MIRA INFORM REPORT

Report No. :	327374
Report Date :	19.06.2015

IDENTIFICATION DETAILS

Name :	VITOL ASIA PTE LTD

Registered Office :	260, Orchard Road, 15-02, The Heeren, 238855

Country :	Singapore

Financials (as on) :	31.12.2014

Date of Incorporation :	21.04.1990

Com. Reg. No.:	199001917-Z

Legal Form :	Private Limited

Line of Business :	Trading of crude oil, petroleum and petroleum related products

No. of Employee :	100 [2015]

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 :	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

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.	:	199001917-Z
COMPANY NAME	:	VITOL ASIA PTE LTD
FORMER NAME	:	N/A
INCORPORATION DATE	:	21/04/1990


COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO


REGISTERED ADDRESS	:	260, ORCHARD ROAD, 15-02, THE HEEREN, 238855, SINGAPORE.
BUSINESS ADDRESS	:	260, ORCHARD ROAD, 15-02, THE HEEREN, 238855, SINGAPORE.
TEL.NO.	:	65-67379922
FAX.NO.	:	65-67370917
WEB SITE	:	WWW.VITOL.COM
CONTACT PERSON	:	KHO HUI MENG ( MANAGING DIRECTOR )


PRINCIPAL ACTIVITY	:	TRADING OF CRUDE OIL, PETROLEUM AND PETROLEUM RELATED PRODUCTS

ISSUED AND PAID UP CAPITAL	:	100,000.00 ORDINARY SHARE, OF A VALUE OF SGD 100,000.00 400,000.00 PREFERENCE SHARE, OF A VALUE OF SGD 2,400,000.00

SALES	:	USD 52,335,935,000 [2014]
NET WORTH	:	USD 904,733,000 [2014]

STAFF STRENGTH	:	100 [2015]
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 crude oil, petroleum and petroleum related products.

The immediate and ultimate holding company of the Subject is VITOL HOLDING B V, a company incorporated in NETHERLANDS.

Share Capital History

Date	Issue & Paid Up Capital
17/06/2015	SGD 2,500,000.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
VITOL HOLDING B V [ORDINARY SHARES= 100,000 & PREFERENCE SHARES= 400,000]	K.P. VAN DER MANDELAAN 130, 3062 MB ROTTERDAM, NETHERLANDS.	S79UF0114	500,000.00	100.00
			---------------	------
			500,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	KHO HUI MENG
Address	:	88B, CORONATION ROAD WEST, 269299, SINGAPORE.
IC / PP No	:	S2537556D



Nationality	:	SINGAPOREAN
Date of Appointment	:	21/12/1998

DIRECTOR 2

Name Of Subject	:	ANTOINE DOMINIQUE FRANCOIS FAGNIEZ
Address	:	79, KIM YAM ROAD, 239374, SINGAPORE.
IC / PP No	:	S6865358D



Nationality	:	SINGAPOREAN
Date of Appointment	:	01/07/2008

DIRECTOR 3

Name Of Subject	:	CHAN SIU MAN
Address	:	43, HOLLAND PARK, 249487, SINGAPORE.
IC / PP No	:	F2545290U



Nationality	:	FRENCH
Date of Appointment	:	15/02/2012

DIRECTOR 4

Name Of Subject	:	LOH KIAN YEW
Address	:	532, JOO CHIAT ROAD, 15-01, PARC SEABREEZE, 427711, SINGAPORE.
IC / PP No	:	S7348492H



Nationality	:	SINGAPOREAN
Date of Appointment	:	02/04/2013

MANAGEMENT

1)	Name of Subject	:	KHO HUI MENG
	Position	:	MANAGING DIRECTOR, MANAGING DIRECTOR

AUDITOR

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

COMPANY SECRETARIES

1)	Company Secretary	:	ANTOINE DOMINIQUE FRANCOIS FAGNIEZ
	IC / PP No	:	S6865358D

	Address	:	79, KIM YAM ROAD, 239374, 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

[

]

Average 61-90 Days

[

]

Fair 91-120 Days

[

]

Poor >120 Days

[

]

CLIENTELE

Local	:	YES
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	WORLDWIDE
Credit Term	:	N/A

Payment Mode	:	N/A

OPERATIONS

Goods Traded

CRUDE OIL, PETROLEUM AND PETROLEUM RELATED PRODUCTS

Ownership of premises

LEASED/RENTED

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

Branch

Other Information:

The Subject is principally engaged in the (as a / as an) trading of crude oil, petroleum and petroleum related products.

