MIRA INFORM REPORT

Report Date :

17.10.2013

IDENTIFICATION DETAILS

Name :	DIRECT GLOBAL LOGISTICS PTE. LTD
Registered Office :	33, Ubi Avenue 3, 08 - 68, Vertex, 408868
Country :	Singapore
Financials (as on) :	31.03.2012
Date of Incorporation :	06.01.2006
Com. Reg. No.:	200600311-G
Legal Form :	Private Limited Company
Line of Business :	freight forwarding, packing and crating services & other transportation support activities.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
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 31st, 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.	:	200600311-G
COMPANY NAME	:	DIRECT GLOBAL LOGISTICS PTE. LTD.
FORMER NAME	:	N/A
INCORPORATION DATE	:	06/01/2006
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	33, UBI AVENUE 3, 08 - 68, VERTEX, 408868, SINGAPORE.
BUSINESS ADDRESS	:	33 UBI AVENUE 3 #08-68, VERTEX, TOWER A, 408868, SINGAPORE.
TEL.NO.	:	65-67491791
FAX.NO.	:	65-65127783
CONTACT PERSON	:	D.THANARAJ ( DIRECTOR )
PRINCIPAL ACTIVITY	:	FREIGHT FORWARDING, PACKING AND CRATING SERVICES & OTHER TRANSPORTATION SUPPORT ACTIVITIES
ISSUED AND PAID UP CAPITAL	:	150,000.00 ORDINARY SHARE, OF A VALUE OF SGD 150,000.00
SALES	:	SGD 403,546 [2012]
NET WORTH	:	SGD <621,451> [2012]
STAFF STRENGTH	:	N/A
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	POOR
PAYMENT	:	FAIR
MANAGEMENT CAPABILITY	:	WEAK
COMMERCIAL RISK	:	N/A
CURRENCY EXPOSURE	:	N/A
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) freight forwarding, packing and crating services & other transportation support activities.

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
DIRECT LOGISTICS INDIA PVT LTD	403-4 'B', MANGALYA, OFF MAROL MAROSHI ROAD, ANDERI EAST, MUMBAI-400059, INDIA.	T05UF2646	150,000.00	100.00
			---------------	------
			150,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	SUNIL DEVRANI
Address	:	2204, B WING, OBEROI GARDEN, THAKUR VILLAGE, SAMTA NAGAR, MUMBAI 101, INDIA.
IC / PP No	:	F0933745
Nationality	:	INDIAN
Date of Appointment	:	06/01/2006

DIRECTOR 2

Name Of Subject	:	MR. D.THANARAJ
Address	:	62, WOODLANDS DRIVE 16, 11 - 28, LA CASA, 737895, SINGAPORE.
IC / PP No	:	S0765115E
Nationality	:	SINGAPOREAN
Date of Appointment	:	06/01/2006

DIRECTOR 3

Name Of Subject	:	SANJAY SIKKA
Address	:	GH-8/345 PASCHIM VIHAR, NEW DELHI-110063, INDIA.
IC / PP No	:	F4034387
Nationality	:	INDIAN
Date of Appointment	:	14/07/2009

MANAGEMENT

1)	Name of Subject	:	D.THANARAJ
	Position	:	DIRECTOR

AUDITOR

Auditor	:	NACN INTERNATIONAL PAC
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	GERARD S/O D. THANARAJ
	IC / PP No	:	S7339946G
	Address	:	62, WOODLANDS DRIVE 16, 11 - 28, LA CASA, 737895, 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	:	N/A
Overseas	:	N/A

The staff from the registered office refused to disclose any information on 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	[	]
Fair 91-120 Days	[	X	]	Poor >120 Days	[	]

CLIENTELE

Local	:	N/A
Overseas	:	N/A

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

OPERATIONS

Services

:

FREIGHT FORWARDING, PACKING AND CRATING SERVICES & OTHER TRANSPORTATION SUPPORT ACTIVITIES

Branch

:

NO

Other Information:

The SC is principally engaged in the (as a / as an) freight forwarding, packing and crating services & other transportation support activities. 

