MIRA INFORM REPORT

Report Date :

02.09.2014

IDENTIFICATION DETAILS

Name :	STAHL ASIA PACIFIC PTE. LTD.
Registered Office :	14, Tanjong Penjuru Crescent, 608976
Country :	Singapore
Financials (as on) :	31.12.2013
Date of Incorporation :	11.05.2006
Com. Reg. No.:	200606884-Z
Legal Form :	Private Limited
Line of Business :	Manufacturing of chemicals
No. of Employees	136 [2014]

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
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

Company name and address

REGISTRATION NO.

:

200606884-Z

COMPANY NAME

:

STAHL ASIA PACIFIC PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

11/05/2006

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

14, TANJONG PENJURU CRESCENT, 608976, SINGAPORE.

BUSINESS ADDRESS

:

14 TANJONG PENJURU CRESCENT, 608976, SINGAPORE.

TEL.NO.

:

65-62657455

FAX.NO.

:

65-62641497

EMAIL

:

STAHL.ASIA@STAHL.COM

WEB SITE

:

WWW.STAHL.COM

CONTACT PERSON

:

HUBERTUS JOZEPHUS JOHANNES VAN BEIJEREN ( DIRECTOR )

PRINCIPAL ACTIVITY

:

MANUFACTURING OF CHEMICALS

ISSUED AND PAID UP CAPITAL

:

1,814,604.00 ORDINARY SHARE, OF A VALUE OF SGD 281,683,154.00

SALES

:

SGD 98,631,153 [2013]

NET WORTH

:

SGD (56,019,946) [2013]

STAFF STRENGTH

:

136 [2014]

BANKER (S)

:

J. P. MORGAN EUROPE LTD

LITIGATION

:

TRACED

FINANCIAL CONDITION

:

POOR

PAYMENT

:

AVERAGE

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

MODERATE

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

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 chemicals.

The immediate holding company of the Subject is STAHL HOLDINGS B.V., a company incorporated in NETHERLANDS.

The ultimate holding company of the Subject is WENDEL SA, a company incorporated in FRANCE.

Share Capital History

Date	Issue & Paid Up Capital
27/08/2014	SGD 281,683,154.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
STAHL HOLDINGS B.V.	HOOGOORDDREEF 7, 1101 BA, AMSTERDAM ZUIDOOST, NETHERLANDS.	T06UF1630	1,814,604.00	100.00
			---------------	------
			1,814,604.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	GUIDO BORGART
Address	:	EMILIONLAAN 56, 6213 GM, MAASTRICHT, NETHERLANDS.
IC / PP No	:	NY5R6LJ54
Nationality	:	DUTCH
Date of Appointment	:	09/11/2007

DIRECTOR 2

Name Of Subject	:	DREXHAGE BRAM JOHAN
Address	:	WLADIMIRLAAN 14, 1404 BB, BUSSUM, NETHERLANDS.
IC / PP No	:	NV8BH4HD2
Nationality	:	DUTCH
Date of Appointment	:	01/04/2013

DIRECTOR 3

Name Of Subject	:	HUBERTUS JOZEPHUS JOHANNES VAN BEIJEREN
Address	:	DIJKSTRAAT 161, 3906 DD, VEENENDAAL, NETHERLANDS.
IC / PP No	:	BA0234347
Nationality	:	DUTCH
Date of Appointment	:	09/02/2007

DIRECTOR 4

Name Of Subject	:	CHRISTIAAN JOHANNES MARIA DAAMEN
Address	:	MOLENBEEK 26, 5172 CG, KAATSCHEUVEL, NETHERLANDS.
IC / PP No	:	NF2598150
Nationality	:	DUTCH
Date of Appointment	:	09/11/2007

DIRECTOR 5

Name Of Subject	:	DENNIS KOH MUI PIAK
Address	:	10D, BRADDELL HILL, 03-16, BRADDELL VIEW, 579723, SINGAPORE.
IC / PP No	:	S1503887Z
Nationality	:	SINGAPOREAN
Date of Appointment	:	09/06/2008

MANAGEMENT

1)	Name of Subject	:	HUBERTUS JOZEPHUS JOHANNES VAN BEIJEREN
	Position	:	DIRECTOR

AUDITOR

Auditor	:	PRICEWATERHOUSECOOPERS LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	JANICE TAN POO CHOO @ WEE POO CHOO
	IC / PP No	:	S0214089F
	Address	:	286C, TOH GUAN ROAD, 11-22, 603286, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

J. P. MORGAN EUROPE LTD

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C201408823	19/08/2014	N/A	HSBC CORPORATE TRUSTEE COMPANY (UK)	-	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	:	23645
Year	:	2007	Place	:	SINGAPORE
Court	:	MAGISTRATE COURT
Date Filed	:	23/10/2007
Solicitor	:	LIM CHUI LING CATHERINE
Solicitor Ref	:	CL/70612/T/GE
Solicitor Firm	:	CATHERINE LIM & CO
Plaintiff	:	MUHAMMAD HELMI BIN ISMAIL
Defendants	:	STAHL ASIA PACIFIC PTE. LTD. (200606884)
Amount Claimed	:	10190.35
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	:	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	[	X	]
Fair 91-120 Days	[	]	Poor >120 Days	[	]

CLIENTELE

Local	:	YES
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	WORLDWIDE
Credit Term	:	N/A
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Products manufactured

:

CHEMICALS

Total Number of Employees:
YEAR	2014
GROUP	N/A
COMPANY	136

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) manufacturing of chemicals.

