MIRA INFORM REPORT

Report Date :

02.12.2014

IDENTIFICATION DETAILS

Name :	BHP BILLITON MARKETING AG (SINGAPORE BRANCH)
Registered Office :	10, Marina Boulevard, 05-01, Marina Bay Financial Centre, 018983
Country :	Singapore
Financials (as on) :	30.06.2013
Date of Incorporation :	28.04.2005
Com. Reg. No.:	T05FC6681-H
Legal Form :	Foreign
Line of Business :	Subject is principally engaged in the marketing and trading of natural resources.
No. of Employees	450

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 :	--

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 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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 0.6% 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

EXECUTIVE SUMMARY

REGISTRATION NO.	:	T05FC6681-H
COMPANY NAME	:	BHP BILLITON MARKETING AG (SINGAPORE BRANCH)
FORMER NAME	:	N/A
INCORPORATION DATE	:	28/04/2005
COMPANY STATUS	:	EXIST
LEGAL FORM	:	FOREIGN
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	10, MARINA BOULEVARD, 05-01, MARINA BAY FINANCIAL CENTRE, 018983, SINGAPORE.
BUSINESS ADDRESS	:	10, MARINA BOULEVARD 50-01, BAY MARINA FINANCIAL CENTRE TOWER 2, 018983, SINGAPORE.
TEL.NO.	:	65-64216000
FAX.NO.	:	65-64217000
WEB SITE	:	WWW.BHPBILLITON.COM
CONTACT PERSON	:	HANS WILLIE ( DIRECTOR )
PRINCIPAL ACTIVITY	:	MARKETING AND TRADING OF NATURAL RESOURCES
AUTHORISED CAPITAL	:	CHF 142,000,000.00
SALES	:	USD 35,313,288,000 [2013]
NET WORTH	:	USD 287,265,000 [2013]
BANKER (S)		BANK OF AMERICA NATIONAL ASSOCIATION THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED
STAFF STRENGTH	:	450 [2014]
LITIGATION	:	TRACED
FINANCIAL CONDITION	:	STABLE
PAYMENT	:	PROMPT
MANAGEMENT CAPABILITY	:	GOOD
COMMERCIAL RISK	:	LOW
CURRENCY EXPOSURE	:	MODERATE
GENERAL REPUTATION	:	SATISFACTORY
INDUSTRY OUTLOOK	:	MARGINAL GROWTH

HISTORY / BACKGROUND

The Subject is principally engaged in the (as a / as an) marketing and trading of natural resources.

Share Capital History

Date	Authorised Shared Capital	Issue & Paid Up Capital
28/05/2014	CHF 142,000,000.00	CHF 0.00

No shareholders was found in our databank at the time of investigation

DIRECTORS

DIRECTOR 1

Name Of Subject	:	HANS WILLIE
Address	:	ALFRED-ULRICH-STRASSE 8, CH 8702 ZOLLIKON, SWITZERLAND.
IC / PP No	:	F0453971
Nationality	:	SWISS
Date of Appointment	:	15/12/2000

DIRECTOR 2

Name Of Subject	:	ROLF MUELLER
Address	:	REBENWEG 24A, CH 6331, HUNENBERG, SWITZERLAND.
IC / PP No	:	F1296856
Nationality	:	SWISS
Date of Appointment	:	15/04/2002

DIRECTOR 3

Name Of Subject	:	PETER HEALY FINNIMORE
Address	:	9, ARDMORE PARK, 08-02, ARDMORE PARK, 259955, SINGAPORE.
IC / PP No	:	G0462589M
Nationality	:	AUSTRALIAN
Date of Appointment	:	05/02/2009

DIRECTOR 4

Name Of Subject	:	ARNOUD JONATHAN BALHUIZEN
Address	:	17, GREENVIEW CRESCENT, HILLCREST PARK, 289326, SINGAPORE.
IC / PP No	:	G5833631P
Nationality	:	DUTCH
Date of Appointment	:	23/05/2013

DIRECTOR 5

Name Of Subject	:	PIETER LE ROUX
Address	:	64, MERRYN ROAD, DUNEARN ESTATE, 298512, SINGAPORE.
IC / PP No	:	G5912770K
Nationality	:	SOUTH AFRICAN
Date of Appointment	:	28/07/2011

