MIRA INFORM REPORT

Report Date :

14.04.2014

IDENTIFICATION DETAILS

Name :	GREIF SINGAPORE PTE. LTD.
Formerly Known As :	VAN LEER SINGAPORE PTE. LTD.
Registered Office :	5, Pioneer Sector 3, 628344,
Country :	Singapore
Financials (as on) :	31.10.2012
Date of Incorporation :	13.11.1961
Com. Reg. No.:	196100171-E
Legal Form :	Private Limited
Line of Business :	Manufacture of metal cans, containers and related products
No. of Employees	240 [2014]

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

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 – december 01, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
Singapore	A1	A1

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. The economy contracted 0.8% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010, on the strength of renewed exports, before slowing to in 2011-13, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity. 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

EXECUTIVE SUMMARY

REGISTRATION NO.	:	196100171-E
COMPANY NAME	:	GREIF SINGAPORE PTE. LTD.
FORMER NAME	:	VAN LEER SINGAPORE PTE. LTD. (19/02/2003)
INCORPORATION DATE	:	13/11/1961
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	5, PIONEER SECTOR 3, 628344, SINGAPORE.
BUSINESS ADDRESS	:	5, PIONEER SECTOR 3, 628344, SINGAPORE.
TEL.NO.	:	65-65587543
FAX.NO.	:	65-68982746
WEB SITE	:	WWW.GREIF.COM
CONTACT PERSON	:	DAVID PETER GREEN ( DIRECTOR )
PRINCIPAL ACTIVITY	:	MANUFACTURE OF METAL CANS, CONTAINERS AND RELATED PRODUCTS
ISSUED AND PAID UP CAPITAL	:	5,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 5,000,000.00
SALES	:	SGD 12,637,442 [2012]
NET WORTH	:	SGD 21,919,910 [2012]
STAFF STRENGTH	:	240 [2014]
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	FAIR
PAYMENT	:	PROMPT
MANAGEMENT CAPABILITY	:	AVERAGE
COMMERCIAL RISK	:	LOW
CURRENCY EXPOSURE	:	HIGH
GENERAL REPUTATION	:	GOOD
INDUSTRY OUTLOOK	:	MATURE

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) manufacture of metal cans, containers and related products.

The immediate holding company of the Subject is GREIF INTERNATIONAL HOLDING BV, a company incorporated in NETHERLANDS.

The ultimate holding company of the Subject is GREIF INC., a company incorporated in UNITED STATES.

Share Capital History

Date	Issue & Paid Up Capital
15/02/2013	SGD 5,000,000.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
GREIF INTERNATIONAL HOLDING BV	BERGSEWEG 6, 3633 AK VREELAND, NETHERLANDS.	NLT09UF1880	5,000,000.00	100.00
			---------------	------
			5,000,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	CHEAH PAK HING
Address	:	1, HUME AVENUE, 05-10, HUME PARK I, 598718, SINGAPORE.
IC / PP No	:	S2621868C
Nationality	:	SINGAPOREAN
Date of Appointment	:	30/04/2005

DIRECTOR 2

Name Of Subject	:	DAVID PETER GREEN
Address	:	737, WESTON PARK DRIVE, POWELL OHIO 43065, UNITED STATES.
IC / PP No	:	761312685
Nationality	:	BRITISH
Date of Appointment	:	01/12/2007

DIRECTOR 3

Name Of Subject	:	MR. CHONG CHIN FEE
Address	:	111, POTONG PASIR, AVENUE 1, 12-638, POTONG PASIR HUDC, 350111, SINGAPORE.
IC / PP No	:	S2511923A
Nationality	:	SINGAPOREAN
Date of Appointment	:	02/05/2003

MANAGEMENT

1)	Name of Subject	:	DAVID PETER GREEN
	Position	:	DIRECTOR

AUDITOR

Auditor	:	ERNST & YOUNG LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	CHEAH PAK HING
	IC / PP No	:	S2621868C
	Address	:	1, HUME AVENUE, 05-10, HUME PARK I, 598718, SINGAPORE.

BANKING

No Banker found in our databank.

ENCUMBRANCE (S)

No encumbrance was found in our databank at the time of investigation.

