MIRA INFORM REPORT

Report Date :

08.10.2013

IDENTIFICATION DETAILS

Name :	EASTSPRING INVESTMENTS (SINGAPORE) LIMITED
Formerly Known As :	PRUDENTIAL PORTFOLIO MANAGERS SINGAPORE LIMITED
Registered Office :	10, Marina Boulevard, 32 - 01, Marina Bay Financial Centre, 018983
Country :	Singapore
Financials (as on) :	31.12.2012
Date of Incorporation :	19.10.1994
Com. Reg. No.:	199407631-H
Legal Form :	Public
Line of Business :	Subject is engaged in fund and asset management services
No. of Employees :	Not Available

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 :	Good
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.	:	199407631-H
COMPANY NAME	:	EASTSPRING INVESTMENTS (SINGAPORE) LIMITED
FORMER NAME	:	PRUDENTIAL ASSET MANAGEMENT (SINGAPORE) LIMITED (14/02/2012) PRUDENTIAL PORTFOLIO MANAGERS SINGAPORE LIMITED (30/12/2002)
INCORPORATION DATE	:	19/10/1994
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PUBLIC
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	10, MARINA BOULEVARD, 32 - 01, MARINA BAY FINANCIAL CENTRE, 018983, SINGAPORE.
BUSINESS ADDRESS	:	10 MARINA BOULEVARD #32-01 MARINA BAY FINANCIAL CENTRE TOWER 2, 018983, SINGAPORE.
TEL.NO.	:	65-63499100
FAX.NO.	:	65-65099318
WEB SITE	:	WWW.EASTSPRINGINVESTMENTS.COM.SG
CONTACT PERSON	:	GUY ROBERT STRAPP ( DIRECTOR )
PRINCIPAL ACTIVITY	:	FUND AND ASSET MANAGEMENT SERVICES
ISSUED AND PAID UP CAPITAL	:	1,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 1,000,000.00
SALES	:	SGD 190,897,000 [2012]
NET WORTH	:	SGD 139,119,000 [2012]
STAFF STRENGTH	:	N/A
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	STRONG
PAYMENT	:	PROMPT
MANAGEMENT CAPABILITY	:	GOOD
COMMERCIAL RISK	:	LOW
CURRENCY EXPOSURE	:	MODERATE
GENERAL REPUTATION	:	GOOD
INDUSTRY OUTLOOK	:	MARGINAL GROWTH

HISTORY / BACKGROUND

As a public limited company, the SC must have at least one shareholder but there is no limit on the maximum number of shareholders. The SC must have at least two directors. A public 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, suing or be sued by other companies. The liabilities of the shareholders are only up 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 must file in its annual return, together with its financial statements with the Registrar of Companies.

The SC is principally engaged in the (as a / as an) fund and asset management services.

The immediate holding company of the SC is PRUDENTIAL SINGAPORE HOLDINGS PTE. LIMITED, a company incorporated in SINGAPORE.

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
PRUDENTIAL SINGAPORE HOLDINGS PTE. LIMITED	30, CECIL STREET, 30 - 01, PRUDENTIAL TOWER, 049712, SINGAPORE.	200416812Z	1,000,000.00	100.00
			---------------	------
			1,000,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	GRAHAM DAVID MASON
Address	:	3, OLD FARM ROAD, SILVERHURST CONSTANTIA, 7806, SOUTH AFRICA.
IC / PP No	:	M00058489
Nationality	:	SOUTH AFRICAN
Date of Appointment	:	04/05/2010

DIRECTOR 2

Name Of Subject	:	GUY ROBERT STRAPP
Address	:	2, FINLAYSON GREEN, 16 - 06, ASCOTT SINGAPORE RAFFLES PLACE, 049247, SINGAPORE.
IC / PP No	:	G6269755K
Nationality	:	AUSTRALIAN
Date of Appointment	:	29/08/2008

