MIRA INFORM REPORT

Report No. :	489643
Report Date :	06.02.2018

IDENTIFICATION DETAILS

Name :	AUDEMARS PIGUET (SINGAPORE) PTE LTD
Registered Office :	14, Kung Chong Road, 04-01, Lum Chang Building, 159150
Country :	Singapore
Financials (as on) :	31.12.2016
Date of Incorporation :	17.12.1990
Com. Reg. No.:	199006205E
Legal Form :	Private Limited (Limited By Share)
Line of Business :	The Subject is principally engaged in trading of watches and its related products.
No. of Employees :	22 [2018]

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

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

Country Name	Previous Rating (30.06.2017)	Current Rating (30.09.2017)
Singapore	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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. Growth in 2014-17 was slower than during the previous decade, at under 3% annually, 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 growth, and increasing Singaporean wages. Singapore has attracted major investments in advanced manufacturing, pharmaceuticals, and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and technology hub. Singapore is a member of the Regional Comprehensive Economic Partnership negotiations with the nine other ASEAN members plus Australia, China, India, Japan, South Korea, and New Zealand. In 2015, Singapore formed, with the other ASEAN members, the ASEAN Economic Community.

Source : CIA

EXECUTIVE SUMMARY

REGISTRATION NO.	:	199006205E
COMPANY NAME	:	AUDEMARS PIGUET (SINGAPORE) PTE LTD
FORMER NAME	:	N/A
INCORPORATION DATE	:	17/12/1990
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED (LIMITED BY SHARE)
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	14, KUNG CHONG ROAD, 04-01, LUM CHANG BUILDING, 159150, SINGAPORE.
BUSINESS ADDRESS	:	14 KUNG CHONG ROAD #04-01 LUM CHANG BUILDING, 159150, SINGAPORE.
TEL.NO.	:	65-62386678
FAX.NO.	:	65-62386676
WEB SITE	:	WWW.AUDEMARSPIGUET.COM
CONTACT PERSON	:	SUNIL TISSA AMARASURIYA ( DIRECTOR )
PRINCIPAL ACTIVITY	:	TRADING OF WATCHES AND ITS RELATED PRODUCTS
ISSUED AND PAID UP CAPITAL	:	8,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 8,000,000.00
SALES	:	SGD 131,256,166 [2016]
NET WORTH	:	SGD 24,406,737 [2016]
STAFF STRENGTH	:	22 [2018]
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	STABLE
PAYMENT	:	REGULAR
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 watches and its related products.

The immediate and ultimate holding company of the Subject is AUDEMARS PIGUET HOLDING SA, a company incorporated in SWITZERLAND.

Share Capital History

Date	Issue & Paid Up Capital
05/02/2018	SGD 8,000,000.00

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

Current Shareholder(s) :

Name	Address	IC/PP/Loc No	Shareholding	(%)
AUDEMARS PIGUET HOLDING SA	COMMUNE DU CHENIT, ROUTE DE FRANCE 16, 1348, LE BRASSUS SWITZERLAND	T06UF1542	8,000,000.00	100.00
			---------------	------
			8,000,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	OLIVIERO ROGER BOTTINELLI
Address	:	51, HOLLAND PARK, 249491, SINGAPORE.
IC / PP No	:	S7284400I
Nationality	:	SWISS
Date of Appointment	:	19/02/2000

INTEREST CHECK

Interest in companies	:	see below
Interest in business	:	none in our databank
Former interest	:	none in our databank

INTEREST IN COMPANY

No	Local No	Company	Designation	App Date	Shareholding		Profit/(loss) After Tax	Financial Year	Status	As At
					No.	%
1	199006205E	AUDEMARS PIGUET (SINGAPORE) PTE LTD	Director	19/02/2000	0.00	-	SGD10,082,121.00	2016	-	05/02/2018

