MIRA INFORM REPORT

Report Date :

23.12.2013

IDENTIFICATION DETAILS

Name :	ASIA INTERNATIONAL PTE. LTD.
Registered Office :	141, Cecil Street, 02 - 02, Tung Ann Association Building, 069541
Country :	Singapore
Financials (as on) :	31.12.2012
Date of Incorporation :	27.12.2005
Com. Reg. No.:	200517839-C
Legal Form :	Private Limited
Line of Business :	Trading of timber and timber related products
No. of Employees :	10

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, 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

EXECUTIVE SUMMARY

REGISTRATION NO.

:

200517839-C

COMPANY NAME

:

ASIA INTERNATIONAL PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

27/12/2005

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

141, CECIL STREET, 02 - 02, TUNG ANN ASSOCIATION BUILDING, 069541, SINGAPORE.

BUSINESS ADDRESS

:

141, CECIL STREET, 02 - 02, TUNG ANN ASSOCIATION BUILDING, 069541, SINGAPORE.

TEL.NO.

:

65-67323491/67323492

FAX.NO.

:

65-67323875

EMAIL

:

HO@ASIAINTERNATIONALPTELTD.COM

WEB SITE

:

ASIAINTERNATIONALPTELTD.COM

CONTACT PERSON

:

AJAY KUMAR DHAR ( DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF TIMBER AND TIMBER RELATED PRODUCTS

ISSUED AND PAID UP CAPITAL

:

1,210,000.00 ORDINARY SHARE, OF A VALUE OF SGD 1,210,000.00

SALES

:

USD 18,970,121 [2011]

NET WORTH

:

USD 1,756,555 [2011]

STAFF STRENGTH

:

10 [2013]

BANKER (S)

:

MALAYAN BANKING BHD

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

STRONG

PAYMENT

:

PROMPT

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

HISTORY / BACKGROUND

The Subject 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 Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject 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 Subject is insolvent. The Subject 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 Subject is principally engaged in the (as a / as an) trading of timber and timber related products.

Share Capital History

Date	Authorised Shared Capital	Issue & Paid Up Capital
15/02/2013	SGD 1,210,000.00	SGD 1,210,000.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
TANU MERH DHAR @ TANU MERH +	55, MERRYN ROAD, DUNEARN ESTATE, 298503, SINGAPORE.	S7182245A	355,000.00	29.34
MILLITH KARV ENGINEERING AND TRADING PRIVATE LIMITED	38, L.G.F. NEW MANADAKINI, NRI COMPLEX, GREATER KAILASH - IV, NEW DELHI 19, INDIA.	T06UF1415	333,000.00	27.52
AJAY KUMAR DHAR +	55, MERRYN ROAD, DUNEARN ESTATE, 298503, SINGAPORE.	S2699761E	250,000.00	20.66
SABAS APPROTECH PROJECTS LIMITED	63, RISEBROUGH AVENUE, TORONTO, M2M 2E2, ONTARIO, CANADA.	T06UF1414	167,000.00	13.80
RAVINDER KUMAR KAUL	34, NEW MANDAKINI, NRI COMPLEX, GREATER KAILASH IV, NEW DELHI, 110048, 3RD FLOOR, INDIA.	Z1748088	70,000.00	5.79
PRASHANT SUBODH SOPORY	41715, STEINBECK GLEN NOVI, MICHIGAN, 48377, UNITED STATES.	G5186199	35,000.00	2.89
			---------------	------
			1,210,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	DR VIJAY KAUL
Address	:	63, RISEBROUGH AVENUE, NORTH YORK, TORONTO, M2M 2E2, ONTARIO, CANADA.
IC / PP No	:	BC210031
Nationality	:	CANADIAN
Date of Appointment	:	03/01/2006

DIRECTOR 2

Name Of Subject	:	AUTAR KRISHEN DHAR
Address	:	58/1, BALLYGUNGE CIRCULAR ROAD, FLAT 101A, SAPTAPARNI BUILDING, KOLKATA, 700019, INDIA.
IC / PP No	:	Z021928
Nationality	:	INDIAN
Date of Appointment	:	03/01/2006

DIRECTOR 3

Name Of Subject	:	REETA KAUL
Address	:	34, NEW MANDAKINI, NRI COMPLEX, GREATER KAILASH-4, NEW DELHI, 110048, 111RD FLOOR, INDIA.
IC / PP No	:	E1355053
Nationality	:	INDIAN
Date of Appointment	:	08/05/2006

DIRECTOR 4

Name Of Subject	:	RAMESH KAUL
Address	:	34, NEW MANDAKINI, NRI COMPLEX, GREATER KAILASH - IV, NEW DELHI, 110048, 111RD FLOOR, INDIA.
IC / PP No	:	A6279133
Nationality	:	INDIAN
Date of Appointment	:	03/01/2006