LEGAL CHECK AGAINST SUBJECT

* A check has been conducted in our databank againt 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	:	YES	Percentage	:	20%
Overseas	:	YES	Percentage	:	80%

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	[	X	]	Good 31-60 Days	[	]	Average 61-90 Days	[	]
Fair 91-120 Days	[		]	Poor >120 Days	[	]

CLIENTELE

Local	:	YES	Percentage	:	20%
Domestic Markets	:	SINGAPORE
Overseas	:	YES	Percentage	:	80%
Export Market	:	WORLDWIDE
Credit Term	:	30 - 90 DAYS
Payment Mode	:	LETTER OF CREDIT (LC) CHEQUES

OPERATIONS

Products manufactured

:

METAL CANS, CONTAINERS AND RELATED PRODUCTS

Total Number of Employees:
YEAR	2014	2011	2010
GROUP	N/A	N/A	N/A
COMPANY	240	180	180

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) manufacture of metal cans, containers and related products.

Greif is a world leader in industrial packaging products and services.

The Group produces steel, plastic, fibre, flexible and corrugated containers, packaging accessories and containerboard, and provide blending, filling and packaging services for a wide range of industries.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	65 6861 9228
Current Telephone Number	:	65-65587543
Match	:	NO
Address Provided by Client	:	5 PIONEER SECTOR 3, SINGAPORE - 628344
Current Address	:	5, PIONEER SECTOR 3, 628344, SINGAPORE.
Match	:	YES

Other Investigations

we contacted one of the staff from the Subject and she provided some information.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Decreased	[	2009 - 2012	]
Profit/(Loss) Before Tax	:	Decreased	[	2009 - 2012	]
Return on Shareholder Funds	:	Acceptable	[	13.10%	]
Return on Net Assets	:	Acceptable	[	18.34%	]
The continuous fall in turnover could be due to the lower demand for the Subject's products / services.The Subject's profit fell sharply because of the high operating costs incurred. The Subject's management had generated acceptable return for its shareholders using its assets.
Working Capital Control
Stock Ratio	:	Unfavourable	[	84 Days	]
Debtor Ratio	:	Favourable	[	14 Days	]
Creditors Ratio	:	Favourable	[	11 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 Subject had a favourable creditors' ratio where the Subject could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.
Liquidity
Liquid Ratio	:	Favourable	[	1.22 Times	]
Current Ratio	:	Unfavourable	[	1.74 Times	]
A minimum liquid ratio of 1 should be maintained by the Subject in order to assure its creditors of its ability to meet short term obligations and the Subject was in a good liquidity position. Thus, we believe the Subject is able to meet all its short term obligations as and when they fall due.
Solvency
Interest Cover	:	Favourable	[	148.37 Times	]
Gearing Ratio	:	Favourable	[	0.00 Times	]
The interest cover showed that the Subject was able to service the interest. The favourable interest cover could indicate that the Subject was making enough profit to pay for the interest accrued. The Subject had no gearing and hence it had virtually no financial risk. The Subject was financed by its shareholders' funds and internally generated fund. During the economic downturn, the Subject, having a zero gearing, will be able to compete better than those which are highly geared in the same industry.
Overall Assessment :
The Subject's performance deteriorated over the years with lower turnover and profit. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. With the favourable interest cover, the Subject could be able to service all the accrued interest without facing any difficulties. The Subject was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The Subject has good chance of getting loans, if the needs arises.
Overall financial condition of the Subject : FAIR

