MIRA INFORM REPORT

Report Date :

16.09.2014

IDENTIFICATION DETAILS

Name :	VISA RESOURCES PTE. LTD.
Registered Office :	61, Robinson Road, 17-01a, Robinson Centre, 068893
Country :	Singapore
Financials (as on) :	31.03.2013
Date of Incorporation :	28.11.2008
Com. Reg. No.:	200822399-M
Legal Form :	Private Limited Company
Line of Business :	· engaged in the international trading of bulk commodities.  engaged in the trading of commodities such as coal, coke, minerals & metals.
No. of Employees	08 [2014]

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 01, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Singapore	A1	A1

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

Singapore ECONOMIC OVERVIEW

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. Real GDP growth averaged 8.6% between 2004 and 2007. The economy contracted 0.8% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010, on the strength of renewed exports, before slowing to 5.2% in 2011 and 1.3% in 2012, 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, which has sunk to an average of about 1.0% in the last decade. 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

* Adopted abbreviations :	SC - Subject Company (the company enquired by you)
	N/A - Not Applicable

EXECUTIVE SUMMARY

REGISTRATION NO.

:

200822399-M

COMPANY NAME

:

VISA RESOURCES PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

28/11/2008

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

61, ROBINSON ROAD, 17-01A, ROBINSON CENTRE, 068893, SINGAPORE.

BUSINESS ADDRESS

:

61, ROBINSON ROAD, 17-01A, ROBINSON CENTRE, 068893, SINGAPORE.

TEL.NO.

:

65-64359000/64359018

FAX.NO.

:

65-64359001

CONTACT PERSON

:

VIVEK AGARWAL ( MANAGING DIRECTOR )

PRINCIPAL ACTIVITY

:

INTERNATIONAL TRADING OF BULK COMMODITIES

ISSUED AND PAID UP CAPITAL

:

7,270,000.00 ORDINARY SHARE, OF A VALUE OF SGD 7,270,000.00 

SALES

:

USD 119,249,489 [2013]

NET WORTH

:

USD 8,091,688 [2013]

STAFF STRENGTH

:

8 [2014]

BANKER (S)

:

ING BANK N.V. ABN AMRO BANK N.V. OVERSEA-CHINESE BANKING CORPORATION LIMITED

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

FAIR

PAYMENT

:

PROMPT

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) international trading of bulk commodities.

The immediate and ultimate holding company of the Subject is VISA GROUP LIMITED, a company incorporated in SINGAPORE.

Share Capital History

Date	Issue & Paid Up Capital
05/08/2013	SGD 7,270,000.00
21/02/2013	SGD 6,000,000.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
VISA GROUP LIMITED	61, ROBINSON ROAD, 17-01A, ROBINSON CENTRE, 068893, SINGAPORE.	200911321E	7,270,000.00	100.00
			---------------	------
			7,270,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	VIVEK AGARWAL
Address	:	10, DRAYCOTT PARK, 16-08, DRAYCOTT EIGHT, 259405, SINGAPORE.
IC / PP No	:	G5935678Q
Nationality	:	INDIAN
Date of Appointment	:	28/11/2008

MANAGEMENT

1)	Name of Subject	:	VIVEK AGARWAL
	Position	:	MANAGING DIRECTOR

AUDITOR

Auditor	:	MOORE STEPHENS LLP
Auditor' Address	:	10, ANSON ROAD, 29-15, INTERNATIONAL PLAZA, 079903, SINGAPORE

COMPANY SECRETARIES

1)	Company Secretary	:	LUK CHIEW PENG
	IC / PP No	:	S6970685A
	Address	:	6, MARTIN PLACE, 31-11, MARTIN PLACE RESIDENCES, 237990, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

ING BANK N.V.

2)

Name

:

ABN AMRO BANK N.V.

3)

Name

:

OVERSEA-CHINESE BANKING CORPORATION LIMITED

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C200901552	11/03/2009	N/A	ING BANK N.V.	-	Unsatisfied
C200902589	05/05/2009	N/A	BNP PARIBAS	-	Unsatisfied
C200906415	09/10/2009	N/A	STANDARD CHARTERED BANK	-	Unsatisfied
C200906416	09/10/2009	N/A	STANDARD CHARTERED BANK	-	Unsatisfied
C201001681	24/02/2010	N/A	RAIFFEISEN ZENTRALBANK OESTERREICH AKTIENGESELLSCHAFT	-	Unsatisfied
C201107170	15/06/2011	N/A	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	-	Unsatisfied
C201111071	08/09/2011	N/A	ABN AMRO BANK N.V.	-	Unsatisfied
C201201288	02/02/2012	N/A	OVERSEA-CHINESE BANKING CORPORATION LIMITED	-	Unsatisfied
C201213172	14/11/2012	N/A	ICICI BANK LIMITED	-	Unsatisfied
C201213173	14/11/2012	N/A	ICICI BANK LIMITED	-	Unsatisfied

LEGAL CHECK AGAINST SUBJECT

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

No legal action was found in our databank. 

