MIRA INFORM REPORT

Report Date :

14.07.2014

IDENTIFICATION DETAILS

Name :	EMERSON PROCESS MANAGEMENT ASIA PACIFIC PRIVATE LIMITED

Formerly Known As :	FISHER-ROSEMOUNT SINGAPORE PRIVATE LIMITED

Registered Office :	1, Pandan Crescent, 128461

Country :	Singapore

Financials (as on) :	30.09.2012

Date of Incorporation :	06.08.1965

Com. Reg. No.:	196500174-M

Legal Form :	Private Limited

Line of Business :	Manufacturing of process measuring and analytical instruments, control valves, regulators and distributed control system and management services

No. of Employees :	1350 [2013]

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Good

Payment Behaviour :	Regular

Litigation :	Exist

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 – March 31, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Singapore

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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.

196500174-M

COMPANY NAME

EMERSON PROCESS MANAGEMENT ASIA PACIFIC PRIVATE LIMITED

FORMER NAME

FISHER-ROSEMOUNT SINGAPORE PRIVATE LIMITED (21/05/2002)
FISHER CONTROLS PRIVATE LIMITED (02/11/1993)

INCORPORATION DATE

06/08/1965

COMPANY STATUS

EXIST

LEGAL FORM

PRIVATE LIMITED

LISTED STATUS

REGISTERED ADDRESS

1, PANDAN CRESCENT, 128461, SINGAPORE.

BUSINESS ADDRESS

1 PANDAN CRESCENT, 128461, SINGAPORE.

TEL.NO.

65-67778211

FAX.NO.

65-67770947

ENQUIRIES@AP.EMERSONPROCESS.COM

WEB SITE

WWW.EMERSONPROCESS.COM

CONTACT PERSON

HO JUAN HENG ( DIRECTOR )

PRINCIPAL ACTIVITY

MANUFACTURING OF PROCESS MEASURING AND ANALYTICAL INSTRUMENTS, CONTROL VALVES, REGULATORS AND DISTRIBUTED CONTROL SYSTEM AND MANAGEMENT SERVICES

ISSUED AND PAID UP CAPITAL

1,268,718.00 ORDINARY SHARE, OF A VALUE OF SGD 26,099,773.00

SALES

USD 1,009,307,000 [2012]

NET WORTH

USD 582,504,000 [2012]

STAFF STRENGTH

1350 [2013]

BANKER (S)

JP MORGAN CHASE BANK N.A.

LITIGATION

TRACED

FINANCIAL CONDITION

STRONG

PAYMENT

AVERAGE

MANAGEMENT CAPABILITY

GOOD

COMMERCIAL RISK

LOW

CURRENCY EXPOSURE

MODERATE

GENERAL REPUTATION

GOOD

INDUSTRY OUTLOOK

MATURE

HISTORY / BACKGROUND

The Subject is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the Subject is insolvent. The Subject is governed by the Companies Act and the company must file its annual returns, together with its financial statements with the Registrar of Companies.

The Subject is principally engaged in the (as a / as an) manufacturing of process measuring and analytical instruments, control valves, regulators and distributed control system and management services.

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

The ultimate holding company of the Subject is EMERSON ELECTRIC CO., a company incorporated in UNITED STATES.

Share Capital History

Date	Issue & Paid Up Capital
26/12/2013	SGD 26,099,773.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
ROSEMOUNT INC	12001, TECHNOLOGY DR EDEN, PRAIRIE MINNESOTA, 55344, UNITED STATES.	S65UF0019	1,268,718.00	100.00
			---------------	------
			1,268,718.00	100.00
			============	=====

+ Also Director

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

Local No	Country	Company	(%)	As At
605079D	MALAYSIA	EMERSON PROCESS MANAGEMENT VALVE AUTOMATION (M) SDN. BHD.	100.00	30/09/2012

400431P	MALAYSIA	EMERSON PROCESS MANAGEMENT MANUFACTURING (M) SDN. BHD.	100.00	30/09/2012

DIRECTORS

DIRECTOR 1

Name Of Subject	:	GOH SAN KENG
Address	:	6, PANDAN VALLEY, 19 - 601, POINSETIA TOWER, 597630, SINGAPORE.
IC / PP No	:	S1171318A



Nationality	:	SINGAPOREAN
Date of Appointment	:	28/10/1991

DIRECTOR 2

Name Of Subject	:	MR. HO JUAN HENG
Address	:	7, KOVAN ROAD, 15 - 25, KOVAN RESIDENCES, 544896, SINGAPORE.
IC / PP No	:	S0073215Z



Nationality	:	SINGAPOREAN
Date of Appointment	:	28/10/1991

MANAGEMENT

1)	Name of Subject	:	HO JUAN HENG
	Position	:	DIRECTOR

AUDITOR

Auditor	:	KPMG LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	LEONG YOKE YENG
	IC / PP No	:	S1329872F

	Address	:	123, CORONATION ROAD WEST, 269348, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)	Name	:	JP MORGAN CHASE BANK N.A.

