3decades

MIRA INFORM REPORT

Report No. :	486647
Report Date :	19.01.2018

IDENTIFICATION DETAILS

Name :	BHP BILLITON MARKETING AG (SINGAPORE BRANCH)

Registered Office :	10, Marina Boulevard, 50-01, Marina Bay Financial Centre, 018983

Country :	Singapore

Financials (as on) :	30.06.2017

Date of Incorporation :	28.04.2005

Com. Reg. No.:	T05FC6681H

Legal Form :	Foreign Company

Line of Business :	The Subject is principally engaged in marketing and trading of copper, iron ore, coal, petroleum and nickel.

No. of Employees :	Not available

RATING & COMMENTS

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

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
C	Medium High Risk	Business dealings permissible preferably on secured basis

Status :	Poor

Payment Behaviour :	Slow and delayed

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

(30.06.2017)

Current Rating

(30.09.2017)

Singapore

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 2014-16 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.

T05FC6681H

COMPANY NAME

BHP BILLITON MARKETING AG (SINGAPORE BRANCH)

FORMER NAME

N/A

INCORPORATION DATE

28/04/2005

COMPANY STATUS

EXIST

LEGAL FORM

FOREIGN

LISTED STATUS

REGISTERED ADDRESS

10, MARINA BOULEVARD, 50-01, MARINA BAY FINANCIAL CENTRE, 018983, SINGAPORE.

BUSINESS ADDRESS

10, MARINA BOULEVARD, 50-01, BAY MARINA FINANCIAL CENTRE, TOWER 2, 018983, SINGAPORE.

TEL.NO.

65-64216000

FAX.NO.

65-64217000

WEB SITE

WWW.BHPBILLITON.COM

CONTACT PERSON

ROLF MUELLER ( DIRECTOR )

PRINCIPAL ACTIVITY

MARKETING AND TRADING OF COPPER, IRON ORE, COAL, PETROLEUM AND NICKEL

SALES

USD 24,242,907,000 [2017]

NET WORTH

USD (393,764,000) [2017]

STAFF STRENGTH

N/A

BANKER (S)

BANK OF AMERICA NATIONAL ASSOCIATION
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

LITIGATION

CLEAR

FINANCIAL CONDITION

POOR

PAYMENT

SLOW AND DELAYED

MANAGEMENT CAPABILITY

AVERAGE

COMMERCIAL RISK

MODERATE

CURRENCY EXPOSURE

MODERATE

GENERAL REPUTATION

SATISFACTORY

INDUSTRY OUTLOOK

AVERAGE GROWTH

HISTORY / BACKGROUND

The Subject is principally engaged in the (as a / as an) marketing and trading of copper, iron ore, coal, petroleum and nickel.

No shareholders was found in our databank at the time of investigation

DIRECTORS

DIRECTOR 1

Name Of Subject	:	ROLF MUELLER
Address	:	ROSENBERGWEG 10A, CH-6300, ZUG, SWITZERLAND.
IC / PP No	:	X0496064



Nationality	:	SWISS
Date of Appointment	:	15/04/2002

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	T05FC6681H	BHP BILLITON MARKETING AG (SINGAPORE BRANCH)	Director	15/04/2002	0.00	-	USD633,390,000.00	2017	-	17/01/2018

DIRECTOR 2

Name Of Subject	:	ARNOUD JONATHAN BALHUIZEN
Address	:	10, LINDEN DRIVE, RAFFLES PARK, 28868, SINGAPORE.
Other Address(es)	:	17, GREENVIEW CRESCENT, HILLCREST PARK, 289326, SINGAPORE.
IC / PP No	:	G5833631P



Nationality	:	DUTCH
Date of Appointment	:	23/05/2013

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	T05FC6681H	BHP BILLITON MARKETING AG (SINGAPORE BRANCH)	Director	23/05/2013	0.00	-	USD633,390,000.00	2017	-	17/01/2018

