MIRA INFORM REPORT

Report Date :

05.05.2014

IDENTIFICATION DETAILS

Name :	ROTOMAC GLOBAL PTE. LTD.
Registered Office :	1, North Bridge Road, 20-09, High Street Centre, 179094
Country :	Singapore
Financials (as on) :	31.03.2013
Date of Incorporation :	14.09.2010
Com. Reg. No.:	201019531-K
Legal Form :	Private Limited Company
Line of Business :	General Wholesale Trade (We tried to confirm / obtain the detailed activity but the same is not available from any sources)
No of Employees :	02 [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 – 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
Moderate Low Risk	B1
Moderate Risk	B2
Moderate 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.

:

201019531-K

COMPANY NAME

:

ROTOMAC GLOBAL PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

14/09/2010

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

1, NORTH BRIDGE ROAD, 20-09, HIGH STREET CENTRE, 179094, SINGAPORE.

BUSINESS ADDRESS

:

1, NORTH BRIDGE ROAD, 20-09, HIGH STREET CENTRE, 179094, SINGAPORE.

TEL.NO.

:

65-63377835

FAX.NO.

:

65-63376603

CONTACT PERSON

:

RITESH RAJENDRA KOTHARI ( DIRECTOR )

PRINCIPAL ACTIVITY

:

GENERAL WHOLESALE TRADE

ISSUED AND PAID UP CAPITAL

:

1,259,153.00 ORDINARY SHARE, OF A VALUE OF SGD 1,259,153.00 

SALES

:

USD 59,955,976 [2013]

NET WORTH

:

USD 1,799,196 [2013]

STAFF STRENGTH

:

2 [2014]

BANKER (S)

:

INDIAN OVERSEAS BANK BANK OF INDIA

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

FAIR

PAYMENT

:

FAIR

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) general wholesale trade.

The immediate and ultimate holding company of the Subject is ROTOMAC GLOBAL PRIVATE LIMITED, a company incorporated in INDIA.

Share Capital History

Date	Issue & Paid Up Capital
29/04/2014	SGD 1,259,153.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
ROTOMAC GLOBAL PRIVATE LIMITED	201, CITY CENTRE, 63/2, THE MALL, KANPUR, UTTAR PRADESH, 208004, INDIA.	T10UF2722	1,259,153.00	100.00
			---------------	------
			1,259,153.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	RITESH RAJENDRA KOTHARI
Address	:	3, RHU CROSS, 03-13, COSTA RHU, 437433, SINGAPORE.
IC / PP No	:	G5096713T
Nationality	:	INDIAN
Date of Appointment	:	14/09/2010

MANAGEMENT

1)	Name of Subject	:	RITESH RAJENDRA KOTHARI
	Position	:	DIRECTOR

AUDITOR

Auditor	:	HM GHOUTH COMPANY
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	VANGAL RANGARAJAN RANGANATHAN
	IC / PP No	:	S2662860A
	Address	:	207, SERANGOON CENTRAL, 11-198, 550207, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

INDIAN OVERSEAS BANK

2)

Name

:

BANK OF INDIA

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C201101628	08/02/2011	N/A	INDIAN OVERSEAS BANK	-	Unsatisfied
C201101640	09/02/2011	N/A	INDIAN OVERSEAS BANK	-	Unsatisfied
C201212238	24/10/2012	N/A	INDIAN OVERSEAS BANK	-	Unsatisfied
C201304730	04/04/2013	N/A	BANK OF INDIA	-	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 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	[	]
Fair 91-120 Days	[	X	]	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

:

GENERAL

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) general wholesale trade. 

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

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-63377835
Match	:	N/A
Address Provided by Client	:	1 NORTH BRIDGE ROAD, #20-29 HIGH STREET CENTRE SINGAPORE 179094
Current Address	:	1, NORTH BRIDGE ROAD, 20-09, HIGH STREET CENTRE, 179094, SINGAPORE.
Match	:	NO

Other Investigations

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

The address provided does not belong to the Subject.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	16.73%	]
Profit/(Loss) Before Tax	:	Increased	[	307.61%	]
Return on Shareholder Funds	:	Favourable	[	47.02%	]
Return on Net Assets	:	Favourable	[	65.30%	]
The higher turnover could be attributed to the favourable market condition and the Subject could be gaining the market share progressively.The higher profit could be attributed to the increase in turnover. Generally the Subject was profitable. The favourable return on shareholders' funds and return on net assets indicate that the Subject's management was efficient in utilising the assets to generate returns.
Working Capital Control
Stock Ratio	:	Nil	[	0 Days	]
Debtor Ratio	:	Unfavourable	[	122 Days	]
Creditors Ratio	:	Unfavourable	[	108 Days	]
As the Subject is a service oriented company, the Subject does not need to keep stocks. The Subject's debtors ratio was high. The Subject should tighten its credit control and improve its collection period. The unfavourable creditors' ratio could be due to the Subject taking advantage of the credit granted by its suppliers. However this may affect the goodwill between the Subject and its suppliers and the Subject may inadvertently have to pay more for its future supplies.
Liquidity
Liquid Ratio	:	Favourable	[	1.05 Times	]
Current Ratio	:	Unfavourable	[	1.05 Times	]
A minimum liquid ratio of 1 should be maintained by the Subject in order to assure its creditors of its ability to meet short term obligations and the Subject was in a good liquidity position. Thus, we believe the Subject is able to meet all its short term obligations as and when they fall due.
Solvency
Interest Cover	:	Acceptable	[	6.55 Times	]
Gearing Ratio	:	Unfavourable	[	1.04 Times	]
The Subject's interest cover was slightly low. If there is no sharp fall in its profit or sudden increase in the interest rates, we believe the Subject is able to generate sufficient income to service its interest and repay the loans. The Subject was highly geared, thus it had a high financial risk. The Subject was dependent on loans to finance its business needs. In times of economic downturn and / or high interest rate, the Subject will become less profitable and competitive than other firms in the same industry, which are lowly geared. This is because the Subject has to service the interest and to repay the loan, which will erode part of its profits. The profits will fluctuate depending on the Subject's turnover and the interest it needs to pay.
Overall Assessment :
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. The Subject had an acceptable interest cover. If there is no sudden sharp increase in interest rate or fall in the Subject's profit, we do believe the Subject is able to generate sufficient cash flow to service its interest payment. The Subject's gearing level was high and its going concern will be in doubt if there is no injection of additional shareholders' funds in times of economic downturn and / or high interest rates.
Overall financial condition of the Subject : FAIR

