MIRA INFORM REPORT

Report No. :	341682
Report Date :	23.09.2015

IDENTIFICATION DETAILS

Name :	PTT INTERNATIONAL TRADING PTE LTD
Registered Office :	391A, Orchard Road, 12-01/04, Ngee Ann City, Tower A, 238873, Singapore.
Country :	Singapore
Financials (as on) :	31.12.2014
Date of Incorporation :	01.12.2000
Com. Reg. No.:	200010108-W
Legal Form :	Private Limited
Line of Business :	Subject is engaged in wholesale of crude petroleum.
No. of Employees :	30

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 :	Exist

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.

:

200010108-W

COMPANY NAME

:

PTT INTERNATIONAL TRADING PTE LTD

FORMER NAME

:

N/A

INCORPORATION DATE

:

01/12/2000

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

391A, ORCHARD ROAD, 12-01/04, NGEE ANN CITY, TOWER A, 238873, SINGAPORE.

BUSINESS ADDRESS

:

391A ORCHARD ROAD #12-01/04, #12-05 & 12-10, NGEE ANN CITY TOWER A, 238873, SINGAPORE.

TEL.NO.

:

65-67346540

FAX.NO.

:

65-67343397

EMAIL

:

CRUDE@PTTTRADING.COM

WEB SITE

:

WWW.PTT-TRADING.COM

CONTACT PERSON

:

VAITAYANG KULLAVANIJAYA ( MANAGING DIRECTOR )

PRINCIPAL ACTIVITY

:

WHOLESALE OF CRUDE PETROLEUM

ISSUED AND PAID UP CAPITAL

:

6,100,000.00 ORDINARY SHARE, OF A VALUE OF SGD 6,100,000.00

SALES

:

USD 11,646,144,831 [2014]

NET WORTH

:

USD 14,125,627 [2014]

STAFF STRENGTH

:

30 [2015]

BANKER (S)

:

SUMITOMO MITSUI BANKING CORPORATION SINGAPORE BRANCH HONGKONG & SHANGHAI BANKING CORPORATION LTD STANDARD CHARTERED BANK LIMITED DBS BANK LTD

LITIGATION

:

TRACED

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) wholesale of crude petroleum.

The immediate holding company of the Subject is PTT PUBLIC COMPANY LIMITED, a company incorporated in THAILAND.

Share Capital History

Date	Issue & Paid Up Capital
18/09/2015	SGD 6,100,000.00

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

Current Shareholder(s) :

Name	Address	IC/PP/Loc No	Shareholding	(%)
PTT PUBLIC COMPANY LIMITED	555, VIBHAVADI RANGSIT ROAD, CHATUCHAK, 10900, BANGKOK, THAILAND.	T07UF0209F	6,100,000.00	100.00
			---------------	------
			6,100,000.00	100.00
			============	=====

+ Also Director

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

Local No	Country	Company	Status	(%)	As At
	UNITED ARAB EMIRATES (DUBAI)	PTT INTERNATIONAL TRADING DMCC	-	100.00	21/09/2015

DIRECTORS

DIRECTOR 1

Name Of Subject	:	NITIMA THEPVANANGKUL
Address	:	555, VIBHAVADI RANGSIT RD., CHATUCHAK, BANGKOK 10900, THAILAND.
IC / PP No	:	OF1074815
Nationality	:	THAI
Date of Appointment	:	31/03/2015

DIRECTOR 2

Name Of Subject	:	SARAKORN KULATHAM
Address	:	29, SOI INTRAMARA 8, SUTISAN ROAD SAMESAENNAI, BANGKOK, THAILAND.
IC / PP No	:	F592080
Nationality	:	THAI
Date of Appointment	:	01/02/2010

DIRECTOR 3

Name Of Subject	:	DONNAYA SENANARONG
Address	:	502/1, PRACHARAT 2, ROAD, BANGSUE, BANGKOK 10800, THAILAND.
IC / PP No	:	F621982
Nationality	:	THAI
Date of Appointment	:	28/08/2014

DIRECTOR 4

Name Of Subject	:	MR. DISATHAT PANYARACHUN
Address	:	8, SCOTTS ROAD, 37-08, SCOTTS SQUARE, 228238, SINGAPORE.
IC / PP No	:	G5365790M
Nationality	:	THAI
Date of Appointment	:	01/11/2012

