MIRA INFORM REPORT

Report No. :	489575
Report Date :	08.02.2018

IDENTIFICATION DETAILS

Name :	SETSUYO ASTEC SINGAPORE PTE. LTD.
Formerly Known As :	SETSUYO ENTERPRISE (S) PTE. LTD.
Registered Office :	10, Jalan Kilang, 07-06, Sime Darby Enterprise Centre, 159410
Country :	Singapore
Financials (as on) :	31.03.2017
Date of Incorporation :	20.10.1993
Com. Reg. No.:	199306933N
Legal Form :	Private Limited (Limited By Share)
Line of Business :	The Subject is principally engaged in wholesale of electronic components.
No. of Employees :	10 [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 :	Satisfactory
Payment Behaviour :	Slow but Correct
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.	:	199306933N
COMPANY NAME	:	SETSUYO ASTEC SINGAPORE PTE. LTD.
FORMER NAME	:	SETSUYO ENTERPRISE (S) PTE. LTD. (01/08/2007)
INCORPORATION DATE	:	20/10/1993
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED (LIMITED BY SHARE)
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	10, JALAN KILANG, 07-06, SIME DARBY ENTERPRISE CENTRE, 159410, SINGAPORE.
BUSINESS ADDRESS	:	10 JALAN KILANG # 07-06, SIME DARBY ENTERPRISE CENTRE, 159410, SINGAPORE.
TEL.NO.	:	65-67331813
FAX.NO.	:	65-67331682
WEB SITE	:	WWW.SETSUYO.COM.SG
CONTACT PERSON	:	AYAHIKO HACHINO ( MANAGING DIRECTOR )
PRINCIPAL ACTIVITY	:	WHOLESALE OF ELECTRONIC COMPONENTS
ISSUED AND PAID UP CAPITAL	:	600,000.00 ORDINARY SHARE, OF A VALUE OF SGD 600,000.00
SALES	:	USD 5,853,744 [2017]
NET WORTH	:	USD 954,818 [2017]
STAFF STRENGTH	:	10 [2018]
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	LIMITED
PAYMENT	:	SLOW BUT CORRECT
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) wholesale of electronic components.

The immediate holding company of the Subject is SETSUYO ASTEC CORPORATION, a company incorporated in JAPAN.

The ultimate holding company of the Subject is MITSUBISHI ELECTRIC GROUP, a company incorporated in JAPAN.

Share Capital History

Date	Issue & Paid Up Capital
05/02/2018	SGD 600,000.00

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

Current Shareholder(s) :

Name	Address	IC/PP/Loc No	Shareholding	(%)
SETSUYO ASTEC CORPORATION	1-29, MINAMIMORIMACHI 2-CHOME, KITA-KU, OSAKA 530-0054 ,JAPAN	T05UF0200	600,000.00	100.00
			---------------	------
			600,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	YUKIO MURATA
Address	:	1-8-10, 303, TENMA, KITA-KU, OSAKA, JAPAN.
IC / PP No	:	TG8666479
Nationality	:	JAPANESE
Date of Appointment	:	04/04/2014

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	199306933N	SETSUYO ASTEC SINGAPORE PTE. LTD.	Director	04/04/2014	0.00	-	USD(116,344.00)	2017	-	05/02/2018

DIRECTOR 2

Name Of Subject	:	YASUHIRO MORITA
Address	:	1-7-21, 405, NODA-CHO, KISHIWADA OSAKA, JAPAN.
IC / PP No	:	TH3198328
Nationality	:	JAPANESE
Date of Appointment	:	04/04/2014

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	199306933N	SETSUYO ASTEC SINGAPORE PTE. LTD.	Director	04/04/2014	0.00	-	USD(116,344.00)	2017	-	05/02/2018

DIRECTOR 3

Name Of Subject	:	AYAHIKO HACHINO
Address	:	VASU THE RESIDENCE, 803, 110, SUKHUMVIT 55, THONGLOR SOI 4, SUKHUMVIT ROAD,KLONGTONNUA, WATTANA, BANGKOK, 10110, THAILAND.
IC / PP No	:	TK3951751
Nationality	:	JAPANESE
Date of Appointment	:	11/10/2013

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	199306933N	SETSUYO ASTEC SINGAPORE PTE. LTD.	Director	11/10/2013	0.00	-	USD(116,344.00)	2017	-	05/02/2018

