MIRA INFORM REPORT

Report Date :

15.02.2014

IDENTIFICATION DETAILS

Name :	MEWAH OILS & FATS PTE LTD
Formerly Known As :	AL AFDAL OILS & FATS PTE LTD
Registered Office :	5, International Business Park, 05-00, Mewah Building, 609914
Country :	Singapore
Financials (as on) :	31.12.2012
Date of Incorporation :	30.12.1983
Com. Reg. No.:	198306094-E
Legal Form :	Private Limited
Line of Business :	Trading of oils and fats.
No. of Employees :	200

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 :	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 – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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. Real GDP growth averaged 8.6% between 2004 and 2007. 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 5.2% in 2011 and 1.3% in 2012, 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, which has sunk to an average of about 1.0% 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

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

EXECUTIVE SUMMARY

REGISTRATION NO.

:

198306094-E

COMPANY NAME

:

MEWAH OILS & FATS PTE LTD

FORMER NAME

:

NGO CHEW HONG COMMODITIES PTE LTD (06/04/1999)
AL AFDAL OILS & FATS PTE LTD (19/11/1996)

INCORPORATION DATE

:

30/12/1983

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

5, INTERNATIONAL BUSINESS PARK, 05-00, MEWAH BUILDING, 609914, SINGAPORE.

BUSINESS ADDRESS

:

5, INTERNATIONAL BUSINESS PARK, 05-00, MEWAH BUILDING, 609914, SINGAPORE.

TEL.NO.

:

65-68295200

FAX.NO.

:

65-63410963

EMAIL

:

MEWAHGROUP@NCHEO.COM

WEB SITE

:

WWW.MEWAHGROUP.COM

CONTACT PERSON

:

LEONG CHOI FOONG ( DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OILS AND FATS

ISSUED AND PAID UP CAPITAL

:

3,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 3,000,000.00

SALES

:

USD 2,076,783,774 [2012]

NET WORTH

:

USD 74,349,673 [2012]

STAFF STRENGTH

:

200 [2013]

BANKER (S)

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED SOCIETE GENERALE STANDARD CHARTERED BANK PT BANK MANDIRI (PERSERO) TBK

LITIGATION

:

TRACED

FINANCIAL CONDITION

:

LIMITED

PAYMENT

:

AVERAGE

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

HISTORY / BACKGROUND

The SC 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 SC must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the SC 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 SC is insolvent. The SC 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 SC is principally engaged in the (as a / as an) trading oils and fats.

The immediate holding company of the SC is NGO CHEW HONG CORPORATION PTE. LTD., a company incorporated in SINGAPORE.

The ultimate holding company of the SC is MEWAH INTERNATIONAL INC., a company incorporated in CAYMAN ISLANDS.

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
NGO CHEW HONG CORPORATION PTE. LTD.	5, INTERNATIONAL BUSINESS PARK, 05-00, MEWAH BUILDING, 609914, SINGAPORE.	199303486H	3,000,000.00	100.00
			---------------	------
			3,000,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	LEONG CHOI FOONG
Address	:	B-5-7, ENDAH REGAL CONDOMINIUM, 7, JALAN 3/149E, TAMAN SRI ENDAH, 57000 KUALA LUMPUR, WILAYAH PERSEKUTUAN, MALAYSIA.
IC / PP No	:	5044690
New IC No	:	560924-10-5466
Date of Birth	:	24/09/1956
Nationality	:	MALAYSIAN
Date of Appointment	:	13/01/2011

DIRECTOR 2

Name Of Subject	:	LEONG QUEE ME
Address	:	18, JALAN PULAI 66, TAMAN PULAI UTAMA, 81300 JOHOR BHARU, JOHOR, MALAYSIA.
IC / PP No	:	A1956793
New IC No	:	710727-05-5210
Date of Birth	:	27/07/1971
Nationality	:	MALAYSIAN
Date of Appointment	:	01/07/2008

DIRECTOR 3

Name Of Subject	:	MS. NGIAM SHEAU HUEY
Address	:	120, TAMPINES STREET 11, 10-306, TAMPINES COURT, 521120, SINGAPORE.
IC / PP No	:	S7668392A
Nationality	:	SINGAPOREAN
Date of Appointment	:	01/11/2012

MANAGEMENT

1)	Name of Subject	:	LEONG CHOI FOONG
	Position	:	DIRECTOR

AUDITOR

Auditor	:	PRICEWATER HOUSECOOP ERS LLP
Auditor' Address	:	8, CROSS STREET #17- 00 PWC BUILDING, 048424, SINGAPORE.

