MIRA INFORM REPORT

Report No. :	498029
Report Date :	15.03.2018

IDENTIFICATION DETAILS

Name :	GREENPLY ALKEMAL (SINGAPORE) PTE. LTD
Registered Office :	3, Shenton Way, 12- 01A, Shenton House, 068805
Country :	Singapore
Financials (as on) :	31.03.2017
Date of Incorporation :	14.05.2014
Com. Reg. No.:	201413887-Z
Legal Form :	Private Limited (Limited By Share)
Line of Business :	Subject is engaged in the investment holding, wholesale of logs, sawn timber, plywood and related products
No. of Employees :	Not available

RATING & COMMENTS

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

MIRA’s Rating :

B

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Status :	Moderate
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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
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.	:	201413887-Z
COMPANY NAME	:	GREENPLY ALKEMAL (SINGAPORE) PTE. LTD.
FORMER NAME	:	N/A
INCORPORATION DATE	:	14/05/2014
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED (LIMITED BY SHARE)
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	3, SHENTON WAY, 12- 01A, SHENTON HOUSE, 068805, SINGAPORE.
BUSINESS ADDRESS	:	3 SHENTON WAY #12-01A SHENTON HOUSE, 068805, SINGAPORE.
TEL.NO.	:	65-62230239
FAX.NO.	:	65-62250678
CONTACT PERSON	:	DALJIT SINGH ( DIRECTOR )
PRINCIPAL ACTIVITY	:	INVESTMENT HOLDING, WHOLESALE OF LOGS, SAWN TIMBER, PLYWOOD AND RELATED PRODUCTS
ISSUED AND PAID UP CAPITAL	:	7,500,000.00 ORDINARY SHARE, OF A VALUE OF USD 7,500,000.00
SALES	:	USD 13,371,982 [2017]
NET WORTH	:	USD 8,030,159 [2017]
STAFF STRENGTH	:	N/A
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	LIMITED
PAYMENT	:	NO COMPLAINTS
MANAGEMENT CAPABILITY	:	AVERAGE
COMMERCIAL RISK	:	MODERATE
CURRENCY EXPOSURE	:	MODERATE
GENERAL REPUTATION	:	SATISFACTORY
INDUSTRY OUTLOOK	:	MARGINAL 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) investment holding, wholesale of logs, sawn timber, plywood and related products.

Share Capital History

Date	Issue & Paid Up Capital
14/12/2017	USD 7,500,000.00

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

Current Shareholder(s) :

Name	Address	IC/PP/Loc No	Shareholding	(%)
ALKEMAL SINGAPORE PRIVATE LIMITED	3, SHENTON WAY, 12-01A, SHENTON HOUSE 068805 ,SINGAPORE	198200704K	3,750,000.00	50.00
GREENPLY TRADING PTE. LTD.	10, ANSON ROAD, 24-02-A, INTERNATIONAL PLAZA 079903 ,SINGAPORE	201323926C	3,750,000.00	50.00
			---------------	------
			7,500,000.00	100.00
			============	=====

+ Also Director

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

Local No	Country	Company	Status	(%)	As At
	MYANMAR	GREENPLY INDUSTRIES (MYANMAR) PVT LTD	-	100.00	31/03/2017

DIRECTORS

DIRECTOR 1

Name Of Subject	:	RAJESH MITTAL
Address	:	13, RAJA SANTOSH ROAD, FLAT 3A-B, 3RD FLOOR, KOLKATA WEST BENGAL, 700 027, INDIA.
IC / PP No	:	Z3681052
Nationality	:	INDIAN
Date of Appointment	:	14/05/2014

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	201413887Z	GREENPLY ALKEMAL (SINGAPORE) PTE. LTD.	Director	14/05/2014	0.00	-	USD668,416.00	2017	-	14/12/2017

DIRECTOR 2

Name Of Subject	:	SHOBHAN MITTAL
Address	:	46, LAKESHORE VIEW, 098401, SINGAPORE.
IC / PP No	:	G3189142L
Nationality	:	INDIAN
Date of Appointment	:	14/05/2014

