MIRA INFORM REPORT

Report Date :

26.04.2014

IDENTIFICATION DETAILS

Name :	HUSKY INJECTION MOLDING SYSTEMS SINGAPORE PTE. LTD.
Registered Office :	67 ,Ubi Avenue 1, 06-11, Starhub Green, 408942,
Country :	Singapore
Financials (as on) :	31.12.2012
Date of Incorporation :	04.10.1994
Com. Reg. No.:	199407150-K
Legal Form :	Private Limited
Line of Business :	Subject is principally engaged in injection moulding, other business support services activities.
No. of Employees	100 [2014]

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, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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.	:	199407150-K
COMPANY NAME	:	HUSKY INJECTION MOLDING SYSTEMS SINGAPORE PTE. LTD.
FORMER NAME	:	N/A
INCORPORATION DATE	:	04/10/1994
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	67 ,UBI AVENUE 1, 06-11, STARHUB GREEN, 408942, SINGAPORE.
BUSINESS ADDRESS	:	67 UBI AVENUE 1 #06-11 STARHUB GREEN,, 408942, SINGAPORE.
TEL.NO.	:	65-62768616
FAX.NO.	:	65-65425938
WEB SITE	:	WWW.HUSKY.CO
CONTACT PERSON	:	ISAAC CHENG ( DIRECTOR )
PRINCIPAL ACTIVITY	:	INJECTION MOULDING, OTHER BUSINESS SUPPORT SERVICES ACTIVITIES
ISSUED AND PAID UP CAPITAL	:	11,037,086.00 ORDINARY SHARE, OF A VALUE OF SGD 28,458,284.51
SALES	:	USD 149,032,732 [2012]
NET WORTH	:	USD 38,675,639 [2012]
STAFF STRENGTH	:	100 [2014]
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	STABLE
PAYMENT	:	PROMPT
MANAGEMENT CAPABILITY	:	GOOD
COMMERCIAL RISK	:	N/A
CURRENCY EXPOSURE	:	N/A
GENERAL REPUTATION	:	GOOD
INDUSTRY OUTLOOK	:	MATURE

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) injection moulding, other business support services activities.

The immediate holding company of the Subject is HUSKY INJECTION MOLDING SYSTEMS LTD, a company incorporated in CANADA.

The penultimate holding company of the Subject is HUSKY INTERNATIONAL LTD., a company incorporated in CANADA.

Share Capital History

Date	Issue & Paid Up Capital
23/04/2014	SGD 28,458,284.51
15/02/2013	SGD 27,826,284.51

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
HUSKY INJECTION MOLDING SYSTEMS LTD	500, QUEEN STREET S BOLTON, ONTARIO, L7E 5S5, CANADA.	T08UF0159	11,037,086.00	100.00
			---------------	------
			11,037,086.00	100.00
			============	=====

+ Also Director

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

Local No	Country	Company	(%)	As At
	THAILAND	HUSKY INJECTION MOLDING SYSTEMS (THAILAND) LTD	100.00	31/12/2012
	VIETNAM	HUSKY INJECTION MOLDING SYSTEMS VIETNAM COMPANY LTD	100.00	31/12/2012
	INDIA	HUSKY INJECTION MOLDING SYSTEMS (CHENNAI) PVT LTD	99.90	31/12/2012

DIRECTORS

DIRECTOR 1

Name Of Subject	:	ISAAC CHENG
Address	:	FLAT F, BLOCK 12, SCENEWAY GARDEN, LAM TIN KOWLOON, 12TH FLOOR, HONG KONG.
IC / PP No	:	BA653600
Nationality	:	CANADIAN
Date of Appointment	:	04/11/2004

DIRECTOR 2

Name Of Subject	:	DINESH S. BUDAPANAHALLI
Address	:	132, TANJONG RHU ROAD, 04-05, PEBBLE BAY, 436919, SINGAPORE.
IC / PP No	:	G5631473W
Nationality	:	AMERICAN
Date of Appointment	:	29/02/2008

DIRECTOR 3

Name Of Subject	:	CHRISTOPHER CHARLES NORMAN VOLLMERSHAUSEN
Address	:	909-318, KING STREET EAST, TORONTO, ONTARIO, M5A 0C1, CANADA.
IC / PP No	:	WQ661853
Nationality	:	CANADIAN
Date of Appointment	:	29/03/2013
Remark	:	ALTERNATE DIRECTOR TO DINESH S. BUDAPANAHALLI

DIRECTOR 4

Name Of Subject	:	MARK ANDREW WITKOWSKI
Address	:	7115, GABLEHURST CRESCENT, MISSISSAUGA, ONTARIO, L5W 1E7, CANADA.
IC / PP No	:	WQ154705
Nationality	:	CANADIAN
Date of Appointment	:	05/02/2012
Remark	:	ALTERNATE DIRECTOR TO ISAAC CHENG

