MIRA INFORM REPORT

Report Date :

18.12.2014

IDENTIFICATION DETAILS

Name :	ATLANTIC INDUSTRIAL & TRADING PTE. LTD.
Registered Office :	8, Eu Tong Sen Street, 22- 82, The Central, 059818
Country :	Singapore
Financials (as on) :	30.06.2014
Date of Incorporation :	10.03.2011
Com. Reg. No.:	201105859-G
Legal Form :	Private Limited
Line of Business :	Trading of Agricultural Commodity and Metals.
No of Employees :	6 [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	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.	:	201105859-G
COMPANY NAME	:	ATLANTIC INDUSTRIAL & TRADING PTE. LTD.
FORMER NAME	:	N/A
INCORPORATION DATE	:	10/03/2011
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	8, EU TONG SEN STREET, 22- 82, THE CENTRAL, 059818, SINGAPORE.
BUSINESS ADDRESS	:	8 EU TONG SEN STREET#22 - 82 THE CENTRAL, 059818, SINGAPORE.
TEL.NO.	:	65-62240427
FAX.NO.	:	65-62227010
EMAIL	:	CONTACT@ATLANTICGROUP.COM.SG
WEB SITE	:	WWW.ATLANTICGROUP.COM.SG
CONTACT PERSON	:	TAN SUAN TIU ( DIRECTOR )
PRINCIPAL ACTIVITY	:	TRADING OF AGRICULTURAL COMMODITY AND METALS
ISSUED AND PAID UP CAPITAL	:	1,000,000.00 ORDINARY SHARE, OF A VALUE OF USD 1,148,889.00
SALES	:	USD 1,125,582,152 [2014]
NET WORTH	:	USD 7,955,672 [2014]
STAFF STRENGTH	:	6 [2014]
BANKER (S)		UNITED OVERSEAS BANK LIMITED
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	FAIR
PAYMENT	:	GOOD
MANAGEMENT CAPABILITY	:	AVERAGE
COMMERCIAL RISK	:	LOW
CURRENCY EXPOSURE	:	MODERATE
GENERAL REPUTATION	:	SATISFACTORY
INDUSTRY OUTLOOK	:	AVERAGE GROWTH

HISTORY / BACKGROUND

The Subject is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the Subject is insolvent. The Subject is governed by the Companies Act and the company must file its annual returns, together with its financial statements with the Registrar of Companies.

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

Share Capital History

Date	Issue & Paid Up Capital
17/12/2014	USD 1,148,889.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
AMARILLA ALBERTO DANIEL +	63, PATERSON ROAD, 16-05, THE PATERSON, 238539, SINGAPORE.	G5694187N	800,000.00	80.00
SOUTH EAST ASIAN TRADING (FZE)	PO BOX 8683, SAIF-ZONE, SAIF PLUS Q1- 09-029/C, SHARJAH, UNITED ARAB EMIRATES.	T14UF0104	200,000.00	20.00
			---------------	------
			1,000,000.00	100.00
			============	=====

+ Also Director

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

Local No	Country	Company	(%)	As At
	SWITZERLAND	ATLANTIC INTERNATIONAL SA	100.00	30/06/2013
200916812W	SINGAPORE	NOVA ALPHA PTE. LTD.	100.00	30/06/2013

DIRECTORS

DIRECTOR 1

Name Of Subject	:	BRYAN TAN SUAN TIU
Address	:	1, SIN MING AVENUE, 15-05, FLAME TREE PARK, 575728, SINGAPORE.
IC / PP No	:	S7139320H
Nationality	:	SINGAPOREAN
Date of Appointment	:	17/07/2012

DIRECTOR 2

Name Of Subject	:	AMARILLA ALBERTO DANIEL
Address	:	63, PATERSON ROAD, 16-05, THE PATERSON, 238539, SINGAPORE.
IC / PP No	:	G5694187N
Nationality	:	ITALIAN
Date of Appointment	:	01/11/2011

MANAGEMENT

1)	Name of Subject	:	TAN SUAN TIU
	Position	:	DIRECTOR

AUDITOR

Auditor	:	TKNP INTERNATIONAL
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	LIM CHIEW YEN
	IC / PP No	:	S7602240B
	Address	:	450, BUKIT PANJANG RING ROAD, 12-585, 670450, SINGAPORE.

2)	Company Secretary	:	BRYAN TAN SUAN TIU
	IC / PP No	:	S7139320H
	Address	:	1, SIN MING AVENUE, 15-05, FLAME TREE PARK, 575728, 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
C201304112	20/03/2013	N/A	DBS BANK LTD.	-	Unsatisfied
C201304177	21/03/2013	N/A	DBS BANK LTD.	-	Unsatisfied
C201314119	18/10/2013	N/A	AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED	-	Unsatisfied
C201316332	06/12/2013	N/A	UNITED OVERSEAS BANK LIMITED	-	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 supplier. 

