MIRA INFORM REPORT

Report No. :	333275
Report Date :	24.07.2015

IDENTIFICATION DETAILS

Name :	DLA PIPER SINGAPORE PTE. LTD.
Formerly Known As :	DLA PIPER RUDNICK GRAY CARY (SINGAPORE) PTE. LTD. DLA (SINGAPORE) INTERNATIONAL LAW FIRM PTE. LIMITED DLA SINGAPORE INTERNATIONAL LAW FIRM PTE. LIMITED
Registered Office :	80, Raffles Place, 48-01, UOB Plaza, 048624
Country :	Singapore
Financials (as on) :	30.04.2014
Date of Incorporation :	20.04.2004
Com. Reg. No.:	200404750-D
Legal Form :	Exempt Private
Line of Business :	Legal Activities (Note: We tried to confirm obtain the details activity but the same is not available from any source.)
No. of Employees :	34 [2015]

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 – 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.

:

200404750-D

COMPANY NAME

:

DLA PIPER SINGAPORE PTE. LTD.

FORMER NAME

:

DLA PIPER RUDNICK GRAY CARY (SINGAPORE) PTE. LTD. (04/09/2006)
DLA (SINGAPORE) INTERNATIONAL LAW FIRM PTE. LIMITED (03/01/2005)
DLA SINGAPORE INTERNATIONAL LAW FIRM PTE. LIMITED (22/04/2004)

INCORPORATION DATE

:

20/04/2004

COMPANY STATUS

:

EXIST

LEGAL FORM

:

EXEMPT PRIVATE

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

80, RAFFLES PLACE, 48-01, UOB PLAZA, 048624, SINGAPORE.

BUSINESS ADDRESS

:

80, RAFFLES PLACE, UOB PLAZA 1, 48-01, 048624, SINGAPORE.

TEL.NO.

:

65-65129595

FAX.NO.

:

65-65129500

WEB SITE

:

WWW.DLAPIPER.COM

CONTACT PERSON

:

MYLES EPHRAIM HANKIN ( DIRECTOR )

PRINCIPAL ACTIVITY

:

LEGAL ACTIVITIES

ISSUED AND PAID UP CAPITAL

:

2.00 ORDINARY SHARE, OF A VALUE OF SGD 2.00

SALES

:

SGD 7,320,885 [2014]

NET WORTH

:

SGD (1,655,330) [2014]

STAFF STRENGTH

:

34 [2015]

BANKER (S)

:

CITIBANK SINGAPORE LIMITED CITIBANK N.A.

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

POOR

PAYMENT

:

POOR

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

N/A

CURRENCY EXPOSURE

:

N/A

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

MARGINAL GROWTH

HISTORY/ BACKGROUND

The Subject is an exempt private company whose shares are not held by any corporate body and has no more than 20 shareholders who are all natural persons. An exempt company is a type of private limited company. 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, suing or be sued by other companies. An exempt private company with an annual turnover of less than SGD5 million are exempted from statutory auditing requirements. Instead of filing audited annual accounts, the Subject has to file in a document duly signed by its director in charge of its finance and the company secretary stating that the Subject is able to meet all its obligations as and when they fall due. The Subject is not required to have their accounts audited. However, the Subject will prepare unaudited accounts for purposes of AGMs and filing with Registry Office if it is unable to meet all its obligations as and when they fall due .

The Subject is principally engaged in the (as a / as an) legal activities.

Share Capital History

Date	Issue & Paid Up Capital
22/07/2015	SGD 2.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
ANDREW DARWIN	65, BENBOW HOUSE, 24 NEW GLOBE WALK, LONDON SE1, UNITED KINGDOM.	452076050	1.00	50.00
SIMON ROBERT LEVINE	TREAN, THE AVENUE, RADLETT, WD7 7DG, UNITED KINGDOM.	099181653	1.00	50.00
			---------------	------
			2.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	MYLES EPHRAIM HANKIN
Address	:	1220, PARK ST. BARABOO WI, 53913-1292, UNITED STATES.
IC / PP No	:	488333408
Nationality	:	AMERICAN
Date of Appointment	:	24/01/2015

DIRECTOR 2

Name Of Subject	:	JOSEPH E BAUERSCHMIDT
Address	:	333, RIVER VALLEY ROAD, 10-04, YONG AN PARK, 238365, SINGAPORE.
IC / PP No	:	F5562214X
Nationality	:	AMERICAN
Date of Appointment	:	21/01/2015

