MIRA INFORM REPORT

Report Date :

19.09.2011

IDENTIFICATION DETAILS

Name :	SABIC ASIA PACIFIC PTE LTD
Formerly Known As :	SABIC SOUTH EAST ASIA PTE LTD
Registered Office :	10 Collyer Quay #10-01 Ocean Financial Centre Singapore 049315
Country :	Singapore
Financials (as on) :	31.12.2010
Date of Incorporation :	30.11.1991
Com. Reg. No.:	199106011H
Legal Form :	Limited Private Company
Line of Business :	Wholesale of chemicals and chemical products

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	S$1,000,000
Status :	Good
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 – March 31^st, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
Singapore	a1	a1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Bottom of Form

Executive Summary

Company Name	:	SABIC ASIA PACIFIC PTE LTD
Registration No	:	199106011H
Date of Registration	:	30/11/1991
Former Name	:	1.SABIC SERVICES PACIFIC PTE. LTD. Eff. date : 30/11/1991 Eff. date : 30/11/1991 2.SABIC SOUTH EAST ASIA PTE LTD Eff. date : 24/08/1993 Eff. date : 24/08/1993
Date of Change of Name	:	20/06/2000
Type of Company	:	LIMITED PRIVATE COMPANY
Registered Address	:	10 COLLYER QUAY #10-01 OCEAN FINANCIAL CENTRE SINGAPORE 049315
Date of Change of Address	:	18/03/2011
Contact No.	:	6557 2555
Fax No.	:	6557 2557
Website	:	www.sabic.com
Registered Activities	:	1. WHOLESALE OF CHEMICALS AND CHEMICAL PRODUCTS NEC TRADING OF PETROCHEMICAL AND OTHER RELATED PRODUCTS 2. OTHER BUSINESS SUPPORT SERVICES ACTIVITIES NEC (EG ADMINISTRATION OF LOYALTY PROGRAMMES) PROVISION OF SUPPORT SERVICES TO THE HOLDING AND RELATED COMPANIES
Issued Ordinary Capital*	:	$100,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 100,000
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$100,000.00 SINGAPORE, DOLLARS
Paid-Up Preference Capital	:	NA
* Number of Shares includes number of Issued Treasury Shares
Issued Treasury Capital	:	NA
Paid-Up Treasury Capital	:	NA
No. of Local Subsidiaries	:	NA
No. of Local Associates	:	NA
Auditor	:	ERNST & YOUNG LLP
Bankers / Financiers	:	NA
Turnover	:	SGD - SIN 10,732,248,858.00 (FY2010)
Net Worth	:	SGD - SIN 146,284,707.00 (FY2010)
No. of Bank Charges	:	NA
No. of Litigation Suits	:	NA
S1000 / SME 500 / FG50 Ranking	:	48 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2009/2010) 718 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2009/2010) 43 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2008/2009) 420 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2008/2009) 87 POSITION IN Singapore 1000 Companies Ranked by Return on Equities (2008/2009)
Compounded Annual Growth Rate (CAGR)	:	11.92% (4 years)

Credit Recommendation

Recommended Credit Line

:

S$1,000,000

SHAREHOLDER DETAILS

NAME	:	SAUDI BASIC INDUSTRIES CORP.
SHAREHOLDER ID	:	T04UF1758K
NATIONALITY	:	SAUDI ARABIA
ADDRESS	:	P.O. BOX 5101, RIYADH 11422 KINGDOM OF SAUDI ARABIA
NO. OF ORD SHARES	:	100,000
% OF SHAREHOLDING	:	100%
CURRENCY	:	SINGAPORE, DOLLARS

OFFICER DETAILS

NAME	:	AHMED MOHAMMED K AL UMAR
ADDRESS	:	276 OCEAN DRIVE #05-30 COAST @ SENTOSA COVE, THE SINGAPORE 098449
POSITION	:	DIRECTOR MANAGER
DATE OF APPT	:	01/03/2008 01/05/2008
NATIONALITY	:	SAUDI ARABIAN
I/C PASSPORT	:	G6086500R
NAME	:	KHALID ABDULRAHMAN M ALJASER
ADDRESS	:	2ND HOUSE, MAYMOON ALAQRAN STREET BADEE'AH DISTRICT, RIYADH, SAUDI ARABIA
POSITION	:	DIRECTOR
DATE OF APPT	:	01/03/2008
NATIONALITY	:	SAUDI ARABIAN
I/C PASSPORT	:	G938289
NAME	:	SULTAN MOHAMMED A BIN BATTAL
ADDRESS	:	ALEZDEHAR, #4 RASHAD STREET RIYADH, SAUDI ARABIA
POSITION	:	DIRECTOR
DATE OF APPT	:	01/03/2008
NATIONALITY	:	SAUDI ARABIAN
I/C PASSPORT	:	H276095
NAME	:	YOUSEF ABDULLAH M ALBENYAN
ADDRESS	:	4 ALNAKEEL STREET, WEST ALNAKEEL, P. O. BOX 55635 RIYADH 11544, SAUDI ARABIA
POSITION	:	DIRECTOR
DATE OF APPT	:	01/03/2008
NATIONALITY	:	SAUDI ARABIAN
I/C PASSPORT	:	I700274
NAME	:	MADELYN KWANG YEIT LAM
ADDRESS	:	869 TAMPINES STREET 83 #12-179 SINGAPORE 520869
POSITION	:	SECRETARY
DATE OF APPT	:	26/07/2010
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S1426198B

