MIRA INFORM REPORT

Report No. :	326596
Report Date :	10.06.2015

IDENTIFICATION DETAILS

Name :	COIM ASIA PACIFIC PTE LTD
Registered Office :	8, Temasek Boulevard, 15-04, Suntec Tower Three, 038988
Country :	Singapore
Financials (as on) :	31.12.2013
Date of Incorporation :	27.06.1997
Com. Reg. No.:	199704428-E
Legal Form :	Private Limited
Line of Business :	Subject is manufacture of basic chemicals
No. of Employee :	100 [2015]

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No complaints
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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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. Unemployment is very low. 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. Growth in 2014 was slower at 13.9%, 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. Singapore is a member of the 12-nation Trans-Pacific Partnership free trade agreement negotiations and, with the nine other ASEAN members, will form the ASEAN Economic Community in 2015.

Source : CIA

EXECUTIVE SUMMARY

REGISTRATION NO.	:	199704428-E
COMPANY NAME	:	COIM ASIA PACIFIC PTE LTD
FORMER NAME	:	COIM SINGAPORE PTE LTD (08/08/2000)
INCORPORATION DATE	:	27/06/1997
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	8, TEMASEK BOULEVARD, 15-04, SUNTEC TOWER THREE, 038988, SINGAPORE.
BUSINESS ADDRESS	:	10 SERAYA PLACE, JURONG ISLAND, 627843, SINGAPORE.
TEL.NO.	:	65-68967068
FAX.NO.	:	65-68967065
WEB SITE	:	WWW.COIMGROUP.COM
CONTACT PERSON	:	RASTOGI VIPUL KUMAR ( GENERAL MANAGER )
PRINCIPAL ACTIVITY	:	MANUFACTURE OF BASIC CHEMICALS
ISSUED AND PAID UP CAPITAL	:	38,063,425.00 ORDINARY SHARE, OF A VALUE OF SGD 38,063,425.00
SALES	:	USD 201,776,670 [2013]
NET WORTH	:	USD 74,202,535 [2013]
STAFF STRENGTH	:	100 [2015]
LITIGATION	:	TRACED
FINANCIAL CONDITION	:	STRONG
PAYMENT	:	GOOD
MANAGEMENT CAPABILITY	:	GOOD
COMMERCIAL RISK	:	LOW
CURRENCY EXPOSURE	:	MODERATE
GENERAL REPUTATION	:	GOOD
INDUSTRY OUTLOOK	:	MATURE

HISTORY / BACKGROUND

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

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

Share Capital History

Date	Issue & Paid Up Capital
20/03/2015	SGD 38,063,425.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
C.O.I.M. S.P.A., CHIMICA ORGANICA INDUSTRIALE MILANESE	20019, SETTIMO MILANESE, MILAN, ITALIA VIA MANZONI, 28/32, ITALY.	T08UF0388B	38,063,425.00	100.00
			---------------	------
			38,063,425.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	CAPPETTI CRISTIAN
Address	:	25, TAMPINES STREET, 34, 03-20, EDEN AT TAMPINES, THE, 529234, SINGAPORE.
IC / PP No	:	S7387701F
Nationality	:	ITALIAN
Date of Appointment	:	01/02/2012

DIRECTOR 2

Name Of Subject	:	RASTOGI VIPUL KUMAR
Address	:	125, MEYER ROAD, 23-02, MAKENA, THE, 437936, SINGAPORE.
IC / PP No	:	S2755601I
Nationality	:	INDIAN
Date of Appointment	:	17/09/2007

DIRECTOR 3

Name Of Subject	:	LUCA MARIA PESENTI
Address	:	VICOLO LEANARDO DA VINCI, 2, VAPRIO D'ADDA, MILAN, ITALY.
IC / PP No	:	AR5669971
Nationality	:	ITALIAN
Date of Appointment	:	01/07/2014
MANAGEMENT

1)	Name of Subject	:	RASTOGI VIPUL KUMAR
	Position	:	GENERAL MANAGER

AUDITOR

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

COMPANY SECRETARIES

1)	Company Secretary	:	JOYCE AGNES TAN SOK KHENG
	IC / PP No	:	S1407176H
	Address	:	8, TEMASEK BOULEVARD, 15-04, SUNTEC TOWER THREE, 038988, 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.