The Vitol Group is an energy and commodities company.

Physical trading, logistics and distribution are at the core of the business, but are complemented by refining, shipping, terminals, exploration and production, power generation, mining and retail businesses.

RECENT DEVELOPMENT

7th October 2014

Vitol S.A. signs USD 7.5 billion Syndicated Revolving Credit Facilities

Vitol S.A. (“Vitol” or the “Company”) is pleased to announce the successful signing of its syndicated revolving credit facilities (the “Facilities”) totaling USD 7.5 billion.

The new Facilities include a USD 6.45 billion 3-year revolving credit facility with two 12-month extension options and a USD 1.06 billion 364-day tranche with two 364-day extension options. The Facilities will be used for general corporate purposes and to refinance the Company’s USD 7 billion debt package signed in October 2013.

The transaction launched on 26th August 2014 at USD 5.5 billion and was oversubscribed to approximately USD 8 billion. In total, 55 banks (including four new banks) joined the Facilities.

The transaction was led by ABN AMRO Bank N.V., Crédit Agricole Corporate and Investment Bank, ING Bank N.V., Société Générale Corporate & Investment Banking and UniCredit Bank AG as Active Bookrunners & Mandated Lead Arrangers, as well as BNP Paribas, Commerzbank Aktiengesellschaft, Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (trading as Rabobank International), Credit Suisse AG, DBS Bank Ltd., Deutsche Bank AG, J.P. Morgan Limited, Lloyds Bank plc, Mizuho Bank Ltd, The Royal Bank of Scotland plc, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation as Bookrunners & Mandated Lead Arrangers. J.P. Morgan Europe Limited is Agent.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	6567379922
Current Telephone Number	:	65-67379922
Match	:	YES

Address Provided by Client	:	260 ORCHARD ROAD, #15-02 THE HEEREN, SINGAPORE 238855
Current Address	:	260, ORCHARD ROAD, 15-02, THE HEEREN, 238855, SINGAPORE.
Match	:	YES

Other Investigations

On 16th June 2015 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 and bankers.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Erratic	[	2010 - 2014	]
Profit/(Loss) Before Tax	:	Increased	[	2010 - 2014	]
Return on Shareholder Funds	:	Acceptable	[	18.69%	]
Return on Net Assets	:	Acceptable	[	23.81%	]

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. The Subject's management had generated acceptable return for its shareholders using its assets.

Working Capital Control
Stock Ratio	:	Favourable	[	5 Days	]
Debtor Ratio	:	Favourable	[	12 Days	]
Creditors Ratio	:	Unfavourable	[	16363 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 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	[	1.04 Times	]
Current Ratio	:	Unfavourable	[	1.27 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	[	5.57 Times	]
Gearing Ratio	:	Favourable	[	0.00 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 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 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 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 : FAIR

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 1990, the Subject is a Private Limited company, focusing on trading of crude oil, petroleum and petroleum related 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. A paid up capital of SGD 2,500,000 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.

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.

Financially, the Subject registered a higher turnover compared to previous year. However, its profits showed a reverse trend. The lower profit achieved was a result of higher operating cost and increased competition. The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. The Subject managed to maintain an adequate liquidity level, indicating that the Subject has the ability to meet its financial obligations. Being a lowly geared company, the Subject is exposed to low financial risk as it is mainly dependent on its internal funds to finance its business needs. Given a positive net worth standing at USD 1,335,609,000, 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 promptly.

