MIRA INFORM REPORT

Report No. :	347363
Report Date :	29.10.2015

IDENTIFICATION DETAILS

Name :	CALGON CARBON ASIA PTE LTD
Registered Office :	9, Temasek Boulevard, 26-02, Suntec Tower Two, 038989
Country :	Singapore
Financials (as on) :	31.12.2014
Date of Incorporation :	28.05.1997
Com. Reg. No.:	199703581-D
Legal Form :	Private Limited
Line of Business :	Subject is engaged in trading of equipments related to water purifications.
No. of Employees :	10

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
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.	:	199703581-D
COMPANY NAME	:	CALGON CARBON ASIA PTE LTD
FORMER NAME	:	N/A
INCORPORATION DATE	:	28/05/1997
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	9, TEMASEK BOULEVARD, 26-02, SUNTEC TOWER TWO, 038989, SINGAPORE.
BUSINESS ADDRESS	:	9 TEMASEK BOULEVARD #26-02 SUNTEC TOWER TWO, 038989, SINGAPORE.
TEL.NO.	:	65-62213500
FAX.NO.	:	65-62213554
WEB SITE	:	WWW.CALGONCARBON.COM
CONTACT PERSON	:	TAY TUAN LENG ( DIRECTOR )
PRINCIPAL ACTIVITY	:	TRADING OF EQUIPMENTS RELATED TO WATER PURIFICATIONS
ISSUED AND PAID UP CAPITAL	:	3.00 ORDINARY SHARE, OF A VALUE OF SGD 3.00
SALES	:	SGD 44,299,559 [2014]
NET WORTH	:	SGD 8,686,518 [2014]
STAFF STRENGTH	:	10 [2015]
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	STRONG
PAYMENT	:	GOOD
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 equipments related to water purifications.

The ultimate holding company of the Subject is CALGON CARBON CORPORATION, a company incorporated in UNITED STATES.

Share Capital History

Date	Issue & Paid Up Capital
04/09/2015	SGD 3.00

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

Current Shareholder(s) :

Name	Address	IC/PP/Loc No	Shareholding	(%)
CALGON CARBON CORPORATION	3000, GSK DRIVE, MOON TOWNSHIP, PA 15108, UNITED STATES.	T05UF2769G	3.00	100.00
			---------------	------
			3.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	TAY TUAN LENG
Address	:	469B, SENGKANG WEST WAY, 19-614, 792469, SINGAPORE.
IC / PP No	:	S7432140B
Nationality	:	SINGAPOREAN
Date of Appointment	:	01/06/2014

DIRECTOR 2

Name Of Subject	:	JAMES ANDREW COCCAGNO
Address	:	1140, SURREY WOODS ROAD, BETHEL PARK PA 15143, UNITED STATES.
IC / PP No	:	476264316
Nationality	:	AMERICAN
Date of Appointment	:	01/01/2015

DIRECTOR 3

Name Of Subject	:	STEVAN RICHARD SCHOTT
Address	:	615, FLYNN DRIVE, CORAOPOLIS, PENNSYLVANIA, 15108, UNITED STATES.
IC / PP No	:	436199075
Nationality	:	AMERICAN
Date of Appointment	:	01/01/2012

MANAGEMENT

1)	Name of Subject	:	TAY TUAN LENG
	Position	:	DIRECTOR

AUDITOR

Auditor	:	DELOITTE & TOUCHE LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	LEE BEE FONG
	IC / PP No	:	S7376654J
	Address	:	118D, JALAN MEMBINA, 07-103, 164118, SINGAPORE.

2)	Company Secretary	:	MS. NOR HAFIZA ALWI
	IC / PP No	:	S1788401G
	Address	:	2, GHIM MOH ROAD, 07-318, 270002, 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	[	]	Good 31-60 Days	[	X	]	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 TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Goods Traded

:

WATER PURIFICATION EQUIPMENT

Total Number of Employees:
YEAR	2015	2014
GROUP	N/A	N/A
COMPANY	10	10

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) trading of equipments related to water purifications. 

The Subject sells filters, purifiers, separators and filtration equipments. 