The subject's principal activities are manufacturing and sale of high performance coatings, dyes and process chemicals for leather, fibres, textile and other flexible substances.

from the research done, the following information was gathered:

core business units:
* performance coatings division
- permuthane®
* leather division
- shoe finish
- leather finish
- colours & tanning products

products dealing:
* colours and tanning products
* shoe finish
* leather finish
* permuthane®

industries covered:
* automotive
* coatings
* flooring
* furniture
* garment
* leathergoods
* shoe upper
* synthetic leather
* technical
*

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-62657455
Match	:	N/A
Address Provided by Client	:	SINGAPORE - 135894
Current Address	:	14 TANJONG PENJURU CRESCENT, 608976, SINGAPORE.
Match	:	NO

Other Investigations

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

The Subject is not aware of the address provided.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Erratic	[	2011 - 2013	]
Profit/(Loss) Before Tax	:	Decreased	[	2011 - 2013	]
Return on Shareholder Funds	:	Unfavourable	[	1.84%	]
Return on Net Assets	:	Unfavourable	[	(6.30%)	]
The fluctuating turnover reflects the fierce competition among the existing and new market players.The Subject incurred losses during the year due to the inefficient control of its operating costs. The unfavourable return on shareholders' funds could indicate that the Subject was inefficient in utilising its assets to generate returns.
Working Capital Control
Stock Ratio	:	Favourable	[	37 Days	]
Debtor Ratio	:	Acceptable	[	55 Days	]
Creditors Ratio	:	Favourable	[	53 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	:	Unfavourable	[	0.37 Times	]
Current Ratio	:	Unfavourable	[	0.45 Times	]
A low liquid ratio means that the Subject may be facing working capital deficiency. If the Subject cannot obtain additional financing or injection of fresh capital, it may face difficulties in meeting its short term obligations.
Solvency
Interest Cover	:	Unfavourable	[	0.82 Times	]
Gearing Ratio	:	Favourable	[	0.00 Times	]
The Subject's interest cover was low. If its profits fall or when interest rate rises, it  may not be able to meet all its interest payment. 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 :
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. Due to its weak liquidity position, the Subject will be faced with problems in meeting all its short term obligations if no short term loan is obtained or additional capital injected into the Subject. If there is a fall in the Subject's profit or any increase in interest rate, the Subject may not be able to generate sufficient cash-flow to service its interest. 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 : 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 :	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 2006, the Subject is a Private Limited company, focusing on manufacturing of chemicals. Having been in business for more than 5 years, the Subject has established a remarkable clientele base for itself which has contributed to its business growth. Having strong support from its shareholder has enabled the Subject to remain competitive despite the challenging business environment.

Over the years, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. The Subject is a fairly large and rapidly growing company with over 136 staff in its 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. Due to its weak liquidity position, the Subject may face working capital deficiency in meeting its short term financial obligations if no fresh capital are injected into the Subject. 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. The Subject's unfavourable financial performance over the years has wiped out its shareholders' funds to a deficit of SGD -56,019,946. Therefore, the Subject as a going concern is much dependent on its ability to generate sufficient cash flow and obtain additional financing to meet its future obligations.

Without a strong assets backing, the Subject may face difficulties in getting loans for its future expansion and continued growth . The Subject's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials. Overall the Subject has a good control over its resources.

The Subject's payment habit is average. With its adequate working capital, the Subject should be able to pay its short term debts.

The industry 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.

In view of its poor financial condition with red shareholders' funds, we regard granting credit to the Subject to be quite risky. Hence, credit is not recommended.

PROFIT AND LOSS ACCOUNT

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

STAHL ASIA PACIFIC PTE. LTD.

Financial Year End	2013-12-31	2012-12-31	2011-12-31
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	98,631,153	103,859,356	100,909,310
Other Income	-	24,242	-
	----------------	----------------	----------------
Total Turnover	98,631,153	103,883,598	100,909,310
Costs of Goods Sold	(56,017,460)	(59,879,091)	(58,211,355)
	----------------	----------------	----------------
Gross Profit	42,613,693	44,004,507	42,697,955
	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	(761,566)	10,520,293	7,545,826
	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	(761,566)	10,520,293	7,545,826
Taxation	(269,107)	(1,904,618)	(3,201,967)
	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	(1,030,673)	8,615,675	4,343,859
	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	(336,672,427)	(345,288,102)	(349,631,961)
	----------------	----------------	----------------
As restated	(336,672,427)	(345,288,102)	(349,631,961)
	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	(337,703,100)	(336,672,427)	(345,288,102)
	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	(337,703,100)	(336,672,427)	(345,288,102)
	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Loan from holding company	4,292,210	4,296,860	-
Others	-	-	5,059,560
	----------------	----------------	----------------
	4,292,210	4,296,860	5,059,560
	=============	=============	=============

BALANCE SHEET

STAHL ASIA PACIFIC PTE. LTD.

