MIRA INFORM REPORT

Report No. :	305275
Report Date :	30.01.2015

IDENTIFICATION DETAILS

Name :	PARKWAY GROUP HEALTHCARE PTE LTD
Formerly Known as :	GLENEAGLES HOLDINGS PTE LTD
Registered Office :	111, Somerset Road, 15-01, Tripleone Somerset, 238164
Country :	Singapore
Financials (as on) :	31.12.2013
Date of Incorporation :	12.06.1993
Com. Reg. No.:	199303778-C
Legal Form :	Private Limited Company
Line of Business :	· Engaged as an Investment Holding Companies, Management Consultancy Services for Healthcare Organisations. A Group is largest private healthcare provider and operates Mount Elizabeth Novena Hospital, Mount Elizabeth Hospital, Gleneagles Hospital and Parkway East Hospital - all accredited by Joint Commission International (JCI).
No of Employees :	Not Available [We tried to confirm the number of employees but no one is ready to part any information from the company management.]

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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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.	:	199303778-C
COMPANY NAME	:	PARKWAY GROUP HEALTHCARE PTE LTD
FORMER NAME	:	GLENEAGLES HOLDINGS PTE LTD (18/01/1996) NME ASIA PTE LTD (18/10/1995)
INCORPORATION DATE	:	12/06/1993
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	111, SOMERSET ROAD, 15-01, TRIPLEONE SOMERSET, 238164, SINGAPORE.
BUSINESS ADDRESS	:	111 SOMERSET ROAD #15-01 TRIPLEONE SOMERSET,, 238164, SINGAPORE.
TEL.NO.	:	65-63077880
FAX.NO.	:	65-67338156
WEB SITE	:	WWW.PARKWAYPANTAI.COM
CONTACT PERSON	:	LAI KOK PENG ( DIRECTOR )
PRINCIPAL ACTIVITY	:	· Engaged as an Investment Holding Companies, Management Consultancy Services for Healthcare Organisations. A Group is largest private healthcare provider and operates Mount Elizabeth Novena Hospital, Mount Elizabeth Hospital, Gleneagles Hospital and Parkway East Hospital - all accredited by Joint Commission International (JCI).
ISSUED AND PAID UP CAPITAL	:	27,845,323.00 ORDINARY SHARE, OF A VALUE OF SGD 103,895,323.00
SALES	:	SGD 51,840,269 [2013]
NET WORTH	:	SGD 67,529,801 [2013]
STAFF STRENGTH	:	N/A
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	FAIR
PAYMENT	:	Slow but Correct
MANAGEMENT CAPABILITY	:	AVERAGE
COMMERCIAL RISK	:	MODERATE
CURRENCY EXPOSURE	:	N/A
GENERAL REPUTATION	:	GOOD
INDUSTRY OUTLOOK	:	MARGINAL 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) investment holding companies, management consultancy services for healthcare organisations.

The ultimate holding company of the Subject is IHH HEALTHCARE BERHAD, a company incorporated in MALAYSIA.

The intermediate holding company of the Subject is PARKWAY PANTAI LIMITED, a company incorporated in SINGAPORE.

Share Capital History

Date	Issue & Paid Up Capital
29/01/2015	SGD 103,895,323.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
PARKWAY PANTAI LIMITED	111, SOMERSET ROAD, 15-01, TRIPLEONE SOMERSET, 238164, SINGAPORE.	201106772W	19,500,000.00	70.03
PARKWAY HOLDINGS LIMITED	111, SOMERSET ROAD, 15-01, TRIPLEONE SOMERSET, 238164, SINGAPORE.	197400320R	8,345,323.00	29.97
			---------------	------
			27,845,323.00	100.00
			============	=====

