MIRA INFORM REPORT

Report Date :

02.01.2014

IDENTIFICATION DETAILS

Name :	ARIES FERTILIZERS GROUP PTE. LTD.
Formerly Known As :	ARIES FERTILIZERS GROUP PRIVATE LIMITED (02/03/2012)
Registered Office :	6, Shenton Way, 10-10, 068809
Country :	Singapore
Financials (as on) :	31.12.2012
Date of Incorporation :	06.01.2012
Com. Reg. No.:	201200617-G
Legal Form :	Private Limited Company
Line of Business :	trader of fertilizers such as :- § DAP, MAP, TSP, NP and NPK Fertilisers § Urea § Phosphoric Acid § Rock Phosphate § Sulphur & Sulphuric Acid § Water Soluble Specialty Fertilizers Ø Calcium Nitrate Ø MPK Ø SOP, Ø SHMP, Sulphates (Zinc/Copper)
No. of Employees :	12 [2013]

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, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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. Real GDP growth averaged 8.6% between 2004 and 2007. The economy contracted 0.8% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010, on the strength of renewed exports, before slowing to 5.2% in 2011 and 1.3% in 2012, 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, which has sunk to an average of about 1.0% in the last decade. 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

* Adopted abbreviations :	SC - Subject Company (the company enquired by you)
	N/A - Not Applicable

EXECUTIVE SUMMARY

REGISTRATION NO.

:

201200617-G

COMPANY NAME

:

ARIES FERTILIZERS GROUP PTE. LTD.

FORMER NAME

:

ARIES FERTILIZERS GROUP PRIVATE LIMITED (02/03/2012)
KAIPHOS INTERNATIONAL PRIVATE LIMITED (20/02/2012)

INCORPORATION DATE

:

06/01/2012

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

6, SHENTON WAY, 10-10, 068809, SINGAPORE.

BUSINESS ADDRESS

:

10-10, OUE DOWNTOWN TWO, 6 SHENTON WAY , 068809, SINGAPORE.

TEL.NO.

:

65-65860965

FAX.NO.

:

65-62258678

WEB SITE

:

WWW.ARIESFERTILIZERS.COM

CONTACT PERSON

:

BHAMIDIPATINAG BHUSHAN RAO ( MANAGING DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF FERTILIZERS

ISSUED AND PAID UP CAPITAL

:

5,000,000.00 ORDINARY SHARE, OF A VALUE OF USD 5,000,000.00 

SALES

:

USD 344,733,816 [2012]

NET WORTH

:

USD 7,034,471 [2012]

STAFF STRENGTH

:

12 [2013]

BANKER (S)

:

BNP PARIBAS BANK OF CHINA LIMITED

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

STABLE

PAYMENT

:

PROMPT

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 fertilizers.

Share Capital History

Date	Issue & Paid Up Capital
08/04/2013	USD 5,000,000.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
KAIFERT HOLDINGS PTE. LTD.	80, ROBINSON ROAD, 18-03, 068898, SINGAPORE.	201136416	2,000,000.00	40.00
ARIES SINGAPORE INVESTMENTS PRIVATE LIMITED	3, SHENTON WAY, 07-09, SHENTON HOUSE, 068805, SINGAPORE.	201206928	1,499,999.00	30.00
Z-SYNERGY INTERNATIONAL PTE. LTD.	10, ANSON ROAD, 18-17, INTERNATIONAL PLAZA, 079903, SINGAPORE.	201131735M	1,000,000.00	20.00
BHAMIDIPATINAG BHUSHAN RAO +	193, MEYER ROAD, 10 - 05, AALTO, 437981, SINGAPORE.	S2617238A	1.00	0.00
FERTRADE CONSULTANCY PTE. LTD.	10, ANSON ROAD, 18-17, INTERNATIONAL PLAZA, 079903, SINGAPORE.	201111191C	500,000.00	10.00
			---------------	------
			5,000,000.00	100.00
			============	=====

