MIRA INFORM REPORT

Report Date :

04.12.2013

IDENTIFICATION DETAILS

Name :	LIBERTY COMMODITIES ASIA PTE. LTD.
Registered Office :	8, Marina View, 40 - 06, Asia Square Tower 1, 018960
Country :	Singapore
Financials (as on) :	31.12.2012
Date of Incorporation :	30.08.2010
Com. Reg. No.:	201018364-R
Legal Form :	Private Limited Company
Line of Business :	Trader of scrap metal and coal
No. of Employees :	10 (2013)

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		TATUS	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 – September 30th, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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.

:

201018364-R

COMPANY NAME

:

LIBERTY COMMODITIES ASIA PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

30/08/2010

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

8, MARINA VIEW, 40 - 06, ASIA SQUARE TOWER 1, 018960, SINGAPORE.

BUSINESS ADDRESS

:

8 MARINA VIEW #40-06 ASIA SQUARE TOWER 1, 018960, SINGAPORE.

TEL.NO.

:

65-62235180

FAX.NO.

:

65-62261804

CONTACT PERSON

:

SANJEEV GUPTA ( DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF SCRAP METAL, COAL AND OTHERS

ISSUED AND PAID UP CAPITAL

:

17,002,001.00 ORDINARY SHARE, OF A VALUE OF USD 17,002,001.00 

SALES

:

USD 429,605,293 [2012]

NET WORTH

:

USD 13,956,098 [2012]

STAFF STRENGTH

:

10 [2013]

BANKER (S)

:

STANDARD CHARTERED BANK

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

FAIR

PAYMENT

:

GOOD

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

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) trading of scrap metal, coal and others.

The immediate holding company of the SC is LIBERTY TRADING GROUP PTE. LTD., a company incorporated in SINGAPORE.

The ultimate holding company of the SC is LIBERTY HOUSE GROUP PTE LTD, a company incorporated in SINGAPORE.

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
LIBERTY TRADING GROUP PTE. LTD.	8, MARINA VIEW, 40 - 06, ASIA SQUARE TOWER 1, 018960, SINGAPORE.	201115671N	17,002,001.00	100.00
			---------------	------
			17,002,001.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	SANJEEV GUPTA
Address	:	804, CHAI CHEE ROAD, 14 - 620, 460804, SINGAPORE.
IC / PP No	:	G5206814U
Nationality	:	BRITISH
Date of Appointment	:	30/08/2010

MANAGEMENT

1)	Name of Subject	:	SANJEEV GUPTA
	Position	:	DIRECTOR

AUDITOR

Auditor	:	SHANKER IYER & CO
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	CHENG LIAN SIANG
	IC / PP No	:	S1519832Z
	Address	:	7, SIN MING WALK, 20 - 17, THE GARDENS AT BISHAN, 575577, SINGAPORE.

2)	Company Secretary	:	PATHIMA MUNEERA AZMI
	IC / PP No	:	S2715498J
	Address	:	122, JURONG EAST STREET 13, 02 - 31, IVORY HEIGHTS, 600122, 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
C201214698	13/12/2012	N/A	ING BELGIUM, BRUSSELS, GENEVA BRANCH	N/A	Unsatisfied
C201214699	13/12/2012	N/A	ING BELGIUM, BRUSSELS, GENEVA BRANCH	N/A	Unsatisfied
C201214700	13/12/2012	N/A	ING BELGIUM, BRUSSELS, GENEVA BRANCH	N/A	Unsatisfied
C201214708	13/12/2012	N/A	ING BELGIUM, BRUSSELS, GENEVA BRANCH	N/A	Unsatisfied
C201303167	27/02/2013	N/A	STANDARD CHARTERED BANK	N/A	Unsatisfied
C201303170	27/02/2013	N/A	STANDARD CHARTERED BANK	N/A	Unsatisfied
C201304341	26/03/2013	N/A	BANK OF LONDON AND THE MIDDLE EAST PLC	N/A	Unsatisfied
C201308356	21/06/2013	N/A	UBS AG	N/A	Unsatisfied
C201315724	24/11/2013	N/A	MACQUARIE BANK LIMITED	N/A	Unsatisfied
C201315821	26/11/2013	N/A	CREDIT SUISSE AG	N/A	Unsatisfied
C201315826	26/11/2013	N/A	CREDIT SUISSE AG	N/A	Unsatisfied
C201315837	26/11/2013	N/A	CREDIT SUISSE AG	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	:	N/A
Overseas	:	N/A

The SC refused to disclose its suppliers. 