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.

LEGAL ACTION

Code No

Case No

5330

Year

2008

Place

SINGAPORE

Court

MAGISTRATE COURT

Date Filed

03/03/2008

Solicitor

WONG SU-HSIEN AUDREY

Solicitor Ref

AW-INS-A5-49824-07-JG

Solicitor Firm

VISION LAW LLC

Plaintiff

TAN THIAN SOON

Defendants

EMERSON PROCESS MANAGEMENT ASIA PACIFIC PRIVATE LIMITED (196500174)

Amount Claimed

2687.15

Nature of Claim

SGD

Remark

TORT - NEGLIGENCE

NOTE:

Please check with creditors for confirmation as alleged debts may have been paid since recorded or are being disputed. The person wo has been sued has the same name as the subject. However, we are unable to determine whether the person sued is the one and the same person.

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

[

]

Fair 91-120 Days

[

]

Poor >120 Days

[

]

CLIENTELE

Local	:	YES
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	ASIA PACIFIC
Credit Term	:	N/A

Payment Mode	:	N/A

OPERATIONS

Products manufactured

PROCESS MEASURING AND ANALYTICAL INSTRUMENTS, CONTROL VALVES, REGULATORS AND DISTRIBUTED CONTROL SYSTEM

Services

MANAGEMENT SERVICES

Total Number of Employees:
YEAR	2013

GROUP	N/A
COMPANY	1350

Branch

Other Information:

Background of emerson process group:

the world's largest instrument company, a leading manufacturer and supplier of process measuring & analytical instruments, control valves, regulators and distributed control systems. subject has facilities that include assembly/manufacturing of transmitters and control valves, stocking & training centre, system staging, integration & software development centre, other services offered includes engineering services & project management.

Subject engages in the following activities:
* leading manufacturer and supplier of process measuring & analytical instruments, control valves, regulators and distributed control systems

Brand names:
* baumann valves
* contek steam conditioning
* daniel measurement & control ultrasonic flow/orifice flow/turbine,
control valve compact meter provers,
flow measurement solutions
* fisher controls regulators, valves
* francel regulators
* gulde valves
* posi-seal valves
* rosemount pressure, temperature, temp. sensors
(rid & t/c), flow, htg, level,
instruments, vortex & mag.
Distributor/agent for:
* fisher-rosemount systems inc
- control systems
* brooks instrument division
- thermal mass meter/controller & coriolis
- flow controller, variable area flow meter, oval gear pd
* micro motion inc
- mass flowmeters, density, viscosity & gas flow measurement
* rosemount analytical inc
- gas, liquid, lab, combustion analysers

Industries served:
* chemical
* oil and gas
* pulp and paper
* pharmaceutical
* food and beverage
* power
* water and wastewater
* other process-related industries

Subject is a member of the following entity:
* american chamber of commerce

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-67778211
Match	:	N/A

Address Provided by Client	:	1 PANDEN CRESCENT SINGAPORE 128461
Current Address	:	1 PANDAN CRESCENT, 128461, SINGAPORE.
Match	:	YES

Other Investigations

On 24th December 2013 we contacted one of the staff from the Subject and she provided some information.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	17.18%	]
Profit/(Loss) Before Tax	:	Increased	[	6.48%	]
Return on Shareholder Funds	:	Acceptable	[	20.00%	]
Return on Net Assets	:	Acceptable	[	21.24%	]

The higher turnover could be attributed to the favourable market condition and the Subject could be gaining the market share progressively.The Subject's management have been efficient in controlling its operating costs. The Subject's management had generated acceptable return for its shareholders using its assets.

