MIRA INFORM REPORT

Report No. :	318149
Report Date :	20.04.2015

IDENTIFICATION DETAILS

Name :	GOLD MATRIX RESOURCES PTE. LTD.
Registered Office :	101, Cecil Street, 25-12, Tong Eng Building, 069533
Country :	Singapore
Financials (as on) :	31.03.2014
Date of Incorporation :	02.11.2004
Com. Reg. No.:	200414243-H
Legal Form :	Private Limited Company
Line of Business :	· Engaged in trading in the Base Metals such as Nickel, Copper, Lead, Tin, Zinc, Aluminium & Molybdenumm · Subject also sell some Minerals, Ferro Alloys, Scrap Metals & Stainless Steel Scrap
No. of Employees :	15 [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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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.

:

200414243-H

COMPANY NAME

:

GOLD MATRIX RESOURCES PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

02/11/2004

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

101, CECIL STREET, 25-12, TONG ENG BUILDING, 069533, SINGAPORE.

BUSINESS ADDRESS

:

101, CECIL STREET, 25-12, TONG ENG BUILDING, 069533, SINGAPORE.

TEL.NO.

:

65-64911100

FAX.NO.

:

65-62200400

EMAIL

:

GMR@GOLDMATRIXRESOURCES.COM

WEB SITE

:

WWW.GOLDMATRIXRESOURCES.COM

CONTACT PERSON

:

LIM SAI BENG ( DIRECTOR )

PRINCIPAL ACTIVITY

:

· Engaged in trading in the Base Metals such as Nickel, Copper, Lead, Tin, Zinc, Aluminium & Molybdenumm

· Subject also sell some Minerals, Ferro Alloys, Scrap Metals & Stainless Steel Scrap

ISSUED AND PAID UP CAPITAL

:

14,104,203.00 ORDINARY SHARE, OF A VALUE OF SGD 14,104,203.00

SALES

:

USD 684,027,968 [2014]

NET WORTH

:

USD 27,635,485 [2014]

STAFF STRENGTH

:

15 [2014]

BANKER (S)

:

INDIAN OVERSEAS BANK BANK OF INDIA THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED AXIS BANK LIMITED SINGAPORE BRANCH

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

LIMITED

PAYMENT

:

No Complaints

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

N/A

CURRENCY EXPOSURE

:

N/A

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 metal.

The immediate holding company of the Subject is SINO INVESTMENT GLOBAL LIMITED, a company incorporated in VIRGIN ISLANDS, BRITISH.

Share Capital History

Date	Issue & Paid Up Capital
17/10/2014	SGD 14,104,203.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
SINO INVESTMENT GLOBAL LIMITED	PALM GROVE HOUSE, P.O. BOX 438, ROAD TOWN, TORTOLA, VIRGIN ISLANDS, BRITISH.	T05UF2059	14,104,203.00	100.00
			---------------	------
			14,104,203.00	100.00
			============	=====

+ Also Director

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

Local No	Country	Company	(%)	As At
	THAILAND	GOLD MATRIX RECYCLING (THAILAND) CO. LTD	100.00	31/03/2014

DIRECTORS

DIRECTOR 1

Name Of Subject	:	LIM SAI BENG
Address	:	20, DOVER CRESCENT, 12-314, 130020, SINGAPORE.
IC / PP No	:	S0307980E
Nationality	:	SINGAPOREAN
Date of Appointment	:	11/07/2005

DIRECTOR 2

Name Of Subject	:	MR. PINAKI RATH
Address	:	130, TANJONG RHU ROAD, 17-09, PEBBLE BAY, 436918, SINGAPORE.
IC / PP No	:	S6960871Z
Nationality	:	SINGAPOREAN
Date of Appointment	:	30/08/2005

MANAGEMENT

1)	Name of Subject	:	LIM SAI BENG
	Position	:	DIRECTOR

2)	Name of Subject	:	PINAKI RATH
	Position	:	MANAGING DIRECTOR

AUDITOR

Auditor	:	MGI N RAJAN ASSOCIATES
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	SERLINA NG MUI CHEN
	IC / PP No	:	S7922641F
	Address	:	602A, PUNGGOL CENTRAL, 15-672, 821602, SINGAPORE.

