MIRA INFORM REPORT

Report Date :

25.01.2014

IDENTIFICATION DETAILS

Name :	CRUSTRADE PTE LTD
Registered Office :	101, Cecil Street, 09-03/04, Tong Eng Building, 069533
Country :	Singapore
Financials (as on) :	31.03.2013
Date of Incorporation :	04.01.1996
Com. Reg. No.:	199600077-K
Legal Form :	Private Limited Company
Line of Business :	trader of seafood.
No. of Employees :	06 [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, 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.

:

199600077-K

COMPANY NAME

:

CRUSTRADE PTE LTD

FORMER NAME

:

N/A

INCORPORATION DATE

:

04/01/1996

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

101, CECIL STREET, 09-03/04, TONG ENG BUILDING, 069533, SINGAPORE.

BUSINESS ADDRESS

:

101 CECIL STREET #09-03/04. TONG ENG BUILDING, 069533, SINGAPORE.

TEL.NO.

:

65-63237442

FAX.NO.

:

65-63230261

WEB SITE

:

WWW.CRUSTRADE.COM

CONTACT PERSON

:

AINADIN CADER ( DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADER OF SEAFOOD

ISSUED AND PAID UP CAPITAL

:

2,400,000.00 ORDINARY SHARE, OF A VALUE OF SGD 2,400,000.00 

SALES

:

USD 46,764,908 [2013]

NET WORTH

:

USD 2,324,480 [2013]

STAFF STRENGTH

:

6 [2014]

BANKER (S)

:

OVERSEA-CHINESE BANKING CORPORATION LIMITED UNITED OVERSEAS BANK LIMITED THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED CITIBANK N.A.

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

STABLE

PAYMENT

:

GOOD

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

N/A

CURRENCY EXPOSURE

:

N/A

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 seafood.

Share Capital History

Date	Issue & Paid Up Capital
23/01/2014	SGD 2,400,000.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
THIAGARAJAH RAVINDRAN +	15, WORTHING ROAD, SERANGOON GARDEN ESTATE, 554949, SINGAPORE.	S2651033C	1,224,000.00	51.00
BLUMARINE LIMITED	BRITANNIA HOUSE, 41, CATOR ROAD, BANDAR SERI BENGAWAN, BS8811, 4TH FLOOR, BRUNEI DARUSSALAM.	T09UF2127	1,176,000.00	49.00
			---------------	------
			2,400,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	HAJI HARIPAN BIN HAJI AJI
Address	:	7A, SIMPANG 185-82, KAMPONG TUNGKU, GADONG, BE2119, BRUNEI DARUSSALAM.
IC / PP No	:	C0019077
Nationality	:	BRUNEI
Date of Appointment	:	02/09/2009

DIRECTOR 2

Name Of Subject	:	BABU GEORGE
Address	:	613, CHOA CHU KANG STREET 62, 05-225, 680613, SINGAPORE.
IC / PP No	:	S2650091E
Nationality	:	SINGAPOREAN
Date of Appointment	:	02/09/2009

DIRECTOR 3

Name Of Subject	:	AINADIN CADER
Address	:	UNIT 2, BANGUNAN SURIA, LOT 22076, KAMPONG KIULAP, BANDAR SERI BEGAWAN, BE1518, LEVEL 2, BRUNEI DARUSSALAM.
IC / PP No	:	BN532740
Nationality	:	ZIMBABWEAN
Date of Appointment	:	02/09/2009

DIRECTOR 4

Name Of Subject	:	THIAGARAJAH RAVINDRAN
Address	:	15, WORTHING ROAD, SERANGOON GARDEN ESTATE, 554949, SINGAPORE.
IC / PP No	:	S2651033C
Nationality	:	SINGAPOREAN
Date of Appointment	:	04/01/1996

MANAGEMENT

1)	Name of Subject	:	AINADIN CADER
	Position	:	DIRECTOR

2)	Name of Subject	:	THIAGARAJAH RAVINDRAN
	Position	:	MANAGING DIRECTOR

AUDITOR

Auditor	:	EDWIN TAY & CO.
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	ANGELA CHAI HUI LING
	IC / PP No	:	S1654188E
	Address	:	801, UPPER SERANGOON ROAD, 02-04, D'PAVILION, 534671, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

OVERSEA-CHINESE BANKING CORPORATION LIMITED

2)

Name

:

UNITED OVERSEAS BANK LIMITED

3)

Name

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

4)

Name

:

CITIBANK N.A.