Working Capital Control
Stock Ratio	:	Favourable	[	17 Days	]
Debtor Ratio	:	Acceptable	[	63 Days	]
Creditors Ratio	:	Unfavourable	[	72 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 management was quite efficient in handling its debtors. The Subject's debtors days were at an acceptable range, thus the risk of its debts turning bad was minimised. 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	[	2.46 Times	]
Current Ratio	:	Favourable	[	2.60 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	[	5,385.48 Times	]
Gearing Ratio	:	Favourable	[	0.02 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 : 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)

INDUSTRY ANALYSIS

INDUSTRY :	MANUFACTURING


The manufacturing sector contracted by 1.1% in the fourth quarter of 2012, led by declines in the electronics and precision engineering clusters. These clusters were weighed down by weak global demand for semiconductors and semiconductor-related equipment. For the whole year of 2012, the manufacturing sector grew by 0.1%, significantly lower than the 7.8% recorded in 2011 when the sector was boosted by a surge in the growth of the biomedical manufacturing cluster.

Output of the biomedical manufacturing cluster grew by 2.4% in the fourth quarter. The expansion was driven by the medical technology segment which grew by a healthy 9.2%, benefitting from robust export demand for medical devices. The pharmaceuticals segment also grew by a modest 1.1%. For 2012, the biomedical manufacturing cluster expanded by 9.9%.

Output of the transport engineering cluster expanded by 4.9% in the fourth quarter. The aerospace segment grew by 6.2%, supported by higher demand for repair jobs from commercial airlines. Similarly, the marine & offshore engineering segment expanded by 5.0%, on the back of higher contributions from oil rig projects and oilfield equipment components. In the year 2012, the transport engineering cluster surged by 11%.

The output of the precision engineering cluster shrank by 1.3% in the fourth quarter. The decline was led by the 5.3% contraction in the machinery & systems segment, which saw weak export demand for semiconductor-related equipment. On the other hand, the precision modules & components segment grew by 2.9%, supported by higher production of optical instruments & photographic equipment and electronic connectors. In 2012, the precision engineering cluster expanded by 1.3%.

The general manufacturing cluster's output grew by 1.2% in the fourth quarter, driven by the 6.4% growth in the miscellaneous industries segment. The segment's growth was supported by higher production of batteries and constructionrelated materials. By contrast, the printing and food, beverages & tobacco segments declined by 6.4% and 1.3% respectively. For 2012, the general manufacturing cluster grew by 2.0%.

The chemicals cluster's output grew by 7.7% in the fourth quarter. The petrochemicals and petroleum segments registered growth of 9.3% and 6.3% respectively, partly due to the low base from plant shutdowns in end of 2011. The specialty chemicals segment also expanded by 8.0% on the back of higher regional demand. For the year 2012, the chemicals cluster declined by 0.4%, primarily due to weak regional demand for specialty chemicals in the second and third quarter of 2012.

Output of the electronics cluster contracted by 10% in the fourth quarter, led by the semiconductors and computer peripherals segments which contracted by 13% and 15% respectively. By contrast, the data storage segment grew by 7.8%, mainly due to the low base in end of 2011 when floods in Thailand had disrupted the supply chain for data storage products. For the whole of 2012, the electronics cluster contracted by 11%.

OVERALL INDUSTRY OUTLOOK : MATURE

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 1965, the Subject is a Private Limited company, focusing on manufacturing of process measuring and analytical instruments, control valves, regulators and distributed control system and management services. With a history coming to almost half a century, its long establishment in the market has allowed the Subject to build up a good reputation and gain higher market share over its rivals. Having strong support from its shareholder has enabled the Subject to remain competitive despite the challenging business environment. The Subject is a large entity with strong capital position. We are confident with the Subject's business and its future growth prospect.

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 large entity, the Subject has a steady workforce of 1350 personnel to support its business operations. Its future prospects seem to be fairly good as its business operations are running relatively stable. 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. 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 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 582,504,000, 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 has reached its optimum level and is generally stable. It is saturated and very competitive. Thus, the Subject's growth prospect is very much depends on its capacity in sustaining its performance in the market.

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

PROFIT AND LOSS ACCOUNT

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

Financial Year End	2012-09-30	2011-09-30
Months	12	12
Consolidated Account	Company	Company
Audited Account	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES
Financial Type	FULL	FULL
Currency	USD	USD
Unit

TURNOVER	1,009,307,000	861,362,000
Other Income	5,543,000	6,098,000
	----------------	----------------
Total Turnover	1,014,850,000	867,460,000
Costs of Goods Sold	<777,058,000>	<649,317,000>
	----------------	----------------
Gross Profit	237,792,000	218,143,000
	----------------	----------------

PROFIT/(LOSS) FROM OPERATIONS	123,843,000	116,301,000
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	123,843,000	116,301,000
Taxation	<7,340,000>	<5,988,000>
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	116,503,000	110,313,000
	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	489,700,000	424,387,000
	----------------	----------------
As restated	489,700,000	424,387,000
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	606,203,000	534,700,000
DIVIDENDS - Ordinary (paid & proposed)	<40,000,000>	<45,000,000>
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	566,203,000	489,700,000
	=============	=============

