MIRA INFORM REPORT

Report No. :	337015
Report Date :	19.08.2015

IDENTIFICATION DETAILS

Name :	WILMAR TRADING PTE LTD
Registered Office :	56, Neil Road, 088830
Country :	Singapore
Financials (as on) :	31.12.2013
Date of Incorporation :	21.06.1988
Com. Reg. No.:	198802023-W
Legal Form :	Private Limited
Line of Business :	Subject is engaged in trading of edible oil
No. of Employee :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No complaints
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 of consumer electronics, information technology products, medical and optical devices, pharmaceuticals, and on its vibrant transportation, business, and financial services sectors. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but has continued to grow since 2010 on the strength of renewed exports. Growth in 2014 was slower at 2.9%, largely a result of soft demand for exports amid a sluggish global economy and weak growth in Singapore’s manufacturing sector. The government is attempting to restructure Singapore’s economy by weaning its dependence on foreign labor, addressing weak productivity, and increasing Singaporean wages. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and high-tech hub. Singapore is a member of the 12-nation Trans-Pacific Partnership free trade negotiations, the Regional Comprehensive Economic Partnership negotiations with the nine other ASEAN members plus Australia, China, India, Japan, South Korea and New Zealand, and in 2015, Singapore will form, with the other ASEAN members, the ASEAN Economic Community.

Source : CIA

EXECUTIVE SUMMARY

REGISTRATION NO.	:	198802023-W
COMPANY NAME	:	WILMAR TRADING PTE LTD
FORMER NAME	:	N/A
INCORPORATION DATE	:	21/06/1988
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	56, NEIL ROAD, 088830, SINGAPORE.
BUSINESS ADDRESS	:	56, NEIL ROAD, 088830, SINGAPORE.
TEL.NO.	:	65-62160244
FAX.NO.	:	65-63235936
CONTACT PERSON	:	KUOK KHONG HONG @ KUOK KHOON HONG ( MANAGING DIRECTOR )
PRINCIPAL ACTIVITY	:	TRADING OF EDIBLE OIL
ISSUED AND PAID UP CAPITAL	:	289,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 289,000,000.00
SALES	:	USD 12,838,735,000 [2013]
NET WORTH	:	USD 393,644,000 [2013]
STAFF STRENGTH	:	N/A
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 oil.

The immediate holding company of the Subject is WILMAR INTERNATIONAL LIMITED, a company incorporated in SINGAPORE.

Share Capital History

Date	Issue & Paid Up Capital
04/12/2014	SGD 289,000,000.00

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

Current Shareholder(s) :

Name	Address	IC/PP/Loc No	Shareholding	(%)
WILMAR INTERNATIONAL LIMITED	SINGAPORE	199904785Z	289,000,000.00	100.00
			---------------	------
			289,000,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	THOMAS JOSEPH LIM KIM GUAN @ LIN QINYUAN
Address	:	3, ALEXANDRA VIEW, 40-12, ASCENTIA SKY, 158749, SINGAPORE.
IC / PP No	:	S7416577Z
Nationality	:	SINGAPOREAN
Date of Appointment	:	01/07/2013

DIRECTOR 2

Name Of Subject	:	TEO KIM YONG
Address	:	19A, YARWOOD AVENUE, 588015, SINGAPORE.
IC / PP No	:	S0128906C
Nationality	:	SINGAPOREAN
Date of Appointment	:	01/10/1992

DIRECTOR 3

Name Of Subject	:	MARTUA SITORUS
Address	:	132, TANJONG RHU ROAD, 11-09, BLOCK 3, PEBBLE BAY SIN, 436919, SINGAPORE.
IC / PP No	:	S2692232A
Nationality	:	SINGAPOREAN
Date of Appointment	:	01/01/2012

DIRECTOR 4

Name Of Subject	:	SNG MIOW CHING
Address	:	7, TANAH MERAH KECHIL AVENUE, D'MANOR, 465631, SINGAPORE.
IC / PP No	:	S1421777J
Nationality	:	SINGAPOREAN
Date of Appointment	:	25/01/2012

DIRECTOR 5

Name Of Subject	:	KUOK KHONG HONG @ KUOK KHOON HONG
Address	:	6, TANJUNG RHU ROAD, AUTRAL VIEWS, 10-00, 436883, SINGAPORE.
IC / PP No	:	2507689C
Nationality	:	SINGAPOREAN
Date of Appointment	:	01/04/1991

