MIRA INFORM REPORT

Report Date :

06.01.2014

IDENTIFICATION DETAILS

Name :	LIVEN AGRICHEM PTE LTD
Registered Office :	80, Raffles Place, 24-21a, Uob Plaza, 048624,
Country :	Singapore
Financials (as on) :	31.12.2012
Date of Incorporation :	19.01.2000
Com. Reg. No.:	200000459-W
Legal Form :	Private Limited
Line of Business :	Wholesale of chemical fertilisers
No. of Employees :	15

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 – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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. Real GDP growth averaged 8.6% between 2004 and 2007. The economy contracted 0.8% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010, on the strength of renewed exports, before slowing to 5.2% in 2011 and 1.3% in 2012, 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, which has sunk to an average of about 1.0% in the last decade. 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 hu

Source : CIA

EXECUTIVE SUMMARY

REGISTRATION NO.

:

200000459-W

COMPANY NAME

:

LIVEN AGRICHEM PTE LTD

FORMER NAME

:

N/A

INCORPORATION DATE

:

19/01/2000

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

80, RAFFLES PLACE, 24-21A, UOB PLAZA, 048624, SINGAPORE.

BUSINESS ADDRESS

:

80 RAFFLES PLACE, #24-21A, UOB PLAZA, 048624, SINGAPORE.

TEL.NO.

:

65-65331332

FAX.NO.

:

65-65331392

WEB SITE

:

WWW.LIVENAGRICHEM.COM

CONTACT PERSON

:

JAMES LEE YAO HUA ( DIRECTOR )

PRINCIPAL ACTIVITY

:

WHOLESALE OF CHEMICAL FERTILISERS

ISSUED AND PAID UP CAPITAL

:

7,375,000.00 ORDINARY SHARE, OF A VALUE OF SGD 7,375,000.00

SALES

:

USD 395,214,519 [2012]

NET WORTH

:

USD 17,539,527 [2012]

STAFF STRENGTH

:

15 [2013]

BANKER (S)

:

BANQUE NATIONALE DE PARIS COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A. KBC BANK N.V. THE BANK OF TOKYO-MITSUBISHI UFJ, LTD (SINGAPORE BRANCH) THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED UNITED OVERSEAS BANK LIMITED

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

LIMITED

PAYMENT

:

GOOD

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

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) wholesale of chemical fertilisers.

The immediate holding company of the Subject is F.C. INTERNATIONAL (AUSTRALIA) PTY LTD, a company incorporated in AUSTRALIA.

The ultimate holding company of the Subject is GREAT WALL ENTERPRISE CO LTD, a company incorporated in MARSHALL ISLANDS.

Share Capital History

Date	Authorised Shared Capital	Issue & Paid Up Capital
26/09/2013	SGD 7,375,000.00	SGD 7,375,000.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
F.C. INTERNATIONAL (AUSTRALIA) PTY LTD	7, COLLINS ROAD, ST IVES, SYDNEY, NSW 2075, SYDNEY, AUSTRALIA.	T06UF0487	7,375,000.00	100.00
			---------------	------
			7,375,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	LAU RAYMOND YUN MING
Address	:	60, HAVELOCK ROAD, 01-17, RIVER PLACE, 169658, SINGAPORE.
IC / PP No	:	G5364424X
Nationality	:	AUSTRALIAN
Date of Appointment	:	12/03/2013

DIRECTOR 2

Name Of Subject	:	JAMES LEE YAO HUA
Address	:	9, JALAN HAJIJAH, 05-05, LANDBAY CONDOMINIUM, 468704, SINGAPORE.
IC / PP No	:	S7261293J
Nationality	:	AUSTRALIAN
Date of Appointment	:	05/08/2005

DIRECTOR 3

Name Of Subject	:	CHAN KIT YAU
Address	:	297, PUNGGOL CENTRAL, 07-479, 820297, SINGAPORE.
IC / PP No	:	S2641386I
Nationality	:	SINGAPOREAN
Date of Appointment	:	18/07/2012

MANAGEMENT

1)	Name of Subject	:	JAMES LEE YAO HUA
	Position	:	DIRECTOR

AUDITOR

Auditor	:	PAUL WAN & CO
Auditor' Address	:	10, ANSON ROAD #35- 08 INTERNATIONAL PLAZA, 079903, SINGAPORE.