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

CURRENT INVESTIGATION

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client	:	65 67491791
Current Telephone Number	:	65-67491791
Match	:	YES
Address Provided by Client	:	33 UBI AVENUE #08-68 VERTEX SINGAPORE 408868
Current Address	:	33 UBI AVENUE 3 #08-68, VERTEX, TOWER A, 408868, SINGAPORE.
Match	:	NO

Other Investigations

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

The address provided is incomplete.

She refused to disclose its number of employees.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Decreased	[	76.73%	]
Profit/(Loss) Before Tax	:	Decreased	[	84,417.45%	]
Return on Shareholder Funds	:	Unfavourable	[	28.76%	]
Return on Net Assets	:	Unfavourable	[	28.75%	]
The shrinking turnover could be the result of more entrants into the market which eroded the SC's market share.The SC incurred losses during the year due to the inefficient control of its operating costs. Although the SC's returns showed positive figures it is not reflective of the true situation. The SC incurred losses during the year and its shareholders' funds have turned red. The positive returns on shareholders' funds is the result of losses divided by negative shareholders' funds. The SC's management was inefficient in utilising the assets to generate returns.
Working Capital Control
Stock Ratio	:	Nil	[	0 Days	]
Debtor Ratio	:	Favourable	[	12 Days	]
Creditors Ratio	:	Favourable	[	35 Days	]
As the SC is a service oriented company, the SC does not need to keep stocks. The favourable debtors' days could be due to the good credit control measures implemented by the SC. The SC had a favourable creditors' ratio where the SC could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.
Liquidity
Liquid Ratio	:	Unfavourable	[	0.05 Times	]
Current Ratio	:	Unfavourable	[	0.05 Times	]
A low liquid ratio means that the SC may be facing working capital deficiency. If the SC cannot obtain additional financing or injection of fresh capital, it may face difficulties in meeting its short term obligations.
Solvency
Interest Cover	:	Unfavourable	[	<2,978.22 Times>	]
Gearing Ratio	:	Favourable	[	0.00 Times	]
The SC incurred losses in the year. It did not generate sufficient income to service its interest. If the situation does not improve, the SC may be vulnerable to default in servicing the interest. 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 losses could be attributed to the lower turnover which in turn could be the result of unfavourable market conditions. Due to its weak liquidity position, the SC will be faced with problems in meeting all its short term obligations if no short term loan is obtained or additional capital injected into the SC. The SC's interest cover was negative, indicating that it did not generate sufficient income to service its interest. If its result does not show impressive improvements or succeed obtaining short term financing or capital injection, it may not be able to service its interest and repay the loans. 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 : POOR

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 2006, the SC is a Private Limited company, focusing on freight forwarding, packing and crating services & other transportation support activities. Having been in business for more than 5 years, the SC has established a remarkable clientele base for itself which has contributed to its business growth. The capital standing of the SC is weak. The SC may face difficulties to expand its business compared to other large corporation. Without a strong capital, the business expansion opportunities of the SC is limited. 

Overall, we regard that the SC's management capability is weak. Without capable management, the SC is unlikely to be successful and often contribute to unacceptable levels of accountability. Weak management can affect productivity, profitability, sales growth and ultimately can result in the failure of a business. 

Due to the challenging market conditions, the SC's business performance seems to be deteriorating and losses incurred. The SC has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. Due to its weak liquidity position, the SC may face working capital deficiency in meeting its short term financial obligations if no fresh capital are injected into the SC. 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. The SC's unfavourable financial performance over the years has wiped out its shareholders' funds to a deficit of SGD -621,451. Therefore, the SC as a going concern is much dependent on its ability to generate sufficient cash flow and obtain additional financing to meet its future obligations. 

Without a strong assets backing, the SC may face difficulties in getting loans for its future expansion and continued growth. 

