MIRA INFORM REPORT

Report Date :

26.07.2014

IDENTIFICATION DETAILS

Name :	MSPL DIAMOND PTE. LTD.
Registered Office :	50, Raffles Place, 11-03a, Singapore Land Tower, 048623
Country :	Singapore
Financials (as on) :	31.03.2013
Date of Incorporation :	29.07.2008
Com. Reg. No.:	200814828-Z
Legal Form :	Private Limited
Line of Business :	Subject is principally engaged in the shipping agencies (freight).
No. of Employees :	2 [2014]

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
Singapore	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

SINGAPORE - ECONOMIC OVERVIEW

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but rebounded 15.1% in 2010, on the strength of renewed exports, before slowing to in 2011-13, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub.

Source : CIA

EXECUTIVE SUMMARY

REGISTRATION NO.	:	200814828-Z
COMPANY NAME	:	MSPL DIAMOND PTE. LTD.
FORMER NAME	:	N/A
INCORPORATION DATE	:	29/07/2008
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	50, RAFFLES PLACE, 11-03A, SINGAPORE LAND TOWER, 048623, SINGAPORE.
BUSINESS ADDRESS	:	50 RAFFLES PL #11-03A SINGAPORE LAND TOWER, 048623, SINGAPORE.
TEL.NO.	:	65-63236325
FAX.NO.	:	65-63236329
CONTACT PERSON	:	RAHUL KUMAR NARENDRA KUMAR BALDOTA ( DIRECTOR )
PRINCIPAL ACTIVITY	:	SHIPPING AGENCIES (FREIGHT)
ISSUED AND PAID UP CAPITAL	:	100,000.00 ORDINARY SHARE, OF A VALUE OF SGD 100,000.00
SALES	:	USD 16,083,766 [2013]
NET WORTH	:	USD (11,520,429) [2013]
STAFF STRENGTH	:	2 [2014]
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	POOR
PAYMENT	:	FAIR
MANAGEMENT CAPABILITY	:	WEAK
COMMERCIAL RISK	:	MODERATE
CURRENCY EXPOSURE	:	MODERATE
GENERAL REPUTATION	:	SATISFACTORY
INDUSTRY OUTLOOK	:	MATURE

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) shipping agencies (freight).

The immediate holding company of the Subject is MSPL MARITIME PTE. LTD., a company incorporated in INDIA.

Share Capital History

Date	Issue & Paid Up Capital
21/07/2014	SGD 100,000.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
MSPL MARITIME PTE. LTD.	50, RAFFLES PLACE, 11-03A, SINGAPORE LAND TOWER, 048623, SINGAPORE.	200808855M	100,000.00	100.00
			---------------	------
			100,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	LEE WEI HSIUNG
Address	:	633, JURONG WEST STREET 65, 10-310, 640633, SINGAPORE.
IC / PP No	:	S7927166G
Nationality	:	SINGAPOREAN
Date of Appointment	:	01/06/2014

DIRECTOR 2

Name Of Subject	:	SHRENIK NARENDRA KUMAR BALDOTA
Address	:	'CHINAR', BALDOTA COLONY, DAM ROAD, HOSPET-583 203, BELLARY (DIST.). KARNATAKA, INDIA.
IC / PP No	:	Z1734451
Nationality	:	INDIAN
Date of Appointment	:	31/07/2008

DIRECTOR 3

Name Of Subject	:	RAHUL KUMAR NARENDRA KUMAR BALDOTA
Address	:	'CHINAR', BALDOTA COLONY, DAM ROAD, HOSPET-583 203, BELLARY (DIST.). KARNATAKA, INDIA.
IC / PP No	:	H1183829
Nationality	:	INDIAN
Date of Appointment	:	31/07/2008

DIRECTOR 4

Name Of Subject	:	NARENDRAKUMAR ABHERAJ BALDOTA
Address	:	'CHINAR', BALDOTA COLONY HOSPET - 583203 BELLARY (DIST.), KARNATAKA, INDIA.
IC / PP No	:	Z1333222
Nationality	:	INDIAN
Date of Appointment	:	21/11/2011

MANAGEMENT

1)	Name of Subject	:	RAHUL KUMAR NARENDRA KUMAR BALDOTA
	Position	:	DIRECTOR

AUDITOR

Auditor	:	DELOITTE & TOUCHE LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	ANG SIEW KOON
	IC / PP No	:	S1721860C
	Address	:	122, YISHUN STREET 11, 06-463, 760122, SINGAPORE.

