MIRA INFORM REPORT

Report Date :

17.10.2013

IDENTIFICATION DETAILS

Name :	BRIDON SINGAPORE (PTE.) LTD.
Registered Office :	25, Loyang Crescent, Po Box - 5064, Loyang Offshore Supply Base, 508988
Country :	Singapore
Financials (as on) :	31.12.2012
Date of Incorporation :	19.04.1979
Com. Reg. No.:	197901111-Z
Legal Form :	Private Limited Company
Line of Business :	Marketing and sale of steel ropes and fittings
No. of Employees :	16 [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

Maximum Credit Limit :	SGD 479,565 (USD 350,000)
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.	:		197901111-Z
COMPANY NAME	:		BRIDON SINGAPORE (PTE.) LTD.
FORMER NAME	:		N/A
INCORPORATION DATE	:		19/04/1979
COMPANY STATUS	:		EXIST
LEGAL FORM	:		PRIVATE LIMITED
LISTED STATUS	:		NO
REGISTERED ADDRESS	:		25, LOYANG CRESCENT, PO BOX - 5064, LOYANG OFFSHORE SUPPLY BASE, 508988, SINGAPORE.
BUSINESS ADDRESS	:		LOYANG OFFSHORE SUPPLY BASE BLOCK 104C TOPS AVENUE 1, 25 LOYANG, 508988, SINGAPORE.
TEL.NO.	:		65-65464611
FAX.NO.	:		65-65464622
WEB SITE	:		WWW.BRIDON.COM
CONTACT PERSON	:		CHUA MENG TECK ( DIRECTOR )
PRINCIPAL ACTIVITY	:		MARKETING AND SALE OF STEEL ROPES AND FITTINGS
ISSUED AND PAID UP CAPITAL	:		430,082.00 ORDINARY SHARE, OF A VALUE OF SGD 430,082.00
SALES	:		SGD 16,795,275 [2012]
NET WORTH	:		SGD 6,736,530 [2012]
STAFF STRENGTH	:		16 [2013]
LITIGATION	:		CLEAR
FINANCIAL CONDITION	:		STRONG
PAYMENT	:		FAIR
MANAGEMENT CAPABILITY	:		AVERAGE
COMMERCIAL RISK	:		LOW
CURRENCY EXPOSURE	:		MODERATE
GENERAL REPUTATION	:		SATISFACTORY
INDUSTRY OUTLOOK	:		AVERAGE GROWTH
PROPOSED CREDIT LIMIT		:		SGD 479,565 (USD 350,000)

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) marketing and sale of steel ropes and fittings.

The immediate holding company of the SC is BRIDON HOLDINGS LIMITED, a company incorporated in UNITED KINGDOM.

The ultimate holding company of the SC is MELROSE PLC, a company incorporated in UNITED KINGDOM.

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
BRIDON HOLDINGS LIMITED	PRECISION HOUSE, ARDEN ROAD, ALCESTER WARWICKSHIRE B49 6HN, UNITED KINGDOM.	T12UF0283	430,082.00	100.00
			---------------	------
			430,082.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	MR. CHUA MENG TECK
Address	:	532, UPPER CROSS STREET, 20 - 224, 050532, SINGAPORE.
IC / PP No	:	S6847515E
Nationality	:	SINGAPOREAN
Date of Appointment	:	31/12/2012

DIRECTOR 2

Name Of Subject	:	LOH LEAN SAN
Address	:	526, BEDOK NORTH STREET 3, 11 - 466, 460526, SINGAPORE.
IC / PP No	:	S2604787J
Nationality	:	SINGAPOREAN
Date of Appointment	:	16/01/2012

DIRECTOR 3

Name Of Subject	:	GRAHAM STUART HARDCASTLE
Address	:	22, JEROME DRIVE ST ALBANS HERTS, AL3 4LX, UNITED KINGDOM.
IC / PP No	:	099010825
Nationality	:	BRITISH
Date of Appointment	:	16/04/2012

MANAGEMENT

1)	Name of Subject	:	CHUA MENG TECK
	Position	:	DIRECTOR

AUDITOR

Auditor	:	DELOITTE & TOUCHE LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	TEO CHIN KEE
	IC / PP No	:	S2622115C
	Address	:	244, LORONG CHUAN, 07 - 06, CHUAN PARK, 556745, SINGAPORE.

