MIRA INFORM REPORT

Report Date :

02.09.2014

IDENTIFICATION DETAILS

Name :	CASHCOT INDUSTRIES PTE. LTD.
Registered Office :	120, Telok Ayer Street, 068589
Country :	Singapore
Financials (as on) :	31.03.2013
Date of Incorporation :	31.12.2010
Com. Reg. No.:	201027524-R
Legal Form :	Private Limited
Line of Business :	Trading of Cotton
No. of Employees	5

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 – 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.	:	201027524-R
COMPANY NAME	:	CASHCOT INDUSTRIES PTE. LTD.
FORMER NAME	:	N/A
INCORPORATION DATE	:	31/12/2010
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	120, TELOK AYER STREET, 068589, SINGAPORE.
BUSINESS ADDRESS	:	3 SHENTON WAY #19-02 SHENTON HOUSE, 068805, SINGAPORE.
TEL.NO.	:	65-62229964
FAX.NO.	:	65-62254469
CONTACT PERSON	:	MASDEWIANA BINTE MOHD KASIM ( MANAGING DIRECTOR )
PRINCIPAL ACTIVITY	:	TRADING OF COTTON
ISSUED AND PAID UP CAPITAL	:	8,110,000.00 ORDINARY SHARE, OF A VALUE OF USD 8,110,000.00
SALES	:	USD 99,418,976 [2013]
NET WORTH	:	USD 9,794,301 [2013]
BANKER (S)		RAIFFEISEN BANK INTERNATIONAL AG UNITED OVERSEAS BANK LIMITED COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.
STAFF STRENGTH	:	5 [2014]
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	FAIR
PAYMENT	:	AVERAGE
MANAGEMENT CAPABILITY	:	AVERAGE
COMMERCIAL RISK	:	LOW
CURRENCY EXPOSURE	:	MODERATE
GENERAL REPUTATION	:	SATISFACTORY
INDUSTRY OUTLOOK	:	AVERAGE GROWTH

HISTORY / BACKGROUND

The Subject is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the Subject is insolvent. The Subject is governed by the Companies Act and the company must file its annual returns, together with its financial statements with the Registrar of Companies.

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

The ultimate holding company of the Subject is BHADRESH TRADING CORPORATION LIMITED, a company incorporated in INDIA.

Share Capital History

Date	Issue & Paid Up Capital
27/08/2014	USD 8,110,000.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
BHADRESH TRADING CORPORATION LIMITED	205, MAJESTIC SHOPPING CENTRE, 144, J S S ROAD, MUMBAI, MAHARASHTRA, 400004, INDIA.	T10UF4128	8,110,000.00	100.00
			---------------	------
			8,110,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	MR. MASDEWIANA BINTE MOHD KASIM
Address	:	125, BEDOK RESERVOIR ROAD, 10-1089, 470125, SINGAPORE.
IC / PP No	:	S7935914I
Nationality	:	SINGAPOREAN
Date of Appointment	:	31/12/2010

DIRECTOR 2

Name Of Subject	:	BHADRESH VASANTRAI MEHTA
Address	:	402, MANJU APARTMENT, 2-A, NARAYAN DABHOLKAR ROAD, MUMBAI, 400006, INDIA.
IC / PP No	:	Z1785133
Nationality	:	INDIAN
Date of Appointment	:	31/12/2010

DIRECTOR 3

Name Of Subject	:	ABHISHEK JAIN
Address	:	D-166/09, SECTOR-50, NOIDA, UTTAR PRADESH, 201301, INDIA.
IC / PP No	:	G4018437
Nationality	:	INDIAN
Date of Appointment	:	31/12/2010

DIRECTOR 4

Name Of Subject	:	PARTH BHADRESH MEHTA
Address	:	701, MANJU APARTMENT, 2-A, NARAYAN DHABOLKAR ROAD OFF, NEPEAN SEA ROAD, MUMBAI, 400006, INDIA.
IC / PP No	:	F1208746
Nationality	:	INDIAN
Date of Appointment	:	31/12/2010

MANAGEMENT

1)	Name of Subject	:	MASDEWIANA BINTE MOHD KASIM
	Position	:	MANAGING DIRECTOR

AUDITOR

Auditor	:	T RAVI & CO.
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	MR. MASDEWIANA BINTE MOHD KASIM
	IC / PP No	:	S7935914I
	Address	:	125, BEDOK RESERVOIR ROAD, 10-1089, 470125, SINGAPORE.

