MIRA INFORM REPORT

Report Date :

18.11.2013

Tel. No.:

65-253-5577

IDENTIFICATION DETAILS

Name :	SPT ASIA PTE LTD
Registered Office :	970, Toa Payoh North, 07-25, 318992
Country :	Singapore.
Financials (as on) :	31.07.2012
Date of Incorporation :	02.05.1979
Com. Reg. No.:	197901217-Z
Legal Form :	Private Limited
Line of Business :	Manufacturing of Semiconductor Bonding Tools
No. of Employees :	80 [2013]

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 :	Good
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.	:	197901217-Z
COMPANY NAME	:	SPT ASIA PTE LTD
FORMER NAME	:	N/A
INCORPORATION DATE	:	02/05/1979
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	970, TOA PAYOH NORTH, 07-25, 318992, SINGAPORE.
BUSINESS ADDRESS	:	970 TOA PAYOH NORTH #07-25/26, 318992, SINGAPORE.
TEL.NO.	:	65-62535577
FAX.NO.	:	65-62502725
WEB SITE	:	WWW.SMALLPRECISIONTOOLS.COM
CONTACT PERSON	:	PIERETTE GLUTZ ( DIRECTOR )
PRINCIPAL ACTIVITY	:	MANUFACTURING OF SEMICONDUCTOR BONDING TOOLS
ISSUED AND PAID UP CAPITAL	:	50,000.00 ORDINARY SHARE, OF A VALUE OF SGD 50,000.00
SALES	:	SGD 40,252,156 [2012]
NET WORTH	:	SGD 28,882,161 [2012]
STAFF STRENGTH	:	80 [2013]
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	STRONG
PAYMENT	:	POOR
MANAGEMENT CAPABILITY	:	AVERAGE
COMMERCIAL RISK	:	LOW
CURRENCY EXPOSURE	:	MODERATE
GENERAL REPUTATION	:	SATISFACTORY
INDUSTRY OUTLOOK	:	MATURE

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 semiconductor bonding tools.

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
PSR LIMITED	C/O ERNST & YOUNG CORPORATE SERVICES (CAYMAN ISLANDS) LTD, CAYMAN ISLANDS.	S79UF0168	49,999.00	100.00
SMALL PRECISION TOOLS INC	1330, CLEGG PETALUMA CALIFORNIA, 94952, UNITED STATES.	S79UF0227	1.00	0.00
			---------------	------
			50,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	MR. PIERETTE GLUTZ
Address	:	WERKSTRASSE 28, CH-3250, SWITZERLAND.
IC / PP No	:	X0272427
Nationality	:	SWISS
Date of Appointment	:	12/07/2000

DIRECTOR 2

Name Of Subject	:	CHAN FOOK MENG
Address	:	36C, DUNEARN ROAD, 01-19, CHANCERY COURT, 309428, SINGAPORE.
IC / PP No	:	S2557235A
Nationality	:	SINGAPOREAN
Date of Appointment	:	18/10/1996

DIRECTOR 3

Name Of Subject	:	SUSANNA CHRISTINE GLUTZ
Address	:	WERKSTRASSE 28, CH-3250, SWITZERLAND.
IC / PP No	:	F1832197
Nationality	:	SWISS
Date of Appointment	:	18/06/1997

DIRECTOR 4

Name Of Subject	:	PETER GLUTZ
Address	:	WERKSTRASSE 28, CH-3250, SWITZERLAND.
IC / PP No	:	X0946746
Nationality	:	SWISS
Date of Appointment	:	01/11/1982

MANAGEMENT

1)	Name of Subject	:	PIERETTE GLUTZ
	Position	:	DIRECTOR

2)	Name of Subject	:	JENNY
	Position	:	STAFF

AUDITOR

Auditor	:	CHRISTOPHER CHAN & ASSOCIATES
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	TEW CHOI CHYANG
	IC / PP No	:	S7078435A
	Address	:	491, JURONG WEST AVENUE 1, 08-159, 640491, SINGAPORE.