LEGAL ACTION
Code No	:	99	Case No	:	3204
Year	:	2006	Place	:	SINGAPORE
Court	:	DISTRICT COURT
Date Filed	:	23/08/2006
Solicitor	:	LEUNG WING WAH
Solicitor Firm	:	SIM & WONG LLC
Plaintiff	:	CONTINENTAL CHEMICAL CORPORATION PTE LTD
Defendants	:	COIM ASIA PACIFIC PTE LTD (199704428) 30, ROBINSON ROAD, 11-01, ROBINSON TOWERS, 048546, SINGAPORE.
Amount Claimed	:	87847
Nature of Claim	:	USD
Remark	:	OTHERS
Code No	:	99	Case No	:	1980
Year	:	2008	Place	:	SINGAPORE
Court	:	DISTRICT COURT
Date Filed	:	25/06/2008
Solicitor	:	PERUMAL ATHITHAM
Solicitor Ref	:	PA.2512.07.FC
Solicitor Firm	:	YEO PERUMAL MOHIDEEN LAW CORPORATION
Plaintiff	:	DASHYRUL BIN TAIB PERUMAL ATHITHAM
Defendants	:	COIM ASIA PACIFIC PTE LTD (199704428) 30, ROBINSON ROAD, 11-01, ROBINSON TOWERS, 048546, SINGAPORE.
Remark	:	TORT-NEGLIGENCE
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	Percentage	:	40%
Domestic Markets	:	SINGAPORE
Overseas	:	YES	Percentage	:	60%
Export Market	:	ASIA PACIFIC
Credit Term	:	N/A
Payment Mode	:	CHEQUES LETTER OF CREDIT (LC) TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Products manufactured

:

BASIC INDUSTRIAL CHEMICAL

Ownership of premises

:

LEASED/RENTED

Total Number of Employees:
YEAR	2015	2014	2013	2012	2011
GROUP	N/A	N/A	N/A	N/A	N/A
COMPANY	100	80	65	65	60

Branch

:

NO

Other Information:
The Subject is principally engaged in the (as a / as an) manufacture of basic chemicals.

COIM specialised in polycondensation products (esters), polyaddition (polyurethanes) and several other chemical specialty products.

The high quality and variety of its products make COIM one of the main leaders of the field.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	6568967068
Current Telephone Number	:	65-68967068
Match	:	YES
Address Provided by Client	:	10 SERAYA PLACE, JURONG ISLAND,627843,SINGAPORE
Current Address	:	10 SERAYA PLACE, JURONG ISLAND, 627843, SINGAPORE.
Match	:	YES

Other Investigations

On 9th June 2015 we contacted one of the staff from the Subject and she provided some information.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	2009 - 2013	]
Profit/(Loss) Before Tax	:	Decreased	[	2009 - 2013	]
Return on Shareholder Funds	:	Acceptable	[	23.94%	]
Return on Net Assets	:	Acceptable	[	22.02%	]
The Subject's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.The dip in profit could be due to the stiff market competition which reduced the Subject's profit margin. The Subject's management had generated acceptable return for its shareholders using its assets.
Working Capital Control
Stock Ratio	:	Favourable	[	40 Days	]
Debtor Ratio	:	Unfavourable	[	87 Days	]
Creditors Ratio	:	Favourable	[	38 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 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	[	2.19 Times	]
Current Ratio	:	Favourable	[	2.83 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	[	39.68 Times	]
Gearing Ratio	:	Favourable	[	0.25 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 was lowly geared thus it had a low financial risk. The Subject was mainly financed by its shareholders' funds and internally generated funds. In times of economic slowdown / downturn, the Subject being a lowly geared company, will be able to compete better than those companies which are highly geared in the same industry.
Overall Assessment :
Although the Subject's turnover had increased, its profits had declined over the same corresponding period. This could be due to the stiffer market competition and / or higher operating costs which lowered the Subject's profit margin. 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 as a lowly geared company, will be more secured compared to those highly geared companies. It has the ability to meet all its long term obligations.
Overall financial condition of the Subject : STRONG

