MIRA INFORM REPORT

Report No. :	305649
Report Date :	07.02.2015

IDENTIFICATION DETAILS

Name :	SABIC ASIA PACIFIC PTE LTD

Formerly Known As :	SABIC SOUTH EAST ASIA PTE LTD

Registered Office :	10 Collyer Quay #10-01 Ocean Financial Centre, 049315

Country :	Singapore

Financials (as on) :	31.12.2012

Date of Incorporation :	30.11.1991

Com. Reg. No.:	199106011-H

Legal Form :	Private Limited

Line of Business :	Trading of Petrochemical

No. of Employees :	150 [2013]

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Good

Payment Behaviour :	Regular

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

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

SINGAPORE - ECONOMIC OVERVIEW

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. Real GDP growth averaged 8.6% between 2004 and 2007. The economy contracted 0.8% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010, on the strength of renewed exports, before slowing to 5.2% in 2011 and 1.3% in 2012, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to an average of about 1.0% in the last decade. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub.

Source : CIA

EXECUTIVE SUMMARY

REGISTRATION NO.

199106011-H

COMPANY NAME

SABIC ASIA PACIFIC PTE LTD

FORMER NAME

SABIC SOUTH EAST ASIA PTE LTD (20/06/2000)
SABIC SERVICES PACIFIC PTE. LTD. (24/08/1993)

INCORPORATION DATE

30/11/1991

COMPANY STATUS

EXIST

LEGAL FORM

PRIVATE LIMITED

LISTED STATUS

REGISTERED ADDRESS

10, COLLYER QUAY, 10-01, OCEAN FINANCIAL CENTRE, 049315, SINGAPORE.

BUSINESS ADDRESS

10 COLLYER QUAY #10-01 OCEAN FINANCIAL CENTRE , 049315, SINGAPORE.

TEL.NO.

65-65350733

FAX.NO.

65-65354906

WEB SITE

WWW.SABIC.COM

CONTACT PERSON

AZLAN NAGELI BIN ABDULLAH ( DIRECTOR )

PRINCIPAL ACTIVITY

TRADING OF PETROCHEMICAL

ISSUED AND PAID UP CAPITAL

100,000.00 ORDINARY SHARE, OF A VALUE OF SGD 100,000.00

SALES

USD 11,602,358,000 [2012]

NET WORTH

USD 173,891,000 [2012]

STAFF STRENGTH

150 [2013]

BANKER (S)

AGRICULTURAL BANK OF CHINA LTD
CITIBANK N.A.
THE BANK OF TOKYO LTD
THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED

LITIGATION

CLEAR

FINANCIAL CONDITION

STABLE

PAYMENT

AVERAGE

MANAGEMENT CAPABILITY

GOOD

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) trading of petrochemical.

The immediate holding company of the Subject is SABIC INTERNATIONAL HOLDINGS B.V., a company incorporated in SAUDI ARABIA.

The ultimate holding company of the Subject is SAUDI BASIC INDUSTRIES CORPORATION, a company incorporated in SAUDI ARABIA.

Share Capital History

Date	Issue & Paid Up Capital
23/12/2013	SGD 100,000.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
SABIC INTERNATIONAL HOLDINGS B.V.	EUROPABOULEVARD 1, 6135 LD, SITTARD , NETHERLANDS.	T12UF1361	100,000.00	100.00
			---------------	------
			100,000.00	100.00
			============	=====

+ Also Director

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

Local No	Country	Company	(%)	As At
	CHINA	SABIC (SHANGHAI) TRADING CO. LTD.	100.00	31/12/2012

	CHINA	SABIC (CHINA) RESEARCH & DEVELOPMENT CO. LIMITED	100.00	31/12/2012

	SOUTH KOREA	SABIC KOREA LIMITED	100.00	31/12/2012

	JAPAN	SABIC JAPAN LIMITED	100.00	31/12/2012

DIRECTORS

DIRECTOR 1

Name Of Subject	:	MR. AZLAN NAGELI BIN ABDULLAH
Address	:	60, STEVENS ROAD, 01-11, METRO-Y STEVENS, 257854, SINGAPORE.
IC / PP No	:	S2664714B



