain goodwill with its clients over times. The SC is expected to enjoy a stable market shares. The capital standing of the SC is fair. With an adequate share capital, the SC has the potential of expanding its business in future.

The SC is a fairly large and rapidly growing company with over 190 staff in its operations. 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.

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 SC was at an acceptable range which indicated that the management was efficient in utilising its funds to generate income. 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 25,624,797, the SC should be able to maintain its business in the near terms.

Having a strong assets backing, the SC possesses latent assets as collateral for further financial extension. Hence, it has good chance of getting loans if the needs arises.

Overall, the SC's payment habit is good as the SC has a good credit control and it could be taking advantage of the cash discounts while maintaining a good reputation with its creditors.

The industry has reached its optimum level and is generally stable. It is saturated and very competitive. As the SC is long presence in the market, it should have acquired competitive edge against other players in the same fields.

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.

SUNWARD PHARMACEUTICAL PRIVATE LIMITED

Financial Year End	2012-06-30	2011-06-30
Months	12	12
Consolidated Account	GROUP	GROUP
Audited Account	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES
Financial Type	FULL	FULL
Currency	SGD	SGD
TURNOVER	28,427,338	26,447,951
	----------------	----------------
Total Turnover	28,427,338	26,447,951
Costs of Goods Sold	<13,924,179>	<12,908,784>
	----------------	----------------
Gross Profit	14,503,159	13,539,167
	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	6,000,542	4,898,717
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	6,000,542	4,898,717
Taxation	<1,427,152>	<1,113,356>
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	4,573,390	3,785,361
	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	19,272,660	15,487,299
	----------------	----------------
As restated	19,272,660	15,487,299
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	23,846,050	19,272,660
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	23,846,050	19,272,660
	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Lease interest	14,888	11,729
Term loan / Borrowing	124,113	116,956
	----------------	----------------
	139,001	128,685

BALANCE SHEET

SUNWARD PHARMACEUTICAL PRIVATE LIMITED

ASSETS EMPLOYED:
FIXED ASSETS	10,125,385	10,892,718
LONG TERM INVESTMENTS/OTHER ASSETS
Associated companies	31,572	30,162
Investments	4,942	5,037
	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	36,514	35,199
	----------------	----------------
TOTAL LONG TERM ASSETS	10,161,899	10,927,917
CURRENT ASSETS
Stocks	2,994,124	2,389,714
Trade debtors	6,938,056	4,950,995
Other debtors, deposits & prepayments	1,357,985	1,057,261
Short term deposits	6,979,134	4,642,864
Amount due from related companies	65,558	-
Amount due from associated companies	567,925	547,418
Cash & bank balances	4,079,671	4,236,200
	----------------	----------------
TOTAL CURRENT ASSETS	22,982,453	17,824,452
	----------------	----------------
TOTAL ASSET	33,144,352	28,752,369
	=============	=============
CURRENT LIABILITIES
Trade creditors	1,547,206	1,636,450
Other creditors & accruals	1,967,070	2,122,563
Hire purchase & lease creditors	73,368	80,469
Short term borrowings/Term loans	266,208	268,927
Bill & acceptances payable	618,171	-
Amounts owing to director	-	5,912
Provision for taxation	551,036	249,510
	----------------	----------------
TOTAL CURRENT LIABILITIES	5,023,059	4,363,831
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	17,959,394	13,460,621
	----------------	----------------
TOTAL NET ASSETS	28,121,293	24,388,538
	=============	=============
SHARE CAPITAL
Ordinary share capital	3,119,400	3,119,400
	----------------	----------------
TOTAL SHARE CAPITAL	3,119,400	3,119,400
RESERVES
Exchange equalisation/fluctuation reserve	<1,340,653>	<932,119>
Retained profit/(loss) carried forward	23,846,050	19,272,660
	----------------	----------------
TOTAL RESERVES	22,505,397	18,340,541
	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	25,624,797	21,459,941
LONG TERM LIABILITIES
Long term loans	2,012,821	2,269,824
Lease obligations	157,870	243,091
Deferred taxation	325,805	415,682
	----------------	----------------
TOTAL LONG TERM LIABILITIES	2,496,496	2,928,597
	----------------	----------------
	28,121,293	24,388,538
	=============	=============

FINANCIAL RATIO

SUNWARD PHARMACEUTICAL PRIVATE LIMITED

TYPES OF FUNDS
Cash	11,058,805	8,879,064
Net Liquid Funds	10,440,634	8,879,064
Net Liquid Assets	14,965,270	11,070,907
Net Current Assets/(Liabilities)	17,959,394	13,460,621
Net Tangible Assets	28,121,293	24,388,538
Net Monetary Assets	12,468,774	8,142,310
BALANCE SHEET ITEMS
Total Borrowings	3,128,438	2,862,311
Total Liabilities	7,519,555	7,292,428
Total Assets	33,144,352	28,752,369
Net Assets	28,121,293	24,388,538
Net Assets Backing	25,624,797	21,459,941
Shareholders' Funds	25,624,797	21,459,941
Total Share Capital	3,119,400	3,119,400
Total Reserves	22,505,397	18,340,541
LIQUIDITY (Times)
Cash Ratio	2.20	2.03
Liquid Ratio	3.98	3.54
Current Ratio	4.58	4.08
WORKING CAPITAL CONTROL (Days)
Stock Ratio	38	33
Debtors Ratio	89	68
Creditors Ratio	41	46
SOLVENCY RATIOS (Times)
Gearing Ratio	0.12	0.13
Liabilities Ratio	0.29	0.34
Times Interest Earned Ratio	44.17	39.07
Assets Backing Ratio	9.01	7.82
PERFORMANCE RATIO (%)
Operating Profit Margin	21.11	18.52
Net Profit Margin	16.09	14.31
Return On Net Assets	21.83	20.61
Return On Capital Employed	21.78	20.55
Return On Shareholders' Funds/Equity	17.85	17.64
Dividend Pay Out Ratio (Times)	0.00	0.00
NOTES TO ACCOUNTS
Contingent Liabilities	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.66
UK Pound	1	Rs.100.64
Euro	1	Rs.84.25

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.