MIRA INFORM REPORT

Report Date :

16.05.2012

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) :	December 2011

Date of Incorporation :	30.11.1991

Com. Reg. No.:	199106011H

Legal Form :	Limited Private Company

Line of Business :	Wholesale of chemicals and chemical products and trading of petrochemical and other related products

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

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

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, 2012

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Singapore

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

Company Name:	Registered Number:
SABIC ASIA PACIFIC PTE LTD	199106011H

Date Incorporated:	Registered Office:	Telephone Number:
30/11/1991	10 COLLYER QUAY #10-01 OCEAN FINANCIAL CENTRE SINGAPORE 049315	6557 2555
Age of Company:	Website:	Industry Type:
21	www.sabic.com	COMMERCE-WHOLESALE

Credit Assessment	Risk Dashboard
Risk & Rating	Days Beyond Terms	Trend:	No. of Litigation Counts:
Credit Limit:	Company DTC:		NA
Small	NA
	The entity is paying current to the creditors		No. of Charges(s): 0
	Industry DTC
	28

Directors		Corporate Structure
Number of Current Directors	28	Holding Company:	SABIC HOLDING EUROPE B.V.
Number that are shareholders	1	No. of Subsidiaries & Associated Companies:	NA

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
Headquarter Address	:	20 Raffles Place 09-01 Ocean Towers Singapore 048620
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 15,398,583,876.00 (FY2011)
Net Worth	:	SGD - SIN 118,518,246.00 (FY2011)
No. of Bank Charges	:	NA
No. of Litigation Suits	:	NA
S1000 / SME 1000 / FG50 Ranking	:	342 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2010/2011) 33 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2010/2011) 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)
Compounded Annual Growth Rate (CAGR)	:	17.56% (4 years)

SHAREHOLDER DETAILS

NAME	:	SABIC HOLDING EUROPE B.V.
SHAREHOLDER ID	:	T12UF1361F
NATIONALITY	:	NETHERLANDS
ADDRESS	:	EUROPABOULEVARD 1, 6135 LD SITTARD, THE NETHERLANDS
NO. OF ORD SHARES	:	100,000
% OF SHAREHOLDING	:	100%
CURRENCY	:	SINGAPORE, DOLLARS

OFFICER DETAILS

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

NAME	:	AZLAN NAGELI BIN ABDULLAH
ADDRESS	:	60 STEVENS ROAD #01-11 METRO-Y STEVENS SINGAPORE 257854
POSITION	:	DIRECTOR
DATE OF APPT	:	15/09/2011
NATIONALITY	:	SINGAPORE P.R.
I/C PASSPORT	:	S2664714B

KEY PERSONNEL PROFILE

Name:	AZLAN NAGELI BIN ABDULLAH
NRIC Number:	S2664714B
Available Address:	60 STEVENS ROAD #01-11 METRO-Y STEVENS SINGAPORE 257854

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	SABIC ASIA PACIFIC PTE LTD	DIRECTOR	15/09/2011	-	-
2	SABIC INNOVATIVE PLASTICS HOLDING SINGAPORE PTE. LTD.	DIRECTOR	03/10/2007	-	-

Previous Business

No.	Name	Status	Position	Appt Date	Last Known Inactive Date
1	GE MONOMER (HOLDINGS) PTE. LTD.	LIVE COMPANY	DIRECTOR	03/12/2006	15/02/2012
2	GE PLASTICS PACIFIC PRIVATE LIMITED	DISSOLVED - MEMBERS' VOLUNTARY WINDING UP	DIRECTOR	02/01/1997	02/03/2011
3	GE/FITCH SINGAPORE PTE LTD	DISSOLVED - MEMBERS' VOLUNTARY WINDING UP	DIRECTOR	21/09/1998	26/04/2006
4	MOMENTIVE PERFORMANCE MATERIALS ASIA PACIFIC PTE. LTD.	LIVE COMPANY	DIRECTOR	14/08/2002	06/03/2012
5	SABIC INNOVATIVE PLASTICS SINGAPORE PTE. LTD.	LIVE COMPANY	DIRECTOR	02/01/1997	09/04/2012

Bankruptcy Record

(Status include petition filed, order made, discharge, annulment, set aside, rescinded and withdrawn)

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

Note: Please purchase case details to know the latest status.

