MIRA INFORM REPORT

Report Date :

10.07.2013

IDENTIFICATION DETAILS

Name :	WESTERN ASSET MANAGEMENT COMPANY PTE. LTD.
Formerly Known As :	LEGG MASON ASSET MANAGEMENT (ASIA) PTE LTD Eff. date : 05/09/2000
Registered Office :	1 George Street #23-01 One George Street Singapore 049145
Country :	Singapore
Financials (as on) :	March, 2012
Date of Incorporation :	05.09.2000
Com. Reg. No.:	200007692R
Legal Form :	Limited Private Company
Line of Business :	1. Fund Management Activities Nec Fund Management and Financial Advisory Services 2. Other Investment Holding Companies
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow
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

Date Incorporated:	Registered Office:	Telephone Number:
05/09/2000	1 GEORGE STREET #23-01 ONE GEORGE STREET SINGAPORE 049145	64283600
Age of Company:	Website:	Industry Type:
13	http://www.westernasset.com/us/en/	FINANCE

Risk Dashboard
Days Beyond Terms	Trend:	No. of Litigation Counts:
Company DTC:		NA
17
Worse off than last month;last month the entity took 0 days to pay		No. of Charges(s): 0
Industry DTC
22

Directors		Corporate Structure
Number of Current Directors	2	Holding Company:	LM INTERNATIONAL HOLDING L.P.
Number that are shareholders	1	No. of Subsidiaries & Associated Companies:	NA

EXECUTIVE SUMMARY

Company Name	:	WESTERN ASSET MANAGEMENT COMPANY PTE. LTD.
Registration No	:	200007692R
Date of Registration	:	05/09/2000
Former Name	:	LEGG MASON ASSET MANAGEMENT (ASIA) PTE LTD Eff. date : 05/09/2000
Date of Change of Name	:	01/10/2006
Type of Company	:	LIMITED PRIVATE COMPANY
Registered Address	:	1 GEORGE STREET #23-01 ONE GEORGE STREET SINGAPORE 049145
Date of Change of Address	:	23/05/2005
Contact No.	:	64283600
Fax No.	:	64283700
Website	:	http://www.westernasset.com/us/en/
Registered Activities	:	1. FUND MANAGEMENT ACTIVITIES NEC FUND MANAGEMENT AND FINANCIAL ADVISORY SERVICES 2. OTHER INVESTMENT HOLDING COMPANIES
Issued Ordinary Capital*	:	$38,533,679.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 38,533,679
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$38,533,679.00 SINGAPORE, DOLLARS
Paid-Up Preference Capital	:	NA
* Number of Shares includes number of Issued Treasury Shares
Issued Treasury Capital	:	NA
Paid-Up Treasury Capital	:	NA
No. of Local Subsidiaries	:	NA
No. of Local Associates	:	NA
Auditor	:	PRICEWATERHOUSECOOPERS LLP
Bankers / Financiers	:	NA
Turnover	:	SGD - SIN 21,416,882.00 (FY2012)
Net Worth	:	SGD - SIN 13,120,037.00 (FY2012)
No. of Bank Charges	:	NA
No. of Litigation Suits	:	NA

EXECUTIVE SUMMARY

S1000 / SME 1000 / FG50 Ranking	:	No found for SINGAPORE 1000 and SME 1000
Compounded Annual Growth Rate (CAGR)	:	23.76% (4 years)

SHAREHOLDER DETAILS

NAME	:	LM INTERNATIONAL HOLDING L.P.
SHAREHOLDER ID	:	T06UF0602D
NATIONALITY	:	CAYMAN ISLANDS
ADDRESS	:	WALKER HOUSE, MARY STREET, P.O. BOX 908GT GRAND CAYMAN, CAYMAN ISLANDS
NO. OF ORD SHARES	:	38,533,679
% OF SHAREHOLDING	:	100%
CURRENCY	:	SINGAPORE, DOLLARS

OFFICER DETAILS

NAME	:	CHARLES ANTONY RUYS DE PEREZ
ADDRESS	:	1190 LIDA STREET, PASADENA CA 91103, U.S.A.
POSITION	:	DIRECTOR
DATE OF APPT	:	07/03/2012
NATIONALITY	:	AMERICAN
I/C PASSPORT	:	214366332
NAME	:	HENRY PATRICK HAMROCK
ADDRESS	:	6 DRAYCOTT PARK #21-03 DRAYCOTT EIGHT SINGAPORE 259403
POSITION	:	MANAGER
DATE OF APPT	:	13/10/2011
NATIONALITY	:	IRISH
I/C PASSPORT	:	F1687761K
NAME	:	LEE TIONG HOCK
ADDRESS	:	83 REDHILL LANE #18-77 SINGAPORE 150083
POSITION	:	SECRETARY
DATE OF APPT	:	01/11/2010
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S6845091H
NAME	:	ALVIN LEE LIP SIN
ADDRESS	:	311 BUKIT TIMAH ROAD #05-02 RICH MANSION SINGAPORE 259709
POSITION	:	SECRETARY DIRECTOR
DATE OF APPT	:	30/08/2010 16/06/2011
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S7073838D

