MIRA INFORM REPORT

Report Date :

08.07.2014

IDENTIFICATION DETAILS

Name :	AAA OILS & FATS PTE. LTD.

Formerly Known As :	ASIAMAS TRADING & MARKETING PTE LTD (08/07/2003)

Registered Office :	80, Raffles Place, 50-01, UOB Plaza, 048624

Country :	Singapore

Financials (as on) :	31.12.2012

Date of Incorporation :	04.03.2002

Com. Reg. No.:	200201667-C

Legal Form :	Private Limited

Line of Business :	Trading of Edible Oils and Soft Commodities

No. of Employees :	60 [2014]

RATING & COMMENTS

MIRA’s Rating :

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 – March 31, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Singapore

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

SINGAPORE - ECONOMIC OVERVIEW

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but rebounded 15.1% in 2010, on the strength of renewed exports, before slowing to in 2011-13, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub.

Source : CIA

EXECUTIVE SUMMARY

REGISTRATION NO.

200201667-C

COMPANY NAME

AAA OILS & FATS PTE. LTD.

FORMER NAME

ASIAMAS TRADING & MARKETING PTE LTD (08/07/2003)

INCORPORATION DATE

04/03/2002

COMPANY STATUS

EXIST

LEGAL FORM

PRIVATE LIMITED

LISTED STATUS

REGISTERED ADDRESS

80, RAFFLES PLACE, 50-01, UOB PLAZA, 048624, SINGAPORE.

BUSINESS ADDRESS

80, RAFFLES PLACE, #50-01, UOB PLAZA 1, 048624, SINGAPORE.

TEL.NO.

65-62169338

FAX.NO.

65-62277006

CONTACT PERSON

KWAN KIM KONG ( DIRECTOR )

PRINCIPAL ACTIVITY

TRADING OF EDIBLE OILS AND SOFT COMMODITIES

ISSUED AND PAID UP CAPITAL

3,034,300.00 ORDINARY SHARE, OF A VALUE OF SGD 3,034,300.00

SALES

USD 2,816,515,951 [2012]

NET WORTH

USD 101,640,919 [2012]

STAFF STRENGTH

60 [2014]

BANKER (S)

ABN AMRO BANK N.V.
BANCO SANTANDER, S.A. HONG KONG BRANCH
DZ BANK AG DEUTSCHE ZENTRAL-GENOSSENSCHAFTSBANK
HSH NORDBANK AG
RAIFFEISEN BANK INTERNATIONAL AG
RAIFFEISEN ZENTRALBANK OESTERREICH AKTIENGESELLSCHAFT
THE BANK OF TOKYO-MITSUBISHI UFJ, LTD (SINGAPORE BRANCH)
WESTLB AG

LITIGATION

CLEAR

FINANCIAL CONDITION

FAIR

PAYMENT

GOOD

MANAGEMENT CAPABILITY

AVERAGE

COMMERCIAL RISK

LOW

CURRENCY EXPOSURE

MODERATE

GENERAL REPUTATION

SATISFACTORY

INDUSTRY OUTLOOK

AVERAGE GROWTH

HISTORY / BACKGROUND

The Subject is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the Subject is insolvent. The Subject is governed by the Companies Act and the company must file its annual returns, together with its financial statements with the Registrar of Companies.

The Subject is principally engaged in the (as a / as an) trading of edible oils and soft commodities.

The immediate holding company of the Subject is TALENT INVESTMENTS LIMITED, a company incorporated in VIRGIN ISLANDS, BRITISH.

The ultimate holding company of the Subject is APICAL GROUP LIMITED, a company incorporated in VIRGIN ISLANDS, BRITISH.

Share Capital History

Date	Issue & Paid Up Capital
06/06/2014	SGD 3,034,300.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
TALENT INVESTMENTS LIMITED	P.O.BOX 3444, ROAD TOWN, TORTOLA, VIRGIN ISLANDS, BRITISH.	T03UF2074	3,034,300.00	100.00
			---------------	------
			3,034,300.00	100.00
			============	=====

+ Also Director

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

Local No	Country	Company	(%)	As At
201219281W	SINGAPORE	APICAL LOGISTIC MANAGEMENT PTE. LTD.	100.00	06/06/2014

201219285C	SINGAPORE	APICAL SK MANAGEMENT PTE. LTD.	100.00	06/06/2014

201219278	SINGAPORE	APICAL CHINA MANAGEMENT PTE LTD	100.00	31/12/2012

201219277	SINGAPORE	APICAL SUMATERA MANAGEMENT PTE LTD	100.00	31/12/2012

	INDONESIA	PT ASIA NUSA PRIMA	95.00	31/12/2011

DIRECTORS

DIRECTOR 1

Name Of Subject	:	CHEW CHONG PAN
Address	:	440, HOUGANG AVENUE 8, 04 - 1573, 530440, SINGAPORE.
IC / PP No	:	S7067332J



