MIRA INFORM REPORT

Report Date :

01.10.2013

IDENTIFICATION DETAILS

Name :	MULLER MARTINI (SINGAPORE) PTE LTD
Registered Office :	7, Jalan Kilang, 06-01, 159407
Country :	Singapore
Financials (as on) :	31.12.2012
Date of Incorporation :	30.05.1997
Com. Reg. No.:	199703679-M
Legal Form :	Private Limited
Line of Business :	Subject is principally engaged in the (as a / as an) activities of head and regional head offices. Subject’s Group supplies machines and systems for the print and print finishing market.
No. of Employees :	20

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 – 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.	:	199703679-M
COMPANY NAME	:	MULLER MARTINI (SINGAPORE) PTE LTD
FORMER NAME	:	N/A
INCORPORATION DATE	:	30/05/1997
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	7, JALAN KILANG, 06-01, 159407, SINGAPORE.
BUSINESS ADDRESS	:	7, JALAN KILANG, 06-01, 159407, SINGAPORE.
TEL.NO.	:	65-62760656
FAX.NO.	:	65-62763475
WEB SITE	:	WWW.MULLERMARTINI.COM
CONTACT PERSON	:	ROLAND BANGERTER ( DIRECTOR )
PRINCIPAL ACTIVITY	:	ACTIVITIES OF HEAD AND REGIONAL HEAD OFFICES
ISSUED AND PAID UP CAPITAL	:	2,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 2,000,000.00
SALES	:	SGD 21,550,102 [2012]
NET WORTH	:	SGD 4,854,543 [2012]
STAFF STRENGTH	:	20 [2013]
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	LIMITED
PAYMENT	:	POOR
MANAGEMENT CAPABILITY	:	AVERAGE
COMMERCIAL RISK	:	LOW
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) activities of head and regional head offices.

The immediate holding company of the SC is MULLER MARTINI HOLDING AG, a company incorporated in SWITZERLAND.

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
MULLER MARTINI HOLDING AG	HERGISWIL NW, SONNENBERGSTRASSE 13, SWITZERLAND.	T03UF1169E	2,000,000.00	100.00
			---------------	------
			2,000,000.00	100.00
			============	=====

+ Also Director

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

Local No	Country	Company	(%)	As At
011071	INDIA	MULLER MARTINI (INDIA) PRIVATE LIMITED	100.00	31/12/2012
011072	THAILAND	MULLER MARTINI (THAILAND) COMPANY LIMITED	100.00	31/12/2012
439562K	MALAYSIA	MULLER MARTINI (MALAYSIA) SDN. BHD.	100.00	31/12/2012

Directors

DIRECTOR 1

Name Of Subject	:	ROLAND BANGERTER
Address	:	19, NASSIM HILL, 03-03, NASSIM WOODS, 258482, SINGAPORE.
IC / PP No	:	F5536148R
Nationality	:	SWISS
Date of Appointment	:	30/05/1997

DIRECTOR 2

Name Of Subject	:	FELIX STIRNIMANN
Address	:	LIEBENFELSWEG 13, 6274, ESCHENBACH, SWITZERLAND.
IC / PP No	:	F0677431
Date of Appointment	:	25/11/2011

MANAGEMENT

1)	Name of Subject	:	ROLAND BANGERTER
	Position	:	DIRECTOR

AUDITOR

Auditor	:	CROWE HORWATH FIRST TRUST LLP
Auditor' Address	:	8, SHENTON WAY #05- 01 AXA TOWER, 068811, SINGAPORE.

COMPANY SECRETARIES

1)	Company Secretary	:	LOTUS ISABELLA LIM MEI HUA
	IC / PP No	:	S2171051B
	Address	:	606, CLEMENTI WEST STREET 1, 04-53, 120606, SINGAPORE.

2)	Company Secretary	:	LIN MOI HEYANG
	IC / PP No	:	S2750922C
	Address	:	210, ANG MO KIO AVENUE 3, 07-1614, 560210, SINGAPORE.
	Remarks	:	DECEASED

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	:	YES
Overseas	:	YES

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
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	ASIA
Credit Term	:	N/A
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Services

:

HEAD AND REGIONAL HEAD OFFICES

Total Number of Employees:
YEAR	2013
GROUP	N/A
COMPANY	20

Branch

:

NO

Other Information:

The SC is principally engaged in the (as a / as an) activities of head and regional head offices.

