MIRA INFORM REPORT

Report Date :

02.04.2014

IDENTIFICATION DETAILS

Name :	FEI COMPANY OF USA (S.E.A.) PTE LTD
Registered Office :	1, Jalan Kilang Timor, 04-02, Pacific Tech Centre, 159303
Country :	Singapore
Financials (as on) :	31.12.2012
Date of Incorporation :	08.09.1999
Com. Reg. No.:	199905328-N
Legal Form :	Private Limited Company
Line of Business :	Engaged in trading and repair of scientific equipment and instruments.
No. of Employees	32 [2014]

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 :	Slow but Correct
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 – december 01, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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. 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 in 2011-13, 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. 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.

:

199905328-N

COMPANY NAME

:

FEI COMPANY OF USA (S.E.A.) PTE LTD

FORMER NAME

:

N/A

INCORPORATION DATE

:

08/09/1999

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

1, JALAN KILANG TIMOR, 04-02, PACIFIC TECH CENTRE, 159303, SINGAPORE.

BUSINESS ADDRESS

:

1, JALAN KILANG TIMOR, 04-02, PACIFIC TECH CENTRE, 159303, SINGAPORE.

TEL.NO.

:

65-62720050

FAX.NO.

:

65-62720034

CONTACT PERSON

:

LIM TIONG BENG ( DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING AND REPAIR OF SCIENTIFIC EQUIPMENT AND INSTRUMENTS

ISSUED AND PAID UP CAPITAL

:

1,261,930.00 ORDINARY SHARE, OF A VALUE OF SGD 1,261,930.00 

SALES

:

SGD 98,731,093 [2012]

NET WORTH

:

SGD 5,697,497 [2012]

STAFF STRENGTH

:

32 [2014]

BANKER (S)

:

ABN AMRO BANK N.V.

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

STABLE

PAYMENT

:

POOR

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

GOOD

INDUSTRY OUTLOOK

:

MATURE

HISTORY / BACKGROUND

The Subject 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 Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject 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 Subject is insolvent. The Subject 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 Subject is principally engaged in the (as a / as an) trading and repair of scientific equipment and instruments.

The immediate holding company of the Subject is FEI ELECTRON OPTICS INTERNATIONAL B.V., a company incorporated in NETHERLANDS.

The ultimate holding company of the Subject is FEI COMPANY ,INC., a company incorporated in UNITED STATES.

Share Capital History

Date	Issue & Paid Up Capital
07/02/2014	SGD 1,261,930.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
FEI ELECTRON OPTICS INTERNATIONAL B.V.	ACHJTSEWEG NOORD 5 EINDHOVEN, THE NETHERLANDS, NETHERLANDS.	S99UF0268G	1,261,930.00	100.00
			---------------	------
			1,261,930.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	LOH GEK LIM
Address	:	231, YISHUN STREET 21, 03-410, 760231, SINGAPORE.
IC / PP No	:	S1623025A
Nationality	:	SINGAPOREAN
Date of Appointment	:	28/02/2008

DIRECTOR 2

Name Of Subject	:	MR. LIM TIONG BENG
Address	:	2, GUOK AVENUE, 119632, SINGAPORE.
IC / PP No	:	S1073678A
Nationality	:	SINGAPOREAN
Date of Appointment	:	24/02/2006

MANAGEMENT

1)	Name of Subject	:	LIM TIONG BENG
	Position	:	DIRECTOR

AUDITOR

Auditor	:	NEXIA TS PUBLIC ACCOUNTING CORPORATI ON
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	KELOTH RAJ KUMAR
	IC / PP No	:	S1707500D
	Address	:	192, PASIR RIS STREET 12, 04-14, 510192, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

ABN AMRO BANK N.V.

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C200803105	03/04/2008	N/A	ABN AMRO BANK N.V.	-	Unsatisfied

LEGAL CHECK AGAINST SUBJECT

* A check has been conducted in our databank against the Subject 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 Subject 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	[	X	]

CLIENTELE

Local	:	YES
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	ASIA
Credit Term	:	N/A
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Goods Traded

:

SCIENTIFIC EQUIPMENT AND INSTRUMENTS

Total Number of Employees:
YEAR	2014
GROUP	N/A
COMPANY	32

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) trading and repair of scientific equipment and instruments. 
The Subject refused to disclose its operation. 

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	6562720050
Current Telephone Number	:	65-62720050
Match	:	YES
Address Provided by Client	:	1 JALAN KILANG TIMOR 04-02, PACIFIC TECH CENTRE, SINGAPORE 159303
Current Address	:	1, JALAN KILANG TIMOR, 04-02, PACIFIC TECH CENTRE, 159303, SINGAPORE.
Match	:	YES