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	[	X	]	Average 61-90 Days	[	]
Fair 91-120 Days	[	]	Poor >120 Days	[		]

CLIENTELE

Local	:	YES
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	WORLDWIDE
Credit Term	:	CASH ON DELIVERY (COD)
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Goods Traded

:

SCRAP METAL, COAL AND OTHERS

Total Number of Employees:
YEAR	2013	2012
GROUP	N/A	N/A
COMPANY	10	10

Branch

:

NO

Other Information:

The SC is principally engaged in the (as a / as an) trader of scrap metal and coal

The SC involved in the commodity trading.

The SC sells the products according to its customers' orders. 

CURRENT INVESTIGATION

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-62235180
Match	:	N/A
Address Provided by Client	:	8 MARINA VIEW #40-06 ASIA SQUARE TOWER 1, 018960 SINGAPORE
Current Address	:	8 MARINA VIEW #40-06 ASIA SQUARE TOWER 1, 018960, 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	[	231.45%	]
Profit/(Loss) Before Tax	:	Increased	[	113.44%	]
Return on Shareholder Funds	:	Unfavourable	[	9.72%	]
Return on Net Assets	:	Acceptable	[	16.98%	]
The increase in turnover could be due to the SC adopting an aggressive marketing strategy.The higher profit could be attributed to the increase in turnover. 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	:	Nil	[	0 Days	]
Debtor Ratio	:	Favourable	[	3 Days	]
Creditors Ratio	:	Favourable	[	17 Days	]
As the SC is a service oriented company, the SC does not need to keep stocks. The favourable debtors' days could be due to the good credit control measures implemented by the SC. The SC had a favourable creditors' ratio where the SC could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.
Liquidity
Liquid Ratio	:	Favourable	[	1.65 Times	]
Current Ratio	:	Unfavourable	[	1.65 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	:	Unfavourable	[	2.65 Times	]
Gearing Ratio	:	Favourable	[	0.00 Times	]
The SC'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 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 :
Generally, the SC's performance has improved with higher turnover and profit. 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. If there is a fall in the SC's profit or any increase in interest rate, the SC may not be able to generate sufficient cash-flow to service its interest. 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 : FAIR

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 :	TRADING
The wholesale and retail trade sector contracted by 1.5% in the fourth quarter of 2012, extending the 0.2% decline in the preceding quarter. For the whole of 2012, the sector declined by 0.7%, reversing the 1.6% growth in 2011. The sector was weighed down primarily by the wholesale trade segment. In 2012, the wholesale trade segment contracted by 1.0%, a reversal from the 1.4% growth in 2011. Growth of the retail trade segment also moderated to 2.0%, from 3.2% in the year 2011.
The domestic wholesale trade index grew by 1.2% in the fourth quarter of 2012, an improvement from the 5.4% decline in the third quarter. This was partly due to an increase in the sales of chemicals & chemical products and ship chandlers & bunkering. For the full year of 2012, the domestic wholesale trade index contracted by 2.2%, extending the 1.7% decline in 2011. The foreign wholesale trade index grew by 8.6% in the fourth quarter, an increase from the 6.6% growth in the third quarter. The expansion was partly due to resilient sales of petroleum & petroleum products. For the whole of 2012, the foreign wholesale trade index expanded by 9.1%, faster than the 4.3% increase in 2011.
In the fourth quarter of 2012, retail sales volume declined by 2.0%, extending the 0.3% decline in the third quarter. Excluding motor vehicles, retail sales volume grew by 0.4%, a slight moderation compared to the 1.5% gain in the third quarter of 2012. The sales volume of motor vehicles fell by 11% in the fourth quarter of 2012, after contracting by 6.1% in the third quarter. The sales of several discretionary items also declined in the fourth quarter. Besides, the sales of optical goods & books in 2012 fell by 3.6%, while the sales of telecommunications apparatus & computers declined by 1.4%.
For 2012 as a whole, retail sales volume grew by 1.3%, compared to the 2.0% expansion in 2011. Excluding motor vehicle sales, the increase in retail sales volume also moderated from 5.4% in 2011 to 1.7% in 2012. Medical goods & toiletries registered the largest increase (9.3%) in sales, followed by telecommunications apparatus & computers (6.9%). By contrast, the sales of watches & jewellery (-2.2%) and optical goods & books (-3.6%) declined.
OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 2010, the SC is a Private Limited company, focusing on trading of scrap metal, coal and others. Having been in the industry for 4 years, the SC has started to stabilise its business position in the market. Having strong support from its holding company has enabled the SC to remain competitive despite the challenging business environment. With a huge paid up capital, the SC is allowed to expand its business comfortably. 

Over the years, the SC has penetrated into both the local and overseas market. The SC has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the SC to further enhance its business in the near term. Being a small company, the SC's business operation is supported by 10 employees. Overall, we regard that the SC's management capability is average. This indicates that the SC has greater potential to improve its business performance and raising income for the SC. 

