MIRA INFORM REPORT

Report Date :

01.10.2013

IDENTIFICATION DETAILS

Name :	BELL HELICOPTER ASIA (PTE) LTD
Registered Office :	6 Seletar Aerospace Heights, 797545,
Country :	Singapore
Financials (as on) :	31.12.2011
Date of Incorporation :	12.12.1983
Com. Reg. No.:	198305847-N
Legal Form :	Private Limited
Line of Business :	Subject is engaged in Sale of helicopters & spare parts
No. of Employees :	56

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
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.	:	198305847-N
COMPANY NAME	:	BELL HELICOPTER ASIA (PTE) LTD
FORMER NAME	:	N/A
INCORPORATION DATE	:	12/12/1983
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	6 SELETAR AEROSPACE HEIGHTS, 797545, SINGAPORE.
BUSINESS ADDRESS	:	NO 6 SELETAR AEROSPACE HEIGHTS, 797545, SINGAPORE.
TEL.NO.	:	65-65422422
FAX.NO.	:	65-66909680
WEB SITE	:	WWW.BELLHELICOPTER.COM
CONTACT PERSON	:	RICARDO DANIEL MALDONADO ( DIRECTOR )
PRINCIPAL ACTIVITY	:	SALE OF HELICOPTERS & SPARE PARTS
ISSUED AND PAID UP CAPITAL	:	120,000.00 ORDINARY SHARE, OF A VALUE OF SGD 12,000,000.00 80,000.00 PREFERENCE SHARE, OF A VALUE OF SGD 8,000,000.00
SALES	:	USD 235,088,000 [2011]
NET WORTH	:	USD 34,519,000 [2011]
STAFF STRENGTH	:	56 [2013]
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	STRONG
PAYMENT	:	PROMPT
MANAGEMENT CAPABILITY	:	AVERAGE
COMMERCIAL RISK	:	N/A
CURRENCY EXPOSURE	:	N/A
GENERAL REPUTATION	:	GOOD
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) sale of helicopters & spare parts.

The immediate holding company of the SC is BELL HELICOPTER SERVICES INC, a company incorporated in UNITED STATES.

The ultimate holding company of the SC is TEXTRON INC., a company incorporated in UNITED STATES.

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
BELL HELICOPTER SERVICES INC [PS: 80000, OS:120000]	P O BOX 482 FORT WORTH TEXAS 76101, UNITED STATES.	S83UF0271G	200,000.00	100.00
			---------------	------
			200,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	ALPHONSE LOUIS VETERE JR
Address	:	1505 BENT CREEK DRIVE, SOUTHLAKE, TX 76092, UNITED STATES.
IC / PP No	:	480646902
Nationality	:	AMERICAN
Date of Appointment	:	11/06/2013

DIRECTOR 2

Name Of Subject	:	KHOONG CHOI PENG JANET
Address	:	834 YISHUN STREET 81 10 - 430, 760834, SINGAPORE.
IC / PP No	:	S1363668J
Nationality	:	SINGAPOREAN
Date of Appointment	:	11/09/1995

DIRECTOR 3

Name Of Subject	:	RICARDO DANIEL MALDONADO
Address	:	1566 HUNTERGLENN DRIVE, ALEDO, TX 06008, UNITED STATES.
IC / PP No	:	475190612
Nationality	:	AMERICAN
Date of Appointment	:	31/10/2008

MANAGEMENT

1)	Name of Subject	:	RICARDO DANIEL MALDONADO
	Position	:	DIRECTOR

AUDITOR

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

COMPANY SECRETARIES

1)	Company Secretary	:	RAYMOND AARON WALLER
	IC / PP No	:	G5738861M
	Address	:	11 NATHAN ROAD 05 - 04 , REGENCY PARK, 248732, SINGAPORE.

2)	Company Secretary	:	ANG YEE KOON DAPHNE
	IC / PP No	:	S7526599I
	Address	:	596D, ANG MO KIO, STREET 52, 11-307, 564596, SINGAPORE.

3)	Company Secretary	:	KAMILLE TEO WEI WEI (ZHANG WEIWEI)
	IC / PP No	:	S7628908E
	Address	:	669D, JURONG WEST STREET 64, 12-60, 644669, 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 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 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	[	X	]	Good 31-60 Days	[	]	Average 61-90 Days	[	]
Fair 91-120 Days	[		]	Poor >120 Days	[	]

CLIENTELE

Local	:	N/A
Overseas	:	N/A

The SC refused to disclose its clientele. 

OPERATIONS

Goods Traded

:

HELICOPTERS & SPARE PARTS

Total Number of Employees:
YEAR	2013
GROUP	N/A
COMPANY	56

Branch

:

NO

Other Information:

The SC is principally engaged in the (as a / as an) sale of helicopters & spare parts. 

As the world’s premier provider of vertical lift aircraft, Bell Helicopter continues to provide every customer with products, service and support second to none. 

CURRENT INVESTIGATION

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-65422422
Match	:	N/A
Address Provided by Client	:	NO 6 SELETAR AEROSPACE HEIGHTS SINGAPORE 797545
Current Address	:	NO 6 SELETAR AEROSPACE HEIGHTS, 797545, SINGAPORE.
Match	:	YES

Other Investigations

On 26th September 2013 we contacted one of the staff from the SC and she provided some information on the SC.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	74.67%	]
Profit/(Loss) Before Tax	:	Increased	[	108.09%	]
Return on Shareholder Funds	:	Favourable	[	37.55%	]
Return on Net Assets	:	Favourable	[	44.35%	]
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. Generally the SC was profitable. The favourable return on shareholders' funds and return on net assets indicate that the SC's management was efficient in utilising the assets to generate returns.
Working Capital Control
Stock Ratio	:	Favourable	[	19 Days	]
Debtor Ratio	:	Favourable	[	14 Days	]
Creditors Ratio	:	Favourable	[	6 Days	]
The SC's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in 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	[	1.29 Times	]
Current Ratio	:	Unfavourable	[	1.64 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 :
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. 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 : 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)
(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 1983, the SC is a Private Limited company, focusing on sale of helicopters & spare parts. The SC has been in business for over three decades. It has built up a strong clientele base and good reputation will enable the SC to further enhance its business in the near term. The SC is expected to enjoy a stable market shares. Having strong support from its shareholder has enabled the SC to remain competitive despite the challenging business environment. The SC has strong capital position. We are confident with the SC's business and its future growth prospect. 