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	2009	2010	2011	2012	2013
Population (Million)	4.98	5.08	5.18	5.31	5.40
Gross Domestic Products ( % )	(0.8)	14.5	4.9	1.3	3.7
Consumer Price Index	0.6	2.8	5.2	4.6	2.4
Total Imports (Million)	356,299.3	423,221.8	459,655.1	474,554.0	466,762.0
Total Exports (Million)	391,118.1	478,840.7	514,741.2	510,329.0	513,391.0
Unemployment Rate (%)	3.2	2.2	2.1	2.0	1.9
Tourist Arrival (Million)	9.68	11.64	13.17	14.49	15.46
Hotel Occupancy Rate (%)	75.8	85.6	86.5	86.4	86.3
Cellular Phone Subscriber (Million)	1.37	1.43	1.50	1.52	1.97
Registration of New Companies (No.)	26,414	29,798	32,317	31,892	37,288
Registration of New Companies (%)	4.3	12.8	8.5	(1.3)	9.8
Liquidation of Companies (No.)	22,393	15,126	19,005	17,218	17,369
Liquidation of Companies (%)	113.4	(32.5)	25.6	9.4	(5.3)
Registration of New Businesses (No.)	26,876	23,978	23,494	24,788	22,893
Registration of New Businesses (%)	8.15	(10.78)	2.02	5.51	1.70
Liquidation of Businesses (No.)	23,552	24,211	23,005	22,489	22,598
Liquidation of Businesses (%)	11.4	2.8	(5)	(2.2)	0.5
Bankruptcy Orders (No.)	2,058	1,537	1,527	1,748	1,992
Bankruptcy Orders (%)	(11.5)	(25.3)	(0.7)	14.5	14.0
Bankruptcy Discharges (No.)	3,056	2,252	1,391	1,881	2,584
Bankruptcy Discharges (%)	103.7	(26.3)	(38.2)	35.2	37.4
INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	3.25	(0.48)	4.25	3.64	-
Fish Supply & Wholesale	(1.93)	(10.5)	12.10	(0.5)	-
Manufacturing *	71.5	92.8	100.0	100.3	102.0
Food, Beverages & Tobacco	90.4	96.4	100.0	103.5	103.5
Textiles	145.9	122.1	100.0	104.0	87.1
Wearing Apparel	211.0	123.3	100.0	92.1	77.8
Leather Products & Footwear	79.5	81.8	100.0	98.6	109.8
Wood & Wood Products	101.4	104.0	100.0	95.5	107.4
Paper & Paper Products	95.4	106.1	100.0	97.4	103.2
Printing & Media	100.9	103.5	100.0	93.0	86.1
Crude Oil Refineries	96.4	95.6	100.0	99.4	93.5
Chemical & Chemical Products	80.3	97.6	100.0	100.5	104.1
Pharmaceutical Products	49.1	75.3	100.0	109.7	107.2
Rubber & Plastic Products	101.2	112.3	100.0	96.5	92.9
Non-metallic Mineral	91.9	92.5	100.0	98.2	97.6
Basic Metals	92.6	102.2	100.0	90.6	76.5
Fabricated Metal Products	90.8	103.6	100.0	104.3	105.1
Machinery & Equipment	57.3	78.5	100.0	112.9	114.5
Electrical Machinery	86.8	124.1	100.0	99.3	108.5
Electronic Components	85.2	113.6	100.0	90.6	94.3
Transport Equipment	96.0	94.0	100.0	106.3	107.5
Construction	(36.9)	14.20	20.50	28.70	-
Real Estate	1.4	21.3	25.4	31.9	-
Services
Electricity, Gas & Water	1.70	4.00	7.00	6.30	-
Transport, Storage & Communication	3.90	12.80	7.40	5.30	-
Finance & Insurance	(16.4)	(0.4)	8.90	0.50	-
Government Services	4.50	9.70	6.90	6.00	-
Education Services	0.10	(0.9)	(1.4)	0.30	-
* Based on Index of Industrial Production (2011 = 100)

INDUSTRY ANALYSIS

INDUSTRY :	MANUFACTURING
The manufacturing sector contracted by 1.1% in the fourth quarter of 2012, led by declines in the electronics and precision engineering clusters. These clusters were weighed down by weak global demand for semiconductors and semiconductor-related equipment. For the whole year of 2012, the manufacturing sector grew by 0.1%, significantly lower than the 7.8% recorded in 2011 when the sector was boosted by a surge in the growth of the biomedical manufacturing cluster.
Output of the biomedical manufacturing cluster grew by 2.4% in the fourth quarter. The expansion was driven by the medical technology segment which grew by a healthy 9.2%, benefitting from robust export demand for medical devices. The pharmaceuticals segment also grew by a modest 1.1%. For 2012, the biomedical manufacturing cluster expanded by 9.9%.
Output of the transport engineering cluster expanded by 4.9% in the fourth quarter. The aerospace segment grew by 6.2%, supported by higher demand for repair jobs from commercial airlines. Similarly, the marine & offshore engineering segment expanded by 5.0%, on the back of higher contributions from oil rig projects and oilfield equipment components. In the year 2012, the transport engineering cluster surged by 11%.
The output of the precision engineering cluster shrank by 1.3% in the fourth quarter. The decline was led by the 5.3% contraction in the machinery & systems segment, which saw weak export demand for semiconductor-related equipment. On the other hand, the precision modules & components segment grew by 2.9%, supported by higher production of optical instruments & photographic equipment and electronic connectors. In 2012, the precision engineering cluster expanded by 1.3%.
The general manufacturing cluster's output grew by 1.2% in the fourth quarter, driven by the 6.4% growth in the miscellaneous industries segment. The segment's growth was supported by higher production of batteries and constructionrelated materials. By contrast, the printing and food, beverages & tobacco segments declined by 6.4% and 1.3% respectively. For 2012, the general manufacturing cluster grew by 2.0%.
The chemicals cluster's output grew by 7.7% in the fourth quarter. The petrochemicals and petroleum segments registered growth of 9.3% and 6.3% respectively, partly due to the low base from plant shutdowns in end of 2011. The specialty chemicals segment also expanded by 8.0% on the back of higher regional demand. For the year 2012, the chemicals cluster declined by 0.4%, primarily due to weak regional demand for specialty chemicals in the second and third quarter of 2012.
Output of the electronics cluster contracted by 10% in the fourth quarter, led by the semiconductors and computer peripherals segments which contracted by 13% and 15% respectively. By contrast, the data storage segment grew by 7.8%, mainly due to the low base in end of 2011 when floods in Thailand had disrupted the supply chain for data storage products. For the whole of 2012, the electronics cluster contracted by 11%.
OVERALL INDUSTRY OUTLOOK : MATURE

