MIRA INFORM REPORT

Report Date :

22.01.2014

IDENTIFICATION DETAILS

Name :	MOOG SINGAPORE PTE LTD
Registered Office :	73, Science Park Drive, 03-09, Cintech Building 1, Singapore Science Park 1, 118254
Country :	Singapore
Financials (as on) :	30.09.2012
Date of Incorporation :	20.01.1993
Com. Reg. No.:	199300381-K
Legal Form :	Private Limited
Line of Business :	Wholesale of aircraft equipment, industrial products, solutions and services
No. of Employees :	20

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 hub

Source : CIA

EXECUTIVE SUMMARY

REGISTRATION NO.

:

199300381-K

COMPANY NAME

:

MOOG SINGAPORE PTE LTD

FORMER NAME

:

N/A

INCORPORATION DATE

:

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

73, SCIENCE PARK DRIVE, 03-09, CINTECH BUILDING 1, SINGAPORE SCIENCE PARK 1, 118254, SINGAPORE.

BUSINESS ADDRESS

:

73, SCIENCE PARK DRIVE, 03-09, CINTECH BUILDING 1, SINGAPORE SCIENCE PARK 1, 118254, SINGAPORE.

TEL.NO.

:

65-67736238

FAX.NO.

:

65-67777627

WEB SITE

:

WWW.MOOG.COM

CONTACT PERSON

:

LARS STEEN RASMUSSEN ( DIRECTOR )

PRINCIPAL ACTIVITY

:

WHOLESALE OF AIRCRAFT EQUIPMENT, INDUSTRIAL PRODUCTS, SOLUTIONS AND SERVICES

ISSUED AND PAID UP CAPITAL

:

80,000.00 ORDINARY SHARE, OF A VALUE OF SGD 80,000.00

SALES

:

SGD 24,656,829 [2012]

NET WORTH

:

SGD 36,005,797 [2012]

STAFF STRENGTH

:

20 [2014]

BANKER (S)

:

INDIAN BANK

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

STRONG

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 aircraft equipment, industrial products, solutions and services.

The immediate and ultimate holding company of the Subject is MOOG INC, a company incorporated in UNITED STATES.

Share Capital History

Date	Issue & Paid Up Capital
22/04/2013	SGD 80,000.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
MOOG INC	EAST AURORA NEW YORK, 14052-0018, UNITED STATES.	S93UF0450	80,000.00	100.00
			---------------	------
			80,000.00	100.00
			============	=====

+ Also Director

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

Local No	Country	Company	(%)	As At
	INDIA	MOOG INDIA TECHNOLOGY CENTER PRIVATE LIMITED	99.99	30/09/2012
	INDIA	MOOG MOTIONS CONTROL PVT LTD	99.00	30/09/2012

DIRECTORS

DIRECTOR 1

Name Of Subject	:	LEE PENG HAN
Address	:	33, ELIAS ROAD 09-26, RIS GRANDEUR, 519935, SINGAPORE.
IC / PP No	:	S1786393B
Nationality	:	SINGAPOREAN
Date of Appointment	:	18/05/2009

DIRECTOR 2

Name Of Subject	:	WILLIAM BERNARD BRADY
Address	:	44-12, HONMOKU SANNOTANI, NAKAKU, YOKOHAMA 231-0824, JAPAN.
IC / PP No	:	LB0063946
Nationality	:	IRISH
Date of Appointment	:	02/12/2011

DIRECTOR 3

Name Of Subject	:	LARS STEEN RASMUSSEN
Address	:	263-1, YAMATECHO, NAKU-KU, YOKOHAMA, 231-0862, JAPAN.
IC / PP No	:	205449396
Nationality	:	DANE
Date of Appointment	:	18/05/2009

MANAGEMENT

1)	Name of Subject	:	LARS STEEN RASMUSSEN
	Position	:	DIRECTOR

AUDITOR

Auditor	:	ERNST & YOUNG LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	TEO CHIN KEE
	IC / PP No	:	S2622115C
	Address	:	244, LORONG CHUAN, 07 - 06, CHUAN PARK, 556745, SINGAPORE.

