MIRA INFORM REPORT

Report Date :

21.11.2013

IDENTIFICATION DETAILS

Name :	ADMIS SINGAPORE PTE. LIMITED
Registered Office :	8, Marina Boulevard, 05-02, Marina Bay Financial Centre, 018981,
Country :	Singapore
Financials (as on) :	31.12.2012
Date of Incorporation :	28.01.2008
Com. Reg. No.:	200802063-H
Legal Form :	Private Limited
Line of Business :	Subject is engaged in futures and options trading in the commodities and other derivatives such as – Energy, Metals, Cocoa, Coffee, Sugar, Grains, Equities Indices, Fixed Income Products.
No. of Employees :	10

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 :	Slow
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.

:

200802063-H

COMPANY NAME

:

ADMIS SINGAPORE PTE. LIMITED

FORMER NAME

:

N/A

INCORPORATION DATE

:

28/01/2008

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

8, MARINA BOULEVARD, 05-02, MARINA BAY FINANCIAL CENTRE, 018981, SINGAPORE.

BUSINESS ADDRESS

:

50 RAFFLES PLACE, #23-01, SINGAPORE LAND TOWER, 048623, SINGAPORE.

TEL.NO.

:

65-66323000

FAX.NO.

:

65-66323004

CONTACT PERSON

:

WONG WAI KWONG ( DIRECTOR )

PRINCIPAL ACTIVITY

:

FUTURE AND OPTIONS TRADING IN COMMODITIES AND OTHER DERIVATIVES

ISSUED AND PAID UP CAPITAL

:

2,000.00 ORDINARY SHARE, OF A VALUE OF USD 4,000,000.00
1.00 PREFERENCE SHARE, OF A VALUE OF SGD 1.00

SALES

:

USD 46,173 [2012]

NET WORTH

:

USD 3,102,735 [2012]

STAFF STRENGTH

:

10 [2013]

BANKER (S)

:

HSBC PRIVATE BANK (SUISSE) SA

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

FAIR

PAYMENT

:

POOR

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

MODERATE

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

MARGINAL 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) future and options trading in commodities and other derivatives.

The immediate holding company of the SC is ADMIS HOLDING COMPANY INC., a company incorporated in UNITED STATES.

The ultimate holding company of the SC is ARCHER DANIELS MIDLAND COMPANY, a company incorporated in UNITED STATES.

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
ADMIS HOLDING COMPANY INC.	4666, FARIES PARKWAY, DECATUR ILLINOIS, UNITED STATES.	T08UF1499	2,001.00	100.00
			---------------	------
			2,001.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	MR. WONG WAI KWONG
Address	:	FLAT A, 23/F, TOWER5, THE LEGEND 23, TAI HANG DRIVE, HONG KONG.
IC / PP No	:	HA0917975
Nationality	:	CHINESE
Date of Appointment	:	17/03/2008

DIRECTOR 2

Name Of Subject	:	LIM TOW LEE
Address	:	467A, ADMIRALTY DRIVE 10-157, 751467, SINGAPORE.
IC / PP No	:	S6803240G
Nationality	:	SINGAPOREAN
Date of Appointment	:	17/03/2008

DIRECTOR 3

Name Of Subject	:	THOMAS ROBERT KADLEC
Address	:	141W, JACKSON BOULEVARD SUITE 1600A, CHICAGO, IL, 60604, UNITED STATES.
IC / PP No	:	509543895
Nationality	:	AMERICAN
Date of Appointment	:	17/03/2008

DIRECTOR 4

Name Of Subject	:	JONATHEN MARK PIERS FOX - ANDREWS
Address	:	20, CHEYNE GARDENS, LONDON SW3, 5QT, UNITED KINGDOM.
IC / PP No	:	507890524
Nationality	:	BRITISH
Date of Appointment	:	01/03/2012

MANAGEMENT

1)	Name of Subject	:	WONG WAI KWONG
	Position	:	DIRECTOR

AUDITOR

Auditor	:	ERNST & YOUNG LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	ANTHONY ANNE CATHARINE
	IC / PP No	:	S1347717E
	Address	:	8, LORONG 29, GEYLANG 07-06, 388064, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

HSBC PRIVATE BANK (SUISSE) SA

ENCUMBRANCE (S)

No encumbrance was found in our databank at the time of investigation.

LEGAL CHECK AGAINST SC

* A check has been conducted in our databank againt 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 does not have suppliers as it is a service provider.

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	[	]
Fair 91-120 Days	[	]	Poor >120 Days	[	X	]

CLIENTELE

Local	:	YES
Overseas	:	YES
Export Market	:	CHINA

OPERATIONS

Services

:

FUTURE AND OPTIONS

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

Branch

:

NO

Other Information:

The SC is principally engaged in the (as a / as an) future and options trading in commodities and other derivatives.

