MIRA INFORM REPORT

Report Date :

08.10.2014

IDENTIFICATION DETAILS

Name :	OM TSHIPI (S) PTE. LTD.
Registered Office :	80, Marine Parade Road, 08 - 08, Parkway Parade, 449269
Country :	Singapore
Financials (as on) :	31.12.2013
Date of Incorporation :	03.03.2010
Com. Reg. No.:	201004548-Z
Legal Form :	Private Limited
Line of Business :	Trading of Manganese Ores.
No. of Employees :	1 [2014]

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.	:	201004548-Z
COMPANY NAME	:	OM TSHIPI (S) PTE. LTD.
FORMER NAME	:	N/A
INCORPORATION DATE	:	03/03/2010
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	80, MARINE PARADE ROAD, 08 - 08, PARKWAY PARADE, 449269, SINGAPORE.
BUSINESS ADDRESS	:	80, MARINE PARADE ROAD, 08 - 08, PARKWAY PARADE, 449269, SINGAPORE.
TEL.NO.	:	65-63465515
FAX.NO.	:	65-62422388
CONTACT PERSON	:	SAKUMZI JUSTICE MACOZOMA ( DIRECTOR )
PRINCIPAL ACTIVITY	:	TRADING OF MANGANESE ORES
ISSUED AND PAID UP CAPITAL	:	90.00 ORDINARY SHARE, OF A VALUE OF SGD 90.00
SALES	:	USD 43,159,642 [2013]
NET WORTH	:	USD 591,830 [2013]
STAFF STRENGTH	:	1 [2014]
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	STABLE
PAYMENT	:	POOR
MANAGEMENT CAPABILITY	:	AVERAGE
COMMERCIAL RISK	:	MODERATE
CURRENCY EXPOSURE	:	MODERATE
GENERAL REPUTATION	:	SATISFACTORY
INDSTRY 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 manganese ores.

The immediate holding company of the Subject is OM MATERIALS TRADES (S) PTE. LTD., a company incorporated in SINGAPORE.

The ultimate holding company of the Subject is OM HOLDINGS LIMITED, a company incorporated in BERMUDA.

Share Capital History

Date	Issue & Paid Up Capital
01/10/2014	SGD 90.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
NTSIMBINTLE MINING (PROPRIETARY) 30 LIMITED	21, CENTRAL STREET, HOUGHTON, 2198, SOUTH AFRICA, SOUTH AFRICA.	T10UF1576G	30.00	33.33
OM MATERIALS TRADES (S) PTE. LTD.	80, MARINE PARADE ROAD, 08 - 08, PARKWAY PARADE, 449269, SINGAPORE.	201119608G	30.00	33.33
JUPITER KALAHARI (MAURITIUS) LIMITED	SUITE 308, ST JAMES COURT, ST DENIS STREET PORT LOUIS, MAURITIUS, MAURITIUS.	T13UF5056K	30.00	33.33
			---------------	------
			90.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	MR. SAKUMZI JUSTICE MACOZOMA
Address	:	16, KAFUE ROAD, EMMARENTIA, 2029, SOUTH AFRICA.
IC / PP No	:	466817998
Nationality	:	SOUTH AFRICAN
Date of Appointment	:	08/03/2010

DIRECTOR 2

Name Of Subject	:	JUSTIN PITT
Address	:	691, GREENSIDE CLOSE, DAINFERN, SOUTH AFRICA.
IC / PP No	:	476626973
Nationality	:	SOUTH AFRICAN
Date of Appointment	:	08/03/2010
Remark	:	ALTERNATE DIRECTOR TO SAKUMZI JUSTICE MACOZOMA

DIRECTOR 3

Name Of Subject	:	PRIYANK THAPLIYAL
Address	:	47, COURT LANE, DULWICH VILLAGE, LONDON, SE21, 7DP, UNITED KINGDOM.
IC / PP No	:	510729986
Nationality	:	BRITISH
Date of Appointment	:	28/11/2013

DIRECTOR 4

Name Of Subject	:	LOW NGEE TONG
Address	:	58, WILKONSON ROAD, 436715, SINGAPORE.
IC / PP No	:	S0069868G
Nationality	:	SINGAPOREAN
Date of Appointment	:	28/11/2013

DIRECTOR 5

Name Of Subject	:	YOUNG WOO HWA
Address	:	94, LI HWAN DRIVE, GOLDEN HILL ESTATE, 557110, SINGAPORE.
IC / PP No	:	S1184107D
Nationality	:	SINGAPOREAN
Date of Appointment	:	01/04/2014
Remark	:	ALTERNATE DIRECTOR TO LOW NGEE TONG

MANAGEMENT

1)	Name of Subject	:	SAKUMZI JUSTICE MACOZOMA
	Position	:	DIRECTOR

AUDITOR

Auditor	:	FOO KON TAN GRANT THORNTON LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	CHIANG CHAI FOONG
	IC / PP No	:	S2608154H
	Address	:	244, TAMPINES STREET 21, 09-369, 521244, SINGAPORE.

BANKING

No Banker found in our databank.

ENCUMBRANCE (S)

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

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 supplier.

