MIRA INFORM REPORT

Report Date :

12.03.2014

IDENTIFICATION DETAILS

Name :	GOLD MATRIX RESOURCES PTE. LTD.
Registered Office :	101, Cecil Street, 25-12, Tong Eng Building, 069533,
Country :	Singapore
Financials (as on) :	31.03.2013
Date of Incorporation :	02.11.2004
Com. Reg. No.:	200414243-H
Legal Form :	Private Limited
Line of Business :	Trading of metals
No. of Employees :	15 (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 :	Slow but correct
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. 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 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.

:

200414243-H

COMPANY NAME

:

GOLD MATRIX RESOURCES PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

02/11/2004

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

101, CECIL STREET, 25-12, TONG ENG BUILDING, 069533, SINGAPORE.

BUSINESS ADDRESS

:

101, CECIL STREET, 25-12, TONG ENG BUILDING, 069533, SINGAPORE.

TEL.NO.

:

65-64911100

FAX.NO.

:

65-62200400

EMAIL

:

GMR@GOLDMATRIXRESOURCES.COM

WEB SITE

:

WWW.GOLDMATRIXRESOURCES.COM

CONTACT PERSON

:

LIM SAI BENG ( DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF METALS

ISSUED AND PAID UP CAPITAL

:

14,104,203.00 ORDINARY SHARE, OF A VALUE OF SGD 14,104,203.00

SALES

:

USD 610,634,060 [2013]

NET WORTH

:

USD 25,318,462 [2013]

STAFF STRENGTH

:

15 [2014]

BANKER (S)

:

INDIAN OVERSEAS BANK BANK OF INDIA THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED AXIS BANK LIMITED SINGAPORE BRANCH

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

LIMITED

PAYMENT

:

AVERAGE

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 metals.

The immediate holding company of the Subject is SINO INVESTMENT GLOBAL LIMITED, a company incorporated in VIRGIN ISLANDS, BRITISH.

Share Capital History

Date	Issue & Paid Up Capital
28/01/2014	SGD 14,104,203.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
SINO INVESTMENT GLOBAL LIMITED	PALM GROVE HOUSE, P.O. BOX 438, ROAD TOWN, TORTOLA, VIRGIN ISLANDS, BRITISH.	T05UF2059	14,104,203.00	100.00
			---------------	------
			14,104,203.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	LIM SAI BENG
Address	:	20, DOVER CRESCENT, 12-314, 130020, SINGAPORE.
IC / PP No	:	S0307980E
Nationality	:	SINGAPOREAN
Date of Appointment	:	11/07/2005

DIRECTOR 2

Name Of Subject	:	PINAKI RATH
Address	:	130, TANJONG RHU ROAD, 17-09, PEBBLE BAY, 436918, SINGAPORE.
IC / PP No	:	S6960871Z
Nationality	:	SINGAPOREAN
Date of Appointment	:	30/08/2005

MANAGEMENT

1)	Name of Subject	:	LIM SAI BENG
	Position	:	DIRECTOR

AUDITOR

Auditor	:	MGI N RAJAN ASSOCIATES
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	CHAN KWANG CHENG
	IC / PP No	:	S0011395F/01519
	Address	:	28 MAR THOMA ROAD, 10-01, 328708, SINGAPORE.

2)	Company Secretary	:	KHAW YIO LOK
	IC / PP No	:	1311899Z
	Address	:	1E, CANTONMENT ROAD, 39-57, PINNACLE@DUXTON, THE, 085501, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

INDIAN OVERSEAS BANK

2)

Name

:

BANK OF INDIA

3)

Name

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

4)

Name

:

AXIS BANK LIMITED SINGAPORE BRANCH

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C200601594	10/03/2006	N/A	INDIAN OVERSEAS BANK	-	Unsatisfied
C200604511	11/07/2006	N/A	INDIAN OVERSEAS BANK	-	Unsatisfied
C200708725	16/10/2007	N/A	BANK OF INDIA	-	Unsatisfied
C200708741	16/10/2007	N/A	BANK OF INDIA	-	Unsatisfied
C200801557	11/02/2008	N/A	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	-	Unsatisfied
C200801558	11/02/2008	N/A	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	-	Unsatisfied
C201005957	13/07/2010	N/A	INDIAN OVERSEAS BANK	-	Unsatisfied
C201012305	17/12/2010	N/A	AXIS BANK LIMITED SINGAPORE BRANCH	-	Unsatisfied
C201012306	17/12/2010	N/A	AXIS BANK LIMITED SINGAPORE BRANCH	-	Unsatisfied
C201103262	16/03/2011	N/A	AXIS BANK LIMITED SINGAPORE BRANCH	-	Unsatisfied
C201103266	16/03/2011	N/A	AXIS BANK LIMITED SINGAPORE BRANCH	-	Unsatisfied
C201114910	25/11/2011	N/A	DBS BANK LTD.	-	Unsatisfied
C201114915	25/11/2011	N/A	DBS BANK LTD.	-	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 staff from the registered office refused to disclose the Subject's 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	[	]	Average 61-90 Days	[	X	]
Fair 91-120 Days	[	]	Poor >120 Days	[	]

