MIRA INFORM REPORT

Report No. :	325092
Report Date :	27.05.2015

IDENTIFICATION DETAILS

Name :	TPSC ASIA PTE. LTD.

Formerly Known As :	· TOTAL PETROCHEMICALS SOUTH EAST ASIA PTE. LTD · ATOFINA SOUTH EAST ASIA PTE LTD · ELF ATOCHEM SOUTH EAST ASIA PTE LTD · ATOCHEM SOUTH EAST ASIA PTE LTD

Registered Office :	53, Tuas Crescent, 638732

Country :	Singapore

Financials (as on) :	31.12.2013

Date of Incorporation :	12.11.1983

Com. Reg. No.:	198305378-K

Legal Form :	Private Limited

Line of Business :	Manufacturing of Polystyrene Plastic Raw Materials.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Singapore

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

SINGAPORE - ECONOMIC OVERVIEW

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but rebounded 15.1% in 2010, on the strength of renewed exports, before slowing to in 2011-13, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub.

Source : CIA

EXECUTIVE SUMMARY

REGISTRATION NO.

198305378-K

COMPANY NAME

TPSC ASIA PTE. LTD.

FORMER NAME

TOTAL PETROCHEMICALS SOUTH EAST ASIA PTE. LTD (31/10/2014)
ATOFINA SOUTH EAST ASIA PTE LTD (08/10/2004)
ELF ATOCHEM SOUTH EAST ASIA PTE LTD (15/04/2000)
ATOCHEM SOUTH EAST ASIA PTE LTD (01/01/1992)

INCORPORATION DATE

12/11/1983

COMPANY STATUS

EXIST

LEGAL FORM

PRIVATE LIMITED

LISTED STATUS

REGISTERED ADDRESS

53, TUAS CRESCENT, 638732, SINGAPORE.

BUSINESS ADDRESS

53 TUAS CRESCENT, 638732, SINGAPORE.

TEL.NO.

65-68621228

FAX.NO.

65-68623179

WEB SITE

WWW.TOTALREFININGCHEMICALS.COM

CONTACT PERSON

TEO YI-DAR (ZHANG YIDA) ( DIRECTOR )

PRINCIPAL ACTIVITY

MANUFACTURING OF POLYSTYRENE PLASTIC RAW MATERIALS

ISSUED AND PAID UP CAPITAL

106,835,000.00 ORDINARY SHARE, OF A VALUE OF SGD 106,835,000.00

SALES

USD 161,064,000 [2013]

NET WORTH

USD (2,556,000) [2013]

STAFF STRENGTH

N/A

BANKER (S)

BNP PARIBAS

LITIGATION

CLEAR

FINANCIAL CONDITION

POOR

PAYMENT

GOOD

MANAGEMENT CAPABILITY

AVERAGE

COMMERCIAL RISK

MODERATE

CURRENCY EXPOSURE

MODERATE

GENERAL REPUTATION

SATISFACTORY

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) manufacturing of polystyrene plastic raw materials.

The immediate holding company of the Subject is TPSC HOLDINGS PTE. LTD., a company incorporated in SINGAPORE.

Share Capital History

Date	Issue & Paid Up Capital
16/03/2015	SGD 106,835,000.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
TPSC HOLDINGS PTE. LTD.	50, RAFFLES PLACE, 17-01, SINGAPORE LAND TOWER, 048623, SINGAPORE.	201431494	106,835,000.00	100.00
			---------------	------
			106,835,000.00	100.00
			============	=====

+ Also Director

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

Local No	Country	Company	(%)	As At
	AUSTRALIA	TOTAL PETROCHEMICALS AUSTRALIA PTY. LTD.	100.00	31/12/2013

669054U	MALAYSIA	TOTAL PETROCHEMICALS (M) SDN. BHD.	100.00	31/12/2013

DIRECTORS

DIRECTOR 1

Name Of Subject	:	MICHEAL TAN HAI PENG
Address	:	23, JALAN LEBAN, SEMBAWANG HILLS STTE, 577560, SINGAPORE.
IC / PP No	:	S7020677C



