MIRA INFORM REPORT

Report Date :

25.02.2014

IDENTIFICATION DETAILS

Name :	PTT INTERNATIONAL TRADING PTE LTD
Registered Office :	391A, Orchard Road, 12 - 01/04, Ngee Ann City Tower A, 238873
Country :	Singapore
Financials (as on) :	31.12.2012
Date of Incorporation :	01.12.2000
Com. Reg. No.:	200010108-W
Legal Form :	Private Limited
Line of Business :	Subject is engaged in the Wholesale of Crude Petroleum
No. of Employees :	30 [2014]

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
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 – 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.	:	200010108-W
COMPANY NAME	:	PTT INTERNATIONAL TRADING PTE LTD
FORMER NAME	:	N/A
INCORPORATION DATE	:	01/12/2000
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	391A, ORCHARD ROAD, 12 - 01/04, NGEE ANN CITY TOWER A, 238873, SINGAPORE.
BUSINESS ADDRESS	:	391A ORCHARD ROAD #12-01/04, #12-05 & 12-10, NGEE ANN CITY TOWER A, 238873, SINGAPORE.
TEL.NO.	:	65-67346540
FAX.NO.	:	65-67343397
CONTACT PERSON	:	DISATHAT PANYARACHUN ( MANAGING DIRECTOR )
PRINCIPAL ACTIVITY	:	WHOLESALE OF CRUDE PETROLEUM
ISSUED AND PAID UP CAPITAL	:	6,100,000.00 ORDINARY SHARE, OF A VALUE OF SGD 6,100,000.00
SALES	:	USD 6,145,422,821 [2012]
NET WORTH	:	USD (5,219,725) [2012]
STAFF STRENGTH	:	30 [2014]
LITIGATION	:	TRACED
FINANCIAL CONDITION	:	POOR
PAYMENT	:	FAIR
MANAGEMENT CAPABILITY	:	WEAK
COMMERCIAL RISK	:	MODERATE
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 crude petroleum.

The immediate holding company of the Subject is PTT PUBLIC COMPANY LIMITED, a company incorporated in THAILAND.

Share Capital History

Date	Issue & Paid Up Capital
24/02/2014	SGD 6,100,000.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
PTT PUBLIC COMPANY LIMITED	555, VIBHAVADI RANGSIT ROAD, CHATUCHAK, 10900, BANGKOK, THAILAND.	THT07UF0209	6,100,000.00	100.00
			---------------	------
			6,100,000.00	100.00
			============	=====

+ Also Director

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

Local No	Country	Company	(%)	As At
	UNITED ARAB EMIRATES (DUBAI)	PTT INTERNATIONAL TRADING DMCC	100.00	31/12/2011

DIRECTORS

DIRECTOR 1

Name Of Subject	:	MR. DISATHAT PANYARACHUN
Address	:	8, SCOTTS ROAD, 37-08, SCOTTS SQUARE, 228238, SINGAPORE.
IC / PP No	:	G5365790M
Nationality	:	THAI
Date of Appointment	:	01/11/2012

DIRECTOR 2

Name Of Subject	:	PINPUVADOL DUMRONG
Address	:	42/22, NUANJAN ROAD, BUNGKUM DISTRICT BANGKOK, 10230, THAILAND.
IC / PP No	:	F593741
Nationality	:	THAI
Date of Appointment	:	28/02/2013

DIRECTOR 3

Name Of Subject	:	PRISANA PRAHARNKHASUK
Address	:	555, VIBHAVADI RANGSIT ROAD, CHATUCHAK, BANGKOK, 10900, THAILAND.
IC / PP No	:	F572594
Nationality	:	THAI
Date of Appointment	:	15/01/2010

DIRECTOR 4

Name Of Subject	:	SARAKORN KULATHAM
Address	:	29, SOI INTRAMARA 8, SUTISAN ROAD, BANGKOK , FOREIGN, THAILAND.
IC / PP No	:	F592080
Nationality	:	THAI
Date of Appointment	:	01/02/2010

MANAGEMENT

1)	Name of Subject	:	DISATHAT PANYARACHUN
	Position	:	MANAGING DIRECTOR

AUDITOR

Auditor	:	ERNST & YOUNG LLP
Auditor' Address	:	1, RAFFLES QUAY, 18- 01, 048583, SINGAPORE

COMPANY SECRETARIES

1)	Company Secretary	:	SEOW HAN CHIANG WINSTON
	IC / PP No	:	S6831706A
	Address	:	312, SERAMGOON AVENUE 2, 04 - 186, 550312, SINGAPORE.