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	201413887Z	GREENPLY ALKEMAL (SINGAPORE) PTE. LTD.	Director	14/05/2014	0.00	-	USD668,416.00	2017	-	14/12/2017
2	201323926C	GREENPLY TRADING PTE. LTD.	Director	28/02/2014	0.00	-	USD(1,181,092.00)	2017	-	31/07/2017

DIRECTOR 3

Name Of Subject	:	PUNEETA SINGH WASAN
Address	:	24, GOODMAN ROAD, 438987, SINGAPORE.
IC / PP No	:	S8515476A
Nationality	:	SINGAPOREAN
Date of Appointment	:	14/05/2014

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	201413887Z	GREENPLY ALKEMAL (SINGAPORE) PTE. LTD.	Director	14/05/2014	0.00	-	USD668,416.00	2017	-	14/12/2017

DIRECTOR 4

Name Of Subject	:	DALJIT SINGH
Address	:	24, GOODMAN ROAD, 438987, SINGAPORE.
IC / PP No	:	S0039514E
Nationality	:	SINGAPOREAN
Date of Appointment	:	14/05/2014

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	198200704K	ALKEMAL SINGAPORE PRIVATE LIMITED	Director	07/01/1985	595,000.00	59.50	-	-	-	18/02/2016
2	201413887Z	GREENPLY ALKEMAL (SINGAPORE) PTE. LTD.	Director	14/05/2014	0.00	-	USD668,416.00	2017	-	14/12/2017

MANAGEMENT

1)	Name of Subject	:	DALJIT SINGH
	Position	:	DIRECTOR

AUDITOR

Auditor	:	D. ARUMUGAM & CO
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	SEAH HONG WEE @ XIE HONGWEI
	IC / PP No	:	S8843736E
	Address	:	17, UPPER CIRCULAR ROAD, 02-00, JUTA BUILDING, 058415, SINGAPORE.

BANKING

No Banker found in our databank.

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C201603024	16/03/2016	N/A	DBS BANK LTD.	-	Unsatisfied

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	[	]
Fair 91-120 Days	[	X	]	Poor >120 Days	[	]

CLIENTELE

Local	:	YES
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	WORLDWIDE
Credit Term	:	AS AGREED
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Goods Traded	:	LOGS, SAWN TIMBER, PLYWOOD AND RELATED PRODUCTS
Services	:	INVESTMENT HOLDING

Total Number of Employees:
YEAR	2015
GROUP	N/A
COMPANY	4

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) investment holding, wholesale of logs, sawn timber, plywood and related products.

The Subject refused to disclose its operation.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-62230239
Match	:	N/A
Address Provided by Client	:	3 SHENTON WAY 12-01 A SHENTON HOUSE SINGAPORE 068805
Current Address	:	3 SHENTON WAY #12-01A SHENTON HOUSE, 068805, SINGAPORE.
Match	:	YES

Other Investigations

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

He refused to disclose the Subject's number of employees.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	2015 - 2017	]
Profit/(Loss) Before Tax	:	Increased	[	2015 - 2017	]
Return on Shareholder Funds	:	Unfavourable	[	8.32%	]
Return on Net Assets	:	Acceptable	[	10.28%	]
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. 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	:	Unfavourable	[	123 Days	]
Debtor Ratio	:	Favourable	[	36 Days	]
Creditors Ratio	:	Unfavourable	[	62 Days	]
The Subject could be incurring higher holding cost. As its capital was tied up in stocks, it could face liquidity problems. The favourable debtors' days could be due to the good credit control measures implemented by the Subject. The unfavourable creditors' ratio could be due to the Subject taking advantage of the credit granted by its suppliers. However this may affect the goodwill between the Subject and its suppliers and the Subject may inadvertently have to pay more for its future supplies.
Liquidity
Liquid Ratio	:	Unfavourable	[	0.56 Times	]
Current Ratio	:	Unfavourable	[	1.26 Times	]
A low liquid ratio means that the Subject may be facing working capital deficiency. If the Subject cannot obtain additional financing or injection of fresh capital, it may face difficulties in meeting its short term obligations.
Solvency
Interest Cover	:	Acceptable	[	7.10 Times	]
Gearing Ratio	:	Favourable	[	0.36 Times	]
The Subject's interest cover was slightly low. If there is no sharp fall in its profit or sudden increase in the interest rates, we believe the Subject is able to generate sufficient income to service its interest and repay the loans. The Subject was lowly geared thus it had a low financial risk. The Subject was mainly financed by its shareholders' funds and internally generated funds. In times of economic slowdown / downturn, the Subject being a lowly geared company, will be able to compete better than those companies which are highly geared in the same industry.
Overall Assessment :
Generally, the Subject's performance has improved with higher turnover and profit. Due to its weak liquidity position, the Subject will be faced with problems in meeting all its short term obligations if no short term loan is obtained or additional capital injected into the Subject. The Subject had an acceptable interest cover. If there is no sudden sharp increase in interest rate or fall in the Subject's profit, we do believe the Subject is able to generate sufficient cash flow to service its interest payment. The Subject as a lowly geared company, will be more secured compared to those highly geared companies. It has the ability to meet all its long term obligations.
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	-	-
Government Services	6.00	6.50	6.30	-	-
Education Services	0.30	3.10	5.98	-	-
* Estimate / Preliminary
# Based on Index of Industrial Production (2015 = 100)