DIRECTOR 5

Name Of Subject	:	MICHAEL PATRICK MCKENDRY
Address	:	6, PARK MEADOW DRIVE, CALEDON ONTARIO, L4N 1E9, CANADA.
IC / PP No	:	WG273414
Nationality	:	CANADIAN
Date of Appointment	:	31/07/2008

DIRECTOR 6

Name Of Subject	:	KARL HEINZ HOEFERT
Address	:	62, HOLLAND GROVE VIEW, 276219, SINGAPORE.
IC / PP No	:	F1246700K
Nationality	:	GERMAN
Date of Appointment	:	05/02/2012

MANAGEMENT

1)	Name of Subject	:	ISAAC CHENG
	Position	:	DIRECTOR

AUDITOR

Auditor	:	ERNST & YOUNG LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	JUSTINA SOON HSU-LIN
	IC / PP No	:	S7497243H
	Address	:	50, BUKIT BATOK STREET 31, 15-03, THE MADEIRA, 659442, SINGAPORE.

2)	Company Secretary	:	ANNE CHOO
	IC / PP No	:	S1256587I
	Address	:	34, JALAN REBANA, FABER GARDEN, 577003, 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 againt 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	:	N/A
Overseas	:	N/A

The Subject refused to disclose its clientele.

OPERATIONS

Services

:

INJECTION MOULDING, OTHER BUSINESS SUPPORT SERVICES ACTIVITIES

Total Number of Employees:
YEAR	2014
GROUP	N/A
COMPANY	100

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) injection moulding, other business support services activities.

The Group is the world's largest brand name supplier of manufacturing solutions, including tooling, systems and services, to customers in its core markets.

The Group designs and manufactures a broad range of injection molding machines, hot runners, robots, molds and integrated systems.

With one of the broadest product lines in the industry, its equipment is used to manufacture a wide range of plastic products such as bottles and caps for beverages, containers for food, automotive components, and consumer electronic parts.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	6562768616
Current Telephone Number	:	65-62768616
Match	:	YES
Address Provided by Client	:	67, UBI AVENUE #1, 06-11 STRARHUB GREEN, SINGAPORE 408942
Current Address	:	67 UBI AVENUE 1 #06-11 STARHUB GREEN,, 408942, SINGAPORE.
Match	:	YES

Other Investigations

we contacted one of the staff from the Subject and she only provided limited information.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	61.91%	]
Profit/(Loss) Before Tax	:	Increased	[	3.01%	]
Return on Shareholder Funds	:	Acceptable	[	27.92%	]
Return on Net Assets	:	Acceptable	[	29.31%	]
The increase in turnover could be due to the Subject adopting an aggressive marketing strategy.The Subject's management have been efficient in controlling its operating costs. The Subject's management had generated acceptable return for its shareholders using its assets.
Working Capital Control
Stock Ratio	:	Favourable	[	26 Days	]
Debtor Ratio	:	Acceptable	[	57 Days	]
Creditors Ratio	:	Favourable	[	2 Days	]
The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The Subject's management was quite efficient in handling its debtors. The Subject's debtors days were at an acceptable range, thus the risk of its debts turning bad was minimised. 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	[	1.10 Times	]
Current Ratio	:	Unfavourable	[	1.24 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	:	Nil	[	0.00 Times	]
Gearing Ratio	:	Favourable	[	0.00 Times	]
The Subject's interest cover was nil as it did not pay any interest during the year. 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 :
Generally, the Subject's performance has improved with higher turnover and profit. 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. The Subject did not make any interest payment during the year. The Subject was dependent on its shareholders' funds to finance its business needs. 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 : STABLE

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 :	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 1994, the Subject is a Private Limited company, focusing on injection moulding, other business support services activities. With its long establishment in the market, the Subject 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. Having strong support from its shareholder has enabled the Subject to remain competitive despite the challenging business environment. The Subject is a large entity with strong capital position. We are confident with the Subject's business and its future growth prospect.

Being a moderate size company, the Subject has a total workforce of 100 employees in its business operations. The Subject has a good management capability. Its capable management team has enabled the Subject to keep its business on going. Hence, the future prospect of the Subject is bright.

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 38,675,639, the Subject should be able to maintain its business in the near terms.

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 has reached its optimum level and is generally stable. It is saturated and very competitive. Thus, the Subject'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 Subject promptly.