Nationality	:	SINGAPOREAN
Date of Appointment	:	31/10/2014

DIRECTOR 2

Name Of Subject	:	TEO YI-DAR @ ZHANG YIDA
Address	:	7E, JALAN BERJAYA, THOMSON RISE ESTATE, 578606, SINGAPORE.
IC / PP No	:	S7129289D



Nationality	:	SINGAPOREAN
Date of Appointment	:	31/10/2014

MANAGEMENT

1)	Name of Subject	:	TEO YI-DAR (ZHANG YIDA)
	Position	:	DIRECTOR

AUDITOR

Auditor	:	KPMG LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	TAY TUAN LENG
	IC / PP No	:	S7432140B

	Address	:	635, PASIR RIS DRIVE, 1, 11-600, 510635, SINGAPORE.

2)	Company Secretary	:	JOANNA LIM LAN SIM
	IC / PP No	:	S1572216D

	Address	:	165, TAMPINES STREET 12, 09-305, 521165, SINGAPORE.

BANKING

Banking relations are maintained principally with:

Name

BNP PARIBAS

ENCUMBRANCE (S)

No encumbrance was found in our databank at the time of investigation.

LITIGATION CHECK AGAINST SUBJECT

* A check has been conducted in our databank against the Subject whether the subject has been involved in any litigation.

No legal action was found in our databank.

No winding up petition was found in our databank.

PAYMENT RECORD

SOURCES OF RAW MATERIALS:
Local	:	YES
Overseas	:	YES
Import Countries	:	ASIA

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

[

]

CLIENTELE

Local	:	YES
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	ASIA
Credit Term	:	N/A

Payment Mode	:	CHEQUES LETTER OF CREDIT (LC) TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Products manufactured

POLYSTYRENE PLASTIC RAW MATERIALS

Total Number of Employees:
YEAR	2013	2012

GROUP	N/A	N/A
COMPANY	100	100

Branch

Other Information:

The Subject is principally engaged in the (as a / as an) manufacturing of polystyrene plastic raw materials.

The Subject, one of the world's leading petrochemicals producers, brings together the petrochemicals activities of the Subject Group: base chemicals and their related polymers (polyethylene, polypropylene and polystyrene).

The Subject is present in Europe, the United States, the Middle East and Asia.

Its products serve numerous consumer and industrial markets, including packaging, construction and the car industry.

To ensure ongoing development, Total Petrochemicals pursues a strategy aimed at improving the competitiveness of its plants in Europe and the United States, at strengthening its position in Asia and at developing projects that benefit from a more favourable access to raw materials, such as ethane in Qatar and in Algeria, or strong synergies with refining (aromatics units on the site of the future Jubail refinery).

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that:

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-68621228
Match	:	N/A

Address Provided by Client	:	53 TUAS CRESCENT SINGAPORE 638732
Current Address	:	53 TUAS CRESCENT, 638732, SINGAPORE.
Match	:	YES

Other Investigations

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

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

FINANCIAL ANALYSIS

Profitability
Turnover	:	Decreased	[	2009 - 2013	]
Profit/(Loss) Before Tax	:	Decreased	[	2009 - 2013	]
Return on Shareholder Funds	:	Unfavourable	[	251.80%	]
Return on Net Assets	:	Unfavourable	[	233.96%	]

The continuous fall in turnover could be due to the lower demand for the Subject's products / services.The Subject could be more efficient in controlling its operating costs and had managed to reduce its losses during the year. Although the Subject's returns showed positive figures it is not reflective of the true situation. The Subject incurred losses during the year and its shareholders' funds have turned red. The positive returns on shareholders' funds is the result of losses divided by negative shareholders' funds. The Subject's management was inefficient in utilising the assets to generate returns.

Working Capital Control
Stock Ratio	:	Favourable	[	27 Days	]
Debtor Ratio	:	Acceptable	[	57 Days	]
Creditors Ratio	:	Favourable	[	6 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 management was quite efficient in handling its debtors. The Subject's debtors days were at an acceptable range, thus the risk of its debts turning bad was minimised. 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	[	0.57 Times	]
Current Ratio	:	Unfavourable	[	0.75 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	[	(13.11 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 :
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. 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 : 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 :	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 1983, the Subject is a Private Limited company, focusing on manufacturing of polystyrene plastic raw materials. 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 106,835,000. The Subject have a strong support from its holding company.

