MIRA INFORM REPORT

Report Date :

23.08.2013

IDENTIFICATION DETAILS

Name :	WIKA INSTRUMENTATION PTE. LTD.
Registered Office :	80 Robinson Road, 02-00, 068898
Country :	Singapore
Financials (as on) :	31.12.2012
Date of Incorporation :	05.05.1999
Com. Reg. No.:	199902349-C
Legal Form :	Private Limited Company
Line of Business :	Manufacturer of metal precision components
No. of Employees :	73

RATING & COMMENTS

MIRA’s Rating :

B

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

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 – March 31^st 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
Singapore	A1	A1

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

Singapore ECONOMIC OVERVIEW

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. Real GDP growth averaged 8.6% between 2004 and 2007. The economy contracted 0.8% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010, on the strength of renewed exports, before slowing to 5.2% in 2011 and 1.3% in 2012, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to an average of about 1.0% in the last decade. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub.

Source : CIA

* Adopted abbreviations :	SC - Subject Company (the company enquired by you)
	N/A - Not Applicable

EXECUTIVE SUMMARY

REGISTRATION NO.

:

199902349-C

COMPANY NAME

:

WIKA INSTRUMENTATION PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

05/05/1999

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

80 ROBINSON ROAD, 02-00, 068898, SINGAPORE.

BUSINESS ADDRESS

:

13 KIAN TECK CRESCENT, 628878, SINGAPORE.

TEL.NO.

:

65-68445506

FAX.NO.

:

65-68445507

EMAIL

:

INFO@WIKA.COM.SG

WEB SITE

:

WWW.WIKA.COM.SG

CONTACT PERSON

:

TAN KWANG HONG ( DIRECTOR )

PRINCIPAL ACTIVITY

:

MANUFACTURE OF METAL PRECISION COMPONENTS

ISSUED AND PAID UP CAPITAL

:

500,000.00 ORDINARY SHARE, OF A VALUE OF SGD 500,000.00

SALES

:

SGD 15,990,582 [2012]

NET WORTH

:

SGD 3,098,406 [2012]

STAFF STRENGTH

:

73 [2013]

BANKER (S)

:

STANDARD CHARTERED BANK

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

LIMITED

PAYMENT

:

AVERAGE

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

MODERATE

CURRENCY EXPOSURE

:

HIGH

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

MATURE

HISTORY / BACKGROUND

The SC is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the SC must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the SC is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the SC is insolvent. The SC is governed by the Companies Act and the company must file its annual returns, together with its financial statements with the Registrar of Companies.

The SC is principally engaged in the (as a / as an) manufacture of metal precision components.

The immediate holding company of the SC is CELBAR GMBH, a company incorporated in GERMANY.

The ultimate holding company of the SC is WIKA ALEXANDER WIEGAND SE & CO. KG, a company incorporated in GERMANY.

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
CELBAR GMBH	ALEXANDER-WIEGAND-STR. 30, KLINGENBERG, 63911, GERMANY.	T07UF1415	500,000.00	100.00
			---------------	------
			500,000.00	100.00
			============	=====

+ Also Director

The SC interest in other companies (Subsidiaries/Associates) are shown as follow :

Local No	Country	Company	(%)	As At
200005163D	SINGAPORE	WIKA SYSTEMS SINGAPORE PTE. LTD.	100.00	31/12/2012

DIRECTORS

DIRECTOR 1

Name Of Subject	:	DAVID WANNAMAKER
Address	:	90, MARIA CLARA STREET, TAYTAY, RIZAL, 1920, PHILIPPINES.
IC / PP No	:	BA338549
Nationality	:	CANADIAN
Date of Appointment	:	02/06/2008

DIRECTOR 2

Name Of Subject	:	MR. TAN KWANG HONG
Address	:	50A TOH TUCK ROAD, 03-08, SIGNATURE PARK, 596742, SINGAPORE.
IC / PP No	:	S7213653E
Nationality	:	SINGAPOREAN
Date of Appointment	:	13/06/2012

DIRECTOR 3

Name Of Subject	:	ALEXANDER WIEGAND
Address	:	AN DER BILZ 3, ERLENBACH, 63906, GERMANY.
IC / PP No	:	CGJR8MYHZ
Nationality	:	GERMAN
Date of Appointment	:	27/05/1999

MANAGEMENT

1)	Name of Subject	:	TAN KWANG HONG
	Position	:	DIRECTOR

AUDITOR

Auditor	:	CYPRESS SINGAPORE PAC
Auditor' Address	:	1, SCOTTS ROAD #21- 08 SHAW CENTRE, 228208, SINGAPORE.

