MIRA INFORM REPORT

Report Date :

27.01.2014

IDENTIFICATION DETAILS

Name :	HAWORTH SINGAPORE PTE LTD
Formerly Known as:	CASTELLI (F.E.) PTE. LTD.
Registered Office :	20, Anson Road, 09-03, Twenty Anson, 079912
Country :	Singapore
Financials (as on) :	31.12.2012
Date of Incorporation :	17.05.1982
Com. Reg. No.:	198202048-R
Legal Form :	Private Limited Company
Line of Business :	· wholesaler of furniture & decorative accessories. Subject is a global leader in adaptable workspaces, including raised floors, movable walls, systems furniture, seating, storage and wood casegoods.
No. of Employees :	40 [2014]

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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.	:	198202048-R
COMPANY NAME	`	HAWORTH SINGAPORE PTE LTD
FORMER NAME	:	CASTELLI (F.E.) PTE. LTD. (07/02/1996)
INCORPORATION DATE	:	17/05/1982
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	20, ANSON ROAD, 09-03, TWENTY ANSON, 079912, SINGAPORE.
BUSINESS ADDRESS	:	20, ANSON ROAD 09-03, TWENTY ANSON, 079912, SINGAPORE.
TEL.NO.	:	65-67351155
FAX.NO.	:	65-67330133
WEB SITE	:	WWW.HAWORTH.COM
CONTACT PERSON	:	MOONEY JOHN KEVIN ( DIRECTOR )
PRINCIPAL ACTIVITY	:	WHOLESALE OF FURNITURE & DECORATIVE ACCESSORIES
ISSUED AND PAID UP CAPITAL	:	8,050,000.00 ORDINARY SHARE, OF A VALUE OF SGD 8,050,000.00
SALES	:	USD 63,258,921 [2012]
NET WORTH	:	USD 4,095,422 [2012]
STAFF STRENGTH	:	40 [2014]
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	STABLE
PAYMENT	:	POOR
MANAGEMENT CAPABILITY	:	GOOD
COMMERCIAL RISK	:	LOW
CURRENCY EXPOSURE	:	MODERATE
GENERAL REPUTATION	:	GOOD
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 furniture & decorative accessories.

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

The ultimate holding company of the Subject is HAWORTH INTERNATIONAL LTD, a company incorporated in UNITED STATES.

Share Capital History

Date	Issue & Paid Up Capital
15/02/2013	SGD 8,050,000.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
HAWORTH INC.	ONE HAWORTH CENTRE HOLLAND, MICHIGAN 49423-9576, UNITED STATES.	S82UF0242	8,050,000.00	100.00
			---------------	------
			8,050,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	MOONEY JOHN KEVIN
Address	:	919, SAN LUCIA DRIVE SE, GRAND RAPIDS, MICHIGAN 49506, UNITED STATES.
IC / PP No	:	026560405
Nationality	:	AMERICAN
Date of Appointment	:	01/02/2006

DIRECTOR 2

Name Of Subject	:	FRANK FELIX REXACH
Address	:	APARTMENT GB, 4 RACQUET CLUB DRIVE, 555, JALAN FENG ROAD, ZHU DI TOWN, MINHANG DISTRICT, SHANGHAI, 201107, CHINA.
IC / PP No	:	701044046
Nationality	:	AMERICAN
Date of Appointment	:	15/07/2002

DIRECTOR 3

Name Of Subject	:	SHAO HAILEI
Address	:	61, TAMPINES AVENUE 1, 04-05, TROPICA, THE, 529776, SINGAPORE.
IC / PP No	:	S7267663G
Nationality	:	SINGAPOREAN
Date of Appointment	:	15/06/2011

DIRECTOR 4

Name Of Subject	:	MORTEN VALTHER GRAAE JOERGENSEN
Address	:	38, WEST COAST ROAD, 01-33, VARSITY PARK CONDOMINIUM, 127452, SINGAPORE.
IC / PP No	:	G5366259K
Nationality	:	DANE
Date of Appointment	:	01/11/2012

MANAGEMENT

1)	Name of Subject	:	MOONEY JOHN KEVIN
	Position	:	DIRECTOR

AUDITOR

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

COMPANY SECRETARIES

1)	Company Secretary	:	CHO FORM PO
	IC / PP No	:	S7367687H
	Address	:	48, CANBERRA DRIVE, 04-13, YISHUN SAPPHIRE, 768437, SINGAPORE.

BANKING

No Banker found in our databank. 

