MIRA INFORM REPORT

Report No. :	334960
Report Date :	06.08.2015

IDENTIFICATION DETAILS

Name :	SURRENDRA OVERSEAS (SINGAPORE) PTE. LIMITED
Registered Office :	10, Anson Road, 15-01/02, International Plaza, 079903
Country :	Singapore
Financials (as on) :	31.03.2014
Date of Incorporation :	21.07.2004
Com. Reg. No.:	200409129-W
Legal Form :	Private Limited
Line of Business :	Chartering of ships, barges and boats with crew (freight)
No. of Employee :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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. Unemployment is very low. The economy depends heavily on exports, particularly of consumer electronics, information technology products, medical and optical devices, pharmaceuticals, and on its vibrant transportation, business, and financial services sectors. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but has continued to grow since 2010 on the strength of renewed exports. Growth in 2014 was slower at 2.9%, largely a result of soft demand for exports amid a sluggish global economy and weak growth in Singapore’s manufacturing sector. The government is attempting to restructure Singapore’s economy by weaning its dependence on foreign labor, addressing weak productivity, and increasing Singaporean wages. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and high-tech hub. Singapore is a member of the 12-nation Trans-Pacific Partnership free trade negotiations, the Regional Comprehensive Economic Partnership negotiations with the nine other ASEAN members plus Australia, China, India, Japan, South Korea and New Zealand, and in 2015, Singapore will form, with the other ASEAN members, the ASEAN Economic Community.

Source : CIA

EXECUTIVE SUMMARY

REGISTRATION NO.	:	200409129-W
COMPANY NAME	:	SURRENDRA OVERSEAS (SINGAPORE) PTE. LIMITED
FORMER NAME	:	N/A
INCORPORATION DATE	:	21/07/2004
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	10, ANSON ROAD, 15-01/02, INTERNATIONAL PLAZA, 079903, SINGAPORE.
BUSINESS ADDRESS	:	10, ANSON ROAD, 15-01/02, INTERNATIONAL PLAZA, 079903, SINGAPORE.
TEL.NO.	:	65-63242060
FAX.NO.	:	65-62276707
CONTACT PERSON	:	ASHOK KUMAR BATURA ( DIRECTOR )
PRINCIPAL ACTIVITY	:	CHARTERING OF SHIPS, BARGES AND BOATS WITH CREW (FREIGHT)
ISSUED AND PAID UP CAPITAL	:	1,095,755.00 ORDINARY SHARE, OF A VALUE OF SGD 1,095,755.00
SALES	:	N/A
NET WORTH	:	USD 103,660 [2014]
STAFF STRENGTH	:	N/A
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	N/A
PAYMENT	:	N/A
MANAGEMENT CAPABILITY	:	AVERAGE
COMMERCIAL RISK	:	N/A
CURRENCY EXPOSURE	:	N/A
GENERAL REPUTATION	:	SATISFACTORY
INDUSTRY OUTLOOK	:	MARGINAL 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) chartering of ships, barges and boats with crew (freight).

Share Capital History

Date	Issue & Paid Up Capital
03/08/2015	SGD 1,095,755.00

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

Current Shareholder(s) :

Name	Address	IC/PP/Loc No	Shareholding	(%)
APEEJAY SHIPPING LIMITED	APEEJAY HOUSE, 15, PARK STREET, KOLKATA, WEST BENGAL, 700016, INDIA.	T04UF1862	1,095,755.00	100.00
			---------------	------
			1,095,755.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	TUSHAR RANJAN NEOGY
Address	:	FLAT-2G, BLOCK-3, 54/10, D.C. DEY ROAD, KOLKATA, 2ND FLOOR, 700015, INDIA.
IC / PP No	:	Z2404163
Nationality	:	INDIAN
Date of Appointment	:	31/12/2014

