MIRA INFORM REPORT

Report Date :

24.01.2014

IDENTIFICATION DETAILS

Name :	XEBEC INTERNATIONAL PTE. LTD.
Registered Office :	10, Anson Road, 26-04, International Plaza, 079903
Country :	Singapore
Financials (as on) :	31.05.2013
Date of Incorporation :	07.06.2010
Reg. No.:	201012128-C
Legal Form :	Exempt Private
Line of Business :	Trading of Dyes and Chemicals
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.	:	201012128-C
COMPANY NAME	:	XEBEC INTERNATIONAL PTE. LTD.
FORMER NAME	:	N/A
INCORPORATION DATE	:	07/06/2010
COMPANY STATUS	:	EXIST
LEGAL FORM	:	EXEMPT PRIVATE
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	10, ANSON ROAD, 26-04, INTERNATIONAL PLAZA, 079903, SINGAPORE.
BUSINESS ADDRESS	:	10, ANSON ROAD, 26-04, INTERNATIONAL PLAZA, 079903, SINGAPORE.
TEL.NO.	:	65-94507834
FAX.NO.	:	65-67258365
CONTACT PERSON	:	NAVEEN JUNEJA ( MANAGING DIRECTOR )
PRINCIPAL ACTIVITY	:	TRADING OF DYES AND CHEMICALS
ISSUED AND PAID UP CAPITAL	:	500.00 ORDINARY SHARE, OF A VALUE OF SGD 500.00
SALES	:	USD 3,462,635 [2013]
NET WORTH	:	USD 949,155 [2013]
STAFF STRENGTH	:	N/A
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	STRONG
PAYMENT	:	AVERAGE
MANAGEMENT CAPABILITY	:	AVERAGE
COMMERCIAL RISK	:	LOW
CURRENCY EXPOSURE	:	MODERATE
GENERAL REPUTATION	:	SATISFACTORY
INDUSTRY OUTLOOK	:	AVERAGE GROWTH

HISTORY / BACKGROUND

The Subject is an exempt private company whose shares are not held by any corporate body and has no more than 20 shareholders who are all natural persons. An exempt company is a type of private limited company. 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, suing or be sued by other companies. An exempt private company with an annual turnover of less than SGD5 million are exempted from statutory auditing requirements. Instead of filing audited annual accounts, the Subject has to file in a document duly signed by its director in charge of its finance and the company secretary stating that the Subject is able to meet all its obligations as and when they fall due. The Subject is not required to have their accounts audited. However, the Subject will prepare unaudited accounts for purposes of AGMs and filing with Registry Office if it is unable to meet all its obligations as and when they fall due .

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

Share Capital History

Date	Issue & Paid Up Capital
20/01/2014	SGD 500.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
MR. NAVEEN JUNEJA +	F.N. 1206, TOWER-1, THE PALMS UNITECH, SOUTHCITY-1, GURGOAN-HARYANA INDIA, 122001, INDIA.	Z1719654	500.00	100.00
			---------------	------
			500.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	MS. UPADDHYAY SHALINI
Address	:	71, PASIR RIS GROVE, 04-19, LIVIA, 518205, SINGAPORE.
IC / PP No	:	S7782592D
Nationality	:	SINGAPOREAN
Date of Appointment	:	07/06/2010

DIRECTOR 2

Name Of Subject	:	MR. NAVEEN JUNEJA
Address	:	F.N. 1206, TOWER-1, THE PALMS UNITECH, SOUTHCITY-1, GURGOAN-HARYANA INDIA, 122001, INDIA.
IC / PP No	:	Z1719654
Nationality	:	INDIAN
Date of Appointment	:	07/06/2010

MANAGEMENT

1)	Name of Subject	:	NAVEEN JUNEJA
	Position	:	MANAGING DIRECTOR

2)	Name of Subject	:	UPADDHYAY SHALINI
	Position	:	DIRECTOR

3)	Name of Subject	:	ASITHA
	Position	:	ACCOUNTANT

4)	Name of Subject	:	ANURA
	Position	:	GENERAL MANAGER

5)	Name of Subject	:	MAHENDERAN
	Position	:	COMMERCIAL MANAGER

AUDITOR

Auditor	:	AKBER ALI & CO
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	MUJUBU RAHMAN ABDUL JABBAR
	IC / PP No	:	S7080588Z
	Address	:	30, JALAN BAHAGIA, 03 - 376, 320030, SINGAPORE.

