MIRA INFORM REPORT

Report Date :

30.05.2014

IDENTIFICATION DETAILS

Name :	GRM RESOURCES PTE. LTD.

Registered Office :	7, Temasek Boulevard, 21-02, Suntec Tower One, 038987

Country :	Singapore

Financials (as on) :	31.12.2011

Date of Incorporation :	22.11.2004

Com. Reg. No.:	200415047-Z

Legal Form :	Exempt Private

Line of Business :	Trading of Coal and Minerals

No. of Employees :	10 [2014]

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Unknown
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

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

SINGAPORE - ECONOMIC OVERVIEW

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

Source : CIA

EXECUTIVE SUMMARY

REGISTRATION NO.

200415047-Z

COMPANY NAME

GRM RESOURCES PTE. LTD.

FORMER NAME

N/A

INCORPORATION DATE

22/11/2004

COMPANY STATUS

EXIST

LEGAL FORM

EXEMPT PRIVATE

LISTED STATUS

REGISTERED ADDRESS

7, TEMASEK BOULEVARD, 21-02, SUNTEC TOWER ONE, 038987, SINGAPORE.

BUSINESS ADDRESS

7, TEMASEK BOULEVARD, #21-02, SUNTEC TOWER ONE, 038987, SINGAPORE.

TEL.NO.

65-63346868

FAX.NO.

65-63342232

CONTACT PERSON

RAJEEV MAHESHWARI ( DIRECTOR )

PRINCIPAL ACTIVITY

TRADING OF COAL AND MINERALS

ISSUED AND PAID UP CAPITAL

15,281,000.00 ORDINARY SHARE, OF A VALUE OF USD 15,000,000.00

SALES

USD 318,123,119 [2011]

NET WORTH

USD 44,301,765 [2011]

STAFF STRENGTH

10 [2014]

BANKER (S)

BNP PARIBAS
MALAYAN BANKING BHD
UNITED OVERSEAS BANK LIMITED

LITIGATION

CLEAR

FINANCIAL CONDITION

N/A

PAYMENT

N/A

MANAGEMENT CAPABILITY

AVERAGE

COMMERCIAL RISK

MODERATE

CURRENCY EXPOSURE

MODERATE

GENERAL REPUTATION

SATISFACTORY

INDUSTRY OUTLOOK

AVERAGE GROWTH

HISTORY / BACKGROUND

The Subject is an exempt private company whose shares are not held by any corporate body and has no more than 20 shareholders who are all natural persons. An exempt company is a type of private limited company. 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, suing or be sued by other companies. An exempt private company with an annual turnover of less than SGD5 million are exempted from statutory auditing requirements. Instead of filing audited annual accounts, the Subject has to file in a document duly signed by its director in charge of its finance and the company secretary stating that the Subject is able to meet all its obligations as and when they fall due. The Subject is not required to have their accounts audited. However, the Subject will prepare unaudited accounts for purposes of AGMs and filing with Registry Office if it is unable to meet all its obligations as and when they fall due .

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

Share Capital History

Date	Issue & Paid Up Capital
21/01/2014	USD 15,000,000.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
OM PRAKASH JALAN +	20 O.C, GANGULY SARANI, PO-LALA, LAJPAT RAI SARANI, PS-BHAWANIPUR, KOLKATTA 700020, WEST BENGAL, INDIA.	J0108768	7,640,500.00	50.00
RAJEEV MAHESHWARI +	FLAT 10C, TOWER 1, SOUTH CITY, 375, PRINCE ANWAR SHAH ROAD, KOLKATA 700068, INDIA.	Z2218733	7,640,500.00	50.00
			---------------	------
			15,281,000.00	100.00
			============	=====

+ Also Director

The Subject's interest in other companies (Subsidiaries/Associates) are shown as follow :

Local No	Country	Company	(%)	As At
201103178G	SINGAPORE	GRM MINING (SEA) PTE. LTD.	100.00	31/12/2012

201104473M	SINGAPORE	GRM MINING (AFRICA) PTE. LTD.	100.00	31/12/2012

201103173M	SINGAPORE	GRM METALS AND MINERALS (SEA) PTE. LTD.	100.00	31/12/2012

201103167D	SINGAPORE	GRM GOLD AND METALS (SEA) PTE. LTD.	100.00	31/12/2012

200809090H	SINGAPORE	GRM SHIPPING PRIVATE LIMITED	100.00	31/12/2012

201103170Z	SINGAPORE	GRM COAL (SEA) PTE. LTD.	100.00	31/12/2012

201001393K	SINGAPORE	CROWSNEST RESOURCES PTE. LTD.	75.00	31/12/2012

DIRECTORS

DIRECTOR 1

Name Of Subject	:	MR. PALANINATHAN RAVICHANDRAN
Address	:	68, BAYSHORE ROAD, 21-02, COSTA DEL SOL, 469986, SINGAPORE.
IC / PP No	:	S2628609C



