MIRA INFORM REPORT

Report Date :

26.12.2014

IDENTIFICATION DETAILS

Name :	SEW-EURODRIVE PTE. LTD.
Formerly Known As :	SEW-EURODRIVE PTE LTD
Registered Office :	No.9, Tuas Drive 2, Jurong 638644
Country :	Singapore
Financials (as on) :	28.02.2014
Date of Incorporation :	27.11.1981
Com. Reg. No.:	198105464-C
Legal Form :	Private Limited
Line of Business :	Assembly of Geared Motors, Industrial Automation Products, Geared Motors
No. of Employees :	80 [2014]

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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.	:	198105464-C
COMPANY NAME	:	SEW-EURODRIVE PTE. LTD.
FORMER NAME	:	SEW-EURODRIVE PTE LTD (28/11/1981)
INCORPORATION DATE	:	27/11/1981
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	9, TUAS DRIVE 2, 638644, SINGAPORE.
BUSINESS ADDRESS	:	NO. 9 TUAS DRIVE 2 JURONG, 638644, SINGAPORE.
TEL.NO.	:	65-68621701
FAX.NO.	:	65-68612827
WEB SITE	:	WWW.SEW-EURODRIVE.COM
CONTACT PERSON	:	THILO GRIMM ( DIRECTOR )
PRINCIPAL ACTIVITY	:	ASSEMBLY OF GEARED MOTORS, INDUSTRIAL AUTOMATION PRODUCTS, GEARED MOTORS
ISSUED AND PAID UP CAPITAL	:	3,400,000.00 ORDINARY SHARE, OF A VALUE OF SGD 3,400,000.00
SALES	:	SGD 41,935,582 [2014]
NET WORTH	:	SGD 23,618,242 [2014]
STAFF STRENGTH	:	80 [2014]
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	STRONG
PAYMENT	:	PROMPT
MANAGEMENT CAPABILITY	:	AVERAGE
COMMERCIAL RISK	:	LOW
CURRENCY EXPOSURE	:	MODERATE
GENERAL REPUTATION	:	SATISFACTORY
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) assembly of geared motors, industrial automation products, geared motors.

The immediate holding company of the Subject is SEW-INDUSTRIEBETEILIGUNGS GMBH, a company incorporated in GERMANY.

Share Capital History

Date	Issue & Paid Up Capital
24/12/2014	SGD 3,400,000.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
SEW-INDUSTRIEBETEILIGUNGS GMBH	ERNST-BLICKLE-STR.42, D-76646, BRUNCHAL, GERMANY.	T03UF0262L	3,400,000.00	100.00
			---------------	------
			3,400,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	MR. THILO GRIMM
Address	:	33, ROCHESTER DRIVE, 17-05, 138638, SINGAPORE.
IC / PP No	:	G5384617W
Nationality	:	GERMAN
Date of Appointment	:	01/03/2013

DIRECTOR 2

Name Of Subject	:	TNG MING CHAI
Address	:	74A, REDHILL ROAD, 23-44, 151074, SINGAPORE.
IC / PP No	:	S7201939C
Nationality	:	SINGAPOREAN
Date of Appointment	:	01/03/2013

DIRECTOR 3

Name Of Subject	:	JURGEN DIETMAR BLICKLE
Address	:	107, RICELAN DRIVE, SIMPSONVILLE SOUTH CAROLIN, 29681, UNITED STATES.
IC / PP No	:	C4FWJGXNH
Nationality	:	GERMAN
Date of Appointment	:	01/01/1989

MANAGEMENT

1)	Name of Subject	:	THILO GRIMM
	Position	:	DIRECTOR

2)	Name of Subject	:	TNG MING CHAI
	Position	:	MANAGING DIRECTOR

AUDITOR

Auditor	:	BDO LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	SIEW BOON HIM
	IC / PP No	:	S2143789A
	Address	:	7, MARYMOUNT TERRACE, 05-06, TRESALVEO, 573963, SINGAPORE.

BANKING

No Banker found in our databank.

ENCUMBRANCE (S)

No encumbrance was found in our databank at the time of investigation.