DIRECTOR 6

Name Of Subject	:	HO KIAM KONG
Address	:	37, SIGLAP BANK, SINGAPORE 456245, SINGAPORE.
IC / PP No	:	S1353729A
Nationality	:	SINGAPOREAN
Date of Appointment	:	25/01/2012

MANAGEMENT

1)	Name of Subject	:	KUOK KHONG HONG @ KUOK KHOON HONG
	Position	:	MANAGING DIRECTOR

2)	Name of Subject	:	TEO KIM YONG
	Position	:	CHIEF OPERATING OFFICER

AUDITOR

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

COMPANY SECRETARIES

1)	Company Secretary	:	PUN CHUI WUN
	IC / PP No	:	S1152387J
	Address	:	145, MEI LING STREET, 09-125, 140145, SINGAPORE.

BANKING

No Banker found in our databank. 

ENCUMBRANCE (S)

No encumbrance was found in our databank at the time of investigation. 

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 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	:	N/A

OPERATIONS

Goods Traded

:

EDIBLE OIL

Total Number of Employees:
YEAR	2014	2013
GROUP	N/A	N/A
COMPANY	400	400

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) trading of edible oil. 

The Subject deals with edible oil, palm oil and others. 

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-62160244
Match	:	N/A
Address Provided by Client	:	56, NEIL ROAD,088830,SINGAPORE
Current Address	:	56, NEIL ROAD, 088830, SINGAPORE.
Match	:	YES

