MIRA INFORM REPORT

Report Date :

28.11.2013

IDENTIFICATION DETAILS

Name :	DOHLER ASIA PTE LTD
Registered Office :	1, Scotts Road, 21-10/13, Shaw Centre, 228208
Country :	Singapore
Financials (as on) :	31.12.2012
Date of Incorporation :	21.03.1998
Com. Reg. No.:	199801403-Z
Legal Form :	Private Limited Company
Line of Business :	· wholesaler of cereals, sugar, oils, sauces and dairy products · manufacturer of food chemicals and additives.
No. of Employees :	4 [2013]

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 but Correct
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.	:	199801403-Z
COMPANY NAME	:	DOHLER ASIA PTE LTD
FORMER NAME	:	N/A
INCORPORATION DATE	:	21/03/1998
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	1, SCOTTS ROAD, 21-10/13, SHAW CENTRE, 228208, SINGAPORE.
BUSINESS ADDRESS	:	1, SCOTTS ROAD, 21-10, SHAW CENTRE, 228208, SINGAPORE.
TEL.NO.	:	65-65007838
FAX.NO.	:	65-67361869
CONTACT PERSON	:	ROMAN OTTO KUPPER ( DIRECTOR )
PRINCIPAL ACTIVITY	:	WHOLESALE OF CEREALS, SUGAR, OILS, SAUCES AND DAIRY PRODUCTS & MANUFACTURE OF FOOD CHEMICALS AND ADDITIVES
ISSUED AND PAID UP CAPITAL	:	52,470,000.00 ORDINARY SHARE, OF A VALUE OF SGD 52,470,000.00
SALES	:	EUR 415,284 [2012]
NET WORTH	:	EUR 23,410,650 [2012]
STAFF STRENGTH	:	4 [2013]
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	LIMITED
PAYMENT	:	Slow but Correct
MANAGEMENT CAPABILITY	:	AVERAGE
COMMERCIAL RISK	:	N/A
CURRENCY EXPOSURE	:	N/A
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) wholesale of cereals, sugar, oils, sauces and dairy products & manufacture of food chemicals and additives.

The immediate and ultimate holding company of the SC is DOHLER GMBH, a company incorporated in GERMANY.

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
DOHLER GMBH	RIEDSTRASSE, 64295, DARMSTADT, GERMANY.	S98UF0094	52,470,000.00	100.00
			---------------	------
			52,470,000.00	100.00
			============	=====

+ Also Director

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

Local No	Country	Company	(%)	As At
011351	CHINA	SHANGHAI KINGBEE BIOTECHNOLOGY CO., LTD.	100.00	31/12/2012
011349	CHINA	DOEHLER FOOD & BEVERAGE INGREDIENTS (RIZHAO) CO., LTD.	100.00	31/12/2012
011058	JAPAN	DOEHLER JAPAN K.K.	100.00	31/12/2012
011350	CHINA	DOEHLER TRADING (RIZHAO) CO., LTD.	100.00	31/12/2012
011193	INDONESIA	PT. DOEHLER INDONESIA	95.00	31/12/2012

DIRECTORS

DIRECTOR 1

Name Of Subject	:	MR. ROMAN OTTO KUPPER
Address	:	VORHUBENSTRASSE 50, 6274, ESCHEWBACH, SWITZERLAND.
IC / PP No	:	E0578496
Nationality	:	SWISS
Date of Appointment	:	31/12/2009

DIRECTOR 2

Name Of Subject	:	DR WEINGARTEN PAUL CHRISTIAN
Address	:	78, STEVENS ROAD, 04-04, CAPRI, THE, 257864, SINGAPORE.
IC / PP No	:	G6035113P
Nationality	:	SINGAPOREAN
Date of Appointment	:	08/12/2009

DIRECTOR 3

Name Of Subject	:	ANDREAS MARKUS KLEIN
Address	:	AM LOEWENTOR 18, D-64287, DARMSTADT, GERMANY.
IC / PP No	:	C5H6M34W2
Nationality	:	GERMAN
Date of Appointment	:	01/01/2011

MANAGEMENT

1)	Name of Subject	:	ROMAN OTTO KUPPER
	Position	:	DIRECTOR

AUDITOR

Auditor	:	CYPRESS SINGAPORE PAC
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	CHIA LAY BENG
	IC / PP No	:	S0107267F
	Address	:	16, AMBER GARDENS, 05-01, AMBER PARK, 439961, SINGAPORE.

BANKING

No Banker found in our databank.

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 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 staff from the SC's registered office refused to disclose the SC's suppliers information.

CLIENTELE

Local	:	N/A
Overseas	:	N/A

The staff from the SC's registered office refused to disclose the SC's clientele information.

OPERATIONS

Products manufactured

:

FOOD CHEMICALS AND ADDITIVES

Goods Traded

:

CEREALS, SUGAR, OILS, SAUCES AND DAIRY PRODUCTS

Total Number of Employees:
YEAR	2013
GROUP	N/A
COMPANY	4

Branch

:

NO

Other Information:

The SC is principally engaged in the (as a / as an) wholesale of cereals, sugar, oils, sauces and dairy products & manufacture of food chemicals and additives.

The staff from the SC's registered office refused to disclose the SC's operation information.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-65007838
Match	:	N/A
Address Provided by Client	:	1, SCOTTS ROAD, #21-04, SHAW CENTER, SINGAPORE 228208
Current Address	:	1, SCOTTS ROAD, 21-10, SHAW CENTRE, 228208, SINGAPORE.
Match	:	NO

Other Investigations

we contacted one of the staff from the SC's registered office and she provided very limited information on the SC.

The staff from the SC's registered office refused to verify the address provided.