+ Also Director

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

Local No	Country	Company	(%)	As At
201201061	SINGAPORE	VASI SHIPPING PTE. LTD.	70.00	02/04/2013

DIRECTORS

DIRECTOR 1

Name Of Subject	:	ZHANG ZIPEI
Address	:	RM 702, BUILDING 4, SOHO NEW TOWN, 88, JIANGUO ROAD, BEIJING, 100022, CHINA.
IC / PP No	:	G29020309
Nationality	:	CHINESE
Date of Appointment	:	05/03/2012

DIRECTOR 2

Name Of Subject	:	LIAO HUI
Address	:	2-4-2, A BUILDING, KAILIN ZHAIJI HUAYUAN, 335, ZHAIJI ROAD, GUIYANG, GUIZHOU, CHINA.
IC / PP No	:	G40071441
Nationality	:	CHINESE
Date of Appointment	:	05/03/2012

DIRECTOR 3

Name Of Subject	:	YEUNG YI HUNG
Address	:	155, HOUGANG STREET 11, 02-184, 530155, SINGAPORE.
IC / PP No	:	S2620770C
Nationality	:	SINGAPOREAN
Date of Appointment	:	05/03/2012

DIRECTOR 4

Name Of Subject	:	BHAMIDIPATINAG BHUSHAN RAO
Address	:	193, MEYER ROAD, 10 - 05, AALTO, 437981, SINGAPORE.
IC / PP No	:	S2617238A
Nationality	:	SINGAPOREAN
Date of Appointment	:	06/01/2012

MANAGEMENT

1)	Name of Subject	:	BHAMIDIPATINAG BHUSHAN RAO
	Position	:	MANAGING DIRECTOR

AUDITOR

Auditor	:	KPMG LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	LIEW MENG LING
	IC / PP No	:	S2590527Z
	Address	:	33, WEST COAST RISE, 12-23, MONTEREY PARK CONDOMINIUM, 127476, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

BNP PARIBAS

2)

Name

:

BANK OF CHINA LIMITED

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C201203770	10/04/2012	N/A	BNP PARIBAS	N/A	Unsatisfied
C201303587	07/03/2013	N/A	BANK OF CHINA LIMITED	N/A	Unsatisfied
C201303588	07/03/2013	N/A	BANK OF CHINA LIMITED	N/A	Unsatisfied
C201303733	11/03/2013	N/A	COOPERATIEVE CENTRALE RAIFFEISENBOERENLEENBANK B.A. ("RABOBANK NEDERLAND, RABOBANK INTERNATIONAL)	N/A	Unsatisfied
C201308859	01/07/2013	N/A	BNP PARIBAS	N/A	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. 

No legal action was found in our databank. 

No winding up petition was found in our databank. 

PAYMENT RECORD

SOURCES OF RAW MATERIALS:
Local	:	YES
Overseas	:	YES

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	[	X	]	Good 31-60 Days	[	]	Average 61-90 Days	[	]
Fair 91-120 Days	[		]	Poor >120 Days	[	]

CLIENTELE

Local	:	YES
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	ASIA
Credit Term	:	AS AGREED
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Goods Traded

:

FERTILIZERS

Total Number of Employees:
YEAR	2013
GROUP	N/A
COMPANY	12

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) trading of fertilizers such as :-

§ DAP, MAP, TSP, NP and NPK Fertilisers

§ Urea

§ Phosphoric Acid

§ Rock Phosphate

§ Sulphur & Sulphuric Acid

§ Water Soluble Specialty Fertilizers

Ø Calcium Nitrate

Ø MPK

Ø SOP,

Ø SHMP, Sulphates (Zinc/Copper)

The Subject is a fertilizer player with strong presence in China, India, Jordan, South-east Asia and South Africa.

