MIRA INFORM REPORT

Report No. :	486656
Report Date :	19.01.2018

IDENTIFICATION DETAILS

Name :	RIKEVITA (SINGAPORE) PTE LTD
Registered Office :	41, Science Park Road, 02-01, The Gemini, 117610
Country :	Singapore
Financials (as on) :	31.03.2017
Date of Incorporation :	15.08.1994
Com. Reg. No.:	199405741D
Legal Form :	Private Limited (Limited By Share)
Line of Business :	The Subject is engaged in the trading of food, ingredients of food, vitamins, natural colour, chemicals & food supplements,development of food emulsifiers.
No. of Employees :	32

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+	Low Risk	Business dealings permissible with low 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 2014-16 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.	:	199405741D
COMPANY NAME	:	RIKEVITA (SINGAPORE) PTE LTD
FORMER NAME	:	N/A
INCORPORATION DATE	:	15/08/1994
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED (LIMITED BY SHARE)
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	41, SCIENCE PARK ROAD, 02-01, THE GEMINI, 117610, SINGAPORE.
BUSINESS ADDRESS	:	41 SCIENCE PARK ROAD 02-01 THE GEMINI SINGAPORE SCIENCE PARK II, 117610, SINGAPORE.
TEL.NO.	:	65-62983505
FAX.NO.	:	65-62983505
CONTACT PERSON	:	YOSHIHISA INUKAI ( MANAGING DIRECTOR )
PRINCIPAL ACTIVITY	:	TRADING OF FOOD, INGREDIENTS OF FOOD, VITAMINS, NATURAL COLOUR, CHEMICALS & FOOD SUPPLEMENTS,DEVELOPMENT OF FOOD EMULSIFIERS
ISSUED AND PAID UP CAPITAL	:	2,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 2,000,000.00
SALES	:	SGD 45,683,485 [2017]
NET WORTH	:	SGD 7,966,847 [2017]
STAFF STRENGTH	:	32 [2018]
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	STRONG
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 food, ingredients of food, vitamins, natural colour, chemicals & food supplements,development of food emulsifiers.

The immediate holding company of the Subject is RIKEN VITAMIN CO LTD, a company incorporated in JAPAN.

The ultimate holding company of the Subject is RIKEN VITAMIN CO. LTD, a company incorporated in JAPAN.

Share Capital History

Date	Issue & Paid Up Capital
17/01/2018	SGD 2,000,000.00

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

Current Shareholder(s) :

Name	Address	IC/PP/Loc No	Shareholding	(%)
RIKEN VITAMIN CO LTD	2-9-18, MISAKICHO CHIYODA-KU, TOKYO JAPAN	S94UF0018	2,000,000.00	100.00
			---------------	------
			2,000,000.00	100.00
			============	=====

+ Also Director

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

Local No	Country	Company	Status	(%)	As At
	INDIA	RIKEVITA (INDIA) PRIVATE LIMITED	-	70.00	31/03/2017
	TURKEY	RIKEVITA TURKEY GIDA SANAYA LTD STI	-	70.00	31/03/2017

DIRECTORS

DIRECTOR 1

Name Of Subject	:	YASUAKI TAKAHASHI
Address	:	60, WEST COAST ROAD, 02-76, VARSITY PARK CONDOMINIUM, 126834, SINGAPORE.
IC / PP No	:	G3255361W
Nationality	:	JAPANESE
Date of Appointment	:	01/04/2016

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	199405741D	RIKEVITA (SINGAPORE) PTE LTD	Director	01/04/2016	0.00	-	SGD491,681.00	2017	-	17/01/2018

DIRECTOR 2

Name Of Subject	:	NOBUO DOTSU
Address	:	5-1-1-2-605, CHIHARADAI-MINAMI, ICHIHARA-CITY CHIBA, 290-0142, JAPAN.
IC / PP No	:	TR9536954
Nationality	:	JAPANESE
Date of Appointment	:	01/04/2015

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	199405741D	RIKEVITA (SINGAPORE) PTE LTD	Director	01/04/2015	0.00	-	SGD491,681.00	2017	-	17/01/2018

DIRECTOR 3

Name Of Subject	:	YOSHIHISA INUKAI
Address	:	9, ALEXANDRA VIEW, 39-11, ECHELON, 158742, SINGAPORE.
IC / PP No	:	G3335230T
Nationality	:	JAPANESE
Date of Appointment	:	01/04/2017

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	199405741D	RIKEVITA (SINGAPORE) PTE LTD	Director	01/04/2017	0.00	-	SGD491,681.00	2017	-	17/01/2018

MANAGEMENT

1)	Name of Subject	:	YOSHIHISA INUKAI
	Position	:	MANAGING DIRECTOR

AUDITOR

Auditor	:	KPMG LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	LIN MOI HEYANG
	IC / PP No	:	S2750922C
	Address	:	271A, SENGKANG CENTRAL, 06-261, TIVELA, 541271, SINGAPORE.