2)	Company Secretary	:	LIM SOH SEA
	IC / PP No	:	S7077960I
	Address	:	101A, LORONG 2, TOA PAYOH, 08-07, 310101, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

RAIFFEISEN BANK INTERNATIONAL AG

2)

Name

:

UNITED OVERSEAS BANK LIMITED

3)

Name

:

COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C201108202	06/07/2011	N/A	RAIFFEISEN BANK INTERNATIONAL AG	-	Unsatisfied
C201208622	31/07/2012	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C201208623	31/07/2012	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C201212312	25/10/2012	N/A	COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.	-	Unsatisfied
C201300043	02/01/2013	N/A	CIMB BANK BERHAD	-	Unsatisfied
C201300062	02/01/2013	N/A	CIMB BANK BERHAD	-	Unsatisfied
C201300067	02/01/2013	N/A	CIMB BANK BERHAD	-	Unsatisfied
C201308772	28/06/2013	N/A	J.P.MORGAN VENTURES ENERGY CORPORATION	-	Unsatisfied
C201400217	07/01/2014	N/A	CIMB BANK BERHAD	-	Unsatisfied
C201402304	03/03/2014	N/A	CIMB BANK BERHAD	-	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 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	[	X	]
Fair 91-120 Days	[	]	Poor >120 Days	[	]

CLIENTELE

Local	:	YES
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	WORLDWIDE
Credit Term	:	N/A
Payment Mode	:	CHEQUES

OPERATIONS

Goods Traded

:

COTTON

Total Number of Employees:
YEAR	2014	2013
GROUP	N/A	N/A
COMPANY	5	5

Branch

:

NO

Other Information:

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

The Subject only trades raw cotton.

The Subject refused to disclose further information on its operation.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-62229964
Match	:	N/A
Address Provided by Client	:	120 TELOK AYER STREET SINGAPORE 008589
Current Address	:	3 SHENTON WAY #19-02 SHENTON HOUSE, 068805, SINGAPORE.
Match	:	NO

Other Investigations

On 26th August 2014 we contacted one of the staff from the Subject and she provided some information.

The address provided belongs to the Subject's registered office.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Decreased	[	19.62%	]
Profit/(Loss) Before Tax	:	Decreased	[	7.37%	]
Return on Shareholder Funds	:	Unfavourable	[	8.47%	]
Return on Net Assets	:	Acceptable	[	17.08%	]
The lower turnover could be due to the intense market competition.The dip in profit could be due to the stiff market competition which reduced the Subject's profit margin. The unfavourable return on shareholders' funds could indicate that the Subject was inefficient in utilising its assets to generate returns.
Working Capital Control
Stock Ratio	:	Favourable	[	5 Days	]
Debtor Ratio	:	Acceptable	[	55 Days	]
Creditors Ratio	:	Favourable	[	0 Days	]
The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The Subject's management was quite efficient in handling its debtors. The Subject's debtors days were at an acceptable range, thus the risk of its debts turning bad was minimised. The Subject had a favourable creditors' ratio where the Subject could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.
Liquidity
Liquid Ratio	:	Favourable	[	1.76 Times	]
Current Ratio	:	Unfavourable	[	1.86 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	:	Unfavourable	[	2.90 Times	]
Gearing Ratio	:	Favourable	[	0.37 Times	]
The Subject's interest cover was low. If its profits fall or when interest rate rises, it  may not be able to meet all its interest payment. The Subject was lowly geared thus it had a low financial risk. The Subject was mainly financed by its shareholders' funds and internally generated funds. In times of economic slowdown / downturn, the Subject being a lowly geared company, will be able to compete better than those companies which are highly geared in the same industry.
Overall Assessment :
The Subject's performance deteriorated over the years with lower turnover and profit. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. If there is a fall in the Subject's profit or any increase in interest rate, the Subject may not be able to generate sufficient cash-flow to service its interest. The Subject as a lowly geared company, will be more secured compared to those highly geared companies. It has the ability to meet all its long term obligations.
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 trading of cotton. The Subject has been in business for less than 5 years and it has slowly been building up contact with its clients while competing in the industry. Having strong support from its holding company has enabled the Subject to remain competitive despite the challenging business environment. The capital standing of the Subject is fair. With an adequate share capital, the Subject has the potential of expanding its business in future.

Over the years, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. Being a small company, the Subject's business operation is supported by 5 employees. Overall, we regard that the Subject's management capability is average. This indicates that the Subject has greater potential to improve its business performance and raising income for the Subject.