ENCUMBRANCE (S)

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

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	:	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	[	]	Good 31-60 Days	[		]	Average 61-90 Days	[	]
Fair 91-120 Days	[	]	Poor >120 Days	[	X	]

CLIENTELE

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

OPERATIONS

Goods Traded

:

FURNITURE & DECORATIVE ACCESSORIES

Total Number of Employees:
YEAR	2014
GROUP	N/A
COMPANY	40

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) wholesale of furniture & decorative accessories. 

The Subject is a global leader in adaptable workspaces, including raised floors, movable walls, systems furniture, seating, storage and wood casegoods.

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

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-67351155
Match	:	N/A
Address Provided by Client	:	20 ANSON ROAD #09-03 SINGAPORE 079912
Current Address	:	20, ANSON ROAD 09-03, TWENTY ANSON, 079912, SINGAPORE.
Match	:	NO

Other Investigations

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

The Subject refused to disclose its number of employees.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	2009 - 2012	]
Profit/(Loss) Before Tax	:	Increased	[	2009 - 2012	]
Return on Shareholder Funds	:	Favourable	[	76.77%	]
Return on Net Assets	:	Favourable	[	87.80%	]
The Subject's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.The higher profit could be attributed to the increase in turnover. Generally the Subject was profitable. The favourable return on shareholders' funds and return on net assets indicate that the Subject's management was efficient in utilising the assets to generate returns.
Working Capital Control
Stock Ratio	:	Favourable	[	20 Days	]
Debtor Ratio	:	Unfavourable	[	114 Days	]
Creditors Ratio	:	Unfavourable	[	141 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	[	1.02 Times	]
Current Ratio	:	Unfavourable	[	1.16 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	[	481.62 Times	]
Gearing Ratio	:	Favourable	[	0.23 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 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 :
Generally, the Subject's performance has improved with higher 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. With the favourable interest cover, the Subject could be able to service all the accrued interest without facing any difficulties. 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 : STABLE

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 1982, the Subject is a Private Limited company, focusing on wholesale of furniture & decorative accessories. The Subject has been in business for over 3 decades. It has built up a strong clientele base and good reputation will enable the Subject to further enhance its business in the near term.  The Subject is expected to enjoy a stable market shares. 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. The Subject has approximately 40 employees in its business operations. The Subject has a good management capability. Its capable management team has enabled the Subject to keep its business on going. Hence, the future prospect of the Subject is bright. 

We noted that both the turnover and profits have increased compared to the previous year. The higher profit could be due to increase in turnover and better control over its operating costs. Based on the higher profitability, the Subject has generated a favourable return based on its existing shareholders' funds 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 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 4,095,422, the Subject should be able to maintain its business in the near terms. 

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. 

The poor payment habit may affect the goodwill between the Subject and its suppliers and the Subject may inadvertently have to pay more for its future supplies. 

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.

HAWORTH SINGAPORE 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
TURNOVER	63,258,921	61,042,192	41,216,738	31,962,600
Other Income	2,896	98,846	30,448	133,286
	----------------	----------------	----------------	----------------
Total Turnover	63,261,817	61,141,038	41,247,186	32,095,886
Costs of Goods Sold	(44,189,720)	(44,220,676)	(31,037,030)	(25,726,506)
	----------------	----------------	----------------	----------------
Gross Profit	19,072,097	16,920,362	10,210,156	6,369,380
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	3,610,880	809,206	(508,392)	(3,218,631)
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	3,610,880	809,206	(508,392)	(3,218,631)
Taxation	(467,025)	(191,011)	(16,343)	498
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	3,143,855	618,195	(524,735)	(3,218,133)
	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	(3,399,784)	(4,017,979)	(3,493,244)	(275,111)
	----------------	----------------	----------------	----------------
As restated	(3,399,784)	(4,017,979)	(3,493,244)	(275,111)
	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	(255,929)	(3,399,784)	(4,017,979)	(3,493,244)
	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	(255,929)	(3,399,784)	(4,017,979)	(3,493,244)
	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Loan from holding company	7,143	-	26	-
Term loan / Borrowing	370	86,030	11,580	-
	----------------	----------------	----------------	----------------
	7,513	86,030	11,606	-
	=============	=============	=============