DIRECTOR 3

Name Of Subject	:	MYLAVARAPU LAKSHMAN KUMAR
Address	:	213, BEDOK SOUTH AVENUE 1, 04 - 03, CASAFINA, 469337, SINGAPORE.
IC / PP No	:	S2749563Z
Nationality	:	SINGAPOREAN
Date of Appointment	:	23/03/2011

DIRECTOR 4

Name Of Subject	:	JULIAN CHRISTOPHER VIVIAN PULL
Address	:	33, GREENLEAF ROAD, BAN GUAN PARK, 279333, SINGAPORE.
IC / PP No	:	S2764933E
Nationality	:	SINGAPOREAN
Date of Appointment	:	22/05/2006

MANAGEMENT

1)	Name of Subject	:	GUY ROBERT STRAPP
	Position	:	DIRECTOR

AUDITOR

Auditor	:	KPMG LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	DIANA THE HUI LING
	IC / PP No	:	S7346649J
	Address	:	3, JALAN TELANG, SEMBAWANG HILLS ESTATE, 576674, 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 is a service provider and it does not deal with trade 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	:	YES
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	ASIA
Credit Term	:	N/A
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Services

:

FUND AND ASSET MANAGEMENT SERVICES

Branch

:

NO

Other Information:

The SC is principally engaged in the (as a / as an) fund and asset management services.

The SC serves as the hub of the regional asset management business and manages a wide range of funds across various asset classes to service both retail and institutional clients.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-63499100
Match	:	N/A
Address Provided by Client	:	SINGAPORE
Current Address	:	10 MARINA BOULEVARD #32-01 MARINA BAY FINANCIAL CENTRE TOWER 2, 018983, SINGAPORE.
Match	:	NO

Other Investigations

On 3rd October 2013 we contacted one of the staff from the SC and she provided some information on the SC.

The address provided is incomplete.

The SC refused to disclose its number of employees.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	1.68%	]
Profit/(Loss) Before Tax	:	Decreased	[	15.02%	]
Return on Shareholder Funds	:	Favourable	[	31.35%	]
Return on Net Assets	:	Favourable	[	35.86%	]
The higher turnover could be attributed to the favourable market condition.The dip in profit could be due to the stiff market competition which reduced the SC's profit margin. 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	:	Nil	[	0 Days	]
Debtor Ratio	:	Unfavourable	[	76 Days	]
Creditors Ratio	:	Favourable	[	27 Days	]
As the SC is a service oriented company, the SC does not need to keep stocks. The high debtors' ratio could indicate that the SC was weak in its credit control. However, the SC could also giving longer credit periods to its customers in order to boost its sales or to capture / retain its market share. 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	[	2.62 Times	]
Current Ratio	:	Favourable	[	2.62 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 :
Although the SC's turnover had increased, its profits had declined over the same corresponding period. This could be due to the stiffer market competition and / or higher operating costs which lowered the SC's profit margin. 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)

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 1994, the SC is a Public Limited Company company, focusing on fund and asset management services. Its long establishment in the market has allowed the SC to build up a good reputation and gain higher market share against its rivals. 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. The SC has a good management capability. Its capable management team has enabled the SC to keep its business on going. Hence, the future prospect of the SC is bright.

Financially, the SC registered a higher turnover compared to previous year. However, its profits showed a reverse trend. The lower profit achieved was a result of higher operating cost and increased competition. 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 SGD 139,119,000, 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. The SC is a service provider and it does not deal with trade suppliers.

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 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. With the SC's favourable conditions, it should have acquired competitive edge from its competitors.

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.

