MIRA INFORM REPORT

Report No. :	330848
Report Date :	09.07.2015

IDENTIFICATION DETAILS

Name :	TOTO ASIA OCEANIA PTE. LTD.
Registered Office :	10, Eunos Road 8, 12-07, Singapore Post Centre, 408600
Country :	Singapore
Financials (as on) :	31.12.2014
Date of Incorporation :	18.01.2008
Com. Reg. No.:	200801409-Z
Legal Form :	Private Limited
Line of Business :	Subject is engaged in trading of sanitary wares
No. of Employee :	40 [2015]

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 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.	:	200801409-Z
COMPANY NAME	:	TOTO ASIA OCEANIA PTE. LTD.
FORMER NAME	:	N/A
INCORPORATION DATE	:	18/01/2008
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	10, EUNOS ROAD 8, 12-07, SINGAPORE POST CENTRE, 408600, SINGAPORE.
BUSINESS ADDRESS	:	10, EUNOS ROAD 8, SINGAPORE POST CENTRE, 12-07, 408600, SINGAPORE.
TEL.NO.	:	65-67446955
FAX.NO.	:	65-68410819
WEB SITE	:	WWW.ASIA.TOTO.COM
CONTACT PERSON	:	IZUISHI YASUO ( DIRECTOR )
PRINCIPAL ACTIVITY	:	TRADING OF SANITARY WARES
ISSUED AND PAID UP CAPITAL	:	165,131,740.00 ORDINARY SHARE, OF A VALUE OF USD 157,162,544.04
SALES	:	USD 41,234,219 [2014]
NET WORTH	:	USD 171,257,917 [2014]
STAFF STRENGTH	:	40 [2015]
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	LIMITED
PAYMENT	:	AVERAGE
MANAGEMENT CAPABILITY	:	AVERAGE
COMMERCIAL RISK	:	LOW
CURRENCY EXPOSURE	:	MODERATE
GENERAL REPUTATION	:	SATISFACTORY
INDUSTRY OUTLOOK	:	AVERAGE GROWTH

HISTORY / BACKGROUND

The Subject is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the Subject is insolvent. The Subject is governed by the Companies Act and the company must file its annual returns, together with its financial statements with the Registrar of Companies.

The Subject is principally engaged in the (as a / as an) trading of sanitary wares.

Share Capital History

Date	Issue & Paid Up Capital
07/07/2015	USD 157,162,544.04

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
TOTO LTD.	2-1-1, NAKASHIMA, KOKURAKITA-KU, KITAKYUSHU-CITY FUKUOKA 802-8601, JAPAN.	T08UF1385	165,131,740.00	100.00
			---------------	------
			165,131,740.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	KAZUO WATANABE
Address	:	398, KALLANG ROAD 17-04, RIVERINE BY THE PARK, 339098, SINGAPORE.
IC / PP No	:	G6077776X
Nationality	:	JAPANESE
Date of Appointment	:	31/01/2008

DIRECTOR 2

Name Of Subject	:	HIROSHI TANIE
Address	:	6, MARINA BOULEVARD, 30-21, THE SAIL @ MARINA BAY, 018985, SINGAPORE.
IC / PP No	:	G6452127L
Nationality	:	JAPANESE
Date of Appointment	:	01/04/2011

DIRECTOR 3

Name Of Subject	:	IZUISHI YASUO
Address	:	7, SOPHIA ROAD, 02-05, SOPHIA RESIDENCE, 228192, SINGAPORE.
IC / PP No	:	G3022835P
Nationality	:	JAPANESE
Date of Appointment	:	01/04/2014

DIRECTOR 4

Name Of Subject	:	SOICHI ABE
Address	:	2-1-52-307, SHITOKU KOKURAMINAMI -KU, KITAKYUSHUSHI FUKUOKA, 802-09, JAPAN.
IC / PP No	:	MU1204203
Nationality	:	JAPANESE
Date of Appointment	:	01/04/2010

MANAGEMENT

1)	Name of Subject	:	IZUISHI YASUO
	Position	:	DIRECTOR

AUDITOR

Auditor	:	ERNST & YOUNG LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	MITANI MASATOSHI
	IC / PP No	:	S7376581A
	Address	:	49, ST. THOMAS WALK, 11-07, BAYRON, THE, 238140, SINGAPORE.

BANKING

No Banker found in our databank.

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C200804638	22/05/2008	N/A	DBS BANK LTD.	-	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	[	]	Average 61-90 Days	[	X	]
Fair 91-120 Days	[	]	Poor >120 Days	[	]

CLIENTELE

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

OPERATIONS

Goods Traded

:

SANITARY WARES

Total Number of Employees:
YEAR	2015
GROUP	N/A
COMPANY	40

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) trading of sanitary wares.