BANKING

No Banker found in our databank.

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C201100081	04/01/2011	N/A	STATE BANK OF INDIA	-	Unsatisfied
C201100082	04/01/2011	N/A	STATE BANK OF INDIA	-	Unsatisfied
C201100084	04/01/2011	N/A	STATE BANK OF INDIA	-	Unsatisfied
C201100086	04/01/2011	N/A	STATE BANK OF INDIA	-	Unsatisfied
C201100089	04/01/2011	N/A	STATE BANK OF INDIA	-	Unsatisfied
C201100094	04/01/2011	N/A	STATE BANK OF INDIA	-	Unsatisfied
C201100097	04/01/2011	N/A	STATE BANK OF INDIA	-	Unsatisfied
C201100101	04/01/2011	N/A	STATE BANK OF INDIA	-	Unsatisfied
C201100104	04/01/2011	N/A	STATE BANK OF INDIA	-	Unsatisfied
C201100105	04/01/2011	N/A	STATE BANK OF INDIA	-	Unsatisfied
C201105592	09/05/2011	N/A	STATE BANK OF INDIA	-	Unsatisfied
C201105593	09/05/2011	N/A	STATE BANK OF INDIA	-	Unsatisfied
C201111026	08/09/2011	N/A	STATE BANK OF INDIA	-	Unsatisfied
C201111027	08/09/2011	N/A	STATE BANK OF INDIA	-	Unsatisfied
C201300146	04/01/2013	N/A	STATE BANK OF INDIA	-	Unsatisfied
C201300149	04/01/2013	N/A	STATE BANK OF INDIA	-	Unsatisfied
C201313628	08/10/2013	N/A	STATE BANK OF INDIA	-	Unsatisfied
C201313629	08/10/2013	N/A	STATE BANK OF INDIA	-	Unsatisfied

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 is a service provider.

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

CLIENTELE

Local	:	YES
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	WORLDWIDE
Credit Term	:	N/A
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Services

:

SHIPPING AGENCIES (FREIGHT)

Total Number of Employees:
YEAR	2014
GROUP	N/A
COMPANY	2

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) shipping agencies (freight).

The Subject provides shipping related services.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that:

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-63236325
Match	:	N/A
Address Provided by Client	:	#11-03A SINGAPORE LAND TOWER 50 RAFFLES PLACE SINGAPORE 048623
Current Address	:	50 RAFFLES PL #11-03A SINGAPORE LAND TOWER, 048623, SINGAPORE.
Match	:	YES

Other Investigations

On 17th July 2014 we contacted one of the staff from the Subject and she provided some information.

She refused to disclose the Subject's number of employees.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	26.59%	]
Profit/(Loss) Before Tax	:	Increased	[	(322.43%)	]
Return on Shareholder Funds	:	Unfavourable	[	80.16%	]
Return on Net Assets	:	Unfavourable	[	(4.31%)	]
The higher turnover could be attributed to the favourable market condition and the Subject could be gaining the market share progressively.Higher losses before tax during the year could be due to the higher operating costs incurred. Although the Subject's returns showed positive figures it is not reflective of the true situation. The Subject incurred losses during the year and its shareholders' funds have turned red. The positive returns on shareholders' funds is the result of losses divided by negative shareholders' funds. The Subject's management was inefficient in utilising the assets to generate returns.
Working Capital Control
Stock Ratio	:	Favourable	[	51 Days	]
Debtor Ratio	:	Favourable	[	12 Days	]
Creditors Ratio	:	Favourable	[	0 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	:	Unfavourable	[	0.03 Times	]
Current Ratio	:	Unfavourable	[	0.05 Times	]
A low liquid ratio means that the Subject may be facing working capital deficiency. If the Subject cannot obtain additional financing or injection of fresh capital, it may face difficulties in meeting its short term obligations.
Solvency
Interest Cover	:	Unfavourable	[	(1.24 Times)	]
Gearing Ratio	:	Unfavourable	[	(12.14 Times)	]
The Subject incurred losses in the year. It did not generate sufficient income to service its interest.  If the situation does not improve, the Subject may be vulnerable to default in servicing the interest. The Subject's gearing was negative during the year as its shareholders' funds was in the red. This means the Subject is running its business using borrowed money. We consider the Subject as facing high financial risks.
Overall Assessment :
Although the Subject's turnover increased its profits however showed a reverse trend. The losses could be due to the management's failure to maintain its competitiveness in the market. Due to its weak liquidity position, the Subject will be faced with problems in meeting all its short term obligations if no short term loan is obtained or additional capital injected into the Subject. The Subject's interest cover was negative, indicating that it did not generate sufficient income to service its interest. If its result does not show impressive improvements or succeed obtaining short term financing or capital injection, it may not be able to service its interest and repay the loans. The Subject has high financial risks. If its shareholders do not inject more capital into the company or if its business performance does not improve, its going concern may be in question.
Overall financial condition of the Subject : POOR

