MIRA INFORM REPORT

Report No. :	310727
Report Date :	09.03.2015

IDENTIFICATION DETAILS

Name :	DAXIN PETROLEUM PTE LTD
Registered Office :	65, Chulia Street, 41-08, Ocbc Centre, 049513
Country :	Singapore
Financials (as on) :	31.12.2013
Date of Incorporation :	12.05.1990
Com. Reg. No.:	199002246-C
Legal Form :	Private Limited Company
Line of Business :	Engaged as wholesaler of petroleum products, petrochemicals and crude oil [NOTE: We tried to confirm / obtain the detailed activity but the same is not available from any sources.]
No of Employees :	21 [2015]

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
Singapore	A1	A1

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

Singapore ECONOMIC OVERVIEW

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. 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.	:	199002246-C
COMPANY NAME	:	DAXIN PETROLEUM PTE LTD
FORMER NAME	:	N/A
INCORPORATION DATE	:	12/05/1990
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	65, CHULIA STREET, 41-08, OCBC CENTRE, 049513, SINGAPORE.
BUSINESS ADDRESS	:	65 CHULIA STREET, HEX 41-08 OCBC CENTRE, 049513, SINGAPORE.
TEL.NO.	:	65-68299270
FAX.NO.	:	65-65356969
CONTACT PERSON	:	ZHOU BIN ( GENERAL MANAGER )
PRINCIPAL ACTIVITY	:	WHOLESALE OF PETROLEUM PRODUCTS, PETROCHEMICALS AND CRUDE OIL
ISSUED AND PAID UP CAPITAL	:	67,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 33,503,350.00
SALES	:	USD 3,367,971,000 [2013]
NET WORTH	:	USD 100,543,000 [2013]
STAFF STRENGTH	:	21 [2015]
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	STABLE
PAYMENT	:	No Complaints
MANAGEMENT CAPABILITY	:	AVERAGE
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) wholesale of petroleum products, petrochemicals and crude oil.

Share Capital History

Date	Issue & Paid Up Capital
05/03/2015	SGD 33,503,350.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
CHAN SHING SAU +	THE MAY FAIR, 40F/B, 1, MAY ROAD, HONG KONG.	D154062A	23,952,500.00	35.75
DRAGON NEW ZEALAND LIMITED	CONE MARSHALL LTD, LEVEL 3, 280, PARNELL ROAD PARNELL, AUCKLAND, 1052, NEW ZEALAND.	T14UF5243	20,937,500.00	31.25
IPACA LTD	853, UNIT 10-11, SPRINGATE EAST, GOVERNMENT ROAD, CHARLESTOWN, NEVIS, SAINT KITTS AND NEVIS.	T10UF0267	6,700,000.00	10.00
PRAX CAPITAL INC.	ELVIRA MENDEZ STREET, VALLARINO BUILDING THIRD FLOOR, PANAMA, REPUBLIC OF, PANAMA.	T14UF5242	6,700,000.00	10.00
NGIAM TEE CHIANG +	114, MIMOSA CRESCENT, SELETAR HILLS ESTATE, 808062, SINGAPORE.	S0089387J	4,020,000.00	6.00
ZHOU BIN +	45, NAMLY PLACE, SHAMROCK VILLAS, 267193, SINGAPORE.	S2763185A	2,680,000.00	4.00
MARTYNIOUK ANDREI	32, NASSIM HILL, 06-34, NASSIM MANSION, 258472, SINGAPORE.	S6865490D	2,010,000.00	3.00
			---------------	------
			67,000,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	JULIAN JONATHAN ARTHUR TAYLOR
Address	:	CHALET LA PLEYEUSE, BRUSON 1934, VALAIS, SWITZERLAND.
IC / PP No	:	S2692897D
Nationality	:	BRITISH
Date of Appointment	:	12/05/1990