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-62213500
Match	:	N/A
Address Provided by Client	:	9 TEMASEK BOULEVARD 26-02 SUNTEC TOWER TWO,038989,SINGAPORE
Current Address	:	9 TEMASEK BOULEVARD #26-02 SUNTEC TOWER TWO, 038989, SINGAPORE.
Match	:	YES

Other Investigations

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

FINANCIAL ANALYSIS

Profitability
Turnover	:	Erratic	[	2010 - 2014	]
Profit/(Loss) Before Tax	:	Increased	[	2010 - 2014	]
Return on Shareholder Funds	:	Favourable	[	45.48%	]
Return on Net Assets	:	Favourable	[	53.03%	]
The fluctuating turnover reflects the fierce competition among the existing and new market players.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	:	Favourable	[	4 Days	]
Debtor Ratio	:	Unfavourable	[	103 Days	]
Creditors Ratio	:	Favourable	[	10 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	[	1.56 Times	]
Current Ratio	:	Unfavourable	[	1.59 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 :
Although the turnover was erratic, the Subject had maintained a steady growth in its profit. This indicate the management's efficiency in controlling its costs and profitability. 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 :	2010	2011	2012	2013	2014
Population (Million)	5.08	5.18	5.31	5.40	5.47
Gross Domestic Products ( % )	14.5	4.9	1.3	3.7	(3.5)
Consumer Price Index	2.8	5.2	4.6	2.4	2.4
Total Imports (Million)	423,221.8	459,655.1	474,554.0	466,762.0	463,779.1
Total Exports (Million)	478,840.7	514,741.2	510,329.0	513,391.0	518,922.7
Unemployment Rate (%)	2.2	2.1	2.0	1.9	1.9
Tourist Arrival (Million)	11.64	13.17	14.49	15.46	15.01
Hotel Occupancy Rate (%)	85.6	86.5	86.4	86.3	85.5
Cellular Phone Subscriber (Million)	1.43	1.50	1.52	1.97	1.98
Registration of New Companies (No.)	29,798	32,317	31,892	37,288	41,589
Registration of New Companies (%)	12.8	8.5	(1.3)	9.8	11.5
Liquidation of Companies (No.)	15,126	19,005	17,218	17,369	18,767
Liquidation of Companies (%)	(32.5)	25.6	9.4	(5.3)	8.0
Registration of New Businesses (No.)	23,978	23,494	24,788	22,893	35,773
Registration of New Businesses (%)	(10.78)	2.02	5.51	1.70	56.30
Liquidation of Businesses (No.)	24,211	23,005	22,489	22,598	22,098
Liquidation of Businesses (%)	2.8	(5)	(2.2)	0.5	(2.2)
Bankruptcy Orders (No.)	1,537	1,527	1,748	1,992	1,757
Bankruptcy Orders (%)	(25.3)	(0.7)	14.5	14.0	(11.8)
Bankruptcy Discharges (No.)	2,252	1,391	1,881	2,584	3,546
Bankruptcy Discharges (%)	(26.3)	(38.2)	35.2	37.4	37.2
INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	(0.48)	4.25	3.64	-
Fish Supply & Wholesale	(10.5)	12.10	(0.5)	-	2.80
Manufacturing *	92.8	100.0	100.3	102.0
Food, Beverages & Tobacco	96.4	100.0	103.5	103.5	105.0
Textiles	122.1	100.0	104.0	87.1	74.9
Wearing Apparel	123.3	100.0	92.1	77.8	49.5
Leather Products & Footwear	81.8	100.0	98.6	109.8	95.9
Wood & Wood Products	104.0	100.0	95.5	107.4	112.0
Paper & Paper Products	106.1	100.0	97.4	103.2	103.4
Printing & Media	103.5	100.0	93.0	86.1	80.3
Crude Oil Refineries	95.6	100.0	99.4	93.5	85.6
Chemical & Chemical Products	97.6	100.0	100.5	104.1	114.0
Pharmaceutical Products	75.3	100.0	109.7	107.2	115.7
Rubber & Plastic Products	112.3	100.0	96.5	92.9	92.8
Non-metallic Mineral	92.5	100.0	98.2	97.6	82.2
Basic Metals	102.2	100.0	90.6	76.5	98.3
Fabricated Metal Products	103.6	100.0	104.3	105.1	105.1
Machinery & Equipment	78.5	100.0	112.9	114.5	124.0
Electrical Machinery	124.1	100.0	99.3	108.5	121.3
Electronic Components	113.6	100.0	90.6	94.3	95.0
Transport Equipment	94.0	100.0	106.3	107.5	103.2
Construction	14.20	20.50	28.70	-	22.00
Real Estate	21.3	25.4	31.9	-	145.1
Services
Electricity, Gas & Water	4.00	7.00	6.30	-
Transport, Storage & Communication	12.80	7.40	5.30	-	14.20
Finance & Insurance	(0.4)	8.90	0.50	-	6.00
Government Services	9.70	6.90	6.00	-
Education Services	(0.9)	(1.4)	0.30	-	5.98
* 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 1997, the Subject is a Private Limited company, focusing on trading of equipments related to water purifications. Having been in the industry for over a decade, the Subject has achieved a certain market share and has built up a satisfactory reputation in the market. It should have received supports from its regular customers. Presently, the issued and paid up capital of the Subject stands at SGD 3. However, with a strong backing from its shareholder, the Subject enjoys timely financial assistance should the needs arise. 

