MIRA INFORM REPORT

Report Date :

27.08.2014

IDENTIFICATION DETAILS

Name :	GUNVOR SINGAPORE PTE. LTD.
Registered Office :	12, Marina Boulevard, 35-02, Marina Bay Financial Centre, 018982
Country :	Singapore
Financials (as on) :	31.12.2012
Date of Incorporation :	15.05.2006
Com. Reg. No.:	200606959-K
Legal Form :	Private Limited Company
Line of Business :	· wholesaler of mineral fuels and lubricants. Subject's products ranges includes :- Liquid Petroleum Gas (Lpg) Gasoline  Naphtha  Jet Fuel  Diesel  Fuel Oil Asphalt  Petrochemicals  Plastics  Other Hydrocarbon-Derived Products
No of Employees :	30 [2014]

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow But Correct
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 01, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Singapore	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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 0.6% in 2009 as a result of the global financial crisis, but rebounded 15.1% 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

* Adopted abbreviations :	SC - Subject Company (the company enquired by you)
	N/A - Not Applicable

EXECUTIVE SUMMARY

REGISTRATION NO.

:

200606959-K

COMPANY NAME

:

GUNVOR SINGAPORE PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

15/05/2006

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

12, MARINA BOULEVARD, 35-02, MARINA BAY FINANCIAL CENTRE, 018982, SINGAPORE.

BUSINESS ADDRESS

:

12, MARINA BOULEVARD, 35 - 02, MARINA BAY FINANCIAL CENTRE, TOWER 3, 018982, SINGAPORE.

TEL.NO.

:

65-64969900

FAX.NO.

:

65-6505951

CONTACT PERSON

:

YIN DIKUN ( MANAGING DIRECTOR )

PRINCIPAL ACTIVITY

:

WHOLESALE OF MINERAL FUELS AND LUBRICANTS

ISSUED AND PAID UP CAPITAL

:

1,000,001.00 ORDINARY SHARE, OF A VALUE OF SGD 1,000,001.00 

SALES

:

USD 26,441,129,000 [2012]

NET WORTH

:

USD 143,416,000 [2012]

STAFF STRENGTH

:

30 [2014]

BANKER (S)

:

BNP PARIBAS CALYON FIRST GULF BANK PJSC NATIXIS RAIFFEISEN BANK INTERNATIONAL AG SOCIETE GENERALE THE ROYAL BANK OF SCOTLAND BHD UNITED OVERSEAS BANK LTD CREDIT AGRICOLE (SUISSE) SA ABN AMRO BANK N.V. ING BANK N.V. BANK OF CHINA LIMITED

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

LIMITED

PAYMENT

:

AVERAGE

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

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) wholesale of mineral fuels and lubricants.

The immediate and ultimate holding company of the Subject is GUNVOR GROUP LTD, a company incorporated in CYPRUS.

Share Capital History

Date	Issue & Paid Up Capital
25/04/2014	SGD 1,000,001.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
GUNVOR GROUP LTD	48, THEMISTOCLES DERVIS STREET, ATHIENITIS CENTENNIAL BUILDING, SUITE 501, 1066, NICOSIA, CYPRUS.	T06UF1937	1,000,001.00	100.00
			---------------	------
			1,000,001.00	100.00
			============	=====

+ Also Director

The Subject's interest in other companies (Subsidiaries/Associates) are shown as follow :

Local No	Country	Company	(%)	As At
201315389	SINGAPORE	C-BREEZE PTE. LTD.	100.00	31/12/2012
201202169	SINGAPORE	CORAL CAY PTE. LTD.	100.00	31/12/2012

DIRECTORS

DIRECTOR 1

Name Of Subject	:	MS. YIN DIKUN
Address	:	5, JALAN SEAVIEW, SEA VIEW PARK, 438319, SINGAPORE.
IC / PP No	:	S6865935C
Nationality	:	SINGAPOREAN
Date of Appointment	:	01/12/2012

DIRECTOR 2

Name Of Subject	:	MURIEL ANOUK SCHWAB
Address	:	88, ROBERTSON QUAY, 05-05, ROBERTSON BLUE, 238247, SINGAPORE.
IC / PP No	:	G6220495N
Nationality	:	SWISS
Date of Appointment	:	01/08/2012