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	:	LATIN AMERICA
Credit Term	:	N/A
Payment Mode	:	N/A

OPERATIONS

Goods Traded

:

AGRICULTURAL COMMODITY AND METALS

Total Number of Employees:
YEAR	2014
GROUP	N/A
COMPANY	6

Branch

:

NO

Other Information:

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

The Suject's main bulk of trades are in agricultural products but not limited to these.

Metals and energy commodities have added to the total, and could potentially add-on other commodities depending on market demand. 

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-62240427
Match	:	N/A
Address Provided by Client	:	8 EU TONG SEN STREET, 22-82, THE CENTRAL, SINGAPORE 059818
Current Address	:	8 EU TONG SEN STREET#22 - 82 THE CENTRAL, 059818, SINGAPORE.
Match	:	YES

Other Investigations

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

FINANCIAL ANALYSIS

Profitability
Turnover	:	Erratic	[	2011 - 2014	]
Profit/(Loss) Before Tax	:	Increased	[	2011 - 2014	]
Return on Shareholder Funds	:	Favourable	[	31.74%	]
Return on Net Assets	:	Favourable	[	46.50%	]
The fluctuating turnover reflects the fierce competition among the existing and new market players.The Subject's management have been efficient in controlling its operating costs. Generally the Subject was profitable. The favourable return on shareholders' funds and return on net assets indicate that the Subject's management was efficient in utilising the assets to generate returns.
Working Capital Control
Stock Ratio	:	Nil	[	0 Days	]
Debtor Ratio	:	Favourable	[	11 Days	]
Creditors Ratio	:	Favourable	[	15 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	[	1.16 Times	]
Current Ratio	:	Unfavourable	[	1.16 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	:	Acceptable	[	5.08 Times	]
Gearing Ratio	:	Favourable	[	0.06 Times	]
The Subject's interest cover was slightly low. If there is no sharp fall in its profit or sudden increase in the interest rates, we believe the Subject is able to generate sufficient income to service its interest and repay the loans. The Subject was lowly geared thus it had a low financial risk. The Subject was mainly financed by its shareholders' funds and internally generated funds. In times of economic slowdown / downturn, the Subject being a lowly geared company, will be able to compete better than those companies which are highly geared in the same industry.
Overall Assessment :
Although the turnover was erratic, the Subject had maintained a steady growth in its profit. This indicate the management's efficiency in controlling its costs and profitability. 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 had an acceptable interest cover. If there is no sudden sharp increase in interest rate or fall in the Subject's profit, we do believe the Subject is able to generate sufficient cash flow to service its interest payment. The Subject as a lowly geared company, will be more secured compared to those highly geared companies. It has the ability to meet all its long term obligations.
Overall financial condition of the Subject : FAIR

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 :	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 2011, the Subject is a Private Limited company, focusing on trading of agricultural commodity and metals. The Subject has been in business for less than 5 years and it has slowly been building up contact with its clients while competing in the industry. However, it has yet to enjoy a stable market shares as it need to compete many well established players in the same field. A paid up capital of USD 1,148,889 allows the Subject to expand its business more comfortably. We considered that the Subject's business position in the market is much dependent on the efforts of its directors. 

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 small company, the Subject's business operation is supported by 6 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. 

Despite the lower turnover, the Subject's pre-tax profit have increased compared to the previous year. The higher profit could be due to better control of its operating costs and efficiency in utilising its resources. Based on the higher profitability, the Subject has generated a favourable return based on its existing shareholders' funds 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 lowly geared company, the Subject is exposed to low financial risk as it is mainly dependent on its internal funds to finance its business needs. Given a positive net worth standing at USD 7,955,672, 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 promptly.

PROFIT AND LOSS ACCOUNT

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

Financial Year End	2014-06-30	2013-06-30	2012-06-30	2011-06-30
Months	12	12	12	12
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	SUMMARY
Currency	USD	USD	USD	USD
TURNOVER	1,125,582,152	1,166,654,796	507,620,096	87,327,375
Other Income	67,328	129,544	109,293	-
	----------------	----------------	----------------	----------------
Total Turnover	1,125,649,480	1,166,784,340	507,729,389	87,327,375
Costs of Goods Sold	(1,120,653,442)	(1,162,809,140)	(504,014,561)	-
	----------------	----------------	----------------	----------------
Gross Profit	4,996,038	3,975,200	3,714,828	-
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	2,971,012	2,537,295	2,244,727	1,423,548
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	2,971,012	2,537,295	2,244,727	1,423,548
Taxation	(446,140)	(283,527)	(326,433)	(199,371)
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	2,524,872	2,253,768	1,918,294	1,224,177
	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	4,291,115	2,037,347	126,661	(1,097,516)
Prior year adjustment	-	-	840,686	-
	----------------	----------------	----------------	----------------
As restated	4,291,115	2,037,347	967,347	(1,097,516)
	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	6,815,987	4,291,115	2,885,641	126,661
DIVIDENDS - Ordinary (paid & proposed)	-	-	(848,294)	-
	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	6,815,987	4,291,115	2,037,347	126,661
	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Others	728,140	178,461	139,026	-
	----------------	----------------	----------------	----------------
	728,140	178,461	139,026	-
	=============	=============	=============

