MIRA INFORM REPORT

Report No. :	349855
Report Date :	13.11.2015

IDENTIFICATION DETAILS

Name :	SWISS SINGAPORE OVERSEAS ENTERPRISES PTE. LTD.
Registered Office :	65, Chulia Street, 48-05/08, Ocbc Centre, 049513
Country :	Singapore
Financials (as on) :	31.03.2014
Date of Incorporation :	07.01.1978
Com. Reg. No.:	197800048-Z
Legal Form :	Private Limited
Line of Business :	Trading of Commodity Products.
No of Employees :	30 [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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 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.

:

197800048-Z

COMPANY NAME

:

SWISS SINGAPORE OVERSEAS ENTERPRISES PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

07/01/1978

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

65, CHULIA STREET, 48-05/08, OCBC CENTRE, 049513, SINGAPORE.

BUSINESS ADDRESS

:

65, CHULIA STREET, 48-05/08, OCBC CENTRE, 049513, SINGAPORE.

TEL.NO.

:

65-62218455

FAX.NO.

:

65-62224984

WEB SITE

:

WWW.SWISS-SINGAPORE.COM

CONTACT PERSON

:

RAJESH KUMAR SOMANI ( MANAGING DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF COMMODITY PRODUCTS

ISSUED AND PAID UP CAPITAL

:

36,955,598.00 ORDINARY SHARE, OF A VALUE OF SGD 36,955,598.00

SALES

:

USD 4,130,115,395 [2014]

NET WORTH

:

USD 199,637,614 [2014]

STAFF STRENGTH

:

30 [2015]

BANKER (S)

:

CITIBANK N.A. BARCLAYS BANK PLC STANDARD CHARTERED BANK DEUTSCHE BANK AKTIENGESELLSCHAFT

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

FAIR

PAYMENT

:

GOOD

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

HIGH

GENERAL REPUTATION

:

GOOD

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

HISTORY/ BACKGROUND

The Subject is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the Subject is insolvent. The Subject is governed by the Companies Act and the company must file its annual returns, together with its financial statements with the Registrar of Companies.

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

Share Capital History

Date	Issue & Paid Up Capital
11/06/2015	SGD 36,955,598.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
CALYX INVESTMENTS PTE. LTD.	65, CHULIA STREET, 48-05/08, OCBC CENTRE, 049513, SINGAPORE.	200802697W	7,000,000.00	18.94
ABHA INVESTMENTS PTE. LTD.	65, CHULIA STREET, 48-05/08, OCBC CENTRE, 049513, SINGAPORE.	200802696G	7,000,000.00	18.94
INDOGENIOUS HOLDINGS PTE. LTD.	65, CHULIA STREET, 48-05/08, OCBC CENTRE, 049513, SINGAPORE.	200802699Z	7,000,000.00	18.94
BIG BANYAN INVESTMENTS PTE. LTD.	65, CHULIA STREET, 48-05/08, OCBC CENTRE, 049513, SINGAPORE.	200804356E	7,000,000.00	18.94
BLUE BUCKS INVESTMENTS PTE. LTD.	65, CHULIA STREET, 48-05/08, OCBC CENTRE, 049513, SINGAPORE.	200804357R	7,000,000.00	18.94
KIRAN INVESTMENTS PTE. LTD.	65, CHULIA STREET, 48-05/08, OCBC CENTRE, 049513, SINGAPORE.	200802701M	1,955,598.00	5.29
			---------------	------
			36,955,598.00	100.00
			============	=====

+ Also Director

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

Local No	Country	Company	(%)	As At
200818910Z	SINGAPORE	MITRA COMMODITIES PTE. LTD.	100.00	11/06/2015
201315408	SINGAPORE	SSOE INVESTMENTS PTE. LTD.	100.00	11/06/2015
	SINGAPORE	SWISS SINGAPORE SHIPPING PTE. LTD.	99.00	11/06/2015

DIRECTORS

DIRECTOR 1

Name Of Subject	:	MR. RAJESH KUMAR SOMANI
Address	:	FLAT 711, DR-AL BUTEEN II, NEAR TAJ PALACE, HOTEL OFF AL RIGGA ROAD, DEIRA, DUBAI (UAE), UNITED ARAB EMIRATES.
IC / PP No	:	Z2093578
Nationality	:	INDIAN
Date of Appointment	:	07/10/2011
Remark	:	07/09/2012 APPOINTED AS MANAGING DIRECTOR

