MIRA INFORM REPORT

Report Date :

06.06.2014

IDENTIFICATION DETAILS

Name :	CELLMARK ASIA PTE LTD
Formerly Known As :	CELLMARK (F.E) PTE LTD (01/07/2002)
Registered Office :	271, Bukit Timah Road, 03-13, Balmoral Plaza, 259708
Country :	Singapore
Financials (as on) :	31.12.2012
Date of Incorporation :	27.06.1989
Com. Reg. No.:	198902610-D
Legal Form :	Private Limited
Line of Business :	Subject is engaged in Forestry, Logging and Related Service Activities
No of Employees :	35 [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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
Singapore	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate 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. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but rebounded 15.1% in 2010, on the strength of renewed exports, before slowing to in 2011-13, 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. 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.	:	198902610-D
COMPANY NAME	:	CELLMARK ASIA PTE LTD
FORMER NAME	:	CELLMARK (F.E) PTE LTD (01/07/2002)
INCORPORATION DATE	:	27/06/1989
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	271, BUKIT TIMAH ROAD, 03-13, BALMORAL PLAZA, 259708, SINGAPORE.
BUSINESS ADDRESS	:	271 BUKIT TIMAH ROAD, #03-13 BALMORAL PLAZA, 259708, SINGAPORE.
TEL.NO.	:	65-67371137
FAX.NO.	:	65-67378762
WEB SITE	:	WWW.CELLMARK.COM
CONTACT PERSON	:	KELLY NG HUI PENG ( DIRECTOR )
PRINCIPAL ACTIVITY	:	FORESTRY, LOGGING AND RELATED SERVICE ACTIVITIES
ISSUED AND PAID UP CAPITAL	:	1,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 1,000,000.00
SALES	:	SGD 218,478,785 [2012]
NET WORTH	:	SGD 6,328,050 [2012]
STAFF STRENGTH	:	35 [2014]
LITIGATION	:	TRACED
FINANCIAL CONDITION	:	POOR
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) forestry, logging and related service activities.

The immediate holding company of the Subject is CELLMARK AB, a company incorporated in SWEDEN.

The ultimate holding company of the Subject is CELLMARK INVESTMENT AB, a company incorporated in SWEDEN.

Share Capital History

Date	Issue & Paid Up Capital
05/06/2014	SGD 1,000,000.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
CELLMARK AB	LILLA BOMMEN 3C SE-411 03 GITTENBURG, 4TH FLOOR, SWEDEN.	S89UF0157	1,000,000.00	100.00
			---------------	------
			1,000,000.00	100.00
			============	=====

+ Also Director

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

Local No	Country	Company	(%)	As At
198905415W	SINGAPORE	CELLFIBER PTE. LTD.	100.00	31/12/2012

DIRECTORS

DIRECTOR 1

Name Of Subject	:	ULF ROLAND EGGEFORS
Address	:	BILLDALS COMMARVAG 26, 427 37 BILLDAL, SWEDEN.
IC / PP No	:	80422532
Nationality	:	SWEDE
Date of Appointment	:	25/07/2005

DIRECTOR 2

Name Of Subject	:	HANS OSTEN KLING
Address	:	LINNEGARTAN 11, 41304, SWEDEN.
IC / PP No	:	82742487
Nationality	:	SWEDE
Date of Appointment	:	25/07/2005

DIRECTOR 3

Name Of Subject	:	KELLY NG HUI PENG
Address	:	43, RIVERINA CRESCENT, 518277, SINGAPORE.
IC / PP No	:	S7142397B
Nationality	:	SINGAPOREAN
Date of Appointment	:	31/10/2011

MANAGEMENT

1)	Name of Subject	:	KELLY NG HUI PENG
	Position	:	DIRECTOR

AUDITOR

Auditor	:	HENG LEE SENG LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	LIEW JAIR YUN
	IC / PP No	:	S7700564A
	Address	:	922, JURONG WEST STREET 92, 08-51, 640922, SINGAPORE.

BANKING

No Banker found in our databank.

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
199903748	09/09/1999	N/A	SKANDINAVISKA ENSKILDA BANKEN AB (PUBL)	-	Unsatisfied
C201401787	14/02/2014	N/A	SKANDINAVISKA ENSKILDA BANKEN AB (PUBL)	-	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.

