MIRA INFORM REPORT

Report Date :

13.11.2014

IDENTIFICATION DETAILS

Name :	APOLLO GLOBAL PTE. LTD.
Formerly Known As :	APOLLO SOLAR TECHNOLOGY PTE. LTD.
Registered Office :	6, Eu Tong Sen Street, 11-19, The Central, 059817
Country :	Singapore
Financials (as on) :	31.03.2013
Date of Incorporation :	09.01.2009
Com. Reg. No.:	200900525-D
Legal Form :	Private Limited
Line of Business :	Manufacturers of Scrap, Junk and Waste Dealers.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B

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

Status :	Moderate
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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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 0.6% 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.	:	200900525-D
COMPANY NAME	:	APOLLO GLOBAL PTE. LTD.
FORMER NAME	:	APOLLO SOLAR TECHNOLOGY PTE. LTD. (11/04/2011)
INCORPORATION DATE	:	09/01/2009
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	6, EU TONG SEN STREET, 11-19, THE CENTRAL, 059817, SINGAPORE.
BUSINESS ADDRESS	:	195 PEARL'S HILL TER #02-18, 168976, SINGAPORE.
TEL.NO.	:	65-64381121
FAX.NO.	:	65-64383358
CONTACT PERSON	:	RAVICHANDRAN SETHURAO ( DIRECTOR )
PRINCIPAL ACTIVITY	:	MANUFACTURERS OF SCRAP, JUNK AND WASTE DEALERS
ISSUED AND PAID UP CAPITAL	:	3,305,100.00 ORDINARY SHARE, OF A VALUE OF SGD 3,305,100.00
SALES	:	USD 4,341,496 [2013]
NET WORTH	:	USD 1,855,387 [2013]
STAFF STRENGTH	:	N/A
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	LIMITED
PAYMENT	:	POOR
MANAGEMENT CAPABILITY	:	WEAK
COMMERCIAL RISK	:	N/A
CURRENCY EXPOSURE	:	N/A
GENERAL REPUTATION	:	SATISFACTORY
INDUSTRY OUTLOOK	:	MATURE

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) manufacturers of scrap, junk and waste dealers.

The immediate holding company of the Subject is NORTH STAR CAPITAL MANAGEMENT LIMITED, a company incorporated in VIRGIN ISLANDS, BRITISH.

Share Capital History

Date	Issue & Paid Up Capital
11/11/2014	SGD 3,305,100.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
NORTH STAR CAPITAL MANAGEMENT LIMITED	PO BOX 957, OFFSHORE INCORPORATIONS CENTRE ROAD, TOWN TORTOLA BRITISH, VIRGIN ISLANDS, BRITISH.	T09UF1395D	3,305,098.00	100.00
HIGH RETURN INVESTMENT LIMITED	OLIAJI TRADE CENTRE, VICTORIA, MAHE, 1ST FLOOR, SEYCHELLES.	T10UF3565K	1.00	0.00
SUCCESS VENTURES INC.	OLIAJI TRADE CENTRE, VICTORIA MAHE, SEYCHELLES, 1ST FLOOR, SEYCHELLES.	T11UF4709H	1.00	0.00
			---------------	------
			3,305,100.00	100.00
			============	=====

+ Also Director

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

Local No	Country	Company	(%)	As At
201203192K	SINGAPORE	APOLLO ENERGY HOLDINGS PTE. LTD.	100.00	31/03/2013

DIRECTORS

DIRECTOR 1

Name Of Subject	:	SURYAPRAKASH SINGAPUR
Address	:	6, EU TONG SEN STREET, 11-19, THE CENTRAL, 059817, SINGAPORE.
IC / PP No	:	S2765478I
Nationality	:	SINGAPOREAN
Date of Appointment	:	16/02/2009

DIRECTOR 2

Name Of Subject	:	RAVICHANDRAN SETHURAO
Address	:	16/17, KALAINZAR STREET, BHARATHI NAGAR EXTENTION, KATPADI, VELLORE, TAMILNADU, 632007, INDIA.
IC / PP No	:	H3195178
Nationality	:	INDIAN
Date of Appointment	:	09/12/2013

MANAGEMENT

1)	Name of Subject	:	RAVICHANDRAN SETHURAO
	Position	:	DIRECTOR

AUDITOR

Auditor	:	KELVIN WONG & CO
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	CHUA ANN HEE
	IC / PP No	:	S1788160D
	Address	:	108, TAGORE AVENUE, TEACHER'S HOUSING ESTATE, 787698, SINGAPORE.

BANKING

No Banker found in our databank.

ENCUMBRANCE (S)

No encumbrance was found in our databank at the time of investigation.

LITIGATION 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's auditor refused to disclose it'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	[	]	Poor >120 Days	[	X	]

CLIENTELE
Local	:	N/A
Overseas	:	N/A
Credit Term	:	N/A
Payment Mode	:	N/A

The Subject's auditor refused to disclose it's clientele.

OPERATIONS
Products manufactured	:	SCRAP, JUNK AND WASTE DEALERS

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) manufacturers of scrap, junk and waste dealers.