DIRECTOR 3

Name Of Subject	:	JONATHAN PRICE
Address	:	7, DEAL ROAD, 139841, SINGAPORE.
IC / PP No	:	G5989670P



Nationality	:	BRITISH
Date of Appointment	:	07/07/2016

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	T05FC6681H	BHP BILLITON MARKETING AG (SINGAPORE BRANCH)	Secretary Director	06/10/2016 07/07/2016	0.00	-	USD633,390,000.00	2017	-	17/01/2018

DIRECTOR 4

Name Of Subject	:	LEE WEE NAM ESTATE OF (DECEASED)
Address	:	33 NEW BRIDGE ROAD, 059394, SINGAPORE.




Nationality	:	SINGAPOREAN
Date of Appointment	:	02/10/2014

INTEREST CHECK


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

MANAGEMENT

1)	Name of Subject	:	ROLF MUELLER
	Position	:	DIRECTOR

AUDITOR

No Auditor found in our databank

COMPANY SECRETARIES

1)	Company Secretary	:	JONATHAN PRICE
	IC / PP No	:	G5989670P

	Address	:	7, DEAL ROAD, 139841, SINGAPORE.

	Remarks	:	AUTHORISED REPRESENTATIVE

2)	Company Secretary	:	VICTORIA JANE BINNS
	IC / PP No	:	G6252126R

	Address	:	5, JALAN PASIRAN, 308458, SINGAPORE.

	Remarks	:	AUTHORISED REPRESENTATIVE

BANKING

Banking relations are maintained principally with :

1)	Name	:	BANK OF AMERICA NATIONAL ASSOCIATION

2)	Name	:	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

ENCUMBRANCE (S)

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

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 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

[

]

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	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Goods Traded

COPPER, IRON ORE, COAL, PETROLEUM AND NICKEL

Total Number of Employees:
YEAR	2014

GROUP	N/A
COMPANY	450

Branch

Other Information:

The Subject is principally engaged in the (as a / as an) marketing and trading of copper, iron ore, coal, petroleum and nickel.

The Subject deals with the followings:

* ALUMINIUM
* BASE METALS
* DIAMONDS AND SPECIALTY PRODUCTS
* ENERGY COAL
* IRON ORE
* MANGANESE
* METALLURGICAL COAL
* PETROLEUM
* STAINLESS STEEL MATERIALS

The Subject is one of the leading supplier of major commodities.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-64216000
Match	:	N/A

Address Provided by Client	:	10 MARINA BOULEVARD #50-01, MARINA BAY, FINANCIAL CENTRE TOWER 2 018983
Current Address	:	10, MARINA BOULEVARD, 50-01, BAY MARINA FINANCIAL CENTRE, TOWER 2, 018983, SINGAPORE.
Match	:	YES

Other Investigations

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

The Subject refused to disclose its number of employees.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Erratic	[	2013 - 2017	]
Profit/(Loss) Before Tax	:	Increased	[	2013 - 2017	]
Return on Shareholder Funds	:	Unfavourable	[	(160.86%)	]
Return on Net Assets	:	Unfavourable	[	(161.23%)	]

The fluctuating turnover reflects the fierce competition among the existing and new market players.The higher profit could be attributed to the increase in turnover. The Subject's unfavourable returns on shareholders' funds indicate the management's inefficiency in utilising its assets to generate returns.