LEGAL ACTION

Code No	:	99	Case No	:	6671
Year	:	2010	Place	:	SINGAPORE
Court	:	MAGISTRATE COURT
Date Filed	:	16/03/2010
Solicitor Ref	:	CG636.ACC.25111.1 0/YT
Solicitor Firm	:	TEO KENG SIANG & PARTNERS
Plaintiff	:	CHEONG FOO CHEE
Defendants	:	CELLMARK ASIA PTE LTD (198902610) 271 BUKIT TIMAH ROAD, 03-13, BALMORAL PLAZA, 259708, SINGAPORE.
Remark	:	TORT-NEGLIGENCE

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	:	ASIA
Credit Term	:	30 - 60 DAYS
Payment Mode	:	CHEQUES

OPERATIONS

Services

:

FORESTRY, LOGGING AND RELATED SERVICE ACTIVITIES

Total Number of Employees:
YEAR	2014	2012	2011
GROUP	N/A	N/A	N/A
COMPANY	35	27	35

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) forestry, logging and related service activities.

The Subject refused to disclose any information on its operation.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	6567371137
Current Telephone Number	:	65-67371137
Match	:	YES
Address Provided by Client	:	271 BUKTI TIMAH ROAD, #03-13, BALMORAL PLAZA SINGAPORE 259708
Current Address	:	271 BUKIT TIMAH ROAD, #03-13 BALMORAL PLAZA, 259708, SINGAPORE.
Match	:	YES

Other Investigations

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

FINANCIAL ANALYSIS

Profitability
Turnover	:	Erratic	[	2009 - 2012	]
Profit/(Loss) Before Tax	:	Increased	[	2009 - 2012	]
Return on Shareholder Funds	:	Unfavourable	[	(13.22%)	]
Return on Net Assets	:	Unfavourable	[	(9.74%)	]
The fluctuating turnover reflects the fierce competition among the existing and new market players. Higher losses before tax during the year could be due to the higher operating costs incurred. The Subject's unfavourable returns on shareholders' funds indicate the management's inefficiency in utilising its assets to generate returns.
Working Capital Control
Stock Ratio	:	Favourable	[	4 Days	]
Debtor Ratio	:	Acceptable	[	63 Days	]
Creditors Ratio	:	Favourable	[	30 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 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	:	Acceptable	[	0.98 Times	]
Current Ratio	:	Unfavourable	[	1.03 Times	]
The Subject's liquid ratio was slightly low. This could indicate that the Subject's working capital was slightly deficient. The Subject will have to improve its liquidity position either by obtaining short term financing or increase its paid up capital so that it can meet all its short term obligations as and when they fall due.
Solvency
Interest Cover	:	Unfavourable	[	(2.25 Times)	]
Gearing Ratio	:	Unfavourable	[	1.79 Times	]
The Subject incurred losses in the year. It did not generate sufficient income to service its interest.  If the situation does not improve, the Subject may be vulnerable to default in servicing the interest. The Subject was 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 :
The Subject's losses increased but its turnover showed a  fluctuating trend. This indicate the Subject was slowly losing its market share due to its competitors. The Subject's liquidity was at an acceptable range. If the Subject is able to obtain further short term financing, it should be able to meet all its short term obligations. The Subject's interest cover was negative, indicating that it did not generate sufficient income to service its interest. If its result does not show impressive improvements or succeed obtaining short term financing or capital injection, it may not be able to service its interest and repay the loans. The Subject'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 : POOR

