MIRA INFORM REPORT

Report Date :

18.02.2014

IDENTIFICATION DETAILS

Name :	VITOL ASIA PTE LTD
Registered Office :	260, Orchard Road, 13-01, The Heeren, 238855
Country :	Singapore
Financials (as on) :	31.12.2012
Date of Incorporation :	21.04.1990
Com. Reg. No.:	199001917-Z
Legal Form :	Private Limited
Line of Business :	Subject is engaged in the trading of Crude Oil, Petroleum and Petroleum Related Products
No. of Employees :	Not Available

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 – 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

EXECUTIVE SUMMARY

REGISTRATION NO.	:	199001917-Z
COMPANY NAME	:	VITOL ASIA PTE LTD
FORMER NAME	:	N/A
INCORPORATION DATE	:	21/04/1990
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	260, ORCHARD ROAD, 13-01, THE HEEREN, 238855, SINGAPORE.
BUSINESS ADDRESS	:	260 ORCHARD ROAD, 13-01, THE HEEREN, 238855, SINGAPORE.
TEL.NO.	:	65-67379922
FAX.NO.	:	65-67370917
WEB SITE	:	WWW.VITOL.COM
CONTACT PERSON	:	KHO HUI MENG ( PRESIDENT )
PRINCIPAL ACTIVITY	:	TRADING OF CRUDE OIL, PETROLEUM AND PETROLEUM RELATED PRODUCTS
ISSUED AND PAID UP CAPITAL	:	100,000.00 ORDINARY SHARE, OF A VALUE OF SGD 100,000.00 400,000.00 PREFERENCE SHARE, OF A VALUE OF SGD 2,400,000.00
SALES	:	USD 42,595,450,000 [2012]
NET WORTH	:	USD 1,206,971,000 [2012]
STAFF STRENGTH	:	N/A
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	STABLE
PAYMENT	:	PROMPT
MANAGEMENT CAPABILITY	:	AVERAGE
COMMERCIAL RISK	:	LOW
CURRENCY EXPOSURE	:	MODERATE
GENERAL REPUTATION	:	GOOD
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) trading of crude oil, petroleum and petroleum related products.

The immediate and ultimate holding company of the Subject is VITOL HOLDING B V, a company incorporated in NETHERLANDS.

Share Capital History

Date	Issue & Paid Up Capital
29/05/2013	SGD 2,500,000.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
VITOL HOLDING B V [ORDINARY SHARES= 100,000 & PREFERENCE SHARES = 400,000]	K.P. VAN DER MANDELAAN 130, 3062 MB ROTTERDAM, THE, NETHERLANDS.	S79UF0114	500,000.00	100.00
			---------------	------
			500,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	KHO HUI MENG
Address	:	88B, CORONATION ROAD WEST, 269299, SINGAPORE.
IC / PP No	:	S2537556D
Nationality	:	SINGAPOREAN
Date of Appointment	:	01/10/1997

DIRECTOR 2

Name Of Subject	:	ANTOINE DOMINIQUE FRANCOIS FAGNIEZ
Address	:	79, KIM YAM ROAD, 239374, SINGAPORE.
IC / PP No	:	S6865358D
Nationality	:	SINGAPOREAN
Date of Appointment	:	01/07/2008

DIRECTOR 3

Name Of Subject	:	CHAN SIU MAN
Address	:	43, HOLLAND PARK, 249487, SINGAPORE.
IC / PP No	:	F2545290U
Nationality	:	FRENCH
Date of Appointment	:	15/02/2012

DIRECTOR 4

Name Of Subject	:	LOH KIAN YEW
Address	:	2E, BROADRICK ROAD, 439515, SINGAPORE.
IC / PP No	:	S7348492H
Nationality	:	SINGAPOREAN
Date of Appointment	:	02/04/2013

MANAGEMENT

1)	Name of Subject	:	KHO HUI MENG
	Position	:	PRESIDENT

2)	Name of Subject	:	FAGNIEZ ANTOINE DOMINIQUE FRANCOIS
	Position	:	FINANCE DIRECTOR

AUDITOR

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

COMPANY SECRETARIES

1)	Company Secretary	:	ANTOINE DOMINIQUE FRANCOIS FAGNIEZ
	IC / PP No	:	S6865358D
	Address	:	79, KIM YAM ROAD, 239374, 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	:	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	:	AS AGREED
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Goods Traded

:

CRUDE OIL, PETROLEUM AND PETROLEUM RELATED PRODUCTS

Ownership of premises

:

LEASED/RENTED

Total Number of Employees:
YEAR	2013	2012	2011	2010
GROUP	N/A	N/A	N/A	N/A
COMPANY	100	100	100	103

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) trading of crude oil, petroleum and petroleum related products.