2)	Company Secretary	:	WEE CHIU-YEN MARJORIE
	IC / PP No	:	S7432336G
	Address	:	750, MOUNTBATTEN ROAD, 437757, 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 against the Subject whether the subject has been involved in any litigation.

LEGAL ACTION
Code No	:	99	Case No	:	22983
Year	:	2011	Place	:	SINGAPORE
Court	:	MAGISTRATE COURT
Date Filed	:	22/09/2011
Solicitor Ref	:	AR/LYD/10234446
Solicitor Firm	:	KHATTARWONG
Plaintiff	:	KHATTARWONG (A FIRM)
Defendants	:	PTT INTERNATIONAL TRADING PTE LTD (200010108) 391B, ORCHARD ROAD, 15-05/08, NGEE ANN CITY TOWER B, 238874, SINGAPORE.
Amount Claimed	:	14636.04
Nature of Claim	:	SGD
Remark	:	OTHER/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	[		]	Good 31-60 Days	[	]	Average 61-90 Days	[	]
Fair 91-120 Days	[	X	]	Poor >120 Days	[	]

CLIENTELE

Local	:	YES	Percentage	:	40%
Domestic Markets	:	SINGAPORE
Overseas	:	YES	Percentage	:	60%
Export Market	:	WORLDWIDE
Credit Term	:	AS AGREED
Payment Mode	:	CHEQUES LETTER OF CREDIT (LC)

OPERATIONS

Goods Traded

:

CRUDE PETROLEUM

Ownership of premises

:

LEASED/RENTED

Total Number of Employees:
YEAR	2014	2013	2012	2011	2010
GROUP	N/A	N/A	N/A	N/A	N/A
COMPANY	30	30	20	20	22

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) wholesale of crude petroleum.

The Subject engaged in wholesale of petroleum product such as kerosine, lubricant, crude oil

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-67346540
Match	:	N/A
Address Provided by Client	:	391A, A ORCHARD ROAD, 12-01 / 04, 12-05 & 12-10 NGEE ANN CITY TOWER A SINGAPORE 238873
Current Address	:	391A ORCHARD ROAD #12-01/04, #12-05 & 12-10, NGEE ANN CITY TOWER A, 238873, SINGAPORE.
Match	:	YES

Other Investigations

On 21st February 2014 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	:	Unfavourable	[	713.94%	]
Return on Net Assets	:	Unfavourable	[	600.33%	]
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 incurred losses during the year due to the inefficient control of its operating costs. Although the Subject's returns showed positive figures it is not reflective of the true situation. The Subject incurred losses during the year and its shareholders' funds have turned red. The positive returns on shareholders' funds is the result of losses divided by negative shareholders' funds. The Subject's management was inefficient in utilising the assets to generate returns.
Working Capital Control
Stock Ratio	:	Favourable	[	8 Days	]
Debtor Ratio	:	Favourable	[	18 Days	]
Creditors Ratio	:	Favourable	[	2 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	:	Acceptable	[	0.86 Times	]
Current Ratio	:	Unfavourable	[	0.99 Times	]
The Subject's liquid ratio was slightly low. This could indicate that the Subject's working capital was slightly deficient. The Subject will have to improve its liquidity position either by obtaining short term financing or increase its paid up capital so that it can meet all its short term obligations as and when they fall due.
Solvency
Interest Cover	:	Unfavourable	[	(5.30 Times)	]
Gearing Ratio	:	Unfavourable	[	(74.52 Times)	]
The Subject incurred losses in the year. It did not generate sufficient income to service its interest.  If the situation does not improve, the Subject may be vulnerable to default in servicing the interest. The Subject's gearing was negative during the year as its shareholders' funds was in the red. This means the Subject is running its business using borrowed money. We consider the Subject as facing high financial risks.
Overall Assessment :
Although the Subject's turnover increased its profits however showed a reverse trend. The losses could be due to the management's failure to maintain its competitiveness in the market. The Subject's liquidity was at an acceptable range. If the Subject is able to obtain further short term financing, it should be able to meet all its short term obligations. The Subject'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 Subject has high financial risks. If its shareholders do not inject more capital into the company or if its business performance does not improve, its going concern may be in question.
Overall financial condition of the Subject : POOR

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 2000, the Subject is a Private Limited company, focusing on wholesale of crude petroleum. Having been in the industry for over a decade, the Subject has achieved a certain market share and has built up a satisfactory reputation in the market. It should have received supports from its regular customers. 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.