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 1961, the Subject is a Private Limited company, focusing on manufacture of metal cans, containers and related products. The Subject has been in business for over 5 decades. It has built up a strong clientele base and good reputation will enable the Subject to further enhance its business in the near term.  The Subject is expected to enjoy a stable market shares. Having strong support from its holding company has enabled the Subject to remain competitive despite the challenging business environment. The capital standing of the Subject is fair. With an adequate share capital, the Subject has the potential of expanding its business in future.

Over the years, the Subject has established an extensive clientele base in the market. Besides catering to the local market, the Subject has penetrated into other countries. With the contribution of both local and overseas customers, the Subject is likely to be exposed to lower commercial risk. Hence, we believe that the Subject has better business expansion opportunities in the future. The Subject is a fairly large and rapidly growing company with over 240 staff in its operations 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.

The Subject's business performance showed a reverse trend as both its turnover and pre-tax profit have decreased compared to the previous year. Return on shareholders' funds of the Subject was at an acceptable range which indicated that the management was efficient in utilising its funds to generate income. The Subject is in good liquidity position with its current liabilities well covered by it current assets. Hence, it has sufficient working capital to meet its short term financial obligations. Being a zero geared company, the Subject virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. Given a positive net worth standing at SGD 21,919,910, the Subject should be able to maintain its business in the near terms.

Having a strong assets backing, the Subject possesses latent assets as collateral for further financial extension. Hence, it has good chance of getting loans if the needs arises. The Subject's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials. Overall the Subject has a good control over its resources.

We regard that the Subject's overall payment habit is prompt. The Subject had a favourable creditors' ratio as evidenced by its favourable collection days.

The industry has reached its optimum level and is generally stable. It is saturated and very competitive. With the Subject’s favourable conditions, it should have acquired competitive edge from its competitors.

Based on the above condition, we recommend credit be granted to the Subject promptly.

PROFIT AND LOSS ACCOUNT

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

GREIF SINGAPORE PTE. LTD.

Financial Year End	2012-10-31	2011-10-31	2010-10-31	2009-10-31
Months	12	12	12	12
Consolidated Account	Company	Company	Company	Company
Audited Account	YES	YES	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES	YES	YES
Financial Type	FULL	FULL	FULL	FULL
Currency	SGD	SGD	SGD	SGD
TURNOVER	12,637,442	104,873,412	138,326,351	137,821,290
Other Income	5,074,436	35,003,816	-	-
	----------------	----------------	----------------	----------------
Total Turnover	17,711,878	139,877,228	138,326,351	137,821,290
Costs of Goods Sold	(9,939,415)	(80,042,361)	-	-
	----------------	----------------	----------------	----------------
Gross Profit	7,772,463	59,834,867	-	-
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	4,033,020	47,226,775	17,728,910	(1,612,196)
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	4,033,020	47,226,775	17,728,910	(1,612,196)
Taxation	(1,160,455)	188,095	(2,573,771)	337,000
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	2,872,565	47,414,870	15,155,139	(1,275,196)
	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	47,454,739	44,939,869	29,784,730	31,059,926
	----------------	----------------	----------------	----------------
As restated	47,454,739	44,939,869	29,784,730	31,059,926
	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	50,327,304	92,354,739	44,939,869	29,784,730
DIVIDENDS - Ordinary (paid & proposed)	(33,407,394)	(44,900,000)	-	-
	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	16,919,910	47,454,739	44,939,869	29,784,730
	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Others	27,367	430,323	-	-
	----------------	----------------	----------------	----------------
	27,367	430,323	-	-
	=============	=============

BALANCE SHEET

GREIF SINGAPORE PTE. LTD.

