MIRA INFORM REPORT

Report Date :

25.09.2013

IDENTIFICATION DETAILS

Name :	SEASONAL PRODUCE (S) PTE. LTD.
Registered Office :	120, Lower Delta Road, 16-01, Cendex Centre, 169208
Country :	Singapore
Financials (as on) :	30.06.2012
Date of Incorporation :	06.05.2004
Com. Reg. No.:	200405471-M
Legal Form :	Exempt Private
Line of Business :	Trading of Agriculture Products.
No. of Employees :	55

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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.

:

200405471-M

COMPANY NAME

:

SEASONAL PRODUCE (S) PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

06/05/2004

COMPANY STATUS

:

EXIST

LEGAL FORM

:

EXEMPT PRIVATE

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

120, LOWER DELTA ROAD, 16-01, CENDEX CENTRE, 169208, SINGAPORE.

BUSINESS ADDRESS

:

120 LOWER DELTA ROAD, #16-01/09 CENDEX CENTRE, 169208, SINGAPORE.

TEL.NO.

:

65-67568859

FAX.NO.

:

65-67559088

EMAIL

:

SPCH@SEASONAL.COM.SG

CONTACT PERSON

:

LIM CHIN HUAT ( DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF AGRICULTURE PRODUCTS

ISSUED AND PAID UP CAPITAL

:

5,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 5,000,000.00

SALES

:

USD 76,061,000 [2012]

NET WORTH

:

USD 11,515,000 [2012]

STAFF STRENGTH

:

55 [2013]

BANKER (S)

:

UNITED OVERSEAS BANK LTD STANDARD CHARTERED BANK

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

POOR

PAYMENT

:

AVERAGE

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

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 agriculture products.

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
YAP SEOK BEE +	69, OCEAN DRIVE, 098150, SINGAPORE.	S1165454A	2,500,000.00	50.00
LIM CHIN HUAT +	69, OCEAN DRIVE, 098150, SINGAPORE.	S0222318Z	2,500,000.00	50.00
			---------------	------
			5,000,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	YAP SEOK BEE
Address	:	69, OCEAN DRIVE, 098150, SINGAPORE.
IC / PP No	:	S1165454A
Nationality	:	SINGAPOREAN
Date of Appointment	:	06/05/2004

DIRECTOR 2

Name Of Subject	:	LIM CHIN HUAT
Address	:	69, OCEAN DRIVE, 098150, SINGAPORE.
IC / PP No	:	S0222318Z
Nationality	:	SINGAPOREAN
Date of Appointment	:	06/05/2004

Management

1)	Name of Subject	:	LIM CHIN HUAT
	Position	:	DIRECTOR

Auditor

Auditor	:	RSM CHIO LIM LLP
Auditor' Address	:	N/A

Company secretaries

1)	Company Secretary	:	YAP SEOK BEE
	IC / PP No	:	S1165454A
	Address	:	69, OCEAN DRIVE, 098150, SINGAPORE.

Banking

Banking relations are maintained principally with :

1)

Name

:

UNITED OVERSEAS BANK LTD

2)

Name

:

STANDARD CHARTERED BANK

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C200504014	12/07/2005	N/A	UNITED OVERSEAS BANK LIMITED	N/A	Unsatisfied
C200608413	13/12/2006	N/A	UNITED OVERSEAS BANK LIMITED	N/A	Unsatisfied
C200709977	15/11/2007	N/A	UNITED OVERSEAS BANK LIMITED	N/A	Unsatisfied
C201112696	10/10/2011	N/A	THE BANK OF EAST ASIA LIMITED	N/A	Unsatisfied
C201203652	04/04/2012	N/A	HONG LEONG FINANCE LIMITED	N/A	Unsatisfied
C201205745	25/05/2012	N/A	UNITED OVERSEAS BANK LIMITED	N/A	Unsatisfied
C201207984	17/07/2012	N/A	THE BANK OF EAST ASIA LIMITED	N/A	Unsatisfied
C201211937	16/10/2012	N/A	LIMITED OVERSEAS BANK LIMITED	N/A	Unsatisfied

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	:	YES
Overseas	:	YES

The SC refused to provide any name of trade/service supplier and we are unable to conduct any trade enquiry. However, from financial historical data we conclude that :

