MIRA INFORM REPORT

Report Date :

25.09.2013

IDENTIFICATION DETAILS

Name :	SABI FOOD INDUSTRIES (S) PTE. LTD.

Registered Office :	59, Quality Road, 618817

Country :	Singapore

Financials (as on) :	30.06.2012

Date of Incorporation :	14.02.1985

Com. Reg. No.:	198500385-R

Legal Form :	Exempt Private

Line of Business :	Trading of food products and spices

No. of Employees :	12

RATING & COMMENTS

MIRA’s Rating :

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 :	Exist

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.

198500385-R

COMPANY NAME

SABI FOOD INDUSTRIES (S) PTE. LTD.

FORMER NAME

N/A

INCORPORATION DATE

14/02/1985

COMPANY STATUS

EXIST

LEGAL FORM

EXEMPT PRIVATE

LISTED STATUS

REGISTERED ADDRESS

59, QUALITY ROAD, 618817, SINGAPORE.

BUSINESS ADDRESS

59 QUALITY ROAD, 618817, SINGAPORE.

TEL.NO.

65-62646464

FAX.NO.

65-62646466

SABIFOOD@PACIFIC.NET.SG

WEB SITE

WWW.SABIFOOD.COM

CONTACT PERSON

MUMTAJ ( STAFF )

PRINCIPAL ACTIVITY

TRADING OF FOOD PRODUCTS AND SPICES

ISSUED AND PAID UP CAPITAL

1,058,320.00 ORDINARY SHARE, OF A VALUE OF SGD 1,058,320.00

SALES

SGD 6,067,603 [2012]

NET WORTH

SGD 1,621,749 [2012]

STAFF STRENGTH

12 [2013]

BANKER (S)

INDIAN OVERSEAS BANK

LITIGATION

TRACED

FINANCIAL CONDITION

FAIR

PAYMENT

GOOD

MANAGEMENT CAPABILITY

AVERAGE

COMMERCIAL RISK

MODERATE

CURRENCY EXPOSURE

MODERATE

GENERAL REPUTATION

SATISFACTORY

INDUSTRY OUTLOOK

AVERAGE GROWTH

HISTORY / BACKGROUND

The SC is an exempt private company whose shares are not held by any corporate body and has no more than 20 shareholders who are all natural persons. An exempt company is a type of private limited company. 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, suing or be sued by other companies. An exempt private company with an annual turnover of less than SGD5 million are exempted from statutory auditing requirements. Instead of filing audited annual accounts, the SC has to file in a document duly signed by its director in charge of its finance and the company secretary stating that the SC is able to meet all its obligations as and when they fall due. The SC is not required to have their accounts audited. However, the SC will prepare unaudited accounts for purposes of AGMs and filing with Registry Office if it is unable to meet all its obligations as and when they fall due .

The SC is principally engaged in the (as a / as an) trading of food products and spices.

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
MR. NALLATHAMBI BASKARAN +	90, CORPORATION ROAD, 02-19, LAKEHOLMZ, 649824, SINGAPORE.	S2643228F	385,788.00	36.45
BASKARAN ANJULA +	90, CORPORATION ROAD, 02-19, LAKEHOLMZ, 649824, SINGAPORE.	S2643229D	336,292.00	31.78
SABITHA +	90, CORPORATION ROAD, 02 - 19, 649824, SINGAPORE.	S8071320G	167,620.00	15.84
BASKARAN SARAVANAN +	90, CORPORATION ROAD, 02 - 19, 649824, SINGAPORE.	S8571644A	167,620.00	15.84
ARUMUGAM NALLATHAMBI	240, TANJONG PAGAR ROAD, GE TOWER, 088540, SINGAPORE.	S2150860H	1,000.00	0.09
			---------------	------
			1,058,320.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	BASKARAN SARAVANAN
Address	:	90, CORPORATION ROAD, 02 - 19, 649824, SINGAPORE.
IC / PP No	:	S8571644A