DIRECTOR 2

Name Of Subject	:	ASHOK KUMAR BATURA
Address	:	125, ARTHUR ROAD, 06-01, 439829, SINGAPORE.
IC / PP No	:	S2206051A
Nationality	:	SINGAPOREAN
Date of Appointment	:	21/07/2004

DIRECTOR 3

Name Of Subject	:	KARAN PAUL
Address	:	13A, ALIPORE ROAD, KOLKATA, WEST BENGAL, 700027, INDIA.
IC / PP No	:	Z018088
Nationality	:	INDIAN
Date of Appointment	:	16/08/2004

DIRECTOR 4

Name Of Subject	:	AJAY KUMAR PANDEY
Address	:	1325, RABINDRAPALLY NASKARHAT, PS PO-TILJALA, KOLKATA, 700039, INDIA.
IC / PP No	:	H6646170
Nationality	:	INDIAN
Date of Appointment	:	31/12/2014

MANAGEMENT

1)	Name of Subject	:	ASHOK KUMAR BATURA
	Position	:	DIRECTOR

AUDITOR

Auditor	:	KRESTON DAVID YEUNG PAC
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	THAMARAI D/O KRISHNAN
	IC / PP No	:	S6840154B
	Address	:	128, TANJONG PAGAR ROAD, 088535, SINGAPORE.

BANKING

No Banker found in our databank.

ENCUMBRANCE (S)

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

LITIGATION 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 staff from the registered office refused to disclose the Subject's suppliers.

CLIENTELE

Local	:	N/A
Overseas	:	N/A

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

OPERATIONS

Services

:

CHARTERING OF SHIPS, BARGES AND BOATS WITH CREW (FREIGHT)

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) chartering of ships, barges and boats with crew (freight).

The staff from the registered office refused to disclose 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	:	65-63242060
Match	:	N/A
Address Provided by Client	:	10 ANSON ROAD 15-01/02 INTERNATIONAL PLAZA,079903,SINGAPORE
Current Address	:	10, ANSON ROAD, 15-01/02, INTERNATIONAL PLAZA, 079903, SINGAPORE.
Match	:	YES

Other Investigations

On 31st July 2015 we contacted one of the staff from the Subject's registered office and he only provided limited information.

He refused to disclose the Subject bankers and number of employees.

He also refused to comment anything on the Subject nil turnover.

FINANCIAL ANALYSIS

Overall Assessment :

The turnover was nil as per the Registry.