+ Also Director

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

Local No	Country	Company	(%)	As At
200723244M	SINGAPORE	PARKWAY EDUCATION PTE. LTD.	100.00	28/01/2015
	SINGAPORE	PARKWAY CHINA HOLDING CO. PTE. LTD.	100.00	28/01/2015
199507342M	SINGAPORE	MEDICAL RESOURCES INTERNATIONAL PTE LTD	100.00	28/01/2015
198902719R	SINGAPORE	GLENEAGLES INTERNATIONAL PTE. LTD.	100.00	28/01/2015

DIRECTORS

DIRECTOR 1

Name Of Subject	:	MR. LAI KOK PENG
Address	:	63, HOLLAND ROAD, 04-04, VERDURE, 258887, SINGAPORE.
IC / PP No	:	F0125961W
Nationality	:	MALAYSIAN
Date of Appointment	:	31/10/2013

DIRECTOR 2

Name Of Subject	:	DR LIM SUET WUN
Address	:	11, JALAN CHENGAM, SEMBAWANG HILLS ESTATE, 578295, SINGAPORE.
IC / PP No	:	S1670356G
Nationality	:	SINGAPOREAN
Date of Appointment	:	31/10/2013

DIRECTOR 3

Name Of Subject	:	TAN SEE LENG
Address	:	16, SIGLAP PLAIN, FRANKEL ESTATE, 456005, SINGAPORE.
IC / PP No	:	S1654774C
Nationality	:	SINGAPOREAN
Date of Appointment	:	25/08/2010

MANAGEMENT

1)	Name of Subject	:	LAI KOK PENG
	Position	:	DIRECTOR

AUDITOR

Auditor	:	KPMG LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	FANG SOON HOOI
	IC / PP No	:	S2687651F
	Address	:	30, MARINE CRESCENT, 07-179 , MARINE CRESCENT VILLE, 440030, SINGAPORE.

2)	Company Secretary	:	NG SIEW HONG
	IC / PP No	:	S1660739H
	Address	:	215, SERANGOON AVENUE, 4, 09-132, 550215, SINGAPORE.

3)	Company Secretary	:	SHERRY TAN HUI ANN
	IC / PP No	:	S8210419D
	Address	:	28, LEONIE HILL, 14-28, LIONIE TOWERS, 239227, 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 against 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	:	N/A
Overseas	:	N/A

The Subject is a service provider.

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	Percentage	:	100%
Domestic Markets	:	SINGAPORE
Overseas	:	NO
Credit Term	:	N/A
Payment Mode	:	CHEQUES CASH

OPERATIONS

Services

:

INVESTMENT HOLDING COMPANIES, MANAGEMENT CONSULTANCY SERVICES FOR HEALTHCARE ORGANISATIONS

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) investment holding companies, management consultancy services for healthcare organisations.

The Group is the largest private healthcare provider and operates Mount Elizabeth Novena Hospital, Mount Elizabeth Hospital, Gleneagles Hospital and Parkway East Hospital - all accredited by Joint Commission International (JCI).

Over 1,300 specialist doctors are credentialed by the Group to admit patients to its four hospitals in Singapore. In addition, PPL has medical centres and clinics, health screening facilities, radiology facilities, laboratories, education facilities, rehabilitation services, a corporate insurance business and a third party administration business in Singapore which complement its hospital network.

This broad range of services offered by Group's businesses provides it with an integrated presence across the primary, secondary, tertiary and quaternary healthcare sectors in Singapore.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	65 6307 7880
Current Telephone Number	:	65-63077880
Match	:	YES
Address Provided by Client	:	111 SOMERSET ROAD SUITE 15-01, SINGAPORE 238164
Current Address	:	111 SOMERSET ROAD #15-01 TRIPLEONE SOMERSET,, 238164, SINGAPORE.
Match	:	NO

Other Investigations

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

The address provided is incomplete.