COMPANY SECRETARIES

1)	Company Secretary	:	LEAH TORENTE MERCED
	IC / PP No	:	G6185155R
	Address	:	483, ADMIRALTY LINK, 05-29, 750483, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

BANQUE NATIONALE DE PARIS

2)

Name

:

COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.

3)

Name

:

KBC BANK N.V.

4)

Name

:

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD (SINGAPORE BRANCH)

5)

Name

:

THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED

6)

Name

:

UNITED OVERSEAS BANK LIMITED

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
200002720	20/06/2000	N/A	BNP PARIBAS	N/A	Unsatisfied
200005009	23/10/2000	N/A	COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.	N/A	Unsatisfied
200200283	17/01/2002	N/A	BNP PARIBAS	N/A	Unsatisfied
C200405169	18/10/2004	N/A	UNITED OVERSEAS BANK LTD	N/A	Unsatisfied
C200703601	14/05/2007	N/A	ING BANK N. V.	N/A	Unsatisfied
C200710063	16/11/2007	N/A	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD (SINGAPORE BRANCH)	N/A	Unsatisfied
C200803203	07/04/2008	N/A	THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED	N/A	Unsatisfied
C200811109	16/12/2008	N/A	KBC BANK N.V.	N/A	Unsatisfied
C200811110	16/12/2008	N/A	KBC BANK N.V.	N/A	Unsatisfied
C201101024	21/01/2011	N/A	THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED	N/A	Unsatisfied
C201107291	16/06/2011	N/A	UNITED OVERSEAS BANK LIMITED	N/A	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	:	N/A
Overseas	:	N/A

The Subject refused to disclose its suppliers.

The Subject refused to provide any name of trade/service supplier and we are unable to conduct any trade enquiry. However, from financial historical data we conclude that :

OVERALL PAYMENT HABIT
Prompt 0-30 Days	[	]	Good 31-60 Days	[	X	]	Average 61-90 Days	[	]
Fair 91-120 Days	[	]	Poor >120 Days	[		]

CLIENTELE

Local	:	YES
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	ASIA PACIFIC
Credit Term	:	30 - 60 DAYS
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Goods Traded

:

CHEMICALS AND CHEMICAL FERTILIZER

Total Number of Employees:
YEAR	2013	2012
GROUP	N/A	N/A
COMPANY	15	20

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) wholesale of chemical fertilisers.

The Subject is listed in the Singapore local directories under the classification of: commodity traders.

Background:
The Subject is an international well-known physical trading company that focused on chemical fertilizers, additives, fragrances, flavorings, pesticides, pharmaceutical and intermediates supplies worldwide.

Activities:
* commodity trading on chemical, chemical fertilizer, additives, fragrances,
flavorings, pharmaceutical and intermediates supplies

Products dealing:
* nitrogen fertilizers
- ammonium chloride
- ammonium nitrate
- ammonium sulphate
- urea
* phosphate fertilizers
- di-ammonium phosphate
- monoammonium phosphate
- rock phosphate
- single super phosphate
- super phosphate 36
- triple super phosphate
* potash fertilizers
- muriate of potash
- potassium nitrate
- sulphate of potash
- sulphate of potash magnesia
* complex fertilizers
- ammonium phosphate
- mono potassium phosphate
- nk fertilizers
- np fertilizers
- npk fertilizers
- pk fertilizers
* others chemicals / fertilizers
- glyphosate
- gypsum
- kieserite
- melamine
- metsulfuron methyl
- sulfometuron methyl
- sulphur
* food additives/flavours
- di-calcium phosphate
- safflower
- vanilla beans

Main markets:
* southeast asia

The Subject is a member of the following entities:
* international fertilizer industry association

The Subject has subsidiaries located in Australia, Bangladesh, China, India, Indonesia, Malaysia, Middle East, Philippines and Vietnam.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-65331332
Match	:	N/A
Address Provided by Client	:	80, RAFFLES PLACE, HEX 24-21 A UOB PLAZA 2, SINGAPORE 048624
Current Address	:	80 RAFFLES PLACE, #24-21A, UOB PLAZA, 048624, SINGAPORE.
Match	:	NO

