MIRA INFORM REPORT

Report No. :	318132
Report Date :	22.04.2015

IDENTIFICATION DETAILS

Name :	GUNVOR SINGAPORE PTE. LTD.
Registered Office :	12, Marina Boulevard, 35-02, Marina Bay Financial Centre, 018982
Country :	Singapore
Financials (as on) :	31.12.2013
Date of Incorporation :	15.05.2006
Com. Reg. No.:	200606959-K
Legal Form :	Private Limited
Line of Business :	Wholesale of Mineral Fuels and Lubricants
No. of Employees :	75 [2015]

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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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. Unemployment is very low. 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. Growth in 2014 was slower at 13.9%, 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. Singapore is a member of the 12-nation Trans-Pacific Partnership free trade agreement negotiations and, with the nine other ASEAN members, will form the ASEAN Economic Community in 2015.

Source : CIA

EXECUTIVE SUMMARY

REGISTRATION NO.	:	200606959-K
COMPANY NAME	:	GUNVOR SINGAPORE PTE. LTD.
FORMER NAME	:	N/A
INCORPORATION DATE	:	15/05/2006
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	12, MARINA BOULEVARD, 35-02, MARINA BAY FINANCIAL CENTRE, 018982, SINGAPORE.
BUSINESS ADDRESS	:	12, MARINA BOULEVARD, 35-02, MARINA BAY FINANCIAL CENTRE, TOWER 3, 018982, SINGAPORE.
TEL.NO.	:	65-64969900
FAX.NO.	:	65-6505951
CONTACT PERSON	:	YIN DIKUN ( MANAGING DIRECTOR )
PRINCIPAL ACTIVITY	:	WHOLESALE OF MINERAL FUELS AND LUBRICANTS
ISSUED AND PAID UP CAPITAL	:	1,000,001.00 ORDINARY SHARE, OF A VALUE OF SGD 1,000,001.00
SALES	:	USD 25,601,253,000 [2013]
NET WORTH	:	USD 188,170,000 [2013]
STAFF STRENGTH	:	75 [2015]
BANKER (S)		CALYON FIRST GULF BANK PJSC NATIXIS RAIFFEISEN BANK INTERNATIONAL AG SOCIETE GENERALE THE ROYAL BANK OF SCOTLAND BHD CREDIT AGRICOLE (SUISSE) SA ABN AMRO BANK N.V. ING BANK N.V. BANK OF CHINA LIMITED UNITED OVERSEAS BANK LIMITED BNP PARIBAS (SUISSE) SA BNP PARIBAS OVERSEA-CHINESE BANKING CORPORATION LIMITED
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	LIMITED
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) wholesale of mineral fuels and lubricants.

The immediate holding company of the Subject is GUNVOR GROUP LTD, a company incorporated in CYPRUS.

Share Capital History

Date	Issue & Paid Up Capital
20/04/2015	SGD 1,000,001.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
GUNVOR GROUP LTD	48, THEMISTOCLES DERVIS STREET, ATHIENITIS CENTENNIAL BUILDING, SUITE 501, 1066, NICOSIA, CYPRUS.	T06UF1937	1,000,001.00	100.00
			---------------	------
			1,000,001.00	100.00
			============	=====

+ Also Director

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

Local No	Country	Company	(%)	As At
201315389	SINGAPORE	C-BREEZE PTE. LTD.	100.00	31/12/2013
201202169	SINGAPORE	CORAL CAY PTE. LTD.	100.00	31/12/2013

DIRECTORS

DIRECTOR 1

Name Of Subject	:	MS. YIN DIKUN
Address	:	5, JALAN SEAVIEW, SEA VIEW PARK, 438319, SINGAPORE.
IC / PP No	:	S6865935C
Nationality	:	SINGAPOREAN
Date of Appointment	:	01/12/2012

DIRECTOR 2

Name Of Subject	:	JULIEN LA CHON
Address	:	9, NASSIM ROAD, 04-02, 258376, SINGAPORE.
IC / PP No	:	S7281847D
Nationality	:	SINGAPOREAN
Date of Appointment	:	01/05/2007