The Subject refused to disclose any information on its operation.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	6567379922
Current Telephone Number	:	65-67379922
Match	:	YES
Address Provided by Client	:	260 ORCHARD ROAD, 13-01, THE HEEREN, 238855, SINGAPORE.
Current Address	:	260 ORCHARD ROAD, 13-01, THE HEEREN, 238855, SINGAPORE.
Match	:	YES

Other Investigations

On 17th February 2014 we contacted one of the staff from the Subject and she provided some information.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Erratic	[	2009 - 2012	]
Profit/(Loss) Before Tax	:	Decreased	[	2009 - 2012	]
Return on Shareholder Funds	:	Acceptable	[	17.53%	]
Return on Net Assets	:	Acceptable	[	20.28%	]
The fluctuating turnover reflects the fierce competition among the existing and new market players.The dip in profit could be due to the stiff market competition which reduced the Subject's profit margin. 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	[	20 Days	]
Creditors Ratio	:	Favourable	[	14 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	[	1.07 Times	]
Current Ratio	:	Unfavourable	[	1.41 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	[	12.74 Times	]
Gearing Ratio	:	Favourable	[	0.19 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 was lowly geared thus it had a low financial risk. The Subject was mainly financed by its shareholders' funds and internally generated funds. In times of economic slowdown / downturn, the Subject 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 Subject recorded lower profits as its turnover showed a erratic trend. The Subject's management was unable to control its costs efficiently as its profit showed a downward trend. 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 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 Subject : STABLE

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)

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 1990, the Subject is a Private Limited company, focusing on trading of crude oil, petroleum and petroleum related products. The Subject has been in business for over two 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 shareholder 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. 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 lowly geared company, the Subject 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 1,206,971,000, 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.

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 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.

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.

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	42,595,450,000	44,669,148,000	33,278,096,000	23,745,308,000
	----------------	----------------	----------------	----------------
Total Turnover	42,595,450,000	44,669,148,000	33,278,096,000	23,745,308,000
Costs of Goods Sold	(42,312,506,000)	(44,159,119,000)	(32,920,192,000)	(23,047,440,000)
	----------------	----------------	----------------	----------------
Gross Profit	282,944,000	510,029,000	357,904,000	697,868,000
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	225,591,000	230,208,000	142,856,000	277,732,000
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	225,591,000	230,208,000	142,856,000	277,732,000
Taxation	(14,043,000)	(23,223,000)	(8,714,000)	(12,664,000)
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	211,548,000	206,985,000	134,142,000	265,068,000
	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	1,193,908,000	986,923,000	852,781,000	737,713,000
	----------------	----------------	----------------	----------------
As restated	1,193,908,000	986,923,000	852,781,000	737,713,000
	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	1,405,456,000	1,193,908,000	986,923,000	1,002,781,000
DIVIDENDS - Ordinary (paid & proposed)	(200,000,000)	-	-	(150,000,000)
	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	1,205,456,000	1,193,908,000	986,923,000	852,781,000
	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Term loan / Borrowing	19,216,000	16,105,000	14,147,000	4,598,000
Others	-	-	37,995,000	24,558,000
	----------------	----------------	----------------	----------------
	19,216,000	16,105,000	52,142,000	29,156,000
	=============	=============	=============	=============

