MIRA INFORM REPORT

Report No. :	308442
Report Date :	18.02.2015

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) :	31.12.2013
Date of Incorporation :	30.11.1991
Com. Reg. No.:	199106011-H
Legal Form :	Private Limited Company
Line of Business :	· Subject is specialist in chemicals and Chemical Products.  Engaged in supplying petrochemical such as Chemicals, Plastics & Fertilizers
No of Employees :	150 (2014)

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Status :	Good
Payment Behaviour :	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	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. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but rebounded 15.1% in 2010, on the strength of renewed exports, before slowing to in 2011-13, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub.

Source : CIA

EXECUTIVE SUMMARY

REGISTRATION NO.

:

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

:

NO

REGISTERED ADDRESS

:

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

BUSINESS ADDRESS

:

ONE TEMASEK AVENUE #06-01 MILLENIA TOWER, 039192, SINGAPORE.

TEL.NO.

:

65-65572555

FAX.NO.

:

65-65318101

CONTACT PERSON

:

AZLAN NAGELI BIN ABDULLAH ( SENIOR DIRECTOR )

PRINCIPAL ACTIVITY

:

· Subject is specialist in chemicals and Chemical Products. 

Engaged in supplying petrochemical such as Chemicals, Plastics & Fertilizers

ISSUED AND PAID UP CAPITAL

:

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

SALES

:

USD 10,165,648,000 [2013]

NET WORTH

:

USD 115,293,000 [2013]

STAFF STRENGTH

:

150 (2014)

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

:

Regular

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) specialist in chemicals and chemical products.

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

Share Capital History

Date	Issue & Paid Up Capital
04/12/2014	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's 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
	JAPAN	SABIC JAPAN LIMITED	100.00	31/12/2012

DIRECTORS

DIRECTOR 1

Name Of Subject	:	MR. AZLAN NAGELI BIN ABDULLAH
Address	:	60, STEVENS ROAD, METRO-Y STEVENS, 257854, SINGAPORE.
IC / PP No	:	S2664714B
Nationality	:	SINGAPOREAN
Date of Appointment	:	15/09/2011

DIRECTOR 2

Name Of Subject	:	JANARDHANAN RAMANUJALU
Address	:	PLOT 14, 30, FOURTH LAYOUT, TEACHERS COLONY, CHENNAI, 600099, INDIA.
IC / PP No	:	Z2798957
Nationality	:	INDIAN
Date of Appointment	:	22/08/2014

MANAGEMENT

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

AUDITOR

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

COMPANY SECRETARIES

1)	Company Secretary	:	MADELYN KWANG YEIT LAM
	Address	:	N/A

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.

LITIGATION CHECK AGAINST SUBJECT

* A check has been conducted in our databank against 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
Import Countries	:	SAUDI ARABIA

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

OVERALL PAYMENT HABIT
Prompt 0-30 Days	[	]	Good 31-60 Days	[	]	Average 61-90 Days	[	X	]
Fair 91-120 Days	[	]	Poor >120 Days	[	]

CLIENTELE

Local	:	YES
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	ASIA PACIFIC
Credit Term	:	N/A
Payment Mode	:	N/A

OPERATIONS

Goods Traded

:

CHEMICAL PRODUCTS

Total Number of Employees:
YEAR	2015	2014	2013	2012	2011
	N/A	N/A	N/A	N/A
COMPANY	n/a	150	150	100	100

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) specialist in chemicals and chemical products. 

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	:	65-65572555
Match	:	N/A
Address Provided by Client	:	ONE TEMASEK AVENUE NO 06-01 MILLENIA TOWER SINGAPORE 039192
Current Address	:	ONE TEMASEK AVENUE #06-01 MILLENIA TOWER, 039192, SINGAPORE.
Match	:	YES

