MIRA INFORM REPORT

Report No. :	339298
Report Date :	07.09.2015

IDENTIFICATION DETAILS

Name :	HUSKY INJECTION MOLDING SYSTEMS SINGAPORE PTE. LTD.
Registered Office :	67, UBI Avenue 1, 06-11, Starhub Green, 408942
Country :	Singapore
Financials (as on) :	31.12.2014
Date of Incorporation :	04.10.1994
Com. Reg. No.:	199407150-K
Legal Form :	Private Limited
Line of Business :	The Subject is principally engaged in the (as a / as an) injection moulding, other business support services activities.
No. of Employee :	50

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	No complaints
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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.	:	199407150-K
COMPANY NAME	:	HUSKY INJECTION MOLDING SYSTEMS SINGAPORE PTE. LTD.
FORMER NAME	:	N/A
INCORPORATION DATE	:	04/10/1994
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	67, UBI AVENUE 1, 06-11, STARHUB GREEN, 408942, SINGAPORE.
BUSINESS ADDRESS	:	67, UBI AVENUE 1, 06-11, STARHUB GREEN, 408942, SINGAPORE.
TEL.NO.	:	65-62768616
FAX.NO.	:	65-65425938
CONTACT PERSON	:	ISAAC CHENG ( DIRECTOR )
PRINCIPAL ACTIVITY	:	INJECTION MOULDING, OTHER BUSINESS SUPPORT SERVICES ACTIVITIES
ISSUED AND PAID UP CAPITAL	:	11,037,086.00 ORDINARY SHARE, OF A VALUE OF SGD 28,458,284.51
SALES	:	USD 123,738,134 [2014]
NET WORTH	:	USD 24,945,669 [2014]
STAFF STRENGTH	:	50 [2015]
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	STABLE
PAYMENT	:	GOOD
MANAGEMENT CAPABILITY	:	AVERAGE
COMMERCIAL RISK	:	N/A
CURRENCY EXPOSURE	:	N/A
GENERAL REPUTATION	:	GOOD
INDUSTRY OUTLOOK	:	MATURE

HISTORY / BACKGROUND

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

The Subject is principally engaged in the (as a / as an) injection moulding, other business support services activities.

The immediate holding company of the Subject is HUSKY INJECTION MOLDING SYSTEMS LTD, a company incorporated in CANADA.

The ultimate holding company of the Subject is HUSKY INTERNATIONAL LTD., a company incorporated in CANADA.

Share Capital History

Date	Issue & Paid Up Capital
04/12/2014	SGD 28,458,284.51

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

Current Shareholder(s) :

Name	Address	IC/PP/Loc No	Shareholding	(%)
HUSKY INJECTION MOLDING SYSTEMS LTD	500, QUEEN STREET S BOLTON, ONTARIO, L7E 5S5, CANADA.	T08UF0159	11,037,086.00	100.00
			---------------	------
			11,037,086.00	100.00
			============	=====

+ Also Director

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

Local No	Country	Company	(%)	As At
	THAILAND	HUSKY INJECTION MOLDING SYSTEMS (THAILAND) LTD	100.00	31/12/2014
	VIETNAM	HUSKY INJECTION MOLDING SYSTEMS VIETNAM COMPANY LTD	100.00	31/12/2014
	INDIA	HUSKY INJECTION MOLDING SYSTEMS (CHENNAI) PVT LTD	99.90	31/12/2014

DIRECTORS

DIRECTOR 1

Name Of Subject	:	ISAAC CHENG
Address	:	12/FI, FLAT "F", BLOCK 12, SCENEWAY GARDEN, LAM TIN KOWLOON, HONG KONG.
IC / PP No	:	BA653600
Nationality	:	CANADIAN
Date of Appointment	:	04/11/2004

DIRECTOR 2

Name Of Subject	:	DINESH S. BUDAPANAHALLI
Address	:	HOUSE 112, PHASE 1, PALM MEADOWS, AIRPORT VARTHUR ROAD, WHITEFIELD, BANGALORE, INDIA.
IC / PP No	:	452027733
Nationality	:	AMERICAN
Date of Appointment	:	29/02/2008

