MIRA INFORM REPORT

Report No. :	354679
Report Date :	15.12.2015

IDENTIFICATION DETAILS

Name :	APRIL FINE PAPER TRADING PTE LTD
Formerly Known As :	ASIA PACIFIC FOREST PRODUCTS (HANGZHOU) PTE LTD
Registered Office :	80, Raffles Place, 50-01, Uob Plaza 1, 048624
Country :	Singapore
Financials (as on) :	31.12.2014
Date of Incorporation :	14.10.1994
Com. Reg. No.:	199407489-K
Legal Form :	Private Limited
Line of Business :	Wholesale of Paper.
No. of Employees :	200 [2015]

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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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. Unemployment is very low. The economy depends heavily on exports, particularly of consumer electronics, information technology products, medical and optical devices, pharmaceuticals, and on its vibrant transportation, business, and financial services sectors. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but has continued to grow since 2010 on the strength of renewed exports. Growth in 2014 was slower at 2.9%, largely a result of soft demand for exports amid a sluggish global economy and weak growth in Singapore’s manufacturing sector. The government is attempting to restructure Singapore’s economy by weaning its dependence on foreign labor, addressing weak productivity, and increasing Singaporean wages. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and high-tech hub. Singapore is a member of the 12-nation Trans-Pacific Partnership free trade negotiations, the Regional Comprehensive Economic Partnership negotiations with the nine other ASEAN members plus Australia, China, India, Japan, South Korea and New Zealand, and in 2015, Singapore will form, with the other ASEAN members, the ASEAN Economic Community.

Source : CIA

EXECUTIVE SUMMARY

REGISTRATION NO.	:	199407489-K
COMPANY NAME	:	APRIL FINE PAPER TRADING PTE LTD
FORMER NAME	:	ASIA PACIFIC FOREST PRODUCTS (HANGZHOU) PTE LTD (30/12/1997)
INCORPORATION DATE	:	14/10/1994
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	80, RAFFLES PLACE, 50-01, UOB PLAZA 1, 048624, SINGAPORE.
BUSINESS ADDRESS	:	80, RAFFLES PLACE, 50-01, UOB PLAZA 1, 048624, SINGAPORE.
TEL.NO.	:	65-62169318
FAX.NO.	:	65-65380020
WEB SITE	:	WWW.APRILASIA.COM
CONTACT PERSON	:	CHOO KUEN LIM ( DIRECTOR )
PRINCIPAL ACTIVITY	:	WHOLESALE OF PAPER
ISSUED AND PAID UP CAPITAL	:	300,000.00 ORDINARY SHARE, OF A VALUE OF SGD 300,000.00
SALES	:	USD 283,085,000 [2014]
NET WORTH	:	USD 47,396,000 [2014]
STAFF STRENGTH	:	200 [2015]
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	STABLE
PAYMENT	:	GOOD
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 paper.

The intermediate holding company of the Subject is APRIL FINE PAPER HOLDINGS LTD and ASIA PACIFIC RESOURCES INTERNATIONAL HOLDINGS LTD, a company incorporated in BERMUDA.

The immediate holding company of the Subject is APRIL FINE PAPER HOLDINGS PTE LTD, a company incorporated in SINGAPORE.

Share Capital History

Date	Issue & Paid Up Capital
11/12/2015	SGD 300,000.00

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

Current Shareholder(s) :

Name	Address	IC/PP/Loc No	Shareholding	(%)
APRIL FINE PAPER HOLDINGS PTE LTD	80, RAFFLES PLACE, 50-01, UOB PLAZA 1	199407562D	300,000.00	100.00
			---------------	------
			300,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	NG MEI LING
Address	:	19, SHELFORD ROAD, 01-21, 288408, SINGAPORE.
IC / PP No	:	S6910596C
Nationality	:	SINGAPOREAN
Date of Appointment	:	01/12/2015

DIRECTOR 2

Name Of Subject	:	ALAGARATNAM JOSEPH DEVANESAN
Address	:	288, LAUREL WOOD AVENUE, THE TENERIFFE, 275927, SINGAPORE.
IC / PP No	:	S2670138D
Nationality	:	SINGAPOREAN
Date of Appointment	:	03/12/2004

DIRECTOR 3

Name Of Subject	:	CHOO KUEN LIM
Address	:	21, JALAN MULIA, MACPHERSON GARDEN ESTATE, 368632, SINGAPORE.
IC / PP No	:	S1607768B
Nationality	:	SINGAPOREAN
Date of Appointment	:	12/11/2012

MANAGEMENT

1)	Name of Subject	:	CHOO KUEN LIM
	Position	:	DIRECTOR

AUDITOR

Auditor	:	DELOITTE & TOUCHE LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	PUA EE HUANG
	IC / PP No	:	S7046110B
	Address	:	226, WESTWOOD AVENUE, 08-20, THE FLORAVALE, 648357, SINGAPORE.