COMPANY SECRETARIES

1)	Company Secretary	:	LAURA NG KWEE HONG
	IC / PP No	:	S1193635J
	Address	:	10, BROOKE ROAD, 08-02, EAST VIEW, 429986, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

2)

Name

:

SOCIETE GENERALE

3)

Name

:

STANDARD CHARTERED BANK

4)

Name

:

PT BANK MANDIRI (PERSERO) TBK

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C200905903	17/09/2009	N/A	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	N/A	Unsatisfied
C200905908	18/09/2009	N/A	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	N/A	Unsatisfied
C200905909	18/09/2009	N/A	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	N/A	Unsatisfied
C201009611	18/10/2010	N/A	SOCIETE GENERALE	N/A	Unsatisfied
C204009610	18/10/2010	N/A	SOCIETE GENERALE	N/A	Unsatisfied
C201101171	26/01/2011	N/A	COOPERATIEVE CENTRALE RAIFFEISEN- BOERENLEENBANK B.A. (" RABOBANK	N/A	Unsatisfied
C201111259	09/09/2011	N/A	DBS BANK LTD.	N/A	Unsatisfied
C2011112571	07/10/2011	N/A	AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED	N/A	Unsatisfied
C2011113670	28/10/2011	N/A	STANDARD CHARTERED BANK	N/A	Unsatisfied
C201202935	16/03/2012	N/A	PT BANK MANDIRI (PERSERO) TBK	N/A	Unsatisfied
C201210669	19/09/2012	N/A	CHINATRUST COMMERCIAL BANK CO., LTD	N/A	Unsatisfied
C201210673	19/09/2012	N/A	CHINATRUST COMMERCIAL BANK CO., LTD	N/A	Unsatisfied
C201212298	25/10/2012	N/A	ICIC BANK LIMITED	N/A	Unsatisfied
C201306511	13/05/2013	N/A	PT BANK MANDIRI (PERSERO) TBK	N/A	Unsatisfied
C201307240	30/05/2013	N/A	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	N/A	Unsatisfied
C201307285	30/05/2013	N/A	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	N/A	Unsatisfied

LEGAL CHECK AGAINST SC

* A check has been conducted in our databank against the SC whether the subject has been involved in any litigation. 

LEGAL ACTION
Code No	:	99	Case No	:	295
Year	:	2013	Place	:	SINGAPORE
Court	:	SESSIONS COURT
Date Filed	:	09/04/2013
Solicitor Ref	:	GJC/S1138/2012
Solicitor Firm	:	GLORIA JAMES-CIVETTA & CO.
Plaintiff	:	GOSTARESH KHADAMAT BAZARGANI BEHSAZ CO
Defendants	:	MEWAH OILS & FATS PTE LTD (198306094)
Amount Claimed	:	1102002
Nature of Claim	:	AED
Remark	:	SALE OF GOODS & SERVICES

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	:	YES
Overseas	:	YES

The SC 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	:	MALAYSIA
Credit Term	:	AS AGREED
Payment Mode	:	TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Goods Traded

:

OILS AND FATS

Total Number of Employees:
YEAR	2013
GROUP	N/A
COMPANY	200

Branch

:

NO

Other Information:

The SC is principally engaged in the (as a / as an) trading oils and fats. 

SC is a global agri-business focused on edible oils and fats with refineries and processing facilities in Malaysia and Singapore and a worldwide marketing network.

SC are one of the largest palm oil processor in the world by capacity and produce a wide range of refined and fractionated vegetable oils and fats principally from palm and lauric oil, and from soft oils, such as soybean oil, canola oil, sunflower seed oil and corn oil.

SC's business consists of:

1) bulk segment, which sources, manufactures and sells edible oils and fats (including specialty fats) in bulk to wholesalers and processors for a variety of end uses including applications in the food, pharmaceutical and oleochemical industries; and

2) consumer pack segment, which manufactures, packs and sells a wide range of edible oils and fats and specialised bakery and confectionery oils and fats which are sold to end customers in consumer packs under our own brands or to customers who then sell our products under their own brands. 