Nationality	:	SINGAPOREAN
Date of Appointment	:	01/12/2008

DIRECTOR 2

Name Of Subject	:	MR. KWAN KIM KONG
Address	:	22, JALAN MEMBINA, 05-60, 166022, SINGAPORE.
IC / PP No	:	S2759729G



Nationality	:	SINGAPOREAN
Date of Appointment	:	25/08/2010

DIRECTOR 3

Name Of Subject	:	ALLAN YONG HENG CHONG
Address	:	20, TOH AVENUE, 508046, SINGAPORE.
IC / PP No	:	S0028490D



Nationality	:	SINGAPOREAN
Date of Appointment	:	21/12/2011

MANAGEMENT

1)	Name of Subject	:	KWAN KIM KONG
	Position	:	DIRECTOR

AUDITOR

Auditor	:	KPMG LLP
Auditor' Address	:	16, RAFFLES QUAY, 22-00, HONG LEONG BUILDING, 048581, SINGAPORE

COMPANY SECRETARIES

1)	Company Secretary	:	PUA EE HUANG
	IC / PP No	:	S7046110B

	Address	:	226, WESTWOOD AVENUE, 08-20, THE FLORAVALE, 648357, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)	Name	:	ABN AMRO BANK N.V.

2)	Name	:	BANCO SANTANDER, S.A. HONG KONG BRANCH

3)	Name	:	DZ BANK AG DEUTSCHE ZENTRAL-GENOSSENSCHAFTSBANK

4)	Name	:	HSH NORDBANK AG

5)	Name	:	RAIFFEISEN BANK INTERNATIONAL AG

6)	Name	:	RAIFFEISEN ZENTRALBANK OESTERREICH AKTIENGESELLSCHAFT

7)	Name	:	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD (SINGAPORE BRANCH)

8)	Name	:	WESTLB AG

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C200902213	16/04/2009	N/A	RAIFFEISEN ZENTRALBANK OESTERREICH AKTIENGESELLSCHAFT	-	Unsatisfied
C201001677	24/02/2010	N/A	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD. SINGAPORE BRANCH	-	Unsatisfied
C201011637	01/12/2010	N/A	RAIFFEISEN BANK INTERNATIONAL AG	-	Satisfied
C201011640	01/12/2010	N/A	RAIFFEISEN BANK INTERNATIONAL AG	-	Satisfied
C201100810	18/01/2011	N/A	DZ BANK AG DEUTSCHE ZENTRAL-GENOSSENSCHAFTSBANK, FRANKFURF AM MAIN	-	Unsatisfied
C201108121	05/07/2011	N/A	ABN AMRO BANK BHD	-	Unsatisfied
C201109920	11/08/2011	N/A	BANCO SANTANDER, S.A. HONG KONG BRANCH	-	Unsatisfied
C201113154	19/10/2011	N/A	ABN AMRO BANK N.V.	USD 350,000,000.00	Unsatisfied
C201113156	19/10/2011	N/A	ABN AMRO BANK N.V.	USD 350,000,000.00	Unsatisfied
C201113164	19/10/2011	N/A	ABN AMRO BANK N.V.	USD 350,000,000.00	Unsatisfied
C201113972	03/11/2011	N/A	INDUSTRIAL & COMMERCIAL BANK OF CHINA LIMITED	-	Unsatisfied
C201116080	21/12/2011	N/A	INDUSTRIAL & COMMERCIAL BANK OF CHINA LIMITED	-	Unsatisfied
C201201926	20/02/2012	N/A	ABN AMRO BANK N.V.	USD 350,000,000.00	Unsatisfied
C201208901	06/08/2012	N/A	ABN AMRO BANK N.V.	USD 350,000,000.00	Unsatisfied
C201300531	11/01/2013	N/A	BANCO SANTANDER, S.A.	-	Unsatisfied
C201300984	18/01/2013	N/A	ABN AMRO BANK N.V.	USD 350,000,000.00	Unsatisfied
C201300995	18/01/2013	N/A	ABN AMRO BANK N.V.	USD 350,000,000.00	Unsatisfied
C201301001	18/01/2013	N/A	ABN AMRO BANK N.V.	USD 350,000,000.00	Unsatisfied
C201317512	27/12/2013	N/A	RAIFFEISEN BANK INTERNATIONAL AG	-	Unsatisfied
C201400010	27/12/2013	N/A	RAIFFEISEN BANK INTERNATIONAL AG	-	Unsatisfied
C201401124	28/01/2014	N/A	BANCO SANTANDER, S.A.	-	Unsatisfied

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	:	YES
Overseas	:	YES

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

[

]

Poor >120 Days

[

]

CLIENTELE

Local	:	YES
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	ASIA
Credit Term	:	AS AGREED

Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Goods Traded

EDIBLE OILS AND SOFT COMMODITIES

Total Number of Employees:
YEAR	2014	2013	2012	2011	2010

GROUP	N/A	N/A	N/A	N/A	N/A
COMPANY	60	60	100	100	100

Branch

Other Information:

The Subject is principally engaged in the (as a / as an) trading of edible oils and soft commodities.