2)	Company Secretary	:	LOW MEI WAN
	IC / PP No	:	S7886843J
	Address	:	89, COMMONWEALTH DRIVE, 03-656, COMMONWEALTH 16, 140089, 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

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

:

FOOD, INGREDIENTS OF FOOD, VITAMINS, NATURAL COLOUR, CHEMICALS & FOOD SUPPLEMENTS.

Services

:

DEVELOPMENT OF FOOD EMULSIFIERS

Total Number of Employees:
YEAR	2018	2017
GROUP	N/A	N/A
COMPANY	32	32

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) trading of food, ingredients of food, vitamins, natural colour, chemicals & food supplements,development of food emulsifiers.

The Subject is one of the leading supplier of Food, Ingredients of Food, Vitamins, Natural Colour, Chemicals & Food Supplements.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-62983505
Match	:	N/A
Address Provided by Client	:	41 SCIENCE PARK ROAD, #02-01, THE GEMINI SINGAPORE SCIENCE PARK 11, 117610
Current Address	:	41 SCIENCE PARK ROAD 02-01 THE GEMINI SINGAPORE SCIENCE PARK II, 117610, SINGAPORE.
Match	:	YES

Other Investigations

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

FINANCIAL ANALYSIS

Profitability
Turnover	:	Erratic	[	2011 - 2017	]
Profit/(Loss) Before Tax	:	Decreased	[	2011 - 2017	]
Return on Shareholder Funds	:	Unfavourable	[	6.17%	]
Return on Net Assets	:	Unfavourable	[	6.77%	]
The fluctuating turnover reflects the fierce competition among the existing and new market players.The Subject's profit fell sharply because of the high operating costs incurred. The unfavourable return on shareholders' funds could indicate that the Subject was inefficient in utilising its assets to generate returns.
Working Capital Control
Stock Ratio	:	Favourable	[	1 Days	]
Debtor Ratio	:	Favourable	[	37 Days	]
Creditors Ratio	:	Favourable	[	0 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	[	2.30 Times	]
Current Ratio	:	Favourable	[	2.33 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 :
The Subject recorded lower profits as its turnover showed a erratic trend. The Subject's management was unable to control its costs efficiently as its profit showed a downward trend. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. The Subject did not make any interest payment during the year. The Subject was dependent on its shareholders' funds to finance its business needs. The Subject was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The Subject has good chance of getting loans, if the needs arises.
Overall financial condition of the Subject : STRONG

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	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 1994, the Subject is a Private Limited company, focusing on trading of food, ingredients of food, vitamins, natural colour, chemicals & food supplements,development of food emulsifiers. 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 2,000,000 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. The Subject is operating on a medium scale and it has approximately 32 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.

Financially, the Subject registered a higher turnover compared to previous year. However, its profits showed a reverse trend. The lower profit achieved was a result of higher operating cost and increased competition. 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. Given a positive net worth standing at SGD 7,966,847, 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.

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.

RIKEVITA (SINGAPORE) PTE LTD

Financial Year End	2017-03-31	2016-03-31	2015-03-31	2014-03-31
Months	12	12	12	12
Consolidated Account	Company	Company	Company	Company
Audited Account	YES	YES	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES	YES	YES
Financial Type	FULL	FULL	FULL	SUMMARY
Currency	SGD	SGD	SGD	SGD
TURNOVER	45,683,485	44,876,765	46,233,726	49,832,628
Other Income	2,114,484	2,075,098	1,935,018	-
	----------------	----------------	----------------	----------------
Total Turnover	47,797,969	46,951,863	48,168,744	49,832,628
Costs of Goods Sold	(42,058,978)	(38,001,058)	(41,441,119)	-
	----------------	----------------	----------------	----------------
Gross Profit	5,738,991	8,950,805	6,727,625	-
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	540,250	4,035,384	2,436,631	4,380,653
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	540,250	4,035,384	2,436,631	4,380,653
Taxation	(48,569)	(669,872)	(277,027)	(660,767)
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	491,681	3,365,512	2,159,604	3,719,886
	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	8,275,166	6,709,654	7,550,050	3,830,164
	----------------	----------------	----------------	----------------
As restated	8,275,166	6,709,654	7,550,050	3,830,164
	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	8,766,847	10,075,166	9,709,654	7,550,050
DIVIDENDS - Ordinary (paid & proposed)	(2,800,000)	(1,800,000)	(3,000,000)	-
	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	5,966,847	8,275,166	6,709,654	7,550,050
	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
DEPRECIATION (as per notes to P&L)	76,893	96,580	141,915	-
	----------------	----------------	----------------	----------------
Total Amortization And Depreciation	76,893	96,580	141,915	-
	=============	=============	=============