BALANCE SHEET

ASSETS EMPLOYED:
FIXED ASSETS	1,227,000	1,315,000	1,541,000	1,468,000
LONG TERM INVESTMENTS/OTHER ASSETS
Investments	340,000	340,000	340,000	340,000
	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	340,000	340,000	340,000	340,000
	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	1,567,000	1,655,000	1,881,000	1,808,000
CURRENT ASSETS
Stocks	1,008,011,000	1,242,106,000	1,205,535,000	1,188,603,000
Trade debtors	2,355,641,000	3,437,259,000	3,213,924,000	2,152,288,000
Other debtors, deposits & prepayments	13,491,000	7,575,000	39,710,000	28,781,000
Short term deposits	23,000,000	109,000,000	91,000,000	-
Amount due from related companies	346,209,000	448,901,000	173,084,000	360,588,000
Cash & bank balances	298,727,000	76,374,000	31,932,000	84,250,000
Others	75,226,000	63,084,000	138,754,000	75,810,000
	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	4,120,305,000	5,384,299,000	4,893,939,000	3,890,320,000
	----------------	----------------	----------------	----------------
TOTAL ASSET	4,121,872,000	5,385,954,000	4,895,820,000	3,892,128,000
	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	1,625,835,000	2,094,039,000	2,379,470,000	1,194,660,000
Other creditors & accruals	211,445,000	330,938,000	76,228,000	621,101,000
Short term borrowings/Term loans	235,000,000	300,000,000	-	873,139,000
Amounts owing to related companies	694,765,000	1,059,758,000	907,857,000	120,277,000
Provision for taxation	14,962,000	19,913,000	7,310,000	14,323,000
Other liabilities	132,894,000	150,883,000	301,517,000	214,332,000
	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	2,914,901,000	3,955,531,000	3,672,382,000	3,037,832,000
	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	1,205,404,000	1,428,768,000	1,221,557,000	852,488,000
	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	1,206,971,000	1,430,423,000	1,223,438,000	854,296,000
	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	1,515,000	1,515,000	1,515,000	1,515,000
	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	1,515,000	1,515,000	1,515,000	1,515,000
RESERVES
Retained profit/(loss) carried forward	1,205,456,000	1,193,908,000	986,923,000	852,781,000
	----------------	----------------	----------------	----------------
TOTAL RESERVES	1,205,456,000	1,193,908,000	986,923,000	852,781,000
	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	1,206,971,000	1,195,423,000	988,438,000	854,296,000
LONG TERM LIABILITIES
Long term loans	-	235,000,000	235,000,000	-
	----------------	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	-	235,000,000	235,000,000	-
	----------------	----------------	----------------	----------------
	1,206,971,000	1,430,423,000	1,223,438,000	854,296,000
	=============	=============	=============	=============

FINANCIAL RATIO

TYPES OF FUNDS
Cash	321,727,000	185,374,000	122,932,000	84,250,000
Net Liquid Funds	321,727,000	185,374,000	122,932,000	84,250,000
Net Liquid Assets	197,393,000	186,662,000	16,022,000	(336,115,000)
Net Current Assets/(Liabilities)	1,205,404,000	1,428,768,000	1,221,557,000	852,488,000
Net Tangible Assets	1,206,971,000	1,430,423,000	1,223,438,000	854,296,000
Net Monetary Assets	197,393,000	(48,338,000)	(218,978,000)	(336,115,000)
BALANCE SHEET ITEMS
Total Borrowings	235,000,000	535,000,000	235,000,000	873,139,000
Total Liabilities	2,914,901,000	4,190,531,000	3,907,382,000	3,037,832,000
Total Assets	4,121,872,000	5,385,954,000	4,895,820,000	3,892,128,000
Net Assets	1,206,971,000	1,430,423,000	1,223,438,000	854,296,000
Net Assets Backing	1,206,971,000	1,195,423,000	988,438,000	854,296,000
Shareholders' Funds	1,206,971,000	1,195,423,000	988,438,000	854,296,000
Total Share Capital	1,515,000	1,515,000	1,515,000	1,515,000
Total Reserves	1,205,456,000	1,193,908,000	986,923,000	852,781,000
LIQUIDITY (Times)
Cash Ratio	0.11	0.05	0.03	0.03
Liquid Ratio	1.07	1.05	1.00	0.89
Current Ratio	1.41	1.36	1.33	1.28
WORKING CAPITAL CONTROL (Days)
Stock Ratio	9	10	13	18
Debtors Ratio	20	28	35	33
Creditors Ratio	14	17	26	19
SOLVENCY RATIOS (Times)
Gearing Ratio	0.19	0.45	0.24	1.02
Liabilities Ratio	2.42	3.51	3.95	3.56
Times Interest Earned Ratio	12.74	15.29	3.74	10.53
Assets Backing Ratio	796.68	944.17	807.55	563.89
PERFORMANCE RATIO (%)
Operating Profit Margin	0.53	0.52	0.43	1.17
Net Profit Margin	0.50	0.46	0.40	1.12
Return On Net Assets	20.28	17.22	15.94	35.92
Return On Capital Employed	20.28	17.22	15.94	35.92
Return On Shareholders' Funds/Equity	17.53	17.31	13.57	31.03
Dividend Pay Out Ratio (Times)	0.95	0.00	0.00	0.57
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.95
UK Pound	1	Rs.104.02
Euro	1	Rs.84.95

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%)

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