MIRA INFORM REPORT

Report Date :

24.04.2014

IDENTIFICATION DETAILS

Name :	WORLD KITCHEN (ASIA PACIFIC) PTE LTD
Formerly Known As :	CCPC (ASIA) PTE LTD (08/02/2000) CORNING (SINGAPORE) PTE LTD (23/10/1997)
Registered Office :	3, Clementi Loop, 129815
Country :	Singapore
Financials (as on) :	31.12.2012
Date of Incorporation :	05.10.1987
Com. Reg. No.:	198703114-D
Legal Form :	Private Limited
Line of Business :	Trader of glass and glass products (including yarn of glass fibres)
No of Employees :	65

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 – September 30, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
Singapore	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but rebounded 15.1% in 2010, on the strength of renewed exports, before slowing to in 2011-13, 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. 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

EXECUTIVE SUMMARY

REGISTRATION NO.	:	198703114-D
COMPANY NAME	:	WORLD KITCHEN (ASIA PACIFIC) PTE LTD
FORMER NAME	:	CCPC (ASIA) PTE LTD (08/02/2000) CORNING (SINGAPORE) PTE LTD (23/10/1997)
INCORPORATION DATE	:	05/10/1987
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	3, CLEMENTI LOOP, 129815, SINGAPORE.
BUSINESS ADDRESS	:	3 CLEMENTI LOOP, 129815, SINGAPORE.
TEL.NO.	:	65-64682008
FAX.NO.	:	65-64635044
EMAIL	:	ASIACONSUMER@WORLDKITCHEN.COM
WEB SITE	:	WWW.WORLDKITCHENASIA.COM
CONTACT PERSON	:	ANTONIO VILLACAMPA BERGES ( DIRECTOR )
PRINCIPAL ACTIVITY	:	TRADING OF GLASS AND GLASS PRODUCTS (INCLUDING YARN OF GLASS FIBRES)
ISSUED AND PAID UP CAPITAL	:	4,128,002.00 ORDINARY SHARE, OF A VALUE OF SGD 4,128,002.00
SALES	:	USD 75,684,019 [2012]
NET WORTH	:	USD 9,807,682 [2012]
STAFF STRENGTH	:	65 [2014]
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	STRONG
PAYMENT	:	PROMPT
MANAGEMENT CAPABILITY	:	AVERAGE
COMMERCIAL RISK	:	LOW
CURRENCY EXPOSURE	:	MODERATE
GENERAL REPUTATION	:	GOOD
INDUSTRY OUTLOOK	:	AVERAGE GROWTH

HISTORY / BACKGROUND

The Subject 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 Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject 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 Subject is insolvent. The Subject 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 Subject is principally engaged in the (as a / as an) trading of glass and glass products (including yarn of glass fibres).

The immediate and ultimate holding company of the Subject is WKI HOLDING COMPANY, INC., a company incorporated in UNITED STATES.

Share Capital History

Date	Issue & Paid Up Capital
22/04/2014	SGD 4,128,002.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
WKI HOLDING COMPANY, INC.	9525, W. BRYN MAWR AVENUE, SUITE 300, ROSEMONT, IL 60018, UNITED STATES.	S87UF0319	4,128,002.00	100.00
			---------------	------
			4,128,002.00	100.00
			============	=====

+ Also Director

The Subject's interest in other companies (Subsidiaries/Associates) are shown as follow :

Local No	Country	Company	(%)	As At
466523V	MALAYSIA	WORLD KITCHEN (ASIA PACIFIC) SDN. BHD.	100.00	31/12/2012
	INDIA	WORLD KITCHEN (INDIA) PVT LTD.	100.00	31/12/2012
174556T	MALAYSIA	WORLD KITCHEN ATG (M) SDN. BHD.	80.00	31/12/2012

DIRECTORS

DIRECTOR 1

Name Of Subject	:	CARL WILLIAM WARSCHAUSKY
Address	:	1179, ASBURY AVENUE, WINNETKA, IL 60093, UNITED STATES.
IC / PP No	:	485543860
Nationality	:	AMERICAN
Date of Appointment	:	31/12/2012

