MIRA INFORM REPORT

Report No. :	347356
Report Date :	28.10.2015

IDENTIFICATION DETAILS

Name :	NOBLE RESOURCES INTERNATIONAL PTE. LTD.
Registered Office :	60, Anson Road, 19-01, Mapletree Anson, 079914
Country :	Singapore
Financials (as on) :	31.12.2014
Date of Incorporation :	29.06.2011
Com. Reg. No.:	201115304-N
Legal Form :	Private Limited
Line of Business :	Subject is engaged in trading of agricultural, energy products, metals and minerals, investment holding.
No. of Employees :	200

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.	:	201115304-N
COMPANY NAME	:	NOBLE RESOURCES INTERNATIONAL PTE. LTD.
FORMER NAME	:	NOBLE RESOURCES SINGAPORE PTE. LTD. (25/07/2011)
INCORPORATION DATE	:	29/06/2011
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	60, ANSON ROAD, 19-01, MAPLETREE ANSON, 079914, SINGAPORE.
BUSINESS ADDRESS	:	60, ANSON ROAD, 19-01, MAPLETREE ANSON, 079914, SINGAPORE.
TEL.NO.	:	65-63054888
FAX.NO.	:	65-64054889
WEB SITE	:	WWW.THISISNOBLE.COM
CONTACT PERSON	:	NEIL TIMOTHY DHAR ( DIRECTOR )
PRINCIPAL ACTIVITY	:	TRADING OF AGRICULTURAL, ENERGY PRODUCTS, METALS AND MINERALS, INVESTMENT HOLDING
ISSUED AND PAID UP CAPITAL	:	88,136,500.00 ORDINARY SHARE, OF A VALUE OF SGD 88,136,500.00
SALES	:	USD 11,086,303,000 [2014]
NET WORTH	:	USD 380,966,000 [2014]
STAFF STRENGTH	:	200 [2015]
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	FAIR
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 agricultural, energy products, metals and minerals, investment holding.

The immediate holding company of the Subject is NOBLE RESOURCES GROUP LIMITED, a company incorporated in VIRGIN ISLANDS, BRITISH.

Share Capital History

Date	Issue & Paid Up Capital
08/10/2015	SGD 88,136,500.00

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

Current Shareholder(s) :

Name	Address	IC/PP/Loc No	Shareholding	(%)
NOBLE RESOURCES GROUP LIMITED	P. O. BOX 957, OFFSHORE INCORPORATIONS CENTRE, ROAD TOWN, TORTOLA, VIRGIN ISLANDS, BRITISH.	T03UF0001	88,136,500.00	100.00
			---------------	------
			88,136,500.00	100.00
			============	=====

+ Also Director

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

Local No	Country	Company	Status	(%)	As At
201129166G	SINGAPORE	ZEAL RESOURCES PTE. LTD.	-	100.00	08/10/2015
200709936E	SINGAPORE	NOBLE PLANTATIONS PTE. LTD.	-	100.00	08/10/2015
201004485D	SINGAPORE	ENERGY COAL MARKETING ASIA PTE. LTD.	-	100.00	08/10/2015
200712611E	SINGAPORE	NHCL PTE. LTD.	-	100.00	08/10/2015
201131155K	SINGAPORE	JAPET RESOURCES PTE. LTD.	-	100.00	08/10/2015
200707807K	SINGAPORE	NOBLE INTERNATIONAL TRADING SINGAPORE PTE. LTD.	-	100.00	08/10/2015
200106798D	SINGAPORE	WORLDWIDE WAREHOUSE SOLUTIONS SINGAPORE PTE. LTD.	-	100.00	08/10/2015

DIRECTORS

DIRECTOR 1

Name Of Subject	:	TIMOTHY MARTIN EYRE
Address	:	FLAT C, 8/F, THE MANHATTAN, 33, TAI TAM ROAD, STANLEY, HONG KONG.
IC / PP No	:	508184894
Nationality	:	BRITISH
Date of Appointment	:	01/11/2011

DIRECTOR 2

Name Of Subject	:	WILLIAM JAMES RANDALL
Address	:	8, ROCHALIE DRIVE, 248239, SINGAPORE.
IC / PP No	:	G5933539T
Nationality	:	AUSTRALIAN
Date of Appointment	:	17/08/2011

DIRECTOR 3

Name Of Subject	:	NEIL TIMOTHY DHAR
Address	:	64A, MERRYN ROAD, 298524, SINGAPORE.
IC / PP No	:	S2770726B
Nationality	:	SINGAPOREAN
Date of Appointment	:	17/08/2011

MANAGEMENT

1)	Name of Subject	:	NEIL TIMOTHY DHAR
	Position	:	DIRECTOR

AUDITOR

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

COMPANY SECRETARIES

1)	Company Secretary	:	YVONNE ANG RUEY SHYA
	IC / PP No	:	S8426403B
	Address	:	213B, COMPASSVALE LANE, 15-262, 542213, SINGAPORE.