DIRECTOR 2

Name Of Subject	:	SAJI STEPHANE JABBOUR
Address	:	CHEMIN DU RAYON DE SOLEIL 2, 1260, NYON, SWITZERLAND.
IC / PP No	:	X1216276
Nationality	:	SWISS
Date of Appointment	:	14/09/2009

INTEREST CHECK

Interest in companies	:	see below
Interest in business	:	none in our databank
Former interest	:	none in our databank

INTEREST IN COMPANY

No	Local No	Company	Designation	App Date	Shareholding		Profit/(loss) After Tax	Financial Year	Status	As At
					No.	%
1	199006205E	AUDEMARS PIGUET (SINGAPORE) PTE LTD	Director	14/09/2009	0.00	-	SGD10,082,121.00	2016	-	05/02/2018

DIRECTOR 3

Name Of Subject	:	SUNIL TISSA AMARASURIYA
Address	:	46, CORONATION ROAD WEST, 08-04, ASTRID MEADOWS, 269262, SINGAPORE.
IC / PP No	:	S2203994F
Nationality	:	SINGAPOREAN
Date of Appointment	:	17/12/1990

INTEREST CHECK

Interest in companies	:	see below
Interest in business	:	none in our databank
Former interest	:	none in our databank

INTEREST IN COMPANY

No	Local No	Company	Designation	App Date	Shareholding		Profit/(loss) After Tax	Financial Year	Status	As At
					No.	%
1	199006205E	AUDEMARS PIGUET (SINGAPORE) PTE LTD	Director	17/12/1990	0.00	-	SGD10,082,121.00	2016	-	05/02/2018
2	198701223G	ENVIPURE PTE. LTD.	Director	29/10/2004	0.00	-	SGD495,487.00	2014	-	08/07/2016
3	685944T	ENVIPURE SDN. BHD.	Director	22/09/2005	0.00	-	MYR(8,230,033.00)	2016	-	25/01/2018

MANAGEMENT

1)	Name of Subject	:	JONATHAN ANDREW CHARLES KING
	Position	:	CEO

2)	Name of Subject	:	SUNIL TISSA AMARASURIYA
	Position	:	DIRECTOR, MANAGING DIRECTOR

AUDITOR

Auditor	:	BDO LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	SEE LAY KOON
	IC / PP No	:	S1664086G
	Address	:	129, KIM TIAN ROAD, 10-131, 160129, SINGAPORE.

2)	Company Secretary	:	SUSAN CELINE CHAN LAI YOONG
	IC / PP No	:	S0008316Z
	Address	:	132, HILLVIEW AVENUE, 08-03, MONTROSA, 669597, SINGAPORE.

BANKING

No Banker found in our databank.

ENCUMBRANCE (S)

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

LITIGATION CHECK - SUBJECT COMPANY AS A DEFENDANT

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

No legal action was found in our databank.

No winding up petition was found in our databank.

PAYMENT RECORD

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

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 BANKERS ACCEPTANCE (BA)

OPERATIONS

Goods Traded

:

WATCHES AND ITS RELATED PRODUCTS

Total Number of Employees:
YEAR	2018
GROUP	N/A
COMPANY	22

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) trading of watches and its related products.

The Subject sells the products based on customer's demands and requirement.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	+65 6238 6678
Current Telephone Number	:	65-62386678
Match	:	YES
Address Provided by Client	:	14 KUNG CHONG ROAD #04-01, LUM CHANG BUILDING, 159150 SINGAPORE
Current Address	:	14 KUNG CHONG ROAD #04-01 LUM CHANG BUILDING, 159150, SINGAPORE.
Match	:	YES
We have contacted the Subject's Accountant and its Company Secretary for the latest financial accounts. However they have rejected our request in view of the confidentiality of the documents.