BALANCE SHEET

HAWORTH SINGAPORE PTE LTD

ASSETS EMPLOYED:
FIXED ASSETS	312,429	74,700	105,102	77,726
LONG TERM INVESTMENTS/OTHER ASSETS
Deferred assets	-	-	-	498
	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	-	-	-	498
	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	312,429	74,700	105,102	78,224
CURRENT ASSETS
Stocks	3,401,389	7,565,960	6,336,233	1,703,587
Trade debtors	19,816,519	12,041,530	15,077,541	8,195,557
Other debtors, deposits & prepayments	753,054	443,883	489,341	357,986
Cash & bank balances	3,443,121	6,121,593	3,988,694	2,750,849
Others	-	-	93,111	38,887
	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	27,414,083	26,172,966	25,984,920	13,046,866
	----------------	----------------	----------------	----------------
TOTAL ASSET	27,726,512	26,247,666	26,090,022	13,125,090
	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	17,017,150	18,427,451	1,502,252	750,044
Other creditors & accruals	5,187,550	5,705,490	3,724,908	2,139,929
Bank overdraft	-	-	281,030	-
Short term borrowings/Term loans	921,641	968,339	5,000,000	-
Amounts owing to holding company	-	-	1,708,260	1,063,821
Amounts owing to related companies	-	-	11,841,741	8,001,477
Other liabilities	478,782	185,026	1,634,899	311,712
	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	23,605,123	25,286,306	25,693,090	12,266,983
	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	3,808,960	886,660	291,830	779,883
	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	4,121,389	961,360	396,932	858,107
	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	4,351,351	4,351,351	4,351,351	4,351,351
	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	4,351,351	4,351,351	4,351,351	4,351,351
RESERVES
Retained profit/(loss) carried forward	(255,929)	(3,399,784)	(4,017,979)	(3,493,244)
	----------------	----------------	----------------	----------------
TOTAL RESERVES	(255,929)	(3,399,784)	(4,017,979)	(3,493,244)
	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	4,095,422	951,567	333,372	858,107
LONG TERM LIABILITIES
Deferred taxation	25,967	9,793	63,560	-
	----------------	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	25,967	9,793	63,560	-
	----------------	----------------	----------------	----------------
	4,121,389	961,360	396,932	858,107
	=============	=============	=============	=============

FINANCIAL RATIO

HAWORTH SINGAPORE PTE LTD

TYPES OF FUNDS
Cash	3,443,121	6,121,593	3,988,694	2,750,849
Net Liquid Funds	3,443,121	6,121,593	3,707,664	2,750,849
Net Liquid Assets	407,571	(6,679,300)	(6,044,403)	(923,704)
Net Current Assets/(Liabilities)	3,808,960	886,660	291,830	779,883
Net Tangible Assets	4,121,389	961,360	396,932	858,107
Net Monetary Assets	381,604	(6,689,093)	(6,107,963)	(923,704)
BALANCE SHEET ITEMS
Total Borrowings	921,641	968,339	5,281,030	0
Total Liabilities	23,631,090	25,296,099	25,756,650	12,266,983
Total Assets	27,726,512	26,247,666	26,090,022	13,125,090
Net Assets	4,121,389	961,360	396,932	858,107
Net Assets Backing	4,095,422	951,567	333,372	858,107
Shareholders' Funds	4,095,422	951,567	333,372	858,107
Total Share Capital	4,351,351	4,351,351	4,351,351	4,351,351
Total Reserves	(255,929)	(3,399,784)	(4,017,979)	(3,493,244)
LIQUIDITY (Times)
Cash Ratio	0.15	0.24	0.16	0.22
Liquid Ratio	1.02	0.74	0.76	0.92
Current Ratio	1.16	1.04	1.01	1.06
WORKING CAPITAL CONTROL (Days)
Stock Ratio	20	45	56	19
Debtors Ratio	114	72	134	94
Creditors Ratio	141	152	18	11
SOLVENCY RATIOS (Times)
Gearing Ratio	0.23	1.02	15.84	0.00
Liabilities Ratio	5.77	26.58	77.26	14.30
Times Interest Earned Ratio	481.62	10.41	(42.80)	0.00
Assets Backing Ratio	0.95	0.22	0.09	0.20
PERFORMANCE RATIO (%)
Operating Profit Margin	5.71	1.33	(1.23)	(10.07)
Net Profit Margin	4.97	1.01	(1.27)	(10.07)
Return On Net Assets	87.80	93.12	(125.16)	(375.09)
Return On Capital Employed	87.80	93.12	(73.28)	(375.09)
Return On Shareholders' Funds/Equity	76.77	64.97	(157.40)	(375.03)
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.62.18
UK Pound	1	Rs.103.38
Euro	1	Rs.85.09

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%)

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