MIRA INFORM REPORT

Report No. :	339351
Report Date :	07.09.2015

IDENTIFICATION DETAILS

Name :	WILLIAMS-SONOMA SINGAPORE PTE. LTD.
Registered Office :	70, Anson Road, 25-01, Hub Synergy Point, 079905
Country :	Singapore
Financials (as on) :	02.02.2014
Date of Incorporation :	04.11.2008
Com. Reg. No.:	200821051-N
Legal Form :	Private Limited
Line of Business :	Trading of High Quality Home Appliances, Furnitures
No. of Employee :	70

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.	:	200821051-N
COMPANY NAME	:	WILLIAMS-SONOMA SINGAPORE PTE. LTD.
FORMER NAME	:	N/A
INCORPORATION DATE	:	04/11/2008
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	70, ANSON ROAD, 25-01, HUB SYNERGY POINT, 079905, SINGAPORE.
BUSINESS ADDRESS	:	70, ANSON ROAD, 25-01, HUB SYNERGY POINT, 079905, SINGAPORE.
TEL.NO.	:	65-62263235
FAX.NO.	:	65-62263832
WEB SITE	:	WWW.WILLIAMS-SONOMAINC.COM
CONTACT PERSON	:	JULIE PATENAUDE WHALEN ( DIRECTOR )
PRINCIPAL ACTIVITY	:	TRADING OF HIGH QUALITY HOME APPLIANCES, FURNITURES
ISSUED AND PAID UP CAPITAL	:	1.00 ORDINARY SHARE, OF A VALUE OF SGD 1.00 500,000.00 ORDINARY SHARE, OF A VALUE OF USD 5,000,000.00
SALES	:	USD 719,891,295 [2014]
NET WORTH	:	USD 15,022,718 [2014]
STAFF STRENGTH	:	70 [2015]
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	STABLE
PAYMENT	:	AVERAGE
MANAGEMENT CAPABILITY	:	AVERAGE
COMMERCIAL RISK	:	LOW
CURRENCY EXPOSURE	:	N/A
GENERAL REPUTATION	:	SATISFACTORY
INDUSTRY OUTLOOK	:	AVERAGE GROWTH

HISTORY / BACKGROUND

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

The Subject is principally engaged in the (as a / as an) trading of high quality home appliances, furnitures.

The immediate holding company of the Subject is WILLIAMS-SONOMA JERSEY 2 I.L.P., a company incorporated in JERSEY.

The ultimate holding company of the Subject is WILLIAMS-SONOMA INC, a company incorporated in UNITED STATES.

Share Capital History

Date	Issue & Paid Up Capital
26/08/2015	SGD 1.00 & USD 5,000,000.00

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

Current Shareholder(s) :

Name	Address	IC/PP/Loc No	Shareholding	(%)
WILLIAMS-SONOMA JERSEY 2 I.L.P. [USD: 500,000 ORDINARY SHARES & SGD: 1 ORDINARY SHARE]	38, ESPLANADE, ST HELIER, JE1, 4TR, JERSEY.	T12UF0277	500,001.00	100.00
			---------------	------
			500,001.00	100.00
			============	=====

+ Also Director

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

Local No	Country	Company	(%)	As At
201012341Z	SINGAPORE	W-S ADMINISTRATIVE SERVICES PTE. LTD.	100.00	26/08/2015

DIRECTORS

DIRECTOR 1

Name Of Subject	:	JULIE PATENAUDE WHALEN
Address	:	134, LOS TRANCOS CIRCLE, PORTOLA VALLEY, CA, 94028, UNITED STATES.
IC / PP No	:	495234927
Nationality	:	AMERICAN
Date of Appointment	:	13/10/2009

DIRECTOR 2

Name Of Subject	:	ELIZABETH ANN THOMPSON
Address	:	3, ANTHONY ROAD, 11-05, ORCHARD SCOTTS, 229953, SINGAPORE.
IC / PP No	:	G5250346P
Nationality	:	AMERICAN
Date of Appointment	:	13/06/2013