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 small company, the Subject's business operation is supported by 10 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 SGD 8,686,518, 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 ind4.gupta@canarabank.com

" is "
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. 

In view of the above favourable condition, we recommend credit be proceeded to the Subject with favourable term.

PROFIT AND LOSS ACCOUNT

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

CALGON CARBON ASIA PTE LTD

Financial Year End	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31
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	SUMMARY
Currency	SGD	SGD	SGD	SGD	SGD
TURNOVER	44,299,559	27,954,290	32,519,781	25,747,045	18,522,787
	----------------	----------------	----------------	----------------	----------------
Total Turnover	44,299,559	27,954,290	32,519,781	25,747,045	18,522,787
Costs of Goods Sold	(36,252,837)	(23,056,628)	(27,508,719)	(21,993,599)	-
	----------------	----------------	----------------	----------------	----------------
Gross Profit	8,046,722	4,897,662	5,011,062	3,753,446	-
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	4,606,393	1,458,082	1,504,014	1,305,974	826,444
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	4,606,393	1,458,082	1,504,014	1,305,974	826,444
Taxation	(655,994)	(179,395)	(333,080)	(75,009)	(133,887)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	3,950,399	1,278,687	1,170,934	1,230,965	692,557
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	4,736,116	3,457,429	2,286,495	1,055,530	362,973
	----------------	----------------	----------------	----------------	----------------
As restated	4,736,116	3,457,429	2,286,495	1,055,530	362,973
	----------------	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	8,686,515	4,736,116	3,457,429	2,286,495	1,055,530
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	8,686,515	4,736,116	3,457,429	2,286,495	1,055,530
	=============	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
DEPRECIATION (as per notes to P&L)	43,538	34,668	64,054	15,461	-
	----------------	----------------	----------------	----------------	----------------
	43,538	34,668	64,054	15,461	-
	=============	=============	=============	=============

