MIRA INFORM REPORT

Report Date :

17.09.2013

IDENTIFICATION DETAILS

Name :	TORAY INTERNATIONAL SINGAPORE PTE. LTD.
Formerly Known as:	TORAY INDUSTRIES ( SINGAPORE ) PTE LTD
Registered Office :	111, Somerset Road, 14-01, Tripleone Somerset, 238164
Country :	Singapore
Financials (as on) :	31.03.2012
Date of Incorporation :	14.06.1982
Com. Reg. No.:	198202503-D
Legal Form :	Private Limited Company
Line of Business :	Trader of fiber, textile, films, plastic resins, electronics, medical products and chemical materials
No. of Employees :	28 [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 :	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.	:	198202503-D
COMPANY NAME	:	TORAY INTERNATIONAL SINGAPORE PTE. LTD.
FORMER NAME	:	TORAY INDUSTRIES ( SINGAPORE ) PTE LTD (01/10/2007)
INCORPORATION DATE	:	14/06/1982
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	111, SOMERSET ROAD, 14-01, TRIPLEONE SOMERSET, 238164, SINGAPORE.
BUSINESS ADDRESS	:	111 SOMERSET ROAD, 14-01, TRIPLEONE SOMERSET, 238164, SINGAPORE.
TEL.NO.	:	65-65053169
FAX.NO.	:	65-65332215
WEB SITE	:	WWW.TORAY.COM
CONTACT PERSON	:	YUKIO ISHINO ( MANAGING DIRECTOR )
PRINCIPAL ACTIVITY	:	TRADING OF FIBER, TEXTILE, FILMS, PLASTIC RESINS, ELECTRONICS, MEDICAL PRODUCTS AND CHEMICAL MATERIALS
ISSUED AND PAID UP CAPITAL	:	20,000.00 ORDINARY SHARE, OF A VALUE OF SGD 2,000,000.00
SALES	:	USD 712,530,180 [2012]
NET WORTH	:	USD 5,506,966 [2012]
STAFF STRENGTH	:	28 [2013]
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	FAIR
PAYMENT	:	GOOD
MANAGEMENT CAPABILITY	:	AVERAGE
COMMERCIAL RISK	:	LOW
CURRENCY EXPOSURE	:	MODERATE
GENERAL REPUTATION	:	GOOD
INDUSTRY OUTLOOK	:	AVERAGE GROWTH

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) trading of fiber, textile, films, plastic resins, electronics, medical products and chemical materials.

The immediate and ultimate holding company of the SC is TORAY INTERNATIONAL, INC., a company incorporated in JAPAN.

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
TORAY INTERNATIONAL, INC.	4-4 NIHONBASHI, MUROMACHI, 3-CHOME CHUO-KU, 103-0022, TOKYO, JAPAN.	T07UF0080	14,000.00	70.00
TORAY INDUSTRIES, INC	1-1 NIHONBASHI, MUROMACHI, 2-CHOME CHUO-KU, 103-8666, TOKYO, JAPAN.	T06UF1849	6,000.00	30.00
			---------------	------
			20,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	KOUJI ENOMOTO
Address	:	8-1, NAKAMAGOME 3 CHOME, OOTA-KU, TOKYO, 143-0027, JAPAN.
IC / PP No	:	TH6593900
Nationality	:	JAPANESE
Date of Appointment	:	12/02/2010

DIRECTOR 2

Name Of Subject	:	HIROSHI MURAKAMI
Address	:	2-14-8-304, SAKURASHINMACHI, SETAGAYA-KU, 154-0015, TOKYO, JAPAN.
IC / PP No	:	TH5212257
Date of Appointment	:	24/06/2010

DIRECTOR 3

Name Of Subject	:	TOSHIKI NAGASAWA
Address	:	1, LINCOLN ROAD, 19-01, MIRO, 308365, SINGAPORE.
IC / PP No	:	G5444400T
Nationality	:	JAPANESE
Date of Appointment	:	10/06/2013

DIRECTOR 4

Name Of Subject	:	YUKIO ISHINO
Address	:	16, MOUNT ELIZABETH, 16-02, RHAPSODY ON MOUNT ELIZABETH, 228513, SINGAPORE.
IC / PP No	:	F1686226Q
Nationality	:	JAPANESE
Date of Appointment	:	30/09/2011

MANAGEMENT

1)	Name of Subject	:	YUKIO ISHINO
	Position	:	MANAGING DIRECTOR

AUDITOR

Auditor	:	SCS GLOBAL PAC
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	NG YOKE GEE
	IC / PP No	:	S0283905I
	Address	:	22, FLORISSA PARK, FLORISSA PARK, 789605, SINGAPORE.

