MIRA INFORM REPORT

Report No. :	343164
Report Date :	02.10.2015

IDENTIFICATION DETAILS

Name :	CARGILL INTERNATIONAL TRADING PTE LTD
Registered Office :	138, Market Street, 17-01, Capitagreen, 048946
Country :	Singapore
Financials (as on) :	31.05.2014
Date of Incorporation :	05.12.1967
Com. Reg. No.:	196700442-D
Legal Form :	Private Limited
Line of Business :	The Subject is engaged in trading of petroleum, edible oil and cocoa.
No. of Employees :	400

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.	:	196700442-D
COMPANY NAME	:	CARGILL INTERNATIONAL TRADING PTE LTD
FORMER NAME	:	CARGILL COMMODITY TRADING PTE. LTD. (29/07/1993)
INCORPORATION DATE	:	05/12/1967
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	138, MARKET STREET, 17-01, CAPITAGREEN, 048946, SINGAPORE.
BUSINESS ADDRESS	:	138, MARKET STREET, 17-01, CAPITAGREEN, 048946, SINGAPORE.
TEL.NO.	:	65-62951112
FAX.NO.	:	65-63938898
WEB SITE	:	WWW.CARGILL.COM
CONTACT PERSON	:	TA YOKE PENG ( DIRECTOR )
PRINCIPAL ACTIVITY	:	TRADING OF PETROLEUM, EDIBLE OIL AND COCOA
ISSUED AND PAID UP CAPITAL	:	1,650,000.00 ORDINARY SHARE, OF A VALUE OF SGD 1,650,000.00
SALES	:	USD 13,784,028,000 [2014]
NET WORTH	:	USD 28,035,000 [2014]
STAFF STRENGTH	:	400 [2015]
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	SATISFACTORY
PAYMENT	:	SLOW BUT CORRECT
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 petroleum, edible oil and cocoa.

The immediate holding company of the Subject is CARGILL ASIA PACIFIC HOLDINGS PTE. LTD., a company incorporated in SINGAPORE.

Share Capital History

Date	Issue & Paid Up Capital
29/09/2015	SGD 1,650,000.00

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

Current Shareholder(s) :

Name	Address	IC/PP/Loc No	Shareholding	(%)
CARGILL ASIA PACIFIC HOLDINGS PTE. LTD.	138, MARKET STREET, 17-01 CAPITAGREEN, 048946, SINGAPORE.	200401312G	1,650,000.00	100.00
			---------------	------
			1,650,000.00	100.00
			============	=====

+ Also Director

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

Local No	Country	Company	Status	(%)	As At
201203900K	SINGAPORE	CARGILL ENTERPRISES PTE. LTD.	-	100.00	29/09/2015
200506905Z	SINGAPORE	CARGILL OCEAN TRANSPORTATION (SINGAPORE) PTE. LTD.	-	100.00	29/09/2015
200106030W	SINGAPORE	CARGILL DONGGUAN HOLDINGS PTE. LTD.	-	100.00	29/09/2015

DIRECTORS

DIRECTOR 1

Name Of Subject	:	TA YOKE PENG
Address	:	22, EWE BOON ROAD, 03-08, PALM SPRING, 259328, SINGAPORE.
IC / PP No	:	S2557457E
Nationality	:	SINGAPOREAN
Date of Appointment	:	22/10/2012

DIRECTOR 2

Name Of Subject	:	XU SANQIN
Address	:	28, SURREY ROAD, 27-02, LINCOLN RESIDENCES, THE, 307762, SINGAPORE.
IC / PP No	:	S7462062J
Nationality	:	SINGAPOREAN
Date of Appointment	:	01/07/2015

DIRECTOR 3

Name Of Subject	:	MR. RICHARD IAN NIELD
Address	:	1, LEYDEN HILL, DUNEARN ROAD HOSTELS, 298749, SINGAPORE.
IC / PP No	:	F2571191L
Nationality	:	BRITISH
Date of Appointment	:	17/06/2014

DIRECTOR 4

Name Of Subject	:	LIM CHIN WEI
Address	:	8, RIVERVALE LINK 13-13, PARK GREEN, 545043, SINGAPORE.
IC / PP No	:	S7421607B
Nationality	:	SINGAPOREAN
Date of Appointment	:	09/02/2015