Other Investigations

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

She refused to disclose the Subject's number of employees.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Erratic	[	2009 - 2013	]
Profit/(Loss) Before Tax	:	Increased	[	2009 - 2013	]
Return on Shareholder Funds	:	Favourable	[	99.34%	]
Return on Net Assets	:	Favourable	[	100.76%	]
The fluctuating turnover reflects the fierce competition among the existing and new market players.The Subject's management have been efficient in controlling its operating costs. Generally the Subject was profitable. The favourable return on shareholders' funds and return on net assets indicate that the Subject's management was efficient in utilising the assets to generate returns.
Working Capital Control
Stock Ratio	:	Nil	[	0 Days	]
Debtor Ratio	:	Acceptable	[	63 Days	]
Creditors Ratio	:	Unfavourable	[	75 Days	]
As the Subject is a service oriented company, the Subject does not need to keep 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	[	1.01 Times	]
Current Ratio	:	Unfavourable	[	1.01 Times	]
A minimum liquid ratio of 1 should be maintained by the Subject in order to assure its creditors of its ability to meet short term obligations and the Subject was in a good liquidity position. Thus, we believe the Subject is able to meet all its short term obligations as and when they fall due.
Solvency
Interest Cover	:	Nil	[	0.00 Times	]
Gearing Ratio	:	Favourable	[	0.00 Times	]
The Subject's interest cover was nil as it did not pay any interest during the year. The Subject had no gearing and hence it had virtually no financial risk. The Subject was financed by its shareholders' funds and internally generated fund. During the economic downturn, the Subject, having a zero gearing, will be able to compete better than those which are highly geared in the same industry.
Overall Assessment :
Although the turnover was erratic, the Subject had maintained a steady growth in its profit. This indicate the management's efficiency in controlling its costs and profitability. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. The Subject did not make any interest payment during the year. The Subject was dependent on its shareholders' funds to finance its business needs. The Subject was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The Subject has good chance of getting loans, if the needs arises.
Overall financial condition of the Subject : STABLE

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	2009	2010	2011	2012	2013
Population (Million)	4.98	5.08	5.18	5.31	5.40
Gross Domestic Products ( % )	(0.8)	14.5	4.9	1.3	3.7
Consumer Price Index	0.6	2.8	5.2	4.6	2.4
Total Imports (Million)	356,299.3	423,221.8	459,655.1	474,554.0	466,762.0
Total Exports (Million)	391,118.1	478,840.7	514,741.2	510,329.0	513,391.0
Unemployment Rate (%)	3.2	2.2	2.1	2.0	1.9
Tourist Arrival (Million)	9.68	11.64	13.17	14.49	15.46
Hotel Occupancy Rate (%)	75.8	85.6	86.5	86.4	86.3
Cellular Phone Subscriber (Million)	1.37	1.43	1.50	1.52	1.97
Registration of New Companies (No.)	26,414	29,798	32,317	31,892	37,288
Registration of New Companies (%)	4.3	12.8	8.5	(1.3)	9.8
Liquidation of Companies (No.)	22,393	15,126	19,005	17,218	17,369
Liquidation of Companies (%)	113.4	(32.5)	25.6	9.4	(5.3)
Registration of New Businesses (No.)	26,876	23,978	23,494	24,788	22,893
Registration of New Businesses (%)	8.15	(10.78)	2.02	5.51	1.70
Liquidation of Businesses (No.)	23,552	24,211	23,005	22,489	22,598
Liquidation of Businesses (%)	11.4	2.8	(5)	(2.2)	0.5
Bankruptcy Orders (No.)	2,058	1,537	1,527	1,748	1,992
Bankruptcy Orders (%)	(11.5)	(25.3)	(0.7)	14.5	14.0
Bankruptcy Discharges (No.)	3,056	2,252	1,391	1,881	2,584
Bankruptcy Discharges (%)	103.7	(26.3)	(38.2)	35.2	37.4
INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	3.25	(0.48)	4.25	3.64	-
Fish Supply & Wholesale	(1.93)	(10.5)	12.10	(0.5)	-
Manufacturing *	71.5	92.8	100.0	100.3	102.0
Food, Beverages & Tobacco	90.4	96.4	100.0	103.5	103.5
Textiles	145.9	122.1	100.0	104.0	87.1
Wearing Apparel	211.0	123.3	100.0	92.1	77.8
Leather Products & Footwear	79.5	81.8	100.0	98.6	109.8
Wood & Wood Products	101.4	104.0	100.0	95.5	107.4
Paper & Paper Products	95.4	106.1	100.0	97.4	103.2
Printing & Media	100.9	103.5	100.0	93.0	86.1
Crude Oil Refineries	96.4	95.6	100.0	99.4	93.5
Chemical & Chemical Products	80.3	97.6	100.0	100.5	104.1
Pharmaceutical Products	49.1	75.3	100.0	109.7	107.2
Rubber & Plastic Products	101.2	112.3	100.0	96.5	92.9
Non-metallic Mineral	91.9	92.5	100.0	98.2	97.6
Basic Metals	92.6	102.2	100.0	90.6	76.5
Fabricated Metal Products	90.8	103.6	100.0	104.3	105.1
Machinery & Equipment	57.3	78.5	100.0	112.9	114.5
Electrical Machinery	86.8	124.1	100.0	99.3	108.5
Electronic Components	85.2	113.6	100.0	90.6	94.3
Transport Equipment	96.0	94.0	100.0	106.3	107.5
Construction	(36.9)	14.20	20.50	28.70	-
Real Estate	1.4	21.3	25.4	31.9	-
Services
Electricity, Gas & Water	1.70	4.00	7.00	6.30	-
Transport, Storage & Communication	3.90	12.80	7.40	5.30	-
Finance & Insurance	(16.4)	(0.4)	8.90	0.50	-
Government Services	4.50	9.70	6.90	6.00	-
Education Services	0.10	(0.9)	(1.4)	0.30	-
* Based on Index of Industrial Production (2011 = 100)
(Source : Department of Statistics)

