MIRA INFORM REPORT

Report Date :

05.12.2014

IDENTIFICATION DETAILS

Name :	ASCUS INTERNATIONAL (S) PTE. LTD.
Registered Office :	10, Anson Road, 16-03, International Plaza, 079903
Country :	Singapore
Financials (as on) :	31.12.2013
Date of Incorporation :	15.02.2007
Com. Reg. No.:	200702780-Z
Legal Form :	Private Limited
Line of Business :	Subject is principally engaged in the trading of medical and pharmaceutical products.
No of Employees :	3 [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

EXECUTIVE SUMMARY

REGISTRATION NO.

:

200702780-Z

COMPANY NAME

:

ASCUS INTERNATIONAL (S) PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

15/02/2007

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

10, ANSON ROAD, 16-03, INTERNATIONAL PLAZA, 079903, SINGAPORE.

BUSINESS ADDRESS

:

111, NORTH BRIDGE ROAD, 05-14 PENINSULA PLAZA, 179098, SINGAPORE.

TEL.NO.

:

65-94506688

FAX.NO.

:

65-67220763

CONTACT PERSON

:

GOH ANN CHUAN ( DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF MEDICAL AND PHARMACEUTICAL PRODUCTS

ISSUED AND PAID UP CAPITAL

:

1,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 1,000,000.00 

SALES

:

USD 13,132,980 [2013]

NET WORTH

:

USD 2,073,594 [2013]

STAFF STRENGTH

:

3 [2014]

BANKER (S)

:

CITIBANK N.A.

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

LIMITED

PAYMENT

:

N/A

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

N/A

CURRENCY EXPOSURE

:

N/A

GENERAL REPUTATION

:

SATISFACTORY

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 medical and pharmaceutical products.

Share Capital History

Date	Authorised Shared Capital	Issue & Paid Up Capital
03/12/2014	SGD 1,000,000.00	SGD 1,000,000.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
GOH ANN CHUAN +	34, WARINGIN PARK, SIN CHUAN GARDEN, 416345, SINGAPORE.	S1621960F	301,161.00	30.12
YASH VENILAL SANGHAVI +	301, ANAND NAVYUG SOC, N.S ROAD, 5, J.V.P.D SCHEME, VILE PARLE (W), 3RD FLOOR, 40056, MUMBAI, INDIA.	F8520045	80.00	0.01
SATYAN PHARMACEUTICALS PVT LTD	2-ABC, ACME PLAZA, ABOVE INDUSIND BANK, ANDHERI-KURIA ROAD, 2ND FLOOR, 400059, MUMBAI, INDIA.	T07UF2679	698,759.00	69.88
			---------------	------
			1,000,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	SATYEN YESHWANT SANGHAVI
Address	:	301, ANAND NAVYUG SOC, N.S ROAD, 5, J.V.P.D SCHEME, VILE PARLE (W), 400056, MUMBAI, INDIA.
IC / PP No	:	F6113423
Nationality	:	INDIAN
Date of Appointment	:	01/04/2010

DIRECTOR 2

Name Of Subject	:	LIM EONG
Address	:	3, LORONG LEW LIAN, 09-60, 531003, SINGAPORE.
IC / PP No	:	S1481558I
Nationality	:	SINGAPOREAN
Date of Appointment	:	19/02/2013

DIRECTOR 3

Name Of Subject	:	GOH CHIN CHIN (WU ZHENZHEN)
Address	:	621, JURONG WEST STREET, 65, 08-460, 640621, SINGAPORE.
IC / PP No	:	S7314089G
Nationality	:	SINGAPOREAN
Date of Appointment	:	19/02/2013

DIRECTOR 4

Name Of Subject	:	SHACHI YESHEWANT SANGHAVI
Address	:	301, ANAND NAVYUG SOC, N.S ROAD 5, J.V.P.D SCHEME, VILE PARLE (W), 400056, MUMBAI, INDIA.
IC / PP No	:	F5093096
Nationality	:	INDIAN
Date of Appointment	:	01/04/2010

DIRECTOR 5

Name Of Subject	:	YASH VENILAL SANGHAVI
Address	:	301, ANAND NAVYUG SOC, N.S ROAD, 5, J.V.P.D SCHEME, VILE PARLE (W), 3RD FLOOR, 40056, MUMBAI, INDIA.
IC / PP No	:	F8520045
Nationality	:	INDIAN
Date of Appointment	:	19/03/2007

