MIRA INFORM REPORT

Report Date :

23.09.2013

IDENTIFICATION DETAILS

Name :	JLT SPECIALTY PTE. LTD.
Formerly Known As :	JLT RISK SOLUTIONS ASIA PTE LTD (02/04/2012) JARDINE LLOYD THOMPSON RE PRIVATE LIMITED (06/10/2000) JARDINE THOMPSON GRAHAM ASIA PTE. LTD. (22/06/2000)
Registered Office :	239 Alexandra Road, 159930
Country :	Singapore
Financials (as on) :	31.12.2012
Date of Incorporation :	24.05.1980
Com. Reg. No.:	198001724-E
Legal Form :	Private Limited
Line of Business :	Reinsurance Broking
No. of Employees :	35

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES :

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

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

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

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

SINGAPORE - ECONOMIC OVERVIEW

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

Source : CIA

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

EXECUTIVE SUMMARY

REGISTRATION NO.	:	198001724-E
COMPANY NAME	:	JLT SPECIALTY PTE. LTD.
FORMER NAME	:	JLT RISK SOLUTIONS ASIA PTE LTD (02/04/2012) JARDINE LLOYD THOMPSON RE PRIVATE LIMITED (06/10/2000) JARDINE THOMPSON GRAHAM ASIA PTE. LTD. (22/06/2000)
INCORPORATION DATE	:	24/05/1980
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	239 ALEXANDRA ROAD, 159930, SINGAPORE.
BUSINESS ADDRESS	:	239 ALEXANDRA ROAD,, 159930, SINGAPORE.
TEL.NO.	:	65-64708149
FAX.NO.	:	N/A
CONTACT PERSON	:	HO KAI WENG ( DIRECTOR )
PRINCIPAL ACTIVITY	:	REINSURANCE BROKING
ISSUED AND PAID UP CAPITAL	:	7,870,000.00 ORDINARY SHARE, OF A VALUE OF SGD 7,870,000.00
SALES	:	SGD 16,895,435 [2012]
NET WORTH	:	SGD 3,111,953 [2012]
STAFF STRENGTH	:	35 [2013]
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	LIMITED
PAYMENT	:	N/A
MANAGEMENT CAPABILITY	:	AVERAGE
COMMERCIAL RISK	:	N/A
CURRENCY EXPOSURE	:	N/A
GENERAL REPUTATION	:	GOOD
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) reinsurance broking.

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

The ultimate holding company of the SC is JARDINE LLOYD THOMPSON GROUP 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	(%)
JLT SINGAPORE HOLDINGS PTE. LTD.	239 ALEXANDRA ROAD, 159930, SINGAPORE.	200312352H	7,870,000.00	100.00
			---------------	------
			7,870,000.00	100.00
			============	=====

+ Also Director

Directors

DIRECTOR 1

Name Of Subject	:	MR. HO KAI WENG
Address	:	2 SIN MING ROAD 04 - 05, SIN MING PLAZA, 575583, SINGAPORE.
IC / PP No	:	S7536759G
Nationality	:	SINGAPOREAN
Date of Appointment	:	26/03/2012

DIRECTOR 2

Name Of Subject	:	RICHARD MICHAEL ROLL BURRIDGE
Address	:	17 ADAM PARK, 289936, SINGAPORE.
IC / PP No	:	S2718913Z
Nationality	:	SINGAPOREAN
Date of Appointment	:	07/09/2012

DIRECTOR 3

Name Of Subject	:	LUM CHIN WENG
Address	:	29 CHILTERN DRIVE, BRADDELL HEIGHTS ESTATE, 359748, SINGAPORE.
IC / PP No	:	S0023696I
Nationality	:	SINGAPOREAN
Date of Appointment	:	14/06/2012

DIRECTOR 4

Name Of Subject	:	PHILIP MARC ONDAATJE
Address	:	1A LYNWOOD GROVE, ONE LYNWOOD, 358676, SINGAPORE.
IC / PP No	:	G5217097X
Nationality	:	AUSTRALIAN
Date of Appointment	:	09/09/2013

Management

1)	Name of Subject	:	HO KAI WENG
	Position	:	DIRECTOR

AUDITOR

Auditor	:	PRICEWATER HOUSECOOP ERS LLP
Auditor' Address	:	8, CROSS STREET #17- 00 PWC BUILDING, 048424, SINGAPORE.

COMPANY SECRETARIES

1)	Company Secretary	:	LIM CHAI HOON
	IC / PP No	:	S7039305J
	Address	:	20, DIX ROAD, 549707, 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.

CLIENTELE

Local	:	N/A
Overseas	:	N/A

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

OPERATIONS

Services

:

REINSURANCE BROKING

Total Number of Employees:
YEAR	2013
GROUP	N/A
COMPANY	35

Branch

:

NO

Other Information:

The SC is principally engaged in the (as a / as an) reinsurance broking.

