MIRA INFORM REPORT

Report Date :

09.01.2014

IDENTIFICATION DETAILS

Name :	OM MATERIALS (S) PTE LTD
Registered Office :	80, Marine Parade Road, 08-08, Parkway Parade Building, 449269
Country :	Singapore
Financials (as on) :	31.12.2012
Date of Incorporation :	13.02.1999
Com. Reg. No.:	199900815-Z
Legal Form :	Private Limited Company
Line of Business :	Wholesaler of metals and metal ores such as manganese, chrome and iron.
No. of Employees :	20 (2013)

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 :	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 – 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 hub.

Source : CIA

* Adopted abbreviations :	SC - Subject Company (the company enquired by you)
	N/A - Not Applicable

EXECUTIVE SUMMARY

REGISTRATION NO.

:

199900815-Z

COMPANY NAME

:

OM MATERIALS (S) PTE LTD

FORMER NAME

:

N/A

INCORPORATION DATE

:

13/02/1999

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

80, MARINE PARADE ROAD, 08-08, PARKWAY PARADE BUILDING, 449269, SINGAPORE.

BUSINESS ADDRESS

:

80, MARINE PARADE ROAD, 08-08, PARKWAY PARADE BUILDING, 449269, SINGAPORE.

TEL.NO.

:

65-63465515

FAX.NO.

:

65-63422242

WEB SITE

:

WWW.OMHOLDINGSLTD.COM

CONTACT PERSON

:

EDWARD YOUNG WOO HWA ( MANAGING DIRECTOR )

PRINCIPAL ACTIVITY

:

Wholesaler of metals and metal ores such as manganese, chrome and iron.

ISSUED AND PAID UP CAPITAL

:

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

SALES

:

USD 354,013,089 [2012]

NET WORTH

:

USD 63,082,377 [2012]

STAFF STRENGTH

:

20 (2013)

BANKER (S)

:

COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A. BNP PARIBAS MALAYAN BANKING BHD CIMB BANK BHD STANDARD CHARTERED BANK

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

FAIR

PAYMENT

:

AVERAGE

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 metals and metal ores.

Share Capital History

Date	Authorised Shared Capital	Issue & Paid Up Capital
15/02/2013	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	(%)
OM RESOURCES HK LIMITED	20/F., CHAMPION BUILDING, 287-291, DES VOEUX ROAD CENTRAL, SHEUNG WAN, HONG KONG.	T06UF0431	1,000,000.00	100.00
			---------------	------
			1,000,000.00	100.00
			============	=====

+ Also Director

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

Local No	Country	Company	(%)	As At
915305T	MALAYSIA	OM MATERIALS (JOHOR) SDN. BHD.	100.00	31/12/2012
	CHINA	OM MATERIALS (QINZHOU) CO. LTD	100.00	31/12/2012
	PAPUA NEW GUINEA	OM MATERIALS (PNG) LTD	100.00	31/12/2012
915304H	MALAYSIA	OM MATERIALS (SARAWAK) SDN. BHD.	80.00	31/12/2012
	CHINA	OM HUJIN SCIENCE & TRADE (SHANGHAI) CO. LTD	70.00	31/12/2012

DIRECTORS

DIRECTOR 1

Name Of Subject	:	MR. EDWARD YOUNG WOO HWA
Address	:	94, LI HWAN DRIVE, GOLDEN HILL ESTATE, 557110, SINGAPORE.
IC / PP No	:	S1184107D
Nationality	:	SINGAPOREAN
Date of Appointment	:	01/05/2007

DIRECTOR 2

Name Of Subject	:	HENG SIOW KWEE
Address	:	58, WILKONSON ROAD, 436715, SINGAPORE.
IC / PP No	:	S1548948J
Nationality	:	SINGAPOREAN
Date of Appointment	:	01/05/2007

DIRECTOR 3

Name Of Subject	:	LOW NGEE TONG
Address	:	58, WILKONSON ROAD, 436715, SINGAPORE.
IC / PP No	:	S0069868G
Nationality	:	SINGAPOREAN
Date of Appointment	:	13/02/1999

MANAGEMENT

1)	Name of Subject	:	EDWARD YOUNG WOO HWA
	Position	:	MANAGING DIRECTOR

AUDITOR

Auditor	:	FOO KON TAN GRANT THORNTON LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	ANG BEE WAH
	IC / PP No	:	S0196745B
	Address	:	4B, PHILLIPS AVENUE, 546924, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.