PROFIT AND LOSS ACCOUNT

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

HUSKY INJECTION MOLDING SYSTEMS SINGAPORE 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	149,032,732	92,046,966
	----------------	----------------
Total Turnover	149,032,732	92,046,966
Costs of Goods Sold	(128,247,711)	(78,054,097)
	----------------	----------------
Gross Profit	20,785,021	13,992,869
	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	11,337,450	11,005,714
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	11,337,450	11,005,714
Taxation	(538,752)	(1,082,689)
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	10,798,698	9,923,025
	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	12,949,569	11,776,544
	----------------	----------------
As restated	12,949,569	11,776,544
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	23,748,267	21,699,569
DIVIDENDS - Ordinary (paid & proposed)	(6,741,507)	(8,750,000)
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	17,006,760	12,949,569
	=============	=============

BALANCE SHEET

HUSKY INJECTION MOLDING SYSTEMS SINGAPORE PTE. LTD.

ASSETS EMPLOYED:
FIXED ASSETS	335,171	1,527,088
LONG TERM INVESTMENTS/OTHER ASSETS
Subsidiary companies	299,810	299,810
Deferred assets	196,337	64,462
Others	19,642,943	15,766,997
	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	20,139,090	16,131,269
	----------------	----------------
TOTAL LONG TERM ASSETS	20,474,261	17,658,357
Stocks	10,524,628	15,940,003
Trade debtors	23,089,999	14,668,116
Other debtors, deposits & prepayments	703,400	1,332,126
Amount due from holding company	52,685,761	51,763,398
Amount due from subsidiary companies	3,515,774	2,881,864
Amount due from related companies	537,860	107,817,006
Cash & bank balances	2,235,104	2,660,067
	----------------	----------------
TOTAL CURRENT ASSETS	93,292,526	197,062,580
	----------------	----------------
TOTAL ASSET	113,766,787	214,720,937
	=============	=============
CURRENT LIABILITIES
Trade creditors	737,912	250,634
Other creditors & accruals	2,240,468	1,997,993
Deposits from customers	6,384,126	9,727,034
Amounts owing to holding company	46,160,079	132,425,973
Amounts owing to subsidiary companies	642,315	258,613
Amounts owing to related companies	18,513,085	49,139,214
Provision for taxation	407,435	570,627
Other liabilities	5,728	3,964
	----------------	----------------
TOTAL CURRENT LIABILITIES	75,091,148	194,374,052
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	18,201,378	2,688,528
	----------------	----------------
TOTAL NET ASSETS	38,675,639	20,346,885
	=============	=============
SHARE CAPITAL
Ordinary share capital	21,668,879	7,397,316
	----------------	----------------
TOTAL SHARE CAPITAL	21,668,879	7,397,316
Retained profit/(loss) carried forward	17,006,760	12,949,569
	----------------	----------------
TOTAL RESERVES	17,006,760	12,949,569
	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	38,675,639	20,346,885
	----------------	----------------
	38,675,639	20,346,885
	=============	=============

FINANCIAL RATIO

HUSKY INJECTION MOLDING SYSTEMS SINGAPORE PTE. LTD.

TYPES OF FUNDS
Cash	2,235,104	2,660,067
Net Liquid Funds	2,235,104	2,660,067
Net Liquid Assets	7,676,750	(13,251,475)
Net Current Assets/(Liabilities)	18,201,378	2,688,528
Net Tangible Assets	38,675,639	20,346,885
Net Monetary Assets	7,676,750	(13,251,475)
BALANCE SHEET ITEMS
Total Borrowings	0	0
Total Liabilities	75,091,148	194,374,052
Total Assets	113,766,787	214,720,937
Net Assets	38,675,639	20,346,885
Net Assets Backing	38,675,639	20,346,885
Shareholders' Funds	38,675,639	20,346,885
Total Share Capital	21,668,879	7,397,316
Total Reserves	17,006,760	12,949,569
LIQUIDITY (Times)
Cash Ratio	0.03	0.01
Liquid Ratio	1.10	0.93
Current Ratio	1.24	1.01
WORKING CAPITAL CONTROL (Days)
Stock Ratio	26	63
Debtors Ratio	57	58
Creditors Ratio	2	1
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00
Liabilities Ratio	1.94	9.55
Times Interest Earned Ratio	0.00	0.00
Assets Backing Ratio	1.78	2.75
PERFORMANCE RATIO (%)
Operating Profit Margin	7.61	11.96
Net Profit Margin	7.25	10.78
Return On Net Assets	29.31	54.09
Return On Capital Employed	29.31	54.09
Return On Shareholders' Funds/Equity	27.92	48.77
Dividend Pay Out Ratio (Times)	0.62	0.88
NOTES TO ACCOUNTS
Contingent Liabilities	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.12
UK Pound	1	Rs.102.71
Euro	1	Rs.84.52

INFORMATION DETAILS

Analysis Done by :	DIV
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.