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	:	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	[	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	:	WORLDWIDE
Credit Term	:	N/A
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Products manufactured

:

GEARED MOTORS, INDUSTRIAL AUTOMATION PRODUCTS

Total Number of Employees:
YEAR	2014
GROUP	N/A
COMPANY	80

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) assembly of geared motors, industrial automation products, geared motors.

The Subject is a leading company in the field of drive engineering.

The Subject is the the world leader in the manufacture of geared motors.

The range of products offered includes gearmotors, frequency inverters and others.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that:

Telephone Number Provided By Client	:	6568621701
Current Telephone Number	:	65-68621701
Match	:	YES
Address Provided by Client	:	NO. 9 TUAS DRIVE 2 JURONG,638644,SINGAPORE
Current Address	:	NO. 9 TUAS DRIVE 2 JURONG, 638644, SINGAPORE.
Match	:	YES

Other Investigations

We contacted one of the staff from the Subject and he provided some information.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Decreased	[	2011 - 2014	]
Profit/(Loss) Before Tax	:	Decreased	[	2011 - 2014	]
Return on Shareholder Funds	:	Acceptable	[	18.49%	]
Return on Net Assets	:	Acceptable	[	20.80%	]
The continuous fall in turnover could be due to the lower demand for the Subject's products / services.The dip in profit could be due to the stiff market competition which reduced the Subject's profit margin. The Subject's management had generated acceptable return for its shareholders using its assets.
Working Capital Control
Stock Ratio	:	Unfavourable	[	96 Days	]
Debtor Ratio	:	Unfavourable	[	81 Days	]
Creditors Ratio	:	Favourable	[	27 Days	]
The Subject could be incurring higher holding cost. As its capital was tied up in stocks, it could face liquidity problems. The high debtors' ratio could indicate that the Subject was weak in its credit control. However, the Subject could also giving longer credit periods to its customers in order to boost its sales or to capture / retain its market share. 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	[	1.87 Times	]
Current Ratio	:	Favourable	[	2.98 Times	]
A minimum liquid ratio of 1 should be maintained by the Subject in order to assure its creditors of its ability to meet short term obligations and the Subject was in a good liquidity position. Thus, we believe the Subject is able to meet all its short term obligations as and when they fall due.
Solvency
Interest Cover	:	Nil	[	0.00 Times	]
Gearing Ratio	:	Favourable	[	0.00 Times	]
The Subject's interest cover was nil as it did not pay any interest during the year. The Subject had no gearing and hence it had virtually no financial risk. The Subject was financed by its shareholders' funds and internally generated fund. During the economic downturn, the Subject, having a zero gearing, will be able to compete better than those which are highly geared in the same industry.
Overall Assessment :
The Subject's performance deteriorated over the years with lower turnover and profit. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. The Subject did not make any interest payment during the year. The Subject was dependent on its shareholders' funds to finance its business needs. The Subject was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The Subject has good chance of getting loans, if the needs arises.
Overall financial condition of the Subject : 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
In the third quarter of 2014, manufacturing output has increased by 1.9%, extending the 1.5% growth in the previous quarter. Growth was largely driven by the biomedical manufacturing and chemicals clusters. Besides, for the whole 2013, the manufacturing sector grew by 1.7%, an uptick from the 0.3% growth recorded in the previous year. All clusters recorded an expansion in 2013, except the biomedical manufacturing cluster.
The chemicals cluster grew by 5.2% in the third quarter of 2014. Growth was led by the petrochemicals and specialty chemicals segments, which expanded by 8.9% and 7.1% respectively. By contrast, the petroleum segment contracted by 4.2% in the third quarter of 2014 due to plant maintenance shutdowns. For the year of 2013, the chemicals cluster grew only by 0.7%.
Besides, output of the biomedical manufacturing cluster expanded by 9.0% in the third quarter of 2014. The medical technology segment posted robust growth of 23% due to higher production of medical instruments and supplies, while the output of the pharmaceuticals segment rose by 6.2%. However, in the whole of 2013, the biomedical manufacturing cluster recorded only a flat growth.
In the third quarter of 2014, the transport engineering cluster contracted by 2.0%, dragged down by the aerospace segment. Output in the aerospace segment plunged by 18% on the back of fewer repair jobs from commercial airlines. This was mitigated by the 4.1% growth in the marine & offshore engineering segment, which was supported by higher contributions from rig building projects. Nonetheless, for the whole of 2013, the transport engineering cluster grew by 5.2%.
Moreover, output of the precision engineering cluster increased by 1.3% in the third quarter of 2014. The machinery & systems segment grew by 6.2%, supported by higher demand for semiconductor-related equipment and mechanical engineering work. This was partly offset by the decline in the output of the precision modules & components segment. Conversely, in the full year of 2013, the precision engineering cluster's output declined by 5.6%.
Furthermore, in the third quarter of 2014, output of the general manufacturing industries declined by 3.0%. The 2.1% growth in the food, beverages & tobacco segment was more than offset by declines in the other two segments. In particular, the miscellaneous industries segment contracted by 4.7% on the back of lower output in construction-related products, such as concrete & cement products and steel structural components. For the full year of 2013, the general manufacturing cluster grew by 2.8%.
Besides, in the third quarter of 2014, the electronics cluster expanded by 0.9%, reversing the 5.0% contraction in the previous quarter. Growth was supported by an expansion in the computer peripherals (6.3%) and data storage (2.6%) segments. Moreover, for the year 2013, the electronics cluster expanded by 3.5%.
OVERALL INDUSTRY OUTLOOK : MATURE