Other Investigations

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

The Subject refused to disclose its number of employees and bankers.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Decreased	[	2009 - 2013	]
Profit/(Loss) Before Tax	:	Decreased	[	2009 - 2013	]
Return on Shareholder Funds	:	Favourable	[	40.83%	]
Return on Net Assets	:	Favourable	[	49.69%	]
The continuous fall in turnover could be due to the lower demand for the Subject's products / services.The Subject's profit fell sharply because of the high operating costs incurred. 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	[	5 Days	]
Debtor Ratio	:	Unfavourable	[	82 Days	]
Creditors Ratio	:	Favourable	[	14 Days	]
The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The high debtors' ratio could indicate that the Subject was weak in its credit control. However, the Subject could also giving longer credit periods to its customers in order to boost its sales or to capture / retain its market share. The Subject had a favourable creditors' ratio where the Subject could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.
Liquidity
Liquid Ratio	:	Favourable	[	1.07 Times	]
Current Ratio	:	Unfavourable	[	1.12 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	:	Acceptable	[	8.69 Times	]
Gearing Ratio	:	Unfavourable	[	2.84 Times	]
The Subject's interest cover was slightly low. If there is no sharp fall in its profit or sudden increase in the interest rates, we believe the Subject is able to generate sufficient income to service its interest and repay the loans. 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 :
The Subject's performance deteriorated over the years with lower 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 had an acceptable interest cover. If there is no sudden sharp increase in interest rate or fall in the Subject's profit, we do believe the Subject is able to generate sufficient cash flow to service its interest payment. 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 :	2010	2011	2012	2013	2014
Population (Million)	5.08	5.18	5.31	5.40	5.47
Gross Domestic Products ( % )	14.5	4.9	1.3	3.7	(3.5)
Consumer Price Index	2.8	5.2	4.6	2.4	2.4
Total Imports (Million)	423,221.8	459,655.1	474,554.0	466,762.0	463,779.1
Total Exports (Million)	478,840.7	514,741.2	510,329.0	513,391.0	518,922.7
Unemployment Rate (%)	2.2	2.1	2.0	1.9	1.9
Tourist Arrival (Million)	11.64	13.17	14.49	15.46	15.01
Hotel Occupancy Rate (%)	85.6	86.5	86.4	86.3	85.5
Cellular Phone Subscriber (Million)	1.43	1.50	1.52	1.97	1.98
Registration of New Companies (No.)	29,798	32,317	31,892	37,288	41,589
Registration of New Companies (%)	12.8	8.5	(1.3)	9.8	11.5
Liquidation of Companies (No.)	15,126	19,005	17,218	17,369	18,767
Liquidation of Companies (%)	(32.5)	25.6	9.4	(5.3)	8.0
Registration of New Businesses (No.)	23,978	23,494	24,788	22,893	35,773
Registration of New Businesses (%)	(10.78)	2.02	5.51	1.70	56.30
Liquidation of Businesses (No.)	24,211	23,005	22,489	22,598	22,098
Liquidation of Businesses (%)	2.8	(5)	(2.2)	0.5	(2.2)
Bankruptcy Orders (No.)	1,537	1,527	1,748	1,992	1,757
Bankruptcy Orders (%)	(25.3)	(0.7)	14.5	14.0	(11.8)
Bankruptcy Discharges (No.)	2,252	1,391	1,881	2,584	3,546
Bankruptcy Discharges (%)	(26.3)	(38.2)	35.2	37.4	37.2
INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	(0.48)	4.25	3.64	-
Fish Supply & Wholesale	(10.5)	12.10	(0.5)	-	2.80
Manufacturing *	92.8	100.0	100.3	102.0
Food, Beverages & Tobacco	96.4	100.0	103.5	103.5	105.0
Textiles	122.1	100.0	104.0	87.1	74.9
Wearing Apparel	123.3	100.0	92.1	77.8	49.5
Leather Products & Footwear	81.8	100.0	98.6	109.8	95.9
Wood & Wood Products	104.0	100.0	95.5	107.4	112.0
Paper & Paper Products	106.1	100.0	97.4	103.2	103.4
Printing & Media	103.5	100.0	93.0	86.1	80.3
Crude Oil Refineries	95.6	100.0	99.4	93.5	85.6
Chemical & Chemical Products	97.6	100.0	100.5	104.1	114.0
Pharmaceutical Products	75.3	100.0	109.7	107.2	115.7
Rubber & Plastic Products	112.3	100.0	96.5	92.9	92.8
Non-metallic Mineral	92.5	100.0	98.2	97.6	82.2
Basic Metals	102.2	100.0	90.6	76.5	98.3
Fabricated Metal Products	103.6	100.0	104.3	105.1	105.1
Machinery & Equipment	78.5	100.0	112.9	114.5	124.0
Electrical Machinery	124.1	100.0	99.3	108.5	121.3
Electronic Components	113.6	100.0	90.6	94.3	95.0
Transport Equipment	94.0	100.0	106.3	107.5	103.2
Construction	14.20	20.50	28.70	-	22.00
Real Estate	21.3	25.4	31.9	-	145.1
Services
Electricity, Gas & Water	4.00	7.00	6.30	-
Transport, Storage & Communication	12.80	7.40	5.30	-	14.20
Finance & Insurance	(0.4)	8.90	0.50	-	6.00
Government Services	9.70	6.90	6.00	-
Education Services	(0.9)	(1.4)	0.30	-	5.98
* 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 1988, the Subject is a Private Limited company, focusing on trading of edible oil. The Subject has been in business for over two decades. It has built up a strong clientele base and satisfactory reputation will enable the Subject to further enhance its business in the near term. The Subject is expected to enjoy a stable market shares. The Subject is a large entity with strong capital position of SGD 289,000,000. We are confident with the Subject's business and its future growth prospect. Having strong support from its holding company has enabled the Subject to remain competitive despite the challenging business environment. 

Over the years, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. Overall, we regard that the Subject's management capability is average. This indicates that the Subject has greater potential to improve its business performance and raising income for the Subject. 

The Subject's business performance showed a reverse trend as both its turnover and pre-tax profit have decreased compared to the previous year. 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 393,644,000, the Subject should be able to maintain its business in the near terms. 

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.