OVERALL PAYMENT HABIT
Prompt 0-30 Days	[	]	Good 31-60 Days	[	]	Average 61-90 Days	[	X	]
Fair 91-120 Days	[	]	Poor >120 Days	[	]

CLIENTELE

Local	:	YES
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	SOUTH EAST ASIA AFRICA INDIA EUROPE
Credit Term	:	AS AGREED
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

Operations

Goods Traded

:

AGRICULTURE PRODUCTS

Total Number of Employees:
YEAR	2013	2011	2008
GROUP	N/A	N/A	N/A
COMPANY	55	22	15

Branch

:

NO

Other Information:

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

Activities:
* importer and exporter of garlic, onions, potato, shallots, dried chillies, gingers, spices, pulses, fruits and vegetables

products:
* vegetable and fruit, especially garlic, potato, onion, dried chilli, peanut, carrot, and fresh fruit such as fuji apple, pear etc.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the SC indicated that:

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-67568859
Match	:	N/A
Address Provided by Client	:	120 LOWER DELTA ROAD #16-01/09 CENDEX CENTRE SINGAPORE 169208
Current Address	:	120 LOWER DELTA ROAD, #16-01/09 CENDEX CENTRE, 169208, SINGAPORE.
Match	:	YES

Other Investigations

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

FINANCIAL ANALYSIS

Profitability
Turnover	:	Decreased	[	15.65%	]
Profit/(Loss) Before Tax	:	Decreased	[	58.68%	]
Return on Shareholder Funds	:	Unfavourable	[	4.26%	]
Return on Net Assets	:	Unfavourable	[	4.58%	]
The lower turnover could be due to the intense market competition.The SC's profit fell sharply because of the high operating costs incurred. The unfavourable return on shareholders' funds could indicate that the SC was inefficient in utilising its assets to generate returns.
Working Capital Control
Stock Ratio	:	Favourable	[	6 Days	]
Debtor Ratio	:	Favourable	[	20 Days	]
Creditors Ratio	:	Favourable	[	4 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	[	1.19 Times	]
Current Ratio	:	Unfavourable	[	1.23 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	:	Unfavourable	[	1.85 Times	]
Gearing Ratio	:	Unfavourable	[	3.81 Times	]
The SC's interest cover was low. If its profits fall or when interest rate rises, it may not be able to meet all its interest payment. The SC was highly geared, thus it had a high financial risk. The SC was dependent on loans to finance its business needs. In times of economic downturn and / or high interest rate, the SC will become less profitable and competitive than other firms in the same industry, which are lowly geared. This is because the SC has to service the interest and to repay the loan, which will erode part of its profits. The profits will fluctuate depending on the SC's turnover and the interest it needs to pay.
Overall Assessment :
The SC's performance deteriorated over the years with lower turnover and profit. The SC was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the SC should be able to repay its short term obligations. If there is a fall in the SC's profit or any increase in interest rate, the SC may not be able to generate sufficient cash-flow to service its interest. The SC's gearing level was high and its going concern will be in doubt if there is no injection of additional shareholders' funds in times of economic downturn and / or high interest rates.
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 :	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 2004, the SC is a Exempt Private company, focusing on trading of agriculture products. 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 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. Being a moderate size company, the SC has a total workforce of 55 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.

The SC's business performance showed a reverse trend as both its turnover and pre-tax profit have decreased compared to the previous year. The SC has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. 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 high gearing ratio clearly implied that the SC was supported by more debt than equity. Thus, the SC is exposed to high financial risk. Given a positive net worth standing at USD 11,515,000, the SC should be able to maintain its business in the near terms.

Having a strong assets backing, the SC possesses latent assets as collateral for further financial extension. Hence, it has good chance of getting loans if the needs arises. The SC's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials. Overall the SC has a good control over its resources.

The SC's payment habit is average. With its adequate working capital, the SC should be able to pay its short term debts.

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.