BALANCE SHEET

ASSETS EMPLOYED:
FIXED ASSETS	34,217	48,630	49,899	49,205
	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	34,217	48,630	49,899	49,205
Trade debtors	34,046,097	36,855,372	66,040,488	-
Other debtors, deposits & prepayments	22,900	33,379	8,918,597	-
Short term deposits	22,416,354	6,484,393	-	-
Amount due from subsidiary companies	-	-	1,661	-
Amount due from director	-	109,157	-	-
Cash & bank balances	1,627,435	1,899,951	1,541,156	-
	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	58,112,786	45,382,252	76,501,902	62,772,174
	----------------	----------------	----------------	----------------
TOTAL ASSET	58,147,003	45,430,882	76,551,801	62,821,379
	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	46,832,263	39,460,313	66,664,037	-
Other creditors & accruals	74,860	139,880	86,120	-
Bank overdraft	500,000	-	-	-
Amounts owing to related companies	-	-	6,143,964	-
Amounts owing to director	-	-	7,711	-
Provision for taxation	367,523	406,942	479,753	-
Other liabilities	2,416,685	-	6,165	-
	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	50,191,331	40,007,135	73,387,750	61,545,828
	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	7,921,455	5,375,117	3,114,152	1,226,345
	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	7,955,672	5,423,747	3,164,051	1,275,551
	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	1,148,889	1,148,889	1,148,889	1,148,889
	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	1,148,889	1,148,889	1,148,889	1,148,889
Exchange equalisation/fluctuation reserve	(9,204)	(16,257)	(22,185)	-
Retained profit/(loss) carried forward	6,815,987	4,291,115	2,037,347	126,661
Others	-	-	-	0
	----------------	----------------	----------------	----------------
TOTAL RESERVES	6,806,783	4,274,858	2,015,162	126,662
	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	7,955,672	5,423,747	3,164,051	1,275,551
TOTAL LONG TERM LIABILITIES	-	-	-	0
	----------------	----------------	----------------	----------------
	7,955,672	5,423,747	3,164,051	1,275,551
	=============	=============	=============	=============

FINANCIAL RATIO

TYPES OF FUNDS
Cash	24,043,789	8,384,344	1,541,156	-
Net Liquid Funds	23,543,789	8,384,344	1,541,156	-
Net Liquid Assets	7,921,455	5,375,117	3,114,152	1,226,346
Net Current Assets/(Liabilities)	7,921,455	5,375,117	3,114,152	1,226,346
Net Tangible Assets	7,955,672	5,423,747	3,164,051	1,275,551
Net Monetary Assets	7,921,455	5,375,117	3,114,152	1,226,346
BALANCE SHEET ITEMS
Total Borrowings	500,000	0	0	-
Total Liabilities	50,191,331	40,007,135	73,387,750	61,545,828
Total Assets	58,147,003	45,430,882	76,551,801	62,821,379
Net Assets	7,955,672	5,423,747	3,164,051	1,275,550
Net Assets Backing	7,955,672	5,423,747	3,164,051	1,275,551
Shareholders' Funds	7,955,672	5,423,747	3,164,051	1,275,551
Total Share Capital	1,148,889	1,148,889	1,148,889	1,148,889
Total Reserves	6,806,783	4,274,858	2,015,162	126,662
LIQUIDITY (Times)
Cash Ratio	0.48	0.21	0.02	-
Liquid Ratio	1.16	1.13	1.04	-
Current Ratio	1.16	1.13	1.04	1.02
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0	0	-
Debtors Ratio	11	12	47	-
Creditors Ratio	15	12	48	-
SOLVENCY RATIOS (Times)
Gearing Ratio	0.06	0.00	0.00	-
Liabilities Ratio	6.31	7.38	23.19	48.25
Times Interest Earned Ratio	5.08	15.22	17.15	-
Assets Backing Ratio	6.92	4.72	2.75	1.11
PERFORMANCE RATIO (%)
Operating Profit Margin	0.26	0.22	0.44	1.63
Net Profit Margin	0.22	0.19	0.38	1.40
Return On Net Assets	46.50	50.07	75.34	111.60
Return On Capital Employed	43.75	50.07	75.34	111.60
Return On Shareholders' Funds/Equity	31.74	41.55	60.63	95.97
Dividend Pay Out Ratio (Times)	0.00	0.00	0.44	-
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.58
UK Pound	1	Rs.99.98
Euro	1	Rs.79.39

INFORMATION DETAILS

Analysis Done by :	DIV
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.