INDUSTRY ANALYSIS

INDUSTRY :	ECONOMY
The economy expanded by 1.9% in the third quarter of 2015, marginally slower than the 2.0% growth in the second quarter. On a quarter-on-quarter seasonally-adjusted annualised basis, the economy grew by 1.9%, a reversal from the 2.6% contraction in the previous quarter.
Among the key sectors of the economy, the manufacturing sector recorded the weakest performance, contracting by 6.2% in the third quarter of 2015, extending the 4.8% decline in the previous quarter. The contraction was primarily due to a decline in the output of the transport engineering, electronics and precision engineering clusters.
The services producing industries performed better, with all sectors registering expansions. The wholesale & retail trade sector posted the strongest growth of 6.8%, followed by the finance & insurance (4.8%), information & communications (4.8%), other services (2.2%) and business services (1.5%) sectors. The accommodation & food services and transportation & storage sectors also recorded positive growth of 0.9% and 0.3% respectively.
Meanwhile, the construction sector grew by 1.6%, moderating from the 2.2% growth in the second quarter of 2015. The sectors that contributed the most to economic growth in the third quarter of 2015 were the wholesale & retail trade and finance & insurance sectors. Together, they accounted for about 97% of overall GDP growth.
Total demand rose by 4.1% in the third quarter, accelerating from the 0.6% growth in the previous quarter. The expansion was supported by both external and domestic demand. External demand rose at a faster pace of 3.2%, compared to the 1.1% growth in the previous quarter. Meanwhile, domestic demand increased by 6.6%, a rebound from the 0.6% decline in the second quarter.
Domestic demand was driven by consumption expenditure, which grew by 6.7% in the third quarter of 2015 following the 3.4% growth in the previous quarter. Both private and public consumption contributed to the rise in consumption expenditure. Changes in inventories also supported growth, rising by 1.6%, a reversal from the 2.9% contraction in the previous quarter. Growth in gross fixed capital formation moderated to 0.2%, from 4.1% in the previous quarter, weighed down by both public and private investments. Public investments contracted by 1.1%, a sharp reversal from the 11% growth in the previous quarter. On the other hand, private investments registered modest growth of 0.5%, slower than the 2.4% growth in the previous quarter.
Overall employment rose by 16,400 on a quarter-on-quarter basis in the third quarter of 2015, faster than the gains of 9,700 in the previous quarter. However, this represented a slower rate of increase as compared to the employment gains of 33,400 in the third quarter of 2014. The increase in employment in the third quarter brought the total number of employed persons in September 2015 to 3,644,000, 1.7% higher than a year ago. The rate of increase over 2014 was slower compared to that recorded in June 2015 (2.2%). At the sectoral level, employment in the services and construction sectors expanded on a quarter-on-quarter basis in the third quarter of 2015, while manufacturing employment continued to decline.
Even though global growth is expected to improve, the continued slowdown in the Chinese economy, the services-driven nature of growth in the US, as well as the trends of in-sourcing in China and the US may mean that external demand for Singapore and regional countries may not see a significant uplift in 2016. Domestically, the labour market is also expected to be tight, with the unemployment rate remaining low.
Against this backdrop, the growth outlook for the Singapore economy in 2016 is modest. While sectors such as finance & insurance and wholesale trade are expected to support growth, the manufacturing sector is likely to remain weak. Sector-specific factors may also weigh on the growth of some sectors. For instance, sustained low oil prices will continue to dampen rig building activities in the marine & offshore segment. Growth in labour-intensive sectors such as retail and food services may also be weighed down by labour constraints. By barring the materialisation of downside risks, the Singapore economy is expected to grow at a modest pace of "1.0% to 3.0%" in 2016.
OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 2014, the Subject is a Private Limited company, focusing on investment holding, wholesale of logs, sawn timber, plywood and related products. The Subject has been in business for less than 5 years and it has slowly been building up contact with its clients while competing in the industry. However, it has yet to enjoy a stable market shares as it need to compete many well established players in the same field. Presently, the issued and paid up capital of the Subject stands at USD 7,500,000. The Subject has a strong support from its shareholder.