DIRECTOR 2

Name Of Subject	:	KAREN GOH MUN LIN
Address	:	5, SIGLAP ROAD, 19-45, MANDARIN GARDENS, 448908, SINGAPORE.
IC / PP No	:	S7005157E
Nationality	:	SINGAPOREAN
Date of Appointment	:	31/12/2012

DIRECTOR 3

Name Of Subject	:	ANTONIO VILLACAMPA BERGES
Address	:	HOUSE 478, THE GREENHOLLS, 418, JALAN XIU DONG LU, PUDONG NEW AREA, 200 135, SHANGHAI, CHINA.
IC / PP No	:	XDB143500
Nationality	:	SPANIARD
Date of Appointment	:	13/01/2014

MANAGEMENT

1)	Name of Subject	:	ANTONIO VILLACAMPA BERGES
	Position	:	DIRECTOR

AUDITOR

Auditor	:	FOO KON TAN GRANT THORNTON LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	LEONG YOKE YENG
	IC / PP No	:	S1329872F
	Address	:	123, CORONATION ROAD WEST, 269348, 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 SUBJECT

* A check has been conducted in our databank against the Subject 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	:	N/A
Overseas	:	N/A

The Subject refused to disclose its suppliers.

The Subject 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	[	X	]	Good 31-60 Days	[	]	Average 61-90 Days	[	]
Fair 91-120 Days	[		]	Poor >120 Days	[	]

CLIENTELE

Local	:	YES
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	VIETNAM HONG KONG INDIA TAIWAN MALAYSIA JAPAN INDONESIA
Credit Term	:	N/A
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Goods Traded

:

GLASS AND GLASS PRODUCTS (INCLUDING YARN OF GLASS FIBRES)

Total Number of Employees:
YEAR	2014	2009
GROUP	N/A	N/A
COMPANY	65	446

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) trading of glass and glass products (including yarn of glass fibres).

The Subject markets a wide variety of well known, trusted houseware brands including corelle®, corningware®, pyrex®, visions®, ekco®, baker's secret®, revere®, chicago cutlery®, and oxo®.

brands/products:
* corelle
- dinnerware
* corningware
- cookware
* visions
- cookware
* pyrex
- glassware
- storage
- beverage
- metalware
- tableware
* ekco
- kitchen ware
* baker's secret
- nonstick bakeware
- precisionware
- air insulated
- holiday pans
- cooling racks
- roaster and broilers
- silicone bakeware
* chicago cutlery
- metropolitan
- basics
- forum
- insignia steel
- insignia matte
- walnut signature
- landmark
- centurion
- accessories
* revere
- stainless steel copper clad bottom cookware
- stainless steel tri-ply bottom cookware
- polished nonstick cookware
- convenience cookware
- traditions cookware - everyday cookware
- tea kettles
- accessories - cleaner & conditioner gel

subject is a member of the following entities:
* singapore business federation
* singapore international chambers of commerce
* american chamber of commerce

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-64682008
Match	:	N/A
Address Provided by Client	:	3 CLEMENTI LOOP SINGAPORE 12815
Current Address	:	3 CLEMENTI LOOP, 129815, SINGAPORE.
Match	:	NO