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 1981, the Subject is a Private Limited company, focusing on assembly of geared motors, industrial automation products, geared motors. The Subject has been in business for over two decades. It has built up a strong clientele base and satisfactory reputation will enable the Subject to further enhance its business in the near term.  The Subject is expected to enjoy a stable market shares. A paid up capital of SGD 3,400,000 allows the Subject to expand its business more comfortably. With a strong backing from its holding company, the Subject enjoys timely financial assistance should the needs arise.

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 moderate size company, the Subject has a total workforce of 80 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.

The Subject's business performance showed a reverse trend as both its turnover and pre-tax profit have decreased compared to the previous year. 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 23,618,242, 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 has reached its optimum level and is generally stable. It is saturated and very competitive. Thus, the Subject's growth prospect is very much depends on its capacity in sustaining its performance in the market.

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

PROFIT AND LOSS ACCOUNT

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

SEW-EURODRIVE PTE. LTD.

Financial Year End	2014-02-28	2013-02-28	2012-02-28	2011-02-28
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	SUMMARY
Currency	SGD	SGD	SGD	SGD
TURNOVER	41,935,582	45,199,856	55,895,894	77,293,328
Other Income	594,111	158,316	111,979	-
	----------------	----------------	----------------	----------------
Total Turnover	42,529,693	45,358,172	56,007,873	77,293,328
Costs of Goods Sold	(30,211,696)	(32,221,229)	(41,616,052)	-
	----------------	----------------	----------------	----------------
Gross Profit	12,317,997	13,136,943	14,391,821	-
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	4,969,808	5,395,554	7,086,915	7,800,202
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	4,969,808	5,395,554	7,086,915	7,800,202
Taxation	(601,847)	(871,428)	(1,208,241)	(1,479,751)
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	4,367,961	4,524,126	5,878,674	6,320,451
	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	19,350,281	20,826,155	22,947,481	16,627,030
	----------------	----------------	----------------	----------------
As restated	19,350,281	20,826,155	22,947,481	16,627,030
	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	23,718,242	25,350,281	28,826,155	22,947,481
DIVIDENDS - Ordinary (paid & proposed)	(4,500,000)	(6,000,000)	(8,000,000)	-
	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	19,218,242	19,350,281	20,826,155	22,947,481
	=============	=============	=============	=============

BALANCE SHEET

SEW-EURODRIVE PTE. LTD.