DIRECTOR 4

Name Of Subject	:	HENG PECK HWEE @ WANG BIHUI
Address	:	100, PUNGGOL WALK, 05-03, TWIN WATERFALLS, 828790, SINGAPORE.
IC / PP No	:	S7308421J
Nationality	:	SINGAPOREAN
Date of Appointment	:	24/07/2015

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	199306933N	SETSUYO ASTEC SINGAPORE PTE. LTD.	Director	24/07/2015	0.00	-	USD(116,344.00)	2017	-	05/02/2018

MANAGEMENT

1)	Name of Subject	:	AYAHIKO HACHINO
	Position	:	MANAGING DIRECTOR

AUDITOR

Auditor	:	PRICEWATERHOUSECOOPERS LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	CHAN LAI YIN
	IC / PP No	:	S7480587F
	Address	:	26, SIMEI STREET 1, 11-08, MELVILLE PARK, 529947, SINGAPORE.

2)	Company Secretary	:	SELENA LEONG SIEW TEE
	IC / PP No	:	S7188506B
	Address	:	80, ROBINSON ROAD, 02-00, 068898, 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	:	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 TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Goods Traded

:

ELECTRONIC COMPONENTS

Total Number of Employees:
YEAR	2018	2015
GROUP	N/A	N/A
COMPANY	10	10

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) wholesale of electronic components.

The Subject deals with Semiconductors and electronic components and Factory Automation related products

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-67331813
Match	:	N/A
Address Provided by Client	:	10 JALAN KILANG # 07-06, SIME DARBY ENTERPRISE CENTRE, 159410
Current Address	:	10 JALAN KILANG # 07-06, SIME DARBY ENTERPRISE CENTRE, 159410, SINGAPORE.
Match	:	YES

Other Investigations

We contacted one of the staff from the Subject and he only provided limited information.

The Subject refused to disclose its bankers.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Decreased	[	2012 - 2017	]
Profit/(Loss) Before Tax	:	Decreased	[	2012 - 2017	]
Return on Shareholder Funds	:	Unfavourable	[	(12.18%)	]
Return on Net Assets	:	Unfavourable	[	(11.36%)	]
The continuous fall in turnover could be due to the lower demand for the Subject's products / services.The Subject incurred losses during the year due to the inefficient control of its operating costs. The Subject's unfavourable returns on shareholders' funds indicate the management's inefficiency in utilising its assets to generate returns.
Working Capital Control
Stock Ratio	:	Favourable	[	33 Days	]
Debtor Ratio	:	Favourable	[	45 Days	]
Creditors Ratio	:	Favourable	[	35 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	:	Favourable	[	1.21 Times	]
Current Ratio	:	Unfavourable	[	1.50 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	:	Unfavourable	[	(9.76 Times)	]
Gearing Ratio	:	Favourable	[	0.00 Times	]
The Subject incurred losses in the year. It did not generate sufficient income to service its interest.  If the situation does not improve, the Subject may be vulnerable to default in servicing the interest. 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 :
The Subject's losses could be attributed to the lower turnover which in turn could be the result of unfavourable market conditions. 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's interest cover was negative, indicating that it did not generate sufficient income to service its interest. If its result does not show impressive improvements or succeed obtaining short term financing or capital injection, it may not be able to service its interest and repay the loans. 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 : LIMITED

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 1993, the Subject is a Private Limited company, focusing on wholesale of electronic components. 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. Presently, the issued and paid up capital of the Subject stands at SGD 600,000. 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 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.

Due to the challenging market conditions, the Subject's business performance seems to be deteriorating and losses incurred. The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. 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.

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 normally.

PROFIT AND LOSS ACCOUNT

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

SETSUYO ASTEC SINGAPORE PTE. LTD.

Financial Year End	2017-03-31	2016-03-31
Months	12	12
Consolidated Account	Company	Company
Audited Account	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES
Financial Type	FULL	FULL
Currency	USD	USD
TURNOVER	5,853,744	13,314,385
Other Income	62,003	(6,308)
	----------------	----------------
Total Turnover	5,915,747	13,308,077
Costs of Goods Sold	(5,319,669)	(12,194,278)
	----------------	----------------
Gross Profit	596,078	1,113,799
	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	(119,548)	22,544
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	(119,548)	22,544
Taxation	3,204	-
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	(116,344)	22,544
	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	700,318	677,774
	----------------	----------------
As restated	700,318	677,774
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	583,974	700,318
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	583,974	700,318
	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Loan from holding company	11,107	22,454
	----------------	----------------
	11,107	22,454
	=============	=============
DEPRECIATION (as per notes to P&L)	32,716	34,442
	----------------	----------------
Total Amortization And Depreciation	32,716	34,442
	=============	=============

BALANCE SHEET

SETSUYO ASTEC SINGAPORE PTE. LTD.

