MIRA INFORM REPORT

Report No. :	320070
Report Date :	04.05.2015

IDENTIFICATION DETAILS

Name :	AMEROPA ASIA PTE. LTD.
Registered Office :	1, Temasek Avenue, 31-02, Millenia Tower, 039192
Country :	Singapore
Financials (as on) :	31.12.2014
Date of Incorporation :	27.11.2007
Com. Reg. No.:	200721966-H
Legal Form :	Private Limited
Line of Business :	Trading of Grain and Fertilizer.
No. of Employees :	26 [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 :	Slow but correct
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. Unemployment is very low. 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. Growth in 2014 was slower at 13.9%, 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. Singapore is a member of the 12-nation Trans-Pacific Partnership free trade agreement negotiations and, with the nine other ASEAN members, will form the ASEAN Economic Community in 2015.

Source : CIA

EXECUTIVE SUMMARY

REGISTRATION NO.

:

200721966-H

COMPANY NAME

:

AMEROPA ASIA PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

27/11/2007

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

1, TEMASEK AVENUE, 31-02, MILLENIA TOWER, 039192, SINGAPORE.

BUSINESS ADDRESS

:

MILLENIA TOWER, 31-02, ONE TEMASEK AVENUE, 039192, SINGAPORE.

TEL.NO.

:

65-64990800

FAX.NO.

:

65-63342339

WEB SITE

:

WWW.AMEROPA.COM

CONTACT PERSON

:

ALEXANDER SERGE CHUMAKOV ( MANAGING DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF GRAIN AND FERTILIZER

ISSUED AND PAID UP CAPITAL

:

31,354,500.00 ORDINARY SHARE, OF A VALUE OF SGD 31,354,500.00
15,000,000.00 ORDINARY SHARE, OF A VALUE OF USD 15,000,000.00

SALES

:

USD 1,048,146,397 [2014]

NET WORTH

:

USD 59,966,317 [2014]

STAFF STRENGTH

:

26 [2015]

BANKER (S)

:

THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED STANDARD CHARTERED BANK LIMITED

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

STRONG

PAYMENT

:

PROMPT

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 grain and fertilizer.

The immediate holding company of the Subject is AMEROPA HOLDING AG, a company incorporated in SWITZERLAND.

Share Capital History

Date	Issue & Paid Up Capital
28/04/2015	SGD 31,354,500.00 & USD 15,000,000.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
AMEROPA HOLDING AG	REBGASSE 108, CH-4102, BINNINGEN, SWITZERLAND.	T07UF3665L	46,354,500.00	100.00
			---------------	------
			46,354,500.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	JAN KADANIK
Address	:	ROTTMANNSBODENSTRASSE 105, CH-4102, BINNINGEN, SWITZERLAND.
IC / PP No	:	39052832
Nationality	:	CZECH
Date of Appointment	:	04/05/2012

DIRECTOR 2

Name Of Subject	:	ALEXANDER SERGE CHUMAKOV
Address	:	46, CORONATION ROAD WEST, 04-04, ASTRID MEADOWS, 269262, SINGAPORE.
IC / PP No	:	F1810261R
Nationality	:	AMERICAN
Date of Appointment	:	01/04/2008

DIRECTOR 3

Name Of Subject	:	ANDREW HENRY ZIVY
Address	:	BUNDTENWEG 78, CH-4102, BINNINGEN, SWITZERLAND.
IC / PP No	:	F2435893
Nationality	:	SWISS
Date of Appointment	:	27/11/2007

MANAGEMENT

1)	Name of Subject	:	ALEXANDER SERGE CHUMAKOV
	Position	:	MANAGING DIRECTOR

AUDITOR

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

COMPANY SECRETARIES

1)	Company Secretary	:	CHAN CHOW PHENG
	IC / PP No	:	S1298885J
	Address	:	59, TELOK BLANGAH HEIGHTS, 04-11, 100059, SINGAPORE.

2)	Company Secretary	:	TEO CHIN KEE
	IC / PP No	:	S2622115C
	Address	:	244, LORONG CHUAN, 07-06, CHUAN PARK, 556745, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED

2)

Name

:

STANDARD CHARTERED BANK 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 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	[	X	]	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	:	AS AGREED
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Goods Traded

:

GRAIN AND FERTILIZER

Total Number of Employees:
YEAR	2015	2014	2013	2012
GROUP	N/A	N/A	N/A	N/A
COMPANY	26	25	13	13

Branch

:

NO

Other Information:

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

The Subject sells the followings:

* Grains and oilseeds
* Fertilizers
* Other commodities

The Subject sells the products according to its customers' orders.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that:

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-64990800
Match	:	N/A
Address Provided by Client	:	ONE TEMASEK AVENUE,MILLENIA TOWER 31-02,SINGAPORE 039192
Current Address	:	MILLENIA TOWER, 31-02, ONE TEMASEK AVENUE, 039192, SINGAPORE.
Match	:	YES

Other Investigations

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

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	2010 - 2014	]
Profit/(Loss) Before Tax	:	Increased	[	2010 - 2014	]
Return on Shareholder Funds	:	Acceptable	[	15.98%	]
Return on Net Assets	:	Acceptable	[	17.80%	]
The Subject's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.The higher profit could be attributed to the increase in turnover. The Subject's management had generated acceptable return for its shareholders using its assets.
Working Capital Control
Stock Ratio	:	Favourable	[	2 Days	]
Debtor Ratio	:	Favourable	[	27 Days	]
Creditors Ratio	:	Favourable	[	7 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	:	Favourable	[	1.73 Times	]
Current Ratio	:	Unfavourable	[	1.80 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	[	0.78 Times	]
The Subject's interest cover was nil as it did not pay any interest during the year. The Subject was lowly geared thus it had a low financial risk. The Subject was mainly financed by its shareholders' funds and internally generated funds. In times of economic slowdown / downturn, the Subject being a lowly geared company, will be able to compete better than those companies which are highly geared in the same industry.
Overall Assessment :
Generally, the Subject's performance has improved with higher turnover and profit. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. The Subject did not make any interest payment during the year. The Subject was dependent on its shareholders' funds to finance its business needs. The Subject as a lowly geared company, will be more secured compared to those highly geared companies. It has the ability to meet all its long term obligations.
Overall financial condition of the Subject : STRONG

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)

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 2007, the Subject is a Private Limited company, focusing on trading of grain and fertilizer. Having been in business for more than 5 years, the Subject has established a remarkable clientele base for itself which has contributed to its business growth. With an issued and paid up capital of SGD 31,354,500 & USD 15,000,000 and strong backing from its holding company, the Subject enjoys timely financial assistance should the needs arise. These favourable conditions has minimised its risk in the industry compared to other players.

From the investigation revealed, 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 26 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. Return on shareholders' funds of the Subject was at an acceptable range 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 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 59,966,317, the Subject should be able to maintain its business in the near terms.

We regard that the Subject's overall payment habit is prompt. The Subject had a favourable creditors' ratio as evidenced by its favourable collection days.

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 normally.

PROFIT AND LOSS ACCOUNT

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

AMEROPA ASIA PTE. LTD.

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	SGD
TURNOVER	1,048,146,397	925,309,341	782,153,532	2,731,207	194,371
Other Income	2,945	405	94,633	1,053,176	-
	----------------	----------------	----------------	----------------	----------------
Total Turnover	1,048,149,342	925,309,746	782,248,165	3,784,383	194,371
Costs of Goods Sold	(1,025,985,710)	(910,460,930)	(768,136,600)	(2,368,659)	-
	----------------	----------------	----------------	----------------	----------------
Gross Profit	22,163,632	14,848,816	14,111,565	1,415,724	-
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	10,673,986	5,797,874	5,330,555	1,407,412	194,371
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	10,673,986	5,797,874	5,330,555	1,407,412	194,371
Taxation	(1,091,312)	(544,508)	(515,089)	(57,671)	(16,211)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	9,582,674	5,253,366	4,815,466	1,349,741	178,160
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	11,751,803	6,498,437	1,682,971	333,230	254,806
	----------------	----------------	----------------	----------------	----------------
As restated	11,751,803	6,498,437	1,682,971	333,230	254,806
	----------------	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	21,334,477	11,751,803	6,498,437	1,682,971	432,966
TRANSFER TO RESERVES - General	(500,000)	-	-	-	-
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	20,834,477	11,751,803	6,498,437	1,682,971	432,966
	=============	=============	=============	=============	=============
DEPRECIATION (as per notes to P&L)	146,998	164,675	172,140	25,723	59,587
	----------------	----------------	----------------	----------------	----------------
	146,998	164,675	172,140	25,723	59,587
	=============	=============	=============	=============	=============

BALANCE SHEET

AMEROPA ASIA PTE. LTD.

