MIRA INFORM REPORT

Report No. :	501084
Report Date :	03.04.2018

IDENTIFICATION DETAILS

Name :	UNITED OVERSEAS BANK LIMITED
Registered Office :	80, Raffles Place, Uob Plaza, 048624
Country :	Singapore
Financials (as on) :	31.12.2017
Date of Incorporation :	06.08.1935
Com. Reg. No.:	193500026Z
Legal Form :	Public (Limited By Share)
Line of Business :	Subject is engaged in the business of banking.
No. of Employees :	Not Available

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A++

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default

Status :	Excellent
Payment Behaviour :	Regular
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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
Singapore	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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. Growth in 2014-17 was slower than during the previous decade, at under 3% annually, 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 growth, and increasing Singaporean wages. Singapore has attracted major investments in advanced manufacturing, pharmaceuticals, and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and technology hub. Singapore is a member of the Regional Comprehensive Economic Partnership negotiations with the nine other ASEAN members plus Australia, China, India, Japan, South Korea, and New Zealand. In 2015, Singapore formed, with the other ASEAN members, the ASEAN Economic Community.

Source : CIA

EXECUTIVE SUMMARY

REGISTRATION NO.

:

193500026Z

COMPANY NAME

:

UNITED OVERSEAS BANK LIMITED

FORMER NAME

:

N/A

INCORPORATION DATE

:

06/08/1935

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PUBLIC (LIMITED BY SHARE)

LISTED STATUS

:

YES

LISTED DATE

:

20/07/1970

REGISTERED ADDRESS

:

80, RAFFLES PLACE, UOB PLAZA, 048624, SINGAPORE.

BUSINESS ADDRESS

:

480, LORONG 6, TOA PAYOH, 25-01, HDB HUB EAST WING, 310480, SINGAPORE.

TEL.NO.

:

65-63021587

FAX.NO.

:

65-62531181

MOBILE NO.

:

18007869888

EMAIL

:

CUSTOMER.SERVICE@UOBGROUP.COM

WEB SITE

:

WWW.UOBGROUP.COM

CONTACT PERSON

:

WEE EE CHEONG ( CEO )

PRINCIPAL ACTIVITY

:

BUSINESS OF BANKING

ISSUED AND PAID UP CAPITAL

:

1,671,534,273.00 ORDINARY SHARE, OF A VALUE OF SGD 4,965,567,968.39
10,127,216.00 TREASURY SHARE, OF A VALUE OF SGD 209,468,373.00

SALES

:

SGD 9,076,548,000 [2017]

NET WORTH

:

SGD 37,036,595,000 [2017]

STAFF STRENGTH

:

N/A

BANKER (S)

:

UNITED OVERSEAS BANK LIMITED

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

FAIR

PAYMENT

:

REGULAR

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

GOOD

INDUSTRY OUTLOOK

:

MARGINAL GROWTH

HISTORY / BACKGROUND

As a public limited company, the Subject must have at least one shareholder but there is no limit on the maximum number of shareholders. The Subject must have at least two directors. A public 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, suing or be sued by other companies. The liabilities of the shareholders are only up 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 must file in its annual return, together with its financial statements with the Registrar of Companies.

The Subject is principally engaged in the (as a / as an) business of banking.

Share Capital History

Date	Issue & Paid Up Capital
02/04/2018	SGD 5,175,036,341.39

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

Current Shareholder(s) :

Name	Address	IC/PP/Loc No	Shareholding	(%)
CITIBANK NOMINEES SINGAPORE PTE LTD	-	198801936W	311,152,300.00	18.61
DBS NOMINEES (PRIVATE) LIMITED	12, MARINA BOULEVARD, MARINA BAY FINANCIAL CENTRE 018982 ,SINGAPORE	196900222R	295,510,807.00	17.68
UNITED OVERSEAS BANK NOMINEES (PRIVATE) LIMITED	-	-	148,298,454.00	8.87
WEE INVESTMENTS PTE LTD	SINGAPORE	196700218C	130,420,205.00	7.80
DBSN SERVICES PTE LTD	-	-	126,459,964.00	7.57
HSBC (SINGAPORE) NOMINEES PTE LTD	-	194600097H	90,358,956.00	5.41
WAH HIN AND CO PTE LTD	1, RAFFLES PLACE, 51-00, ONE RAFFLES PLACE 048616 ,SINGAPORE	194000033G	85,988,870.00	5.14
TAI TAK ESTATES SENDIRIAN BERHAD	80, RAFFLES PLACE, UNIT 28-01, UOB PLAZA 1 248624 ,SINGAPORE	195400169E	68,668,000.00	4.11
UOB KAY HIAN PRIVATE LIMITED	8, ANTHONY ROAD, 01-01 229957 ,SINGAPORE	197000447W	42,541,634.00	2.55
REMAINING SHAREHOLDERS	-	-	372,135,083.00	22.26
			---------------	------
			1,671,534,273.00	100.00
			============	=====

