MIRA INFORM REPORT

Report Date :

04.03.2014

IDENTIFICATION DETAILS

Name :	GHEE HUAT COMPANY PRIVATE LIMITED
Registered Office :	133, New Bridge Road, 09-07, Chinatown Point, 059413
Country :	Singapore
Financials (as on) :	31.12.2012
Date of Incorporation :	13.12.1973
Com. Reg. No.:	197302348-W
Legal Form :	Private Limited Company
Line of Business :	engaged in wholesaler of animal feed.
No. of Employees	07 [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 – december 01, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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.

`

197302348-W

COMPANY NAME

:

GHEE HUAT COMPANY PRIVATE LIMITED

FORMER NAME

:

N/A

INCORPORATION DATE

:

13/12/1973

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

133, NEW BRIDGE ROAD, 09-07, CHINATOWN POINT, 059413, SINGAPORE.

BUSINESS ADDRESS

:

133, NEW BRIDGE ROAD, 09-07, CHINATOWN POINT OUTRAM , 059413, SINGAPORE.

TEL.NO.

:

65-65342220

FAX.NO.

:

65-65358738

CONTACT PERSON

:

TAY JOHNNY ( DIRECTOR )

PRINCIPAL ACTIVITY

:

WHOLESALE OF ANIMAL FEED

ISSUED AND PAID UP CAPITAL

:

1,215,004.00 ORDINARY SHARE, OF A VALUE OF SGD 1,215,004.00 

SALES

:

SGD 23,971,436 [2012]

NET WORTH

:

SGD 14,361,287 [2012]

STAFF STRENGTH

:

7 [2014]

BANKER (S)

:

BANGKOK BANK PUBLIC COMPANY LIMITED

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

FAIR

PAYMENT

:

PROMPT

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

N/A

CURRENCY EXPOSURE

:

N/A

GENERAL REPUTATION

:

GOOD

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) wholesale of animal feed.

The immediate and ultimate holding company of the Subject is NEO KAR CHAN HOLDINGS PTE LTD, a company incorporated in SINGAPORE.

Share Capital History

Date	Issue & Paid Up Capital
28/02/2014	SGD 1,215,004.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
NEO KAR CHAN +	3, BEGONIA TERRACE, HOCK SWEE HILL, 809759, SINGAPORE.	S0485868I	4.00	0.00
NEO KAR CHAN HOLDINGS PTE LTD	133, NEW BRIDGE ROAD, 09-07, CHINATOWN POINT, 059413, SINGAPORE.	199302624D	1,215,000.00	100.00
			---------------	------
			1,215,004.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	NEO CHING LAM
Address	:	19, DEDAP PLACE, 809518, SINGAPORE.
IC / PP No	:	S1392247J
Nationality	:	SINGAPOREAN
Date of Appointment	:	04/03/1992

DIRECTOR 2

Name Of Subject	:	TAY JOHNNY
Address	:	683, TESSENSOHN ROAD, 03-125, 210683, SINGAPORE.
IC / PP No	:	S0093037G
Nationality	:	SINGAPOREAN
Date of Appointment	:	08/03/2006

DIRECTOR 3

Name Of Subject	:	NEO CHIN SENG
Address	:	21, TAN KIM CHENG ROAD, 10-23, LUTHERAN TOWER, 266621, SINGAPORE.
IC / PP No	:	S0166557Z
Date of Appointment	:	08/03/2006

DIRECTOR 4

Name Of Subject	:	NEO KAR CHAN
Address	:	3, BEGONIA TERRACE, HOCK SWEE HILL, 809759, SINGAPORE.
IC / PP No	:	S0485868I
Nationality	:	SINGAPOREAN
Date of Appointment	:	13/12/1973

MANAGEMENT

1)	Name of Subject	:	TAY JOHNNY
	Position	:	DIRECTOR

AUDITOR

Auditor	:	LEE BOON SONG & CO PAC
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	TAY QUEE MENG
	IC / PP No	:	S0299917Z
	Address	:	23, HOUGANG AVENUE 3, 04-287, 530023, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

BANGKOK BANK PUBLIC COMPANY LIMITED

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C201307594	05/06/2013	N/A	BANGKOK BANK PUBLIC COMPANY LIMITED	-	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	[	X	]	Good 31-60 Days	[	]	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

:

ANIMAL FEED

Total Number of Employees:
YEAR	2014
GROUP	N/A
COMPANY	7

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) wholesale of animal feed. 

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	:	65-65342220
Match	:	N/A
Address Provided by Client	:	133 NEW BRIDGE ROAD 0907 CHINATOWN POINT, SINGAPORE
Current Address	:	133, NEW BRIDGE ROAD, 09-07, CHINATOWN POINT OUTRAM , 059413, SINGAPORE.
Match	:	NO

Other Investigations

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

The address provided is incomplete.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Decreased	[	68.11%	]
Profit/(Loss) Before Tax	:	Decreased	[	58.64%	]
Return on Shareholder Funds	:	Unfavourable	[	3.54%	]
Return on Net Assets	:	Unfavourable	[	3.76%	]
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 unfavourable return on shareholders' funds could indicate that the Subject was inefficient in utilising its assets to generate returns.
Working Capital Control
Stock Ratio	:	Favourable	[	14 Days	]
Debtor Ratio	:	Acceptable	[	58 Days	]
Creditors Ratio	:	Favourable	[	11 Days	]
The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The Subject's management was quite efficient in handling its debtors. The Subject's debtors days were at an acceptable range, thus the risk of its debts turning bad was minimised. 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	[	4.40 Times	]
Current Ratio	:	Favourable	[	4.78 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	[	0.10 Times	]
The Subject's interest cover was nil as it did not pay any interest during the year. The Subject was lowly geared thus it had a low financial risk. The Subject was mainly financed by its shareholders' funds and internally generated funds. In times of economic slowdown / downturn, the Subject being a lowly geared company, will be able to compete better than those companies which are highly geared in the same industry.
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 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 : FAIR

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 1973, the Subject is a Private Limited company, focusing on wholesale of animal feed. The Subject has been in business for over 4 decades. It has built up a strong clientele base and good reputation will enable the Subject to further enhance its business in the near term. The Subject is expected to enjoy a stable market shares. 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 fair. With an adequate share capital, the Subject has the potential of expanding its business in future. 