The SC's dealing teams are experienced in futures and options trading in the commodities and other derivatives such as – Energy, Metals, Cocoa, Coffee, Sugar, Grains, Equities Indices, Fixed Income Products etc.

The SC has direct links to international futures exchanges that provide their clients with brokerage services and executions on global futures and options.

The SC has affiliations with a strong research team based in the U.S., which provides coverage on all facets of global market movements and analysis of the latest market trends.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-66323000
Match	:	N/A
Address Provided by Client	:	50 RAFFLES PLACE, #23-01 SINGAPORE LAND TOWERS SINGAPORE 048623
Current Address	:	50 RAFFLES PLACE, #23-01, SINGAPORE LAND TOWER, 048623, SINGAPORE.
Match	:	YES

Other Investigations

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

FINANCIAL ANALYSIS

Profitability
Turnover	:	Decreased	[	26.67%	]
Profit/(Loss) Before Tax	:	Increased	[	<97.91%>	]
Return on Shareholder Funds	:	Unfavourable	[	<23.75%>	]
Return on Net Assets	:	Unfavourable	[	<24.62%>	]
The lower turnover could be due to the intense market competition.Higher losses before tax during the year could be due to the higher operating costs incurred. The SC's unfavourable returns on shareholders' funds indicate the management's inefficiency in utilising its assets to generate returns.
Working Capital Control
Stock Ratio	:	Nil	[	0 Days	]
Debtor Ratio	:	Unfavourable	[	15164 Days	]
Creditors Ratio	:	Unfavourable	[	15462 Days	]
As the SC is a service oriented company, the SC does not need to keep 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	[	2.43 Times	]
Current Ratio	:	Favourable	[	2.43 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 :
The SC's losses could be attributed to the lower turnover which in turn could be the result of unfavourable market conditions. 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 : 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 :	ECONOMY
According to Ministry of Trade and Industry (MTI), the Singapore economy is expected to grow by 1.0 to 3.0% in 2013 as growth in the global economy is likely to remain subdued despite macroeconomic conditions stablising in recent months of 2013.
However, the global economic outlook is still clouded with uncertainties. Notably, concerns remain over the extent of the fiscal cutback with the budget sequester in the US and potential flareup of the debt crisis in the Eurozone. Should any of these risks materialise, Singapore's economic growth could come in lower than expected.
Although resilient domestic demand in emerging Asia will provide some support to global demand, it will not fully mitigate the effects of an economic slowdown in the advanced economies. Consequently, Singapore's externally-oriented sectors such as electronics and wholesale trade will continue to perform poorly, while the financial services sector will be affected by heightened uncertainties in the external environment. Nevertheless, there will be some modest support to growth from the biomedical manufacturing cluster and tourism-related sectors. The former will likely see increased production of active pharmaceutical ingredients and biologics while the latter will benefit from rising visitor arrivals from the region.
For the whole of 2012, Singapore's GDP growth slowed to 1.3%, from 5.2% in 2011, mainly due to weakness in the externally-oriented sectors. Manufacturing sector growth slowed sharply from 7.8% in the year 2011 to 0.1%. The hudge decline was largely due to a rebound in the output of the biomedical manufacturing and transport engineering clusters, which together helped to mitigate part of the fall in output in the electronics cluster. By contrast, the construction sector growth accelerated from 6.3% to 8.2% in 2012, due to the expansion in both public and private building activities.
Growth in the services producing industries also moderated to 1.2% in 2012, compared to 4.6% in 2011. This was mainly due to the slowdown in wholesale and retail trade, accommodation and food services as well as other services industries. In particular, the wholesale and retail trade sector contracted by 0.7%, compared to the 1.6% growth in year 2011. The accommodation and food services as well as other services industries posted lower gains of 2.8% and 0.1% respectively, compared to 8.2% and 6.3% in 2011.
For the whole of 2012, all sectors, except the wholesale and retail trade, contributed to growth. Business services was the largest contributor with 0.4 percentage-points, followed by construction with 0.3 percentage-points and transportation and storage at 0.2 percentagepoints. Besides, growth in total demand moderated to 2.4%, compared to 4.2% in 2011. Domestic demand was the key contributor to total demand growth, accounting for 2.2 percentage-points, or over 90 per cent, of the increase.
In 2012, total domestic demand rose by 9.7%, following the 6.5% increase in 2011. The growth in total domestic demand was broad-based across consumption, gross fixed capital formation (GFCF) and changes in inventories. The total consumption expenditure in 2012 grew slightly by 0.9%, easing from the 3.7% growth in 2011. Public consumption expenditure fell by 3.6%, reversing the 0.5% growth in 2011. Private consumption expenditure registered a 2.2% gain, moderating from the 4.6% increase in the preceding year.
Overall, the Singapore economy is expected to grow by 1.0 to 3.0% in 2013.
OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 2008, the SC is a Private Limited company, focusing on future and options trading in commodities and other derivatives. Having been in business for 5 years, the SC has established a remarkable clientele base for itself which has contributed to its business growth. Having strong support from its shareholder has enabled the SC to remain competitive despite the challenging business environment. The capital standing of the SC is fair. With an adequate share capital, the SC has the potential of expanding its business in future.