CLIENTELE

Local	:	N/A
Overseas	:	N/A

The staff from the registered office refused to disclose the Subject's clientele.

OPERATIONS

Goods Traded

:

METALS

Total Number of Employees:
YEAR	2014
GROUP	N/A
COMPANY	15

Branch

:

NO

Other Information:

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

The Subject carry on the business of trading in the base metals such as nickel, copper, lead, tin, zink and aluminium.

The Subject also sell some minerals, ferro alloys and scrap metals.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	6564911100
Current Telephone Number	:	65-64911100
Match	:	YES
Address Provided by Client	:	101, CECIL STREET, #25-12 TONG ENG BUILDING SINGAPORE 069533
Current Address	:	101, CECIL STREET, 25-12, TONG ENG BUILDING, 069533, SINGAPORE.
Match	:	YES

Other Investigations

we contacted one of the staff from the registered office and she provided limited information.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	5.64%	]
Profit/(Loss) Before Tax	:	Increased	[	0.18%	]
Return on Shareholder Funds	:	Acceptable	[	14.78%	]
Return on Net Assets	:	Acceptable	[	22.13%	]
The higher turnover could be attributed to the favourable market condition.The Subject's management have been efficient in controlling its operating costs. The Subject's management had generated acceptable return for its shareholders using its assets.
Working Capital Control
Stock Ratio	:	Favourable	[	13 Days	]
Debtor Ratio	:	Favourable	[	25 Days	]
Creditors Ratio	:	Favourable	[	30 Days	]
The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The favourable debtors' days could be due to the good credit control measures implemented by the Subject. The Subject had a favourable creditors' ratio where the Subject could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.
Liquidity
Liquid Ratio	:	Favourable	[	1.02 Times	]
Current Ratio	:	Unfavourable	[	1.24 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	:	Unfavourable	[	2.07 Times	]
Gearing Ratio	:	Unfavourable	[	2.23 Times	]
The Subject's interest cover was low. If its profits fall or when interest rate rises, it  may not be able to meet all its interest payment. 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 :
Generally, the Subject's performance has improved with higher turnover and profit. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. If there is a fall in the Subject's profit or any increase in interest rate, the Subject may not be able to generate sufficient cash-flow to service its interest. 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 : LIMITED

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)

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 2004, the Subject is a Private Limited company, focusing on trading of metals. Having been in the industry for a decade, the Subject should have built up its reputation and image in the market. Having strong support from its holding company has enabled the Subject to remain competitive despite the challenging business environment. The Subject is a large entity with strong capital position. We are confident with the Subject's business and its future growth prospect.

The Subject's business operation is supported by 15 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.

We noted that both the turnover and profits have increased compared to the previous year. The higher profit could be due to increase in turnover and better control over its operating costs. Return on shareholders' funds of the Subject was at an acceptable range which indicated that the management was efficient in utilising its funds to generate income. The Subject is in good liquidity position with its current liabilities well covered by it current assets. Hence, it has sufficient working capital to meet its short term financial obligations. The high gearing ratio clearly implied that the Subject was supported by more debt than equity. Nevertheless, given a positive net worth standing at USD 25,318,462, 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.

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 normally.

PROFIT AND LOSS ACCOUNT

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

GOLD MATRIX RESOURCES 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	610,634,060	578,009,178
	----------------	----------------
Total Turnover	610,634,060	578,009,178
Costs of Goods Sold	(603,209,877)	(569,506,246)
	----------------	----------------
Gross Profit	7,424,183	8,502,932
	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	4,195,837	4,188,200
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	4,195,837	4,188,200
Taxation	(453,803)	(431,546)
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	3,742,034	3,756,654
	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	11,563,870	7,807,216
	----------------	----------------
As restated	11,563,870	7,807,216
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	15,305,904	11,563,870
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	15,305,904	11,563,870
	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Others	3,922,501	4,881,605
	----------------	----------------
	3,922,501	4,881,605
	=============	=============

BALANCE SHEET

GOLD MATRIX RESOURCES PTE. LTD.