COMPANY SECRETARIES

1)	Company Secretary	:	TOON CHOI FAN
	IC / PP No	:	S2681354I
	Address	:	443C, FERNVALE ROAD, 24-381, 793443, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

STANDARD CHARTERED BANK

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C200708060	27/09/2007	N/A	STANDARD CHARTERED BANK	N/A	Unsatisfied

LEGAL CHECK AGAINST SC

* A check has been conducted in our databank against the SC 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	:	NO	Percentage	:	0%
Overseas	:	YES	Percentage	:	100%
Import Countries	:	CHINA,CANADA,GERMANY

The SC 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	Percentage	:	100%
Domestic Markets	:	SINGAPORE
Overseas	:	NO
Credit Term	:	AS AGREED
Payment Mode	:	TELEGRAPHIC TRANSFER (TT) ELECTRONIC TRANSFER

OPERATIONS

Products manufactured

:

METAL PRECISION COMPONENTS

Total Number of Employees:
YEAR	2013
GROUP	N/A
COMPANY	73

Branch

:

YES

Other Information:

The SC is principally engaged in the (as a / as an) manufacture of metal precision components. 

SC mainly involved in manufaturing of metal product products.

SC contribute to the success of our customers by supplying them excellent instrumentation solutions.

SC's development and high-tech manufacture in company-owned modern production sites in Germany, Brazil, China, India, Canada, Switzerland, South Africa and USA are the best guarantee for their worldwide flexibility. 

Beside that, there are more than 43 million quality products are delivered in more than 100 countries every year and approximately 350 million measuring devices of WIKA are used throughout the world.

The SC produces different products such as the followings:

* Product Selector
* Electronic Pressure Measurement
* Mechatronic Pressure Measurement
* Diaphragm Seals 
* Thermowells 
* Calibration Technology 
* Electrical Temperature Measurement 

CURRENT INVESTIGATION

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-68445506
Match	:	N/A
Address Provided by Client	:	NO.13 KIAN TECK CRESCENT , SINGAPORE 628878 SINGAPORE
Current Address	:	13 KIAN TECK CRESCENT, 628878, SINGAPORE.
Match	:	YES

Other Investigations

we contacted one of the staff from the SC and she provided some information on the SC.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	32.26%	]
Profit/(Loss) Before Tax	:	Decreased	[	108.94%	]
Return on Shareholder Funds	:	Unfavourable	[	0.02%	]
Return on Net Assets	:	Unfavourable	[	<1.10%>	]
The increase in turnover could be due to the SC adopting an aggressive marketing strategy.The SC incurred losses during the year due to the inefficient control of its operating costs. The unfavourable return on shareholders' funds could indicate that the SC was inefficient in utilising its assets to generate returns.
Working Capital Control
Stock Ratio	:	Favourable	[	40 Days	]
Debtor Ratio	:	Unfavourable	[	91 Days	]
Creditors Ratio	:	Unfavourable	[	226 Days	]
The SC's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The SC's debtors ratio was high. The SC should tighten its credit control and improve its collection period. The unfavourable creditors' ratio could be due to the SC taking advantage of the credit granted by its suppliers. However this may affect the goodwill between the SC and its suppliers and the SC may inadvertently have to pay more for its future supplies.
Liquidity
Liquid Ratio	:	Favourable	[	1.01 Times	]
Current Ratio	:	Unfavourable	[	1.26 Times	]
A minimum liquid ratio of 1 should be maintained by the SC in order to assure its creditors of its ability to meet short term obligations and the SC was in a good liquidity position. Thus, we believe the SC is able to meet all its short term obligations as and when they fall due.
Solvency
Interest Cover	:	Nil	[	0.00 Times	]
Gearing Ratio	:	Favourable	[	0.00 Times	]
The SC's interest cover was nil as it did not pay any interest during the year. The SC had no gearing and hence it had virtually no financial risk. The SC was financed by its shareholders' funds and internally generated fund. During the economic downturn, the SC, having a zero gearing, will be able to compete better than those which are highly geared in the same industry.
Overall Assessment :
Although the SC's turnover increased its profits however showed a reverse trend. The losses could be due to the management's failure to maintain its competitiveness in the market. The SC was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the SC should be able to repay its short term obligations. The SC did not make any interest payment during the year. The SC was dependent on its shareholders' funds to finance its business needs. The SC was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The SC has good chance of getting loans, if the needs arises.
Overall financial condition of the SC : LIMITED