DIRECTOR 6

Name Of Subject	:	MARTIN A. SCHERER
Address	:	ALTE LANDSTRASSE 99, CH 8800, THALWIL, SWITZERLAND.
IC / PP No	:	F1592421
Nationality	:	SWISS
Date of Appointment	:	21/02/2005

MANAGEMENT

1)	Name of Subject	:	HANS WILLIE
	Position	:	DIRECTOR

2)	Name of Subject	:	MICHELLE
	Position	:	STAFF

AUDITOR

No Auditor found in our databank

COMPANY SECRETARIES

1)	Company Secretary	:	SHAUN THOMAS VERNER
	IC / PP No	:	G5663410Q
	Address	:	9, MOUNT SINAI LANE, HENRY PARK, 277000, SINGAPORE.

2)	Company Secretary	:	PIETER LE ROUX
	IC / PP No	:	G5912770K
	Address	:	64, MERRYN ROAD, DUNEARN ESTATE, 298512, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

BANK OF AMERICA NATIONAL ASSOCIATION

2)

Name

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

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 against the Subject whether the subject has been involved in any litigation.

LEGAL ACTION
Code No	:	99	Case No	:	580
Year	:	2013	Place	:	SINGAPORE
Court	:	SUPREME COURT
Date Filed	:	18/11/2013
Solicitor Ref	:	DB/HUS/13000781, DB/HUS/1300078
Solicitor Firm	:	KHATTARWONG LLP, KHATTARWONG LLP
Plaintiff	:	TMT ASIA LIMITED
Defendants	:	BHP BILLITON MARKETING AG (SINGAPORE BRANCH) (T05FC6681)
Remark	:	FINANCIAL AND SECURITY MARKETS
Code No	:	99	Case No	:	591
Year	:	2013	Place	:	SINGAPORE
Court	:	DISTRICT COURT
Date Filed	:	22/02/2013
Solicitor Ref	:	DB/HUS/13000781 , DB/HUS/1300078
Solicitor Firm	:	KHATTARWONG LLP, KHATTARWONG LLP
Plaintiff	:	TMT ASIA LIMITED
Defendants	:	BHP BILLITON MARKETING ASIA PTE LTD (200104072) BHP BILLITON MARKETING AG (SINGAPORE BRANCH) (T05FC6681) 10, MARINA BOULEVARD 50-01, BAY MARINA FINANCIAL CENTRE TOWER 2, 018983, SINGAPORE.
Remark	:	OTHERS / MISCELLANEOUS

NOTE:

Please check with creditors for confirmation as alleged debts may have been paid since recorded or are being disputed. The person wo has been sued has the same name as the subject. However, we are unable to determine whether the person sued is the one and the same person.

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

CLIENTELE

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

OPERATIONS

Goods Traded

:

NATURAL RESOURCES

Total Number of Employees:
YEAR	2014	2010
GROUP	N/A	N/A
COMPANY	450	500

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) marketing and trading of natural resources.

The Subject deals with the followings:

* ALUMINIUM
* BASE METALS
* DIAMONDS AND SPECIALTY PRODUCTS
* ENERGY COAL
* IRON ORE
* MANGANESE
* METALLURGICAL COAL
* PETROLEUM
* STAINLESS STEEL MATERIALS

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	656421 6000
Current Telephone Number	:	65-64216000
Match	:	YES
Address Provided by Client	:	10, MARINA BOULEVARD 50-01, BAY MARINA FINANCIAL CENTRE TOWER 2, SINGAPORE
Current Address	:	10, MARINA BOULEVARD 50-01, BAY MARINA FINANCIAL CENTRE TOWER 2, 018983, SINGAPORE.
Match	:	NO

Other Investigations

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

The address provided is incomplete.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	5.20%	]
Profit/(Loss) Before Tax	:	Increased	[	29.14%	]
Return on Shareholder Funds	:	Favourable	[	307.76%	]
Return on Net Assets	:	Favourable	[	306.45%	]
The higher turnover could be attributed to the favourable market condition.The Subject's management have been efficient in controlling its operating costs. Generally the Subject was profitable. The favourable return on shareholders' funds and return on net assets indicate that the Subject's management was efficient in utilising the assets to generate returns.
Working Capital Control
Stock Ratio	:	Favourable	[	2 Days	]
Debtor Ratio	:	Favourable	[	17 Days	]
Creditors Ratio	:	Favourable	[	5 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	:	Favourable	[	1.04 Times	]
Current Ratio	:	Unfavourable	[	1.13 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	[	112.98 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 :
Generally, the Subject's performance has improved with higher 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 : STABLE