She refused to disclose the Subject's number of employees.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Decreased	[	2009 - 2013	]
Profit/(Loss) Before Tax	:	Decreased	[	2009 - 2013	]
Return on Shareholder Funds	:	Favourable	[	61.79%	]
Return on Net Assets	:	Favourable	[	64.30%	]
The continuous fall in turnover could be due to the lower demand for the Subject's products / services.The Subject's profit fell sharply because of the high operating costs incurred. 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	:	Nil	[	0 Days	]
Debtor Ratio	:	Favourable	[	0 Days	]
Creditors Ratio	:	Favourable	[	2 Days	]
As the Subject is a service oriented company, the Subject does not need to keep 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	:	Unfavourable	[	0.15 Times	]
Current Ratio	:	Unfavourable	[	0.15 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	:	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 :
The Subject's performance deteriorated over the years with lower turnover and profit. 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. 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 : FAIR

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)
(Source : Department of Statistics)

INDUSTRY ANALYSIS

INDUSTRY :	ECONOMY
The Ministry of Trade and Industry (MTI) announced that it expects the Singapore economy to grow by around 3.0% in 2014, and by 2.0 to 4.0% in 2015. Besides that in 2013, the economy grew by 4.1%, higher than the 1.9% growth in 2012. This was mainly due to strong growth in the services producing industries, particularly the finance & insurance, as well as wholesale & retail trade sectors.
In 2013, all sectors contributed positively to growth. Finance & insurance was the largest contributor (1.2 percentage-points), followed by wholesale & retail trade (0.8 percentage-points) and business services (0.6 percentage-points). Growth in the manufacturing sector was improved by 1.7%, on the back of strong growth in the electronics and transport engineering clusters. By contrast, growth in the construction sector moderated to 5.9%, from 8.6% in 2012.
Growth in the services producing industries picked up to 5.3% in 2013, from 2.0% in 2012. This was mainly due to stronger growth in the finance & insurance and wholesale & retail trade sectors. The finance & insurance sector grew by 11%, up from 1.3% in the previous year. The wholesale & retail trade sector has expanded by 5.0%, after declining by 1.4% the year before.
For the whole of 2013, growth in total demand was 3.1%, similar to the pace of growth in 2012. External demand was the key contributor to total demand growth, accounting for 2.7 percentage-points, or almost 90%, of the increase. External demand grew at a faster pace of 3.6%, compared to the 1.4% growth in 2012. This was supported mainly by growth in the exports of machinery & transport equipment, miscellaneous manufactures, and transport services. Total domestic demand rose by a modest 1.7%, following the 8.6% increase in 2012. The slower growth in total domestic demand was primarily due to the decline in gross fixed capital formation (GFCF).
For the full year, total consumption expenditure grew by 4.4% in 2013, faster than the 2.8% growth in 2012. Public consumption expenditure increased by 11%, a strong rebound from the 1.9% decline in 2012. Private consumption expenditure recorded gains of 2.7%, moderating from the 4.1% increase in the preceding year.
Furthermore, in the first three quarters of 2014, the Singapore economy grew by 3.3% on a year-on-year basis. For the rest of the year, growth is expected to ease slightly on a year-on-year basis, in line with a projected slowdown in the global economy. Externally-oriented sectors such as the manufacturing and transportation & storage sectors are likely to slow, whereas growth in the construction sector will continue to be weighed down by the weakness in private sector construction activities. On the other hand, domestically-oriented sectors like business services are likely to remain resilient.
Additionally, the labour market in Singapore is expected to remain tight in 2015, with low unemployment and rising vacancy rates. Against this global and domestic backdrop, the growth outlook for the Singapore economy remains modest. In tandem with the expected pick-up in external demand, externally-oriented sectors such as manufacturing, wholesale trade and finance & insurance are likely to provide support to growth. While some domestically-oriented sectors such as businesses services are expected to remain resilient, labour-intensive ones like construction, retail and food services may see their growth weighed down by labour constraints.
OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 1993, the Subject is a Private Limited company, focusing on investment holding companies, management consultancy services for healthcare organisations. The Subject has been in business for over two decades. It has built up a strong clientele base and good reputation will enable the Subject to further enhance its business in the near term. The Subject is expected to enjoy a stable market shares. The Subject is a large entity with strong capital position of SGD 103,895,323. We are confident with the Subject's business and its future growth prospect. Having a strong shareholders' backing , the Subject has the advantage to compete with its rivals and it is expected to enjoy timely financial assistance should the needs arise.