Being a moderate size company, the SC has a total workforce of 56 employees in its business operations. 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. Based on the higher profitability, the SC has generated a favourable return based on its existing shareholders' funds which indicated that the management was efficient in utilising its funds to generate income. 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 34,519,000, the SC should be able to maintain its business in the near terms. 

Having a strong assets backing, the SC possesses latent assets as collateral for further financial extension. Hence, it has good chance of getting loans if the needs arises. 

We regard that the SC's overall payment habit is prompt. The SC 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 SC is expected to benefit from the favourable outlook of the industry. 

In view of the above favourable condition, we recommend credit be proceeded to the SC with favourable term.

PROFIT AND LOSS ACCOUNT

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

BELL HELICOPTER ASIA (PTE) LTD

Financial Year End	2011-12-31	2011-01-01
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	235,088,000	134,591,000
Other Income	589,000	120,000
	----------------	----------------
Total Turnover	235,677,000	134,711,000
Costs of Goods Sold	<213,695,000>	<122,128,000>
	----------------	----------------
Gross Profit	21,982,000	12,583,000
	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	15,309,000	7,357,000
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	15,309,000	7,357,000
Taxation	<2,347,000>	<1,300,000>
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	12,962,000	6,057,000
	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	11,963,000	5,906,000
	----------------	----------------
As restated	11,963,000	5,906,000
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	24,925,000	11,963,000
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	24,925,000	11,963,000
	=============	=============

BALANCE SHEET

BELL HELICOPTER ASIA (PTE) LTD

ASSETS EMPLOYED:
FIXED ASSETS	12,136,000	79,000
LONG TERM INVESTMENTS/OTHER ASSETS
Deferred assets	19,000	-
	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	19,000	-
	----------------	----------------
TOTAL LONG TERM ASSETS	12,155,000	79,000
CURRENT ASSETS
Stocks	12,051,000	11,155,000
Trade debtors	9,336,000	3,794,000
Other debtors, deposits & prepayments	202,000	83,000
Short term deposits	5,251,000	5,344,000
Amount due from related companies	21,263,000	7,633,000
Cash & bank balances	9,433,000	9,771,000
	----------------	----------------
TOTAL CURRENT ASSETS	57,536,000	37,780,000
	----------------	----------------
TOTAL ASSET	69,691,000	37,859,000
	=============	=============
CURRENT LIABILITIES
Trade creditors	3,780,000	3,375,000
Other creditors & accruals	6,973,000	3,792,000
Deposits from customers	21,989,000	7,782,000
Provision for taxation	2,430,000	1,353,000
	----------------	----------------
TOTAL CURRENT LIABILITIES	35,172,000	16,302,000
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	22,364,000	21,478,000
	----------------	----------------
TOTAL NET ASSETS	34,519,000	21,557,000
	=============	=============
SHARE CAPITAL
Ordinary share capital	9,594,000	9,594,000
	----------------	----------------
TOTAL SHARE CAPITAL	9,594,000	9,594,000
RESERVES
Retained profit/(loss) carried forward	24,925,000	11,963,000
	----------------	----------------
TOTAL RESERVES	24,925,000	11,963,000
	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	34,519,000	21,557,000
	----------------	----------------
	34,519,000	21,557,000
	=============	=============

FINANCIAL RATIO

BELL HELICOPTER ASIA (PTE) LTD

TYPES OF FUNDS
Cash	14,684,000	15,115,000
Net Liquid Funds	14,684,000	15,115,000
Net Liquid Assets	10,313,000	10,323,000
Net Current Assets/(Liabilities)	22,364,000	21,478,000
Net Tangible Assets	34,519,000	21,557,000
Net Monetary Assets	10,313,000	10,323,000
BALANCE SHEET ITEMS
Total Borrowings	0	0
Total Liabilities	35,172,000	16,302,000
Total Assets	69,691,000	37,859,000
Net Assets	34,519,000	21,557,000
Net Assets Backing	34,519,000	21,557,000
Shareholders' Funds	34,519,000	21,557,000
Total Share Capital	9,594,000	9,594,000
Total Reserves	24,925,000	11,963,000
LIQUIDITY (Times)
Cash Ratio	0.42	0.93
Liquid Ratio	1.29	1.63
Current Ratio	1.64	2.32
WORKING CAPITAL CONTROL (Days)
Stock Ratio	19	30
Debtors Ratio	14	10
Creditors Ratio	6	10
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00
Liabilities Ratio	1.02	0.76
Times Interest Earned Ratio	0.00	0.00
Assets Backing Ratio	3.60	2.25
PERFORMANCE RATIO (%)
Operating Profit Margin	6.51	5.47
Net Profit Margin	5.51	4.50
Return On Net Assets	44.35	34.13
Return On Capital Employed	44.35	34.13
Return On Shareholders' Funds/Equity	37.55	28.10
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.62.78
UK Pound	1	Rs.101.42
Euro	1	Rs.84.67

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.