PROFIT AND LOSS ACCOUNT

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

Financial Year End	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31
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	52,335,935,000	55,262,787,000	42,595,450,000	44,669,148,000	33,278,096,000
	----------------	----------------	----------------	----------------	----------------
Total Turnover	52,335,935,000	55,262,787,000	42,595,450,000	44,669,148,000	33,278,096,000
Costs of Goods Sold	(52,507,181)	(55,022,898,000)	(42,312,506,000)	(44,159,119,000)	(32,920,192,000)
	----------------	----------------	----------------	----------------	----------------
Gross Profit	52,283,427,819	239,889,000	282,944,000	510,029,000	357,904,000
	----------------	----------------	----------------	----------------	----------------

PROFIT/(LOSS) FROM OPERATIONS	176,720,000	136,238,000	225,591,000	230,208,000	142,856,000
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	176,720,000	136,238,000	225,591,000	230,208,000	142,856,000
Taxation	(7,596,000)	(7,600,000)	(14,043,000)	(23,223,000)	(8,714,000)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	169,124,000	128,638,000	211,548,000	206,985,000	134,142,000
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	1,334,094,000	1,205,456,000	1,193,908,000	986,923,000	852,781,000
	----------------	----------------	----------------	----------------	----------------
As restated	1,334,094,000	1,205,456,000	1,193,908,000	986,923,000	852,781,000
	----------------	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	1,503,218,000	1,334,094,000	1,405,456,000	1,193,908,000	986,923,000
DIVIDENDS - Ordinary (paid & proposed)	(600,000,000)	-	(200,000,000)	-	-
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	903,218,000	1,334,094,000	1,205,456,000	1,193,908,000	986,923,000
	=============	=============	=============	=============	=============

INTEREST EXPENSE (as per notes to P&L)
Term loan / Borrowing	14,328,000	17,043,000	19,216,000	16,105,000	14,147,000
Others	24,374,000	25,216,000	32,109,000	28,169,000	37,995,000
	----------------	----------------	----------------	----------------	----------------
	38,702,000	42,259,000	51,325,000	44,274,000	52,142,000
	=============	=============	=============	=============	=============

DEPRECIATION (as per notes to P&L)	866,000	673,000	696,000	1,105,000	738,000
	----------------	----------------	----------------	----------------	----------------
	866,000	673,000	696,000	1,105,000	738,000
	=============	=============	=============	=============	=============

BALANCE SHEET

ASSETS EMPLOYED:
FIXED ASSETS	1,479,000	1,620,000	1,227,000	1,315,000	1,541,000

Investments	140,000	140,000	340,000	340,000	340,000
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	140,000	140,000	340,000	340,000	340,000

	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	1,619,000	1,760,000	1,567,000	1,655,000	1,881,000

Stocks	779,364,000	1,464,040,000	1,008,011,000	1,242,106,000	1,205,535,000
Trade debtors	1,737,843,000	3,126,233,000	2,355,641,000	3,437,468,000	3,213,924,000
Other debtors, deposits & prepayments	42,377,000	206,695,000	13,491,000	7,575,000	39,710,000
Short term deposits	185,000,000	18,009,000	23,000,000	109,000,000	91,000,000
Amount due from related companies	326,324,000	836,544,000	346,209,000	448,692,000	173,084,000
Amount due from associated companies	432,463,000	89,345,000	4,837,000	-	-
Cash & bank balances	263,120,000	417,191,000	298,727,000	76,374,000	31,932,000
Others	485,906,000	97,171,000	70,389,000	63,084,000	138,754,000
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	4,252,397,000	6,255,228,000	4,120,305,000	5,384,299,000	4,893,939,000
	----------------	----------------	----------------	----------------	----------------
TOTAL ASSET	4,254,016,000	6,256,988,000	4,121,872,000	5,385,954,000	4,895,820,000
	=============	=============	=============	=============	=============

CURRENT LIABILITIES
Trade creditors	2,353,874,000	2,580,925,000	1,625,835,000	3,218,367,000	2,379,470,000
Other creditors & accruals	287,145,000	246,849,000	211,445,000	330,938,000	76,228,000
Short term borrowings/Term loans	-	820,000,000	235,000,000	300,000,000	-
Amounts owing to related companies	240,640,000	1,074,578,000	694,765,000	-	907,857,000
Amounts owing to associated companies	-	84,430,000	8,676,000	-	-
Provision for taxation	13,593,000	13,771,000	14,962,000	19,913,000	7,310,000
Other liabilities	454,031,000	100,826,000	124,218,000	86,313,000	301,517,000
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	3,349,283,000	4,921,379,000	2,914,901,000	3,955,531,000	3,672,382,000
	----------------	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	903,114,000	1,333,849,000	1,205,404,000	1,428,768,000	1,221,557,000
	----------------	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	904,733,000	1,335,609,000	1,206,971,000	1,430,423,000	1,223,438,000
	=============	=============	=============	=============	=============