+ Also Director

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

Local No	Country	Company	Status	(%)	As At
197100866N	SINGAPORE	CHUNG KHIAW NOMINEES (PRIVATE) LIMITED	-	100.00	02/04/2018
195900114E	SINGAPORE	CHUNG KHIAW REALTY LIMITED	-	99.50	02/04/2018
195800116D	SINGAPORE	FAR EASTERN BANK LIMITED	-	100.00	09/03/2017
197200627H	SINGAPORE	FAR EASTERN BANK NOMINEES PRIVATE LIMITED	-	100.00	02/04/2018
197300313M	SINGAPORE	ICB NOMINEES (PRIVATE) LIMITED	-	100.00	02/04/2018
199405613M	SINGAPORE	INDUSTRIAL & COMMERCIAL PROPERTY (S) PTE. LTD.	-	100.00	02/04/2018
201434681W	SINGAPORE	INNOVEN CAPITAL PTE. LTD.	-	50.00	02/04/2018
201526895C	SINGAPORE	JUNIPA PTE. LTD.	-	100.00	02/04/2018
195900166K	SINGAPORE	LEE WAH NOMINEES (S) PTE LTD	-	100.00	02/04/2018
52957949M	SINGAPORE	OUB BANK	-	100.00	02/04/2018
52957950B	SINGAPORE	OVERSEAS UNION BANK	-	100.00	02/04/2018
	INDONESIA	PT BANK UOB INDONESIA	-	99.00	31/12/2016
	INDONESIA	PT UOB PROPERTY	-	100.00	31/12/2016
201539994M	SINGAPORE	THE FINLAB PTE. LTD.	-	50.00	02/04/2018
197400249E	SINGAPORE	TYE HUA NOMINEES (PRIVATE) LIMITED	-	100.00	02/04/2018
197801458G	SINGAPORE	UNICOM DATABANK PTE LTD	-	100.00	02/04/2018
	CHINA	UNITED OVERSEAS BANK (CHINA) LIMITED	-	100.00	31/12/2016
196800520N	SINGAPORE	UNITED OVERSEAS BANK NOMINEES (PRIVATE) LIMITED	-	100.00	02/04/2018
197100152R	SINGAPORE	UNITED OVERSEAS INSURANCE LIMITED	-	58.00	31/12/2016
198600265Z	SINGAPORE	UNITED SECURITIES (2006) PRIVATE LIMITED	-	100.00	02/04/2018
201302106G	SINGAPORE	UOB ASIA INVESTMENT PARTNERS PTE. LTD.	-	100.00	31/12/2016
219478X	MALAYSIA	UOB ASSET MANAGEMENT (MALAYSIA) BERHAD	-	70.00	31/12/2016
	THAILAND	UOB ASSET MANAGEMENT (THAI) CO., LTD	-	100.00	31/12/2016
198600120Z	SINGAPORE	UOB ASSET MANAGEMENT LTD	-	100.00	02/04/2018
	AUSTRALIA	UOB AUSTRALIA LIMITED	-	100.00	31/12/2016
197801465G	SINGAPORE	UOB BULLION AND FUTURES LIMITED	-	100.00	02/04/2018
200008495R	SINGAPORE	UOB CAPITAL MANAGEMENT PTE LTD	-	100.00	02/04/2018
	UNITED STATES	UOB GLOBAL CAPITAL LLC	-	70.00	31/12/2016
199805426D	SINGAPORE	UOB GLOBAL CAPITAL PRIVATE LIMITED	-	70.00	02/04/2018
	UNITED STATES	UOB HOLDINGS (USA) INC	-	100.00	31/12/2016
198000920N	SINGAPORE	UOB INTERNATIONAL INVESTMENT PRIVATE LIMITED	-	100.00	02/04/2018
196300279N	SINGAPORE	UOB NOMINEES (2006) PRIVATE LIMITED	-	100.00	02/04/2018
201422907N	SINGAPORE	UOB PROPERTY INVESTMENTS CHINA PTE. LTD.	-	100.00	02/04/2018
198202799M	SINGAPORE	UOB PROPERTY INVESTMENTS PTE. LTD.	-	100.00	02/04/2018
	UNITED STATES	UOB REALTY (USA) LTD PARTNERSHIP	-	100.00	31/12/2016
199407023K	SINGAPORE	UOB TOWERS PTE. LTD.	-	100.00	02/04/2018
197400040W	SINGAPORE	UOB TRAVEL PLANNERS PTE LTD	-	100.00	02/04/2018
199100969M	SINGAPORE	UOB VENTURE MANAGEMENT PRIVATE LIMITED	-	100.00	02/04/2018
	CHINA	UOB VENTURE MANAGEMENT(SHANGHAI) CO., LTD	-	100.00	31/12/2016
201334219N	SINGAPORE	UOBBF CLEARING LIMITED	-	100.00	02/04/2018

DIRECTORS

DIRECTOR 1

Name Of Subject	:	WEE EE CHEONG
Address	:	5, CAMDEN PARK, 299795, SINGAPORE.
IC / PP No	:	S1083512G
Nationality	:	SINGAPOREAN
Date of Appointment	:	03/01/1990

INTEREST CHECK

Interest in companies	:	see below
Interest in business	:	none in our databank
Former interest	:	none in our databank

INTEREST IN COMPANY

No	Local No	Company	Designation	App Date	Shareholding		Profit/(loss) After Tax	Financial Year	Status	As At
					No.	%
1	271809K	UNITED OVERSEAS BANK (MALAYSIA) BHD.	Director	23/03/1994	0.00	-	MYR1,055,081,000.00	2014	-	23/02/2018
2	193500026Z	UNITED OVERSEAS BANK LIMITED	Director	03/01/1990	0.00	-	SGD3,406,656,000.00	2017	-	02/04/2018

DIRECTOR 2

Name Of Subject	:	WEE CHO YAW
Address	:	2, JALAN ASUHAN, 299323, SINGAPORE.
IC / PP No	:	S0591636D
Nationality	:	SINGAPOREAN
Date of Appointment	:	14/05/1958

INTEREST CHECK

Interest in companies	:	see below
Interest in business	:	none in our databank
Former interest	:	none in our databank

INTEREST IN COMPANY

No	Local No	Company	Designation	App Date	Shareholding		Profit/(loss) After Tax	Financial Year	Status	As At
					No.	%
1	271809K	UNITED OVERSEAS BANK (MALAYSIA) BHD.	Director	23/03/1994	0.00	-	MYR1,055,081,000.00	2014	-	23/02/2018
2	193500026Z	UNITED OVERSEAS BANK LIMITED	Director	14/05/1958	0.00	-	SGD3,406,656,000.00	2017	-	02/04/2018

