MIRA INFORM REPORT

Report Date :

04.10.2013

IDENTIFICATION DETAILS

Name :	TECNOMIC COMPONENTS PTE. LTD.
Registered Office :	1, Raffles Place, 23-03a, One Raffles Place, 048616
Country :	Singapore
Financials (as on) :	31.12.2012
Date of Incorporation :	23.05.2007
Com. Reg. No.:	200709133-R
Legal Form :	Private Limited Company
Line of Business :	sale of electronic components and providing it services & investment holding.
No. of Employees :	18 [2013]

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
Singapore	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Singapore ECONOMIC OVERVIEW

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. Real GDP growth averaged 8.6% between 2004 and 2007. The economy contracted 0.8% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010, on the strength of renewed exports, before slowing to 5.2% in 2011 and 1.3% in 2012, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to an average of about 1.0% in the last decade. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub.

Source : CIA

* Adopted abbreviations :	SC - Subject Company (the company enquired by you)
	N/A - Not Applicable

EXECUTIVE SUMMARY

REGISTRATION NO.

:

200709133-R

COMPANY NAME

:

TECNOMIC COMPONENTS PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

23/05/2007

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

1, RAFFLES PLACE, 23-03A, ONE RAFFLES PLACE, 048616, SINGAPORE.

BUSINESS ADDRESS

:

21, BUKIT BATOK CRESCENT, 08-75, WCEGA BUILDING, 658065, SINGAPORE.

TEL.NO.

:

65-63258576

FAX.NO.

:

65-66840024

EMAIL

:

GARY@TECNOMIC.COM

WEB SITE

:

WWW.TECNOMIC.COM

CONTACT PERSON

:

RAJAN NATRAJAN ( DIRECTOR )

PRINCIPAL ACTIVITY

:

SALE OF ELECTRONIC COMPONENTS AND PROVIDING IT SERVICES & INVESTMENT HOLDING

ISSUED AND PAID UP CAPITAL

:

500,000.00 ORDINARY SHARE, OF A VALUE OF SGD 500,000.00

SALES

:

USD 8,990,437 [2012]

NET WORTH

:

USD 412,137 [2012]

STAFF STRENGTH

:

18 [2013]

BANKER (S)

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

FAIR

PAYMENT

:

AVERAGE

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) sale of electronic components and providing it services & investment holding.

The immediate and ultimate holding company of the SC is TECNOMIC PROCESSORS PTE LTD, a company incorporated in SINGAPORE.

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
TAN CHYE HUAT +	73, SUNRISE TERRACE, CABANA, 806404, SINGAPORE.	S7037360B	125,000.00	25.00
SARADADEVI KRISHNAPILLAI SURESH KUMAR +	138, CECIL STREET, 10-01, CECIL COURT, 069538, SINGAPORE.	G5817990L	25,000.00	5.00
RAJAN NATRAJAN + [ALTERNATE DIRECTOR TO SARADEVI KRISHNAPILLAI SURESH KUMAR]	41, ENG KONG PLACE, ENG KONG PARK, 599113, SINGAPORE.	S2674910G	25,000.00	5.00
TECNOMIC PROCESSORS PTE LTD	1, RAFFLES PLACE, 23-03A, ONE RAFFLES PLACE, 048616, SINGAPORE.	198803275H	325,000.00	65.00
			---------------	------
			500,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	SUBRAMANIAN ANANT
Address	:	307, BUKIT BATOK STREET, 31, 11-97, HONG KAH GREEN, 650307, SINGAPORE.
IC / PP No	:	S2680807C
Nationality	:	SINGAPOREAN
Date of Appointment	:	08/03/2013

DIRECTOR 2

Name Of Subject	:	RAJAN NATRAJAN
Address	:	41, ENG KONG PLACE, ENG KONG PARK, 599113, SINGAPORE.
IC / PP No	:	S2674910G
Nationality	:	SINGAPOREAN
Date of Appointment	:	07/11/2008
Remark	:	ALTERNATE DIRECTOR TO SARADEVI KRISHNAPILLAI SURESH KUMAR

