MIRA INFORM REPORT

Report Date :

11.03.2013

IDENTIFICATION DETAILS

Name :	MERCURIA ENERGY TRADING PTE. LTD.

Registered Office :	9 Raffles Place #59-00 Republic Plaza Singapore 048619

Country :	Singapore

Financials (as on) :	31.12.2011

Date of Incorporation :	03.06.2004

Com. Reg. No.:	200406884m

Legal Form :	Limited Private Company

Line of Business :	General wholesale trade (including general importers and exporters)

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 :	Satisfactory
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 – June 30^th, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Singapore

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	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. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. Real GDP growth averaged 8.6% between 2004 and 2007. The economy contracted 1.0% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010 and 4.9% in 2011, on the strength of renewed exports. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to a compound annual growth rate of just 1.8% in the last decade. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub.

Source : CIA

Company Name:	Registered Number:
MERCURIA ENERGY TRADING PTE. LTD.	200406884M

Date Incorporated:	Registered Office:	Telephone Number:
03/06/2004	9 RAFFLES PLACE #59-00 REPUBLIC PLAZA SINGAPORE 048619	6416 2080
Age of Company:	Website:	Industry Type:
8	NA	COMMERCE-WHOLESALE

Risk Dashboard
Days Beyond Terms	Trend:	No. of Litigation Counts:
Company DTC:		NA
74
Better than last month;last month the entity took 22 days to pay		No. of Charges(s): 44
Industry DTC
25

Directors		Corporate Structure
Number of Current Directors	9	Holding Company:	MERCURIA ENERGY TRADING B.V.
Number that are shareholders	1	No. of Subsidiaries & Associated Companies:	1

EXECUTIVE SUMMARY

Company Name	:		MERCURIA ENERGY TRADING PTE. LTD.
Registration No	:		200406884M
Date of Registration	:		03/06/2004
Former Name	:		NA
Date of Change of Name	:		NA
Type of Company	:		LIMITED PRIVATE COMPANY
Registered Address	:		9 RAFFLES PLACE #59-00 REPUBLIC PLAZA SINGAPORE 048619
Date of Change of Address	:		16/11/2009
Contact No.	:		6416 2080
Fax No.	:		6883 0560
Website	:		NA
Registered Activities	:		GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS)
Issued Ordinary Capital*	:		$18,000,000.00 U.S. DOLLAR ,NO. OF SHARE : 18,000,000
Issued Preference Capital	:		NA
Paid-Up Ordinary Capital	:		$18,000,000.00 U.S. DOLLAR
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		:	1
No. of Local Associates		:	NA
Auditor		:	PRICEWATERHOUSECOOPERS LLP
Bankers / Financiers		:	HSBC FRANCE AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED FIRST GULF BANK PJSC ING BANK N.V. ABN AMRO BANK N.V. STANDARD CHARTERED BANK SOCIETE GENERALE THE ROYAL BANK OF SCOTLAND N.V. OVERSEA-CHINESE BANKING CORPORATION LIMITED DBS BANK LTD. UNION DE BANQUES ARABES ET FRANCAISES-UBAF CHINATRUST COMMERCIAL BANK CO., LTD. RAIFFEISEN ZENTRALBANK OESTERREICH AKTIENGESELLSCHAFT INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED THE BANK OF TOKYO-MITSUBISHI UFJ, LTD. NATIXIS COOPERATIEVE CENTRALE RAIFFEISEN BOERENLEENBANK B.A. (TRADING AS RABOBANK INTERNATIONAL) CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK SUMITOMO MITSUI BANKING CORPORATION SINGAPORE BRANCH HSH NORDBANK AG UNITED OVERSEAS BANK LIMITED COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.("RABOBANK NEDERLAND") FORTIS BANK S.A./N.V. BNP PARIBAS
Turnover		:	SGD - SIN 20,240,230,567.00 (FY2011)
Net Worth		:	SGD - SIN 34,842,504.00 (FY2011)
No. of Bank Charges		:	44
No. of Litigation Suits		:	NA
S1000 / SME 1000 / FG50 Ranking		:	23 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2010/2011) 36 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2009/2010) 89 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2008/2009) 540 POSITION IN Singapore 1000 Companies Ranked by Return on Equities (2008/2009) 460 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2006/2007)
Compounded Annual Growth Rate (CAGR)		:	69.35% (4 years)

