MIRA INFORM REPORT

Report Date :

20.08.2014

IDENTIFICATION DETAILS

Name :	TORAY INTERNATIONAL SINGAPORE PTE. LTD.
Formerly Known As :	TORAY INDUSTRIES ( SINGAPORE ) PTE LTD
Registered Office :	111, Somerset Road, 14-01, Tripleone Somerset, 238164,
Country :	Singapore
Financials (as on) :	31.03.2013
Date of Incorporation :	14.06.1982
Com. Reg. No.:	198202503-D
Legal Form :	Private Limited
Line of Business :	Trading Of Fiber, Textile, Films, Plastic Resins, Electronics, Medical Products And Chemical Materials
No. of Employees	28 [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 but correct
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.	:	198202503-D
COMPANY NAME	:	TORAY INTERNATIONAL SINGAPORE PTE. LTD.
FORMER NAME	:	TORAY INDUSTRIES ( SINGAPORE ) PTE LTD (01/10/2007)
INCORPORATION DATE	:	14/06/1982
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	111, SOMERSET ROAD, 14-01, TRIPLEONE SOMERSET, 238164, SINGAPORE.
BUSINESS ADDRESS	:	111 SOMERSET ROAD, 14-01, TRIPLEONE SOMERSET, 238164, SINGAPORE.
TEL.NO.	:	65-65053169
FAX.NO.	:	65-65332215
WEB SITE	:	WWW.TORAY.COM
CONTACT PERSON	:	YUKIO ISHINO ( MANAGING DIRECTOR )
PRINCIPAL ACTIVITY	:	TRADING OF FIBER, TEXTILE, FILMS, PLASTIC RESINS, ELECTRONICS, MEDICAL PRODUCTS AND CHEMICAL MATERIALS
ISSUED AND PAID UP CAPITAL	:	20,000.00 ORDINARY SHARE, OF A VALUE OF SGD 2,000,000.00
SALES	:	USD 621,783,983 [2013]
NET WORTH	:	USD 6,217,153 [2013]
STAFF STRENGTH	:	28 [2014]
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	FAIR
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 fiber, textile, films, plastic resins, electronics, medical products and chemical materials.

The immediate and ultimate holding company of the Subject is TORAY INTERNATIONAL, INC., a company incorporated in JAPAN.

Share Capital History

Date	Issue & Paid Up Capital
12/08/2014	SGD 2,000,000.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
TORAY INTERNATIONAL, INC.	4-4, NIHONBASHI, MUROMACHI, 3-CHOME CHUO-KU, 103-0022, TOKYO, JAPAN.	T07UF0080	14,000.00	70.00
TORAY INDUSTRIES, INC	1-1, NIHONBASHI, MUROMACHI, 2-CHOME CHUO-KU, 103-8666, TOKYO, JAPAN.	T06UF1849	6,000.00	30.00
			---------------	------
			20,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	KOUJI ENOMOTO
Address	:	8-1, NAKAMAGOME 3 CHOME, OOTA-KU, TOKYO, 143-00, JAPAN.
IC / PP No	:	TH6593900
Nationality	:	JAPANESE
Date of Appointment	:	12/02/2010

DIRECTOR 2

Name Of Subject	:	HIROSHI MURAKAMI
Address	:	2-14-8-304, SAKURASHINMACHI, SETAGAYA-KU, TOKYO, 154-0015, JAPAN.
IC / PP No	:	TH5212257
Nationality	:	JAPANESE
Date of Appointment	:	24/06/2010

DIRECTOR 3

Name Of Subject	:	TOSHIKI NAGASAWA
Address	:	1, LINCOLN ROAD, 19-01, MIRO, 308365, SINGAPORE.
IC / PP No	:	G5444400T
Nationality	:	JAPANESE
Date of Appointment	:	10/06/2013

DIRECTOR 4

Name Of Subject	:	YUKIO ISHINO
Address	:	16, MOUNT ELIZABETH, 16-02, RHAPSODY ON MOUNT ELIZABETH, 228513, SINGAPORE.
IC / PP No	:	F1686226Q
Nationality	:	JAPANESE
Date of Appointment	:	30/09/2011

DIRECTOR 5

Name Of Subject	:	TAKASHIGE SUZUKI
Address	:	16, MOUNT ELIZABETH, 16-02, RHAPSODY ON MOUNT ELIZABETH, 228513, SINGAPORE.
IC / PP No	:	G3070851U
Nationality	:	JAPANESE
Date of Appointment	:	04/07/2014

MANAGEMENT

1)	Name of Subject	:	TAKASHIGE SUZUKI
	Position	:	MANAGING DIRECTOR

2)	Name of Subject	:	YUKIO ISHINO
	Position	:	MANAGING DIRECTOR

AUDITOR

Auditor	:	SCS GLOBAL PAC
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	NG YOKE GEE
	IC / PP No	:	S0283905I
	Address	:	22, FLORISSA PARK, 789605, 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	:	YES
Overseas	:	YES
Import Countries	:	MALAYSIA,THAILAND,INDONESIA,HONG KONG,CHINA