BANKING

No Banker found in our databank.

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C200901511	10/03/2009	N/A	UBS AG	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	[	]
Fair 91-120 Days	[	]	Poor >120 Days	[	X	]

CLIENTELE

Local	:	YES
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	WORLDWIDE
Credit Term	:	N/A
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Products manufactured

:

SEMICONDUCTOR BONDING TOOLS

Total Number of Employees:
YEAR	2013
GROUP	N/A
COMPANY	80

Branch

:

NO

Other Information:

The SC is principally engaged in the (as a / as an) manufacturing of semiconductor bonding tools.

The SC is a world-leading manufacturer of semiconductor wire-bonding tools with strong global presence, proving Innovative solutions to the semiconductor wire-bonding Industry.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client	:	6562535577
Current Telephone Number	:	65-62535577
Match	:	YES
Address Provided by Client	:	970 TOA PAYOH NORTH #07-25/26 SINGAPORE 318992
Current Address	:	970 TOA PAYOH NORTH #07-25/26, 318992, SINGAPORE.
Match	:	YES

Other Investigations

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

FINANCIAL ANALYSIS

Profitability
Turnover	:	Decreased	[	6.68%	]
Profit/(Loss) Before Tax	:	Increased	[	12.80%	]
Return on Shareholder Funds	:	Favourable	[	52.40%	]
Return on Net Assets	:	Favourable	[	62.32%	]
The lower turnover could be due to the unfavourable market conditions.The SC's management have been efficient in controlling its operating costs. Generally the SC was profitable. The favourable return on shareholders' funds and return on net assets indicate that the SC's management was efficient in utilising the assets to generate returns.
Working Capital Control
Stock Ratio	:	Favourable	[	31 Days	]
Debtor Ratio	:	Unfavourable	[	134 Days	]
Creditors Ratio	:	Unfavourable	[	302 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 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	[	2.21 Times	]
Current Ratio	:	Favourable	[	2.38 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	:	Nil	[	0.00 Times	]
Gearing Ratio	:	Favourable	[	0.00 Times	]
The SC's interest cover was nil as it did not pay any interest during the year. The SC had no gearing and hence it had virtually no financial risk. The SC was financed by its shareholders' funds and internally generated fund. During the economic downturn, the SC, having a zero gearing, will be able to compete better than those which are highly geared in the same industry.
Overall Assessment :
Due to the efficient control of its operating costs, the SC was able to remain profitable despite lower turnover achieved during the year. 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 did not make any interest payment during the year. The SC was dependent on its shareholders' funds to finance its business needs. The SC was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The SC has good chance of getting loans, if the needs arises.
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 1979, the SC is a Private Limited company, focusing on manufacturing of semiconductor bonding tools. 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. Strongly supported by its well-established holding company, the SC is expected to enjoy timely financial and technical support should the needs arise.

Over the years, the SC has penetrated into both the local and overseas market. The SC has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the SC to further enhance its business in the near term. 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 lower turnover, the SC's pre-tax profit have increased compared to the previous year. The higher profit could be due to better control of its operating costs and efficiency in utilising its resources. Based on the higher profitability, the SC has generated a favourable return based on its existing shareholders' funds 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 zero geared company, the SC virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. Given a positive net worth standing at SGD 28,882,161, 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. 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 poor payment habit may affect the goodwill between the SC and its suppliers and the SC may inadvertently have to pay more for its future supplies.

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.