2)	Company Secretary	:	CHAN CHOW PHENG
	IC / PP No	:	S1298885J
	Address	:	59, TELOK BLANGAH HEIGHTS, 04-11, 100059, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

INDIAN BANK

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C200904111	07/07/2009	N/A	INDIAN BANK	-	Unsatisfied
C201011998	10/12/2010	N/A	INDIAN BANK	-	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	:	YES
Overseas	:	YES
Import Countries	:	UNITED KINGDOM,UNITED STATES

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	:	ASIA PACIFIC
Credit Term	:	AS AGREED
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)
Type of Customer	:	AIRCRAFT INDUSTRIES

OPERATIONS

Goods Traded

:

AIRCRAFT EQUIPMENT, INDUSTRIAL PRODUCTS, SOLUTIONS AND SERVICES

Total Number of Employees:
YEAR	2014	2013	2012
GROUP	N/A	N/A	N/A
COMPANY	20	20	20

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) wholesale of aircraft equipment, industrial products, solutions and services.

The Subject sells various industrial products, aircraft as well as power generation turbines and others.

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

The products traded by the Subject has unique capabilities.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	6567736238
Current Telephone Number	:	65-67736238
Match	:	YES
Address Provided by Client	:	73 SCIENCE PARK DRIVE #03-09 CINTECH 1 SINGAPORE SCIENCE PARK 1 SINGAPORE 118254
Current Address	:	73, SCIENCE PARK DRIVE, 03-09, CINTECH BUILDING 1, SINGAPORE SCIENCE PARK 1, 118254, SINGAPORE.
Match	:	YES

Other Investigations

On 20th January 2014 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	[	10.75%	]
Return on Net Assets	:	Acceptable	[	12.05%	]
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	:	Favourable	[	22 Days	]
Debtor Ratio	:	Unfavourable	[	200 Days	]
Creditors Ratio	:	Unfavourable	[	85 Days	]
The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The Subject's debtors ratio was high. The Subject should tighten its credit control and improve its collection period. The unfavourable creditors' ratio could be due to the Subject taking advantage of the credit granted by its suppliers. However this may affect the goodwill between the Subject and its suppliers and the Subject may inadvertently have to pay more for its future supplies.
Liquidity
Liquid Ratio	:	Favourable	[	3.97 Times	]
Current Ratio	:	Favourable	[	4.25 Times	]
A minimum liquid ratio of 1 should be maintained by the Subject in order to assure its creditors of its ability to meet short term obligations and the Subject was in a good liquidity position. Thus, we believe the Subject is able to meet all its short term obligations as and when they fall due.
Solvency
Interest Cover	:	Favourable	[	158.13 Times	]
Gearing Ratio	:	Favourable	[	0.00 Times	]
The interest cover showed that the Subject was able to service the interest. The favourable interest cover could indicate that the Subject was making enough profit to pay for the interest accrued. The Subject 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 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. With the favourable interest cover, the Subject could be able to service all the accrued interest without facing any difficulties. 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 :	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 1993, the Subject is a Private Limited company, focusing on wholesale of aircraft equipment, industrial products, solutions and services. Its impressive track record shows that the Subject has been able to keep its business going despite the passing of two decades of highs and lows in the local economy. Having strong support from its holding company has enabled the Subject to remain competitive despite the challenging business environment.

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. 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 36,005,797, 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.

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 promptly.

PROFIT AND LOSS ACCOUNT

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

MOOG SINGAPORE PTE LTD

Financial Year End	2012-09-30	2011-09-30	2010-09-30
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	SGD	SGD	SGD
TURNOVER	24,656,829	24,646,882	21,943,249
Other Income	3,505,125	3,466,742	3,566,092
	----------------	----------------	----------------
Total Turnover	28,161,954	28,113,624	25,509,341
Costs of Goods Sold	(17,226,306)	(16,836,494)	(13,831,854)
	----------------	----------------	----------------
Gross Profit	10,935,648	11,277,130	11,677,487
	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	4,312,638	4,541,396	5,329,828
	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	4,312,638	4,541,396	5,329,828
Taxation	(443,448)	(640,182)	(761,263)
	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	3,869,190	3,901,214	4,568,565
	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	32,056,607	28,155,393	23,586,828
	----------------	----------------	----------------
As restated	32,056,607	28,155,393	23,586,828
	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	35,925,797	32,056,607	28,155,393
	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	35,925,797	32,056,607	28,155,393
	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Others	27,447	32,753	23,613
	----------------	----------------	----------------
	27,447	32,753	23,613
	=============	=============	=============