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	:	AMERICAS EUROPE ASIA
Credit Term	:	AS AGREED
Payment Mode	:	CHEQUES LETTER OF CREDIT (LC)

OPERATIONS

Goods Traded

:

FIBER, TEXTILE, FILMS, PLASTIC RESINS, ELECTRONICS, MEDICAL PRODUCTS AND CHEMICAL MATERIALS

Total Number of Employees:
YEAR	2014	2013	2012
GROUP	N/A	N/A	N/A
COMPANY	28	28	30

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) trading of fiber, textile, films, plastic resins, electronics, medical products and chemical materials.

The Subject is involved in general trading products. It is marketing different kinds of products ranging from fiber, textile, films, plastic resins, electronics, medical products and chemical materials.

The business segments are :
- Fibers & Textiles
- Plastics & Chemicals
- IT-related Products
- Carbon Fiber Composites Materials
- Environment & Engineering
- Life Science & Other Business

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-65053169
Match	:	N/A
Address Provided by Client	:	111 SOMERSET ROAD, 14-01, TRIPLEONE SOMERSET,238164 SINGAPORE
Current Address	:	111 SOMERSET ROAD, 14-01, TRIPLEONE SOMERSET, 238164, SINGAPORE.
Match	:	YES

Other Investigations

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

FINANCIAL ANALYSIS

Profitability
Turnover	:	Erratic	[	2010 - 2013	]
Profit/(Loss) Before Tax	:	Increased	[	2010 - 2013	]
Return on Shareholder Funds	:	Acceptable	[	11.42%	]
Return on Net Assets	:	Acceptable	[	10.05%	]
The fluctuating turnover reflects the fierce competition among the existing and new market players.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	:	Favourable	[	0 Days	]
Debtor Ratio	:	Favourable	[	7 Days	]
Creditors Ratio	:	Favourable	[	23 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	[	1.06 Times	]
Current Ratio	:	Unfavourable	[	1.06 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	[	12.24 Times	]
Gearing Ratio	:	Unfavourable	[	2.65 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 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 turnover was erratic, the Subject had maintained a steady growth in its profit. This indicate the management's efficiency in controlling its costs and profitability. 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'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 : FAIR

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 1982, the Subject is a Private Limited company, focusing on trading of fiber, textile, films, plastic resins, electronics, medical products and chemical materials. The Subject has been in business for over 3 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 shareholder 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 small company, the Subject's business operation is supported by 28 employees. 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 lower turnover, the Subject's pre-tax profit have increased compared to the previous year. The higher profit could be due to better control of its operating costs and efficiency in utilising its resources. 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. The high gearing ratio clearly implied that the Subject was supported by more debt than equity. Given a positive net worth standing at USD 6,217,153, 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.

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 normally.

PROFIT AND LOSS ACCOUNT

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

TORAY INTERNATIONAL SINGAPORE PTE. LTD.

Financial Year End	2013-03-31	2012-03-31	2011-03-31	2010-03-31
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	USD	USD	USD	USD
TURNOVER	621,783,983	712,530,180	707,454,189	509,708,424
Other Income	177,358	223,045	171,195	-
	----------------	----------------	----------------	----------------
Total Turnover	621,961,341	712,753,225	707,625,384	509,708,424
Costs of Goods Sold	(616,006,228)	(707,452,910)	-	-
	----------------	----------------	----------------	----------------
Gross Profit	5,955,113	5,300,315	-	-
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	628,207	340,119	1,947,312	924,258
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	628,207	340,119	1,947,312	924,258
Taxation	81,980	(5,529)	(525,056)	(391,705)
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	710,187	334,590	1,422,256	532,553
	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	4,078,395	3,743,805	2,321,549	1,635,069
Prior year adjustment	-	-	-	153,927
	----------------	----------------	----------------	----------------
As restated	4,078,395	3,743,805	2,321,549	1,788,996
	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	4,788,582	4,078,395	3,743,805	2,321,549
	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	4,788,582	4,078,395	3,743,805	2,321,549
	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Bank overdraft	127	117	140	-
Term loan / Borrowing	55,771	73,226	100,938	149,665
	----------------	----------------	----------------	----------------
	55,898	73,343	101,078	149,665
	=============	=============	=============	=============

BALANCE SHEET

TORAY INTERNATIONAL SINGAPORE PTE. LTD.