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	2009	2010	2011	2012	2013
Population (Million)	4.98	5.08	5.18	5.31	5.40
Gross Domestic Products ( % )	(0.8)	14.5	4.9	1.3	3.7
Consumer Price Index	0.6	2.8	5.2	4.6	2.4
Total Imports (Million)	356,299.3	423,221.8	459,655.1	474,554.0	466,762.0
Total Exports (Million)	391,118.1	478,840.7	514,741.2	510,329.0	513,391.0
Unemployment Rate (%)	3.2	2.2	2.1	2.0	1.9
Tourist Arrival (Million)	9.68	11.64	13.17	14.49	15.46
Hotel Occupancy Rate (%)	75.8	85.6	86.5	86.4	86.3
Cellular Phone Subscriber (Million)	1.37	1.43	1.50	1.52	1.97
Registration of New Companies (No.)	26,414	29,798	32,317	31,892	37,288
Registration of New Companies (%)	4.3	12.8	8.5	(1.3)	9.8
Liquidation of Companies (No.)	22,393	15,126	19,005	17,218	17,369
Liquidation of Companies (%)	113.4	(32.5)	25.6	9.4	(5.3)
Registration of New Businesses (No.)	26,876	23,978	23,494	24,788	22,893
Registration of New Businesses (%)	8.15	(10.78)	2.02	5.51	1.70
Liquidation of Businesses (No.)	23,552	24,211	23,005	22,489	22,598
Liquidation of Businesses (%)	11.4	2.8	(5)	(2.2)	0.5
Bankruptcy Orders (No.)	2,058	1,537	1,527	1,748	1,992
Bankruptcy Orders (%)	(11.5)	(25.3)	(0.7)	14.5	14.0
Bankruptcy Discharges (No.)	3,056	2,252	1,391	1,881	2,584
Bankruptcy Discharges (%)	103.7	(26.3)	(38.2)	35.2	37.4
INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	3.25	(0.48)	4.25	3.64	-
Fish Supply & Wholesale	(1.93)	(10.5)	12.10	(0.5)	-
Manufacturing *	71.5	92.8	100.0	100.3	102.0
Food, Beverages & Tobacco	90.4	96.4	100.0	103.5	103.5
Textiles	145.9	122.1	100.0	104.0	87.1
Wearing Apparel	211.0	123.3	100.0	92.1	77.8
Leather Products & Footwear	79.5	81.8	100.0	98.6	109.8
Wood & Wood Products	101.4	104.0	100.0	95.5	107.4
Paper & Paper Products	95.4	106.1	100.0	97.4	103.2
Printing & Media	100.9	103.5	100.0	93.0	86.1
Crude Oil Refineries	96.4	95.6	100.0	99.4	93.5
Chemical & Chemical Products	80.3	97.6	100.0	100.5	104.1
Pharmaceutical Products	49.1	75.3	100.0	109.7	107.2
Rubber & Plastic Products	101.2	112.3	100.0	96.5	92.9
Non-metallic Mineral	91.9	92.5	100.0	98.2	97.6
Basic Metals	92.6	102.2	100.0	90.6	76.5
Fabricated Metal Products	90.8	103.6	100.0	104.3	105.1
Machinery & Equipment	57.3	78.5	100.0	112.9	114.5
Electrical Machinery	86.8	124.1	100.0	99.3	108.5
Electronic Components	85.2	113.6	100.0	90.6	94.3
Transport Equipment	96.0	94.0	100.0	106.3	107.5
Construction	(36.9)	14.20	20.50	28.70	-
Real Estate	1.4	21.3	25.4	31.9	-
Services
Electricity, Gas & Water	1.70	4.00	7.00	6.30	-
Transport, Storage & Communication	3.90	12.80	7.40	5.30	-
Finance & Insurance	(16.4)	(0.4)	8.90	0.50	-
Government Services	4.50	9.70	6.90	6.00	-
Education Services	0.10	(0.9)	(1.4)	0.30	-
* Based on Index of Industrial Production (2011 = 100)

INDUSTRY ANALYSIS

INDUSTRY :	TRADING
The wholesale and retail trade sector contracted by 1.5% in the fourth quarter of 2012, extending the 0.2% decline in the preceding quarter. For the whole of 2012, the sector declined by 0.7%, reversing the 1.6% growth in 2011. The sector was weighed down primarily by the wholesale trade segment. In 2012, the wholesale trade segment contracted by 1.0%, a reversal from the 1.4% growth in 2011. Growth of the retail trade segment also moderated to 2.0%, from 3.2% in the year 2011.
The domestic wholesale trade index grew by 1.2% in the fourth quarter of 2012, an improvement from the 5.4% decline in the third quarter. This was partly due to an increase in the sales of chemicals & chemical products and ship chandlers & bunkering. For the full year of 2012, the domestic wholesale trade index contracted by 2.2%, extending the 1.7% decline in 2011. The foreign wholesale trade index grew by 8.6% in the fourth quarter, an increase from the 6.6% growth in the third quarter. The expansion was partly due to resilient sales of petroleum & petroleum products. For the whole of 2012, the foreign wholesale trade index expanded by 9.1%, faster than the 4.3% increase in 2011.
In the fourth quarter of 2012, retail sales volume declined by 2.0%, extending the 0.3% decline in the third quarter. Excluding motor vehicles, retail sales volume grew by 0.4%, a slight moderation compared to the 1.5% gain in the third quarter of 2012. The sales volume of motor vehicles fell by 11% in the fourth quarter of 2012, after contracting by 6.1% in the third quarter. The sales of several discretionary items also declined in the fourth quarter. Besides, the sales of optical goods & books in 2012 fell by 3.6%, while the sales of telecommunications apparatus & computers declined by 1.4%.
For 2012 as a whole, retail sales volume grew by 1.3%, compared to the 2.0% expansion in 2011. Excluding motor vehicle sales, the increase in retail sales volume also moderated from 5.4% in 2011 to 1.7% in 2012. Medical goods & toiletries registered the largest increase (9.3%) in sales, followed by telecommunications apparatus & computers (6.9%). By contrast, the sales of watches & jewellery (-2.2%) and optical goods & books (-3.6%) declined.
OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 1989, the Subject is a Private Limited company, focusing on forestry, logging and related service activities. With over 2 decades of experience in the business, the Subject has fairly rich experiences in the business and has achieved a certain market share. 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 is operating on a medium scale and it has approximately 35 employees in its business operations. 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.

