MIRA INFORM REPORT

Report Date :

06.06.2013

IDENTIFICATION DETAILS

Name :	STARHUB LTD.

Formerly Known As :	STARHUB PTE LTD

Registered Office :	67 Ubi Avenue 1 #05-01 Starhub Green Singapore 408942

Country :	Singapore

Financials (as on) :	31.12.2012

Date of Incorporation :	07.05.1998

Com. Reg. No.:	199802208C

Legal Form :	Public Company Limited By Shares

Line of Business :	Fixed-Line Services (Including Local/International Pstn and Leased Circuits)

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, 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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 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

Company Name:	Registered Number:
STARHUB LTD.	199802208C

Date Incorporated:	Registered Office:	Telephone Number:
07/05/1998	67 UBI AVENUE 1 #05-01 STARHUB GREEN SINGAPORE 408942	6825 5000
Age of Company:	Website:	Industry Type:
15	www.starhub.com	INFORMATION & COMMUNICATIONS

Risk Dashboard
Days Beyond Terms	Trend:	No. of Litigation Counts:
Company DTC:		0
18
Payment pattern as per previous month		No. of Charges(s): 0
Industry DTC
34

Directors		Corporate Structure
Number of Current Directors	13	Holding Company:	NA
Number that are shareholders	NA	No. of Subsidiaries & Associated Companies:	9

EXECUTIVE SUMMARY

Company Name	:	STARHUB LTD.
Registration No	:	199802208C
Date of Registration	:	07/05/1998
Former Name	:	STARHUB PTE LTD Eff. date : 07/05/1998 Eff. date : 07/05/1998
Date of Change of Name	:	18/08/2004
Type of Company	:	PUBLIC COMPANY LIMITED BY SHARES
Registered Address	:	67 UBI AVENUE 1 #05-01 STARHUB GREEN SINGAPORE 408942
Date of Change of Address	:	15/05/2009
Contact No.	:	6825 5000
Fax No.	:	6721 5000
Website	:	www.starhub.com
Registered Activities	:	1. FIXED-LINE SERVICES (INCLUDING LOCAL/INTERNATIONAL PSTN AND LEASED CIRCUITS) 2. OTHER INVESTMENT HOLDING COMPANIES
Issued Ordinary Capital*	:	$270,981,452.88 SINGAPORE, DOLLARS ,NO. OF SHARE : 1,721,190,033
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$270,981,452.88 SINGAPORE, DOLLARS
Paid-Up Preference Capital	:	NA
* Number of Shares includes number of Issued Treasury Shares
Issued Treasury Capital	:	NA
Paid-Up Treasury Capital	:	$205,922.77 SINGAPORE, DOLLARS NO. OF SHARE : 0
No. of Local Subsidiaries	:	9
No. of Local Associates	:	NA
Auditor	:	KPMG LLP
Bankers / Financiers	:	NA
Turnover	:	SGD - SIN 2,421,600,000.00 (FY2012)
Net Worth	:	SGD - SIN 43,500,000.00 (FY2012)
No. of Bank Charges	:	NA
No. of Litigation Suits	:	0
S1000 / SME 1000 / FG50 Ranking	:	113 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2011/2012) 27 POSITION IN Singapore 500 Public Listed Companies Ranked By Sales/Turnover (2011/2012) 203 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2011/2012) 181 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2010/2011) 127 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2010/2011)
Compounded Annual Growth Rate (CAGR)	:	3.29% (4 years)

SHAREHOLDER DETAILS

As Subject is registered as a public company limited by shares, its shareholder details are not available. Please refer to documentary for information.

OFFICER DETAILS

NAME	:	NASSER MARAFIH
ADDRESS	:	AL QUTAIFAT AREA, SAHA 66, VILLA NO. 10, WEST BAY, DOHA, QATAR
POSITION	:	DIRECTOR
DATE OF APPT	:	09/07/2007
NATIONALITY	:	QATAR
I/C PASSPORT	:	01095393

NAME	:	STEVEN TERRELL CLONTZ
ADDRESS	:	465 18TH AVENUE SOUTH, NAPLES, FLORIDA 34102, UNITED STATES OF AMERICA
POSITION	:	DIRECTOR
DATE OF APPT	:	08/12/1999
NATIONALITY	:	AMERICAN
I/C PASSPORT	:	422105372