Nationality	:	SINGAPOREAN
Date of Appointment	:	28/05/2005

DIRECTOR 2

Name Of Subject	:	OM PRAKASH JALAN
Address	:	20 O.C, GANGULY SARANI, PO-LALA, LAJPAT RAI SARANI, PS-BHAWANIPUR, KOLKATTA 700020, WEST BENGAL, INDIA.
IC / PP No	:	J0108768



Nationality	:	INDIAN
Date of Appointment	:	22/11/2004

DIRECTOR 3

Name Of Subject	:	RAJEEV MAHESHWARI
Address	:	FLAT 10C, TOWER 1, SOUTH CITY, 375, PRINCE ANWAR SHAH ROAD, KOLKATA 700068, INDIA.
IC / PP No	:	Z2218733



Nationality	:	INDIAN
Date of Appointment	:	22/11/2004

MANAGEMENT

1)	Name of Subject	:	RAJEEV MAHESHWARI
	Position	:	DIRECTOR

AUDITOR

No Auditor found in our databank

COMPANY SECRETARIES

1)	Company Secretary	:	NG GEOK LAN @ HUANG YULUAN
	IC / PP No	:	S1592193E

	Address	:	573, PASIR RIS STREET 53, 14-30, 510573, SINGAPORE.

2)	Company Secretary	:	VANEE PRAMESHWARLAL JHUNJHUNWALA
	IC / PP No	:	S8063763B

	Address	:	638A, PUNGGOL DRIVE, 08-443, 821638, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)	Name	:	BNP PARIBAS

2)	Name	:	MALAYAN BANKING BHD

3)	Name	:	UNITED OVERSEAS BANK LIMITED

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C200503640	27/06/2005	N/A	BNP PARIBAS	-	Unsatisfied
C200600760	02/02/2006	N/A	MALAYAN BANKING BERHAD	-	Unsatisfied
C200608474	15/12/2006	N/A	MALAYAN BANKING BERHAD	-	Unsatisfied
C200805433	18/06/2008	N/A	MALAYAN BANKING BERHAD	-	Unsatisfied
C200905160	19/08/2009	N/A	MALAYAN BANKING BERHAD	-	Unsatisfied
C201314526	28/10/2013	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied

LEGAL CHECK AGAINST SUBJECT

* A check has been conducted in our databank againt the Subject whether the subject has been involved in any litigation.

No legal action was found in our databank.

No winding up petition was found in our databank.

PAYMENT RECORD


SOURCES OF RAW MATERIALS:
Local	:	N/A
Overseas	:	N/A

The Subject refused to disclose its number of employees.

CLIENTELE

Local	:	YES
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	WORLDWIDE
Credit Term	:	AS AGREED

Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Goods Traded

COAL AND MINERALS

Total Number of Employees:
YEAR	2014	2013

GROUP	N/A	N/A
COMPANY	10	10

Branch

Other Information:

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

The Subject trades in minerals and coals.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-63346868
Match	:	N/A

Address Provided by Client	:	7, TEMASEK BOULEVARD, #21-02 SUNTEC TOWER ONE, SINGAPORE 038987
Current Address	:	7, TEMASEK BOULEVARD, #21-02, SUNTEC TOWER ONE, 038987, SINGAPORE.
Match	:	YES

Other Investigations

On 22nd May 2014 we contacted one of the staff from the Subject and she provided some information.

FINANCIAL ANALYSIS

The Subject's latest financial accounts are up to 2011 which is out dated in our opinion. Therefore, our comment on the Subject financial performance is restricted thereto.

Overall financial condition of the Subject : N/A

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)

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 an Exempt Private company, focusing on trading of coal and minerals. Having been in the industry for a decade, the Subject has achieved a certain market share and has built up a satisfactory reputation in the market. It should have received supports from its regular customers. The Subject is a large entity with strong capital position. However, the Subject does not have strong shareholders' backing.

Over the years, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. Being a small company, the Subject's business operation is supported by 10 employees. Overall, we regard that the Subject's management capability is average.

As the Subject is registered as an Exempt Private company, it is not required to file financial statements for public review. As such, we are unable to ascertain its present financial health.

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 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. Nonetheless, the Subject should adopt better competitive strategies in order to sustain its business position and to compete with other well established players in the same industry.

In view of the above, we recommend credit be granted to the Subject with close monitoring.