DIRECTOR 5

Name Of Subject	:	AJAY KUMAR DHAR
Address	:	55, MERRYN ROAD, DUNEARN ESTATE, 298503, SINGAPORE.
IC / PP No	:	S2699761E
Nationality	:	SINGAPOREAN
Date of Appointment	:	27/12/2005

DIRECTOR 6

Name Of Subject	:	TANU MERH DHAR @ TANU MERH
Address	:	55, MERRYN ROAD, DUNEARN ESTATE, 298503, SINGAPORE.
IC / PP No	:	S7182245A
Nationality	:	SINGAPOREAN
Date of Appointment	:	15/10/2007

MANAGEMENT

1)	Name of Subject	:	AJAY KUMAR DHAR
	Position	:	DIRECTOR

AUDITOR

Auditor	:	S C MOHAN PAC
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	M SAMBASIVAM
	IC / PP No	:	S1650785G
	Address	:	204, MARSILING DRIVE, 12 - 192, 730204, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

MALAYAN BANKING BHD

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C200602619	24/04/2006	N/A	MALAYAN BANKING BHD	N/A	Unsatisfied
C200602621	24/04/2006	N/A	MALAYAN BANKING BHD	N/A	Unsatisfied

LEGAL CHECK AGAINST SUBJECT

* A check has been conducted in our databank againt 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 any information on 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	[	X	]	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	:	AS AGREED
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

Market presence:
* South east asia (india, indonesia, burma, vietnam)
* North america (canada)
* West africa (ghana, togo, ivory coast)
* South america (ecuador, panama)

OPERATIONS

Goods Traded

:

TIMBER, TIMBER RELATED PRODUCTS

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

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) trading of timber and timber related products.

Products dealings:
* commodities
* raw timber
- teak (logs and rough square logs)
- g-melina
- radiata pine
- eucalyptus
- poplar
- hardwoods
* finished goods of timber
- plywood
- veneer
- mdf
- particle boards
- rubber wood boards and allied products
* metal scrap
* food commodities

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-67323491/67323492
Match	:	N/A
Address Provided by Client	:	141 CECIL STREET #02-02 TUNG ANN ASSOCIATION BLDG SINGAPORE
Current Address	:	141, CECIL STREET, 02 - 02, TUNG ANN ASSOCIATION BUILDING, 069541, SINGAPORE.
Match	:	NO

Other Investigations

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

The address provided is incomplete.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	35.14%	]
Profit/(Loss) Before Tax	:	Decreased	[	1.83%	]
Return on Shareholder Funds	:	Acceptable	[	22.77%	]
Return on Net Assets	:	Acceptable	[	28.71%	]
The increase in turnover could be due to the Subject adopting an aggressive marketing strategy.The dip in profit could be due to the stiff market competition which reduced the Subject's profit margin. The Subject's management had generated acceptable return for its shareholders using its assets.
Working Capital Control
Stock Ratio	:	Nil	[	0 Days	]
Debtor Ratio	:	Unfavourable	[	81 Days	]
Creditors Ratio	:	Favourable	[	5 Days	]
As the Subject is a service oriented company, the Subject does not need to keep stocks. The high debtors' ratio could indicate that the Subject was weak in its credit control. However, the Subject could also giving longer credit periods to its customers in order to boost its sales or to capture / retain its market share. 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	:	Favourable	[	1.48 Times	]
Current Ratio	:	Unfavourable	[	1.48 Times	]
A minimum liquid ratio of 1 should be maintained by the Subject in order to assure its creditors of its ability to meet short term obligations and the Subject was in a good liquidity position. Thus, we believe the Subject is able to meet all its short term obligations as and when they fall due.
Solvency
Interest Cover	:	Favourable	[	10.80 Times	]
Gearing Ratio	:	Unfavourable	[	1.57 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 was highly geared, thus it had a high financial risk. The Subject was dependent on loans to finance its business needs. In times of economic downturn and / or high interest rate, the Subject will become less profitable and competitive than other firms in the same industry, which are lowly geared. This is because the Subject has to service the interest and to repay the loan, which will erode part of its profits. The profits will fluctuate depending on the Subject's turnover and the interest it needs to pay.
Overall Assessment :
Although the Subject's turnover had increased, its profits had declined over the same corresponding period. This could be due to the stiffer market competition and / or higher operating costs which lowered the Subject's profit margin. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. With the favourable interest cover, the Subject could be able to service all the accrued interest without facing any difficulties. The Subject's gearing level was high and its going concern will be in doubt if there is no injection of additional shareholders' funds in times of economic downturn and / or high interest rates.
Overall financial condition of the Subject : STRONG

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)

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 2005, the Subject is a Private Limited company, focusing on trading of timber and timber related products. Having been in business for 8 years, the Subject has established a remarkable clientele base for itself which has contributed to its business growth. The capital standing of the Subject is fair. With an adequate share capital, the Subject has the potential of expanding its business in future.

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. Being a small company, the Subject's business operation is supported by 10 employees. 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.