Due to the challenging market conditions, the Subject's business performance seems to be deteriorating and losses incurred. The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. The high gearing ratio clearly implied that the Subject was supported by more debt than equity. The Subject however managed to maintain an adequate liquidity level, indicating that the Subject has the ability to meet its financial obligations. Given a positive net worth standing at SGD 6,328,050, 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.

We regard that the Subject's overall payment habit is average.

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.

CELLMARK ASIA PTE LTD

Financial Year End	2012-12-31	2011-12-31	2010-12-31	2009-12-31
Months	12	12	12	12
Consolidated Account	GROUP	GROUP	GROUP	GROUP
Audited Account	YES	YES	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES	YES	YES
Financial Type	FULL	FULL	FULL	FULL
Currency	SGD	SGD	SGD	SGD
TURNOVER	218,478,785	260,326,244	184,746,563	167,595,306
Other Income	2,635,798	3,079,356	2,119,793	-
	----------------	----------------	----------------	----------------
Total Turnover	221,114,583	263,405,600	186,866,356	167,595,306
Costs of Goods Sold	(213,136,289)	(254,579,477)	(178,415,097)	(159,794,377)
	----------------	----------------	----------------	----------------
Gross Profit	7,978,294	8,826,123	8,451,259	7,800,929
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	(889,984)	(273,233)	726,342	2,940,952
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	(889,984)	(273,233)	726,342	2,940,952
Taxation	53,330	54,582	(62,827)	(288,788)
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	(836,654)	(218,651)	663,515	2,652,164
	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	6,209,164	6,427,815	5,764,300	6,112,136
	----------------	----------------	----------------	----------------
As restated	6,209,164	6,427,815	5,764,300	6,112,136
	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	5,372,510	6,209,164	6,427,815	8,764,300
DIVIDENDS - Ordinary (paid & proposed)	-	-	-	(3,000,000)
	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	5,372,510	6,209,164	6,427,815	5,764,300
	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Bank overdraft	-	-	9,024	9,821
Term loan / Borrowing	266,874	11,603	225,358	236,763
Trust receipts	-	-	94,597	205,028
Others	6,889	9,340	35,133	113,359
	----------------	----------------	----------------	----------------
	273,763	20,943	364,112	564,971
	=============	=============	=============	=============