KEY PERSONNEL PROFILE

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.

COMPLIANCE

Date of Last AGM	:	16/02/2012
Date of Last AR	:	20/02/2012
Date of A/C Laid At Last AGM	:	31/12/2011

COMPLIANCE RATING FOR ANNUAL FILING

ANNUAL GENERAL MEETING,ANNUAL RETURN AND ACCOUNTS UP-TO-DATE

Note:

Provided by ACRA (Accounting and Corporate Regulatory Authority), the Compliance Rating for Annual Filing measures a company’s compliance with the provisions under S175, S197 or S201 of the Companies Act, Cap. 50.

Applicable to all “Live” locally incorporated companies except for the Limited Partnerships, Limited Liability Partnerships, Business Entities, Foreign Companies and Public Accounting Firms, the rating provide information on whether a company is up-to-date with the holding of its Annual General Meeting (AGM) with up-to-date financial statements and filing of its Annual Return (AR).

For more information: www.acra.gov.sg/compliance

FINANCIAL HIGHLIGHTS

Financial Figures	Group
	DEC 2011	% Change	DEC 2010	DEC 2009	DEC 2008	DEC 2007
Currency	SGD - SIN		SGD - SIN	SGD - SIN	SGD - SIN	SGD - SIN
Profit and Loss Key Figures
Turnover	15,398,583,876	43.48	10,732,248,858	6,771,036,517	8,147,177,063	8,060,728,792
Profit/(Loss) Before Tax	151,304,323	42.71	106,021,476	32,063,856	47,239,443	46,304,645
Profit After Tax attributable to Shareholders	128,172,657	42.44	89,983,676	28,538,068	43,882,733	42,390,328

Balance Sheet Key Figures	3,204,198,409	16.10	2,759,869,068	1,680,761,557	864,177,035	2,014,800,533
Total Assets	3,172,773,240	15.79	2,740,056,548	1,678,602,140	862,212,958	2,012,838,115
Current Assets	31,425,169	58.61	19,812,520	2,159,417	1,964,077	1,962,418
Non Current Assets
	3,085,680,162	18.06	2,613,584,362	1,623,096,092	835,967,414	1,955,427,628
Total Liabilities	3,084,968,322	18.04	2,613,431,958	1,623,050,982	835,940,605	1,955,399,078
Current Liabilities	711,840	367.07	152,404	45,110	26,809	28,550
Non Current Liabilities
	118,518,246	-18.98	146,284,707	57,665,466	28,209,623	59,372,906
Shareholders' Funds	75,327	-7.74	81,645	87,308	84,659	90,157
Share Capital	118,442,919	-18.99	146,203,062	57,578,158	28,124,964	59,282,749
Total Reserves

FINANCIAL RATIOS

	Group
	DEC 2011	DEC 2010	DEC 2009	DEC 2008	DEC 2007
Growth %
Year-on-Year Growth	43.48	58.50	-16.89	1.07	NA

Profitability
Profit Margin (%)	0.83	0.84	0.42	0.54	0.53
Return on Equity (%)	108.15	61.51	49.49	155.56	71.40
Return on Assets (%)	4.00	3.26	1.70	5.08	2.10

Leverage
Total Debt/Equity (Times)	26.04	17.87	28.15	29.63	32.93
Current Debt/Equity (Times)	26.03	17.87	28.15	29.63	32.93
Long Term Debt To Equity (Times)	0.01	0.00	0.00	0.00	0.00
Total Asset To Total Equity (Times)	27.04	18.87	29.15	30.63	33.93

Asset Management
Total Assets Turnover (Times)	4.81	3.89	4.03	9.43	4.00
Fixed Assets Turnover (Times)	490.01	541.69	3,135.59	4,148.09	4,107.55