DIRECTOR 6

Name Of Subject	:	GOH ANN CHUAN
Address	:	34, WARINGIN PARK, SIN CHUAN GARDEN, 416345, SINGAPORE.
IC / PP No	:	S1621960F
Nationality	:	SINGAPOREAN
Date of Appointment	:	21/04/2007

MANAGEMENT

1)	Name of Subject	:	GOH ANN CHUAN
	Position	:	DIRECTOR

AUDITOR

Auditor	:	WONG MAN CHUNG & ASSOCIATES
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	PHANG SOOK FUI
	IC / PP No	:	S7771675J
	Address	:	10, ANSON ROAD, 16-03, INTERNATIONAL PLAZA, 079903, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

CITIBANK N.A.

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C200908595	24/12/2009	N/A	CITIBANK N.A.	-	Unsatisfied

LITIGATION 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 it's suppliers. 

CLIENTELE

Local	:	N/A
Overseas	:	N/A
Credit Term	:	N/A
Payment Mode	:	N/A

The Subject refused to disclose it's clientele. 

OPERATIONS

Goods Traded

:

MEDICAL & PHARMACEUTICAL PRODUCT

Total Number of Employees:
YEAR	2014
GROUP	N/A
COMPANY	3

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) trading of medical and pharmaceutical products. 

The product will be distribute to hospital, clinic, and pharmacy.

The Subject refuse to provide detail information regarding to its business operation. 

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-94506688
Match	:	N/A
Address Provided by Client	:	34 WARINGIN PARK, SINGAPORE 416345
Current Address	:	111, NORTH BRIDGE ROAD, 05-14 PENINSULA PLAZA, 179098, SINGAPORE.
Match	:	NO

Other Investigations

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

The Subject is not aware of the address provided.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Decreased	[	2009 - 2013	]
Profit/(Loss) Before Tax	:	Decreased	[	2009 - 2013	]
Return on Shareholder Funds	:	Unfavourable	[	0.94%	]
Return on Net Assets	:	Acceptable	[	16.78%	]
The continuous fall in turnover could be due to the lower demand for the Subject's products / services.The management had succeeded in turning the Subject into a profit making company. The profit could be due to better control of its operating costs and efficiency in utilising its resources. The unfavourable return on shareholders' funds could indicate that the Subject was inefficient in utilising its assets to generate returns.
Working Capital Control
Stock Ratio	:	Favourable	[	2 Days	]
Debtor Ratio	:	Favourable	[	54 Days	]
Creditors Ratio	:	Favourable	[	0 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	[	2.35 Times	]
Current Ratio	:	Favourable	[	2.40 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	:	Unfavourable	[	1.06 Times	]
Gearing Ratio	:	Favourable	[	0.00 Times	]
The Subject's interest cover was low. If its profits fall or when interest rate rises, it  may not be able to meet all its interest payment. 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 :
Although the Subject's turnover decreased, its losses also decreased during the year. This could be the result of more efficient control in its operating costs. 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. If there is a fall in the Subject's profit or any increase in interest rate, the Subject may not be able to generate sufficient cash-flow to service its interest. 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 : LIMITED