2)	Company Secretary	:	NANCY KAM MENG SEE
	IC / PP No	:	S6860142H
	Address	:	513, PASIR RIS STREET, 52, 14-115, 510513, SINGAPORE.

BANKING

Banking relations are maintained principally with:

1)

Name

:

INDIAN OVERSEAS BANK

2)

Name

:

BANK OF INDIA

3)

Name

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

4)

Name

:

AXIS BANK LIMITED SINGAPORE BRANCH

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C200601594	10/03/2006	N/A	INDIAN OVERSEAS BANK	-	Unsatisfied
C200604511	11/07/2006	N/A	INDIAN OVERSEAS BANK	-	Unsatisfied
C200708725	16/10/2007	N/A	BANK OF INDIA	-	Unsatisfied
C200708741	16/10/2007	N/A	BANK OF INDIA	-	Unsatisfied
C200801557	11/02/2008	N/A	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	-	Unsatisfied
C200801558	11/02/2008	N/A	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	-	Unsatisfied
C201005957	13/07/2010	N/A	INDIAN OVERSEAS BANK	-	Unsatisfied
C201012305	17/12/2010	N/A	AXIS BANK LIMITED SINGAPORE BRANCH	-	Unsatisfied
C201012306	17/12/2010	N/A	AXIS BANK LIMITED SINGAPORE BRANCH	-	Unsatisfied
C201103262	16/03/2011	N/A	AXIS BANK LIMITED SINGAPORE BRANCH	-	Unsatisfied
C201103266	16/03/2011	N/A	AXIS BANK LIMITED SINGAPORE BRANCH	-	Unsatisfied
C201114910	25/11/2011	N/A	DBS BANK LTD.	-	Unsatisfied
C201114915	25/11/2011	N/A	DBS BANK LTD.	-	Unsatisfied

LITIGATION 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 staff from the registered office refused to disclose 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	:	N/A
Overseas	:	N/A

The staff from the registered office refused to disclose the Subject's clientele.

OPERATIONS

Goods Traded

:

METALS

Total Number of Employees:
YEAR	2014
GROUP	N/A
COMPANY	15

Branch

:

NO

Other Information:

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

The Subject carry on the business of trading in the base metals such as nickel, copper, lead, tin, zinc and aluminium & molybdenumm

The Subject also sell some Minerals, Ferro Alloys, Scrap Metals & Stainless Steel Scrap

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-64911100
Match	:	N/A
Address Provided by Client	:	101, CECIL STREET, SINGAPORE 069533
Current Address	:	101, CECIL STREET, 25-12, TONG ENG BUILDING, 069533, SINGAPORE.
Match	:	NO

Other Investigations

we contacted one of the staff from the registered office and she provided limited information.

The address provided is incomplete.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	2012 - 2014	]
Profit/(Loss) Before Tax	:	Decreased	[	2012 - 2014	]
Return on Shareholder Funds	:	Unfavourable	[	8.38%	]
Return on Net Assets	:	Acceptable	[	24.88%	]
The Subject's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.The Subject's profit fell sharply because of the high operating costs incurred. 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	[	19 Days	]
Debtor Ratio	:	Favourable	[	18 Days	]
Creditors Ratio	:	Favourable	[	28 Days	]
The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in 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	:	Acceptable	[	0.93 Times	]
Current Ratio	:	Unfavourable	[	1.27 Times	]
The Subject's liquid ratio was slightly low. This could indicate that the Subject's working capital was slightly deficient. The Subject will have to improve its liquidity position either by obtaining short term financing or increase its paid up capital so that it can meet all its short term obligations as and when they fall due.
Solvency
Interest Cover	:	Unfavourable	[	1.56 Times	]
Gearing Ratio	:	Unfavourable	[	1.77 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 highly geared, thus it had a high financial risk. The Subject was dependent on loans to finance its business needs. In times of economic downturn and / or high interest rate, the Subject will become less profitable and competitive than other firms in the same industry, which are lowly geared. This is because the Subject has to service the interest and to repay the loan, which will erode part of its profits. The profits will fluctuate depending on the Subject's turnover and the interest it needs to pay.
Overall Assessment :
Although the Subject's turnover had increased, its profits had declined over the same corresponding period. This could be due to the stiffer market competition and / or higher operating costs which lowered the Subject's profit margin. The Subject's liquidity was at an acceptable range. If the Subject is able to obtain further short term financing, it should be able to meet all its short term obligations. 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's gearing level was high and its going concern will be in doubt if there is no injection of additional shareholders' funds in times of economic downturn and / or high interest rates.
Overall financial condition of the Subject : LIMITED