BANKING

No Banker found in our databank. 

ENCUMBRANCE (S)

No encumbrance was found in our databank at the time of investigation. 

LEGAL CHECK AGAINST SC

* A check has been conducted in our databank against 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
Import Countries	:	MALAYSIA,THAILAND,INDONESIA,HONG KONG,CHINA

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	:	YES
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	AMERICAS, EUROPE, ASIA
Credit Term	:	AS AGREED,14 - 60 DAYS
Payment Mode	:	CHEQUES,LETTER OF CREDIT (LC)
Type of Customer	:	INDUSTRIAL SECTOR

OPERATIONS

Goods Traded

:

FIBER, TEXTILE, FILMS, PLASTIC RESINS, ELECTRONICS, MEDICAL PRODUCTS AND CHEMICAL MATERIALS

Total Number of Employees:
YEAR	2013	2012
GROUP	N/A	N/A
COMPANY	28	30

Branch

:

NO

Other Information:

The SC is principally engaged in the (as a / as an) trading of fiber, textile, films, plastic resins, electronics, medical products and chemical materials. 

The SC is involve in general trading products. It is marketing different kinds of products ranging from fiber, textile, films, plastic resins, electronics, medical products and chemical materials.

The business segments are :
- Fibers & Textiles 
- Plastics & Chemicals
- IT-related Products
- Carbon Fiber Composites Materials
- Environment & Engineering
- Life Science & Other Business 

CURRENT INVESTIGATION

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client	:	65 6505 3182
Current Telephone Number	:	65-65053169
Match	:	NO
Address Provided by Client	:	111 SOMERSET ROAD, #1401 SINGAPORE 238164
Current Address	:	111 SOMERSET ROAD, 14-01, TRIPLEONE SOMERSET, 238164, SINGAPORE.
Match	:	NO

Other Investigations

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

The address provided is incomplete.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	2010 - 2012	]
Profit/(Loss) Before Tax	:	Decreased	[	2010 - 2012	]
Return on Shareholder Funds	:	Unfavourable	[	6.08%	]
Return on Net Assets	:	Unfavourable	[	6.57%	]
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's profit fell sharply because of the high operating costs incurred. 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	[	1 Days	]
Debtor Ratio	:	Favourable	[	39 Days	]
Creditors Ratio	:	Favourable	[	39 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 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	[	1.04 Times	]
Current Ratio	:	Unfavourable	[	1.05 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	:	Acceptable	[	5.64 Times	]
Gearing Ratio	:	Unfavourable	[	1.97 Times	]
The SC's interest cover was slightly low. If there is no sharp fall in its profit or sudden increase in the interest rates, we believe the SC is able to generate sufficient income to service its interest and repay the loans. The SC was highly geared, thus it had a high financial risk. The SC was dependent on loans to finance its business needs. In times of economic downturn and / or high interest rate, the SC will become less profitable and competitive than other firms in the same industry, which are lowly geared. This is because the SC has to service the interest and to repay the loan, which will erode part of its profits. The profits will fluctuate depending on the SC's turnover and the interest it needs to pay.
Overall Assessment :
Although the SC's turnover had increased, its profits had declined over the same corresponding period. This could be due to the stiffer market competition and / or higher operating costs which lowered the SC's profit margin. 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 had an acceptable interest cover. If there is no sudden sharp increase in interest rate or fall in the SC's profit, we do believe the SC is able to generate sufficient cash flow to service its interest payment. The SC's gearing level was high and its going concern will be in doubt if there is no injection of additional shareholders' funds in times of economic downturn and / or high interest rates.
Overall financial condition of the SC : FAIR

