MIRA INFORM REPORT

Report Date :

08.08.2014

IDENTIFICATION DETAILS

Name :	CCD (SINGAPORE) PTE. LTD.
Registered Office :	29, Tembusu Avenue, 627535
Country :	Singapore
Financials (as on) :	31.12.2013
Date of Incorporation :	23.03.2010
Com. Reg. No.:	201006128-H
Legal Form :	Private Limited
Line of Business :	Manufacturer of chemical products
No of Employees :	100 [2014]

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow
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 – June 01, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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.	:	201006128-H
COMPANY NAME	:	CCD (SINGAPORE) PTE. LTD.
FORMER NAME	:	N/A
INCORPORATION DATE	:	23/03/2010
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	29, TEMBUSU AVENUE, 627535, SINGAPORE.
BUSINESS ADDRESS	:	29, TEMBUSU AVENUE, JURONG ISLAND, 627535, SINGAPORE.
TEL.NO.	:	65-62280585
FAX.NO.	:	N/A
CONTACT PERSON	:	LIM TIONG BENG ( DIRECTOR )
PRINCIPAL ACTIVITY	:	MANUFACTURE OF CHEMICAL PRODUCTS
ISSUED AND PAID UP CAPITAL	:	201,000,000.00 ORDINARY SHARE, OF A VALUE OF USD 201,000,000.00
SALES	:	USD 233,744,997 [2013]
NET WORTH	:	USD 163,760,074 [2013]
STAFF STRENGTH	:	100 [2014]
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	POOR
PAYMENT	:	FAIR
MANAGEMENT CAPABILITY	:	AVERAGE
COMMERCIAL RISK	:	N/A
CURRENCY EXPOSURE	:	N/A
GENERAL REPUTATION	:	SATISFACTORY

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) manufacture of chemical products.

The ultimate holding company of the Subject is DAIREN CHEMICAL CORPORATION, a company incorporated in TAIWAN.

Share Capital History

Date	Issue & Paid Up Capital
07/08/2014	USD 201,000,000.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
DAIREN CHEMICAL CORPORATION	301, SONGKIANG RAOD, TAIPEI, 7TH FLOOR, 104, TAIWAN.	T10UF0733	100,500,000.00	50.00
CHANG CHUN PLASTICS CO., LTD	301, SONGKIANG ROAD, TAIPEI, 7TH FLOOR, 104, TAIWAN.	S96UF0574	50,250,000.00	25.00
CHANG CHUN PETROCHEMICAL CO., LTD	301, SONGKIANG ROAD, TAIPEI, 7TH FLOOR, 104, TAIWAN.	S96UF0573	50,250,000.00	25.00
			---------------	------
			201,000,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	CHEN,NINE-WEN
Address	:	11-2, JING 2ND ST TAOYUAN CITY, TAOYUAN COUNTY, 4TH FLOOR, 33071, TAIWAN.
IC / PP No	:	306322495
Nationality	:	TAIWANESE
Date of Appointment	:	23/03/2010

DIRECTOR 2

Name Of Subject	:	CHEN, JUNG-TSUNG
Address	:	60, ALLEY 140, LANE 101, SECTION 4, XINHAI ROAD, WENSHAN DISTRICT, TAIPEI CITY, 116, TAIWAN.
IC / PP No	:	307003506
Nationality	:	TAIWANESE
Date of Appointment	:	23/03/2010

DIRECTOR 3

Name Of Subject	:	TSENG, CHENG
Address	:	40, ZHONGYONG, 5TH ROAD, SHILIN DISTRICT, TAIPEI CITY, 111, TAIWAN.
IC / PP No	:	213017628
Nationality	:	TAIWANESE
Date of Appointment	:	23/03/2010

DIRECTOR 4

Name Of Subject	:	HO-CHING HUANG
Address	:	16, SHIN-YI ROAD, BEITOU TAIPEI, 7TH FLOOR, TAIWAN.
IC / PP No	:	216482142
Nationality	:	TAIWANESE
Date of Appointment	:	23/03/2010

DIRECTOR 5

Name Of Subject	:	HUANG, FU-CHU
Address	:	85, JURONG WEST CENTRAL 3, 05-44, THE CENTRIS, 648342, SINGAPORE.
IC / PP No	:	G5126793T
Nationality	:	TAIWANESE
Date of Appointment	:	23/03/2010