ASSETS EMPLOYED:
FIXED ASSETS	14,572,690	15,720,249	33,042,562	33,929,267
LONG TERM INVESTMENTS/OTHER ASSETS
Loans & advances - non-current	3,475,000	68,415,470	3,475,000	3,475,000
	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	3,475,000	68,415,470	3,475,000	3,475,000
	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	18,047,690	84,135,719	36,517,562	37,404,267
CURRENT ASSETS
Stocks	2,894,106	4,104,131	18,279,362	9,355,808
Trade debtors	483,179	2,410,884	58,659,274	36,818,278
Other debtors, deposits & prepayments	45,035	232,914	-	-
Amount due from holding company	800,146	11,675,743	-	-
Amount due from related companies	4,606,767	5,341,716	-	-
Cash & bank balances	745,233	181,944	2,364,419	3,739,361
Others	-	-	179,337	5,652,649
	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	9,574,466	23,947,332	79,482,392	55,566,096
	----------------	----------------	----------------	----------------
TOTAL ASSET	27,622,156	108,083,051	115,999,954	92,970,363
	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	301,244	4,532,689	17,490,237	13,949,506
Other creditors & accruals	-	185,789	495,362	604,240
Short term borrowings/Term loans	-	1,125,336	-	-
Other liabilities & accruals	1,315,266	3,305,978	5,065,464	3,945,608
Amounts owing to related companies	2,252,562	43,403,990	37,792,172	36,357,283
Provision for taxation	1,618,358	2,776,558	1,551,000	438,932
Other liabilities	-	-	672,850	1,633,064
	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	5,487,430	55,330,340	63,067,085	56,928,633
	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	4,087,036	(31,383,008)	16,415,307	(1,362,537)
	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	22,134,726	52,752,711	52,932,869	36,041,730
	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	5,000,000	5,000,000	5,000,000	5,000,000
	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	5,000,000	5,000,000	5,000,000	5,000,000
RESERVES
Retained profit/(loss) carried forward	16,919,910	47,454,739	44,939,869	29,784,730
	----------------	----------------	----------------	----------------
TOTAL RESERVES	16,919,910	47,454,739	44,939,869	29,784,730
	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	21,919,910	52,454,739	49,939,869	34,784,730
LONG TERM LIABILITIES
Deferred taxation	214,816	297,972	2,993,000	1,257,000
	----------------	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	214,816	297,972	2,993,000	1,257,000
	----------------	----------------	----------------	----------------
	22,134,726	52,752,711	52,932,869	36,041,730
	=============	=============	=============	=============

FINANCIAL RATIO

GREIF SINGAPORE PTE. LTD.

TYPES OF FUNDS
Cash	745,233	181,944	2,364,419	3,739,361
Net Liquid Funds	745,233	181,944	2,364,419	3,739,361
Net Liquid Assets	1,192,930	(35,487,139)	(1,864,055)	(10,718,345)
Net Current Assets/(Liabilities)	4,087,036	(31,383,008)	16,415,307	(1,362,537)
Net Tangible Assets	22,134,726	52,752,711	52,932,869	36,041,730
Net Monetary Assets	978,114	(35,785,111)	(4,857,055)	(11,975,345)
BALANCE SHEET ITEMS
Total Borrowings	0	1,125,336	0	0
Total Liabilities	5,702,246	55,628,312	66,060,085	58,185,633
Total Assets	27,622,156	108,083,051	115,999,954	92,970,363
Net Assets	22,134,726	52,752,711	52,932,869	36,041,730
Net Assets Backing	21,919,910	52,454,739	49,939,869	34,784,730
Shareholders' Funds	21,919,910	52,454,739	49,939,869	34,784,730
Total Share Capital	5,000,000	5,000,000	5,000,000	5,000,000
Total Reserves	16,919,910	47,454,739	44,939,869	29,784,730
LIQUIDITY (Times)
Cash Ratio	0.14	0.00	0.04	0.07
Liquid Ratio	1.22	0.36	0.97	0.81
Current Ratio	1.74	0.43	1.26	0.98
WORKING CAPITAL CONTROL (Days)
Stock Ratio	84	14	48	25
Debtors Ratio	14	8	155	98
Creditors Ratio	11	21	46	37
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.02	0.00	0.00
Liabilities Ratio	0.26	1.06	1.32	1.67
Times Interest Earned Ratio	148.37	110.75	0.00	0.00
Assets Backing Ratio	4.43	10.55	10.59	7.21
PERFORMANCE RATIO (%)
Operating Profit Margin	31.91	45.03	12.82	(1.17)
Net Profit Margin	22.73	45.21	10.96	(0.93)
Return On Net Assets	18.34	90.34	33.49	(4.47)
Return On Capital Employed	18.34	90.34	33.49	(4.47)
Return On Shareholders' Funds/Equity	13.10	90.39	30.35	(3.67)
Dividend Pay Out Ratio (Times)	11.63	0.95	0.00	0.00
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.27
UK Pound	1	Rs.101.09
Euro	1	Rs.83.74

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	NIS

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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