No winding up petition was found in our databank. 

PAYMENT RECORD

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

The 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	[	X	]	Good 31-60 Days	[	]	Average 61-90 Days	[	]
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 TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Goods Traded

:

BULK COMMODITIES

Total Number of Employees:
YEAR	2014	2013
GROUP	N/A	N/A
COMPANY	8	8

Branch

:

NO

Other Information:

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

The Subject engaged in the trading of commodities such as coal, coke, minerals & metals. 

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-64359000/64359018
Match	:	N/A
Address Provided by Client	:	61 Robinson Road 17-01A Robinson Centre Singapore 068893, Singapore
Current Address	:	61, ROBINSON ROAD, 17-01A, ROBINSON CENTRE, 068893, SINGAPORE.
Match	:	YES

Other Investigations

We contacted one of the staff from the Subject and she provided some information.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Decreased	[	2010 - 2013	]
Profit/(Loss) Before Tax	:	Decreased	[	2010 - 2013	]
Return on Shareholder Funds	:	Acceptable	[	10.50%	]
Return on Net Assets	:	Acceptable	[	14.48%	]
The continuous fall in turnover could be due to the lower demand for the Subject's products / services.The dip in profit could be due to the stiff market competition which reduced the Subject's profit margin. The Subject's management had generated acceptable return for its shareholders using its assets.
Working Capital Control
Stock Ratio	:	Nil	[	0 Days	]
Debtor Ratio	:	Favourable	[	31 Days	]
Creditors Ratio	:	Favourable	[	6 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 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	[	2.40 Times	]
Current Ratio	:	Favourable	[	2.40 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	[	2.53 Times	]
Gearing Ratio	:	Favourable	[	0.19 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 :	2008	2009	2010	2011	2012
Population (Million)	4.84	4.98	5.08	5.18	5.31
Gross Domestic Products ( % )	1.5	(0.8)	14.5	4.9	1.3
Consumer Price Index	6.6	0.6	2.8	5.2	4.6
Total Imports (Million)	450,892.6	356,299.3	423,221.8	459,655.1	474,554.0
Total Exports (Million)	476,762.2	391,118.1	478,840.7	514,741.2	510,329.0
Unemployment Rate (%)	2.2	3.2	2.2	2.1	2.0
Tourist Arrival (Million)	10.12	9.68	11.64	13.17	14.37
Hotel Occupancy Rate (%)	81.0	75.8	85.6	86.5	86.4
Cellular Phone Subscriber (Million)	1.31	1.37	1.43	1.50	1.52
Registration of New Companies (No.)	25,327	26,414	29,798	32,317	31,892
Registration of New Companies (%)	(2.2)	4.3	12.8	8.5	(1.3)
Liquidation of Companies (No.)	10,493	22,393	15,126	19,005	17,218
Liquidation of Companies (%)	13.7	113.4	(32.5)	25.6	9.4
Registration of New Businesses (No.)	24,850	26,876	23,978	23,494	24,788
Registration of New Businesses (%)	0.36	8.15	(10.78)	2.02	5.51
Liquidation of Businesses (No.)	21,150	23,552	24,211	23,005	22,489
Liquidation of Businesses (%)	(0.8)	11.4	2.8	(5)	(2.2)
Bankruptcy Orders (No.)	2,326	2,058	1,537	1,527	1,748
Bankruptcy Orders (%)	(15.9)	(11.5)	(25.3)	(0.7)	14.5
Bankruptcy Discharges (No.)	1,500	3,056	2,252	1,391	1,881
Bankruptcy Discharges (%)	(7.7)	103.7	(26.3)	(38.2)	35.2
INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	(0.32)	3.25	(0.48)	4.25	3.64
Fish Supply & Wholesale	(6.31)	(1.93)	(10.5)	12.10	(0.5)
Manufacturing *	74.6	71.5	92.8	100.0	100.3
Food, Beverages & Tobacco	94.8	90.4	96.4	100.0	103.5
Textiles	180.1	145.9	122.1	100.0	104.0
Wearing Apparel	334.6	211.0	123.3	100.0	92.1
Leather Products & Footwear	128.2	79.5	81.8	100.0	98.6
Wood & Wood Products	132.0	101.4	104.0	100.0	95.5
Paper & Paper Products	101.0	95.4	106.1	100.0	97.4
Printing & Media	118.2	100.9	103.5	100.0	93.0
Crude Oil Refineries	113.1	96.4	95.6	100.0	99.4
Chemical & Chemical Products	84.5	80.3	97.6	100.0	100.5
Pharmaceutical Products	43.7	49.1	75.3	100.0	109.7
Rubber & Plastic Products	120.1	101.2	112.3	100.0	96.5
Non-metallic Mineral	96.5	91.9	92.5	100.0	98.2
Basic Metals	109.8	92.6	102.2	100.0	90.6
Fabricated Metal Products	101.3	90.8	103.6	100.0	104.3
Machinery & Equipment	65.0	57.3	78.5	100.0	112.9
Electrical Machinery	81.7	86.8	124.1	100.0	99.3
Electronic Components	93.1	85.2	113.6	100.0	90.6
Transport Equipment	102.0	96.0	94.0	100.0	106.3
Construction	45.90	(36.9)	14.20	20.50	28.70
Real Estate	(11.2)	1.4	21.3	25.4	31.9
Services
Electricity, Gas & Water	(1.3)	1.70	4.00	7.00	6.30
Transport, Storage & Communication	11.60	3.90	12.80	7.40	5.30
Finance & Insurance	(5.9)	(16.4)	(0.4)	8.90	0.50
Government Services	17.40	4.50	9.70	6.90	6.00
Education Services	0.50	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 2008, the Subject is a Private Limited company, focusing on international trading of bulk commodities. Having been in business for 6 years, the Subject has established a remarkable clientele base for itself which has contributed to its business growth. 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 8 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. Return on shareholders' funds of the Subject was at an acceptable range which indicated that the management was efficient in utilising its funds to generate income. The Subject is in good liquidity position with its current liabilities well covered by it current assets. Hence, it has sufficient working capital to meet its short term financial obligations. 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 8,091,688, the Subject should be able to maintain its business in the near terms. 