2)

Name

:

BNP PARIBAS

3)

Name

:

MALAYAN BANKING BHD

4)

Name

:

CIMB BANK BHD

5)

Name

:

STANDARD CHARTERED BANK

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C200405147	15/10/2004	N/A	MALAYAN BANKING BHD	-	Unsatisfied
C200406449	17/12/2004	N/A	BNP PARIBAS	-	Unsatisfied
C200700220	10/01/2007	N/A	COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.	-	Unsatisfied
C200905453	31/08/2009	N/A	STANDARD CHARTERED BANK	-	Unsatisfied
C201002757	31/03/2010	N/A	STANDARD CHARTERED BANK	-	Unsatisfied
C201103993	31/03/2011	N/A	STANDARD CHARTERED BANK	-	Unsatisfied
C201201427	07/02/2012	N/A	CIMB BANK BHD	-	Unsatisfied
C201307290	30/05/2013	N/A	STANDARD CHARTERED BANK MALAYSIA BHD	-	Unsatisfied
C201307577	05/06/2013	N/A	STANDARD CHARTERED BANK MALAYSIA BHD	-	Unsatisfied

LEGAL CHECK AGAINST SUBJECT

* A check has been conducted in our databank against 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	[	]	Average 61-90 Days	[	X	]
Fair 91-120 Days	[	]	Poor >120 Days	[	]

CLIENTELE

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

OPERATIONS

Goods Traded

:

METALS AND METAL ORES

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

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) wholesale of metals and metal ores. 

The Subject focuses on the trading of specialised metal products.

The Subject supplies the products according to its customers' requirements.

The Subject trades metal ores such as manganese, chrome and iron.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-63465515
Match	:	N/A
Address Provided by Client	:	80 MARINE PARADE ROAD, #08-80 PARKWAY PARADE SINGAPORE 449269
Current Address	:	80, MARINE PARADE ROAD, 08-08, PARKWAY PARADE BUILDING, 449269, SINGAPORE.
Match	:	YES

Other Investigations

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

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	2010 - 2012	]
Profit/(Loss) Before Tax	:	Decreased	[	2010 - 2012	]
Return on Shareholder Funds	:	Acceptable	[	17.07%	]
Return on Net Assets	:	Acceptable	[	14.03%	]
The Subject's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.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	:	Nil	[	0 Days	]
Debtor Ratio	:	Favourable	[	36 Days	]
Creditors Ratio	:	Favourable	[	57 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	[	1.20 Times	]
Current Ratio	:	Unfavourable	[	1.20 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	:	Acceptable	[	4.43 Times	]
Gearing Ratio	:	Unfavourable	[	1.30 Times	]
The Subject's interest cover was slightly low. If there is no sharp fall in its profit or sudden increase in the interest rates, we believe the Subject is able to generate sufficient income to service its interest and repay the loans. 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 Subject's turnover had increased, its profits had declined over the same corresponding period. This could be due to the stiffer market competition and / or higher operating costs which lowered the Subject's profit margin. 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 had an acceptable interest cover. If there is no sudden sharp increase in interest rate or fall in the Subject's profit, we do believe the Subject is able to generate sufficient cash flow to service its interest payment. 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 :	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)
(Source : Department of Statistics)

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 1999, the Subject is a Private Limited company, focusing on wholesale of metals and metal ores. 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. 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. 

Financially, the Subject registered a higher turnover compared to previous year. However, its profits showed a reverse trend. The lower profit achieved was a result of higher operating cost and increased competition. 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. Thus, the Subject is exposed to high financial risk. Given a positive net worth standing at USD 63,082,377, 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 payment habit is average. With its adequate working capital, the Subject should be able to pay its short term debts. 

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.

OM MATERIALS (S) PTE LTD

Financial Year End	2012-12-31	2011-12-31	2010-12-31
Months	12	12	12
Consolidated Account	Company	Company	Company
Audited Account	YES	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES	YES
Financial Type	FULL	FULL	FULL
Currency	USD	USD	USD
TURNOVER	354,013,089	329,884,073	289,397,014
Other Income	11,627,069	13,387,524	15,398,358
	----------------	----------------	----------------
Total Turnover	365,640,158	343,271,597	304,795,372
Costs of Goods Sold	(318,874,505)	(265,481,767)	(230,767,904)
	----------------	----------------	----------------
Gross Profit	46,765,653	77,789,830	74,027,468
	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	11,775,430	15,652,488	29,772,271
	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	11,775,430	15,652,488	29,772,271
Taxation	(1,004,800)	(1,652,519)	(3,163,747)
	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	10,770,630	13,999,969	26,608,524
	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	51,709,700	37,709,731	41,101,207
	----------------	----------------	----------------
As restated	51,709,700	37,709,731	41,101,207
	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	62,480,330	51,709,700	67,709,731
DIVIDENDS - Ordinary (paid & proposed)	-	-	(30,000,000)
	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	62,480,330	51,709,700	37,709,731
	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Term loan / Borrowing	3,437,275	3,860,950	2,077,388
	----------------	----------------	----------------
	3,437,275	3,860,950	2,077,388
	=============	=============	=============