CURRENT INVESTIGATION

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-68295200
Match	:	N/A
Address Provided by Client	:	5, INTERNATIONAL BUSINESS PARK, # 05-00, MEWAH BUILDING, SINGAPORE-609914
Current Address	:	5, INTERNATIONAL BUSINESS PARK, 05-00, MEWAH BUILDING, 609914, SINGAPORE.
Match	:	YES

Other Investigations

On 18th September 2013 we contacted one of the staff from the SC and she provided some information on the SC.

The SC refused to disclose its bankers informations.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Decreased	[	14.19%	]
Profit/(Loss) Before Tax	:	Decreased	[	221.17%	]
Return on Shareholder Funds	:	Unfavourable	[	<25.05%>	]
Return on Net Assets	:	Unfavourable	[	<24.88%>	]
The lower turnover could be due to the intense market competition.The SC incurred losses during the year due to the inefficient control of its operating costs. The SC's unfavourable returns on shareholders' funds indicate the management's inefficiency in utilising its assets to generate returns.
Working Capital Control
Stock Ratio	:	Favourable	[	2 Days	]
Debtor Ratio	:	Unfavourable	[	66 Days	]
Creditors Ratio	:	Favourable	[	54 Days	]
The SC's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The high debtors' ratio could indicate that the SC was weak in its credit control. However, the SC could also giving longer credit periods to its customers in order to boost its sales or to capture / retain its market share. The SC had a favourable creditors' ratio where the SC could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.
Liquidity
Liquid Ratio	:	Favourable	[	1.14 Times	]
Current Ratio	:	Unfavourable	[	1.16 Times	]
A minimum liquid ratio of 1 should be maintained by the SC in order to assure its creditors of its ability to meet short term obligations and the SC was in a good liquidity position. Thus, we believe the SC is able to meet all its short term obligations as and when they fall due.
Solvency
Interest Cover	:	Unfavourable	[	<9.15 Times>	]
Gearing Ratio	:	Favourable	[	0.09 Times	]
The SC incurred losses in the year. It did not generate sufficient income to service its interest. If the situation does not improve, the SC may be vulnerable to default in servicing the interest. The SC was lowly geared thus it had a low financial risk. The SC was mainly financed by its shareholders' funds and internally generated funds. In times of economic slowdown / downturn, the SC being a lowly geared company, will be able to compete better than those companies which are highly geared in the same industry.
Overall Assessment :
The SC's losses could be attributed to the lower turnover which in turn could be the result of unfavourable market conditions. The SC was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the SC should be able to repay its short term obligations. The SC's interest cover was negative, indicating that it did not generate sufficient income to service its interest. If its result does not show impressive improvements or succeed obtaining short term financing or capital injection, it may not be able to service its interest and repay the loans. The SC as a lowly geared company, will be more secured compared to those highly geared companies. It has the ability to meet all its long term obligations.
Overall financial condition of the SC : LIMITED