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	2009	2010	2011	2012	2013
Population (Million)	4.98	5.08	5.18	5.31	5.40
Gross Domestic Products ( % )	(0.8)	14.5	4.9	1.3	3.7
Consumer Price Index	0.6	2.8	5.2	4.6	2.4
Total Imports (Million)	356,299.3	423,221.8	459,655.1	474,554.0	466,762.0
Total Exports (Million)	391,118.1	478,840.7	514,741.2	510,329.0	513,391.0
Unemployment Rate (%)	3.2	2.2	2.1	2.0	1.9
Tourist Arrival (Million)	9.68	11.64	13.17	14.49	15.46
Hotel Occupancy Rate (%)	75.8	85.6	86.5	86.4	86.3
Cellular Phone Subscriber (Million)	1.37	1.43	1.50	1.52	1.97
Registration of New Companies (No.)	26,414	29,798	32,317	31,892	37,288
Registration of New Companies (%)	4.3	12.8	8.5	(1.3)	9.8
Liquidation of Companies (No.)	22,393	15,126	19,005	17,218	17,369
Liquidation of Companies (%)	113.4	(32.5)	25.6	9.4	(5.3)
Registration of New Businesses (No.)	26,876	23,978	23,494	24,788	22,893
Registration of New Businesses (%)	8.15	(10.78)	2.02	5.51	1.70
Liquidation of Businesses (No.)	23,552	24,211	23,005	22,489	22,598
Liquidation of Businesses (%)	11.4	2.8	(5)	(2.2)	0.5
Bankruptcy Orders (No.)	2,058	1,537	1,527	1,748	1,992
Bankruptcy Orders (%)	(11.5)	(25.3)	(0.7)	14.5	14.0
Bankruptcy Discharges (No.)	3,056	2,252	1,391	1,881	2,584
Bankruptcy Discharges (%)	103.7	(26.3)	(38.2)	35.2	37.4
INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	3.25	(0.48)	4.25	3.64	-
Fish Supply & Wholesale	(1.93)	(10.5)	12.10	(0.5)	-
Manufacturing *	71.5	92.8	100.0	100.3	102.0
Food, Beverages & Tobacco	90.4	96.4	100.0	103.5	103.5
Textiles	145.9	122.1	100.0	104.0	87.1
Wearing Apparel	211.0	123.3	100.0	92.1	77.8
Leather Products & Footwear	79.5	81.8	100.0	98.6	109.8
Wood & Wood Products	101.4	104.0	100.0	95.5	107.4
Paper & Paper Products	95.4	106.1	100.0	97.4	103.2
Printing & Media	100.9	103.5	100.0	93.0	86.1
Crude Oil Refineries	96.4	95.6	100.0	99.4	93.5
Chemical & Chemical Products	80.3	97.6	100.0	100.5	104.1
Pharmaceutical Products	49.1	75.3	100.0	109.7	107.2
Rubber & Plastic Products	101.2	112.3	100.0	96.5	92.9
Non-metallic Mineral	91.9	92.5	100.0	98.2	97.6
Basic Metals	92.6	102.2	100.0	90.6	76.5
Fabricated Metal Products	90.8	103.6	100.0	104.3	105.1
Machinery & Equipment	57.3	78.5	100.0	112.9	114.5
Electrical Machinery	86.8	124.1	100.0	99.3	108.5
Electronic Components	85.2	113.6	100.0	90.6	94.3
Transport Equipment	96.0	94.0	100.0	106.3	107.5
Construction	(36.9)	14.20	20.50	28.70	-
Real Estate	1.4	21.3	25.4	31.9	-
Services
Electricity, Gas & Water	1.70	4.00	7.00	6.30	-
Transport, Storage & Communication	3.90	12.80	7.40	5.30	-
Finance & Insurance	(16.4)	(0.4)	8.90	0.50	-
Government Services	4.50	9.70	6.90	6.00	-
Education Services	0.10	(0.9)	(1.4)	0.30	-
* Based on Index of Industrial Production (2011 = 100)