DIRECTOR 3

Name Of Subject	:	SARADADEVI KRISHNAPILLAI SURESH KUMAR
Address	:	138, CECIL STREET, 10-01, CECIL COURT, 069538, SINGAPORE.
IC / PP No	:	G5817990L
Nationality	:	INDIAN
Date of Appointment	:	07/11/2008

DIRECTOR 4

Name Of Subject	:	TAN CHYE HUAT
Address	:	73, SUNRISE TERRACE, CABANA, 806404, SINGAPORE.
IC / PP No	:	S7037360B
Nationality	:	SINGAPOREAN
Date of Appointment	:	23/05/2007

MANAGEMENT

1)	Name of Subject	:	RAJAN NATRAJAN
	Position	:	DIRECTOR

AUDITOR

Auditor	:	K.C.CHAN & CO PAC
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	NG MUI CHEN SERLINA
	IC / PP No	:	S7922641F
	Address	:	602A, PUNGGOL CENTRAL, 15-672, 821602, SINGAPORE.

2)	Company Secretary	:	KHAW YIO LOK
	IC / PP No	:	S1311899Z
	Address	:	1E, CANTONMENT ROAD, 39-57, PINNACLE@DUXTON, THE, 085501, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C201312637	16/09/2013	N/A	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	N/A	Unsatisfied

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 registered office refused to disclose the SC's 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	[	]	Good 31-60 Days	[	]	Average 61-90 Days	[	X	]
Fair 91-120 Days	[	]	Poor >120 Days	[	]

CLIENTELE

Local	:	N/A
Overseas	:	N/A

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

OPERATIONS

Goods Traded

:

ELECTRONIC COMPONENTS

Services

:

IT SERVICES & INVESTMENT HOLDING

Total Number of Employees:
YEAR	2013
GROUP	N/A
COMPANY	18

Branch

:

NO

Other Information:

The SC is principally engaged in the (as a / as an) sale of electronic components and providing it services & investment holding. 

Tecnomic is a premier Value-Added Distributor for Electronic Components. Tecnomic offer active and passive electronic components as well as modular platforms.

Tecnomic provide support services in design, integration, deployment and maintenance across a wide spectrum of industrial and telecom applications. 

CURRENT INVESTIGATION

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client	:	65 63258576
Current Telephone Number	:	65-63258576
Match	:	YES
Address Provided by Client	:	21 BUKIT BATOK CRESCENT, #08-75 WCEGA BUILDING, SINGAPORE 658065
Current Address	:	21, BUKIT BATOK CRESCENT, 08-75, WCEGA BUILDING, 658065, SINGAPORE.
Match	:	YES

Other Investigations

we contacted one of the staff from the registered office and she provided some information on the SC.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Decreased	[	4.27%	]
Profit/(Loss) Before Tax	:	Decreased	[	32.84%	]
Return on Shareholder Funds	:	Acceptable	[	17.93%	]
Return on Net Assets	:	Acceptable	[	29.41%	]
The lower turnover could be due to the unfavourable market conditions.The SC's profit fell sharply because of the high operating costs incurred. The SC's management had generated acceptable return for its shareholders using its assets.
Working Capital Control
Stock Ratio	:	Favourable	[	17 Days	]
Debtor Ratio	:	Acceptable	[	58 Days	]
Creditors Ratio	:	Favourable	[	37 Days	]
The SC's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The SC's management was quite efficient in handling its debtors. The SC's debtors days were at an acceptable range, thus the risk of its debts turning bad was minimised. 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	[	0.99 Times	]
Current Ratio	:	Unfavourable	[	1.26 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	[	2.56 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 :
The SC's performance deteriorated over the years with lower turnover and profit. 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 : 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 :	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 2007, the SC is a Private Limited company, focusing on sale of electronic components and providing IT services & investment holding. Having been in business for 6 years, the SC has established a remarkable clientele base for itself which has contributed to its business growth. Having strong support from its holding company has enabled the SC to remain competitive despite the challenging business environment. 

The SC's business operation is supported by 18 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. 

The SC's business performance showed a reverse trend as both its turnover and pre-tax profit have decreased compared to the previous year. However, return on shareholders' funds of the SC was at an acceptable range which indicated that the management was efficient in utilising its funds to generate income. 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 USD 412,137, the SC should be able to maintain its business in the near terms. 

