MIRA INFORM REPORT

Report No. :	328215
Report Date :	20.06.2015

IDENTIFICATION DETAILS

Name :	SETSUYO ASTEC SINGAPORE PTE. LTD.
Registered Office :	491B, River Valley Road, 14-02A, Valley Point, 248373
Country :	Singapore
Financials (as on) :	31.03.2014
Date of Incorporation :	20.10.1993
Com. Reg. No.:	199306933-N
Legal Form :	Private Limited
Line of Business :	Subject is engaged in wholesale of electronic components
No. of Employee :	10 [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 – 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.	:	199306933-N
COMPANY NAME	:	SETSUYO ASTEC SINGAPORE PTE. LTD.
FORMER NAME	:	SETSUYO ENTERPRISE (S) PTE. LTD. (01/08/2007)
INCORPORATION DATE	:	20/10/1993
COMPANY STATUS	:	CLEAR
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	491B, RIVER VALLEY ROAD, 14-02A, VALLEY POINT, 248373, SINGAPORE.
BUSINESS ADDRESS	:	491B, RIVER VALLEY ROAD 14-02A, VALLEY POINT OFFICE TOWER, 248373, SINGAPORE.
TEL.NO.	:	65-67331813
FAX.NO.	:	65-67331682
WEB SITE	:	WWW.SETSUYO.COM.SG
CONTACT PERSON	:	AYAHIKO HACHINO ( MANAGING DIRECTOR )
PRINCIPAL ACTIVITY	:	WHOLESALE OF ELECTRONIC COMPONENTS
ISSUED AND PAID UP CAPITAL	:	600,000.00 ORDINARY SHARE, OF A VALUE OF SGD 600,000.00
SALES	:	USD 19,235,846 [2014]
NET WORTH	:	USD 1,140,871 [2014]
STAFF STRENGTH	:	10 [2015]
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	LIMITED
PAYMENT	:	SLOW BUT CORRECT
MANAGEMENT CAPABILITY	:	WEAK
COMMERCIAL RISK	:	N/A
CURRENCY EXPOSURE	:	N/A
GENERAL REPUTATION	:	SATISFACTORY
INDUSTRY OUTLOOK	:	AVERAGE GROWTH

HISTORY/ BACKGROUND

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

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

Share Capital History

Date	Issue & Paid Up Capital
29/04/2015	SGD 600,000.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
SETSUYO ASTEC CORPORATION	1-29, MINAMIMORIMACHI 2-CHOME, KITAKU OSAKA, 530-0054, JAPAN.	T05UF0200	600,000.00	100.00
			---------------	------
			600,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	JUN MORIWAKI
Address	:	5-8-40, 1505, SHIGINO, JYOTO-KU, OSAKA, JAPAN.
IC / PP No	:	TK9783139
Nationality	:	JAPANESE
Date of Appointment	:	04/04/2014

DIRECTOR 2

Name Of Subject	:	YASUHIRO MORITA
Address	:	1-7-21, 405, NODA-CHO, KISHIWADA, OSAKA, 50480 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
IC / PP No	:	TH3198328
Nationality	:	JAPANESE
Date of Appointment	:	04/04/2014

DIRECTOR 3

Name Of Subject	:	YUKIO MURATA
Address	:	1-8-10, 303, TENMA, KITA-KU OSAKA, JAPAN.
IC / PP No	:	TG8666479
Nationality	:	JAPANESE
Date of Appointment	:	04/04/2014

DIRECTOR 4

Name Of Subject	:	AYAHIKO HACHINO
Address	:	473, RIVER VALLEY ROAD, 16-08, VALLEY PARK, 248358, SINGAPORE.
IC / PP No	:	G5487057X
Nationality	:	JAPANESE
Date of Appointment	:	11/10/2013
MANAGEMENT

1)	Name of Subject	:	AYAHIKO HACHINO
	Position	:	MANAGING DIRECTOR

AUDITOR
Auditor	:	PRICEWATERHOUSECOOPERS LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	CHAN LAI YIN
	IC / PP No	:	S7480587F
	Address	:	26, SIMEI STREET, 1, 11-08, MELVILLE PARK, 529947, SINGAPORE.

2)	Company Secretary	:	TEO MENG KEONG
	IC / PP No	:	S6968331B
	Address	:	269, BUKIT BATOK EAST AVENUE, 4, 08-168, 650269, 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 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 refused to disclose its suppliers.

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	:	N/A
Overseas	:	N/A

The Subject refused to disclose its clientele.