ASSETS EMPLOYED:
FIXED ASSETS	4,299,469	4,343,477	4,112,482	3,821,054
	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	4,299,469	4,343,477	4,112,482	3,821,054
Stocks	10,995,809	10,770,464	11,778,520	-
Trade debtors	9,264,777	8,041,663	8,769,291	-
Other debtors, deposits & prepayments	107,388	88,510	74,935	-
Short term deposits	5,562,080	4,572,275	-	-
Amount due from related companies	570,446	1,085,896	548,695	-
Cash & bank balances	2,982,762	5,576,204	10,556,891	-
	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	29,483,262	30,135,012	31,728,332	42,683,575
	----------------	----------------	----------------	----------------
TOTAL ASSET	33,782,731	34,478,489	35,840,814	46,504,629
	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	2,262,714	1,895,413	1,940,492	-
Other creditors & accruals	772,194	366,568	569,669	-
Deposits from customers	265,898	589,590	-	-
Amounts owing to related companies	5,658,326	6,487,838	6,427,291	-
Provision for taxation	50,580	40,206	44,465	-
Other liabilities	875,908	923,576	1,207,725	-
	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	9,885,620	10,303,191	10,189,642	19,157,148
	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	19,597,642	19,831,821	21,538,690	23,526,427
	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	23,897,111	24,175,298	25,651,172	27,347,481
	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	3,400,000	3,400,000	3,400,000	3,400,000
	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	3,400,000	3,400,000	3,400,000	3,400,000
General reserve	1,000,000	1,000,000	-	-
Retained profit/(loss) carried forward	19,218,242	19,350,281	20,826,155	22,947,481
Others	-	-	1,000,000	1,000,000
	----------------	----------------	----------------	----------------
TOTAL RESERVES	20,218,242	20,350,281	21,826,155	23,947,481
	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	23,618,242	23,750,281	25,226,155	27,347,481
Deferred taxation	278,869	425,017	425,017	-
	----------------	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	278,869	425,017	425,017	-
	----------------	----------------	----------------	----------------
	23,897,111	24,175,298	25,651,172	27,347,481
	=============	=============	=============	=============

FINANCIAL RATIO

SEW-EURODRIVE PTE. LTD.

TYPES OF FUNDS
Cash	8,544,842	10,148,479	10,556,891	-
Net Liquid Funds	8,544,842	10,148,479	10,556,891	-
Net Liquid Assets	8,601,833	9,061,357	9,760,170	23,526,427
Net Current Assets/(Liabilities)	19,597,642	19,831,821	21,538,690	23,526,427
Net Tangible Assets	23,897,111	24,175,298	25,651,172	27,347,481
Net Monetary Assets	8,322,964	8,636,340	9,335,153	23,526,427
BALANCE SHEET ITEMS
Total Borrowings	0	0	0	-
Total Liabilities	10,164,489	10,728,208	10,614,659	19,157,148
Total Assets	33,782,731	34,478,489	35,840,814	46,504,629
Net Assets	23,897,111	24,175,298	25,651,172	27,347,481
Net Assets Backing	23,618,242	23,750,281	25,226,155	27,347,481
Shareholders' Funds	23,618,242	23,750,281	25,226,155	27,347,481
Total Share Capital	3,400,000	3,400,000	3,400,000	3,400,000
Total Reserves	20,218,242	20,350,281	21,826,155	23,947,481
LIQUIDITY (Times)
Cash Ratio	0.86	0.98	1.04	-
Liquid Ratio	1.87	1.88	1.96	-
Current Ratio	2.98	2.92	3.11	2.23
WORKING CAPITAL CONTROL (Days)
Stock Ratio	96	87	77	-
Debtors Ratio	81	65	57	-
Creditors Ratio	27	21	17	-
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00	0.00	-
Liabilities Ratio	0.43	0.45	0.42	0.70
Times Interest Earned Ratio	0.00	0.00	0.00	-
Assets Backing Ratio	7.03	7.11	7.54	8.04
PERFORMANCE RATIO (%)
Operating Profit Margin	11.85	11.94	12.68	10.09
Net Profit Margin	10.42	10.01	10.52	8.18
Return On Net Assets	20.80	22.32	27.63	28.52
Return On Capital Employed	20.80	22.32	27.63	28.52
Return On Shareholders' Funds/Equity	18.49	19.05	23.30	23.11
Dividend Pay Out Ratio (Times)	1.03	1.33	1.36	-
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.45
UK Pound	1	Rs.98.88
Euro	1	Rs.77.62

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	NIT

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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