MIRA INFORM REPORT

Report Date :

10.12.2014

IDENTIFICATION DETAILS

Name :	SYNERGY TRADE AND FINANCE PTE. LTD.
Registered Office :	1, Amber Road, 17-03, Amber Point, 439845
Country :	Singapore
Financials (as on) :	31.12.2012
Date of Incorporation :	09.07.2004
Com. Reg. No.:	200408590-K
Legal Form :	Private Limited
Line of Business :	Distribution of construction or mining cranes
No of Employees :	5 [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 :	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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
Singapore	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate 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 0.6% 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.

:

200408590-K

COMPANY NAME

:

SYNERGY TRADE AND FINANCE PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

09/07/2004

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

1, AMBER ROAD, 17-03, AMBER POINT, 439845, SINGAPORE.

BUSINESS ADDRESS

:

1 AMBER ROAD #17-03 AMBER POINT, 439845, SINGAPORE.

TEL.NO.

:

65-62271918

FAX.NO.

:

65-63458257

CONTACT PERSON

:

SEETHARAMAN CHANDRASEKARAN ( DIRECTOR )

PRINCIPAL ACTIVITY

:

DISTRIBUTION OF CONSTRUCTION OR MINING CRANES

ISSUED AND PAID UP CAPITAL

:

2,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 2,000,000.00

SALES

:

SGD 91,935,186 [2012]

NET WORTH

:

SGD 2,754,989 [2012]

STAFF STRENGTH

:

5 [2014]

BANKER (S)

:

UNITED OVERSEAS BANK LIMITED

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

LIMITED

PAYMENT

:

GOOD

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

N/A

CURRENCY EXPOSURE

:

N/A

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) distribution of construction or mining cranes.

Share Capital History

Date	Issue & Paid Up Capital
09/12/2014	SGD 2,000,000.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
CARMANE INTERNATIONAL LIMITED	PESEA ESTATE, ROAD TOWN, TORTOLA, BRITISH VIRGIN ISLANDS, VIRGIN ISLANDS, BRITISH.	T05UF1379	1,500,000.00	75.00
CIS AGRIFERTS PTE LTD	1, AMBER ROAD, 17-03, AMBER POINT, 439845, SINGAPORE.	200006123H	500,000.00	25.00
			---------------	------
			2,000,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	MR. BHARAT MEKANI
Address	:	1, AMBER ROAD, 17-03, AMBER POINT, 439845, SINGAPORE.
IC / PP No	:	S2617111C
Nationality	:	SINGAPOREAN
Date of Appointment	:	09/07/2004

DIRECTOR 2

Name Of Subject	:	KIRTIDA MEKANI
Address	:	1, AMBER ROAD, 17-03, AMBER POINT, 439845, SINGAPORE.
IC / PP No	:	S2617112A
Nationality	:	SINGAPOREAN
Date of Appointment	:	10/09/2004

DIRECTOR 3

Name Of Subject	:	PARAM AJAY MEHTA
Address	:	KEJRIWAL HOUSE, 7, N.GAMADIA ROAD, MUMBAI, 400 026, M S, INDIA.
IC / PP No	:	F6350111
Nationality	:	INDIAN
Date of Appointment	:	22/06/2009

DIRECTOR 4

Name Of Subject	:	SEETHARAMAN CHANDRASEKARAN
Address	:	C-6/11, DEEPAK COMPLEX, NATIONAL GAMES MARG, YERAWADA, PUNE- M.S., 411006, INDIA.
IC / PP No	:	E3287671
Nationality	:	INDIAN
Date of Appointment	:	09/07/2004

MANAGEMENT

1)	Name of Subject	:	SEETHARAMAN CHANDRASEKARAN
	Position	:	DIRECTOR

AUDITOR

Auditor	:	T RAVI & CO.
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	MR. BHARAT MEKANI
	IC / PP No	:	S2617111C
	Address	:	1, AMBER ROAD, 17-03, AMBER POINT, 439845, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

UNITED OVERSEAS BANK LIMITED

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C200807755	20/08/2008	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C200807758	20/08/2008	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C200808875	23/09/2008	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C200808876	23/09/2008	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C200809353	10/10/2008	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C200809354	10/10/2008	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C200901241	24/02/2009	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C200901244	24/02/2009	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C201003217	16/04/2010	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C201213914	29/11/2012	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C201314292	23/10/2013	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C201411856	28/10/2014	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C201411893	29/10/2014	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied

LITIGATION 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	:	N/A
Overseas	:	N/A

The Subject refused to disclose its suppliers.