Nationality	:	SINGAPOREAN
Date of Appointment	:	15/09/2011

DIRECTOR 2

Name Of Subject	:	LEE KHENG YEAN
Address	:	993, BUKIT TIMAH ROAD, 07-13, MAPLEWOODS, 589631, SINGAPORE.
IC / PP No	:	S1254931H



Nationality	:	SINGAPOREAN
Date of Appointment	:	23/07/2012
Remark	:	ALTERNATE DIRECTOR TO AZLAN NAGELI BIN ABDULLAH

MANAGEMENT

1)	Name of Subject	:	AZLAN NAGELI BIN ABDULLAH
	Position	:	DIRECTOR

AUDITOR

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

COMPANY SECRETARIES

1)	Company Secretary	:	MADELYN KWANG YEIT LAM
	IC / PP No	:	S1426198B

	Address	:	869, TAMPINES STREET 83, 12-179, 520869, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)	Name	:	AGRICULTURAL BANK OF CHINA LTD

2)	Name	:	CITIBANK N.A.

3)	Name	:	THE BANK OF TOKYO LTD

4)	Name	:	THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED

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 againt the Subject whether the subject has been involved in any litigation.

No legal action was found in our databank.

No winding up petition was found in our databank.

PAYMENT RECORD


SOURCES OF RAW MATERIALS:
Local	:	YES
Overseas	:	YES

The Subject refused to provide any name of trade/service supplier and we are unable to conduct any trade enquiry. However, from financial historical data we conclude that :

OVERALL PAYMENT HABIT

Prompt 0-30 Days

[

]

Good 31-60 Days

[

]

Average 61-90 Days

[

]

Fair 91-120 Days

[

]

Poor >120 Days

[

]

CLIENTELE

Local	:	YES
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	ASIA
Credit Term	:	30 - 90 DAYS

Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)
Type of Customer	:	CHEMICAL INDUSTRY

OPERATIONS

Goods Traded

PETROCHEMICAL

Total Number of Employees:
YEAR	2013	2012	2011	2010	2009

GROUP	N/A	N/A	N/A	N/A	N/A
COMPANY	150	100	100	95	80

Branch

Other Information:

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

Background of Sabic Group:

Sabic is the Saudi basic industries corporation, one of the world's leading manufacturers of chemicals, fertilizers, plastics and metals. The Group supply these materials to other companies, who use them to make the products on which the world has come to depend.

The Subject engages in the trading of petrochemical.

The Subject supply petrochemical such as:

* Chemicals
* Plastics
* Fertilizers

Subject is a member of the following entity:
* Singapore Plastics Industry Association

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-65350733
Match	:	N/A

Address Provided by Client	:	ONE TEM ASEK AVENUE NO 06-01 MILLENIA TOWER 039192
Current Address	:	10 COLLYER QUAY #10-01 OCEAN FINANCIAL CENTRE , 049315, SINGAPORE.
Match	:	NO

Other Investigations

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

We were unable to verify the address provided as it is incomplete.

The contact number matching the address provided at 6565572555 does not answer despite contacted numerous occasions.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Erratic	[	2009 - 2012	]
Profit/(Loss) Before Tax	:	Decreased	[	2009 - 2012	]
Return on Shareholder Funds	:	Favourable	[	53.74%	]
Return on Net Assets	:	Favourable	[	64.58%	]

The fluctuating turnover reflects the fierce competition among the existing and new market players.The dip in profit could be due to the stiff market competition which reduced the Subject's profit margin. Generally the Subject was profitable. The favourable return on shareholders' funds and return on net assets indicate that the Subject's management was efficient in utilising the assets to generate returns.

