MIRA INFORM REPORT

Report Date :

31.08.2014

IDENTIFICATION DETAILS

Name :	AGILITY SHIPPING PTE. LTD.
Formerly Known As :	SYNERGY SHIPPING PTE LTD (11/09/2009)
Registered Office :	5, Changi North Way, 498771
Country :	Singapore
Financials (as on) :	31.12.2012
Date of Incorporation :	02.04.2001
Com. Reg. No.:	200102186-R
Legal Form :	Private Limited
Line of Business :	Subject engaged in the (as a / as an) shipping.
No. of Employees	60

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 :	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	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 0.6% in 2009 as a result of the global financial crisis, but rebounded 15.1% 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.	:	200102186-R
COMPANY NAME	:	AGILITY SHIPPING PTE. LTD.
FORMER NAME	:	SYNERGY SHIPPING PTE LTD (11/09/2009)
INCORPORATION DATE	:	02/04/2001
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	5, CHANGI NORTH WAY, 498771, SINGAPORE.
BUSINESS ADDRESS	:	5 CHANGI NORTHWAY LINE LEVEL 5, 498771, SINGAPORE.
TEL.NO.	:	65-65000679
FAX.NO.	:	65-62149934
WEB SITE	:	WWW.AGILITY.COM
CONTACT PERSON	:	SU MAY ( STAFF )
PRINCIPAL ACTIVITY	:	SHIPPING
ISSUED AND PAID UP CAPITAL	:	500,000.00 ORDINARY SHARE, OF A VALUE OF SGD 500,000.00
SALES	:	SGD 12,558,897 [2012]
NET WORTH	:	SGD 8,106,259 [2012]
STAFF STRENGTH	:	60 [2014]
LITIGATION	:	TRACED
FINANCIAL CONDITION	:	STRONG
PAYMENT	:	GOOD
MANAGEMENT CAPABILITY	:	AVERAGE
COMMERCIAL RISK	:	LOW
CURRENCY EXPOSURE	:	MODERATE
GENERAL REPUTATION	:	SATISFACTORY
INDUSTRY OUTLOOK	:	MARGINAL 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) shipping.

The immediate holding company of the Subject is AGILITY LOGISTICS HOLDINGS PTE. LTD., a company incorporated in SINGAPORE.

The ultimate holding company of the Subject is AGILITY PUBLIC WAREHOUSING COMPANY K.S.C, a company incorporated in KUWAIT.

Share Capital History

Date	Issue & Paid Up Capital
27/08/2014	SGD 500,000.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
AGILITY LOGISTICS HOLDINGS PTE. LTD.	7, TOH TUCK LINK, 596227, SINGAPORE.	200501226M	500,000.00	100.00
			---------------	------
			500,000.00	100.00
			============	=====

+ Also Director

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

Local No	Country	Company	(%)	As At
	INDONESIA	PT SYNERGY INDONESIA	95.00	31/12/2012

DIRECTORS

DIRECTOR 1

Name Of Subject	:	JAMES ROBERT HILL
Address	:	6, CUSCADEN WALK, 23-01, THE BOULEVARD RESIDENCE, 249691, SINGAPORE.
IC / PP No	:	G5134930Q
Nationality	:	NEW ZEALANDER
Date of Appointment	:	19/10/2010

DIRECTOR 2

Name Of Subject	:	JOSEPH JOSEPH OOI YEW CHIN
Address	:	10A, LEITH PARK, LE ROYCE @ LEITH PARK, 547962, SINGAPORE.
IC / PP No	:	S1542365Z
Nationality	:	SINGAPOREAN
Date of Appointment	:	07/04/2001

MANAGEMENT

1)	Name of Subject	:	SU MAY
	Position	:	STAFF

AUDITOR

Auditor	:	HLB ATREDE LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	NG CHEE TIONG
	IC / PP No	:	S1481834J
	Address	:	1, WEST COAST WALK, 06-04, THE PARC CONDOMINIUM, 127158, SINGAPORE.

BANKING

No Banker found in our databank.

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C200402991	22/06/2004	N/A	MALAYAN BANKING BERHAD	-	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.

LEGAL ACTION
Code No	:	99	Case No	:	4501
Year	:	2005	Place	:	SINGAPORE
Court	:	DISTRICT COURT
Date Filed	:	20/12/2005
Solicitor	:	YOGARAJAH YOGA SHARMINI
Solicitor Ref	:	YSY/46231/2005/NN
Solicitor Firm	:	HARIDASS HO & PARTNERS
Plaintiff	:	SANIPAK SHIPPING PTE LTD
Defendants	:	AGILITY SHIPPING PTE. LTD. (200102186)
Amount Claimed	:	84000
Nature of Claim	:	USD
Remark	:	CONTRACT - OTHERS

NOTE:

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

No winding up petition was found in our databank

PAYMENT RECORD

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

The Subject is a service provider.