The Subject provides services such as:

-Sourcing and Representing Manufacturers, and Servicing Customers
-Shipping and Logistics Services
-Value Added Structured Trade Finance Services 

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-65860965
Match	:	N/A
Address Provided by Client	:	6 SHENTON WAY, 10-10 TOWER TWO SINGAPORE 068809
Current Address	:	10-10, OUE DOWNTOWN TWO, 6 SHENTON WAY , 068809, SINGAPORE.
Match	:	NO

Other Investigations

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

The address provided is incorrect.

FINANCIAL ANALYSIS

Profitability
Return on Shareholder Funds	:	Acceptable	[	24.35%	]
Return on Net Assets	:	Favourable	[	32.90%	]
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	[	24 Days	]
Creditors Ratio	:	Favourable	[	25 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	[	1.06 Times	]
Current Ratio	:	Unfavourable	[	1.06 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	[	28.99 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 :
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 : STABLE

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	2008	2009	2010	2011	2012
Population (Million)	4.84	4.98	5.08	5.18	5.31
Gross Domestic Products ( % )	1.5	<0.8>	14.5	4.9	1.3
Consumer Price Index	6.6	0.6	2.8	5.2	4.6
Total Imports (Million)	450,892.6	356,299.3	423,221.8	459,655.1	474,554.0
Total Exports (Million)	476,762.2	391,118.1	478,840.7	514,741.2	510,329.0
Unemployment Rate (%)	2.2	3.2	2.2	2.1	2.0
Tourist Arrival (Million)	10.12	9.68	11.64	13.17	14.37
Hotel Occupancy Rate (%)	81.0	75.8	85.6	86.5	86.4
Cellular Phone Subscriber (Million)	1.31	1.37	1.43	1.50	1.52
Registration of New Companies (No.)	25,327	26,414	29,798	32,317	31,892
Registration of New Companies (%)	<2.2>	4.3	12.8	8.5	<1.3>
Liquidation of Companies (No.)	10,493	22,393	15,126	19,005	17,218
Liquidation of Companies (%)	13.7	113.4	<32.5>	25.6	9.4
Registration of New Businesses (No.)	24,850	26,876	23,978	23,494	24,788
Registration of New Businesses (%)	0.36	8.15	<10.78>	2.02	5.51
Liquidation of Businesses (No.)	21,150	23,552	24,211	23,005	22,489
Liquidation of Businesses (%)	<0.8>	11.4	2.8	<5>	<2.2>
Bankruptcy Orders (No.)	2,326	2,058	1,537	1,527	1,748
Bankruptcy Orders (%)	<15.9>	<11.5>	<25.3>	<0.7>	14.5
Bankruptcy Discharges (No.)	1,500	3,056	2,252	1,391	1,881
Bankruptcy Discharges (%)	<7.7>	103.7	<26.3>	<38.2>	35.2
INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	<0.32>	3.25	<0.48>	4.25	3.64
Fish Supply & Wholesale	<6.31>	<1.93>	<10.5>	12.10	<0.5>
Manufacturing *	74.6	71.5	92.8	100.0	100.3
Food, Beverages & Tobacco	94.8	90.4	96.4	100.0	103.5
Textiles	180.1	145.9	122.1	100.0	104.0
Wearing Apparel	334.6	211.0	123.3	100.0	92.1
Leather Products & Footwear	128.2	79.5	81.8	100.0	98.6
Wood & Wood Products	132.0	101.4	104.0	100.0	95.5
Paper & Paper Products	101.0	95.4	106.1	100.0	97.4
Printing & Media	118.2	100.9	103.5	100.0	93.0
Crude Oil Refineries	113.1	96.4	95.6	100.0	99.4
Chemical & Chemical Products	84.5	80.3	97.6	100.0	100.5
Pharmaceutical Products	43.7	49.1	75.3	100.0	109.7
Rubber & Plastic Products	120.1	101.2	112.3	100.0	96.5
Non-metallic Mineral	96.5	91.9	92.5	100.0	98.2
Basic Metals	109.8	92.6	102.2	100.0	90.6
Fabricated Metal Products	101.3	90.8	103.6	100.0	104.3
Machinery & Equipment	65.0	57.3	78.5	100.0	112.9
Electrical Machinery	81.7	86.8	124.1	100.0	99.3
Electronic Components	93.1	85.2	113.6	100.0	90.6
Transport Equipment	102.0	96.0	94.0	100.0	106.3
Construction	45.90	<36.9>	14.20	20.50	28.70
Real Estate	<11.2>	1.4	21.3	25.4	31.9
Services
Electricity, Gas & Water	<1.3>	1.70	4.00	7.00	6.30
Transport, Storage & Communication	11.60	3.90	12.80	7.40	5.30
Finance & Insurance	<5.9>	<16.4>	<0.4>	8.90	0.50
Government Services	17.40	4.50	9.70	6.90	6.00
Education Services	0.50	0.10	<0.9>	<1.4>	0.30
* Based on Index of Industrial Production (2011 = 100)
(Source : Department of Statistics)