Working Capital Control
Stock Ratio	:	Favourable	[	1 Days	]
Debtor Ratio	:	Acceptable	[	63 Days	]
Creditors Ratio	:	Unfavourable	[	71 Days	]

The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The Subject's management was quite efficient in handling its debtors. The Subject's debtors days were at an acceptable range, thus the risk of its debts turning bad was minimised. 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	[	1.02 Times	]
Current Ratio	:	Unfavourable	[	1.03 Times	]

A minimum liquid ratio of 1 should be maintained by the Subject in order to assure its creditors of its ability to meet short term obligations and the Subject was in a good liquidity position. Thus, we believe the Subject is able to meet all its short term obligations as and when they fall due.

Solvency
Interest Cover	:	Favourable	[	3,127.30 Times	]
Gearing Ratio	:	Favourable	[	0.00 Times	]

The interest cover showed that the Subject was able to service the interest. The favourable interest cover could indicate that the Subject was making enough profit to pay for the interest accrued. The Subject 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 :
The Subject recorded lower profits as its turnover showed a erratic trend. The Subject's management was unable to control its costs efficiently as its profit showed a downward trend. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. With the favourable interest cover, the Subject could be able to service all the accrued interest without facing any difficulties. The Subject 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 : STABLE

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	2008	2009	2010	2011	2012

Population (Million)	4.84	4.98	5.08	5.18	5.31
Gross Domestic Products ( % )	1.5	<0.8>	14.5	4.9	1.3
Consumer Price Index	6.6	0.6	2.8	5.2	4.6
Total Imports (Million)	450,892.6	356,299.3	423,221.8	459,655.1	474,554.0
Total Exports (Million)	476,762.2	391,118.1	478,840.7	514,741.2	510,329.0

Unemployment Rate (%)	2.2	3.2	2.2	2.1	2.0
Tourist Arrival (Million)	10.12	9.68	11.64	13.17	14.37
Hotel Occupancy Rate (%)	81.0	75.8	85.6	86.5	86.4
Cellular Phone Subscriber (Million)	1.31	1.37	1.43	1.50	1.52

Registration of New Companies (No.)	25,327	26,414	29,798	32,317	31,892
Registration of New Companies (%)	<2.2>	4.3	12.8	8.5	<1.3>
Liquidation of Companies (No.)	10,493	22,393	15,126	19,005	17,218
Liquidation of Companies (%)	13.7	113.4	<32.5>	25.6	9.4

Registration of New Businesses (No.)	24,850	26,876	23,978	23,494	24,788
Registration of New Businesses (%)	0.36	8.15	<10.78>	2.02	5.51
Liquidation of Businesses (No.)	21,150	23,552	24,211	23,005	22,489
Liquidation of Businesses (%)	<0.8>	11.4	2.8	<5>	<2.2>

Bankruptcy Orders (No.)	2,326	2,058	1,537	1,527	1,748
Bankruptcy Orders (%)	<15.9>	<11.5>	<25.3>	<0.7>	14.5
Bankruptcy Discharges (No.)	1,500	3,056	2,252	1,391	1,881
Bankruptcy Discharges (%)	<7.7>	103.7	<26.3>	<38.2>	35.2

INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	<0.32>	3.25	<0.48>	4.25	3.64
Fish Supply & Wholesale	<6.31>	<1.93>	<10.5>	12.10	<0.5>

