MIRA INFORM REPORT

Report Date :

17.12.2014

IDENTIFICATION DETAILS

Name :	RAFFLES LEASE PTE. LTD.
Registered Office :	8, Cross Street, 25-03, PWC Building, 048424
Country :	Singapore
Financials (as on) :	31.12.2013
Date of Incorporation :	06.11.2006
Com. Reg. No.:	200616493-C
Legal Form :	Private Limited
Line of Business :	Trading of Container
No of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B

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

Status :	Moderate
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	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.	:	200616493-C
COMPANY NAME	:	RAFFLES LEASE PTE. LTD.
FORMER NAME	:	N/A
INCORPORATION DATE	:	06/11/2006
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	8, CROSS STREET, 25-03, PWC BUILDING, 048424, SINGAPORE.
BUSINESS ADDRESS	:	8 CROSS STREET #25-03 PWC BUILDING, 048424, SINGAPORE.
TEL.NO.	:	65-66039100
FAX.NO.	:	65-66039104
CONTACT PERSON	:	DANNY WONG ( PRESIDENT )
PRINCIPAL ACTIVITY	:	TRADING OF CONTAINER
ISSUED AND PAID UP CAPITAL	:	1.00 ORDINARY SHARE, OF A VALUE OF SGD 1.00  9,600,000.00 ORDINARY SHARE, OF A VALUE OF USD 9,600,000.00
SALES	:	SGD 2,186,896 [2013]
NET WORTH	:	SGD 5,695,828 [2013]
STAFF STRENGTH	:	N/A
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	LIMITED
PAYMENT	:	POOR
MANAGEMENT CAPABILITY	:	AVERAGE
COMMERCIAL RISK	:	MODERATE
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 container.

Share Capital History

Date	Issue & Paid Up Capital
17/12/2014	SGD 9,600,001.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
BUSS GLOBAL HOLDINGS PTE. LTD.	8, CROSS STREET, 25-03, PWC BUILDING, 048424, SINGAPORE.	201130802Z	9,600,001.00	100.00
			---------------	------
			9,600,001.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	WONG CHIT KWONG
Address	:	19, HOLLAND GROVE DRIVE, HOLLAND GROVE PARK, 278866, SINGAPORE.
IC / PP No	:	S1347539C
Nationality	:	SINGAPOREAN
Date of Appointment	:	06/11/2006

DIRECTOR 2

Name Of Subject	:	MOGENS GERALD HANSEN
Address	:	11, BALMEG HILL, 05-17, PEAK BALMEG, 119916, SINGAPORE.
IC / PP No	:	S2765809A
Nationality	:	SINGAPOREAN
Date of Appointment	:	30/05/2012

MANAGEMENT

1)	Name of Subject	:	DANNY WONG
	Position	:	PRESIDENT

AUDITOR

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

COMPANY SECRETARIES

1)	Company Secretary	:	GAN SENG KWEE
	IC / PP No	:	S7276865E /01469
	Address	:	723, YISHUN STREET, 71, 12-165, 760723, SINGAPORE.

BANKING

No Banker found in our databank. 

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C200807839	21/08/2008	N/A	IMMOCONSULT ASSET LEASING GMBH	-	Unsatisfied
C200807840	21/08/2008	N/A	IMMOCONSULT ASSET LEASING GMBH	-	Unsatisfied
C201112322	03/10/2011	N/A	IMMOCONSULT ASSET LEASING GMBH	-	Unsatisfied
C201112334	03/10/2011	N/A	IMMOCONSULT ASSET LEASING GMBH	-	Unsatisfied

LITIGATION 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	:	N/A
Overseas	:	N/A

The Subject refused to disclose it's 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	[		]	Average 61-90 Days	[	]
Fair 91-120 Days	[	]	Poor >120 Days	[	X	]

CLIENTELE

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

OPERATIONS

Goods Traded

:

CONTAINER

Branch

:

NO

Other Information:

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

Established in 2006, Raffles manages and offers for lease worldwide a wide range of containers on behalf of various asset owners

As a subsidiary of Buss Capital, and with experienced management and a first-class asset management program, Raffles enjoys access to capital and funding for the purchase and leasing of container assets. 

