MIRA INFORM REPORT

Report Date :

15.03.2014

IDENTIFICATION DETAILS

Name :	AGORA INTERNATIONAL TRADING PRIVATE LIMITED
Registered Office :	11, Collyer Quay, 13-05, The Arcade, 049317
Country :	Singapore
Financials (as on) :	31.12.2012
Date of Incorporation :	27.06.2007
Com. Reg. No.:	200711541-M
Legal Form :	Private Limited Company
Line of Business :	· engaged in trading of fertilizers (Urea, DAP & MAP, Phosphoric Acid, Rock Phosphate, NP & NPKs, Sulphur), energy (Coal, Petcoke), steel (Steel Billets, Steel Scraps, Steel Slabs, Construction Steel, Flat products) & ores (Iron Ore, Iron Ore Pellets, Mill Scale, Chrome Ore, Manganese Ore, Nickel) Engaged in international trading of fertilisers Trader of commodities in a structured manner in the short term and to own supply sources in the long term
No. of Employees	03 [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 :	---

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.

:

200711541-M

COMPANY NAME

:

AGORA INTERNATIONAL TRADING PRIVATE LIMITED

FORMER NAME

:

N/A

INCORPORATION DATE

:

27/06/2007

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

11, COLLYER QUAY, 13-05, THE ARCADE, 049317, SINGAPORE.

BUSINESS ADDRESS

:

11, COLLYER QUAY, 13-05, THE ARCADE, 049317, SINGAPORE.

TEL.NO.

:

65-63048051

FAX.NO.

:

65-62237064

EMAIL

:

AGORA@AGORA-INTL.SG

WEB SITE

:

WWW.AGORA-INTL.SG

CONTACT PERSON

:

NARAYANAN LETCHUMANAN ( DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF FERTILIZERS, ENERGY, STEEL & ORES

ISSUED AND PAID UP CAPITAL

:

2,750,000.00 ORDINARY SHARE, OF A VALUE OF USD 2,750,000.00 

SALES

:

USD 8,011,188 [2012]

NET WORTH

:

USD 8,575,050 [2012]

STAFF STRENGTH

:

3 [2014]

BANKER (S)

:

BNP PARIBAS DBS BANK LTD NATIXIS RAIFFEISEN ZENTRALBANK OESTERREICH AKTIENGESELLSCHAFT STANDARD CHARTERED BANK THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED MALAYAN BANKING BHD

LITIGATION

:

TRACED

FINANCIAL CONDITION

:

FAIR

PAYMENT

:

PROMPT

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

HIGH

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 fertilizers, energy, steel, ores.

The immediate and ultimate holding company of the Subject is AGORA GLOBAL HOLDINGS LTD, a company incorporated in VIRGIN ISLANDS, BRITISH.

Share Capital History

Date	Issue & Paid Up Capital
15/02/2013	USD 2,750,000.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
AGORA GLOBAL HOLDINGS LTD	HORIZON CHAMBERS, P.O. BOX 4622, ROAD TOWN, TORTOLA BRITISH VIRGIN ISLANDS, VIRGIN ISLANDS, BRITISH.	VGT09UF1121	2,750,000.00	100.00
			---------------	------
			2,750,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	ABDULLA FADHEL AHMED ALMAZROEI
Address	:	P.O. BOX 5739, VILLA 686, JUMEIRAH ROAD, UMMSEQUIM, DUBAI, DUBAI, UNITED ARAB EMIRATES.
IC / PP No	:	A2438482
Nationality	:	SAUDI
Date of Appointment	:	02/07/2007

DIRECTOR 2

Name Of Subject	:	MR. NARAYANAN LETCHUMANAN
Address	:	207, PETIR ROAD, 05-561, 670207, SINGAPORE.
IC / PP No	:	S2673153D
Nationality	:	SINGAPOREAN
Date of Appointment	:	09/11/2009