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	2009	2010	2011	2012	2013
Population (Million)	4.98	5.08	5.18	5.31	5.40
Gross Domestic Products ( % )	(0.8)	14.5	4.9	1.3	3.7
Consumer Price Index	0.6	2.8	5.2	4.6	2.4
Total Imports (Million)	356,299.3	423,221.8	459,655.1	474,554.0	466,762.0
Total Exports (Million)	391,118.1	478,840.7	514,741.2	510,329.0	513,391.0
Unemployment Rate (%)	3.2	2.2	2.1	2.0	1.9
Tourist Arrival (Million)	9.68	11.64	13.17	14.49	15.46
Hotel Occupancy Rate (%)	75.8	85.6	86.5	86.4	86.3
Cellular Phone Subscriber (Million)	1.37	1.43	1.50	1.52	1.97
Registration of New Companies (No.)	26,414	29,798	32,317	31,892	37,288
Registration of New Companies (%)	4.3	12.8	8.5	(1.3)	9.8
Liquidation of Companies (No.)	22,393	15,126	19,005	17,218	17,369
Liquidation of Companies (%)	113.4	(32.5)	25.6	9.4	(5.3)
Registration of New Businesses (No.)	26,876	23,978	23,494	24,788	22,893
Registration of New Businesses (%)	8.15	(10.78)	2.02	5.51	1.70
Liquidation of Businesses (No.)	23,552	24,211	23,005	22,489	22,598
Liquidation of Businesses (%)	11.4	2.8	(5)	(2.2)	0.5
Bankruptcy Orders (No.)	2,058	1,537	1,527	1,748	1,992
Bankruptcy Orders (%)	(11.5)	(25.3)	(0.7)	14.5	14.0
Bankruptcy Discharges (No.)	3,056	2,252	1,391	1,881	2,584
Bankruptcy Discharges (%)	103.7	(26.3)	(38.2)	35.2	37.4
INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	3.25	(0.48)	4.25	3.64	-
Fish Supply & Wholesale	(1.93)	(10.5)	12.10	(0.5)	-
Manufacturing *	71.5	92.8	100.0	100.3	102.0
Food, Beverages & Tobacco	90.4	96.4	100.0	103.5	103.5
Textiles	145.9	122.1	100.0	104.0	87.1
Wearing Apparel	211.0	123.3	100.0	92.1	77.8
Leather Products & Footwear	79.5	81.8	100.0	98.6	109.8
Wood & Wood Products	101.4	104.0	100.0	95.5	107.4
Paper & Paper Products	95.4	106.1	100.0	97.4	103.2
Printing & Media	100.9	103.5	100.0	93.0	86.1
Crude Oil Refineries	96.4	95.6	100.0	99.4	93.5
Chemical & Chemical Products	80.3	97.6	100.0	100.5	104.1
Pharmaceutical Products	49.1	75.3	100.0	109.7	107.2
Rubber & Plastic Products	101.2	112.3	100.0	96.5	92.9
Non-metallic Mineral	91.9	92.5	100.0	98.2	97.6
Basic Metals	92.6	102.2	100.0	90.6	76.5
Fabricated Metal Products	90.8	103.6	100.0	104.3	105.1
Machinery & Equipment	57.3	78.5	100.0	112.9	114.5
Electrical Machinery	86.8	124.1	100.0	99.3	108.5
Electronic Components	85.2	113.6	100.0	90.6	94.3
Transport Equipment	96.0	94.0	100.0	106.3	107.5
Construction	(36.9)	14.20	20.50	28.70	-
Real Estate	1.4	21.3	25.4	31.9	-
Services
Electricity, Gas & Water	1.70	4.00	7.00	6.30	-
Transport, Storage & Communication	3.90	12.80	7.40	5.30	-
Finance & Insurance	(16.4)	(0.4)	8.90	0.50	-
Government Services	4.50	9.70	6.90	6.00	-
Education Services	0.10	(0.9)	(1.4)	0.30	-
* Based on Index of Industrial Production (2011 = 100)
(Source : Department of Statistics)