BANKING

No Banker found in our databank.

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	:	NO	Percentage	:	0%
Overseas	:	YES	Percentage	:	100%
Import Countries	:	ITALY,TURKEY,INDIA,KOREA

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	[	X	]
Fair 91-120 Days	[	]	Poor >120 Days	[	]

CLIENTELE

Local	:	YES
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	ASIA
Credit Term	:	N/A
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)
CUSTOMER(S)	:	1) brandix group 2) msa active pvt ltd 3) a&e lanka 4) eskimo fashions 5) hayleys mgt 6) texpro industries 7) star textile processing 8) hirdrmani 9) mercury apparel 10) melbourn textiles 11) naturb exports

OPERATIONS

Goods Traded

:

DYES AND CHEMICALS

Branch

:

NO

Other Information:

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

The Subject is a representative for the followings:

SALCE- (made in Italy)

* High precision robotic lab dispensing system

DONG-A (made in Korea)

* Soft flow atmospheric dyeing / high temprature dyeing machines

* Automatic tubular sewing machines

* Hitec Shrink dryer

MEMNUN (made in turkey)

* HT / Atmospheric jigger dyeing machine

* Brush sueding machine

SPI (made in India)

* SP IR lab dyeing machines

* SP hot air ovans

* SP fastness tester

* SP fabric preparatory machine

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	65 94507834, 914048895
Current Telephone Number	:	65-94507834
Match	:	YES
Address Provided by Client	:	10, ANSAN ROAD, 26, -04, INTERNATIONAL PLAZA SINGAPORE - 079903
Current Address	:	10, ANSON ROAD, 26-04, INTERNATIONAL PLAZA, 079903, SINGAPORE.
Match	:	YES

Other Investigations

On 20th January 2014 we contacted one of the staff from the Subject and she provided some information.

She refused to disclose the number of employees.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Erratic	[	2011 - 2013	]
Profit/(Loss) Before Tax	:	Decreased	[	2011 - 2013	]
Return on Shareholder Funds	:	Acceptable	[	29.58%	]
Return on Net Assets	:	Favourable	[	31.83%	]
The fluctuating turnover reflects the fierce competition among the existing and new market players.The Subject's profit fell sharply because of the high operating costs incurred. The Subject's management had generated acceptable return for its shareholders using its assets.
Working Capital Control
Stock Ratio	:	Acceptable	[	61 Days	]
Debtor Ratio	:	Unfavourable	[	70 Days	]
Creditors Ratio	:	Unfavourable	[	72 Days	]
The Subject kept adequate stocks to meet its normal business transactions without incurring excessive storage costs. The high debtors' ratio could indicate that the Subject was weak in its credit control. However, the Subject could also giving longer credit periods to its customers in order to boost its sales or to capture / retain its market share. 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	:	Favourable	[	1.44 Times	]
Current Ratio	:	Favourable	[	2.11 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	[	0.01 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 :
The Subject recorded lower profits as its turnover showed a erratic trend. The Subject's management was unable to control its costs efficiently as its profit showed a downward trend. 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 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 : 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 2010, the Subject is a Exempt Private company, focusing on trading of dyes and chemicals. Having been in the industry for 4 years, the Subject has started to stabilise its business position in the market. Presently, issued and paid up capital stand at SGD500.

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.

The Subject's business performance showed a reverse trend as both its turnover and pre-tax profit have decreased compared to the previous year. 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 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.

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.

The Subject's payment habit is average. With its adequate working capital, the Subject should be able to pay its short term debts.

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.

XEBEC INTERNATIONAL PTE. LTD.