The Subject's auditor refused to disclose it's business operation.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-64381121
Match	:	N/A
Address Provided by Client	:	6 EU TONG SEN STREET #11-03 THE CENTRAL SINGAPORE 059817
Current Address	:	195 PEARL'S HILL TER #02-18, 168976, SINGAPORE.
Match	:	NO

Other Investigations

We contacted one of the staff from the Subject's auditor and he provided limited information on the Subject.

The Subject's auditor refused to disclose it's bankers and number of employees.

The current address belongs to the Subject's auditor office.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	1,458.28%	]
Profit/(Loss) Before Tax	:	Decreased	[	(38.81%)	]
Return on Shareholder Funds	:	Unfavourable	[	(10.70%)	]
Return on Net Assets	:	Unfavourable	[	(10.33%)	]
The increase in turnover could be due to the Subject adopting an aggressive marketing strategy.The Subject could be more efficient in controlling its operating costs and had managed to reduce its losses during the year. The Subject's unfavourable returns on shareholders' funds indicate the management's inefficiency in utilising its assets to generate returns.
Working Capital Control
Stock Ratio	:	Nil	[	0 Days	]
Debtor Ratio	:	Unfavourable	[	271 Days	]
Creditors Ratio	:	Unfavourable	[	268 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	:	Acceptable	[	0.90 Times	]
Current Ratio	:	Unfavourable	[	0.90 Times	]
The Subject's liquid ratio was slightly low. This could indicate that the Subject's working capital was slightly deficient. The Subject will have to improve its liquidity position either by obtaining short term financing or increase its paid up capital so that it can meet all its short term obligations as and when they fall due.
Solvency
Interest Cover	:	Nil	[	0.00 Times	]
Gearing Ratio	:	Favourable	[	0.00 Times	]
The Subject's interest cover was nil as it did not pay any interest during the year. 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 higher turnover had helped to reduce the Subject's losses. The Subject's liquidity was at an acceptable range. If the Subject is able to obtain further short term financing, it should be able to meet all its short term obligations. The Subject did not make any interest payment during the year. The Subject was dependent on its shareholders' funds to finance its business needs. The Subject 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 : LIMITED

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 :	MANUFACTURING
The manufacturing sector contracted by 1.1% in the fourth quarter of 2012, led by declines in the electronics and precision engineering clusters. These clusters were weighed down by weak global demand for semiconductors and semiconductor-related equipment. For the whole year of 2012, the manufacturing sector grew by 0.1%, significantly lower than the 7.8% recorded in 2011 when the sector was boosted by a surge in the growth of the biomedical manufacturing cluster.
Output of the biomedical manufacturing cluster grew by 2.4% in the fourth quarter. The expansion was driven by the medical technology segment which grew by a healthy 9.2%, benefitting from robust export demand for medical devices. The pharmaceuticals segment also grew by a modest 1.1%. For 2012, the biomedical manufacturing cluster expanded by 9.9%.
Output of the transport engineering cluster expanded by 4.9% in the fourth quarter. The aerospace segment grew by 6.2%, supported by higher demand for repair jobs from commercial airlines. Similarly, the marine & offshore engineering segment expanded by 5.0%, on the back of higher contributions from oil rig projects and oilfield equipment components. In the year 2012, the transport engineering cluster surged by 11%.
The output of the precision engineering cluster shrank by 1.3% in the fourth quarter. The decline was led by the 5.3% contraction in the machinery & systems segment, which saw weak export demand for semiconductor-related equipment. On the other hand, the precision modules & components segment grew by 2.9%, supported by higher production of optical instruments & photographic equipment and electronic connectors. In 2012, the precision engineering cluster expanded by 1.3%.
The general manufacturing cluster's output grew by 1.2% in the fourth quarter, driven by the 6.4% growth in the miscellaneous industries segment. The segment's growth was supported by higher production of batteries and constructionrelated materials. By contrast, the printing and food, beverages & tobacco segments declined by 6.4% and 1.3% respectively. For 2012, the general manufacturing cluster grew by 2.0%.
The chemicals cluster's output grew by 7.7% in the fourth quarter. The petrochemicals and petroleum segments registered growth of 9.3% and 6.3% respectively, partly due to the low base from plant shutdowns in end of 2011. The specialty chemicals segment also expanded by 8.0% on the back of higher regional demand. For the year 2012, the chemicals cluster declined by 0.4%, primarily due to weak regional demand for specialty chemicals in the second and third quarter of 2012.
Output of the electronics cluster contracted by 10% in the fourth quarter, led by the semiconductors and computer peripherals segments which contracted by 13% and 15% respectively. By contrast, the data storage segment grew by 7.8%, mainly due to the low base in end of 2011 when floods in Thailand had disrupted the supply chain for data storage products. For the whole of 2012, the electronics cluster contracted by 11%.
OVERALL INDUSTRY OUTLOOK : MATURE

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 2009, the Subject is a Private Limited company, focusing on manufacturers of scrap, junk and waste dealers. Having been in business for more than 5 years, the Subject has established a remarkable clientele base for itself which has contributed to its business growth. Presently, the issued and paid up capital of the Subject stands at SGD 3,305,100. The Subject have a strong backing from its holding company.