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	2008	2009	2010	2011	2012
Population (Million)	4.84	4.98	5.08	5.18	5.31
Gross Domestic Products ( % )	1.5	<0.8>	14.5	4.9	1.3
Consumer Price Index	6.6	0.6	2.8	5.2	4.6
Total Imports (Million)	450,892.6	356,299.3	423,221.8	459,655.1	474,554.0
Total Exports (Million)	476,762.2	391,118.1	478,840.7	514,741.2	510,329.0
Unemployment Rate (%)	2.2	3.2	2.2	2.1	2.0
Tourist Arrival (Million)	10.12	9.68	11.64	13.17	14.37
Hotel Occupancy Rate (%)	81.0	75.8	85.6	86.5	86.4
Cellular Phone Subscriber (Million)	1.31	1.37	1.43	1.50	1.52
Registration of New Companies (No.)	25,327	26,414	29,798	32,317	31,892
Registration of New Companies (%)	<2.2>	4.3	12.8	8.5	<1.3>
Liquidation of Companies (No.)	10,493	22,393	15,126	19,005	17,218
Liquidation of Companies (%)	13.7	113.4	<32.5>	25.6	9.4
Registration of New Businesses (No.)	24,850	26,876	23,978	23,494	24,788
Registration of New Businesses (%)	0.36	8.15	<10.78>	2.02	5.51
Liquidation of Businesses (No.)	21,150	23,552	24,211	23,005	22,489
Liquidation of Businesses (%)	<0.8>	11.4	2.8	<5>	<2.2>
Bankruptcy Orders (No.)	2,326	2,058	1,537	1,527	1,748
Bankruptcy Orders (%)	<15.9>	<11.5>	<25.3>	<0.7>	14.5
Bankruptcy Discharges (No.)	1,500	3,056	2,252	1,391	1,881
Bankruptcy Discharges (%)	<7.7>	103.7	<26.3>	<38.2>	35.2
INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	<0.32>	3.25	<0.48>	4.25	3.64
Fish Supply & Wholesale	<6.31>	<1.93>	<10.5>	12.10	<0.5>
Manufacturing *	74.6	71.5	92.8	100.0	100.3
Food, Beverages & Tobacco	94.8	90.4	96.4	100.0	103.5
Textiles	180.1	145.9	122.1	100.0	104.0
Wearing Apparel	334.6	211.0	123.3	100.0	92.1
Leather Products & Footwear	128.2	79.5	81.8	100.0	98.6
Wood & Wood Products	132.0	101.4	104.0	100.0	95.5
Paper & Paper Products	101.0	95.4	106.1	100.0	97.4
Printing & Media	118.2	100.9	103.5	100.0	93.0
Crude Oil Refineries	113.1	96.4	95.6	100.0	99.4
Chemical & Chemical Products	84.5	80.3	97.6	100.0	100.5
Pharmaceutical Products	43.7	49.1	75.3	100.0	109.7
Rubber & Plastic Products	120.1	101.2	112.3	100.0	96.5
Non-metallic Mineral	96.5	91.9	92.5	100.0	98.2
Basic Metals	109.8	92.6	102.2	100.0	90.6
Fabricated Metal Products	101.3	90.8	103.6	100.0	104.3
Machinery & Equipment	65.0	57.3	78.5	100.0	112.9
Electrical Machinery	81.7	86.8	124.1	100.0	99.3
Electronic Components	93.1	85.2	113.6	100.0	90.6
Transport Equipment	102.0	96.0	94.0	100.0	106.3
Construction	45.90	<36.9>	14.20	20.50	28.70
Real Estate	<11.2>	1.4	21.3	25.4	31.9
Services
Electricity, Gas & Water	<1.3>	1.70	4.00	7.00	6.30
Transport, Storage & Communication	11.60	3.90	12.80	7.40	5.30
Finance & Insurance	<5.9>	<16.4>	<0.4>	8.90	0.50
Government Services	17.40	4.50	9.70	6.90	6.00
Education Services	0.50	0.10	<0.9>	<1.4>	0.30
* Based on Index of Industrial Production (2011 = 100)
(Source : Department of Statistics)