MANAGEMENT

1)	Name of Subject	:	TA YOKE PENG
	Position	:	DIRECTOR

AUDITOR

Auditor	:	KPMG LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	KAREN LING GEOK BEE
	IC / PP No	:	S7123372C
	Address	:	263, BISHAN STREET, 22, 22-265, 570263, 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	[	X	]	Average 61-90 Days	[	]
Fair 91-120 Days	[	]	Poor >120 Days	[		]

CLIENTELE

Local	:	YES	Percentage	:	70%
Domestic Markets	:	SINGAPORE
Overseas	:	YES	Percentage	:	30%
Export Market	:	ASIA PACIFIC
Credit Term	:	N/A
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Goods Traded

:

PETROLEUM, EDIBLE OIL AND COCOA

Total Number of Employees:
YEAR	2015	2014	2013	2012	2011
GROUP	N/A	N/A	N/A	N/A	N/A
COMPANY	400	400	400	115	120

Branch

:

NO

Other Information:

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

The Subject is under the Cargill Group of Companies.

The Sunject engaged in trading of commodity product including food product, household product etc.

The Group is producers and marketers of food, agricultural, financial and industrial products and services. 

RECENT DEVELOPMENT

24 November 2014

Cargill’s ocean transportation business has been awarded the 2014 International Bulk Journal (IBJ) Customer Care award on November 10th, making it the first dry bulk shipping company to win this award.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	6562951112
Current Telephone Number	:	65-62951112
Match	:	YES
Address Provided by Client	:	138, MARKET STREET , 17-01, CAPITAGREEN,,048946,,.
Current Address	:	138, MARKET STREET, 17-01, CAPITAGREEN, 048946, SINGAPORE.
Match	:	YES

Other Investigations

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

The Subject refused to disclose its banker.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Erratic	[	2010 - 2014	]
Profit/(Loss) Before Tax	:	Decreased	[	2010 - 2014	]
Return on Shareholder Funds	:	Unfavourable	[	(44.45%)	]
Return on Net Assets	:	Unfavourable	[	(34.15%)	]
The fluctuating turnover reflects the fierce competition among the existing and new market players.The Subject incurred losses during the year due to the inefficient control of its operating costs. The Subject's unfavourable returns on shareholders' funds indicate the management's inefficiency in utilising its assets to generate returns.
Working Capital Control
Stock Ratio	:	Favourable	[	10 Days	]
Debtor Ratio	:	Favourable	[	19 Days	]
Creditors Ratio	:	Favourable	[	8 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	:	Unfavourable	[	0.75 Times	]
Current Ratio	:	Unfavourable	[	0.98 Times	]
A low liquid ratio means that the Subject may be facing working capital deficiency. If the Subject cannot obtain additional financing or injection of fresh capital, it may face difficulties in meeting its short term obligations.
Solvency
Interest Cover	:	Unfavourable	[	(2.84 Times)	]
Gearing Ratio	:	Favourable	[	0.00 Times	]
The Subject incurred losses in the year. It did not generate sufficient income to service its interest.  If the situation does not improve, the Subject may be vulnerable to default in servicing the interest. 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 :
The Subject's losses increased but its turnover showed a  fluctuating trend. This indicate the Subject was slowly losing its market share due to its competitors. Due to its weak liquidity position, the Subject will be faced with problems in meeting all its short term obligations if no short term loan is obtained or additional capital injected into the Subject. The Subject's interest cover was negative, indicating that it did not generate sufficient income to service its interest. If its result does not show impressive improvements or succeed obtaining short term financing or capital injection, it may not be able to service its interest and repay the loans. 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 : LIMITED