DIRECTOR 3

Name Of Subject	:	JULIEN LA CHON
Address	:	9, NASSIM ROAD, 04-02, 258376, SINGAPORE.
IC / PP No	:	S7281847D
Nationality	:	SINGAPOREAN
Date of Appointment	:	01/05/2007

DIRECTOR 4

Name Of Subject	:	JEROEN HENDRIKJAN MAARTEN SCHURINK
Address	:	15, CHEMIN LADAME, 1226, THONEX, SWITZERLAND.
IC / PP No	:	F3660806
Nationality	:	SWISS
Date of Appointment	:	23/07/2008

DIRECTOR 5

Name Of Subject	:	LEE TJUN KHUN
Address	:	98, COMMONWEALTH CRESCENT, 03-46, 140098, SINGAPORE.
IC / PP No	:	S7377891C
Nationality	:	SINGAPOREAN
Date of Appointment	:	17/10/2011

DIRECTOR 6

Name Of Subject	:	TIMOTHY COWPER LEGGE
Address	:	8, CHEMIN DE LA MOETTE, 1257, CROIX-DE-ROZON, GENEVA, SWITZERLAND.
IC / PP No	:	510573092
Nationality	:	BRITISH
Date of Appointment	:	24/09/2009

DIRECTOR 7

Name Of Subject	:	JACQUES RAYMOND ERNI
Address	:	CHEMIN DES MARGUERITIES 5, 1009, PULLY, SUIISE, SWITZERLAND.
IC / PP No	:	X3643062
Nationality	:	SWISS
Date of Appointment	:	01/07/2010

MANAGEMENT

1)	Name of Subject	:	YIN DIKUN
	Position	:	MANAGING DIRECTOR

AUDITOR

Auditor	:	PRICEWATERHOUSECOOPERS LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	LIAN KIM SENG
	IC / PP No	:	S2586702E
	Address	:	33, WEST COAST RISE, 12-23, MONTEREY PARK CONDOMINIUM, 127476, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

BNP PARIBAS

2)

Name

:

CALYON

3)

Name

:

FIRST GULF BANK PJSC

4)

Name

:

NATIXIS

5)

Name

:

RAIFFEISEN BANK INTERNATIONAL AG

6)

Name

:

SOCIETE GENERALE

7)

Name

:

THE ROYAL BANK OF SCOTLAND BHD

8)

Name

:

UNITED OVERSEAS BANK LTD

9)

Name

:

CREDIT AGRICOLE (SUISSE) SA

10)

Name

:

ABN AMRO BANK N.V.

11)

Name

:

ING BANK N.V.

12)

Name

:

BANK OF CHINA LIMITED

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C200709638	07/11/2007	N/A	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK	-	Unsatisfied
C200710031	16/11/2007	N/A	ING BANK N.V.	-	Unsatisfied
C200802210	04/03/2008	N/A	FORTIS BANK S.A./N.V.	-	Unsatisfied
C200802211	04/03/2008	N/A	FORTIS BANK S.A./N.V.	-	Unsatisfied
C200803161	04/04/2008	N/A	BNP PARIBAS	-	Unsatisfied
C200808345	08/09/2008	N/A	SOCIETE GENERALE	-	Unsatisfied
C200808346	08/09/2008	N/A	SOCIETE GENERALE	-	Unsatisfied
C200900150	06/01/2009	N/A	COOPERATIEVE CENTRALE RAIFFEISEN - BOERENLEENBANK B.A. ("RABOBANK	-	Unsatisfied
C200900151	06/01/2009	N/A	COOPERATIEVE CENTRALE RAIFFEISEN - BOERENLEENBANK B.A. ("RABOBANK	-	Unsatisfied
C200902417	24/04/2009	N/A	NATIXIS	-	Unsatisfied
C200902419	24/04/2009	N/A	NATIXIS	-	Unsatisfied
C201000244	08/01/2010	N/A	SUMITOMO MITSUI BANKING CORPORATION	-	Unsatisfied
C201000245	08/01/2010	N/A	SUMITOMO MITSUI BANKING CORPORATION	-	Unsatisfied
C201000246	08/01/2010	N/A	SUMITOMO MITSUI BANKING CORPORATION	-	Unsatisfied
C201000304	11/01/2010	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C201000440	13/01/2010	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C201001145	04/02/2010	N/A	FORTIS BANK (NEDERLAND) N.V.	-	Unsatisfied
C201001406	12/02/2010	N/A	FORTIS BANK (NEDERLAND) N.V.	-	Unsatisfied
C201003188	16/04/2010	N/A	BANK OF CHINA LIMITED	-	Unsatisfied
C201010508	04/11/2010	N/A	SOCIETE GENERALE	-	Unsatisfied
C201100018	03/01/2011	N/A	FIRST GULF BANK PJSC	-	Unsatisfied
C201107865	29/06/2011	N/A	RAIFFEISEN BANK INTERNATIONAL AG	-	Unsatisfied
C201107969	01/07/2011	N/A	SOCIETE GENERALE	-	Unsatisfied
C201114400	15/11/2011	N/A	THE ROYAL BANK OF SCOTLAND N.V.	-	Unsatisfied
C201114842	25/11/2011	N/A	BNP PARIBAS (SUISSE) SA	-	Unsatisfied
C201115663	14/12/2011	N/A	BNP PARIBAS (SUISSE) SA	-	Unsatisfied
C201208504	27/07/2012	N/A	NATIONAL AUSTRALIA BANK LIMITED	-	Unsatisfied
C201209157	13/08/2012	N/A	COOPERATIEVE CENTRALE RAIFFEISEN - BOERENLEENBANK B.A. ("RABOBANK NEDERLAND,RABOBANK INTERNATIONAL")	-	Unsatisfied
C201212042	18/10/2012	N/A	DBS BANK LTD.	-	Unsatisfied
C201213115	12/11/2012	N/A	CREDIT AGRICOLE (SUISSE) SA	-	Unsatisfied
C201213117	12/11/2012	N/A	CREDIT AGRICOLE (SUISSE) SA	-	Unsatisfied
C201310362	30/07/2013	N/A	ABN AMRO BANK N.V.	-	Unsatisfied
C201310388	30/07/2013	N/A	ABN AMRO BANK N.V.	-	Unsatisfied
C201310394	30/07/2013	N/A	ABN AMRO BANK N.V.	-	Unsatisfied
C201310405	30/07/2013	N/A	ABN AMRO BANK N.V.	-	Unsatisfied
C201311750	28/08/2013	N/A	NATIXIS	-	Unsatisfied
C201312612	13/09/2013	N/A	COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A. ("RABOBANK NEDERLAND, RABOBANK INTERNATIONAL")	-	Unsatisfied
C201317301	23/12/2013	N/A	SUMITOMO MITSUI BANKING CORPORATION	-	Unsatisfied
C201401578	11/02/2014	N/A	ING BELGIUM, BRUSSELS, GENEVA BRANCH	-	Unsatisfied
C201401579	11/02/2014	N/A	ING BELGIUM, BRUSSELS, GENEVA BRANCH	-	Unsatisfied

LEGAL CHECK AGAINST SUBJECT

* A check has been conducted in our databank against 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	:	N/A
Overseas	:	N/A

The Subject refused to disclose any information on its suppliers. 

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

CLIENTELE

Local	:	YES
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	ASIA
Credit Term	:	N/A
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Goods Traded

:

MINERAL FUELS AND LUBRICANTS

Ownership of premises

:

LEASED/RENTED

Total Number of Employees:
YEAR	2014	2013
GROUP	N/A	N/A
COMPANY	30	30

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) wholesale of mineral fuels and lubricants. 

The Subject's products: 

* liquid petroleum gas (lpg)
* gasoline 
* naphtha 
* jet fuel 
* diesel 
* fuel oil
* asphalt 
* petrochemicals 
* plastics 
* other hydrocarbon-derived products

The Subject belongs to the Gunvor group of companies. 

RECENT DEVELOPMENT

Mon Apr 28, 2014

Gunvor Singapore Pte Ltd, a wholly owned subsidiary of Swiss-based trading house Gunvor Group, launched a $350 million syndicated revolving credit facility (RCF) to finance new investments and existing operations in the Asia-Pacific region.

"Gunvor is in a strong position, having pursued a strategy to diversify how we finance our Asian activities with a number of dedicated borrowing bases in addition to our RCF," Jacques Erni, chief financial officer of Gunvor

Group, said in a statement on Sunday.

Bookrunners and mandated lead arrangers of the facility include Arab Petroleum Investments Corp, DBS Bank Ltd, Maybank Bhd and ING Bank.

