MIRA INFORM REPORT

Report Date :

23.09.2013

IDENTIFICATION DETAILS

Name :	HISAKA CORPORATION PTE. LTD.
Registered Office :	63 Sungei Kadut Loop, Hisaka Industrial Building, 729484
Country :	Singapore
Financials (as on) :	30.09.2012
Date of Incorporation :	09.10.2003
Com. Reg. No.:	200310124-K
Legal Form :	Private Limited
Line of Business :	Trading In Engineering Products.
No. of Employees :	90

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

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.

:

200310124-K

COMPANY NAME

:

HISAKA (SINGAPORE) PTE. LTD.

FORMER NAME

:

HISAKA CORPORATION PTE. LTD. (29/10/2003)

INCORPORATION DATE

:

09/10/2003

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

63 SUNGEI KADUT LOOP, HISAKA INDUSTRIAL BUILDING, 729484, SINGAPORE.

BUSINESS ADDRESS

:

63 SUNGEI KADUT LOOP, HISAKA INDUSTRIAL BUILDING, 729484, SINGAPORE.

TEL.NO.

:

65-64551311

FAX.NO.

:

65-64550311

WEB SITE

:

WWW.HISAKA.COM.SG

CONTACT PERSON

:

CHENG EE CHEW ( MANAGING DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING IN ENGINEERING PRODUCTS

ISSUED AND PAID UP CAPITAL

:

3,500,002.00 ORDINARY SHARE, OF A VALUE OF SGD 3,500,002.00

SALES

:

SGD 45,864,905 [2012]

NET WORTH

:

SGD 18,437,748 [2012]

STAFF STRENGTH

:

90 [2013]

BANKER (S)

:

MALAYAN BANKING BHD UNITED OVERSEAS BANK LTD

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

STABLE

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 in engineering products.

The immediate and ultimate holding company of the SC is HISAKA HOLDINGS LTD, a company incorporated in SINGAPORE.

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
HISAKA HOLDINGS LTD	63 SUNGEI KADUT LOOP, HISAKA INDUSTRIAL BUIDING, 729484, SINGAPORE.	200508585R	3,500,002.00	100.00
			---------------	------
			3,500,002.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	JESSICA ONG BOON CHIN
Address	:	31, ELIZABETH DRIVE, HILLVIEW ESTATE, 669726, SINGAPORE.
IC / PP No	:	S7200774C
Nationality	:	SINGAPOREAN
Date of Appointment	:	28/09/2007

DIRECTOR 2

Name Of Subject	:	CHENG EE LIENG
Address	:	31 ELIZABETH DRIVE, HILLVIEW ESTATE, 669726, SINGAPORE.
IC / PP No	:	S6938536B
Nationality	:	SINGAPOREAN
Date of Appointment	:	13/01/2005

DIRECTOR 3

Name Of Subject	:	CHENG EE CHEW
Address	:	23 PASIR RIS WAY, PASIR RIS BEACH PARK, 51853, SINGAPORE.
IC / PP No	:	S1686852C
Nationality	:	SINGAPOREAN
Date of Appointment	:	09/10/2003

MANAGEMENT

1)	Name of Subject	:	CHENG EE CHEW
	Position	:	MANAGING DIRECTOR

AUDITOR

Auditor	:	RSM CHIO LIM LLP
Auditor' Address	:	8, WILKIE ROAD #04- 08 WILKIE EDGE, 228095, SINGAPORE.

COMPANY SECRETARIES

1)	Company Secretary	:	SOON KUI ENG
	IC / PP No	:	S7280870C
	Address	:	288, CHOA CHU KANG AVENUE 3, 02-278, 680288, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

MALAYAN BANKING BHD

2)

Name

:

UNITED OVERSEAS BANK LTD

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 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
Import Countries	:	INDIA,CHINA,MALAYSIA

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	:	MALAYSIA CHINA
Credit Term	:	15 - 30 DAYS
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)
Type of Customer	:	MEDICAL INDUSTRIES,INFRASTRUCTURE INDUSTRIES

OPERATIONS

Goods Traded

:

ENGINEERING PRODUCT

Ownership of premises

:

LEASED/RENTED

Total Number of Employees:
YEAR	2013	2012	2011
GROUP	N/A	N/A	N/A
COMPANY	90	100	70

Branch

:

NO

Other Information:

The SC is principally engaged in the (as a / as an) trading in engineering products. 