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 sectors have expanded by 2.0% in the third quarter of 2014, extending the 1.8 per cent growth in the previous quarter. In 2013, the wholesale and retail sector expanded by 5.0%, after declining by 1.4% the year before. Growth of the sector was driven by the wholesale trade segment.
The domestic wholesale trade index has increased by 3.2% in the fourth quarter of 2013, moderating from the 6.6% growth in the previous quarter. The slower growth was due to a decline in the sales of furniture and household equipment (-12%) and petroleum and petroleum products (-0.6%). For the full year, the domestic wholesale trade index grew by 5.2% reversing the 2.2% decline in 2012. On the other hand, the foreign wholesale trade index has increased by a slower pace of 5.6% in the fourth quarter, compared to the 7.7% expansion in the preceding quarter. The slowdown was due to a fall in the sales of telecommunication equipment and computer (-3.8%) and petroleum and petroleum products (-2.5%). For the full year, the growth of the foreign wholesale trade index moderated slightly to 8.6% from 9.1% in the previous year.
In the fourth quarter of 2013, retail sales volume fell by 6.2%, extending the 5.6% decline in the previous quarter. Excluding motor vehicles, retail sales volume increased by 0.4%, a slower pace of expansion as compared to the 1.6% gain in the preceding quarter. The sales volume of motor vehicles fell by 33% in the fourth quarter of 2013, extending the 32% decline in the previous quarter. Meanwhile, the sales of several discretionary items also fell in the fourth quarter of 2013. For instance, the sales of telecommunications apparatus and computers fell by 12%, while the sales of furniture and household equipment declined by 5.4%.
For the full year, retail sales volume contracted by 4.3%, a reversal from the 1.3% expansion in 2012. Excluding motor vehicle sales, the retail sales volume grew by 1.1% in 2013, slower than the 1.7% increase in 2012. Watches and jewellery recorded the largest increase (11%) in sales in 2013, followed by optical goods and book (3%) and medical goods and toiletries (3%). By contrast, the sales of telecommunications apparatus and computer (-7.3%), furniture and household equipment (-4.2%) and petrol service stations (-1.4) declined in 2013.
OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 2007, the Subject is a Private Limited company, focusing on trading of medical and pharmaceutical products. Having been in business for more than 5 years, the Subject has established a remarkable clientele base for itself which has contributed to its business growth. A paid up capital of SGD 1,000,000 allows the Subject to expand its business more comfortably. With a strong backing from its shareholder, the Subject enjoys timely financial assistance should the needs arise. 

Being a small company, the Subject's business operation is supported by 3 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. The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. 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 2,073,594, the Subject should be able to maintain its business in the near terms. 

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

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

PROFIT AND LOSS ACCOUNT

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

ASCUS INTERNATIONAL (S) PTE. LTD.

Financial Year End	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31
Months	12	12	12	12	12
Consolidated Account	Company	Company	Company	Company	Company
Audited Account	YES	YES	YES	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES	YES	YES	YES
Financial Type	FULL	FULL	FULL	FULL	FULL
Currency	USD	USD	USD	USD	USD
TURNOVER	13,132,980	15,817,363	17,397,587	12,269,964	16,917,728
Other Income	36,688	9,754	454	333	-
	----------------	----------------	----------------	----------------	----------------
Total Turnover	13,169,668	15,827,117	17,398,041	12,270,297	16,917,728
Costs of Goods Sold	(12,603,983)	(15,088,875)	(16,257,223)	(11,429,062)	-
	----------------	----------------	----------------	----------------	----------------
Gross Profit	565,685	738,242	1,140,818	841,235	-
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	19,461	(54,900)	538,363	236,827	1,120,957
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	19,461	(54,900)	538,363	236,827	1,120,957
Taxation	-	228	(68,205)	(20,184)	(184,603)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	19,461	(54,672)	470,158	216,643	936,354
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	1,385,609	1,461,746	1,501,588	1,299,945	613,591
	----------------	----------------	----------------	----------------	----------------
As restated	1,385,609	1,461,746	1,501,588	1,299,945	613,591
	----------------	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	1,405,070	1,407,074	1,971,746	1,516,588	1,549,945
DIVIDENDS - Ordinary (paid & proposed)	-	(21,465)	(510,000)	(15,000)	(250,000)
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	1,405,070	1,385,609	1,461,746	1,501,588	1,299,945
	=============	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Others	328,512	545,706	125,801	67,424	135,176
	----------------	----------------	----------------	----------------	----------------
	328,512	545,706	125,801	67,424	135,176
	=============	=============	=============	=============	=============

BALANCE SHEET

ASCUS INTERNATIONAL (S) PTE. LTD.