The SC's payment habit is average. With its adequate working capital, the SC should be able to pay its short term debts. 

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.

TECNOMIC COMPONENTS 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	USD	USD
TURNOVER	8,990,437	9,391,403
Other Income	24,042	8,832
	----------------	----------------
Total Turnover	9,014,479	9,400,235
Costs of Goods Sold	<8,065,577>	<8,418,216>
	----------------	----------------
Gross Profit	948,902	982,019
	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	73,895	110,034
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	73,895	110,034
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	73,895	110,034
	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	<31,423>	<141,457>
	----------------	----------------
As restated	<31,423>	<141,457>
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	42,472	<31,423>
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	42,472	<31,423>
	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Others	47,298	45,275
	----------------	----------------
	47,298	45,275

BALANCE SHEET

TECNOMIC COMPONENTS PTE. LTD.

ASSETS EMPLOYED:
FIXED ASSETS	3,878	12,137
	----------------	----------------
TOTAL LONG TERM ASSETS	3,878	12,137
CURRENT ASSETS
Stocks	418,730	510,797
Trade debtors	1,418,115	1,352,469
Other debtors, deposits & prepayments	52,217	4,265
Amount due from holding company	87,515	-
Amount due from related companies	991	-
Cash & bank balances	27,747	44,804
	----------------	----------------
TOTAL CURRENT ASSETS	2,005,315	1,912,335
	----------------	----------------
TOTAL ASSET	2,009,193	1,924,472
	=============	=============
CURRENT LIABILITIES
Trade creditors	813,811	480,222
Other creditors & accruals	344,302	94,242
Amounts owing to holding company	424,305	1,009,168
Amounts owing to related companies	14,638	2,598
	----------------	----------------
TOTAL CURRENT LIABILITIES	1,597,056	1,586,230
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	408,259	326,105
	----------------	----------------
TOTAL NET ASSETS	412,137	338,242
	=============	=============
SHARE CAPITAL
Ordinary share capital	373,767	373,767
	----------------	----------------
TOTAL SHARE CAPITAL	373,767	373,767
RESERVES
Exchange equalisation/fluctuation reserve	<4,102>	<4,102>
Retained profit/(loss) carried forward	42,472	<31,423>
	----------------	----------------
TOTAL RESERVES	38,370	<35,525>
	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	412,137	338,242
	----------------	----------------
	412,137	338,242
	=============	=============

FINANCIAL RATIO

TECNOMIC COMPONENTS PTE. LTD.

TYPES OF FUNDS
Cash	27,747	44,804
Net Liquid Funds	27,747	44,804
Net Liquid Assets	<10,471>	<184,692>
Net Current Assets/(Liabilities)	408,259	326,105
Net Tangible Assets	412,137	338,242
Net Monetary Assets	<10,471>	<184,692>
BALANCE SHEET ITEMS
Total Borrowings	0	0
Total Liabilities	1,597,056	1,586,230
Total Assets	2,009,193	1,924,472
Net Assets	412,137	338,242
Net Assets Backing	412,137	338,242
Shareholders' Funds	412,137	338,242
Total Share Capital	373,767	373,767
Total Reserves	38,370	<35,525>
LIQUIDITY (Times)
Cash Ratio	0.02	0.03
Liquid Ratio	0.99	0.88
Current Ratio	1.26	1.21
WORKING CAPITAL CONTROL (Days)
Stock Ratio	17	20
Debtors Ratio	58	53
Creditors Ratio	37	21
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00
Liabilities Ratio	3.88	4.69
Times Interest Earned Ratio	2.56	3.43
Assets Backing Ratio	1.10	0.90
PERFORMANCE RATIO (%)
Operating Profit Margin	0.82	1.17
Net Profit Margin	0.82	1.17
Return On Net Assets	29.41	45.92
Return On Capital Employed	29.41	45.92
Return On Shareholders' Funds/Equity	17.93	32.53
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.61.93
UK Pound	1	Rs.100.44
Euro	1	Rs.84.24

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.