Working Capital Control
Debtor Ratio	:	Favourable	[	9 Days	]
Creditors Ratio	:	Favourable	[	8 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	:	Unfavourable	[	0.68 Times	]
Current Ratio	:	Unfavourable	[	0.68 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	:	Favourable	[	429.55 Times	]
Gearing Ratio	:	Favourable	[	0.00 Times	]

The interest cover showed that the Subject was able to service the interest. The favourable interest cover could indicate that the Subject was making enough profit to pay for the interest accrued. 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 :
Although the turnover was erratic, the Subject had maintained a steady growth in its profit. This indicate the management's efficiency in controlling its costs and profitability. 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. With the favourable interest cover, the Subject could be able to service all the accrued interest without facing any difficulties. 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 : POOR

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	2012	2013	2014	2015	2016*

Population (Million)	5.31	5.40	5.47	5.54	5.63
Gross Domestic Products ( % )	1.3	3.7	(3.5)	3.7	4.8
Consumer Price Index	4.6	2.4	2.4	(0.5)	(0.7)
Total Imports (Million)	474,554.0	466,762.0	463,779.1	407,767.9	398,372.0
Total Exports (Million)	510,329.0	513,391.0	518,922.7	476,285.4	468,552.0

Unemployment Rate (%)	2.0	1.9	1.9	1.9	2.1
Tourist Arrival (Million)	14.49	15.46	15.01	15.23	16.28
Hotel Occupancy Rate (%)	86.4	86.3	85.5	85.0	-
Cellular Phone Subscriber (Million)	1.52	1.97	1.98	1.99	-

Registration of New Companies (No.)	31,892	37,288	41,589	34,243	35,528
Registration of New Companies (%)	(1.3)	9.8	11.5	(17.7)	3.8
Liquidation of Companies (No.)	17,218	17,369	18,767	21,384	-
Liquidation of Companies (%)	9.4	(5.3)	8.0	13.9	-

Registration of New Businesses (No.)	24,788	22,893	35,773	28,480	33,326
Registration of New Businesses (%)	5.51	1.70	56.30	(20.39)	17.02
Liquidation of Businesses (No.)	22,489	22,598	22,098	26,116	-
Liquidation of Businesses (%)	(2.2)	0.5	(2.2)	18.2	-

Bankruptcy Orders (No.)	1,748	1,992	1,757	1,776	-
Bankruptcy Orders (%)	14.5	14.0	(11.8)	1.0	-
Bankruptcy Discharges (No.)	1,881	2,584	3,546	3,499	-
Bankruptcy Discharges (%)	35.2	37.4	37.2	(1.3)	-

INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	5.16	1.78	4.29	3.04	-
Fish Supply & Wholesale	(0.5)	(3.8)	(8.6)	(8.5)	(9.9)

Manufacturing #
Food, Beverages & Tobacco	97.9	97.9	99.4	100.0	103.7
Textiles	140.1	119.5	102.7	100.0	93.3
Wearing Apparel	395.4	334.1	212.6	100.0	80.3
Leather Products & Footwear	109.5	122.0	106.5	100.0	93.2
Wood & Wood Products	93.3	103.0	107.2	100.0	90.5
Paper & Paper Products	98.5	104.4	104.5	100.0	99.7
Printing & Media	122.8	113.8	105.968	100.0	86.9
Crude Oil Refineries	107.1	100.7	92.2	100.0	100.5
Chemical & Chemical Products	85.3	88.4	96.7	100.0	97.6
Pharmaceutical Products	103.8	101.421	109.4	100.0	115.9
Rubber & Plastic Products	113.5	109.497	109.2	100.0	87.9
Non-metallic Mineral	108.8	107.4	90.759	100.0	93.6
Basic Metals	91.5	77.2	99.3	100.0	113.1
Fabricated Metal Products	107.314	107.5	107.757	100.0	91.7
Machinery & Equipment	107.3	109.1	118.2	100.0	79.3
Electrical Machinery	80.102	87.4	97.871	100.0	99.3
Electronic Components	100.7	105.0	105.6	100.0	106.3
Transport Equipment	109.9	111.1	106.68	100.0	98.7

Construction	28.70	25.40	22.00	-	-
Real Estate	31.9	88.5	145.1	-	-

Services
Electricity, Gas & Water	6.30	6.70	6.50	-	-
Transport, Storage & Communication	5.30	9.80	14.20	-	-
Finance & Insurance	0.50	3.30	6.00	-	7.40
Government Services	6.00	6.50	6.30	-	-
Education Services	0.30	3.10	5.98	-	2.40