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	2008	2009	2010	2011	2012
Population (Million)	4.84	4.98	5.08	5.18	5.31
Gross Domestic Products ( % )	1.5	<0.8>	14.5	4.9	1.3
Consumer Price Index	6.6	0.6	2.8	5.2	4.6
Total Imports (Million)	450,892.6	356,299.3	423,221.8	459,655.1	474,554.0
Total Exports (Million)	476,762.2	391,118.1	478,840.7	514,741.2	510,329.0
Unemployment Rate (%)	2.2	3.2	2.2	2.1	2.0
Tourist Arrival (Million)	10.12	9.68	11.64	13.17	14.37
Hotel Occupancy Rate (%)	81.0	75.8	85.6	86.5	86.4
Cellular Phone Subscriber (Million)	1.31	1.37	1.43	1.50	1.52
Registration of New Companies (No.)	25,327	26,414	29,798	32,317	31,892
Registration of New Companies (%)	<2.2>	4.3	12.8	8.5	<1.3>
Liquidation of Companies (No.)	10,493	22,393	15,126	19,005	17,218
Liquidation of Companies (%)	13.7	113.4	<32.5>	25.6	9.4
Registration of New Businesses (No.)	24,850	26,876	23,978	23,494	24,788
Registration of New Businesses (%)	0.36	8.15	<10.78>	2.02	5.51
Liquidation of Businesses (No.)	21,150	23,552	24,211	23,005	22,489
Liquidation of Businesses (%)	<0.8>	11.4	2.8	<5>	<2.2>
Bankruptcy Orders (No.)	2,326	2,058	1,537	1,527	1,748
Bankruptcy Orders (%)	<15.9>	<11.5>	<25.3>	<0.7>	14.5
Bankruptcy Discharges (No.)	1,500	3,056	2,252	1,391	1,881
Bankruptcy Discharges (%)	<7.7>	103.7	<26.3>	<38.2>	35.2
INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	<0.32>	3.25	<0.48>	4.25	3.64
Fish Supply & Wholesale	<6.31>	<1.93>	<10.5>	12.10	<0.5>
Manufacturing *	74.6	71.5	92.8	100.0	100.3
Food, Beverages & Tobacco	94.8	90.4	96.4	100.0	103.5
Textiles	180.1	145.9	122.1	100.0	104.0
Wearing Apparel	334.6	211.0	123.3	100.0	92.1
Leather Products & Footwear	128.2	79.5	81.8	100.0	98.6
Wood & Wood Products	132.0	101.4	104.0	100.0	95.5
Paper & Paper Products	101.0	95.4	106.1	100.0	97.4
Printing & Media	118.2	100.9	103.5	100.0	93.0
Crude Oil Refineries	113.1	96.4	95.6	100.0	99.4
Chemical & Chemical Products	84.5	80.3	97.6	100.0	100.5
Pharmaceutical Products	43.7	49.1	75.3	100.0	109.7
Rubber & Plastic Products	120.1	101.2	112.3	100.0	96.5
Non-metallic Mineral	96.5	91.9	92.5	100.0	98.2
Basic Metals	109.8	92.6	102.2	100.0	90.6
Fabricated Metal Products	101.3	90.8	103.6	100.0	104.3
Machinery & Equipment	65.0	57.3	78.5	100.0	112.9
Electrical Machinery	81.7	86.8	124.1	100.0	99.3
Electronic Components	93.1	85.2	113.6	100.0	90.6
Transport Equipment	102.0	96.0	94.0	100.0	106.3
Construction	45.90	<36.9>	14.20	20.50	28.70
Real Estate	<11.2>	1.4	21.3	25.4	31.9
Services
Electricity, Gas & Water	<1.3>	1.70	4.00	7.00	6.30
Transport, Storage & Communication	11.60	3.90	12.80	7.40	5.30
Finance & Insurance	<5.9>	<16.4>	<0.4>	8.90	0.50
Government Services	17.40	4.50	9.70	6.90	6.00
Education Services	0.50	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 1983, the SC is a Private Limited company, focusing on trading oils and fats. With 3 decades of experience in the business, the SC has fairly rich experiences in the business and has achieved a certain market share. The SC is expected to enjoy a stable market shares. Having strong support from its holding company has enabled the SC to remain competitive despite the challenging business environment. The capital standing of the SC is fair. With an adequate share capital, the SC has the potential of expanding its business in future. 

Over the years, the SC has penetrated into both the local and overseas market. The SC has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the SC to further enhance its business in the near term. The SC is a fairly large and rapidly growing company with over 200 staff in its operations Overall, we regard that the SC's management capability is average. This indicates that the SC has greater potential to improve its business performance and raising income for the SC. 

Due to the challenging market conditions, the SC's business performance seems to be deteriorating and losses incurred. The SC has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. The SC 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 lowly geared company, the SC is exposed to low financial risk as it is mainly dependent on its internal funds to finance its business needs. Given a positive net worth standing at USD 74,349,673, the SC should be able to maintain its business in the near terms. 

Having a strong assets backing, the SC possesses latent assets as collateral for further financial extension. Hence, it has good chance of getting loans if the needs arises. The SC'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 SC has a good control over its resources. 

The SC's payment habit is average. With its adequate working capital, the SC 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 SC is expected to benefit from the favourable outlook of the industry. 

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

PROFIT AND LOSS ACCOUNT

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

MEWAH OILS & FATS PTE LTD

Financial Year End	2012-12-31	2011-12-31
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	2,076,783,774	2,420,119,880
Other Income	9,490,714	5,110,293
	----------------	----------------
Total Turnover	2,086,274,488	2,425,230,173
	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	<20,646,734>	17,039,276
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	<20,646,734>	17,039,276
Taxation	2,020,383	1,847,957
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	<18,626,351>	18,887,233
	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	90,752,450	86,865,217
	----------------	----------------
As restated	90,752,450	86,865,217
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	72,126,099	105,752,450
DIVIDENDS - Ordinary (paid & proposed)	-	<15,000,000>
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	72,126,099	90,752,450
	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Term loan / Borrowing	2,034,173	2,039,297
	----------------	----------------
	2,034,173	2,039,297

