MIRA INFORM REPORT

Report Date :

28.10.2013

IDENTIFICATION DETAILS

Name :	OPAL INSURANCE (SINGAPORE) PTE. LTD.

Registered Office :	8, Marina View, 09-05, Asia Square Tower 1, 018960

Country :	Singapore

Financials (as on) :	31.12.2012

Date of Incorporation :	11.06.2004

Com. Reg. No.:	200407243-Z

Legal Form :	Private Limited

Line of Business :	Captive Insurance

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good

Payment Behaviour :	Regular

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

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.	:	200407243-Z
COMPANY NAME	:	OPAL INSURANCE (SINGAPORE) PTE. LTD.
FORMER NAME	:	N/A
INCORPORATION DATE	:	11/06/2004


COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO


REGISTERED ADDRESS	:	8, MARINA VIEW, 09-05, ASIA SQUARE TOWER 1, 018960, SINGAPORE.
BUSINESS ADDRESS	:	8, MARINA VIEW, 09-05, ASIA SQUARE, TOWER 1, 018960, SINGAPORE.
TEL.NO.	:	65-69228500
FAX.NO.	:	65-62208142
CONTACT PERSON	:	STUART SIDNEY HERBERT ( DIRECTOR )


PRINCIPAL ACTIVITY	:	CAPTIVE INSURANCE

ISSUED AND PAID UP CAPITAL	:	1,500,000.00 ORDINARY SHARE, OF A VALUE OF AUD 1,500,000.00 2,000,000.00 PREFERENCE SHARE, OF A VALUE OF AUD 2,000,000.00

SALES	:	AUD 8,916,497 [2012]
NET WORTH	:	AUD 15,884,879 [2012]

STAFF STRENGTH	:	N/A
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	STRONG
PAYMENT	:	PROMPT
MANAGEMENT CAPABILITY	:	GOOD

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) captive insurance.

The immediate holding company of the SC is LEIGHTON HOLDINGS LIMITED, a company incorporated in AUSTRALIA.

The ultimate holding company of the SC is ACTIVIDADES DE CONSTRUCCION Y SERVICIOS, SA, a company incorporated in SPAIN.

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
LEIGHTON HOLDINGS LIMITED [PREFERENCE SHARE - 2,000,000 & ORDINARY SHARE - 1,500,000]	472, PACIFIC HIGHWAY, ST LEONARDS, NSW, 2065, AUSTRALIA.	S87UF0062	3,500,000.00	100.00
			---------------	------
			3,500,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	MICHAEL JOHN ROLLO
Address	:	6, TRENTINO ROAD, TURRAMURRA, NSW, 2074, AUSTRALIA.
IC / PP No	:	N5552790



Nationality	:	AUSTRALIAN
Date of Appointment	:	01/07/2013

DIRECTOR 2

Name Of Subject	:	STEVEN JAMES FOURACRE
Address	:	24, WAVERLY PLACE, ILLAWONG, NSW, 2234, AUSTRALIA.
IC / PP No	:	E1003165



Nationality	:	AUSTRALIAN
Date of Appointment	:	25/06/2012

DIRECTOR 3

Name Of Subject	:	CHNG LEE KHOON @ ZHUANG LI JUN
Address	:	19, PALM GROVE AVENUE, 02-14, PALM GROVE CONDOMINIUM, 547315, SINGAPORE.
IC / PP No	:	S7236223C



Nationality	:	SINGAPOREAN
Date of Appointment	:	31/12/2010

DIRECTOR 4

Name Of Subject	:	STUART SIDNEY HERBERT
Address	:	99, MEYER ROAD, 05-03, SOVEREIGN, THE, 437920, SINGAPORE.
IC / PP No	:	S7261040G



Nationality	:	SINGAPOREAN
Date of Appointment	:	17/11/2004

MANAGEMENT

1)	Name of Subject	:	STUART SIDNEY HERBERT
	Position	:	DIRECTOR

AUDITOR

Auditor	:	KPMG LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	ZHUANG LI JUN @ CHNG LEE KHOON
	IC / PP No	:	S7236223C

	Address	:	19, PALM GROVE AVENUE, 02-14, PALM GROVE CONDOMINIUM, 547315, SINGAPORE.