DIRECTOR 3

Name Of Subject	:	TAN HWEE HUA @ LIM HWEE HUA
Address	:	10, COLLYER QUAY, 03-10, OCEAN FINANCIAL CENTRE, 049315, SINGAPORE.
IC / PP No	:	S1343690H
Nationality	:	SINGAPOREAN
Date of Appointment	:	01/07/2014

INTEREST CHECK

Interest in companies	:	see below
Interest in business	:	none in our databank
Former interest	:	none in our databank

INTEREST IN COMPANY

No	Local No	Company	Designation	App Date	Shareholding		Profit/(loss) After Tax	Financial Year	Status	As At
					No.	%
1	193500026Z	UNITED OVERSEAS BANK LIMITED	Director	01/07/2014	0.00	-	SGD3,406,656,000.00	2017	-	02/04/2018

DIRECTOR 4

Name Of Subject	:	ONG YEW HUAT
Address	:	25B, QUEEN ASTRID PARK, 266844, SINGAPORE.
IC / PP No	:	S1185689F
Nationality	:	SINGAPOREAN
Date of Appointment	:	02/01/2013

INTEREST CHECK

Interest in companies	:	see below
Interest in business	:	none in our databank
Former interest	:	none in our databank

INTEREST IN COMPANY

No	Local No	Company	Designation	App Date	Shareholding		Profit/(loss) After Tax	Financial Year	Status	As At
					No.	%
1	271809K	UNITED OVERSEAS BANK (MALAYSIA) BHD.	Director	02/01/2013	0.00	-	MYR1,055,081,000.00	2014	-	23/02/2018
2	193500026Z	UNITED OVERSEAS BANK LIMITED	Director	02/01/2013	0.00	-	SGD3,406,656,000.00	2017	-	02/04/2018

DIRECTOR 5

Name Of Subject	:	JAMES KOH CHER SIANG
Address	:	26, DUNBAR WALK, FRANKEL ESTATE, 459313, SINGAPORE 459313, SINGAPORE.
IC / PP No	:	S0336410J
Nationality	:	SINGAPOREAN
Date of Appointment	:	01/09/2012

INTEREST CHECK

Interest in companies	:	see below
Interest in business	:	none in our databank
Former interest	:	none in our databank

INTEREST IN COMPANY

No	Local No	Company	Designation	App Date	Shareholding		Profit/(loss) After Tax	Financial Year	Status	As At
					No.	%
1	193500026Z	UNITED OVERSEAS BANK LIMITED	Director	01/09/2012	0.00	-	SGD3,406,656,000.00	2017	-	02/04/2018

DIRECTOR 6

Name Of Subject	:	FRANKLIN LEO LAVIN
Address	:	22, NASSIM HILL, 03-14, THE LOFT, 258468, SINGAPORE.
IC / PP No	:	488150058
Nationality	:	AMERICAN
Date of Appointment	:	15/07/2010

INTEREST CHECK

Interest in companies	:	see below
Interest in business	:	none in our databank
Former interest	:	none in our databank

INTEREST IN COMPANY

No	Local No	Company	Designation	App Date	Shareholding		Profit/(loss) After Tax	Financial Year	Status	As At
					No.	%
1	199003519R	ADVANCED MATERIALS TECHNOLOGIES PTE LTD	Director	02/02/2018	0.00	-	SGD3,452,648.00	2017	-	28/03/2018
2	193500026Z	UNITED OVERSEAS BANK LIMITED	Director	15/07/2010	0.00	-	SGD3,406,656,000.00	2017	-	02/04/2018

DIRECTOR 7

Name Of Subject	:	WILLIE CHENG JUE HIANG
Address	:	81, GREENFIELD DRIVE, 457963, SINGAPORE.
IC / PP No	:	S0157465E
Nationality	:	SINGAPOREAN
Date of Appointment	:	15/07/2010

INTEREST CHECK

Interest in companies	:	see below
Interest in business	:	none in our databank
Former interest	:	none in our databank

INTEREST IN COMPANY

No	Local No	Company	Designation	App Date	Shareholding		Profit/(loss) After Tax	Financial Year	Status	As At
					No.	%
1	193500026Z	UNITED OVERSEAS BANK LIMITED	Director	15/07/2010	0.00	-	SGD3,406,656,000.00	2017	-	02/04/2018

DIRECTOR 8

Name Of Subject	:	ALEXANDER CHARLES HUNGATE
Address	:	20, AIRPORT BOULEVARD, SATS INFLIGHT CATERING CENTRE 1, 819659, SINGAPORE.
Other Address(es)	:	8, NAPIER ROAD, 09-04, 8, NAPIER 258502, SINGAPORE.
IC / PP No	:	G6460369N
Nationality	:	SWISS
Date of Appointment	:	27/07/2017

INTEREST CHECK

Interest in companies	:	see below
Interest in business	:	none in our databank
Former interest	:	none in our databank

INTEREST IN COMPANY

No	Local No	Company	Designation	App Date	Shareholding		Profit/(loss) After Tax	Financial Year	Status	As At
					No.	%
1	201510244D	SATS BRF FOOD PTE. LTD.	Director	16/04/2015	0.00	-	-	2017	-	22/09/2015
2	193500026Z	UNITED OVERSEAS BANK LIMITED	Director	27/07/2017	0.00	-	SGD3,406,656,000.00	2017	-	02/04/2018

DIRECTOR 9

Name Of Subject	:	ALVIN YEO KHIRN HAI
Address	:	12, MARINA BOULEVARD 28, MARINA BAY FINANCIAL CENTRE, 018982, SINGAPORE.
IC / PP No	:	S1570338E
Nationality	:	SINGAPOREAN
Date of Appointment	:	27/07/2017

INTEREST CHECK

Interest in companies	:	see below
Interest in business	:	none in our databank
Former interest	:	none in our databank