SHAREHOLDER DETAILS

NAME	:	MERCURIA ENERGY TRADING B.V.
SHAREHOLDER ID	:	T09UF0938E
NATIONALITY	:	NA
ADDRESS	:	HERCULESPLEIN 108, 3584 AA UTRECHT, NETHERLANDS
NO. OF ORD SHARES	:	18,000,000
% OF SHAREHOLDING	:	100%
CURRENCY	:	U.S. DOLLAR

OFFICER DETAILS

NAME	:	HONG ZHU
ADDRESS	:	CHEMIN DE CLAIRJOIE, 11 1225 CHENE-BOURG, SWITZERLAND
POSITION	:	DIRECTOR
DATE OF APPT	:	23/06/2009
NATIONALITY	:	BRITISH
I/C PASSPORT	:	761242997

NAME	:	GREGORY WILLIAM HAMILTON
ADDRESS	:	103 BUENA VISTA AVE, COORPAROO BRISBANE QLD AUSTRALIA 4151
POSITION	:	DIRECTOR
DATE OF APPT	:	01/08/2012
NATIONALITY	:	AUSTRALIAN
I/C PASSPORT	:	E4080405

NAME	:	HAN JIN
ADDRESS	:	9 RAFFLES PLACE #59-00 REPUBLIC PLAZA SINGAPORE 048619
POSITION	:	DIRECTOR
DATE OF APPT	:	27/09/2007
NATIONALITY	:	BRITISH
I/C PASSPORT	:	F2102500M

NAME	:	LOH LEE ENG
ADDRESS	:	46 MARYMOUNT TERRACE SINGAPORE 576378
POSITION	:	SECRETARY
DATE OF APPT	:	16/07/2012
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S1289585B

NAME	:	HO WEI CHANG
ADDRESS	:	16 LEEDON PARK SINGAPORE 267892
POSITION	:	DIRECTOR
DATE OF APPT	:	13/07/2004
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S1655617C

NAME	:	ESTELLA SHI JINBO
ADDRESS	:	900 DUNEARN ROAD #05-06 BLOSSOMVALE, THE SINGAPORE 589473
POSITION	:	DIRECTOR
DATE OF APPT	:	01/08/2012
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S2682707H

NAME	:	ABDUL JABBAR BIN KARAM DIN
ADDRESS	:	21 SIGLAP HILL FRANKEL ESTATE SINGAPORE 456076
POSITION	:	SECRETARY
DATE OF APPT	:	16/07/2012
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S6936625B

NAME	:	EVELYN TAY EE MEI
ADDRESS	:	38 FARRER ROAD #07-04 LEVELZ, THE SINGAPORE 268836
POSITION	:	DIRECTOR
DATE OF APPT	:	01/08/2012
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S7213406J

NAME	:	LIM GEOK HOCK JOSHUA (LIN YUFU)
ADDRESS	:	13 COVE DRIVE #03-04 MARINA COLLECTION SINGAPORE 098327
POSITION	:	DIRECTOR
DATE OF APPT	:	21/08/2012
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S7308627B

NAME	:	CHAN SHEUE LING
ADDRESS	:	7 JALAN RUKAM SEMBAWANG HILLS ESTATE SINGAPORE 576944
POSITION	:	DIRECTOR
DATE OF APPT	:	19/10/2009
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S7329719B

NAME	:	MICHAEL JOHN LIVINGSTON
ADDRESS	:	95 GRANGE ROAD #12-11 GRANGE RESIDENCES SINGAPORE 249616
POSITION	:	DIRECTOR
DATE OF APPT	:	01/08/2012
NATIONALITY	:	SINGAPORE P.R.
I/C PASSPORT	:	S7585921Z

KEY PERSONNEL PROFILE

Name:	HO WEI CHANG
NRIC Number:	S1655617C
Available Address:	16 LEEDON PARK SINGAPORE 267892

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	MERCURIA ASIA GROUP HOLDINGS (PTE.) LTD.	DIRECTOR	29/03/2012	-	-
2	MERCURIA ENERGY TRADING PTE. LTD.	DIRECTOR	13/07/2004	-	-
3	MERCURIA ENERGY TRADING PTE. LTD.	MANAGING DIRECTOR	19/09/2006	-	-

Previous Business

No.

Name

Status

Position

Appt Date

Last Known Inactive Date

MERCURIA PTE. LTD.