The Subject markets bathroom and plumbing products and accessories.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-67446955
Match	:	N/A
Address Provided by Client	:	10 EUNOS ROAD 8 NO 12-07 SINGAPORE POST CENTRE SINGAPORE-408600
Current Address	:	10, EUNOS ROAD 8, SINGAPORE POST CENTRE, 12-07, 408600, SINGAPORE.
Match	:	YES

Other Investigations

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

The Subject refused to disclose its bankers.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Erratic	[	2010 - 2014	]
Profit/(Loss) Before Tax	:	Increased	[	2010 - 2014	]
Return on Shareholder Funds	:	Unfavourable	[	4.14%	]
Return on Net Assets	:	Unfavourable	[	4.41%	]
The fluctuating turnover reflects the fierce competition among the existing and new market players.The higher profit could be attributed to the increase in turnover. 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	[	14 Days	]
Debtor Ratio	:	Favourable	[	28 Days	]
Creditors Ratio	:	Favourable	[	36 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	[	1.29 Times	]
Current Ratio	:	Unfavourable	[	1.35 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 :
Although the turnover was erratic, the Subject had maintained a steady growth in its profit. This indicate the management's efficiency in controlling its costs and profitability. 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 : LIMITED

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 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 2008, the Subject is a Private Limited company, focusing on trading of sanitary wares. 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. A paid up capital of USD 157,162,544 allows the Subject to expand its business more comfortably. With a strong backing from its shareholder, the Subject enjoys timely financial assistance should the needs arise.

Investigation revealed, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. The Subject is operating on a medium scale and it has approximately 40 employees in its business operations. Overall, we regard that the Subject's management capability is average. This indicates that the Subject has greater potential to improve its business performance and raising income for the Subject.

We noted that both the turnover and profits have increased compared to the previous year. The higher profit could be due to increase in turnover and better control over its operating costs. The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. 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 171,257,917, 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 . 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 shows an upward trend and this trend is very likely to sustain in the near terms. Hence, the Subject is expected to benefit from the favourable outlook of the industry.

Based on the above condition, we recommend credit be granted to the Subject normally.

PROFIT AND LOSS ACCOUNT

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

TOTO ASIA OCEANIA 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	SUMMARY	SUMMARY	SUMMARY
Currency	USD	USD	SGD	SGD	SGD
TURNOVER	41,234,219	34,102,533	37,754,542	44,164,466	34,475,975
Other Income	5,337,485	1,481,245	-	-	-
	----------------	----------------	----------------	----------------	----------------
Total Turnover	46,571,704	35,583,778	37,754,542	44,164,466	34,475,975
Costs of Goods Sold	(31,092,282)	(25,245,863)	-	-	-
	----------------	----------------	----------------	----------------	----------------
Gross Profit	15,479,422	10,337,915	-	-	-
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	7,558,151	2,238,790	49,639,690	(1,394,485)	(2,775,158)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	7,558,151	2,238,790	49,639,690	(1,394,485)	(2,775,158)
Taxation	(471,642)	(1,613)	13,472	(56,708)	(233,882)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	7,086,509	2,237,177	49,653,162	(1,451,193)	(3,009,040)
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	(960,335)	(3,197,512)	(55,324,197)	(58,046,524)	(55,037,484)
	----------------	----------------	----------------	----------------	----------------
As restated	(960,335)	(3,197,512)	(55,324,197)	(58,046,524)	(55,037,484)
	----------------	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	6,126,174	(960,335)	(5,671,035)	(59,497,717)	(58,046,524)
CAPITALISATION FOR BONUS ISSUES	-	-	-	4,173,520	-
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	6,126,174	(960,335)	(5,671,035)	(55,324,197)	(58,046,524)
	=============	=============	=============	=============	=============
DEPRECIATION (as per notes to P&L)	80,237	53,609	-	-	-
AMORTIZATION	288,267	250,690	-	-	-
	----------------	----------------	----------------	----------------	----------------
	368,504	304,299	-	-	-
	=============	=============

BALANCE SHEET

TOTO ASIA OCEANIA PTE. LTD.