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
9601529	19/03/1996	N/A	OVERSEA-CHINESE BANKING CORPORATION LIMITED	-	Unsatisfied
9606489	24/10/1996	N/A	MALAYAN BANKING BERHAD	-	Unsatisfied
C200506076	03/10/2005	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C200508053	27/12/2005	N/A	OVERSEA-CHINESE BANKING CORPORATION LIMITED	-	Unsatisfied
C201105106	25/04/2011	N/A	DBS BANK LTD.	-	Unsatisfied
C201105200	26/04/2011	N/A	STANDARD CHARTERED BANK (SINGAPORE)	-	Unsatisfied
C201110605	24/08/2011	N/A	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	-	Unsatisfied
C201306757	17/05/2013	N/A	AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED	-	Unsatisfied
C201315488	19/11/2013	N/A	CITIBANK 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	:	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	[	]	Good 31-60 Days	[	X	]	Average 61-90 Days	[	]
Fair 91-120 Days	[	]	Poor >120 Days	[		]

CLIENTELE

Local	:	N/A
Overseas	:	N/A

The Subject refused to disclose its clientele. 

OPERATIONS

Goods Traded

:

SEAFOOD

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 seafood. 

The Subject refused to disclose its operation. 

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-63237442
Match	:	N/A
Address Provided by Client	:	101 CECIL STREET, #09-03/04, TONG ENG BUILDING SINGAPORE 069533
Current Address	:	101 CECIL STREET #09-03/04. TONG ENG BUILDING, 069533, SINGAPORE.
Match	:	YES

Other Investigations

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

FINANCIAL ANALYSIS

Profitability
Turnover	:	Decreased	[	36.58%	]
Profit/(Loss) Before Tax	:	Decreased	[	30.62%	]
Return on Shareholder Funds	:	Acceptable	[	18.28%	]
Return on Net Assets	:	Acceptable	[	23.76%	]
The shrinking turnover could be the result of more entrants into the market which eroded the Subject's market share.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	:	Nil	[	0 Days	]
Debtor Ratio	:	Favourable	[	42 Days	]
Creditors Ratio	:	Favourable	[	1 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	[	1.33 Times	]
Current Ratio	:	Unfavourable	[	1.33 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	[	6.16 Times	]
Gearing Ratio	:	Unfavourable	[	2.84 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 highly geared, thus it had a high financial risk. The Subject was dependent on loans to finance its business needs. In times of economic downturn and / or high interest rate, the Subject will become less profitable and competitive than other firms in the same industry, which are lowly geared. This is because the Subject has to service the interest and to repay the loan, which will erode part of its profits. The profits will fluctuate depending on the Subject's turnover and the interest it needs to pay.
Overall Assessment :
The Subject's performance deteriorated over the years with lower 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 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's gearing level was high and its going concern will be in doubt if there is no injection of additional shareholders' funds in times of economic downturn and / or high interest rates.
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 1996, the Subject is a Private Limited company, focusing on trading of seafood. Having been in the industry for over a decade, the Subject has achieved a certain market share and has built up a satisfactory reputation in the market. It should have received supports from its regular customers. The capital standing of the Subject is fair. With an adequate share capital, the Subject has the potential of expanding its business in future. 

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. 

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. The high gearing ratio clearly implied that the Subject was supported by more debt than equity. Thus, the Subject is exposed to high financial risk. Given a positive net worth standing at USD 2,324,480, the Subject should be able to maintain its business in the near terms. 

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

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 normally.