Nationality	:	SINGAPOREAN
Date of Appointment	:	21/02/2007

DIRECTOR 2

Name Of Subject	:	SABITHA
Address	:	90, CORPORATION ROAD, 02 - 19, 649824, SINGAPORE.
IC / PP No	:	S8071320G



Nationality	:	SINGAPOREAN
Date of Appointment	:	01/01/2002

DIRECTOR 3

Name Of Subject	:	BASKARAN ANJULA
Address	:	90, CORPORATION ROAD, 02-19, LAKEHOLMZ, 649824, SINGAPORE.
IC / PP No	:	S2643229D



Nationality	:	SINGAPOREAN
Date of Appointment	:	19/07/1996

DIRECTOR 4

Name Of Subject	:	MR. NALLATHAMBI BASKARAN
Address	:	90, CORPORATION ROAD, 02-19, LAKEHOLMZ, 649824, SINGAPORE.
IC / PP No	:	S2643228F



Nationality	:	SINGAPOREAN
Date of Appointment	:	14/02/1985

MANAGEMENT

1)	Name of Subject	:	MUMTAJ
	Position	:	STAFF

2)	Name of Subject	:	NALLATHAMBI BASKARAN
	Position	:	DIRECTOR

AUDITOR

Auditor	:	RAMA & CO
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	CLIFFORD EMMANUEL GERMAIN ABAYASEKARA
	IC / PP No	:	S2191478I

	Address	:	407B, FERNVALE ROAD, 04-13, 792407, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)	Name	:	INDIAN OVERSEAS BANK

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C200905258	24/08/2009	N/A	DBS BANK LTD.	N/A	Unsatisfied
C201303554	06/03/2013	N/A	INDIAN OVERSEAS BANK	N/A	Unsatisfied

LEGAL CHECK AGAINST SC

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

LEGAL ACTION

Code No

Case No

27322

Year

2007

Place

SINGAPORE

Court

MAGISTRATE COURT

Date Filed

11/12/2007

Solicitor

GRACE MALATHY D/O PONNUSAMY

Solicitor Ref

GM.010.07

Solicitor Firm

GRACE M & ASSOCIATES

Plaintiff

MISRA AMJU

Defendants

SABI FOOD INDUSTRIES (S) PTE. LTD. (198500385)

Amount Claimed

60000

Nature of Claim

SGD

Remark

TORT-NEGLIGENCE

Code No

Case No

3927

Year

2010

Place

SINGAPORE

Court

MAGISTRATE COURT

Date Filed

11/02/2010

Solicitor Ref

STC.0008.08.MS

Solicitor Firm

S T CHELVAN & CO

Plaintiff

BAVAN S/O K S PERUMAL

Defendants

SABI FOOD INDUSTRIES (S) PTE. LTD. (198500385)

Remark

TORT-NEGLIGENCE

NOTE:

Please check with creditors for confirmation as alleged debts may have been paid since recorded or are being disputed. The person wo has been sued has the same name as the subject. However, we are unable to determine whether the person sued is the one and the same person.

No winding up petition was found in our databank

PAYMENT RECORD


SOURCES OF RAW MATERIALS:
Local	:	N/A
Overseas	:	N/A

The SC refused to disclose its 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	:	YES
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	MALAYSIA AUSTRALIA
Credit Term	:	30 - 60 DAYS

Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Goods Traded

FOOD PRODUCTS AND SPICES

Total Number of Employees:
YEAR	2013

GROUP	N/A
COMPANY	12

Branch

Other Information:

The SC is principally engaged in the (as a / as an) trading of food products and spices.

The SC sells food products.

The SC is specialises in spices,seasoning,rice,lentils and others.