Other Investigations

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

The post code provided is incorrect.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	19.21%	]
Profit/(Loss) Before Tax	:	Decreased	[	(306.29%)	]
Return on Shareholder Funds	:	Acceptable	[	22.13%	]
Return on Net Assets	:	Acceptable	[	18.77%	]
The higher turnover could be attributed to the favourable market condition and the Subject could be gaining the market share progressively. The management had succeeded in turning the Subject into a profit making company. The profit could be due to better control of its operating costs and efficiency in utilising its resources. The Subject's management had generated acceptable return for its shareholders using its assets.
Working Capital Control
Stock Ratio	:	Favourable	[	1 Days	]
Debtor Ratio	:	Favourable	[	23 Days	]
Creditors Ratio	:	Favourable	[	7 Days	]
The Subject'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 Subject. The Subject had a favourable creditors' ratio where the Subject could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.
Liquidity
Liquid Ratio	:	Favourable	[	1.42 Times	]
Current Ratio	:	Unfavourable	[	1.44 Times	]
A minimum liquid ratio of 1 should be maintained by the Subject in order to assure its creditors of its ability to meet short term obligations and the Subject was in a good liquidity position. Thus, we believe the Subject is able to meet all its short term obligations as and when they fall due.
Solvency
Interest Cover	:	Favourable	[	27.96 Times	]
Gearing Ratio	:	Favourable	[	0.00 Times	]
The interest cover showed that the Subject was able to service the interest. The favourable interest cover could indicate that the Subject was making enough profit to pay for the interest accrued. The Subject had no gearing and hence it had virtually no financial risk. The Subject was financed by its shareholders' funds and internally generated fund. During the economic downturn, the Subject, having a zero gearing, will be able to compete better than those which are highly geared in the same industry.
Overall Assessment :
The higher turnover had helped to reduce the Subject's losses. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. With the favourable interest cover, the Subject could be able to service all the accrued interest without facing any difficulties. The Subject was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The Subject has good chance of getting loans, if the needs arises.
Overall financial condition of the Subject : STRONG

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	2009	2010	2011	2012	2013
Population (Million)	4.98	5.08	5.18	5.31	5.40
Gross Domestic Products ( % )	(0.8)	14.5	4.9	1.3	3.7
Consumer Price Index	0.6	2.8	5.2	4.6	2.4
Total Imports (Million)	356,299.3	423,221.8	459,655.1	474,554.0	466,762.0
Total Exports (Million)	391,118.1	478,840.7	514,741.2	510,329.0	513,391.0
Unemployment Rate (%)	3.2	2.2	2.1	2.0	1.9
Tourist Arrival (Million)	9.68	11.64	13.17	14.49	15.46
Hotel Occupancy Rate (%)	75.8	85.6	86.5	86.4	86.3
Cellular Phone Subscriber (Million)	1.37	1.43	1.50	1.52	1.97
Registration of New Companies (No.)	26,414	29,798	32,317	31,892	37,288
Registration of New Companies (%)	4.3	12.8	8.5	(1.3)	9.8
Liquidation of Companies (No.)	22,393	15,126	19,005	17,218	17,369
Liquidation of Companies (%)	113.4	(32.5)	25.6	9.4	(5.3)
Registration of New Businesses (No.)	26,876	23,978	23,494	24,788	22,893
Registration of New Businesses (%)	8.15	(10.78)	2.02	5.51	1.70
Liquidation of Businesses (No.)	23,552	24,211	23,005	22,489	22,598
Liquidation of Businesses (%)	11.4	2.8	(5)	(2.2)	0.5
Bankruptcy Orders (No.)	2,058	1,537	1,527	1,748	1,992
Bankruptcy Orders (%)	(11.5)	(25.3)	(0.7)	14.5	14.0
Bankruptcy Discharges (No.)	3,056	2,252	1,391	1,881	2,584
Bankruptcy Discharges (%)	103.7	(26.3)	(38.2)	35.2	37.4
INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	3.25	(0.48)	4.25	3.64	-
Fish Supply & Wholesale	(1.93)	(10.5)	12.10	(0.5)	-
Manufacturing *	71.5	92.8	100.0	100.3	102.0
Food, Beverages & Tobacco	90.4	96.4	100.0	103.5	103.5
Textiles	145.9	122.1	100.0	104.0	87.1
Wearing Apparel	211.0	123.3	100.0	92.1	77.8
Leather Products & Footwear	79.5	81.8	100.0	98.6	109.8
Wood & Wood Products	101.4	104.0	100.0	95.5	107.4
Paper & Paper Products	95.4	106.1	100.0	97.4	103.2
Printing & Media	100.9	103.5	100.0	93.0	86.1
Crude Oil Refineries	96.4	95.6	100.0	99.4	93.5
Chemical & Chemical Products	80.3	97.6	100.0	100.5	104.1
Pharmaceutical Products	49.1	75.3	100.0	109.7	107.2
Rubber & Plastic Products	101.2	112.3	100.0	96.5	92.9
Non-metallic Mineral	91.9	92.5	100.0	98.2	97.6
Basic Metals	92.6	102.2	100.0	90.6	76.5
Fabricated Metal Products	90.8	103.6	100.0	104.3	105.1
Machinery & Equipment	57.3	78.5	100.0	112.9	114.5
Electrical Machinery	86.8	124.1	100.0	99.3	108.5
Electronic Components	85.2	113.6	100.0	90.6	94.3
Transport Equipment	96.0	94.0	100.0	106.3	107.5
Construction	(36.9)	14.20	20.50	28.70	-
Real Estate	1.4	21.3	25.4	31.9	-
Services
Electricity, Gas & Water	1.70	4.00	7.00	6.30	-
Transport, Storage & Communication	3.90	12.80	7.40	5.30	-
Finance & Insurance	(16.4)	(0.4)	8.90	0.50	-
Government Services	4.50	9.70	6.90	6.00	-
Education Services	0.10	(0.9)	(1.4)	0.30	-
* Based on Index of Industrial Production (2011 = 100)

