MIRA INFORM REPORT

Report Date :

30.05.2012

IDENTIFICATION DETAILS

Name :	AAVANTI INDUSTRIES PTE LTD
Registered Office :	17 Phillip Street #05-01 Grand Building Singapore 048695
Country :	Singapore
Financials (as on) :	30.06.2010 (Company) 30.06.2011 (Group)
Date of Incorporation :	21.07.1993
Com. Reg. No.:	199304717k
Legal Form :	Limited Private Company
Line of Business :	Other investment holding companies
No. of Employees :	Not Available

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 :	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 – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
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	:	AAVANTI INDUSTRIES PTE LTD
Registration No	:	199304717K
Date of Registration	:	21/07/1993
Former Name	:	NA
Date of Change of Name	:	NA
Type of Company	:	LIMITED PRIVATE COMPANY
Registered Address	:	17 PHILLIP STREET #05-01 GRAND BUILDING SINGAPORE 048695
Date of Change of Address	:	01/06/2009
Contact No.	:	6538 8233
Fax No.	:	6538 2183
Website	:	NA
Registered Activities	:	OTHER INVESTMENT HOLDING COMPANIES
Issued Ordinary Capital*	:	$7,870,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 7,870,000
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$7,870,000.00 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	:	2
No. of Local Associates	:	1
Auditor	:	PRUDENTIAL PUBLIC ACCOUNTING CORPORATION
Bankers / Financiers	:	AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED DBS BANK LTD. SOCIETE GENERALE COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.("RABOBANK NEDERLAND") THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED STANDARD CHARTERED BANK HSH NORDBANK AG DZ BANK AG DEUTSCHE ZENTRAL-GENOSSENSCHAFTSBANK, FRANKFURT AM MAIN (FORMERLY GZ-BANK AG) OVERSEA-CHINESE BANKING CORPORATION LIMITED THE ROYAL BANK OF SCOTLAND N.V.
Turnover	:	SGD - SIN 2,532,633,912.00 (FY2011)
Net Worth	:	SGD - SIN 45,771,478.00 (FY2011)
No. of Bank Charges	:	34
No. of Litigation Suits	:	4
S1000 / SME 500 / FG50 Ranking	:	196 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2010/2011) 138 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2009/2010) 170 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2008/2009) 229 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2007/2008) 235 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2006/2007)
Compounded Annual Growth Rate (CAGR)	:	NA

SHAREHOLDER DETAILS

NAME	:	MERDALE INVESTMENT COMPANY LIMITED
SHAREHOLDER ID	:	T08UF0334D
NATIONALITY	:	NA
ADDRESS	:	ST JAMES HOUSE NEW ST JAMES PLACE ST HELIER JERSEY JE 4 8WB CHANNEL ISLANDS
NO. OF ORD SHARES	:	7,869,998
% OF SHAREHOLDING	:	100%
CURRENCY	:	SINGAPORE, DOLLARS
NAME	:	EASAW S/O V E THOMAS
SHAREHOLDER ID	:	S1206857C
NATIONALITY	:	SINGAPORE CITIZEN
ADDRESS	:	2 WILBY ROAD SINGAPORE 276291
NO. OF ORD SHARES	:	1
% OF SHAREHOLDING	:	0%
CURRENCY	:	SINGAPORE, DOLLARS
NAME	:	ANJULA THOMAS NEE KHANDELWAL
SHAREHOLDER ID	:	S2183449A
NATIONALITY	:	SINGAPORE CITIZEN
ADDRESS	:	2 WILBY ROAD SINGAPORE 276291
NO. OF ORD SHARES	:	1
% OF SHAREHOLDING	:	0%
CURRENCY	:	SINGAPORE, DOLLARS

OFFICER DETAILS

NAME	:	EASAW S/O V E THOMAS
ADDRESS	:	2 WILBY ROAD SINGAPORE 276291
POSITION	:	DIRECTOR
DATE OF APPT	:	15/02/1998
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S1206857C
NAME	:	ANJULA THOMAS NEE KHANDELWAL
ADDRESS	:	2 WILBY ROAD SINGAPORE 276291
POSITION	:	DIRECTOR
DATE OF APPT	:	21/07/1993
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S2183449A
NAME	:	CLIFFORD EMMANUEL GERMAIN ABAYASEKARA
ADDRESS	:	407B FERNVALE ROAD #04-13 SINGAPORE 792407
POSITION	:	SECRETARY
DATE OF APPT	:	28/02/2009
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S2191478I
NAME	:	RAMANUJAM JEYAPRIYA
ADDRESS	:	565B EAST COAST ROAD IVORY APARTMENTS SINGAPORE 429080
POSITION	:	SECRETARY
DATE OF APPT	:	08/08/2011
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S7136299Z

