MIRA INFORM REPORT

Report Date :

13.01.2014

IDENTIFICATION DETAILS

Name :	AMEROPA ASIA PTE. LTD.
Registered Office :	1, Temasek Avenue, 31-02, Millenia Tower, 039192
Country :	Singapore
Financials (as on) :	31.12.2012
Date of Incorporation :	27.11.2007
Reg. No.:	200721966-H
Legal Form :	Private Limited
Line of Business :	Trading of Grain and Fertilizer
No. of Employees :	Not Available

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, 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

EXECUTIVE SUMMARY

REGISTRATION NO.	:	200721966-H
COMPANY NAME	:	AMEROPA ASIA PTE. LTD.
FORMER NAME	:	N/A
INCORPORATION DATE	:	27/11/2007
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	1, TEMASEK AVENUE, 31-02, MILLENIA TOWER, 039192, SINGAPORE.
BUSINESS ADDRESS	:	MILLENIA TOWER, 31-02 ONE TEMASEK AVENUE, 039192, SINGAPORE.
TEL.NO.	:	65-64990800
FAX.NO.	:	65-63342339
WEB SITE	:	WWW.AMEROPA.COM
CONTACT PERSON	:	ALEXANDER SERGE CHUMAKOV ( MANAGING DIRECTOR )
PRINCIPAL ACTIVITY	:	TRADING OF GRAIN AND FERTILIZER
ISSUED AND PAID UP CAPITAL	:	31354500 ORDINARY SHARE, OF A VALUE OF SGD 31,354,500.00 15000000 ORDINARY SHARE, OF A VALUE OF USD 15,000,000.00
SALES	:	USD 782,153,532 [2012]
NET WORTH	:	USD 45,630,277 [2012]
BANKER (S)		THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED STANDARD CHARTERED BANK LIMITED
STAFF STRENGTH	:	N/A
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	STRONG
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 grain and fertilizer.

The immediate and ultimate holding company of the Subject is AMEROPA HOLDING AG, a company incorporated in SWITZERLAND.

Share Capital History

Date	Issue & Paid Up Capital
15/02/2013	SGD 31354500.00 & USD 15000000.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
AMEROPA HOLDING AG	REBGASSE 108, CH-4102, BINNINGEN, SWITZERLAND.	T07UF3665L	46,354,500.00	100.00
			---------------	------
			46,354,500.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	MARCUS WALTER KARL DAMM
Address	:	60, MARTINIQUE AVENUE, TAMPA, FLORIDA, 33606, UNITED STATES.
IC / PP No	:	C1T74F6RJ
Nationality	:	GERMAN
Date of Appointment	:	04/05/2012

DIRECTOR 2

Name Of Subject	:	JAN KADANIK
Address	:	ROTTMANNSBODENSTRASSE 105, CH-4102, BINNINGEN, SWITZERLAND.
IC / PP No	:	34003490
Nationality	:	CZECH
Date of Appointment	:	04/05/2012

DIRECTOR 3

Name Of Subject	:	ALEXANDER SERGE CHUMAKOV
Address	:	8, CABLE ROAD, 249904, SINGAPORE.
IC / PP No	:	F1810261R
Nationality	:	AMERICAN
Date of Appointment	:	01/04/2008

DIRECTOR 4

Name Of Subject	:	ANDREW HENRY ZIVY
Address	:	BUNDTENWEG 78, CH-4102, BINNINGEN, SWITZERLAND.
IC / PP No	:	F2435893
Nationality	:	SWISS
Date of Appointment	:	27/11/2007

MANAGEMENT

1)	Name of Subject	:	ALEXANDER SERGE CHUMAKOV
	Position	:	MANAGING DIRECTOR

AUDITOR

Auditor	:	ERNST & YOUNG LLP
Auditor' Address	:	1, RAFFLES QUAY, 18- 01, 048583, SINGAPORE.