DIRECTOR 3

Name Of Subject	:	ANBARASAN RAMASAMY
Address	:	3, SIN MING WALK, 06-24, THE GARDENS AT BISHAN, 575575, SINGAPORE.
IC / PP No	:	S7311756I
Nationality	:	SINGAPOREAN
Date of Appointment	:	01/06/2014

DIRECTOR 4

Name Of Subject	:	LEE TJUN KHUN
Address	:	98, COMMONWEALTH CRESCENT, 03-46, 140098, SINGAPORE.
IC / PP No	:	S7377891C
Nationality	:	SINGAPOREAN
Date of Appointment	:	17/10/2011

DIRECTOR 5

Name Of Subject	:	TIMOTHY COWPER LEGGE
Address	:	8, CHEMIN DE LA MOETTE, 1257, CROIX-DE-ROZON, GENEVA, SWITZERLAND.
IC / PP No	:	510573092
Nationality	:	BRITISH
Date of Appointment	:	24/09/2009

DIRECTOR 6

Name Of Subject	:	JACQUES RAYMOND ERNI
Address	:	CHEMIN DES MARGUERITIES, 5, 1009, PULLY, SUIISE, SWITZERLAND.
IC / PP No	:	X3643062
Nationality	:	SWISS
Date of Appointment	:	01/07/2010

MANAGEMENT

1)	Name of Subject	:	YIN DIKUN
	Position	:	MANAGING DIRECTOR

AUDITOR

Auditor	:	PRICEWATERHOUSECOOPERS LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	LEE LIH FENG
	IC / PP No	:	S7076311G
	Address	:	109, JURONG EAST STREET, 13, 23-330, 600109, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

CALYON

2)

Name

:

FIRST GULF BANK PJSC

3)

Name

:

NATIXIS

4)

Name

:

RAIFFEISEN BANK INTERNATIONAL AG

5)

Name

:

SOCIETE GENERALE

6)

Name

:

THE ROYAL BANK OF SCOTLAND BHD

7)

Name

:

CREDIT AGRICOLE (SUISSE) SA

8)

Name

:

ABN AMRO BANK N.V.

9)

Name

:

ING BANK N.V.

10)

Name

:

BANK OF CHINA LIMITED

11)

Name

:

UNITED OVERSEAS BANK LIMITED

12)

Name

:

BNP PARIBAS (SUISSE) SA

13)

Name

:

BNP PARIBAS

14)

Name

:

OVERSEA-CHINESE BANKING CORPORATION LIMITED

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C200709638	07/11/2007	N/A	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK	-	Unsatisfied
C200710031	16/11/2007	N/A	ING BANK N.V.	-	Unsatisfied
C200802210	04/03/2008	N/A	FORTIS BANK S.A./N.V.	-	Unsatisfied
C200802211	04/03/2008	N/A	FORTIS BANK S.A./N.V.	-	Unsatisfied
C200803161	04/04/2008	N/A	BNP PARIBAS	-	Unsatisfied
C200808345	08/09/2008	N/A	SOCIETE GENERALE	-	Unsatisfied
C200808346	08/09/2008	N/A	SOCIETE GENERALE	-	Unsatisfied
C200900150	06/01/2009	N/A	COOPERATIEVE CENTRALE RAIFFEISEN - BOERENLEENBANK B.A. ("RABOBANK NEDERLAND, RABOBANK INTERNATIONAL")	-	Unsatisfied
C200900151	06/01/2009	N/A	COOPERATIEVE CENTRALE RAIFFEISEN - BOERENLEENBANK B.A. ("RABOBANK NEDERLAND, RABOBANK INTERNATIONAL")	-	Unsatisfied
C200902417	24/04/2009	N/A	NATIXIS	-	Unsatisfied
C200902419	24/04/2009	N/A	NATIXIS	-	Unsatisfied
C201000244	08/01/2010	N/A	SUMITOMO MITSUI BANKING CORPORATION	-	Unsatisfied
C201000245	08/01/2010	N/A	SUMITOMO MITSUI BANKING CORPORATION	-	Unsatisfied
C201000246	08/01/2010	N/A	SUMITOMO MITSUI BANKING CORPORATION	-	Unsatisfied
C201000304	11/01/2010	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C201000440	13/01/2010	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C201001145	04/02/2010	N/A	FORTIS BANK (NEDERLAND) N.V.	-	Unsatisfied
C201001406	12/02/2010	N/A	FORTIS BANK (NEDERLAND) N.V.	-	Unsatisfied
C201003188	16/04/2010	N/A	BANK OF CHINA LIMITED	-	Unsatisfied
C201010508	04/11/2010	N/A	SOCIETE GENERALE	-	Unsatisfied
C201100018	03/01/2011	N/A	FIRST GULF BANK PJSC	-	Unsatisfied
C201107865	29/06/2011	N/A	RAIFFEISEN BANK INTERNATIONAL AG	-	Unsatisfied
C201107969	01/07/2011	N/A	SOCIETE GENERALE	-	Unsatisfied
C201114400	15/11/2011	N/A	THE ROYAL BANK OF SCOTLAND N.V.	-	Unsatisfied
C201114842	25/11/2011	N/A	BNP PARIBAS (SUISSE) SA	-	Unsatisfied
C201115663	14/12/2011	N/A	BNP PARIBAS (SUISSE) SA	-	Unsatisfied
C201208504	27/07/2012	N/A	NATIONAL AUSTRALIA BANK LIMITED	-	Unsatisfied
C201209157	13/08/2012	N/A	COOPERATIEVE CENTRALE RAIFFEISEN - BOERENLEENBANK B.A. ("RABOBANK NEDERLAND,RABOBANK INTERNATIONAL")	-	Unsatisfied
C201212042	18/10/2012	N/A	DBS BANK LTD.	-	Unsatisfied
C201213115	12/11/2012	N/A	CREDIT AGRICOLE (SUISSE) SA	-	Unsatisfied
C201213117	12/11/2012	N/A	CREDIT AGRICOLE (SUISSE) SA	-	Unsatisfied
C201310362	30/07/2013	N/A	ABN AMRO BANK N.V.	-	Unsatisfied
C201310388	30/07/2013	N/A	ABN AMRO BANK N.V.	-	Unsatisfied
C201310394	30/07/2013	N/A	ABN AMRO BANK N.V.	-	Unsatisfied
C201310405	30/07/2013	N/A	ABN AMRO BANK N.V.	-	Unsatisfied
C201317301	23/12/2013	N/A	SUMITOMO MITSUI BANKING CORPORATION	-	Unsatisfied
C201401578	11/02/2014	N/A	ING BELGIUM, BRUSSELS, GENEVA BRANCH	-	Unsatisfied
C201401579	11/02/2014	N/A	ING BELGIUM, BRUSSELS, GENEVA BRANCH	-	Unsatisfied
C201405301	29/05/2014	N/A	UNICREDIT BANK AG	-	Unsatisfied
C201406145	20/06/2014	N/A	ING BELGIUM, BRUSSELS, GENEVA BRANCH	-	Unsatisfied
C201406147	20/06/2014	N/A	ING BELGIUM, BRUSSELS, GENEVA BRANCH	-	Unsatisfied
C201406148	20/06/2014	N/A	ING BELGIUM, BRUSSELS, GENEVA BRANCH	-	Unsatisfied
C201406149	20/06/2014	N/A	ING BELGIUM, BRUSSELS, GENEVA BRANCH	-	Unsatisfied
C201408088	01/08/2014	N/A	ABN AMRO BANK BHD	-	Unsatisfied
C201408104	01/08/2014	N/A	ABN AMRO BANK BHD	-	Unsatisfied
C201408116	01/08/2014	N/A	ABN AMRO BANK BHD	-	Unsatisfied
C201408117	01/08/2014	N/A	ABN AMRO BANK BHD	-	Unsatisfied
C201408496	11/08/2014	N/A	SOCIETE GENERALE	-	Unsatisfied
C201408675	15/08/2014	N/A	NATIXIS	-	Unsatisfied
C201409814	10/09/2014	N/A	COOPERATIEVE CENTRALE RAIFFEISENBOERENLEENBANK B.A.(''RABOBANK NEDERLAND, RABOBANK INTERNATIONAL'')	-	Unsatisfied
C201410000	16/09/2014	N/A	NATIXIS	-	Unsatisfied
C201503580	20/03/2015	N/A	SOCIETE GENERALE	-	Unsatisfied
C201504216	06/04/2015	N/A	SOCIETE GENERALE	-	Unsatisfied
C201504461	10/04/2015	N/A	OVERSEA-CHINESE BANKING CORPORATION LIMITED	-	Unsatisfied