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	2010	2011	2012	2013	2014
Population (Million)	5.08	5.18	5.31	5.40	5.47
Gross Domestic Products ( % )	14.5	4.9	1.3	3.7	(3.5)
Consumer Price Index	2.8	5.2	4.6	2.4	2.4
Total Imports (Million)	423,221.8	459,655.1	474,554.0	466,762.0	463,779.1
Total Exports (Million)	478,840.7	514,741.2	510,329.0	513,391.0	518,922.7
Unemployment Rate (%)	2.2	2.1	2.0	1.9	1.9
Tourist Arrival (Million)	11.64	13.17	14.49	15.46	15.01
Hotel Occupancy Rate (%)	85.6	86.5	86.4	86.3	85.5
Cellular Phone Subscriber (Million)	1.43	1.50	1.52	1.97	1.98
Registration of New Companies (No.)	29,798	32,317	31,892	37,288	41,589
Registration of New Companies (%)	12.8	8.5	(1.3)	9.8	11.5
Liquidation of Companies (No.)	15,126	19,005	17,218	17,369	18,767
Liquidation of Companies (%)	(32.5)	25.6	9.4	(5.3)	8.0
Registration of New Businesses (No.)	23,978	23,494	24,788	22,893	35,773
Registration of New Businesses (%)	(10.78)	2.02	5.51	1.70	56.30
Liquidation of Businesses (No.)	24,211	23,005	22,489	22,598	22,098
Liquidation of Businesses (%)	2.8	(5)	(2.2)	0.5	(2.2)
Bankruptcy Orders (No.)	1,537	1,527	1,748	1,992	1,757
Bankruptcy Orders (%)	(25.3)	(0.7)	14.5	14.0	(11.8)
Bankruptcy Discharges (No.)	2,252	1,391	1,881	2,584	3,546
Bankruptcy Discharges (%)	(26.3)	(38.2)	35.2	37.4	37.2
INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	(0.48)	4.25	3.64	-
Fish Supply & Wholesale	(10.5)	12.10	(0.5)	-	2.80
Manufacturing *	92.8	100.0	100.3	102.0
Food, Beverages & Tobacco	96.4	100.0	103.5	103.5	105.0
Textiles	122.1	100.0	104.0	87.1	74.9
Wearing Apparel	123.3	100.0	92.1	77.8	49.5
Leather Products & Footwear	81.8	100.0	98.6	109.8	95.9
Wood & Wood Products	104.0	100.0	95.5	107.4	112.0
Paper & Paper Products	106.1	100.0	97.4	103.2	103.4
Printing & Media	103.5	100.0	93.0	86.1	80.3
Crude Oil Refineries	95.6	100.0	99.4	93.5	85.6
Chemical & Chemical Products	97.6	100.0	100.5	104.1	114.0
Pharmaceutical Products	75.3	100.0	109.7	107.2	115.7
Rubber & Plastic Products	112.3	100.0	96.5	92.9	92.8
Non-metallic Mineral	92.5	100.0	98.2	97.6	82.2
Basic Metals	102.2	100.0	90.6	76.5	98.3
Fabricated Metal Products	103.6	100.0	104.3	105.1	105.1
Machinery & Equipment	78.5	100.0	112.9	114.5	124.0
Electrical Machinery	124.1	100.0	99.3	108.5	121.3
Electronic Components	113.6	100.0	90.6	94.3	95.0
Transport Equipment	94.0	100.0	106.3	107.5	103.2
Construction	14.20	20.50	28.70	-	22.00
Real Estate	21.3	25.4	31.9	-	145.1
Services
Electricity, Gas & Water	4.00	7.00	6.30	-
Transport, Storage & Communication	12.80	7.40	5.30	-	14.20
Finance & Insurance	(0.4)	8.90	0.50	-	6.00
Government Services	9.70	6.90	6.00	-
Education Services	(0.9)	(1.4)	0.30	-	5.98
* 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 1967, the Subject is a Private Limited company, focusing on trading of petroleum, edible oil and cocoa. 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 1,650,000 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 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. The Subject is a fairly large and rapidly growing company with over 400 staff in its operations 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. 

Despite the higher turnover, the Subject suffered pre-tax losses which reflected a highly competitive business environment. The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. Due to its weak liquidity position, the Subject may face working capital deficiency in meeting its short term financial obligations if no fresh capital are injected into the Subject. 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 28,035,000, the Subject should be able to maintain its business in the near terms. 

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.