INTEREST IN COMPANY

No	Local No	Company	Designation	App Date	Shareholding		Profit/(loss) After Tax	Financial Year	Status	As At
					No.	%
1	196800351N	KEPPEL CORPORATION LIMITED	Director	01/06/2009	0.00	-	SGD1,592,965,000.00	2015	-	13/03/2017
2	193500026Z	UNITED OVERSEAS BANK LIMITED	Director	27/07/2017	0.00	-	SGD3,406,656,000.00	2017	-	02/04/2018

DIRECTOR 10

Name Of Subject	:	WONG KAN SENG
Address	:	5A, SWETTENHAM ROAD, 248084, SINGAPORE.
IC / PP No	:	S0142989B
Nationality	:	SINGAPOREAN
Date of Appointment	:	27/07/2017

INTEREST CHECK

Interest in companies	:	see below
Interest in business	:	none in our databank
Former interest	:	none in our databank

INTEREST IN COMPANY

No	Local No	Company	Designation	App Date	Shareholding		Profit/(loss) After Tax	Financial Year	Status	As At
					No.	%
1	193500026Z	UNITED OVERSEAS BANK LIMITED	Director	27/07/2017	0.00	-	SGD3,406,656,000.00	2017	-	02/04/2018

DIRECTOR 11

Name Of Subject	:	LIEN JOWN LEAM
Address	:	26, SHELFORD ROAD, 05-04, SHELFORD VIEW, 288420, SINGAPORE.
IC / PP No	:	S2184356C
Nationality	:	SINGAPOREAN
Date of Appointment	:	27/07/2017

INTEREST CHECK

Interest in companies	:	see below
Interest in business	:	none in our databank
Former interest	:	none in our databank

INTEREST IN COMPANY

No	Local No	Company	Designation	App Date	Shareholding		Profit/(loss) After Tax	Financial Year	Status	As At
					No.	%
1	200604346E	NATIONAL UNIVERSITY OF SINGAPORE	Director	01/04/2009	0.00	-	SGD320,976,000.00	2014	-	09/09/2015
2	197401143C	TEMASEK HOLDINGS (PRIVATE) LIMITED	Director	02/01/2010	0.00	-	-	2017	-	23/01/2018
3	193500026Z	UNITED OVERSEAS BANK LIMITED	Director	27/07/2017	0.00	-	SGD3,406,656,000.00	2017	-	02/04/2018

MANAGEMENT

1)	Name of Subject	:	WEE EE CHEONG
	Position	:	CEO

AUDITOR

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

COMPANY SECRETARIES

1)	Company Secretary	:	JOYCE SIA MING KUANG
	IC / PP No	:	S6804391C
	Address	:	80, RAFFLES PLACE, UOB PLAZA, 048624, SINGAPORE.

2)	Company Secretary	:	THERESA SIM KWEE SOIK
	IC / PP No	:	S1809292A
	Address	:	80, RAFFLES PLACE, UOB PLAZA, 048624, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

UNITED OVERSEAS BANK LIMITED

ENCUMBRANCE (S)

No encumbrance was found in our databank at the time of investigation.

CIVIL LITIGATION CHECK - SUBJECT COMPANY AS A DEFENDANT

* A check has been conducted in our databank against the Subject whether the subject has been involved in any litigation.

No winding up petition was found in our databank.

LEGAL ACTION
Total SETTLED Case(s) : 2
Case Status	:	SETTLED
Code No	:	99	Case No	:	264
Year	:	2016	Place	:	SINGAPORE
Court	:	SUPREME COURT
Date Filed	:	18/03/2016
Solicitor Firm	:	GABRIEL LAW CORPORATION
Plaintiff	:	TAN SWEE HOCK
DEFENDANTS	:	UNITED OVERSEAS BANK LIMITED (193500026)
Remark	:	BANKING / CREDIT FACILITIES / OVERDRAFT / GUARANTEE
Case Status	:	SETTLED
Code No	:	99	Case No	:	710
Year	:	2015	Place	:	SINGAPORE
Court	:	SUPREME COURT
Date Filed	:	10/07/2015
Solicitor	:	BAZUL ASHHAB BIN ABDUL KADER
Solicitor Firm	:	OON & BAZUL LLP
Plaintiff	:	DIETRICH MICHAEL BERGMEIER
DEFENDANTS	:	UNITED OVERSEAS BANK LIMITED (193500026)
Amount Claimed	:	1591000
Nature of Claim	:	SGD
Remark	:	CONTRACT-OTHERS

PAYMENT RECORD

SOURCES OF RAW MATERIALS:
Local	:	N/A
Overseas	:	N/A

The Subject is a service provider.

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	[	X	]
Fair 91-120 Days	[	]	Poor >120 Days	[	]

CLIENTELE

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

OPERATIONS

Services

:

BUSINESS OF BANKING

Branch

:

YES

Other Information:

The Subject is principally engaged in the (as a / as an) business of banking.

The Subject has charted steady growth to establish itself as a leading bank in Singapore.

UOB Group has a network of more than 500 offices spanning 19 countries and territories in Asia Pacific, Western Europe and North America.


SUBJECT ENGAGES IN THE FOLLOWING ACTIVITIES:

PROVIDES A WIDE RANGE OF FINANCIAL SERVICES THROUGH ITS GLOBAL NETWORK OF BRANCHES/OFFICES AND SUBSIDIARIES/ASSOCIATES:
* PERSONAL FINANCIAL SERVICES
* PRIVATE BANKING
* TRUST SERVICES
* COMMERCIAL AND CORPORATE BANKING
* INVESTMENT BANKING
* CORPORATE FINANCE
* CAPITAL MARKET ACTIVITIES
* TREASURY SERVICES
* FUTURES BROKING
* ASSET MANAGEMENT
* VENTURE CAPITAL MANAGEMENT
* GENERAL INSURANCE
* LIFE ASSURANCE
* STOCKBROKING SERVICES

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-63021587
Match	:	N/A
Address Provided by Client	:	BO, ANITE SINGAPORE
Current Address	:	480, LORONG 6, TOA PAYOH, 25-01, HDB HUB EAST WING, 310480, SINGAPORE.
Match	:	NO

Other Investigations

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

The address is as per stated in the report.