SHARE CAPITAL
Ordinary share capital	1,515,000	1,515,000	1,515,000	1,515,000	1,515,000
	----------------	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	1,515,000	1,515,000	1,515,000	1,515,000	1,515,000

Retained profit/(loss) carried forward	903,218,000	1,334,094,000	1,205,456,000	1,193,908,000	986,923,000
	----------------	----------------	----------------	----------------	----------------
TOTAL RESERVES	903,218,000	1,334,094,000	1,205,456,000	1,193,908,000	986,923,000

	----------------	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	904,733,000	1,335,609,000	1,206,971,000	1,195,423,000	988,438,000

Long term loans	-	-	-	235,000,000	235,000,000
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	-	-	-	235,000,000	235,000,000
	----------------	----------------	----------------	----------------	----------------
	904,733,000	1,335,609,000	1,206,971,000	1,430,423,000	1,223,438,000
	=============	=============	=============	=============	=============

FINANCIAL RATIO

TYPES OF FUNDS
Cash	448,120,000	435,200,000	321,727,000	185,374,000	122,932,000
Net Liquid Funds	448,120,000	435,200,000	321,727,000	185,374,000	122,932,000
Net Liquid Assets	123,750,000	(130,191,000)	197,393,000	186,662,000	16,022,000
Net Current Assets/(Liabilities)	903,114,000	1,333,849,000	1,205,404,000	1,428,768,000	1,221,557,000
Net Tangible Assets	904,733,000	1,335,609,000	1,206,971,000	1,430,423,000	1,223,438,000
Net Monetary Assets	123,750,000	(130,191,000)	197,393,000	(48,338,000)	(218,978,000)
PROFIT & LOSS ITEMS
Earnings Before Interest & Tax (EBIT)	0	178,497,000	276,916,000	274,482,000	194,998,000
Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)	216,288,000	179,170,000	277,612,000	275,587,000	195,736,000
BALANCE SHEET ITEMS
Total Borrowings	0	820,000,000	235,000,000	535,000,000	235,000,000
Total Liabilities	3,349,283,000	4,921,379,000	2,914,901,000	4,190,531,000	3,907,382,000
Total Assets	4,254,016,000	6,256,988,000	4,121,872,000	5,385,954,000	4,895,820,000
Net Assets	904,733,000	1,335,609,000	1,206,971,000	1,430,423,000	1,223,438,000
Net Assets Backing	904,733,000	1,335,609,000	1,206,971,000	1,195,423,000	988,438,000
Shareholders' Funds	904,733,000	1,335,609,000	1,206,971,000	1,195,423,000	988,438,000
Total Share Capital	1,515,000	1,515,000	1,515,000	1,515,000	1,515,000
Total Reserves	903,218,000	1,334,094,000	1,205,456,000	1,193,908,000	986,923,000
LIQUIDITY (Times)
Cash Ratio	0.13	0.09	0.11	0.05	0.03
Liquid Ratio	1.04	0.97	1.07	1.05	1.00
Current Ratio	1.27	1.27	1.41	1.36	1.33
WORKING CAPITAL CONTROL (Days)
Stock Ratio	5	10	9	10	13
Debtors Ratio	12	21	20	28	35
Creditors Ratio	16,363	17	14	27	26
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.61	0.19	0.45	0.24
Liabilities Ratio	3.70	3.68	2.42	3.51	3.95
Times Interest Earned Ratio	5.57	4.22	5.40	6.20	3.74
Assets Backing Ratio	597.18	881.59	796.68	944.17	807.55
PERFORMANCE RATIO (%)
Operating Profit Margin	0.34	0.25	0.53	0.52	0.43
Net Profit Margin	0.32	0.23	0.50	0.46	0.40
Return On Net Assets	23.81	13.36	22.94	19.19	15.94
Return On Capital Employed	23.81	13.36	22.94	19.19	15.94
Return On Shareholders' Funds/Equity	18.69	9.63	17.53	17.31	13.57
Dividend Pay Out Ratio (Times)	3.55	0.00	0.95	0.00	0.00
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.85
UK Pound	1	Rs.100.99
Euro	1	Rs.72.46

INFORMATION DETAILS

Analysis Done by :	KAR

Report Prepared by :	ANK

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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