DIRECTOR 3

Name Of Subject	:	JOHN GOULIOS
Address	:	15, NASSIM ROAD, 05-03, NASSIM PARK RESIDENCES, 258386, SINGAPORE.
IC / PP No	:	G5161898Q
Nationality	:	AUSTRALIAN
Date of Appointment	:	20/02/2013

DIRECTOR 4

Name Of Subject	:	TAY YU'JIN @ ZHENG YUREN
Address	:	61, NAMLY GARDEN, SHAMROCK PARK, 267389, SINGAPORE.
IC / PP No	:	S7434814I
Nationality	:	SINGAPOREAN
Date of Appointment	:	12/03/2013

DIRECTOR 5

Name Of Subject	:	JOHN NELS VIVERITO
Address	:	118, TAMARIND ROAD, 806065, SINGAPORE.
IC / PP No	:	S2730560A
Nationality	:	SINGAPOREAN
Date of Appointment	:	24/01/2015

DIRECTOR 6

Name Of Subject	:	ANDREW DAVID DARWIN
Address	:	618/19, HICKSON ROAD, DAWES POINT NSW, 2000, AUSTRALIA.
IC / PP No	:	099007786
Nationality	:	BRITISH
Date of Appointment	:	01/05/2014

DIRECTOR 7

Name Of Subject	:	PETER BENGT MCNEILL SHELFORD
Address	:	SOI SOMKID CHIT LOM ROAD, LUMPINI, PATUMWAN, BANGKOK 10330,20TH FLOOR, THAILAND.
IC / PP No	:	G5596844L
Nationality	:	BRITISH
Date of Appointment	:	20/04/2004

DIRECTOR 8

Name Of Subject	:	STEPHEN PEEPELS
Address	:	200, MOULMEIN ROAD, 13-08, 308107, SINGAPORE.
IC / PP No	:	113566284
Nationality	:	AMERICAN
Date of Appointment	:	14/11/2007

DIRECTOR 9

Name Of Subject	:	TIMOTHY TAN HSIEN LEE
Address	:	99/53, PALAZZO SATHORN KALLAPAPREUK RD JOMTHONG BANGKOK, 10150, THAILAND.
IC / PP No	:	S7925401J
Nationality	:	SINGAPOREAN
Date of Appointment	:	27/01/2014

MANAGEMENT

1)	Name of Subject	:	MYLES EPHRAIM HANKIN
	Position	:	DIRECTOR

AUDITOR

Auditor	:	PRICEWATERHOUSECOOPERS LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	LOH WAI FUNG
	IC / PP No	:	S1802761E
	Address	:	84, LORONG 2, TOA PAYOH, 04-315, 310084, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

CITIBANK SINGAPORE LIMITED

2)

Name

:

CITIBANK N.A.

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C200600296	12/01/2006	N/A	CITIBANK SINGAPORE LIMITED	-	Unsatisfied
C201206557	15/06/2012	N/A	CITIBANK N.A.	-	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	:	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	[		]	Average 61-90 Days	[	]
Fair 91-120 Days	[	]	Poor >120 Days	[	X	]

CLIENTELE

Local	:	N/A
Overseas	:	N/A

The Subject refused to disclose its clientele.

OPERATIONS

Services

:

LEGAL ACTIVITIES

Total Number of Employees:
YEAR	2015
GROUP	N/A
COMPANY	34

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) legal activities.

The Subject provides legal services.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	65 6512 9595
Current Telephone Number	:	65-65129595
Match	:	YES
Address Provided by Client	:	80 RAFFLES PLAZA 48-01 UOB PLAZA 1 SINGAPORE 048624
Current Address	:	80, RAFFLES PLACE, UOB PLAZA 1, 48-01, 048624, SINGAPORE.
Match	:	YES