2)	Company Secretary	:	STUART SIDNEY HERBERT
	IC / PP No	:	S7261040G

	Address	:	99, MEYER ROAD, 05-03, SOVEREIGN, THE, 437920, 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 have 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

[

]

Good 31-60 Days

[

]

Average 61-90 Days

[

]

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

Services

CAPTIVE INSURANCE

Branch

Other Information:

The SC is principally engaged in the (as a / as an) captive insurance.

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	:	N/A
Current Telephone Number	:	65-69228500
Match	:	N/A

Address Provided by Client	:	SINGAPORE
Current Address	:	8, MARINA VIEW, 09-05, ASIA SQUARE, TOWER 1, 018960, SINGAPORE.
Match	:	NO

Other Investigations

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

She refused to disclose the SC's number of employees.

FINANCIAL ANALYSIS

Profitability

Turnover

Increased

[

39.30%

]

Profit/(Loss) Before Tax

Decreased

[

<378.27%>

]

Return on Shareholder Funds

Favourable

[

40.13%

]

Return on Net Assets

Favourable

[

41.33%

]

The increase in turnover could be due to the SC adopting an aggressive marketing strategy.The management had succeeded in turning the SC into a profit making company. The profit could be due to better control of its operating costs and efficiency in utilising its resources. 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

[

94 Days

]

Creditors Ratio

Favourable

[

0 Days

]

As the SC is a service oriented company, the SC does not need to keep stocks. The SC's debtors ratio was high. The SC should tighten its credit control and improve its collection period. 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

[

2.23 Times

]

Current Ratio

Favourable

[

2.23 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 higher turnover had helped to reduce the SC's losses. The SC was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the SC should be able to repay its short term obligations. The SC 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.

Profitability

Turnover

Increased

[

39.30%

]

Profit/(Loss) Before Tax

Decreased

[

<378.27%>

]

Return on Shareholder Funds

Favourable

[

40.13%

]

Return on Net Assets

Favourable

[

41.33%

]

Working Capital Control

Stock Ratio

Nil

[

0 Days

]

Debtor Ratio

Unfavourable

[

94 Days

]

Creditors Ratio

Favourable

[

0 Days

]

Liquidity

Liquid Ratio

Favourable

[

2.23 Times

]

Current Ratio

Favourable

[

2.23 Times

]

Solvency

Interest Cover

Nil

[

0.00 Times

]

Gearing Ratio

Favourable

[

0.00 Times

]

Overall Assessment :

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 2004, the SC is a Private Limited company, focusing on captive insurance. Having been in business for 9 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 capital standing of the SC is fair. With an adequate share capital, the SC has the potential of expanding its business in future.

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.

We noted that both the turnover and profits have increased compared to the previous year. The higher profit could be due to increase in turnover and better control over its operating costs. Based on the higher profitability, 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 AUD 15,884,879, 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.

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.

OPAL INSURANCE (SINGAPORE) PTE. LTD.

Financial Year End	2012-12-31	2011-12-31
Months	12	6
Consolidated Account	Company	Company
Audited Account	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES
Financial Type	FULL	FULL
Currency	AUD	AUD

TURNOVER	8,916,497	6,400,943
	----------------	----------------
Total Turnover	8,916,497	6,400,943
	----------------	----------------

PROFIT/(LOSS) FROM OPERATIONS	6,564,719	<2,359,107>
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	6,564,719	<2,359,107>
Taxation	<189,517>	<97,859>
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	6,375,202	<2,456,966>
	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	6,009,677	8,466,643
	----------------	----------------
As restated	6,009,677	8,466,643
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	12,384,879	6,009,677
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	12,384,879	6,009,677
	=============	=============

BALANCE SHEET

OPAL INSURANCE (SINGAPORE) PTE. LTD.