INDUSTRY ANALYSIS

INDUSTRY :	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 2004, the Subject is a Private Limited company, focusing on trading of metal. Having been in the industry for 10 years, the Subject has achieved a certain market share and has built up a satisfactory reputation in the market. It should have received supports from its regular customers. With a large issued and paid up capital of SGD 14,104,203 and strong backing from its holding company, the Subject enjoys timely financial assistance should the needs arise. These favourable conditions has minimised its risk in the industry compared to other players.

Being a small company, the Subject's business operation is supported by 15 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.

Financially, the Subject registered a higher turnover compared to previous year. However, its profits showed a reverse trend. The lower profit achieved was a result of higher operating cost and increased competition. The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. The Subject managed to maintain an adequate liquidity level, indicating that the Subject has the ability to meet its financial obligations. The high gearing ratio clearly implied that the Subject was supported by more debt than equity. Thus, the Subject is exposed to high financial risk. Given a positive net worth standing at USD 27,635,485, the Subject should be able to maintain its business in the near terms.

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 normally.

PROFIT AND LOSS ACCOUNT

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

GOLD MATRIX RESOURCES PTE. LTD.

Financial Year End	2014-03-31	2013-03-31	2012-03-31
Months	12	12	12
Consolidated Account	Company	Company	Company
Audited Account	YES	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES	YES
Financial Type	FULL	FULL	FULL
Currency	USD	USD	USD
TURNOVER	684,027,968	610,634,060	578,009,178
	----------------	----------------	----------------
Total Turnover	684,027,968	610,634,060	578,009,178
Costs of Goods Sold	(679,360,746)	(603,209,877)	(569,506,246)
	----------------	----------------	----------------
Gross Profit	4,667,222	7,424,183	8,502,932
	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	2,562,365	4,195,837	4,188,200
	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	2,562,365	4,195,837	4,188,200
Taxation	(245,342)	(453,803)	(431,546)
	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	2,317,023	3,742,034	3,756,654
	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	15,305,904	11,563,870	7,807,216
	----------------	----------------	----------------
As restated	15,305,904	11,563,870	7,807,216
	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	17,622,927	15,305,904	11,563,870
	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	17,622,927	15,305,904	11,563,870
	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Lease interest	13,142	3,823	-
Others	4,595,860	3,918,678	4,881,605
	----------------	----------------	----------------
	4,609,002	3,922,501	4,881,605
	=============	=============	=============

BALANCE SHEET

GOLD MATRIX RESOURCES PTE. LTD.