Products and services:

* producer & exporter crude palm oil & crude palm kernel oil
* processed palm oil products
* packed cooking oil
* shortening
* margarine
* rubber
* cocoa beans

The Subject became member of the Roundtable on Sustainable Palm Oil (RSPO) in 2011.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-62169338
Match	:	N/A

Address Provided by Client	:	80 RAFFLES PLACE, # 50-01 UOB PLAZA 1, SINGAPORE 048624
Current Address	:	80, RAFFLES PLACE, #50-01, UOB PLAZA 1, 048624, SINGAPORE.
Match	:	YES

Other Investigations

On 2nd July 2014 we contacted one of the staff from the Subject;s registered office and she provided some information on the Subject.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Erratic	[	2010 - 2012	]
Profit/(Loss) Before Tax	:	Increased	[	2010 - 2012	]
Return on Shareholder Funds	:	Favourable	[	139.46%	]
Return on Net Assets	:	Favourable	[	136.19%	]

The fluctuating turnover reflects the fierce competition among the existing and new market players.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	[	1 Days	]
Debtor Ratio	:	Favourable	[	21 Days	]
Creditors Ratio	:	Favourable	[	7 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	[	1.10 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	[	14.93 Times	]
Gearing Ratio	:	Unfavourable	[	2.27 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 highly geared, thus it had a high financial risk. The Subject was dependent on loans to finance its business needs. In times of economic downturn and / or high interest rate, the Subject will become less profitable and competitive than other firms in the same industry, which are lowly geared. This is because the Subject has to service the interest and to repay the loan, which will erode part of its profits. The profits will fluctuate depending on the Subject's turnover and the interest it needs to pay.


Overall Assessment :
Although the turnover was erratic, the Subject had maintained a steady growth in its profit. This indicate the management's efficiency in controlling its costs and profitability. 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's gearing level was high and its going concern will be in doubt if there is no injection of additional shareholders' funds in times of economic downturn and / or high interest rates.

Overall financial condition of the Subject : FAIR

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 :	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 2002, the Subject is a Private Limited company, focusing on trading of edible oils and soft commodities. 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. 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. Being a moderate size company, the Subject has a total workforce of 60 employees in its business operations. 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

Despite the lower turnover, the Subject's pre-tax profit have increased compared to the previous year. The higher profit could be due to better control of its operating costs and efficiency in utilising its resources. 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. The high gearing ratio clearly implied that the Subject was supported by more debt than equity. Thus, the Subject is exposed to high financial risk. Given a positive net worth standing at USD 101,640,919, the Subject should be able to maintain its business in the near terms.

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

Overall, the Subject's payment habit is good as the Subject has a good credit control and it could be taking advantage of the cash discounts while maintaining a good reputation with its creditors.

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
Months	12	12	12
Consolidated Account	Company	Company	Company
Audited Account	YES	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES	YES
Financial Type	FULL	FULL	FULL
Currency	USD	USD	USD

TURNOVER	2,816,515,951	3,037,319,216	1,942,372,535
	----------------	----------------	----------------
Total Turnover	2,816,515,951	3,037,319,216	1,942,372,535
Costs of Goods Sold	(2,587,755,434)	(2,818,781,247)	(1,822,695,639)
	----------------	----------------	----------------
Gross Profit	228,760,517	218,537,969	119,676,896
	----------------	----------------	----------------

PROFIT/(LOSS) FROM OPERATIONS	151,390,430	150,470,527	80,774,369
	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	151,390,430	150,470,527	80,774,369
Taxation	(9,637,951)	(7,757,325)	(4,130,091)
	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	141,752,479	142,713,202	76,644,278
	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	57,888,440	17,220,095	30,575,817
	----------------	----------------	----------------
As restated	57,888,440	17,220,095	30,575,817
	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	199,640,919	159,933,297	107,220,095
DIVIDENDS - Ordinary (paid & proposed)	(100,000,000)	(102,044,857)	(90,000,000)
	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	99,640,919	57,888,440	17,220,095
	=============	=============	=============

INTEREST EXPENSE (as per notes to P&L)
Term loan / Borrowing	1,675,359	1,933,456	132,626
Trust receipts	3,927	26,910	10,453
Others	9,192,185	8,342,995	3,561,479
	----------------	----------------	----------------
	10,871,471	10,303,361	3,704,558
	=============	=============	=============