DIRECTOR 6

Name Of Subject	:	LIN, EN-TEH
Address	:	4-161, SONGPU N LN NIAOSONG DISTRICT, KAOHSIUNG CITY, 833, TAIWAN.
IC / PP No	:	302100447
Nationality	:	TAIWANESE
Date of Appointment	:	23/03/2010

DIRECTOR 7

Name Of Subject	:	LIN, SHEAN-TUNG
Address	:	7, ALLEY 12, LANE 41, SECTION 2, YANGDE BOULEVARD, SHILIN DISTRICT, TAIPEI CITY, 111, TAIWAN.
IC / PP No	:	300862355
Date of Appointment	:	23/03/2010

DIRECTOR 8

Name Of Subject	:	SU, SHIH-KUANG
Address	:	5, ALLEY 4, LANE 97, SECTION 4, MINSHENG E. ROAD, SONGSHAN DISTRICT, TAIPEY CITY, 105, TAIWAN.
IC / PP No	:	306307066
Nationality	:	TAIWANESE
Date of Appointment	:	23/03/2010

DIRECTOR 9

Name Of Subject	:	LIM TIONG BENG
Address	:	2, GUOK AVENUE, 119632, SINGAPORE.
IC / PP No	:	S1073678A
Nationality	:	SINGAPOREAN
Date of Appointment	:	23/03/2010

DIRECTOR 10

Name Of Subject	:	LIN, FU-SHEN
Address	:	79, SECTION 1 XINHAI ROAD, DAAN DISTRICT, TAIPEI CITY, 3RD FLOOR, TAIWAN.
IC / PP No	:	301489567
Nationality	:	TAIWANESE
Date of Appointment	:	23/03/2010

DIRECTOR 11

Name Of Subject	:	LIAO, LONG-SHING
Address	:	5, SECTION 3, XHONGSHAN, NORTH ROAD, ZHONGSHAN DISTRICT, TAIPEI CITY, 104, TAIWAN.
IC / PP No	:	301444753
Nationality	:	TAIWANESE
Date of Appointment	:	23/03/2010

MANAGEMENT

1)	Name of Subject	:	LIAO, LONG-SHING
	Position	:	MANAGING DIRECTOR

2)	Name of Subject	:	LIM TIONG BENG
	Position	:	DIRECTOR

AUDITOR

Auditor	:	M S ONG & ASSOCIATES
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	CHAN CHOW PHENG
	IC / PP No	:	S1298885J
	Address	:	59, TELOK BLANGAH HEIGHTS, 04-11, 100059, 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 any information on its trade 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	[		]	Good 31-60 Days	[	]	Average 61-90 Days	[	]
Fair 91-120 Days	[	X	]	Poor >120 Days	[	]

CLIENTELE

Local	:	N/A
Overseas	:	N/A

The Subject refused to disclose any information on its clientele.

OPERATIONS

Products manufactured

:

CHEMICAL PRODUCTS

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) manufacture of chemical products.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-62280585
Match	:	N/A
Address Provided by Client	:	29, TEMBUSU AVENUE, JURONG ISLAND SINGAPORE 627535
Current Address	:	29, TEMBUSU AVENUE, JURONG ISLAND, 627535, SINGAPORE.
Match	:	YES