Over the years, 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. Being a moderate size company, the Subject has a total workforce of 73 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.

Due to the challenging market conditions, the Subject's business performance seems to be deteriorating and losses incurred. 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. The Subject's unfavourable financial performance over the years has wiped out its shareholders' funds to a deficit of USD -2,556,000. 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.

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.

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 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.

TPSC ASIA 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	161,064,000	186,517,000	189,748,000	164,768,000	132,302,000
Other Income	742,000	773,000	605,000	670,000	493,000
	----------------	----------------	----------------	----------------	----------------
Total Turnover	161,806,000	187,290,000	190,353,000	165,438,000	132,795,000
Costs of Goods Sold	(154,852,000)	(180,786,000)	(181,930,000)	(154,762,000)	(124,074,000)
	----------------	----------------	----------------	----------------	----------------
Gross Profit	6,954,000	6,504,000	8,423,000	10,676,000	8,721,000
	----------------	----------------	----------------	----------------	----------------

PROFIT/(LOSS) FROM OPERATIONS	(6,436,000)	(7,294,000)	3,242,000	6,081,000	3,695,000
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	(6,436,000)	(7,294,000)	3,242,000	6,081,000	3,695,000
Taxation	-	(1,177,000)	1,177,000	-	-
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	(6,436,000)	(8,471,000)	4,419,000	6,081,000	3,695,000
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	(50,479,000)	(42,008,000)	(46,427,000)	(52,508,000)	(56,203,000)
	----------------	----------------	----------------	----------------	----------------
As restated	(50,479,000)	(42,008,000)	(46,427,000)	(52,508,000)	(56,203,000)
	----------------	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	(56,915,000)	(50,479,000)	(42,008,000)	(46,427,000)	(52,508,000)
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	(56,915,000)	(50,479,000)	(42,008,000)	(46,427,000)	(52,508,000)
	=============	=============	=============	=============	=============

INTEREST EXPENSE (as per notes to P&L)
Others	456,000	393,000	1,492,000	616,000	472,000
	----------------	----------------	----------------	----------------	----------------
	456,000	393,000	1,492,000	616,000	472,000
	=============	=============	=============	=============	=============

BALANCE SHEET

TPSC ASIA PTE. LTD.

ASSETS EMPLOYED:
FIXED ASSETS	13,586,000	15,228,000	16,580,000	16,100,000	13,165,000

LONG TERM INVESTMENTS/OTHER ASSETS
Subsidiary companies	26,000	26,000	26,000	26,000	26,000
Deferred assets	-	-	1,177,000	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	26,000	26,000	1,203,000	26,000	26,000

	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	13,612,000	15,254,000	17,783,000	16,126,000	13,191,000

Stocks	11,864,000	16,408,000	24,626,000	17,988,000	10,600,000
Trade debtors	25,214,000	33,147,000	34,572,000	31,027,000	27,004,000
Other debtors, deposits & prepayments	9,992,000	10,891,000	8,513,000	10,868,000	405,000
Short term deposits	-	171,000	161,000	169,000	158,000
Amount due from related companies	2,192,000	2,660,000	1,819,000	2,413,000	1,890,000
Cash & bank balances	56,000	466,000	1,216,000	959,000	6,420,000
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	49,318,000	63,743,000	70,907,000	63,424,000	46,477,000
	----------------	----------------	----------------	----------------	----------------
TOTAL ASSET	62,930,000	78,997,000	88,690,000	79,550,000	59,668,000
	=============	=============	=============	=============	=============