2)	Company Secretary	:	SHARON LIM SIEW CHOO
	IC / PP No	:	S7700641I
	Address	:	498F, TAMPINES STREET 45, 06-424, 524498, SINGAPORE.

BANKING

No Banker found in our databank. 

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C201403248	28/03/2014	N/A	BANCO NACIONAL DE MEXICO SA	-	Unsatisfied
C201505706	18/05/2015	N/A	HSBC TRINKAUS & BURKHARDT AG	USD 11,000,000.00	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	:	N/A
Overseas	:	N/A

The Subject refused to disclose its suppliers. 

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

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

CLIENTELE

Local	:	YES
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	WORLDWIDE
Credit Term	:	N/A
Payment Mode	:	N/A

OPERATIONS

Goods Traded

:

AGRICULTURAL, ENERGY PRODUCTS, METALS AND MINERALS

Total Number of Employees:
YEAR	2015	2014	2013
GROUP	N/A	N/A	N/A
COMPANY	200	200	200

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) trading of agricultural, energy products, metals and minerals, investment holding. 

The Noble Group, is a market-leading global supply chain manager of agricultural and energy products, metals and minerals.

The Group facilitates the marketing, processing, financing and transportation of essential raw materials. Sourcing bulk commodities from low cost regions such as South America, South Africa, Australia and Indonesia, the Group supplies high growth demand markets, particularly in Asia and the Middle East. 

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-63054888
Match	:	N/A
Address Provided by Client	:	60, ANSON ROAD, 19-01, MAPLETREE ANSON,079914,SINGAPORE
Current Address	:	60, ANSON ROAD, 19-01, MAPLETREE ANSON, 079914, SINGAPORE.
Match	:	YES

Other Investigations

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

The Subject refused to disclose it's bankers.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Erratic	[	2011 - 2014	]
Profit/(Loss) Before Tax	:	Decreased	[	2011 - 2014	]
Return on Shareholder Funds	:	Unfavourable	[	8.28%	]
Return on Net Assets	:	Favourable	[	33.80%	]
The fluctuating turnover reflects the fierce competition among the existing and new market players. The Subject's profit fell sharply because of the high operating costs incurred. The unfavourable return on shareholders' funds could indicate that the Subject was inefficient in utilising its assets to generate returns.
Working Capital Control
Stock Ratio	:	Favourable	[	9 Days	]
Debtor Ratio	:	Favourable	[	20 Days	]
Creditors Ratio	:	Favourable	[	21 Days	]
The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The favourable debtors' days could be due to the good credit control measures implemented by the Subject. The Subject had a favourable creditors' ratio where the Subject could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.
Liquidity
Liquid Ratio	:	Acceptable	[	0.96 Times	]
Current Ratio	:	Unfavourable	[	1.00 Times	]
The Subject's liquid ratio was slightly low. This could indicate that the Subject's working capital was slightly deficient. The Subject will have to improve its liquidity position either by obtaining short term financing or increase its paid up capital so that it can meet all its short term obligations as and when they fall due.
Solvency
Interest Cover	:	Unfavourable	[	1.49 Times	]
Gearing Ratio	:	Favourable	[	0.00 Times	]
The Subject's interest cover was low. If its profits fall or when interest rate rises, it  may not be able to meet all its interest payment. 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 recorded lower profits as its turnover showed a erratic trend. The Subject's management was unable to control its costs efficiently as its profit showed a downward trend. The Subject's liquidity was at an acceptable range. If the Subject is able to obtain further short term financing, it should be able to meet all its short term obligations. If there is a fall in the Subject's profit or any increase in interest rate, the Subject may not be able to generate sufficient cash-flow to service its interest. 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 : FAIR

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 2011, the Subject is a Private Limited company, focusing on trading of agricultural, energy products, metals and minerals, investment holding. The Subject has been in business for less than 5 years and it has slowly been building up contact with its clients while competing in the industry. However, it has yet to enjoy a stable market shares as it need to compete many well established players in the same field. The Subject is a large entity with strong capital position of SGD 88,136,500. We are confident with the Subject's business and its future growth prospect. Having strong support from its holding company has enabled the Subject to remain competitive despite the challenging business environment. 