CURRENT ASSETS
Trade debtors	2,286,573	694,467
Other debtors, deposits & prepayments	217,331	264,159
Short term deposits	25,404,040	19,650,000
Cash & bank balances	567,866	1,184,109
Others	342,186	210,834
	----------------	----------------
TOTAL CURRENT ASSETS	28,817,996	22,003,569
	----------------	----------------
TOTAL ASSET	28,817,996	22,003,569
	=============	=============

CURRENT LIABILITIES
Trade creditors	7,345	619,617
Other creditors & accruals	24,455	333,837
Other liabilities	12,901,317	11,540,438
	----------------	----------------
TOTAL CURRENT LIABILITIES	12,933,117	12,493,892
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	15,884,879	9,509,677
	----------------	----------------
TOTAL NET ASSETS	15,884,879	9,509,677
	=============	=============

SHARE CAPITAL
Ordinary share capital	3,500,000	3,500,000
	----------------	----------------
TOTAL SHARE CAPITAL	3,500,000	3,500,000

RESERVES
Retained profit/(loss) carried forward	12,384,879	6,009,677
	----------------	----------------
TOTAL RESERVES	12,384,879	6,009,677

	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	15,884,879	9,509,677

	----------------	----------------
	15,884,879	9,509,677
	=============	=============

FINANCIAL RATIO

PAL INSURANCE (SINGAPORE) PTE. LTD.

TYPES OF FUNDS
Cash	25,971,906	20,834,109
Net Liquid Funds	25,971,906	20,834,109
Net Liquid Assets	15,884,879	9,509,677
Net Current Assets/(Liabilities)	15,884,879	9,509,677
Net Tangible Assets	15,884,879	9,509,677
Net Monetary Assets	15,884,879	9,509,677
BALANCE SHEET ITEMS
Total Borrowings	0	0
Total Liabilities	12,933,117	12,493,892
Total Assets	28,817,996	22,003,569
Net Assets	15,884,879	9,509,677
Net Assets Backing	15,884,879	9,509,677
Shareholders' Funds	15,884,879	9,509,677
Total Share Capital	3,500,000	3,500,000
Total Reserves	12,384,879	6,009,677
LIQUIDITY (Times)
Cash Ratio	2.01	1.67
Liquid Ratio	2.23	1.76
Current Ratio	2.23	1.76
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0
Debtors Ratio	94	40
Creditors Ratio	0	35
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00
Liabilities Ratio	0.81	1.31
Times Interest Earned Ratio	0.00	0.00
Assets Backing Ratio	4.54	2.72
PERFORMANCE RATIO (%)
Operating Profit Margin	73.62	<36.86>
Net Profit Margin	71.50	<38.38>
Return On Net Assets	41.33	<24.81>
Return On Capital Employed	41.33	<24.81>
Return On Shareholders' Funds/Equity	40.13	<25.84>
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.61.63
UK Pound	1	Rs.99.94
Euro	1	Rs.84.14

INFORMATION DETAILS

Report Prepared by :

NIT

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

MIRA INFORM REPORT

EXECUTIVE SUMMARY

HISTORY / BACKGROUND

DIRECTORS

MANAGEMENT

AUDITOR

COMPANY SECRETARIES

BANKING

ENCUMBRANCE (S)

LEGAL CHECK AGAINST SC

PAYMENT RECORD

CLIENTELE

OPERATIONS

CURRENT INVESTIGATION

FINANCIAL ANALYSIS

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

INDUSTRY ANALYSIS

CREDIT RISK EVALUATION & RECOMMENDATION

PROFIT AND LOSS ACCOUNT

BALANCE SHEET

FINANCIAL RATIO

Unit