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 1987, the Subject is a Private Limited company, focusing on trading of glass and glass products (including yarn of glass fibres). The Subject has been in business for over two decades. It has built up a strong clientele base and good reputation will enable the Subject to further enhance its business in the near term. The Subject is expected to enjoy a stable market shares. Having strong support from its holding company has enabled the Subject to remain competitive despite the challenging business environment. The capital standing of the Subject is fair. With an adequate share capital, the Subject has the potential of expanding its business in future.

Over the years, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. Being a moderate size company, the Subject has a total workforce of 65 employees in its business operations. Overall, we regard that the Subject's management capability is average. This indicates that the Subject has greater potential to improve its business performance and raising income for the Subject.

We noted that both the turnover and profits have increased compared to the previous year. The higher profit could be due to increase in turnover and better control over its operating costs. Return on shareholders' funds of the Subject was at an acceptable range which indicated that the management was efficient in utilising its funds to generate income. The Subject 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 Subject 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 USD 9,807,682, the Subject should be able to maintain its business in the near terms.

Having a strong assets backing, the Subject possesses latent assets as collateral for further financial extension. Hence, it has good chance of getting loans if the needs arises.

We regard that the Subject's overall payment habit is prompt. The Subject had a favourable creditors' ratio as evidenced by its favourable collection days.

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

Based on the above condition, we recommend credit be granted to the Subject promptly.

PROFIT AND LOSS ACCOUNT

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

WORLD KITCHEN (ASIA PACIFIC) PTE LTD

Financial Year End	2012-12-31	2011-12-31
Months	12	12
Consolidated Account	Company	Company
Audited Account	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES
Financial Type	FULL	FULL
Currency	USD	USD
TURNOVER	75,684,019	63,485,997
	----------------	----------------
Total Turnover	75,684,019	63,485,997
Costs of Goods Sold	(61,614,210)	(52,470,234)
	----------------	----------------
Gross Profit	14,069,809	11,015,763
	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	1,831,428	(887,774)
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	1,831,428	(887,774)
Taxation	338,578	65,933
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	2,170,006	(821,841)
	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	5,784,729	6,606,570
	----------------	----------------
As restated	5,784,729	6,606,570
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	7,954,735	5,784,729
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	7,954,735	5,784,729
	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Others	67,923	30,351
	----------------	----------------
	67,923	30,351
	=============	=============