The Subject refused to disclose its number of employees.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	2013 - 2017	]
Profit/(Loss) Before Tax	:	Increased	[	2013 - 2017	]
Return on Shareholder Funds	:	Unfavourable	[	9.15%	]
Return on Net Assets	:	Acceptable	[	20.94%	]
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. The unfavourable return on shareholders' funds could indicate that the Subject was inefficient in utilising its assets to generate returns.
Working Capital Control
Debtor Ratio	:	Favourable	[	0 Days	]
Creditors Ratio	:	Favourable	[	0 Days	]
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	[	1.00 Times	]
Current Ratio	:	Unfavourable	[	1.00 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	:	Unfavourable	[	2.19 Times	]
Gearing Ratio	:	Favourable	[	0.02 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 was lowly geared thus it had a low financial risk. The Subject was mainly financed by its shareholders' funds and internally generated funds. In times of economic slowdown / downturn, the Subject being a lowly geared company, will be able to compete better than those companies which are highly geared in the same industry.
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. 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 as a lowly geared company, will be more secured compared to those highly geared companies. It has the ability to meet all its long term obligations.
Overall financial condition of the Subject : FAIR

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	2013	2014	2015	2016	2017*
Population (Million)	5.40	5.47	5.54	5.61	5.61
Gross Domestic Products ( % )	5.1	3.9	2.2	2.4	3.6
Consumer Price Index	2.4	1.0	(0.5)	(0.5)	0.6
Total Imports (Million)	466,762.0	463,779.1	407,767.9	398,372.0	403,300.0
Total Exports (Million)	513,391.0	518,922.7	476,285.4	468,552.0	466,900.0
Unemployment Rate (%)	1.9	1.9	1.9	2.1	-
Tourist Arrival (Million)	15.46	15.01	15.23	16.28	-
Hotel Occupancy Rate (%)	86.3	85.5	84.0	83.1	84.7
Cellular Phone Subscriber (Million)	1.97	1.98	1.99	-	-
Registration of New Companies (No.)	37,288	41,589	34,243	35,227	37,395
Registration of New Companies (%)	9.8	11.5	(17.7)	2.9	6.2
Liquidation of Companies (No.)	17,369	18,767	21,384	23,218	22,379
Liquidation of Companies (%)	(5.3)	8.0	13.9	8.6	(3.6)
Registration of New Businesses (No.)	22,893	35,773	28,480	27,120	22,148
Registration of New Businesses (%)	1.70	56.30	(20.39)	(4.78)	(18.33)
Liquidation of Businesses (No.)	22,598	22,098	26,116	35,866	24,344
Liquidation of Businesses (%)	0.5	(2.2)	18.2	37.3	(32.1)
Bankruptcy Orders (No.)	1,992	1,757	1,776	1,797	1,638
Bankruptcy Orders (%)	14.0	(11.8)	1.0	1.2	(8.9)
Bankruptcy Discharges (No.)	2,584	3,546	3,499	4,359	2,030
Bankruptcy Discharges (%)	37.4	37.2	(1.3)	24.6	(53.4)
INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	1.78	4.29	3.04	-	-
Fish Supply & Wholesale	(3.8)	(8.6)	(8.5)	(9.9)	-
Manufacturing #
Food, Beverages & Tobacco	97.9	99.4	100.0	103.7	110.3
Textiles	119.5	102.7	100.0	92.4	84.4
Wearing Apparel	334.1	212.6	100.0	83.4	88.2
Leather Products & Footwear	122.0	106.5	100.0	88.8	79.0
Wood & Wood Products	103.0	107.2	100.0	95.0	92.9
Paper & Paper Products	104.4	104.5	100.0	97.3	96.1
Printing & Media	113.8	105.968	100.0	85.1	73.1
Crude Oil Refineries	100.7	92.2	100.0	104.2	113.5
Chemical & Chemical Products	88.4	96.7	100.0	98.9	105.3
Pharmaceutical Products	101.421	109.4	100.0	113.8	96.0
Rubber & Plastic Products	109.497	109.2	100.0	91.4	93.7
Non-metallic Mineral	107.4	90.759	100.0	89.8	72.9
Basic Metals	77.2	99.3	100.0	106.2	108.3
Fabricated Metal Products	107.5	107.757	100.0	93.8	91.3
Machinery & Equipment	109.1	118.2	100.0	80.8	86.1
Electrical Machinery	87.4	97.871	100.0	101.5	111.7
Electronic Components	105.0	105.6	100.0	114.1	151.4
Transport Equipment	111.1	106.68	100.0	101.0	99.5
Construction	25.40	22.00	-	-	-
Real Estate	88.5	145.1	-	-	-
Services
Electricity, Gas & Water	6.70	6.50	-	-	-
Transport, Storage & Communication	9.80	14.20	-	-	-
Finance & Insurance	3.30	6.00	-	7.40	-
Government Services	6.50	6.30	-	-	-
Education Services	3.10	5.98	-	2.40	-
* Estimate / Preliminary
# Based on Index of Industrial Production (2015 = 100)