Our investigation revealed that the Subject serves both local and overseas clients. Penetrating into the overseas countries has well diversified its business risk. However, being a loss making company indicates that the Subject faces difficulties in the market. Being a small company, the Subject's business operation is supported by 30 employees. Overall, we regard that the Subject's management capability is weak

Despite the higher turnover, the Subject suffered pre-tax losses which reflected a highly competitive business environment. The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. The Subject managed to maintain an adequate liquidity level, indicating that the Subject has the ability to meet its financial obligations. Unfortunately, the Subject has generated an unfavourable gearing ratio indicated that the Subject is in high financial risk. The Subject's unfavourable financial performance over the years has wiped out its shareholders' funds to a deficit of USD 5,219,725. Therefore, the Subject as a going concern is much dependent on its ability to generate sufficient cash flow and obtain additional financing to meet its future obligations.

Without a strong assets backing, the Subject may face difficulties in getting loans for its future expansion and continued growth.

The Subject's payment record regarded as fair. With poor financial condition, the Subject may unable to pay its creditors on the given period of time

The industry shows an upward trend and this trend is very likely to sustain in the near terms. However, the Subject does not take any advantage from this favourable condition as it is making losses. The Subject should adopt more competitive strategies to retain its business position in the market.

Based on the above unfavourable condition, we regard granting credit to the Subject to be quite risky. Hence, credit is not recommended.

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	GROUP	GROUP	GROUP	GROUP
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	6,145,422,821	4,929,589,009	3,191,762,752	2,025,234,657
Other Income	265,808	62,995	-	-
	----------------	----------------	----------------	----------------
Total Turnover	6,145,688,629	4,929,652,004	3,191,762,752	2,025,234,657
Costs of Goods Sold	(6,170,125,294)	(4,889,201,780)	-	-
	----------------	----------------	----------------	----------------
Gross Profit	(24,436,665)	40,450,224	-	-
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	(37,078,714)	15,764,327	(50,539)	15,740,732
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	(37,078,714)	15,764,327	(50,539)	15,740,732
Taxation	(187,121)	(877,299)	(252,731)	(584,471)
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	(37,265,835)	14,887,028	(303,270)	15,156,261
	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	28,059,213	13,172,185	13,475,455	(1,680,806)
	----------------	----------------	----------------	----------------
As restated	28,059,213	13,172,185	13,475,455	(1,680,806)
	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	(9,206,622)	28,059,213	13,172,185	13,475,455
	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	(9,206,622)	28,059,213	13,172,185	13,475,455
	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Others	5,882,610	5,674,013	3,368,738	2,531,137
	----------------	----------------	----------------	----------------
	5,882,610	5,674,013	3,368,738	2,531,137
	=============	=============	=============	=============