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. The Subject is a fairly large and rapidly growing company with over 200 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. 

The Subject's business performance showed a reverse trend as both its turnover and pre-tax profit have decreased compared to the previous year. The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. The Subject managed to maintain an adequate liquidity level, indicating that the Subject has the ability to meet its financial obligations. Being a zero geared company, the Subject virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. Given a positive net worth standing at USD 380,966,000, 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 promptly.

PROFIT AND LOSS ACCOUNT

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

NOBLE RESOURCES INTERNATIONAL PTE. LTD.

Financial Year End	2014-12-31	2013-12-31	2012-12-31	2011-12-31
Months	12	12	12	6
Consolidated Account	Company	Company	Company	Company
Audited Account	YES	YES	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES	YES	YES
Financial Type	FULL	FULL	FULL	FULL
Currency	USD	USD	USD	USD
TURNOVER	11,086,303,000	14,887,561,000	12,249,509,000	1,731,743,000
	----------------	----------------	----------------	----------------
Total Turnover	11,086,303,000	14,887,561,000	12,249,509,000	1,731,743,000
Costs of Goods Sold	(10,835,300,000)	(14,521,864,000)	(12,009,083,000)	(1,674,911,000)
	----------------	----------------	----------------	----------------
Gross Profit	251,003,000	365,697,000	240,426,000	56,832,000
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	42,549,000	188,081,000	110,435,000	5,273,000
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	42,549,000	188,081,000	110,435,000	5,273,000
Taxation	(11,000,000)	(15,000,000)	(12,100,000)	(1,200,000)
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	31,549,000	173,081,000	98,335,000	4,073,000
	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	275,489,000	102,408,000	4,073,000	-
	----------------	----------------	----------------	----------------
As restated	275,489,000	102,408,000	4,073,000	-
	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	307,038,000	275,489,000	102,408,000	4,073,000
	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	307,038,000	275,489,000	102,408,000	4,073,000
	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Others	86,208,000	56,552,000	41,669,000	9,365,000
	----------------	----------------	----------------	----------------
	86,208,000	56,552,000	41,669,000	9,365,000
	=============	=============	=============	=============
DEPRECIATION (as per notes to P&L)	2,135,000	2,255,000	2,474,000	741,000
	----------------	----------------	----------------	----------------
	2,135,000	2,255,000	2,474,000	741,000
	=============	=============	=============	=============