DIRECTOR 2

Name Of Subject	:	BAJAJ JAGDISH PRASAD
Address	:	1, TANJONG RHU ROAD, 17-04, THE WATERSIDE, 436879, SINGAPORE.
IC / PP No	:	G5327359P
Nationality	:	INDIAN
Date of Appointment	:	07/09/2012

DIRECTOR 3

Name Of Subject	:	ASKARAN AGARWALA
Address	:	FLAT, 3, HAVELI L D RUPAREL MARG MALABAR HILL, MUMBAI, PIN:400006, MAHARASHTRA, INDIA.
IC / PP No	:	L1698953
Nationality	:	INDIAN
Date of Appointment	:	17/10/2014

MANAGEMENT

1)	Name of Subject	:	RAJESH KUMAR SOMANI
	Position	:	MANAGING DIRECTOR

AUDITOR

Auditor	:	LAU CHIN HUAT & CO.
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	CHEONG SENG CHOW
	IC / PP No	:	S1350970J
	Address	:	43, LORONG 5, TOA PAYOH, 11-129, 310043, SINGAPORE.

2)	Company Secretary	:	ZANWAR SHYAMSUNDER BALAPRASAD
	IC / PP No	:	S7665331C
	Address	:	325A, SENGKANG EAST WAY, 15-501, 541325, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

CITIBANK N.A.

2)

Name

:

BARCLAYS BANK PLC

3)

Name

:

STANDARD CHARTERED BANK

4)

Name

:

DEUTSCHE BANK AKTIENGESELLSCHAFT

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C201303139	26/02/2013	N/A	UBS AG	-	Unsatisfied
C201310768	06/08/2013	N/A	CITIBANK N.A.	-	Unsatisfied
C201311479	21/08/2013	N/A	BANK JULIUS BAER & CO. LTD.	-	Unsatisfied
C201311926	30/08/2013	N/A	BARCLAYS BANK PLC	-	Unsatisfied
C201407736	24/07/2014	N/A	STANDARD CHARTERED BANK	-	Unsatisfied
C201413506	01/12/2014	N/A	DEUTSCHE BANK AKTIENGESELLSCHAFT	-	Unsatisfied

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	Percentage	:	40%
Overseas	:	YES	Percentage	:	60%

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	Percentage	:	40%
Domestic Markets	:	SINGAPORE
Overseas	:	YES	Percentage	:	60%
Export Market	:	WORLDWIDE
Credit Term	:	N/A
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Goods Traded

:

COMMODITY PRODUCTS

Total Number of Employees:
YEAR	2015	2014	2013
GROUP	N/A	N/A	N/A
COMPANY	30	35	35

Branch

:

NO

Other Information:

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

The Subject is one of the companies listed under the Aditya Birla group of companies.

The Subject is a trans-national bulk commodity trading solutions provider with a global presence.

The Subject has diversified portfolio such as petroleum products, sulphur, fertilizers, timber logs, steel and steel scrap, coal/coke, iron ore, chemicals and agro-products.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-62218455
Match	:	N/A
Address Provided by Client	:	14-01, SHENTON HOUSE, 3 SHENTON WAY, SINGAPORE 068805
Current Address	:	65, CHULIA STREET, 48-05/08, OCBC CENTRE, 049513, SINGAPORE.
Match	:	NO

Other Investigations

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

The Subject had shifted from the address provided.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	2012 - 2014	]
Profit/(Loss) Before Tax	:	Decreased	[	2012 - 2014	]
Return on Shareholder Funds	:	Acceptable	[	11.76%	]
Return on Net Assets	:	Acceptable	[	10.29%	]
The Subject's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years. The dip in profit could be due to the stiff market competition which reduced the Subject's profit margin. The Subject's management had generated acceptable return for its shareholders using its assets.
Working Capital Control
Stock Ratio	:	Favourable	[	5 Days	]
Debtor Ratio	:	Acceptable	[	62 Days	]
Creditors Ratio	:	Favourable	[	30 Days	]
The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The Subject's management was quite efficient in handling its debtors. The Subject's debtors days were at an acceptable range, thus the risk of its debts turning bad was minimised. The 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	[	1.13 Times	]
Current Ratio	:	Unfavourable	[	1.20 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	[	7.95 Times	]
Gearing Ratio	:	Unfavourable	[	2.70 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 was highly geared, thus it had a high financial risk. The Subject was dependent on loans to finance its business needs. In times of economic downturn and / or high interest rate, the Subject will become less profitable and competitive than other firms in the same industry, which are lowly geared. This is because the Subject has to service the interest and to repay the loan, which will erode part of its profits. The profits will fluctuate depending on the Subject's turnover and the interest it needs to pay.
Overall Assessment :
Although the Subject's turnover had increased, its profits had declined over the same corresponding period. This could be due to the stiffer market competition and / or higher operating costs which lowered the Subject's profit margin. 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's gearing level was high and its going concern will be in doubt if there is no injection of additional shareholders' funds in times of economic downturn and / or high interest rates.
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)