Gunvor Group's core earnings rose by a quarter in 2013. It expects results to improve again this year despite the brief turmoil it faced in March due to the threat of sanctions given its co-founder Gennady Timchemko's close ties to Russian President Vladimir Putin. Those concerns dissipated when that Timchemko sold his stake in the firm.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-64969900
Match	:	N/A
Address Provided by Client	:	12 MARINA BOULEVARD #35-02 MARINA BAY FINANCIAL CENTRE TOWER 3 SINGAPORE 018982
Current Address	:	12, MARINA BOULEVARD, 35 - 02, MARINA BAY FINANCIAL CENTRE, TOWER 3, 018982, SINGAPORE.
Match	:	YES

Other Investigations

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

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	2009 - 2012	]
Profit/(Loss) Before Tax	:	Decreased	[	2009 - 2012	]
Return on Shareholder Funds	:	Acceptable	[	20.01%	]
Return on Net Assets	:	Favourable	[	37.90%	]
The Subject's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.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	:	Favourable	[	9 Days	]
Debtor Ratio	:	Favourable	[	23 Days	]
Creditors Ratio	:	Favourable	[	28 Days	]
The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. 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	:	Unfavourable	[	0.78 Times	]
Current Ratio	:	Unfavourable	[	1.06 Times	]
A low liquid ratio means that the Subject may be facing working capital deficiency. If the Subject cannot obtain additional financing or injection of fresh capital, it may face difficulties in meeting its short term obligations.
Solvency
Interest Cover	:	Unfavourable	[	2.31 Times	]
Gearing Ratio	:	Unfavourable	[	2.04 Times	]
The Subject's interest cover was low. If its profits fall or when interest rate rises, it  may not be able to meet all its interest payment. The Subject was highly geared, thus it had a high financial risk. The Subject was dependent on loans to finance its business needs. In times of economic downturn and / or high interest rate, the Subject will become less profitable and competitive than other firms in the same industry, which are lowly geared. This is because the Subject has to service the interest and to repay the loan, which will erode part of its profits. The profits will fluctuate depending on the Subject's turnover and the interest it needs to pay.
Overall Assessment :
Although the Subject's turnover had increased, its profits had declined over the same corresponding period. This could be due to the stiffer market competition and / or higher operating costs which lowered the Subject's profit margin. Due to its weak liquidity position, the Subject will be faced with problems in meeting all its short term obligations if no short term loan is obtained or additional capital injected into the Subject. If there is a fall in the Subject's profit or any increase in interest rate, the Subject may not be able to generate sufficient cash-flow to service its interest. The Subject's gearing level was high and its going concern will be in doubt if there is no injection of additional shareholders' funds in times of economic downturn and / or high interest rates.
Overall financial condition of the Subject : LIMITED

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)
(Source : Department of Statistics)

INDUSTRY ANALYSIS

INDUSTRY :	TRADING
The wholesale and retail trade sector contracted by 1.5% in the fourth quarter of 2012, extending the 0.2% decline in the preceding quarter. For the whole of 2012, the sector declined by 0.7%, reversing the 1.6% growth in 2011. The sector was weighed down primarily by the wholesale trade segment. In 2012, the wholesale trade segment contracted by 1.0%, a reversal from the 1.4% growth in 2011. Growth of the retail trade segment also moderated to 2.0%, from 3.2% in the year 2011.
The domestic wholesale trade index grew by 1.2% in the fourth quarter of 2012, an improvement from the 5.4% decline in the third quarter. This was partly due to an increase in the sales of chemicals & chemical products and ship chandlers & bunkering. For the full year of 2012, the domestic wholesale trade index contracted by 2.2%, extending the 1.7% decline in 2011. The foreign wholesale trade index grew by 8.6% in the fourth quarter, an increase from the 6.6% growth in the third quarter. The expansion was partly due to resilient sales of petroleum & petroleum products. For the whole of 2012, the foreign wholesale trade index expanded by 9.1%, faster than the 4.3% increase in 2011.
In the fourth quarter of 2012, retail sales volume declined by 2.0%, extending the 0.3% decline in the third quarter. Excluding motor vehicles, retail sales volume grew by 0.4%, a slight moderation compared to the 1.5% gain in the third quarter of 2012. The sales volume of motor vehicles fell by 11% in the fourth quarter of 2012, after contracting by 6.1% in the third quarter. The sales of several discretionary items also declined in the fourth quarter. Besides, the sales of optical goods & books in 2012 fell by 3.6%, while the sales of telecommunications apparatus & computers declined by 1.4%.
For 2012 as a whole, retail sales volume grew by 1.3%, compared to the 2.0% expansion in 2011. Excluding motor vehicle sales, the increase in retail sales volume also moderated from 5.4% in 2011 to 1.7% in 2012. Medical goods & toiletries registered the largest increase (9.3%) in sales, followed by telecommunications apparatus & computers (6.9%). By contrast, the sales of watches & jewellery (-2.2%) and optical goods & books (-3.6%) declined.
OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 2006, the Subject is a Private Limited company, focusing on wholesale of mineral fuels and lubricants. Having been in business for 8 years, the Subject has established a remarkable clientele base for itself which has contributed to its business growth. 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 penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. The Subject's business operation is supported by 30 employees. 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. 

