MIRA INFORM REPORT

Report Date :

28.07.2014

IDENTIFICATION DETAILS

Correct Name :	CHEVRON ORONITE PTE LTD
Formerly Known as :	CHEVRON CHEMICAL (FAR EAST) PRIVATE LIMITED
Registered Office :	21, Sakra Road pulau Sakra, 627890
Country :	Singapore
Financials (as on) :	31.12.2012
Date of Incorporation :	15.09.1972
Com. Reg. No.:	197201254-M
Legal Form :	Private Limited Company
Line of Business :	· engaged as a wholesaler of mineral fuels and lubricants.  engaged in manufacturing hundreds of additive packages for all types of diesel, gasoline and natural gas engines as well as additives for gear oils and hydraulic fluids.
No of Employees :	260 (2012)

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	No Complaints
Litigation :	Exists

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	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate 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

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

EXECUTIVE SUMMARY

REGISTRATION NO.	:	197201254-M
COMPANY NAME	:	CHEVRON ORONITE PTE LTD
FORMER NAME	:	CHEVRON CHEMICAL (FAR EAST) PRIVATE LIMITED (15/08/2000)
INCORPORATION DATE	:	15/09/1972
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	21, SAKRA ROADPULAU SAKRA, 627890, SINGAPORE.
BUSINESS ADDRESS	:	21, SAKRA ROAD, PULAU SAKRA, 627890, SINGAPORE.
TEL.NO.	:	65-68676557
FAX.NO.	:	65-68676652
CONTACT PERSON	:	DESMOND FRANK KING ( DIRECTOR )
PRINCIPAL ACTIVITY	:	WHOLESALE OF MINERAL FUELS AND LUBRICANTS
ISSUED AND PAID UP CAPITAL	:	196,391,172.00 ORDINARY SHARE, OF A VALUE OF SGD 196,391,172.00  65,464.00 PREFERENCE SHARE, OF A VALUE OF SGD 113,100,189.00
SALES	:	USD 814,856,013 [2012]
NET WORTH	:	USD 841,840,849 [2012]
STAFF STRENGTH	:	260 (2012)
LITIGATION	:	TRACED
FINANCIAL CONDITION	:	STRONG
PAYMENT	:	AVERAGE
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) wholesale of mineral fuels and lubricants.

The immediate holding company of the Subject is CHEVRON SOUTH ASIA HOLDINGS PTE. LTD., a company incorporated in SINGAPORE.

The ultimate holding company of the Subject is CHEVRON CORPORATION, a company incorporated in UNITED STATES.

Share Capital History

Date	Issue & Paid Up Capital
11/07/2014	SGD 309,491,361.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
CHEVRON SOUTH ASIA HOLDINGS PTE. LTD. [ORD: 196391172, PREF: 65464]	30, RAFFLES PLACE, 21-01, CHEVRON HOUSE, 048622, SINGAPORE.	200606334D	196,456,636.00	100.00
			---------------	------
			196,456,636.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	MR. JEFFREY NORMAN WAITE
Address	:	6, JALAN AMPANG, 268648, SINGAPORE.
IC / PP No	:	G5149630U
Nationality	:	SINGAPOREAN
Date of Appointment	:	01/08/2011

DIRECTOR 2

Name Of Subject	:	DESMOND FRANK KING
Address	:	11 RACCOON LANE, TIBURON, CALIFORNIA, 94920, UNITED STATES.
IC / PP No	:	216287851
Nationality	:	AMERICAN
Date of Appointment	:	01/09/2013

DIRECTOR 3

Name Of Subject	:	JACQUES, JEAN-PAUL CAZIN
Address	:	7, ORANGE GROVE ROAD, TREETOPS EXECUTIVE RESIDENCES, 258355, SINGAPORE.
IC / PP No	:	G3007224W
Nationality	:	FRENCH
Date of Appointment	:	01/02/2014

MANAGEMENT

1)	Name of Subject	:	DESMOND FRANK KING
	Position	:	DIRECTOR

AUDITOR

Auditor	:	PRICEWATERHOUSECOOPERS LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	M SIVAANANTHAN
	IC / PP No	:	S0181790F
	Address	:	101B, LORONG 2, TOA PAYOH, 06-09, 311101, SINGAPORE.

2)	Company Secretary	:	SIVAGNANARATNAM SIVANESA
	IC / PP No	:	S1503703B
	Address	:	8B, ROBIN DRIVE, 258265, 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	:	643
Year	:	2006	Place	:	SINGAPORE
Court	:	SUPREME COURT
Date Filed	:	28/09/2006
Solicitor	:	NAMASIVAYAM SRINIVASAN
Solicitor Ref	:	20051001249PI
Solicitor Firm	:	HOH LAW CORPORATION
Plaintiff	:	LEE BOON LOONG
Defendants	:	CHEVRON ORONITE PTE LTD (197201254) 21, SAKRA ROAD, PULAU SAKRA, 627890, SINGAPORE.
Amount Claimed	:	500000
Nature of Claim	:	SGD
Remark	:	TORT-NEGLIGENCE

NOTE:

Please check with creditors for confirmation as alleged debts may have been paid since recorded or are being disputed. The person who 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 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	[	X	]
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

:

MINERAL FUELS AND LUBRICANTS

Ownership of premises

:

OWNED

Total Number of Employees:
YEAR	2012	2011
GROUP	N/A	N/A
COMPANY	260	261

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) wholesale of mineral fuels and lubricants. 