DIRECTOR 5

Name Of Subject	:	MR. VAITAYANG KULLAVANIJAYA
Address	:	8, SCOTTS ROAD 21-05, SCOTTS SQUARE, 228238, SINGAPORE.
IC / PP No	:	G3193853N
Nationality	:	THAI
Date of Appointment	:	01/09/2015

MANAGEMENT

1)	Name of Subject	:	VAITAYANG KULLAVANIJAYA
	Position	:	MANAGING DIRECTOR

AUDITOR

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

COMPANY SECRETARIES

1)	Company Secretary	:	WINSTON SEOW HAN CHIANG
	IC / PP No	:	S6831706A
	Address	:	312, SERAMGOON AVENUE 2, 04-186, 550312, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)		Name		:	SUMITOMO MITSUI BANKING CORPORATION SINGAPORE BRANCH
2)	Name		:		HONGKONG & SHANGHAI BANKING CORPORATION LTD
3)	Name		:		STANDARD CHARTERED BANK LIMITED
4)	Name		:		DBS BANK LTD

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 against the Subject whether the subject has been involved in any litigation.

LEGAL ACTION
Code No	:	99	Case No	:	22983
Year	:	2011	Place	:	SINGAPORE
Court	:	MAGISTRATE COURT
Date Filed	:	22/09/2011
Solicitor Ref	:	AR/LYD/10234446
Solicitor Firm	:	KHATTARWONG
Plaintiff	:	KHATTARWONG (A FIRM)
Defendants	:	PTT INTERNATIONAL TRADING PTE LTD (200010108) 391B, ORCHARD ROAD, 15-05/08, NGEE ANN CITY TOWER B, 238874, SINGAPORE.
Hearing Date	:	N/A
Amount Claimed	:	14636.04
Nature of Claim	:	SGD
Remark	:	OTHERS/MISCELLANEOUS

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	[	X	]	Average 61-90 Days	[	]
Fair 91-120 Days	[	]	Poor >120 Days	[		]

CLIENTELE

Local	:	YES	Percentage	:	40%
Domestic Markets	:	SINGAPORE
Overseas	:	YES	Percentage	:	60%
Export Market	:	WORLDWIDE
Credit Term	:	N/A
Payment Mode	:	CHEQUES LETTER OF CREDIT (LC)
Type of Customer	:	PETROCHEMICAL INDUSTRIES

OPERATIONS

Goods Traded	:	CRUDE PETROLEUM
Ownership of premises	:	LEASED/RENTED

Total Number of Employees:
YEAR			2015	2014	2013	2012	2011
GROUP			N/A	N/A	N/A	N/A	N/A
COMPANY			30	30	30	20	20
Branch	:	NO

Other Information:

The Subject is principally engaged in the (as a / as an) wholesale of crude petroleum.

The Subject engaged in wholesale of petroleum product such as kerosine, lubricant, crude oil and related products.

Beside that trading business also includes risk management, ship vetting and time chartering for the import and export of PTT Group products and other customers inside and outside Thailand.

The Subject covering both domestic and international markets.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	6567346540
Current Telephone Number	:	65-67346540
Match	:	YES
Address Provided by Client	:	391A ORCHARD ROAD 12-01/04, 12-05 & 12-10, NGEE ANN CITY TOWER A,238873,,.
Current Address	:	391A ORCHARD ROAD #12-01/04, #12-05 & 12-10, NGEE ANN CITY TOWER A, 238873, SINGAPORE.
Match	:	YES

Other Investigations

We contacted one of the staff from the Subject 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	[	107.68%	]
Return on Net Assets	:	Favourable	[	129.01%	]
The Subject's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.The higher profit could be attributed to the increase in turnover. 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	[	9 Days	]
Debtor Ratio	:	Favourable	[	22 Days	]
Creditors Ratio	:	Favourable	[	4 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	[	0.79 Times	]
Current Ratio	:	Unfavourable	[	1.01 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	:	Acceptable	[	6.03 Times	]
Gearing Ratio	:	Unfavourable	[	36.77 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. 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 had an acceptable interest cover. If there is no sudden sharp increase in interest rate or fall in the Subject's profit, we do believe the Subject is able to generate sufficient cash flow to service its interest payment. The Subject's gearing level was high and its going concern will be in doubt if there is no injection of additional shareholders' funds in times of economic downturn and / or high interest rates.
Overall financial condition of the Subject : FAIR

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	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 2000, the Subject is a Private Limited company, focusing on wholesale of crude petroleum. 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 6,100,000 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. Being a small company, the Subject's business operation is supported by 30 employees. Overall, we regard that the Subject's management capability is average. This indicates that the Subject has greater potential to improve its business performance and raising income for the Subject.