The Subject's business operation is supported by 7 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. The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. However, 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. Given a positive net worth standing at SGD 14,361,287, the Subject should be able to maintain its business in the near terms. 

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. 

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.

GHEE HUAT COMPANY PRIVATE LIMITED

Financial Year End	2012-12-31	2011-12-31
Months	12	12
Consolidated Account	Company	Company
Audited Account	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES
Financial Type	FULL	FULL
Currency	SGD	SGD
TURNOVER	23,971,436	75,169,566
Other Income	391,494	512,160
	----------------	----------------
Total Turnover	24,362,930	75,681,726
	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	540,100	1,305,927
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	540,100	1,305,927
Taxation	(32,364)	(173,902)
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	507,736	1,132,025
	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	10,021,182	10,104,161
	----------------	----------------
As restated	10,021,182	10,104,161
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	10,528,918	11,236,186
DIVIDENDS - Ordinary (paid & proposed)	(121,500)	(1,215,004)
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	10,407,418	10,021,182
	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Trust receipts	-	39,323
	----------------	----------------
	-	39,323
	=============	=============

BALANCE SHEET

GHEE HUAT COMPANY PRIVATE LIMITED

ASSETS EMPLOYED:
FIXED ASSETS	1,547	5,165
LONG TERM INVESTMENTS/OTHER ASSETS
Others	5,319,311	4,572,311
	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	5,319,311	4,572,311
	----------------	----------------
TOTAL LONG TERM ASSETS	5,320,858	4,577,476
CURRENT ASSETS
Stocks	909,650	-
Trade debtors	3,813,563	5,435,307
Other debtors, deposits & prepayments	889,982	770,764
Short term deposits	-	3,000,000
Amount due from subsidiary companies	587,955	621,955
Cash & bank balances	5,230,183	1,693,830
	----------------	----------------
TOTAL CURRENT ASSETS	11,431,333	11,521,856
	----------------	----------------
TOTAL ASSET	16,752,191	16,099,332
	=============	=============
CURRENT LIABILITIES
Trade creditors	725,171	315,194
Other creditors & accruals	158,060	289,236
Other borrowings	1,479,803	1,497,184
Amounts owing to subsidiary companies	-	603,387
Provision for taxation	27,600	165,620
	----------------	----------------
TOTAL CURRENT LIABILITIES	2,390,634	2,870,621
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	9,040,699	8,651,235
	----------------	----------------
TOTAL NET ASSETS	14,361,557	13,228,711
	=============	=============
SHARE CAPITAL
Ordinary share capital	1,215,004	1,215,004
	----------------	----------------
TOTAL SHARE CAPITAL	1,215,004	1,215,004
RESERVES
General reserve	2,738,865	1,991,865
Retained profit/(loss) carried forward	10,407,418	10,021,182
	----------------	----------------
TOTAL RESERVES	13,146,283	12,013,047
	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	14,361,287	13,228,051
LONG TERM LIABILITIES
Deferred taxation	270	660
	----------------	----------------
TOTAL LONG TERM LIABILITIES	270	660
	----------------	----------------
	14,361,557	13,228,711
	=============	=============

FINANCIAL RATIO

GHEE HUAT COMPANY PRIVATE LIMITED

TYPES OF FUNDS
Cash	5,230,183	4,693,830
Net Liquid Funds	5,230,183	4,693,830
Net Liquid Assets	8,131,049	8,651,235
Net Current Assets/(Liabilities)	9,040,699	8,651,235
Net Tangible Assets	14,361,557	13,228,711
Net Monetary Assets	8,130,779	8,650,575
BALANCE SHEET ITEMS
Total Borrowings	1,479,803	1,497,184
Total Liabilities	2,390,904	2,871,281
Total Assets	16,752,191	16,099,332
Net Assets	14,361,557	13,228,711
Net Assets Backing	14,361,287	13,228,051
Shareholders' Funds	14,361,287	13,228,051
Total Share Capital	1,215,004	1,215,004
Total Reserves	13,146,283	12,013,047
LIQUIDITY (Times)
Cash Ratio	2.19	1.64
Liquid Ratio	4.40	4.01
Current Ratio	4.78	4.01
WORKING CAPITAL CONTROL (Days)
Stock Ratio	14	0
Debtors Ratio	58	26
Creditors Ratio	11	2
SOLVENCY RATIOS (Times)
Gearing Ratio	0.10	0.11
Liabilities Ratio	0.17	0.22
Times Interest Earned Ratio	0.00	34.21
Assets Backing Ratio	11.82	10.89
PERFORMANCE RATIO (%)
Operating Profit Margin	2.25	1.74
Net Profit Margin	2.12	1.51
Return On Net Assets	3.76	10.17
Return On Capital Employed	3.76	10.17
Return On Shareholders' Funds/Equity	3.54	8.56
Dividend Pay Out Ratio (Times)	0.24	1.07
NOTES TO ACCOUNTS
Contingent Liabilities	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.86
UK Pound	1	Rs.103.52
Euro	1	Rs.85.31

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.