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-66039100
Match	:	N/A
Address Provided by Client	:	8 CROSS STREET, #25-03 PWC BUILDING SINGAPORE 048424
Current Address	:	8 CROSS STREET #25-03 PWC BUILDING, 048424, SINGAPORE.
Match	:	YES

Other Investigations

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

The Subject refused to disclose it's bankers and number of employees

FINANCIAL ANALYSIS

Profitability
Turnover	:	Decreased	[	46.19%	]
Profit/(Loss) Before Tax	:	Decreased	[	(76.31%)	]
Return on Shareholder Funds	:	Unfavourable	[	2.97%	]
Return on Net Assets	:	Unfavourable	[	(15.83%)	]
The shrinking turnover could be the result of more entrants into the market which eroded the Subject's market share.The Subject could be more efficient in controlling its operating costs and had managed to reduce its losses during the year. The unfavourable return on shareholders' funds could indicate that the Subject was inefficient in utilising its assets to generate returns.
Working Capital Control
Stock Ratio	:	Nil	[	0 Days	]
Debtor Ratio	:	Unfavourable	[	153 Days	]
Creditors Ratio	:	Unfavourable	[	266 Days	]
As the Subject is a service oriented company, the Subject does not need to keep stocks. The Subject's debtors ratio was high. The Subject should tighten its credit control and improve its collection period. The unfavourable creditors' ratio could be due to the Subject taking advantage of the credit granted by its suppliers. However this may affect the goodwill between the Subject and its suppliers and the Subject may inadvertently have to pay more for its future supplies.
Liquidity
Liquid Ratio	:	Unfavourable	[	0.68 Times	]
Current Ratio	:	Unfavourable	[	0.68 Times	]
A low liquid ratio means that the Subject may be facing working capital deficiency. If the Subject cannot obtain additional financing or injection of fresh capital, it may face difficulties in meeting its short term obligations.
Solvency
Interest Cover	:	Nil	[	0.00 Times	]
Gearing Ratio	:	Favourable	[	0.00 Times	]
The Subject's interest cover was nil as it did not pay any interest during the year. The Subject had no gearing and hence it had virtually no financial risk. The Subject was financed by its shareholders' funds and internally generated fund. During the economic downturn, the Subject, having a zero gearing, will be able to compete better than those which are highly geared in the same industry.
Overall Assessment :
Although the Subject's turnover decreased, its losses also decreased during the year. This could be the result of more efficient control in its operating costs. Due to its weak liquidity position, the Subject will be faced with problems in meeting all its short term obligations if no short term loan is obtained or additional capital injected into the Subject. The Subject did not make any interest payment during the year. The Subject was dependent on its shareholders' funds to finance its business needs. The Subject was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The Subject has good chance of getting loans, if the needs arises.
Overall financial condition of the Subject : 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 2006, the Subject is a Private Limited company, focusing on trading of container. Having been in business for more than 5 years, the Subject has established a remarkable clientele base for itself which has contributed to its business growth. Presently, the issued and paid up capital of the Subject stands at SGD 1 & USD 9,600,000. The Subject have a strong support from its shareholder. 

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. 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. 

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. Due to its weak liquidity position, the Subject may face working capital deficiency in meeting its short term financial obligations if no fresh capital are injected into the Subject. Being a zero geared company, the Subject virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. Given a positive net worth standing at SGD 5,695,828, the Subject should be able to maintain its business in the near terms. 

Without a strong assets backing, the Subject may face difficulties in getting loans for its future expansion and continued growth . 

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

The industry shows an upward trend and this trend is very likely to sustain in the near terms. 