Other Investigations

we contacted one of the staff from the Subject and she provided some information.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	32.02%	]
Profit/(Loss) Before Tax	:	Increased	[	116.68%	]
Return on Shareholder Funds	:	Favourable	[	34.42%	]
Return on Net Assets	:	Favourable	[	34.86%	]
The increase in turnover could be due to the Subject adopting an aggressive marketing strategy.The higher profit could be attributed to the increase in turnover. Generally the Subject was profitable. The favourable return on shareholders' funds and return on net assets indicate that the Subject's management was efficient in utilising the assets to generate returns.
Working Capital Control
Stock Ratio	:	Favourable	[	24 Days	]
Debtor Ratio	:	Unfavourable	[	115 Days	]
Creditors Ratio	:	Unfavourable	[	169 Days	]
The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The Subject's debtors ratio was high. The Subject should tighten its credit control and improve its collection period. The unfavourable creditors' ratio could be due to the Subject taking advantage of the credit granted by its suppliers. However this may affect the goodwill between the Subject and its suppliers and the Subject may inadvertently have to pay more for its future supplies.
Liquidity
Liquid Ratio	:	Acceptable	[	0.99 Times	]
Current Ratio	:	Unfavourable	[	1.12 Times	]
The Subject's liquid ratio was slightly low. This could indicate that the Subject's working capital was slightly deficient. The Subject will have to improve its liquidity position either by obtaining short term financing or increase its paid up capital so that it can 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 Subject's interest cover was nil as it did not pay any interest during the year. The Subject had no gearing and hence it had virtually no financial risk. The Subject was financed by its shareholders' funds and internally generated fund. During the economic downturn, the Subject, having a zero gearing, will be able to compete better than those which are highly geared in the same industry.
Overall Assessment :
Generally, the Subject's performance has improved with higher turnover and profit. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. The Subject did not make any interest payment during the year. The Subject was dependent on its shareholders' funds to finance its business needs. The Subject was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The Subject has good chance of getting loans, if the needs arises.
Overall financial condition of the Subject : STABLE

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 :	MANUFACTURING
The manufacturing sector contracted by 1.1% in the fourth quarter of 2012, led by declines in the electronics and precision engineering clusters. These clusters were weighed down by weak global demand for semiconductors and semiconductor-related equipment. For the whole year of 2012, the manufacturing sector grew by 0.1%, significantly lower than the 7.8% recorded in 2011 when the sector was boosted by a surge in the growth of the biomedical manufacturing cluster.
Output of the biomedical manufacturing cluster grew by 2.4% in the fourth quarter. The expansion was driven by the medical technology segment which grew by a healthy 9.2%, benefitting from robust export demand for medical devices. The pharmaceuticals segment also grew by a modest 1.1%. For 2012, the biomedical manufacturing cluster expanded by 9.9%.
Output of the transport engineering cluster expanded by 4.9% in the fourth quarter. The aerospace segment grew by 6.2%, supported by higher demand for repair jobs from commercial airlines. Similarly, the marine & offshore engineering segment expanded by 5.0%, on the back of higher contributions from oil rig projects and oilfield equipment components. In the year 2012, the transport engineering cluster surged by 11%.
The output of the precision engineering cluster shrank by 1.3% in the fourth quarter. The decline was led by the 5.3% contraction in the machinery & systems segment, which saw weak export demand for semiconductor-related equipment. On the other hand, the precision modules & components segment grew by 2.9%, supported by higher production of optical instruments & photographic equipment and electronic connectors. In 2012, the precision engineering cluster expanded by 1.3%.
The general manufacturing cluster's output grew by 1.2% in the fourth quarter, driven by the 6.4% growth in the miscellaneous industries segment. The segment's growth was supported by higher production of batteries and constructionrelated materials. By contrast, the printing and food, beverages & tobacco segments declined by 6.4% and 1.3% respectively. For 2012, the general manufacturing cluster grew by 2.0%.
The chemicals cluster's output grew by 7.7% in the fourth quarter. The petrochemicals and petroleum segments registered growth of 9.3% and 6.3% respectively, partly due to the low base from plant shutdowns in end of 2011. The specialty chemicals segment also expanded by 8.0% on the back of higher regional demand. For the year 2012, the chemicals cluster declined by 0.4%, primarily due to weak regional demand for specialty chemicals in the second and third quarter of 2012.
Output of the electronics cluster contracted by 10% in the fourth quarter, led by the semiconductors and computer peripherals segments which contracted by 13% and 15% respectively. By contrast, the data storage segment grew by 7.8%, mainly due to the low base in end of 2011 when floods in Thailand had disrupted the supply chain for data storage products. For the whole of 2012, the electronics cluster contracted by 11%.
OVERALL INDUSTRY OUTLOOK : MATURE

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 1999, the Subject is a Private Limited company, focusing on trading and repair of scientific equipment and instruments. With its long presence in the industry coupled with its vast experiences in the business, the Subject should have built up certain goodwill with its clients over times. Having strong support from its holding company has enabled the Subject to remain competitive despite the challenging business environment. The capital standing of the Subject is fair. With an adequate share capital, the Subject has the potential of expanding its business in future. 

Over the years, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. The Subject is operating on a medium scale and it has approximately 32 employees in its business operations. Overall, we regard that the Subject's management capability is average. This indicates that the Subject has greater potential to improve its business performance and raising income for the Subject. 