INDUSTRY ANALYSIS

INDUSTRY :	TRADING
The wholesale and retail trade 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 1991, the Subject is a Private Limited company, focusing on specialist in chemicals and chemical products. 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. Presently, the issued and paid up capital of the Subject stands at SGD 100,000. However, with a strong backing from its holding company, the Subject enjoys timely financial assistance should the needs arise. 

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

We noted that both the turnover and profits have increased compared to the previous year. The higher profit could be due to increase in turnover and better control over its operating costs. 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 115,293,000, 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.

SABIC ASIA PACIFIC 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	GROUP	GROUP	GROUP	GROUP	GROUP
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	10,165,648,000	10,005,934,000	12,265,390,000	7,887,010,000	4,653,208,000
	----------------	----------------	----------------	----------------	----------------
Total Turnover	10,165,648,000	10,005,934,000	12,265,390,000	7,887,010,000	4,653,208,000
Costs of Goods Sold	(10,049,760,000)	(9,894,179,000)	(12,046,092,000)	(7,735,452,000)	-
	----------------	----------------	----------------	----------------	----------------
Gross Profit	115,888,000	111,755,000	219,298,000	151,558,000	-
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	116,403,000	100,977,000	120,518,000	77,914,000	22,035,000
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	116,403,000	100,977,000	120,518,000	77,914,000	22,035,000
Taxation	(1,876,000)	(9,364,000)	(18,425,000)	(11,786,000)	(2,423,000)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	114,527,000	91,613,000	102,093,000	66,128,000	19,612,000
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	81,706,000	5,093,000	103,069,000	38,590,000	19,237,000
Prior year adjustment	-	-	(80,070,000)	-	-
	----------------	----------------	----------------	----------------	----------------
As restated	81,706,000	5,093,000	22,999,000	38,590,000	19,237,000
	----------------	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	196,233,000	96,706,000	125,092,000	104,718,000	38,849,000
TRANSFER TO RESERVES - Statutory	-	-	1,000	(1,649,000)	(259,000)
DIVIDENDS - Ordinary (paid & proposed)	(81,000,000)	(15,000,000)	(120,000,000)	-	-
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	115,233,000	81,706,000	5,093,000	103,069,000	38,590,000
	=============	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Others	-	-	65,000	337,000	324,000
	----------------	----------------	----------------	----------------	----------------
	-	-	65,000	337,000	324,000
		=============	=============	=============	=============

