Report Date :

12.08.2014

IDENTIFICATION DETAILS

Name :	AMPLUS COMMUNICATION PTE. LTD.
Registered Office :	19A, Serangoon North Avenue 5, 554859
Country :	Singapore
Financials (as on) :	31.12.2012
Date of Incorporation :	12.01.1999
Com. Reg. No.:	199900181-D
Legal Form :	Private Limited
Line of Business :	Manufacture of telecommunications apparatus
No. of Employees	140 [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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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. 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

Company name and address

REGISTRATION NO.

:

199900181-D

COMPANY NAME

:

AMPLUS COMMUNICATION PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

12/01/1999

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

19A, SERANGOON NORTH AVENUE 5, 554859, SINGAPORE.

BUSINESS ADDRESS

:

19A SERANGOON NORTH AVE 5,, 554859, SINGAPORE.

TEL.NO.

:

65-64836089

FAX.NO.

:

65-64836098

EMAIL

:

INFO@AMPLUS.COM.SG

WEB SITE

:

WWW.AMPLUS.BIZ

CONTACT PERSON

:

CHAN WEE PIAK ( DIRECTOR )

PRINCIPAL ACTIVITY

:

MANUFACTURE OF TELECOMMUNICATIONS APPARATUS

ISSUED AND PAID UP CAPITAL

:

9,666,217.00 ORDINARY SHARE, OF A VALUE OF SGD 2,352,674.97
1,174,170.00 PREFERENCE SHARE, OF A VALUE OF SGD 469,668.00

SALES

:

SGD 28,059,417 [2012]

NET WORTH

:

SGD 13,997,324 [2012]

STAFF STRENGTH

:

140 [2014]

BANKER (S)

:

DBS BANK LTD

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

STRONG

PAYMENT

:

GOOD

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

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) manufacture of telecommunications apparatus.

Share Capital History

Date	Issue & Paid Up Capital
07/08/2014	SGD 2,822,342.97

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
CHAN WEE PIAK +	18, DEDAP LINK, 809563, SINGAPORE.	S1106773E	1,395,148.00	12.87
KOH LEAN WUI +	31, MOUNT SINAI RISE, 19-06, THE MARBELLA, 276953, SINGAPORE.	S2614775A	656,900.00	6.06
KOH LEAN WUI	31, MOUNT SINAI RISE, 19-06, THE MARBELLA, 276953, SINGAPORE.	S2614775A	656,900.00	6.06
PANG ENG POH [ORDINARY SHARE]	35, LORONG ONG LYE, 05-07, CASA ROSA, 536443, SINGAPORE.	S1412622H	263,300.00	2.43
HANG CHANG CHIEH +	39, JALAN KAMPONG CHANTEK, 588616, SINGAPORE.	S0224788G	206,000.00	1.90
HO BOON SING [ORDINARY SHARE]	48, ENG KONG PLACE, 599120, SINGAPORE.	S0018980D	117,000.00	1.08
YEO TENG PENG [ORDINARY SHARE]	14, JOO SENG ROAD, 15-105, JOO SENG HEIGHTS, 360014, SINGAPORE.	S1600132E	113,700.00	1.05
LIM TENG LYE [ORDINARY SHARE]	224, PASIR RIS STREET 21, 08-142, 510224, SINGAPORE.	S1350410E	62,000.00	0.57
QUEK YEW HOCK [ORDINARY SHARE]	18, UPPER SERANGOON VIEW, 17-13, RIO VISTA, 534202, SINGAPORE.	S1265329H	50,000.00	0.46
LEE MAN FATT [ORDINARY SHARE]	227, CHOA CHU KANG CENTRAL, 04-191, 680227, SINGAPORE.	S1487966H	45,000.00	0.42
SEOW SIN LENG [ORDINARY SHARE]	92C, YUK TONG AVENUE, 596439, SINGAPORE.	S0111654A	21,500.00	0.20
NG CHENG KUNG [ORDINARY SHARE]	526, BUKIT BATOK STREET 51, 08-112, 650526, SINGAPORE.	S2539554I	12,400.00	0.11
LIM PIAK HWA [ORDINARY SHARE]	71, GERALD DRIVE, 799014, SINGAPORE.	S1394791J	12,400.00	0.11
LIM YEOW CHUAN [ORDINARY= 1,279 & PREFERENCE= 4,971]	191, LORONG 4, TOA PAYOH, 11-652, 310191, SINGAPORE.	S0299101B	6,250.00	0.06
REMAINING SHAREHOLDERS	-	-	7,221,889.00	66.62
			---------------	------
			10,840,387.00	100.00
			============	=====

+ Also Director

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

Local No	Country	Company	(%)	As At
199900181D	SINGAPORE	AMPLUS COMMUNICATION PTE. LTD.	52.51	07/08/2014

DIRECTORS

DIRECTOR 1

Name Of Subject	:	LIM MING SEONG
Address	:	69, CHARTWELL DRIVE, SERANGOON GARDEN ESTATE, 558765, SINGAPORE.
IC / PP No	:	S0348871C
Nationality	:	SINGAPOREAN
Date of Appointment	:	02/04/2007