Other Investigations

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

The Subject refused to disclose its number of employees and banker information.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	2011 - 2016	]
Profit/(Loss) Before Tax	:	Increased	[	2011 - 2016	]
Return on Shareholder Funds	:	Favourable	[	41.31%	]
Return on Net Assets	:	Favourable	[	47.14%	]
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	[	42 Days	]
Debtor Ratio	:	Acceptable	[	56 Days	]
Creditors Ratio	:	Favourable	[	5 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	[	1.10 Times	]
Current Ratio	:	Unfavourable	[	1.53 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 : STABLE

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	2012	2013	2014	2015	2016*
Population (Million)	5.31	5.40	5.47	5.54	5.63
Gross Domestic Products ( % )	1.3	3.7	(3.5)	3.7	4.8
Consumer Price Index	4.6	2.4	2.4	(0.5)	(0.7)
Total Imports (Million)	474,554.0	466,762.0	463,779.1	407,767.9	398,372.0
Total Exports (Million)	510,329.0	513,391.0	518,922.7	476,285.4	468,552.0
Unemployment Rate (%)	2.0	1.9	1.9	1.9	2.1
Tourist Arrival (Million)	14.49	15.46	15.01	15.23	16.28
Hotel Occupancy Rate (%)	86.4	86.3	85.5	85.0	-
Cellular Phone Subscriber (Million)	1.52	1.97	1.98	1.99	-
Registration of New Companies (No.)	31,892	37,288	41,589	34,243	35,528
Registration of New Companies (%)	(1.3)	9.8	11.5	(17.7)	3.8
Liquidation of Companies (No.)	17,218	17,369	18,767	21,384	-
Liquidation of Companies (%)	9.4	(5.3)	8.0	13.9	-
Registration of New Businesses (No.)	24,788	22,893	35,773	28,480	33,326
Registration of New Businesses (%)	5.51	1.70	56.30	(20.39)	17.02
Liquidation of Businesses (No.)	22,489	22,598	22,098	26,116	-
Liquidation of Businesses (%)	(2.2)	0.5	(2.2)	18.2	-
Bankruptcy Orders (No.)	1,748	1,992	1,757	1,776	-
Bankruptcy Orders (%)	14.5	14.0	(11.8)	1.0	-
Bankruptcy Discharges (No.)	1,881	2,584	3,546	3,499	-
Bankruptcy Discharges (%)	35.2	37.4	37.2	(1.3)	-
INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	5.16	1.78	4.29	3.04	-
Fish Supply & Wholesale	(0.5)	(3.8)	(8.6)	(8.5)	(9.9)
Manufacturing #
Food, Beverages & Tobacco	97.9	97.9	99.4	100.0	103.7
Textiles	140.1	119.5	102.7	100.0	93.3
Wearing Apparel	395.4	334.1	212.6	100.0	80.3
Leather Products & Footwear	109.5	122.0	106.5	100.0	93.2
Wood & Wood Products	93.3	103.0	107.2	100.0	90.5
Paper & Paper Products	98.5	104.4	104.5	100.0	99.7
Printing & Media	122.8	113.8	105.968	100.0	86.9
Crude Oil Refineries	107.1	100.7	92.2	100.0	100.5
Chemical & Chemical Products	85.3	88.4	96.7	100.0	97.6
Pharmaceutical Products	103.8	101.421	109.4	100.0	115.9
Rubber & Plastic Products	113.5	109.497	109.2	100.0	87.9
Non-metallic Mineral	108.8	107.4	90.759	100.0	93.6
Basic Metals	91.5	77.2	99.3	100.0	113.1
Fabricated Metal Products	107.314	107.5	107.757	100.0	91.7
Machinery & Equipment	107.3	109.1	118.2	100.0	79.3
Electrical Machinery	80.102	87.4	97.871	100.0	99.3
Electronic Components	100.7	105.0	105.6	100.0	106.3
Transport Equipment	109.9	111.1	106.68	100.0	98.7
Construction	28.70	25.40	22.00	-	-
Real Estate	31.9	88.5	145.1	-	-
Services
Electricity, Gas & Water	6.30	6.70	6.50	-	-
Transport, Storage & Communication	5.30	9.80	14.20	-	-
Finance & Insurance	0.50	3.30	6.00	-	7.40
Government Services	6.00	6.50	6.30	-	-
Education Services	0.30	3.10	5.98	-	2.40
* Estimate / Preliminary
# Based on Index of Industrial Production (2015 = 100)