* Estimate / Preliminary
# Based on Index of Industrial Production (2015 = 100)

INDUSTRY ANALYSIS

INDUSTRY :	TRADING


The wholesale & retail trade sector expanded by 6.8% in the third quarter of 2015, higher than the 6.0% growth in the preceding quarter. Growth was supported by both the wholesale trade and retail trade segments. The wholesale trade segment was boosted by an increase in both domestic and foreign wholesale trade sales volume. In particular, the domestic wholesale trade index rose by 7.4%, following the 8.1 % increase in the previous quarter. The strong performance in domestic wholesale trade was due to a surge in the sales of petroleum and petroleum products (14%), chemicals & chemical products (39%) and telecommunications & computers (18%).

Similarly, the foreign wholesale trade index rose by 10% in the third quarter of 2015, accelerating from the 6.9% rise in the previous quarter. Growth was driven by improvements in the sales of petroleum & petroleum products (21%), metals, timber & construction materials (10%) and general wholesale trade (8.8%).

Overall retail trade sales volume also recorded resilient growth of 5.6% in the third quarter of 2015, extending the 6.4 % expansion in the second quarter. Growth was supported by a surge in the volume of motor vehicle sales (44%), which was in turn due to a substantial increase in the supply of Certificate of Entitlements. Excluding motor vehicles, retail sales volume increased at a much slower pace of 0.7% over the same period. The increase in retail sales volume (excluding motor vehicles) was due to improved non-discretionary goods sales. For instance, the sales of medical goods & toiletries and department store goods rose by 8.1% and 3.6% respectively.

According to the Retail News Asia, Food and beverage has overtaken fashion as the primary driver of demand for retail real estate in Singapore. Despite declining retail sales and consumer spending, the prime retail sector remained in good shape during the third quarter 2015.

OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 2005, the Subject is a Foreign company, focusing on marketing and trading of copper, iron ore, coal, petroleum and nickel. 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.

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.

Despite the higher turnover, the Subject suffered pre-tax losses which reflected a highly competitive business environment. The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. Due to its weak liquidity position, the Subject may face working capital deficiency in meeting its short term financial obligations if no fresh capital are injected into the Subject. Being a zero geared company, the Subject virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. The Subject's unfavourable financial performance over the years has wiped out its shareholders' funds to a deficit of USD -393,764,000. Therefore, the Subject as a going concern is much dependent on its ability to generate sufficient cash flow and obtain additional financing to meet its future obligations.

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 shows an upward trend and this trend is very likely to sustain in the near terms.

Based on the above unfavourable condition, we regard granting credit to the Subject to be quite risky. Hence, credit is not recommended.

PROFIT AND LOSS ACCOUNT

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

BHP BILLITON MARKETING AG (SINGAPORE BRANCH)

Financial Year End	2017-06-30	2016-06-30	2015-06-30	2014-06-30	2013-06-30
Months	12	12	12	12	12
Consolidated Account	Company	Company	Company	Company	Company
Audited Account	YES	YES	YES	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES	YES	YES	YES
Financial Type	FULL	FULL	FULL	FULL	FULL
Currency	USD	USD	USD	USD	USD

TURNOVER	24,242,907,000	16,830,286,000	23,058,995,000	30,922,239,000	35,313,288,000
	----------------	----------------	----------------	----------------	----------------
Total Turnover	24,242,907,000	16,830,286,000	23,058,995,000	30,922,239,000	35,313,288,000
Costs of Goods Sold	(23,591,105,000)	(16,353,437,000)	(22,386,437,000)	(30,184,438,000)	(34,355,895,000)
	----------------	----------------	----------------	----------------	----------------
Gross Profit	651,802,000	476,849,000	672,558,000	737,801,000	957,393,000
	----------------	----------------	----------------	----------------	----------------