DIRECTOR 2

Name Of Subject	:	ZHOU BIN
Address	:	45, NAMLY PLACE, SHAMROCK VILLAS, 267193, SINGAPORE.
IC / PP No	:	S2763185A
Nationality	:	CHINESE
Date of Appointment	:	01/09/2001

DIRECTOR 3

Name Of Subject	:	NGIAM TEE CHIANG
Address	:	114, MIMOSA CRESCENT, SELETAR HILLS ESTATE, 808062, SINGAPORE.
IC / PP No	:	S0089387J
Nationality	:	SINGAPOREAN
Date of Appointment	:	12/05/1990

DIRECTOR 4

Name Of Subject	:	CHAN SHING SAU
Address	:	THE MAY FAIR, 40F/B, 1, MAY ROAD, HONG KONG.
IC / PP No	:	D154062A
Nationality	:	HONGKONGESE
Date of Appointment	:	01/10/2000

MANAGEMENT

1)	Name of Subject	:	ZHOU BIN
	Position	:	GENERAL MANAGER

AUDITOR

Auditor	:	KPMG LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	NGIAM TEE CHIANG
	IC / PP No	:	S0089387J
	Address	:	114, MIMOSA CRESCENT, SELETAR HILLS ESTATE, 808062, 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 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	:	N/A
Overseas	:	N/A

The Subject refused to disclose its suppliers. 

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

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

CLIENTELE

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

OPERATIONS

Goods Traded

:

PETROLEUM PRODUCTS, PETROCHEMICALS AND CRUDE OIL

Total Number of Employees:
YEAR	2015	2014	2013
GROUP	N/A	N/A	N/A
COMPANY	21	21	21

Branch

:

NO

Other Information:

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

The Subject refused to disclose any information on its operation. 

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-68299270
Match	:	N/A
Address Provided by Client	:	65, CHULIA STREET, HEX #41-08 OCBC CENTRE SINGAPORE 049513
Current Address	:	65 CHULIA STREET, HEX 41-08 OCBC CENTRE, 049513, SINGAPORE.
Match	:	YES

Other Investigations

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

FINANCIAL ANALYSIS

Profitability
Turnover	:	Erratic	[	2009 - 2013	]
Profit/(Loss) Before Tax	:	Increased	[	2009 - 2013	]
Return on Shareholder Funds	:	Favourable	[	67.32%	]
Return on Net Assets	:	Favourable	[	73.83%	]
The fluctuating turnover reflects the fierce competition among the existing and new market players.The higher profit could be attributed to the increase in turnover. 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	[	14 Days	]
Debtor Ratio	:	Favourable	[	34 Days	]
Creditors Ratio	:	Favourable	[	22 Days	]
The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The favourable debtors' days could be due to the good credit control measures implemented by the Subject. The Subject had a favourable creditors' ratio where the Subject could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.
Liquidity
Liquid Ratio	:	Acceptable	[	0.94 Times	]
Current Ratio	:	Unfavourable	[	1.18 Times	]
The Subject's liquid ratio was slightly low. This could indicate that the Subject's working capital was slightly deficient. The Subject will have to improve its liquidity position either by obtaining short term financing or increase its paid up capital so that it can meet all its short term obligations as and when they fall due.
Solvency
Interest Cover	:	Favourable	[	30.22 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 :
Although the turnover was erratic, the Subject had maintained a steady growth in its profit. This indicate the management's efficiency in controlling its costs and profitability. The Subject's liquidity was at an acceptable range. If the Subject is able to obtain further short term financing, it should be able to meet all its short term obligations. 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 :	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 wholesale of petroleum products, petrochemicals and crude oil. 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. With a large issued and paid up capital of SGD 33,503,350, the Subject's business has been expanding comfortably over the years. 

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. Being a small company, the Subject's business operation is supported by 21 employees. 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 managed to maintain an adequate liquidity level, indicating that the Subject has the ability to meet its 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 100,543,000, 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.