Other Investigations

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

The address provided is incorrect.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Erratic	[	2009 - 2012	]
Profit/(Loss) Before Tax	:	Decreased	[	2009 - 2012	]
Return on Shareholder Funds	:	Unfavourable	[	<21.49%>	]
Return on Net Assets	:	Unfavourable	[	<20.97%>	]
The fluctuating turnover reflects the fierce competition among the existing and new market players.The Subject incurred losses during the year due to the inefficient control of its operating costs. The Subject's unfavourable returns on shareholders' funds indicate the management's inefficiency in utilising its assets to generate returns.
Working Capital Control
Stock Ratio	:	Nil	[	0 Days	]
Debtor Ratio	:	Favourable	[	27 Days	]
Creditors Ratio	:	Favourable	[	26 Days	]
As the Subject is a service oriented company, the Subject does not need to keep 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	[	1.40 Times	]
Current Ratio	:	Unfavourable	[	1.40 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	[	<114.86 Times>	]
Gearing Ratio	:	Favourable	[	0.29 Times	]
The Subject incurred losses in the year. It did not generate sufficient income to service its interest.  If the situation does not improve, the Subject may be vulnerable to default in servicing the interest. The Subject was lowly geared thus it had a low financial risk. The Subject was mainly financed by its shareholders' funds and internally generated funds. In times of economic slowdown / downturn, the Subject being a lowly geared company, will be able to compete better than those companies which are highly geared in the same industry.
Overall Assessment :
The Subject's losses increased but its turnover showed a  fluctuating trend. This indicate the Subject was slowly losing its market share due to its competitors. 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's interest cover was negative, indicating that it did not generate sufficient income to service its interest. If its result does not show impressive improvements or succeed obtaining short term financing or capital injection, it may not be able to service its interest and repay the loans. The Subject as a lowly geared company, will be more secured compared to those highly geared companies. It has the ability to meet all its long term obligations.
Overall financial condition of the Subject : LIMITED

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	2008	2009	2010	2011	2012
Population (Million)	4.84	4.98	5.08	5.18	5.31
Gross Domestic Products ( % )	1.5	<0.8>	14.5	4.9	1.3
Consumer Price Index	6.6	0.6	2.8	5.2	4.6
Total Imports (Million)	450,892.6	356,299.3	423,221.8	459,655.1	474,554.0
Total Exports (Million)	476,762.2	391,118.1	478,840.7	514,741.2	510,329.0
Unemployment Rate (%)	2.2	3.2	2.2	2.1	2.0
Tourist Arrival (Million)	10.12	9.68	11.64	13.17	14.37
Hotel Occupancy Rate (%)	81.0	75.8	85.6	86.5	86.4
Cellular Phone Subscriber (Million)	1.31	1.37	1.43	1.50	1.52
Registration of New Companies (No.)	25,327	26,414	29,798	32,317	31,892
Registration of New Companies (%)	<2.2>	4.3	12.8	8.5	<1.3>
Liquidation of Companies (No.)	10,493	22,393	15,126	19,005	17,218
Liquidation of Companies (%)	13.7	113.4	<32.5>	25.6	9.4
Registration of New Businesses (No.)	24,850	26,876	23,978	23,494	24,788
Registration of New Businesses (%)	0.36	8.15	<10.78>	2.02	5.51
Liquidation of Businesses (No.)	21,150	23,552	24,211	23,005	22,489
Liquidation of Businesses (%)	<0.8>	11.4	2.8	<5>	<2.2>
Bankruptcy Orders (No.)	2,326	2,058	1,537	1,527	1,748
Bankruptcy Orders (%)	<15.9>	<11.5>	<25.3>	<0.7>	14.5
Bankruptcy Discharges (No.)	1,500	3,056	2,252	1,391	1,881
Bankruptcy Discharges (%)	<7.7>	103.7	<26.3>	<38.2>	35.2
INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	<0.32>	3.25	<0.48>	4.25	3.64
Fish Supply & Wholesale	<6.31>	<1.93>	<10.5>	12.10	<0.5>
Manufacturing *	74.6	71.5	92.8	100.0	100.3
Food, Beverages & Tobacco	94.8	90.4	96.4	100.0	103.5
Textiles	180.1	145.9	122.1	100.0	104.0
Wearing Apparel	334.6	211.0	123.3	100.0	92.1
Leather Products & Footwear	128.2	79.5	81.8	100.0	98.6
Wood & Wood Products	132.0	101.4	104.0	100.0	95.5
Paper & Paper Products	101.0	95.4	106.1	100.0	97.4
Printing & Media	118.2	100.9	103.5	100.0	93.0
Crude Oil Refineries	113.1	96.4	95.6	100.0	99.4
Chemical & Chemical Products	84.5	80.3	97.6	100.0	100.5
Pharmaceutical Products	43.7	49.1	75.3	100.0	109.7
Rubber & Plastic Products	120.1	101.2	112.3	100.0	96.5
Non-metallic Mineral	96.5	91.9	92.5	100.0	98.2
Basic Metals	109.8	92.6	102.2	100.0	90.6
Fabricated Metal Products	101.3	90.8	103.6	100.0	104.3
Machinery & Equipment	65.0	57.3	78.5	100.0	112.9
Electrical Machinery	81.7	86.8	124.1	100.0	99.3
Electronic Components	93.1	85.2	113.6	100.0	90.6
Transport Equipment	102.0	96.0	94.0	100.0	106.3
Construction	45.90	<36.9>	14.20	20.50	28.70
Real Estate	<11.2>	1.4	21.3	25.4	31.9
Services
Electricity, Gas & Water	<1.3>	1.70	4.00	7.00	6.30
Transport, Storage & Communication	11.60	3.90	12.80	7.40	5.30
Finance & Insurance	<5.9>	<16.4>	<0.4>	8.90	0.50
Government Services	17.40	4.50	9.70	6.90	6.00
Education Services	0.50	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 2000, the Subject is a Private Limited company, focusing on wholesale of chemical fertilisers. Having been in the industry for over a decade, the Subject has achieved a certain market share and has built up a satisfactory reputation in the market. It should have received supports from its regular customers. Having strong support from its holding company 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 15 employees. Overall, we regard that the Subject's management capability is average.