INDUSTRY ANALYSIS

INDUSTRY :	TRADING
The wholesale & retail trade sector expanded by 6.8% in the third quarter of 2015, higher than the 6.0% growth in the preceding quarter. Growth was supported by both the wholesale trade and retail trade segments. The wholesale trade segment was boosted by an increase in both domestic and foreign wholesale trade sales volume. In particular, the domestic wholesale trade index rose by 7.4%, following the 8.1 % increase in the previous quarter. The strong performance in domestic wholesale trade was due to a surge in the sales of petroleum and petroleum products (14%), chemicals & chemical products (39%) and telecommunications & computers (18%).
Similarly, the foreign wholesale trade index rose by 10% in the third quarter of 2015, accelerating from the 6.9% rise in the previous quarter. Growth was driven by improvements in the sales of petroleum & petroleum products (21%), metals, timber & construction materials (10%) and general wholesale trade (8.8%).
Overall retail trade sales volume also recorded resilient growth of 5.6% in the third quarter of 2015, extending the 6.4 % expansion in the second quarter. Growth was supported by a surge in the volume of motor vehicle sales (44%), which was in turn due to a substantial increase in the supply of Certificate of Entitlements. Excluding motor vehicles, retail sales volume increased at a much slower pace of 0.7% over the same period. The increase in retail sales volume (excluding motor vehicles) was due to improved non-discretionary goods sales. For instance, the sales of medical goods & toiletries and department store goods rose by 8.1% and 3.6% respectively.
According to the Retail News Asia, Food and beverage has overtaken fashion as the primary driver of demand for retail real estate in Singapore. Despite declining retail sales and consumer spending, the prime retail sector remained in good shape during the third quarter 2015.
OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 1990, the Subject is a Private Limited company, focusing on trading of watches and its related products. The Subject has been in business for over two decades. It has built up a strong clientele base and satisfactory reputation will enable the Subject to further enhance its business in the near term.  The Subject is expected to enjoy a stable market shares. A paid up capital of SGD 1,000,000 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.

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 22 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 24,406,737, 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 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.

AUDEMARS PIGUET (SINGAPORE) PTE LTD

Financial Year End	2016-12-31	2015-12-31
Months	12	12
Consolidated Account	Company	Company
Audited Account	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES
Financial Type	FULL	FULL
Currency	SGD	SGD
TURNOVER	131,256,166	107,419,398
Other Income	3,049,121	303,737
	----------------	----------------
Total Turnover	134,305,287	107,723,135
Costs of Goods Sold	(105,020,020)	(85,499,981)
	----------------	----------------
Gross Profit	29,285,267	22,223,154
	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	11,506,221	6,549,007
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	11,506,221	6,549,007
Taxation	(1,424,100)	(980,879)
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	10,082,121	5,568,128
	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	18,324,616	12,756,488
	----------------	----------------
As restated	18,324,616	12,756,488
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	28,406,737	18,324,616
DIVIDENDS - Ordinary (paid & proposed)	(12,000,000)	-
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	16,406,737	18,324,616
	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Loan from holding company	-	40,343
	----------------	----------------
	-	40,343
	-	=============
DEPRECIATION (as per notes to P&L)	2,377,537	1,340,231
	----------------	----------------
Total Amortization And Depreciation	2,377,537	1,340,231
	=============	=============