LITIGATION 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 any information on 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	[	X	]	Average 61-90 Days	[	]
Fair 91-120 Days	[	]	Poor >120 Days	[		]

CLIENTELE

Local	:	YES
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	ASIA
Credit Term	:	N/A
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Goods Traded

:

MINERAL FUELS AND LUBRICANTS

Ownership of premises

:

LEASED/RENTED

Total Number of Employees:
YEAR	2015	2014	2013
GROUP	N/A	N/A	N/A
COMPANY	75	75	30

Branch

:

NO

Other Information:

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

The Subject's products:

* liquid petroleum gas (lpg)
* gasoline
* naphtha
* jet fuel
* diesel
* fuel oil
* asphalt
* petrochemicals
* plastics
* other hydrocarbon-derived products

The Subject belongs to the Gunvor group of companies.

RECENT DEVELOPMENT

Mon Apr 28, 2014

Gunvor Singapore Pte Ltd, a wholly owned subsidiary of Swiss-based trading house Gunvor Group, launched a $350 million syndicated revolving credit facility (RCF) to finance new investments and existing operations in the Asia-Pacific region.

"Gunvor is in a strong position, having pursued a strategy to diversify how we finance our Asian activities with a number of dedicated borrowing bases in addition to our RCF," Jacques Erni, chief financial officer of Gunvor Group, said in a statement on Sunday.

Bookrunners and mandated lead arrangers of the facility include Arab Petroleum Investments Corp, DBS Bank Ltd, Maybank Bhd and ING Bank.

Gunvor Group's core earnings rose by a quarter in 2013. It expects results to improve again this year despite the brief turmoil it faced in March due to the threat of sanctions given its co-founder Gennady Timchemko's close ties to Russian President Vladimir Putin. Those concerns dissipated when that Timchemko sold his stake in the firm.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	6564969900
Current Telephone Number	:	65-64969900
Match	:	YES
Address Provided by Client	:	12 MARINA BOULEVARD, 35-02 MARINA BAY FINANCIAL CENTRE TOWER 3 SINGAPORE 018982
Current Address	:	12, MARINA BOULEVARD, 35-02, MARINA BAY FINANCIAL CENTRE, TOWER 3, 018982, SINGAPORE.
Match	:	YES

Other Investigations

On 17th April 2015 we contacted one of the staff from the Subject and she provided some information.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Erratic	[	2009 - 2013	]
Profit/(Loss) Before Tax	:	Increased	[	2009 - 2013	]
Return on Shareholder Funds	:	Acceptable	[	29.10%	]
Return on Net Assets	:	Favourable	[	46.83%	]
The fluctuating turnover reflects the fierce competition among the existing and new market players.The higher profit could be attributed to the increase in turnover. The Subject's management had generated acceptable return for its shareholders using its assets.
Working Capital Control
Stock Ratio	:	Favourable	[	10 Days	]
Debtor Ratio	:	Favourable	[	31 Days	]
Creditors Ratio	:	Favourable	[	20 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	[	0.87 Times	]
Current Ratio	:	Unfavourable	[	1.05 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	[	2.95 Times	]
Gearing Ratio	:	Unfavourable	[	5.58 Times	]
The Subject's interest cover was low. If its profits fall or when interest rate rises, it  may not be able to meet all its interest payment. 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'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. If there is a fall in the Subject's profit or any increase in interest rate, the Subject may not be able to generate sufficient cash-flow to service its interest. 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 : LIMITED