ASSETS EMPLOYED:
FIXED ASSETS	1,657,091	368,974	317,420	372,094
Associated companies	788,774	788,774	-	-
Investments	118,920	118,920	-	-
Others	-	5,549	363,171	383,933
	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	907,694	913,243	363,171	383,933
Goodwill on consolidation	-	-	-	3,640
Others	213,751	213,880	-	-
	----------------	----------------	----------------	----------------
TOTAL INTANGIBLE ASSETS	213,751	213,880	-	3,640
	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	2,778,536	1,496,097	680,591	759,667
Stocks	343,063	1,417,980	1,251,346	6,960,694
Trade debtors	11,932,006	21,200,830	79,096,676	52,886,305
Other debtors, deposits & prepayments	273,336	400,711	393,390	328,658
Short term deposits	3,480,000	15,322,000	-	-
Amount due from holding company	156,122	129,339	2,165	5,321
Amount due from related companies	51,807,151	55,054,537	61,095	16,204
Cash & bank balances	545,786	455,246	938,900	4,151,628
Others	103,742	144,890	980,516	151,296
	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	68,641,206	94,125,533	82,724,088	64,500,106
	----------------	----------------	----------------	----------------
TOTAL ASSET	71,419,742	95,621,630	83,404,679	65,259,773
	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	39,169,636	61,596,708	72,825,929	23,674,057
Other creditors & accruals	1,626,274	1,345,750	1,109,817	626,669
Bank overdraft	-	-	-	63,090
Short term borrowings/Term loans	16,502,772	10,837,248	3,000,000	16,190,142
Amounts owing to holding company	3,786,782	9,737,444	-	14,610,469
Amounts owing to related companies	3,489,793	5,784,606	65,878	5,465,399
Provision for taxation	39,000	28,741	446,254	218,731
	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	64,614,257	89,330,497	77,447,878	60,848,557
	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	4,026,949	4,795,036	5,276,210	3,651,549
	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	6,805,485	6,291,133	5,956,801	4,411,216
	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	1,428,571	1,428,571	1,428,571	1,428,571
	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	1,428,571	1,428,571	1,428,571	1,428,571
Retained profit/(loss) carried forward	4,788,582	4,078,395	3,743,805	2,321,549
	----------------	----------------	----------------	----------------
TOTAL RESERVES	4,788,582	4,078,395	3,743,805	2,321,549
	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	6,217,153	5,506,966	5,172,376	3,750,120
Deferred taxation	103,350	164,871	168,066	137,379
Retirement benefits provision	-	-	616,359	523,717
Others	484,982	619,296	-	-
	----------------	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	588,332	784,167	784,425	661,096
	----------------	----------------	----------------	----------------
	6,805,485	6,291,133	5,956,801	4,411,216
	=============	=============	=============	=============

FINANCIAL RATIO

TORAY INTERNATIONAL SINGAPORE PTE. LTD.

TYPES OF FUNDS
Cash	4,025,786	15,777,246	938,900	4,151,628
Net Liquid Funds	4,025,786	15,777,246	938,900	4,088,538
Net Liquid Assets	3,683,886	3,377,056	4,024,864	(3,309,145)
Net Current Assets/(Liabilities)	4,026,949	4,795,036	5,276,210	3,651,549
Net Tangible Assets	6,591,734	6,077,253	5,956,801	4,407,576
Net Monetary Assets	3,095,554	2,592,889	3,240,439	(3,970,241)
BALANCE SHEET ITEMS
Total Borrowings	16,502,772	10,837,248	3,000,000	16,253,232
Total Liabilities	65,202,589	90,114,664	78,232,303	61,509,653
Total Assets	71,419,742	95,621,630	83,404,679	65,259,773
Net Assets	6,805,485	6,291,133	5,956,801	4,411,216
Net Assets Backing	6,217,153	5,506,966	5,172,376	3,750,120
Shareholders' Funds	6,217,153	5,506,966	5,172,376	3,750,120
Total Share Capital	1,428,571	1,428,571	1,428,571	1,428,571
Total Reserves	4,788,582	4,078,395	3,743,805	2,321,549
LIQUIDITY (Times)
Cash Ratio	0.06	0.18	0.01	0.07
Liquid Ratio	1.06	1.04	1.05	0.95
Current Ratio	1.06	1.05	1.07	1.06
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	1	1	5
Debtors Ratio	7	11	41	38
Creditors Ratio	23	32	38	17
SOLVENCY RATIOS (Times)
Gearing Ratio	2.65	1.97	0.58	4.33
Liabilities Ratio	10.49	16.36	15.13	16.40
Times Interest Earned Ratio	12.24	5.64	20.27	7.18
Assets Backing Ratio	4.61	4.25	4.17	3.09
PERFORMANCE RATIO (%)
Operating Profit Margin	0.10	0.05	0.28	0.18
Net Profit Margin	0.11	0.05	0.20	0.10
Return On Net Assets	10.05	6.57	34.39	24.35
Return On Capital Employed	9.75	6.36	34.39	23.98
Return On Shareholders' Funds/Equity	11.42	6.08	27.50	14.20
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.60.73
UK Pound	1	Rs.101.48
Euro	1	Rs.81.04

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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