Overall financial condition of the Subject : N/A

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	2010	2011	2012	2013	2014
Population (Million)	5.08	5.18	5.31	5.40	5.47
Gross Domestic Products ( % )	14.5	4.9	1.3	3.7	(3.5)
Consumer Price Index	2.8	5.2	4.6	2.4	2.4
Total Imports (Million)	423,221.8	459,655.1	474,554.0	466,762.0	463,779.1
Total Exports (Million)	478,840.7	514,741.2	510,329.0	513,391.0	518,922.7
Unemployment Rate (%)	2.2	2.1	2.0	1.9	1.9
Tourist Arrival (Million)	11.64	13.17	14.49	15.46	15.01
Hotel Occupancy Rate (%)	85.6	86.5	86.4	86.3	85.5
Cellular Phone Subscriber (Million)	1.43	1.50	1.52	1.97	1.98
Registration of New Companies (No.)	29,798	32,317	31,892	37,288	41,589
Registration of New Companies (%)	12.8	8.5	(1.3)	9.8	11.5
Liquidation of Companies (No.)	15,126	19,005	17,218	17,369	18,767
Liquidation of Companies (%)	(32.5)	25.6	9.4	(5.3)	8.0
Registration of New Businesses (No.)	23,978	23,494	24,788	22,893	35,773
Registration of New Businesses (%)	(10.78)	2.02	5.51	1.70	56.30
Liquidation of Businesses (No.)	24,211	23,005	22,489	22,598	22,098
Liquidation of Businesses (%)	2.8	(5)	(2.2)	0.5	(2.2)
Bankruptcy Orders (No.)	1,537	1,527	1,748	1,992	1,757
Bankruptcy Orders (%)	(25.3)	(0.7)	14.5	14.0	(11.8)
Bankruptcy Discharges (No.)	2,252	1,391	1,881	2,584	3,546
Bankruptcy Discharges (%)	(26.3)	(38.2)	35.2	37.4	37.2
INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	(0.48)	4.25	3.64	-
Fish Supply & Wholesale	(10.5)	12.10	(0.5)	-	2.80
Manufacturing *	92.8	100.0	100.3	102.0
Food, Beverages & Tobacco	96.4	100.0	103.5	103.5	105.0
Textiles	122.1	100.0	104.0	87.1	74.9
Wearing Apparel	123.3	100.0	92.1	77.8	49.5
Leather Products & Footwear	81.8	100.0	98.6	109.8	95.9
Wood & Wood Products	104.0	100.0	95.5	107.4	112.0
Paper & Paper Products	106.1	100.0	97.4	103.2	103.4
Printing & Media	103.5	100.0	93.0	86.1	80.3
Crude Oil Refineries	95.6	100.0	99.4	93.5	85.6
Chemical & Chemical Products	97.6	100.0	100.5	104.1	114.0
Pharmaceutical Products	75.3	100.0	109.7	107.2	115.7
Rubber & Plastic Products	112.3	100.0	96.5	92.9	92.8
Non-metallic Mineral	92.5	100.0	98.2	97.6	82.2
Basic Metals	102.2	100.0	90.6	76.5	98.3
Fabricated Metal Products	103.6	100.0	104.3	105.1	105.1
Machinery & Equipment	78.5	100.0	112.9	114.5	124.0
Electrical Machinery	124.1	100.0	99.3	108.5	121.3
Electronic Components	113.6	100.0	90.6	94.3	95.0
Transport Equipment	94.0	100.0	106.3	107.5	103.2
Construction	14.20	20.50	28.70	-	22.00
Real Estate	21.3	25.4	31.9	-	145.1
Services
Electricity, Gas & Water	4.00	7.00	6.30	-
Transport, Storage & Communication	12.80	7.40	5.30	-	14.20
Finance & Insurance	(0.4)	8.90	0.50	-	6.00
Government Services	9.70	6.90	6.00	-
Education Services	(0.9)	(1.4)	0.30	-	5.98
* Based on Index of Industrial Production (2011 = 100)