EASTSPRING INVESTMENTS (SINGAPORE) LIMITED

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	SGD	SGD
TURNOVER	190,897,000	187,737,000
Other Income	12,100,000	12,948,000
	----------------	----------------
Total Turnover	202,997,000	200,685,000
	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	49,882,000	58,698,000
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	49,882,000	58,698,000
Taxation	<6,266,000>	<7,698,000>
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	43,616,000	51,000,000
	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	132,807,000	81,807,000
Prior year adjustment	<45,000,000>	-
	----------------	----------------
As restated	87,807,000	81,807,000
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	131,423,000	132,807,000
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	131,423,000	132,807,000
	=============	=============

BALANCE SHEET

EASTSPRING INVESTMENTS (SINGAPORE) LIMITED

ASSETS EMPLOYED:
FIXED ASSETS	5,687,000	8,216,000
LONG TERM INVESTMENTS/OTHER ASSETS
Deferred assets	2,036,000	1,614,000
Others	3,000	8,000
	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	2,039,000	1,622,000
	----------------	----------------
TOTAL LONG TERM ASSETS	7,726,000	9,838,000
CURRENT ASSETS
Short term quoted/unquoted investments	11,070,000	5,337,000
Trade debtors	39,964,000	41,243,000
Other debtors, deposits & prepayments	4,553,000	3,896,000
Amount due from related companies	22,409,000	26,995,000
Cash & bank balances	134,650,000	128,588,000
	----------------	----------------
TOTAL CURRENT ASSETS	212,646,000	206,059,000
	----------------	----------------
TOTAL ASSET	220,372,000	215,897,000
	=============	=============
CURRENT LIABILITIES
Trade creditors	13,958,000	13,986,000
Other creditors & accruals	54,897,000	52,974,000
Amounts owing to related companies	5,091,000	1,159,000
Provision for taxation	7,307,000	9,277,000
	----------------	----------------
TOTAL CURRENT LIABILITIES	81,253,000	77,396,000
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	131,393,000	128,663,000
	----------------	----------------
TOTAL NET ASSETS	139,119,000	138,501,000
	=============	=============
SHARE CAPITAL
Ordinary share capital	1,000,000	1,000,000
	----------------	----------------
TOTAL SHARE CAPITAL	1,000,000	1,000,000
RESERVES
General reserve	6,696,000	4,694,000
Retained profit/(loss) carried forward	131,423,000	132,807,000
	----------------	----------------
TOTAL RESERVES	138,119,000	137,501,000
	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	139,119,000	138,501,000
	----------------	----------------
	139,119,000	138,501,000
	=============	=============

FINANCIAL RATIO

EASTSPRING INVESTMENTS (SINGAPORE) LIMITED

TYPES OF FUNDS
Cash	134,650,000	128,588,000
Net Liquid Funds	134,650,000	128,588,000
Net Liquid Assets	131,393,000	128,663,000
Net Current Assets/(Liabilities)	131,393,000	128,663,000
Net Tangible Assets	139,119,000	138,501,000
Net Monetary Assets	131,393,000	128,663,000
BALANCE SHEET ITEMS
Total Borrowings	0	0
Total Liabilities	81,253,000	77,396,000
Total Assets	220,372,000	215,897,000
Net Assets	139,119,000	138,501,000
Net Assets Backing	139,119,000	138,501,000
Shareholders' Funds	139,119,000	138,501,000
Total Share Capital	1,000,000	1,000,000
Total Reserves	138,119,000	137,501,000
LIQUIDITY (Times)
Cash Ratio	1.66	1.66
Liquid Ratio	2.62	2.66
Current Ratio	2.62	2.66
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0
Debtors Ratio	76	80
Creditors Ratio	27	27
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00
Liabilities Ratio	0.58	0.56
Times Interest Earned Ratio	0.00	0.00
Assets Backing Ratio	139.12	138.50
PERFORMANCE RATIO (%)
Operating Profit Margin	26.13	31.27
Net Profit Margin	22.85	27.17
Return On Net Assets	35.86	42.38
Return On Capital Employed	35.86	42.38
Return On Shareholders' Funds/Equity	31.35	36.82
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.61.78
UK Pound	1	Rs.99.06
Euro	1	Rs.83.84

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.