We regard that the Subject's overall payment habit is prompt. The Subject had a favourable creditors' ratio as evidenced by its favourable collection days. 

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 promptly.

PROFIT AND LOSS ACCOUNT

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

VISA RESOURCES PTE. LTD.

Financial Year End	2013-03-31	2012-03-31	2011-03-31	2010-03-31
Months	12	12	12	16
Consolidated Account	Company	Company	Company	Company
Audited Account	YES	YES	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES	YES	YES
Financial Type	FULL	FULL	FULL	FULL
Currency	USD	USD	USD	USD
TURNOVER	119,249,489	138,816,591	151,082,741	100,958,617
Other Income	292,070	224,641	18,917	76,304
	----------------	----------------	----------------	----------------
Total Turnover	119,541,559	139,041,232	151,101,658	101,034,921
Costs of Goods Sold	(116,198,869)	(136,853,770)	(146,962,369)	(98,881,770)
	----------------	----------------	----------------	----------------
Gross Profit	3,342,690	2,187,462	4,139,289	2,153,151
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	708,692	796,279	1,777,441	1,360,859
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	708,692	796,279	1,777,441	1,360,859
Taxation	141,219	(80,000)	(177,214)	(130,000)
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	849,911	716,279	1,600,227	1,230,859
	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	2,547,365	1,831,086	1,230,859	-
	----------------	----------------	----------------	----------------
As restated	2,547,365	1,831,086	1,230,859	-
	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	3,397,276	2,547,365	2,831,086	1,230,859
DIVIDENDS - Ordinary (paid & proposed)	-	-	(1,000,000)	-
	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	3,397,276	2,547,365	1,831,086	1,230,859
	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Loan from associated companies	76,774	101,667	-	-
Loan from holding company	5,903	-	-	-
Others	380,690	282,215	101,389	89,236
	----------------	----------------	----------------	----------------
	463,367	383,882	101,389	89,236
	=============	=============	=============	=============

BALANCE SHEET

VISA RESOURCES PTE. LTD.