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	:	N/A
Overseas	:	N/A

The Subject refused to disclose its clientele.

OPERATIONS

Goods Traded

:

CONSTRUCTION OR MINING CRANES

Total Number of Employees:
YEAR	2014
GROUP	N/A
COMPANY	5

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) distribution of construction or mining cranes.

The Subject refused to disclose its operation.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-62271918
Match	:	N/A
Address Provided by Client	:	1 AMBER ROAD 17-03 AMBER POINT,439845 SINGAPORE
Current Address	:	1 AMBER ROAD #17-03 AMBER POINT, 439845, SINGAPORE.
Match	:	YES

Other Investigations

We contacted one of the staff from the Subject and she provided limited information.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	15.96%	]
Profit/(Loss) Before Tax	:	Increased	[	95.38%	]
Return on Shareholder Funds	:	Acceptable	[	11.15%	]
Return on Net Assets	:	Acceptable	[	10.35%	]
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	:	Favourable	[	38 Days	]
Creditors Ratio	:	Favourable	[	6 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	[	2.11 Times	]
Gearing Ratio	:	Unfavourable	[	3.72 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 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 :
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. 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'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 :	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)

INDUSTRY ANALYSIS

INDUSTRY :	TRADING
The wholesale and retail trade sectors have expanded by 2.0% in the third quarter of 2014, extending the 1.8 per cent growth in the previous quarter. In 2013, the wholesale and retail sector expanded by 5.0%, after declining by 1.4% the year before. Growth of the sector was driven by the wholesale trade segment.
The domestic wholesale trade index has increased by 3.2% in the fourth quarter of 2013, moderating from the 6.6% growth in the previous quarter. The slower growth was due to a decline in the sales of furniture and household equipment (-12%) and petroleum and petroleum products (-0.6%). For the full year, the domestic wholesale trade index grew by 5.2% reversing the 2.2% decline in 2012. On the other hand, the foreign wholesale trade index has increased by a slower pace of 5.6% in the fourth quarter, compared to the 7.7% expansion in the preceding quarter. The slowdown was due to a fall in the sales of telecommunication equipment and computer (-3.8%) and petroleum and petroleum products (-2.5%). For the full year, the growth of the foreign wholesale trade index moderated slightly to 8.6% from 9.1% in the previous year.
In the fourth quarter of 2013, retail sales volume fell by 6.2%, extending the 5.6% decline in the previous quarter. Excluding motor vehicles, retail sales volume increased by 0.4%, a slower pace of expansion as compared to the 1.6% gain in the preceding quarter. The sales volume of motor vehicles fell by 33% in the fourth quarter of 2013, extending the 32% decline in the previous quarter. Meanwhile, the sales of several discretionary items also fell in the fourth quarter of 2013. For instance, the sales of telecommunications apparatus and computers fell by 12%, while the sales of furniture and household equipment declined by 5.4%.
For the full year, retail sales volume contracted by 4.3%, a reversal from the 1.3% expansion in 2012. Excluding motor vehicle sales, the retail sales volume grew by 1.1% in 2013, slower than the 1.7% increase in 2012. Watches and jewellery recorded the largest increase (11%) in sales in 2013, followed by optical goods and book (3%) and medical goods and toiletries (3%). By contrast, the sales of telecommunications apparatus and computer (-7.3%), furniture and household equipment (-4.2%) and petrol service stations (-1.4) declined in 2013.
OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 2004, the Subject is a Private Limited company, focusing on distribution of construction or mining cranes. 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. With an issued and paid up capital of SGD 2,000,000 and strong backing from its shareholders, the Subject has the ability to further expand its business in the future compared to other corporation.

Being a small company, the Subject's business operation is supported by 5 employees. 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. The high gearing ratio clearly implied that the Subject was supported by more debt than equity. Thus, the Subject is exposed to high financial risk. Given a positive net worth standing at SGD 2,754,989, 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 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.