BALANCE SHEET

CELLMARK ASIA PTE LTD

ASSETS EMPLOYED:
FIXED ASSETS	46,048	168,567	307,933	326,507
Associated companies	3,059,281	46,450	-	-
Deferred assets	78,836	7,836	-	-
Others	1,788,787	813,626	134,750	59,500
	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	4,926,904	867,912	134,750	59,500
INTANGIBLE ASSETS
Deferred/Expenditure carried forward	-	-	18,996	-
Others	127,308	134,160	-	-
	----------------	----------------	----------------	----------------
TOTAL INTANGIBLE ASSETS	127,308	134,160	18,996	-
	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	5,100,260	1,170,639	461,679	386,007
Stocks	2,116,606	6,162,533	7,672,638	4,243,400
Trade debtors	37,454,639	43,876,306	51,287,455	47,441,771
Other debtors, deposits & prepayments	2,627,277	636,686	299,258	193,654
Short term loan to financial institutions	-	-	4,019	4,347
Amount due from holding company	75,632	24,391	-	-
Amount due from subsidiary companies	299,940	97,242	-	-
Amount due from associated companies	66,580	-	-	-
Cash & bank balances	2,374,791	3,353,075	1,095,614	2,397,761
	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	45,015,465	54,150,233	60,358,984	54,280,933
	----------------	----------------	----------------	----------------
TOTAL ASSET	50,115,725	55,320,872	60,820,663	54,666,940
	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	17,290,769	24,407,402	21,686,055	11,369,126
Other creditors & accruals	860,212	1,877,631	14,147,167	1,263,600
Bank overdraft	-	-	-	639,259
Short term borrowings/Term loans	5,111,337	10,525,660	6,299,358	13,825,577
Other borrowings	6,210,151	6,904,723	11,145,106	20,456,602
Amounts owing to holding company	11,758,384	1,547,846	-	-
Amounts owing to subsidiary companies	2,412,347	2,817,683	-	-
Provision for taxation	17,647	-	100,127	360,562
Other liabilities	126,828	70,843	-	-
	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	43,787,675	48,151,788	53,377,813	47,914,726
	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	1,227,790	5,998,445	6,981,171	6,366,207
	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	6,328,050	7,169,084	7,442,850	6,752,214
	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	1,000,000	1,000,000	1,000,000	1,000,000
	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	1,000,000	1,000,000	1,000,000	1,000,000
Retained profit/(loss) carried forward	5,372,510	6,209,164	6,427,815	5,764,300
Others	(44,460)	(40,080)	7,179	(20,019)
	----------------	----------------	----------------	----------------
TOTAL RESERVES	5,328,050	6,169,084	6,434,994	5,744,281
	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	6,328,050	7,169,084	7,434,994	6,744,281
Deferred taxation	-	-	7,856	7,933
	----------------	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	-	-	7,856	7,933
	----------------	----------------	----------------	----------------
	6,328,050	7,169,084	7,442,850	6,752,214
	=============	=============	=============	=============

FINANCIAL RATIO

CELLMARK ASIA PTE LTD

TYPES OF FUNDS
Cash	2,374,791	3,353,075	1,095,614	2,397,761
Net Liquid Funds	2,374,791	3,353,075	1,095,614	1,758,502
Net Liquid Assets	(888,816)	(164,088)	(691,467)	2,122,807
Net Current Assets/(Liabilities)	1,227,790	5,998,445	6,981,171	6,366,207
Net Tangible Assets	6,200,742	7,034,924	7,423,854	6,752,214
Net Monetary Assets	(888,816)	(164,088)	(699,323)	2,114,874
BALANCE SHEET ITEMS
Total Borrowings	11,321,488	17,430,383	17,444,464	34,921,438
Total Liabilities	43,787,675	48,151,788	53,385,669	47,922,659
Total Assets	50,115,725	55,320,872	60,820,663	54,666,940
Net Assets	6,328,050	7,169,084	7,442,850	6,752,214
Net Assets Backing	6,328,050	7,169,084	7,434,994	6,744,281
Shareholders' Funds	6,328,050	7,169,084	7,434,994	6,744,281
Total Share Capital	1,000,000	1,000,000	1,000,000	1,000,000
Total Reserves	5,328,050	6,169,084	6,434,994	5,744,281
LIQUIDITY (Times)
Cash Ratio	0.05	0.07	0.02	0.05
Liquid Ratio	0.98	1.00	0.99	1.04
Current Ratio	1.03	1.12	1.13	1.13
WORKING CAPITAL CONTROL (Days)
Stock Ratio	4	9	15	9
Debtors Ratio	63	62	101	103
Creditors Ratio	30	35	44	26
SOLVENCY RATIOS (Times)
Gearing Ratio	1.79	2.43	2.35	5.18
Liabilities Ratio	6.92	6.72	7.18	7.11
Times Interest Earned Ratio	(2.25)	(12.05)	2.99	6.21
Assets Backing Ratio	6.20	7.03	7.42	6.75
PERFORMANCE RATIO (%)
Operating Profit Margin	(0.41)	(0.10)	0.39	1.75
Net Profit Margin	(0.38)	(0.08)	0.36	1.58
Return On Net Assets	(9.74)	(3.52)	14.65	51.92
Return On Capital Employed	(9.55)	(3.45)	14.61	47.43
Return On Shareholders' Funds/Equity	(13.22)	(3.05)	8.92	39.32
Dividend Pay Out Ratio (Times)	0.00	0.00	0.00	1.13
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 59.29
UK Pound	1	Rs. 99.34
Euro	1	Rs. 80.69

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	DPT

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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