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 1978, the Subject is a Private Limited company, focusing on trading of commodity products. 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. The Subject is a large entity with strong capital position of SGD 36,955,598. We are confident with the Subject's business and its future growth prospect. With a strong backing from its shareholders, the Subject enjoys timely financial assistance should the needs arise.

Over the years, the Subject has established an extensive clientele base in the market. Besides catering to the local market, the Subject has penetrated into other countries. With the contribution of both local and overseas customers, the Subject is likely to be exposed to lower commercial risk. Hence, we believe that the Subject has better business expansion opportunities in the future. Being a small company, the Subject's business operation is supported by 30 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.

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. 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. The high gearing ratio clearly implied that the Subject was supported by more debt than equity. Thus, the Subject is exposed to high financial risk. Given a positive net worth standing at USD 199,637,614, 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.

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 normally.

PROFIT AND LOSS ACCOUNT

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

SWISS SINGAPORE OVERSEAS ENTERPRISES PTE. LTD.

Financial Year End	2014-03-31	2013-03-31	2012-03-31
Months	12	12	12
Consolidated Account	GROUP	GROUP	GROUP
Audited Account	YES	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES	YES
Financial Type	FULL	FULL	FULL
Currency	USD	USD	USD
TURNOVER	4,130,115,395	3,891,133,318	3,423,018,256
Other Income	12,177,359	6,520,788	2,171,096
	----------------	----------------	----------------
Total Turnover	4,142,292,754	3,897,654,106	3,425,189,352
Costs of Goods Sold	(4,083,538,015)	(3,841,102,431)	(3,361,702,598)
	----------------	----------------	----------------
Gross Profit	58,754,739	56,551,675	63,486,754
	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	25,742,121	29,277,290	39,107,956
	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	25,742,121	29,277,290	39,107,956
Taxation	(2,264,846)	(2,002,245)	(2,265,617)
	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	23,477,275	27,275,045	36,842,339
	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	204,606,481	177,331,436	165,489,097
	----------------	----------------	----------------
As restated	204,606,481	177,331,436	165,489,097
	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	228,083,756	204,606,481	202,331,436
DIVIDENDS - Ordinary (paid & proposed)	(50,000,000)	-	(25,000,000)
	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	178,083,756	204,606,481	177,331,436
	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Term loan / Borrowing	3,703,688	2,780,209	2,732,300
	----------------	----------------	----------------
	3,703,688	2,780,209	2,732,300
	=============	=============	=============
DEPRECIATION (as per notes to P&L)	565,694	391,923	387,400
AMORTIZATION	126,155	261,927	247,814
	----------------	----------------	----------------
	691,849	653,850	635,214
	=============	=============	=============

BALANCE SHEET

SWISS SINGAPORE OVERSEAS ENTERPRISES PTE. LTD.