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	2009	2010	2011	2012	2013
Population (Million)	4.98	5.08	5.18	5.31	5.40
Gross Domestic Products ( % )	(0.8)	14.5	4.9	1.3	3.7
Consumer Price Index	0.6	2.8	5.2	4.6	2.4
Total Imports (Million)	356,299.3	423,221.8	459,655.1	474,554.0	466,762.0
Total Exports (Million)	391,118.1	478,840.7	514,741.2	510,329.0	513,391.0
Unemployment Rate (%)	3.2	2.2	2.1	2.0	1.9
Tourist Arrival (Million)	9.68	11.64	13.17	14.49	15.46
Hotel Occupancy Rate (%)	75.8	85.6	86.5	86.4	86.3
Cellular Phone Subscriber (Million)	1.37	1.43	1.50	1.52	1.97
Registration of New Companies (No.)	26,414	29,798	32,317	31,892	37,288
Registration of New Companies (%)	4.3	12.8	8.5	(1.3)	9.8
Liquidation of Companies (No.)	22,393	15,126	19,005	17,218	17,369
Liquidation of Companies (%)	113.4	(32.5)	25.6	9.4	(5.3)
Registration of New Businesses (No.)	26,876	23,978	23,494	24,788	22,893
Registration of New Businesses (%)	8.15	(10.78)	2.02	5.51	1.70
Liquidation of Businesses (No.)	23,552	24,211	23,005	22,489	22,598
Liquidation of Businesses (%)	11.4	2.8	(5)	(2.2)	0.5
Bankruptcy Orders (No.)	2,058	1,537	1,527	1,748	1,992
Bankruptcy Orders (%)	(11.5)	(25.3)	(0.7)	14.5	14.0
Bankruptcy Discharges (No.)	3,056	2,252	1,391	1,881	2,584
Bankruptcy Discharges (%)	103.7	(26.3)	(38.2)	35.2	37.4
INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	3.25	(0.48)	4.25	3.64	-
Fish Supply & Wholesale	(1.93)	(10.5)	12.10	(0.5)	-
Manufacturing *	71.5	92.8	100.0	100.3	102.0
Food, Beverages & Tobacco	90.4	96.4	100.0	103.5	103.5
Textiles	145.9	122.1	100.0	104.0	87.1
Wearing Apparel	211.0	123.3	100.0	92.1	77.8
Leather Products & Footwear	79.5	81.8	100.0	98.6	109.8
Wood & Wood Products	101.4	104.0	100.0	95.5	107.4
Paper & Paper Products	95.4	106.1	100.0	97.4	103.2
Printing & Media	100.9	103.5	100.0	93.0	86.1
Crude Oil Refineries	96.4	95.6	100.0	99.4	93.5
Chemical & Chemical Products	80.3	97.6	100.0	100.5	104.1
Pharmaceutical Products	49.1	75.3	100.0	109.7	107.2
Rubber & Plastic Products	101.2	112.3	100.0	96.5	92.9
Non-metallic Mineral	91.9	92.5	100.0	98.2	97.6
Basic Metals	92.6	102.2	100.0	90.6	76.5
Fabricated Metal Products	90.8	103.6	100.0	104.3	105.1
Machinery & Equipment	57.3	78.5	100.0	112.9	114.5
Electrical Machinery	86.8	124.1	100.0	99.3	108.5
Electronic Components	85.2	113.6	100.0	90.6	94.3
Transport Equipment	96.0	94.0	100.0	106.3	107.5
Construction	(36.9)	14.20	20.50	28.70	-
Real Estate	1.4	21.3	25.4	31.9	-
Services
Electricity, Gas & Water	1.70	4.00	7.00	6.30	-
Transport, Storage & Communication	3.90	12.80	7.40	5.30	-
Finance & Insurance	(16.4)	(0.4)	8.90	0.50	-
Government Services	4.50	9.70	6.90	6.00	-
Education Services	0.10	(0.9)	(1.4)	0.30	-
* Based on Index of Industrial Production (2011 = 100)

