XMH Holdings

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This is extracted from the front page of the prospectus which might explain the higher than usual ROE:

We would like to draw the attention of all potential investors to the risk factor
entitled “We are dependent on our exclusive distributorship arrangement with
MHIESA to distribute a limited range of Mitsubishi brand of high-speed and
medium-speed marine diesel engines and products in Singapore, Indonesia
and the Maldives, which accounted for a significant portion of our revenue”.
Please refer to the section entitled “Business Overview” of this Prospectus
for the models of high-speed and medium-speed Mitsubishi marine diesel
engines that we distribute. In particular, potential investors should note that
our purchases of Mitsubishi brand of products represent approximately 72.0%,
82.5% and 77.8% of our total purchases for each of FY2008, FY2009 and
FY2010 respectively. The sales of Mitsubishi brand of high-speed and mediumspeed
marine diesel engines and products that we distribute accounted for a
significant portion of our Group’s revenue for FY2008, FY2009 and FY2010.
There is no assurance that our exclusive distributorship arrangement with
MHIESA will continue indefinitely. The termination of or non-renewal of our
exclusive distributorship arrangement with MHIESA, or the renewal of our
existing exclusive distributorship arrangement at less favourable terms with
MHIESA, would have a material adverse effect on our business and financial
performance and position. Please refer to the section entitled “Risk Factors”
of this Prospectus for further details.