BALANCE SHEET

OM MATERIALS (S) PTE LTD

ASSETS EMPLOYED:
FIXED ASSETS	738,759	799,022	864,695
LONG TERM INVESTMENTS/OTHER ASSETS
Subsidiary companies	79,606,453	30,819,750	12,587,157
Associated companies	13,000	-	-
Others	3,597,702	643,765	-
	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	83,217,155	31,463,515	12,587,157
	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	83,955,914	32,262,537	13,451,852
CURRENT ASSETS
Stocks	-	25,750,000	-
Trade debtors	34,443,453	69,795,969	78,400,408
Other debtors, deposits & prepayments	1,493,525	336,961	245,876
Short term deposits	5,726,671	6,941,666	6,080,175
Amount due from holding company	31,268,890	63,184,311	45,831,693
Amount due from related companies	50,040,249	33,904,179	16,024,899
Cash & bank balances	23,743,881	7,311,740	6,453,893
	----------------	----------------	----------------
TOTAL CURRENT ASSETS	146,716,669	207,224,826	153,036,944
	----------------	----------------	----------------
TOTAL ASSET	230,672,583	239,487,363	166,488,796
	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	49,701,197	72,631,489	43,036,227
Other creditors & accruals	8,714,636	9,076,450	5,014,799
Short term borrowings/Term loans	10,000,000	44,221,154	30,000,000
Other borrowings	26,912,235	11,972,210	3,401,995
Amounts owing to holding company	24,742,190	-	212,601
Amounts owing to related companies	931,801	-	-
Provision for taxation	1,254,814	1,652,519	3,178,063
	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	122,256,873	139,553,822	84,843,685
	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	24,459,796	67,671,004	68,193,259
	----------------	----------------	----------------
TOTAL NET ASSETS	108,415,710	99,933,541	81,645,111
	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	602,047	602,047	602,047
	----------------	----------------	----------------
TOTAL SHARE CAPITAL	602,047	602,047	602,047
RESERVES
Retained profit/(loss) carried forward	62,480,330	51,709,700	37,709,731
	----------------	----------------	----------------
TOTAL RESERVES	62,480,330	51,709,700	37,709,731
	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	63,082,377	52,311,747	38,311,778
LONG TERM LIABILITIES
Long term loans	45,333,333	47,621,794	43,333,333
	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	45,333,333	47,621,794	43,333,333
	----------------	----------------	----------------
	108,415,710	99,933,541	81,645,111
	=============	=============	=============

FINANCIAL RATIO

OM MATERIALS (S) PTE LTD

TYPES OF FUNDS
Cash	29,470,552	14,253,406	12,534,068
Net Liquid Funds	29,470,552	14,253,406	12,534,068
Net Liquid Assets	24,459,796	41,921,004	68,193,259
Net Current Assets/(Liabilities)	24,459,796	67,671,004	68,193,259
Net Tangible Assets	108,415,710	99,933,541	81,645,111
Net Monetary Assets	(20,873,537)	(5,700,790)	24,859,926
BALANCE SHEET ITEMS
Total Borrowings	82,245,568	103,815,158	76,735,328
Total Liabilities	167,590,206	187,175,616	128,177,018
Total Assets	230,672,583	239,487,363	166,488,796
Net Assets	108,415,710	99,933,541	81,645,111
Net Assets Backing	63,082,377	52,311,747	38,311,778
Shareholders' Funds	63,082,377	52,311,747	38,311,778
Total Share Capital	602,047	602,047	602,047
Total Reserves	62,480,330	51,709,700	37,709,731
LIQUIDITY (Times)
Cash Ratio	0.24	0.10	0.15
Liquid Ratio	1.20	1.30	1.80
Current Ratio	1.20	1.48	1.80
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	28	0
Debtors Ratio	36	77	99
Creditors Ratio	57	100	68
SOLVENCY RATIOS (Times)
Gearing Ratio	1.30	1.98	2.00
Liabilities Ratio	2.66	3.58	3.35
Times Interest Earned Ratio	4.43	5.05	15.33
Assets Backing Ratio	180.08	165.99	135.61
PERFORMANCE RATIO (%)
Operating Profit Margin	3.33	4.74	10.29
Net Profit Margin	3.04	4.24	9.19
Return On Net Assets	14.03	19.53	39.01
Return On Capital Employed	14.03	19.53	39.01
Return On Shareholders' Funds/Equity	17.07	26.76	69.45
Dividend Pay Out Ratio (Times)	0.00	0.00	1.13
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.24
UK Pound	1	Rs.102.17
Euro	1	Rs.84.82

INFORMATION DETAILS

Report Prepared by :

MNL

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.