BALANCE SHEET

RIKEVITA (SINGAPORE) PTE LTD

ASSETS EMPLOYED:
FIXED ASSETS	128,366	154,525	241,105	497,360
LONG TERM INVESTMENTS/OTHER ASSETS
Subsidiary companies	372,500	372,500	372,500	-
Others	108,575	80,728	107,614	-
	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	481,075	453,228	480,114	-
	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	609,441	607,753	721,219	497,360
Stocks	119,038	118,888	182,510	-
Trade debtors	4,581,967	4,271,304	5,025,433	-
Other debtors, deposits & prepayments	417,259	336,393	337,385	-
Short term deposits	5,175,260	6,983,640	5,723,500	-
Amount due from holding company	11,834	89	3,519	-
Amount due from subsidiary companies	555,722	451,215	170,058	-
Amount due from related companies	123,395	124,261	110,994	-
Cash & bank balances	1,939,500	1,767,856	1,805,846	-
	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	12,923,975	14,053,646	13,359,245	14,424,745
	----------------	----------------	----------------	----------------
TOTAL ASSET	13,533,416	14,661,399	14,080,464	14,922,105
	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	2,864	123	-	-
Other creditors & accruals	834,048	542,982	702,705	-
Amounts owing to holding company	366,262	216,016	550,164	-
Amounts owing to subsidiary companies	94,256	34,080	2,804	-
Amounts owing to related companies	4,229,595	2,921,026	3,817,734	-
Provision for taxation	30,845	665,789	287,088	-
	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	5,557,870	4,380,016	5,360,495	5,351,679
	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	7,366,105	9,673,630	7,998,750	9,073,066
	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	7,975,546	10,281,383	8,719,969	9,570,426
	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	2,000,000	2,000,000	2,000,000	2,000,000
	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	2,000,000	2,000,000	2,000,000	2,000,000
Retained profit/(loss) carried forward	5,966,847	8,275,166	6,709,654	7,550,050
	----------------	----------------	----------------	----------------
TOTAL RESERVES	5,966,847	8,275,166	6,709,654	7,550,050
	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	7,966,847	10,275,166	8,709,654	9,550,050
Deferred taxation	8,699	6,217	10,315	-
	----------------	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	8,699	6,217	10,315	20,376
	----------------	----------------	----------------	----------------
	7,975,546	10,281,383	8,719,969	9,570,426
	=============	=============	=============	=============

FINANCIAL RATIO

RIKEVITA (SINGAPORE) PTE LTD

TYPES OF FUNDS
Cash	7,114,760	8,751,496	7,529,346	-
Net Liquid Funds	7,114,760	8,751,496	7,529,346	-
Net Liquid Assets	7,247,067	9,554,742	7,816,240	9,073,066
Net Current Assets/(Liabilities)	7,366,105	9,673,630	7,998,750	9,073,066
Net Tangible Assets	7,975,546	10,281,383	8,719,969	9,570,426
Net Monetary Assets	7,238,368	9,548,525	7,805,925	9,052,690
PROFIT & LOSS ITEMS
Earnings Before Interest & Tax (EBIT)	540,250	4,035,384	2,436,631	-
Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)	617,143	4,131,964	2,578,546	-
BALANCE SHEET ITEMS
Total Borrowings	0	0	0	-
Total Liabilities	5,566,569	4,386,233	5,370,810	5,372,055
Total Assets	13,533,416	14,661,399	14,080,464	14,922,105
Net Assets	7,975,546	10,281,383	8,719,969	9,570,426
Net Assets Backing	7,966,847	10,275,166	8,709,654	9,550,050
Shareholders' Funds	7,966,847	10,275,166	8,709,654	9,550,050
Total Share Capital	2,000,000	2,000,000	2,000,000	2,000,000
Total Reserves	5,966,847	8,275,166	6,709,654	7,550,050
GROWTH RATIOS (Year on Year) (%)
Revenue	1.80	(2.94)	(7.22)	50.53
Proft/(Loss) Before Tax	(86.61)	65.61	(44.38)	224.76
Proft/(Loss) After Tax	(85.39)	55.84	(41.94)	223.40
Total Assets	(7.69)	4.13	(5.64)	35.91
Total Liabilities	26.91	(18.33)	(0.02)	57.52
LIQUIDITY (Times)
Cash Ratio	1.28	2.00	1.40	-
Liquid Ratio	2.30	3.18	2.46	-
Current Ratio	2.33	3.21	2.49	2.70
WORKING CAPITAL CONTROL (Days)
Stock Ratio	1	1	1	-
Debtors Ratio	37	35	40	-
Creditors Ratio	0	0	0	-
SOLVENCY RATIOS (Times)
Gearing Ratio	0	0	0	-
Liabilities Ratio	0.70	0.43	0.62	0.56
Times Interest Earned Ratio	0	0	0	-
Assets Backing Ratio	3.99	5.14	4.36	4.79
PERFORMANCE RATIO (%)
Operating Profit Margin	1.18	8.99	5.27	8.79
Net Profit Margin	1.08	7.50	4.67	7.46
Return On Net Assets	6.77	39.25	27.94	45.77
Return On Capital Employed	6.77	39.25	27.94	45.77
Return On Shareholders' Funds/Equity	6.17	32.75	24.80	38.95
Dividend Pay Out Ratio (Times)	5.69	0.53	1.39	-
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.84
UK Pound	1	INR 88.28
Euro	1	INR 77.88
SGD	1	INR 48.31

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

INFORMATION DETAILS

Analysis Done by :	PRA
Report Prepared by :	TRU

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)

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