DIRECTOR 3

Name Of Subject	:	MICHAEL PATRICK MCKENDRY
Address	:	6, PARK MEADOW DRIVE, CALEDON ONTARIO, L4N 1E9, CANADA.
IC / PP No	:	WG273414
Nationality	:	CANADIAN
Date of Appointment	:	31/07/2008

DIRECTOR 4

Name Of Subject	:	KARL HEINZ HOEFERT
Address	:	62, HOLLAND GROVE VIEW, 276219, SINGAPORE.
IC / PP No	:	F1246700K
Nationality	:	GERMAN
Date of Appointment	:	05/02/2012

MANAGEMENT

1)	Name of Subject	:	ISAAC CHENG
	Position	:	DIRECTOR

AUDITOR

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

COMPANY SECRETARIES

1)	Company Secretary	:	LAI HEOW YUEN
	IC / PP No	:	S7666705E
	Address	:	916, TAMPINES STREET, 91, 02-63, 520916, SINGAPORE.

2)	Company Secretary	:	GWENDOLYN YEOH SWEE HWA
	IC / PP No	:	S7265511G
	Address	:	34, UPPER CROSS STREET, 05-154, 050034, 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

Services

:

INJECTION MOULDING, OTHER BUSINESS SUPPORT SERVICES ACTIVITIES

Total Number of Employees:
YEAR	2015	2014
GROUP	N/A	N/A
COMPANY	50	100

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) injection moulding, other business support services activities.

The Group is the world's largest brand name supplier of manufacturing solutions, including tooling, systems and services, to customers in its core markets.

The Group designs and manufactures a broad range of injection molding machines, hot runners, robots, molds and integrated systems.

With one of the broadest product lines in the industry, its equipment is used to manufacture a wide range of plastic products such as bottles and caps for beverages, containers for food, automotive components, and consumer electronic parts.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	6562768616
Current Telephone Number	:	65-62768616
Match	:	YES
Address Provided by Client	:	67 UBI AVENUE 1 06-11 STARHUB GREEN,,408942,SINGAPORE
Current Address	:	67, UBI AVENUE 1, 06-11, STARHUB GREEN, 408942, SINGAPORE.
Match	:	YES

Other Investigations

On 1st September 2015 we contacted one of the staff from the Subject and she only provided limited information.

The Subject refused to disclose its bankers.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Erratic	[	2010 - 2014	]
Profit/(Loss) Before Tax	:	Increased	[	2010 - 2014	]
Return on Shareholder Funds	:	Acceptable	[	15.27%	]
Return on Net Assets	:	Acceptable	[	18.35%	]
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. The Subject's management had generated acceptable return for its shareholders using its assets.
Working Capital Control
Stock Ratio	:	Favourable	[	12 Days	]
Debtor Ratio	:	Acceptable	[	61 Days	]
Creditors Ratio	:	Favourable	[	3 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	:	Favourable	[	1.01 Times	]
Current Ratio	:	Unfavourable	[	1.10 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 : STABLE

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

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 1994, the Subject is a Private Limited company, focusing on injection moulding, other business support services activities. The Subject has been in business for over two decades. It has built up a strong clientele base and good reputation will enable the Subject to further enhance its business in the near term. The Subject is expected to enjoy a stable market shares. With an issued and paid up capital of SGD 28,458,285 and strong backing from its holding company, the Subject enjoys timely financial assistance should the needs arise. These favourable conditions has minimised its risk in the industry compared to other players.

The Subject is operating on a medium scale and it has approximately 50 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.

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. Return on shareholders' funds of the Subject was at an acceptable range which indicated that the management was efficient in utilising its funds to generate income. The Subject is in good liquidity position with its current liabilities well covered by it current assets. Hence, it has sufficient working capital to meet its short term financial obligations. Being a 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 24,945,669, 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 has reached its optimum level and is generally stable. It is saturated and very competitive. Thus, the Subject's growth prospect is very much depends on its capacity in sustaining its performance in the market.