ASSETS EMPLOYED:
FIXED ASSETS	67,088	182,379	298,761	20,771	54,065
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	67,088	182,379	298,761	20,771	54,065
Stocks	5,037,935	4,259,373	2,212,546	360,246	-
Trade debtors	78,174,398	51,442,718	22,345,902	2,556,013	-
Other debtors, deposits & prepayments	349,552	239,375	225,252	722,657	189,763
Short term deposits	-	4,000,000	-	22,500,000	-
Amount due from related companies	35,144,986	1,835,940	2,427,066	281,579	580,156
Cash & bank balances	10,718,741	13,551,122	33,732,472	1,820,326	392,218
Others	5,209,586	3,392,139	1,002,445	95,380	144,303
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	134,635,198	78,720,667	61,945,683	28,336,201	1,306,440
	----------------	----------------	----------------	----------------	----------------
TOTAL ASSET	134,702,286	78,903,046	62,244,444	28,356,972	1,360,505
	=============	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	19,778,029	24,511,927	13,669,786	1,600,846	-
Other creditors & accruals	6,978,493	2,816,275	2,349,721	867,867	673,943
Short term borrowings/Term loans	21,422,229	-	-	-	-
Other borrowings	25,202,057	-	-	-	-
Amounts owing to related companies	124,886	116,201	38,262	-	-
Provision for taxation	1,105,700	520,000	526,398	57,671	16,096
Other liabilities	124,575	55,000	30,000	15,777	20,500
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	74,735,969	28,019,403	16,614,167	2,542,161	710,539
	----------------	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	59,899,229	50,701,264	45,331,516	25,794,040	595,901
	----------------	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	59,966,317	50,883,643	45,630,277	25,814,811	649,966
	=============	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	39,131,840	39,131,840	39,131,840	24,131,840	217,000
	----------------	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	39,131,840	39,131,840	39,131,840	24,131,840	217,000
Retained profit/(loss) carried forward	20,834,477	11,751,803	6,498,437	1,682,971	432,966
	----------------	----------------	----------------	----------------	----------------
TOTAL RESERVES	20,834,477	11,751,803	6,498,437	1,682,971	432,966
	----------------	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	59,966,317	50,883,643	45,630,277	25,814,811	649,966
	----------------	----------------	----------------	----------------	----------------
	59,966,317	50,883,643	45,630,277	25,814,811	649,966
	=============	=============	=============	=============	=============

FINANCIAL RATIO

AMEROPA ASIA PTE. LTD.

TYPES OF FUNDS
Cash	10,718,741	17,551,122	33,732,472	24,320,326	392,218
Net Liquid Funds	10,718,741	17,551,122	33,732,472	24,320,326	392,218
Net Liquid Assets	54,861,294	46,441,891	43,118,970	25,433,794	595,901
Net Current Assets/(Liabilities)	59,899,229	50,701,264	45,331,516	25,794,040	595,901
Net Tangible Assets	59,966,317	50,883,643	45,630,277	25,814,811	649,966
Net Monetary Assets	54,861,294	46,441,891	43,118,970	25,433,794	595,901
PROFIT & LOSS ITEMS
Earnings Before Interest & Tax (EBIT)	10,673,986	5,797,874	5,330,555	1,407,412	194,371
Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)	10,820,984	5,962,549	5,502,695	1,433,135	253,958
BALANCE SHEET ITEMS
Total Borrowings	46,624,286	0	0	0	0
Total Liabilities	74,735,969	28,019,403	16,614,167	2,542,161	710,539
Total Assets	134,702,286	78,903,046	62,244,444	28,356,972	1,360,505
Net Assets	59,966,317	50,883,643	45,630,277	25,814,811	649,966
Net Assets Backing	59,966,317	50,883,643	45,630,277	25,814,811	649,966
Shareholders' Funds	59,966,317	50,883,643	45,630,277	25,814,811	649,966
Total Share Capital	39,131,840	39,131,840	39,131,840	24,131,840	217,000
Total Reserves	20,834,477	11,751,803	6,498,437	1,682,971	432,966
LIQUIDITY (Times)
Cash Ratio	0.14	0.63	2.03	9.57	0.55
Liquid Ratio	1.73	2.66	3.60	11.00	1.84
Current Ratio	1.80	2.81	3.73	11.15	1.84
WORKING CAPITAL CONTROL (Days)
Stock Ratio	2	2	1	48	0
Debtors Ratio	27	20	10	342	0
Creditors Ratio	7	10	6	247	0
SOLVENCY RATIOS (Times)
Gearing Ratio	0.78	0.00	0.00	0.00	0.00
Liabilities Ratio	1.25	0.55	0.36	0.10	1.09
Times Interest Earned Ratio	0.00	0.00	0.00	0.00	0.00
Assets Backing Ratio	1.53	1.30	1.17	1.07	3.00
PERFORMANCE RATIO (%)
Operating Profit Margin	1.02	0.63	0.68	51.53	100.00
Net Profit Margin	0.91	0.57	0.62	49.42	91.66
Return On Net Assets	17.80	11.39	11.68	5.45	29.90
Return On Capital Employed	17.80	11.39	11.68	5.45	29.90
Return On Shareholders' Funds/Equity	15.98	10.32	10.55	5.23	27.41
Dividend Pay Out Ratio (Times)	0.00	0.00	0.00	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.63.58
UK Pound	1	Rs.97.99
Euro	1	Rs.70.53

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	NIT

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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