OPERATIONS

Goods Traded

:

ELECTRONIC COMPONENTS

Total Number of Employees:
YEAR	2015
GROUP	N/A
COMPANY	10

Branch

:

NO

Other Information:

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

The Subject refused to disclose its operation.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-67331813
Match	:	N/A
Address Provided by Client	:	491B RIVER VALLEY ROAD 14-02A,,VALLEY POINT OFFICE TOWER,SINGAPORE 248373
Current Address	:	491B, RIVER VALLEY ROAD 14-02A, VALLEY POINT OFFICE TOWER, 248373, SINGAPORE.
Match	:	YES

Other Investigations

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

The Subject refused to disclose its bankers.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Erratic	[	2010 - 2014	]
Profit/(Loss) Before Tax	:	Decreased	[	2010 - 2014	]
Return on Shareholder Funds	:	Unfavourable	[	(54.64%)	]
Return on Net Assets	:	Unfavourable	[	(51.70%)	]
The fluctuating turnover reflects the fierce competition among the existing and new market players.The Subject could be more efficient in controlling its operating costs and had managed to reduce its losses during the year. 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	[	41 Days	]
Debtor Ratio	:	Favourable	[	37 Days	]
Creditors Ratio	:	Favourable	[	8 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	:	Unfavourable	[	0.77 Times	]
Current Ratio	:	Unfavourable	[	1.21 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	:	Unfavourable	[	(13.88 Times)	]
Gearing Ratio	:	Favourable	[	0.00 Times	]
The Subject incurred losses in the year. It did not generate sufficient income to service its interest.  If the situation does not improve, the Subject may be vulnerable to default in servicing the interest. 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 turnover showed a volatile trend but its losses were lower when compared to the previous corresponding period. This could suggest that the Subject was more efficient in its operating cost control and was more competitive. 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's interest cover was negative, indicating that it did not generate sufficient income to service its interest. If its result does not show impressive improvements or succeed obtaining short term financing or capital injection, it may not be able to service its interest and repay the loans. 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 1993, the Subject is a Private Limited company, focusing on wholesale of electronic components. The Subject has been in business for over two decades. It has built up a strong clientele base and satisfactory reputation will enable the Subject to further enhance its business in the near term. The Subject is expected to enjoy a stable market shares. Presently, the issued and paid up capital of the Subject stands at SGD 600,000. However, with a strong backing from its shareholder, the Subject enjoys timely financial assistance should the needs arise.

Being a small company, the Subject's business operation is supported by 10 employees. Overall, we regard that the Subject's management capability is weak. Without capable management, the Subject is unlikely to be successful and often contribute to unacceptable levels of accountability. Weak management can affect productivity, profitability, sales growth and ultimately can result in the failure of a business.

Despite the higher turnover, the Subject suffered pre-tax losses which reflected a highly competitive business environment. The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. 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 USD 1,140,871, the Subject should be able to maintain its business in the near terms.

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

The industry shows an upward trend and this trend is very likely to sustain in the near terms. Hence, the Subject is expected to benefit from the favourable outlook of the industry.

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.

SETSUYO ASTEC SINGAPORE PTE. LTD.

Financial Year End	2014-03-31	2013-03-31	2012-03-31	2011-03-31	2010-03-31
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	19,235,846	15,223,351	31,490,162	35,838,890	27,785,885
Other Income	8,334	4,693	-	-	-
	----------------	----------------	----------------	----------------	----------------
Total Turnover	19,244,180	15,228,044	31,490,162	35,838,890	27,785,885
Costs of Goods Sold	(18,272,234)	(14,490,071)	-	-	-
	----------------	----------------	----------------	----------------	----------------
Gross Profit	971,946	737,973	-	-	-
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	(634,783)	(845,856)	321,785	632,280	368,957
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	(634,783)	(845,856)	321,785	632,280	368,957
Taxation	11,436	-	-	(125,201)	(45,558)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	(623,347)	(845,856)	321,785	507,079	323,399
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	1,393,374	2,239,230	2,316,273	2,448,835	2,125,436
Prior year adjustment	-	-	-	(639,641)	-
	----------------	----------------	----------------	----------------	----------------
As restated	1,393,374	2,239,230	2,316,273	1,809,194	2,125,436
	----------------	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	770,027	1,393,374	2,638,058	2,316,273	2,448,835
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	770,027	1,393,374	2,638,058	2,316,273	2,448,835
	=============	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Term loan / Borrowing	42,664	34,241	-	-	-
	----------------	----------------	----------------	----------------	----------------
	42,664	34,241	-	-	-
	=============	=============	-	-	-
DEPRECIATION (as per notes to P&L)	33,592	31,338	-	-	-
	----------------	----------------	----------------	----------------	----------------
	33,592	31,338	-	-	-
	=============	=============

BALANCE SHEET

SETSUYO ASTEC SINGAPORE PTE. LTD.