BALANCE SHEET

ASSETS EMPLOYED:
FIXED ASSETS	542,276	257,482	309,839	177,284
LONG TERM INVESTMENTS/OTHER ASSETS
Investments	-	-	14,245,014	14,245,014
	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	-	-	14,245,014	14,245,014
	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	542,276	257,482	14,554,853	14,422,298
CURRENT ASSETS
Stocks	132,004,212	48,934,057	587,588,535	27,548,590
Trade debtors	303,421,225	240,162,686	170,796,451	239,006,300
Other debtors, deposits & prepayments	4,347,133	7,999,182	2,530,708	1,607,759
Short term deposits	-	-	8,501	7,743
Amount due from holding company	11,966,343	9,028,607	33,407,756	2,152,669
Amount due from related companies	9,522,353	1,903,307	84,634,513	43,276,248
Cash & bank balances	66,963,742	21,533,279	19,238,144	4,852,897
Others	441,129,081	66,603,897	14,757,119	2,379,713
	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	969,354,089	396,165,015	912,961,727	320,831,919
	----------------	----------------	----------------	----------------
TOTAL ASSET	969,896,365	396,422,497	927,516,580	335,254,217
	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	35,920,661	152,276,312	105,908,484	4,800,668
Other creditors & accruals	21,262,199	12,971,647	638,139	647,286
Bill & acceptances payable	388,996,080	117,826,792	199,474,695	68,740,321
Amounts owing to holding company	57,599,440	25,979,803	220,767,242	14,570,843
Amounts owing to related companies	42,135,387	5,108,469	6,205,507	16,078,445
Provision for taxation	-	790,662	93,055	620,839
Other liabilities	429,179,130	49,399,509	377,247,186	212,310,270
	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	975,092,897	364,353,194	910,334,308	317,768,672
	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	(5,738,808)	31,811,821	2,627,419	3,063,247
	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	(5,196,532)	32,069,303	17,182,272	17,485,545
	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	3,986,897	3,986,897	3,986,897	3,986,897
	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	3,986,897	3,986,897	3,986,897	3,986,897
RESERVES
Retained profit/(loss) carried forward	(9,206,622)	28,059,213	13,172,185	13,475,455
	----------------	----------------	----------------	----------------
TOTAL RESERVES	(9,206,622)	28,059,213	13,172,185	13,475,455
	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	(5,219,725)	32,046,110	17,159,082	17,462,352
LONG TERM LIABILITIES
Deferred taxation	23,193	23,193	23,190	23,193
	----------------	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	23,193	23,193	23,190	23,193
	----------------	----------------	----------------	----------------
	(5,196,532)	32,069,303	17,182,272	17,485,545
	=============	=============	=============	=============

FINANCIAL RATIO

TYPES OF FUNDS
Cash	66,963,742	21,533,279	19,246,645	4,860,640
Net Liquid Funds	(322,032,338)	(96,293,513)	(180,228,050)	(63,879,681)
Net Liquid Assets	(137,743,020)	(17,122,236)	(584,961,116)	(24,485,343)
Net Current Assets/(Liabilities)	(5,738,808)	31,811,821	2,627,419	3,063,247
Net Tangible Assets	(5,196,532)	32,069,303	17,182,272	17,485,545
Net Monetary Assets	(137,766,213)	(17,145,429)	(584,984,306)	(24,508,536)
BALANCE SHEET ITEMS
Total Borrowings	388,996,080	117,826,792	199,474,695	68,740,321
Total Liabilities	975,116,090	364,376,387	910,357,498	317,791,865
Total Assets	969,896,365	396,422,497	927,516,580	335,254,217
Net Assets	(5,196,532)	32,069,303	17,182,272	17,485,545
Net Assets Backing	(5,219,725)	32,046,110	17,159,082	17,462,352
Shareholders' Funds	(5,219,725)	32,046,110	17,159,082	17,462,352
Total Share Capital	3,986,897	3,986,897	3,986,897	3,986,897
Total Reserves	(9,206,622)	28,059,213	13,172,185	13,475,455
LIQUIDITY (Times)
Cash Ratio	0.07	0.06	0.02	0.02
Liquid Ratio	0.86	0.95	0.36	0.92
Current Ratio	0.99	1.09	1.00	1.01
WORKING CAPITAL CONTROL (Days)
Stock Ratio	8	4	67	5
Debtors Ratio	18	18	20	43
Creditors Ratio	2	11	12	1
SOLVENCY RATIOS (Times)
Gearing Ratio	(74.52)	3.68	11.63	3.94
Liabilities Ratio	(186.81)	11.37	53.05	18.20
Times Interest Earned Ratio	(5.30)	3.78	0.98	7.22
Assets Backing Ratio	(1.30)	8.04	4.31	4.39
PERFORMANCE RATIO (%)
Operating Profit Margin	(0.60)	0.32	-0.00	0.78
Net Profit Margin	(0.61)	0.30	(0.01)	0.75
Return On Net Assets	600.33	66.85	19.31	104.50
Return On Capital Employed	600.33	66.85	19.31	104.50
Return On Shareholders' Funds/Equity	713.94	46.46	(1.77)	86.79
Dividend Pay Out Ratio (Times)	0.00	0.00	0.00	0.00
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.12
UK Pound	1	Rs.103.38
Euro	1	Rs.85.32

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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