INDUSTRY ANALYSIS

INDUSTRY :	MANUFACTURING
The manufacturing sector contracted by 1.1% in the fourth quarter of 2012, led by declines in the electronics and precision engineering clusters. These clusters were weighed down by weak global demand for semiconductors and semiconductor-related equipment. For the whole year of 2012, the manufacturing sector grew by 0.1%, significantly lower than the 7.8% recorded in 2011 when the sector was boosted by a surge in the growth of the biomedical manufacturing cluster.
Output of the biomedical manufacturing cluster grew by 2.4% in the fourth quarter. The expansion was driven by the medical technology segment which grew by a healthy 9.2%, benefitting from robust export demand for medical devices. The pharmaceuticals segment also grew by a modest 1.1%. For 2012, the biomedical manufacturing cluster expanded by 9.9%.
Output of the transport engineering cluster expanded by 4.9% in the fourth quarter. The aerospace segment grew by 6.2%, supported by higher demand for repair jobs from commercial airlines. Similarly, the marine & offshore engineering segment expanded by 5.0%, on the back of higher contributions from oil rig projects and oilfield equipment components. In the year 2012, the transport engineering cluster surged by 11%.
The output of the precision engineering cluster shrank by 1.3% in the fourth quarter. The decline was led by the 5.3% contraction in the machinery & systems segment, which saw weak export demand for semiconductor-related equipment. On the other hand, the precision modules & components segment grew by 2.9%, supported by higher production of optical instruments & photographic equipment and electronic connectors. In 2012, the precision engineering cluster expanded by 1.3%.
The general manufacturing cluster's output grew by 1.2% in the fourth quarter, driven by the 6.4% growth in the miscellaneous industries segment. The segment's growth was supported by higher production of batteries and constructionrelated materials. By contrast, the printing and food, beverages & tobacco segments declined by 6.4% and 1.3% respectively. For 2012, the general manufacturing cluster grew by 2.0%.
The chemicals cluster's output grew by 7.7% in the fourth quarter. The petrochemicals and petroleum segments registered growth of 9.3% and 6.3% respectively, partly due to the low base from plant shutdowns in end of 2011. The specialty chemicals segment also expanded by 8.0% on the back of higher regional demand. For the year 2012, the chemicals cluster declined by 0.4%, primarily due to weak regional demand for specialty chemicals in the second and third quarter of 2012.
Output of the electronics cluster contracted by 10% in the fourth quarter, led by the semiconductors and computer peripherals segments which contracted by 13% and 15% respectively. By contrast, the data storage segment grew by 7.8%, mainly due to the low base in end of 2011 when floods in Thailand had disrupted the supply chain for data storage products. For the whole of 2012, the electronics cluster contracted by 11%.
OVERALL INDUSTRY OUTLOOK : MATURE

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 1999, the SC is a Private Limited company, focusing on manufacture of metal precision components. Having been in the industry for over a decade, the SC 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. Having strong support from its holding company has enabled the SC to remain competitive despite the challenging business environment. 

Over the years, the SC should have build up its clientele base and received supports from its regular customers. Investigation revealed that the SC's interest lies mostly in the local market. Thus, any adverse changes to the local economy might have a negative impact on the SC's business performance. Being a moderate size company, the SC has a total workforce of 73 employees in its business operations. Overall, we regard that the SC's management capability is average. 

Despite the higher turnover, the SC suffered pre-tax losses which reflected a highly competitive business environment. The SC has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. The SC 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 zero geared company, the SC virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. Given a positive net worth standing at SGD 3,098,406, the SC should be able to maintain its business in the near terms. 

Having a strong assets backing, the SC possesses latent assets as collateral for further financial extension. Hence, it has good chance of getting loans if the needs arises. Investigation revealed that the SC's supplies are 100% sourced from overseas countries. As an imported oriented company, its forex exposure is high. The SC faces foreign currency fluctuation which may affect its overall operating costs. 

Based on our historical financial data, the SC's payment is average. The SC should be able to meet its small and medium commitments. Some caution needed for big transactions. 

The industry has reached its optimum level and is generally stable. It is saturated and very competitive. Thus, the SC's growth prospect is very much depends on its capacity in sustaining its performance in the market. 

Based on the above condition, we recommend credit be granted to the SC normally.

PROFIT AND LOSS ACCOUNT

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

WIKA INSTRUMENTATION PTE. LTD.