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 :	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 2010, the Subject is a Private Limited company, focusing on general wholesale trade. The Subject has been in business for 4 years and it has slowly been building up contact with its clients while competing in the industry. However, it has yet to enjoy a stable market shares as it need to compete many well established players in the same field. 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 2 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. Based on the higher profitability, the Subject has generated a favourable return based on its existing shareholders' funds 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 1,799,196, the Subject should be able to maintain its business in the near terms. 

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

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.

ROTOMAC GLOBAL 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	59,955,976	51,361,590
Other Income	15,085	5,885
	----------------	----------------
Total Turnover	59,971,061	51,367,475
Costs of Goods Sold	(58,520,105)	(50,653,511)
	----------------	----------------
Gross Profit	1,450,956	713,964
	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	1,000,939	245,562
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	1,000,939	245,562
Taxation	(155,028)	(15,675)
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	845,911	229,887
	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	353,285	123,398
	----------------	----------------
As restated	353,285	123,398
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	1,199,196	353,285
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	1,199,196	353,285
	=============	=============
Others	180,431	67,089
	----------------	----------------
	180,431	67,089
	=============	=============

BALANCE SHEET

ROTOMAC GLOBAL PTE. LTD.

ASSETS EMPLOYED:
FIXED ASSETS	827,935	9,722
	----------------	----------------
TOTAL LONG TERM ASSETS	827,935	9,722
Trade debtors	20,083,724	6,718,979
Other debtors, deposits & prepayments	280,549	1,354,248
Short term deposits	1,638,182	1,313,721
Cash & bank balances	14,474	41,176
	----------------	----------------
TOTAL CURRENT ASSETS	22,016,929	9,428,124
	----------------	----------------
TOTAL ASSET	22,844,864	9,437,846
	=============	=============
CURRENT LIABILITIES
Trade creditors	17,252,687	7,276,195
Other creditors & accruals	1,736,288	2,691
Short term borrowings/Term loans	1,875,000	1,180,000
Provision for taxation	171,693	15,675
	----------------	----------------
TOTAL CURRENT LIABILITIES	21,035,668	8,474,561
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	981,261	953,563
	----------------	----------------
TOTAL NET ASSETS	1,809,196	963,285
	=============	=============
SHARE CAPITAL
Ordinary share capital	600,000	600,000
	----------------	----------------
TOTAL SHARE CAPITAL	600,000	600,000
Retained profit/(loss) carried forward	1,199,196	353,285
	----------------	----------------
TOTAL RESERVES	1,199,196	353,285
	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	1,799,196	953,285
Others	10,000	10,000
	----------------	----------------
TOTAL LONG TERM LIABILITIES	10,000	10,000
	----------------	----------------
	1,809,196	963,285
	=============	=============

FINANCIAL RATIO

ROTOMAC GLOBAL PTE. LTD.

TYPES OF FUNDS
Cash	1,652,656	1,354,897
Net Liquid Funds	1,652,656	1,354,897
Net Liquid Assets	981,261	953,563
Net Current Assets/(Liabilities)	981,261	953,563
Net Tangible Assets	1,809,196	963,285
Net Monetary Assets	971,261	943,563
BALANCE SHEET ITEMS
Total Borrowings	1,875,000	1,180,000
Total Liabilities	21,045,668	8,484,561
Total Assets	22,844,864	9,437,846
Net Assets	1,809,196	963,285
Net Assets Backing	1,799,196	953,285
Shareholders' Funds	1,799,196	953,285
Total Share Capital	600,000	600,000
Total Reserves	1,199,196	353,285
LIQUIDITY (Times)
Cash Ratio	0.08	0.16
Liquid Ratio	1.05	1.11
Current Ratio	1.05	1.11
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0
Debtors Ratio	122	48
Creditors Ratio	108	52
SOLVENCY RATIOS (Times)
Gearing Ratio	1.04	1.24
Liabilities Ratio	11.70	8.90
Times Interest Earned Ratio	6.55	4.66
Assets Backing Ratio	3.02	1.61
PERFORMANCE RATIO (%)
Operating Profit Margin	1.67	0.48
Net Profit Margin	1.41	0.45
Return On Net Assets	65.30	32.46
Return On Capital Employed	65.30	32.46
Return On Shareholders' Funds/Equity	47.02	24.12
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.60.22
UK Pound	1	Rs.101.68
Euro	1	Rs.83.46

INFORMATION DETAILS

Analysis Done by :	RAS
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.