BALANCE SHEET

ASSETS EMPLOYED:
FIXED ASSETS	6,675,000	8,682,000	10,607,000	10,832,000
LONG TERM INVESTMENTS/OTHER ASSETS
Subsidiary companies	17,998,000	17,998,000	18,032,000	17,998,000
Associated companies	60,140,000	5,137,000	5,137,000	4,780,000
Investments	40,000,000	40,000,000	40,000,000	-
Investment securities	19,661,000	6,628,000	-	-
Deferred assets	-	-	-	4,521,000
Others	227,955,000	140,942,000	35,631,000	213,128,000
	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	365,754,000	210,705,000	98,800,000	240,427,000
	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	372,429,000	219,387,000	109,407,000	251,259,000
Stocks	265,490,000	247,425,000	52,520,000	61,333,000
Trade debtors	607,546,000	477,355,000	376,065,000	195,996,000
Other debtors, deposits & prepayments	473,172,000	244,989,000	316,277,000	176,218,000
Loans & advances - current portion	133,621,000	119,742,000	-	-
Amount due from agents, brokers & reinsurers	14,715,000	4,014,000	22,000	36,254,000
Amount due from holding company	269,629,000	84,918,000	-	-
Amount due from subsidiary companies	238,460,000	41,360,000	-	-
Amount due from related companies	476,002,000	450,174,000	511,830,000	383,955,000
Amount due from associated companies	250,000	923,000	-	-
Cash & bank balances	4,552,000	1,752,000	683,000	6,094,000
Others	3,441,798,000	2,496,285,000	3,718,636,000	1,179,926,000
	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	5,925,235,000	4,168,937,000	4,976,033,000	2,039,776,000
	----------------	----------------	----------------	----------------
TOTAL ASSET	6,297,664,000	4,388,324,000	5,085,440,000	2,291,035,000
	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	626,325,000	221,462,000	193,121,000	109,025,000
Other creditors & accruals	760,751,000	734,543,000	395,682,000	284,886,000
Amounts owing to holding company	175,975,000	120,324,000	-	-
Amounts owing to subsidiary companies	55,561,000	75,025,000	-	-
Amounts owing to related companies	3,703,783,000	2,647,718,000	1,887,040,000	1,437,723,000
Provision for taxation	9,113,000	13,864,000	2,275,000	1,200,000
Other liabilities	585,190,000	229,860,000	2,434,489,000	509,619,000
	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	5,916,698,000	4,042,796,000	4,912,607,000	2,342,453,000
	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	8,537,000	126,141,000	63,426,000	(302,677,000)
	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	380,966,000	345,528,000	172,833,000	(51,418,000)
	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	70,425,000	70,425,000	70,425,000	30,401,000
	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	70,425,000	70,425,000	70,425,000	30,401,000
Retained profit/(loss) carried forward	307,038,000	275,489,000	102,408,000	4,073,000
Others	3,503,000	(386,000)	-	(85,892,000)
	----------------	----------------	----------------	----------------
TOTAL RESERVES	310,541,000	275,103,000	102,408,000	(81,819,000)
	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	380,966,000	345,528,000	172,833,000	(51,418,000)
	----------------	----------------	----------------	----------------
	380,966,000	345,528,000	172,833,000	(51,418,000)
	=============	=============	=============	=============

FINANCIAL RATIO

TYPES OF FUNDS
Cash	4,552,000	1,752,000	683,000	6,094,000
Net Liquid Funds	4,552,000	1,752,000	683,000	6,094,000
Net Liquid Assets	(256,953,000)	(121,284,000)	10,906,000	(364,010,000)
Net Current Assets/(Liabilities)	8,537,000	126,141,000	63,426,000	(302,677,000)
Net Tangible Assets	380,966,000	345,528,000	172,833,000	(51,418,000)
Net Monetary Assets	(256,953,000)	(121,284,000)	10,906,000	(364,010,000)
PROFIT & LOSS ITEMS
Earnings Before Interest & Tax (EBIT)	0	244,633,000	152,104,000	14,638,000
Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)	130,892,000	246,888,000	154,578,000	15,379,000
BALANCE SHEET ITEMS
Total Borrowings	0	0	0	0
Total Liabilities	5,916,698,000	4,042,796,000	4,912,607,000	2,342,453,000
Total Assets	6,297,664,000	4,388,324,000	5,085,440,000	2,291,035,000
Net Assets	380,966,000	345,528,000	172,833,000	(51,418,000)
Net Assets Backing	380,966,000	345,528,000	172,833,000	(51,418,000)
Shareholders' Funds	380,966,000	345,528,000	172,833,000	(51,418,000)
Total Share Capital	70,425,000	70,425,000	70,425,000	30,401,000
Total Reserves	310,541,000	275,103,000	102,408,000	(81,819,000)
LIQUIDITY (Times)
Cash Ratio	0	0	0	0
Liquid Ratio	0.96	0.97	1.00	0.84
Current Ratio	1.00	1.03	1.01	0.87
WORKING CAPITAL CONTROL (Days)
Stock Ratio	9	6	2	13
Debtors Ratio	20	12	11	41
Creditors Ratio	21	6	6	24
SOLVENCY RATIOS (Times)
Gearing Ratio	0	0	0	0
Liabilities Ratio	15.53	11.70	28.42	(45.56)
Times Interest Earned Ratio	1.49	4.33	3.65	1.56
Assets Backing Ratio	5.41	4.91	2.45	(1.69)
PERFORMANCE RATIO (%)
Operating Profit Margin	0.38	1.26	0.90	0.30
Net Profit Margin	0.28	1.16	0.80	0.24
Return On Net Assets	33.80	70.80	88.01	(28.47)
Return On Capital Employed	33.80	70.80	88.01	(28.47)
Return On Shareholders' Funds/Equity	8.28	50.09	56.90	(7.92)
Dividend Pay Out Ratio (Times)	0	0	0	0
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.95
UK Pound	1	Rs.99.73
Euro	1	Rs.71.84

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	DPT

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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