ASSETS EMPLOYED:
FIXED ASSETS	-	1,425	1,628	1,832
	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	-	1,425	1,628	1,832
CURRENT ASSETS
Stocks	-	-	16,164,250	-
Trade debtors	10,272,607	24,012,272	14,481,712	1,049,356
Other debtors, deposits & prepayments	1,835,674	1,887,790	2,245,728	2,368,584
Short term deposits	897,254	684,553	1,933,590	270,000
Amount due from related companies	59,352	-	1,213,334	44,226
Cash & bank balances	825,862	5,121,040	1,799,284	3,100,168
Others	-	-	175,000	-
	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	13,890,749	31,705,655	38,012,898	6,832,334
	----------------	----------------	----------------	----------------
TOTAL ASSET	13,890,749	31,707,080	38,014,526	6,834,166
	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	1,811,049	20,726,823	2,759,518	30,580
Other creditors & accruals	227,179	359,201	394,218	602,576
Hire purchase & lease creditors	-	-	7,301,372	-
Bank overdraft	-	-	-	170,031
Short term borrowings/Term loans	1,000,000	4,074,137	-	-
Other borrowings	548,972	1,640,152	21,679,623	-
Bill & acceptances payable	-	-	3,063,341	-
Amounts owing to related companies	2,163,788	1,609,282	140,248	4,000,000
Provision for taxation	48,073	80,000	175,000	130,000
	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	5,799,061	28,489,595	35,513,320	4,933,187
	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	8,091,688	3,216,060	2,499,578	1,899,147
	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	8,091,688	3,217,485	2,501,206	1,900,979
	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	4,694,412	670,120	670,120	670,120
	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	4,694,412	670,120	670,120	670,120
RESERVES
Retained profit/(loss) carried forward	3,397,276	2,547,365	1,831,086	1,230,859
	----------------	----------------	----------------	----------------
TOTAL RESERVES	3,397,276	2,547,365	1,831,086	1,230,859
	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	8,091,688	3,217,485	2,501,206	1,900,979
	----------------	----------------	----------------	----------------
	8,091,688	3,217,485	2,501,206	1,900,979
	=============	=============	=============	=============

FINANCIAL RATIO

VISA RESOURCES PTE. LTD.

TYPES OF FUNDS
Cash	1,723,116	5,805,593	3,732,874	3,370,168
Net Liquid Funds	1,723,116	5,805,593	669,533	3,200,137
Net Liquid Assets	8,091,688	3,216,060	(13,664,672)	1,899,147
Net Current Assets/(Liabilities)	8,091,688	3,216,060	2,499,578	1,899,147
Net Tangible Assets	8,091,688	3,217,485	2,501,206	1,900,979
Net Monetary Assets	8,091,688	3,216,060	(13,664,672)	1,899,147
BALANCE SHEET ITEMS
Total Borrowings	1,548,972	5,714,289	32,044,336	170,031
Total Liabilities	5,799,061	28,489,595	35,513,320	4,933,187
Total Assets	13,890,749	31,707,080	38,014,526	6,834,166
Net Assets	8,091,688	3,217,485	2,501,206	1,900,979
Net Assets Backing	8,091,688	3,217,485	2,501,206	1,900,979
Shareholders' Funds	8,091,688	3,217,485	2,501,206	1,900,979
Total Share Capital	4,694,412	670,120	670,120	670,120
Total Reserves	3,397,276	2,547,365	1,831,086	1,230,859
LIQUIDITY (Times)
Cash Ratio	0.30	0.20	0.11	0.68
Liquid Ratio	2.40	1.11	0.62	1.38
Current Ratio	2.40	1.11	1.07	1.38
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0	39	0
Debtors Ratio	31	63	35	4
Creditors Ratio	6	55	7	0
SOLVENCY RATIOS (Times)
Gearing Ratio	0.19	1.78	12.81	0.09
Liabilities Ratio	0.72	8.85	14.20	2.60
Times Interest Earned Ratio	2.53	3.07	18.53	16.25
Assets Backing Ratio	1.72	4.80	3.73	2.84
PERFORMANCE RATIO (%)
Operating Profit Margin	0.59	0.57	1.18	1.35
Net Profit Margin	0.71	0.52	1.06	1.22
Return On Net Assets	14.48	36.68	75.12	76.28
Return On Capital Employed	14.48	36.68	19.17	70.02
Return On Shareholders' Funds/Equity	10.50	22.26	63.98	64.75
Dividend Pay Out Ratio (Times)	0.00	0.00	0.62	0.00
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.99
UK Pound	1	Rs.99.10
Euro	1	Rs.79.03

INFORMATION DETAILS

Report Prepared by :

TPT

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.