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 :	ECONOMY
According to Ministry of Trade and Industry (MTI), the Singapore economy is expected to grow by 1.0 to 3.0% in 2013 as growth in the global economy is likely to remain subdued despite macroeconomic conditions stablising in recent months of 2013.
However, the global economic outlook is still clouded with uncertainties. Notably, concerns remain over the extent of the fiscal cutback with the budget sequester in the US and potential flareup of the debt crisis in the Eurozone. Should any of these risks materialise, Singapore's economic growth could come in lower than expected.
Although resilient domestic demand in emerging Asia will provide some support to global demand, it will not fully mitigate the effects of an economic slowdown in the advanced economies. Consequently, Singapore's externally-oriented sectors such as electronics and wholesale trade will continue to perform poorly, while the financial services sector will be affected by heightened uncertainties in the external environment. Nevertheless, there will be some modest support to growth from the biomedical manufacturing cluster and tourism-related sectors. The former will likely see increased production of active pharmaceutical ingredients and biologics while the latter will benefit from rising visitor arrivals from the region.
For the whole of 2012, Singapore's GDP growth slowed to 1.3%, from 5.2% in 2011, mainly due to weakness in the externally-oriented sectors. Manufacturing sector growth slowed sharply from 7.8% in the year 2011 to 0.1%. The hudge decline was largely due to a rebound in the output of the biomedical manufacturing and transport engineering clusters, which together helped to mitigate part of the fall in output in the electronics cluster. By contrast, the construction sector growth accelerated from 6.3% to 8.2% in 2012, due to the expansion in both public and private building activities.
Growth in the services producing industries also moderated to 1.2% in 2012, compared to 4.6% in 2011. This was mainly due to the slowdown in wholesale and retail trade, accommodation and food services as well as other services industries. In particular, the wholesale and retail trade sector contracted by 0.7%, compared to the 1.6% growth in year 2011. The accommodation and food services as well as other services industries posted lower gains of 2.8% and 0.1% respectively, compared to 8.2% and 6.3% in 2011.
For the whole of 2012, all sectors, except the wholesale and retail trade, contributed to growth. Business services was the largest contributor with 0.4 percentage-points, followed by construction with 0.3 percentage-points and transportation and storage at 0.2 percentagepoints. Besides, growth in total demand moderated to 2.4%, compared to 4.2% in 2011. Domestic demand was the key contributor to total demand growth, accounting for 2.2 percentage-points, or over 90 per cent, of the increase.
In 2012, total domestic demand rose by 9.7%, following the 6.5% increase in 2011. The growth in total domestic demand was broad-based across consumption, gross fixed capital formation (GFCF) and changes in inventories. The total consumption expenditure in 2012 grew slightly by 0.9%, easing from the 3.7% growth in 2011. Public consumption expenditure fell by 3.6%, reversing the 0.5% growth in 2011. Private consumption expenditure registered a 2.2% gain, moderating from the 4.6% increase in the preceding year.
Overall, the Singapore economy is expected to grow by 1.0 to 3.0% in 2013.
OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 2005, the Subject is a Foreign company, focusing on marketing and trading of natural resources. Having been in business for 9 years, the Subject has established a remarkable clientele base for itself which has contributed to its business growth.

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 is a fairly large and rapidly growing company with over 450 staff in its operations. The Subject has a good management capability. Its capable management team has enabled the Subject to keep its business on going. Hence, the future prospect of the Subject is bright.

We noted that both the turnover and profits have increased compared to the previous year. The higher profit could be due to increase in turnover and better control over its operating costs. Based on the higher profitability, the Subject has generated a favourable return based on its existing shareholders' funds 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 USD 287,265,000, the Subject should be able to maintain its business in the near terms.

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 maturity stage and only enjoying a marginal growth. The steady growth of the country's economy will further enhance the industry activities. Thus, the Subject's future performance is very much depend on its marketing strategies in order to retain its position in the market.