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	:	YES
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	CHINA

OPERATIONS

Goods Traded

:

MANGANESE ORES

Total Number of Employees:
YEAR	2014
GROUP	N/A
COMPANY	1

Branch

:

NO

Other Information:

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

The Subject refused to disclose its operation.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-63465515
Match	:	N/A
Address Provided by Client	:	80 MARINE PARADE ROAD #08-08 PARKWAY PARADE SINGAPORE 449269
Current Address	:	80, MARINE PARADE ROAD, 08 - 08, PARKWAY PARADE, 449269, SINGAPORE.
Match	:	YES

Other Investigations

We contacted one of the staff from the Subject and she provide limited information on the Subject.

The Subject refused to disclose its banker.

The Subject start its business in 2013.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	(0.00%)	]
Profit/(Loss) Before Tax	:	Decreased	[	(22,269.97%)	]
Return on Shareholder Funds	:	Favourable	[	101.29%	]
Return on Net Assets	:	Favourable	[	116.76%	]
The higher turnover could be attributed to the favourable market condition.The management had succeeded in turning the Subject into a profit making company. The profit could be due to better control of its operating costs and efficiency in utilising its resources. 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	:	Favourable	[	9 Days	]
Creditors Ratio	:	Unfavourable	[	150 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 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	[	1.03 Times	]
Current Ratio	:	Unfavourable	[	1.03 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	:	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 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 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 : STABLE

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 2013, the Subject is a Private Limited company, focusing on trading of manganese ores. Having been in the business for only 1 year, the Subject's position in the market is not stable. The Subject has yet to build up its own image and market shares. The Subject's paid up capital is SGD 90. However, having strong support from its shareholders has enabled the Subject to remain competitive despite the challenging business environment.

We noted that 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 only 1 employee. 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 has generated its turnover of USD 43,159,642 and its pre-tax profit of USD 691,038. Based on its high 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 its 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 591,830, the Subject should be able to maintain its business in the near terms.

Having a strong assets backing, the Subject possesses latent assets as collateral for further financial extension. Hence, it has good chance of getting loans if the needs arises.

The 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 shows an upward trend and this trend is very likely to sustain in the near terms.

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.

OM TSHIPI (S) PTE. LTD.

Financial Year End	2013-12-31	2012-12-31
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	43,159,642	-
	----------------	----------------
Total Turnover	43,159,642	-
Costs of Goods Sold	(42,057,542)	-
	----------------	----------------
Gross Profit	1,102,100	-
	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	691,038	(3,117)
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	691,038	(3,117)
Taxation	(91,552)	-
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	599,486	(3,117)
	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	(7,721)	(4,604)
	----------------	----------------
As restated	(7,721)	(4,604)
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	591,765	(7,721)
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	591,765	(7,721)
	=============	=============

BALANCE SHEET

OM TSHIPI (S) PTE. LTD.

Trade debtors	1,102,100	-
Amount due from related companies	17,274,507	-
Cash & bank balances	7,913	10,499
	----------------	----------------
TOTAL CURRENT ASSETS	18,384,520	10,499
	----------------	----------------
TOTAL ASSET	18,384,520	10,499
	=============	=============
CURRENT LIABILITIES
Trade creditors	17,274,508	-
Other creditors & accruals	1,685	1,754
Amounts owing to holding company	15,748	16,393
Amounts owing to related companies	409,197	-
Provision for taxation	91,552	-
	----------------	----------------
TOTAL CURRENT LIABILITIES	17,792,690	18,147
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	591,830	(7,648)
	----------------	----------------
TOTAL NET ASSETS	591,830	(7,648)
	=============	=============
SHARE CAPITAL
Ordinary share capital	65	73
	----------------	----------------
TOTAL SHARE CAPITAL	65	73
Retained profit/(loss) carried forward	591,765	(7,721)
	----------------	----------------
TOTAL RESERVES	591,765	(7,721)
	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	591,830	(7,648)
	----------------	----------------
	591,830	(7,648)
	=============	=============

FINANCIAL RATIO

OM TSHIPI (S) PTE. LTD.

TYPES OF FUNDS
Cash	7,913	10,499
Net Liquid Funds	7,913	10,499
Net Liquid Assets	591,830	(7,648)
Net Current Assets/(Liabilities)	591,830	(7,648)
Net Tangible Assets	591,830	(7,648)
Net Monetary Assets	591,830	(7,648)
BALANCE SHEET ITEMS
Total Borrowings	0	0
Total Liabilities	17,792,690	18,147
Total Assets	18,384,520	10,499
Net Assets	591,830	(7,648)
Net Assets Backing	591,830	(7,648)
Shareholders' Funds	591,830	(7,648)
Total Share Capital	65	73
Total Reserves	591,765	(7,721)
LIQUIDITY (Times)
Cash Ratio	0.00	0.58
Liquid Ratio	1.03	0.58
Current Ratio	1.03	0.58
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0
Debtors Ratio	9	0
Creditors Ratio	150	0
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00
Liabilities Ratio	30.06	(2.37)
Times Interest Earned Ratio	0.00	0.00
Assets Backing Ratio	9,105.08	(104.77)
PERFORMANCE RATIO (%)
Operating Profit Margin	1.60	0.00
Net Profit Margin	1.39	0.00
Return On Net Assets	116.76	40.76
Return On Capital Employed	116.76	40.76
Return On Shareholders' Funds/Equity	101.29	40.76
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.61.36
UK Pound	1	Rs.98.71
Euro	1	Rs.77.47

INFORMATION DETAILS

Analysis Done by :	DIV
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.