CURRENT LIABILITIES
Trade creditors	2,532,000	3,559,000	2,926,000	4,842,000	3,990,000
Other creditors & accruals	3,240,000	3,590,000	7,934,000	5,766,000	3,256,000
Amounts owing to related companies	59,714,000	67,968,000	65,479,000	61,010,000	10,722,000
Other liabilities	-	-	-	-	39,849,000
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	65,486,000	75,117,000	76,339,000	71,618,000	57,817,000
	----------------	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	(16,168,000)	(11,374,000)	(5,432,000)	(8,194,000)	(11,340,000)
	----------------	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	(2,556,000)	3,880,000	12,351,000	7,932,000	1,851,000
	=============	=============	=============	=============	=============

SHARE CAPITAL
Ordinary share capital	54,359,000	54,359,000	54,359,000	54,359,000	54,359,000
	----------------	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	54,359,000	54,359,000	54,359,000	54,359,000	54,359,000

Retained profit/(loss) carried forward	(56,915,000)	(50,479,000)	(42,008,000)	(46,427,000)	(52,508,000)
	----------------	----------------	----------------	----------------	----------------
TOTAL RESERVES	(56,915,000)	(50,479,000)	(42,008,000)	(46,427,000)	(52,508,000)

	----------------	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	(2,556,000)	3,880,000	12,351,000	7,932,000	1,851,000

	----------------	----------------	----------------	----------------	----------------
	(2,556,000)	3,880,000	12,351,000	7,932,000	1,851,000
	=============	=============	=============	=============	=============

FINANCIAL RATIO

TPSC ASIA PTE. LTD.

TYPES OF FUNDS
Cash	56,000	637,000	1,377,000	1,128,000	6,578,000
Net Liquid Funds	56,000	637,000	1,377,000	1,128,000	6,578,000
Net Liquid Assets	(28,032,000)	(27,782,000)	(30,058,000)	(26,182,000)	(21,940,000)
Net Current Assets/(Liabilities)	(16,168,000)	(11,374,000)	(5,432,000)	(8,194,000)	(11,340,000)
Net Tangible Assets	(2,556,000)	3,880,000	12,351,000	7,932,000	1,851,000
Net Monetary Assets	(28,032,000)	(27,782,000)	(30,058,000)	(26,182,000)	(21,940,000)
BALANCE SHEET ITEMS
Total Borrowings	0	0	0	0	0
Total Liabilities	65,486,000	75,117,000	76,339,000	71,618,000	57,817,000
Total Assets	62,930,000	78,997,000	88,690,000	79,550,000	59,668,000
Net Assets	(2,556,000)	3,880,000	12,351,000	7,932,000	1,851,000
Net Assets Backing	(2,556,000)	3,880,000	12,351,000	7,932,000	1,851,000
Shareholders' Funds	(2,556,000)	3,880,000	12,351,000	7,932,000	1,851,000
Total Share Capital	54,359,000	54,359,000	54,359,000	54,359,000	54,359,000
Total Reserves	(56,915,000)	(50,479,000)	(42,008,000)	(46,427,000)	(52,508,000)
LIQUIDITY (Times)
Cash Ratio	0.00	0.01	0.02	0.02	0.11
Liquid Ratio	0.57	0.63	0.61	0.63	0.62
Current Ratio	0.75	0.85	0.93	0.89	0.80
WORKING CAPITAL CONTROL (Days)
Stock Ratio	27	32	47	40	29
Debtors Ratio	57	65	67	69	74
Creditors Ratio	6	7	6	11	12
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00	0.00	0.00	0.00
Liabilities Ratio	(25.62)	19.36	6.18	9.03	31.24
Times Interest Earned Ratio	(13.11)	(17.56)	3.17	10.87	8.83
Assets Backing Ratio	(0.05)	0.07	0.23	0.15	0.03
PERFORMANCE RATIO (%)
Operating Profit Margin	(4.00)	(3.91)	1.71	3.69	2.79
Net Profit Margin	(4.00)	(4.54)	2.33	3.69	2.79
Return On Net Assets	233.96	(177.86)	38.33	84.43	225.12
Return On Capital Employed	233.96	(177.86)	38.33	84.43	225.12
Return On Shareholders' Funds/Equity	251.80	(218.32)	35.78	76.66	199.62
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.63.84
UK Pound	1	Rs.98.38
Euro	1	Rs.69.64

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	ANK

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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