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

PROFIT AND LOSS ACCOUNT

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

HUSKY INJECTION MOLDING SYSTEMS SINGAPORE 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	USD	USD	USD	USD	SGD
TURNOVER	123,738,134	121,869,468	149,032,732	92,046,966	106,843,046
	----------------	----------------	----------------	----------------	----------------
Total Turnover	123,738,134	121,869,468	149,032,732	92,046,966	106,843,046
Costs of Goods Sold	(109,412,294)	(107,375,459)	(128,247,711)	(78,054,097)	-
	----------------	----------------	----------------	----------------	----------------
Gross Profit	14,325,840	14,494,009	20,785,021	13,992,869	-
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	4,585,179	2,803,313	11,337,450	11,005,714	2,199,395
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	4,585,179	2,803,313	11,337,450	11,005,714	2,199,395
Taxation	(776,273)	(1,281,345)	(538,752)	(1,082,689)	(1,136,258)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	3,808,906	1,521,968	10,798,698	9,923,025	1,063,136
Pre-acquisition profit/(loss)	-	438,205	-	-	-
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS	3,808,906	1,960,173	10,798,698	9,923,025	1,063,136
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS	3,808,906	1,960,173	10,798,698	9,923,025	1,063,136
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	18,966,933	17,006,760	12,949,569	11,776,544	(5,256,901)
	----------------	----------------	----------------	----------------	----------------
As restated	18,966,933	17,006,760	12,949,569	11,776,544	(5,256,901)
	----------------	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	22,775,839	18,966,933	23,748,267	21,699,569	(4,193,765)
DIVIDENDS - Ordinary (paid & proposed)	-	-	(6,741,507)	(8,750,000)	-
DIVIDENDS - Preference	(20,000,000)	-	-	-	-
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	2,775,839	18,966,933	17,006,760	12,949,569	(4,193,765)
	=============	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
DEPRECIATION (as per notes to P&L)	257,746	171,897	254,313	528,858	-
	----------------	----------------	----------------	----------------	----------------
	257,746	171,897	254,313	528,858	-
	=============	=============	=============	=============

BALANCE SHEET

HUSKY INJECTION MOLDING SYSTEMS SINGAPORE PTE. LTD.

ASSETS EMPLOYED:
FIXED ASSETS	298,057	490,556	335,171	1,527,088	148,969,650
LONG TERM INVESTMENTS/OTHER ASSETS
Subsidiary companies	10,947,899	436,374	299,810	299,810	-
Deferred assets	-	25,670	196,337	64,462	-
Others	9,087,193	13,646,060	19,642,943	15,766,997	-
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	20,035,092	14,108,104	20,139,090	16,131,269	-
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	20,333,149	14,598,660	20,474,261	17,658,357	148,969,650
Stocks	3,977,162	11,922,981	10,524,628	15,940,003	-
Trade debtors	20,726,683	28,526,620	23,089,999	14,668,116	-
Other debtors, deposits & prepayments	1,496,986	777,478	703,400	1,332,126	-
Short term deposits	14,000,000	14,000,000	-	-	-
Amount due from holding company	3,748,876	15,075,514	52,685,761	51,763,398	-
Amount due from subsidiary companies	5,043,495	10,720,680	3,515,774	2,881,864	-
Amount due from related companies	985,835	3,990,820	537,860	107,817,006	-
Cash & bank balances	1,343,051	3,560,103	2,235,104	2,660,067	-
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	51,322,088	88,574,196	93,292,526	197,062,580	87,733,818
	----------------	----------------	----------------	----------------	----------------
TOTAL ASSET	71,655,237	103,172,856	113,766,787	214,720,937	236,703,468
	=============	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	819,592	486,836	737,912	250,634	-
Other creditors & accruals	2,636,310	2,418,074	2,240,468	1,997,993	-
Deposits from customers	12,312,433	7,167,453	6,384,126	9,727,034	-
Amounts owing to holding company	13,320,180	40,879,920	46,160,079	132,425,973	-
Amounts owing to subsidiary companies	913,652	485,604	642,315	258,613	-
Amounts owing to related companies	15,909,258	9,770,691	18,513,085	49,139,214	-
Provision for taxation	687,644	764,018	407,435	570,627	-
Other liabilities	71,757	63,497	5,728	3,964	-
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	46,670,826	62,036,093	75,091,148	194,374,052	212,438,948
	----------------	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	4,651,262	26,538,103	18,201,378	2,688,528	(124,705,130)
	----------------	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	24,984,411	41,136,763	38,675,639	20,346,885	24,264,520
	=============	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	22,169,830	22,169,830	21,668,879	7,397,316	28,458,285
	----------------	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	22,169,830	22,169,830	21,668,879	7,397,316	28,458,285
Retained profit/(loss) carried forward	2,775,839	18,966,933	17,006,760	12,949,569	(4,193,765)
	----------------	----------------	----------------	----------------	----------------
TOTAL RESERVES	2,775,839	18,966,933	17,006,760	12,949,569	(4,193,765)
	----------------	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	24,945,669	41,136,763	38,675,639	20,346,885	24,264,520
Deferred taxation	38,742	-	-	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	38,742	-	-	-	-
	----------------	----------------	----------------	----------------	----------------
	24,984,411	41,136,763	38,675,639	20,346,885	24,264,520
	=============	=============	=============	=============	=============