The SC's Group supplies machines and systems for the print and print finishing market.

The Group deal with book binding machines, printing equipment and others.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-62760656
Match	:	N/A
Address Provided by Client	:	7, JALAN KILANG, NO. 06-01, 159407 SINGAPORE
Current Address	:	7, JALAN KILANG, 06-01, 159407, SINGAPORE.
Match	:	YES

Other Investigations

We contacted one of the staff from the SC and she provided some information on the SC.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	31.02%	]
Profit/(Loss) Before Tax	:	Decreased	[	<108.75%>	]
Return on Shareholder Funds	:	Unfavourable	[	<2.09%>	]
Return on Net Assets	:	Unfavourable	[	0.74%	]
The increase in turnover could be due to the SC adopting an aggressive marketing strategy.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 SC's unfavourable returns on shareholders' funds indicate the management's inefficiency in utilising its assets to generate returns.
Working Capital Control
Stock Ratio	:	Acceptable	[	60 Days	]
Debtor Ratio	:	Unfavourable	[	91 Days	]
Creditors Ratio	:	Unfavourable	[	149 Days	]
The SC kept adequate stocks to meet its normal business transactions without incurring excessive storage costs. 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	[	1.12 Times	]
Current Ratio	:	Unfavourable	[	1.51 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	:	Acceptable	[	6.32 Times	]
Gearing Ratio	:	Favourable	[	0.03 Times	]
The SC's interest cover was slightly low. If there is no sharp fall in its profit or sudden increase in the interest rates, we believe the SC is able to generate sufficient income to service its interest and repay the loans. The SC was lowly geared thus it had a low financial risk. The SC was mainly financed by its shareholders' funds and internally generated funds. In times of economic slowdown / downturn, the SC being a lowly geared company, will be able to compete better than those companies which are highly geared in the same industry.
Overall Assessment :
The higher turnover had helped to reduce the SC's losses. 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 had an acceptable interest cover. If there is no sudden sharp increase in interest rate or fall in the SC's profit, we do believe the SC is able to generate sufficient cash flow to service its interest payment. The SC as a lowly geared company, will be more secured compared to those highly geared companies. It has the ability to meet all its long term obligations.
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 :	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 1997, the SC is a Private Limited company, focusing on activities of head and regional head offices. 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 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. To date, the SC's business operation is supported by 20 employees. Overall, we regard that the SC's management capability is average. This indicates that the SC has greater potential to improve its business performance and raising income for the SC.

We noted that both the turnover and profits have increased compared to the previous year. The higher profit could be due to increase in turnover and better control over its operating costs. The SC has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. Fortunately, 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 lowly geared company, the SC is exposed to low financial risk as it is mainly dependent on its internal funds to finance its business needs. Given a positive net worth standing at SGD 4,854,543, the SC should be able to maintain its business in the near terms.

The SC's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials.

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.

MULLER MARTINI (SINGAPORE) PTE LTD

Financial Year End	2012-12-31	2011-12-31
Months	12	12
Consolidated Account	GROUP	GROUP
Audited Account	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES
Financial Type	FULL	FULL
Currency	SGD	SGD
TURNOVER	21,550,102	16,448,572
Other Income	118,463	493,715
	----------------	----------------
Total Turnover	21,668,565	16,942,287
Costs of Goods Sold	<17,185,462>	<12,610,244>
	----------------	----------------
Gross Profit	4,483,103	4,332,043
	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	31,167	<356,355>
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	31,167	<356,355>
Taxation	<132,437>	<91,139>
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	<101,270>	<447,494>
	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	3,579,486	4,037,338
	----------------	----------------
As restated	3,579,486	4,037,338
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	3,478,216	3,589,844
TRANSFER TO RESERVES - General	<13,970>	<10,358>
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	3,464,246	3,579,486
	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Lease interest	5,858	5,638
Others	-	18
	----------------	----------------
	5,858	5,656