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	[	X	]	Average 61-90 Days	[	]
Fair 91-120 Days	[	]	Poor >120 Days	[		]

CLIENTELE

Local	:	YES
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	WORLDWIDE
Credit Term	:	N/A
Payment Mode	:	CHEQUES

OPERATIONS

Services

:

SHIPPING

Total Number of Employees:
YEAR	2014
GROUP	N/A
COMPANY	60

Branch

:

NO

Other Information:

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

The Subject is engaged in the Container Shipping, Freight Forwarding, Shipping and others.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	65-65000679
Current Telephone Number	:	65-65000679
Match	:	YES
Address Provided by Client	:	5 CHANGI NORTHWAY LINE LEVEL 5 SINGAPORE 498771
Current Address	:	5 CHANGI NORTHWAY LINE LEVEL 5, 498771, SINGAPORE.
Match	:	YES

Other Investigations

On 26th August 2014 we contacted one of the staff from the Subject and she provided some information.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	20.73%	]
Profit/(Loss) Before Tax	:	Increased	[	331.55%	]
Return on Shareholder Funds	:	Acceptable	[	18.41%	]
Return on Net Assets	:	Acceptable	[	17.46%	]
The higher turnover could be attributed to the favourable market condition and the Subject could be gaining the market share progressively.The higher profit could be attributed to the increase in turnover. The Subject's management had generated acceptable return for its shareholders using its assets.
Working Capital Control
Stock Ratio	:	Nil	[	0 Days	]
Debtor Ratio	:	Unfavourable	[	80 Days	]
Creditors Ratio	:	Favourable	[	32 Days	]
As the Subject is a service oriented company, the Subject does not need to keep stocks. The high debtors' ratio could indicate that the Subject was weak in its credit control. However, the Subject could also giving longer credit periods to its customers in order to boost its sales or to capture / retain its market share. 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	[	1.69 Times	]
Current Ratio	:	Unfavourable	[	1.69 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	:	Favourable	[	138.45 Times	]
Gearing Ratio	:	Favourable	[	0.00 Times	]
The interest cover showed that the Subject was able to service the interest. The favourable interest cover could indicate that the Subject was making enough profit to pay for the interest accrued. 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. With the favourable interest cover, the Subject could be able to service all the accrued interest without facing any difficulties. 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 : STRONG

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	2009	2010	2011	2012	2013
Population (Million)	4.98	5.08	5.18	5.31	5.40
Gross Domestic Products ( % )	(0.8)	14.5	4.9	1.3	3.7
Consumer Price Index	0.6	2.8	5.2	4.6	2.4
Total Imports (Million)	356,299.3	423,221.8	459,655.1	474,554.0	466,762.0
Total Exports (Million)	391,118.1	478,840.7	514,741.2	510,329.0	513,391.0
Unemployment Rate (%)	3.2	2.2	2.1	2.0	1.9
Tourist Arrival (Million)	9.68	11.64	13.17	14.49	15.46
Hotel Occupancy Rate (%)	75.8	85.6	86.5	86.4	86.3
Cellular Phone Subscriber (Million)	1.37	1.43	1.50	1.52	1.97
Registration of New Companies (No.)	26,414	29,798	32,317	31,892	37,288
Registration of New Companies (%)	4.3	12.8	8.5	(1.3)	9.8
Liquidation of Companies (No.)	22,393	15,126	19,005	17,218	17,369
Liquidation of Companies (%)	113.4	(32.5)	25.6	9.4	(5.3)
Registration of New Businesses (No.)	26,876	23,978	23,494	24,788	22,893
Registration of New Businesses (%)	8.15	(10.78)	2.02	5.51	1.70
Liquidation of Businesses (No.)	23,552	24,211	23,005	22,489	22,598
Liquidation of Businesses (%)	11.4	2.8	(5)	(2.2)	0.5
Bankruptcy Orders (No.)	2,058	1,537	1,527	1,748	1,992
Bankruptcy Orders (%)	(11.5)	(25.3)	(0.7)	14.5	14.0
Bankruptcy Discharges (No.)	3,056	2,252	1,391	1,881	2,584
Bankruptcy Discharges (%)	103.7	(26.3)	(38.2)	35.2	37.4
INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	3.25	(0.48)	4.25	3.64	-
Fish Supply & Wholesale	(1.93)	(10.5)	12.10	(0.5)	-
Manufacturing *	71.5	92.8	100.0	100.3	102.0
Food, Beverages & Tobacco	90.4	96.4	100.0	103.5	103.5
Textiles	145.9	122.1	100.0	104.0	87.1
Wearing Apparel	211.0	123.3	100.0	92.1	77.8
Leather Products & Footwear	79.5	81.8	100.0	98.6	109.8
Wood & Wood Products	101.4	104.0	100.0	95.5	107.4
Paper & Paper Products	95.4	106.1	100.0	97.4	103.2
Printing & Media	100.9	103.5	100.0	93.0	86.1
Crude Oil Refineries	96.4	95.6	100.0	99.4	93.5
Chemical & Chemical Products	80.3	97.6	100.0	100.5	104.1
Pharmaceutical Products	49.1	75.3	100.0	109.7	107.2
Rubber & Plastic Products	101.2	112.3	100.0	96.5	92.9
Non-metallic Mineral	91.9	92.5	100.0	98.2	97.6
Basic Metals	92.6	102.2	100.0	90.6	76.5
Fabricated Metal Products	90.8	103.6	100.0	104.3	105.1
Machinery & Equipment	57.3	78.5	100.0	112.9	114.5
Electrical Machinery	86.8	124.1	100.0	99.3	108.5
Electronic Components	85.2	113.6	100.0	90.6	94.3
Transport Equipment	96.0	94.0	100.0	106.3	107.5
Construction	(36.9)	14.20	20.50	28.70	-
Real Estate	1.4	21.3	25.4	31.9	-
Services
Electricity, Gas & Water	1.70	4.00	7.00	6.30	-
Transport, Storage & Communication	3.90	12.80	7.40	5.30	-
Finance & Insurance	(16.4)	(0.4)	8.90	0.50	-
Government Services	4.50	9.70	6.90	6.00	-
Education Services	0.10	(0.9)	(1.4)	0.30	-
* Based on Index of Industrial Production (2011 = 100)
(Source : Department of Statistics)