INDUSTRY ANALYSIS

INDUSTRY :	TRADING
The wholesale and retail trade sector contracted by 1.5% in the fourth quarter of 2012, extending the 0.2% decline in the preceding quarter. For the whole of 2012, the sector declined by 0.7%, reversing the 1.6% growth in 2011. The sector was weighed down primarily by the wholesale trade segment. In 2012, the wholesale trade segment contracted by 1.0%, a reversal from the 1.4% growth in 2011. Growth of the retail trade segment also moderated to 2.0%, from 3.2% in the year 2011.
The domestic wholesale trade index grew by 1.2% in the fourth quarter of 2012, an improvement from the 5.4% decline in the third quarter. This was partly due to an increase in the sales of chemicals & chemical products and ship chandlers & bunkering. For the full year of 2012, the domestic wholesale trade index contracted by 2.2%, extending the 1.7% decline in 2011. The foreign wholesale trade index grew by 8.6% in the fourth quarter, an increase from the 6.6% growth in the third quarter. The expansion was partly due to resilient sales of petroleum & petroleum products. For the whole of 2012, the foreign wholesale trade index expanded by 9.1%, faster than the 4.3% increase in 2011.
In the fourth quarter of 2012, retail sales volume declined by 2.0%, extending the 0.3% decline in the third quarter. Excluding motor vehicles, retail sales volume grew by 0.4%, a slight moderation compared to the 1.5% gain in the third quarter of 2012. The sales volume of motor vehicles fell by 11% in the fourth quarter of 2012, after contracting by 6.1% in the third quarter. The sales of several discretionary items also declined in the fourth quarter. Besides, the sales of optical goods & books in 2012 fell by 3.6%, while the sales of telecommunications apparatus & computers declined by 1.4%.
For 2012 as a whole, retail sales volume grew by 1.3%, compared to the 2.0% expansion in 2011. Excluding motor vehicle sales, the increase in retail sales volume also moderated from 5.4% in 2011 to 1.7% in 2012. Medical goods & toiletries registered the largest increase (9.3%) in sales, followed by telecommunications apparatus & computers (6.9%). By contrast, the sales of watches & jewellery (-2.2%) and optical goods & books (-3.6%) declined.
OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 2012, the Subject is a Private Limited company, focusing on trading of fertilizers. 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. Having strong support from its shareholders has enabled the Subject to remain competitive despite the challenging business environment. The capital standing of the Subject is fair. With an adequate share capital, the Subject has the potential of expanding its business in future. 

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. The Subject's business operation is supported by 12 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. 

As at year ended 2012, the Subject recorded a turnover of USD 344,733,816 and its pre-tax profit stood at USD 2,234,471. 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 USD 7,034,471, the Subject should be able to maintain its business in the near terms. 

The Subject's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials. Overall the Subject has a good control over its resources. 

We regard that the Subject's overall payment habit is prompt. The Subject had a favourable creditors' ratio as evidenced by its favourable collection days. 