COMPANY SECRETARIES

1)	Company Secretary	:	TEO CHIN KEE
	IC / PP No	:	S2622115C
	Address	:	244, LORONG CHUAN, 07 - 06, CHUAN PARK, 556745, SINGAPORE.

2)	Company Secretary	:	CHAN CHOW PHENG
	IC / PP No	:	S1298885J
	Address	:	59, TELOK BLANGAH HEIGHTS, 04-11, 100059, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED

2)

Name

:

STANDARD CHARTERED BANK LIMITED

ENCUMBRANCE (S)

No encumbrance was found in our databank at the time of investigation.

LEGAL 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 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	[	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	:	WORLDWIDE
Credit Term	:	AS AGREED
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Goods Traded

:

GRAIN AND FERTILIZER

Total Number of Employees:
YEAR	2013	2012
GROUP	N/A	N/A
COMPANY	13	13

Branch

:

NO

Other Information:

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

The Subject sells the followings:

* Grains and oilseeds
* Fertilizers
* Other commodities

The Subject sells the products according to its customers' orders.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-64990800
Match	:	N/A
Address Provided by Client	:	ONE TEMASEK AVENUE, MILLENIA TOWER 31-02 SINGAPORE 039192
Current Address	:	MILLENIA TOWER, 31-02 ONE TEMASEK AVENUE, 039192, SINGAPORE.
Match	:	YES

Other Investigations

On 31st December 2013 we contacted one of the staff from the Subject and she provided some information.

The Subject refused to disclose its number of employees.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	2010 - 2012	]
Profit/(Loss) Before Tax	:	Increased	[	2010 - 2012	]
Return on Shareholder Funds	:	Acceptable	[	10.55%	]
Return on Net Assets	:	Acceptable	[	11.68%	]
The Subject's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.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	:	Favourable	[	1 Days	]
Debtor Ratio	:	Favourable	[	10 Days	]
Creditors Ratio	:	Favourable	[	6 Days	]
The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in 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	[	3.60 Times	]
Current Ratio	:	Favourable	[	3.73 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	:	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 :
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. 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 : STRONG

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 2007, the Subject is a Private Limited company, focusing on trading of grain and fertilizer. 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. Having strong support from its holding company has enabled the Subject to remain competitive despite the challenging business environment. The Subject has strong capital position.

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.

We noted that both the turnover and profits have increased compared to the previous year. The higher profit could be due to increase in turnover and better control over its operating costs. Return on shareholders' funds of the Subject was at an acceptable range which indicated that the management was efficient in utilising its funds to generate income. The Subject is in good liquidity position with its current liabilities well covered by it current assets. Hence, it has sufficient working capital to meet its short term financial obligations. Being a zero geared company, the Subject virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. Given a positive net worth standing at USD 45,630,277, the Subject should be able to maintain its business in the near terms.

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 promptly.

PROFIT AND LOSS ACCOUNT

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

AMEROPA ASIA PTE. LTD.

Financial Year End	2012-12-31	2011-12-31	2010-12-31
Months	12	12	12
Consolidated Account	Company	Company	Company
Audited Account	YES	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES	YES
Financial Type	FULL	FULL	FULL
Currency	USD	USD	SGD
TURNOVER	782,153,532	2,731,207	194,371
Other Income	94,633	1,053,176	-
	----------------	----------------	----------------
Total Turnover	782,248,165	3,784,383	194,371
Costs of Goods Sold	(768,136,600)	(2,368,659)	-
	----------------	----------------	----------------
Gross Profit	14,111,565	1,415,724	-
	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	5,330,555	1,407,412	194,371
	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	5,330,555	1,407,412	194,371
Taxation	(515,089)	(57,671)	(16,211)
	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	4,815,466	1,349,741	178,160
	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	1,682,971	333,230	254,806
	----------------	----------------	----------------
As restated	1,682,971	333,230	254,806
	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	6,498,437	1,682,971	432,966
	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	6,498,437	1,682,971	432,966
	=============	=============	=============

BALANCE SHEET

AMEROPA ASIA PTE. LTD.