Background of the holding company: 
Established in 1992, Hisaka is a mainboard listed company on the Singapore Exchange. They have since transformed themselves into an automation solutions provider specialising in mechanical motion products. The range of services they provide includes metallic precision manufacturing, design, integration and commissioning of mechatronics systems.

In 2009, Hisaka paved inroads into the environmental industry with the incorporation of a subsidiary, Iecopolis, which offers intelligent eco-facilities and infrastructure, and management solutions in areas of energy sustainability.

Hisaka is also ISO 9001:2000 certified for its high level of management system in the procurement and stockholding of factory automation control devices and parts, components for mechanical power transmission and supply, and manufacturing of electromechanical parts. They also recipients of the Enterprise 50 and SME 500 awards. These are attestations to their rising prominence as the reliable automation solutions provider in Singapore. 

The basis of their success lies in their experienced management team and well-established network of more than 1,600 customers and 300 suppliers, whom they have fostered long-term strategic relationships and secured new customers.

Products dealings: 
* Linear motion products 
* Bearing 
* Pneumatic
* Power transmission 
* Motion control system 
* Raw materials 
* Accessories

Distributor for: 
* Hiwin Technology Corpn (TW) 

CURRENT INVESTIGATION

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client	:	65 64551311
Current Telephone Number	:	65-64551311
Match	:	YES
Address Provided by Client	:	63 SUNGEI KADUT LOOP, HISAKA INDUSTRIAL BUILDING, SINGAPORE 729484.
Current Address	:	63 SUNGEI KADUT LOOP, HISAKA INDUSTRIAL BUILDING, 729484, SINGAPORE.
Match	:	YES

Other Investigations

On 18th September 2013 we contacted a staff from the SC and she provided some information on the SC.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Decreased	[	2010 - 2012	]
Profit/(Loss) Before Tax	:	Decreased	[	2010 - 2012	]
Return on Shareholder Funds	:	Acceptable	[	10.85%	]
Return on Net Assets	:	Acceptable	[	13.23%	]
The continuous fall in turnover could be due to the lower demand for the SC's products / services.The SC's profit fell sharply because of the high operating costs incurred. The SC's management had generated acceptable return for its shareholders using its assets.
Working Capital Control
Stock Ratio	:	Unfavourable	[	80 Days	]
Debtor Ratio	:	Unfavourable	[	132 Days	]
Creditors Ratio	:	Favourable	[	51 Days	]
The SC could be incurring higher holding cost. As its capital was tied up in stocks, it could face liquidity problems. 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	[	1.54 Times	]
Current Ratio	:	Favourable	[	2.35 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	[	9.97 Times	]
Gearing Ratio	:	Favourable	[	0.04 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 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 :
The SC's performance deteriorated over the years with lower 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. 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 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 : STABLE

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 2003, the SC is a Private Limited company, focusing on trading in engineering products. With its long establishment in the market, the SC has received strong support from its stable customers base. Its business position in the market is quite stable and it is expected to enjoy better market shares over its rivals. The SC is well backed by a listed company shareholders which would stimulate further growth for the SC. Hence, the potential growth of the SC is positive. 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. Being a moderate size company, the SC has a total workforce of 90 employees in its business 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. 

The SC's business performance showed a reverse trend as both its turnover and pre-tax profit have decreased compared to the previous year. 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 18,437,748, 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 promptly.

PROFIT AND LOSS ACCOUNT

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

HISAKA (SINGAPORE) PTE. LTD.

Financial Year End	2012-09-30	2011-09-30	2010-09-30
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	SGD	SGD	SGD
TURNOVER	45,864,905	64,466,735	77,189,194
	----------------	----------------	----------------
Total Turnover	45,864,905	64,466,735	77,189,194
Costs of Goods Sold	<36,046,048>	<51,494,849>	-
	----------------	----------------	----------------
Gross Profit	9,818,857	12,971,886	-
	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	2,198,511	5,652,813	8,992,880
	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	2,198,511	5,652,813	8,992,880
Taxation	<198,638>	<801,366>	<1,517,819>
	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	1,999,873	4,851,447	7,475,061
	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	16,437,875	14,596,430	9,396,370
	----------------	----------------	----------------
As restated	16,437,875	14,596,430	9,396,370
	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	18,437,748	19,447,877	16,871,431
DIVIDENDS - Ordinary (paid & proposed)	<3,500,002>	<3,010,002>	<2,275,001>
	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	14,937,746	16,437,875	14,596,430
	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Others	245,054	244,597	252,012
	----------------	----------------	----------------
	245,054	244,597	252,012

BALANCE SHEET

HISAKA (SINGAPORE) PTE. LTD.