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.

ARIES FERTILIZERS GROUP PTE. LTD.

Financial Year End	2012-12-31
Months	12
Consolidated Account	GROUP
Audited Account	YES
Unqualified Auditor's Report (Clean Opinion)	YES
Financial Type	FULL
Currency	USD
Unit
TURNOVER	344,733,816
	----------------
Total Turnover	344,733,816
Costs of Goods Sold	<339,600,114>
	----------------
Gross Profit	5,133,702
	----------------
PROFIT/(LOSS) FROM OPERATIONS	2,234,471
	----------------
PROFIT/(LOSS) BEFORE TAXATION	2,234,471
Taxation	<350,000>
	----------------
PROFIT/(LOSS) AFTER TAXATION	1,884,471
Minority interests	<171,405>
	----------------
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS	1,713,066
	----------------
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS	1,713,066
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	1,713,066
	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	1,713,066
	=============
INTEREST EXPENSE (as per notes to P&L)
Others	79,832
	----------------
	79,832
	=============

BALANCE SHEET

ARIES FERTILIZERS GROUP PTE. LTD.

ASSETS EMPLOYED:
FIXED ASSETS	76,175
	----------------
TOTAL LONG TERM ASSETS	76,175
CURRENT ASSETS
Trade debtors	22,673,110
Other debtors, deposits & prepayments	92,665
Short term deposits	2,390,109
Cash & bank balances	5,799,047
Others	100,387,311
	----------------
TOTAL CURRENT ASSETS	131,342,242
	----------------
TOTAL ASSET	131,418,417
	=============
CURRENT LIABILITIES
Trade creditors	23,456,736
Other creditors & accruals	520,724
Provision for taxation	350,000
Other liabilities	100,056,486
	----------------
TOTAL CURRENT LIABILITIES	124,383,946
	----------------
NET CURRENT ASSETS/(LIABILITIES)	6,958,296
	----------------
TOTAL NET ASSETS	7,034,471
	=============
SHARE CAPITAL
Ordinary share capital	5,000,000
	----------------
TOTAL SHARE CAPITAL	5,000,000
RESERVES
Retained profit/(loss) carried forward	1,713,066
	----------------
TOTAL RESERVES	1,713,066
MINORITY INTEREST	321,405
	----------------
SHAREHOLDERS' FUNDS/EQUITY	7,034,471
	----------------
	7,034,471
	=============

FINANCIAL RATIO

ARIES FERTILIZERS GROUP PTE. LTD.

TYPES OF FUNDS
Cash	8,189,156
Net Liquid Funds	8,189,156
Net Liquid Assets	6,958,296
Net Current Assets/(Liabilities)	6,958,296
Net Tangible Assets	7,034,471
Net Monetary Assets	6,958,296
BALANCE SHEET ITEMS
Total Borrowings	0
Total Liabilities	124,383,946
Total Assets	131,418,417
Net Assets	7,034,471
Net Assets Backing	7,034,471
Shareholders' Funds	7,034,471
Total Share Capital	5,000,000
Total Reserves	1,713,066
LIQUIDITY (Times)
Cash Ratio	0.07
Liquid Ratio	1.06
Current Ratio	1.06
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0
Debtors Ratio	24
Creditors Ratio	25
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00
Liabilities Ratio	17.68
Times Interest Earned Ratio	28.99
Assets Backing Ratio	1.41
PERFORMANCE RATIO (%)
Operating Profit Margin	0.65
Net Profit Margin	0.50
Return On Net Assets	32.90
Return On Capital Employed	31.46
Return On Shareholders' Funds/Equity	24.35
Dividend Pay Out Ratio (Times)	0.00
NOTES TO ACCOUNTS
Contingent Liabilities	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.93
UK Pound	1	Rs.102.39
Euro	1	Rs.85.12

INFORMATION DETAILS

Report Prepared by :

MNL

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.