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 Subject 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 Subject managed to maintain an adequate liquidity level, indicating that the Subject has the ability to meet its financial obligations. Being a zero geared company, the Subject 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 5,697,497, the Subject should be able to maintain its business in the near terms. 

Having a strong assets backing, the Subject possesses latent assets as collateral for further financial extension. Hence, it has good chance of getting loans if the needs arises. The Subject'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 Subject has a good control over its resources. 

The poor payment habit may affect the goodwill between the Subject and its suppliers and the Subject may inadvertently have to pay more for its future supplies. 

The industry has reached its optimum level and is generally stable. It is saturated and very competitive. The rising in its sales volume and profitability implied that the Subject is able to adapt the ever-changing in the market. 

Based on the above condition, we recommend credit be granted to the Subject promptly.

PROFIT AND LOSS ACCOUNT

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

FEI COMPANY OF USA (S.E.A.) 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	98,731,093	74,786,030
	----------------	----------------
Total Turnover	98,731,093	74,786,030
Costs of Goods Sold	(80,807,153)	(58,432,646)
	----------------	----------------
Gross Profit	17,923,940	16,353,384
	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	2,284,854	1,054,462
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	2,284,854	1,054,462
Taxation	(323,688)	(92,408)
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	1,961,166	962,054
	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	2,474,401	1,512,347
	----------------	----------------
As restated	2,474,401	1,512,347
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	4,435,567	2,474,401
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	4,435,567	2,474,401
	=============	=============

BALANCE SHEET

FEI COMPANY OF USA (S.E.A.) PTE LTD

ASSETS EMPLOYED:
FIXED ASSETS	325,069	178,647
LONG TERM INVESTMENTS/OTHER ASSETS
Deferred assets	85,260	93,197
	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	85,260	93,197
	----------------	----------------
TOTAL LONG TERM ASSETS	410,329	271,844
CURRENT ASSETS
Stocks	6,517,211	5,113,342
Trade debtors	31,223,478	21,170,416
Other debtors, deposits & prepayments	766,971	1,174,785
Short term deposits	5,034,268	16,307,776
Cash & bank balances	11,799,125	2,276,644
	----------------	----------------
TOTAL CURRENT ASSETS	55,341,053	46,042,963
	----------------	----------------
TOTAL ASSET	55,751,382	46,314,807
	=============	=============
CURRENT LIABILITIES
Trade creditors	37,519,949	30,770,374
Other creditors & accruals	10,814,482	10,466,603
Provision for taxation	337,319	151,905
Other liabilities	525,275	549,227
	----------------	----------------
TOTAL CURRENT LIABILITIES	49,197,025	41,938,109
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	6,144,028	4,104,854
	----------------	----------------
TOTAL NET ASSETS	6,554,357	4,376,698
	=============	=============
SHARE CAPITAL
Ordinary share capital	1,261,930	1,261,930
	----------------	----------------
TOTAL SHARE CAPITAL	1,261,930	1,261,930
RESERVES
Retained profit/(loss) carried forward	4,435,567	2,474,401
	----------------	----------------
TOTAL RESERVES	4,435,567	2,474,401
	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	5,697,497	3,736,331
LONG TERM LIABILITIES
Others	856,860	640,367
	----------------	----------------
TOTAL LONG TERM LIABILITIES	856,860	640,367
	----------------	----------------
	6,554,357	4,376,698
	=============	=============

FINANCIAL RATIO

FEI COMPANY OF USA (S.E.A.) PTE LTD

TYPES OF FUNDS
Cash	16,833,393	18,584,420
Net Liquid Funds	16,833,393	18,584,420
Net Liquid Assets	(373,183)	(1,008,488)
Net Current Assets/(Liabilities)	6,144,028	4,104,854
Net Tangible Assets	6,554,357	4,376,698
Net Monetary Assets	(1,230,043)	(1,648,855)
BALANCE SHEET ITEMS
Total Borrowings	0	0
Total Liabilities	50,053,885	42,578,476
Total Assets	55,751,382	46,314,807
Net Assets	6,554,357	4,376,698
Net Assets Backing	5,697,497	3,736,331
Shareholders' Funds	5,697,497	3,736,331
Total Share Capital	1,261,930	1,261,930
Total Reserves	4,435,567	2,474,401
LIQUIDITY (Times)
Cash Ratio	0.34	0.44
Liquid Ratio	0.99	0.98
Current Ratio	1.12	1.10
WORKING CAPITAL CONTROL (Days)
Stock Ratio	24	25
Debtors Ratio	115	103
Creditors Ratio	169	192
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00
Liabilities Ratio	8.79	11.40
Times Interest Earned Ratio	0.00	0.00
Assets Backing Ratio	5.19	3.47
PERFORMANCE RATIO (%)
Operating Profit Margin	2.31	1.41
Net Profit Margin	1.99	1.29
Return On Net Assets	34.86	24.09
Return On Capital Employed	34.86	24.09
Return On Shareholders' Funds/Equity	34.42	25.75
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.60.09
UK Pound	1	Rs.99.85
Euro	1	Rs.82.58

INFORMATION DETAILS

Report Prepared by :

MNL

RATING EXPLANATIONS

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

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

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

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

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

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