MIRA INFORM REPORT

Report No. :	350943
Report Date :	18.11.2015

IDENTIFICATION DETAILS

Name :	ASIA PACIFIC INTERTRADING PTE. LTD.
Registered Office :	8, Temasek Boulevard, 35- 03, Suntec Tower Three, 038988
Country :	Singapore
Financials (as on) :	31.01.2014
Date of Incorporation :	04.07.2006
Com. Reg. No.:	200609738-N
Legal Form :	Private Limited
Line of Business :	Trading of Commodity Products.
No. of Employees :	6 [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 :	Regular
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.	:	200609738-N
COMPANY NAME	:	ASIA PACIFIC INTERTRADING PTE. LTD.
FORMER NAME	:	N/A
INCORPORATION DATE	:	04/07/2006
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	8, TEMASEK BOULEVARD, 35- 03, SUNTEC TOWER THREE, 038988, SINGAPORE.
BUSINESS ADDRESS	:	8, TEMASEK BOULEVARD, 35-03, SUNTEC TOWER THREE, 038988, SINGAPORE.
TEL.NO.	:	65-65089023
FAX.NO.	:	65-63376211
WEB SITE	:	WWW.ASIAPACIFICINTERTRADING.COM
CONTACT PERSON	:	KEITH RICHARD SCOTT ( DIRECTOR )
PRINCIPAL ACTIVITY	:	TRADING OF COMMODITY PRODUCTS
ISSUED AND PAID UP CAPITAL	:	1.00 ORDINARY SHARE, OF A VALUE OF SGD 1.00
SALES	:	USD 746,377,423 [2014]
NET WORTH	:	USD 2,739,837 [2014]
STAFF STRENGTH	:	6 [2015]
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	STRONG
PAYMENT	:	PROMPT
MANAGEMENT CAPABILITY	:	AVERAGE
COMMERCIAL RISK	:	LOW
CURRENCY EXPOSURE	:	MODERATE
GENERAL REPUTATION	:	SATISFACTORY
INDUSTRY OUTLOOK	:	AVERAGE GROWTH

HISTORY/ BACKGROUND

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

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

Share Capital History

Date	Issue & Paid Up Capital
15/06/2015	SGD 1.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
FALCON GROUP HOLDINGS (CAYMAN) LTD.	C/O MAPLE CORPORATE SERVICES LIMITED, P.O. BOX 309, UGLAND HOUSE, GRAND CAYMAN, KY1- 1104, CAYMAN ISLANDS.	T13UF4156	1.00	100.00
			---------------	------
			1.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	NAM HARIHARAN SAHASRA ABDULWAHIB HASSAN
Address	:	ALROSTAMANI, WATER SUB METER (FLAT-43), 313-AL MUSALLA AREA, DM.103, PO BOX 54365, DUBAI, UNITED ARAB EMIRATES.
IC / PP No	:	L4184425
Nationality	:	INDIAN
Date of Appointment	:	18/07/2006

DIRECTOR 2

Name Of Subject	:	NASSER AMIN HASSAN SAIDI
Address	:	DEYAAR DEVELOPMENT (P.S.C), 801, 345, SHEIKH ZAYED ROAD, P.O. BOX 211975, DUBAI, UNITED ARAB EMIRATES.
IC / PP No	:	720111159
Nationality	:	BRITISH
Date of Appointment	:	31/03/2014

DIRECTOR 3

Name Of Subject	:	CHAI CHUNG HOONG
Address	:	463, ANG MO KIO AVENUE 10, 05-1130, 560463, SINGAPORE.
IC / PP No	:	S8580354I
Nationality	:	SINGAPOREAN
Date of Appointment	:	31/07/2012

DIRECTOR 4

Name Of Subject	:	IYAD MALAS TARIQ SAEED RASHID BIN ALI AL SHAHI
Address	:	VILLA AL WASL / 393-53, POST BOX: 124441, DUBAI, UNITED ARAB EMIRATES.
IC / PP No	:	RL 2806263
Nationality	:	LEBANESE
Date of Appointment	:	09/05/2015

DIRECTOR 5

Name Of Subject	:	DAVID AUGUST HODSON
Address	:	JUMA SAEED MATTER LAHEJ VILLA, 352, AL JUMEIRAH AREA, 352/18A, ST. NR EID SALIM'S VILLA, VILLA 64, DUBAI, UNITED ARAB EMIRATES.
IC / PP No	:	488649413
Nationality	:	AMERICAN
Date of Appointment	:	16/03/2015

DIRECTOR 6

Name Of Subject	:	MALCOLM JOHN WALL MORRIS
Address	:	LA COLECCIION AVENUE 75, 600, NAD AL SHIBA, P.O. BOX 48800, DUBAI, UNITED ARAB EMIRATES.
IC / PP No	:	PB4053644
Nationality	:	IRISH
Date of Appointment	:	18/03/2014