Due to the challenging market conditions, the Subject's business performance seems to be deteriorating and losses incurred. 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 lowly geared company, the Subject is exposed to low financial risk as it is mainly dependent on its internal funds to finance its business needs. Given a positive net worth standing at USD 17,539,527, 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.

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 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.

LIVEN AGRICHEM 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	USD	USD	USD	USD
Unit
TURNOVER	395,214,519	584,237,439	484,211,643	249,870,927
	----------------	----------------	----------------	----------------
Total Turnover	395,214,519	584,237,439	484,211,643	249,870,927
Costs of Goods Sold	<349,929,271>	<579,837,153>	<478,209,222>	<246,751,062>
	----------------	----------------	----------------	----------------
Gross Profit	45,285,248	4,400,286	6,002,421	3,119,865
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	<3,776,948>	345,164	1,520,432	110,222
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	<3,776,948>	345,164	1,520,432	110,222
Taxation	7,867	<43,636>	<138,267>	12,670
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	<3,769,081>	301,528	1,382,165	122,892
	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	16,308,608	16,007,080	14,624,915	14,502,023
	----------------	----------------	----------------	----------------
As restated	16,308,608	16,007,080	14,624,915	14,502,023
	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	12,539,527	16,308,608	16,007,080	14,624,915
	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	12,539,527	16,308,608	16,007,080	14,624,915
	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Lease interest	24,526	21,004	11,912	12,697
Term loan / Borrowing	8,074	9,962
	32,600	30,966	11,912	12,697