INDUSTRY ANALYSIS

INDUSTRY :	MANUFACTURING
In the third quarter of 2014, manufacturing output has increased by 1.9%, extending the 1.5% growth in the previous quarter. Growth was largely driven by the biomedical manufacturing and chemicals clusters. Besides, for the whole 2013, the manufacturing sector grew by 1.7%, an uptick from the 0.3% growth recorded in the previous year. All clusters recorded an expansion in 2013, except the biomedical manufacturing cluster.
The chemicals cluster grew by 5.2% in the third quarter of 2014. Growth was led by the petrochemicals and specialty chemicals segments, which expanded by 8.9% and 7.1% respectively. By contrast, the petroleum segment contracted by 4.2% in the third quarter of 2014 due to plant maintenance shutdowns. For the year of 2013, the chemicals cluster grew only by 0.7%.
Besides, output of the biomedical manufacturing cluster expanded by 9.0% in the third quarter of 2014. The medical technology segment posted robust growth of 23% due to higher production of medical instruments and supplies, while the output of the pharmaceuticals segment rose by 6.2%. However, in the whole of 2013, the biomedical manufacturing cluster recorded only a flat growth.
In the third quarter of 2014, the transport engineering cluster contracted by 2.0%, dragged down by the aerospace segment. Output in the aerospace segment plunged by 18% on the back of fewer repair jobs from commercial airlines. This was mitigated by the 4.1% growth in the marine & offshore engineering segment, which was supported by higher contributions from rig building projects. Nonetheless, for the whole of 2013, the transport engineering cluster grew by 5.2%.
Moreover, output of the precision engineering cluster increased by 1.3% in the third quarter of 2014. The machinery & systems segment grew by 6.2%, supported by higher demand for semiconductor-related equipment and mechanical engineering work. This was partly offset by the decline in the output of the precision modules & components segment. Conversely, in the full year of 2013, the precision engineering cluster's output declined by 5.6%.
Furthermore, in the third quarter of 2014, output of the general manufacturing industries declined by 3.0%. The 2.1% growth in the food, beverages & tobacco segment was more than offset by declines in the other two segments. In particular, the miscellaneous industries segment contracted by 4.7% on the back of lower output in construction-related products, such as concrete & cement products and steel structural components. For the full year of 2013, the general manufacturing cluster grew by 2.8%.
Besides, in the third quarter of 2014, the electronics cluster expanded by 0.9%, reversing the 5.0% contraction in the previous quarter. Growth was supported by an expansion in the computer peripherals (6.3%) and data storage (2.6%) segments. Moreover, for the year 2013, the electronics cluster expanded by 3.5%.
OVERALL INDUSTRY OUTLOOK : MATURE

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 1997, the Subject is a Private Limited company, focusing on manufacture of basic chemicals. With its long establishment in the market, the Subject has received strong support from its stable customers base. Its business position in the market is quite stable and it is expected to enjoy better market shares over its rivals. The Subject have a strong capital position of SGD 38,063,425. We are confident with the Subject's business and its future growth prospect. Having strong support from its shareholder has enabled the Subject to remain competitive despite the challenging business environment.

Over the years, the Subject has established an extensive clientele base in the market. Besides catering to the local market, the Subject has penetrated into other countries. With the contribution of both local and overseas customers, the Subject is likely to be exposed to lower commercial risk. Hence, we believe that the Subject has better business expansion opportunities in the future. Being a moderate size company, the Subject has a total workforce of 100 employees in its business operations. The Subject has a good  management capability. Its capable management team has enabled the Subject to keep its business on going. Hence, the future prospect of the Subject is bright.

Financially, the Subject registered a higher turnover compared to previous year. However, its profits showed a reverse trend. The lower profit achieved was a result of higher operating cost and increased competition. Return on shareholders' funds of the Subject was at a favourable range 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 lowly geared company, the Subject is exposed to low financial risk as it is mainly dependent on its internal funds to finance its business needs. Given a positive net worth standing at USD 74,202,535, 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 has reached its optimum level and is generally stable. It is saturated and very competitive. Thus, the Subject's growth prospect is very much depends on its capacity in sustaining its performance in the market.

