MIRA INFORM REPORT

Report No. :	347131
Report Date :	27.10.2015

IDENTIFICATION DETAILS

Name :	AAA OILS & FATS PTE. LTD.

Formerly Known As :	ASIAMAS TRADING & MARKETING PTE LTD

Registered Office :	80, Raffles Place, 50-01, Uob Plaza, 048624

Country :	Singapore

Financials (as on) :	31.12.2014

Date of Incorporation :	04.03.2002

Com. Reg. No.:	200201667-C

Legal Form :	Private Limited

Line of Business :	Trading of edible oils and soft commodities.

No. of Employee :	60 [2015]

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Satisfactory

Payment Behaviour :	No complaints

Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Singapore

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

SINGAPORE - ECONOMIC OVERVIEW

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. Unemployment is very low. The economy depends heavily on exports, particularly of consumer electronics, information technology products, medical and optical devices, pharmaceuticals, and on its vibrant transportation, business, and financial services sectors. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but has continued to grow since 2010 on the strength of renewed exports. Growth in 2014 was slower at 2.9%, largely a result of soft demand for exports amid a sluggish global economy and weak growth in Singapore’s manufacturing sector. The government is attempting to restructure Singapore’s economy by weaning its dependence on foreign labor, addressing weak productivity, and increasing Singaporean wages. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and high-tech hub. Singapore is a member of the 12-nation Trans-Pacific Partnership free trade negotiations, the Regional Comprehensive Economic Partnership negotiations with the nine other ASEAN members plus Australia, China, India, Japan, South Korea and New Zealand, and in 2015, Singapore will form, with the other ASEAN members, the ASEAN Economic Community.

Source : CIA

EXECUTIVE SUMMARY

REGISTRATION NO.

200201667-C

COMPANY NAME

AAA OILS & FATS PTE. LTD.

FORMER NAME

ASIAMAS TRADING & MARKETING PTE LTD (08/07/2003)

INCORPORATION DATE

04/03/2002

COMPANY STATUS

EXIST

LEGAL FORM

PRIVATE LIMITED

LISTED STATUS

REGISTERED ADDRESS

80, RAFFLES PLACE, 50-01, UOB PLAZA, 048624, SINGAPORE.

BUSINESS ADDRESS

80, RAFFLES PLACE, 50-01, UOB PLAZA 1, 048624, SINGAPORE.

TEL.NO.

65-62169338

FAX.NO.

65-62277006

CONTACT PERSON

YEO HOW ( DIRECTOR )

PRINCIPAL ACTIVITY

TRADING OF EDIBLE OILS AND SOFT COMMODITIES

ISSUED AND PAID UP CAPITAL

3,034,300.00 ORDINARY SHARE, OF A VALUE OF SGD 3,034,300.00

SALES

USD 3,748,491,000 [2014]

NET WORTH

USD 208,369,378 [2014]

STAFF STRENGTH

60 [2015]

BANKER (S)

ABN AMRO BANK N.V.
BANCO SANTANDER, S.A. HONG KONG BRANCH
DZ BANK AG DEUTSCHE ZENTRAL-GENOSSENSCHAFTSBANK
HSH NORDBANK AG
RAIFFEISEN BANK INTERNATIONAL AG
RAIFFEISEN ZENTRALBANK OESTERREICH AKTIENGESELLSCHAFT
THE BANK OF TOKYO-MITSUBISHI UFJ, LTD (SINGAPORE BRANCH)
WESTLB AG
NATIXIS

LITIGATION

CLEAR

FINANCIAL CONDITION

STABLE

PAYMENT

GOOD

MANAGEMENT CAPABILITY

AVERAGE

COMMERCIAL RISK

LOW

CURRENCY EXPOSURE

MODERATE

GENERAL REPUTATION

SATISFACTORY

INDUSTRY OUTLOOK

AVERAGE GROWTH

HISTORY / BACKGROUND

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

The Subject is principally engaged in the (as a / as an) trading of edible oils and soft commodities.

The immediate holding company of the Subject is TALENT INVESTMENTS LIMITED, a company incorporated in VIRGIN ISLANDS, BRITISH.