Manufacturing *	74.6	71.5	92.8	100.0	100.3
Food, Beverages & Tobacco	94.8	90.4	96.4	100.0	103.5
Textiles	180.1	145.9	122.1	100.0	104.0
Wearing Apparel	334.6	211.0	123.3	100.0	92.1
Leather Products & Footwear	128.2	79.5	81.8	100.0	98.6
Wood & Wood Products	132.0	101.4	104.0	100.0	95.5
Paper & Paper Products	101.0	95.4	106.1	100.0	97.4
Printing & Media	118.2	100.9	103.5	100.0	93.0
Crude Oil Refineries	113.1	96.4	95.6	100.0	99.4
Chemical & Chemical Products	84.5	80.3	97.6	100.0	100.5
Pharmaceutical Products	43.7	49.1	75.3	100.0	109.7
Rubber & Plastic Products	120.1	101.2	112.3	100.0	96.5
Non-metallic Mineral	96.5	91.9	92.5	100.0	98.2
Basic Metals	109.8	92.6	102.2	100.0	90.6
Fabricated Metal Products	101.3	90.8	103.6	100.0	104.3
Machinery & Equipment	65.0	57.3	78.5	100.0	112.9
Electrical Machinery	81.7	86.8	124.1	100.0	99.3
Electronic Components	93.1	85.2	113.6	100.0	90.6
Transport Equipment	102.0	96.0	94.0	100.0	106.3

Construction	45.90	<36.9>	14.20	20.50	28.70
Real Estate	<11.2>	1.4	21.3	25.4	31.9

Services
Electricity, Gas & Water	<1.3>	1.70	4.00	7.00	6.30
Transport, Storage & Communication	11.60	3.90	12.80	7.40	5.30
Finance & Insurance	<5.9>	<16.4>	<0.4>	8.90	0.50
Government Services	17.40	4.50	9.70	6.90	6.00
Education Services	0.50	0.10	<0.9>	<1.4>	0.30

* Based on Index of Industrial Production (2011 = 100)

INDUSTRY ANALYSIS

INDUSTRY :	TRADING


The wholesale and retail trade sector contracted by 1.5% in the fourth quarter of 2012, extending the 0.2% decline in the preceding quarter. For the whole of 2012, the sector declined by 0.7%, reversing the 1.6% growth in 2011. The sector was weighed down primarily by the wholesale trade segment. In 2012, the wholesale trade segment contracted by 1.0%, a reversal from the 1.4% growth in 2011. Growth of the retail trade segment also moderated to 2.0%, from 3.2% in the year 2011.

The domestic wholesale trade index grew by 1.2% in the fourth quarter of 2012, an improvement from the 5.4% decline in the third quarter. This was partly due to an increase in the sales of chemicals & chemical products and ship chandlers & bunkering. For the full year of 2012, the domestic wholesale trade index contracted by 2.2%, extending the 1.7% decline in 2011. The foreign wholesale trade index grew by 8.6% in the fourth quarter, an increase from the 6.6% growth in the third quarter. The expansion was partly due to resilient sales of petroleum & petroleum products. For the whole of 2012, the foreign wholesale trade index expanded by 9.1%, faster than the 4.3% increase in 2011.

In the fourth quarter of 2012, retail sales volume declined by 2.0%, extending the 0.3% decline in the third quarter. Excluding motor vehicles, retail sales volume grew by 0.4%, a slight moderation compared to the 1.5% gain in the third quarter of 2012. The sales volume of motor vehicles fell by 11% in the fourth quarter of 2012, after contracting by 6.1% in the third quarter. The sales of several discretionary items also declined in the fourth quarter. Besides, the sales of optical goods & books in 2012 fell by 3.6%, while the sales of telecommunications apparatus & computers declined by 1.4%.

For 2012 as a whole, retail sales volume grew by 1.3%, compared to the 2.0% expansion in 2011. Excluding motor vehicle sales, the increase in retail sales volume also moderated from 5.4% in 2011 to 1.7% in 2012. Medical goods & toiletries registered the largest increase (9.3%) in sales, followed by telecommunications apparatus & computers (6.9%). By contrast, the sales of watches & jewellery (-2.2%) and optical goods & books (-3.6%) declined.


OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 1991, the Subject is a Private Limited company, focusing on trading of petrochemical. The Subject has been in business for over two 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.

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. The Subject is a fairly large and rapidly growing company with over 150 staff in its operations. The Subject has a good management capability. Its capable management team has enabled the Subject to keep its business on going. Hence, the future prospect of the Subject is bright.