NAME	:	ROBERT J. SACHS
ADDRESS	:	55-8 COMMERCIAL WHARF BOSTON, MA USA 02110
POSITION	:	DIRECTOR
DATE OF APPT	:	29/04/2005
NATIONALITY	:	AMERICAN
I/C PASSPORT	:	488208150

NAME	:	TAKESHI KAZAMI
ADDRESS	:	100 ROBERTSON QUAY #03-03 ROBERTSON 100 SINGAPORE 238250
POSITION	:	DIRECTOR
DATE OF APPT	:	13/04/2012
NATIONALITY	:	JAPANESE
I/C PASSPORT	:	G5510222N

NAME	:	SIO TAT HIANG
ADDRESS	:	7 OAK AVENUE OAK VILLAS SINGAPORE 276771
POSITION	:	DIRECTOR
DATE OF APPT	:	02/07/2012
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S0005627H

NAME	:	LIU CHEE MING
ADDRESS	:	5 THOMSON LANE #24-01 SKY@ELEVEN SINGAPORE 297724
POSITION	:	DIRECTOR
DATE OF APPT	:	16/08/2004
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S0143768B

NAME	:	TEO EK TOR
ADDRESS	:	60 BINJAI PARK BINJAI PARK SINGAPORE 589860
POSITION	:	DIRECTOR
DATE OF APPT	:	16/08/2004
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S0158671H

NAME	:	KUA HONG PAK
ADDRESS	:	1 MUSWELL HILL BRADDELL HEIGHTS ESTATE SINGAPORE 358416
POSITION	:	DIRECTOR
DATE OF APPT	:	19/11/2001
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S0229766C

NAME	:	SEAH LIM HUAT PETER
ADDRESS	:	45 BINJAI PARK BINJAI PARK SINGAPORE 589845
POSITION	:	DIRECTOR
DATE OF APPT	:	22/07/2002
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S0337313D

NAME	:	LIM MING SEONG
ADDRESS	:	69 CHARTWELL DRIVE SERANGOON GARDEN ESTATE SINGAPORE 558765
POSITION	:	DIRECTOR
DATE OF APPT	:	14/12/2000
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S0348871C

NAME	:	TAN GUONG CHING
ADDRESS	:	27 CARMICHAEL ROAD GAY'S VILLAS SINGAPORE 359808
POSITION	:	DIRECTOR
DATE OF APPT	:	08/08/1998
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S0416187D

NAME	:	TAN TONG HAI
ADDRESS	:	30 LEEDON ROAD SINGAPORE 267849
POSITION	:	DIRECTOR MANAGER
DATE OF APPT	:	01/03/2013 01/03/2013
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S1620724A

NAME	:	NIHAL VIJAYA DEVADAS KAVIRATNE
ADDRESS	:	A-5 SEA FACE PARK, 50 BHULABHAI DESAI ROAD MUMBAI 400 026, INDIA
POSITION	:	DIRECTOR
DATE OF APPT	:	16/08/2004
NATIONALITY	:	SINGAPORE P.R.
I/C PASSPORT	:	S2726390I

NAME	:	VERONICA LAI KWAI-YI
ADDRESS	:	55B NAMLY GARDEN SINGAPORE 267406
POSITION	:	SECRETARY
DATE OF APPT	:	17/07/2001
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S6936393H

NAME	:	KONG POOI FOONG
ADDRESS	:	71 JALAN TUA KONG #04-06 PARK EAST SINGAPORE 457265
POSITION	:	SECRETARY
DATE OF APPT	:	20/01/2005
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S7280312D

KEY PERSONNEL PROFILE

Name:	TAN GUONG CHING
NRIC Number:	S0416187D
Available Address:	27 CARMICHAEL ROAD GAY'S VILLAS SINGAPORE 359808

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	ASIA MOBILE HOLDING COMPANY PTE. LTD.	DIRECTOR	08/12/2006	-	NA
2	ASIA MOBILE HOLDINGS PTE. LTD.	DIRECTOR	08/12/2006	-	NA
3	CAMBRIDGE INDUSTRIAL TRUST MANAGEMENT LIMITED	DIRECTOR	28/10/2008	-	NA
4	FRASERS CENTREPOINT ASSET MANAGEMENT (COMMERCIAL) LTD.	DIRECTOR	27/02/2006	-	NA
5	SINGAPORE POOLS (PRIVATE) LIMITED.	DIRECTOR	24/08/2005	-	NA
6	SINGAPORE SHIPPING CORPORATION LIMITED	DIRECTOR	30/07/2008	-	NA
7	SINGAPORE TECHNOLOGIES AEROSPACE LTD	DIRECTOR	15/07/2004	-	NA
8	SINGAPORE TECHNOLOGIES TELEMEDIA PTE LTD	DIRECTOR	15/08/1995	-	NA
9	STARHUB LTD.	DIRECTOR	08/08/1998	-	NA
10	STT COMMUNICATIONS LTD	DIRECTOR	15/08/1995	-	NA