Financial Year End	2012-12-31	2011-12-31
Months	12	12
Consolidated Account	Company	Company
Audited Account	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES
Financial Type	FULL	FULL
Currency	SGD	SGD
TURNOVER	15,990,582	12,090,659
	----------------	----------------
Total Turnover	15,990,582	12,090,659
Costs of Goods Sold	<10,014,223>	<7,374,276>
	----------------	----------------
Gross Profit	5,976,359	4,716,383
	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	<34,907>	390,512
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	<34,907>	390,512
Taxation	35,574	49,329
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	667	439,841
	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	2,597,739	5,657,898
	----------------	----------------
As restated	2,597,739	5,657,898
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	2,598,406	6,097,739
DIVIDENDS - Ordinary (paid & proposed)	-	<3,500,000>
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	2,598,406	2,597,739
	=============	=============

BALANCE SHEET

WIKA INSTRUMENTATION PTE. LTD.

ASSETS EMPLOYED:
FIXED ASSETS	435,801	397,150
LONG TERM INVESTMENTS/OTHER ASSETS
Subsidiary companies	738,667	738,667
	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	738,667	738,667
INTANGIBLE ASSETS
Others	165,030	124,620
	----------------	----------------
TOTAL INTANGIBLE ASSETS	165,030	124,620
	----------------	----------------
TOTAL LONG TERM ASSETS	1,339,498	1,260,437
CURRENT ASSETS
Stocks	1,752,955	1,281,537
Trade debtors	3,965,365	3,153,172
Other debtors, deposits & prepayments	1,149,897	103,624
Short term deposits	316,287	316,127
Amount due from subsidiary companies	438	50,438
Amount due from related companies	2,862	68,631
Cash & bank balances	1,589,182	621,049
Others	100,300	-
	----------------	----------------
TOTAL CURRENT ASSETS	8,877,286	5,594,578
	----------------	----------------
TOTAL ASSET	10,216,784	6,855,015
	=============	=============
CURRENT LIABILITIES
Trade creditors	6,189,755	3,541,738
Other creditors & accruals	176,844	94,852
Amounts owing to related companies	666,667	-
Provision for taxation	-	35,574
	----------------	----------------
TOTAL CURRENT LIABILITIES	7,033,266	3,672,164
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	1,844,020	1,922,414
	----------------	----------------
TOTAL NET ASSETS	3,183,518	3,182,851
	=============	=============
SHARE CAPITAL
Ordinary share capital	500,000	500,000
	----------------	----------------
TOTAL SHARE CAPITAL	500,000	500,000
RESERVES
Retained profit/(loss) carried forward	2,598,406	2,597,739
	----------------	----------------
TOTAL RESERVES	2,598,406	2,597,739
	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	3,098,406	3,097,739
LONG TERM LIABILITIES
Deferred taxation	85,112	85,112
	----------------	----------------
TOTAL LONG TERM LIABILITIES	85,112	85,112
	----------------	----------------
	3,183,518	3,182,851
	=============	=============

FINANCIAL RATIO

WIKA INSTRUMENTATION PTE. LTD.

TYPES OF FUNDS
Cash	1,905,469	937,176
Net Liquid Funds	1,905,469	937,176
Net Liquid Assets	91,065	640,877
Net Current Assets/(Liabilities)	1,844,020	1,922,414
Net Tangible Assets	3,018,488	3,058,231
Net Monetary Assets	5,953	555,765
BALANCE SHEET ITEMS
Total Borrowings	0	0
Total Liabilities	7,118,378	3,757,276
Total Assets	10,216,784	6,855,015
Net Assets	3,183,518	3,182,851
Net Assets Backing	3,098,406	3,097,739
Shareholders' Funds	3,098,406	3,097,739
Total Share Capital	500,000	500,000
Total Reserves	2,598,406	2,597,739
LIQUIDITY (Times)
Cash Ratio	0.27	0.26
Liquid Ratio	1.01	1.17
Current Ratio	1.26	1.52
WORKING CAPITAL CONTROL (Days)
Stock Ratio	40	39
Debtors Ratio	91	95
Creditors Ratio	226	175
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00
Liabilities Ratio	2.30	1.21
Times Interest Earned Ratio	0.00	0.00
Assets Backing Ratio	6.04	6.12
PERFORMANCE RATIO (%)
Operating Profit Margin	<0.22>	3.23
Net Profit Margin	0.00	3.64
Return On Net Assets	<1.10>	12.27
Return On Capital Employed	<1.04>	11.81
Return On Shareholders' Funds/Equity	0.02	14.20
Dividend Pay Out Ratio (Times)	0.00	7.96
NOTES TO ACCOUNTS
Contingent Liabilities	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.42
UK Pound	1	Rs.102.09
Euro	1	Rs.87.32

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.