MIRA INFORM REPORT

Report Date :

27.09.2014

IDENTIFICATION DETAILS

Name :	AEGIS GROUP INTERNATIONAL PTE. LTD.
Registered Office :	80, Raffles Place, 26-01, Uob Plaza, 048624
Country :	Singapore
Financials (as on) :	31.03.2013
Date of Incorporation :	01.07.2008
Com. Reg. No.:	200812729-D
Legal Form :	Private Limited
Line of Business :	Wholesale of Chemicals and Chemical Products
No. of Employees :	7

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.

:

200812729-D

COMPANY NAME

:

AEGIS GROUP INTERNATIONAL PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

01/07/2008

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

80, RAFFLES PLACE, 26-01, UOB PLAZA, 048624, SINGAPORE.

BUSINESS ADDRESS

:

80, RAFFLES PLACE, 26-01, UOB PLAZA,, 048624, SINGAPORE.

TEL.NO.

:

65-65325746

FAX.NO.

:

N/A

CONTACT PERSON

:

GOWRI SAMINATHAN MRS GOWRI WADE ( DIRECTOR )

PRINCIPAL ACTIVITY

:

WHOLESALE OF CHEMICALS AND CHEMICAL PRODUCTS

ISSUED AND PAID UP CAPITAL

:

21,344.00 ORDINARY SHARE, OF A VALUE OF USD 21,344.00

SALES

:

USD 503,880,111 [2013]

NET WORTH

:

USD 7,151,086 [2013]

STAFF STRENGTH

:

7 [2014]

BANKER (S)

:

BANK OF BARODA

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

STABLE

PAYMENT

:

GOOD

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) wholesale of chemicals and chemical products.

Share Capital History

Date	Issue & Paid Up Capital
24/09/2014	USD 21,344.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
AEGIS LOGISTICS LIMITED	502, SKYLON, G.I.D.C. CHAR RASTA, VAPI - 396195, DISTRIC. VALSAD, GUJARAT, 5TH FLOOR, INDIA.	T08UF1942J	21,344.00	100.00
			---------------	------
			21,344.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	ANISH CHANDARIA
Address	:	15, PRINCE ALBERT ROAD, LONDON NW17SR, UNITED KINGDOM.
IC / PP No	:	099282992
Nationality	:	BRITISH
Date of Appointment	:	01/07/2008

DIRECTOR 2

Name Of Subject	:	GOWRI SAMINATHAN MRS GOWRI WADE
Address	:	28, KELANTAN ROAD 03-131, 200028, SINGAPORE.
IC / PP No	:	S7043934D
Nationality	:	SINGAPOREAN
Date of Appointment	:	30/12/2010

DIRECTOR 3

Name Of Subject	:	KRISHNAVENI D/O SANDANAM
Address	:	43, JALAN TIGA, 10-18, 390043, SINGAPORE.
IC / PP No	:	S1668496A
Nationality	:	SINGAPOREAN
Date of Appointment	:	15/08/2013

DIRECTOR 4

Name Of Subject	:	RAJ KAPURCHAND CHANDARIA
Address	:	29, TUDOR GATE, TORONTO, M2LIN3, CANADA.
IC / PP No	:	BA365927
Nationality	:	CANADIAN
Date of Appointment	:	01/07/2008

DIRECTOR 5

Name Of Subject	:	SHANKER IYER
Address	:	20A, QUEEN ASTRID PARK, 266825, SINGAPORE.
IC / PP No	:	504855787
Nationality	:	SINGAPOREAN
Date of Appointment	:	01/11/2012

MANAGEMENT

1)	Name of Subject	:	GOWRI SAMINATHAN MRS GOWRI WADE
	Position	:	DIRECTOR

AUDITOR

Auditor	:	SHANKER IYER & COMPANY
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	CHENG LIAN SIANG
	IC / PP No	:	S1519832Z
	Address	:	7, SIN MING WALK, 20-17, THE GARDENS AT BISHAN, 575577, SINGAPORE.

2)	Company Secretary	:	PATHIMA MUNEERA AZMI
	IC / PP No	:	S2715498J
	Address	:	122, JURONG EAST STREET 13, 02-31, IVORY HEIGHTS, 600122, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

BANK OF BARODA

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C201115524	09/12/2011	N/A	BANK OF BARODA	-	Unsatisfied
C201300250	07/01/2013	N/A	BANK OF BARODA	-	Unsatisfied
C201307041	23/05/2013	N/A	BANK OF BARODA	-	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	:	YES
Overseas	:	YES

The staff from the Subject's registered office refused to disclose any information on the Subject'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	[	X	]	Average 61-90 Days	[	]
Fair 91-120 Days	[	]	Poor >120 Days	[		]

CLIENTELE

Local	:	YES
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	ASIA
Credit Term	:	N/A
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Goods Traded

:

CHEMICALS AND CHEMICAL PRODUCTS

Total Number of Employees:
YEAR	2014
GROUP	N/A
COMPANY	7

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) wholesale of chemicals and chemical products.

The staff from the Subject's registered office refused to disclose any information on the Subject's operation.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-65325746
Match	:	N/A
Address Provided by Client	:	80 RAFFLES PLACE #26-0 UOB PLAZA 1 SINGAPORE
Current Address	:	80, RAFFLES PLACE, 26-01, UOB PLAZA,, 048624, SINGAPORE.
Match	:	NO

Other Investigations

On 24th September 2014 we contacted one of the staff from the Subject's registered office and she only provided limited information.