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. 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 173,891,000, 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. 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.

Financial Year End	2012-12-31	2011-12-31	2010-12-31	2009-12-31
Months	12	12	12	12
Consolidated Account	GROUP	GROUP	GROUP	GROUP
Audited Account	YES	YES	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES	YES	YES
Financial Type	FULL	FULL	FULL	FULL
Currency	USD	USD	USD	USD

TURNOVER	11,602,358,000	12,265,390,000	7,887,010,000	4,653,208,000
	----------------	----------------	----------------	----------------
Total Turnover	11,602,358,000	12,265,390,000	7,887,010,000	4,653,208,000
Costs of Goods Sold	<11,395,740,000>	<12,046,092,000>	<7,735,452,000>	-
	----------------	----------------	----------------	----------------
Gross Profit	206,618,000	219,298,000	151,558,000	-
	----------------	----------------	----------------	----------------

PROFIT/(LOSS) FROM OPERATIONS	115,673,000	120,518,000	77,914,000	22,035,000
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	115,673,000	120,518,000	77,914,000	22,035,000
Taxation	<22,221,000>	<18,425,000>	<11,786,000>	<2,423,000>
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	93,452,000	102,093,000	66,128,000	19,612,000
	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	85,163,000	103,069,000	38,590,000	19,237,000
	----------------	----------------	----------------	----------------
As restated	85,163,000	103,069,000	38,590,000	19,237,000
	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	178,615,000	205,162,000	104,718,000	38,849,000
TRANSFER TO RESERVES - Statutory	-	1,000	<1,649,000>	<259,000>
DIVIDENDS - Ordinary (paid & proposed)	<15,000,000>	<120,000,000>	-	-
	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	163,615,000	85,163,000	103,069,000	38,590,000
	=============	=============	=============	=============

INTEREST EXPENSE (as per notes to P&L)
Others	37,000	65,000	337,000	324,000
	----------------	----------------	----------------	----------------
	37,000	65,000	337,000	324,000

BALANCE SHEET

ASSETS EMPLOYED:
FIXED ASSETS	73,357,000	23,522,000	13,765,000	1,243,000

LONG TERM INVESTMENTS/OTHER ASSETS
Associated companies	25,121,000	-	-	-
Deferred assets	1,003,000	1,070,000	512,000	231,000
Others	10,000,000	439,000	283,000	10,000
	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	36,124,000	1,509,000	795,000	241,000

	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	109,481,000	25,031,000	14,560,000	1,484,000

CURRENT ASSETS
Stocks	29,877,000	41,282,000	13,874,000	2,621,000
Trade debtors	1,993,624,000	2,076,442,000	1,776,143,000	948,620,000
Other debtors, deposits & prepayments	274,856,000	335,149,000	3,138,000	2,382,000
Short term deposits	-	51,427,000	6,992,000	161,942,000
Amount due from holding company	-	-	23,830,000	54,000
Amount due from related companies	-	-	174,429,000	17,133,000
Cash & bank balances	19,285,000	22,900,000	15,231,000	20,821,000
	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	2,317,642,000	2,527,200,000	2,013,637,000	1,153,573,000
	----------------	----------------	----------------	----------------
TOTAL ASSET	2,427,123,000	2,552,231,000	2,028,197,000	1,155,057,000
	=============	=============	=============	=============

CURRENT LIABILITIES
Trade creditors	2,204,655,000	2,355,067,000	44,599,000	10,838,000
Other creditors & accruals	33,937,000	11,911,000	12,785,000	5,734,000
Hire purchase & lease creditors	-	9,000	18,000	-
Deposits from customers	-	-	83,073,000	6,842,000
Amounts owing to holding company	-	-	1,759,500,000	1,089,995,000
Amounts owing to related companies	-	-	13,761,000	-
Provision for taxation	9,345,000	10,274,000	6,846,000	1,988,000
Dividends payable/proposed	-	80,000,000	-	-
	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	2,247,937,000	2,457,261,000	1,920,582,000	1,115,397,000
	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	69,705,000	69,939,000	93,055,000	38,176,000
	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	179,186,000	94,970,000	107,615,000	39,660,000
	=============	=============	=============	=============