ASSETS EMPLOYED:
FIXED ASSETS	30,087	62,803
LONG TERM INVESTMENTS/OTHER ASSETS
Others	35,781	57,418
	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	35,781	57,418
	----------------	----------------
TOTAL LONG TERM ASSETS	65,868	120,221
CURRENT ASSETS
Stocks	525,702	536,563
Trade debtors	715,061	1,355,350
Other debtors, deposits & prepayments	27,166	36,825
Short term deposits	120,000	120,000
Amount due from related companies	144,602	309,846
Cash & bank balances	1,125,623	1,427,964
	----------------	----------------
TOTAL CURRENT ASSETS	2,658,154	3,786,548
	----------------	----------------
TOTAL ASSET	2,724,022	3,906,769
	=============	=============
CURRENT LIABILITIES
Trade creditors	510,736	445,374
Other creditors & accruals	31,220	104,763
Deposits from customers	-	38,986
Amounts owing to holding company	899,464	1,341,186
Amounts owing to related companies	304,764	877,865
Provision for taxation	23,020	23,020
	----------------	----------------
TOTAL CURRENT LIABILITIES	1,769,204	2,831,194
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	888,950	955,354
	----------------	----------------
LONG TERM LIABILITIES
Deferred taxation	-	4,413
	----------------	----------------
TOTAL LONG TERM LIABILITIES	-	4,413
	----------------	----------------
TOTAL NET ASSETS	954,818	1,071,162
	=============	=============
SHARE CAPITAL
Ordinary share capital	370,844	370,844
	----------------	----------------
TOTAL SHARE CAPITAL	370,844	370,844
RESERVES
Retained profit/(loss) carried forward	583,974	700,318
Others	-	0
	----------------	----------------
TOTAL RESERVES	583,974	700,318
	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	954,818	1,071,162
	=============	=============

FINANCIAL RATIO

SETSUYO ASTEC SINGAPORE PTE. LTD.

TYPES OF FUNDS
Cash	1,245,623	1,547,964
Net Liquid Funds	1,245,623	1,547,964
Net Liquid Assets	363,248	418,791
Net Current Assets/(Liabilities)	888,950	955,354
Net Tangible Assets	954,818	1,071,162
Net Monetary Assets	363,248	414,378
PROFIT & LOSS ITEMS
Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)	(75,725)	79,440
BALANCE SHEET ITEMS
Total Liabilities	1,769,204	2,835,607
Total Assets	2,724,022	3,906,769
Net Assets	954,818	1,071,162
Net Assets Backing	954,818	1,071,162
Shareholders' Funds	954,818	1,071,162
Total Share Capital	370,844	370,844
Total Reserves	583,974	700,318
GROWTH RATIOS (Year on Year) (%)
Revenue	(56.03)	(40.34)
Proft/(Loss) Before Tax	(630.29)	117.36
Proft/(Loss) After Tax	(616.08)	117.36
Total Assets	(72.77)	(60.95)
Total Liabilities	(79.26)	(66.75)
LIQUIDITY (Times)
Cash Ratio	0.70	0.55
Liquid Ratio	1.21	1.15
Current Ratio	1.50	1.34
WORKING CAPITAL CONTROL (Days)
Stock Ratio	33	15
Debtors Ratio	45	37
Creditors Ratio	35	13
SOLVENCY RATIOS (Times)
Liabilities Ratio	1.85	2.65
Times Interest Earned Ratio	(9.76)	2.00
Assets Backing Ratio	2.57	2.89
PERFORMANCE RATIO (%)
Operating Profit Margin	(2.04)	0.17
Net Profit Margin	(1.99)	0.17
Return On Net Assets	(11.36)	4.20
Return On Capital Employed	(11.36)	4.18
Return On Shareholders' Funds/Equity	(12.18)	2.10

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.14
UK Pound	1	INR 89.50
Euro	1	INR 79.43
SGD	1	INR 48.42

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

INFORMATION DETAILS

Analysis Done by :	PRA
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.