LIVE COMPANY

DIRECTOR

15/01/2010

20/06/2011

Bankruptcy Record

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

Litigation Search – Writ of Summons

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

SUBSIDIARIES AND ASSOCIATE COMPANIES

Company	Shareholdings (%)

MERCURIA PTE. LTD.	100

BANKERS/ FINANCIERS

Subject enjoys a normal banking routine with its bankers. To date, there have been 44 bank charges registered against Subject by its bankers. The charge numbers are:

1)	Charge No.	:	C201208808
	Date of Registration	:	03/08/2012
	Chargee	:	HSBC FRANCE
	Amount Secured and Currency	:	All Monies
	Address	:	---

2)	Charge No.	:	C201208806
	Date of Registration	:	03/08/2012
	Chargee	:	HSBC FRANCE
	Amount Secured and Currency	:	All Monies
	Address	:	---

3)	Charge No.	:	C201205769
	Date of Registration	:	23/05/2012
	Chargee	:	AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED
	Amount Secured and Currency	:	All Monies
	Address	:	---

4)	Charge No.	:	C201205628
	Date of Registration	:	23/05/2012
	Chargee	:	AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED
	Amount Secured and Currency	:	All Monies
	Address	:	---

5)	Charge No.	:	C201204923
	Date of Registration	:	04/05/2012
	Chargee	:	FIRST GULF BANK PJSC
	Amount Secured and Currency	:	All Monies
	Address	:	---

6)	Charge No.	:	C201202476
	Date of Registration	:	06/03/2012
	Chargee	:	ING BANK N.V.
	Amount Secured and Currency	:	All Monies
	Address	:	---

7)	Charge No.	:	C201115756
	Date of Registration	:	16/12/2011
	Chargee	:	ABN AMRO BANK N.V.
	Amount Secured and Currency	:	All Monies
	Address	:	---

8)	Charge No.	:	C201114633
	Date of Registration	:	21/11/2011
	Chargee	:	STANDARD CHARTERED BANK
	Amount Secured and Currency	:	All Monies
	Address	:	---

9)	Charge No.	:	C201113554
	Date of Registration	:	27/10/2011
	Chargee	:	STANDARD CHARTERED BANK
	Amount Secured and Currency	:	All Monies
	Address	:	---

10)	Charge No.	:	C201113389
	Date of Registration	:	24/10/2011
	Chargee	:	SOCIETE GENERALE
	Amount Secured and Currency	:	All Monies
	Address	:	---

11)	Charge No.	:	C201113024
	Date of Registration	:	17/10/2011
	Chargee	:	THE ROYAL BANK OF SCOTLAND N.V.
	Amount Secured and Currency	:	All Monies
	Address	:	---

12)	Charge No.	:	C201111729
	Date of Registration	:	20/09/2011
	Chargee	:	STANDARD CHARTERED BANK
	Amount Secured and Currency	:	All Monies
	Address	:	---

13)	Charge No.	:	C201111040
	Date of Registration	:	08/09/2011
	Chargee	:	THE ROYAL BANK OF SCOTLAND N.V.
	Amount Secured and Currency	:	All Monies
	Address	:	---

14)	Charge No.	:	C201110877
	Date of Registration	:	31/08/2011
	Chargee	:	STANDARD CHARTERED BANK
	Amount Secured and Currency	:	All Monies
	Address	:	---

15)	Charge No.	:	C201110866
	Date of Registration	:	31/08/2011
	Chargee	:	STANDARD CHARTERED BANK
	Amount Secured and Currency	:	All Monies
	Address	:	---

16)	Charge No.	:	C201110731
	Date of Registration	:	26/08/2011
	Chargee	:	STANDARD CHARTERED BANK
	Amount Secured and Currency	:	All Monies
	Address	:	---

17)	Charge No.	:	C201110724
	Date of Registration	:	26/08/2011
	Chargee	:	STANDARD CHARTERED BANK
	Amount Secured and Currency	:	All Monies
	Address	:	---

18)	Charge No.	:	C201105451
	Date of Registration	:	04/05/2011
	Chargee	:	OVERSEA-CHINESE BANKING CORPORATION LIMITED
	Amount Secured and Currency	:	All Monies
	Address	:	---

19)	Charge No.	:	C201103736
	Date of Registration	:	25/03/2011
	Chargee	:	DBS BANK LTD.
	Amount Secured and Currency	:	All Monies
	Address	:	---

20)	Charge No.	:	C201100706
	Date of Registration	:	14/01/2011
	Chargee	:	SOCIETE GENERALE
	Amount Secured and Currency	:	All Monies
	Address	:	---