BALANCE SHEET

ASSETS EMPLOYED:
FIXED ASSETS	490,042	633,384	73,754

LONG TERM INVESTMENTS/OTHER ASSETS
Subsidiary companies	415,836	265,834	265,834
Deferred assets	-	-	3,694
Others	78,000,000	-	-
	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	78,415,836	265,834	269,528

	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	78,905,878	899,218	343,282

Stocks	7,920,803	-	5,473,463
Trade debtors	164,204,283	161,118,417	148,660,102
Other debtors, deposits & prepayments	34,860,652	21,688,255	36,958,355
Short term deposits	-	4,064,000	64,000
Amount due from holding company	130,068,125	188,144,534	8,877,187
Amount due from subsidiary companies	6,140,048	258,911	19,483,460
Amount due from related companies	9,361,784	4,196	319
Cash & bank balances	9,046,405	35,318,843	11,197,894
Others	-	-	2,072,763
	----------------	----------------	----------------
TOTAL CURRENT ASSETS	361,602,100	410,597,156	232,787,543
	----------------	----------------	----------------
TOTAL ASSET	440,507,978	411,496,374	233,130,825
	=============	=============	=============

CURRENT LIABILITIES
Trade creditors	51,771,554	83,446,691	30,067,683
Other creditors & accruals	5,517,194	8,291,256	1,808,331
Hire purchase & lease creditors	196,000,000	160,000,000	124,100,000
Bank overdraft	3,471,401	-	-
Short term borrowings/Term loans	14,000,000	15,500,000	3,730,000
Amounts owing to related companies	49,292	9,311,462	-
Provision for taxation	9,622,741	7,759,528	4,130,091
Other liabilities	40,934,877	32,298,997	5,804,625
	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	321,367,059	316,607,934	169,640,730
	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	40,235,041	93,989,222	63,146,813
	----------------	----------------	----------------
TOTAL NET ASSETS	119,140,919	94,888,440	63,490,095
	=============	=============	=============

SHARE CAPITAL
Ordinary share capital	2,000,000	2,000,000	2,000,000
	----------------	----------------	----------------
TOTAL SHARE CAPITAL	2,000,000	2,000,000	2,000,000

Retained profit/(loss) carried forward	99,640,919	57,888,440	17,220,095
	----------------	----------------	----------------
TOTAL RESERVES	99,640,919	57,888,440	17,220,095

	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	101,640,919	59,888,440	19,220,095

Long term loans	17,500,000	35,000,000	44,270,000
	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	17,500,000	35,000,000	44,270,000
	----------------	----------------	----------------
	119,140,919	94,888,440	63,490,095
	=============	=============	=============

FINANCIAL RATIO

TYPES OF FUNDS
Cash	9,046,405	39,382,843	11,261,894
Net Liquid Funds	5,575,004	39,382,843	11,261,894
Net Liquid Assets	32,314,238	93,989,222	57,673,350
Net Current Assets/(Liabilities)	40,235,041	93,989,222	63,146,813
Net Tangible Assets	119,140,919	94,888,440	63,490,095
Net Monetary Assets	14,814,238	58,989,222	13,403,350
BALANCE SHEET ITEMS
Total Borrowings	230,971,401	210,500,000	172,100,000
Total Liabilities	338,867,059	351,607,934	213,910,730
Total Assets	440,507,978	411,496,374	233,130,825
Net Assets	119,140,919	94,888,440	63,490,095
Net Assets Backing	101,640,919	59,888,440	19,220,095
Shareholders' Funds	101,640,919	59,888,440	19,220,095
Total Share Capital	2,000,000	2,000,000	2,000,000
Total Reserves	99,640,919	57,888,440	17,220,095
LIQUIDITY (Times)
Cash Ratio	0.03	0.12	0.07
Liquid Ratio	1.10	1.30	1.34
Current Ratio	1.13	1.30	1.37
WORKING CAPITAL CONTROL (Days)
Stock Ratio	1	0	1
Debtors Ratio	21	19	28
Creditors Ratio	7	11	6
SOLVENCY RATIOS (Times)
Gearing Ratio	2.27	3.51	8.95
Liabilities Ratio	3.33	5.87	11.13
Times Interest Earned Ratio	14.93	15.60	22.80
Assets Backing Ratio	59.57	47.44	31.75
PERFORMANCE RATIO (%)
Operating Profit Margin	5.38	4.95	4.16
Net Profit Margin	5.03	4.70	3.95
Return On Net Assets	136.19	169.43	133.06
Return On Capital Employed	50.93	63.08	45.03
Return On Shareholders' Funds/Equity	139.46	238.30	398.77
Dividend Pay Out Ratio (Times)	0.71	0.72	1.17
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.95
UK Pound	1	Rs.102.78
Euro	1	Rs.81.39

INFORMATION DETAILS

Analysis Done by :	KAR

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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