INDUSTRY ANALYSIS

INDUSTRY :	TRANSPORTATION
The transportation and storage sector expanded by 3.2% in the fourth quarter of 2012, an improvement from the 1.7% growth in the third quarter. For the whole of 2012, the sector grew by 2.7%, slower than the growth of 3.8% in 2011.
Air passenger traffic continued to grow at a healthy pace of 9.9% in 2012, following the 11% growth in 2011. Growth came on the back of strong visitor arrivals and regional air travel. However, in line with a slowdown in electronics domestic exports, air cargo growth contracted by 3.1% in 2012, a reversal from the 2.9% expansion in year 2011. Growth in aircraft movements also moderated to 8.3% from the 14% in 2011.
Aviation service providers' outlook is also gloomy, but longer term prospects are intact. The air of pessimism that currently surrounds the aviation industry may, in the near term, cascade down to the maintenance, repair and overhaul service providers and ground handlers. Global air travel traffic is projected to continue growing in the long term and the global passenger aircraft fleet is forecasted to double by 2030.
As of December 2012, vehicles registered with the Land Transport Authority grew by 1.4% to a total of 969,910. These comprised 605,149 private and company cars, 14,862 rental cars, 28,210 taxis, 17,162 buses, 144,110 motorcycles and scooters, and 160,417 goods vehicles and other vehicle types.
Besides, for the water transport sub-sector, the container throughput grew by 5.7% in 2012, slightly faster than the 5.3% growth in 2011. The number of twenty-foot equivalent units (TEUs) handled by Singapore's ports rose to 32 million, higher than the previous peak of 30 million reached in 2011. Sea cargo volumes also increased, but at a slower pace of 1.3%, compared to the 5.5% growth in 2011.
The uncertain economic outlook ahead continues to weigh down on business confidence, which in turn negatively impacts global travel and trade volume.
OVERALL INDUSTRY OUTLOOK : MATURE

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 2008, the Subject is a Private Limited company, focusing on shipping agencies (freight). 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 capital standing of the Subject is weak. The Subject may face difficulties to expand its business compared to other large corporation. Without a strong capital, the business expansion opportunities of the Subject is limited.

Over the years, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. Being a small company, the Subject's business operation is supported by 2 employees. Overall, we regard that the Subject's management capability is weak. Without capable management, the Subject is unlikely to be successful and often contribute to unacceptable levels of accountability. Weak management can affect productivity, profitability, sales growth and ultimately can result in the failure of a business.

Despite the higher turnover, the Subject suffered pre-tax losses which reflected a highly competitive business environment. The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. Due to its weak liquidity position, the Subject may face working capital deficiency in meeting its short term financial obligations if no fresh capital are injected into the Subject. The Subject has generated an unfavourable gearing ratio indicated that the Subject is in high financial risk. The Subject's unfavourable financial performance over the years has wiped out its shareholders' funds to a deficit of USD -11,520,429. Therefore, the Subject as a going concern is much dependent on its ability to generate sufficient cash flow and obtain additional financing to meet its future obligations.

The Subject's overall payment habit is fair and this clearly implied a weak credit control of the Subject.

The industry has reached its optimum level and is generally stable. It is saturated and very competitive. Thus, the Subject's growth prospect is very much depends on its capacity in sustaining its performance in the market.

Based on the above unfavourable condition, we regard granting credit to the Subject to be quite risky. Hence, credit is not recommended.