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. 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. The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. Due to its weak liquidity position, the Subject may face working capital deficiency in meeting its short term financial obligations if no fresh capital are injected into the Subject. Being a lowly geared company, the Subject is exposed to low financial risk as it is mainly dependent on its internal funds to finance its business needs. Given a positive net worth standing at USD 8,030,159, the Subject should be able to maintain its business in the near terms.

The Subject's overall payment habit is fair and this clearly implied a weak credit control of the Subject.

The industry has reached its maturity stage and only enjoying a marginal growth. The steady growth of the country's economy will further enhance the industry activities. Thus, the Subject's future performance is very much depend on its marketing strategies in order to retain its position in the market.

FINANCIAL

PROFIT AND LOSS ACCOUNT

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

GREENPLY ALKEMAL (SINGAPORE) PTE. LTD.

Financial Year End	2017-03-31	2016-03-31	2015-03-31
Months	12	12	13
Consolidated Account	GROUP	GROUP	GROUP
Audited Account	YES	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES	YES
Financial Type	FULL	FULL	FULL
Currency	USD	USD	USD
TURNOVER	13,371,982	12,203,193	8,331,360
Other Income	12,308	497,026	-
	----------------	----------------	----------------
Total Turnover	13,384,290	12,700,219	8,331,360
Costs of Goods Sold	(9,738,911)	(10,478,748)	(7,330,458)
	----------------	----------------	----------------
Gross Profit	3,645,379	2,221,471	1,000,902
	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	709,229	532,989	910,572
	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	709,229	532,989	910,572
Taxation	(40,813)	(172,672)	(113,236)
	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	668,416	360,317	797,336
	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	1,123,504	797,336	-
	----------------	----------------	----------------
As restated	1,123,504	797,336	-
	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	1,791,920	1,157,653	797,336
TRANSFER TO RESERVES - General	-	(34,149)	-
	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	1,791,920	1,123,504	797,336
	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Others	116,355	77,406	-
	----------------	----------------	----------------
	116,355	77,406	-
	=============	=============	-
DEPRECIATION (as per notes to P&L)	279,249	132,469	-
AMORTIZATION	1,546	488	-
	----------------	----------------	----------------
Total Amortization And Depreciation	280,795	132,957	-
	=============	=============

BALANCE SHEET

GREENPLY ALKEMAL (SINGAPORE) PTE. LTD.

