MIRA INFORM REPORT

Report Date :

09.11.2011

IDENTIFICATION DETAILS

Name :	NRI NETWORK CORPORATION PTE LTD
Registered Office :	76a Lorong 27 Geylang Singapore 388194
Country :	Singapore
Financials (as on) :	31.12.2009
Date of Incorporation :	24.10.2001
Com. Reg. No.:	200106961w
Legal Form :	Limited Exempt Private Company
Line of Business :	Development Of E-Commerce Applications of E-Commerce Programmes

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	S$10,000
Status :	Moderate
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – September 30^th, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
Singapore	a1	a1

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

Executive Summary

Company Name	:	NRI NETWORK CORPORATION PTE LTD
Registration No	:	200106961W
Date of Registration	:	24/10/2001
Former Name	:	NA
Date of Change of Name	:	NA
Type of Company	:	LIMITED EXEMPT PRIVATE COMPANY
Registered Address	:	76A LORONG 27 GEYLANG SINGAPORE 388194
Date of Change of Address	:	13/02/2009
Contact No.	:	62230323
Fax No.	:	NA
Website	:	NA
Registered Activities	:	DEVELOPMENT OF E-COMMERCE APPLICATIONS E-COMMERCE PROGRAMMES
Issued Ordinary Capital*	:	$100,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 100,000
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$100,000.00 SINGAPORE, DOLLARS
Paid-Up Preference Capital	:	NA
* Number of Shares includes number of Issued Treasury Shares
Issued Treasury Capital	:	NA
Paid-Up Treasury Capital	:	NA
No. of Local Subsidiaries	:	NA
No. of Local Associates	:	NA
Auditor	:	P S PHUAN & CO
Bankers / Financiers	:	NA
Turnover	:	SGD - SIN 91,455,941.00 (FY2009)
Net Worth	:	SGD - SIN 190,479.00 (FY2009)
No. of Bank Charges	:	NA
No. of Litigation Suits	:	NA
S1000 / SME 500 / FG50 Ranking	:	No found for SINGAPORE 1000 and SME 1000
Compounded Annual Growth Rate (CAGR)	:	NA

Credit Recommendation

Recommended Credit Line

:

S$10,000

SHAREHOLDER DETAILS

NAME	:	NRI NETWORK CORPORATION LIMITED
SHAREHOLDER ID	:	T03UF1345D
NATIONALITY	:	HONG KONG
ADDRESS	:	SUITE 2302, 23/F GREAT EAGLE CENTRE, 23 HARBOUR ROAD, WANCHAI, HONG KONG
NO. OF ORD SHARES	:	100,000
% OF SHAREHOLDING	:	100%
CURRENCY	:	SINGAPORE, DOLLARS

OFFICER DETAILS

NAME	:	TAN GIM SOON
ADDRESS	:	76A LORONG 27 GEYLANG SINGAPORE 388194
POSITION	:	SECRETARY
DATE OF APPT	:	31/08/2007
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S6829824E
NAME	:	MAYEKAR SHAILESH PRAKASH
ADDRESS	:	32 MARINE CRESCENT #03-123 MARINE CRESCENT VILLE SINGAPORE 440032
POSITION	:	DIRECTOR
DATE OF APPT	:	12/04/2006
NATIONALITY	:	SINGAPORE P.R.
I/C PASSPORT	:	S7568861Z

KEY PERSONNEL PROFILE

Name:	MAYEKAR SHAILESH PRAKASH
NRIC Number:	S7568861Z
Available Address:	32 MARINE CRESCENT #03-123 MARINE CRESCENT VILLE SINGAPORE 440032

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	NRI NETWORK CORPORATION PTE LTD	DIRECTOR	12/04/2006	-	-

Previous Business

No.	Name	Status	Position	Appt Date	Last Known Inactive Date
No Trace

Bankruptcy Record

Case No.	Year	Date of Filing	Petitioner Name	Amount
No Trace

Litigation Search – Writ of Summons

Court	Case No.	Year	Date of Filing	Amount	Cause Category
No Trace

SUBSIDIARIES AND ASSOCIATE COMPANIES

Company	Shareholdings (%)
NA

BANKERS/ FINANCIERS

Subject enjoys a normal banking routine with its bankers. To date, there are no bank charges registered against Subject by its bankers.