Other Investigations

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

She refused to disclose its number of employees, fax number and its bankers.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	(0.00%)	]
Profit/(Loss) Before Tax	:	Increased	[	(789.58%)	]
Return on Shareholder Funds	:	Unfavourable	[	(19.78%)	]
Return on Net Assets	:	Unfavourable	[	(10.41%)	]
The higher turnover could be attributed to the favourable market condition. Higher losses before tax during the year could be due to the higher operating costs incurred. The Subject's unfavourable returns on shareholders' funds indicate the management's inefficiency in utilising its assets to generate returns.
Working Capital Control
Stock Ratio	:	Unfavourable	[	81 Days	]
Debtor Ratio	:	Favourable	[	45 Days	]
Creditors Ratio	:	Unfavourable	[	86 Days	]
The Subject could be incurring higher holding cost. As its capital was tied up in stocks, it could face liquidity problems. The favourable debtors' days could be due to the good credit control measures implemented by the Subject. The unfavourable creditors' ratio could be due to the Subject taking advantage of the credit granted by its suppliers. However this may affect the goodwill between the Subject and its suppliers and the Subject may inadvertently have to pay more for its future supplies.
Liquidity
Liquid Ratio	:	Unfavourable	[	0.66 Times	]
Current Ratio	:	Unfavourable	[	0.91 Times	]
A low liquid ratio means that the Subject may be facing working capital deficiency. If the Subject cannot obtain additional financing or injection of fresh capital, it may face difficulties in meeting its short term obligations.
Solvency
Interest Cover	:	Unfavourable	[	(22.13 Times)	]
Gearing Ratio	:	Unfavourable	[	1.64 Times	]
The Subject incurred losses in the year. It did not generate sufficient income to service its interest.  If the situation does not improve, the Subject may be vulnerable to default in servicing the interest. The Subject was highly geared, thus it had a high financial risk. The Subject was dependent on loans to finance its business needs. In times of economic downturn and / or high interest rate, the Subject will become less profitable and competitive than other firms in the same industry, which are lowly geared. This is because the Subject has to service the interest and to repay the loan, which will erode part of its profits. The profits will fluctuate depending on the Subject's turnover and the interest it needs to pay.
Overall Assessment :
Although the Subject's turnover increased its profits however showed a reverse trend. The losses could be due to the management's failure to maintain its competitiveness in the market. Due to its weak liquidity position, the Subject will be faced with problems in meeting all its short term obligations if no short term loan is obtained or additional capital injected into the Subject. The Subject's interest cover was negative, indicating that it did not generate sufficient income to service its interest. If its result does not show impressive improvements or succeed obtaining short term financing or capital injection, it may not be able to service its interest and repay the loans. The Subject'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 Subject : POOR

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 construction related 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 2010, the Subject is a Private Limited company, focusing on manufacture of chemical products. The Subject has been in business for less than 5 years and it has slowly been building up contact with its clients while competing in the industry. However, it has yet to enjoy a stable market shares as it need to compete many well established players in the same field. Having strong support from its shareholders 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. 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.

Despite the higher turnover, the Subject suffered pre-tax losses which reflected a highly competitive business environment. The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. Due to its weak liquidity position, the Subject may face working capital deficiency in meeting its short term financial obligations if no fresh capital are injected into the Subject. The high gearing ratio clearly implied that the Subject was supported by more debt than equity. Thus, the Subject is exposed to high financial risk. Given a positive net worth standing at USD 163,760,074, the Subject should be able to maintain its business in the near terms.

The Subject's overall payment habit is fair and this clearly implied a weak credit control of the Subject.

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.

In view of the above, we recommend credit be granted to the Subject with close monitoring.

PROFIT AND LOSS ACCOUNT

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

CCD (SINGAPORE) PTE. LTD.

Financial Year End	2013-12-31	2012-12-31	2011-12-31	2010-12-31
Months	12	12	12	9
Consolidated Account	Company	Company	Company	Company
Audited Account	YES	YES	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES	YES	YES
Financial Type	FULL	FULL	FULL	FULL
Currency	USD	USD	USD	USD
TURNOVER	233,744,997	-	0	0
Other Income	2,439,576	-	-	-
	----------------	----------------	----------------	----------------
Total Turnover	236,184,573	-	-	-
Costs of Goods Sold	(245,448,792)	-	-	-
	----------------	----------------	----------------	----------------
Gross Profit	(9,264,219)	-	-	-
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	(32,384,525)	(3,640,414)	(1,173,381)	(41,606)
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	(32,384,525)	(3,640,414)	(1,173,381)	(41,606)
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	(32,384,525)	(3,640,414)	(1,173,381)	(41,606)
	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	(4,855,401)	(1,214,987)	(41,606)	-
	----------------	----------------	----------------	----------------
As restated	(4,855,401)	(1,214,987)	(41,606)	-
	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	(37,239,926)	(4,855,401)	(1,214,987)	(41,606)
	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	(37,239,926)	(4,855,401)	(1,214,987)	(41,606)
	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Others	1,399,881	-	-	-
	----------------	----------------	----------------	----------------
	1,399,881	-	-	-
	=============

BALANCE SHEET

CCD (SINGAPORE) PTE. LTD.