ASSETS EMPLOYED:
FIXED ASSETS	298,761	20,771	54,065
	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	298,761	20,771	54,065
CURRENT ASSETS
Stocks	2,212,546	360,246	-
Trade debtors	22,345,902	2,556,013	-
Other debtors, deposits & prepayments	306,517	722,657	189,763
Short term deposits	-	22,500,000	-
Amount due from related companies	2,427,066	281,579	580,156
Cash & bank balances	33,732,472	1,820,326	392,218
Others	921,180	95,380	144,303
	----------------	----------------	----------------
TOTAL CURRENT ASSETS	61,945,683	28,336,201	1,306,440
	----------------	----------------	----------------
TOTAL ASSET	62,244,444	28,356,972	1,360,505
	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	13,669,786	1,600,846	-
Other creditors & accruals	2,349,721	867,867	673,943
Amounts owing to related companies	38,262	-	-
Provision for taxation	526,398	57,671	16,096
Other liabilities	30,000	15,777	20,500
	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	16,614,167	2,542,161	710,539
	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	45,331,516	25,794,040	595,901
	----------------	----------------	----------------
TOTAL NET ASSETS	45,630,277	25,814,811	649,966
	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	39,131,840	24,131,840	217,000
	----------------	----------------	----------------
TOTAL SHARE CAPITAL	39,131,840	24,131,840	217,000
RESERVES
Retained profit/(loss) carried forward	6,498,437	1,682,971	432,966
	----------------	----------------	----------------
TOTAL RESERVES	6,498,437	1,682,971	432,966
	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	45,630,277	25,814,811	649,966
	----------------	----------------	----------------
	45,630,277	25,814,811	649,966
	=============	=============	=============

FINANCIAL RATIO

AMEROPA ASIA PTE. LTD.

TYPES OF FUNDS
Cash	33,732,472	24,320,326	392,218
Net Liquid Funds	33,732,472	24,320,326	392,218
Net Liquid Assets	43,118,970	25,433,794	595,901
Net Current Assets/(Liabilities)	45,331,516	25,794,040	595,901
Net Tangible Assets	45,630,277	25,814,811	649,966
Net Monetary Assets	43,118,970	25,433,794	595,901
BALANCE SHEET ITEMS
Total Borrowings	0	0	0
Total Liabilities	16,614,167	2,542,161	710,539
Total Assets	62,244,444	28,356,972	1,360,505
Net Assets	45,630,277	25,814,811	649,966
Net Assets Backing	45,630,277	25,814,811	649,966
Shareholders' Funds	45,630,277	25,814,811	649,966
Total Share Capital	39,131,840	24,131,840	217,000
Total Reserves	6,498,437	1,682,971	432,966
LIQUIDITY (Times)
Cash Ratio	2.03	9.57	0.55
Liquid Ratio	3.60	11.00	1.84
Current Ratio	3.73	11.15	1.84
WORKING CAPITAL CONTROL (Days)
Stock Ratio	1	48	0
Debtors Ratio	10	342	0
Creditors Ratio	6	247	0
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00	0.00
Liabilities Ratio	0.36	0.10	1.09
Times Interest Earned Ratio	0.00	0.00	0.00
Assets Backing Ratio	1.17	1.07	3.00
PERFORMANCE RATIO (%)
Operating Profit Margin	0.68	51.53	100.00
Net Profit Margin	0.62	49.42	91.66
Return On Net Assets	11.68	5.45	29.90
Return On Capital Employed	11.68	5.45	29.90
Return On Shareholders' Funds/Equity	10.55	5.23	27.41
Dividend Pay Out Ratio (Times)	0.00	0.00	0.00
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.94
UK Pound	1	Rs.102.06
Euro	1	Rs.84.31

INFORMATION DETAILS

Report Prepared by :

SDA

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.