ASSETS EMPLOYED:
FIXED ASSETS	4,130,528	4,584,133	-
Others	-	241,098	-
	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	-	241,098	-
Own goodwill	2,184,211	2,457,237	-
Others	31,901	37,498	-
	----------------	----------------	----------------
TOTAL INTANGIBLE ASSETS	2,216,112	2,494,735	-
	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	6,346,640	7,319,966	-
Stocks	4,497,705	2,278,377	-
Trade debtors	1,303,753	2,140,088	1,297,750
Other debtors, deposits & prepayments	965,689	1,287,970	-
Amount due from subsidiary companies	-	-	2,922,777
Amount due from related companies	124,700	276,397	655,596
Cash & bank balances	246,682	1,031,901	801,252
Amount owing by customer	736,998	203,610	-
Others	250,770	122,407	-
	----------------	----------------	----------------
TOTAL CURRENT ASSETS	8,126,297	7,340,750	5,677,375
	----------------	----------------	----------------
TOTAL ASSET	14,472,937	14,660,716	5,677,375
	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	1,653,327	1,978,896	67,357
Other creditors & accruals	82,278	111,043	92,026
Bank overdraft	551,139	-	-
Short term borrowings/Term loans	2,319,887	1,766,000	-
Deposits from customers	290,929	320,683	-
Amounts owing to related companies	1,500,000	1,500,000	-
Provision for taxation	45,218	175,481	113,236
	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	6,442,778	5,852,103	272,619
	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	1,683,519	1,488,647	5,404,756
	----------------	----------------	----------------
TOTAL NET ASSETS	8,030,159	8,808,613	5,404,756
	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	7,500,000	7,500,000	4,607,420
	----------------	----------------	----------------
TOTAL SHARE CAPITAL	7,500,000	7,500,000	4,607,420
Exchange equalisation/fluctuation reserve	(1,261,761)	185,109	-
Retained profit/(loss) carried forward	1,791,920	1,123,504	797,336
	----------------	----------------	----------------
TOTAL RESERVES	530,159	1,308,613	797,336
	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	8,030,159	8,808,613	5,404,756
	----------------	----------------	----------------
	8,030,159	8,808,613	5,404,756
	=============	=============	=============

FINANCIAL RATIO

GREENPLY ALKEMAL (SINGAPORE) PTE. LTD.

TYPES OF FUNDS
Cash	246,682	1,031,901	801,252
Net Liquid Funds	(304,457)	1,031,901	801,252
Net Liquid Assets	(2,814,186)	(789,730)	5,404,756
Net Current Assets/(Liabilities)	1,683,519	1,488,647	5,404,756
Net Tangible Assets	5,814,047	6,313,878	5,404,756
Net Monetary Assets	(2,814,186)	(789,730)	5,404,756
PROFIT & LOSS ITEMS
Earnings Before Interest & Tax (EBIT)	825,584	610,395	910,572
Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)	1,106,379	743,352	910,572
BALANCE SHEET ITEMS
Total Borrowings	2,871,026	1,766,000	0
Total Liabilities	6,442,778	5,852,103	272,619
Total Assets	14,472,937	14,660,716	5,677,375
Net Assets	8,030,159	8,808,613	5,404,756
Net Assets Backing	8,030,159	8,808,613	5,404,756
Shareholders' Funds	8,030,159	8,808,613	5,404,756
Total Share Capital	7,500,000	7,500,000	4,607,420
Total Reserves	530,159	1,308,613	797,336
GROWTH RATIOS (Year on Year)
Revenue	9.58	46.47	-
Proft/(Loss) Before Tax	33.07	(41.47)	-
Proft/(Loss) After Tax	85.51	(54.81)	-
Total Assets	(1.28)	158.23	-
Total Liabilities	10.09	2,046.62	-
LIQUIDITY (Times)
Cash Ratio	0.04	0.18	2.94
Liquid Ratio	0.56	0.87	20.83
Current Ratio	1.26	1.25	20.83
WORKING CAPITAL CONTROL (Days)
Stock Ratio	123	68	0
Debtors Ratio	36	64	57
Creditors Ratio	62	69	3
SOLVENCY RATIOS (Times)
Gearing Ratio	0.36	0.20	0
Liabilities Ratio	0.80	0.66	0.05
Times Interest Earned Ratio	7.10	7.89	0
Assets Backing Ratio	0.78	0.84	1.17
PERFORMANCE RATIO (%)
Operating Profit Margin	5.30	4.37	10.93
Net Profit Margin	5.00	2.95	9.57
Return On Net Assets	10.28	6.93	16.85
Return On Capital Employed	7.65	5.40	16.85
Return On Shareholders' Funds/Equity	8.32	4.09	14.75
Dividend Pay Out Ratio (Times)	0	0	0
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.99
UK Pound	1	INR 90.83
Euro	1	INR 80.58
SGD	1	INR 49.55

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

INFORMATION DETAILS

Analysis Done by :	NIY
Report Prepared by :	NIT

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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