DIRECTOR 7

Name Of Subject	:	KAMEL ALZARKA
Address	:	EMIRATES HILL PHASE 1 (LLC), VILLA -37 W SUB METER, 394-EMIRATES HILL THIRD, POST BOX: 54365, DUBAI, UNITED ARAB EMIRATES.
IC / PP No	:	14FV05568
Nationality	:	FRENCH
Date of Appointment	:	18/07/2006

MANAGEMENT

1)	Name of Subject	:	KEITH RICHARD SCOTT
	Position	:	DIRECTOR

AUDITOR

Auditor	:	BDO LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	ANG KOOI HWA
	IC / PP No	:	S7171145E
	Address	:	13, LEEDON HEIGHTS, 29-42, D'LEEDON, 266224, 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	:	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	[	X	]	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	:	WORLDWIDE
Credit Term	:	N/A
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Goods Traded

:

COMMODITY PRODUCTS

Total Number of Employees:
YEAR	2015
GROUP	N/A
COMPANY	6

Branch

:

NO

Other Information:

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

The Subject is one of the leading traders of commodities and boast of worldwide activities storage, financing and supply of metals and minerals, energy products, agricultural products and fashion accessories.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-65089023
Match	:	N/A
Address Provided by Client	:	8 TEMASEK BOULEVARD, 35-03 SUNTEC TOWER THREE SINGAPORE 038988
Current Address	:	8, TEMASEK BOULEVARD, 35-03, SUNTEC TOWER THREE, 038988, SINGAPORE.
Match	:	YES

Other Investigations

We contacted one of the staff from the Subject's registered office and he only provided limited information.

He refused to disclose the Subject bankers.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	2011 - 2014	]
Profit/(Loss) Before Tax	:	Increased	[	2011 - 2014	]
Return on Shareholder Funds	:	Favourable	[	74.91%	]
Return on Net Assets	:	Favourable	[	75.80%	]
The Subject's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.The higher profit could be attributed to the increase in turnover. Generally the Subject was profitable. The favourable return on shareholders' funds and return on net assets indicate that the Subject's management was efficient in utilising the assets to generate returns.
Working Capital Control
Stock Ratio	:	Nil	[	0 Days	]
Debtor Ratio	:	Favourable	[	0 Days	]
Creditors Ratio	:	Favourable	[	0 Days	]
As the Subject is a service oriented company, the Subject does not need to keep stocks. The favourable debtors' days could be due to the good credit control measures implemented by the Subject. The Subject had a favourable creditors' ratio where the Subject could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.
Liquidity
Liquid Ratio	:	Favourable	[	1.40 Times	]
Current Ratio	:	Unfavourable	[	1.40 Times	]
A minimum liquid ratio of 1 should be maintained by the Subject in order to assure its creditors of its ability to meet short term obligations and the Subject was in a good liquidity position. Thus, we believe the Subject is able to meet all its short term obligations as and when they fall due.
Solvency
Interest Cover	:	Nil	[	0.00 Times	]
Gearing Ratio	:	Favourable	[	0.00 Times	]
The Subject's interest cover was nil as it did not pay any interest during the year. The Subject had no gearing and hence it had virtually no financial risk. The Subject was financed by its shareholders' funds and internally generated fund. During the economic downturn, the Subject, having a zero gearing, will be able to compete better than those which are highly geared in the same industry.
Overall Assessment :
Generally, the Subject's performance has improved with higher turnover and profit. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. The Subject did not make any interest payment during the year. The Subject was dependent on its shareholders' funds to finance its business needs. The Subject was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The Subject has good chance of getting loans, if the needs arises.
Overall financial condition of the Subject : 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 :	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 2006, the Subject is a Private Limited company, focusing on trading of commodity products. Having been in business for more than 5 years, the Subject has established a remarkable clientele base for itself which has contributed to its business growth. Presently, the issued and paid up capital of the Subject stands at SGD 1. However, with a strong backing from its holding company, the Subject enjoys timely financial assistance should the needs arise.

Investigation revealed, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. Being a small company, the Subject's business operation is supported by 6 employees. Overall, we regard that the Subject's management capability is average. This indicates that the Subject has greater potential to improve its business performance and raising income for the Subject.

We noted that both the turnover and profits have increased compared to the previous year. The higher profit could be due to increase in turnover and better control over its operating costs. Based on the higher profitability, the Subject has generated a favourable return based on its existing shareholders' funds 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 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 2,739,837, the Subject should be able to maintain its business in the near terms.

Having a strong assets backing, the Subject possesses latent assets as collateral for further financial extension. Hence, it has good chance of getting loans if the needs arises. 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.

We regard that the Subject's overall payment habit is prompt. The Subject had a favourable creditors' ratio as evidenced by its favourable collection days.

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 promptly.

PROFIT AND LOSS ACCOUNT

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

ASIA PACIFIC INTERTRADING PTE. LTD.