Financially, the Subject registered a higher turnover compared to previous year. However, its profits showed a reverse trend. The lower profit achieved was a result of higher operating cost and increased competition. 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. Due to its weak liquidity position, the Subject may face working capital deficiency in meeting its short term financial obligations if no fresh capital are injected into the Subject. The high gearing ratio clearly implied that the Subject was supported by more debt than equity. Nevertheless, given a positive net worth standing at USD 143,416,000, 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 payment habit is average. With its adequate working capital, the Subject should be able to pay its short term debts. 

The industry shows an upward trend and this trend is very likely to sustain in the near terms. Hence, the Subject is expected to benefit from the favourable outlook of the industry. 

PROFIT AND LOSS ACCOUNT

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

GUNVOR SINGAPORE PTE. LTD.

Financial Year End	2012-12-31	2011-12-31	2010-12-31	2009-12-31
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	USD	USD	USD	USD
TURNOVER	26,441,129,000	20,854,120,000	12,725,755,653	6,806,272,748
Other Income	5,031,000	422,000	-	-
	----------------	----------------	----------------	----------------
Total Turnover	26,446,160,000	20,854,542,000	12,725,755,653	6,806,272,748
Costs of Goods Sold	(26,416,943,000)	(20,568,158,000)	(12,710,588,024)	(6,505,448,567)
	----------------	----------------	----------------	----------------
Gross Profit	29,217,000	286,384,000	15,167,629	300,824,181
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	30,829,000	69,635,000	26,476,346	64,849,700
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	30,829,000	69,635,000	26,476,346	64,849,700
Taxation	(2,125,000)	(6,570,000)	(3,003,055)	(6,798,979)
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	28,704,000	63,065,000	23,473,291	58,050,721
	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	138,993,000	80,928,392	58,008,526	15,957,805
Prior year adjustment	-	(392)	-	-
	----------------	----------------	----------------	----------------
As restated	138,993,000	80,928,000	58,008,526	15,957,805
	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	167,697,000	143,993,000	81,481,817	74,008,526
DIVIDENDS - Ordinary (paid & proposed)	(25,000,000)	(5,000,000)	(553,425)	(16,000,000)
	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	142,697,000	138,993,000	80,928,392	58,008,526
	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Bank overdraft	342,000	451,000	37,790	-
Term loan / Borrowing	14,562,000	5,897,000	175,926	-
Trust receipts	7,458,000	6,386,000	6,079,901	2,966,308
Others	1,162,000	580,000	689,563	474,109
	----------------	----------------	----------------	----------------
	23,524,000	13,314,000	6,983,180	3,440,417
	=============	=============	=============	=============

BALANCE SHEET

GUNVOR SINGAPORE PTE. LTD.