Overall, we regard that the Subject's management capability is weak. Without capable management, the Subject is unlikely to be successful and often contribute to unacceptable levels of accountability. Weak management can affect productivity, profitability, sales growth and ultimately can result in the failure of a business.

Despite the higher turnover, the Subject suffered pre-tax losses which reflected a highly competitive business environment. The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. The Subject managed to maintain an adequate liquidity level, indicating that the Subject has the ability to meet its 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 1,855,387, the Subject should be able to maintain its business in the near terms.

Without a strong assets backing, the Subject may face difficulties in getting loans for its future expansion and continued growth .

The poor payment habit may affect the goodwill between the Subject and its suppliers and the Subject may inadvertently have to pay more for its future supplies.

The industry has reached its optimum level and is generally stable. It is saturated and very competitive. Thus, the Subject's growth prospect is very much depends on its capacity in sustaining its performance in the market.

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.

APOLLO GLOBAL PTE. LTD.

Financial Year End	2013-03-31	2012-03-31
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	4,341,496	278,609
Other Income	-	2,264
	----------------	----------------
Total Turnover	4,341,496	280,873
	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	(499,128)	(687,334)
SHARE OF PROFITS/(LOSSES) OF ASSOCIATED COMPANIES	307,398	373,984
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	(191,730)	(313,350)
Taxation	(6,760)	(4,508)
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	(198,490)	(317,858)
	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	(560,533)	(242,675)
	----------------	----------------
As restated	(560,533)	(242,675)
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	(759,023)	(560,533)
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	(759,023)	(560,533)
	=============	=============

BALANCE SHEET

APOLLO GLOBAL PTE. LTD.

Associated companies	2,289,505	2,596,903
	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	2,289,505	2,596,903
	----------------	----------------
TOTAL LONG TERM ASSETS	2,289,505	2,596,903
Trade debtors	3,225,384	130
Other debtors, deposits & prepayments	286,008	274,589
Cash & bank balances	359,210	388,601
	----------------	----------------
TOTAL CURRENT ASSETS	3,870,602	663,320
	----------------	----------------
TOTAL ASSET	6,160,107	3,260,223
	=============	=============
CURRENT LIABILITIES
Trade creditors	3,190,774	16
Other creditors & accruals	8,623	5,170
Amounts owing to holding company	1,097,105	1,197,105
Provision for taxation	8,218	4,101
	----------------	----------------
TOTAL CURRENT LIABILITIES	4,304,720	1,206,392
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	(434,118)	(543,072)
	----------------	----------------
TOTAL NET ASSETS	1,855,387	2,053,831
	=============	=============
SHARE CAPITAL
Ordinary share capital	2,600,595	2,600,595
	----------------	----------------
TOTAL SHARE CAPITAL	2,600,595	2,600,595
Exchange equalisation/fluctuation reserve	13,815	13,769
Retained profit/(loss) carried forward	(759,023)	(560,533)
	----------------	----------------
TOTAL RESERVES	(745,208)	(546,764)
	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	1,855,387	2,053,831
	----------------	----------------
	1,855,387	2,053,831
	=============	=============

FINANCIAL RATIO

APOLLO GLOBAL PTE. LTD.

TYPES OF FUNDS
Cash	359,210	388,601
Net Liquid Funds	359,210	388,601
Net Liquid Assets	(434,118)	(543,072)
Net Current Assets/(Liabilities)	(434,118)	(543,072)
Net Tangible Assets	1,855,387	2,053,831
Net Monetary Assets	(434,118)	(543,072)
BALANCE SHEET ITEMS
Total Borrowings	0	0
Total Liabilities	4,304,720	1,206,392
Total Assets	6,160,107	3,260,223
Net Assets	1,855,387	2,053,831
Net Assets Backing	1,855,387	2,053,831
Shareholders' Funds	1,855,387	2,053,831
Total Share Capital	2,600,595	2,600,595
Total Reserves	(745,208)	(546,764)
LIQUIDITY (Times)
Cash Ratio	0.08	0.32
Liquid Ratio	0.90	0.55
Current Ratio	0.90	0.55
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0
Debtors Ratio	271	0
Creditors Ratio	268	0
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00
Liabilities Ratio	2.32	0.59
Times Interest Earned Ratio	0.00	0.00
Assets Backing Ratio	0.71	0.79
PERFORMANCE RATIO (%)
Operating Profit Margin	(4.42)	(112.47)
Net Profit Margin	(4.57)	(114.09)
Return On Net Assets	(10.33)	(15.26)
Return On Capital Employed	(10.33)	(15.26)
Return On Shareholders' Funds/Equity	(10.70)	(15.48)
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.61.48
UK Pound	1	Rs.97.92
Euro	1	Rs.76.79

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	NIT

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.