BANKING

No Banker found in our databank.

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C201311703	27/08/2013	N/A	BANCO SANTANDER S.A.	-	Unsatisfied
C201311704	27/08/2013	N/A	BANCO SANTANDER S.A.	-	Unsatisfied
C201513379	26/11/2015	N/A	CREDIT SUISSE AG	-	Unsatisfied
C201513380	26/11/2015	N/A	CREDIT SUISSE AG	-	Unsatisfied
C201513381	26/11/2015	N/A	CREDIT SUISSE AG	-	Unsatisfied
C201513382	26/11/2015	N/A	CREDIT SUISSE AG	-	Unsatisfied
C201513383	26/11/2015	N/A	CREDIT SUISSE AG	-	Unsatisfied
C201513384	26/11/2015	N/A	CREDIT SUISSE AG	-	Unsatisfied
C201513385	26/11/2015	N/A	CREDIT SUISSE AG	-	Unsatisfied
C201513386	26/11/2015	N/A	CREDIT SUISSE AG	-	Unsatisfied

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	[	]	Good 31-60 Days	[	X	]	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

:

PULP AND PREMIUM WOOD FREE PAPERS

Total Number of Employees:
YEAR	2015	2014
GROUP	N/A	N/A
COMPANY	200	200

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) wholesale of paper.

The Subject engaged in the marketing, and sale of pulp and premium wood free papers.

It offers office papers and industrial papers.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-62169318
Match	:	N/A
Address Provided by Client	:	80, RAFFLES PLACE, 50-01, UOB PLAZA 1,048624,SINGAPORE
Current Address	:	80, RAFFLES PLACE, 50-01, UOB PLAZA 1, 048624, SINGAPORE.
Match	:	YES

Other Investigations

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

The Subject refused to disclose its bankers.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Erratic	[	2010 - 2014	]
Profit/(Loss) Before Tax	:	Decreased	[	2010 - 2014	]
Return on Shareholder Funds	:	Favourable	[	54.38%	]
Return on Net Assets	:	Favourable	[	60.49%	]
The fluctuating turnover reflects the fierce competition among the existing and new market players.The dip in profit could be due to the stiff market competition which reduced the Subject's profit margin. 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	[	6 Days	]
Debtor Ratio	:	Favourable	[	20 Days	]
Creditors Ratio	:	Favourable	[	2 Days	]
The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The favourable debtors' days could be due to the good credit control measures implemented by the Subject. 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	[	1.18 Times	]
Current Ratio	:	Unfavourable	[	1.20 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	[	29.05 Times	]
Gearing Ratio	:	Favourable	[	0.00 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 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 recorded lower profits as its turnover showed a erratic trend. The Subject's management was unable to control its costs efficiently as its profit showed a downward trend. 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 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 : STABLE