INDUSTRY ANALYSIS

INDUSTRY :	ECONOMY
According to Ministry of Trade and Industry (MTI), the Singapore economy is expected to grow by 1.0 to 3.0% in 2013 as growth in the global economy is likely to remain subdued despite macroeconomic conditions stablising in recent months of 2013.
However, the global economic outlook is still clouded with uncertainties. Notably, concerns remain over the extent of the fiscal cutback with the budget sequester in the US and potential flareup of the debt crisis in the Eurozone. Should any of these risks materialise, Singapore's economic growth could come in lower than expected.
Although resilient domestic demand in emerging Asia will provide some support to global demand, it will not fully mitigate the effects of an economic slowdown in the advanced economies. Consequently, Singapore's externally-oriented sectors such as electronics and wholesale trade will continue to perform poorly, while the financial services sector will be affected by heightened uncertainties in the external environment. Nevertheless, there will be some modest support to growth from the biomedical manufacturing cluster and tourism-related sectors. The former will likely see increased production of active pharmaceutical ingredients and biologics while the latter will benefit from rising visitor arrivals from the region.
For the whole of 2012, Singapore's GDP growth slowed to 1.3%, from 5.2% in 2011, mainly due to weakness in the externally-oriented sectors. Manufacturing sector growth slowed sharply from 7.8% in the year 2011 to 0.1%. The hudge decline was largely due to a rebound in the output of the biomedical manufacturing and transport engineering clusters, which together helped to mitigate part of the fall in output in the electronics cluster. By contrast, the construction sector growth accelerated from 6.3% to 8.2% in 2012, due to the expansion in both public and private building activities.
Growth in the services producing industries also moderated to 1.2% in 2012, compared to 4.6% in 2011. This was mainly due to the slowdown in wholesale and retail trade, accommodation and food services as well as other services industries. In particular, the wholesale and retail trade sector contracted by 0.7%, compared to the 1.6% growth in year 2011. The accommodation and food services as well as other services industries posted lower gains of 2.8% and 0.1% respectively, compared to 8.2% and 6.3% in 2011.
For the whole of 2012, all sectors, except the wholesale and retail trade, contributed to growth. Business services was the largest contributor with 0.4 percentage-points, followed by construction with 0.3 percentage-points and transportation and storage at 0.2 percentagepoints. Besides, growth in total demand moderated to 2.4%, compared to 4.2% in 2011. Domestic demand was the key contributor to total demand growth, accounting for 2.2 percentage-points, or over 90 per cent, of the increase.
In 2012, total domestic demand rose by 9.7%, following the 6.5% increase in 2011. The growth in total domestic demand was broad-based across consumption, gross fixed capital formation (GFCF) and changes in inventories. The total consumption expenditure in 2012 grew slightly by 0.9%, easing from the 3.7% growth in 2011. Public consumption expenditure fell by 3.6%, reversing the 0.5% growth in 2011. Private consumption expenditure registered a 2.2% gain, moderating from the 4.6% increase in the preceding year.
Overall, the Singapore economy is expected to grow by 1.0 to 3.0% in 2013.
OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 2001, the Subject is a Private Limited company, focusing on shipping. 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 holding company has enabled the Subject to remain competitive despite the challenging business environment.