Over the years, the Subject should have build up its clientele base and received supports from its regular customers. Investigation revealed that the Subject's interest lies mostly in the local market. Thus, any adverse changes to the local economy might have a negative impact on the Subject's business performance. 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. 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. Given a positive net worth standing at SGD 67,529,801, the Subject should be able to maintain its business in the near terms.

Without a strong assets backing, the Subject may face difficulties in getting loans for its future expansion and continued growth .

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 has reached its maturity stage and only enjoying a marginal growth. The steady growth of the country's economy will further enhance the industry activities. Thus, the Subject's future performance is very much depend on its marketing strategies in order to retain its position in the market.

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.

PARKWAY GROUP HEALTHCARE PTE LTD

Financial Year End	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31
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	SUMMARY	SUMMARY	SUMMARY
Currency	SGD	SGD	SGD	SGD	SGD
TURNOVER	51,840,269	123,025,281	193,565,626	234,738,866	21,793,828
	----------------	----------------	----------------	----------------	----------------
Total Turnover	51,840,269	123,025,281	193,565,626	234,738,866	21,793,828
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	43,456,766	99,114,220	175,900,404	210,709,946	1,119,855
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	43,456,766	99,114,220	175,900,404	210,709,946	1,119,855
Taxation	(1,730,003)	(1,839,118)	(2,023,016)	(1,719,758)	(355,708)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	41,726,763	97,275,102	173,877,388	208,990,188	764,147
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	350,708,883	429,296,506	255,419,118	46,428,930	45,664,783
Prior year adjustment	-	(175,862,725)	-	-	-
	----------------	----------------	----------------	----------------	----------------
As restated	350,708,883	253,433,781	255,419,118	46,428,930	45,664,783
	----------------	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	392,435,646	350,708,883	429,296,506	255,419,118	46,428,930
DIVIDENDS - Ordinary (paid & proposed)	(398,200,000)	-	-	-	-
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	(5,764,354)	350,708,883	429,296,506	255,419,118	46,428,930
	=============	=============	=============	=============	=============

BALANCE SHEET

PARKWAY GROUP HEALTHCARE PTE LTD

ASSETS EMPLOYED:
FIXED ASSETS	663,557	671,254	152,714,585	251,934,792	333,396,783
LONG TERM INVESTMENTS/OTHER ASSETS
Subsidiary companies	74,605,563	101,191,838	-	-	-
Investments	54,991,600	50,647,989	-	-	-
Others	55,038	55,038	-	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	129,652,201	151,894,865	-	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	130,315,758	152,566,119	152,714,585	251,934,792	333,396,783
Other debtors, deposits & prepayments	439,043	163,745	-	-	-
Amount due from holding company	234,276	477,524,917	-	-	-
Amount due from subsidiary companies	80,013	54,509	-	-	-
Amount due from related companies	8,643,460	5,747,976	-	-	-
Cash & bank balances	1,773,791	1,550,220	-	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	11,170,583	485,041,367	384,107,569	261,630,433	11,408,022
	----------------	----------------	----------------	----------------	----------------
TOTAL ASSET	141,486,341	637,607,486	536,822,154	513,565,225	344,804,805
	=============	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	259,001	259,076	-	-	-
Other creditors & accruals	2,701,046	2,339,169	-	-	-
Amounts owing to holding company	36,503,210	1,489,400	-	-	-
Amounts owing to subsidiary companies	25,708,641	91,099,431	-	-	-
Amounts owing to related companies	4,770,564	4,878,200	-	-	-
Provision for taxation	3,444,249	2,849,756	-	-	-
Other liabilities	517,037	549,978	-	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	73,903,748	103,465,010	100,016,218	76,602,574	3,876,224
	----------------	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	(62,733,165)	381,576,357	284,091,351	185,027,859	7,531,798
	----------------	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	67,582,593	534,142,476	436,805,936	436,962,651	340,928,581
	=============	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	78,345,323	78,345,323	188,423,323	188,423,323	188,423,323
Preference share capital	-	110,078,000	-	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	78,345,323	188,423,323	188,423,323	188,423,323	188,423,323
Capital reserve	(5,051,168)	(5,051,168)	-	-	-
Retained profit/(loss) carried forward	(5,764,354)	350,708,883	429,296,506	255,419,118	46,428,930
Others	-	-	-	0	0
	----------------	----------------	----------------	----------------	----------------
TOTAL RESERVES	(10,815,522)	345,657,715	248,382,613	248,514,306	46,428,930
	----------------	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	67,529,801	534,081,038	436,805,936	436,937,629	234,852,253
Deferred taxation	52,792	61,438	-	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	52,792	61,438	-	25,022	106,076,328
	----------------	----------------	----------------	----------------	----------------
	67,582,593	534,142,476	436,805,936	436,962,651	340,928,581
	=============	=============	=============	=============	=============