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

PROFIT AND LOSS ACCOUNT

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

COIM ASIA PACIFIC 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	FULL	FULL	FULL
Currency	USD	USD	USD	USD	USD
TURNOVER	201,776,670	187,259,971	164,038,981	142,397,734	104,343,514
Other Income	816,162	(4,613)	(188,291)	-	-
	----------------	----------------	----------------	----------------	----------------
Total Turnover	202,592,832	187,255,358	163,850,690	142,397,734	104,343,514
Costs of Goods Sold	(173,308,068)	(155,595,055)	(143,168,695)	(125,413,482)	-
	----------------	----------------	----------------	----------------	----------------
Gross Profit	29,284,764	31,660,303	20,681,995	16,984,252	-
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	17,848,092	20,421,365	10,454,813	8,130,283	9,340,384
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	17,848,092	20,421,365	10,454,813	8,130,283	9,340,384
Taxation	(85,934)	660,099	(302,144)	(564,422)	-
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	17,762,158	21,081,464	10,152,669	7,565,861	9,340,384
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	31,709,941	10,628,477	475,808	(7,090,053)	(16,430,437)
	----------------	----------------	----------------	----------------	----------------
As restated	31,709,941	10,628,477	475,808	(7,090,053)	(16,430,437)
	----------------	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	49,472,099	31,709,941	10,628,477	475,808	(7,090,053)
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	49,472,099	31,709,941	10,628,477	475,808	(7,090,053)
	=============	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Loan from holding company	193,385	270,560	228,867	-	-
Term loan / Borrowing	268,070	223,824	173,151	-	-
Others	-	67,517	(111,012)	5,738	370,285
	----------------	----------------	----------------	----------------	----------------
	461,455	561,901	291,006	5,738	370,285
	=============	=============	=============	=============	=============

BALANCE SHEET

COIM ASIA PACIFIC PTE LTD

ASSETS EMPLOYED:
FIXED ASSETS	19,731,998	15,256,957	14,034,063	14,379,327	14,034,200
Goodwill on consolidation	-	-	-	3,279	1,035
Computer software	35,969	42,409	1,690	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL INTANGIBLE ASSETS	35,969	42,409	1,690	3,279	1,035
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	19,767,967	15,299,366	14,035,753	14,382,606	14,035,235
Stocks	22,100,920	24,007,754	19,266,917	19,980,894	17,002,561
Trade debtors	48,259,092	33,696,132	42,656,847	39,157,158	29,257,577
Other debtors, deposits & prepayments	343,081	3,844,058	141,199	83,935	108,834
Amount due from holding company	120,571	1,012,401	95,906	-	-
Amount due from related companies	19,537,426	13,299,577	10,294,165	-	-
Cash & bank balances	7,637,608	6,281,240	3,179,310	5,210,169	3,030,069
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	97,998,698	82,141,162	75,634,344	64,432,156	49,399,041
	----------------	----------------	----------------	----------------	----------------
TOTAL ASSET	117,766,665	97,440,528	89,670,097	78,814,762	63,434,276
	=============	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	18,170,669	15,978,065	13,629,970	30,387,697	24,698,434
Other creditors & accruals	5,671,240	4,507,166	4,191,777	4,558,198	3,188,921
Short term borrowings/Term loans	9,650,000	9,750,000	11,800,000	7,500,000	8,300,000
Amounts owing to holding company	646,347	2,344,228	12,875,604	156,556	-
Amounts owing to related companies	300,848	170,037	411,083	-	-
Provision for taxation	172,640	169,717	102,221	-	-
Other liabilities	-	-	-	-	1,000,000
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	34,611,744	32,919,213	43,010,655	42,602,451	37,187,355
	----------------	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	63,386,954	49,221,949	32,623,689	21,829,705	12,211,686
	----------------	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	83,154,921	64,521,315	46,659,442	36,212,311	26,246,921
	=============	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	24,730,436	24,730,436	24,730,436	24,730,436	24,730,436
	----------------	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	24,730,436	24,730,436	24,730,436	24,730,436	24,730,436
Retained profit/(loss) carried forward	49,472,099	31,709,941	10,628,477	475,808	(7,090,053)
	----------------	----------------	----------------	----------------	----------------
TOTAL RESERVES	49,472,099	31,709,941	10,628,477	475,808	(7,090,053)
	----------------	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	74,202,535	56,440,377	35,358,913	25,206,244	17,640,383
Long term loans	8,952,386	8,080,938	10,536,183	-	-
Deferred taxation	-	-	764,346	564,422	-
Others	-	-	-	10,441,645	8,606,538
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	8,952,386	8,080,938	11,300,529	11,006,067	8,606,538
	----------------	----------------	----------------	----------------	----------------
	83,154,921	64,521,315	46,659,442	36,212,311	26,246,921
	=============	=============	=============	=============	=============