The SC also sells bakery products.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client	:	65 64 6466
Current Telephone Number	:	65-62646464
Match	:	YES

Address Provided by Client	:	59 QUALITY TOAD SINGAPORE 618817
Current Address	:	59 QUALITY ROAD, 618817, SINGAPORE.
Match	:	YES

Other Investigations

On 23rd September 2013 we contacted one of the staff from the SC and she provided some information on the SC.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	0.38%	]
Profit/(Loss) Before Tax	:	Increased	[	37.32%	]
Return on Shareholder Funds	:	Acceptable	[	15.67%	]
Return on Net Assets	:	Acceptable	[	11.87%	]

The higher turnover could be attributed to the favourable market condition.The higher profit could be attributed to the increase in turnover. The SC's management had generated acceptable return for its shareholders using its assets.

Working Capital Control
Stock Ratio	:	Favourable	[	13 Days	]
Debtor Ratio	:	Favourable	[	19 Days	]
Creditors Ratio	:	Favourable	[	35 Days	]

The SC's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in 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	[	1.07 Times	]
Current Ratio	:	Unfavourable	[	1.25 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	:	Acceptable	[	4.24 Times	]
Gearing Ratio	:	Acceptable	[	0.96 Times	]

The SC's interest cover was slightly low. If there is no sharp fall in its profit or sudden increase in the interest rates, we believe the SC is able to generate sufficient income to service its interest and repay the loans. The SC's gearing was slightly high. The SC is utilising the leverage concept to fund its expansion. However, the high gearing has added financial risks to the SC. It will be more vulnerable in times of economy downturn.


Overall Assessment :
Generally, the SC's performance has improved with higher 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 had an acceptable interest cover. If there is no sudden sharp increase in interest rate or fall in the SC's profit, we do believe the SC is able to generate sufficient cash flow to service its interest payment. The SC's gearing was slightly high and its financial risk was also high. If no plans are made to reduce its gearing, the SC's performance may deteriorate in the coming year.

Overall financial condition of the SC : FAIR

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 1985, the SC is an Exempt Private company, focusing on trading of food products and spices. With over 2 decades of experience in the business, the SC has fairly rich experiences in the business and has achieved a certain market share. The capital standing of the SC is fair. With an adequate share capital, the SC has the potential of expanding its business in future.

Over the years, the SC has penetrated into both the local and overseas market. The SC has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the SC to further enhance its business in the near term. The SC's business operation is supported by 12 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.

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. 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. The gearing level of the SC is slightly high, therefore it faces moderate financial risk. Given a positive net worth standing at SGD 1,621,749, the SC should be able to maintain its business in the near terms.

Overall, the SC's payment habit is good as the SC has a good credit control and it could be taking advantage of the cash discounts while maintaining a good reputation with its creditors.

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 normally.

PROFIT AND LOSS ACCOUNT

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

SABI FOOD INDUSTRIES (S) PTE. LTD.

Financial Year End	2012-06-30	2011-06-30
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	6,067,603	6,044,490
	----------------	----------------
Total Turnover	6,067,603	6,044,490
Costs of Goods Sold	<5,008,377>	<5,025,623>
	----------------	----------------
Gross Profit	1,059,226	1,018,867
	----------------	----------------

PROFIT/(LOSS) FROM OPERATIONS	261,291	190,278
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	261,291	190,278
Taxation	<7,173>	<6,954>
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	254,118	183,324
	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	222,302	144,810
	----------------	----------------
As restated	222,302	144,810
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	476,420	328,134
DIVIDENDS - Ordinary (paid & proposed)	-	<105,832>
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	476,420	222,302
	=============	=============

INTEREST EXPENSE (as per notes to P&L)
Bankers' acceptance	10,344	11,563
Lease interest	5,630	4,715
Term loan / Borrowing	64,766	56,528
	----------------	----------------
	80,740	72,806

BALANCE SHEET

ASSETS EMPLOYED:
FIXED ASSETS	1,792,954	1,841,850

LONG TERM INVESTMENTS/OTHER ASSETS
Associated companies	797,277	633,233
	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	797,277	633,233