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	2010	2011	2012	2013	2014
Population (Million)	5.08	5.18	5.31	5.40	5.47
Gross Domestic Products ( % )	14.5	4.9	1.3	3.7	(3.5)
Consumer Price Index	2.8	5.2	4.6	2.4	2.4
Total Imports (Million)	423,221.8	459,655.1	474,554.0	466,762.0	463,779.1
Total Exports (Million)	478,840.7	514,741.2	510,329.0	513,391.0	518,922.7
Unemployment Rate (%)	2.2	2.1	2.0	1.9	1.9
Tourist Arrival (Million)	11.64	13.17	14.49	15.46	15.01
Hotel Occupancy Rate (%)	85.6	86.5	86.4	86.3	85.5
Cellular Phone Subscriber (Million)	1.43	1.50	1.52	1.97	1.98
Registration of New Companies (No.)	29,798	32,317	31,892	37,288	41,589
Registration of New Companies (%)	12.8	8.5	(1.3)	9.8	11.5
Liquidation of Companies (No.)	15,126	19,005	17,218	17,369	18,767
Liquidation of Companies (%)	(32.5)	25.6	9.4	(5.3)	8.0
Registration of New Businesses (No.)	23,978	23,494	24,788	22,893	35,773
Registration of New Businesses (%)	(10.78)	2.02	5.51	1.70	56.30
Liquidation of Businesses (No.)	24,211	23,005	22,489	22,598	22,098
Liquidation of Businesses (%)	2.8	(5)	(2.2)	0.5	(2.2)
Bankruptcy Orders (No.)	1,537	1,527	1,748	1,992	1,757
Bankruptcy Orders (%)	(25.3)	(0.7)	14.5	14.0	(11.8)
Bankruptcy Discharges (No.)	2,252	1,391	1,881	2,584	3,546
Bankruptcy Discharges (%)	(26.3)	(38.2)	35.2	37.4	37.2
INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	(0.48)	4.25	3.64	-
Fish Supply & Wholesale	(10.5)	12.10	(0.5)	-	2.80
Manufacturing *	92.8	100.0	100.3	102.0
Food, Beverages & Tobacco	96.4	100.0	103.5	103.5	105.0
Textiles	122.1	100.0	104.0	87.1	74.9
Wearing Apparel	123.3	100.0	92.1	77.8	49.5
Leather Products & Footwear	81.8	100.0	98.6	109.8	95.9
Wood & Wood Products	104.0	100.0	95.5	107.4	112.0
Paper & Paper Products	106.1	100.0	97.4	103.2	103.4
Printing & Media	103.5	100.0	93.0	86.1	80.3
Crude Oil Refineries	95.6	100.0	99.4	93.5	85.6
Chemical & Chemical Products	97.6	100.0	100.5	104.1	114.0
Pharmaceutical Products	75.3	100.0	109.7	107.2	115.7
Rubber & Plastic Products	112.3	100.0	96.5	92.9	92.8
Non-metallic Mineral	92.5	100.0	98.2	97.6	82.2
Basic Metals	102.2	100.0	90.6	76.5	98.3
Fabricated Metal Products	103.6	100.0	104.3	105.1	105.1
Machinery & Equipment	78.5	100.0	112.9	114.5	124.0
Electrical Machinery	124.1	100.0	99.3	108.5	121.3
Electronic Components	113.6	100.0	90.6	94.3	95.0
Transport Equipment	94.0	100.0	106.3	107.5	103.2
Construction	14.20	20.50	28.70	-	22.00
Real Estate	21.3	25.4	31.9	-	145.1
Services
Electricity, Gas & Water	4.00	7.00	6.30	-
Transport, Storage & Communication	12.80	7.40	5.30	-	14.20
Finance & Insurance	(0.4)	8.90	0.50	-	6.00
Government Services	9.70	6.90	6.00	-
Education Services	(0.9)	(1.4)	0.30	-	5.98
* Based on Index of Industrial Production (2011 = 100)

INDUSTRY ANALYSIS

INDUSTRY :	TRADING
The wholesale and retail trade sectors have expanded by 2.0% in the third quarter of 2014, extending the 1.8 per cent growth in the previous quarter. In 2013, the wholesale and retail sector expanded by 5.0%, after declining by 1.4% the year before. Growth of the sector was driven by the wholesale trade segment.
The domestic wholesale trade index has increased by 3.2% in the fourth quarter of 2013, moderating from the 6.6% growth in the previous quarter. The slower growth was due to a decline in the sales of furniture and household equipment (-12%) and petroleum and petroleum products (-0.6%). For the full year, the domestic wholesale trade index grew by 5.2% reversing the 2.2% decline in 2012. On the other hand, the foreign wholesale trade index has increased by a slower pace of 5.6% in the fourth quarter, compared to the 7.7% expansion in the preceding quarter. The slowdown was due to a fall in the sales of telecommunication equipment and computer (-3.8%) and petroleum and petroleum products (-2.5%). For the full year, the growth of the foreign wholesale trade index moderated slightly to 8.6% from 9.1% in the previous year.
In the fourth quarter of 2013, retail sales volume fell by 6.2%, extending the 5.6% decline in the previous quarter. Excluding motor vehicles, retail sales volume increased by 0.4%, a slower pace of expansion as compared to the 1.6% gain in the preceding quarter. The sales volume of motor vehicles fell by 33% in the fourth quarter of 2013, extending the 32% decline in the previous quarter. Meanwhile, the sales of several discretionary items also fell in the fourth quarter of 2013. For instance, the sales of telecommunications apparatus and computers fell by 12%, while the sales of furniture and household equipment declined by 5.4%.
For the full year, retail sales volume contracted by 4.3%, a reversal from the 1.3% expansion in 2012. Excluding motor vehicle sales, the retail sales volume grew by 1.1% in 2013, slower than the 1.7% increase in 2012. Watches and jewellery recorded the largest increase (11%) in sales in 2013, followed by optical goods and book (3%) and medical goods and toiletries (3%). By contrast, the sales of telecommunications apparatus and computer (-7.3%), furniture and household equipment (-4.2%) and petrol service stations (-1.4) declined in 2013.
OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 1994, the Subject is a Private Limited company, focusing on wholesale of paper. 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. We noted that the issued and paid up capital of the Subject stands at SGD 300,000. 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. The Subject is a fairly large and rapidly growing company with over 200 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.