DAXIN PETROLEUM PTE LTD

Financial Year End	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31
Months	12	12	12	12	12
Consolidated Account	Company	Company	Company	Company	Company
Audited Account	YES	YES	YES	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES	YES	YES	YES
Financial Type	FULL	FULL	FULL	FULL	FULL
Currency	USD	USD	USD	USD	USD
TURNOVER	3,367,971,000	3,150,276,000	3,309,729,000	2,911,015,000	3,223,430,980
Other Income	10,418,000	11,396,000	-	-	-
	----------------	----------------	----------------	----------------	----------------
Total Turnover	3,378,389,000	3,161,672,000	3,309,729,000	2,911,015,000	3,223,430,980
Costs of Goods Sold	(3,238,276,000)	(3,050,423,000)	(3,188,372,000)	(2,824,845,000)	-
	----------------	----------------	----------------	----------------	----------------
Gross Profit	140,113,000	111,249,000	121,357,000	86,170,000	-
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	71,776,000	49,912,000	26,901,000	25,960,000	42,567,624
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	71,776,000	49,912,000	26,901,000	25,960,000	42,567,624
Taxation	(4,092,000)	(3,031,000)	(2,307,000)	(1,783,000)	(2,632,240)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	67,684,000	46,881,000	24,594,000	24,177,000	39,935,384
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	81,000,000	66,300,000	49,181,000	66,719,000	36,307,511
	----------------	----------------	----------------	----------------	----------------
As restated	81,000,000	66,300,000	49,181,000	66,719,000	36,307,511
	----------------	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	148,684,000	113,181,000	73,775,000	90,896,000	76,242,895
TRANSFER TO RESERVES - General	-	-	-	-	(9,523,895)
DIVIDENDS - Ordinary (paid & proposed)	(68,141,000)	(32,181,000)	(7,475,000)	(41,715,000)	-
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	80,543,000	81,000,000	66,300,000	49,181,000	66,719,000
	=============	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Fixed deposit	(108,000)	(126,000)	-	-	-
Term loan / Borrowing	2,564,000	2,073,000	-	-	-
Trust receipts	-	-	2,609,000	2,281,000	-
	----------------	----------------	----------------	----------------	----------------
	2,456,000	1,947,000	2,609,000	2,281,000	-
	=============	=============	=============	=============

BALANCE SHEET

DAXIN PETROLEUM PTE LTD

ASSETS EMPLOYED:
FIXED ASSETS	62,000	80,000	150,000	230,000	336,623
Others	-	-	1,230	4,156	789
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	-	-	1,230	4,156	789
Others	-	-	4,523	41,000	482,000
	----------------	----------------	----------------	----------------	----------------
TOTAL INTANGIBLE ASSETS	-	-	4,523	41,000	482,000
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	62,000	80,000	155,753	275,156	819,412
Stocks	131,741,000	55,530,000	30,651,000	36,646,000	-
Trade debtors	309,603,000	327,931,000	326,299,000	172,486,000	-
Other debtors, deposits & prepayments	59,237,000	34,708,000	84,629,000	159,981,000	-
Short term deposits	-	-	29,011,000	18,072,000	-
Cash & bank balances	148,192,000	146,538,000	42,754,000	71,209,000	-
Others	-	-	452,000	780,000	15,863,000
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	648,773,000	564,707,000	513,796,000	459,174,000	15,863,000
	----------------	----------------	----------------	----------------	----------------
TOTAL ASSET	648,835,000	564,787,000	513,951,753	459,449,156	16,682,412
	=============	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	193,288,000	124,840,000	145,071,000	71,295,000	-
Other creditors & accruals	237,954,000	258,239,000	190,553,000	184,125,000	-
Short term borrowings/Term loans	-	-	31,690,000	-	-
Other liabilities & accruals	-	-	58,206,000	-	-
Provision for taxation	3,474,000	2,512,000	1,674,000	1,271,000	-
Other liabilities	113,576,000	78,196,000	-	132,752,000	-
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	548,292,000	463,787,000	427,194,000	389,443,000	-
	----------------	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	100,481,000	100,920,000	86,602,000	69,731,000	15,863,000
	----------------	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	100,543,000	101,000,000	86,757,753	70,006,156	16,682,412
	=============	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	20,000,000	20,000,000	20,000,000	20,000,000	33,500,000
	----------------	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	20,000,000	20,000,000	20,000,000	20,000,000	33,500,000
Retained profit/(loss) carried forward	80,543,000	81,000,000	66,300,000	49,181,000	66,719,000
Others	-	-	-	-	0
	----------------	----------------	----------------	----------------	----------------
TOTAL RESERVES	80,543,000	81,000,000	66,300,000	49,181,000	66,719,000
	----------------	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	100,543,000	101,000,000	86,300,000	69,181,000	100,219,000
Others	-	-	457,753	825,156	(83,536,588)
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	-	-	457,753	825,156	(83,536,588)
	----------------	----------------	----------------	----------------	----------------
	100,543,000	101,000,000	86,757,753	70,006,156	16,682,412
	=============	=============	=============	=============	=============