SEASONAL PRODUCE (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	USD	USD
TURNOVER	76,061,000	90,175,000
	----------------	----------------
Total Turnover	76,061,000	90,175,000
Costs of Goods Sold	<72,284,000>	<85,108,000>
	----------------	----------------
Gross Profit	3,777,000	5,067,000
	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	574,000	1,389,000
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	574,000	1,389,000
Taxation	<84,000>	<147,000>
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	490,000	1,242,000
	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	7,546,000	6,304,000
	----------------	----------------
As restated	7,546,000	6,304,000
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	8,036,000	7,546,000
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	8,036,000	7,546,000
	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Others	674,000	748,000
	----------------	----------------
	674,000	748,000

BALANCE SHEET

SEASONAL PRODUCE (S) PTE. LTD.

ASSETS EMPLOYED:
FIXED ASSETS	6,028,000	5,500,000
LONG TERM INVESTMENTS/OTHER ASSETS
Investment properties	14,382,000	3,245,000
	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	14,382,000	3,245,000
	----------------	----------------
TOTAL LONG TERM ASSETS	20,410,000	8,745,000
CURRENT ASSETS
Stocks	1,178,000	547,000
Trade debtors	4,254,000	7,303,000
Other debtors, deposits & prepayments	7,598,000	15,824,000
Cash & bank balances	2,178,000	2,046,000
Others	20,835,000	27,222,000
	----------------	----------------
TOTAL CURRENT ASSETS	36,043,000	52,942,000
	----------------	----------------
TOTAL ASSET	56,453,000	61,687,000
	=============	=============
CURRENT LIABILITIES
Trade creditors	879,000	1,987,000
Hire purchase & lease creditors	28,128,000	42,107,000
Other liabilities & accruals	95,000	307,000
Provision for taxation	84,000	147,000
	----------------	----------------
TOTAL CURRENT LIABILITIES	29,186,000	44,548,000
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	6,857,000	8,394,000
	----------------	----------------
TOTAL NET ASSETS	27,267,000	17,139,000
	=============	=============
SHARE CAPITAL
Ordinary share capital	3,479,000	3,479,000
	----------------	----------------
TOTAL SHARE CAPITAL	3,479,000	3,479,000
RESERVES
Retained profit/(loss) carried forward	8,036,000	7,546,000
	----------------	----------------
TOTAL RESERVES	8,036,000	7,546,000
	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	11,515,000	11,025,000
LONG TERM LIABILITIES
Hire purchase creditors	15,752,000	6,114,000
	----------------	----------------
TOTAL LONG TERM LIABILITIES	15,752,000	6,114,000
	----------------	----------------
	27,267,000	17,139,000
	=============	=============

FINANCIAL RATIO

SEASONAL PRODUCE (S) PTE. LTD.

TYPES OF FUNDS
Cash	2,178,000	2,046,000
Net Liquid Funds	2,178,000	2,046,000
Net Liquid Assets	5,679,000	7,847,000
Net Current Assets/(Liabilities)	6,857,000	8,394,000
Net Tangible Assets	27,267,000	17,139,000
Net Monetary Assets	<10,073,000>	1,733,000
BALANCE SHEET ITEMS
Total Borrowings	43,880,000	48,221,000
Total Liabilities	44,938,000	50,662,000
Total Assets	56,453,000	61,687,000
Net Assets	27,267,000	17,139,000
Net Assets Backing	11,515,000	11,025,000
Shareholders' Funds	11,515,000	11,025,000
Total Share Capital	3,479,000	3,479,000
Total Reserves	8,036,000	7,546,000
LIQUIDITY (Times)
Cash Ratio	0.07	0.05
Liquid Ratio	1.19	1.18
Current Ratio	1.23	1.19
WORKING CAPITAL CONTROL (Days)
Stock Ratio	6	2
Debtors Ratio	20	30
Creditors Ratio	4	9
SOLVENCY RATIOS (Times)
Gearing Ratio	3.81	4.37
Liabilities Ratio	3.90	4.60
Times Interest Earned Ratio	1.85	2.86
Assets Backing Ratio	7.84	4.93
PERFORMANCE RATIO (%)
Operating Profit Margin	0.75	1.54
Net Profit Margin	0.64	1.38
Return On Net Assets	4.58	12.47
Return On Capital Employed	2.25	3.61
Return On Shareholders' Funds/Equity	4.26	11.27
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.62.66
UK Pound	1	Rs.100.46
Euro	1	Rs.84.60

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.