INDUSTRY ANALYSIS

INDUSTRY :	ECONOMY
In the fourth quarter of 2017, the economy grew by 3.6% on a year-on-year basis, moderating from the 5.5% growth in the previous quarter. The sectors which contributed the most to growth in the quarter were the manufacturing and finance & insurance sectors. For the whole of 2017, the economy expanded by 3.6%, higher than the 2.4% growth in 2016. All major sectors grew in 2017, with the exception of the construction sector. The manufacturing and finance & insurance sectors were the key contributors to overall GDP growth.
The manufacturing sector expanded by 4.8% in the fourth quarter 2017, slowing from the 19% surge in the third quarter. Growth was led by robust output expansions in the electronics and precision engineering clusters, which more than offset declines in the biomedical manufacturing and transport engineering clusters. For full year 2017, the manufacturing sector grew by 10%, higher than the 3.7% growth in 2016. Growth was primarily driven by the electronics and precision engineering clusters, while output declines in the biomedical manufacturing, transport engineering and general manufacturing clusters weighed on growth.
The services producing industries collectively expanded to 3.5% in the fourth quarter 2017, the same pace of growth as the previous quarter. Among the services sectors, the finance & insurance sector registered the strongest growth at 6.3%, followed by the information & communications (6.0%) and the transportation & storage (5.3%) sectors. Services producing industries as a whole expanded to 2.8% in full year 2017, faster than the 1.4% growth in 2016. All services sectors saw positive growth.
Among the services sectors, the transportation & storage and finance & insurance sectors registered the fastest pace of growth in 2017. Growth of the transportation & storage sector came in at 4.8%, a pickup from the 1.3% in 2016, largely due to stronger growth in the water transport and air transport segments. Similarly, the finance & insurance sector expanded by 4.8%, improving from the 1.6% growth in 2016. The robust performance of the sector was largely because of strong growth in the fund management segment, even as growth in the financial intermediation and insurance segments remained firm.
Besides, the construction sector contracted to 5.0%, extending the 9.3% decline in the third quarter 2017. The output of the sector was weighed down primarily by the weakness in private sector construction activities, as certified payments across all private construction segments declined. Meanwhile, the construction sector contracted to 8.4% in 2017, a reversal from the 1.9% growth in 2016. Output in the sector was primarily weighed down by the weakness in private sector construction works.
In the fourth quarter 2017, total demand rose by 4.9%, lower than the 5.5% growth in the preceding quarter. For the whole of 2017, growth in total demand came in at 4.4%, an improvement from the 1.6% in 2016. External demand was the key contributor to total demand growth (3.0 percentage-points), while the contribution from domestic demand was also positive (1.4 percentage-points).
Total domestic demand rose by 6.6 % in the fourth quarter 2017, following the 8.5% growth in the previous quarter. Growth was supported primarily by the build-up in inventories and also higher consumption expenditure. Gross fixed capital formation also contributed positively to total domestic demand growth in the quarter. For 2017 as a whole, total domestic demand increased by 5.4%, higher than the 3.1% expansion in 2016. Meanwhile, external demand rose by 4.2% in the fourth quarter 2017, similar to the 4.4% growth in the preceding quarter. The increase in external demand was primarily due to higher real merchandise exports. For the full year 2017, external demand grew at a faster pace of 4.1%, compared to the 1.1% growth in 2016.
Total consumption expenditure rose at a slower pace of 4.4% in the fourth quarter 2017, compared to the 5.7% expansion in the previous quarter. For the full year 2017, total consumption expenditure grew by 3.3%, an improvement from the 2.1% growth in 2016, on the back of faster growth in both public and private consumption. Public consumption expanded by 4.1%, compared to 3.5% in 2016, while private consumption grew by 3.1%, compared to 1.7% in the previous year. Expenditure on miscellaneous goods & services, recreation & culture and housing & utilities were the main contributors to private consumption growth.
Since November 2017, the outlook for global growth has improved slightly with the IMF upgrading its global growth forecast for 2018 to 3.9%, partly on the back of higher growth expected in the US due to the recently approved tax reforms. However, as compared to 2017, growth in most of Singapore’s key final demand markets such as the Eurozone, Japan, NIEs and ASEAN-5 is projected to moderate or remain unchanged in 2018. In the US, GDP growth is projected to improve further in 2018, supported by domestic demand and fiscal stimulus arising from the recently approved tax reforms, although there are uncertainties around the extent to which investments would respond to the tax reforms. On the other hand, growth in the Eurozone economy is projected to moderate in 2018, following the rebound seen in 2017. Growth will be underpinned by continued improvements in labour market conditions and largely accommodative monetary policies.
In Asia, China’s growth is also expected to ease in 2018 on the back of a slowdown in investment, even as consumption is likely to remain stable and provide support to growth. Meanwhile, growth in the key ASEAN economies is expected to remain firm in 2018, supported by sustained improvements in domestic demand as well as merchandise exports. On balance, the external demand outlook for Singapore is expected to be slightly weaker in 2018 as compared to 2017. Taking into account the global and domestic economic environments, Ministry of Trade and Industry (MTI) has maintained the 2018 GDP growth forecast at “1.5 to 3.5%”. MTI’s central view is that growth will likely come in slightly above the middle of the forecast range, barring the materialisation of downside risks.
OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 1935, the Subject is a Public Listed company, focusing on business of banking. The Subject has been in business for over two decades. It has built up a strong clientele base and good reputation will enable the Subject to further enhance its business in the near term.  The Subject is expected to enjoy a stable market shares. The Subject is a large entity with strong capital position of SGD 5,175,036,341. We are confident with the Subject's business and its future growth prospect. Having strong support from its shareholder 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. 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. 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 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. Being a lowly geared company, the Subject is exposed to low financial risk as it is mainly dependent on its internal funds to finance its business needs. Given a positive net worth standing at SGD 37,036,595,000, the Subject should be able to maintain its business in the near terms.

The Subject's payment habit is average. With its adequate working capital, the Subject should be able to pay its short term debts.

The industry has reached its maturity stage and only enjoying a marginal growth. The steady growth of the country's economy will further enhance the industry activities. Thus, the Subject's future performance is very much depend on its marketing strategies in order to retain its position in the market.

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.