Financial Year End	2014-01-31	2013-01-31	2012-01-31	2011-01-31
Months	12	12	12	12
Consolidated Account	Company	Company	Company	Company
Audited Account	YES	YES	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES	YES	YES
Financial Type	FULL	FULL	SUMMARY	SUMMARY
Currency	USD	USD	SGD	SGD
TURNOVER	746,377,423	480,458,454	321,192,273	192,758,677
Other Income	2,030,803	1,449,270	-	-
	----------------	----------------	----------------	----------------
Total Turnover	748,408,226	481,907,724	321,192,273	192,758,677
Costs of Goods Sold	(724,463,110)	(468,055,899)	-	-
	----------------	----------------	----------------	----------------
Gross Profit	23,945,116	13,851,825	-	-
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	2,076,775	560,533	461,899	2,554,564
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	2,076,775	560,533	461,899	2,554,564
Taxation	(24,355)	-	-	-
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	2,052,420	560,533	461,899	2,554,564
	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	687,416	126,883	(304,488)	(2,859,052)
	----------------	----------------	----------------	----------------
As restated	687,416	126,883	(304,488)	(2,859,052)
	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	2,739,836	687,416	157,411	(304,488)
	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	2,739,836	687,416	157,411	(304,488)
	=============	=============	=============	=============
DEPRECIATION (as per notes to P&L)	26,263	1,894	-	-
	----------------	----------------	----------------	----------------
	26,263	1,894	-	-
	=============	=============

BALANCE SHEET

ASIA PACIFIC INTERTRADING PTE. LTD.

ASSETS EMPLOYED:
FIXED ASSETS	121,453	52,134	6,658	-
	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	121,453	52,134	6,658	-
Trade debtors	774,561	2,109,723	-	-
Other debtors, deposits & prepayments	8,330,257	114,378	-	-
Cash & bank balances	135,255	6,649,666	-	-
	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	9,240,073	8,873,767	2,969,676	1,254,411
	----------------	----------------	----------------	----------------
TOTAL ASSET	9,361,526	8,925,901	2,976,334	1,254,411
	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	771,445	797,599	-	-
Other creditors & accruals	470,000	368,515	-	-
Amounts owing to holding company	5,355,889	7,072,370	-	-
Provision for taxation	24,355	-	-	-
	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	6,621,689	8,238,484	2,818,922	1,199,846
	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	2,618,384	635,283	150,754	54,565
	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	2,739,837	687,417	157,412	54,565
	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	1	1	1	1
	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	1	1	1	1
Retained profit/(loss) carried forward	2,739,836	687,416	157,411	(304,488)
	----------------	----------------	----------------	----------------
TOTAL RESERVES	2,739,836	687,416	157,411	(304,488)
	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	2,739,837	687,417	157,412	(304,487)
TOTAL LONG TERM LIABILITIES	-	-	-	359,052
	----------------	----------------	----------------	----------------
	2,739,837	687,417	157,412	54,565
	=============	=============	=============	=============

FINANCIAL RATIO

ASIA PACIFIC INTERTRADING PTE. LTD.

TYPES OF FUNDS
Cash	135,255	6,649,666	-	-
Net Liquid Funds	135,255	6,649,666	-	-
Net Liquid Assets	2,618,384	635,283	150,754	54,565
Net Current Assets/(Liabilities)	2,618,384	635,283	150,754	54,565
Net Tangible Assets	2,739,837	687,417	157,412	54,565
Net Monetary Assets	2,618,384	635,283	150,754	(304,487)
PROFIT & LOSS ITEMS
Earnings Before Interest & Tax (EBIT)	2,076,775	560,533	-	-
Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)	2,103,038	562,427	-	-
BALANCE SHEET ITEMS
Total Borrowings	0	0	-	-
Total Liabilities	6,621,689	8,238,484	2,818,922	1,558,898
Total Assets	9,361,526	8,925,901	2,976,334	1,254,411
Net Assets	2,739,837	687,417	157,412	54,565
Net Assets Backing	2,739,837	687,417	157,412	(304,487)
Shareholders' Funds	2,739,837	687,417	157,412	(304,487)
Total Share Capital	1	1	1	1
Total Reserves	2,739,836	687,416	157,411	(304,488)
LIQUIDITY (Times)
Cash Ratio	0.02	0.81	-	-
Liquid Ratio	1.40	1.08	-	-
Current Ratio	1.40	1.08	1.05	1.05
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0	-	-
Debtors Ratio	0	2	-	-
Creditors Ratio	0	1	-	-
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00	-	-
Liabilities Ratio	2.42	11.98	17.91	(5.12)
Times Interest Earned Ratio	0.00	0.00	-	-
Assets Backing Ratio	2,739,837.00	687,417.00	157,412.00	54,565.00
PERFORMANCE RATIO (%)
Operating Profit Margin	0.28	0.12	0.14	1.33
Net Profit Margin	0.27	0.12	0.14	1.33
Return On Net Assets	75.80	81.54	293.43	4,681.69
Return On Capital Employed	75.80	81.54	293.43	4,681.69
Return On Shareholders' Funds/Equity	74.91	81.54	293.43	(838.97)
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.65.98
UK Pound	1	Rs.100.11
Euro	1	Rs.70.35

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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