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 sectors have expanded by 2.0% in the third quarter of 2014, extending the 1.8 per cent growth in the previous quarter. In 2013, the wholesale and retail sector expanded by 5.0%, after declining by 1.4% the year before. Growth of the sector was driven by the wholesale trade segment.
The domestic wholesale trade index has increased by 3.2% in the fourth quarter of 2013, moderating from the 6.6% growth in the previous quarter. The slower growth was due to a decline in the sales of furniture and household equipment (-12%) and petroleum and petroleum products (-0.6%). For the full year, the domestic wholesale trade index grew by 5.2% reversing the 2.2% decline in 2012. On the other hand, the foreign wholesale trade index has increased by a slower pace of 5.6% in the fourth quarter, compared to the 7.7% expansion in the preceding quarter. The slowdown was due to a fall in the sales of telecommunication equipment and computer (-3.8%) and petroleum and petroleum products (-2.5%). For the full year, the growth of the foreign wholesale trade index moderated slightly to 8.6% from 9.1% in the previous year.
In the fourth quarter of 2013, retail sales volume fell by 6.2%, extending the 5.6% decline in the previous quarter. Excluding motor vehicles, retail sales volume increased by 0.4%, a slower pace of expansion as compared to the 1.6% gain in the preceding quarter. The sales volume of motor vehicles fell by 33% in the fourth quarter of 2013, extending the 32% decline in the previous quarter. Meanwhile, the sales of several discretionary items also fell in the fourth quarter of 2013. For instance, the sales of telecommunications apparatus and computers fell by 12%, while the sales of furniture and household equipment declined by 5.4%.
For the full year, retail sales volume contracted by 4.3%, a reversal from the 1.3% expansion in 2012. Excluding motor vehicle sales, the retail sales volume grew by 1.1% in 2013, slower than the 1.7% increase in 2012. Watches and jewellery recorded the largest increase (11%) in sales in 2013, followed by optical goods and book (3%) and medical goods and toiletries (3%). By contrast, the sales of telecommunications apparatus and computer (-7.3%), furniture and household equipment (-4.2%) and petrol service stations (-1.4) declined in 2013.
OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 2006, the Subject is a Private Limited company, focusing on wholesale of mineral fuels and lubricants. Having been in business for more than 5 years, the Subject has established a remarkable clientele base for itself which has contributed to its business growth. A paid up capital of SGD 1,000,001 allows the Subject to expand its business more comfortably. With a strong backing from its holding company, the Subject enjoys timely financial assistance should the needs arise.

Investigation revealed, 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 75 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 managed to maintain an adequate liquidity level, indicating that the Subject has the ability to meet its 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 188,170,000, 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.

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 normally.