FINANCIAL RATIO

PARKWAY GROUP HEALTHCARE PTE LTD

TYPES OF FUNDS
Cash	1,773,791	1,550,220	-	-	-
Net Liquid Funds	1,773,791	1,550,220	-	-	-
Net Liquid Assets	(62,733,165)	381,576,357	284,091,351	185,027,859	7,531,798
Net Current Assets/(Liabilities)	(62,733,165)	381,576,357	284,091,351	185,027,859	7,531,798
Net Tangible Assets	67,582,593	534,142,476	436,805,936	436,962,651	340,928,581
Net Monetary Assets	(62,785,957)	381,514,919	284,091,351	185,002,837	(98,544,530)
BALANCE SHEET ITEMS
Total Borrowings	0	0	-	-	-
Total Liabilities	73,956,540	103,526,448	100,016,218	76,627,596	109,952,552
Total Assets	141,486,341	637,607,486	536,822,154	513,565,225	344,804,805
Net Assets	67,582,593	534,142,476	436,805,936	436,962,651	340,928,581
Net Assets Backing	67,529,801	534,081,038	436,805,936	436,937,629	234,852,253
Shareholders' Funds	67,529,801	534,081,038	436,805,936	436,937,629	234,852,253
Total Share Capital	78,345,323	188,423,323	188,423,323	188,423,323	188,423,323
Total Reserves	(10,815,522)	345,657,715	248,382,613	248,514,306	46,428,930
LIQUIDITY (Times)
Cash Ratio	0.02	0.01	-	-	-
Liquid Ratio	0.15	4.69	-	-	-
Current Ratio	0.15	4.69	3.84	3.42	2.94
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0	-	-	-
Debtors Ratio	0	0	-	-	-
Creditors Ratio	2	1	-	-	-
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00	-	-	-
Liabilities Ratio	1.10	0.19	0.23	0.18	0.47
Times Interest Earned Ratio	0.00	0.00	-	-	-
Assets Backing Ratio	0.86	2.83	2.32	2.32	1.81
PERFORMANCE RATIO (%)
Operating Profit Margin	83.83	80.56	90.87	89.76	5.14
Net Profit Margin	80.49	79.07	89.83	89.03	3.51
Return On Net Assets	64.30	18.56	40.27	48.22	0.33
Return On Capital Employed	64.30	18.56	40.27	48.22	0.33
Return On Shareholders' Funds/Equity	61.79	18.21	39.81	47.83	0.33
Dividend Pay Out Ratio (Times)	9.54	0.00	-	-	-

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.50
UK Pound	1	Rs.93.12
Euro	1	Rs.69.33

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	MNL

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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