The Subject's business performance showed a reverse trend as both its turnover and pre-tax profit have decreased compared to the previous year. The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. The Subject is in good liquidity position with its current liabilities well covered by it current assets. Hence, it has sufficient working capital to meet its short term financial obligations. Being a lowly geared company, the Subject is exposed to low financial risk as it is mainly dependent on its internal funds to finance its business needs. Given a positive net worth standing at USD 9,794,301, the Subject should be able to maintain its business in the near terms.

The Subject's payment habit is average. With its adequate working capital, the Subject should be able to pay its short term debts.

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.

CASHCOT INDUSTRIES PTE. LTD.

Financial Year End	2013-03-31	2012-03-31
Months	12	15
Consolidated Account	Company	Company
Audited Account	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES
Financial Type	FULL	FULL
Currency	USD	USD
TURNOVER	99,418,976	123,693,034
	----------------	----------------
Total Turnover	99,418,976	123,693,034
Costs of Goods Sold	(96,119,551)	(121,482,884)
	----------------	----------------
Gross Profit	3,299,425	2,210,150
	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	1,096,404	1,183,597
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	1,096,404	1,183,597
Taxation	(266,700)	(119,000)
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	829,704	1,064,597
	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	1,064,597	-
	----------------	----------------
As restated	1,064,597	-
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	1,894,301	1,064,597
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	1,894,301	1,064,597
	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Term loan / Borrowing	576,248	192,414
	----------------	----------------
	576,248	192,414
	=============	=============

BALANCE SHEET

CASHCOT INDUSTRIES PTE. LTD.

Stocks	1,237,347	-
Trade debtors	14,998,669	23,605,056
Other debtors, deposits & prepayments	1,324,777	625,405
Short term deposits	2,814,502	1,296,317
Amount due from holding company	-	1,139,759
Cash & bank balances	751,374	385,393
	----------------	----------------
TOTAL CURRENT ASSETS	21,126,669	27,051,930
	----------------	----------------
TOTAL ASSET	21,126,669	27,051,930
	=============	=============
Other creditors & accruals	1,119,715	257,200
Bill & acceptances payable	3,590,190	19,551,133
Amounts owing to holding company	5,505,803	-
Amounts owing to related companies	730,960	1,060,000
Provision for taxation	385,700	119,000
	----------------	----------------
TOTAL CURRENT LIABILITIES	11,332,368	20,987,333
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	9,794,301	6,064,597
	----------------	----------------
TOTAL NET ASSETS	9,794,301	6,064,597
	=============	=============
SHARE CAPITAL
Ordinary share capital	7,900,000	5,000,000
	----------------	----------------
TOTAL SHARE CAPITAL	7,900,000	5,000,000
Retained profit/(loss) carried forward	1,894,301	1,064,597
	----------------	----------------
TOTAL RESERVES	1,894,301	1,064,597
	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	9,794,301	6,064,597
	----------------	----------------
	9,794,301	6,064,597
	=============	=============

FINANCIAL RATIO

CASHCOT INDUSTRIES PTE. LTD.

TYPES OF FUNDS
Cash	3,565,876	1,681,710
Net Liquid Funds	(24,314)	(17,869,423)
Net Liquid Assets	8,556,954	6,064,597
Net Current Assets/(Liabilities)	9,794,301	6,064,597
Net Tangible Assets	9,794,301	6,064,597
Net Monetary Assets	8,556,954	6,064,597
BALANCE SHEET ITEMS
Total Borrowings	3,590,190	19,551,133
Total Liabilities	11,332,368	20,987,333
Total Assets	21,126,669	27,051,930
Net Assets	9,794,301	6,064,597
Net Assets Backing	9,794,301	6,064,597
Shareholders' Funds	9,794,301	6,064,597
Total Share Capital	7,900,000	5,000,000
Total Reserves	1,894,301	1,064,597
LIQUIDITY (Times)
Cash Ratio	0.31	0.08
Liquid Ratio	1.76	1.29
Current Ratio	1.86	1.29
WORKING CAPITAL CONTROL (Days)
Stock Ratio	5	0
Debtors Ratio	55	70
Creditors Ratio	0	0
SOLVENCY RATIOS (Times)
Gearing Ratio	0.37	3.22
Liabilities Ratio	1.16	3.46
Times Interest Earned Ratio	2.90	7.15
Assets Backing Ratio	1.24	1.21
PERFORMANCE RATIO (%)
Operating Profit Margin	1.10	0.96
Net Profit Margin	0.83	0.86
Return On Net Assets	17.08	22.69
Return On Capital Employed	17.08	22.69
Return On Shareholders' Funds/Equity	8.47	17.55
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.60.47
UK Pound	1	Rs.100.43
Euro	1	Rs.79.40

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	SDA

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.