MIRA INFORM REPORT

Report Date :

04.08.2014

IDENTIFICATION DETAILS

Name :	INTEGRA PETROCHEMICALS PTE. LTD.

Registered Office :	2, Battery Road, 22 - 01, Maybank Tower, 049907

Country :	Singapore

Financials (as on) :	31.12.2012

Date of Incorporation :	17.03.2009

Com. Reg. No.:	200904745-D

Legal Form :	Private Limited

Line of Business :	Trading in Petrochemicals

No. of Employees :	Not Available

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 :	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 – June 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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. 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.

200904745-D

COMPANY NAME

INTEGRA PETROCHEMICALS PTE. LTD.

FORMER NAME

N/A

INCORPORATION DATE

17/03/2009

COMPANY STATUS

EXIST

LEGAL FORM

PRIVATE LIMITED

LISTED STATUS

REGISTERED ADDRESS

2, BATTERY ROAD, 22 - 01, MAYBANK TOWER, 049907, SINGAPORE.

BUSINESS ADDRESS

2 BATTERY ROAD 22-01, MAYBANK TOWER, 049907, SINGAPORE.

TEL.NO.

65-62209895

FAX.NO.

65-62202908

WEB SITE

WWW.INTEGRA-GLOBAL.COM

CONTACT PERSON

GEORGINA CAMPBELL FYFFE ( DIRECTOR )

PRINCIPAL ACTIVITY

TRADING IN PETROCHEMICALS

ISSUED AND PAID UP CAPITAL

100,000.00 ORDINARY SHARE, OF A VALUE OF SGD 100,000.00

SALES

USD 1,465,550,031 [2012]

NET WORTH

USD 13,703,241 [2012]

STAFF STRENGTH

N/A

BANKER (S)

ABN AMRO BANK N.V.
BNP PARIBAS (SUISSE) SA
STANDARD CHARTERED BANK

LITIGATION

CLEAR

FINANCIAL CONDITION

LIMITED

PAYMENT

AVERAGE

MANAGEMENT CAPABILITY

AVERAGE

COMMERCIAL RISK

LOW

CURRENCY EXPOSURE

HIGH

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 in petrochemicals.

The immediate holding company of the Subject is GRANITE CAPITAL SA, a company incorporated in SWITZERLAND.

The ultimate holding company of the Subject is INTEGRA HOLDINGS PRIVATE LIMITED, a company incorporated in SINGAPORE.

Share Capital History

Date	Issue & Paid Up Capital
03/07/2013	SGD 100,000.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
GRANITE CAPITAL SA	RUE ST PIERRE, 18, CH-1700 FRIBOURG, SWITZERLAND.	T09UF0945	100,000.00	100.00
			---------------	------
			100,000.00	100.00
			============	=====

+ Also Director

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

Local No	Country	Company	(%)	As At
201201459	SINGAPORE	CHEMBULK INTERNATIONAL PTE. LTD.	50.00	31/12/2012

DIRECTORS

DIRECTOR 1

Name Of Subject	:	BRIAN JEAN SCHROEYENS
Address	:	LE BOIS DU FOUR, ROUTE DE BURTIGNY, 1268 - BEGNINS, SWITZERLAND.
IC / PP No	:	P702689413



Nationality	:	BRITISH
Date of Appointment	:	04/05/2009

DIRECTOR 2

Name Of Subject	:	MS. GEORGINA CAMPBELL FYFFE
Address	:	65, SIXTH AVENUE, 276497, SINGAPORE.
IC / PP No	:	G5860125Q



Nationality	:	BRITISH
Date of Appointment	:	17/03/2009

DIRECTOR 3

Name Of Subject	:	ROGER FRANCIS VAN BAAL
Address	:	65, SIXTH AVENUE, 276497, SINGAPORE.
IC / PP No	:	G5878754Q



Nationality	:	DUTCH
Date of Appointment	:	04/05/2009

MANAGEMENT

1)	Name of Subject	:	GEORGINA CAMPBELL FYFFE
	Position	:	DIRECTOR

AUDITOR

Auditor	:	MOORE STEPHENS LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	TAN SAN-JU
	IC / PP No	:	S1495769C

	Address	:	56, SUNSET WAY, CLEMENTI PARK, 597081, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)	Name	:	ABN AMRO BANK N.V.