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 :	TRADING
The wholesale and retail trade sector contracted by 1.5% in the fourth quarter of 2012, extending the 0.2% decline in the preceding quarter. For the whole of 2012, the sector declined by 0.7%, reversing the 1.6% growth in 2011. The sector was weighed down primarily by the wholesale trade segment. In 2012, the wholesale trade segment contracted by 1.0%, a reversal from the 1.4% growth in 2011. Growth of the retail trade segment also moderated to 2.0%, from 3.2% in the year 2011.
The domestic wholesale trade index grew by 1.2% in the fourth quarter of 2012, an improvement from the 5.4% decline in the third quarter. This was partly due to an increase in the sales of chemicals & chemical products and ship chandlers & bunkering. For the full year of 2012, the domestic wholesale trade index contracted by 2.2%, extending the 1.7% decline in 2011. The foreign wholesale trade index grew by 8.6% in the fourth quarter, an increase from the 6.6% growth in the third quarter. The expansion was partly due to resilient sales of petroleum & petroleum products. For the whole of 2012, the foreign wholesale trade index expanded by 9.1%, faster than the 4.3% increase in 2011.
In the fourth quarter of 2012, retail sales volume declined by 2.0%, extending the 0.3% decline in the third quarter. Excluding motor vehicles, retail sales volume grew by 0.4%, a slight moderation compared to the 1.5% gain in the third quarter of 2012. The sales volume of motor vehicles fell by 11% in the fourth quarter of 2012, after contracting by 6.1% in the third quarter. The sales of several discretionary items also declined in the fourth quarter. Besides, the sales of optical goods & books in 2012 fell by 3.6%, while the sales of telecommunications apparatus & computers declined by 1.4%.
For 2012 as a whole, retail sales volume grew by 1.3%, compared to the 2.0% expansion in 2011. Excluding motor vehicle sales, the increase in retail sales volume also moderated from 5.4% in 2011 to 1.7% in 2012. Medical goods & toiletries registered the largest increase (9.3%) in sales, followed by telecommunications apparatus & computers (6.9%). By contrast, the sales of watches & jewellery (-2.2%) and optical goods & books (-3.6%) declined.
OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 1982, the SC is a Private Limited company, focusing on trading of fiber, textile, films, plastic resins, electronics, medical products and chemical materials. 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 shareholder has enabled the SC to remain competitive despite the challenging business environment. The capital standing of the SC is fair. With an adequate share capital, the SC has the potential of expanding its business in future. 

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. To date, the SC's business operation is supported by 28 employees. 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. 

Financially, the SC registered a higher turnover compared to previous year. However, its profits showed a reverse trend. The lower profit achieved was a result of higher operating cost and increased competition. The SC has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. The high gearing ratio clearly implied that the SC was supported by more debt than equity. However, 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. Nevertheless, given a positive net worth standing at USD 5,506,966, 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. 

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 shows an upward trend and this trend is very likely to sustain in the near terms. Hence, the SC is expected to benefit from the favourable outlook of the industry. 

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

PROFIT AND LOSS ACCOUNT

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

TORAY INTERNATIONAL SINGAPORE PTE. LTD.

Financial Year End	2012-03-31	2011-03-31	2010-03-31
Months	12	12	12
Consolidated Account	Company	Company	Company
Audited Account	YES	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES	YES
Financial Type	FULL	FULL	FULL
Currency	USD	USD	USD
TURNOVER	712,530,180	707,454,189	509,708,424
Other Income	223,045	171,195	-
	----------------	----------------	----------------
Total Turnover	712,753,225	707,625,384	509,708,424
	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	340,119	1,947,312	924,258
	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	340,119	1,947,312	924,258
Taxation	<5,529>	<525,056>	<391,705>
	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	334,590	1,422,256	532,553
	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	3,743,805	2,321,549	1,635,069
Prior year adjustment	-	-	153,927
	----------------	----------------	----------------
As restated	3,743,805	2,321,549	1,788,996
	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	4,078,395	3,743,805	2,321,549
	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	4,078,395	3,743,805	2,321,549
	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Bank overdraft	117	140	-
Term loan / Borrowing	73,226	100,938	149,665
	----------------	----------------	----------------
	73,343	101,078	149,665

BALANCE SHEET

TORAY INTERNATIONAL SINGAPORE PTE. LTD.