DIRECTOR 2

Name Of Subject	:	HANG CHANG CHIEH
Address	:	39, JALAN KAMPONG CHANTEK, 588616, SINGAPORE.
IC / PP No	:	S0224788G
Nationality	:	SINGAPOREAN
Date of Appointment	:	04/11/1999
Remark	:	ORDINARY SHARE

DIRECTOR 3

Name Of Subject	:	KOH LEAN WUI
Address	:	31, MOUNT SINAI RISE, 19-06, THE MARBELLA, 276953, SINGAPORE.
IC / PP No	:	S2614775A
Nationality	:	SINGAPOREAN
Date of Appointment	:	01/01/2000
Remark	:	ORDINARY SHARE

DIRECTOR 4

Name Of Subject	:	CHAN WEE PIAK
Address	:	18, DEDAP LINK, 809563, SINGAPORE.
IC / PP No	:	S1106773E
Nationality	:	SINGAPOREAN
Date of Appointment	:	12/01/1999
Remark	:	PREFERENCE= 326,104 & ORDINARY= 1,069,044

MANAGEMENT

1)	Name of Subject	:	CHAN WEE PIAK
	Position	:	DIRECTOR

AUDITOR

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

COMPANY SECRETARIES

1)	Company Secretary	:	KOH LEAN WUI
	IC / PP No	:	S2614775A
	Address	:	31, MOUNT SINAI RISE, 19-06, THE MARBELLA, 276953, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

DBS BANK LTD

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C200605210	08/08/2006	N/A	DBS BANK LTD.	-	Unsatisfied
C200701939	09/03/2007	N/A	DBS BANK LTD.	-	Unsatisfied
C201213299	17/11/2012	N/A	DBS BANK LTD.	-	Unsatisfied

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	:	YES
Overseas	:	YES

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	[	X	]	Average 61-90 Days	[	]
Fair 91-120 Days	[	]	Poor >120 Days	[		]

CLIENTELE

Local	:	YES
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	ASIA
Credit Term	:	AS AGREED
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Products manufactured

:

TELECOMMUNICATIONS APPARATUS

Services

:

WIRELESS COMMUNICATION SERVICES

Total Number of Employees:
YEAR	2014
GROUP	N/A
COMPANY	140

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) manufacture of telecommunications apparatus.

Amplus Communication is a global RF, microwave and millimeter-wave service company that offers leading-edge technologies to the wireless communication and defence electronics industries.

The Subject is a leading Design, Engineering and Manufacturing company in South East Asia.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-64836089
Match	:	N/A
Address Provided by Client	:	19A SERANGOON NORTH AVE 5,554859 SINGAPORE
Current Address	:	19A SERANGOON NORTH AVE 5,, 554859, SINGAPORE.
Match	:	YES

Other Investigations

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

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	2009 - 2012	]
Profit/(Loss) Before Tax	:	Increased	[	2009 - 2012	]
Return on Shareholder Funds	:	Acceptable	[	12.32%	]
Return on Net Assets	:	Acceptable	[	12.69%	]
The Subject's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.The higher profit could be attributed to the increase in turnover. The Subject's management had generated acceptable return for its shareholders using its assets.
Working Capital Control
Stock Ratio	:	Unfavourable	[	107 Days	]
Debtor Ratio	:	Favourable	[	51 Days	]
Creditors Ratio	:	Favourable	[	47 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 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	[	1.41 Times	]
Current Ratio	:	Favourable	[	2.67 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	[	34.73 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 :
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. 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 :	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 1999, the Subject is a Private Limited company, focusing on manufacture of telecommunications apparatus. 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. 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. The Subject is a fairly large and rapidly growing company with over 140 staff in its 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 SGD 13,997,324, 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. The Subject'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 Subject has a good control over its resources.

Overall, the Subject's payment habit is good as the Subject 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 has reached its optimum level and is generally stable. It is saturated and very competitive. As the Subject is long presence in the market, it should have acquired competitive edge against other players in the same fields.

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.

AMPLUS COMMUNICATION PTE. LTD.

Financial Year End	2012-12-31	2011-12-31	2010-12-31	2009-12-31
Months	12	12	12	12
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	SGD	SGD	SGD	SGD
TURNOVER	28,059,417	24,180,735	17,782,393	17,667,123
Other Income	13,046	241,783	-	-
	----------------	----------------	----------------	----------------
Total Turnover	28,072,463	24,422,518	17,782,393	17,667,123
Costs of Goods Sold	(17,993,639)	(17,142,028)	(11,157,295)	(11,805,826)
	----------------	----------------	----------------	----------------
Gross Profit	10,078,824	7,280,490	6,625,098	5,861,297
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	1,725,009	1,195,455	1,242,517	318,528
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	1,725,009	1,195,455	1,242,517	318,528
Taxation	-	-	249,174	82,943
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	1,725,009	1,195,455	1,491,691	401,471
	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	9,081,421	7,885,966	6,394,275	5,992,804
	----------------	----------------	----------------	----------------
As restated	9,081,421	7,885,966	6,394,275	5,992,804
	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	10,806,430	9,081,421	7,885,966	6,394,275
	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	10,806,430	9,081,421	7,885,966	6,394,275
	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Term loan / Borrowing	-	-	5,256	58,009
Others	51,147	106,706	115,608	115,608
	----------------	----------------	----------------	----------------
	51,147	106,706	120,864	173,617
	=============	=============	=============	=============

BALANCE SHEET

AMPLUS COMMUNICATION PTE. LTD.