Share Capital History

Date	Issue & Paid Up Capital
20/10/2015	SGD 3,034,300.00

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

Current Shareholder(s) :

Name	Address	IC/PP/Loc No	Shareholding	(%)
TALENT INVESTMENTS LIMITED	P.O BOX 3444, ROAD TOWN, TORTOLA, VIRGIN ISLANDS, BRITISH.	T03UF2074	3,034,300.00	100.00
			---------------	------
			3,034,300.00	100.00
			============	=====

+ Also Director

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

Local No	Country	Company	Status	(%)	As At
201219281W	SINGAPORE	APICAL LOGISTIC MANAGEMENT PTE. LTD.	-	100.00	20/10/2015
201219285C	SINGAPORE	APICAL SK MANAGEMENT PTE. LTD.	-	100.00	20/10/2015
201219278	SINGAPORE	APICAL CHINA MANAGEMENT PTE LTD	-	100.00	20/10/2015
201219277	SINGAPORE	APICAL SUMATERA MANAGEMENT PTE LTD	-	100.00	20/10/2015

DIRECTORS

DIRECTOR 1

Name Of Subject	:	MR. YEO HOW
Address	:	6, SUFFOLK WALK, 22-07, VIVA, 307464, SINGAPORE.
IC / PP No	:	G6085989U



Nationality	:	MALAYSIAN
Date of Appointment	:	16/12/2014

DIRECTOR 2

Name Of Subject	:	SUWANDI LIM
Address	:	170, STIRLING ROAD, 16-1125, 140170, SINGAPORE.
IC / PP No	:	S7066110A



Nationality	:	SINGAPOREAN
Date of Appointment	:	19/01/2015

DIRECTOR 3

Name Of Subject	:	LIM WI LIN
Address	:	290C, BUKIT BATOK EAST AVENUE 3, 06-350, 650290, SINGAPORE.
IC / PP No	:	G5483973T



Nationality	:	INDONESIAN
Date of Appointment	:	04/07/2014

DIRECTOR 4

Name Of Subject	:	JOSEPH OETOMO @ OE SIANG KIE
Address	:	477, RIVER VALLEY ROAD, 11-04, VALLEY PARK, SINGAPORE.
IC / PP No	:	S2757387H



Nationality	:	SINGAPOREAN
Date of Appointment	:	19/01/2015

MANAGEMENT

1)	Name of Subject	:	YEO HOW
	Position	:	DIRECTOR

AUDITOR

Auditor	:	KPMG LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	PUA EE HUANG
	IC / PP No	:	S7046110B

	Address	:	226, WESTWOOD AVENUE, 08-20, THE FLORAVALE, 648357, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)	Name	:	ABN AMRO BANK N.V.

2)	Name	:	BANCO SANTANDER, S.A. HONG KONG BRANCH

3)	Name	:	DZ BANK AG DEUTSCHE ZENTRAL-GENOSSENSCHAFTSBANK

4)	Name	:	HSH NORDBANK AG

5)	Name	:	RAIFFEISEN BANK INTERNATIONAL AG

6)	Name	:	RAIFFEISEN ZENTRALBANK OESTERREICH AKTIENGESELLSCHAFT

7)	Name	:	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD (SINGAPORE BRANCH)

8)	Name	:	WESTLB AG

9)	Name	:	NATIXIS

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C200902213	16/04/2009	N/A	RAIFFEISEN ZENTRALBANK OESTERREICH AKTIENGESELLSCHAFT	-	Unsatisfied
C201001677	24/02/2010	N/A	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD. SINGAPORE BRANCH	-	Unsatisfied
C201100810	18/01/2011	N/A	DZ BANK AG DEUTSCHE ZENTRAL-GENOSSENSCHAFTSBANK, FRANKFURF AM MAIN	-	Unsatisfied
C201108121	05/07/2011	N/A	ABN AMRO BANK BHD	-	Unsatisfied
C201109920	11/08/2011	N/A	BANCO SANTANDER, S.A. HONG KONG BRANCH	-	Unsatisfied
C201113972	03/11/2011	N/A	INDUSTRIAL & COMMERCIAL BANK OF CHINA LIMITED	-	Unsatisfied
C201116080	21/12/2011	N/A	INDUSTRIAL & COMMERCIAL BANK OF CHINA LIMITED	-	Unsatisfied
C201300531	11/01/2013	N/A	BANCO SANTANDER, S.A.	-	Unsatisfied
C201317512	27/12/2013	N/A	RAIFFEISEN BANK INTERNATIONAL AG	-	Unsatisfied
C201400010	27/12/2013	N/A	RAIFFEISEN BANK INTERNATIONAL AG	-	Unsatisfied
C201401124	28/01/2014	N/A	BANCO SANTANDER, S.A.	-	Unsatisfied
C201409170	27/08/2014	N/A	ABN AMRO BANK N.V.	USD 725,000,000.00	Unsatisfied
C201409173	27/08/2014	N/A	ABN AMRO BANK N.V.	USD 725,000,000.00	Unsatisfied
C201508179	21/07/2015	N/A	NATIXIS	-	Unsatisfied