PROFIT AND LOSS ACCOUNT

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

Financial Year End	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31
Months	12	12	12	12	12
Consolidated Account	Company	Company	Company	Company	Company
Audited Account	YES	YES	YES	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES	YES	YES	YES
Financial Type	FULL	FULL	FULL	FULL	FULL
Currency	USD	USD	USD	USD	USD
TURNOVER	25,601,253,000	26,441,129,000	20,854,120,000	12,725,755,653	6,806,272,748
Other Income	10,647,000	5,031,000	422,000	527,786	413,890
	----------------	----------------	----------------	----------------	----------------
Total Turnover	25,611,900,000	26,446,160,000	20,854,542,000	12,726,283,439	6,806,686,638
Costs of Goods Sold	(25,528,449,000)	(26,416,943,000)	(20,568,158,000)	(12,710,588,024)	(6,505,448,567)
	----------------	----------------	----------------	----------------	----------------
Gross Profit	83,451,000	29,217,000	286,384,000	15,695,415	301,238,071
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	58,235,000	30,829,000	69,635,000	26,476,346	64,849,700
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	58,235,000	30,829,000	69,635,000	26,476,346	64,849,700
Taxation	(3,481,000)	(2,125,000)	(6,570,000)	(3,003,055)	(6,798,979)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	54,754,000	28,704,000	63,065,000	23,473,291	58,050,721
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	142,697,000	138,993,000	80,928,392	58,008,526	15,957,805
Prior year adjustment	-	-	(392)	-	-
	----------------	----------------	----------------	----------------	----------------
As restated	142,697,000	138,993,000	80,928,000	58,008,526	15,957,805
	----------------	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	197,451,000	167,697,000	143,993,000	81,481,817	74,008,526
DIVIDENDS - Ordinary (paid & proposed)	(10,000,000)	(25,000,000)	(5,000,000)	(553,425)	(16,000,000)
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	187,451,000	142,697,000	138,993,000	80,928,392	58,008,526
	=============	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Bank overdraft	154,000	342,000	451,000	37,790	-
Term loan / Borrowing	12,200,000	14,562,000	5,897,000	175,926	-
Trust receipts	14,159,000	7,458,000	6,386,000	6,079,901	2,966,308
Others	3,371,000	1,162,000	580,000	689,563	474,109
	----------------	----------------	----------------	----------------	----------------
	29,884,000	23,524,000	13,314,000	6,983,180	3,440,417
	=============	=============	=============	=============	=============

BALANCE SHEET

ASSETS EMPLOYED:
FIXED ASSETS	3,766,000	502,000	1,107,000	1,600,020	565,351
LONG TERM INVESTMENTS/OTHER ASSETS
Subsidiary companies	9,300,000	-	-	-	-
Others	58,000	1,150,000	-	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	9,358,000	1,150,000	-	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	13,124,000	1,652,000	1,107,000	1,600,020	565,351
Stocks	682,061,000	673,646,000	1,004,771,000	391,592,252	666,758,340
Trade debtors	2,143,217,000	1,222,219,000	982,869,000	568,906,007	379,709,959
Other debtors, deposits & prepayments	3,201,000	1,078,000	2,396,000	3,890,610	24,536,443
Short term deposits	20,794,000	27,705,000	23,559,000	57,606,657	13,045,246
Trading account securities	86,592,000	21,826,000	24,907,000	17,879,765	-
Amount due from subsidiary companies	6,615,000	50,000	-	-	-
Amount due from related companies	896,325,000	424,475,000	200,745,000	84,493,937	47,919,993
Cash & bank balances	111,676,000	86,350,000	11,450,000	48,153,953	4,594,171
Others	44,520,000	49,230,000	32,938,000	23,075,269	7,295,335
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	3,995,001,000	2,506,579,000	2,283,635,000	1,195,598,450	1,143,859,487
	----------------	----------------	----------------	----------------	----------------
TOTAL ASSET	4,008,125,000	2,508,231,000	2,284,742,000	1,197,198,470	1,144,424,838
	=============	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	1,388,325,000	1,583,167,000	1,020,539,000	550,828,563	626,332,600
Other creditors & accruals	25,665,000	15,725,000	17,623,000	11,282,045	6,362,204
Bank overdraft	-	22,473,000	5,559,000	-	-
Short term borrowings/Term loans	646,202,000	197,276,000	198,226,000	30,000,000	-
Other borrowings	402,895,000	73,507,000	52,491,000	-	275,507,242
Bill & acceptances payable	-	-	-	-	68,000,000
Amounts owing to related companies	1,252,082,000	453,034,000	819,227,000	502,211,365	99,101,494
Provision for taxation	3,596,000	2,549,000	3,471,000	2,995,562	6,770,000
Other liabilities	101,190,000	17,084,000	27,894,000	18,233,725	4,177,379
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	3,819,955,000	2,364,815,000	2,145,030,000	1,115,551,260	1,086,250,919
	----------------	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	175,046,000	141,764,000	138,605,000	80,047,190	57,608,568
	----------------	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	188,170,000	143,416,000	139,712,000	81,647,210	58,173,919
	=============	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	719,000	719,000	719,000	718,818	165,393
	----------------	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	719,000	719,000	719,000	718,818	165,393
Retained profit/(loss) carried forward	187,451,000	142,697,000	138,993,000	80,928,392	58,008,526
	----------------	----------------	----------------	----------------	----------------
TOTAL RESERVES	187,451,000	142,697,000	138,993,000	80,928,392	58,008,526
	----------------	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	188,170,000	143,416,000	139,712,000	81,647,210	58,173,919
	----------------	----------------	----------------	----------------	----------------
	188,170,000	143,416,000	139,712,000	81,647,210	58,173,919
	=============	=============	=============	=============	=============