21)	Charge No.	:	C201011370
	Date of Registration	:	25/11/2010
	Chargee	:	UNION DE BANQUES ARABES ET FRANCAISES-UBAF
	Amount Secured and Currency	:	All Monies
	Address	:	---

22)	Charge No.	:	C201010383
	Date of Registration	:	02/11/2010
	Chargee	:	CHINATRUST COMMERCIAL BANK CO., LTD.
	Amount Secured and Currency	:	All Monies
	Address	:	---

23)	Charge No.	:	C201010343
	Date of Registration	:	02/11/2010
	Chargee	:	CHINATRUST COMMERCIAL BANK CO., LTD.
	Amount Secured and Currency	:	All Monies
	Address	:	---

24)	Charge No.	:	C201007342
	Date of Registration	:	20/08/2010
	Chargee	:	RAIFFEISEN ZENTRALBANK OESTERREICH AKTIENGESELLSCHAFT
	Amount Secured and Currency	:	All Monies
	Address	:	---

25)	Charge No.	:	C201006480
	Date of Registration	:	28/07/2010
	Chargee	:	INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED
	Amount Secured and Currency	:	All Monies
	Address	:	---

26)	Charge No.	:	C201006097
	Date of Registration	:	16/07/2010
	Chargee	:	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.
	Amount Secured and Currency	:	All Monies
	Address	:	---

27)	Charge No.	:	C201006096
	Date of Registration	:	16/07/2010
	Chargee	:	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.
	Amount Secured and Currency	:	All Monies
	Address	:	---

28)	Charge No.	:	C201002491
	Date of Registration	:	24/03/2010
	Chargee	:	NATIXIS
	Amount Secured and Currency	:	All Monies
	Address	:	---

29)	Charge No.	:	C200900876
	Date of Registration	:	04/02/2009
	Chargee	:	STANDARD CHARTERED BANK
	Amount Secured and Currency	:	All Monies
	Address	:	---

30)	Charge No.	:	C200900873
	Date of Registration	:	04/02/2009
	Chargee	:	STANDARD CHARTERED BANK
	Amount Secured and Currency	:	All Monies
	Address	:	---

31)	Charge No.	:	C200710458
	Date of Registration	:	28/11/2007
	Chargee	:	COOPERATIEVE CENTRALE RAIFFEISEN BOERENLEENBANK B.A. (TRADING AS RABOBANK INTERNATIONAL)
	Amount Secured and Currency	:	All Monies
	Address	:	---

32)	Charge No.	:	C200707962
	Date of Registration	:	24/09/2007
	Chargee	:	SOCIETE GENERALE
	Amount Secured and Currency	:	All Monies
	Address	:	---

33)	Charge No.	:	C200707902
	Date of Registration	:	21/09/2007
	Chargee	:	SOCIETE GENERALE
	Amount Secured and Currency	:	All Monies
	Address	:	---

34)	Charge No.	:	C200702274
	Date of Registration	:	26/03/2007
	Chargee	:	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK
	Amount Secured and Currency	:	All Monies
	Address	:	---

35)	Charge No.	:	C200700052
	Date of Registration	:	04/01/2007
	Chargee	:	SUMITOMO MITSUI BANKING CORPORATION SINGAPORE BRANCH
	Amount Secured and Currency	:	All Monies
	Address	:	---

36)	Charge No.	:	C200700051
	Date of Registration	:	04/01/2007
	Chargee	:	SUMITOMO MITSUI BANKING CORPORATION SINGAPORE BRANCH
	Amount Secured and Currency	:	All Monies
	Address	:	---

37)	Charge No.	:	C200608086
	Date of Registration	:	29/11/2006
	Chargee	:	HSH NORDBANK AG
	Amount Secured and Currency	:	All Monies
	Address	:	---

38)	Charge No.	:	C200605837
	Date of Registration	:	30/08/2006
	Chargee	:	UNITED OVERSEAS BANK LIMITED
	Amount Secured and Currency	:	All Monies
	Address	:	---

39)	Charge No.	:	C200605836
	Date of Registration	:	30/08/2006
	Chargee	:	UNITED OVERSEAS BANK LIMITED
	Amount Secured and Currency	:	All Monies
	Address	:	---

40)	Charge No.	:	C200605257
	Date of Registration	:	10/08/2006
	Chargee	:	COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.("RABOBANK NEDERLAND")
	Amount Secured and Currency	:	All Monies
	Address	:	---