KEY PERSONNEL PROFILE

Name:	AHMED MOHAMMED K AL UMAR
NRIC Number:	G6086500R
Available Address:	276 OCEAN DRIVE #05-30 COAST @ SENTOSA COVE, THE SINGAPORE 98449

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	SABIC ASIA PACIFIC PTE LTD	DIRECTOR	01/03/2008	-	-
2	SABIC ASIA PACIFIC PTE LTD	MANAGER	01/05/2008	-	-

Previous Business

No.	Name	Status	Position	Appt Date	Last Known Inactive Date
No Trace

Bankruptcy Record

Case No.	Year	Date of Filing	Petitioner Name	Amount
No Trace

Litigation Search – Writ of Summons

Court	Case No.	Year	Date of Filing	Amount	Cause Category
No Trace

SUBSIDIARIES AND ASSOCIATE COMPANIES

Company	Shareholdings (%)
NA

BANKERS/ FINANCIERS

Subject enjoys a normal banking routine with its bankers. To date, there are no bank charges registered against Subject by its bankers.

LITIGATION

Clear

COMPLIANCE

Date of Last AGM	:	15/03/2011
Date of Last AR	:	11/04/2011
Date of A/C Laid At Last AGM	:	31/12/2010

FINANCIAL HIGHLIGHTS

Financial Figures	Group
	DEC 2010	% Change	DEC 2009	DEC 2008	DEC 2007	DEC 2006
Currency	SGD - SIN		SGD - SIN	SGD - SIN	SGD - SIN	SGD - SIN
Profit and Loss Key Figures
Turnover	10,732,248,858	58.50	6,771,036,517	8,147,177,063	8,060,728,792	6,840,611,112
Profit/(Loss) Before Tax	106,021,476	230.66	32,063,856	47,239,443	46,304,645	34,667,106
Profit After Tax attributable to Shareholders	89,983,676	215.31	28,538,068	43,882,733	42,390,328	29,451,672
Balance Sheet Key Figures
Total Assets	2,759,869,068	64.20	1,680,761,557	864,177,035	2,014,800,533	1,399,280,794
Current Assets	2,740,056,548	63.23	1,678,602,140	862,212,958	2,012,838,115	1,396,690,504
Non Current Assets	19,812,520	817.49	2,159,417	1,964,077	1,962,418	2,590,290
Total Liabilities	2,613,584,362	61.02	1,623,096,092	835,967,414	1,955,427,628	1,357,774,372
Current Liabilities	2,613,431,958	61.02	1,623,050,982	835,940,605	1,955,399,078	1,357,744,271
Non Current Liabilities	152,404	237.85	45,110	26,809	28,550	30,101
Shareholders' Funds	146,284,707	153.68	57,665,466	28,209,623	59,372,906	41,506,421
Share Capital	81,645	-6.49	87,308	84,659	90,157	95,057
Total Reserves	146,203,062	153.92	57,578,158	28,124,964	59,282,749	41,411,364

FINANCIAL RATIOS

	Group
	DEC 2010	DEC 2009	DEC 2008	DEC 2007	DEC 2006
Growth %
Year-on-Year Growth	58.50	-16.89	1.07	17.84	NA
Profitability
Profit Margin (%)	0.84	0.42	0.54	0.53	0.43
Return on Equity (%)	61.51	49.49	155.56	71.40	70.96
Return on Assets (%)	3.26	1.70	5.08	2.10	2.10
Leverage
Total Debt/Equity (Times)	17.87	28.15	29.63	32.93	32.71
Current Debt/Equity (Times)	17.87	28.15	29.63	32.93	32.71
Long Term Debt To Equity (Times)	0.00	0.00	0.00	0.00	0.00
Total Asset To Total Equity (Times)	18.87	29.15	30.63	33.93	33.71
Asset Management
Total Assets Turnover (Times)	3.89	4.03	9.43	4.00	4.89
Fixed Assets Turnover (Times)	541.69	3,135.59	4,148.09	4,107.55	2,640.87
Liquidity
Current Ratio (Times)	1.05	1.03	1.03	1.03	1.03