INDUSTRY ANALYSIS

INDUSTRY :	ECONOMY
The Ministry of Trade and Industry (MTI) announced that it expects the Singapore economy to grow by around 3.0% in 2014, and by 2.0 to 4.0% in 2015. Besides that in 2013, the economy grew by 4.1%, higher than the 1.9% growth in 2012. This was mainly due to strong growth in the services producing industries, particularly the finance & insurance, as well as wholesale & retail trade sectors.
In 2013, all sectors contributed positively to growth. Finance & insurance was the largest contributor (1.2 percentage-points), followed by wholesale & retail trade (0.8 percentage-points) and business services (0.6 percentage-points). Growth in the manufacturing sector was improved by 1.7%, on the back of strong growth in the electronics and transport engineering clusters. By contrast, growth in the construction sector moderated to 5.9%, from 8.6% in 2012.
Growth in the services producing industries picked up to 5.3% in 2013, from 2.0% in 2012. This was mainly due to stronger growth in the finance & insurance and wholesale & retail trade sectors. The finance & insurance sector grew by 11%, up from 1.3% in the previous year. The wholesale & retail trade sector has expanded by 5.0%, after declining by 1.4% the year before.
For the whole of 2013, growth in total demand was 3.1%, similar to the pace of growth in 2012. External demand was the key contributor to total demand growth, accounting for 2.7 percentage-points, or almost 90%, of the increase. External demand grew at a faster pace of 3.6%, compared to the 1.4% growth in 2012. This was supported mainly by growth in the exports of machinery & transport equipment, miscellaneous manufactures, and transport services. Total domestic demand rose by a modest 1.7%, following the 8.6% increase in 2012. The slower growth in total domestic demand was primarily due to the decline in gross fixed capital formation (GFCF).
For the full year, total consumption expenditure grew by 4.4% in 2013, faster than the 2.8% growth in 2012. Public consumption expenditure increased by 11%, a strong rebound from the 1.9% decline in 2012. Private consumption expenditure recorded gains of 2.7%, moderating from the 4.1% increase in the preceding year.
Furthermore, in the first three quarters of 2014, the Singapore economy grew by 3.3% on a year-on-year basis. For the rest of the year, growth is expected to ease slightly on a year-on-year basis, in line with a projected slowdown in the global economy. Externally-oriented sectors such as the manufacturing and transportation & storage sectors are likely to slow, whereas growth in the construction sector will continue to be weighed down by the weakness in private sector construction activities. On the other hand, domestically-oriented sectors like business services are likely to remain resilient.
Additionally, the labour market in Singapore is expected to remain tight in 2015, with low unemployment and rising vacancy rates. Against this global and domestic backdrop, the growth outlook for the Singapore economy remains modest. In tandem with the expected pick-up in external demand, externally-oriented sectors such as manufacturing, wholesale trade and finance & insurance are likely to provide support to growth. While some domestically-oriented sectors such as businesses services are expected to remain resilient, labour-intensive ones like construction, retail and food services may see their growth weighed down by labour constraints.
OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 2004, the Subject is a Private Limited company, focusing on chartering of ships, barges and boats with crew (freight). Having been in the industry for over a decade, 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. Presently, the issued and paid up capital of the Subject stands at SGD 1,095,755. The Subject have a strong support from its shareholder.

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.

Due to the challenging market conditions, the Subject's business performance seems to be deteriorating and losses incurred. 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 zero geared company, the Subject virtually has no financial risk as it is mainly dependent on its internal funds to finance its business.

The industry has reached its maturity stage and only enjoying a marginal growth. The steady growth of the country's economy will further enhance the industry activities. Thus, the Subject's future performance is very much depend on its marketing strategies in order to retain its position in the market.

In view of the above, we recommend credit be granted to the Subject with close monitoring.

PROFIT AND LOSS ACCOUNT

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

Financial Year End	2014-03-31	2013-03-31	2012-03-31	2011-03-31	2010-03-31
Months	12	12	12	12	12
Consolidated Account	Company	Company	Company	Company	Company
Audited Account	YES	YES	YES	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES	YES	YES	YES
Financial Type	FULL	FULL	SUMMARY	SUMMARY	SUMMARY
Currency	USD	USD	SGD	SGD	SGD
TURNOVER	-	953,291	8,639,804	-	-
	----------------	----------------	----------------	----------------	----------------
Total Turnover	-	953,291	8,639,804	-	-
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	(17,402)	11,375	115,296	(44,630)	(52,933)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	(17,402)	11,375	115,296	(44,630)	(52,933)
Taxation	-	43	(5,335)	(4,404)	(5,528)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	(17,402)	11,418	109,961	(49,034)	(58,461)
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	(757,935)	(769,353)	(1,066,961)	(1,017,927)	(959,466)
	----------------	----------------	----------------	----------------	----------------
As restated	(757,935)	(769,353)	(1,066,961)	(1,017,927)	(959,466)
	----------------	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	(775,337)	(757,935)	(957,000)	(1,066,961)	(1,017,927)
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	(775,337)	(757,935)	(957,000)	(1,066,961)	(1,017,927)
	=============	=============	=============	=============	=============