BALANCE SHEET

AUDEMARS PIGUET (SINGAPORE) PTE LTD

ASSETS EMPLOYED:
FIXED ASSETS	5,937,412	7,493,710
LONG TERM INVESTMENTS/OTHER ASSETS
Associated companies	-	1,435,710
	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	-	1,435,710
	----------------	----------------
TOTAL LONG TERM ASSETS	5,937,412	8,929,420
CURRENT ASSETS
Stocks	15,088,351	18,773,501
Trade debtors	20,130,103	7,369,289
Other debtors, deposits & prepayments	949,387	1,568,181
Amount due from holding company	-	13,170
Amount due from related companies	629,878	257,119
Amount due from associated companies	-	1,882,580
Cash & bank balances	17,343,100	9,775,351
Dividend Received	-	540,256
	----------------	----------------
TOTAL CURRENT ASSETS	54,140,819	40,179,447
	----------------	----------------
TOTAL ASSET	60,078,231	49,108,867
	=============	=============
CURRENT LIABILITIES
Trade creditors	1,541,559	261,407
Other creditors & accruals	5,313,741	3,012,621
Amounts owing to holding company	-	3,718
Amounts owing to related companies	27,097,690	18,380,758
Provision for taxation	1,423,863	834,007
	----------------	----------------
TOTAL CURRENT LIABILITIES	35,376,853	22,492,511
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	18,763,966	17,686,936
	----------------	----------------
LONG TERM LIABILITIES
Deferred taxation	294,641	291,740
	----------------	----------------
TOTAL LONG TERM LIABILITIES	294,641	291,740
	----------------	----------------
TOTAL NET ASSETS	24,406,737	26,324,616
	=============	=============
SHARE CAPITAL
Ordinary share capital	8,000,000	8,000,000
	----------------	----------------
TOTAL SHARE CAPITAL	8,000,000	8,000,000
RESERVES
Retained profit/(loss) carried forward	16,406,737	18,324,616
	----------------	----------------
TOTAL RESERVES	16,406,737	18,324,616
	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	24,406,737	26,324,616
	=============	=============

FINANCIAL RATIO

AUDEMARS PIGUET (SINGAPORE) PTE LTD

TYPES OF FUNDS
Cash	17,343,100	9,775,351
Net Liquid Funds	17,343,100	9,775,351
Net Liquid Assets	3,675,615	(1,086,565)
Net Current Assets/(Liabilities)	18,763,966	17,686,936
Net Tangible Assets	24,406,737	26,324,616
Net Monetary Assets	3,380,974	(1,378,305)
PROFIT & LOSS ITEMS
Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)	13,883,758	7,929,581
BALANCE SHEET ITEMS
Total Liabilities	35,671,494	22,784,251
Total Assets	60,078,231	49,108,867
Net Assets	24,406,737	26,324,616
Net Assets Backing	24,406,737	26,324,616
Shareholders' Funds	24,406,737	26,324,616
Total Share Capital	8,000,000	8,000,000
Total Reserves	16,406,737	18,324,616
GROWTH RATIOS (Year on Year) (%)
Revenue	22.19	31.49
Proft/(Loss) Before Tax	75.69	20.65
Proft/(Loss) After Tax	81.07	17.92
Total Assets	30.10	6.35
Total Liabilities	40.33	(10.37)
LIQUIDITY (Times)
Cash Ratio	0.49	0.43
Liquid Ratio	1.10	0.95
Current Ratio	1.53	1.79
WORKING CAPITAL CONTROL (Days)
Stock Ratio	42	64
Debtors Ratio	56	25
Creditors Ratio	5	1
SOLVENCY RATIOS (Times)
Liabilities Ratio	1.46	0.87
Times Interest Earned Ratio	-	163.33
Assets Backing Ratio	3.05	3.29
PERFORMANCE RATIO (%)
Operating Profit Margin	8.77	6.10
Net Profit Margin	7.68	5.18
Return On Net Assets	47.14	25.03
Return On Capital Employed	46.58	24.76
Return On Shareholders' Funds/Equity	41.31	21.15
Dividend Pay Out Ratio (Times)	1.19	-

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.03
UK Pound	1	INR 90.40
Euro	1	INR 79.73
SGD	1	INR 48.62

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	NIY
Report Prepared by :	SYL

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.