2)	Name	:	BNP PARIBAS (SUISSE) SA

3)	Name	:	STANDARD CHARTERED BANK

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C200904499	21/07/2009	N/A	BNP PARIBAS (SUISSE) SA	-	Unsatisfied
C200905393	28/08/2009	N/A	ING BELGIUM, BRUSSELS, GENEVA BRANCH	-	Unsatisfied
C200905411	28/08/2009	N/A	ING BELGIUM, BRUSSELS, GENEVA BRANCH	-	Unsatisfied
C200905414	28/08/2009	N/A	ING BELGIUM, BRUSSELS, GENEVA BRANCH	-	Unsatisfied
C200905682	09/09/2009	N/A	ING BELGIUM, BRUSSELS, GENEVA BRANCH	-	Unsatisfied
C200906886	28/10/2009	N/A	STANDARD CHARTERED BANK	-	Unsatisfied
C200906893	28/10/2009	N/A	STANDARD CHARTERED BANK	-	Unsatisfied
C200906913	28/10/2009	N/A	STANDARD CHARTERED BANK	-	Unsatisfied
C200907931	03/12/2009	N/A	COOPERATIEVE CENTRALE RAIFFEISEN- BOERENLEENBANK B.A. ("RABOBANK NEDERLAND")	-	Unsatisfied
C200907935	03/12/2009	N/A	COOPERATIEVE CENTRALE RAIFFEISEN- BOERENLEENBANK B.A. ("RABOBANK NEDERLAND")	-	Unsatisfied
C200907936	03/12/2009	N/A	COOPERATIEVE CENTRALE RAIFFEISEN- BOERENLEENBANK B.A. ("RABOBANK NEDERLAND")	-	Unsatisfied
C201304096	20/03/2013	N/A	CREDIT SUISSE AG	-	Unsatisfied
C201304098	20/03/2013	N/A	CREDIT SUISSE AG	-	Unsatisfied
C201304100	20/03/2013	N/A	CREDIT SUISSE AG	-	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	Percentage	:	40%
Overseas	:	YES	Percentage	:	60%

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	Percentage	:	60%
Domestic Markets	:	SINGAPORE
Overseas	:	YES	Percentage	:	40%
Export Market	:	ASIA
Credit Term	:	15 - 30 DAYS

Payment Mode	:	CHEQUES LETTER OF CREDIT (LC)

OPERATIONS

Goods Traded

PETROCHEMICALS PRODUCTS

Ownership of premises

LEASED/RENTED

Total Number of Employees:
YEAR	2013	2012	2011	2010

GROUP	N/A	N/A	N/A	N/A
COMPANY	30	60	60	56

Branch

Other Information:

The Subject is principally engaged in the (as a / as an) trading in petrochemicals.

The Subject offer wide range of chemical product including:

- Olefins
- Aromatics
- Chloralkalis
- Alcohols and Intermediates
- Polymers etc

The Subject also provide service to their customer such as:
- Buying and Selling Chemicals
- Chartering
- Storage and Terminalling
- Inventory Management
- Logistics and Operations
- Risk Management etc

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-62209895
Match	:	N/A

Address Provided by Client	:	2 BATTERY ROAD 22-01, MAYBANK TOWER SINGAPORE 049907
Current Address	:	2 BATTERY ROAD 22-01, MAYBANK TOWER, 049907, SINGAPORE.
Match	:	YES

Other Investigations

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

The Subject refused to disclose its number of employees.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Erratic	[	2009 - 2012	]
Profit/(Loss) Before Tax	:	Decreased	[	2009 - 2012	]
Return on Shareholder Funds	:	Unfavourable	[	(27.11%)	]
Return on Net Assets	:	Unfavourable	[	(31.60%)	]

The fluctuating turnover reflects the fierce competition among the existing and new market players.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	:	Favourable	[	2 Days	]
Debtor Ratio	:	Favourable	[	28 Days	]
Creditors Ratio	:	Favourable	[	22 Days	]

The Subject'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 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	[	1.05 Times	]
Current Ratio	:	Unfavourable	[	1.11 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	:	Nil	[	0.00 Times	]
Gearing Ratio	:	Unfavourable	[	1.21 Times	]

The Subject's interest cover was nil as it did not pay any interest during the year. The Subject was highly geared, thus it had a high financial risk. The Subject was dependent on loans to finance its business needs. In times of economic downturn and / or high interest rate, the Subject will become less profitable and competitive than other firms in the same industry, which are lowly geared. This is because the Subject has to service the interest and to repay the loan, which will erode part of its profits. The profits will fluctuate depending on the Subject's turnover and the interest it needs to pay.