FINANCIAL RATIO

HUSKY INJECTION MOLDING SYSTEMS SINGAPORE PTE. LTD.

TYPES OF FUNDS
Cash	15,343,051	17,560,103	2,235,104	2,660,067	-
Net Liquid Funds	15,343,051	17,560,103	2,235,104	2,660,067	-
Net Liquid Assets	674,100	14,615,122	7,676,750	(13,251,475)	(124,705,130)
Net Current Assets/(Liabilities)	4,651,262	26,538,103	18,201,378	2,688,528	(124,705,130)
Net Tangible Assets	24,984,411	41,136,763	38,675,639	20,346,885	24,264,520
Net Monetary Assets	635,358	14,615,122	7,676,750	(13,251,475)	(124,705,130)
PROFIT & LOSS ITEMS
Earnings Before Interest & Tax (EBIT)	4,585,179	2,803,313	11,337,450	11,005,714	-
Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)	4,842,925	2,975,210	11,591,763	11,534,572	-
BALANCE SHEET ITEMS
Total Borrowings	0	0	0	0	-
Total Liabilities	46,709,568	62,036,093	75,091,148	194,374,052	212,438,948
Total Assets	71,655,237	103,172,856	113,766,787	214,720,937	236,703,468
Net Assets	24,984,411	41,136,763	38,675,639	20,346,885	24,264,520
Net Assets Backing	24,945,669	41,136,763	38,675,639	20,346,885	24,264,520
Shareholders' Funds	24,945,669	41,136,763	38,675,639	20,346,885	24,264,520
Total Share Capital	22,169,830	22,169,830	21,668,879	7,397,316	28,458,285
Total Reserves	2,775,839	18,966,933	17,006,760	12,949,569	(4,193,765)
LIQUIDITY (Times)
Cash Ratio	0.33	0.28	0.03	0.01	-
Liquid Ratio	1.01	1.24	1.10	0.93	-
Current Ratio	1.10	1.43	1.24	1.01	0.41
WORKING CAPITAL CONTROL (Days)
Stock Ratio	12	36	26	63	-
Debtors Ratio	61	85	57	58	-
Creditors Ratio	3	2	2	1	-
SOLVENCY RATIOS (Times)
Gearing Ratio	0	0	0	0	-
Liabilities Ratio	1.87	1.51	1.94	9.55	8.76
Times Interest Earned Ratio	0	0	0	0	-
Assets Backing Ratio	1.13	1.86	1.78	2.75	0.85
PERFORMANCE RATIO (%)
Operating Profit Margin	3.71	2.30	7.61	11.96	2.06
Net Profit Margin	3.08	1.61	7.25	10.78	1.00
Return On Net Assets	18.35	6.81	29.31	54.09	9.06
Return On Capital Employed	18.35	6.81	29.31	54.09	9.06
Return On Shareholders' Funds/Equity	15.27	4.77	27.92	48.77	4.38
Dividend Pay Out Ratio (Times)	0	0	0.62	0.88	-
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.40
UK Pound	1	Rs.101.19
Euro	1	Rs.73.89

INFORMATION DETAILS

Analysis Done by :	KAS
Report Prepared by :	SDA

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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