The staff from the SC's registered office refused to disclose SC's banker.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Decreased	[	30.36%	]
Profit/(Loss) Before Tax	:	Decreased	[	<114.20%>	]
Return on Shareholder Funds	:	Unfavourable	[	0.64%	]
Return on Net Assets	:	Unfavourable	[	1.49%	]
The shrinking turnover could be the result of more entrants into the market which eroded the SC's market share.The management had succeeded in turning the SC into a profit making company. The profit could be due to better control of its operating costs and efficiency in utilising its resources. 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	[	0 Days	]
Creditors Ratio	:	Favourable	[	0 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	:	Acceptable	[	0.87 Times	]
Current Ratio	:	Unfavourable	[	0.87 Times	]
The SC's liquid ratio was slightly low. This could indicate that the SC's working capital was slightly deficient. The SC will have to improve its liquidity position either by obtaining short term financing or increase its paid up capital so that it can meet all its short term obligations as and when they fall due.
Solvency
Interest Cover	:	Unfavourable	[	1.76 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 :
Although the SC's turnover decreased, its losses also decreased during the year. This could be the result of more efficient control in its operating costs. The SC's liquidity was at an acceptable range. If the SC is able to obtain further short term financing, it should be able to meet all 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 : 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 :	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 1998, the SC is a Private Limited company, focusing on wholesale of cereals, sugar, oils, sauces and dairy products & manufacture of food chemicals and additives. 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. The SC has strong capital position.

Being a small company, the SC's business operation is supported by 4 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.

Despite the lower turnover, the SC's pre-tax profit have increased compared to the previous year. The higher profit could be due to better control of its operating costs and efficiency in utilising its resources. 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 managed to maintain an adequate liquidity level, indicating that the SC has the ability to meet its 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 EUR 23,410,650, 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.

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.

DOHLER ASIA 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	EUR	EUR
TURNOVER	415,284	596,331
	----------------	----------------
Total Turnover	415,284	596,331
	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	150,310	<1,058,251>
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	150,310	<1,058,251>
Taxation	-	<12,822>
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	150,310	<1,071,073>
	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	<3,040,779>	<1,969,706>
	----------------	----------------
As restated	<3,040,779>	<1,969,706>
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	<2,890,469>	<3,040,779>
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	<2,890,469>	<3,040,779>
	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Loan from holding company	198,567	266,388
	----------------	----------------
	198,567	266,388

BALANCE SHEET

DOHLER ASIA PTE LTD

LONG TERM INVESTMENTS/OTHER ASSETS
Subsidiary companies	23,950,739	12,090,937
Associated companies	814,512	814,512
Others	-	6,400,000
	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	24,765,251	19,305,449
	----------------	----------------
TOTAL LONG TERM ASSETS	24,765,251	19,305,449
CURRENT ASSETS
Amount due from subsidiary companies	6,850,314	2,420,721
Amount due from related companies	2,075,915	1,269,075
Cash & bank balances	81,100	8,952
	----------------	----------------
TOTAL CURRENT ASSETS	9,007,329	3,698,748
	----------------	----------------
TOTAL ASSET	33,772,580	23,004,197
	=============	=============
CURRENT LIABILITIES
Other creditors & accruals	3,104,833	100,558
Amounts owing to holding company	7,231,660	3,459,274
Provision for taxation	25,437	35,018
	----------------	----------------
TOTAL CURRENT LIABILITIES	10,361,930	3,594,850
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	<1,354,601>	103,898
	----------------	----------------
TOTAL NET ASSETS	23,410,650	19,409,347
	=============	=============
SHARE CAPITAL
Ordinary share capital	26,301,119	17,757,048
	----------------	----------------
TOTAL SHARE CAPITAL	26,301,119	17,757,048
RESERVES
Retained profit/(loss) carried forward	<2,890,469>	<3,040,779>
	----------------	----------------
TOTAL RESERVES	<2,890,469>	<3,040,779>
	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	23,410,650	14,716,269
LONG TERM LIABILITIES
Others	-	4,693,078
	----------------	----------------
TOTAL LONG TERM LIABILITIES	-	4,693,078
	----------------	----------------
	23,410,650	19,409,347
	=============	=============

FINANCIAL RATIO

DOHLER ASIA PTE LTD

TYPES OF FUNDS
Cash	81,100	8,952
Net Liquid Funds	81,100	8,952
Net Liquid Assets	<1,354,601>	103,898
Net Current Assets/(Liabilities)	<1,354,601>	103,898
Net Tangible Assets	23,410,650	19,409,347
Net Monetary Assets	<1,354,601>	<4,589,180>
BALANCE SHEET ITEMS
Total Borrowings	0	0
Total Liabilities	10,361,930	8,287,928
Total Assets	33,772,580	23,004,197
Net Assets	23,410,650	19,409,347
Net Assets Backing	23,410,650	14,716,269
Shareholders' Funds	23,410,650	14,716,269
Total Share Capital	26,301,119	17,757,048
Total Reserves	<2,890,469>	<3,040,779>
LIQUIDITY (Times)
Cash Ratio	0.01	0.00
Liquid Ratio	0.87	1.03
Current Ratio	0.87	1.03
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0
Debtors Ratio	0	0
Creditors Ratio	0	0
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00
Liabilities Ratio	0.44	0.56
Times Interest Earned Ratio	1.76	<2.97>
Assets Backing Ratio	0.89	1.09
PERFORMANCE RATIO (%)
Operating Profit Margin	36.19	<177.46>
Net Profit Margin	36.19	<179.61>
Return On Net Assets	1.49	<4.08>
Return On Capital Employed	1.49	<4.08>
Return On Shareholders' Funds/Equity	0.64	<7.28>
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.62.36
UK Pound	1	Rs.101.11
Euro	1	Rs.84.68

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.