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.

Due to the challenging market conditions, the SC's business performance seems to be deteriorating and losses incurred. The SC has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. However, 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 3,102,735, the SC should be able to maintain its business in the near terms.

The poor payment habit may affect the goodwill between the SC and its suppliers and the SC may inadvertently have to pay more for its future supplies.

The industry has reached its maturity stage and only enjoying a marginal growth. The steady growth of the country's economy will further enhance the industry activities. Thus, the SC's future performance is very much depend on its marketing strategies in order to retain its position 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.

ADMIS SINGAPORE PTE. LIMITED

Financial Year End	2012-12-31	2012-06-30
Months	6	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	62,968	46,173
	----------------	----------------
Total Turnover	62,968	46,173
	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	<385,987>	<763,910>
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	<385,987>	<763,910>
Taxation	-	26,984
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	<385,987>	<736,926>
	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	<897,266>	<160,340>
	----------------	----------------
As restated	<897,266>	<160,340>
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	<1,283,253>	<897,266>
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	<1,283,253>	<897,266>
	=============	=============

BALANCE SHEET

ADMIS SINGAPORE PTE. LIMITED

ASSETS EMPLOYED:
FIXED ASSETS	149,745	162,791
LONG TERM INVESTMENTS/OTHER ASSETS
Deposits	52,808	50,978
	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	52,808	50,978
	----------------	----------------
TOTAL LONG TERM ASSETS	202,553	213,769
CURRENT ASSETS
Trade debtors	2,713,915	1,918,307
Other debtors, deposits & prepayments	57,460	58,118
Cash & bank balances	2,783,290	2,938,553
	----------------	----------------
TOTAL CURRENT ASSETS	5,554,665	4,914,978
	----------------	----------------
TOTAL ASSET	5,757,218	5,128,747
	=============	=============
CURRENT LIABILITIES
Trade creditors	2,976,108	1,955,968
Other creditors & accruals	59,362	65,044
Amounts owing to related companies	5,000	5,000
	----------------	----------------
TOTAL CURRENT LIABILITIES	3,040,470	2,026,012
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	2,514,195	2,888,966
	----------------	----------------
TOTAL NET ASSETS	2,716,748	3,102,735
	=============	=============
SHARE CAPITAL
Ordinary share capital	4,000,001	4,000,001
	----------------	----------------
TOTAL SHARE CAPITAL	4,000,001	4,000,001
RESERVES
Retained profit/(loss) carried forward	<1,283,253>	<897,266>
	----------------	----------------
TOTAL RESERVES	<1,283,253>	<897,266>
	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	2,716,748	3,102,735
	----------------	----------------
	2,716,748	3,102,735
	=============	=============

FINANCIAL RATIO

ADMIS SINGAPORE PTE. LIMITED

TYPES OF FUNDS
Cash	2,783,290	2,938,553
Net Liquid Funds	2,783,290	2,938,553
Net Liquid Assets	2,514,195	2,888,966
Net Current Assets/(Liabilities)	2,514,195	2,888,966
Net Tangible Assets	2,716,748	3,102,735
Net Monetary Assets	2,514,195	2,888,966
BALANCE SHEET ITEMS
Total Borrowings	0	0
Total Liabilities	3,040,470	2,026,012
Total Assets	5,757,218	5,128,747
Net Assets	2,716,748	3,102,735
Net Assets Backing	2,716,748	3,102,735
Shareholders' Funds	2,716,748	3,102,735
Total Share Capital	4,000,001	4,000,001
Total Reserves	<1,283,253>	<897,266>
LIQUIDITY (Times)
Cash Ratio	0.92	1.45
Liquid Ratio	1.83	2.43
Current Ratio	1.83	2.43
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0
Debtors Ratio	15,731	15,164
Creditors Ratio	17,251	15,462
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00
Liabilities Ratio	1.12	0.65
Times Interest Earned Ratio	0.00	0.00
Assets Backing Ratio	1.00	1.00
PERFORMANCE RATIO (%)
Operating Profit Margin	<612.99>	<1,654.45>
Net Profit Margin	<612.99>	<1,596.01>
Return On Net Assets	<14.21>	<24.62>
Return On Capital Employed	<14.21>	<24.62>
Return On Shareholders' Funds/Equity	<14.21>	<23.75>
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.62.56
UK Pound	1	Rs.100.77
Euro	1	Rs.84.71

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%)

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.