MIRA INFORM REPORT

Report Date :

16.04.2014

IDENTIFICATION DETAILS

Name :	STARCOM RESOURCES PTE LTD

Registered Office :	2, Shenton Way, 16-02, SGX Centre 1, 068808

Country :	Singapore

Financials (as on) :	31.12.2012

Date of Incorporation :	28.10.2000

Com. Reg. No.:	200009210-G

Legal Form :	Private Limited

Line of Business :	Trading of Agricultural Products

No. of Employees :	25 [2014]

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Moderate
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 – March 31, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Singapore

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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

EXECUTIVE SUMMARY

REGISTRATION NO.

200009210-G

COMPANY NAME

STARCOM RESOURCES PTE LTD

FORMER NAME

N/A

INCORPORATION DATE

28/10/2000

COMPANY STATUS

EXIST

LEGAL FORM

PRIVATE LIMITED

LISTED STATUS

REGISTERED ADDRESS

2, SHENTON WAY, 16-02, SGX CENTRE 1, 068808, SINGAPORE.

BUSINESS ADDRESS

2 SHENTON WAY #16-02 SGX CENTRE 1, 068804, SINGAPORE.

TEL.NO.

65-63367288

FAX.NO.

65-63363118

STARCOM@STARCOMRESOURCES.NET

WEB SITE

WWW.STARCOMRESOURCES.NET

CONTACT PERSON

BRUNO WALTER FURRER ( DIRECTOR )

PRINCIPAL ACTIVITY

TRADING OF AGRICULTURAL PRODUCTS

ISSUED AND PAID UP CAPITAL

5,113,862.00 ORDINARY SHARE, OF A VALUE OF SGD 5,793,452.52

SALES

USD 534,817,316 [2012]

NET WORTH

USD 6,484,723 [2012]

STAFF STRENGTH

25 [2014]

BANKER (S)

SOCIETE GENERALE
STANDARD CHARTERED BANK
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

LITIGATION

CLEAR

FINANCIAL CONDITION

LIMITED

PAYMENT

AVERAGE

MANAGEMENT CAPABILITY

AVERAGE

COMMERCIAL RISK

LOW

CURRENCY EXPOSURE

MODERATE

GENERAL REPUTATION

SATISFACTORY

INDUSTRY OUTLOOK

AVERAGE GROWTH

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 of agricultural products.

Share Capital History

Date	Issue & Paid Up Capital
28/02/2014	SGD 5,793,452.52
	SGD 3,443,851.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
STARCOM GROUP PTE. LTD.	2, SHENTON WAY, 16-02, SGX CENTRE 1, 068804, SINGAPORE.	201325504	5,096,125.00	99.65
WAYPORT DEVELOPMENTS LIMITED	AKARA BUILDING, 24 DE CASTRO STREET, WICKHAMS CAY 1, TORTOLA, VIRGIN ISLANDS, BRITISH.	T08UF0030	17,737.00	0.35
			---------------	------
			5,113,862.00	100.00
			============	=====

+ Also Director

The Subject's interest in other companies (Subsidiaries/Associates) are shown as follow :

Local No	Country	Company	(%)	As At
201012351M	SINGAPORE	STARCOM GRAIN PTE. LTD.	100.00	31/12/2012

200807287H	SINGAPORE	AMBER FARMS PTE. LTD.	75.00	31/12/2012

DIRECTORS

DIRECTOR 1

Name Of Subject	:	MR. AJAY KUMAR AGGARWAL
Address	:	20, VANDA DRIVE, ORCHID VILLAGE, 287858, SINGAPORE.
IC / PP No	:	S6864098I



Nationality	:	SINGAPOREAN
Date of Appointment	:	28/10/2000

DIRECTOR 2

Name Of Subject	:	SANDEEP SINGH
Address	:	1A, LENGKONG LIMA, 417531, SINGAPORE.
IC / PP No	:	S7284335E



Nationality	:	SINGAPOREAN
Date of Appointment	:	01/10/2012

DIRECTOR 3

Name Of Subject	:	PAUL JOHN WILLOWS
Address	:	1, SANDWICH ROAD, 139150, SINGAPORE.
IC / PP No	:	S7461304G



Nationality	:	SINGAPOREAN
Date of Appointment	:	01/10/2012

DIRECTOR 4

Name Of Subject	:	RAJEEV PALIWAL
Address	:	614, ELIAS ROAD, 02-114, 510614, SINGAPORE.
IC / PP No	:	S2741294G



Nationality	:	SINGAPOREAN
Date of Appointment	:	01/10/2012

MANAGEMENT

1)	Name of Subject	:	AJAY KUMAR AGGARWAL
	Position	:	MANAGING DIRECTOR

2)	Name of Subject	:	BRUNO WALTER FURRER
	Position	:	DIRECTOR

AUDITOR

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

COMPANY SECRETARIES

1)	Company Secretary	:	ONG SIEW CHOO
	IC / PP No	:	S2592285I

	Address	:	472, PASIR RIS DRIVE 6, 11-466, 510472, SINGAPORE.