ASSETS EMPLOYED:
FIXED ASSETS	672,077	769,726	357,421
Investments	5,000	-	-
Others	-	12,000,000	24,000,000
	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	5,000	12,000,000	24,000,000
	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	677,077	12,769,726	24,357,421
Stocks	35,232,256	21,508,143	19,110,471
Trade debtors	32,877,260	28,153,584	48,236,156
Other debtors, deposits & prepayments	281,766	116,023	144,465
Short term deposits	12,112,921	16,577,982	13,411,056
Amount due from holding company	6,880,527	13,909,323	-
Cash & bank balances	1,265,539	3,150,247	5,908,914
Others	44,604,275	39,688,471	41,671,634
	----------------	----------------	----------------
TOTAL CURRENT ASSETS	133,254,544	123,103,773	128,482,696
	----------------	----------------	----------------
TOTAL ASSET	133,931,621	135,873,499	152,840,117
	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	52,151,304	49,780,706	52,390,863
Other creditors & accruals	287,496	834,979	286,466
Hire purchase & lease creditors	46,185	41,899	-
Bank overdraft	-	43,101	-
Short term borrowings/Term loans	10,925,376	10,557,400	11,200,000
Other borrowings	36,739,462	34,506,258	43,742,987
Deposits from customers	834,364	96,705	361,116
Amounts owing to holding company	28,630	11,563	22,707
Amounts owing to director	480,000	647,000	584,000
Provision for taxation	310,143	436,467	429,889
Other liabilities	3,300,410	2,228,797	1,386,309
	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	105,103,370	99,184,875	110,404,337
	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	28,151,174	23,918,898	18,078,359
	----------------	----------------	----------------
TOTAL NET ASSETS	28,828,251	36,688,624	42,435,780
	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	10,012,558	10,012,558	10,012,558
	----------------	----------------	----------------
TOTAL SHARE CAPITAL	10,012,558	10,012,558	10,012,558
Retained profit/(loss) carried forward	17,622,927	15,305,904	11,563,870
	----------------	----------------	----------------
TOTAL RESERVES	17,622,927	15,305,904	11,563,870
	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	27,635,485	25,318,462	21,576,428
Long term loans	815,552	10,944,552	20,859,352
Lease obligations	377,214	425,610	-
	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	1,192,766	11,370,162	20,859,352
	----------------	----------------	----------------
	28,828,251	36,688,624	42,435,780
	=============	=============	=============

FINANCIAL RATIO

GOLD MATRIX RESOURCES PTE. LTD.

TYPES OF FUNDS
Cash	13,378,460	19,728,229	19,319,970
Net Liquid Funds	13,378,460	19,685,128	19,319,970
Net Liquid Assets	(7,081,082)	2,410,755	(1,032,112)
Net Current Assets/(Liabilities)	28,151,174	23,918,898	18,078,359
Net Tangible Assets	28,828,251	36,688,624	42,435,780
Net Monetary Assets	(8,273,848)	(8,959,407)	(21,891,464)
BALANCE SHEET ITEMS
Total Borrowings	48,903,789	56,518,820	75,802,339
Total Liabilities	106,296,136	110,555,037	131,263,689
Total Assets	133,931,621	135,873,499	152,840,117
Net Assets	28,828,251	36,688,624	42,435,780
Net Assets Backing	27,635,485	25,318,462	21,576,428
Shareholders' Funds	27,635,485	25,318,462	21,576,428
Total Share Capital	10,012,558	10,012,558	10,012,558
Total Reserves	17,622,927	15,305,904	11,563,870
LIQUIDITY (Times)
Cash Ratio	0.13	0.20	0.17
Liquid Ratio	0.93	1.02	0.99
Current Ratio	1.27	1.24	1.16
WORKING CAPITAL CONTROL (Days)
Stock Ratio	19	13	12
Debtors Ratio	18	17	30
Creditors Ratio	28	30	34
SOLVENCY RATIOS (Times)
Gearing Ratio	1.77	2.23	3.51
Liabilities Ratio	3.85	4.37	6.08
Times Interest Earned Ratio	1.56	2.07	1.86
Assets Backing Ratio	2.88	3.66	4.24
PERFORMANCE RATIO (%)
Operating Profit Margin	0.37	0.69	0.72
Net Profit Margin	0.34	0.61	0.65
Return On Net Assets	24.88	22.13	21.37
Return On Capital Employed	24.84	22.08	21.37
Return On Shareholders' Funds/Equity	8.38	14.78	17.41
Dividend Pay Out Ratio (Times)	0.00	0.00	0.00
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.35
UK Pound	1	Rs.93.10
Euro	1	Rs.67.13

INFORMATION DETAILS

Analysis Done by :	SUM
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%)

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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.