PROFIT AND LOSS ACCOUNT

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

MSPL DIAMOND 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	16,083,766	12,705,282
Other Income	462,412	892,965
	----------------	----------------
Total Turnover	16,546,178	13,598,247
Costs of Goods Sold	(20,765,445)	(13,864,873)
	----------------	----------------
Gross Profit	(4,219,267)	(266,626)
	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	(9,235,025)	(2,186,157)
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	(9,235,025)	(2,186,157)
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	(9,235,025)	(2,186,157)
	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	(2,358,557)	(172,400)
	----------------	----------------
As restated	(2,358,557)	(172,400)
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	(11,593,582)	(2,358,557)
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	(11,593,582)	(2,358,557)
	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Term loan / Borrowing	4,113,809	1,545,788
Others	10,000	10,000
	----------------	----------------
	4,123,809	1,555,788
	=============	=============

BALANCE SHEET

MSPL DIAMOND PTE. LTD.

ASSETS EMPLOYED:
FIXED ASSETS	200,817,268	167,656,423
	----------------	----------------
TOTAL LONG TERM ASSETS	200,817,268	167,656,423
Stocks	2,268,332	1,613,410
Trade debtors	549,416	1,159,003
Other debtors, deposits & prepayments	529,950	617,227
Cash & bank balances	1,089,140	292,997
	----------------	----------------
TOTAL CURRENT ASSETS	4,436,838	3,682,637
	----------------	----------------
TOTAL ASSET	205,254,106	171,339,060
	=============	=============
Other creditors & accruals	395,313	314,801
Short term borrowings/Term loans	15,600,000	17,986,738
Amounts owing to holding company	69,248,475	40,856,122
Amounts owing to related companies	1,304,569	1,138,325
	----------------	----------------
TOTAL CURRENT LIABILITIES	86,548,357	60,295,986
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	(82,111,519)	(56,613,349)
	----------------	----------------
TOTAL NET ASSETS	118,705,749	111,043,074
	=============	=============
SHARE CAPITAL
Ordinary share capital	73,153	73,153
	----------------	----------------
TOTAL SHARE CAPITAL	73,153	73,153
Retained profit/(loss) carried forward	(11,593,582)	(2,358,557)
	----------------	----------------
TOTAL RESERVES	(11,593,582)	(2,358,557)
	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	(11,520,429)	(2,285,404)
Long term loans	124,226,178	107,328,478
Others	6,000,000	6,000,000
	----------------	----------------
TOTAL LONG TERM LIABILITIES	130,226,178	113,328,478
	----------------	----------------
	118,705,749	111,043,074
	=============	=============

FINANCIAL RATIO

MSPL DIAMOND PTE. LTD.

TYPES OF FUNDS
Cash	1,089,140	292,997
Net Liquid Funds	1,089,140	292,997
Net Liquid Assets	(84,379,851)	(58,226,759)
Net Current Assets/(Liabilities)	(82,111,519)	(56,613,349)
Net Tangible Assets	118,705,749	111,043,074
Net Monetary Assets	(214,606,029)	(171,555,237)
BALANCE SHEET ITEMS
Total Borrowings	139,826,178	125,315,216
Total Liabilities	216,774,535	173,624,464
Total Assets	205,254,106	171,339,060
Net Assets	118,705,749	111,043,074
Net Assets Backing	(11,520,429)	(2,285,404)
Shareholders' Funds	(11,520,429)	(2,285,404)
Total Share Capital	73,153	73,153
Total Reserves	(11,593,582)	(2,358,557)
LIQUIDITY (Times)
Cash Ratio	0.01	0.00
Liquid Ratio	0.03	0.03
Current Ratio	0.05	0.06
WORKING CAPITAL CONTROL (Days)
Stock Ratio	51	46
Debtors Ratio	12	33
Creditors Ratio	0	0
SOLVENCY RATIOS (Times)
Gearing Ratio	(12.14)	(54.83)
Liabilities Ratio	(18.82)	(75.97)
Times Interest Earned Ratio	(1.24)	(0.41)
Assets Backing Ratio	1,622.71	1,517.96
PERFORMANCE RATIO (%)
Operating Profit Margin	(57.42)	(17.21)
Net Profit Margin	(57.42)	(17.21)
Return On Net Assets	(4.31)	(0.57)
Return On Capital Employed	(4.31)	(0.57)
Return On Shareholders' Funds/Equity	80.16	95.66
Dividend Pay Out Ratio (Times)	0.00	0.00
NOTES TO ACCOUNTS
Contingent Liabilities	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.14
UK Pound	1	Rs.102.22
Euro	1	Rs.81.02

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	TPT

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.