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. Being a moderate size company, the Subject has a total workforce of 60 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. Return on shareholders' funds of the Subject was at an acceptable range which indicated that the management was efficient in utilising its funds to generate income. 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 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 8,106,259, 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.

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

The industry has reached its maturity stage and only enjoying a marginal growth. The steady growth of the country's economy will further enhance the industry activities. Thus, the Subject's future performance is very much depend on its marketing strategies in order to retain its position 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.

AGILITY SHIPPING 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	12,558,897	10,402,632
	----------------	----------------
Total Turnover	12,558,897	10,402,632
	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	1,431,974	331,823
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	1,431,974	331,823
Taxation	60,129	(64,833)
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	1,492,103	266,990
	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	6,114,156	5,847,166
	----------------	----------------
As restated	6,114,156	5,847,166
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	7,606,259	6,114,156
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	7,606,259	6,114,156
	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Lease interest	2,790	2,790
Others	7,628	12,799
	----------------	----------------
	10,418	15,589
	=============	=============

BALANCE SHEET

AGILITY SHIPPING PTE. LTD.

ASSETS EMPLOYED:
FIXED ASSETS	2,779,819	2,461,310
LONG TERM INVESTMENTS/OTHER ASSETS
Subsidiary companies	1,464,760	1,464,760
	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	1,464,760	1,464,760
	----------------	----------------
TOTAL LONG TERM ASSETS	4,244,579	3,926,070
Trade debtors	2,735,545	1,913,185
Other debtors, deposits & prepayments	186,114	110,235
Amount due from holding company	1,634,437	1,700,000
Amount due from subsidiary companies	246,956	16,653
Amount due from related companies	4,096,782	1,091,403
Cash & bank balances	959,280	875,391
	----------------	----------------
TOTAL CURRENT ASSETS	9,859,114	5,706,867
	----------------	----------------
TOTAL ASSET	14,103,693	9,632,937
	=============	=============
CURRENT LIABILITIES
Trade creditors	1,097,080	192,010
Other creditors & accruals	219,212	251,812
Hire purchase & lease creditors	2,719	16,623
Amounts owing to subsidiary companies	945,776	1,063,809
Amounts owing to related companies	3,361,196	700,991
Provision for taxation	-	86,720
Other liabilities	216,610	288,814
	----------------	----------------
TOTAL CURRENT LIABILITIES	5,842,593	2,600,779
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	4,016,521	3,106,088
	----------------	----------------
TOTAL NET ASSETS	8,261,100	7,032,158
	=============	=============
SHARE CAPITAL
Ordinary share capital	500,000	500,000
	----------------	----------------
TOTAL SHARE CAPITAL	500,000	500,000
Retained profit/(loss) carried forward	7,606,259	6,114,156
	----------------	----------------
TOTAL RESERVES	7,606,259	6,114,156
	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	8,106,259	6,614,156
Lease obligations	-	2,411
Deferred taxation	154,841	198,981
Others	-	216,610
	----------------	----------------
TOTAL LONG TERM LIABILITIES	154,841	418,002
	----------------	----------------
	8,261,100	7,032,158
	=============	=============

FINANCIAL RATIO

AGILITY SHIPPING PTE. LTD.

TYPES OF FUNDS
Cash	959,280	875,391
Net Liquid Funds	959,280	875,391
Net Liquid Assets	4,016,521	3,106,088
Net Current Assets/(Liabilities)	4,016,521	3,106,088
Net Tangible Assets	8,261,100	7,032,158
Net Monetary Assets	3,861,680	2,688,086
BALANCE SHEET ITEMS
Total Borrowings	2,719	19,034
Total Liabilities	5,997,434	3,018,781
Total Assets	14,103,693	9,632,937
Net Assets	8,261,100	7,032,158
Net Assets Backing	8,106,259	6,614,156
Shareholders' Funds	8,106,259	6,614,156
Total Share Capital	500,000	500,000
Total Reserves	7,606,259	6,114,156
LIQUIDITY (Times)
Cash Ratio	0.16	0.34
Liquid Ratio	1.69	2.19
Current Ratio	1.69	2.19
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0
Debtors Ratio	80	67
Creditors Ratio	32	7
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00
Liabilities Ratio	0.74	0.46
Times Interest Earned Ratio	138.45	22.29
Assets Backing Ratio	16.52	14.06
PERFORMANCE RATIO (%)
Operating Profit Margin	11.40	3.19
Net Profit Margin	11.88	2.57
Return On Net Assets	17.46	4.94
Return On Capital Employed	17.45	4.93
Return On Shareholders' Funds/Equity	18.41	4.04
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.60.48
UK Pound	1	Rs.100.35
Euro	1	Rs.79.86

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	SDA

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.