ASSETS EMPLOYED:
FIXED ASSETS	1,280	661	1,405	2,927	4,247
Investments	350,000	350,000	300,000	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	350,000	350,000	300,000	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	351,280	350,661	301,405	2,927	4,247
Stocks	65,550	219,520	322,530	138,880	65,450
Trade debtors	1,953,715	1,999,891	5,036,991	3,338,479	1,544,774
Other debtors, deposits & prepayments	12,083	7,994	38,114	3,559	4,128
Short term deposits	805,243	803,742	-	-	-
Amount due from related companies	7,486	7,486	3,891	-	-
Amount due from director	-	-	-	30,093	55,024
Cash & bank balances	108,089	222,429	1,482,651	425,110	733,560
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	2,952,166	3,261,062	6,884,177	3,936,121	2,402,936
	----------------	----------------	----------------	----------------	----------------
TOTAL ASSET	3,303,446	3,611,723	7,185,582	3,939,048	2,407,183
	=============	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	-	185,561	785,401	258,151	68,648
Other creditors & accruals	5,705	20,345	176,530	108,319	191,298
Amounts owing to director	-	-	6,500	-	-
Provision for taxation	-	-	71,689	20,334	178,239
Other liabilities	1,224,147	1,351,684	4,014,964	1,381,753	-
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	1,229,852	1,557,590	5,055,084	1,768,557	438,185
	----------------	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	1,722,314	1,703,472	1,829,093	2,167,564	1,964,751
	----------------	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	2,073,594	2,054,133	2,130,498	2,170,491	1,968,998
	=============	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	668,524	668,524	668,524	668,524	668,524
	----------------	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	668,524	668,524	668,524	668,524	668,524
Retained profit/(loss) carried forward	1,405,070	1,385,609	1,461,746	1,501,588	1,299,945
	----------------	----------------	----------------	----------------	----------------
TOTAL RESERVES	1,405,070	1,385,609	1,461,746	1,501,588	1,299,945
	----------------	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	2,073,594	2,054,133	2,130,270	2,170,112	1,968,469
Deferred taxation	-	-	228	379	529
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	-	-	228	379	529
	----------------	----------------	----------------	----------------	----------------
	2,073,594	2,054,133	2,130,498	2,170,491	1,968,998
	=============	=============	=============	=============	=============

FINANCIAL RATIO

ASCUS INTERNATIONAL (S) PTE. LTD.

TYPES OF FUNDS
Cash	913,332	1,026,171	1,482,651	425,110	733,560
Net Liquid Funds	913,332	1,026,171	1,482,651	425,110	733,560
Net Liquid Assets	1,656,764	1,483,952	1,506,563	2,028,684	1,899,301
Net Current Assets/(Liabilities)	1,722,314	1,703,472	1,829,093	2,167,564	1,964,751
Net Tangible Assets	2,073,594	2,054,133	2,130,498	2,170,491	1,968,998
Net Monetary Assets	1,656,764	1,483,952	1,506,335	2,028,305	1,898,772
BALANCE SHEET ITEMS
Total Borrowings	0	0	0	0	0
Total Liabilities	1,229,852	1,557,590	5,055,312	1,768,936	438,714
Total Assets	3,303,446	3,611,723	7,185,582	3,939,048	2,407,183
Net Assets	2,073,594	2,054,133	2,130,498	2,170,491	1,968,998
Net Assets Backing	2,073,594	2,054,133	2,130,270	2,170,112	1,968,469
Shareholders' Funds	2,073,594	2,054,133	2,130,270	2,170,112	1,968,469
Total Share Capital	668,524	668,524	668,524	668,524	668,524
Total Reserves	1,405,070	1,385,609	1,461,746	1,501,588	1,299,945
LIQUIDITY (Times)
Cash Ratio	0.74	0.66	0.29	0.24	1.67
Liquid Ratio	2.35	1.95	1.30	2.15	5.33
Current Ratio	2.40	2.09	1.36	2.23	5.48
WORKING CAPITAL CONTROL (Days)
Stock Ratio	2	5	7	4	1
Debtors Ratio	54	46	106	99	33
Creditors Ratio	0	4	18	8	1
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00	0.00	0.00	0.00
Liabilities Ratio	0.59	0.76	2.37	0.82	0.22
Times Interest Earned Ratio	1.06	0.90	5.28	4.51	9.29
Assets Backing Ratio	3.10	3.07	3.19	3.25	2.95
PERFORMANCE RATIO (%)
Operating Profit Margin	0.15	(0.35)	3.09	1.93	6.63
Net Profit Margin	0.15	(0.35)	2.70	1.77	5.53
Return On Net Assets	16.78	23.89	31.17	14.02	63.80
Return On Capital Employed	16.78	23.89	31.17	14.02	63.80
Return On Shareholders' Funds/Equity	0.94	(2.66)	22.07	9.98	47.57
Dividend Pay Out Ratio (Times)	0.00	0.39	1.08	0.07	0.27
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.88
UK Pound	1	Rs.97.02
Euro	1	Rs.76.13

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	SMN

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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