DIRECTOR 3

Name Of Subject	:	MARIAPPAN MURUGESH
Address	:	PLOT 3, T.V.S. COLONY, SALEM, 636007, TAMIL NADU , INDIA.
IC / PP No	:	K5260668
Nationality	:	INDIAN
Date of Appointment	:	09/11/2009
Remark	:	APPOINTED AS ALTERNATE DIRECTOR TO ABDULLA FADHEL AHMED ALMAZROEI ON 01/04/2008

MANAGEMENT

1)	Name of Subject	:	NARAYANAN LETCHUMANAN
	Position	:	DIRECTOR

AUDITOR

Auditor	:	PARKINSONS CPA LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	VIJAYANAND PABITHA MARY
	IC / PP No	:	S7176713B
	Address	:	667A, JURONG WEST STREET 65, 09-115, 641667, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

BNP PARIBAS

2)

Name

:

DBS BANK LTD

3)

Name

:

NATIXIS

4)

Name

:

RAIFFEISEN ZENTRALBANK OESTERREICH AKTIENGESELLSCHAFT

5)

Name

:

STANDARD CHARTERED BANK

6)

Name

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

7)

Name

:

MALAYAN BANKING BHD

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C200706500	13/08/2007	N/A	BNP PARIBAS	-	Unsatisfied
C200802297	06/03/2008	N/A	NATIXIS	-	Unsatisfied
C200802588	18/03/2008	N/A	NATIXIS	-	Unsatisfied
C200806638	18/07/2008	N/A	DBS BANK LTD.	-	Unsatisfied
C200808399	09/09/2008	N/A	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	-	Unsatisfied
C200811079	15/12/2008	N/A	DBS BANK LTD.	-	Unsatisfied
C200903689	24/06/2009	N/A	MALAYAN BANKING BERHAD	-	Unsatisfied
C200904964	12/08/2009	N/A	STANDARD CHARTERED BANK	-	Unsatisfied
C200907129	05/11/2009	N/A	BNP PARIBAS	-	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. 

LEGAL ACTION
Code No	:	99	Case No	:	981
Year	:	2013	Place	:	SINGAPORE
Court	:	SUPREME COURT
Date Filed	:	25/10/2013
Solicitor	:	SU XIANHUI EMILY
Solicitor Ref	:	TCM/MH/ES/TASW/20131739
Solicitor Firm	:	WONGPARTNERSHIP LLP
Plaintiff	:	DEMPSEY BAY RESOURCES PTE LTD
Defendants	:	AGORA INTERNATIONAL TRADING PRIVATE LIMITED (200711541)
Amount Claimed	:	2429417
Nature of Claim	:	USD
Remark	:	CONTRACT-OTHERS

NOTE:	Please check with creditors for confirmation as alleged debts may have been paid since recorded or are being disputed. The person who has been sued has the same name as the subject. However, we are unable to determine whether the person sued is the one and the same person.
No winding up petition was found in our databank

PAYMENT RECORD

SOURCES OF RAW MATERIALS:
Local	:	NO	Percentage	:	0%
Overseas	:	YES	Percentage	:	100%
Import Countries	:	SOUTH AFRICA,INDIA,CHINA

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	:	YES
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	SOUTH AFRICA INDIA CHINA
Credit Term	:	N/A
Payment Mode	:	CHEQUES

OPERATIONS

Goods Traded

:

FERTILIZERS, ENERGY, STEEL & ORES

Total Number of Employees:
YEAR	2014	2012	2009
GROUP	N/A	N/A	N/A
COMPANY	3	20	10

Branch

:

NO

Other Information:

The Subject is principally engaged in the trading of fertilizers (Urea, DAP & MAP, Phosphoric Acid, Rock Phosphate, NP & NPKs, Sulphur), energy (Coal, Petcoke), steel (Steel Billets, Steel Scraps, Steel Slabs, Construction Steel, Flat products) & ores (Iron Ore, Iron Ore Pellets, Mill Scale, Chrome Ore, Manganese Ore, Nickel)