WILMAR TRADING PTE LTD

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	12,838,735,000	16,024,143,000	17,664,177,000	13,133,808,000	14,620,057,000
Other Income	-	-	33,418,000	-	-
	----------------	----------------	----------------	----------------	----------------
Total Turnover	12,838,735,000	16,024,143,000	17,697,595,000	13,133,808,000	14,620,057,000
Costs of Goods Sold	(11,918,739,000)	(15,006,605,000)	(16,746,353,000)	(12,495,716,000)	(13,413,447,000)
	----------------	----------------	----------------	----------------	----------------
Gross Profit	919,996,000	1,017,538,000	951,242,000	638,092,000	1,206,610,000
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	173,094,000	283,442,000	312,956,000	296,830,000	587,902,000
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	173,094,000	283,442,000	312,956,000	296,830,000	587,902,000
Taxation	(12,374,000)	(17,688,000)	(15,731,000)	(18,383,000)	(23,013,000)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	160,720,000	265,754,000	297,225,000	278,447,000	564,889,000
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	459,199,000	593,445,000	496,220,000	617,773,000	852,884,000
	----------------	----------------	----------------	----------------	----------------
As restated	459,199,000	593,445,000	496,220,000	617,773,000	852,884,000
	----------------	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	619,919,000	859,199,000	793,445,000	896,220,000	1,417,773,000
DIVIDENDS - Ordinary (paid & proposed)	(400,000,000)	(400,000,000)	(200,000,000)	(400,000,000)	(800,000,000)
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	219,919,000	459,199,000	593,445,000	496,220,000	617,773,000
	=============	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Term loan / Borrowing	6,656,000	9,502,000	-	-	-
Trust receipts	168,000	689,000	-	-	-
Others	15,696,000	12,795,000	26,971,000	17,019,000	14,802,000
	----------------	----------------	----------------	----------------	----------------
	22,520,000	22,986,000	26,971,000	17,019,000	14,802,000
	=============	=============	=============	=============	=============
DEPRECIATION (as per notes to P&L)	1,598,000	1,793,000	1,880,000	1,935,000	2,048,000
	----------------	----------------	----------------	----------------	----------------
	1,598,000	1,793,000	1,880,000	1,935,000	2,048,000
	=============	=============	=============	=============	=============

BALANCE SHEET

WILMAR TRADING PTE LTD

ASSETS EMPLOYED:
FIXED ASSETS	2,812,000	4,017,000	4,796,000	4,405,000	3,623,000
Deferred assets	1,138,000	748,000	-	-	3,570,000
Others	-	18,000	28,000	80,000	139,000
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	1,138,000	766,000	28,000	80,000	3,709,000
Own goodwill	27,528,000	27,528,000	27,528,000	27,528,000	-
	----------------	----------------	----------------	----------------	----------------
TOTAL INTANGIBLE ASSETS	27,528,000	27,528,000	27,528,000	27,528,000	-
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	31,478,000	32,311,000	32,352,000	32,013,000	7,332,000
Stocks	165,665,000	28,317,000	268,117,000	307,699,000	187,738,000
Trade debtors	2,876,911,000	2,490,835,000	1,825,529,000	2,261,811,000	1,868,645,000
Other debtors, deposits & prepayments	27,201,000	21,337,000	4,651,000	7,136,000	10,109,000
Short term deposits	31,937,000	16,344,000	-	-	-
Deposits with financial institutions	-	-	-	-	244,000
Amount due from holding company	-	-	6,195,000	-	-
Amount due from related companies	7,397,000	6,492,000	632,216,000	363,704,000	2,018,000
Cash & bank balances	74,897,000	43,630,000	32,171,000	35,181,000	16,954,000
Others	80,439,000	146,796,000	325,212,000	779,334,000	576,035,000
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	3,264,447,000	2,753,751,000	3,094,091,000	3,754,865,000	2,661,743,000
	----------------	----------------	----------------	----------------	----------------
TOTAL ASSET	3,295,925,000	2,786,062,000	3,126,443,000	3,786,878,000	2,669,075,000
	=============	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	455,201,000	728,119,000	227,021,000	688,898,000	505,252,000
Other creditors & accruals	55,409,000	56,895,000	40,547,000	33,476,000	37,914,000
Short term borrowings/Term loans	241,000,000	252,000,000	427,000,000	-	-
Other borrowings	627,000,000	472,185,000	24,048,000	-	-
Bill & acceptances payable	251,627,000	53,017,000	-	-	-
Amounts owing to holding company	9,000	2,205,000	-	143,322,000	5,646,000
Amounts owing to related companies	1,104,150,000	413,642,000	593,889,000	106,000	99,000
Provision for taxation	9,626,000	18,124,000	24,347,000	2,544,000	54,541,000
Other liabilities	158,259,000	149,538,000	955,324,000	2,229,115,000	1,101,346,000
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	2,902,281,000	2,145,725,000	2,292,176,000	3,097,461,000	1,704,798,000
	----------------	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	362,166,000	608,026,000	801,915,000	657,404,000	956,945,000
	----------------	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	393,644,000	640,337,000	834,267,000	689,417,000	964,277,000
	=============	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	200,000,000	200,000,000	200,000,000	200,000,000	200,000,000
	----------------	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	200,000,000	200,000,000	200,000,000	200,000,000	200,000,000
Retained profit/(loss) carried forward	219,919,000	459,199,000	593,445,000	496,220,000	617,773,000
Others	(26,275,000)	(18,862,000)	38,846,000	(11,997,000)	146,504,000
	----------------	----------------	----------------	----------------	----------------
TOTAL RESERVES	193,644,000	440,337,000	632,291,000	484,223,000	764,277,000
	----------------	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	393,644,000	640,337,000	832,291,000	684,223,000	964,277,000
Deferred taxation	-	-	1,976,000	5,194,000	-
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	-	-	1,976,000	5,194,000	-
	----------------	----------------	----------------	----------------	----------------
	393,644,000	640,337,000	834,267,000	689,417,000	964,277,000
	=============	=============	=============	=============	=============