41)	Charge No.	:	C200601983
	Date of Registration	:	27/03/2006
	Chargee	:	ING BANK N.V.
	Amount Secured and Currency	:	All Monies
	Address	:	---

42)	Charge No.	:	C200601759
	Date of Registration	:	17/03/2006
	Chargee	:	FORTIS BANK S.A./N.V.
	Amount Secured and Currency	:	All Monies
	Address	:	---

43)	Charge No.	:	C200601758
	Date of Registration	:	17/03/2006
	Chargee	:	FORTIS BANK S.A./N.V.
	Amount Secured and Currency	:	All Monies
	Address	:	---

44)	Charge No.	:	C200600632
	Date of Registration	:	25/01/2006
	Chargee	:	BNP PARIBAS
	Amount Secured and Currency	:	All Monies
	Address	:	---

LITIGATION

Clear

COMPLIANCE

Date of Last AGM	:	28/06/2012
Date of Last AR	:	06/07/2012
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	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	20,240,230,567	29.56	15,621,785,567	8,565,913,970	3,716,862,305	2,460,911,989
Profit/(Loss) Before Tax	8,037,391	82.19	4,411,552	3,260,953	2,731,648	1,748,394
Profit After Tax attributable to Shareholders	7,179,919	110.64	3,408,679	2,658,528	2,237,806	1,232,974

Balance Sheet Key Figures
Total Assets	2,911,575,611	-3.10	3,004,636,694	1,464,448,762	2,079,056,143	872,938,977
Current Assets	2,810,395,130	-3.21	2,903,673,127	1,457,597,995	2,073,866,577	870,393,843
Non Current Assets	101,180,481	0.21	100,963,567	6,850,767	5,189,566	2,545,134

Total Liabilities	2,876,733,109	-3.29	2,974,653,930	1,447,672,533	2,073,781,917	868,202,768
Current Liabilities	2,600,534,109	-7.88	2,823,066,380	1,447,672,533	2,073,781,917	868,202,768
Non Current Liabilities	276,199,000	82.20	151,587,550	0	0	0

Shareholders' Funds	34,842,504	16.21	29,982,766	16,776,228	5,274,225	4,736,208
Share Capital	22,598,100	-7.74	24,493,500	14,551,330	2,906,609	3,095,466
Total Reserves	12,244,404	123.06	5,489,266	2,224,898	2,367,616	1,640,742

FINANCIAL RATIOS

	Company
	DEC 2011	DEC 2010	DEC 2009	DEC 2008	DEC 2007
Growth %
Year-on-Year Growth	29.56	82.37	130.46	51.04	NA

Profitability
Profit Margin (%)	0.04	0.02	0.03	0.06	0.05
Return on Equity (%)	20.61	11.37	15.85	42.43	26.03
Return on Assets (%)	0.25	0.11	0.18	0.11	0.14

Leverage
Total Debt/Equity (Times)	82.56	99.21	86.29	393.19	183.31
Current Debt/Equity (Times)	74.64	94.16	86.29	393.19	183.31
Long Term Debt To Equity (Times)	7.93	5.06	0.00	0.00	0.00
Total Asset To Total Equity (Times)	83.56	100.21	87.29	394.19	184.31

Asset Management
Total Assets Turnover (Times)	6.95	5.20	5.85	1.79	2.82
Fixed Assets Turnover (Times)	200.04	154.73	1,250.36	716.22	966.91

Liquidity
Current Ratio (Times)	1.08	1.03	1.01	1.00	1.00

FINANCIAL COMMENTARY

Compound Annual Growth Rate

The company's CAGR is 69.35% (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 company yielded a rate of net profit on sales of 0.04 per cent in FY11 (FY10: 0.02 per cent). The company is now able to book in SGD - SIN 0.00 of profit for every SGD - SIN of sales in FY11, as compared with SGD - SIN 0.00 a year ago.

Liquidity

Current ratio stood at 1.08 times in FY11 (FY10: 1.03 times). This means that the company has SGD - SIN 1.08 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 82.56 times in FY11, as compared with 99.21 times in FY10. This means that the company requires additional external financing of SGD - SIN 82.56 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 20.61 per cent for Subject in the current financial period, as compared to 11.37 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 0.25 per cent (FY10: 0.11 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 6.95 times in FY11 (FY10: 5.20 times). This ratio measures the company'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.54.40
UK Pound	1	Rs.81.56
Euro	1	Rs.71.23

INFORMATION DETAILS

Report Prepared by :

PDT

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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