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.

BHP BILLITON MARKETING AG (SINGAPORE BRANCH)

Financial Year End	2013-06-30	2012-06-30
Months	12	12
Consolidated Account	Company	Company
Audited Account	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES
Financial Type	FULL	FULL
Currency	USD	USD
TURNOVER	35,313,288,000	33,568,528,000
	----------------	----------------
Total Turnover	35,313,288,000	33,568,528,000
Costs of Goods Sold	(34,355,895,000)	(32,851,397,000)
	----------------	----------------
Gross Profit	957,393,000	717,131,000
	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	884,087,000	684,601,000
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	884,087,000	684,601,000
Taxation	-	(16,000)
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	884,087,000	684,585,000
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	884,087,000	684,585,000
Others	7,895,000	7,625,000
	----------------	----------------
	7,895,000	7,625,000
	=============	=============

BALANCE SHEET

BHP BILLITON MARKETING AG (SINGAPORE BRANCH)

Others	16,374,000	13,401,000
	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	16,374,000	13,401,000
	----------------	----------------
TOTAL LONG TERM ASSETS	16,374,000	13,401,000
Stocks	183,699,000	54,168,000
Trade debtors	1,619,491,000	1,615,058,000
Other debtors, deposits & prepayments	96,312,000	125,091,000
Amount due from related companies	159,895,000	83,522,000
Cash & bank balances	308,304,000	232,049,000
	----------------	----------------
TOTAL CURRENT ASSETS	2,367,701,000	2,109,888,000
	----------------	----------------
TOTAL ASSET	2,384,075,000	2,123,289,000
	=============	=============
CURRENT LIABILITIES
Trade creditors	444,657,000	149,693,000
Other creditors & accruals	75,812,000	89,048,000
Amounts owing to related companies	1,572,538,000	1,481,155,000
	----------------	----------------
TOTAL CURRENT LIABILITIES	2,093,007,000	1,719,896,000
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	274,694,000	389,992,000
	----------------	----------------
TOTAL NET ASSETS	291,068,000	403,393,000
	=============	=============
HEAD OFFICE ACCOUNT	287,265,000	396,200,000
	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	287,265,000	396,200,000
Others	3,803,000	7,193,000
	----------------	----------------
TOTAL LONG TERM LIABILITIES	3,803,000	7,193,000
	----------------	----------------
	291,068,000	403,393,000
	=============	=============

FINANCIAL RATIO

BHP BILLITON MARKETING AG (SINGAPORE BRANCH)

TYPES OF FUNDS
Cash	308,304,000	232,049,000
Net Liquid Funds	308,304,000	232,049,000
Net Liquid Assets	90,995,000	335,824,000
Net Current Assets/(Liabilities)	274,694,000	389,992,000
Net Tangible Assets	291,068,000	403,393,000
Net Monetary Assets	87,192,000	328,631,000
BALANCE SHEET ITEMS
Total Borrowings	0	0
Total Liabilities	2,096,810,000	1,727,089,000
Total Assets	2,384,075,000	2,123,289,000
Net Assets	291,068,000	403,393,000
Net Assets Backing	287,265,000	396,200,000
Shareholders' Funds	287,265,000	396,200,000
Total Share Capital	0	0
Total Reserves	0	0
LIQUIDITY (Times)
Cash Ratio	0.15	0.13
Liquid Ratio	1.04	1.20
Current Ratio	1.13	1.23
WORKING CAPITAL CONTROL (Days)
Stock Ratio	2	1
Debtors Ratio	17	18
Creditors Ratio	5	2
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00
Liabilities Ratio	7.30	4.36
Times Interest Earned Ratio	112.98	90.78
Assets Backing Ratio	-	-
PERFORMANCE RATIO (%)
Operating Profit Margin	2.50	2.04
Net Profit Margin	2.50	2.04
Return On Net Assets	306.45	171.60
Return On Capital Employed	306.45	171.60
Return On Shareholders' Funds/Equity	307.76	172.79
Dividend Pay Out Ratio (Times)	0.00	0.00
NOTES TO ACCOUNTS
Contingent Liabilities	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.14
UK Pound	1	Rs.97.05
Euro	1	Rs.77.37

INFORMATION DETAILS

Report Prepared by :

SMN

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.