	----------------	----------------
TOTAL LONG TERM ASSETS	2,590,231	2,475,083

CURRENT ASSETS
Stocks	213,856	133,753
Trade debtors	314,141	392,351
Other debtors, deposits & prepayments	15,986	18,825
Amount due from related companies	312,095	156,523
Amount due from associated companies	314,501	314,545
Cash & bank balances	274,725	179,115
	----------------	----------------
TOTAL CURRENT ASSETS	1,445,304	1,195,112
	----------------	----------------
TOTAL ASSET	4,035,535	3,670,195
	=============	=============

CURRENT LIABILITIES
Trade creditors	474,414	451,875
Other creditors & accruals	15,278	15,263
Hire purchase & lease creditors	9,622	11,072
Short term borrowings/Term loans	161,719	71,636
Bill & acceptances payable	206,892	330,737
Amounts owing to related companies	69,750	-
Amounts owing to director	200,265	158,100
Provision for taxation	16,266	10,982
	----------------	----------------
TOTAL CURRENT LIABILITIES	1,154,206	1,049,665
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	291,098	145,447
	----------------	----------------
TOTAL NET ASSETS	2,881,329	2,620,530
	=============	=============

SHARE CAPITAL
Ordinary share capital	1,058,320	1,058,320
	----------------	----------------
TOTAL SHARE CAPITAL	1,058,320	1,058,320

RESERVES
Exchange equalisation/fluctuation reserve	87,009	94,237
Retained profit/(loss) carried forward	476,420	222,302
	----------------	----------------
TOTAL RESERVES	563,429	316,539

	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	1,621,749	1,374,859

LONG TERM LIABILITIES
Other long term borrowings	1,174,121	1,215,589
Deferred taxation	27,395	30,082
Others	58,064	-
	----------------	----------------
TOTAL LONG TERM LIABILITIES	1,259,580	1,245,671
	----------------	----------------
	2,881,329	2,620,530
	=============	=============

FINANCIAL RATIO

TYPES OF FUNDS
Cash	274,725	179,115
Net Liquid Funds	67,833	<151,622>
Net Liquid Assets	77,242	11,694
Net Current Assets/(Liabilities)	291,098	145,447
Net Tangible Assets	2,881,329	2,620,530
Net Monetary Assets	<1,182,338>	<1,233,977>
BALANCE SHEET ITEMS
Total Borrowings	1,552,354	1,629,034
Total Liabilities	2,413,786	2,295,336
Total Assets	4,035,535	3,670,195
Net Assets	2,881,329	2,620,530
Net Assets Backing	1,621,749	1,374,859
Shareholders' Funds	1,621,749	1,374,859
Total Share Capital	1,058,320	1,058,320
Total Reserves	563,429	316,539
LIQUIDITY (Times)
Cash Ratio	0.24	0.17
Liquid Ratio	1.07	1.01
Current Ratio	1.25	1.14
WORKING CAPITAL CONTROL (Days)
Stock Ratio	13	8
Debtors Ratio	19	24
Creditors Ratio	35	33
SOLVENCY RATIOS (Times)
Gearing Ratio	0.96	1.18
Liabilities Ratio	1.49	1.67
Times Interest Earned Ratio	4.24	3.61
Assets Backing Ratio	2.72	2.48
PERFORMANCE RATIO (%)
Operating Profit Margin	4.31	3.15
Net Profit Margin	4.19	3.03
Return On Net Assets	11.87	10.04
Return On Capital Employed	11.83	10.00
Return On Shareholders' Funds/Equity	15.67	13.33
Dividend Pay Out Ratio (Times)	0.00	0.58
NOTES TO ACCOUNTS
Contingent Liabilities	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.66
UK Pound	1	Rs.100.46
Euro	1	Rs.84.60

INFORMATION DETAILS

Report Prepared by :

NIS

RATING EXPLANATIONS

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

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

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

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

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

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