2)	Company Secretary	:	SOO KIAM LENG @ SU JIANLONG
	IC / PP No	:	S7510066C

	Address	:	48, FLORENCE ROAD, 549501, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)	Name	:	SOCIETE GENERALE

2)	Name	:	STANDARD CHARTERED BANK

3)	Name	:	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
200204839	31/10/2002	N/A	SOCIETE GENERALE	-	Unsatisfied
200204840	31/10/2002	N/A	SOCIETE GENERALE	-	Unsatisfied
200204841	31/10/2002	N/A	SOCIETE GENERALE	-	Unsatisfied
C200503578	23/06/2005	N/A	DBS BANK LTD.	-	Unsatisfied
C200503582	23/06/2005	N/A	DBS BANK LTD.	-	Unsatisfied
C200902761	13/05/2009	N/A	STANDARD CHARTERED BANK	-	Unsatisfied
C200902762	13/05/2009	N/A	STANDARD CHARTERED BANK	-	Unsatisfied
C201006826	04/08/2010	N/A	LH ASIAN TFF PTE. LTD.	-	Unsatisfied
C201114858	25/11/2011	N/A	SOCIETE GENERALE	-	Unsatisfied
C201206214	07/06/2012	N/A	LH ASIAN TFF PTE. LTD.	-	Unsatisfied
C201300413	10/01/2013	N/A	EFA DYNAMIC TFF PTE. LTD.	-
C201303347	01/03/2013	N/A	DBS BANK LTD.	-	Unsatisfied
C201306096	06/05/2013	N/A	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	-	Unsatisfied
C201307987	13/06/2013	N/A	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	-	Unsatisfied
C201314103	18/10/2013	N/A	WARBA BANK TRADE FINANCE FACILITY S.P.	-	Unsatisfied

LEGAL CHECK AGAINST SUBJECT

* A check has been conducted in our databank againt 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

[

]

CLIENTELE

Local	:	YES
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	ASIA
Credit Term	:	N/A

Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Goods Traded

AGRICULTURAL PRODUCTS

Total Number of Employees:
YEAR	2014

GROUP	N/A
COMPANY	25

Branch

Other Information:

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

Business activities:

* agricultural commodities
* steel and energy

products dealing:
* oil seeds & extractions/ meals
* grains
* pulses & beans
* edible oil
* coal
* metals
* mineral ores
* chemicals
* fertilizers

subject is a member of the following entities:
* singapore indian chamber of commerce and industry

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-63367288
Match	:	N/A

Address Provided by Client	:	2 SHENTON WAY #16-02 SGX CENTRE 1, SINGAPORE 068804
Current Address	:	2 SHENTON WAY #16-02 SGX CENTRE 1, 068804, SINGAPORE.
Match	:	YES

Other Investigations

On 27th February 2014 we contacted one of the staff from the Subject and she provided some information.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	48.95%	]
Profit/(Loss) Before Tax	:	Decreased	[	273.76%	]
Return on Shareholder Funds	:	Unfavourable	[	(29.43%)	]
Return on Net Assets	:	Unfavourable	[	4.81%	]

The increase in turnover could be due to the Subject adopting an aggressive marketing strategy.The Subject incurred losses during the year due to the inefficient control of its operating costs. The Subject'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	[	25 Days	]
Creditors Ratio	:	Favourable	[	25 Days	]

As the Subject is a service oriented company, the Subject does not need to keep stocks. The favourable debtors' days could be due to the good credit control measures implemented by the Subject. The Subject had a favourable creditors' ratio where the Subject 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	[	1.07 Times	]

A minimum liquid ratio of 1 should be maintained by the Subject in order to assure its creditors of its ability to meet short term obligations and the Subject was in a good liquidity position. Thus, we believe the Subject is able to meet all its short term obligations as and when they fall due.

Solvency
Interest Cover	:	Unfavourable	[	0.16 Times	]
Gearing Ratio	:	Favourable	[	0.01 Times	]

The Subject'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 Subject was lowly geared thus it had a low financial risk. The Subject was mainly financed by its shareholders' funds and internally generated funds. In times of economic slowdown / downturn, the Subject being a lowly geared company, will be able to compete better than those companies which are highly geared in the same industry.


Overall Assessment :
Although the Subject'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 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. If there is a fall in the Subject's profit or any increase in interest rate, the Subject may not be able to generate sufficient cash-flow to service its interest. The Subject as a lowly geared company, will be more secured compared to those highly geared companies. It has the ability to meet all its long term obligations.

Overall financial condition of the Subject : 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)

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 2000, the Subject is a Private Limited company, focusing on trading of agricultural products. Having been in the industry for over a decade, the Subject has achieved a certain market share and has built up a satisfactory reputation in the market. It should have received supports from its regular customers. Having strong support from its shareholder 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's business operation is supported by 25 employees. Overall, we regard that the Subject's management capability is average.

Despite the higher turnover, the Subject suffered pre-tax losses which reflected a highly competitive business environment. The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. However, the Subject 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 lowly geared company, the Subject is exposed to low financial risk as it is mainly dependent on its internal funds to finance its business needs. Given a positive net worth standing at USD 6,484,723, the Subject should be able to maintain its business in the near terms.