UNITED OVERSEAS BANK LIMITED

Financial Year End	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31
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	SGD	SGD	SGD	SGD	SGD
TURNOVER	9,076,548,000	8,290,547,000	7,826,114,000	7,189,330,000	6,508,197,000
	----------------	----------------	----------------	----------------	----------------
Total Turnover	9,076,548,000	8,290,547,000	7,826,114,000	7,189,330,000	6,508,197,000
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	4,206,769,000	3,776,919,000	3,779,132,000	3,675,673,000	3,393,191,000
SHARE OF PROFITS/(LOSSES) OF ASSOCIATED COMPANIES	-	-	89,576,000	149,195,000	190,943,000
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	4,206,769,000	3,776,919,000	3,868,708,000	3,824,868,000	3,584,134,000
Taxation	(800,113,000)	(668,969,000)	(648,681,000)	(560,675,000)	(559,059,000)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	3,406,656,000	3,107,950,000	3,220,027,000	3,264,193,000	3,025,075,000
Minority interests	(16,365,000)	(11,661,000)	(11,128,000)	(15,092,000)	(17,175,000)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS	3,390,291,000	3,096,289,000	3,208,899,000	3,249,101,000	3,007,900,000
Extraordinary items	(7,214,000)	3,706,000	-	-	-
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS	3,383,077,000	3,099,995,000	3,208,899,000	3,249,101,000	3,007,900,000
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	17,333,616,000	15,463,194,000	14,064,092,000	12,002,525,000	10,221,670,000
	----------------	----------------	----------------	----------------	----------------
As restated	17,333,616,000	15,463,194,000	14,064,092,000	12,002,525,000	10,221,670,000
	----------------	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	20,716,693,000	18,563,189,000	17,272,991,000	15,251,626,000	13,229,570,000
TRANSFER TO RESERVES - General	239,107,000	(3,386,000)	57,067,000	91,090,000	(21,326,000)
DIVIDENDS - Ordinary (paid & proposed)	(1,248,622,000)	(1,226,187,000)	(1,866,864,000)	(1,278,624,000)	(1,205,719,000)
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	19,707,178,000	17,333,616,000	15,463,194,000	14,064,092,000	12,002,525,000
	=============	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Others	3,548,481,000	3,299,797,000	2,899,817,000	2,631,597,000	2,388,405,000
	----------------	----------------	----------------	----------------	----------------
	3,548,481,000	3,299,797,000	2,899,817,000	2,631,597,000	2,388,405,000
	=============	=============	=============	=============	=============
DEPRECIATION (as per notes to P&L)	258,271,000	22,174,000	181,512,000	163,361,000	130,038,000
	----------------	----------------	----------------	----------------	----------------
Total Amortization And Depreciation	258,271,000	22,174,000	181,512,000	163,361,000	130,038,000
	=============	=============	=============	=============	=============

BALANCE SHEET

UNITED OVERSEAS BANK LIMITED

ASSETS EMPLOYED:
FIXED ASSETS	1,970,845,000	1,884,883,000	1,738,607,000	1,428,135,000	1,308,390,000
LONG TERM INVESTMENTS/OTHER ASSETS
Associated companies	1,194,440,000	1,108,925,000	1,105,946,000	1,189,449,000	996,605,000
Investment properties	1,088,309,000	1,104,910,000	1,108,450,000	960,292,000	984,905,000
Investment securities	11,272,880,000	11,639,689,000	10,562,494,000	11,439,549,000	12,139,906,000
Deferred assets	193,257,000	251,094,000	227,035,000	231,636,000	287,710,000
Others	15,975,997,000	17,515,301,000	19,508,780,000	17,897,651,000	17,598,408,000
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	29,724,883,000	31,619,919,000	32,512,705,000	31,718,577,000	32,007,534,000
INTANGIBLE ASSETS
Goodwill on consolidation	4,141,919,000	4,151,045,000	4,143,825,000	4,149,280,000	4,143,810,000
	----------------	----------------	----------------	----------------	----------------
TOTAL INTANGIBLE ASSETS	4,141,919,000	4,151,045,000	4,143,825,000	4,149,280,000	4,143,810,000
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	35,837,647,000	37,655,847,000	38,395,137,000	37,295,992,000	37,459,734,000
CURRENT ASSETS
Other debtors, deposits & prepayments	3,284,263,000	5,361,139,000	4,532,189,000	1,909,738,000	2,472,244,000
Loans & advances - current portion	232,211,746,000	221,733,669,000	203,610,907,000	195,902,563,000	178,856,863,000
Trading account securities	1,765,963,000	3,127,350,000	1,276,574,000	738,262,000	628,131,000
Interest receivable	905,835,000	813,092,000	822,664,000	808,701,000	740,279,000
Cash & bank balances	26,624,969,000	24,322,115,000	32,305,515,000	35,082,908,000	26,880,581,000
Others	57,961,940,000	47,014,421,000	35,068,219,000	34,997,979,000	37,191,237,000
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	322,754,716,000	302,371,786,000	277,616,068,000	269,440,151,000	246,769,335,000
	----------------	----------------	----------------	----------------	----------------
TOTAL ASSET	358,592,363,000	340,027,633,000	316,011,205,000	306,736,143,000	284,229,069,000
	=============	=============	=============	=============	=============
CURRENT LIABILITIES
Other creditors & accruals	4,477,943,000	4,816,450,000	4,562,928,000	2,605,588,000	2,387,182,000
Deposits from customers	272,765,121,000	255,313,873,000	240,524,473,000	233,749,644,000	214,547,542,000
Bill & acceptances payable	702,330,000	521,720,000	434,541,000	950,727,000	1,035,208,000
Deposits & balances of banks & agents	11,440,486,000	11,855,222,000	11,986,337,000	11,226,347,000	13,706,153,000
Interest payable	732,331,000	849,209,000	699,525,000	552,135,000	541,313,000
Provision for taxation	550,424,000	417,406,000	430,678,000	381,926,000	488,929,000
Debt securities	25,178,401,000	26,142,949,000	20,288,288,000	20,953,303,000	18,981,322,000
Other liabilities	5,530,748,000	6,837,108,000	5,969,076,000	6,383,979,000	5,877,773,000
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	321,377,784,000	306,753,937,000	284,895,846,000	276,803,649,000	257,565,422,000
	----------------	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	1,376,932,000	(4,382,151,000)	(7,279,778,000)	(7,363,498,000)	(10,796,087,000)
	----------------	----------------	----------------	----------------	----------------
LONG TERM LIABILITIES
Deferred taxation	177,984,000	231,908,000	191,586,000	160,489,000	86,385,000
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	177,984,000	231,908,000	191,586,000	160,489,000	86,385,000
	----------------	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	37,036,595,000	33,041,788,000	30,923,773,000	29,932,494,000	26,663,647,000
	=============	=============	=============	=============	=============
FINANCED BY:
SHARE CAPITAL
Ordinary share capital	7,765,643,000	6,351,013,000	5,881,252,000	5,892,165,000	5,332,735,000
	----------------	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	7,765,643,000	6,351,013,000	5,881,252,000	5,892,165,000	5,332,735,000
RESERVES
Exchange equalisation/fluctuation reserve	(1,391,004,000)	(1,329,839,000)	(1,437,706,000)	(1,097,227,000)	(1,199,851,000)
Statutory reserve	341,292,000	536,092,000	494,804,000	3,293,891,000	3,267,989,000
General reserve	6,216,161,000	6,198,968,000	6,224,138,000	3,416,316,000	3,416,316,000
Retained profit/(loss) carried forward	19,707,178,000	17,333,616,000	15,463,194,000	14,064,092,000	12,002,525,000
Others	4,210,664,000	3,783,339,000	4,142,724,000	4,000,113,000	3,568,202,000
	----------------	----------------	----------------	----------------	----------------
TOTAL RESERVES	29,084,291,000	26,522,176,000	24,887,154,000	23,677,185,000	21,055,181,000
MINORITY INTEREST	186,661,000	168,599,000	155,367,000	202,655,000	189,346,000
	----------------	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	37,036,595,000	33,041,788,000	30,923,773,000	29,772,005,000	26,577,262,000
	===========	===========	===========	===========	============