INTEREST EXPENSE (as per notes to P&L)
Others	23,000	10,000
	23,000	10,000

BALANCE SHEET

EMERSON PROCESS MANAGEMENT ASIA PACIFIC PRIVATE LIMITED


ASSETS EMPLOYED:
FIXED ASSETS	32,829,000	31,203,000

LONG TERM INVESTMENTS/OTHER ASSETS
Subsidiary companies	12,287,000	12,401,000
	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	12,287,000	12,401,000

	----------------	----------------
TOTAL LONG TERM ASSETS	45,116,000	43,604,000

CURRENT ASSETS
Stocks	47,756,000	33,056,000
Trade debtors	172,880,000	110,571,000
Other debtors, deposits & prepayments	5,284,000	4,260,000
Short term deposits	17,000,000	21,944,000
Amount due from related companies	620,722,000	593,297,000
Cash & bank balances	10,433,000	7,561,000
	----------------	----------------
TOTAL CURRENT ASSETS	874,075,000	770,689,000
	----------------	----------------
TOTAL ASSET	919,191,000	814,293,000
	=============	=============

CURRENT LIABILITIES
Trade creditors	153,650,000	117,968,000
Other creditors & accruals	40,985,000	42,044,000
Bill & acceptances payable	10,988,000	23,734,000
Amounts owing to related companies	117,348,000	108,747,000
Provision for taxation	7,773,000	8,517,000
Other liabilities	5,200,000	6,397,000
	----------------	----------------
TOTAL CURRENT LIABILITIES	335,944,000	307,407,000
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	538,131,000	463,282,000
	----------------	----------------
TOTAL NET ASSETS	583,247,000	506,886,000
	=============	=============

SHARE CAPITAL
Ordinary share capital	15,091,000	15,091,000
	----------------	----------------
TOTAL SHARE CAPITAL	15,091,000	15,091,000

RESERVES
Revaluation reserve	1,210,000	1,210,000
Retained profit/(loss) carried forward	566,203,000	489,700,000
	----------------	----------------
TOTAL RESERVES	567,413,000	490,910,000

	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	582,504,000	506,001,000

LONG TERM LIABILITIES
Deferred taxation	743,000	885,000
	----------------	----------------
TOTAL LONG TERM LIABILITIES	743,000	885,000
	----------------	----------------
	583,247,000	506,886,000
	=============	=============

FINANCIAL RATIO


TYPES OF FUNDS
Cash	27,433,000	29,505,000
Net Liquid Funds	16,445,000	5,771,000
Net Liquid Assets	490,375,000	430,226,000
Net Current Assets/(Liabilities)	538,131,000	463,282,000
Net Tangible Assets	583,247,000	506,886,000
Net Monetary Assets	489,632,000	429,341,000
BALANCE SHEET ITEMS
Total Borrowings	10,988,000	23,734,000
Total Liabilities	336,687,000	308,292,000
Total Assets	919,191,000	814,293,000
Net Assets	583,247,000	506,886,000
Net Assets Backing	582,504,000	506,001,000
Shareholders' Funds	582,504,000	506,001,000
Total Share Capital	15,091,000	15,091,000
Total Reserves	567,413,000	490,910,000
LIQUIDITY (Times)
Cash Ratio	0.08	0.10
Liquid Ratio	2.46	2.40
Current Ratio	2.60	2.51
WORKING CAPITAL CONTROL (Days)
Stock Ratio	17	14
Debtors Ratio	63	47
Creditors Ratio	72	66
SOLVENCY RATIOS (Times)
Gearing Ratio	0.02	0.05
Liabilities Ratio	0.58	0.61
Times Interest Earned Ratio	5,385.48	11,631.10
Assets Backing Ratio	38.65	33.59
PERFORMANCE RATIO (%)
Operating Profit Margin	12.27	13.50
Net Profit Margin	11.54	12.81
Return On Net Assets	21.24	22.95
Return On Capital Employed	21.24	22.95
Return On Shareholders' Funds/Equity	20.00	21.80
Dividend Pay Out Ratio (Times)	0.34	0.41
NOTES TO ACCOUNTS
Contingent Liabilities	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.19
UK Pound	1	Rs.103.15
Euro	1	Rs.81.87

INFORMATION DETAILS

Report Prepared by :

NNA

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.