BALANCE SHEET

MULLER MARTINI (SINGAPORE) PTE LTD

ASSETS EMPLOYED:
FIXED ASSETS	287,768	265,642
LONG TERM INVESTMENTS/OTHER ASSETS
Deferred assets	83,072	80,132
	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	83,072	80,132
	----------------	----------------
TOTAL LONG TERM ASSETS	370,840	345,774
CURRENT ASSETS
Stocks	3,537,175	2,437,368
Trade debtors	5,349,516	5,320,332
Other debtors, deposits & prepayments	437,623	446,184
Short term deposits	817,719	1,160,023
Cash & bank balances	3,608,027	2,058,225
	----------------	----------------
TOTAL CURRENT ASSETS	13,750,060	11,422,132
	----------------	----------------
TOTAL ASSET	14,120,900	11,767,906
	=============	=============
CURRENT LIABILITIES
Trade creditors	7,004,580	4,831,132
Other creditors & accruals	1,820,894	1,442,285
Provision for taxation	252,775	300,916
Lease payables	37,990	33,779
	----------------	----------------
TOTAL CURRENT LIABILITIES	9,116,239	6,608,112
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	4,633,821	4,814,020
	----------------	----------------
TOTAL NET ASSETS	5,004,661	5,159,794
	=============	=============
SHARE CAPITAL
Ordinary share capital	2,000,000	2,000,000
	----------------	----------------
TOTAL SHARE CAPITAL	2,000,000	2,000,000
RESERVES
Exchange equalisation/fluctuation reserve	<695,690>	<609,086>
Statutory reserve	85,987	72,017
Retained profit/(loss) carried forward	3,464,246	3,579,486
	----------------	----------------
TOTAL RESERVES	2,854,543	3,042,417
	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	4,854,543	5,042,417
LONG TERM LIABILITIES
Lease obligations	150,118	117,377
	----------------	----------------
TOTAL LONG TERM LIABILITIES	150,118	117,377
	----------------	----------------
	5,004,661	5,159,794
	=============	=============

FINANCIAL RATIO

MULLER MARTINI (SINGAPORE) PTE LTD

TYPES OF FUNDS
Cash	4,425,746	3,218,248
Net Liquid Funds	4,425,746	3,218,248
Net Liquid Assets	1,096,646	2,376,652
Net Current Assets/(Liabilities)	4,633,821	4,814,020
Net Tangible Assets	5,004,661	5,159,794
Net Monetary Assets	946,528	2,259,275
BALANCE SHEET ITEMS
Total Borrowings	150,118	117,377
Total Liabilities	9,266,357	6,725,489
Total Assets	14,120,900	11,767,906
Net Assets	5,004,661	5,159,794
Net Assets Backing	4,854,543	5,042,417
Shareholders' Funds	4,854,543	5,042,417
Total Share Capital	2,000,000	2,000,000
Total Reserves	2,854,543	3,042,417
LIQUIDITY (Times)
Cash Ratio	0.49	0.49
Liquid Ratio	1.12	1.36
Current Ratio	1.51	1.73
WORKING CAPITAL CONTROL (Days)
Stock Ratio	60	54
Debtors Ratio	91	118
Creditors Ratio	149	140
SOLVENCY RATIOS (Times)
Gearing Ratio	0.03	0.02
Liabilities Ratio	1.91	1.33
Times Interest Earned Ratio	6.32	<62.00>
Assets Backing Ratio	2.50	2.58
PERFORMANCE RATIO (%)
Operating Profit Margin	0.14	<2.17>
Net Profit Margin	<0.47>	<2.72>
Return On Net Assets	0.74	<6.80>
Return On Capital Employed	0.74	<6.80>
Return On Shareholders' Funds/Equity	<2.09>	<8.87>
Dividend Pay Out Ratio (Times)	0.00	0.00
NOTES TO ACCOUNTS
Contingent Liabilities	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.78
UK Pound	1	Rs.101.42
Euro	1	Rs.84.67

INFORMATION DETAILS

Report Prepared by :

NIT

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.