BALANCE SHEET

WORLD KITCHEN (ASIA PACIFIC) PTE LTD

ASSETS EMPLOYED:
FIXED ASSETS	1,122,040	1,214,702
LONG TERM INVESTMENTS/OTHER ASSETS
Subsidiary companies	2,823,809	2,509,912
Deferred assets	388,439	-
Others	451,603	361,093
	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	3,663,851	2,871,005
	----------------	----------------
TOTAL LONG TERM ASSETS	4,785,891	4,085,707
CURRENT ASSETS
Stocks	226,156	3,077,311
Trade debtors	4,698,710	4,722,914
Other debtors, deposits & prepayments	887,355	245,003
Amount due from holding company	432,939	211,337
Amount due from subsidiary companies	10,005,583	6,846,768
Cash & bank balances	1,111,193	469,385
	----------------	----------------
TOTAL CURRENT ASSETS	17,361,936	15,572,718
	----------------	----------------
TOTAL ASSET	22,147,827	19,658,425
	=============	=============
CURRENT LIABILITIES
Trade creditors	1,247,957	443,175
Other creditors & accruals	1,990,247	1,528,122
Amounts owing to holding company	52,040	1,885,839
Amounts owing to subsidiary companies	8,682,004	7,697,167
Amounts owing to related companies	-	204,855
Provision for taxation	54,859	-
	----------------	----------------
TOTAL CURRENT LIABILITIES	12,027,107	11,759,158
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	5,334,829	3,813,560
	----------------	----------------
TOTAL NET ASSETS	10,120,720	7,899,267
	=============	=============
SHARE CAPITAL
Ordinary share capital	2,000,000	2,000,000
	----------------	----------------
TOTAL SHARE CAPITAL	2,000,000	2,000,000
RESERVES
Exchange equalisation/fluctuation reserve	(147,053)	(118,028)
Retained profit/(loss) carried forward	7,954,735	5,784,729
	----------------	----------------
TOTAL RESERVES	7,807,682	5,666,701
	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	9,807,682	7,666,701
LONG TERM LIABILITIES
Retirement benefits provision	313,038	232,566
	----------------	----------------
TOTAL LONG TERM LIABILITIES	313,038	232,566
	----------------	----------------
	10,120,720	7,899,267
	=============	=============

FINANCIAL RATIO

WORLD KITCHEN (ASIA PACIFIC) PTE LTD

TYPES OF FUNDS
Cash	1,111,193	469,385
Net Liquid Funds	1,111,193	469,385
Net Liquid Assets	5,108,673	736,249
Net Current Assets/(Liabilities)	5,334,829	3,813,560
Net Tangible Assets	10,120,720	7,899,267
Net Monetary Assets	4,795,635	503,683
BALANCE SHEET ITEMS
Total Borrowings	0	0
Total Liabilities	12,340,145	11,991,724
Total Assets	22,147,827	19,658,425
Net Assets	10,120,720	7,899,267
Net Assets Backing	9,807,682	7,666,701
Shareholders' Funds	9,807,682	7,666,701
Total Share Capital	2,000,000	2,000,000
Total Reserves	7,807,682	5,666,701
LIQUIDITY (Times)
Cash Ratio	0.09	0.04
Liquid Ratio	1.42	1.06
Current Ratio	1.44	1.32
WORKING CAPITAL CONTROL (Days)
Stock Ratio	1	18
Debtors Ratio	23	27
Creditors Ratio	7	3
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00
Liabilities Ratio	1.26	1.56
Times Interest Earned Ratio	27.96	(28.25)
Assets Backing Ratio	5.06	3.95
PERFORMANCE RATIO (%)
Operating Profit Margin	2.42	(1.40)
Net Profit Margin	2.87	(1.29)
Return On Net Assets	18.77	(10.85)
Return On Capital Employed	18.77	(10.85)
Return On Shareholders' Funds/Equity	22.13	(10.72)
Dividend Pay Out Ratio (Times)	0.00	0.00
NOTES TO ACCOUNTS
Contingent Liabilities	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 61.06
UK Pound	1	Rs. 102.76
Euro	1	Rs. 84.48

INFORMATION DETAILS

Analysis Done by :	SMT
Report Prepared by :	DPT

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.