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	:	YES
Overseas	:	YES

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

OVERALL PAYMENT HABIT

Prompt 0-30 Days

[

]

Good 31-60 Days

[

]

Average 61-90 Days

[

]

Fair 91-120 Days

[

]

Poor >120 Days

[

]

CLIENTELE

Local	:	YES
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	ASIA
Credit Term	:	AS AGREED

Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Goods Traded

EDIBLE OILS AND SOFT COMMODITIES

Total Number of Employees:
YEAR	2015	2014	2013	2012	2011

GROUP	N/A	N/A	N/A	N/A	N/A
COMPANY	60	60	60	100	100

Branch

Other Information:

The Subject is principally engaged in the (as a / as an) trading of edible oils and soft commodities.

Products and services:

* crude palm oil & crude palm kernel oil
* processed palm oil products
* packed cooking oil
* shortening
* margarine
* rubber
* cocoa beans

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-62169338
Match	:	N/A

Address Provided by Client	:	80, RAFFLES PLACE, 50-01, UOB PLAZA 1,048624,SINGAPORE
Current Address	:	80, RAFFLES PLACE, 50-01, UOB PLAZA 1, 048624, SINGAPORE.
Match	:	YES

Other Investigations

We contacted one of the staff from the Subject;s registered office and she provided some information on the Subject.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	2010 - 2014	]
Profit/(Loss) Before Tax	:	Increased	[	2010 - 2014	]
Return on Shareholder Funds	:	Favourable	[	35.17%	]
Return on Net Assets	:	Acceptable	[	24.86%	]

The Subject's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.The Subject's management have been efficient in controlling its operating costs. 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	[	1 Days	]
Debtor Ratio	:	Favourable	[	15 Days	]
Creditors Ratio	:	Favourable	[	3 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	[	1.80 Times	]
Current Ratio	:	Unfavourable	[	1.83 Times	]

A minimum liquid ratio of 1 should be maintained by the Subject in order to assure its creditors of its ability to meet short term obligations and the Subject was in a good liquidity position. Thus, we believe the Subject is able to meet all its short term obligations as and when they fall due.

Solvency
Interest Cover	:	Acceptable	[	5.12 Times	]
Gearing Ratio	:	Unfavourable	[	2.83 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 :
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 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 : STABLE

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 2002, the Subject is a Private Limited company, focusing on trading of edible oils and soft commodities. Having been in the industry for over a decade, the Subject has achieved a certain market share and has built up a satisfactory reputation in the market. It should have received supports from its regular customers. A paid up capital of SGD 3,034,300 allows the Subject to expand its business more comfortably. With a strong backing from its holding company, the Subject enjoys timely financial assistance should the needs arise.

Over the years, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. Being a moderate size company, the Subject has a total workforce of 60 employees in its business 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.

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 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 208,369,378, the Subject should be able to maintain its business in the near terms.

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 promptly.

PROFIT AND LOSS ACCOUNT

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

Financial Year End	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31
Months	12	12	12	12	12
Consolidated Account	Company	Company	Company	Company	Company
Audited Account	YES	YES	YES	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES	YES	YES	YES
Financial Type	FULL	FULL	FULL	FULL	FULL
Currency	USD	USD	USD	USD	USD

TURNOVER	3,748,491,000	3,736,074,941	2,816,515,951	3,037,319,216	1,942,372,535
	----------------	----------------	----------------	----------------	----------------
Total Turnover	3,748,491,000	3,736,074,941	2,816,515,951	3,037,319,216	1,942,372,535
Costs of Goods Sold	(3,505,483,745)	(3,526,399,244)	(2,587,755,434)	(2,818,781,247)	(1,822,695,639)
	----------------	----------------	----------------	----------------	----------------
Gross Profit	243,007,255	209,675,697	228,760,517	218,537,969	119,676,896
	----------------	----------------	----------------	----------------	----------------