SPT ASIA PTE LTD

Financial Year End	2012-07-31	2011-07-31
Months	12	12
Consolidated Account	Company	Company
Audited Account	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES
Financial Type	FULL	FULL
Currency	SGD	SGD
TURNOVER	40,252,156	43,131,591
Other Income	392,533	34,360
	----------------	----------------
Total Turnover	40,644,689	43,165,951
Costs of Goods Sold	<20,441,624>	<23,969,819>
	----------------	----------------
Gross Profit	20,203,065	19,196,132
	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	17,999,240	15,957,427
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	17,999,240	15,957,427
Taxation	<2,866,112>	<2,534,716>
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	15,133,128	13,422,711
	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	18,204,033	14,506,322
	----------------	----------------
As restated	18,204,033	14,506,322
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	33,337,161	27,929,033
DIVIDENDS - Ordinary (paid & proposed)	<4,505,000>	<9,725,000>
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	28,832,161	18,204,033
	=============	=============

BALANCE SHEET

SPT ASIA PTE LTD

ASSETS EMPLOYED:
FIXED ASSETS	360,237	216,450
	----------------	----------------
TOTAL LONG TERM ASSETS	360,237	216,450
CURRENT ASSETS
Stocks	3,425,745	4,042,361
Trade debtors	14,829,350	11,878,817
Other debtors, deposits & prepayments	203,035	94,399
Cash & bank balances	30,799,253	30,286,575
	----------------	----------------
TOTAL CURRENT ASSETS	49,257,383	46,302,152
	----------------	----------------
TOTAL ASSET	49,617,620	46,518,602
	=============	=============
CURRENT LIABILITIES
Trade creditors	16,917,313	24,101,241
Other creditors & accruals	591,087	1,218,345
Provision for taxation	3,227,059	2,944,983
	----------------	----------------
TOTAL CURRENT LIABILITIES	20,735,459	28,264,569
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	28,521,924	18,037,583
	----------------	----------------
TOTAL NET ASSETS	28,882,161	18,254,033
	=============	=============
SHARE CAPITAL
Ordinary share capital	50,000	50,000
	----------------	----------------
TOTAL SHARE CAPITAL	50,000	50,000
RESERVES
Retained profit/(loss) carried forward	28,832,161	18,204,033
	----------------	----------------
TOTAL RESERVES	28,832,161	18,204,033
	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	28,882,161	18,254,033
	----------------	----------------
	28,882,161	18,254,033
	=============	=============

FINANCIAL RATIO

SPT ASIA PTE LTD

TYPES OF FUNDS
Cash	30,799,253	30,286,575
Net Liquid Funds	30,799,253	30,286,575
Net Liquid Assets	25,096,179	13,995,222
Net Current Assets/(Liabilities)	28,521,924	18,037,583
Net Tangible Assets	28,882,161	18,254,033
Net Monetary Assets	25,096,179	13,995,222
BALANCE SHEET ITEMS
Total Borrowings	0	0
Total Liabilities	20,735,459	28,264,569
Total Assets	49,617,620	46,518,602
Net Assets	28,882,161	18,254,033
Net Assets Backing	28,882,161	18,254,033
Shareholders' Funds	28,882,161	18,254,033
Total Share Capital	50,000	50,000
Total Reserves	28,832,161	18,204,033
LIQUIDITY (Times)
Cash Ratio	1.49	1.07
Liquid Ratio	2.21	1.50
Current Ratio	2.38	1.64
WORKING CAPITAL CONTROL (Days)
Stock Ratio	31	34
Debtors Ratio	134	101
Creditors Ratio	302	367
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00
Liabilities Ratio	0.72	1.55
Times Interest Earned Ratio	0.00	0.00
Assets Backing Ratio	577.64	365.08
PERFORMANCE RATIO (%)
Operating Profit Margin	44.72	37.00
Net Profit Margin	37.60	31.12
Return On Net Assets	62.32	87.42
Return On Capital Employed	62.32	87.42
Return On Shareholders' Funds/Equity	52.40	73.53
Dividend Pay Out Ratio (Times)	0.30	0.72
NOTES TO ACCOUNTS
Contingent Liabilities	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.62
UK Pound	1	Rs.101.06
Euro	1	Rs.84.55

INFORMATION DETAILS

Report Prepared by :

NLM

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%)