KEY PERSONNEL PROFILE

Name:	EASAW S/O V E THOMAS
NRIC Number:	S1206857C
Available Address:	2 WILBY ROAD SINGAPORE 276291

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	AAVANTI INDUSTRIES PTE LTD	DIRECTOR	15/02/1998	1	0.00
2	AAVANTI OFFSHORE PTE. LTD.	DIRECTOR	23/05/2009	-	-
3	ANJULA THOMAS PTE LTD	DIRECTOR	04/02/1993	5000	50.00
4	ANJULA THOMAS PTE LTD	SHAREHOLDER	-	5000	50.00
5	EASAW THOMAS PTE. LTD.	DIRECTOR	07/10/2011	1	100.00
6	EASAW THOMAS PTE. LTD.	SHAREHOLDER	-	1	100.00
7	GWF WINE CONCEPT PTE. LTD.	DIRECTOR	16/03/2011	-	-
8	JUST CONSOLIDATED PTE LTD	DIRECTOR	02/05/2007	-	-
9	PULSIFIC TRADING PTE. LTD.	DIRECTOR	18/10/2011	1	100.00
10	RF SOLUTIONS PTE. LTD.	DIRECTOR	08/04/2011	-	-

Previous Business

No.	Name	Status	Position	Appt Date	Last Known Inactive Date
1	BI-TRON INTERNATIONAL SINGAPORE PTE LTD	STRUCK OFF	SHAREHOLDER	-	-

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 (%)
SAWIT PLANTATION PTE. LTD.	100
RF SOLUTIONS PTE. LTD.	100
JUST CONSOLIDATED PTE LTD	50

BANKERS/ FINANCIERS

Subject enjoys a normal banking routine with its bankers. To date, there have been 34 bank charges registered against Subject by its bankers. The charge numbers are:

1)	Charge No.	:	C201201989
	Date of Registration	:	21/02/2012
	Chargee	:	AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED
	Amount Secured and Currency	:	All Monies
	Address	:	---
2)	Charge No.	:	C201201940
	Date of Registration	:	20/02/2012
	Chargee	:	AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED
	Amount Secured and Currency	:	All Monies
	Address	:	---
3)	Charge No.	:	C201105146
	Date of Registration	:	26/04/2011
	Chargee	:	DBS BANK LTD.
	Amount Secured and Currency	:	All Monies
	Address	:	6 SHENTON WAY, DBS BUILDING TOWER ONE SINGAPORE 068809
4)	Charge No.	:	C201010236
	Date of Registration	:	29/10/2010
	Chargee	:	SOCIETE GENERALE
	Amount Secured and Currency	:	All Monies
	Address	:	80 ROBINSON ROAD #26-00 SINGAPORE 068898
5)	Charge No.	:	C201010233
	Date of Registration	:	29/10/2010
	Chargee	:	SOCIETE GENERALE
	Amount Secured and Currency	:	All Monies
	Address	:	80 ROBINSON ROAD #26-00 SINGAPORE 068898
6)	Charge No.	:	C201010231
	Date of Registration	:	29/10/2010
	Chargee	:	SOCIETE GENERALE
	Amount Secured and Currency	:	All Monies
	Address	:	80 ROBINSON ROAD #26-00 SINGAPORE 068898
7)	Charge No.	:	C201005568
	Date of Registration	:	02/07/2010
	Chargee	:	COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.("RABOBANK NEDERLAND")
	Amount Secured and Currency	:	All Monies
	Address	:	---
8)	Charge No.	:	C201005563
	Date of Registration	:	02/07/2010
	Chargee	:	COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.("RABOBANK NEDERLAND")
	Amount Secured and Currency	:	All Monies
	Address	:	---
9)	Charge No.	:	C200810012
	Date of Registration	:	03/11/2008
	Chargee	:	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED
	Amount Secured and Currency	:	All Monies
	Address	:	21 COLLYER QUAY #14-01 HSBC BUILDING SINGAPORE 049320
10)	Charge No.	:	C200808077
	Date of Registration	:	28/08/2008
	Chargee	:	STANDARD CHARTERED BANK
	Amount Secured and Currency	:	16,000,000.00 U.S. DOLLAR
	Address	:	6 BATTERY ROAD SINGAPORE 049909
11)	Charge No.	:	C200806325
	Date of Registration	:	11/07/2008
	Chargee	:	HSH NORDBANK AG
	Amount Secured and Currency	:	All Monies
	Address	:	3 TEMASEK AVENUE #33-00 CENTENNIAL TOWER SINGAPORE 039190
12)	Charge No.	:	C200803803
	Date of Registration	:	23/04/2008
	Chargee	:	DBS BANK LTD.
	Amount Secured and Currency	:	All Monies
	Address	:	6 SHENTON WAY, DBS BUILDING TOWER ONE SINGAPORE 068809
13)	Charge No.	:	C200803300
	Date of Registration	:	09/04/2008
	Chargee	:	DZ BANK AG DEUTSCHE ZENTRAL-GENOSSENSCHAFTSBANK, FRANKFURT AM MAIN (FORMERLY GZ-BANK AG)
	Amount Secured and Currency	:	All Monies
	Address	:	---
14)	Charge No.	:	C200800042
	Date of Registration	:	02/01/2008
	Chargee	:	OVERSEA-CHINESE BANKING CORPORATION LIMITED
	Amount Secured and Currency	:	All Monies
	Address	:	65 CHULIA STREET #26-00 OCBC CENTRE SINGAPORE 049513
15)	Charge No.	:	C200710812
	Date of Registration	:	07/12/2007
	Chargee	:	STANDARD CHARTERED BANK
	Amount Secured and Currency	:	All Monies
	Address	:	6 BATTERY ROAD SINGAPORE 049909
16)	Charge No.	:	C200710804
	Date of Registration	:	07/12/2007
	Chargee	:	DBS BANK LTD.
	Amount Secured and Currency	:	All Monies
	Address	:	6 SHENTON WAY, DBS BUILDING TOWER ONE SINGAPORE 068809
17)	Charge No.	:	C200710757
	Date of Registration	:	06/12/2007
	Chargee	:	DBS BANK LTD.
	Amount Secured and Currency	:	All Monies
	Address	:	6 SHENTON WAY, DBS BUILDING TOWER ONE SINGAPORE 068809
18)	Charge No.	:	C200702867
	Date of Registration	:	17/04/2007
	Chargee	:	STANDARD CHARTERED BANK
	Amount Secured and Currency	:	All Monies
	Address	:	6 BATTERY ROAD SINGAPORE 049909
19)	Charge No.	:	C200702643
	Date of Registration	:	05/04/2007
	Chargee	:	STANDARD CHARTERED BANK
	Amount Secured and Currency	:	All Monies
	Address	:	6 BATTERY ROAD SINGAPORE 049909
20)	Charge No.	:	C200702496
	Date of Registration	:	02/04/2007
	Chargee	:	SOCIETE GENERALE
	Amount Secured and Currency	:	All Monies
	Address	:	80 ROBINSON ROAD #26-00 SINGAPORE 068898
21)	Charge No.	:	C200702495
	Date of Registration	:	02/04/2007
	Chargee	:	SOCIETE GENERALE
	Amount Secured and Currency	:	All Monies
	Address	:	80 ROBINSON ROAD #26-00 SINGAPORE 068898
22)	Charge No.	:	C200702493
	Date of Registration	:	02/04/2007
	Chargee	:	SOCIETE GENERALE
	Amount Secured and Currency	:	All Monies
	Address	:	80 ROBINSON ROAD #26-00 SINGAPORE 068898
23)	Charge No.	:	C200604839
	Date of Registration	:	25/07/2006
	Chargee	:	THE ROYAL BANK OF SCOTLAND N.V.
	Amount Secured and Currency	:	All Monies
	Address	:	---
24)	Charge No.	:	C200604205
	Date of Registration	:	29/06/2006
	Chargee	:	SOCIETE GENERALE
	Amount Secured and Currency	:	All Monies
	Address	:	80 ROBINSON ROAD #26-00 SINGAPORE 068898
25)	Charge No.	:	C200604204
	Date of Registration	:	29/06/2006
	Chargee	:	SOCIETE GENERALE
	Amount Secured and Currency	:	All Monies
	Address	:	80 ROBINSON ROAD #26-00 SINGAPORE 068898
26)	Charge No.	:	C200604202
	Date of Registration	:	29/06/2006
	Chargee	:	SOCIETE GENERALE
	Amount Secured and Currency	:	All Monies
	Address	:	80 ROBINSON ROAD #26-00 SINGAPORE 068898
27)	Charge No.	:	C200506980
	Date of Registration	:	10/11/2005
	Chargee	:	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED
	Amount Secured and Currency	:	All Monies
	Address	:	21 COLLYER QUAY #14-01 HSBC BUILDING SINGAPORE 049320
28)	Charge No.	:	C200400106
	Date of Registration	:	07/01/2004
	Chargee	:	OVERSEA-CHINESE BANKING CORPORATION LIMITED
	Amount Secured and Currency	:	All Monies
	Address	:	65 CHULIA STREET #26-00 OCBC CENTRE SINGAPORE 049513
29)	Charge No.	:	C200305583
	Date of Registration	:	19/11/2003
	Chargee	:	STANDARD CHARTERED BANK
	Amount Secured and Currency	:	All Monies
	Address	:	6 BATTERY ROAD SINGAPORE 049909
30)	Charge No.	:	9504610
	Date of Registration	:	26/07/1995
	Chargee	:	SOCIETE GENERALE
	Amount Secured and Currency	:	All Monies
	Address	:	80 ROBINSON ROAD #26-00 SINGAPORE 068898
31)	Charge No.	:	200205650
	Date of Registration	:	24/12/2002
	Chargee	:	SOCIETE GENERALE
	Amount Secured and Currency	:	All Monies
	Address	:	80 ROBINSON ROAD #26-00 SINGAPORE 068898
32)	Charge No.	:	200104805
	Date of Registration	:	03/10/2001
	Chargee	:	SOCIETE GENERALE
	Amount Secured and Currency	:	All Monies
	Address	:	80 ROBINSON ROAD #26-00 SINGAPORE 068898
33)	Charge No.	:	200005623
	Date of Registration	:	21/11/2000
	Chargee	:	DBS BANK LTD.
	Amount Secured and Currency	:	All Monies
	Address	:	6 SHENTON WAY, DBS BUILDING TOWER ONE SINGAPORE 068809
34)	Charge No.	:	200005144
	Date of Registration	:	11/10/2000
	Chargee	:	THE ROYAL BANK OF SCOTLAND N.V.
	Amount Secured and Currency	:	All Monies
	Address	:	---