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

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. 

In view of above and due to its red shareholders' fund, we do not recommend any credit be granted to the SC.

PROFIT AND LOSS ACCOUNT

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

DIRECT GLOBAL LOGISTICS PTE. LTD.

Financial Year End	2012-03-31	2011-03-31
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	403,546	1,734,132
	----------------	----------------
Total Turnover	403,546	1,734,132
Costs of Goods Sold	<331,378>	<1,591,477>
	----------------	----------------
Gross Profit	72,168	142,655
	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	<178,753>	212
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	<178,753>	212
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	<178,753>	212
	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	<592,698>	<592,910>
	----------------	----------------
As restated	<592,698>	<592,910>
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	<771,451>	<592,698>
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	<771,451>	<592,698>
	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Bank overdraft	60	30
	----------------	----------------
	60	30

BALANCE SHEET

DIRECT GLOBAL LOGISTICS PTE. LTD.

ASSETS EMPLOYED:
FIXED ASSETS	5,327	11,165
LONG TERM INVESTMENTS/OTHER ASSETS
Deposits	-	5,092
	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	-	5,092
	----------------	----------------
TOTAL LONG TERM ASSETS	5,327	16,257
CURRENT ASSETS
Trade debtors	13,621	117,493
Other debtors, deposits & prepayments	8,790	59,833
Cash & bank balances	10,775	22,268
	----------------	----------------
TOTAL CURRENT ASSETS	33,186	199,594
	----------------	----------------
TOTAL ASSET	38,513	215,851
	=============	=============
CURRENT LIABILITIES
Trade creditors	31,773	56,108
Other creditors & accruals	8,245	21,228
Amounts owing to holding company	619,946	581,213
	----------------	----------------
TOTAL CURRENT LIABILITIES	659,964	658,549
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	<626,778>	<458,955>
	----------------	----------------
TOTAL NET ASSETS	<621,451>	<442,698>
	=============	=============
SHARE CAPITAL
Ordinary share capital	150,000	150,000
	----------------	----------------
TOTAL SHARE CAPITAL	150,000	150,000
RESERVES
Retained profit/(loss) carried forward	<771,451>	<592,698>
	----------------	----------------
TOTAL RESERVES	<771,451>	<592,698>
	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	<621,451>	<442,698>
	----------------	----------------
	<621,451>	<442,698>
	=============	=============

FINANCIAL RATIO

DIRECT GLOBAL LOGISTICS PTE. LTD.

TYPES OF FUNDS
Cash	10,775	22,268
Net Liquid Funds	10,775	22,268
Net Liquid Assets	<626,778>	<458,955>
Net Current Assets/(Liabilities)	<626,778>	<458,955>
Net Tangible Assets	<621,451>	<442,698>
Net Monetary Assets	<626,778>	<458,955>
BALANCE SHEET ITEMS
Total Borrowings	0	0
Total Liabilities	659,964	658,549
Total Assets	38,513	215,851
Net Assets	<621,451>	<442,698>
Net Assets Backing	<621,451>	<442,698>
Shareholders' Funds	<621,451>	<442,698>
Total Share Capital	150,000	150,000
Total Reserves	<771,451>	<592,698>
LIQUIDITY (Times)
Cash Ratio	0.02	0.03
Liquid Ratio	0.05	0.30
Current Ratio	0.05	0.30
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0
Debtors Ratio	12	25
Creditors Ratio	35	13
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00
Liabilities Ratio	<1.06>	<1.49>
Times Interest Earned Ratio	<2,978.22>	8.07
Assets Backing Ratio	<4.14>	<2.95>
PERFORMANCE RATIO (%)
Operating Profit Margin	<44.30>	0.01
Net Profit Margin	<44.30>	0.01
Return On Net Assets	28.75	<0.05>
Return On Capital Employed	28.75	<0.05>
Return On Shareholders' Funds/Equity	28.76	<0.05>
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.61.69
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.