2)	Company Secretary	:	CHAN CHOW PHENG
	IC / PP No	:	S1298885J
	Address	:	59, TELOK BLANGAH HEIGHTS, 04 - 11, 100059, SINGAPORE.

BANKING

No Banker found in our databank. 

ENCUMBRANCE (S)

No encumbrance was found in our databank at the time of investigation. 

LEGAL CHECK AGAINST SC

* A check has been conducted in our databank against the SC whether the subject has been involved in any litigation. 

No legal action was found in our databank. 

No winding up petition was found in our databank. 

PAYMENT RECORD

SOURCES OF RAW MATERIALS:
Local	:	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	[	X	]	Poor >120 Days	[	]

CLIENTELE

Local	:	YES
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	WORLDWIDE
Credit Term	:	AS AGREED
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Goods Traded

:

STEEL ROPES AND FITTINGS

Total Number of Employees:
YEAR	2013
GROUP	N/A
COMPANY	16

Branch

:

NO

Other Information:

The SC is principally engaged in the (as a / as an) marketing and sale of steel ropes and fittings. 

Bridon products provide solutions to the most arduous and technically demanding challenges, extensively used in construction, mining, oil & gas extraction, telecommunications and other specialised areas of engineering, markets where there can be no compromise over product performance and integrity. 

CURRENT INVESTIGATION

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-65464611
Match	:	N/A
Address Provided by Client	:	LOYANG OFFSHORE SUPPLY BASE BLOCK 104C TOPS AVENUE 1, 25 LOYANG
Current Address	:	LOYANG OFFSHORE SUPPLY BASE BLOCK 104C TOPS AVENUE 1, 25 LOYANG, 508988, SINGAPORE.
Match	:	NO

Other Investigations

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

The address provided is incomplete.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Decreased	[	4.03%	]
Profit/(Loss) Before Tax	:	Decreased	[	34.67%	]
Return on Shareholder Funds	:	Acceptable	[	20.21%	]
Return on Net Assets	:	Acceptable	[	27.71%	]
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	:	Unfavourable	[	93 Days	]
Debtor Ratio	:	Unfavourable	[	73 Days	]
Creditors Ratio	:	Unfavourable	[	84 Days	]
The SC could be incurring higher holding cost. As its capital was tied up in stocks, it could face liquidity problems. 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 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	[	1.44 Times	]
Current Ratio	:	Favourable	[	2.58 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 :
The SC's performance deteriorated over the years with lower 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 1979, the SC is a Private Limited company, focusing on marketing and sale of steel ropes and fittings. With its long presence in the industry coupled with its vast experiences in the business, the SC should have built up certain goodwill with its clients over times. Strongly supported by its well-established holding company, the SC is expected to enjoy timely financial and technical support should the needs arise. 

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. Being a small company, the SC's business operation is supported by 16 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. 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 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 6,736,530, 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'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. Overall the SC has a good control over its resources. 

The SC's overall payment habit is fair and this clearly implied a weak credit control of the SC. 

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 promptly.

PROFIT AND LOSS ACCOUNT

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

BRIDON SINGAPORE (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	SGD	SGD
TURNOVER	16,795,275	17,501,159
Other Income	13,861	90,073
	----------------	----------------
Total Turnover	16,809,136	17,591,232
Costs of Goods Sold	<11,294,392>	<11,273,777>
	----------------	----------------
Gross Profit	5,514,744	6,317,455
	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	1,866,481	2,856,981
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	1,866,481	2,856,981
Taxation	<505,365>	<481,019>
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	1,361,116	2,375,962
	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	5,645,332	9,769,370
	----------------	----------------
As restated	5,645,332	9,769,370
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	7,006,448	12,145,332
DIVIDENDS - Ordinary (paid & proposed)	<700,000>	<6,500,000>
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	6,306,448	5,645,332
	=============	=============

BALANCE SHEET

BRIDON SINGAPORE (PTE.) LTD.