PROFIT/(LOSS) FROM OPERATIONS	83,534,141	64,817,643	151,390,430	150,470,527	80,774,369
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	83,534,141	64,817,643	151,390,430	150,470,527	80,774,369
Taxation	(10,245,794)	(3,377,531)	(9,637,951)	(7,757,325)	(4,130,091)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	73,288,347	61,440,112	141,752,479	142,713,202	76,644,278
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	133,081,031	99,640,919	57,888,440	17,220,095	30,575,817
	----------------	----------------	----------------	----------------	----------------
As restated	133,081,031	99,640,919	57,888,440	17,220,095	30,575,817
	----------------	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	206,369,378	161,081,031	199,640,919	159,933,297	107,220,095
DIVIDENDS - Ordinary (paid & proposed)	-	(28,000,000)	(100,000,000)	(102,044,857)	(90,000,000)
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	206,369,378	133,081,031	99,640,919	57,888,440	17,220,095
	=============	=============	=============	=============	=============

INTEREST EXPENSE (as per notes to P&L)
Term loan / Borrowing	6,051,563	1,227,444	1,675,359	1,933,456	132,626
Trust receipts	14,188,173	11,932,919	9,196,112	26,910	10,453
Others	45,805	-	-	8,342,995	3,561,479
	----------------	----------------	----------------	----------------	----------------
	20,285,541	13,160,363	10,871,471	10,303,361	3,704,558
	=============	=============	=============	=============	=============

DEPRECIATION (as per notes to P&L)	167,761	175,157	175,196	23,006	20,656
	----------------	----------------	----------------	----------------	----------------
	167,761	175,157	175,196	23,006	20,656
	=============	=============	=============	=============	=============

BALANCE SHEET

ASSETS EMPLOYED:
FIXED ASSETS	169,962	336,794	490,042	633,384	73,754

LONG TERM INVESTMENTS/OTHER ASSETS
Subsidiary companies	575,836	575,836	415,836	265,834	265,834
Loans & advances - non-current	-	106,441,754	-	-	-
Deferred assets	-	-	-	-	3,694
Others	-	-	78,000,000	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	575,836	107,017,590	78,415,836	265,834	269,528

	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	745,798	107,354,384	78,905,878	899,218	343,282

Stocks	13,640,881	6,975,598	7,920,803	-	5,473,463
Trade debtors	155,908,156	279,404,389	162,233,818	161,118,417	148,660,102
Other debtors, deposits & prepayments	40,808,173	21,036,437	14,550,602	21,688,255	36,958,355
Short term deposits	-	-	-	4,064,000	64,000
Loans & advances - current portion	-	190,175,645	20,310,050	-	-
Amount due from holding company	541,652,326	56,523,716	130,068,125	188,144,534	8,877,187
Amount due from subsidiary companies	135,519,646	16,251,538	8,110,513	258,911	19,483,460
Amount due from related companies	3,654,664	5,233,222	9,361,784	4,196	319
Cash & bank balances	14,258,314	12,695,195	9,046,405	35,318,843	11,197,894
Others	13,509,710	5,642,729	-	-	2,072,763
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	918,951,870	593,938,469	361,602,100	410,597,156	232,787,543
	----------------	----------------	----------------	----------------	----------------
TOTAL ASSET	919,697,668	701,292,853	440,507,978	411,496,374	233,130,825
	=============	=============	=============	=============	=============

CURRENT LIABILITIES
Trade creditors	26,045,456	47,178,717	33,799,826	83,446,691	30,067,683
Other creditors & accruals	4,369,666	4,735,039	5,517,194	8,291,256	1,808,331
Hire purchase & lease creditors	-	-	-	160,000,000	124,100,000
Bank overdraft	-	3,572,737	3,471,401	-	-
Short term borrowings/Term loans	52,350,000	18,400,000	14,000,000	15,500,000	3,730,000
Other borrowings	327,902,691	364,397,846	235,394,818	-	-
Deposits from customers	473,665	3,658,952	-	-	-
Amounts owing to subsidiary companies	19,003,203	56,659,833	7,405,476	-	-
Amounts owing to related companies	51,684,174	16,083,535	10,615,544	9,311,462	-
Provision for taxation	9,569,649	3,030,417	9,622,741	7,759,528	4,130,091
Other liabilities	10,668,462	8,870,779	1,540,059	32,298,997	5,804,625
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	502,066,966	526,587,855	321,367,059	316,607,934	169,640,730
	----------------	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	416,884,904	67,350,614	40,235,041	93,989,222	63,146,813
	----------------	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	417,630,702	174,704,998	119,140,919	94,888,440	63,490,095
	=============	=============	=============	=============	=============