MANAGEMENT

1)	Name of Subject	:	JULIE PATENAUDE WHALEN
	Position	:	DIRECTOR

AUDITOR

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

COMPANY SECRETARIES

1)	Company Secretary	:	ANTHONY ANNE CATHARINE
	IC / PP No	:	S1347717E
	Address	:	8, LORONG 29, GEYLANG, 07-06, 388064, 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	[	]	Average 61-90 Days	[	X	]
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 LETTER OF CREDIT (LC)

OPERATIONS

Goods Traded

:

HIGH QUALITY HOME APPLIANCES, FURNITURES

Total Number of Employees:
YEAR	2015	2014
GROUP	N/A	N/A
COMPANY	70	45

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) trading of high quality home appliances, furnitures.

The Subject is engaged in retail company that sells kitchenwares, electrical appliances, furniture and linens, as well as other housewares and home furnishings, along with a variety of specialty foods, soaps and lotions.

The Subject also involved in the procurement and retail of home furnishing products.

The Subject's products are available to customers through their catalogs and online worldwide.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-62263235
Match	:	N/A
Address Provided by Client	:	70, ANSON ROAD, 25-01, HUB SYNERGY POINT,079905,SINGAPORE
Current Address	:	70, ANSON ROAD, 25-01, HUB SYNERGY POINT, 079905, SINGAPORE.
Match	:	YES

Other Investigations

On 3rd September 2015, we contacted one of the Subject's staff and she provided some information.

The Subject refused to disclose its bankers.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	2010 - 2014	]
Profit/(Loss) Before Tax	:	Increased	[	2010 - 2014	]
Return on Shareholder Funds	:	Favourable	[	30.65%	]
Return on Net Assets	:	Acceptable	[	18.39%	]
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	:	Favourable	[	15 Days	]
Debtor Ratio	:	Favourable	[	2 Days	]
Creditors Ratio	:	Favourable	[	36 Days	]
The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The favourable debtors' days could be due to the good credit control measures implemented by the Subject. The Subject had a favourable creditors' ratio where the Subject could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.
Liquidity
Liquid Ratio	:	Acceptable	[	0.89 Times	]
Current Ratio	:	Unfavourable	[	1.08 Times	]
The Subject's liquid ratio was slightly low. This could indicate that the Subject's working capital was slightly deficient. The Subject will have to improve its liquidity position either by obtaining short term financing or increase its paid up capital so that it can meet all its short term obligations as and when they fall due.
Solvency
Interest Cover	:	Favourable	[	42.88 Times	]
Gearing Ratio	:	Acceptable	[	0.97 Times	]
The interest cover showed that the Subject was able to service the interest. The favourable interest cover could indicate that the Subject was making enough profit to pay for the interest accrued. The Subject's gearing was slightly high. The Subject is utilising the leverage concept to fund its expansion. However, the high gearing has added financial risks to the Subject. It will be more vulnerable in times of economy downturn.
Overall Assessment :
Generally, the Subject's performance has improved with higher turnover and profit. The Subject's liquidity was at an acceptable range. If the Subject is able to obtain further short term financing, it should be able to meet all its short term obligations. With the favourable interest cover, the Subject could be able to service all the accrued interest without facing any difficulties. The Subject's gearing was slightly high and its financial risk was also high. If no plans are made to reduce its gearing, the Subject's performance may deteriorate in the coming year.
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
* 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 2008, the Subject is a Private Limited company, focusing on trading of high quality home appliances, furnitures. 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. A paid up capital of SGD 1 & USD 5,000,000 allows the Subject to expand its business more comfortably. 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 moderate size company, the Subject has a total workforce of 70 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. 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 managed to maintain an adequate liquidity level, indicating that the Subject has the ability to meet its financial obligations. The gearing level of the Subject is slightly high, therefore it faces moderate financial risk. Given a positive net worth standing at USD 15,022,718, the Subject should be able to maintain its business in the near terms.

The Subject's payment habit is average. With its adequate working capital, the Subject should be able to pay its short term debts.