SYNERGY TRADE AND FINANCE 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	91,935,186	79,282,905
Other Income	233,426	232,504
	----------------	----------------
Total Turnover	92,168,612	79,515,409
	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	337,361	172,665
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	337,361	172,665
Taxation	(30,073)	(16,486)
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	307,288	156,179
	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	1,447,701	1,291,522
	----------------	----------------
As restated	1,447,701	1,291,522
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	1,754,989	1,447,701
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	1,754,989	1,447,701
	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Others	303,510	237,003
	----------------	----------------
	303,510	237,003
	=============	=============

BALANCE SHEET

SYNERGY TRADE AND FINANCE PTE. LTD.

Investment properties	4,991,812	4,991,812
	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	4,991,812	4,991,812
Others	434,130	467,525
	----------------	----------------
TOTAL INTANGIBLE ASSETS	434,130	467,525
	----------------	----------------
TOTAL LONG TERM ASSETS	5,425,942	5,459,337
Trade debtors	9,683,408	10,315,629
Other debtors, deposits & prepayments	313,601	91,918
Short term deposits	478,869	478,869
Cash & bank balances	689,201	77,256
	----------------	----------------
TOTAL CURRENT ASSETS	11,165,079	10,963,672
	----------------	----------------
TOTAL ASSET	16,591,021	16,423,009
	=============	=============
CURRENT LIABILITIES
Trade creditors	1,604,168	3,420,721
Other creditors & accruals	179,220	74,334
Short term borrowings/Term loans	138,463	138,463
Other borrowings	6,675,342	4,986,560
Amounts owing to director	76,921	48,474
Provision for taxation	25,461	23,174
Other liabilities	1,698,553	1,700,995
	----------------	----------------
TOTAL CURRENT LIABILITIES	10,398,128	10,392,721
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	766,951	570,951
	----------------	----------------
TOTAL NET ASSETS	6,192,893	6,030,288
	=============	=============
SHARE CAPITAL
Ordinary share capital	1,000,000	1,000,000
	----------------	----------------
TOTAL SHARE CAPITAL	1,000,000	1,000,000
Retained profit/(loss) carried forward	1,754,989	1,447,701
	----------------	----------------
TOTAL RESERVES	1,754,989	1,447,701
	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	2,754,989	2,447,701
Long term loans	3,437,904	3,582,587
	----------------	----------------
TOTAL LONG TERM LIABILITIES	3,437,904	3,582,587
	----------------	----------------
	6,192,893	6,030,288
	=============	=============

FINANCIAL RATIO

SYNERGY TRADE AND FINANCE PTE. LTD.

TYPES OF FUNDS
Cash	1,168,070	556,125
Net Liquid Funds	1,168,070	556,125
Net Liquid Assets	766,951	570,951
Net Current Assets/(Liabilities)	766,951	570,951
Net Tangible Assets	5,758,763	5,562,763
Net Monetary Assets	(2,670,953)	(3,011,636)
BALANCE SHEET ITEMS
Total Borrowings	10,251,709	8,707,610
Total Liabilities	13,836,032	13,975,308
Total Assets	16,591,021	16,423,009
Net Assets	6,192,893	6,030,288
Net Assets Backing	2,754,989	2,447,701
Shareholders' Funds	2,754,989	2,447,701
Total Share Capital	1,000,000	1,000,000
Total Reserves	1,754,989	1,447,701
LIQUIDITY (Times)
Cash Ratio	0.11	0.05
Liquid Ratio	1.07	1.05
Current Ratio	1.07	1.05
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0
Debtors Ratio	38	47
Creditors Ratio	6	16
SOLVENCY RATIOS (Times)
Gearing Ratio	3.72	3.56
Liabilities Ratio	5.02	5.71
Times Interest Earned Ratio	2.11	1.73
Assets Backing Ratio	5.76	5.56
PERFORMANCE RATIO (%)
Operating Profit Margin	0.37	0.22
Net Profit Margin	0.33	0.20
Return On Net Assets	10.35	6.79
Return On Capital Employed	9.67	6.30
Return On Shareholders' Funds/Equity	11.15	6.38
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. 61.87
UK Pound	1	Rs. 96.90
Euro	1	Rs. 76.29

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	DPT

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.