BALANCE SHEET

Trade debtors	191	4,094	-	-	-
Amount due from related companies	86,770	124,263	-	-	-
Cash & bank balances	24,289	6,677	-	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	111,250	135,034	198,420	71,045	607
	----------------	----------------	----------------	----------------	----------------
TOTAL ASSET	111,250	135,034	198,420	71,045	607
	=============	=============	=============	=============	=============
Other creditors & accruals	3,308	3,956	-	-	-
Amounts owing to related companies	4,282	10,016	-	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	7,590	13,972	59,665	42,251	998,454
	----------------	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	103,660	121,062	138,755	28,794	(997,847)
	----------------	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	103,660	121,062	138,755	28,794	(997,847)
	=============	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	878,997	878,997	1,095,755	1,095,755	1,095,755
	----------------	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	878,997	878,997	1,095,755	1,095,755	1,095,755
Retained profit/(loss) carried forward	(775,337)	(757,935)	(957,000)	(1,066,961)	(1,017,927)
Others	-	-	-	-	(1,075,675)
	----------------	----------------	----------------	----------------	----------------
TOTAL RESERVES	(775,337)	(757,935)	(957,000)	(1,066,961)	(2,093,602)
	----------------	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	103,660	121,062	138,755	28,794	(997,847)
	----------------	----------------	----------------	----------------	----------------
	103,660	121,062	138,755	28,794	(997,847)
	=============	=============	=============	=============	=============

FINANCIAL RATIO

TYPES OF FUNDS
Cash	24,289	6,677	-	-	-
Net Liquid Funds	24,289	6,677	-	-	-
Net Liquid Assets	103,660	121,062	138,755	28,794	(997,847)
Net Current Assets/(Liabilities)	103,660	121,062	138,755	28,794	(997,847)
Net Tangible Assets	103,660	121,062	138,755	28,794	(997,847)
Net Monetary Assets	103,660	121,062	138,755	28,794	(997,847)
PROFIT & LOSS ITEMS
Earnings Before Interest & Tax (EBIT)	(17,402)	11,375	-	-	-
Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)	(17,402)	11,375	-	-	-
BALANCE SHEET ITEMS
Total Borrowings	0	0	-	-	-
Total Liabilities	7,590	13,972	59,665	42,251	998,454
Total Assets	111,250	135,034	198,420	71,045	607
Net Assets	103,660	121,062	138,755	28,794	(997,847)
Net Assets Backing	103,660	121,062	138,755	28,794	(997,847)
Shareholders' Funds	103,660	121,062	138,755	28,794	(997,847)
Total Share Capital	878,997	878,997	1,095,755	1,095,755	1,095,755
Total Reserves	(775,337)	(757,935)	(957,000)	(1,066,961)	(2,093,602)
LIQUIDITY (Times)
Cash Ratio	3.20	0.48	-	-	-
Liquid Ratio	14.66	9.66	-	-	-
Current Ratio	14.66	9.66	3.33	1.68	0
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0	-	-	-
Debtors Ratio	0	2	-	-	-
Creditors Ratio	0	0	-	-	-
SOLVENCY RATIOS (Times)
Gearing Ratio	0	0	-	-	-
Liabilities Ratio	0.07	0.12	0.43	1.47	(1.00)
Times Interest Earned Ratio	0	0	-	-	-
Assets Backing Ratio	0.12	0.14	0.13	0.03	(0.91)
PERFORMANCE RATIO (%)
Operating Profit Margin	0	1.19	1.33	-	-
Net Profit Margin	0	1.20	1.27	-	-
Return On Net Assets	(16.79)	9.40	83.09	(155.00)	5.30
Return On Capital Employed	(16.79)	9.40	83.09	(155.00)	5.30
Return On Shareholders' Funds/Equity	(16.79)	9.43	79.25	(170.29)	5.86
Dividend Pay Out Ratio (Times)	0	0	-	-	-
NOTES TO ACCOUNTS
Contingent Liabilities	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.76
UK Pound	1	Rs.99.60
Euro	1	Rs.69.71

INFORMATION DETAILS

Analysis Done by :	KIN
Report Prepared by :	ANK

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.