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	:	65-64708149
Match	:	N/A
Address Provided by Client	:	SINGAPORE
Current Address	:	239 ALEXANDRA ROAD,, 159930, 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 the fax number.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	19.24%	]
Profit/(Loss) Before Tax	:	Increased	[	<157.85%>	]
Return on Shareholder Funds	:	Unfavourable	[	<108.65%>	]
Return on Net Assets	:	Unfavourable	[	<123.68%>	]
The higher turnover could be attributed to the favourable market condition and the SC could be gaining the market share progressively.Higher losses before tax during the year could be due to the higher operating costs incurred. The SC's unfavourable returns on shareholders' funds indicate the management's inefficiency in utilising its assets to generate returns.
Working Capital Control
Stock Ratio	:	Nil	[	0 Days	]
Debtor Ratio	:	Favourable	[	26 Days	]
Creditors Ratio	:	Favourable	[	0 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	:	Favourable	[	1.29 Times	]
Current Ratio	:	Unfavourable	[	1.29 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 increased its profits however showed a reverse trend. The losses could be due to the management's failure to maintain its competitiveness in the market. 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 : LIMITED

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 1980, the SC is a Private Limited company, focusing on reinsurance broking. The SC has been in business for over 3 decades. It has built up a strong clientele base and good reputation will enable the SC to further enhance its business in the near term. The SC is expected to enjoy a stable market shares. 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 is operating on a medium scale and it has approximately 35 employees in its business operations. 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.

Despite the higher turnover, the SC suffered pre-tax losses which reflected a highly competitive business environment. The SC has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. However, 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 3,111,953, the SC should be able to maintain its business in the near terms.

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. As the SC is long presence in the market, it should have acquired competitive edge against other players in the same fields.

Based on the above condition, we recommend credit be granted to the SC normally.

PROFIT AND LOSS ACCOUNT

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

JLT SPECIALTY 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	16,895,435	14,168,979
	----------------	----------------
Total Turnover	16,895,435	14,168,979
	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	<3,848,832>	<1,492,673>
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	<3,848,832>	<1,492,673>
Taxation	467,608	259,973
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	<3,381,224>	<1,232,700>
	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	3,664,555	4,897,255
	----------------	----------------
As restated	3,664,555	4,897,255
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	283,331	3,664,555
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	283,331	3,664,555
	=============	=============

BALANCE SHEET

JLT SPECIALTY PTE. LTD.

ASSETS EMPLOYED:
FIXED ASSETS	316,138	25,301
LONG TERM INVESTMENTS/OTHER ASSETS
Deferred assets	1,006,739	539,131
	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	1,006,739	539,131
	----------------	----------------
TOTAL LONG TERM ASSETS	1,322,877	564,432
CURRENT ASSETS
Trade debtors	1,187,457	2,532,155
Other debtors, deposits & prepayments	4,583,678	3,071,899
Short term deposits	-	1,000,000
Amount due from subsidiary companies	444,868	270,139
Cash & bank balances	840,763	1,151,057
Others	918,023	619,117
	----------------	----------------
TOTAL CURRENT ASSETS	7,974,789	8,644,367
	----------------	----------------
TOTAL ASSET	9,297,666	9,208,799
	=============	=============
CURRENT LIABILITIES
Other creditors & accruals	4,338,866	3,461,849
Amounts owing to subsidiary companies	1,535,135	984,863
Provision for taxation	311,712	297,082
	----------------	----------------
TOTAL CURRENT LIABILITIES	6,185,713	4,743,794
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	1,789,076	3,900,573
	----------------	----------------
TOTAL NET ASSETS	3,111,953	4,465,005
	=============	=============
SHARE CAPITAL
Ordinary share capital	2,370,000	370,000
	----------------	----------------
TOTAL SHARE CAPITAL	2,370,000	370,000
RESERVES
Capital reserve	458,622	430,450
Retained profit/(loss) carried forward	283,331	3,664,555
	----------------	----------------
TOTAL RESERVES	741,953	4,095,005
	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	3,111,953	4,465,005
	----------------	----------------
	3,111,953	4,465,005
	=============	=============

FINANCIAL RATIO

JLT SPECIALTY PTE. LTD.

TYPES OF FUNDS
Cash	840,763	2,151,057
Net Liquid Funds	840,763	2,151,057
Net Liquid Assets	1,789,076	3,900,573
Net Current Assets/(Liabilities)	1,789,076	3,900,573
Net Tangible Assets	3,111,953	4,465,005
Net Monetary Assets	1,789,076	3,900,573
BALANCE SHEET ITEMS
Total Borrowings	0	0
Total Liabilities	6,185,713	4,743,794
Total Assets	9,297,666	9,208,799
Net Assets	3,111,953	4,465,005
Net Assets Backing	3,111,953	4,465,005
Shareholders' Funds	3,111,953	4,465,005
Total Share Capital	2,370,000	370,000
Total Reserves	741,953	4,095,005
LIQUIDITY (Times)
Cash Ratio	0.14	0.45
Liquid Ratio	1.29	1.82
Current Ratio	1.29	1.82
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0
Debtors Ratio	26	65
Creditors Ratio	0	0
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00
Liabilities Ratio	1.99	1.06
Times Interest Earned Ratio	0.00	0.00
Assets Backing Ratio	1.31	12.07
PERFORMANCE RATIO (%)
Operating Profit Margin	<22.78>	<10.53>
Net Profit Margin	<20.01>	<8.70>
Return On Net Assets	<123.68>	<33.43>
Return On Capital Employed	<123.68>	<33.43>
Return On Shareholders' Funds/Equity	<108.65>	<27.61>
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.62.24
UK Pound	1	Rs.99.90
Euro	1	Rs.84.23

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.