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 Subject's payment habit is average. With its adequate working capital, the Subject 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 Subject is expected to benefit from the favourable outlook of the industry

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

PROFIT AND LOSS ACCOUNT

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

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

TURNOVER	534,817,316	359,067,970
	----------------	----------------
Total Turnover	534,817,316	359,067,970
Costs of Goods Sold	(531,866,534)	(354,141,411)
	----------------	----------------
Gross Profit	2,950,782	4,926,559
	----------------	----------------

PROFIT/(LOSS) FROM OPERATIONS	(1,936,002)	1,114,179
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	(1,936,002)	1,114,179
Taxation	27,720	(155,861)
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	(1,908,282)	958,318
	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	4,675,888	3,725,523
Prior year adjustment	30,967	(7,953)
	----------------	----------------
As restated	4,706,855	3,717,570
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	2,798,573	4,675,888
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	2,798,573	4,675,888
	=============	=============

INTEREST EXPENSE (as per notes to P&L)
Lease interest	1,838	1,696
Letter of credit	1,556,231	1,169,244
Revolving loans	87,671	29,906
Term loan / Borrowing	632,701	332,275
Others	39,515	69,782
	----------------	----------------
	2,317,956	1,602,903
	=============	=============

BALANCE SHEET

ASSETS EMPLOYED:
FIXED ASSETS	171,628	178,123

LONG TERM INVESTMENTS/OTHER ASSETS
Associated companies	325,832	341,932
Others	4,325,768	4,020,632
	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	4,651,600	4,362,564

	----------------	----------------
TOTAL LONG TERM ASSETS	4,823,228	4,540,687

CURRENT ASSETS
Stocks	-	100,000
Trade debtors	36,010,245	28,550,884
Other debtors, deposits & prepayments	955,051	1,805,452
Amount due from related companies	55,338	11,676
Amount due from associated companies	548,934	494,651
Cash & bank balances	9,895,344	9,165,111
	----------------	----------------
TOTAL CURRENT ASSETS	47,464,912	40,127,774
	----------------	----------------
TOTAL ASSET	52,288,140	44,668,461
	=============	=============

CURRENT LIABILITIES
Trade creditors	36,295,499	25,492,777
Other creditors & accruals	4,620	4,620
Amounts owing to related companies	2,209,546	2,166,363
Provision for taxation	76,263	527,418
Other liabilities	5,766,538	6,714,356
	----------------	----------------
TOTAL CURRENT LIABILITIES	44,352,466	34,905,534
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	3,112,446	5,222,240
	----------------	----------------
TOTAL NET ASSETS	7,935,674	9,762,927
	=============	=============

SHARE CAPITAL
Ordinary share capital	2,518,458	2,518,458
	----------------	----------------
TOTAL SHARE CAPITAL	2,518,458	2,518,458

RESERVES
Exchange equalisation/fluctuation reserve	(65,438)	(50,394)
Retained profit/(loss) carried forward	2,798,573	4,675,888
Others	962,418	-
	----------------	----------------
TOTAL RESERVES	3,695,553	4,625,494

MINORITY INTEREST	270,712	301,679
	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	6,484,723	7,445,631

LONG TERM LIABILITIES
Others	1,450,951	2,317,296
	----------------	----------------
TOTAL LONG TERM LIABILITIES	1,450,951	2,317,296
	----------------	----------------
	7,935,674	9,762,927
	=============	=============

FINANCIAL RATIO

TYPES OF FUNDS
Cash	9,895,344	9,165,111
Net Liquid Funds	9,895,344	9,165,111
Net Liquid Assets	3,112,446	5,122,240
Net Current Assets/(Liabilities)	3,112,446	5,222,240
Net Tangible Assets	7,935,674	9,762,927
Net Monetary Assets	1,661,495	2,804,944
BALANCE SHEET ITEMS
Total Borrowings	87,671	29,906
Total Liabilities	45,803,417	37,222,830
Total Assets	52,288,140	44,668,461
Net Assets	7,935,674	9,762,927
Net Assets Backing	6,484,723	7,445,631
Shareholders' Funds	6,484,723	7,445,631
Total Share Capital	2,518,458	2,518,458
Total Reserves	3,695,553	4,625,494
LIQUIDITY (Times)
Cash Ratio	0.22	0.26
Liquid Ratio	1.07	1.15
Current Ratio	1.07	1.15
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0
Debtors Ratio	25	29
Creditors Ratio	25	26
SOLVENCY RATIOS (Times)
Gearing Ratio	0.01	0.00
Liabilities Ratio	7.06	5.00
Times Interest Earned Ratio	0.16	1.70
Assets Backing Ratio	3.15	3.88
PERFORMANCE RATIO (%)
Operating Profit Margin	(0.36)	0.31
Net Profit Margin	(0.36)	0.27
Return On Net Assets	4.81	27.83
Return On Capital Employed	4.61	26.92
Return On Shareholders' Funds/Equity	(29.43)	12.87
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.60.26
UK Pound	1	Rs.100.70
Euro	1	Rs.83.27

INFORMATION DETAILS

Report Prepared by :

PDT

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.