BALANCE SHEET

MOOG SINGAPORE PTE LTD

ASSETS EMPLOYED:
FIXED ASSETS	49,971	43,158	86,746
LONG TERM INVESTMENTS/OTHER ASSETS
Subsidiary companies	9,250,015	3,042,395	3,042,395
Associated companies	7,075,800	7,075,800	7,075,800
Loans & advances - non-current	2,455,000	2,615,000	-
Deferred assets	-	4,045	4,045
	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	18,780,815	12,737,240	10,122,240
	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	18,830,786	12,780,398	10,208,986
CURRENT ASSETS
Stocks	1,471,199	1,084,516	926,421
Trade debtors	13,493,622	7,491,732	4,646,630
Other debtors, deposits & prepayments	207,083	229,811	14,794,192
Short term deposits	473,841	445,858	467,632
Amount due from holding company	24,211	72,303	-
Amount due from related companies	5,934,139	16,755,563	-
Cash & bank balances	859,839	933,148	401,599
	----------------	----------------	----------------
TOTAL CURRENT ASSETS	22,463,934	27,012,931	21,236,474
	----------------	----------------	----------------
TOTAL ASSET	41,294,720	39,793,329	31,445,460
	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	3,990,290	6,163,161	1,470,927
Other creditors & accruals	729,630	749,445	920,350
Provision for taxation	569,003	744,116	818,790
	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	5,288,923	7,656,722	3,210,067
	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	17,175,011	19,356,209	18,026,407
	----------------	----------------	----------------
TOTAL NET ASSETS	36,005,797	32,136,607	28,235,393
	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	80,000	80,000	80,000
	----------------	----------------	----------------
TOTAL SHARE CAPITAL	80,000	80,000	80,000
RESERVES
Retained profit/(loss) carried forward	35,925,797	32,056,607	28,155,393
	----------------	----------------	----------------
TOTAL RESERVES	35,925,797	32,056,607	28,155,393
	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	36,005,797	32,136,607	28,235,393
	----------------	----------------	----------------
	36,005,797	32,136,607	28,235,393
	=============	=============	=============

FINANCIAL RATIO

MOOG SINGAPORE PTE LTD

TYPES OF FUNDS
Cash	1,333,680	1,379,006	869,231
Net Liquid Funds	1,333,680	1,379,006	869,231
Net Liquid Assets	15,703,812	18,271,693	17,099,986
Net Current Assets/(Liabilities)	17,175,011	19,356,209	18,026,407
Net Tangible Assets	36,005,797	32,136,607	28,235,393
Net Monetary Assets	15,703,812	18,271,693	17,099,986
BALANCE SHEET ITEMS
Total Borrowings	0	0	0
Total Liabilities	5,288,923	7,656,722	3,210,067
Total Assets	41,294,720	39,793,329	31,445,460
Net Assets	36,005,797	32,136,607	28,235,393
Net Assets Backing	36,005,797	32,136,607	28,235,393
Shareholders' Funds	36,005,797	32,136,607	28,235,393
Total Share Capital	80,000	80,000	80,000
Total Reserves	35,925,797	32,056,607	28,155,393
LIQUIDITY (Times)
Cash Ratio	0.25	0.18	0.27
Liquid Ratio	3.97	3.39	6.33
Current Ratio	4.25	3.53	6.62
WORKING CAPITAL CONTROL (Days)
Stock Ratio	22	16	15
Debtors Ratio	200	111	77
Creditors Ratio	85	134	39
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00	0.00
Liabilities Ratio	0.15	0.24	0.11
Times Interest Earned Ratio	158.13	139.66	226.72
Assets Backing Ratio	450.07	401.71	352.94
PERFORMANCE RATIO (%)
Operating Profit Margin	17.49	18.43	24.29
Net Profit Margin	15.69	15.83	20.82
Return On Net Assets	12.05	14.23	18.96
Return On Capital Employed	12.05	14.23	18.96
Return On Shareholders' Funds/Equity	10.75	12.14	16.18
Dividend Pay Out Ratio (Times)	0.00	0.00	0.00
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.54
UK Pound	1	Rs.101.08
Euro	1	Rs.83.38

INFORMATION DETAILS

Report Prepared by :

PDT

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.