FINANCIAL RATIO

TYPES OF FUNDS
Cash	132,470,000	114,055,000	35,009,000	105,760,610	17,639,417
Net Liquid Funds	132,470,000	91,582,000	29,450,000	105,760,610	(50,360,583)
Net Liquid Assets	(507,015,000)	(531,882,000)	(866,166,000)	(311,545,062)	(609,149,772)
Net Current Assets/(Liabilities)	175,046,000	141,764,000	138,605,000	80,047,190	57,608,568
Net Tangible Assets	188,170,000	143,416,000	139,712,000	81,647,210	58,173,919
Net Monetary Assets	(507,015,000)	(531,882,000)	(866,166,000)	(311,545,062)	(609,149,772)
PROFIT & LOSS ITEMS
Earnings Before Interest & Tax (EBIT)	88,119,000	54,353,000	82,949,000	33,459,526	68,290,117
Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)	88,119,000	54,353,000	82,949,000	33,459,526	68,290,117
BALANCE SHEET ITEMS
Total Borrowings	1,049,097,000	293,256,000	256,276,000	30,000,000	343,507,242
Total Liabilities	3,819,955,000	2,364,815,000	2,145,030,000	1,115,551,260	1,086,250,919
Total Assets	4,008,125,000	2,508,231,000	2,284,742,000	1,197,198,470	1,144,424,838
Net Assets	188,170,000	143,416,000	139,712,000	81,647,210	58,173,919
Net Assets Backing	188,170,000	143,416,000	139,712,000	81,647,210	58,173,919
Shareholders' Funds	188,170,000	143,416,000	139,712,000	81,647,210	58,173,919
Total Share Capital	719,000	719,000	719,000	718,818	165,393
Total Reserves	187,451,000	142,697,000	138,993,000	80,928,392	58,008,526
LIQUIDITY (Times)
Cash Ratio	0.03	0.05	0.02	0.09	0.02
Liquid Ratio	0.87	0.78	0.60	0.72	0.44
Current Ratio	1.05	1.06	1.06	1.07	1.05
WORKING CAPITAL CONTROL (Days)
Stock Ratio	10	9	18	11	36
Debtors Ratio	31	17	17	16	20
Creditors Ratio	20	22	18	16	35
SOLVENCY RATIOS (Times)
Gearing Ratio	5.58	2.04	1.83	0.37	5.90
Liabilities Ratio	20.30	16.49	15.35	13.66	18.67
Times Interest Earned Ratio	2.95	2.31	6.23	4.79	19.85
Assets Backing Ratio	261.71	199.47	194.31	113.59	351.73
PERFORMANCE RATIO (%)
Operating Profit Margin	0.23	0.12	0.33	0.21	0.95
Net Profit Margin	0.21	0.11	0.30	0.18	0.85
Return On Net Assets	46.83	37.90	59.37	40.98	117.39
Return On Capital Employed	46.83	32.76	57.10	40.98	117.39
Return On Shareholders' Funds/Equity	29.10	20.01	45.14	28.75	99.79
Dividend Pay Out Ratio (Times)	0.18	0.87	0.08	0.02	0.28
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.92
UK Pound	1	Rs.93.57
Euro	1	Rs.67.34

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	VNT

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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