BALANCE SHEET

CALGON CARBON ASIA PTE LTD

ASSETS EMPLOYED:
FIXED ASSETS	113,228	97,638	129,572	173,576	189,037
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	113,228	97,638	129,572	173,576	189,037
Stocks	430,750	179,410	71,431	408,097	-
Trade debtors	12,466,046	3,302,563	7,994,786	3,560,670	-
Other debtors, deposits & prepayments	154,419	302,672	97,836	59,472	-
Amount due from holding company	184,721	206,920	231,269	478,235	-
Amount due from related companies	-	-	188,356	-	-
Cash & bank balances	9,916,993	4,451,702	1,382,980	972,118	-
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	23,152,929	8,443,267	9,966,658	5,478,592	6,959,502
	----------------	----------------	----------------	----------------	----------------
TOTAL ASSET	23,266,157	8,540,905	10,096,230	5,652,168	7,148,539
	=============	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	1,006,695	717,555	1,916,804	775,227	-
Other creditors & accruals	483,551	274,843	281,964	109,652	-
Amounts owing to holding company	8,815,607	1,964,257	4,021,162	1,405,889	-
Amounts owing to related companies	3,494,471	537,278	69,045	974,294	-
Provision for taxation	779,315	310,853	349,823	100,608	-
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	14,579,639	3,804,786	6,638,798	3,365,670	6,093,006
	----------------	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	8,573,290	4,638,481	3,327,860	2,112,922	866,496
	----------------	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	8,686,518	4,736,119	3,457,432	2,286,498	1,055,533
	=============	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	3	3	3	3	3
	----------------	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	3	3	3	3	3
Retained profit/(loss) carried forward	8,686,515	4,736,116	3,457,429	2,286,495	1,055,530
Others	-	-	-	-	0
	----------------	----------------	----------------	----------------	----------------
TOTAL RESERVES	8,686,515	4,736,116	3,457,429	2,286,495	1,055,530
	----------------	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	8,686,518	4,736,119	3,457,432	2,286,498	1,055,533
TOTAL LONG TERM LIABILITIES	-	-	-	-	0
	----------------	----------------	----------------	----------------	----------------
	8,686,518	4,736,119	3,457,432	2,286,498	1,055,533
	=============	=============	=============	=============	=============

FINANCIAL RATIO

CALGON CARBON ASIA PTE LTD

TYPES OF FUNDS
Cash	9,916,993	4,451,702	1,382,980	972,118	-
Net Liquid Funds	9,916,993	4,451,702	1,382,980	972,118	-
Net Liquid Assets	8,142,540	4,459,071	3,256,429	1,704,825	866,496
Net Current Assets/(Liabilities)	8,573,290	4,638,481	3,327,860	2,112,922	866,496
Net Tangible Assets	8,686,518	4,736,119	3,457,432	2,286,498	1,055,533
Net Monetary Assets	8,142,540	4,459,071	3,256,429	1,704,825	866,496
PROFIT & LOSS ITEMS
Earnings Before Interest & Tax (EBIT)	0	1,458,082	1,504,014	1,305,974	-
Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)	4,649,931	1,492,750	1,568,068	1,321,435	-
BALANCE SHEET ITEMS
Total Borrowings	0	0	0	0	-
Total Liabilities	14,579,639	3,804,786	6,638,798	3,365,670	6,093,006
Total Assets	23,266,157	8,540,905	10,096,230	5,652,168	7,148,539
Net Assets	8,686,518	4,736,119	3,457,432	2,286,498	1,055,533
Net Assets Backing	8,686,518	4,736,119	3,457,432	2,286,498	1,055,533
Shareholders' Funds	8,686,518	4,736,119	3,457,432	2,286,498	1,055,533
Total Share Capital	3	3	3	3	3
Total Reserves	8,686,515	4,736,116	3,457,429	2,286,495	1,055,530
LIQUIDITY (Times)
Cash Ratio	0.68	1.17	0.21	0.29	-
Liquid Ratio	1.56	2.17	1.49	1.51	-
Current Ratio	1.59	2.22	1.50	1.63	1.14
WORKING CAPITAL CONTROL (Days)
Stock Ratio	4	2	1	6	-
Debtors Ratio	103	43	90	50	-
Creditors Ratio	10	11	25	13	-
SOLVENCY RATIOS (Times)
Gearing Ratio	0	0	0	0	-
Liabilities Ratio	1.68	0.80	1.92	1.47	5.77
Times Interest Earned Ratio	0	0	0	0	-
Assets Backing Ratio	2,895,506.00	1,578,706.33	1,152,477.33	762,166.00	351,844.33
PERFORMANCE RATIO (%)
Operating Profit Margin	10.40	5.22	4.62	5.07	4.46
Net Profit Margin	8.92	4.57	3.60	4.78	3.74
Return On Net Assets	53.03	30.79	43.50	57.12	78.30
Return On Capital Employed	53.03	30.79	43.50	57.12	78.30
Return On Shareholders' Funds/Equity	45.48	27.00	33.87	53.84	65.61
Dividend Pay Out Ratio (Times)	0	0	0	0	-
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.88
UK Pound	1	Rs.99.89
Euro	1	Rs.72.06

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	TRU

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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