FINANCIAL RATIO

UNITED OVERSEAS BANK LIMITED

TYPES OF FUNDS
Cash	26,624,969,000	24,322,115,000	32,305,515,000	35,082,908,000	26,880,581,000
Net Liquid Funds	25,922,639,000	23,800,395,000	31,870,974,000	34,132,181,000	25,845,373,000
Net Liquid Assets	1,376,932,000	(4,382,151,000)	(7,279,778,000)	(7,363,498,000)	(10,796,087,000)
Net Current Assets/(Liabilities)	1,376,932,000	(4,382,151,000)	(7,279,778,000)	(7,363,498,000)	(10,796,087,000)
Net Tangible Assets	32,894,676,000	28,890,743,000	26,779,948,000	25,783,214,000	22,519,837,000
Net Monetary Assets	1,198,948,000	(4,614,059,000)	(7,471,364,000)	(7,523,987,000)	(10,882,472,000)
PROFIT & LOSS ITEMS
Earnings Before Interest & Tax (EBIT)	7,755,250,000	7,076,716,000	6,768,525,000	6,456,465,000	5,972,539,000
Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)	8,013,521,000	7,098,890,000	6,950,037,000	6,619,826,000	6,102,577,000
BALANCE SHEET ITEMS
Total Borrowings	702,330,000	521,720,000	434,541,000	950,727,000	1,035,208,000
Total Liabilities	321,555,768,000	306,985,845,000	285,087,432,000	276,964,138,000	257,651,807,000
Total Assets	358,592,363,000	340,027,633,000	316,011,205,000	306,736,143,000	284,229,069,000
Net Assets	37,036,595,000	33,041,788,000	30,923,773,000	29,932,494,000	26,663,647,000
Net Assets Backing	37,036,595,000	33,041,788,000	30,923,773,000	29,772,005,000	26,577,262,000
Shareholders' Funds	37,036,595,000	33,041,788,000	30,923,773,000	29,772,005,000	26,577,262,000
Total Share Capital	7,765,643,000	6,351,013,000	5,881,252,000	5,892,165,000	5,332,735,000
Total Reserves	29,084,291,000	26,522,176,000	24,887,154,000	23,677,185,000	21,055,181,000
GROWTH RATIOS (Year on Year) (%)
Revenue	9.48	5.93	8.86	10.47	4.94
Proft/(Loss) Before Tax	11.38	(2.37)	1.15	6.72	6.95
Proft/(Loss) After Tax	9.61	(3.48)	(1.35)	7.90	7.25
Total Assets	5.46	7.60	3.02	7.92	12.39
Total Liabilities	4.75	7.68	2.93	7.50	13.19
LIQUIDITY (Times)
Cash Ratio	0.08	0.08	0.11	0.13	0.10
Liquid Ratio	1.00	0.99	0.97	0.97	0.96
Current Ratio	1.00	0.99	0.97	0.97	0.96
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0	0	0	0
Debtors Ratio	0	0	0	0	0
Creditors Ratio	0	0	0	0	0
SOLVENCY RATIOS (Times)
Gearing Ratio	0.02	0.02	0.01	0.03	0.04
Liabilities Ratio	8.68	9.29	9.22	9.30	9.69
Times Interest Earned Ratio	2.19	2.14	2.33	2.45	2.50
Assets Backing Ratio	4.24	4.55	4.55	4.38	4.22
PERFORMANCE RATIO (%)
Operating Profit Margin	46.35	45.56	49.43	53.20	55.07
Net Profit Margin	37.35	37.35	41.00	45.19	46.22
Return On Net Assets	20.94	21.42	21.89	21.57	22.40
Return On Capital Employed	18.67	18.82	19.11	18.83	19.27
Return On Shareholders' Funds/Equity	9.15	9.37	10.38	10.91	11.32
Dividend Pay Out Ratio (Times)	0.37	0.40	0.58	0.39	0.40
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.04
UK Pound	1	INR 92.28
Euro	1	INR 80.62
SGD	1	INR 49.65

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	NIS
Report Prepared by :	TRU

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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