ASSETS EMPLOYED:
FIXED ASSETS	85,460	25,448	289,551	151,756	130,074
Others	57,418	177,418	-	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	57,418	177,418	-	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	142,878	202,866	289,551	151,756	130,074
Stocks	2,135,710	1,772,990	-	-	-
Trade debtors	1,952,888	2,644,183	-	-	-
Other debtors, deposits & prepayments	82,789	80,305	-	-	-
Short term deposits	120,000	120,000	-	-	-
Amount due from related companies	55,078	61,906	-	-	-
Cash & bank balances	1,526,236	2,015,605	-	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	5,872,701	6,694,989	9,047,322	10,198,725	8,103,833
	----------------	----------------	----------------	----------------	----------------
TOTAL ASSET	6,015,579	6,897,855	9,336,873	10,350,481	8,233,907
	=============	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	425,512	277,768	-	-	-
Other creditors & accruals	159,782	244,540	-	-	-
Short term borrowings/Term loans	-	2,600,000	-	-	-
Deposits from customers	89,431	-	-	-	-
Amounts owing to holding company	2,495,402	14,735	-	-	-
Amounts owing to related companies	1,700,168	1,992,181	-	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	4,870,295	5,129,224	6,098,815	7,434,208	5,182,347
	----------------	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	1,002,406	1,565,765	2,948,507	2,764,517	2,921,486
	----------------	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	1,145,284	1,768,631	3,238,058	2,916,273	3,051,560
	=============	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	370,844	370,844	600,000	600,000	600,000
	----------------	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	370,844	370,844	600,000	600,000	600,000
Retained profit/(loss) carried forward	770,027	1,393,374	2,638,058	2,316,273	2,448,835
	----------------	----------------	----------------	----------------	----------------
TOTAL RESERVES	770,027	1,393,374	2,638,058	2,316,273	2,448,835
	----------------	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	1,140,871	1,764,218	3,238,058	2,916,273	3,048,835
Deferred taxation	4,413	4,413	-	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	4,413	4,413	-	-	2,725
	----------------	----------------	----------------	----------------	----------------
	1,145,284	1,768,631	3,238,058	2,916,273	3,051,560
	=============	=============	=============	=============	=============

FINANCIAL RATIO

SETSUYO ASTEC SINGAPORE PTE. LTD.

TYPES OF FUNDS
Cash	1,646,236	2,135,605	-	-	-
Net Liquid Funds	1,646,236	2,135,605	-	-	-
Net Liquid Assets	(1,133,304)	(207,225)	2,948,507	2,764,517	2,921,486
Net Current Assets/(Liabilities)	1,002,406	1,565,765	2,948,507	2,764,517	2,921,486
Net Tangible Assets	1,145,284	1,768,631	3,238,058	2,916,273	3,051,560
Net Monetary Assets	(1,137,717)	(211,638)	2,948,507	2,764,517	2,918,761
PROFIT & LOSS ITEMS
Earnings Before Interest & Tax (EBIT)	(592,119)	(811,615)	-	-	-
Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)	(558,527)	(780,277)	-	-	-
BALANCE SHEET ITEMS
Total Borrowings	0	2,600,000	-	-	-
Total Liabilities	4,874,708	5,133,637	6,098,815	7,434,208	5,185,072
Total Assets	6,015,579	6,897,855	9,336,873	10,350,481	8,233,907
Net Assets	1,145,284	1,768,631	3,238,058	2,916,273	3,051,560
Net Assets Backing	1,140,871	1,764,218	3,238,058	2,916,273	3,048,835
Shareholders' Funds	1,140,871	1,764,218	3,238,058	2,916,273	3,048,835
Total Share Capital	370,844	370,844	600,000	600,000	600,000
Total Reserves	770,027	1,393,374	2,638,058	2,316,273	2,448,835
LIQUIDITY (Times)
Cash Ratio	0.34	0.42	-	-	-
Liquid Ratio	0.77	0.96	-	-	-
Current Ratio	1.21	1.31	1.48	1.37	1.56
WORKING CAPITAL CONTROL (Days)
Stock Ratio	41	43	-	-	-
Debtors Ratio	37	63	-	-	-
Creditors Ratio	8	7	-	-	-
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	1.47	-	-	-
Liabilities Ratio	4.27	2.91	1.88	2.55	1.70
Times Interest Earned Ratio	(13.88)	(23.70)	-	-	-
Assets Backing Ratio	3.09	4.77	5.40	4.86	5.09
PERFORMANCE RATIO (%)
Operating Profit Margin	(3.30)	(5.56)	1.02	1.76	1.33
Net Profit Margin	(3.24)	(5.56)	1.02	1.41	1.16
Return On Net Assets	(51.70)	(45.89)	9.94	21.68	12.09
Return On Capital Employed	(51.70)	(45.89)	9.94	21.68	12.09
Return On Shareholders' Funds/Equity	(54.64)	(47.95)	9.94	17.39	10.61
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.63.82
UK Pound	1	Rs.101.26
Euro	1	Rs.72.36

INFORMATION DETAILS

Analysis Done by :	KAR
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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