Previous Business

No.	Name	Status	Position	Appt Date	Last Known Inactive Date
1	ASIA FINANCIAL (INDONESIA) PTE. LTD.	LIVE COMPANY	DIRECTOR	22/07/1992	16/04/2013
2	E M SERVICES PRIVATE LIMITED	LIVE COMPANY	DIRECTOR	01/04/1995	29/04/2013
3	IP ACADEMY	LIVE COMPANY	DIRECTOR	28/01/2007	11/04/2013
4	JOIL (S) PTE. LTD.	LIVE COMPANY	DIRECTOR	29/08/2008	27/11/2012
5	MINCOM HOLDINGS PRIVATE LIMITED	DISSOLVED - MEMBERS' VOLUNTARY WINDING UP	DIRECTOR	28/03/1992	01/02/1994
6	MINCOM HOLDINGS PRIVATE LIMITED	DISSOLVED - MEMBERS' VOLUNTARY WINDING UP	SHAREHOLDER	-	19/05/2010

7	POWERGRID LIMITED	LIVE COMPANY	DIRECTOR	01/06/1999	07/02/2013
8	PTERIS GLOBAL LIMITED	LIVE COMPANY	DIRECTOR	29/06/2007	31/05/2013
9	SEMBCORP ENVIRO (INDIA) PTE. LTD.	LIVE COMPANY	DIRECTOR	01/03/1993	14/05/2013
10	SIF LIMITED	LIVE COMPANY	DIRECTOR	04/10/2007	07/05/2010
11	SINGAPORE POWER LIMITED	LIVE COMPANY	DIRECTOR	01/06/2000	29/05/2013
12	SINGAPORE TECHNOLOGIES ENGINEERING LTD	LIVE COMPANY	DIRECTOR	01/10/1997	30/05/2013
13	SINGAPORE TECHNOLOGIES INDUSTRIAL CORPORATION LTD	LIVE COMPANY	DIRECTOR	01/06/1988	28/05/2013
14	SINGAPORE TECHNOLOGIES MARINE LTD	LIVE COMPANY	DIRECTOR	28/04/1992	29/05/2013
15	SP POWERGRID LIMITED	LIVE COMPANY	DIRECTOR	06/10/2003	15/05/2013
16	SRCC PTE LTD	LIVE COMPANY	DIRECTOR	01/01/2001	24/04/2013
17	STARHUB LTD.	LIVE COMPANY	ALTERNATE DIRECTOR	08/12/1999	-
18	TECHPOWER COMMUNICATIONS PTE LTD	DISSOLVED - MEMBERS' VOLUNTARY WINDING UP	DIRECTOR	01/08/1998	27/03/2002
19	TEMASEK LIFE SCIENCES LABORATORY LIMITED	LIVE COMPANY	DIRECTOR	01/11/2006	23/11/2012
20	TEMASEK LIFE SCIENCES VENTURES PRIVATE LIMITED	LIVE COMPANY	DIRECTOR	05/05/2008	02/05/2013
21	TEMASEK MANAGEMENT SERVICES PTE LTD	LIVE COMPANY	DIRECTOR	12/02/1985	29/05/2013
22	TOLL OFFSHORE PETROLEUM SERVICES PTE. LTD.	LIVE COMPANY	DIRECTOR	06/10/1981	10/05/2013

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 (%)

STARHUB CABLE VISION LTD.	100
STARHUB INTERNET PTE LTD	100
STARHUB SHOP PTE LTD	100
STARHUB MOBILE PTE LTD	100
STARHUB ONLINE PTE. LTD.	100
NUCLEUS CONNECT PTE. LTD.	100
SHINE SYSTEMS ASSETS PTE. LTD.	100
IDD 008	NA (SOLE-PROPRIETOR)
IDD 009	NA (SOLE-PROPRIETOR)

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

To date, there have been 3 litigation suits filed against Subject.