Overall Assessment :
The Subject's losses increased but its turnover showed a fluctuating trend. This indicate the Subject was slowly losing its market share due to its competitors. 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'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 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 2009, the Subject is a Private Limited company, focusing on trading in petrochemicals. Having been in business for 5 years, the Subject has established a remarkable clientele base for itself which has contributed to its business growth. Having strong support from its holding company has enabled the Subject to remain competitive despite the challenging business environment.

Over the years, the Subject has established an extensive clientele base in the market. Besides catering to the local market, the Subject has penetrated into other countries. With the contribution of both local and overseas customers, the Subject is likely to be exposed to lower commercial risk. Hence, we believe that the Subject has better business expansion opportunities in the future. Overall, we regard that the Subject's management capability is average.

Due to the challenging market conditions, the Subject's business performance seems to be deteriorating and losses incurred. 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. The high gearing ratio clearly implied that the Subject was supported by more debt than equity. Nevertheless, given a positive net worth standing at USD 13,703,241, 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 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	2010-12-31	2009-12-31
Months	12	12	12	10
Consolidated Account	Company	Company	Company	Company
Audited Account	YES	YES	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES	YES	YES
Financial Type	FULL	FULL	FULL	FULL
Currency	USD	USD	USD	USD

TURNOVER	1,465,550,031	1,505,517,410	849,919,268	262,648,809
	----------------	----------------	----------------	----------------
Total Turnover	1,465,550,031	1,505,517,410	849,919,268	262,648,809
Costs of Goods Sold	(1,459,026,563)	(1,484,939,706)	-	-
	----------------	----------------	----------------	----------------
Gross Profit	6,523,468	20,577,704	-	-
	----------------	----------------	----------------	----------------

PROFIT/(LOSS) FROM OPERATIONS	(4,517,642)	8,832,211	8,372,431	1,947,046
SHARE OF PROFITS/(LOSSES) OF ASSOCIATED COMPANIES	187,101	-	-	-
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	(4,330,541)	8,832,211	8,372,431	1,947,046
Taxation	615,620	(803,808)	(765,121)	(231,500)
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	(3,714,921)	8,028,403	7,607,310	1,715,546
	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	17,351,259	9,322,856	1,715,546	-
	----------------	----------------	----------------	----------------
As restated	17,351,259	9,322,856	1,715,546	-
	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	13,636,338	17,351,259	9,322,856	1,715,546
	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	13,636,338	17,351,259	9,322,856	1,715,546
	=============	=============	=============	=============

INTEREST EXPENSE (as per notes to P&L)
Others	-	-	68,450	6,105
	----------------	----------------	----------------	----------------
	-	-	68,450	6,105
		=============	=============	=============

BALANCE SHEET

LONG TERM INVESTMENTS/OTHER ASSETS
Associated companies	237,101	-	-	-
	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	237,101	-	-	-

	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	237,101	-	-	-

CURRENT ASSETS
Stocks	7,819,484	12,061,704	4,041,320	7,319,596
Trade debtors	112,961,343	76,017,345	63,523,114	79,106,017
Other debtors, deposits & prepayments	3,683,052	1,486,209	1,418,325	1,266,703
Short term deposits	4,949,163	2,903,184	-	-
Amount due from related companies	314,807	25,445	705,504	7,338,516
Cash & bank balances	723,739	6,976,659	12,217,452	7,209,535
Others	615,101	186,780	-	-
	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	131,066,689	99,657,326	81,905,715	102,240,367
	----------------	----------------	----------------	----------------
TOTAL ASSET	131,303,790	99,657,326	81,905,715	102,240,367
	=============	=============	=============	=============