SHARE CAPITAL
Ordinary share capital	60,000	60,000	60,000	60,000
	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	60,000	60,000	60,000	60,000

RESERVES
Exchange equalisation/fluctuation reserve	8,123,000	7,087,000	-	-
Statutory reserve	2,093,000	2,093,000	2,094,000	445,000
Retained profit/(loss) carried forward	163,615,000	85,163,000	103,069,000	38,590,000
Others	-	-	2,280,000	534,000
	----------------	----------------	----------------	----------------
TOTAL RESERVES	173,831,000	94,343,000	107,443,000	39,569,000

	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	173,891,000	94,403,000	107,503,000	39,629,000

LONG TERM LIABILITIES
Lease obligations	-	-	-	12,000
Deferred taxation	4,617,000	112,000	112,000	19,000
Others	678,000	455,000	-	-
	----------------	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	5,295,000	567,000	112,000	31,000
	----------------	----------------	----------------	----------------
	179,186,000	94,970,000	107,615,000	39,660,000
	=============	=============	=============	=============

FINANCIAL RATIO

TYPES OF FUNDS
Cash	19,285,000	74,327,000	22,223,000	182,763,000
Net Liquid Funds	19,285,000	74,327,000	22,223,000	182,763,000
Net Liquid Assets	39,828,000	28,657,000	79,181,000	35,555,000
Net Current Assets/(Liabilities)	69,705,000	69,939,000	93,055,000	38,176,000
Net Tangible Assets	179,186,000	94,970,000	107,615,000	39,660,000
Net Monetary Assets	34,533,000	28,090,000	79,069,000	35,524,000
BALANCE SHEET ITEMS
Total Borrowings	0	9,000	18,000	12,000
Total Liabilities	2,253,232,000	2,457,828,000	1,920,694,000	1,115,428,000
Total Assets	2,427,123,000	2,552,231,000	2,028,197,000	1,155,057,000
Net Assets	179,186,000	94,970,000	107,615,000	39,660,000
Net Assets Backing	173,891,000	94,403,000	107,503,000	39,629,000
Shareholders' Funds	173,891,000	94,403,000	107,503,000	39,629,000
Total Share Capital	60,000	60,000	60,000	60,000
Total Reserves	173,831,000	94,343,000	107,443,000	39,569,000
LIQUIDITY (Times)
Cash Ratio	0.01	0.03	0.01	0.16
Liquid Ratio	1.02	1.01	1.04	1.03
Current Ratio	1.03	1.03	1.05	1.03
WORKING CAPITAL CONTROL (Days)
Stock Ratio	1	1	1	0
Debtors Ratio	63	62	82	74
Creditors Ratio	71	71	2	1
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00	0.00	0.00
Liabilities Ratio	12.96	26.04	17.87	28.15
Times Interest Earned Ratio	3,127.30	1,855.12	232.20	69.01
Assets Backing Ratio	2,986.43	1,582.83	1,793.58	661.00
PERFORMANCE RATIO (%)
Operating Profit Margin	1.00	0.98	0.99	0.47
Net Profit Margin	0.81	0.83	0.84	0.42
Return On Net Assets	64.58	126.97	72.71	56.38
Return On Capital Employed	64.58	126.96	72.70	56.38
Return On Shareholders' Funds/Equity	53.74	108.15	61.51	49.49
Dividend Pay Out Ratio (Times)	0.16	1.18	0.00	0.00
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 61.73
UK Pound	1	Rs. 94.65
Euro	1	Rs. 70.79

INFORMATION DETAILS

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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