LITIGATION

there have been 4 litigation suits filed against Subject.

	Current Year On/After 01 Jan 2012	Past Years Wef 01 Jan 2012
Court (Claim under normal circumstances)
Magistrate (< $80,000)	0	2
District ($80,000 - $250,000)	0	0
High (>$250,000)	0	2
Winding Up Trace		No
In litigation/Dissolved/Struck Off/In receivership		No

The details are as follows:

1)	Court	:	Magistrate Court
	Case No.	:	795
	Date of Filing	:	08/01/2003
	Amount	:	713.79
	Cause	:	Contracts - Work Done And Service Rendered
	Case Status	:	CONCLUDED
	Plaintiff	:	GURBANI & CO
	Last Update Date	:	19/09/2008
2)	Court	:	Supreme Court
	Case No.	:	223
	Date of Filing	:	19/03/2004
	Amount	:	USD 167,424.00 USD 321,750.29 USD 167,424.00
	Cause	:	Contract - Sale of goods
	Case Status	:	CONCLUDED
	Plaintiff	:	PT PERMATA HIJAU SAWIT
	Last Update Date	:	19/09/2008
3)	Court	:	Magistrate Court
	Case No.	:	11555
	Date of Filing	:	10/07/1995
	Amount	:	5,751.95
	Cause	:	Contracts - Work Done And Service Rendered
	Case Status	:	CONCLUDED
	Plaintiff	:	SYABAS INDO PTE LTD FORMERLY KNOWN AS SYABAS SHIPMANAGEMENT PTE LTD
	Last Update Date	:	19/09/2008
4)	Court	:	Supreme Court
	Case No.	:	714
	Date of Filing	:	11/04/1997
	Amount	:	111,409.49
	Cause	:	Monetary Claim
	Case Status	:	CONCLUDED
	Plaintiff	:	WILMAR TRADING PTE LTD
	Last Update Date	:	19/09/2008

COMPLIANCE

Date of Last AGM	:	30/12/2011
Date of Last AR	:	26/01/2012
Date of A/C Laid At Last AGM	:	30/06/2011

FINANCIAL HIGHLIGHTS

Financial Figures	Group
	JUN 2011	% Change	JUN 2010	JUN 2009	JUN 2008
Currency	SGD - SIN		SGD - SIN	SGD - SIN	SGD - SIN
Profit and Loss Key Figures
Turnover	2,532,633,912	28.05	1,977,873,712	2,278,706,711	1,681,759,666
Profit/(Loss) Before Tax	21,634,426	516.98	3,506,529	1,724,605	1,065,801
Profit After Tax attributable to Shareholders	21,208,528	954.74	2,010,786	2,590,399	834,993
Balance Sheet Key Figures
Total Assets	622,997,142	151.48	247,733,673	369,653,924	217,335,612
Current Assets	621,265,249	233.31	186,390,160	340,573,319	187,509,721
Non Current Assets	1,731,893	-97.18	61,343,513	29,080,605	29,825,891
Total Liabilities	577,225,666	188.57	200,031,173	356,717,698	205,920,575
Current Liabilities	576,700,962	191.05	198,142,260	331,012,450	181,200,161
Non Current Liabilities	524,704	-72.22	1,888,913	25,705,248	24,720,414
Shareholders' Funds	45,771,478	-4.05	47,702,499	12,936,227	11,415,038
Share Capital	6,155,284	-8.49	6,726,302	7,012,607	6,832,957
Total Reserves	39,616,194	-3.32	40,976,197	5,923,620	4,582,081