PROFIT AND LOSS ACCOUNT

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

GRM RESOURCES PTE. LTD.

Financial Year End	2011-12-31	2010-12-31
Months	12	12
Consolidated Account	GROUP	GROUP
Audited Account	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES
Financial Type	FULL	FULL
Currency	USD	USD

TURNOVER	318,123,119	350,610,903
	----------------	----------------
Total Turnover	318,123,119	350,610,903
	----------------	----------------

PROFIT/(LOSS) FROM OPERATIONS	19,088,267	1,729,156
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	19,088,267	1,729,156
Taxation	(2,452,474)	(576,473)
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	16,635,793	1,152,683
Minority interests	672,850	-
	----------------	----------------
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS	17,308,643	1,152,683
	----------------	----------------
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS	17,308,643	1,152,683
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	12,660,222	11,507,539
	----------------	----------------
As restated	12,660,222	11,507,539
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	29,968,865	12,660,222
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	29,968,865	12,660,222
	=============	=============

Hire purchase	57,719	-
Trust receipts	309,942	26,563
Others	134,042	181,564
	----------------	----------------
	501,703	208,127
	=============	=============

BALANCE SHEET

ASSETS EMPLOYED:
FIXED ASSETS	65,636,309	11,318,018

Investments	300,000	300,000
Others	21,886,508	10,000,000
	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	22,186,508	10,300,000

	----------------	----------------
TOTAL LONG TERM ASSETS	87,822,817	21,618,018

Stocks	283,273	-
Trade debtors	36,066,167	6,429,613
Other debtors, deposits & prepayments	6,238,424	24,088,960
Cash & bank balances	2,890,689	3,107,403
	----------------	----------------
TOTAL CURRENT ASSETS	45,478,553	33,625,976
	----------------	----------------
TOTAL ASSET	133,301,370	55,243,994
	=============	=============

CURRENT LIABILITIES
Trade creditors	43,408,034	23,140,403
Other creditors & accruals	4,879,842	70,688
Short term borrowings/Term loans	5,208,010	1,621,525
Provision for taxation	2,461,870	327,100
	----------------	----------------
TOTAL CURRENT LIABILITIES	55,957,756	25,159,716
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	(10,479,203)	8,466,260
	----------------	----------------
TOTAL NET ASSETS	77,343,614	30,084,278
	=============	=============

SHARE CAPITAL
Ordinary share capital	15,000,000	15,000,000
	----------------	----------------
TOTAL SHARE CAPITAL	15,000,000	15,000,000

Retained profit/(loss) carried forward	29,968,865	12,660,222
	----------------	----------------
TOTAL RESERVES	29,968,865	12,660,222

MINORITY INTEREST	(667,100)	-
	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	44,301,765	27,660,222

Long term loans	33,036,749	2,418,956
Deferred taxation	5,100	5,100
	----------------	----------------
TOTAL LONG TERM LIABILITIES	33,041,849	2,424,056
	----------------	----------------
	77,343,614	30,084,278
	=============	=============

FINANCIAL RATIO

TYPES OF FUNDS
Cash	2,890,689	3,107,403
Net Liquid Funds	2,890,689	3,107,403
Net Liquid Assets	(10,762,476)	8,466,260
Net Current Assets/(Liabilities)	(10,479,203)	8,466,260
Net Tangible Assets	77,343,614	30,084,278
Net Monetary Assets	(43,804,325)	6,042,204
BALANCE SHEET ITEMS
Total Borrowings	38,244,759	4,040,481
Total Liabilities	88,999,605	27,583,772
Total Assets	133,301,370	55,243,994
Net Assets	77,343,614	30,084,278
Net Assets Backing	44,301,765	27,660,222
Shareholders' Funds	44,301,765	27,660,222
Total Share Capital	15,000,000	15,000,000
Total Reserves	29,968,865	12,660,222
LIQUIDITY (Times)
Cash Ratio	0.05	0.12
Liquid Ratio	0.81	1.34
Current Ratio	0.81	1.34
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0
Debtors Ratio	41	7
Creditors Ratio	50	24
SOLVENCY RATIOS (Times)
Gearing Ratio	0.86	0.15
Liabilities Ratio	2.01	1.00
Times Interest Earned Ratio	39.05	9.31
Assets Backing Ratio	5.16	2.01
PERFORMANCE RATIO (%)
Operating Profit Margin	6.00	0.49
Net Profit Margin	5.44	0.33
Return On Net Assets	25.33	6.44
Return On Capital Employed	25.55	6.44
Return On Shareholders' Funds/Equity	39.07	4.17
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.58.84
UK Pound	1	Rs.98.41
Euro	1	Rs.80.03

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	NNA

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.