Activities: 
* International trading in fertilisers
* Trade in commodities in a structured manner in the short term and to own supply sources in the long term 

Specialise in: 
* International trading
* Value added manufacturing activities 
* Commodities trading 
* Acquisition and investments in supply resources ownership, management and operation of ships 
* Logistical and other related services

Products dealing: 

* Fertilizer
- Urea 
- DAP & MAP
- Phosphoric Acid 
- Rock Phosphate 
- Sulphur
- NP & NPKs

* Energy 
- Coal
- Petcoke

* Steel 
- Steel billets 
- Steel scraps 
- Steel slabs
- Construction steel
- Flat products

* Ores 
-Iron Ore,

-Iron Ore Pellets,

-Mill Scale,

-Chrome Ore,

-Manganese Ore,

-Nickel

Services: 
* Long term contracts for producers 
* Spot cargo placement on behalf of producers 
* Shipping and financing solutions for producers
* Agency/market development and client servicing for producers 
* Tolling 
* Stock financing for producers and receivers (CMA) 

Subject is a member of the following entities: 
* Singapore Indian Chamber of Commerce and Industry
* Singapore Business Federation 
* International Fertilizer Industry Association 

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-63048051
Match	:	N/A
Address Provided by Client	:	#08-03, 138 ROBINSON ROAD, THE CORPORATE OFFICE, SINGAPORE 068906
Current Address	:	11, COLLYER QUAY, 13-05, THE ARCADE, 049317, SINGAPORE.
Match	:	NO

Other Investigations

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

The Subject had shifted from the address provided.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Decreased	[	95.33%	]
Profit/(Loss) Before Tax	:	Decreased	[	90.89%	]
Return on Shareholder Funds	:	Unfavourable	[	1.62%	]
Return on Net Assets	:	Unfavourable	[	1.78%	]
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	:	Nil	[	0 Days	]
Debtor Ratio	:	Favourable	[	3 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	[	236.96 Times	]
Current Ratio	:	Favourable	[	236.96 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	:	Favourable	[	613.93 Times	]
Gearing Ratio	:	Favourable	[	0.00 Times	]
The interest cover showed that the Subject was able to service the interest. The favourable interest cover could indicate that the Subject was making enough profit to pay for the interest accrued. The Subject had no gearing and hence it had virtually no financial risk. The Subject was financed by its shareholders' funds and internally generated fund. During the economic downturn, the Subject, having a zero gearing, will be able to compete better than those which are highly geared in the same industry.
Overall Assessment :
The Subject'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. With the favourable interest cover, the Subject could be able to service all the accrued interest without facing any difficulties. The Subject was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The Subject has good chance of getting loans, if the needs arises.
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 2007, the Subject is a Private Limited company, focusing on trading of fertilizers, energy, steel and ores. Having been in business for 7 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 fair. With an adequate share capital, the Subject has the potential of expanding its business in future. 

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. The Subject's business operation is supported by 3 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 zero geared company, the Subject virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. Given a positive net worth standing at USD 8,575,050, the Subject should be able to maintain its business in the near terms. 

Investigation revealed that the Subject's supplies are 100% sourced from overseas countries. As an imported oriented company, its forex exposure is high. The Subject faces foreign currency fluctuation which may affect its overall operating costs. 

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.