FINANCIAL RATIO

COIM ASIA PACIFIC PTE LTD

TYPES OF FUNDS
Cash	7,637,608	6,281,240	3,179,310	5,210,169	3,030,069
Net Liquid Funds	7,637,608	6,281,240	3,179,310	5,210,169	3,030,069
Net Liquid Assets	41,286,034	25,214,195	13,356,772	1,848,811	(4,790,875)
Net Current Assets/(Liabilities)	63,386,954	49,221,949	32,623,689	21,829,705	12,211,686
Net Tangible Assets	83,118,952	64,478,906	46,657,752	36,209,032	26,245,886
Net Monetary Assets	32,333,648	17,133,257	2,056,243	(9,157,256)	(13,397,413)
BALANCE SHEET ITEMS
Total Borrowings	18,602,386	17,830,938	22,336,183	7,500,000	8,300,000
Total Liabilities	43,564,130	41,000,151	54,311,184	53,608,518	45,793,893
Total Assets	117,766,665	97,440,528	89,670,097	78,814,762	63,434,276
Net Assets	83,154,921	64,521,315	46,659,442	36,212,311	26,246,921
Net Assets Backing	74,202,535	56,440,377	35,358,913	25,206,244	17,640,383
Shareholders' Funds	74,202,535	56,440,377	35,358,913	25,206,244	17,640,383
Total Share Capital	24,730,436	24,730,436	24,730,436	24,730,436	24,730,436
Total Reserves	49,472,099	31,709,941	10,628,477	475,808	(7,090,053)
LIQUIDITY (Times)
Cash Ratio	0.22	0.19	0.07	0.12	0.08
Liquid Ratio	2.19	1.77	1.31	1.04	0.87
Current Ratio	2.83	2.50	1.76	1.51	1.33
WORKING CAPITAL CONTROL (Days)
Stock Ratio	40	47	43	51	59
Debtors Ratio	87	66	95	100	102
Creditors Ratio	38	37	35	88	86
SOLVENCY RATIOS (Times)
Gearing Ratio	0.25	0.32	0.63	0.30	0.47
Liabilities Ratio	0.59	0.73	1.54	2.13	2.60
Times Interest Earned Ratio	39.68	37.34	36.93	1,417.92	26.22
Assets Backing Ratio	3.36	2.61	1.89	1.46	1.06
PERFORMANCE RATIO (%)
Operating Profit Margin	8.85	10.91	6.37	5.71	8.95
Net Profit Margin	8.80	11.26	6.19	5.31	8.95
Return On Net Assets	22.02	32.52	23.03	22.47	37.00
Return On Capital Employed	22.01	32.50	23.03	22.47	37.00
Return On Shareholders' Funds/Equity	23.94	37.35	28.71	30.02	52.95
Dividend Pay Out Ratio (Times)	0.00	0.00	0.00	0.00	0.00
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.94
UK Pound	1	Rs.98.27
Euro	1	Rs.72.37

INFORMATION DETAILS

Analysis Done by :	DIV
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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