ASSETS EMPLOYED:
FIXED ASSETS	769,726	357,421
LONG TERM INVESTMENTS/OTHER ASSETS
Others	12,000,000	24,000,000
	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	12,000,000	24,000,000
	----------------	----------------
TOTAL LONG TERM ASSETS	12,769,726	24,357,421
CURRENT ASSETS
Stocks	21,508,143	19,110,471
Trade debtors	42,062,907	48,236,156
Other debtors, deposits & prepayments	109,060	144,465
Short term deposits	16,577,982	13,411,056
Cash & bank balances	3,150,247	5,908,914
Others	39,695,434	41,671,634
	----------------	----------------
TOTAL CURRENT ASSETS	123,103,773	128,482,696
	----------------	----------------
TOTAL ASSET	135,873,499	152,840,117
	=============	=============
CURRENT LIABILITIES
Trade creditors	49,780,706	52,390,863
Other creditors & accruals	834,979	286,466
Hire purchase & lease creditors	41,899	-
Bank overdraft	43,101	-
Short term borrowings/Term loans	10,557,400	11,200,000
Other borrowings	34,506,258	43,742,987
Deposits from customers	96,705	361,116
Amounts owing to holding company	11,563	22,707
Amounts owing to director	647,000	584,000
Provision for taxation	436,467	429,889
Other liabilities	2,228,797	1,386,309
	----------------	----------------
TOTAL CURRENT LIABILITIES	99,184,875	110,404,337
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	23,918,898	18,078,359
	----------------	----------------
TOTAL NET ASSETS	36,688,624	42,435,780
	=============	=============
SHARE CAPITAL
Ordinary share capital	10,012,558	10,012,558
	----------------	----------------
TOTAL SHARE CAPITAL	10,012,558	10,012,558
RESERVES
Retained profit/(loss) carried forward	15,305,904	11,563,870
	----------------	----------------
TOTAL RESERVES	15,305,904	11,563,870
	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	25,318,462	21,576,428
LONG TERM LIABILITIES
Long term loans	10,944,552	20,859,352
Lease obligations	425,610	-
	----------------	----------------
TOTAL LONG TERM LIABILITIES	11,370,162	20,859,352
	----------------	----------------
	36,688,624	42,435,780
	=============	=============

FINANCIAL RATIO

GOLD MATRIX RESOURCES PTE. LTD.

TYPES OF FUNDS
Cash	19,728,229	19,319,970
Net Liquid Funds	19,685,128	19,319,970
Net Liquid Assets	2,410,755	(1,032,112)
Net Current Assets/(Liabilities)	23,918,898	18,078,359
Net Tangible Assets	36,688,624	42,435,780
Net Monetary Assets	(8,959,407)	(21,891,464)
BALANCE SHEET ITEMS
Total Borrowings	56,518,820	75,802,339
Total Liabilities	110,555,037	131,263,689
Total Assets	135,873,499	152,840,117
Net Assets	36,688,624	42,435,780
Net Assets Backing	25,318,462	21,576,428
Shareholders' Funds	25,318,462	21,576,428
Total Share Capital	10,012,558	10,012,558
Total Reserves	15,305,904	11,563,870
LIQUIDITY (Times)
Cash Ratio	0.20	0.17
Liquid Ratio	1.02	0.99
Current Ratio	1.24	1.16
WORKING CAPITAL CONTROL (Days)
Stock Ratio	13	12
Debtors Ratio	25	30
Creditors Ratio	30	34
SOLVENCY RATIOS (Times)
Gearing Ratio	2.23	3.51
Liabilities Ratio	4.37	6.08
Times Interest Earned Ratio	2.07	1.86
Assets Backing Ratio	3.66	4.24
PERFORMANCE RATIO (%)
Operating Profit Margin	0.69	0.72
Net Profit Margin	0.61	0.65
Return On Net Assets	22.13	21.37
Return On Capital Employed	22.08	21.37
Return On Shareholders' Funds/Equity	14.78	17.41
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.60.70
UK Pound	1	Rs.100.97
Euro	1	Rs.84.16

INFORMATION DETAILS

Report Prepared by :

NIS

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.