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.

WILLIAMS-SONOMA SINGAPORE PTE. LTD.

Financial Year End	2014-02-02	2013-02-03	2012-01-29	2011-01-30	2010-01-31
Months	12	13	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	719,891,295	111,582,853	46,056,763	24,298,998	9,075,633
	----------------	----------------	----------------	----------------	----------------
Total Turnover	719,891,295	111,582,853	46,056,763	24,298,998	9,075,633
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	5,326,769	1,874,299	1,165,335	2,074,595	492,503
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	5,326,769	1,874,299	1,165,335	2,074,595	492,503
Taxation	(722,447)	(311,100)	(102,004)	(80,774)	(65,558)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	4,604,322	1,563,199	1,063,331	1,993,821	426,945
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	5,047,296	3,484,097	2,420,766	426,945	-
	----------------	----------------	----------------	----------------	----------------
As restated	5,047,296	3,484,097	2,420,766	426,945	-
	----------------	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	9,651,618	5,047,296	3,484,097	2,420,766	426,945
TRANSFER TO RESERVES - General	36,000	-	-	-	-
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	9,687,618	5,047,296	3,484,097	2,420,766	426,945
	=============	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Others	127,205	-	-	-	-
	----------------	----------------	----------------	----------------	----------------
	127,205	-	-	-	-
	=============	-	-	-	-
DEPRECIATION (as per notes to P&L)	336,833	132,497	138,606	25,740	9,775
AMORTIZATION	2,415,586	25,000	-	-	-
	----------------	----------------	----------------	----------------	----------------
	2,752,419	157,497	138,606	25,740	9,775
	=============	=============	=============	=============	=============

BALANCE SHEET

WILLIAMS-SONOMA SINGAPORE PTE. LTD.

ASSETS EMPLOYED:
FIXED ASSETS	682,846	576,868	412,539	261,628	48,934
LONG TERM INVESTMENTS/OTHER ASSETS
Subsidiary companies	3,901,979	2,701,679	700,001	1	-
Others	240,648	-	-	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	4,142,627	2,701,679	700,001	1	-
Intellectual property and license rights	12,789,414	75,000	100,000	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL INTANGIBLE ASSETS	12,789,414	75,000	100,000	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	17,614,887	3,353,547	1,212,540	261,629	48,934
Stocks	29,605,814	1,090,934	721,872	413,200	282,776
Trade debtors	3,681,772	11,047,240	3,916,536	3,086,517	5,039,402
Other debtors, deposits & prepayments	146,088	262,014	498,396	2,287,900	131,709
Amount due from holding company	102,409,607	6,996,314	-	1,709,116	-
Amount due from subsidiary companies	510,694	762,551	3,091,478	-	-
Amount due from related companies	-	-	3,426,065	-	-
Cash & bank balances	33,624,751	5,869,577	8,399,733	5,331,311	1,381,912
Others	-	-	-	-	1,219,134
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	169,978,726	26,028,630	20,054,080	12,828,044	8,054,933
	----------------	----------------	----------------	----------------	----------------
TOTAL ASSET	187,593,613	29,382,177	21,266,620	13,089,673	8,103,867
	=============	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	70,772,579	10,345,371	5,268,209	3,753,509	4,211,886
Other creditors & accruals	72,659,724	2,207,730	1,536,814	1,130,920	74,669
Other liabilities & accruals	-	-	-	-	756,052
Amounts owing to holding company	-	-	6,472,738	4,807,243	-
Amounts owing to subsidiary companies	859,520	654,577	-	-	-
Amounts owing to related companies	12,746,025	5,762,088	4,363,999	880,016	-
Provision for taxation	834,932	358,978	134,626	91,082	59,422
Other liabilities	58,604	-	-	-	2,568,756
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	157,931,384	19,328,744	17,776,386	10,662,770	7,670,785
	----------------	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	12,047,342	6,699,886	2,277,694	2,165,274	384,148
	----------------	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	29,662,229	10,053,433	3,490,234	2,426,903	433,082
	=============	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	5,000,001	5,000,001	1	1	1
	----------------	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	5,000,001	5,000,001	1	1	1
Exchange equalisation/fluctuation reserve	335,099	-	-	-	-
Retained profit/(loss) carried forward	9,687,618	5,047,296	3,484,097	2,420,766	426,945
	----------------	----------------	----------------	----------------	----------------
TOTAL RESERVES	10,022,717	5,047,296	3,484,097	2,420,766	426,945
	----------------	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	15,022,718	10,047,297	3,484,098	2,420,767	426,946
Long term loans	14,630,000	-	-	-	-
Deferred taxation	6,328	6,136	6,136	6,136	6,136
Others	3,183	-	-	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	14,639,511	6,136	6,136	6,136	6,136
	----------------	----------------	----------------	----------------	----------------
	29,662,229	10,053,433	3,490,234	2,426,903	433,082
	=============	=============	=============	=============	=============