ASSETS EMPLOYED:
FIXED ASSETS	669,564	245,482
LONG TERM INVESTMENTS/OTHER ASSETS
Deferred assets	146,000	200,000
	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	146,000	200,000
	----------------	----------------
TOTAL LONG TERM ASSETS	815,564	445,482
CURRENT ASSETS
Stocks	4,273,505	2,533,351
Trade debtors	3,370,974	2,242,476
Other debtors, deposits & prepayments	252,115	259,815
Amount due from holding company	1,318,326	1,316,775
Amount due from related companies	-	3,605
Cash & bank balances	447,483	3,811,612
	----------------	----------------
TOTAL CURRENT ASSETS	9,662,403	10,167,634
	----------------	----------------
TOTAL ASSET	10,477,967	10,613,116
	=============	=============
CURRENT LIABILITIES
Trade creditors	2,589,338	3,173,586
Other creditors & accruals	699,216	654,056
Provision for taxation	451,365	707,444
Other liabilities	1,518	2,616
	----------------	----------------
TOTAL CURRENT LIABILITIES	3,741,437	4,537,702
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	5,920,966	5,629,932
	----------------	----------------
TOTAL NET ASSETS	6,736,530	6,075,414
	=============	=============
SHARE CAPITAL
Ordinary share capital	430,082	430,082
	----------------	----------------
TOTAL SHARE CAPITAL	430,082	430,082
RESERVES
Retained profit/(loss) carried forward	6,306,448	5,645,332
	----------------	----------------
TOTAL RESERVES	6,306,448	5,645,332
	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	6,736,530	6,075,414
	----------------	----------------
	6,736,530	6,075,414
	=============	=============

FINANCIAL RATIO

BRIDON SINGAPORE (PTE.) LTD.

TYPES OF FUNDS
Cash	447,483	3,811,612
Net Liquid Funds	447,483	3,811,612
Net Liquid Assets	1,647,461	3,096,581
Net Current Assets/(Liabilities)	5,920,966	5,629,932
Net Tangible Assets	6,736,530	6,075,414
Net Monetary Assets	1,647,461	3,096,581
BALANCE SHEET ITEMS
Total Borrowings	0	0
Total Liabilities	3,741,437	4,537,702
Total Assets	10,477,967	10,613,116
Net Assets	6,736,530	6,075,414
Net Assets Backing	6,736,530	6,075,414
Shareholders' Funds	6,736,530	6,075,414
Total Share Capital	430,082	430,082
Total Reserves	6,306,448	5,645,332
LIQUIDITY (Times)
Cash Ratio	0.12	0.84
Liquid Ratio	1.44	1.68
Current Ratio	2.58	2.24
WORKING CAPITAL CONTROL (Days)
Stock Ratio	93	53
Debtors Ratio	73	47
Creditors Ratio	84	103
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00
Liabilities Ratio	0.56	0.75
Times Interest Earned Ratio	0.00	0.00
Assets Backing Ratio	15.66	14.13
PERFORMANCE RATIO (%)
Operating Profit Margin	11.11	16.32
Net Profit Margin	8.10	13.58
Return On Net Assets	27.71	47.03
Return On Capital Employed	27.71	47.03
Return On Shareholders' Funds/Equity	20.21	39.11
Dividend Pay Out Ratio (Times)	0.51	2.74
NOTES TO ACCOUNTS
Contingent Liabilities	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.69
UK Pound	1	Rs.98.59
Euro	1	Rs.83.67

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.