AGORA INTERNATIONAL TRADING PRIVATE LIMITED

Financial Year End	2012-12-31	2011-12-31
Months	12	15
Consolidated Account	Company	Company
Audited Account	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES
Financial Type	FULL	FULL
Currency	USD	USD
TURNOVER	8,011,188	171,454,958
Other Income	-	38
	----------------	----------------
Total Turnover	8,011,188	171,454,996
Costs of Goods Sold	(6,913,114)	(166,719,787)
	----------------	----------------
Gross Profit	1,098,074	4,735,209
	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	152,006	1,668,609
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	152,006	1,668,609
Taxation	(13,000)	(185,345)
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	139,006	1,483,264
	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	6,806,044	5,852,780
	----------------	----------------
As restated	6,806,044	5,852,780
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	6,945,050	7,336,044
DIVIDENDS - Ordinary (paid & proposed)	(1,120,000)	(530,000)
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	5,825,050	6,806,044
	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Others	248	185,345
	----------------	----------------
	248	185,345
	=============	=============

BALANCE SHEET

AGORA INTERNATIONAL TRADING PRIVATE LIMITED

ASSETS EMPLOYED:
FIXED ASSETS	4,947	-
	----------------	----------------
TOTAL LONG TERM ASSETS	4,947	-
CURRENT ASSETS
Trade debtors	73,927	5,954,247
Other debtors, deposits & prepayments	5,888,010	80,093
Short term deposits	1,491,834	4,583,368
Amount due from holding company	149,059	-
Cash & bank balances	1,003,593	692,444
	----------------	----------------
TOTAL CURRENT ASSETS	8,606,423	11,310,152
	----------------	----------------
TOTAL ASSET	8,611,370	11,310,152
	=============	=============
CURRENT LIABILITIES
Trade creditors	(10,300)	1,511,112
Other creditors & accruals	31,000	42,996
Provision for taxation	15,620	200,000
	----------------	----------------
TOTAL CURRENT LIABILITIES	36,320	1,754,108
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	8,570,103	9,556,044
	----------------	----------------
TOTAL NET ASSETS	8,575,050	9,556,044
	=============	=============
SHARE CAPITAL
Ordinary share capital	2,750,000	2,750,000
	----------------	----------------
TOTAL SHARE CAPITAL	2,750,000	2,750,000
RESERVES
Retained profit/(loss) carried forward	5,825,050	6,806,044
	----------------	----------------
TOTAL RESERVES	5,825,050	6,806,044
	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	8,575,050	9,556,044
	----------------	----------------
	8,575,050	9,556,044
	=============	=============

FINANCIAL RATIO

AGORA INTERNATIONAL TRADING PRIVATE LIMITED

TYPES OF FUNDS
Cash	2,495,427	5,275,812
Net Liquid Funds	2,495,427	5,275,812
Net Liquid Assets	8,570,103	9,556,044
Net Current Assets/(Liabilities)	8,570,103	9,556,044
Net Tangible Assets	8,575,050	9,556,044
Net Monetary Assets	8,570,103	9,556,044
BALANCE SHEET ITEMS
Total Borrowings	0	0
Total Liabilities	36,320	1,754,108
Total Assets	8,611,370	11,310,152
Net Assets	8,575,050	9,556,044
Net Assets Backing	8,575,050	9,556,044
Shareholders' Funds	8,575,050	9,556,044
Total Share Capital	2,750,000	2,750,000
Total Reserves	5,825,050	6,806,044
LIQUIDITY (Times)
Cash Ratio	68.71	3.01
Liquid Ratio	236.96	6.45
Current Ratio	236.96	6.45
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0
Debtors Ratio	3	13
Creditors Ratio	1	3
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00
Liabilities Ratio	0.00	0.18
Times Interest Earned Ratio	613.93	10.00
Assets Backing Ratio	3.12	3.47
PERFORMANCE RATIO (%)
Operating Profit Margin	1.90	0.97
Net Profit Margin	1.74	0.87
Return On Net Assets	1.78	19.40
Return On Capital Employed	1.78	19.40
Return On Shareholders' Funds/Equity	1.62	15.52
Dividend Pay Out Ratio (Times)	8.06	0.36
NOTES TO ACCOUNTS
Contingent Liabilities	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.52
UK Pound	1	Rs.102.22
Euro	1	Rs.85.23

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.