FINANCIAL RATIO

DAXIN PETROLEUM PTE LTD

TYPES OF FUNDS
Cash	148,192,000	146,538,000	71,765,000	89,281,000	0
Net Liquid Funds	148,192,000	146,538,000	71,765,000	89,281,000	0
Net Liquid Assets	(31,260,000)	45,390,000	55,951,000	33,085,000	15,863,000
Net Current Assets/(Liabilities)	100,481,000	100,920,000	86,602,000	69,731,000	15,863,000
Net Tangible Assets	100,543,000	101,000,000	86,753,230	69,965,156	16,200,412
Net Monetary Assets	(31,260,000)	45,390,000	55,493,247	32,259,844	99,399,588
BALANCE SHEET ITEMS
Total Borrowings	0	0	31,690,000	0	0
Total Liabilities	548,292,000	463,787,000	427,651,753	390,268,156	(83,536,588)
Total Assets	648,835,000	564,787,000	513,951,753	459,449,156	16,682,412
Net Assets	100,543,000	101,000,000	86,757,753	70,006,156	16,682,412
Net Assets Backing	100,543,000	101,000,000	86,300,000	69,181,000	100,219,000
Shareholders' Funds	100,543,000	101,000,000	86,300,000	69,181,000	100,219,000
Total Share Capital	20,000,000	20,000,000	20,000,000	20,000,000	33,500,000
Total Reserves	80,543,000	81,000,000	66,300,000	49,181,000	66,719,000
LIQUIDITY (Times)
Cash Ratio	0.27	0.32	0.17	0.23	0.00
Liquid Ratio	0.94	1.10	1.13	1.08	0.00
Current Ratio	1.18	1.22	1.20	1.18	0.00
WORKING CAPITAL CONTROL (Days)
Stock Ratio	14	6	3	5	0
Debtors Ratio	34	38	36	22	0
Creditors Ratio	22	15	17	9	0
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00	0.37	0.00	0.00
Liabilities Ratio	5.45	4.59	4.96	5.64	(0.83)
Times Interest Earned Ratio	30.22	26.64	11.31	12.38	0.00
Assets Backing Ratio	5.03	5.05	4.34	3.50	0.48
PERFORMANCE RATIO (%)
Operating Profit Margin	2.13	1.58	0.81	0.89	1.32
Net Profit Margin	2.01	1.49	0.74	0.83	1.24
Return On Net Assets	73.83	51.35	34.01	40.34	255.16
Return On Capital Employed	73.83	51.35	34.01	40.32	248.00
Return On Shareholders' Funds/Equity	67.32	46.42	28.50	34.95	39.85
Dividend Pay Out Ratio (Times)	1.01	0.69	0.30	1.73	0.00
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.20
UK Pound	1	Rs.94.71
Euro	1	Rs.68.60

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	MNL

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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