Financial Year End	2013-05-31	2012-05-31	2011-05-31
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	USD
TURNOVER	3,462,635	4,653,830	1,520,874
Other Income	8,784	143,887	71,417
	----------------	----------------	----------------
Total Turnover	3,471,419	4,797,717	1,592,291
	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	302,072	542,394	207,944
	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	302,072	542,394	207,944
Taxation	(21,288)	(71,172)	(11,177)
	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	280,784	471,222	196,767
	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	667,989	196,767	-
	----------------	----------------	----------------
As restated	667,989	196,767	-
	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	948,773	667,989	196,767
	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	948,773	667,989	196,767
	=============	=============	=============

BALANCE SHEET

XEBEC INTERNATIONAL PTE. LTD.

ASSETS EMPLOYED:
FIXED ASSETS	3,004	6,899	5,473
	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	3,004	6,899	5,473
CURRENT ASSETS
Stocks	574,970	503,128	409,566
Trade debtors	665,784	792,085	-
Other debtors, deposits & prepayments	503,053	501,575	335,431
Amount due from related companies	43,012	23,138	-
Cash & bank balances	9,151	22,069	72,485
	----------------	----------------	----------------
TOTAL CURRENT ASSETS	1,795,970	1,841,995	817,482
	----------------	----------------	----------------
TOTAL ASSET	1,798,974	1,848,894	822,955
	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	685,686	906,061	557,765
Other creditors & accruals	87,822	158,138	7,812
Bank overdraft	5,201	-	-
Amounts owing to related companies	3,066	-	-
Amounts owing to director	42,884	45,329	49,052
Provision for taxation	25,160	70,995	11,177
	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	849,819	1,180,523	625,806
	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	946,151	661,472	191,676
	----------------	----------------	----------------
TOTAL NET ASSETS	949,155	668,371	197,149
	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	382	382	382
	----------------	----------------	----------------
TOTAL SHARE CAPITAL	382	382	382
RESERVES
Retained profit/(loss) carried forward	948,773	667,989	196,767
	----------------	----------------	----------------
TOTAL RESERVES	948,773	667,989	196,767
	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	949,155	668,371	197,149
	----------------	----------------	----------------
	949,155	668,371	197,149
	=============	=============	=============

FINANCIAL RATIO

XEBEC INTERNATIONAL PTE. LTD.

TYPES OF FUNDS
Cash	9,151	22,069	72,485
Net Liquid Funds	3,950	22,069	72,485
Net Liquid Assets	371,181	158,344	(217,890)
Net Current Assets/(Liabilities)	946,151	661,472	191,676
Net Tangible Assets	949,155	668,371	197,149
Net Monetary Assets	371,181	158,344	(217,890)
BALANCE SHEET ITEMS
Total Borrowings	5,201	0	0
Total Liabilities	849,819	1,180,523	625,806
Total Assets	1,798,974	1,848,894	822,955
Net Assets	949,155	668,371	197,149
Net Assets Backing	949,155	668,371	197,149
Shareholders' Funds	949,155	668,371	197,149
Total Share Capital	382	382	382
Total Reserves	948,773	667,989	196,767
LIQUIDITY (Times)
Cash Ratio	0.01	0.02	0.12
Liquid Ratio	1.44	1.13	0.65
Current Ratio	2.11	1.56	1.31
WORKING CAPITAL CONTROL (Days)
Stock Ratio	61	39	98
Debtors Ratio	70	62	0
Creditors Ratio	72	71	134
SOLVENCY RATIOS (Times)
Gearing Ratio	0.01	0.00	0.00
Liabilities Ratio	0.90	1.77	3.17
Times Interest Earned Ratio	0.00	0.00	0.00
Assets Backing Ratio	2,484.70	1,749.66	516.10
PERFORMANCE RATIO (%)
Operating Profit Margin	8.72	11.65	13.67
Net Profit Margin	8.11	10.13	12.94
Return On Net Assets	31.83	81.15	105.48
Return On Capital Employed	31.65	81.15	105.48
Return On Shareholders' Funds/Equity	29.58	70.50	99.81
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.61.99
UK Pound	1	Rs.102.67
Euro	1	Rs.83.98

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.