ASSETS EMPLOYED:
FIXED ASSETS	368,974	317,420	372,094
LONG TERM INVESTMENTS/OTHER ASSETS
Associated companies	788,774	-	-
Others	338,349	363,171	383,933
	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	1,127,123	363,171	383,933
INTANGIBLE ASSETS
Goodwill on consolidation	-	-	3,640
	----------------	----------------	----------------
TOTAL INTANGIBLE ASSETS	-	-	3,640
	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	1,496,097	680,591	759,667
CURRENT ASSETS
Stocks	1,417,980	1,251,346	6,960,694
Trade debtors	76,223,257	79,096,676	52,886,305
Other debtors, deposits & prepayments	400,711	393,390	328,658
Short term deposits	15,322,000	-	-
Amount due from holding company	63,800	2,165	5,321
Amount due from related companies	97,649	61,095	16,204
Cash & bank balances	455,246	938,900	4,151,628
Others	144,890	980,516	151,296
	----------------	----------------	----------------
TOTAL CURRENT ASSETS	94,125,533	82,724,088	64,500,106
	----------------	----------------	----------------
TOTAL ASSET	95,621,630	83,404,679	65,259,773
	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	76,954,819	72,825,929	23,674,057
Other creditors & accruals	1,345,750	1,109,817	626,669
Bank overdraft	-	-	63,090
Short term borrowings/Term loans	10,837,248	3,000,000	16,190,142
Amounts owing to holding company	29,769	-	14,610,469
Amounts owing to related companies	134,170	65,878	5,465,399
Provision for taxation	28,741	446,254	218,731
	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	89,330,497	77,447,878	60,848,557
	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	4,795,036	5,276,210	3,651,549
	----------------	----------------	----------------
TOTAL NET ASSETS	6,291,133	5,956,801	4,411,216
	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	1,428,571	1,428,571	1,428,571
	----------------	----------------	----------------
TOTAL SHARE CAPITAL	1,428,571	1,428,571	1,428,571
RESERVES
Retained profit/(loss) carried forward	4,078,395	3,743,805	2,321,549
	----------------	----------------	----------------
TOTAL RESERVES	4,078,395	3,743,805	2,321,549
	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	5,506,966	5,172,376	3,750,120
LONG TERM LIABILITIES
Deferred taxation	164,871	168,066	137,379
Retirement benefits provision	619,296	616,359	523,717
	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	784,167	784,425	661,096
	----------------	----------------	----------------
	6,291,133	5,956,801	4,411,216
	=============	=============	=============

FINANCIAL RATIO

TORAY INTERNATIONAL SINGAPORE PTE. LTD.

TYPES OF FUNDS
Cash	15,777,246	938,900	4,151,628
Net Liquid Funds	15,777,246	938,900	4,088,538
Net Liquid Assets	3,377,056	4,024,864	<3,309,145>
Net Current Assets/(Liabilities)	4,795,036	5,276,210	3,651,549
Net Tangible Assets	6,291,133	5,956,801	4,407,576
Net Monetary Assets	2,592,889	3,240,439	<3,970,241>
BALANCE SHEET ITEMS
Total Borrowings	10,837,248	3,000,000	16,253,232
Total Liabilities	90,114,664	78,232,303	61,509,653
Total Assets	95,621,630	83,404,679	65,259,773
Net Assets	6,291,133	5,956,801	4,411,216
Net Assets Backing	5,506,966	5,172,376	3,750,120
Shareholders' Funds	5,506,966	5,172,376	3,750,120
Total Share Capital	1,428,571	1,428,571	1,428,571
Total Reserves	4,078,395	3,743,805	2,321,549
LIQUIDITY (Times)
Cash Ratio	0.18	0.01	0.07
Liquid Ratio	1.04	1.05	0.95
Current Ratio	1.05	1.07	1.06
WORKING CAPITAL CONTROL (Days)
Stock Ratio	1	1	5
Debtors Ratio	39	41	38
Creditors Ratio	39	38	17
SOLVENCY RATIOS (Times)
Gearing Ratio	1.97	0.58	4.33
Liabilities Ratio	16.36	15.13	16.40
Times Interest Earned Ratio	5.64	20.27	7.18
Assets Backing Ratio	4.40	4.17	3.09
PERFORMANCE RATIO (%)
Operating Profit Margin	0.05	0.28	0.18
Net Profit Margin	0.05	0.20	0.10
Return On Net Assets	6.57	34.39	24.35
Return On Capital Employed	6.57	34.39	23.98
Return On Shareholders' Funds/Equity	6.08	27.50	14.20
Dividend Pay Out Ratio (Times)	0.00	0.00	0.00
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.48
UK Pound	1	Rs.99.66
Euro	1	Rs.83.50

INFORMATION DETAILS

Report Prepared by :

MNL

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.