FINANCIAL RATIO

WILMAR TRADING PTE LTD

TYPES OF FUNDS
Cash	106,834,000	59,974,000	32,171,000	35,181,000	16,954,000
Net Liquid Funds	(144,793,000)	6,957,000	32,171,000	35,181,000	16,954,000
Net Liquid Assets	196,501,000	579,709,000	533,798,000	349,705,000	769,207,000
Net Current Assets/(Liabilities)	362,166,000	608,026,000	801,915,000	657,404,000	956,945,000
Net Tangible Assets	366,116,000	612,809,000	806,739,000	661,889,000	964,277,000
Net Monetary Assets	196,501,000	579,709,000	531,822,000	344,511,000	769,207,000
PROFIT & LOSS ITEMS
Earnings Before Interest & Tax (EBIT)	195,614,000	306,428,000	339,927,000	313,849,000	602,704,000
Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)	197,212,000	308,221,000	341,807,000	315,784,000	604,752,000
BALANCE SHEET ITEMS
Total Borrowings	1,119,627,000	777,202,000	451,048,000	0	0
Total Liabilities	2,902,281,000	2,145,725,000	2,294,152,000	3,102,655,000	1,704,798,000
Total Assets	3,295,925,000	2,786,062,000	3,126,443,000	3,786,878,000	2,669,075,000
Net Assets	393,644,000	640,337,000	834,267,000	689,417,000	964,277,000
Net Assets Backing	393,644,000	640,337,000	832,291,000	684,223,000	964,277,000
Shareholders' Funds	393,644,000	640,337,000	832,291,000	684,223,000	964,277,000
Total Share Capital	200,000,000	200,000,000	200,000,000	200,000,000	200,000,000
Total Reserves	193,644,000	440,337,000	632,291,000	484,223,000	764,277,000
LIQUIDITY (Times)
Cash Ratio	0.04	0.03	0.01	0.01	0.01
Liquid Ratio	1.07	1.27	1.23	1.11	1.45
Current Ratio	1.12	1.28	1.35	1.21	1.56
WORKING CAPITAL CONTROL (Days)
Stock Ratio	5	1	6	9	5
Debtors Ratio	82	57	38	63	47
Creditors Ratio	14	18	5	20	14
SOLVENCY RATIOS (Times)
Gearing Ratio	2.84	1.21	0.54	0	0
Liabilities Ratio	7.37	3.35	2.76	4.53	1.77
Times Interest Earned Ratio	8.69	13.33	12.60	18.44	40.72
Assets Backing Ratio	1.83	3.06	4.03	3.31	4.82
PERFORMANCE RATIO (%)
Operating Profit Margin	1.35	1.77	1.77	2.26	4.02
Net Profit Margin	1.25	1.66	1.68	2.12	3.86
Return On Net Assets	49.69	47.85	40.75	45.52	62.50
Return On Capital Employed	46.45	45.88	39.44	43.78	62.50
Return On Shareholders' Funds/Equity	40.83	41.50	35.71	40.70	58.58
Dividend Pay Out Ratio (Times)	2.49	1.51	0.67	1.44	1.42
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.22
UK Pound	1	Rs.102.23
Euro	1	Rs.72.39

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	ASH

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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