BALANCE SHEET

LIVEN AGRICHEM PTE LTD

ASSETS EMPLOYED:
FIXED ASSETS	2,672,428	2,034,530	2,138,753	2,171,006
LONG TERM INVESTMENTS/OTHER ASSETS
Investments	-	-	142,375	142,375
Others	2,270,208	968,300	665,500	-
	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	2,270,208	968,300	807,875	142,375
INTANGIBLE ASSETS
Others	175,452	175,452	-	-
	----------------	----------------	----------------	----------------
TOTAL INTANGIBLE ASSETS	175,452	175,452	-	-
	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	5,118,088	3,178,282	2,946,628	2,313,381
CURRENT ASSETS
Trade debtors	28,936,606	24,126,441	89,194,650	34,864,596
Other debtors, deposits & prepayments	5,774,458	6,088,966	4,132,633	2,514,355
Short term deposits	6,008,075	1,555,983	5,843,932	11,828,837
Amount due from holding company	532,915	572,806	574,184	447,484
Amount due from related companies	5,962	4,706	4,525	3,844
Amount due from director	-	-	1,479,449	1,121,837
Cash & bank balances	3,560,463	5,930,576	5,115,352	3,105,930
	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	44,818,479	38,279,478	106,344,725	53,886,883
	----------------	----------------	----------------	----------------
TOTAL ASSET	49,936,567	41,457,760	109,291,353	56,200,264
	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	24,960,231	16,318,628	52,191,489	24,827,767
Other creditors & accruals	129,257	70,285	1,166,031	4,902,391
Hire purchase & lease creditors	-	-	45,892	48,109
Short term borrowings/Term loans	-	-	32,437,742	6,293,044
Other borrowings	4,760,571	2,306,704	-	-
Amounts owing to director	2,136,491	802,604	1,500,000	-
Provision for taxation	48,117	-	173,158	112,275
Lease payables	47,891	64,040	-	-
	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	32,082,558	19,562,261	87,514,312	36,183,586
	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	12,735,921	18,717,217	18,830,413	17,703,297
	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	17,854,009	21,895,499	21,777,041	20,016,678
	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	5,000,000	5,000,000	5,000,000	5,000,000
	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	5,000,000	5,000,000	5,000,000	5,000,000
RESERVES
Retained profit/(loss) carried forward	12,539,527	16,308,608	16,007,080	14,624,915
	----------------	----------------	----------------	----------------
TOTAL RESERVES	12,539,527	16,308,608	16,007,080	14,624,915
	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	17,539,527	21,308,608	21,007,080	19,624,915
LONG TERM LIABILITIES
Long term loans	-	-	445,421	-
Other long term borrowings	222,701	334,061	-	-
Lease obligations	77,087	230,269	-	-
Hire purchase creditors	-	-	297,847	324,684
Deferred taxation	14,694	22,561	26,693	67,079
	----------------	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	314,482	586,891	769,961	391,763
	----------------	----------------	----------------	----------------
	17,854,009	21,895,499	21,777,041	20,016,678
	=============	=============	=============	=============

FINANCIAL RATIO

LIVEN AGRICHEM PTE LTD

TYPES OF FUNDS
Cash	9,568,538	7,486,559	10,959,284	14,934,767
Net Liquid Funds	9,568,538	7,486,559	10,959,284	14,934,767
Net Liquid Assets	12,735,921	18,717,217	18,830,413	17,703,297
Net Current Assets/(Liabilities)	12,735,921	18,717,217	18,830,413	17,703,297
Net Tangible Assets	17,678,557	21,720,047	21,777,041	20,016,678
Net Monetary Assets	12,421,439	18,130,326	18,060,452	17,311,534
BALANCE SHEET ITEMS
Total Borrowings	5,060,359	2,871,034	33,226,902	6,665,837
Total Liabilities	32,397,040	20,149,152	88,284,273	36,575,349
Total Assets	49,936,567	41,457,760	109,291,353	56,200,264
Net Assets	17,854,009	21,895,499	21,777,041	20,016,678
Net Assets Backing	17,539,527	21,308,608	21,007,080	19,624,915
Shareholders' Funds	17,539,527	21,308,608	21,007,080	19,624,915
Total Share Capital	5,000,000	5,000,000	5,000,000	5,000,000
Total Reserves	12,539,527	16,308,608	16,007,080	14,624,915
LIQUIDITY (Times)
Cash Ratio	0.30	0.38	0.13	0.41
Liquid Ratio	1.40	1.96	1.22	1.49
Current Ratio	1.40	1.96	1.22	1.49
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0	0	0
Debtors Ratio	27	15	67	51
Creditors Ratio	26	10	40	37
SOLVENCY RATIOS (Times)
Gearing Ratio	0.29	0.13	1.58	0.34
Liabilities Ratio	1.85	0.95	4.20	1.86
Times Interest Earned Ratio	<114.86>	12.15	128.64	9.68
Assets Backing Ratio	3.54	4.34	4.36	4.00
PERFORMANCE RATIO (%)
Operating Profit Margin	<0.96>	0.06	0.31	0.04
Net Profit Margin	<0.95>	0.05	0.29	0.05
Return On Net Assets	<20.97>	1.72	7.04	0.61
Return On Capital Employed	<20.77>	1.70	7.02	0.61
Return On Shareholders' Funds/Equity	<21.49>	1.42	6.58	0.63
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.62.41
UK Pound	1	Rs.102.54
Euro	1	Rs.85.20

INFORMATION DETAILS

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.