	Current Year On/After 01 Jan 2013	Past Years Bef 01 Jan 2013

Court (Claim under normal circumstances)
Magistrate (< $80,000)	0	0
District ($80,000 - $250,000)	0	0
High (>$250,000)	0	0

Winding Up Trace		No
In litigation/Dissolved/Struck Off/In receivership		No

The details are as follows:

1)	Court	:	Magistrate Court
	Case No.	:	21661
	Transfer	:	-
	Date of Filing	:	26/08/2008
	Amount	:	25,885.68
	Cause	:	Contract - Sale Of Goods
	Case Status	:	CONCLUDED
	Plaintiff	:	RENTOKIL INITIAL SINGAPORE PRIVATE LIMITED

2)	Court	:	Magistrate Court
	Case No.	:	32676
	Transfer	:	-
	Date of Filing	:	16/09/2003
	Amount	:	5,695.83
	Cause	:	Negligence - Motor Accidents (Not Injuries / Death)
	Case Status	:	CONCLUDED
	Plaintiff	:	LOW LEONG KAI

3)	Court	:	Magistrate Court
	Case No.	:	12408
	Transfer	:	-
	Date of Filing	:	09/05/2001
	Amount	:	2,504.65
	Cause	:	Negligence - Motor Accidents (Not Injuries / Death)
	Case Status	:	CONCLUDED
	Plaintiff	:	ANG SWEE LAI

COMPLIANCE RECORDS

Date of Last AGM	:	15/04/2013
Date of Last AR	:	29/04/2013
Date of A/C Laid At Last AGM	:	31/12/2012

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	Group
	DEC 2012	% Change	DEC 2011	DEC 2010	DEC 2009	DEC 2008
Currency	SGD - SIN		SGD - SIN	SGD - SIN	SGD - SIN	SGD - SIN
Profit and Loss Key Figures
Turnover	2,421,600,000	4.74	2,312,000,000	2,237,700,000	2,150,000,000	2,127,608,000
Profit/(Loss) Before Tax	431,400,000	13.59	379,800,000	317,500,000	385,200,000	382,798,000
Profit After Tax attributable to Shareholders	359,300,000	13.88	315,500,000	263,200,000	319,700,000	311,319,000

Balance Sheet Key Figures
Total Assets	1,808,600,000	4.96	1,723,100,000	1,793,500,000	1,732,600,000	1,661,269,000
Current Assets	618,000,000	15.56	534,800,000	561,400,000	526,400,000	409,520,000
Non Current Assets	1,190,600,000	0.19	1,188,300,000	1,232,100,000	1,206,200,000	1,251,749,000

Total Liabilities	1,765,100,000	3.80	1,700,500,000	1,739,500,000	1,606,800,000	1,553,216,000
Current Liabilities	879,200,000	-2.67	903,300,000	1,073,100,000	925,500,000	795,538,000
Non Current Liabilities	885,900,000	11.13	797,200,000	666,400,000	681,300,000	757,678,000

Shareholders' Funds	43,500,000	92.48	22,600,000	54,000,000	125,800,000	108,053,000
Share Capital	263,100,000	0.11	262,800,000	260,300,000	257,500,000	255,116,000
Total Reserves	(219,600,000)	NA	(240,200,000)	(206,300,000)	(131,700,000)	(147,063,000)

FINANCIAL RATIOS

	Group
	DEC 2012	DEC 2011	DEC 2010	DEC 2009	DEC 2008
Growth %
Year-on-Year Growth	4.74	3.32	4.08	1.05	NA

Profitability
Profit Margin (%)	14.84	13.65	11.76	14.87	14.63
Return on Equity (%)	825.98	1,396.02	487.41	254.13	288.12
Return on Assets (%)	19.87	18.31	14.68	18.45	18.74

Leverage
Total Debt/Equity (Times)	40.58	75.24	32.21	12.77	14.37
Current Debt/Equity (Times)	20.21	39.97	19.87	7.36	7.36
Long Term Debt To Equity (Times)	20.37	35.27	12.34	5.42	7.01
Total Asset To Total Equity (Times)	41.58	76.24	33.21	13.77	15.37

Asset Management
Total Assets Turnover (Times)	1.34	1.34	1.25	1.24	1.28
Fixed Assets Turnover (Times)	2.03	1.95	1.82	1.78	1.70