BALANCE SHEET

MEWAH OILS & FATS PTE LTD

ASSETS EMPLOYED:
FIXED ASSETS	6,852,900	6,653,093
LONG TERM INVESTMENTS/OTHER ASSETS
Deferred assets	618,965	-
Others	796,498	171,673
	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	1,415,463	171,673
	----------------	----------------
TOTAL LONG TERM ASSETS	8,268,363	6,824,766
CURRENT ASSETS
Stocks	9,560,894	32,957,845
Trade debtors	374,325,403	326,927,423
Other debtors, deposits & prepayments	5,888,041	924,222
Short term deposits	-	28,319,200
Amount due from holding company	-	60,000
Amount due from related companies	25,771	213,068
Cash & bank balances	17,447,306	11,783,261
Others	79,423,361	42,272,789
	----------------	----------------
TOTAL CURRENT ASSETS	486,670,776	443,457,808
	----------------	----------------
TOTAL ASSET	494,939,139	450,282,574
	=============	=============
CURRENT LIABILITIES
Trade creditors	304,474,149	199,484,638
Other creditors & accruals	62,599,956	22,672,673
Short term borrowings/Term loans	7,036,624	85,612,063
Amounts owing to holding company	-	19,820,106
Amounts owing to related companies	407,319	2,669,477
Other liabilities	45,622,491	26,688,779
	----------------	----------------
TOTAL CURRENT LIABILITIES	420,140,539	356,947,736
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	66,530,237	86,510,072
	----------------	----------------
TOTAL NET ASSETS	74,798,600	93,334,838
	=============	=============
SHARE CAPITAL
Ordinary share capital	2,223,574	2,223,574
	----------------	----------------
TOTAL SHARE CAPITAL	2,223,574	2,223,574
RESERVES
Retained profit/(loss) carried forward	72,126,099	90,752,450
	----------------	----------------
TOTAL RESERVES	72,126,099	90,752,450
	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	74,349,673	92,976,024
LONG TERM LIABILITIES
Deferred taxation	-	107,255
Others	448,927	251,559
	----------------	----------------
TOTAL LONG TERM LIABILITIES	448,927	358,814
	----------------	----------------
	74,798,600	93,334,838
	=============	=============

FINANCIAL RATIO

MEWAH OILS & FATS PTE LTD

TYPES OF FUNDS
Cash	17,447,306	40,102,461
Net Liquid Funds	17,447,306	40,102,461
Net Liquid Assets	56,969,343	53,552,227
Net Current Assets/(Liabilities)	66,530,237	86,510,072
Net Tangible Assets	74,798,600	93,334,838
Net Monetary Assets	56,520,416	53,193,413
BALANCE SHEET ITEMS
Total Borrowings	7,036,624	85,612,063
Total Liabilities	420,589,466	357,306,550
Total Assets	494,939,139	450,282,574
Net Assets	74,798,600	93,334,838
Net Assets Backing	74,349,673	92,976,024
Shareholders' Funds	74,349,673	92,976,024
Total Share Capital	2,223,574	2,223,574
Total Reserves	72,126,099	90,752,450
LIQUIDITY (Times)
Cash Ratio	0.04	0.11
Liquid Ratio	1.14	1.15
Current Ratio	1.16	1.24
WORKING CAPITAL CONTROL (Days)
Stock Ratio	2	5
Debtors Ratio	66	49
Creditors Ratio	54	30
SOLVENCY RATIOS (Times)
Gearing Ratio	0.09	0.92
Liabilities Ratio	5.66	3.84
Times Interest Earned Ratio	<9.15>	9.36
Assets Backing Ratio	33.64	41.98
PERFORMANCE RATIO (%)
Operating Profit Margin	<0.99>	0.70
Net Profit Margin	<0.90>	0.78
Return On Net Assets	<24.88>	20.44
Return On Capital Employed	<24.88>	20.44
Return On Shareholders' Funds/Equity	<25.05>	20.31
Dividend Pay Out Ratio (Times)	0.00	0.79
NOTES TO ACCOUNTS
Contingent Liabilities	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.28
UK Pound	1	Rs.103.67
Euro	1	Rs.85.18

INFORMATION DETAILS

Report Prepared by :

NNA

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.