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. 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. 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 14,125,627, 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	GROUP	GROUP	GROUP	GROUP	GROUP
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	11,646,144,831	11,569,861,988	6,145,422,821	4,929,589,009	3,191,762,752
Other Income	2,585,575	4,436,706	928,567	62,995	-
	----------------	----------------	----------------	----------------	----------------
Total Turnover	11,648,730,406	11,574,298,694	6,146,351,388	4,929,652,004	3,191,762,752
Costs of Goods Sold	(11,618,421,376)	(11,556,175,758)	(6,170,125,294)	(4,889,201,780)	-
	----------------	----------------	----------------	----------------	----------------
Gross Profit	30,309,030	18,122,936	(23,773,906)	40,450,224	-
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	15,228,104	4,138,152	(37,078,714)	15,764,327	(50,539)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	15,228,104	4,138,152	(37,078,714)	15,764,327	(50,539)
Taxation	(18,285)	(5,058)	(187,121)	(877,299)	(252,731)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	15,209,819	4,133,094	(37,265,835)	14,887,028	(303,270)
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	(5,073,528)	(9,206,622)	28,059,213	13,172,185	13,475,455
	----------------	----------------	----------------	----------------	----------------
As restated	(5,073,528)	(9,206,622)	28,059,213	13,172,185	13,475,455
	----------------	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	10,136,291	(5,073,528)	(9,206,622)	28,059,213	13,172,185
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	10,136,291	(5,073,528)	(9,206,622)	28,059,213	13,172,185
	=============	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Loan from holding company	35,656	23,408	47,461	-	-
Term loan / Borrowing	-	-	5,835,149	-	-
Others	2,989,310	2,975,920	-	5,674,013	3,368,738
	----------------	----------------	----------------	----------------	----------------
	3,024,966	2,999,328	5,882,610	5,674,013	3,368,738
	=============	=============	=============	=============	=============
DEPRECIATION (as per notes to P&L)	259,125	194,519	76,728	63,917	59,730
	----------------	----------------	----------------	----------------	----------------
	259,125	194,519	76,728	63,917	59,730
	=============	=============	=============	=============	=============

BALANCE SHEET

ASSETS EMPLOYED:
FIXED ASSETS	1,566,196	1,501,086	542,276	257,482	309,839
Investments	17,674	13,424	-	-	14,245,014
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	17,674	13,424	-	-	14,245,014
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	1,583,870	1,514,510	542,276	257,482	14,554,853
Stocks	289,479,610	67,272,215	132,004,212	48,934,057	587,588,535
Trade debtors	701,969,897	1,032,446,509	303,421,225	240,162,686	170,796,451
Other debtors, deposits & prepayments	14,158,383	12,218,277	4,347,133	7,999,182	2,530,708
Short term deposits	806,403	908,915	1,085,425	-	8,501
Amount due from holding company	40,952,071	58,279,979	11,966,343	9,028,607	33,407,756
Amount due from related companies	125,995,728	427,031,533	9,522,353	1,903,307	84,634,513
Cash & bank balances	14,588,190	48,216,458	65,878,317	21,533,279	19,238,144
Others	141,620,219	4,749,948	441,129,081	66,603,897	14,757,119
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	1,329,570,501	1,651,123,834	969,354,089	396,165,015	912,961,727
	----------------	----------------	----------------	----------------	----------------
TOTAL ASSET	1,331,154,371	1,652,638,344	969,896,365	396,422,497	927,516,580
	=============	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	134,791,225	64,942,001	35,920,661	152,276,312	105,908,484
Other creditors & accruals	1,327,010	1,241,912	1,087,745	12,971,647	638,139
Bill & acceptances payable	519,354,225	389,933,425	388,996,080	117,826,792	199,474,695
Amounts owing to holding company	146,810,043	692,027,117	58,726,862	25,979,803	220,767,242
Amounts owing to related companies	233,925,900	286,389,793	42,135,387	5,108,469	6,205,507
Provision for taxation	4,587	-	-	790,662	93,055
Other liabilities	280,792,561	219,169,345	448,226,162	49,399,509	377,247,186
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	1,317,005,551	1,653,703,593	975,092,897	364,353,194	910,334,308
	----------------	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	12,564,950	(2,579,759)	(5,738,808)	31,811,821	2,627,419
	----------------	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	14,148,820	(1,065,249)	(5,196,532)	32,069,303	17,182,272
	===========	===========	===========	===========	===========
SHARE CAPITAL
Ordinary share capital	3,986,897	3,986,897	3,986,897	3,986,897	3,986,897
	----------------	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	3,986,897	3,986,897	3,986,897	3,986,897	3,986,897
General reserve	2,439	(1,811)	-	-	-
Retained profit/(loss) carried forward	10,136,291	(5,073,528)	(9,206,622)	28,059,213	13,172,185
	----------------	----------------	----------------	----------------	----------------
TOTAL RESERVES	10,138,730	(5,075,339)	(9,206,622)	28,059,213	13,172,185
	----------------	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	14,125,627	(1,088,442)	(5,219,725)	32,046,110	17,159,082
Deferred taxation	23,193	23,193	23,193	23,193	23,190
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	23,193	23,193	23,193	23,193	23,190
	----------------	----------------	----------------	----------------	----------------
	14,148,820	(1,065,249)	(5,196,532)	32,069,303	17,182,272
	===========	===========	===========	===========	===========