PROFIT/(LOSS) FROM OPERATIONS	633,390,000	444,718,000	645,637,000	736,413,000	884,087,000
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	633,390,000	444,718,000	645,637,000	736,413,000	884,087,000
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	633,390,000	444,718,000	645,637,000	736,413,000	884,087,000
Profit/(Loss) from discontinued operation	-	-	161,000,000	204,761,000	-
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS	633,390,000	444,718,000	806,637,000	941,174,000	884,087,000
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS	633,390,000	444,718,000	806,637,000	941,174,000	884,087,000
	----------------	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	633,390,000	444,718,000	806,637,000	941,174,000	884,087,000
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	633,390,000	444,718,000	806,637,000	941,174,000	884,087,000
	=============	=============	=============	=============	=============

INTEREST EXPENSE (as per notes to P&L)
Others	1,478,000	814,000	257,000	6,111,000	7,895,000
	----------------	----------------	----------------	----------------	----------------
	1,478,000	814,000	257,000	6,111,000	7,895,000
	=============	=============	=============	=============	=============

BALANCE SHEET

BHP BILLITON MARKETING AG (SINGAPORE BRANCH)

Others	-	18,480,000	14,977,000	-	16,374,000
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	-	18,480,000	14,977,000	-	16,374,000

	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	-	18,480,000	14,977,000	-	16,374,000

Stocks	-	-	-	123,504,000	183,699,000
Trade debtors	611,466,000	430,782,000	855,655,000	1,471,807,000	1,619,491,000
Other debtors, deposits & prepayments	56,642,000	27,664,000	42,419,000	72,510,000	96,312,000
Amount due from related companies	150,500,000	94,363,000	65,655,000	218,030,000	159,895,000
Cash & bank balances	4,394,000	396,000	119,353,000	231,541,000	308,304,000
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	823,002,000	553,205,000	1,083,082,000	2,117,392,000	2,367,701,000
	----------------	----------------	----------------	----------------	----------------
TOTAL ASSET	823,002,000	571,685,000	1,098,059,000	2,117,392,000	2,384,075,000
	=============	=============	=============	=============	=============

CURRENT LIABILITIES
Trade creditors	508,118,000	237,971,000	318,885,000	570,224,000	444,657,000
Other creditors & accruals	57,772,000	45,274,000	21,212,000	38,511,000	75,812,000
Amounts owing to related companies	650,876,000	373,828,000	490,654,000	1,404,568,000	1,572,538,000
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	1,216,766,000	657,073,000	830,751,000	2,013,303,000	2,093,007,000
	----------------	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	(393,764,000)	(103,868,000)	252,331,000	104,089,000	274,694,000
	----------------	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	(393,764,000)	(85,388,000)	267,308,000	104,089,000	291,068,000
	=============	=============	=============	=============	=============

HEAD OFFICE ACCOUNT	(393,764,000)	(95,317,000)	247,758,000	99,681,000	287,265,000

Retained profit/(loss) carried forward	-	-	-	-	884,087,000

	----------------	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	(393,764,000)	(95,317,000)	247,758,000	99,681,000	287,265,000

Others	-	9,929,000	19,550,000	4,408,000	3,803,000
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	-	9,929,000	19,550,000	4,408,000	3,803,000
	----------------	----------------	----------------	----------------	----------------
	(393,764,000)	(85,388,000)	267,308,000	104,089,000	291,068,000
	=============	=============	=============	=============	=============

FINANCIAL RATIO

BHP BILLITON MARKETING AG (SINGAPORE BRANCH)