BALANCE SHEET

SABIC ASIA PACIFIC PTE LTD

ASSETS EMPLOYED:
FIXED ASSETS	411,000	572,000	23,522,000	13,765,000	1,243,000
LONG TERM INVESTMENTS/OTHER ASSETS
Subsidiary companies	46,949,000	46,989,000	-	-	-
Associated companies	42,000,000	22,000,000	-	-	-
Investments	-	10,000,000	-	-	-
Deferred assets	-	-	1,070,000	512,000	231,000
Others	12,000,000	-	439,000	283,000	10,000
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	100,949,000	78,989,000	1,509,000	795,000	241,000
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	101,360,000	79,561,000	25,031,000	14,560,000	1,484,000
Stocks	-	-	41,282,000	13,874,000	2,621,000
Trade debtors	1,740,737,000	1,872,448,000	2,076,442,000	1,776,143,000	948,620,000
Other debtors, deposits & prepayments	1,166,000	776,000	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	146,000	214,000	-	23,830,000	54,000
Amount due from subsidiary companies	573,000	1,914,000	-	-	-
Amount due from related companies	335,046,000	269,738,000	-	174,429,000	17,133,000
Amount due from associated companies	3,000	-	-	-	-
Cash & bank balances	21,987,000	9,076,000	22,900,000	15,231,000	20,821,000
Others	95,000	413,000	-	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	2,099,753,000	2,154,579,000	2,527,200,000	2,013,637,000	1,153,573,000
	----------------	----------------	----------------	----------------	----------------
TOTAL ASSET	2,201,113,000	2,234,140,000	2,552,231,000	2,028,197,000	1,155,057,000
	=============	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	2,075,792,000	2,138,603,000	2,355,067,000	44,599,000	10,838,000
Other creditors & accruals	3,057,000	2,851,000	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	800,000	1,161,000	-	1,759,500,000	1,089,995,000
Amounts owing to subsidiary companies	1,965,000	1,645,000	-	-	-
Amounts owing to related companies	225,000	81,000	-	13,761,000	-
Provision for taxation	3,753,000	3,841,000	10,274,000	6,846,000	1,988,000
Dividends payable/proposed	-	-	80,000,000	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	2,085,592,000	2,148,182,000	2,457,261,000	1,920,582,000	1,115,397,000
	----------------	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	14,161,000	6,397,000	69,939,000	93,055,000	38,176,000
	----------------	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	115,521,000	85,958,000	94,970,000	107,615,000	39,660,000
	=============	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	60,000	60,000	60,000	60,000	60,000
	----------------	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	60,000	60,000	60,000	60,000	60,000
Exchange equalisation/fluctuation reserve	-	-	7,087,000	-	-
Statutory reserve	-	-	2,093,000	2,094,000	445,000
Retained profit/(loss) carried forward	115,233,000	81,706,000	5,093,000	103,069,000	38,590,000
Others	-	-	-	2,280,000	534,000
	----------------	----------------	----------------	----------------	----------------
TOTAL RESERVES	115,233,000	81,706,000	94,343,000	107,443,000	39,569,000
	----------------	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	115,293,000	81,766,000	94,403,000	107,503,000	39,629,000
Lease obligations	-	-	-	-	12,000
Deferred taxation	47,000	4,046,000	112,000	112,000	19,000
Others	181,000	146,000	455,000	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	228,000	4,192,000	567,000	112,000	31,000
	----------------	----------------	----------------	----------------	----------------
	115,521,000	85,958,000	94,970,000	107,615,000	39,660,000
	=============	=============	=============	=============	=============

FINANCIAL RATIO

SABIC ASIA PACIFIC PTE LTD

TYPES OF FUNDS
Cash	21,987,000	9,076,000	74,327,000	22,223,000	182,763,000
Net Liquid Funds	21,987,000	9,076,000	74,327,000	22,223,000	182,763,000
Net Liquid Assets	14,161,000	6,397,000	28,657,000	79,181,000	35,555,000
Net Current Assets/(Liabilities)	14,161,000	6,397,000	69,939,000	93,055,000	38,176,000
Net Tangible Assets	115,521,000	85,958,000	94,970,000	107,615,000	39,660,000
Net Monetary Assets	13,933,000	2,205,000	28,090,000	79,069,000	35,524,000
BALANCE SHEET ITEMS
Total Borrowings	0	0	9,000	18,000	12,000
Total Liabilities	2,085,820,000	2,152,374,000	2,457,828,000	1,920,694,000	1,115,428,000
Total Assets	2,201,113,000	2,234,140,000	2,552,231,000	2,028,197,000	1,155,057,000
Net Assets	115,521,000	85,958,000	94,970,000	107,615,000	39,660,000
Net Assets Backing	115,293,000	81,766,000	94,403,000	107,503,000	39,629,000
Shareholders' Funds	115,293,000	81,766,000	94,403,000	107,503,000	39,629,000
Total Share Capital	60,000	60,000	60,000	60,000	60,000
Total Reserves	115,233,000	81,706,000	94,343,000	107,443,000	39,569,000
LIQUIDITY (Times)
Cash Ratio	0.01	0.00	0.03	0.01	0.16
Liquid Ratio	1.01	1.00	1.01	1.04	1.03
Current Ratio	1.01	1.00	1.03	1.05	1.03
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0	1	1	0
Debtors Ratio	63	68	62	82	74
Creditors Ratio	75	79	71	2	1
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00	0.00	0.00	0.00
Liabilities Ratio	18.09	26.32	26.04	17.87	28.15
Times Interest Earned Ratio	0.00	0.00	1,855.12	232.20	69.01
Assets Backing Ratio	1,925.35	1,432.63	1,582.83	1,793.58	661.00
PERFORMANCE RATIO (%)
Operating Profit Margin	1.15	1.01	0.98	0.99	0.47
Net Profit Margin	1.13	0.92	0.83	0.84	0.42
Return On Net Assets	100.76	117.47	126.97	72.71	56.38
Return On Capital Employed	100.76	117.47	126.96	72.70	56.38
Return On Shareholders' Funds/Equity	99.34	112.04	108.15	61.51	49.49
Dividend Pay Out Ratio (Times)	0.71	0.16	1.18	0.00	0.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.20
UK Pound	1	Rs.96.00
Euro	1	Rs.71.00

INFORMATION DETAILS

Report Prepared by :

TPT

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.