FINANCIAL RATIO

TYPES OF FUNDS
Cash	15,394,593	49,125,373	66,963,742	21,533,279	19,246,645
Net Liquid Funds	(503,959,632)	(340,808,052)	(322,032,338)	(96,293,513)	(180,228,050)
Net Liquid Assets	(276,914,660)	(69,851,974)	(137,743,020)	(17,122,236)	(584,961,116)
Net Current Assets/(Liabilities)	12,564,950	(2,579,759)	(5,738,808)	31,811,821	2,627,419
Net Tangible Assets	14,148,820	(1,065,249)	(5,196,532)	32,069,303	17,182,272
Net Monetary Assets	(276,937,853)	(69,875,167)	(137,766,213)	(17,145,429)	(584,984,306)
PROFIT & LOSS ITEMS
Earnings Before Interest & Tax (EBIT)	0	7,137,480	(31,196,104)	21,438,340	3,318,199
Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)	18,512,195	7,331,999	(31,119,376)	21,502,257	3,377,929
BALANCE SHEET ITEMS
Total Borrowings	519,354,225	389,933,425	388,996,080	117,826,792	199,474,695
Total Liabilities	1,317,028,744	1,653,726,786	975,116,090	364,376,387	910,357,498
Total Assets	1,331,154,371	1,652,638,344	969,896,365	396,422,497	927,516,580
Net Assets	14,148,820	(1,065,249)	(5,196,532)	32,069,303	17,182,272
Net Assets Backing	14,125,627	(1,088,442)	(5,219,725)	32,046,110	17,159,082
Shareholders' Funds	14,125,627	(1,088,442)	(5,219,725)	32,046,110	17,159,082
Total Share Capital	3,986,897	3,986,897	3,986,897	3,986,897	3,986,897
Total Reserves	10,138,730	(5,075,339)	(9,206,622)	28,059,213	13,172,185
LIQUIDITY (Times)
Cash Ratio	0.01	0.03	0.07	0.06	0.02
Liquid Ratio	0.79	0.96	0.86	0.95	0.36
Current Ratio	1.01	1.00	0.99	1.09	1.00
WORKING CAPITAL CONTROL (Days)
Stock Ratio	9	2	8	4	67
Debtors Ratio	22	33	18	18	20
Creditors Ratio	4	2	2	11	12
SOLVENCY RATIOS (Times)
Gearing Ratio	36.77	(358.25)	(74.52)	3.68	11.63
Liabilities Ratio	93.24	(1,519.35)	(186.81)	11.37	53.05
Times Interest Earned Ratio	6.03	2.38	(5.30)	3.78	0.98
Assets Backing Ratio	3.55	(0.27)	(1.30)	8.04	4.31
PERFORMANCE RATIO (%)
Operating Profit Margin	0.13	0.04	(0.60)	0.32	0
Net Profit Margin	0.13	0.04	(0.61)	0.30	(0.01)
Return On Net Assets	129.01	(670.03)	600.33	66.85	19.31
Return On Capital Employed	129.01	(670.03)	600.33	66.85	19.31
Return On Shareholders' Funds/Equity	107.68	(379.73)	713.94	46.46	(1.77)
Dividend Pay Out Ratio (Times)	0	0	0	0	0
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.63
UK Pound	1	Rs.101.73
Euro	1	Rs.73.26

INFORMATION DETAILS

Analysis Done by :	KAR
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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