FINANCIAL RATIOS

	Group
	JUN 2011	JUN 2010	JUN 2009	JUN 2008
Growth %
Year-on-Year Growth	28.05	-13.20	35.50	NA
Profitability
Profit Margin (%)	0.84	0.10	0.11	0.05
Return on Equity (%)	46.34	4.22	20.02	7.31
Return on Assets (%)	3.40	0.81	0.70	0.38
Leverage
Total Debt/Equity (Times)	12.61	4.19	27.58	18.04
Current Debt/Equity (Times)	12.60	4.15	25.59	15.87
Long Term Debt To Equity (Times)	0.01	0.04	1.99	2.17
Total Asset To Total Equity (Times)	13.61	5.19	28.58	19.04
Asset Management
Total Assets Turnover (Times)	4.07	7.98	6.16	7.74
Fixed Assets Turnover (Times)	1,462.35	32.24	78.36	56.39
Liquidity
Current Ratio (Times)	1.08	0.94	1.03	1.03

FINANCIAL HIGHLIGHTS

Financial Figures	Company
	JUN 2010	JUN 2009	JUN 2008	JUN 2007
Currency	SINGAPORE, DOLLARS	SINGAPORE, DOLLARS	SINGAPORE, DOLLARS	SINGAPORE, DOLLARS
Profit and Loss Key Figures
Turnover	*	0	0	998,837,376
Profit/(Loss) Before Tax	*	0	0	625,984
Profit After Tax attributable to Shareholders	*	0	0	533,371
Balance Sheet Key Figures
Total Assets	205,253,313	363,046,104	210,212,512	206,689,952
Current Assets	203,459,244	361,553,514	185,170,600	206,098,658
Non Current Assets	1,794,069	1,492,591	25,041,912	591,294
Total Liabilities	192,258,882	350,384,776	199,069,094	196,677,178
Current Liabilities	191,736,418	326,950,141	176,185,589	196,677,178
Non Current Liabilities	522,463	23,434,635	22,883,504	0
Shareholders' Funds	12,994,431	12,661,329	11,143,418	10,012,776
Share Capital	6,726,063	7,012,807	6,833,114	5,839,294
Total Reserves	6,268,368	5,648,522	4,310,304	4,173,482

* As per Companies Act, section 201 Accounts, Consolidated accounts and directors report, sub-section 3A.

FINANCIAL RATIOS

	Company
	JUN 2010	JUN 2009	JUN 2008	JUN 2007
Growth %
Year-on-Year Growth	NA	NA	NA	NA
Profitability
Profit Margin (%)	0.00	0.00	0.00	0.05
Return on Equity (%)	0.00	0.00	0.00	5.33
Return on Assets (%)	0.00	0.00	0.00	0.26
Leverage
Total Debt/Equity (Times)	14.80	27.67	17.86	19.64
Current Debt/Equity (Times)	14.76	25.82	15.81	19.64
Long Term Debt To Equity (Times)	0.04	1.85	2.05	0.00
Total Asset To Total Equity (Times)	15.80	28.67	18.86	20.64
Asset Management
Total Assets Turnover (Times)	0.00	0.00	0.00	4.83
Fixed Assets Turnover (Times)	0.00	0.00	0.00	1,689.24
Liquidity
Current Ratio (Times)	1.06	1.11	1.05	1.05

FINANCIAL COMMENTARY

Profitability

The group yielded a rate of net profit on sales of 0.84 per cent in FY11. The group is now able to book in SGD - SIN 0.01 of profit for every SGD - SIN of sales.

Liquidity

Current ratio stood at 1.08 times in FY11. This means that the group has SGD - SIN 1.08 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 12.61 times in FY11. This means that the group requires additional external financing of SGD - SIN 12.61 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 46.34 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 3.40 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 4.07 times in FY11. This ratio measures the group'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.55.58
UK Pound	1	Rs.87.14
Euro	1	Rs.69.73

INFORMATION DETAILS

Report Prepared by :

MNL

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%)

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.