FINANCIAL RATIO

WILLIAMS-SONOMA SINGAPORE PTE. LTD.

TYPES OF FUNDS
Cash	33,624,751	5,869,577	8,399,733	5,331,311	1,381,912
Net Liquid Funds	33,624,751	5,869,577	8,399,733	5,331,311	1,381,912
Net Liquid Assets	(17,558,472)	5,608,952	1,555,822	1,752,074	101,372
Net Current Assets/(Liabilities)	12,047,342	6,699,886	2,277,694	2,165,274	384,148
Net Tangible Assets	16,872,815	9,978,433	3,390,234	2,426,903	433,082
Net Monetary Assets	(32,197,983)	5,602,816	1,549,686	1,745,938	95,236
PROFIT & LOSS ITEMS
Earnings Before Interest & Tax (EBIT)	5,453,974	1,874,299	1,165,335	2,074,595	492,503
Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)	8,206,393	2,031,796	1,303,941	2,100,335	502,278
BALANCE SHEET ITEMS
Total Borrowings	14,630,000	0	0	0	0
Total Liabilities	172,570,895	19,334,880	17,782,522	10,668,906	7,676,921
Total Assets	187,593,613	29,382,177	21,266,620	13,089,673	8,103,867
Net Assets	29,662,229	10,053,433	3,490,234	2,426,903	433,082
Net Assets Backing	15,022,718	10,047,297	3,484,098	2,420,767	426,946
Shareholders' Funds	15,022,718	10,047,297	3,484,098	2,420,767	426,946
Total Share Capital	5,000,001	5,000,001	1	1	1
Total Reserves	10,022,717	5,047,296	3,484,097	2,420,766	426,945
LIQUIDITY (Times)
Cash Ratio	0.21	0.30	0.47	0.50	0.18
Liquid Ratio	0.89	1.29	1.09	1.16	1.01
Current Ratio	1.08	1.35	1.13	1.20	1.05
WORKING CAPITAL CONTROL (Days)
Stock Ratio	15	4	6	6	11
Debtors Ratio	2	36	31	46	203
Creditors Ratio	36	34	42	56	169
SOLVENCY RATIOS (Times)
Gearing Ratio	0.97	0	0	0	0
Liabilities Ratio	11.49	1.92	5.10	4.41	17.98
Times Interest Earned Ratio	42.88	0	0	0	0
Assets Backing Ratio	3.37	2.00	3,390,234.00	2,426,903.00	433,082.00
PERFORMANCE RATIO (%)
Operating Profit Margin	0.74	1.68	2.53	8.54	5.43
Net Profit Margin	0.64	1.40	2.31	8.21	4.70
Return On Net Assets	18.39	18.64	33.39	85.48	113.72
Return On Capital Employed	12.85	18.51	32.46	85.48	113.72
Return On Shareholders' Funds/Equity	30.65	15.56	30.52	82.36	100.00
Dividend Pay Out Ratio (Times)	0	0	0	0	0
NOTES TO ACCOUNTS
Contingent Liabilities	0	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 :	RAS
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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