KEY PERSONNEL PROFILE

Name:	ALVIN LEE LIP SIN
NRIC Number:	S7073838D
Available Address:	311 BUKIT TIMAH ROAD #05-02 RICH MANSION SINGAPORE 259709

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	WESTERN ASSET MANAGEMENT COMPANY PTE. LTD.	DIRECTOR	16/06/2011	-	NA
2	WESTERN ASSET MANAGEMENT COMPANY PTE. LTD.	SECRETARY	30/08/2010	-	NA

Previous Business

No.	Name	Status	Position	Appt Date	Last Known Inactive Date
No Trace

Bankruptcy Record

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

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.

LITIGATION

Clear

COMPLIANCE

Date of Last AGM	:	10/09/2012
Date of Last AR	:	28/09/2012
Date of A/C Laid At Last AGM	:	31/03/2012

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	Company
	MAR 2012	% Change	MAR 2011	MAR 2010	MAR 2009	MAR 2008
Currency	SGD - SIN		SGD - SIN	SGD - SIN	SGD - SIN	SGD - SIN
Profit and Loss Key Figures
Turnover	21,416,882	148.07	8,633,548	6,992,981	6,549,538	9,129,756
Profit/(Loss) Before Tax	1,694,253	NA	(3,168,700)	(1,990,509)	(9,312,796)	(6,463,090)
Profit After Tax attributable to Shareholders	1,694,253	NA	(3,167,982)	(1,815,294)	(9,312,796)	(6,463,090)
Balance Sheet Key Figures
Total Assets	28,275,889	-9.88	31,376,355	28,237,625	26,957,971	31,156,014
Current Assets	24,844,552	-8.06	27,022,999	22,658,972	20,347,773	22,848,518
Non Current Assets	3,431,337	-21.18	4,353,356	5,578,653	6,610,198	8,307,496
Total Liabilities	15,155,852	-24.03	19,950,571	13,643,859	10,548,911	5,434,158
Current Liabilities	15,120,365	-21.56	19,276,516	12,884,616	10,058,167	4,918,205
Non Current Liabilities	35,487	-94.74	674,055	759,243	490,744	515,953
Shareholders' Funds	13,120,037	14.83	11,425,784	14,593,766	16,409,060	25,721,856
Share Capital	38,533,679	0.00	38,533,679	38,533,679	38,533,679	38,533,679
Total Reserves	(25,413,642)	NA	(27,107,895)	(23,939,913)	(22,124,619)	(12,811,823)

FINANCIAL RATIOS

	Company
	MAR 2012	MAR 2011	MAR 2010	MAR 2009	MAR 2008
Growth %
Year-on-Year Growth	148.07	23.46	6.77	-28.26	NA
Profitability
Profit Margin (%)	7.91	-36.69	-25.96	-142.19	-70.79
Return on Equity (%)	12.91	-27.73	-12.44	-56.75	-25.13
Return on Assets (%)	5.99	-10.10	-6.43	-34.55	-20.74
Leverage
Total Debt/Equity (Times)	1.16	1.75	0.93	0.64	0.21
Current Debt/Equity (Times)	1.15	1.69	0.88	0.61	0.19
Long Term Debt To Equity (Times)	0.00	0.06	0.05	0.03	0.02
Total Asset To Total Equity (Times)	2.16	2.75	1.93	1.64	1.21
Asset Management
Total Assets Turnover (Times)	0.76	0.28	0.25	0.24	0.29
Fixed Assets Turnover (Times)	6.24	1.98	1.25	0.99	1.10
Liquidity
Current Ratio (Times)	1.64	1.40	1.76	2.02	4.65

FINANCIAL COMMENTARY

Compound Annual Growth Rate

The company's CAGR is 23.76% (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 company yielded a rate of net profit on sales of 7.91 per cent in FY12. The company is now able to book in SGD - SIN 0.08 of profit for every SGD - SIN of sales.

Liquidity

Current ratio stood at 1.64 times in FY12 (FY11: 1.40 times). This means that the company has SGD - SIN 1.64 of current assets for every SGD - SIN of current liability incurred.

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

Leverage

Total debt-to-equity ratio notched 1.16 times in FY12, compared with 1.75 times in FY11. This means that the company requires additional external financing of SGD - SIN 1.16 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 12.91 per cent for Subject in the current financial period. 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 5.99 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 0.76 times in FY12 (FY11: 0.28 times). This ratio measures the company'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.60.07
UK Pound	1	Rs.89.91
Euro	1	Rs.77.43

INFORMATION DETAILS

Report Prepared by :

SDA

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.

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