ASSETS EMPLOYED:
FIXED ASSETS	316,534,088	278,323,857	57,896,792	-
Others	296,895	394,824	-	-
	----------------	----------------	----------------	----------------
TOTAL INTANGIBLE ASSETS	296,895	394,824	-	-
	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	316,830,983	278,718,681	57,896,792	-
Stocks	51,970,873	-	-	-
Trade debtors	28,714,135	-	-	-
Other debtors, deposits & prepayments	9,985,833	11,933,167	2,051,814	93,520
Amount due from related companies	80,252,220	287,298	-	-
Cash & bank balances	18,883,168	10,994,613	23,089,729	2,872,228
	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	189,806,229	23,215,078	25,141,543	2,965,748
	----------------	----------------	----------------	----------------
TOTAL ASSET	506,637,212	301,933,759	83,038,335	2,965,748
	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	57,865,203	-	-	-
Other creditors & accruals	5,117,059	34,788,203	11,237,177	-
Short term borrowings/Term loans	135,080,813	-	-	-
Other liabilities & accruals	-	-	16,145	7,354
Amounts owing to holding company	6,021,672	-	-	-
Amounts owing to related companies	4,792,391	957	-	-
	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	208,877,138	34,789,160	11,253,322	7,354
	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	(19,070,909)	(11,574,082)	13,888,221	2,958,394
	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	297,760,074	267,144,599	71,785,013	2,958,394
	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	201,000,000	172,000,000	73,000,000	3,000,000
	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	201,000,000	172,000,000	73,000,000	3,000,000
Retained profit/(loss) carried forward	(37,239,926)	(4,855,401)	(1,214,987)	(41,606)
	----------------	----------------	----------------	----------------
TOTAL RESERVES	(37,239,926)	(4,855,401)	(1,214,987)	(41,606)
	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	163,760,074	167,144,599	71,785,013	2,958,394
Long term loans	134,000,000	100,000,000	-	-
	----------------	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	134,000,000	100,000,000	-	-
	----------------	----------------	----------------	----------------
	297,760,074	267,144,599	71,785,013	2,958,394
	=============	=============	=============	=============

FINANCIAL RATIO

CCD (SINGAPORE) PTE. LTD.

TYPES OF FUNDS
Cash	18,883,168	10,994,613	23,089,729	2,872,228
Net Liquid Funds	18,883,168	10,994,613	23,089,729	2,872,228
Net Liquid Assets	(71,041,782)	(11,574,082)	13,888,221	2,958,394
Net Current Assets/(Liabilities)	(19,070,909)	(11,574,082)	13,888,221	2,958,394
Net Tangible Assets	297,463,179	266,749,775	71,785,013	2,958,394
Net Monetary Assets	(205,041,782)	(111,574,082)	13,888,221	2,958,394
BALANCE SHEET ITEMS
Total Borrowings	269,080,813	100,000,000	0	0
Total Liabilities	342,877,138	134,789,160	11,253,322	7,354
Total Assets	506,637,212	301,933,759	83,038,335	2,965,748
Net Assets	297,760,074	267,144,599	71,785,013	2,958,394
Net Assets Backing	163,760,074	167,144,599	71,785,013	2,958,394
Shareholders' Funds	163,760,074	167,144,599	71,785,013	2,958,394
Total Share Capital	201,000,000	172,000,000	73,000,000	3,000,000
Total Reserves	(37,239,926)	(4,855,401)	(1,214,987)	(41,606)
LIQUIDITY (Times)
Cash Ratio	0.09	0.32	2.05	390.57
Liquid Ratio	0.66	0.67	2.23	403.28
Current Ratio	0.91	0.67	2.23	403.28
WORKING CAPITAL CONTROL (Days)
Stock Ratio	81	0	0	0
Debtors Ratio	45	0	0	0
Creditors Ratio	86	0	0	0
SOLVENCY RATIOS (Times)
Gearing Ratio	1.64	0.60	0.00	0.00
Liabilities Ratio	2.09	0.81	0.16	0.00
Times Interest Earned Ratio	(22.13)	0.00	0.00	0.00
Assets Backing Ratio	1.48	1.55	0.98	0.99
PERFORMANCE RATIO (%)
Operating Profit Margin	(13.85)	0.00	0.00	0.00
Net Profit Margin	(13.85)	0.00	0.00	0.00
Return On Net Assets	(10.41)	(1.36)	(1.63)	(1.41)
Return On Capital Employed	(10.40)	(1.36)	(1.63)	(1.41)
Return On Shareholders' Funds/Equity	(19.78)	(2.18)	(1.63)	(1.41)
Dividend Pay Out Ratio (Times)	0.00	0.00	0.00	0.00
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 61.41
UK Pound	1	Rs. 103.42
Euro	1	Rs. 82.16

INFORMATION DETAILS

Analysis Done by :	KRN
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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