MIRA INFORM REPORT

Report Date :

25.11.2014

IDENTIFICATION DETAILS

Name :	KODAK (SINGAPORE) PTE. LIMITED
Registered Office :	151, Lorong Chuan, 05- 01, New Tech Park, 556741
Country :	Singapore
Financials (as on) :	31.12.2012
Date of Incorporation :	01.06.1951
Com. Reg. No.:	195100060-C
Legal Form :	Private Limited
Line of Business :	Wholesale of Optical Equipment and Supplies (Excluding Binoculars)
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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. 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.	:	195100060-C
COMPANY NAME	:	KODAK (SINGAPORE) PTE. LIMITED
FORMER NAME	:	N/A
INCORPORATION DATE	:	01/06/1951
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	151, LORONG CHUAN, 05- 01, NEW TECH PARK, 556741, SINGAPORE.
BUSINESS ADDRESS	:	151 LORONG CHUAN 05-01 (LOBBY A) NEW TECH PARK, 556741, SINGAPORE.
TEL.NO.	:	65-63713388
FAX.NO.	:	65-63713377
WEB SITE	:	WWW.KODAK.COM
CONTACT PERSON	:	NG CHING CHUAN EDWARD ( DIRECTOR )
PRINCIPAL ACTIVITY	:	WHOLESALE OF OPTICAL EQUIPMENT AND SUPPLIES (EXCLUDING BINOCULARS)
ISSUED AND PAID UP CAPITAL	:	90,000.00 ORDINARY SHARE, OF A VALUE OF SGD 900,000.00
SALES	:	SGD 233,356,619 [2012]
NET WORTH	:	SGD 32,484,543 [2012]
STAFF STRENGTH	:	N/A
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	STRONG
PAYMENT	:	PROMPT
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 optical equipment and supplies (excluding binoculars).

The immediate and ultimate holding company of the Subject is EASTMAN KODAK COMPANY, a company incorporated in UNITED STATES.

Share Capital History

Date	Issue & Paid Up Capital
24/11/2014	SGD 900,000.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
EASTMAN KODAK COMPANY	343, STATE ST ROCHESTER, NEW YORK, 14650, UNITED STATES.	S51UF0005	90,000.00	100.00
			---------------	------
			90,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	ANG EEK KOON
Address	:	294, PUNGGOL CENTRAL, 14-523, 820294, SINGAPORE.
IC / PP No	:	S7511921F
Nationality	:	SINGAPOREAN
Date of Appointment	:	01/09/2014

DIRECTOR 2

Name Of Subject	:	LOIS MATTHIEU LEBEGUE
Address	:	65, CAIRNHILL ROAD, 32-01, RITZ-CARLTON RESIDENCES, 229721, SINGAPORE.
IC / PP No	:	G5825826T
Nationality	:	FRENCH
Date of Appointment	:	15/04/2012

MANAGEMENT

1)	Name of Subject	:	NG CHING CHUAN EDWARD
	Position	:	DIRECTOR

AUDITOR

Auditor	:	PRICEWATERHOUSECOOPERS LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	TAY TUAN LENG
	IC / PP No	:	S7432140B
	Address	:	635, PASIR RIS DRIVE, 1, 11-600, 510635, SINGAPORE.

2)	Company Secretary	:	LEE WEI HSIUNG
	IC / PP No	:	S7927166G
	Address	:	633, JURONG WEST STREET 65, 10-310, 640633, SINGAPORE.

BANKING

No Banker found in our databank.

ENCUMBRANCE (S)

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

LITIGATION 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

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	[	X	]	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
Credit Term	:	N/A
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Goods Traded

:

PHOTOGRAPHIC EQUIPMENT AND RELATED PRODUCTS

Product Brand Name

:

KODAK

Total Number of Employees:
YEAR	2013
GROUP	N/A
COMPANY	180

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) wholesale of optical equipment and supplies (excluding binoculars).