ASSETS EMPLOYED:
FIXED ASSETS	1,685,558	1,659,543	1,835,500
	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	1,685,558	1,659,543	1,835,500
CURRENT ASSETS
Stocks	10,025,936	9,462,948	5,811,288
Trade debtors	16,617,488	14,006,355	23,915,154
Other debtors, deposits & prepayments	167,037	270,943	228,244
Cash & bank balances	2,376,382	12,030,554	5,848,163
	----------------	----------------	----------------
TOTAL CURRENT ASSETS	29,186,843	35,770,800	35,802,849
	----------------	----------------	----------------
TOTAL ASSET	30,872,401	37,430,343	37,638,349
	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	4,999,906	9,961,206	10,177,812
Deposits from customers	71,085	156,946	-
Bill & acceptances payable	759,968	-	-
Amounts owing to holding company	6,460,000	6,450,000	2,715,001
Amounts owing to related companies	4,889	-	-
Provision for taxation	108,805	830,043	1,536,744
Lease payables	-	-	10,500
Other liabilities	-	24,271	36,860
	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	12,404,653	17,422,466	14,476,917
	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	16,782,190	18,348,334	21,325,932
	----------------	----------------	----------------
TOTAL NET ASSETS	18,467,748	20,007,877	23,161,432
	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	3,500,002	3,500,002	3,500,002
	----------------	----------------	----------------
TOTAL SHARE CAPITAL	3,500,002	3,500,002	3,500,002
RESERVES
Retained profit/(loss) carried forward	14,937,746	16,437,875	14,596,430
	----------------	----------------	----------------
TOTAL RESERVES	14,937,746	16,437,875	14,596,430
	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	18,437,748	19,937,877	18,096,432
LONG TERM LIABILITIES
Other long term borrowings	-	-	5,000,000
Deferred taxation	30,000	70,000	65,000
	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	30,000	70,000	5,065,000
	----------------	----------------	----------------
	18,467,748	20,007,877	23,161,432
	=============	=============	=============

FINANCIAL RATIO

HISAKA (SINGAPORE) PTE. LTD.

TYPES OF FUNDS
Cash	2,376,382	12,030,554	5,848,163
Net Liquid Funds	1,616,414	12,030,554	5,848,163
Net Liquid Assets	6,756,254	8,885,386	15,514,644
Net Current Assets/(Liabilities)	16,782,190	18,348,334	21,325,932
Net Tangible Assets	18,467,748	20,007,877	23,161,432
Net Monetary Assets	6,726,254	8,815,386	10,449,644
BALANCE SHEET ITEMS
Total Borrowings	759,968	0	5,000,000
Total Liabilities	12,434,653	17,492,466	19,541,917
Total Assets	30,872,401	37,430,343	37,638,349
Net Assets	18,467,748	20,007,877	23,161,432
Net Assets Backing	18,437,748	19,937,877	18,096,432
Shareholders' Funds	18,437,748	19,937,877	18,096,432
Total Share Capital	3,500,002	3,500,002	3,500,002
Total Reserves	14,937,746	16,437,875	14,596,430
LIQUIDITY (Times)
Cash Ratio	0.19	0.69	0.40
Liquid Ratio	1.54	1.51	2.07
Current Ratio	2.35	2.05	2.47
WORKING CAPITAL CONTROL (Days)
Stock Ratio	80	54	27
Debtors Ratio	132	79	113
Creditors Ratio	51	71	48
SOLVENCY RATIOS (Times)
Gearing Ratio	0.04	0.00	0.28
Liabilities Ratio	0.67	0.88	1.08
Times Interest Earned Ratio	9.97	24.11	36.68
Assets Backing Ratio	5.28	5.72	6.62
PERFORMANCE RATIO (%)
Operating Profit Margin	4.79	8.77	11.65
Net Profit Margin	4.36	7.53	9.68
Return On Net Assets	13.23	29.48	39.92
Return On Capital Employed	13.23	29.48	39.92
Return On Shareholders' Funds/Equity	10.85	24.33	41.31
Dividend Pay Out Ratio (Times)	1.75	0.62	0.30
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.24
UK Pound	1	Rs.99.90
Euro	1	Rs.84.23

INFORMATION DETAILS

Report Prepared by :

NIS

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.