ASSETS EMPLOYED:
FIXED ASSETS	195,451	275,688	149,353,584	100,548,759	90,288,649
LONG TERM INVESTMENTS/OTHER ASSETS
Subsidiary companies	159,413,946	153,699,660	-	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	159,413,946	153,699,660	-	-	-
Others	889,074	1,046,569	-	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL INTANGIBLE ASSETS	889,074	1,046,569	-	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	160,498,471	155,021,917	149,353,584	100,548,759	90,288,649
Stocks	1,619,131	1,099,655	-	-	-
Trade debtors	3,154,700	2,316,268	-	-	-
Other debtors, deposits & prepayments	316,710	325,172	-	-	-
Short term deposits	-	3,669,628	-	-	-
Amount due from holding company	30,458	-	-	-	-
Amount due from subsidiary companies	25,135,134	-	-	-	-
Amount due from related companies	115,760	-	-	-	-
Cash & bank balances	11,334,859	1,401,865	-	-	-
Others	175,825	325,677	-	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	41,882,577	9,138,265	9,610,257	10,250,513	15,925,599
	----------------	----------------	----------------	----------------	----------------
TOTAL ASSET	202,381,048	164,160,182	158,963,841	110,799,272	106,214,248
	=============	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	3,080,815	2,416,551	-	-	-
Other creditors & accruals	1,266,668	1,586,241	-	-	-
Amounts owing to holding company	25,000,000	477,899	-	-	-
Amounts owing to subsidiary companies	34,460	16,525	-	-	-
Other liabilities	1,741,188	1,205,844	-	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	31,123,131	5,703,060	7,472,333	8,960,925	7,098,228
	----------------	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	10,759,446	3,435,205	2,137,924	1,289,588	8,827,371
	----------------	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	171,257,917	158,457,122	151,491,508	101,838,347	99,116,020
	=============	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	165,131,743	159,417,457	157,162,544	157,162,544	157,162,544
	----------------	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	165,131,743	159,417,457	157,162,544	157,162,544	157,162,544
Retained profit/(loss) carried forward	6,126,174	(960,335)	(5,671,036)	(55,324,197)	(58,046,524)
	----------------	----------------	----------------	----------------	----------------
TOTAL RESERVES	6,126,174	(960,335)	(5,671,036)	(55,324,197)	(58,046,524)
	----------------	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	171,257,917	158,457,122	151,491,508	101,838,347	99,116,020
	----------------	----------------	----------------	----------------	----------------
	171,257,917	158,457,122	151,491,508	101,838,347	99,116,020
	=============	=============	=============	=============	=============

FINANCIAL RATIO

TOTO ASIA OCEANIA PTE. LTD.

TYPES OF FUNDS
Cash	11,334,859	5,071,493	-	-	-
Net Liquid Funds	11,334,859	5,071,493	-	-	-
Net Liquid Assets	9,140,315	2,335,550	2,137,924	1,289,588	8,827,371
Net Current Assets/(Liabilities)	10,759,446	3,435,205	2,137,924	1,289,588	8,827,371
Net Tangible Assets	170,368,843	157,410,553	151,491,508	101,838,347	99,116,020
Net Monetary Assets	9,140,315	2,335,550	2,137,924	1,289,588	8,827,371
PROFIT & LOSS ITEMS
Earnings Before Interest & Tax (EBIT)	7,558,151	2,238,790	-	-	-
Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)	7,926,655	2,543,089	-	-	-
BALANCE SHEET ITEMS
Total Borrowings	0	0	-	-	-
Total Liabilities	31,123,131	5,703,060	7,472,333	8,960,925	7,098,228
Total Assets	202,381,048	164,160,182	158,963,841	110,799,272	106,214,248
Net Assets	171,257,917	158,457,122	151,491,508	101,838,347	99,116,020
Net Assets Backing	171,257,917	158,457,122	151,491,508	101,838,347	99,116,020
Shareholders' Funds	171,257,917	158,457,122	151,491,508	101,838,347	99,116,020
Total Share Capital	165,131,743	159,417,457	157,162,544	157,162,544	157,162,544
Total Reserves	6,126,174	(960,335)	(5,671,036)	(55,324,197)	(58,046,524)
LIQUIDITY (Times)
Cash Ratio	0.36	0.89	-	-	-
Liquid Ratio	1.29	1.41	-	-	-
Current Ratio	1.35	1.60	1.29	1.14	2.24
WORKING CAPITAL CONTROL (Days)
Stock Ratio	14	12	-	-	-
Debtors Ratio	28	25	-	-	-
Creditors Ratio	36	35	-	-	-
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00	-	-	-
Liabilities Ratio	0.18	0.04	0.05	0.09	0.07
Times Interest Earned Ratio	0.00	0.00	-	-	-
Assets Backing Ratio	1.03	0.99	0.96	0.65	0.63
PERFORMANCE RATIO (%)
Operating Profit Margin	18.33	6.56	131.48	(3.16)	(8.05)
Net Profit Margin	17.19	6.56	131.52	(3.29)	(8.73)
Return On Net Assets	4.41	1.41	32.77	(1.37)	(2.80)
Return On Capital Employed	4.39	1.40	32.77	(1.37)	(2.80)
Return On Shareholders' Funds/Equity	4.14	1.41	32.78	(1.42)	(3.04)
Dividend Pay Out Ratio (Times)	0.00	0.00	-	-	-
NOTES TO ACCOUNTS
Contingent Liabilities	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.57
UK Pound	1	Rs.98.22
Euro	1	Rs.69.93

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	ASH

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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