PROFIT AND LOSS ACCOUNT

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

CRUSTRADE PTE LTD

Financial Year End	2013-03-31	2012-03-31
Months	12	12
Consolidated Account	Company	Company
Audited Account	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES
Financial Type	FULL	FULL
Currency	USD	USD
TURNOVER	46,764,908	73,736,729
	----------------	----------------
Total Turnover	46,764,908	73,736,729
	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	462,542	666,656
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	462,542	666,656
Taxation	(37,742)	(93,046)
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	424,800	573,610
	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	783,976	650,896
	----------------	----------------
As restated	783,976	650,896
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	1,208,776	1,224,506
TRANSFER TO RESERVES - General	(440,000)	(316,000)
DIVIDENDS - Ordinary (paid & proposed)	(133,386)	(124,530)
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	635,390	783,976
	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Bank overdraft	85	85
Trust receipts	89,566	118,239
	----------------	----------------
	89,651	118,324
	=============	=============

BALANCE SHEET

CRUSTRADE PTE LTD

ASSETS EMPLOYED:
FIXED ASSETS	4,425	10,139
	----------------	----------------
TOTAL LONG TERM ASSETS	4,425	10,139
CURRENT ASSETS
Trade debtors	5,339,413	6,327,908
Other debtors, deposits & prepayments	2,316,011	1,211,942
Short term deposits	1,547,223	1,378,015
Cash & bank balances	55,409	398,954
	----------------	----------------
TOTAL CURRENT ASSETS	9,258,056	9,316,819
	----------------	----------------
TOTAL ASSET	9,262,481	9,326,958
	=============	=============
CURRENT LIABILITIES
Trade creditors	97,159	160,487
Other creditors & accruals	189,007	282,649
Bill & acceptances payable	6,612,938	6,757,153
Provision for taxation	38,897	92,875
	----------------	----------------
TOTAL CURRENT LIABILITIES	6,938,001	7,293,164
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	2,320,055	2,023,655
	----------------	----------------
TOTAL NET ASSETS	2,324,480	2,033,794
	=============	=============
SHARE CAPITAL
Ordinary share capital	1,689,090	1,249,090
	----------------	----------------
TOTAL SHARE CAPITAL	1,689,090	1,249,090
RESERVES
Retained profit/(loss) carried forward	635,390	783,976
	----------------	----------------
TOTAL RESERVES	635,390	783,976
	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	2,324,480	2,033,066
LONG TERM LIABILITIES
Deferred taxation	-	728
	----------------	----------------
TOTAL LONG TERM LIABILITIES	-	728
	----------------	----------------
	2,324,480	2,033,794
	=============	=============

FINANCIAL RATIO

CRUSTRADE PTE LTD

TYPES OF FUNDS
Cash	1,602,632	1,776,969
Net Liquid Funds	(5,010,306)	(4,980,184)
Net Liquid Assets	2,320,055	2,023,655
Net Current Assets/(Liabilities)	2,320,055	2,023,655
Net Tangible Assets	2,324,480	2,033,794
Net Monetary Assets	2,320,055	2,022,927
BALANCE SHEET ITEMS
Total Borrowings	6,612,938	6,757,153
Total Liabilities	6,938,001	7,293,892
Total Assets	9,262,481	9,326,958
Net Assets	2,324,480	2,033,794
Net Assets Backing	2,324,480	2,033,066
Shareholders' Funds	2,324,480	2,033,066
Total Share Capital	1,689,090	1,249,090
Total Reserves	635,390	783,976
LIQUIDITY (Times)
Cash Ratio	0.23	0.24
Liquid Ratio	1.33	1.28
Current Ratio	1.33	1.28
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0
Debtors Ratio	42	31
Creditors Ratio	1	1
SOLVENCY RATIOS (Times)
Gearing Ratio	2.84	3.32
Liabilities Ratio	2.98	3.59
Times Interest Earned Ratio	6.16	6.63
Assets Backing Ratio	1.38	1.63
PERFORMANCE RATIO (%)
Operating Profit Margin	0.99	0.90
Net Profit Margin	0.91	0.78
Return On Net Assets	23.76	38.60
Return On Capital Employed	23.76	38.60
Return On Shareholders' Funds/Equity	18.28	28.21
Dividend Pay Out Ratio (Times)	0.31	0.22
NOTES TO ACCOUNTS
Contingent Liabilities	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.18
UK Pound	1	Rs.103.38
Euro	1	Rs.85.09

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.