LITIGATION

Clear

COMPLIANCE RECORDS

Date of Last AGM	:	30/06/2010
Date of Last AR	:	21/02/2011
Date of A/C Laid At Last AGM	:	31/12/2009

FINANCIAL HIGHLIGHTS

Financial Figures	Company
	DEC 2009	% Change	DEC 2008
Currency	SGD - SIN		SGD - SIN
Profit and Loss Key Figures
Turnover	91,455,941	44.12	63,459,362
Profit/(Loss) Before Tax	348,388	145.15	142,110
Profit After Tax attributable to Shareholders	314,882	122.43	141,563
Balance Sheet Key Figures
Total Assets	31,727,450	6,079.94	513,394
Current Assets	31,707,830	6,256.71	498,809
Non Current Assets	19,620	34.52	14,585
Total Liabilities	31,536,971	4,844.67	637,797
Current Liabilities	31,536,971	4,844.67	637,797
Non Current Liabilities	0	NA	0
Shareholders' Funds	190,479	NA	(124,403)
Share Capital	100,000	0.00	100,000
Total Reserves	90,479	NA	(224,403)

FINANCIAL RATIOS

	Company
	DEC 2009	DEC 2008
Growth %
Year-on-Year Growth	44.12	NA
Profitability
Profit Margin (%)	0.34	0.22
Return on Equity (%)	165.31	-113.79
Return on Assets (%)	0.99	27.57
Leverage
Total Debt/Equity (Times)	165.57	-5.13
Current Debt/Equity (Times)	165.57	0.00
Long Term Debt To Equity (Times)	0.00	0.00
Total Asset To Total Equity (Times)	166.57	-4.13
Asset Management
Total Assets Turnover (Times)	2.88	123.61
Fixed Assets Turnover (Times)	4,661.36	4,351.00
Liquidity
Current Ratio (Times)	1.01	0.78

FINANCIAL COMMENTARY

Profitability

The company yielded a rate of net profit on sales of 0.34 per cent in FY09 (FY08: 0.22 per cent). The company is now able to book in SGD - SIN 0.00 of profit for every SGD - SIN of sales in FY09, as compared with SGD - SIN 0.00 a year ago.

Liquidity

Current ratio stood at 1.01 times in FY09 (FY08: 0.78 times). This means that the company has SGD - SIN 1.01 of current assets for every SGD - SIN of current liability incurred.

A minimum figure of 1.0 would be considered the lowest limit that this figure should reach. Any business that has a current ratio near 1.0 may be heading for liquidity problems, and would need to be closely monitored. A figure greater than 2.0 would be more desirable, to act as a buffer against any short-term liquidity problems, and give creditors/bank managers a degree of comfort when granting credit/finance.

Leverage

Total debt-to-equity ratio notched 165.57 times in FY09. This means that the company requires additional external financing of SGD - SIN 165.57 for every SGD - SIN injected into its operations.

Generally, a total debt-to-equity ratio of less than 0.5 times is preferred. The ratio measures the proportion of the company's reliance on external debt for financing, relative to the shareholder's fund. A lower ratio would imply a greater financial safety and operating freedom for the company.

Efficiency Ratio

Return on equity was 165.31 per cent for Subject in the current financial period. The return on equity measures the return earned on the owner's investment. Generally, the higher this return, the better off the owner.

Return on assets stood at 0.99 per cent (FY08: 27.57 per cent). The return on asset measures the overall effectiveness of management in generating profit with its available assets.

Total assets turnover ratio logged at 2.88 times in FY09 (FY08: 123.61 times). This ratio measures the company's ability to make productive use of its total assets to generate sales which reflects the efficiency of the management in utilising its resources.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.38
UK Pound	1	Rs.79.20
Euro	1	Rs.67.84

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