The Subject's business performance showed a reverse trend as both its turnover and pre-tax profit have decreased compared to the previous year. 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 USD 47,396,000, the Subject should be able to maintain its business in the near terms.

The Subject's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials. Overall the Subject has a good control over its resources.

Overall, the Subject's payment habit is good as the Subject has a good credit control and it could be taking advantage of the cash discounts while maintaining a good reputation with its creditors.

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.

APRIL FINE PAPER TRADING PTE LTD

Financial Year End	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31
Months	12	12	12	12	12
Consolidated Account	Company	Company	Company	Company	Company
Audited Account	YES	YES	YES	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES	YES	YES	YES
Financial Type	FULL	FULL	FULL	FULL	SUMMARY
Currency	USD	USD	USD	USD	SGD
TURNOVER	283,085,000	393,532,000	386,452,000	351,215,000	456,792,349
	----------------	----------------	----------------	----------------	----------------
Total Turnover	283,085,000	393,532,000	386,452,000	351,215,000	456,792,349
Costs of Goods Sold	(232,805,000)	(339,426,000)	(337,204,000)	(293,940,000)	-
	----------------	----------------	----------------	----------------	----------------
Gross Profit	50,280,000	54,106,000	49,248,000	57,275,000	-
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	27,681,000	31,027,000	24,555,000	32,615,000	23,245,970
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	27,681,000	31,027,000	24,555,000	32,615,000	23,245,970
Taxation	(1,906,000)	(1,884,000)	(1,705,000)	(2,158,000)	(1,483,166)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	25,775,000	29,143,000	22,850,000	30,457,000	21,762,804
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	41,447,000	32,304,000	34,454,000	54,997,000	47,756,097
	----------------	----------------	----------------	----------------	----------------
As restated	41,447,000	32,304,000	34,454,000	54,997,000	47,756,097
	----------------	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	67,222,000	61,447,000	57,304,000	85,454,000	69,518,901
DIVIDENDS - Ordinary (paid & proposed)	(20,000,000)	(20,000,000)	(25,000,000)	(51,000,000)	-
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	47,222,000	41,447,000	32,304,000	34,454,000	69,518,901
	=============	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Others	987,000	1,479,000	1,445,000	1,256,000	-
	----------------	----------------	----------------	----------------	----------------
	987,000	1,479,000	1,445,000	1,256,000	-
	=============	=============	=============	=============	-
DEPRECIATION (as per notes to P&L)	1,000	6,000	8,000	10,000	-
	----------------	----------------	----------------	----------------	----------------
	1,000	6,000	8,000	10,000	-
	=============	=============	=============	=============