Liquidity
Current Ratio (Times)	1.03	1.05	1.03	1.03	1.03

FINANCIAL HIGHLIGHTS

Financial Figures	Company
	DEC 2011	% Change	DEC 2010	DEC 2009	DEC 2008	DEC 2007
Currency	SGD - SIN		SGD - SIN	SGD - SIN	SGD - SIN	SGD - SIN
Profit and Loss Key Figures
Turnover	13,072,300,309	45.27	8,998,471,017	6,565,074,082	7,949,922,758	7,770,157,224
Profit/(Loss) Before Tax	76,632,668	55.98	49,129,879	30,041,221	46,498,681	50,725,345
Profit After Tax attributable to Shareholders	71,512,943	57.28	45,468,101	27,532,571	43,300,001	47,520,263

Balance Sheet Key Figures
Total Assets	2,955,625,587	15.20	2,565,733,588	1,669,331,487	815,777,773	1,956,664,282
Current Assets	2,895,582,435	14.35	2,532,113,537	1,651,219,447	810,201,599	1,950,491,531
Non Current Assets	60,043,152	78.59	33,620,051	18,112,040	5,576,174	6,172,751

Total Liabilities	2,949,156,252	19.26	2,472,942,683	1,618,726,328	793,405,353	1,902,317,630
Current Liabilities	2,948,843,645	19.25	2,472,790,279	1,618,698,680	793,378,544	1,902,289,080
Non Current Liabilities	312,607	105.12	152,404	27,648	26,809	28,550

Shareholders' Funds	6,469,334	-93.03	92,790,903	50,605,160	22,372,420	54,346,652
Share Capital	75,327	-7.74	81,645	87,308	84,659	90,157
Total Reserves	6,394,007	-93.10	92,709,258	50,517,852	22,287,761	54,256,495

FINANCIAL RATIOS

	Company
	DEC 2011	DEC 2010	DEC 2009	DEC 2008	DEC 2007
Growth %
Year-on-Year Growth	45.27	37.07	-17.42	2.31	NA

Profitability
Profit Margin (%)	0.55	0.51	0.42	0.54	0.61
Return on Equity (%)	1,105.41	49.00	54.41	193.54	87.44
Return on Assets (%)	2.42	1.77	1.65	5.31	2.43

Leverage
Total Debt/Equity (Times)	455.87	26.65	31.99	35.46	35.00
Current Debt/Equity (Times)	455.82	26.65	31.99	35.46	35.00
Long Term Debt To Equity (Times)	0.05	0.00	0.00	0.00	0.00
Total Asset To Total Equity (Times)	456.87	27.65	32.99	36.46	36.00

Asset Management
Total Assets Turnover (Times)	4.42	3.51	3.93	9.75	3.97
Fixed Assets Turnover (Times)	217.72	267.65	362.47	1,425.69	1,258.78

Liquidity
Current Ratio (Times)	0.98	1.02	1.02	1.02	1.03

FINANCIAL COMMENTARY

Compound Annual Growth Rate

The company's CAGR is 17.56% (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 0.83 per cent in FY11 (FY10: 0.84 per cent). The group is now able to book in SGD - SIN 0.01 of profit for every SGD - SIN of sales in FY11, as compared with SGD - SIN 0.01 a year ago.

Liquidity

Current ratio stood at 1.03 times in FY11 (FY10: 1.05 times). This means that the group has SGD - SIN 1.03 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 26.04 times in FY11, as compared with 17.87 times in FY10. This means that the group requires additional external financing of SGD - SIN 26.04 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 108.15 per cent for Subject in the current financial period, as compared to 61.51 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 4.00 per cent (FY10: 3.26 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 4.81 times in FY11 (FY10: 3.89 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.53.84
UK Pound	1	Rs.86.72
Euro	1	Rs.69.17

INFORMATION DETAILS

Report Prepared by :

MNL

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%)

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.

MIRA INFORM REPORT

EXECUTIVE SUMMARY

SHAREHOLDER DETAILS

OFFICER DETAILS

KEY PERSONNEL PROFILE

KEY PERSONNEL PROFILE

SUBSIDIARIES AND ASSOCIATE COMPANIES

BANKERS/ FINANCIERS

COMPLIANCE

COMPLIANCE RATING FOR ANNUAL FILING

FINANCIAL HIGHLIGHTS

FINANCIAL RATIOS

FINANCIAL HIGHLIGHTS

FINANCIAL RATIOS

FINANCIAL COMMENTARY

Compound Annual Growth Rate

Unit