Other Investigations

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

FINANCIAL ANALYSIS

Profitability
Turnover	:	Decreased	[	2010 - 2014	]
Profit/(Loss) Before Tax	:	Decreased	[	2010 - 2014	]
Return on Shareholder Funds	:	Unfavourable	[	(41.36%)	]
Return on Net Assets	:	Unfavourable	[	(41.36%)	]
The continuous fall in turnover could be due to the lower demand for the Subject's products / services.The management had succeeded in turning the Subject into a profit making company. The profit could be due to better control of its operating costs and efficiency in utilising its resources. The Subject's unfavourable returns on shareholders' funds indicate the management's inefficiency in utilising its assets to generate returns.
Working Capital Control
Stock Ratio	:	Favourable	[	5 Days	]
Debtor Ratio	:	Unfavourable	[	208 Days	]
Creditors Ratio	:	Unfavourable	[	87 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 debtors ratio was high. The Subject should tighten its credit control and improve its collection period. The unfavourable creditors' ratio could be due to the Subject taking advantage of the credit granted by its suppliers. However this may affect the goodwill between the Subject and its suppliers and the Subject may inadvertently have to pay more for its future supplies.
Liquidity
Liquid Ratio	:	Acceptable	[	0.84 Times	]
Current Ratio	:	Unfavourable	[	0.84 Times	]
The Subject's liquid ratio was slightly low. This could indicate that the Subject's working capital was slightly deficient. The Subject will have to improve its liquidity position either by obtaining short term financing or increase its paid up capital so that it can 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 Subject's turnover decreased, its losses also decreased during the year. This could be the result of more efficient control in its operating costs. The Subject's liquidity was at an acceptable range. If the Subject is able to obtain further short term financing, it should be able to meet all 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 : 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 :	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 2004, the Subject is an Exempt Private company, focusing on legal activities. Having been in the industry for over a decade, the Subject has achieved a certain market share and has built up a satisfactory reputation in the market. It should have received supports from its regular customers. With an issued and paid up capital of SGD 2 contributed by individual shareholders, the Subject may face difficulties in its attempt to further expand its business in the future. Thus, the Subject should put more efforts on its business to gain higher market share while competing aggressively in the market.

The Subject is operating on a medium scale and it has approximately 34 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.

Despite the lower turnover, the Subject's pre-tax profit have increased compared to the previous year. The higher profit could be due to better control of its operating costs and efficiency in utilising its resources. 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 managed to maintain an adequate liquidity level, indicating that the Subject has the ability to meet its 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. The Subject's unfavourable financial performance over the years has wiped out its shareholders' funds to a deficit of SGD -1,655,330. 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.

The poor payment habit may affect the goodwill between the Subject and its suppliers and the Subject may inadvertently have to pay more for its future supplies.

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 unfavourable condition, 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.

DLA PIPER SINGAPORE PTE. LTD.

Financial Year End	2014-04-30	2013-04-30	2012-04-30	2011-04-30	2010-04-30
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	7,320,885	8,783,283	11,283,524	9,434,574	10,594,414
Other Income	7,944,293	5,631,436	-	-	-
	----------------	----------------	----------------	----------------	----------------
Total Turnover	15,265,178	14,414,719	11,283,524	9,434,574	10,594,414
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	684,687	(909,352)	1,054,512	50,847	333,556
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	684,687	(909,352)	1,054,512	50,847	333,556
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	684,687	(909,352)	1,054,512	50,847	333,556
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	(2,340,019)	(1,430,667)	(2,485,179)	(2,536,026)	(2,869,582)
	----------------	----------------	----------------	----------------	----------------
As restated	(2,340,019)	(1,430,667)	(2,485,179)	(2,536,026)	(2,869,582)
	----------------	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	(1,655,332)	(2,340,019)	(1,430,667)	(2,485,179)	(2,536,026)
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	(1,655,332)	(2,340,019)	(1,430,667)	(2,485,179)	(2,536,026)
	=============	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
DEPRECIATION (as per notes to P&L)	293,955	223,324	-	-	-
	----------------	----------------	----------------	----------------	----------------
	293,955	223,324	-	-	-
	=============	=============

BALANCE SHEET

DLA PIPER SINGAPORE PTE. LTD.