The Subject engages in the following activities:

* distributing and servicing of photographic equipment and related products
* marketing and suppliers of 35mm color negative and reversal films, single-use cameras, kodak advantix system (advanced photo system), kodak digital cameras, motion picture films, medical, dental and industrial x-ray films, chemicals and processing equipment, etc

Products:
* digital cameras
* inkjet media
* films
* picture cd
* disposable cameras
* picture maker
* medical x-ray films

Microfilming equipment & supplies
* microfilm systems
* document scanners
* imaging services & supplies

The Subject is a member of the following entities:
* Singapore international chambers of commerce
* 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	:	65-63713388
Match	:	N/A
Address Provided by Client	:	151 LORONG CHUAN 05-01 (LOBBY A) NEW TECH PARK, SINGAPORE 556741
Current Address	:	151 LORONG CHUAN 05-01 (LOBBY A) NEW TECH PARK, 556741, SINGAPORE.
Match	:	YES

Other Investigations

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

FINANCIAL ANALYSIS

Profitability
Turnover	:	Decreased	[	2010 - 2012	]
Profit/(Loss) Before Tax	:	Increased	[	2010 - 2012	]
Return on Shareholder Funds	:	Favourable	[	36.59%	]
Return on Net Assets	:	Favourable	[	42.47%	]
The continuous fall in turnover could be due to the lower demand for the Subject's products / services.The Subject's management have been efficient in controlling its operating costs. 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	[	10 Days	]
Debtor Ratio	:	Acceptable	[	55 Days	]
Creditors Ratio	:	Favourable	[	5 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	:	Favourable	[	1.69 Times	]
Current Ratio	:	Unfavourable	[	1.85 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	:	Nil	[	0.00 Times	]
Gearing Ratio	:	Favourable	[	0.00 Times	]
The Subject's interest cover was nil as it did not pay any interest during the year. 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 :
Due to the efficient control of its operating costs, the Subject was able to remain profitable despite lower turnover achieved during the year. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. The Subject did not make any interest payment during the year. The Subject was dependent on its shareholders' funds to finance its business needs. 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 :	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 1951, the Subject is a Private Limited company, focusing on wholesale of optical equipment and supplies (excluding binoculars). The Subject has been in business for over two decades. It has built up a strong clientele base and satisfactory reputation will enable the Subject to further enhance its business in the near term.  The Subject is expected to enjoy a stable market shares. Presently, the issued and paid up capital of the Subject stands at SGD 900,000. However, with a strong backing from its holding company, the Subject enjoys timely financial assistance should the needs arise.

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.

Despite the lower turnover, the Subject's pre-tax profit have increased compared to the previous year. The higher profit could be due to better control of its operating costs and efficiency in utilising its resources. 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 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 32,484,543, 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.

We regard that the Subject's overall payment habit is prompt. The Subject had a favourable creditors' ratio as evidenced by its favourable collection days.

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.

In view of the above favourable condition, we recommend credit be proceeded to the Subject with favourable term.

PROFIT AND LOSS ACCOUNT

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

KODAK (SINGAPORE) PTE. LIMITED

Financial Year End	2012-12-31	2011-12-31	2010-12-31
Months	12	12	12
Consolidated Account	Company	Company	Company
Audited Account	YES	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES	YES
Financial Type	FULL	FULL	FULL
Currency	SGD	SGD	SGD
TURNOVER	233,356,619	291,362,901	307,213,608
Other Income	41,756	56,918	133,668
	----------------	----------------	----------------
Total Turnover	233,398,375	291,419,819	307,347,276
Costs of Goods Sold	(191,091,321)	(266,751,626)	(274,688,063)
	----------------	----------------	----------------
Gross Profit	42,307,054	24,668,193	32,659,213
	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	14,443,323	155,245	5,342,018
	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	14,443,323	155,245	5,342,018
Taxation	(2,558,381)	260,329	(850,277)
	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	11,884,942	415,574	4,491,741
	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	35,683,077	35,267,503	50,095,676
	----------------	----------------	----------------
As restated	35,683,077	35,267,503	50,095,676
	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	47,568,019	35,683,077	54,587,417
DIVIDENDS - Ordinary (paid & proposed)	(15,983,476)	-	(19,319,914)
	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	31,584,543	35,683,077	35,267,503
	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Bank overdraft	-	-	17
Term loan / Borrowing	-	-	982
Others	-	2,862	-
	----------------	----------------	----------------
	-	2,862	999
	=============	=============	=============