BALANCE SHEET

APRIL FINE PAPER TRADING PTE LTD

ASSETS EMPLOYED:
FIXED ASSETS	-	1,000	7,000	15,000	45,558
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	-	1,000	7,000	15,000	45,558
Stocks	4,887,000	6,119,000	5,389,000	2,974,000	-
Trade debtors	15,148,000	15,515,000	26,213,000	16,209,000	-
Other debtors, deposits & prepayments	292,000	141,000	156,464,000	136,940,000	-
Short term deposits	10,000,000	10,001,000	61,101,000	96,195,000	-
Amount due from holding company	250,992,000	235,164,000	-	-	-
Amount due from related companies	459,000	-	-	-	-
Cash & bank balances	4,562,000	9,914,000	5,914,000	9,435,000	-
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	286,340,000	276,854,000	255,081,000	261,753,000	501,275,940
	----------------	----------------	----------------	----------------	----------------
TOTAL ASSET	286,340,000	276,855,000	255,088,000	261,768,000	501,321,498
	=============	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	1,251,000	1,200,000	2,168,000	2,031,000	-
Other creditors & accruals	2,110,000	2,140,000	1,891,000	2,207,000	-
Deposits from customers	5,610,000	6,284,000	6,260,000	7,076,000	-
Amounts owing to holding company	-	-	-	1,000,000	-
Amounts owing to related companies	223,825,000	220,836,000	209,047,000	211,878,000	-
Provision for taxation	1,864,000	1,814,000	1,753,000	2,256,000	-
Other liabilities	4,284,000	2,960,000	1,491,000	692,000	-
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	238,944,000	235,234,000	222,610,000	227,140,000	431,502,597
	----------------	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	47,396,000	41,620,000	32,471,000	34,613,000	69,773,343
	----------------	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	47,396,000	41,621,000	32,478,000	34,628,000	69,818,901
	=============	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	174,000	174,000	174,000	174,000	300,000
	----------------	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	174,000	174,000	174,000	174,000	300,000
Retained profit/(loss) carried forward	47,222,000	41,447,000	32,304,000	34,454,000	69,518,901
	----------------	----------------	----------------	----------------	----------------
TOTAL RESERVES	47,222,000	41,447,000	32,304,000	34,454,000	69,518,901
	----------------	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	47,396,000	41,621,000	32,478,000	34,628,000	69,818,901
	----------------	----------------	----------------	----------------	----------------
	47,396,000	41,621,000	32,478,000	34,628,000	69,818,901
	=============	=============	=============	=============	=============

FINANCIAL RATIO

APRIL FINE PAPER TRADING PTE LTD

TYPES OF FUNDS
Cash	14,562,000	19,915,000	67,015,000	105,630,000	-
Net Liquid Funds	14,562,000	19,915,000	67,015,000	105,630,000	-
Net Liquid Assets	42,509,000	35,501,000	27,082,000	31,639,000	69,773,343
Net Current Assets/(Liabilities)	47,396,000	41,620,000	32,471,000	34,613,000	69,773,343
Net Tangible Assets	47,396,000	41,621,000	32,478,000	34,628,000	69,818,901
Net Monetary Assets	42,509,000	35,501,000	27,082,000	31,639,000	69,773,343
PROFIT & LOSS ITEMS
Earnings Before Interest & Tax (EBIT)	28,668,000	32,506,000	26,000,000	33,871,000	-
Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)	28,669,000	32,512,000	26,008,000	33,881,000	-
BALANCE SHEET ITEMS
Total Borrowings	0	0	0	0	-
Total Liabilities	238,944,000	235,234,000	222,610,000	227,140,000	431,502,597
Total Assets	286,340,000	276,855,000	255,088,000	261,768,000	501,321,498
Net Assets	47,396,000	41,621,000	32,478,000	34,628,000	69,818,901
Net Assets Backing	47,396,000	41,621,000	32,478,000	34,628,000	69,818,901
Shareholders' Funds	47,396,000	41,621,000	32,478,000	34,628,000	69,818,901
Total Share Capital	174,000	174,000	174,000	174,000	300,000
Total Reserves	47,222,000	41,447,000	32,304,000	34,454,000	69,518,901
LIQUIDITY (Times)
Cash Ratio	0.06	0.08	0.30	0.47	-
Liquid Ratio	1.18	1.15	1.12	1.14	-
Current Ratio	1.20	1.18	1.15	1.15	1.16
WORKING CAPITAL CONTROL (Days)
Stock Ratio	6	6	5	3	-
Debtors Ratio	20	14	25	17	-
Creditors Ratio	2	1	2	3	-
SOLVENCY RATIOS (Times)
Gearing Ratio	0	0	0	0	-
Liabilities Ratio	5.04	5.65	6.85	6.56	6.18
Times Interest Earned Ratio	29.05	21.98	17.99	26.97	-
Assets Backing Ratio	272.39	239.20	186.66	199.01	232.73
PERFORMANCE RATIO (%)
Operating Profit Margin	9.78	7.88	6.35	9.29	5.09
Net Profit Margin	9.11	7.41	5.91	8.67	4.76
Return On Net Assets	60.49	78.10	80.05	97.81	33.29
Return On Capital Employed	60.49	78.10	80.05	97.81	33.29
Return On Shareholders' Funds/Equity	54.38	70.02	70.36	87.95	31.17
Dividend Pay Out Ratio (Times)	0.78	0.69	1.09	1.67	-
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.99
UK Pound	1	Rs.101.78
Euro	1	Rs.73.47
SGD	1	Rs.47.67

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	HEE
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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