SHARE CAPITAL
Ordinary share capital	2,000,000	2,000,000	2,000,000	2,000,000	2,000,000
	----------------	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	2,000,000	2,000,000	2,000,000	2,000,000	2,000,000

Retained profit/(loss) carried forward	206,369,378	133,081,031	99,640,919	57,888,440	17,220,095
	----------------	----------------	----------------	----------------	----------------
TOTAL RESERVES	206,369,378	133,081,031	99,640,919	57,888,440	17,220,095

	----------------	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	208,369,378	135,081,031	101,640,919	59,888,440	19,220,095

Long term loans	209,250,000	39,603,693	17,500,000	35,000,000	44,270,000
Deferred taxation	11,324	20,274	-	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	209,261,324	39,623,967	17,500,000	35,000,000	44,270,000
	----------------	----------------	----------------	----------------	----------------
	417,630,702	174,704,998	119,140,919	94,888,440	63,490,095
	=============	=============	=============	=============	=============

FINANCIAL RATIO

TYPES OF FUNDS
Cash	14,258,314	12,695,195	9,046,405	39,382,843	11,261,894
Net Liquid Funds	14,258,314	9,122,458	5,575,004	39,382,843	11,261,894
Net Liquid Assets	403,244,023	60,375,016	32,314,238	93,989,222	57,673,350
Net Current Assets/(Liabilities)	416,884,904	67,350,614	40,235,041	93,989,222	63,146,813
Net Tangible Assets	417,630,702	174,704,998	119,140,919	94,888,440	63,490,095
Net Monetary Assets	193,982,699	20,751,049	14,814,238	58,989,222	13,403,350
PROFIT & LOSS ITEMS
Earnings Before Interest & Tax (EBIT)	103,819,682	77,978,006	162,261,901	160,773,888	84,478,927
Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)	103,987,443	78,153,163	162,437,097	160,796,894	84,499,583
BALANCE SHEET ITEMS
Total Borrowings	589,502,691	425,974,276	270,366,219	210,500,000	172,100,000
Total Liabilities	711,328,290	566,211,822	338,867,059	351,607,934	213,910,730
Total Assets	919,697,668	701,292,853	440,507,978	411,496,374	233,130,825
Net Assets	417,630,702	174,704,998	119,140,919	94,888,440	63,490,095
Net Assets Backing	208,369,378	135,081,031	101,640,919	59,888,440	19,220,095
Shareholders' Funds	208,369,378	135,081,031	101,640,919	59,888,440	19,220,095
Total Share Capital	2,000,000	2,000,000	2,000,000	2,000,000	2,000,000
Total Reserves	206,369,378	133,081,031	99,640,919	57,888,440	17,220,095
LIQUIDITY (Times)
Cash Ratio	0.03	0.02	0.03	0.12	0.07
Liquid Ratio	1.80	1.11	1.10	1.30	1.34
Current Ratio	1.83	1.13	1.13	1.30	1.37
WORKING CAPITAL CONTROL (Days)
Stock Ratio	1	1	1	0	1
Debtors Ratio	15	27	21	19	28
Creditors Ratio	3	5	5	11	6
SOLVENCY RATIOS (Times)
Gearing Ratio	2.83	3.15	2.66	3.51	8.95
Liabilities Ratio	3.41	4.19	3.33	5.87	11.13
Times Interest Earned Ratio	5.12	5.93	14.93	15.60	22.80
Assets Backing Ratio	208.82	87.35	59.57	47.44	31.75
PERFORMANCE RATIO (%)
Operating Profit Margin	2.23	1.73	5.38	4.95	4.16
Net Profit Margin	1.96	1.64	5.03	4.70	3.95
Return On Net Assets	24.86	44.63	136.19	169.43	133.06
Return On Capital Employed	24.86	43.74	132.34	63.08	45.03
Return On Shareholders' Funds/Equity	35.17	45.48	139.46	238.30	398.77
Dividend Pay Out Ratio (Times)	0	0.46	0.71	0.72	1.17
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.96
UK Pound	1	Rs.99.55
Euro	1	Rs.71.62

INFORMATION DETAILS

Analysis Done by :	DIV

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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