Financial Year End	2014-05-31	2013-05-31	2012-05-31	2011-05-31	2010-05-31
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	13,784,028,000	12,527,999,000	14,085,379,000	12,018,284,000	8,298,276,000
Other Income	18,735,000	20,024,000	12,848,000	21,339,000	47,162,000
	----------------	----------------	----------------	----------------	----------------
Total Turnover	13,802,763,000	12,548,023,000	14,098,227,000	12,039,623,000	8,345,438,000
Costs of Goods Sold	(13,755,129,000)	(12,372,728,000)	(14,036,402,000)	(11,877,447,000)	(8,209,180,000)
	----------------	----------------	----------------	----------------	----------------
Gross Profit	47,634,000	175,295,000	61,825,000	162,176,000	136,258,000
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	(13,714,000)	92,977,000	12,274,000	89,733,000	81,516,000
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	(13,714,000)	92,977,000	12,274,000	89,733,000	81,516,000
Taxation	1,252,000	(5,744,000)	(3,913,000)	(1,788,000)	(2,581,000)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	(12,462,000)	87,233,000	8,361,000	87,945,000	78,935,000
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	84,125,000	55,093,000	479,732,000	403,287,000	414,352,000
	----------------	----------------	----------------	----------------	----------------
As restated	84,125,000	55,093,000	479,732,000	403,287,000	414,352,000
	----------------	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	71,663,000	142,326,000	488,093,000	491,232,000	493,287,000
DIVIDENDS - Ordinary (paid & proposed)	(40,000,000)	(58,201,000)	(433,000,000)	(11,500,000)	(90,000,000)
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	31,663,000	84,125,000	55,093,000	479,732,000	403,287,000
	=============	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Others	3,568,000	3,370,000	3,369,000	1,895,000	1,178,000
	----------------	----------------	----------------	----------------	----------------
	3,568,000	3,370,000	3,369,000	1,895,000	1,178,000
	=============	=============	=============	=============	=============
DEPRECIATION (as per notes to P&L)	941,000	877,000	890,000	905,000	920,000
	----------------	----------------	----------------	----------------	----------------
	941,000	877,000	890,000	905,000	920,000
	=============	=============	=============	=============	=============

BALANCE SHEET

ASSETS EMPLOYED:
FIXED ASSETS	1,468,000	1,342,000	1,653,000	2,059,000	2,024,000
LONG TERM INVESTMENTS/OTHER ASSETS
Subsidiary companies	61,244,000	61,244,000	1,352,000	1,272,000	1,244,000
Loans & advances - non-current	-	-	-	-	1,954,000
Deferred assets	1,842,000	233,000	-	-	210,000
Others	1,860,000	459,000	21,165,000	22,390,000	20,000,000
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	64,946,000	61,936,000	22,517,000	23,662,000	23,408,000
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	66,414,000	63,278,000	24,170,000	25,721,000	25,432,000
Short term quoted/unquoted investments	97,000	97,000	97,000	2,579,000	3,749,000
Stocks	366,993,000	277,729,000	373,016,000	260,364,000	184,649,000
Trade debtors	734,872,000	404,437,000	351,641,000	499,065,000	219,445,000
Other debtors, deposits & prepayments	145,495,000	52,425,000	780,022,000	58,379,000	671,581,000
Amount due from holding company	1,536,000	29,998,000	10,846,000	13,876,000	-
Amount due from subsidiary companies	674,000	414,000	414,000	573,000	-
Amount due from related companies	94,743,000	280,030,000	134,907,000	270,256,000	-
Cash & bank balances	314,000	99,000	127,000	197,000	1,286,000
Others	245,058,000	278,661,000	-	657,476,000	38,828,000
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	1,589,782,000	1,323,890,000	1,651,070,000	1,762,765,000	1,119,538,000
	----------------	----------------	----------------	----------------	----------------
TOTAL ASSET	1,656,196,000	1,387,168,000	1,675,240,000	1,788,486,000	1,144,970,000
	=============	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	289,536,000	192,473,000	231,450,000	287,773,000	117,357,000
Other creditors & accruals	335,525,000	407,460,000	722,583,000	500,773,000	602,256,000
Other liabilities & accruals	591,304,000	526,705,000	328,658,000	-	-
Amounts owing to holding company	9,174,000	1,406,000	5,123,000	2,796,000	-
Amounts owing to subsidiary companies	7,542,000	2,353,000	2,273,000	765,000	-
Amounts owing to related companies	136,241,000	131,053,000	243,722,000	140,404,000	-
Provision for taxation	-	3,754,000	2,384,000	3,258,000	2,325,000
Other liabilities	257,161,000	34,457,000	62,449,000	327,592,000	3,689,000
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	1,626,483,000	1,299,661,000	1,598,642,000	1,263,361,000	725,627,000
	----------------	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	(36,701,000)	24,229,000	52,428,000	499,404,000	393,911,000
	----------------	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	29,713,000	87,507,000	76,598,000	525,125,000	419,343,000
	=============	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	767,000	767,000	767,000	767,000	767,000
Preference share capital	-	-	6,909,000	6,909,000	6,909,000
	----------------	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	767,000	767,000	7,676,000	7,676,000	7,676,000
Capital reserve	(4,890,000)	(4,890,000)	-	-	-
Retained profit/(loss) carried forward	31,663,000	84,125,000	55,093,000	479,732,000	403,287,000
Capital redemption reserve	133,000	(461,000)	-	-	-
Others	362,000	1,150,000	2,091,000	5,179,000	(56,000)
	----------------	----------------	----------------	----------------	----------------
TOTAL RESERVES	27,268,000	79,924,000	57,184,000	484,911,000	403,231,000
	----------------	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	28,035,000	80,691,000	64,860,000	492,587,000	410,907,000
Deferred taxation	-	-	260,000	10,000	-
Others	1,678,000	6,816,000	11,478,000	32,528,000	8,436,000
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	1,678,000	6,816,000	11,738,000	32,538,000	8,436,000
	----------------	----------------	----------------	----------------	----------------
	29,713,000	87,507,000	76,598,000	525,125,000	419,343,000
	=============	=============	=============	=============	=============