FINANCIAL HIGHLIGHTS

Financial Figures	Company
	DEC 2010	% Change	DEC 2009	DEC 2008	DEC 2007	DEC 2006
Currency	SGD - SIN		SGD - SIN	SGD - SIN	SGD - SIN	SGD - SIN
Profit and Loss Key Figures
Turnover	8,998,471,017	37.07	6,565,074,082	7,949,922,758	7,770,157,224	6,463,520,392
Profit/(Loss) Before Tax	49,129,879	63.54	30,041,221	46,498,681	50,725,345	30,997,925
Profit After Tax attributable to Shareholders	45,468,101	65.14	27,532,571	43,300,001	47,520,263	26,310,055
Balance Sheet Key Figures
Total Assets	2,565,733,588	53.70	1,669,331,487	815,777,773	1,956,664,282	1,314,656,744
Current Assets	2,532,113,537	53.35	1,651,219,447	810,201,599	1,950,491,531	1,310,616,842
Non Current Assets	33,620,051	85.62	18,112,040	5,576,174	6,172,751	4,039,902
Total Liabilities	2,472,942,683	52.77	1,618,726,328	793,405,353	1,902,317,630	1,283,695,257
Current Liabilities	2,472,790,279	52.76	1,618,698,680	793,378,544	1,902,289,080	1,283,665,156
Non Current Liabilities	152,404	451.23	27,648	26,809	28,550	30,101
Shareholders' Funds	92,790,903	83.36	50,605,160	22,372,420	54,346,652	30,961,486
Share Capital	81,645	-6.49	87,308	84,659	90,157	95,057
Total Reserves	92,709,258	83.52	50,517,852	22,287,761	54,256,495	30,866,429

FINANCIAL RATIOS

	Company
	DEC 2010	DEC 2009	DEC 2008	DEC 2007	DEC 2006
Growth %
Year-on-Year Growth	37.07	-17.42	2.31	20.22	NA
Profitability
Profit Margin (%)	0.51	0.42	0.54	0.61	0.41
Return on Equity (%)	49.00	54.41	193.54	87.44	84.98
Return on Assets (%)	1.77	1.65	5.31	2.43	2.00
Leverage
Total Debt/Equity (Times)	26.65	31.99	35.46	35.00	41.46
Current Debt/Equity (Times)	26.65	31.99	35.46	35.00	41.46
Long Term Debt To Equity (Times)	0.00	0.00	0.00	0.00	0.00
Total Asset To Total Equity (Times)	27.65	32.99	36.46	36.00	42.46
Asset Management
Total Assets Turnover (Times)	3.51	3.93	9.75	3.97	4.92
Fixed Assets Turnover (Times)	267.65	362.47	1,425.69	1,258.78	1,599.92
Liquidity
Current Ratio (Times)	1.02	1.02	1.02	1.03	1.02

FINANCIAL COMMENTARY

Compound Annual Growth Rate

The company's CAGR is 11.92% (4 years).

CAGR is the year-over-year growth rate of a company over a specified period. Instead of looking at the average growth rate, CAGR allow users to look at the annualized growth rate of a company over a given period, a more indicative measure of growth of a company’s performance over a given period.

Profitability

The group yielded a rate of net profit on sales of 0.84 per cent in FY10 (FY09: 0.42 per cent). The group is now able to book in SGD - SIN 0.01 of profit for every SGD - SIN of sales in FY10, as compared with SGD - SIN 0.00 a year ago.

Liquidity

Current ratio stood at 1.05 times in FY10 (FY09: 1.03 times). This means that the group has SGD - SIN 1.05 of current assets for every SGD - SIN of current liability incurred.

A minimum figure of 1.0 would be considered the lowest limit that this figure should reach. Any business that has a current ratio near 1.0 may be heading for liquidity problems, and would need to be closely monitored. A figure greater than 2.0 would be more desirable, to act as a buffer against any short-term liquidity problems, and give creditors/bank managers a degree of comfort when granting credit/finance.

Leverage

Total debt-to-equity ratio notched 17.87 times in FY10, as compared with 28.15 times in FY09. This means that the group requires additional external financing of SGD - SIN 17.87 for every SGD - SIN injected into its operations.

Generally, a total debt-to-equity ratio of less than 0.5 times is preferred. The ratio measures the proportion of the company's reliance on external debt for financing, relative to the shareholder's fund. A lower ratio would imply a greater financial safety and operating freedom for the company.

Efficiency Ratio

Return on equity was 61.51 per cent for Subject in the current financial period, as compared to 49.49 per cent a year ago. The return on equity measures the return earned on the owner's investment. Generally, the higher this return, the better off the owner.

Return on assets stood at 3.26 per cent (FY09: 1.70 per cent). The return on asset measures the overall effectiveness of management in generating profit with its available assets.

Total assets turnover ratio logged at 3.89 times in FY10 (FY09: 4.03 times). This ratio measures the group's ability to make productive use of its total assets to generate sales which reflects the efficiency of the management in utilising its resources.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.47.47
UK Pound	1	Rs.74.96
Euro	1	Rs.65.79

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
----	NB	New Business	----

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 and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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