ASSETS EMPLOYED:
FIXED ASSETS	6,950,654	7,290,027	7,349,577
Deferred assets	8,487	78,152	-
Others	-	-	14,343,604
	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	8,487	78,152	14,343,604
	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	6,959,141	7,368,179	21,693,181
Stocks	10,093,589	10,249,050	9,010,023
Trade debtors	14,951,612	15,361,371	17,292,562
Other debtors, deposits & prepayments	553,040	557,921	573,573
Amount due from related companies	17,198,466	9,617,100	10,467,824
Cash & bank balances	9,735,312	8,051,044	4,854,414
	----------------	----------------	----------------
TOTAL CURRENT ASSETS	52,532,019	43,836,486	42,198,396
	----------------	----------------	----------------
TOTAL ASSET	59,491,160	51,204,665	63,891,577
	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	8,112,206	6,940,009	6,838,077
Other creditors & accruals	9,495,962	9,996,790	11,691,005
Amounts owing to holding company	52,242,000	48,333,000	50,457,000
Amounts owing to related companies	45,185,017	38,952,579	57,403,274
Provision for taxation	475,921	1,971,560	197,000
	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	115,511,106	106,193,938	126,586,356
	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	(62,979,087)	(62,357,452)	(84,387,960)
	----------------	----------------	----------------
TOTAL NET ASSETS	(56,019,946)	(54,989,273)	(62,694,779)
	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	281,683,154	281,683,154	281,683,154
	----------------	----------------	----------------
TOTAL SHARE CAPITAL	281,683,154	281,683,154	281,683,154
Retained profit/(loss) carried forward	(337,703,100)	(336,672,427)	(345,288,102)
	----------------	----------------	----------------
TOTAL RESERVES	(337,703,100)	(336,672,427)	(345,288,102)
	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	(56,019,946)	(54,989,273)	(63,604,948)
Deferred taxation	-	-	6,169
Others	-	-	904,000
	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	-	-	910,169
	----------------	----------------	----------------
	(56,019,946)	(54,989,273)	(62,694,779)
	=============	=============	=============

FINANCIAL RATIO

STAHL ASIA PACIFIC PTE. LTD.

TYPES OF FUNDS
Cash	9,735,312	8,051,044	4,854,414
Net Liquid Funds	9,735,312	8,051,044	4,854,414
Net Liquid Assets	(73,072,676)	(72,606,502)	(93,397,983)
Net Current Assets/(Liabilities)	(62,979,087)	(62,357,452)	(84,387,960)
Net Tangible Assets	(56,019,946)	(54,989,273)	(62,694,779)
Net Monetary Assets	(73,072,676)	(72,606,502)	(94,308,152)
BALANCE SHEET ITEMS
Total Borrowings	0	0	0
Total Liabilities	115,511,106	106,193,938	127,496,525
Total Assets	59,491,160	51,204,665	63,891,577
Net Assets	(56,019,946)	(54,989,273)	(62,694,779)
Net Assets Backing	(56,019,946)	(54,989,273)	(63,604,948)
Shareholders' Funds	(56,019,946)	(54,989,273)	(63,604,948)
Total Share Capital	281,683,154	281,683,154	281,683,154
Total Reserves	(337,703,100)	(336,672,427)	(345,288,102)
LIQUIDITY (Times)
Cash Ratio	0.08	0.08	0.04
Liquid Ratio	0.37	0.32	0.26
Current Ratio	0.45	0.41	0.33
WORKING CAPITAL CONTROL (Days)
Stock Ratio	37	36	33
Debtors Ratio	55	54	63
Creditors Ratio	53	42	43
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00	0.00
Liabilities Ratio	(2.06)	(1.93)	(2.00)
Times Interest Earned Ratio	0.82	3.45	2.49
Assets Backing Ratio	(0.20)	(0.20)	(0.22)
PERFORMANCE RATIO (%)
Operating Profit Margin	(0.77)	10.13	7.48
Net Profit Margin	(1.04)	8.30	4.30
Return On Net Assets	(6.30)	(26.95)	(20.11)
Return On Capital Employed	(6.30)	(26.95)	(20.11)
Return On Shareholders' Funds/Equity	1.84	(15.67)	(6.83)
Dividend Pay Out Ratio (Times)	0.00	0.00	0.00
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.47
UK Pound	1	Rs.100.42
Euro	1	Rs.79.39

INFORMATION DETAILS

Analysis Done by :	SUM
Report Prepared by :	NIS

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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