FINANCIAL RATIO

TYPES OF FUNDS
Cash	314,000	99,000	127,000	197,000	1,286,000
Net Liquid Funds	314,000	99,000	127,000	197,000	1,286,000
Net Liquid Assets	(403,694,000)	(253,500,000)	(320,588,000)	239,040,000	209,262,000
Net Current Assets/(Liabilities)	(36,701,000)	24,229,000	52,428,000	499,404,000	393,911,000
Net Tangible Assets	29,713,000	87,507,000	76,598,000	525,125,000	419,343,000
Net Monetary Assets	(405,372,000)	(260,316,000)	(332,326,000)	206,502,000	200,826,000
PROFIT & LOSS ITEMS
Earnings Before Interest & Tax (EBIT)	(10,146,000)	96,347,000	15,643,000	91,628,000	82,694,000
Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)	(9,205,000)	97,224,000	16,533,000	92,533,000	83,614,000
BALANCE SHEET ITEMS
Total Borrowings	0	0	0	0	0
Total Liabilities	1,628,161,000	1,306,477,000	1,610,380,000	1,295,899,000	734,063,000
Total Assets	1,656,196,000	1,387,168,000	1,675,240,000	1,788,486,000	1,144,970,000
Net Assets	29,713,000	87,507,000	76,598,000	525,125,000	419,343,000
Net Assets Backing	28,035,000	80,691,000	64,860,000	492,587,000	410,907,000
Shareholders' Funds	28,035,000	80,691,000	64,860,000	492,587,000	410,907,000
Total Share Capital	767,000	767,000	7,676,000	7,676,000	7,676,000
Total Reserves	27,268,000	79,924,000	57,184,000	484,911,000	403,231,000
LIQUIDITY (Times)
Cash Ratio	0	0	0	0	0
Liquid Ratio	0.75	0.80	0.80	1.19	1.29
Current Ratio	0.98	1.02	1.03	1.40	1.54
WORKING CAPITAL CONTROL (Days)
Stock Ratio	10	8	10	8	8
Debtors Ratio	19	12	9	15	10
Creditors Ratio	8	6	6	9	5
SOLVENCY RATIOS (Times)
Gearing Ratio	0	0	0	0	0
Liabilities Ratio	58.08	16.19	24.83	2.63	1.79
Times Interest Earned Ratio	(2.84)	28.59	4.64	48.35	70.20
Assets Backing Ratio	38.74	114.09	9.98	68.41	54.63
PERFORMANCE RATIO (%)
Operating Profit Margin	(0.10)	0.74	0.09	0.75	0.98
Net Profit Margin	(0.09)	0.70	0.06	0.73	0.95
Return On Net Assets	(34.15)	110.10	20.42	17.45	19.72
Return On Capital Employed	(34.15)	110.10	20.42	17.45	19.72
Return On Shareholders' Funds/Equity	(44.45)	108.11	12.89	17.85	19.21
Dividend Pay Out Ratio (Times)	3.21	0.67	51.79	0.13	1.14
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.55
UK Pound	1	Rs.99.17
Euro	1	Rs.73.08

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	TRU

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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