ASSETS EMPLOYED:
FIXED ASSETS	502,000	1,107,000	1,600,020	565,351
Others	1,150,000	-	-	-
	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	1,150,000	-	-	-
	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	1,652,000	1,107,000	1,600,020	565,351
Stocks	673,646,000	1,004,771,000	391,592,252	666,758,340
Trade debtors	1,646,304,000	1,183,614,000	671,279,709	427,629,952
Other debtors, deposits & prepayments	22,904,000	27,303,000	3,890,610	24,536,443
Short term deposits	27,705,000	23,559,000	57,606,657	13,045,246
Amount due from subsidiary companies	50,000	-	-	-
Amount due from related companies	390,000	-	-	-
Cash & bank balances	86,350,000	11,450,000	48,153,953	4,594,171
Others	49,230,000	32,938,000	23,075,269	7,295,335
	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	2,506,579,000	2,283,635,000	1,195,598,450	1,143,859,487
	----------------	----------------	----------------	----------------
TOTAL ASSET	2,508,231,000	2,284,742,000	1,197,198,470	1,144,424,838
	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	2,036,201,000	1,839,766,000	1,053,039,928	725,434,094
Other creditors & accruals	15,725,000	17,623,000	11,282,045	6,362,204
Bank overdraft	22,473,000	5,559,000	-	-
Short term borrowings/Term loans	197,276,000	198,226,000	30,000,000	-
Other borrowings	73,507,000	52,491,000	-	275,507,242
Bill & acceptances payable	-	-	-	68,000,000
Provision for taxation	2,549,000	3,471,000	2,995,562	6,770,000
Other liabilities	17,084,000	27,894,000	18,233,725	4,177,379
	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	2,364,815,000	2,145,030,000	1,115,551,260	1,086,250,919
	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	141,764,000	138,605,000	80,047,190	57,608,568
	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	143,416,000	139,712,000	81,647,210	58,173,919
	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	719,000	719,000	718,818	165,393
	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	719,000	719,000	718,818	165,393
Retained profit/(loss) carried forward	142,697,000	138,993,000	80,928,392	58,008,526
	----------------	----------------	----------------	----------------
TOTAL RESERVES	142,697,000	138,993,000	80,928,392	58,008,526
	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	143,416,000	139,712,000	81,647,210	58,173,919
	----------------	----------------	----------------	----------------
	143,416,000	139,712,000	81,647,210	58,173,919
	=============	=============	=============	=============

FINANCIAL RATIO

GUNVOR SINGAPORE PTE. LTD.

TYPES OF FUNDS
Cash	114,055,000	35,009,000	105,760,610	17,639,417
Net Liquid Funds	91,582,000	29,450,000	105,760,610	(50,360,583)
Net Liquid Assets	(531,882,000)	(866,166,000)	(311,545,062)	(609,149,772)
Net Current Assets/(Liabilities)	141,764,000	138,605,000	80,047,190	57,608,568
Net Tangible Assets	143,416,000	139,712,000	81,647,210	58,173,919
Net Monetary Assets	(531,882,000)	(866,166,000)	(311,545,062)	(609,149,772)
BALANCE SHEET ITEMS
Total Borrowings	293,256,000	256,276,000	30,000,000	343,507,242
Total Liabilities	2,364,815,000	2,145,030,000	1,115,551,260	1,086,250,919
Total Assets	2,508,231,000	2,284,742,000	1,197,198,470	1,144,424,838
Net Assets	143,416,000	139,712,000	81,647,210	58,173,919
Net Assets Backing	143,416,000	139,712,000	81,647,210	58,173,919
Shareholders' Funds	143,416,000	139,712,000	81,647,210	58,173,919
Total Share Capital	719,000	719,000	718,818	165,393
Total Reserves	142,697,000	138,993,000	80,928,392	58,008,526
LIQUIDITY (Times)
Cash Ratio	0.05	0.02	0.09	0.02
Liquid Ratio	0.78	0.60	0.72	0.44
Current Ratio	1.06	1.06	1.07	1.05
WORKING CAPITAL CONTROL (Days)
Stock Ratio	9	18	11	36
Debtors Ratio	23	21	19	23
Creditors Ratio	28	33	30	41
SOLVENCY RATIOS (Times)
Gearing Ratio	2.04	1.83	0.37	5.90
Liabilities Ratio	16.49	15.35	13.66	18.67
Times Interest Earned Ratio	2.31	6.23	4.79	19.85
Assets Backing Ratio	199.47	194.31	113.59	351.73
PERFORMANCE RATIO (%)
Operating Profit Margin	0.12	0.33	0.21	0.95
Net Profit Margin	0.11	0.30	0.18	0.85
Return On Net Assets	37.90	59.37	40.98	117.39
Return On Capital Employed	32.76	57.10	40.98	117.39
Return On Shareholders' Funds/Equity	20.01	45.14	28.75	99.79
Dividend Pay Out Ratio (Times)	0.87	0.08	0.02	0.28
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.49
UK Pound	1	Rs.100.32
Euro	1	Rs.79.91

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%)

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.