The address provided is incomplete.

She refused to disclose the fax number.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Decreased	[	28.40%	]
Profit/(Loss) Before Tax	:	Increased	[	27.33%	]
Return on Shareholder Funds	:	Favourable	[	50.15%	]
Return on Net Assets	:	Favourable	[	62.27%	]
The lower turnover could be due to the intense market competition.The Subject's management have been efficient in controlling its operating costs. 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	[	8 Days	]
Creditors Ratio	:	Favourable	[	33 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	[	1.14 Times	]
Current Ratio	:	Unfavourable	[	1.14 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	:	Favourable	[	28.48 Times	]
Gearing Ratio	:	Favourable	[	0.45 Times	]
The interest cover showed that the Subject was able to service the interest. The favourable interest cover could indicate that the Subject was making enough profit to pay for the interest accrued. 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 :
Due to the efficient control of its operating costs, the Subject was able to remain profitable despite lower turnover achieved during the year. 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. With the favourable interest cover, the Subject could be able to service all the accrued interest without facing any difficulties. 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 : 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)
(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 wholesale of chemicals and chemical products. 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. Having strong support from its shareholder has enabled the Subject to remain competitive despite the challenging business environment.

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 7 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.

Despite the lower turnover, the Subject's pre-tax profit have increased compared to the previous year. The higher profit could be due to better control of its operating costs and efficiency in utilising its resources. Based on the higher 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 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 7,151,086, 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 Subject's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials. Overall the Subject has a good control over its resources.

Overall, the Subject's payment habit is good as the Subject has a good credit control and it could be taking advantage of the cash discounts while maintaining a good reputation with its creditors.

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.

AEGIS GROUP INTERNATIONAL PTE. LTD.

Financial Year End	2013-03-31	2012-03-31
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	503,880,111	703,715,409
Other Income	2,253,334	1,268,980
	----------------	----------------
Total Turnover	506,133,445	704,984,389
	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	4,296,391	3,374,337
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	4,296,391	3,374,337
Taxation	(710,000)	(563,288)
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	3,586,391	2,811,049
	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	3,543,351	732,302
	----------------	----------------
As restated	3,543,351	732,302
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	7,129,742	3,543,351
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	7,129,742	3,543,351
	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Others	156,362	42,117
	----------------	----------------
	156,362	42,117
	=============	=============

BALANCE SHEET

AEGIS GROUP INTERNATIONAL PTE. LTD.

Trade debtors	10,640,300	-
Other debtors, deposits & prepayments	15,458	14,373
Amount due from related companies	42,020,383	83,335,187
Cash & bank balances	4,525,371	598,584
	----------------	----------------
TOTAL CURRENT ASSETS	57,201,512	83,948,144
	----------------	----------------
TOTAL ASSET	57,201,512	83,948,144
	=============	=============
CURRENT LIABILITIES
Trade creditors	46,069,523	74,968,075
Other creditors & accruals	25,690	7,953
Bank overdraft	1,143	-
Bill & acceptances payable	3,247,736	3,340,619
Amounts owing to related companies	-	1,517,598
Provision for taxation	706,334	549,204
	----------------	----------------
TOTAL CURRENT LIABILITIES	50,050,426	80,383,449
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	7,151,086	3,564,695
	----------------	----------------
TOTAL NET ASSETS	7,151,086	3,564,695
	=============	=============
SHARE CAPITAL
Ordinary share capital	21,344	21,344
	----------------	----------------
TOTAL SHARE CAPITAL	21,344	21,344
Retained profit/(loss) carried forward	7,129,742	3,543,351
	----------------	----------------
TOTAL RESERVES	7,129,742	3,543,351
	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	7,151,086	3,564,695
	----------------	----------------
	7,151,086	3,564,695
	=============	=============

FINANCIAL RATIO

AEGIS GROUP INTERNATIONAL PTE. LTD.

TYPES OF FUNDS
Cash	4,525,371	598,584
Net Liquid Funds	1,276,492	(2,742,035)
Net Liquid Assets	7,151,086	3,564,695
Net Current Assets/(Liabilities)	7,151,086	3,564,695
Net Tangible Assets	7,151,086	3,564,695
Net Monetary Assets	7,151,086	3,564,695
BALANCE SHEET ITEMS
Total Borrowings	3,248,879	3,340,619
Total Liabilities	50,050,426	80,383,449
Total Assets	57,201,512	83,948,144
Net Assets	7,151,086	3,564,695
Net Assets Backing	7,151,086	3,564,695
Shareholders' Funds	7,151,086	3,564,695
Total Share Capital	21,344	21,344
Total Reserves	7,129,742	3,543,351
LIQUIDITY (Times)
Cash Ratio	0.09	0.01
Liquid Ratio	1.14	1.04
Current Ratio	1.14	1.04
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0
Debtors Ratio	8	0
Creditors Ratio	33	39
SOLVENCY RATIOS (Times)
Gearing Ratio	0.45	0.94
Liabilities Ratio	7.00	22.55
Times Interest Earned Ratio	28.48	81.12
Assets Backing Ratio	335.04	167.01
PERFORMANCE RATIO (%)
Operating Profit Margin	0.85	0.48
Net Profit Margin	0.71	0.40
Return On Net Assets	62.27	95.84
Return On Capital Employed	62.26	95.84
Return On Shareholders' Funds/Equity	50.15	78.86
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.61.57
UK Pound	1	Rs.100.42
Euro	1	Rs.78.44

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	PDT

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.