In view of the above, we recommend credit be granted to the Subject with close monitoring.

PROFIT AND LOSS ACCOUNT

THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS.
Financial Year End	2013-12-31	2012-12-31
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	2,186,896	4,064,435
	----------------	----------------
Total Turnover	2,186,896	4,064,435
	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	(901,423)	(3,805,593)
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	(901,423)	(3,805,593)
Taxation	1,070,423	332,420
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	169,000	(3,473,173)
	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	(3,473,173)	-
	----------------	----------------
As restated	(3,473,173)	-
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	(3,304,173)	(3,473,173)
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	(3,304,173)	(3,473,173)

BALANCE SHEET

ASSETS EMPLOYED:
FIXED ASSETS	1,180,669	948,092
LONG TERM INVESTMENTS/OTHER ASSETS
Subsidiary companies	3,268,851	649,513
Deferred assets	1,315,763	245,340
Others	1,207,249	1,391,258
	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	5,791,863	2,286,111
	----------------	----------------
TOTAL LONG TERM ASSETS	6,972,532	3,234,203
Trade debtors	916,266	636,904
Other debtors, deposits & prepayments	312,656	12,969,538
Cash & bank balances	1,478,268	4,083,503
Others	11,909	4,585
	----------------	----------------
TOTAL CURRENT ASSETS	2,719,099	17,694,530
	----------------	----------------
TOTAL ASSET	9,691,631	20,928,733
	=============	=============
CURRENT LIABILITIES
Trade creditors	1,595,699	2,119,691
Other creditors & accruals	2,400,104	17,682,214
	----------------	----------------
TOTAL CURRENT LIABILITIES	3,995,803	19,801,905
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	(1,276,704)	(2,107,375)
	----------------	----------------
TOTAL NET ASSETS	5,695,828	1,126,828
	=============	=============
SHARE CAPITAL
Ordinary share capital	9,000,001	4,600,001
	----------------	----------------
TOTAL SHARE CAPITAL	9,000,001	4,600,001
Retained profit/(loss) carried forward	(3,304,173)	(3,473,173)
	----------------	----------------
TOTAL RESERVES	(3,304,173)	(3,473,173)
	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	5,695,828	1,126,828
	----------------	----------------
	5,695,828	1,126,828

FINANCIAL RATIO

TYPES OF FUNDS
Cash	1,478,268	4,083,503
Net Liquid Funds	1,478,268	4,083,503
Net Liquid Assets	(1,276,704)	(2,107,375)
Net Current Assets/(Liabilities)	(1,276,704)	(2,107,375)
Net Tangible Assets	5,695,828	1,126,828
Net Monetary Assets	(1,276,704)	(2,107,375)
BALANCE SHEET ITEMS
Total Borrowings	0	0
Total Liabilities	3,995,803	19,801,905
Total Assets	9,691,631	20,928,733
Net Assets	5,695,828	1,126,828
Net Assets Backing	5,695,828	1,126,828
Shareholders' Funds	5,695,828	1,126,828
Total Share Capital	9,000,001	4,600,001
Total Reserves	(3,304,173)	(3,473,173)
LIQUIDITY (Times)
Cash Ratio	0.37	0.21
Liquid Ratio	0.68	0.89
Current Ratio	0.68	0.89
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0
Debtors Ratio	153	57
Creditors Ratio	266	190
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00
Liabilities Ratio	0.70	17.57
Times Interest Earned Ratio	0.00	0.00
Assets Backing Ratio	1.00	1.00
PERFORMANCE RATIO (%)
Operating Profit Margin	(41.22)	(93.63)
Net Profit Margin	7.73	(85.45)
Return On Net Assets	(15.83)	(337.73)
Return On Capital Employed	(15.83)	(337.73)
Return On Shareholders' Funds/Equity	2.97	(308.23)
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.63.41
UK Pound	1	Rs.99.03
Euro	1	Rs.79.00

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	ANK

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.