ASSETS EMPLOYED:
FIXED ASSETS	3,083,189	3,151,367	786,493	697,613
Deferred assets	-	-	104,850	-
Others	-	-	2,206,818	1,609,091
	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	-	-	2,311,668	1,609,091
	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	3,083,189	3,151,367	3,098,161	2,306,704
Stocks	8,258,617	6,692,602	8,334,727	3,467,483
Trade debtors	3,894,052	4,475,855	3,040,604	2,712,657
Other debtors, deposits & prepayments	382,119	428,454	300,252	378,877
Short term deposits	311,706	182,792	296,241	207,384
Amount due from related companies	132,790	424,268	-	445,705
Cash & bank balances	3,950,017	2,932,856	1,319,837	4,666,038
Others	517,461	358,421	1,921,570	1,043,006
	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	17,446,762	15,495,248	15,213,231	12,921,150
	----------------	----------------	----------------	----------------
TOTAL ASSET	20,529,951	18,646,615	18,311,392	15,227,854
	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	2,319,510	2,503,022	2,233,188	1,415,376
Other creditors & accruals	2,923,490	1,415,747	1,170,589	1,290,303
Short term borrowings/Term loans	-	-	3,703,891	2,785,408
Other liabilities	1,289,627	2,576,089	-	60
	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	6,532,627	6,494,858	7,107,668	5,491,147
	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	10,914,135	9,000,390	8,105,563	7,430,003
	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	13,997,324	12,151,757	11,203,724	9,736,707
	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	1,905,045	2,328,233	2,892,071	2,892,071
Preference share capital	1,000,000	1,000,000	241,600	241,600
	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	2,905,045	3,328,233	3,133,671	3,133,671
Retained profit/(loss) carried forward	10,806,430	9,081,421	7,885,966	6,394,275
Others	285,849	(257,897)	184,087	106,437
	----------------	----------------	----------------	----------------
TOTAL RESERVES	11,092,279	8,823,524	8,070,053	6,500,712
	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	13,997,324	12,151,757	11,203,724	9,634,383
Deferred taxation	-	-	-	102,324
	----------------	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	-	-	-	102,324
	----------------	----------------	----------------	----------------
	13,997,324	12,151,757	11,203,724	9,736,707
	=============	=============	=============	=============

FINANCIAL RATIO

AMPLUS COMMUNICATION PTE. LTD.

TYPES OF FUNDS
Cash	4,261,723	3,115,648	1,616,078	4,873,422
Net Liquid Funds	4,261,723	3,115,648	1,616,078	4,873,422
Net Liquid Assets	2,655,518	2,307,788	(229,164)	3,962,520
Net Current Assets/(Liabilities)	10,914,135	9,000,390	8,105,563	7,430,003
Net Tangible Assets	13,997,324	12,151,757	11,203,724	9,736,707
Net Monetary Assets	2,655,518	2,307,788	(229,164)	3,860,196
BALANCE SHEET ITEMS
Total Borrowings	0	0	3,703,891	2,785,408
Total Liabilities	6,532,627	6,494,858	7,107,668	5,593,471
Total Assets	20,529,951	18,646,615	18,311,392	15,227,854
Net Assets	13,997,324	12,151,757	11,203,724	9,736,707
Net Assets Backing	13,997,324	12,151,757	11,203,724	9,634,383
Shareholders' Funds	13,997,324	12,151,757	11,203,724	9,634,383
Total Share Capital	2,905,045	3,328,233	3,133,671	3,133,671
Total Reserves	11,092,279	8,823,524	8,070,053	6,500,712
LIQUIDITY (Times)
Cash Ratio	0.65	0.48	0.23	0.89
Liquid Ratio	1.41	1.36	0.97	1.72
Current Ratio	2.67	2.39	2.14	2.35
WORKING CAPITAL CONTROL (Days)
Stock Ratio	107	101	171	72
Debtors Ratio	51	68	62	56
Creditors Ratio	47	53	73	44
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00	0.33	0.29
Liabilities Ratio	0.47	0.53	0.63	0.58
Times Interest Earned Ratio	34.73	12.20	11.28	2.83
Assets Backing Ratio	4.82	3.65	3.58	3.11
PERFORMANCE RATIO (%)
Operating Profit Margin	6.15	4.94	6.99	1.80
Net Profit Margin	6.15	4.94	8.39	2.27
Return On Net Assets	12.69	10.72	12.17	5.05
Return On Capital Employed	12.69	10.72	12.17	5.05
Return On Shareholders' Funds/Equity	12.32	9.84	13.31	4.17
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.61.12
UK Pound	1	Rs.103.54
Euro	1	Rs.81.87

INFORMATION DETAILS

Analysis Done by :	SUM
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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