Liquidity
Current Ratio (Times)	0.70	0.59	0.52	0.57	0.51

FINANCIAL HIGHLIGHTS

Financial Figures	Company
	DEC 2012	% Change	DEC 2011	DEC 2010	DEC 2009	DEC 2008
Currency	SGD - SIN		SGD - SIN	SGD - SIN	SGD - SIN	SGD - SIN
Profit and Loss Key Figures
Turnover	1,185,200,000	6.93	1,108,400,000	1,044,800,000	932,200,000	869,519,000
Profit/(Loss) Before Tax	399,200,000	5.75	377,500,000	330,800,000	376,800,000	354,973,000
Profit After Tax attributable to Shareholders	356,500,000	2.35	348,300,000	301,100,000	333,000,000	270,938,000

Balance Sheet Key Figures
Total Assets	2,742,100,000	2.29	2,680,700,000	2,688,200,000	2,639,200,000	2,628,258,000
Current Assets	466,400,000	-53.68	1,006,800,000	1,002,600,000	983,400,000	1,047,087,000
Non Current Assets	2,275,700,000	35.95	1,673,900,000	1,685,600,000	1,655,800,000	1,581,171,000

Total Liabilities	1,514,800,000	2.94	1,471,500,000	1,480,400,000	1,397,400,000	1,416,567,000
Current Liabilities	717,400,000	-8.04	780,100,000	895,800,000	736,200,000	682,335,000
Non Current Liabilities	797,400,000	15.33	691,400,000	584,600,000	661,200,000	734,232,000

Shareholders' Funds	1,227,300,000	1.50	1,209,200,000	1,207,800,000	1,241,800,000	1,211,691,000
Share Capital	263,100,000	0.11	262,800,000	260,300,000	257,500,000	255,116,000
Total Reserves	964,200,000	1.88	946,400,000	947,500,000	984,300,000	956,575,000

FINANCIAL RATIOS

	Company
	DEC 2012	DEC 2011	DEC 2010	DEC 2009	DEC 2008
Growth %
Year-on-Year Growth	6.93	6.09	12.08	7.21	NA

Profitability
Profit Margin (%)	30.08	31.42	28.82	35.72	31.16
Return on Equity (%)	29.05	28.80	24.93	26.82	22.36
Return on Assets (%)	13.00	12.99	11.20	12.62	10.31

Leverage
Total Debt/Equity (Times)	1.23	1.22	1.23	1.13	1.17
Current Debt/Equity (Times)	0.58	0.65	0.74	0.59	0.56
Long Term Debt To Equity (Times)	0.65	0.57	0.48	0.53	0.61
Total Asset To Total Equity (Times)	2.23	2.22	2.23	2.13	2.17

Asset Management
Total Assets Turnover (Times)	0.43	0.41	0.39	0.35	0.33
Fixed Assets Turnover (Times)	0.52	0.66	0.62	0.56	0.55

Liquidity
Current Ratio (Times)	0.65	1.29	1.12	1.34	1.53

FINANCIAL COMMENTARY

Compound Annual Growth Rate

The company's CAGR is 3.29% (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 14.84 per cent in FY12 (FY11: 13.65 per cent). The group is now able to book in SGD - SIN 0.15 of profit for every SGD - SIN of sales in FY12, as compared with SGD - SIN 0.14 a year ago.

Liquidity

Current ratio stood at 0.70 times in FY12 (FY11: 0.59 times). This means that the group has SGD - SIN 0.70 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.

FINANCIAL COMMENTARY

Leverage

Total debt-to-equity ratio notched 40.58 times in FY12, as compared with 75.24 times in FY11. This means that the group requires additional external financing of SGD - SIN 40.58 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 825.98 per cent for Subject in the current financial period, as compared to 1,396.02 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 19.87 per cent (FY11: 18.31 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 1.34 times in FY12 (FY11: 1.34 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.56.42
UK Pound	1	Rs.86.54
Euro	1	Rs.73.86

INFORMATION DETAILS

Report Prepared by :

PRL

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

EXECUTIVE SUMMARY

SHAREHOLDER DETAILS

OFFICER DETAILS

KEY PERSONNEL PROFILE

SUBSIDIARIES AND ASSOCIATE COMPANIES

BANKERS/ FINANCIERS

LITIGATION

Bef 01 Jan 2013

COMPLIANCE RECORDS

FINANCIAL HIGHLIGHTS

FINANCIAL RATIOS

FINANCIAL HIGHLIGHTS

FINANCIAL RATIOS

FINANCIAL COMMENTARY

Compound Annual Growth Rate

FINANCIAL COMMENTARY

Unit