BALANCE SHEET

KODAK (SINGAPORE) PTE. LIMITED

ASSETS EMPLOYED:
FIXED ASSETS	542,265	1,172,958	1,021,824
Deferred assets	302,925	355,955	257,021
Deposits	93,890	1,017,697	-
Others	148,236	198,157	676,645
	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	545,051	1,571,809	933,666
	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	1,087,316	2,744,767	1,955,490
Stocks	6,244,528	10,155,084	19,265,616
Trade debtors	35,325,318	40,841,925	40,669,803
Other debtors, deposits & prepayments	1,359,845	697,755	2,455,313
Loans & advances - current portion	12,268	33,794	-
Amount due from holding company	20,567	346,430	-
Amount due from subsidiary companies	13,159,166	-	-
Amount due from related companies	4,562,570	10,613,866	-
Cash & bank balances	11,065,344	8,453,461	14,857,205
	----------------	----------------	----------------
TOTAL CURRENT ASSETS	71,749,606	71,142,315	77,247,937
	----------------	----------------	----------------
TOTAL ASSET	72,836,922	73,887,082	79,203,427
	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	2,377,191	4,985,297	28,501,720
Other creditors & accruals	7,829,744	7,700,796	11,606,489
Amounts owing to holding company	2,631,637	3,693,538	-
Amounts owing to related companies	22,395,750	18,194,585	-
Provision for taxation	2,424,888	27,005	743,615
Other liabilities	1,170,194	729,625	719,230
	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	38,829,404	35,330,846	41,571,054
	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	32,920,202	35,811,469	35,676,883
	----------------	----------------	----------------
TOTAL NET ASSETS	34,007,518	38,556,236	37,632,373
	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	900,000	900,000	900,000
	----------------	----------------	----------------
TOTAL SHARE CAPITAL	900,000	900,000	900,000
Retained profit/(loss) carried forward	31,584,543	35,683,077	35,267,503
	----------------	----------------	----------------
TOTAL RESERVES	31,584,543	35,683,077	35,267,503
	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	32,484,543	36,583,077	36,167,503
Others	1,522,975	1,973,159	1,464,870
	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	1,522,975	1,973,159	1,464,870
	----------------	----------------	----------------
	34,007,518	38,556,236	37,632,373
	=============	=============	=============

FINANCIAL RATIO

KODAK (SINGAPORE) PTE. LIMITED

TYPES OF FUNDS
Cash	11,065,344	8,453,461	14,857,205
Net Liquid Funds	11,065,344	8,453,461	14,857,205
Net Liquid Assets	26,675,674	25,656,385	16,411,267
Net Current Assets/(Liabilities)	32,920,202	35,811,469	35,676,883
Net Tangible Assets	34,007,518	38,556,236	37,632,373
Net Monetary Assets	25,152,699	23,683,226	14,946,397
BALANCE SHEET ITEMS
Total Borrowings	0	0	0
Total Liabilities	40,352,379	37,304,005	43,035,924
Total Assets	72,836,922	73,887,082	79,203,427
Net Assets	34,007,518	38,556,236	37,632,373
Net Assets Backing	32,484,543	36,583,077	36,167,503
Shareholders' Funds	32,484,543	36,583,077	36,167,503
Total Share Capital	900,000	900,000	900,000
Total Reserves	31,584,543	35,683,077	35,267,503
LIQUIDITY (Times)
Cash Ratio	0.28	0.24	0.36
Liquid Ratio	1.69	1.73	1.39
Current Ratio	1.85	2.01	1.86
WORKING CAPITAL CONTROL (Days)
Stock Ratio	10	13	23
Debtors Ratio	55	51	48
Creditors Ratio	5	7	38
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00	0.00
Liabilities Ratio	1.24	1.02	1.19
Times Interest Earned Ratio	0.00	55.24	5,348.37
Assets Backing Ratio	37.79	42.84	41.81
PERFORMANCE RATIO (%)
Operating Profit Margin	6.19	0.05	1.74
Net Profit Margin	5.09	0.14	1.46
Return On Net Assets	42.47	0.41	14.20
Return On Capital Employed	42.47	0.41	14.20
Return On Shareholders' Funds/Equity	36.59	1.14	12.42
Dividend Pay Out Ratio (Times)	1.34	0.00	4.30
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.78
UK Pound	1	Rs.96.78
Euro	1	Rs.76.59

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	NIT

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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