The Subject develops and markets quality additives that improve the performance of fuels and lubricants.

Oronite manufactures hundreds of additive packages for all types of diesel, gasoline and natural gas engines as well as additives for gear oils and hydraulic fluids. 

It is the worldwide market leader in a number of areas, including Marine, Railroad and Natural Gas Engine Oils and Tractor Hydraulic Fluids. Components and chemicals are also part of the Oronite product slate. 

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-68676557
Match	:	N/A
Address Provided by Client	:	SKARA ROAD 21 627890
Current Address	:	21, SAKRA ROAD, PULAU SAKRA, 627890, SINGAPORE.
Match	:	NO

Other Investigations

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

The Subject refused to disclose its bankers. 

The address provided is incomplete.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	2009 - 2012	]
Profit/(Loss) Before Tax	:	Increased	[	2009 - 2012	]
Return on Shareholder Funds	:	Acceptable	[	22.91%	]
Return on Net Assets	:	Acceptable	[	21.97%	]
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's management have been efficient in controlling its operating costs. The Subject's management had generated acceptable return for its shareholders using its assets.
Working Capital Control
Stock Ratio	:	Unfavourable	[	79 Days	]
Debtor Ratio	:	Favourable	[	47 Days	]
Creditors Ratio	:	Unfavourable	[	64 Days	]
The Subject could be incurring higher holding cost. As its capital was tied up in stocks, it could face liquidity problems. The favourable debtors' days could be due to the good credit control measures implemented by the Subject. The unfavourable creditors' ratio could be due to the Subject taking advantage of the credit granted by its suppliers. However this may affect the goodwill between the Subject and its suppliers and the Subject may inadvertently have to pay more for its future supplies.
Liquidity
Liquid Ratio	:	Favourable	[	3.39 Times	]
Current Ratio	:	Favourable	[	4.49 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	:	Nil	[	0.00 Times	]
Gearing Ratio	:	Favourable	[	0.00 Times	]
The Subject's interest cover was nil as it did not pay any interest during the year. The Subject had no gearing and hence it had virtually no financial risk. The Subject was financed by its shareholders' funds and internally generated fund. During the economic downturn, the Subject, having a zero gearing, will be able to compete better than those which are highly geared in the same industry.
Overall Assessment :
Generally, the Subject's performance has improved with higher turnover and profit. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. The Subject did not make any interest payment during the year. The Subject was dependent on its shareholders' funds to finance its business needs. The Subject was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The Subject has good chance of getting loans, if the needs arises.
Overall financial condition of the Subject : STRONG

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)
(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 1972, the Subject is a Private Limited company, focusing on wholesale of mineral fuels and lubricants. The Subject has been in business for over 4 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 holding company has enabled the Subject to remain competitive despite the challenging business environment. The Subject is a large entity with strong capital position. We are confident with the Subject's business and its future growth prospect. 

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. 

We noted that both the turnover and profits have increased compared to the previous year. The higher profit could be due to increase in turnover and better control over its operating costs. 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 zero geared company, the Subject virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. Given a positive net worth standing at USD 841,840,849, 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. 

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

In view of the above favourable condition, we recommend credit be proceeded to the Subject with favourable term.

PROFIT AND LOSS ACCOUNT

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

CHEVRON ORONITE PTE LTD

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	814,856,013	803,290,419	691,766,636	560,150,990
Other Income	1,195,788	1,461,568	2,968,648	535,481
	----------------	----------------	----------------	----------------
Total Turnover	816,051,801	804,751,987	694,735,284	560,686,471
Costs of Goods Sold	(562,067,571)	(578,773,917)	(460,638,758)	(391,017,674)
	----------------	----------------	----------------	----------------
Gross Profit	253,984,230	225,978,070	234,096,526	169,668,797
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	193,741,946	180,624,731	199,070,955	132,615,559
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	193,741,946	180,624,731	199,070,955	132,615,559
Taxation	(834,474)	(5,968,922)	(26,330,752)	(6,945,265)
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	192,907,472	174,655,809	172,740,203	125,670,294
	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	454,160,689	409,504,880	236,764,677	182,806,750
Prior year adjustment	-	-	-	(11,712,367)
	----------------	----------------	----------------	----------------
As restated	454,160,689	409,504,880	236,764,677	171,094,383
	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	647,068,161	584,160,689	409,504,880	296,764,677
DIVIDENDS - Ordinary (paid & proposed)	-	(130,000,000)	-	(60,000,000)
	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	647,068,161	454,160,689	409,504,880	236,764,677
	=============	=============	=============	=============