CURRENT LIABILITIES
Trade creditors	89,937,300	66,667,869	54,892,851	64,310,682
Other creditors & accruals	1,381,660	1,718,561	1,719,634	412,515
Bank overdraft	5,864,653	-	444,253	3,912,027
Short term borrowings/Term loans	10,679,956	4,730,653	9,122,722	4,588,211
Other liabilities & accruals	-	-	30,326	-
Amounts owing to holding company	480,899	879,131	824	90,317
Amounts owing to related companies	1,144,641	2,354,373	428,295	17,337,392
Provision for taxation	-	738,300	753,000	231,500
Other liabilities	8,111,440	5,150,277	5,124,051	9,575,274
	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	117,600,549	82,239,164	72,515,956	100,457,918
	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	13,466,140	17,418,162	9,389,759	1,782,449
	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	13,703,241	17,418,162	9,389,759	1,782,449
	=============	=============	=============	=============

SHARE CAPITAL
Ordinary share capital	66,903	66,903	66,903	66,903
	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	66,903	66,903	66,903	66,903

RESERVES
Retained profit/(loss) carried forward	13,636,338	17,351,259	9,322,856	1,715,546
	----------------	----------------	----------------	----------------
TOTAL RESERVES	13,636,338	17,351,259	9,322,856	1,715,546

	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	13,703,241	17,418,162	9,389,759	1,782,449

	----------------	----------------	----------------	----------------
	13,703,241	17,418,162	9,389,759	1,782,449
	=============	=============	=============	=============

FINANCIAL RATIO

TYPES OF FUNDS
Cash	5,672,902	9,879,843	12,217,452	7,209,535
Net Liquid Funds	(191,751)	9,879,843	11,773,199	3,297,508
Net Liquid Assets	5,646,656	5,356,458	5,348,439	(5,537,147)
Net Current Assets/(Liabilities)	13,466,140	17,418,162	9,389,759	1,782,449
Net Tangible Assets	13,703,241	17,418,162	9,389,759	1,782,449
Net Monetary Assets	5,646,656	5,356,458	5,348,439	(5,537,147)
BALANCE SHEET ITEMS
Total Borrowings	16,544,609	4,730,653	9,566,975	8,500,238
Total Liabilities	117,600,549	82,239,164	72,515,956	100,457,918
Total Assets	131,303,790	99,657,326	81,905,715	102,240,367
Net Assets	13,703,241	17,418,162	9,389,759	1,782,449
Net Assets Backing	13,703,241	17,418,162	9,389,759	1,782,449
Shareholders' Funds	13,703,241	17,418,162	9,389,759	1,782,449
Total Share Capital	66,903	66,903	66,903	66,903
Total Reserves	13,636,338	17,351,259	9,322,856	1,715,546
LIQUIDITY (Times)
Cash Ratio	0.05	0.12	0.17	0.07
Liquid Ratio	1.05	1.07	1.07	0.94
Current Ratio	1.11	1.21	1.13	1.02
WORKING CAPITAL CONTROL (Days)
Stock Ratio	2	3	2	10
Debtors Ratio	28	18	27	110
Creditors Ratio	22	16	24	89
SOLVENCY RATIOS (Times)
Gearing Ratio	1.21	0.27	1.02	4.77
Liabilities Ratio	8.58	4.72	7.72	56.36
Times Interest Earned Ratio	0.00	0.00	123.31	319.93
Assets Backing Ratio	204.82	260.35	140.35	26.64
PERFORMANCE RATIO (%)
Operating Profit Margin	(0.30)	0.59	0.99	0.74
Net Profit Margin	(0.25)	0.53	0.90	0.65
Return On Net Assets	(31.60)	50.71	89.89	109.58
Return On Capital Employed	(22.13)	50.71	85.83	34.30
Return On Shareholders' Funds/Equity	(27.11)	46.09	81.02	96.25
Dividend Pay Out Ratio (Times)	0.00	0.00	0.00	0.00
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.85
UK Pound	1	Rs.102.69
Euro	1	Rs.81.46

INFORMATION DETAILS

Report Prepared by :

TPT

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%)

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