ASSETS EMPLOYED:
FIXED ASSETS	7,700,089	6,483,086	6,547,317
Investment properties	758,791	772,803	786,815
Investment securities	111,123,184	-	-
Deferred assets	63,546	5,845	-
Others	-	-	12,378,000
	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	111,945,521	778,648	13,164,815
INTANGIBLE ASSETS
Deferred/Expenditure carried forward	105,205	79,776	-
Computer software	-	-	299,363
Others	-	-	4,789
	----------------	----------------	----------------
TOTAL INTANGIBLE ASSETS	105,205	79,776	304,152
	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	119,750,815	7,341,510	20,016,284
Short term quoted/unquoted investments	99,398,195	60,012,000	-
Stocks	56,339,849	6,765,683	4,815,872
Trade debtors	703,562,802	494,216,263	362,019,525
Other debtors, deposits & prepayments	28,008,855	20,147,909	42,079,411
Short term deposits	-	-	12,726,912
Cash & bank balances	102,245,987	102,270,040	4,601,270
Others	2,460,298	1,244,640	-
	----------------	----------------	----------------
TOTAL CURRENT ASSETS	992,015,986	684,656,535	426,242,990
	----------------	----------------	----------------
TOTAL ASSET	1,111,766,801	691,998,045	446,259,274
	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	333,805,790	250,407,760	128,912,970
Other creditors & accruals	29,459,986	26,508,643	11,097,075
Bank overdraft	-	-	124,200
Other borrowings	454,162,322	183,341,514	86,742,370
Bill & acceptances payable	-	-	4,220,000
Other liabilities & accruals	4,585,487	2,692,407	1,680,260
Provision for taxation	2,115,614	2,229,217	1,827,158
Other liabilities	1,438,178	-	1,236
	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	825,567,377	465,179,541	234,605,269
	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	166,448,609	219,476,994	191,637,721
	----------------	----------------	----------------
TOTAL NET ASSETS	286,199,424	226,818,504	211,654,005
	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	21,065,477	21,065,477	21,065,477
	----------------	----------------	----------------
TOTAL SHARE CAPITAL	21,065,477	21,065,477	21,065,477
Exchange equalisation/fluctuation reserve	488,381	21,953	(22,964)
Retained profit/(loss) carried forward	178,083,756	204,606,481	177,331,436
	----------------	----------------	----------------
TOTAL RESERVES	178,572,137	204,628,434	177,308,472
	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	199,637,614	225,693,911	198,373,949
Other long term borrowings	85,000,000	-	-
Deferred taxation	-	-	1,750
Retirement benefits provision	1,561,810	1,124,593	896,753
Others	-	-	12,381,553
	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	86,561,810	1,124,593	13,280,056
	----------------	----------------	----------------
	286,199,424	226,818,504	211,654,005
	=============	=============	=============

FINANCIAL RATIO

SWISS SINGAPORE OVERSEAS ENTERPRISES PTE. LTD.

TYPES OF FUNDS
Cash	102,245,987	102,270,040	17,328,182
Net Liquid Funds	102,245,987	102,270,040	12,983,982
Net Liquid Assets	110,108,760	212,711,311	186,821,849
Net Current Assets/(Liabilities)	166,448,609	219,476,994	191,637,721
Net Tangible Assets	286,094,219	226,738,728	211,349,853
Net Monetary Assets	23,546,950	211,586,718	173,541,793
BALANCE SHEET ITEMS
Total Borrowings	539,162,322	183,341,514	91,086,570
Total Liabilities	912,129,187	466,304,134	247,885,325
Total Assets	1,111,766,801	691,998,045	446,259,274
Net Assets	286,199,424	226,818,504	211,654,005
Net Assets Backing	199,637,614	225,693,911	198,373,949
Shareholders' Funds	199,637,614	225,693,911	198,373,949
Total Share Capital	21,065,477	21,065,477	21,065,477
Total Reserves	178,572,137	204,628,434	177,308,472
LIQUIDITY (Times)
Cash Ratio	0.12	0.22	0.07
Liquid Ratio	1.13	1.46	1.80
Current Ratio	1.20	1.47	1.82
WORKING CAPITAL CONTROL (Days)
Stock Ratio	5	1	1
Debtors Ratio	62	46	39
Creditors Ratio	30	24	14
SOLVENCY RATIOS (Times)
Gearing Ratio	2.70	0.81	0.46
Liabilities Ratio	4.57	2.07	1.25
Times Interest Earned Ratio	7.95	11.53	15.31
Assets Backing Ratio	13.58	10.76	10.03
PERFORMANCE RATIO (%)
Operating Profit Margin	0.62	0.75	1.14
Net Profit Margin	0.57	0.70	1.08
Return On Net Assets	10.29	14.13	19.77
Return On Capital Employed	10.28	14.13	19.73
Return On Shareholders' Funds/Equity	11.76	12.08	18.57
Dividend Pay Out Ratio (Times)	2.13	0.00	0.68
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.35
UK Pound	1	Rs.100.28
Euro	1	Rs.71.30

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	ASH

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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