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 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 USD 13,956,098, the SC should be able to maintain its business in the near terms. 

Without a strong assets backing, the SC may face difficulties in getting loans for its future expansion and continued growth. 

Overall, the SC's payment habit is good as the SC has a good credit control and it could be taking advantage of the cash discounts while maintaining a good reputation with its creditors. 

The industry shows an upward trend and this trend is very likely to sustain in the near terms. Hence, the SC is expected to benefit from the favourable outlook of the industry. 

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.

LIBERTY COMMODITIES ASIA PTE. LTD.

Financial Year End	2012-12-31	2011-12-31
Months	12	16
Consolidated Account	Company	Company
Audited Account	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES
Financial Type	FULL	FULL
Currency	USD	USD
TURNOVER	429,605,293	129,612,248
Other Income	139,345	-
	----------------	----------------
Total Turnover	429,744,638	129,612,248
	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	1,476,425	691,725
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	1,476,425	691,725
Taxation	<120,053>	<94,000>
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	1,356,372	597,725
	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	597,725	-
	----------------	----------------
As restated	597,725	-
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	1,954,097	597,725
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	1,954,097	597,725
	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Others	892,682	286,582
	----------------	----------------
	892,682	286,582

BALANCE SHEET

LIBERTY COMMODITIES ASIA PTE. LTD.

ASSETS EMPLOYED:
FIXED ASSETS	11,465	4,894
	----------------	----------------
TOTAL LONG TERM ASSETS	11,465	4,894
CURRENT ASSETS
Trade debtors	3,033,003	-
Other debtors, deposits & prepayments	10,405,645	8,213
Short term deposits	-	12,000
Amount due from holding company	29,817	19,956
Amount due from related companies	21,511,992	8,962,913
Cash & bank balances	394,794	255,825
Others	35,975	-
	----------------	----------------
TOTAL CURRENT ASSETS	35,411,226	9,258,907
	----------------	----------------
TOTAL ASSET	35,422,691	9,263,801
	=============	=============
CURRENT LIABILITIES
Trade creditors	19,837,428	1,488,945
Other creditors & accruals	783,629	73,506
Bank overdraft	29,131	-
Amounts owing to related companies	660,763	-
Amounts owing to director	5,642	7,624
Provision for taxation	150,000	94,000
	----------------	----------------
TOTAL CURRENT LIABILITIES	21,466,593	1,664,075
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	13,944,633	7,594,832
	----------------	----------------
TOTAL NET ASSETS	13,956,098	7,599,726
	=============	=============
SHARE CAPITAL
Ordinary share capital	12,002,001	7,002,001
	----------------	----------------
TOTAL SHARE CAPITAL	12,002,001	7,002,001
RESERVES
Retained profit/(loss) carried forward	1,954,097	597,725
	----------------	----------------
TOTAL RESERVES	1,954,097	597,725
	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	13,956,098	7,599,726
	----------------	----------------
	13,956,098	7,599,726
	=============	=============

FINANCIAL RATIO

LIBERTY COMMODITIES ASIA PTE. LTD.

TYPES OF FUNDS
Cash	394,794	267,825
Net Liquid Funds	365,663	267,825
Net Liquid Assets	13,944,633	7,594,832
Net Current Assets/(Liabilities)	13,944,633	7,594,832
Net Tangible Assets	13,956,098	7,599,726
Net Monetary Assets	13,944,633	7,594,832
BALANCE SHEET ITEMS
Total Borrowings	29,131	0
Total Liabilities	21,466,593	1,664,075
Total Assets	35,422,691	9,263,801
Net Assets	13,956,098	7,599,726
Net Assets Backing	13,956,098	7,599,726
Shareholders' Funds	13,956,098	7,599,726
Total Share Capital	12,002,001	7,002,001
Total Reserves	1,954,097	597,725
LIQUIDITY (Times)
Cash Ratio	0.02	0.16
Liquid Ratio	1.65	5.56
Current Ratio	1.65	5.56
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0
Debtors Ratio	3	0
Creditors Ratio	17	4
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00
Liabilities Ratio	1.54	0.22
Times Interest Earned Ratio	2.65	3.41
Assets Backing Ratio	1.16	1.09
PERFORMANCE RATIO (%)
Operating Profit Margin	0.34	0.53
Net Profit Margin	0.32	0.46
Return On Net Assets	16.98	12.87
Return On Capital Employed	16.94	12.87
Return On Shareholders' Funds/Equity	9.72	7.87
Dividend Pay Out Ratio (Times)	0.00	0.00
NOTES TO ACCOUNTS
Contingent Liabilities	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.34
UK Pound	1	Rs.102.06
Euro	1	Rs.84.46

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.