ASSETS EMPLOYED:
FIXED ASSETS	853,857	521,972	353,207	57,941	110,340
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	853,857	521,972	353,207	57,941	110,340
Contract work-in-progress	93,040	44,443	-	-	-
Trade debtors	4,181,154	3,583,933	-	-	-
Other debtors, deposits & prepayments	8,007,315	5,800,041	-	-	-
Cash & bank balances	768,710	632,863	-	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	13,050,219	10,061,280	18,287,414	21,134,885	18,904,645
	----------------	----------------	----------------	----------------	----------------
TOTAL ASSET	13,904,076	10,583,252	18,640,621	21,192,826	19,014,985
	=============	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	1,750,984	1,092,016	-	-	-
Other creditors & accruals	12,552,622	8,535,507	-	-	-
Amounts owing to related companies	1,255,800	3,295,746	-	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	15,559,406	12,923,269	20,071,286	23,678,003	21,551,009
	----------------	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	(2,509,187)	(2,861,989)	(1,783,872)	(2,543,118)	(2,646,364)
	----------------	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	(1,655,330)	(2,340,017)	17,209,956	(2,485,177)	(2,536,024)
	=============	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	2	2	2	2	2
	----------------	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	2	2	2	2	2
Retained profit/(loss) carried forward	(1,655,332)	(2,340,019)	(1,430,667)	(2,485,179)	(2,536,026)
	----------------	----------------	----------------	----------------	----------------
TOTAL RESERVES	(1,655,332)	(2,340,019)	(1,430,667)	(2,485,179)	(2,536,026)
	----------------	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	(1,655,330)	(2,340,017)	(1,430,665)	(2,485,177)	(2,536,024)
	----------------	----------------	----------------	----------------	----------------
	(1,655,330)	(2,340,017)	(1,430,665)	(2,485,177)	(2,536,024)
	=============	=============	=============	=============	=============

FINANCIAL RATIO

DLA PIPER SINGAPORE PTE. LTD.

TYPES OF FUNDS
Cash	768,710	632,863	-	-	-
Net Liquid Funds	768,710	632,863	-	-	-
Net Liquid Assets	(2,509,187)	(2,861,989)	(1,783,872)	(2,543,118)	(2,646,364)
Net Current Assets/(Liabilities)	(2,509,187)	(2,861,989)	(1,783,872)	(2,543,118)	(2,646,364)
Net Tangible Assets	(1,655,330)	(2,340,017)	17,209,956	(2,485,177)	(2,536,024)
Net Monetary Assets	(2,509,187)	(2,861,989)	(1,783,872)	(2,543,118)	(2,646,364)
PROFIT & LOSS ITEMS
Earnings Before Interest & Tax (EBIT)	684,687	(909,352)	-	-	-
Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)	978,642	(686,028)	-	-	-
BALANCE SHEET ITEMS
Total Borrowings	0	0	-	-	-
Total Liabilities	15,559,406	12,923,269	20,071,286	23,678,003	21,551,009
Total Assets	13,904,076	10,583,252	18,640,621	21,192,826	19,014,985
Net Assets	(1,655,330)	(2,340,017)	(1,430,665)	(2,485,177)	(2,536,024)
Net Assets Backing	(1,655,330)	(2,340,017)	(1,430,665)	(2,485,177)	(2,536,024)
Shareholders' Funds	(1,655,330)	(2,340,017)	(1,430,665)	(2,485,177)	(2,536,024)
Total Share Capital	2	2	2	2	2
Total Reserves	(1,655,332)	(2,340,019)	(1,430,667)	(2,485,179)	(2,536,026)
LIQUIDITY (Times)
Cash Ratio	0.05	0.05	-	-	-
Liquid Ratio	0.84	0.78	-	-	-
Current Ratio	0.84	0.78	0.91	0.89	0.88
WORKING CAPITAL CONTROL (Days)
Stock Ratio	5	2	-	-	-
Debtors Ratio	208	149	-	-	-
Creditors Ratio	87	45	-	-	-
SOLVENCY RATIOS (Times)
Gearing Ratio	0	0	-	-	-
Liabilities Ratio	(9.40)	(5.52)	(14.03)	(9.53)	(8.50)
Times Interest Earned Ratio	0	0	-	-	-
Assets Backing Ratio	(827,665.00)	(1,170,008.50)	8,604,978.00	(1,242,588.50)	(1,268,012.00)
PERFORMANCE RATIO (%)
Operating Profit Margin	9.35	(10.35)	9.35	0.54	3.15
Net Profit Margin	9.35	(10.35)	9.35	0.54	3.15
Return On Net Assets	(41.36)	38.86	6.13	(2.05)	(13.15)
Return On Capital Employed	(41.36)	38.86	(73.71)	(2.05)	(13.15)
Return On Shareholders' Funds/Equity	(41.36)	38.86	(73.71)	(2.05)	(13.15)
Dividend Pay Out Ratio (Times)	0	0	-	-	-
NOTES TO ACCOUNTS
Contingent Liabilities	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.71
UK Pound	1	Rs.99.57
Euro	1	Rs.69.63

INFORMATION DETAILS

Analysis Done by :	KAS
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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