TYPES OF FUNDS
Cash	4,394,000	396,000	119,353,000	231,541,000	308,304,000
Net Liquid Funds	4,394,000	396,000	119,353,000	231,541,000	308,304,000
Net Liquid Assets	(393,764,000)	(103,868,000)	252,331,000	(19,415,000)	90,995,000
Net Current Assets/(Liabilities)	(393,764,000)	(103,868,000)	252,331,000	104,089,000	274,694,000
Net Tangible Assets	(393,764,000)	(85,388,000)	267,308,000	104,089,000	291,068,000
Net Monetary Assets	(393,764,000)	(113,797,000)	232,781,000	(23,823,000)	87,192,000
PROFIT & LOSS ITEMS
Earnings Before Interest & Tax (EBIT)	634,868,000	0	645,894,000	742,524,000	891,982,000
Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)	634,868,000	445,532,000	645,894,000	742,524,000	891,982,000
BALANCE SHEET ITEMS
Total Borrowings	0	0	0	0	0
Total Liabilities	1,216,766,000	667,002,000	850,301,000	2,017,711,000	2,096,810,000
Total Assets	823,002,000	571,685,000	1,098,059,000	2,117,392,000	2,384,075,000
Net Assets	(393,764,000)	(85,388,000)	267,308,000	104,089,000	291,068,000
Net Assets Backing	(393,764,000)	(95,317,000)	247,758,000	99,681,000	287,265,000
Shareholders' Funds	(393,764,000)	(95,317,000)	247,758,000	99,681,000	287,265,000
Total Share Capital	0	0	0	0	0
Total Reserves	0	0	0	0	0
GROWTH RATIOS (Year on Year) (%)
Revenue	44.04	(27.01)	(25.43)	(12.43)	5.20
Proft/(Loss) Before Tax	42.43	(31.12)	(12.33)	(16.70)	29.14
Proft/(Loss) After Tax	42.43	(31.12)	(12.33)	(16.70)	29.14
Total Assets	43.96	(47.94)	(48.14)	(11.19)	12.28
Total Liabilities	82.42	(21.56)	(57.86)	(3.77)	21.41
LIQUIDITY (Times)
Cash Ratio	0	0	0.14	0.12	0.15
Liquid Ratio	0.68	0.84	1.30	0.99	1.04
Current Ratio	0.68	0.84	1.30	1.05	1.13
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0	0	1	2
Debtors Ratio	9	9	14	17	17
Creditors Ratio	8	5	5	7	5
SOLVENCY RATIOS (Times)
Gearing Ratio	0	0	0	0	0
Liabilities Ratio	(3.09)	(7.00)	3.43	20.24	7.30
Times Interest Earned Ratio	429.55	547.34	2,513.21	121.51	112.98
Assets Backing Ratio	-	-	-	-	-
PERFORMANCE RATIO (%)
Operating Profit Margin	2.61	2.64	2.80	2.38	2.50
Net Profit Margin	2.61	2.64	3.50	3.04	2.50
Return On Net Assets	(161.23)	(521.77)	241.63	713.35	306.45
Return On Capital Employed	(161.23)	(521.77)	241.63	713.35	306.45
Return On Shareholders' Funds/Equity	(160.86)	(466.57)	325.57	944.19	307.76
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	INR 63.84
UK Pound	1	INR 88.28
Euro	1	INR 77.88
SGD	1	INR 48.33

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

INFORMATION DETAILS

Analysis Done by :	VAR

Report Prepared by :	SYL

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)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

MIRA INFORM REPORT

EXECUTIVE SUMMARY

HISTORY / BACKGROUND

DIRECTORS

MANAGEMENT

AUDITOR

COMPANY SECRETARIES

BANKING

ENCUMBRANCE (S)

LITIGATION CHECK - SUBJECT COMPANY AS A DEFENDANT

PAYMENT RECORD

CLIENTELE

OPERATIONS

CURRENT INVESTIGATION

FINANCIAL ANALYSIS

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

INDUSTRY ANALYSIS

CREDIT RISK EVALUATION & RECOMMENDATION

PROFIT AND LOSS ACCOUNT

BALANCE SHEET

FINANCIAL RATIO

Unit