Financially, the Subject registered a higher turnover compared to previous year. However, its profits showed a reverse trend. The lower profit achieved was a result of higher operating cost and increased competition. Return on shareholders' funds of the Subject was at an acceptable range which indicated that the management was efficient in utilising its funds to generate income. The Subject 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. The high gearing ratio clearly implied that the Subject was supported by more debt than equity. Nevertheless, given a positive net worth standing at USD 1,756,555, the Subject should be able to maintain its business in the near terms.

We regard that the Subject's overall payment habit is prompt. The Subject had a favourable creditors' ratio as evidenced by its favourable collection days.

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

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

PROFIT AND LOSS ACCOUNT

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

ASIA INTERNATIONAL PTE. LTD.

Financial Year End	2011-12-31	2010-12-31
Months	12	12
Consolidated Account	Company	Company
Audited Account	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES
Financial Type	FULL	FULL
Currency	USD	USD
TURNOVER	18,970,121	14,037,436
Other Income	6,057	4,513
	----------------	----------------
Total Turnover	18,976,178	14,041,949
	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	457,691	466,246
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	457,691	466,246
Taxation	<57,672>	<59,656>
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	400,019	406,590
	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	683,060	376,900
	----------------	----------------
As restated	683,060	376,900
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	1,083,079	783,490
DIVIDENDS - Ordinary (paid & proposed)	<120,000>	<100,430>
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	963,079	683,060
	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Term loan / Borrowing	46,680	40,098
	----------------	----------------
	46,680	40,098

BALANCE SHEET

ASIA INTERNATIONAL PTE. LTD.

ASSETS EMPLOYED:
FIXED ASSETS	36,688	40,468
	----------------	----------------
TOTAL LONG TERM ASSETS	36,688	40,468
CURRENT ASSETS
Trade debtors	4,202,002	1,669,372
Other debtors, deposits & prepayments	29,866	39,752
Short term deposits	1,002,106	845,433
Cash & bank balances	69,537	220,016
	----------------	----------------
TOTAL CURRENT ASSETS	5,303,511	2,774,573
	----------------	----------------
TOTAL ASSET	5,340,199	2,815,041
	=============	=============
CURRENT LIABILITIES
Trade creditors	270,613	-
Other creditors & accruals	-	91,091
Bank overdraft	16,734	-
Other borrowings	2,460,532	971,618
Bill & acceptances payable	282,951	87,328
Other liabilities & accruals	451,165	128,812
Provision for taxation	101,649	59,656
	----------------	----------------
TOTAL CURRENT LIABILITIES	3,583,644	1,338,505
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	1,719,867	1,436,068
	----------------	----------------
TOTAL NET ASSETS	1,756,555	1,476,536
	=============	=============
SHARE CAPITAL
Ordinary share capital	793,476	793,476
	----------------	----------------
TOTAL SHARE CAPITAL	793,476	793,476
RESERVES
Retained profit/(loss) carried forward	963,079	683,060
	----------------	----------------
TOTAL RESERVES	963,079	683,060
	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	1,756,555	1,476,536
	----------------	----------------
	1,756,555	1,476,536
	=============	=============

FINANCIAL RATIO

ASIA INTERNATIONAL PTE. LTD.

TYPES OF FUNDS
Cash	1,071,643	1,065,449
Net Liquid Funds	771,958	978,121
Net Liquid Assets	1,719,867	1,436,068
Net Current Assets/(Liabilities)	1,719,867	1,436,068
Net Tangible Assets	1,756,555	1,476,536
Net Monetary Assets	1,719,867	1,436,068
BALANCE SHEET ITEMS
Total Borrowings	2,760,217	1,058,946
Total Liabilities	3,583,644	1,338,505
Total Assets	5,340,199	2,815,041
Net Assets	1,756,555	1,476,536
Net Assets Backing	1,756,555	1,476,536
Shareholders' Funds	1,756,555	1,476,536
Total Share Capital	793,476	793,476
Total Reserves	963,079	683,060
LIQUIDITY (Times)
Cash Ratio	0.30	0.80
Liquid Ratio	1.48	2.07
Current Ratio	1.48	2.07
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0
Debtors Ratio	81	43
Creditors Ratio	5	0
SOLVENCY RATIOS (Times)
Gearing Ratio	1.57	0.72
Liabilities Ratio	2.04	0.91
Times Interest Earned Ratio	10.80	12.63
Assets Backing Ratio	2.21	1.86
PERFORMANCE RATIO (%)
Operating Profit Margin	2.41	3.32
Net Profit Margin	2.11	2.90
Return On Net Assets	28.71	34.29
Return On Capital Employed	28.44	34.29
Return On Shareholders' Funds/Equity	22.77	27.54
Dividend Pay Out Ratio (Times)	0.30	0.25
NOTES TO ACCOUNTS
Contingent Liabilities	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.24
UK Pound	1	Rs.101.82
Euro	1	Rs.84.88

INFORMATION DETAILS

Report Prepared by :

NIS

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.