BALANCE SHEET

CHEVRON ORONITE PTE LTD

ASSETS EMPLOYED:
FIXED ASSETS	322,248,600	255,487,339	246,638,278	248,734,159
Trademarks	335,526	782,895	1,230,264	1,677,633
	----------------	----------------	----------------	----------------
TOTAL INTANGIBLE ASSETS	335,526	782,895	1,230,264	1,677,633
	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	322,584,126	256,270,234	247,868,542	250,411,792
Stocks	176,475,890	171,379,009	110,925,755	110,985,683
Trade debtors	103,871,413	81,358,756	85,846,445	76,816,200
Other debtors, deposits & prepayments	1,514,029	472,490	573,908	17,075
Short term deposits	120,152	145,700	-	-
Amount due from related companies	432,066,765	266,118,512	275,013,326	120,430,908
Cash & bank balances	5,230,550	3,691,500	3,368,820	2,418,961
Others	-	4,134	7,537	529,192
	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	719,278,799	523,170,101	475,735,791	311,198,019
	----------------	----------------	----------------	----------------
TOTAL ASSET	1,041,862,925	779,440,335	723,604,333	561,609,811
	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	97,972,315	55,978,077	53,798,395	82,579,226
Other creditors & accruals	27,897,510	21,976,441	21,112,894	23,322,402
Amounts owing to related companies	28,733,743	5,161,336	-	-
Provision for taxation	5,436,419	7,098,782	7,093,677	6,119,130
Other liabilities	-	18,000	-	-
	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	160,039,987	90,232,636	82,004,966	112,020,758
	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	559,238,812	432,937,465	393,730,825	199,177,261
	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	881,822,938	689,207,699	641,599,367	449,589,053
	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	194,772,688	194,772,688	194,772,688	194,772,688
	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	194,772,688	194,772,688	194,772,688	194,772,688
Retained profit/(loss) carried forward	647,068,161	454,160,689	409,504,880	236,764,677
	----------------	----------------	----------------	----------------
TOTAL RESERVES	647,068,161	454,160,689	409,504,880	236,764,677
	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	841,840,849	648,933,377	604,277,568	431,537,365
Deferred taxation	19,894,342	22,622,819	21,690,302	512,044
Retirement benefits provision	19,312,869	16,821,273	14,746,341	16,599,140
Others	774,878	830,230	885,156	940,504
	----------------	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	39,982,089	40,274,322	37,321,799	18,051,688
	----------------	----------------	----------------	----------------
	881,822,938	689,207,699	641,599,367	449,589,053
	=============	=============	=============	=============

FINANCIAL RATIO

CHEVRON ORONITE PTE LTD

TYPES OF FUNDS
Cash	5,350,702	3,837,200	3,368,820	2,418,961
Net Liquid Funds	5,350,702	3,837,200	3,368,820	2,418,961
Net Liquid Assets	382,762,922	261,558,456	282,805,070	88,191,578
Net Current Assets/(Liabilities)	559,238,812	432,937,465	393,730,825	199,177,261
Net Tangible Assets	881,487,412	688,424,804	640,369,103	447,911,420
Net Monetary Assets	342,780,833	221,284,134	245,483,271	70,139,890
BALANCE SHEET ITEMS
Total Borrowings	0	0	0	0
Total Liabilities	200,022,076	130,506,958	119,326,765	130,072,446
Total Assets	1,041,862,925	779,440,335	723,604,333	561,609,811
Net Assets	881,822,938	689,207,699	641,599,367	449,589,053
Net Assets Backing	841,840,849	648,933,377	604,277,568	431,537,365
Shareholders' Funds	841,840,849	648,933,377	604,277,568	431,537,365
Total Share Capital	194,772,688	194,772,688	194,772,688	194,772,688
Total Reserves	647,068,161	454,160,689	409,504,880	236,764,677
LIQUIDITY (Times)
Cash Ratio	0.03	0.04	0.04	0.02
Liquid Ratio	3.39	3.90	4.45	1.79
Current Ratio	4.49	5.80	5.80	2.78
WORKING CAPITAL CONTROL (Days)
Stock Ratio	79	78	59	72
Debtors Ratio	47	37	45	50
Creditors Ratio	64	35	43	77
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00	0.00	0.00
Liabilities Ratio	0.24	0.20	0.20	0.30
Times Interest Earned Ratio	0.00	0.00	0.00	0.00
Assets Backing Ratio	4.53	3.53	3.29	2.30
PERFORMANCE RATIO (%)
Operating Profit Margin	23.78	22.49	28.78	23.67
Net Profit Margin	23.67	21.74	24.97	22.44
Return On Net Assets	21.97	26.21	31.03	29.50
Return On Capital Employed	21.96	26.18	30.97	29.39
Return On Shareholders' Funds/Equity	22.91	26.91	28.59	29.12
Dividend Pay Out Ratio (Times)	0.00	0.74	0.00	0.48
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.14
UK Pound	1	Rs.102.22
Euro	1	Rs.81.02

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	MNL

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.