MIRA INFORM REPORT

Report No. :	337226
Report Date :	20.08.2015

IDENTIFICATION DETAILS

Name :	VAMANCORE PTE. LTD.

Registered Office :	101, Cecil Street, 23-12, Tong Eng Building, 069533

Country :	Singapore

Financials (as on) :	31.03.2014

Date of Incorporation :	12.09.2008

Com. Reg. No.:	200818067-H

Legal Form :	Private Limited

Line of Business :	Trading of ferro alloys and iron & steel products.

No. of Employee :	Not Available

RATING & COMMENTS

MIRA’s Rating :

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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Singapore

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.

200818067-H

COMPANY NAME

VAMANCORE PTE. LTD.

FORMER NAME

N/A

INCORPORATION DATE

12/09/2008

COMPANY STATUS

EXIST

LEGAL FORM

PRIVATE LIMITED

LISTED STATUS

REGISTERED ADDRESS

101, CECIL STREET, 23-12, TONG ENG BUILDING, 069533, SINGAPORE.

BUSINESS ADDRESS

101 CECIL STREET #23-12 TONG ENG BUILDING, 069533, SINGAPORE.

TEL.NO.

65-62246151

FAX.NO.

65-62238087

CONTACT PERSON

VIKASH AGARWAL ( DIRECTOR )

PRINCIPAL ACTIVITY

TRADING OF FERRO ALLOYS AND IRON & STEEL PRODUCTS

ISSUED AND PAID UP CAPITAL

1.00 ORDINARY SHARE, OF A VALUE OF SGD 1.00
221,000.00 ORDINARY SHARE, OF A VALUE OF USD 221,000.00

SALES

USD 23,530,510 [2014]

NET WORTH

USD 1,085,976 [2014]

STAFF STRENGTH

N/A

BANKER (S)

INDIAN OVERSEAS BANK
BANK OF INDIA

LITIGATION

CLEAR

FINANCIAL CONDITION

STABLE

PAYMENT

GOOD

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 ferro alloys and iron & steel products.

The immediate holding company of the Subject is SATVIK ENTERPRISES LTD, a company incorporated in INDIA.

Share Capital History

Date	Issue & Paid Up Capital
18/08/2015	SGD 221,001.00

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

Current Shareholder(s) :

Name	Address	IC/PP/Loc No	Shareholding	(%)
SATVIK ENTERPRISES LTD	1, PARK LANE, KOLKATA-700016, WEST BENGAL, 700016, WEST BENGAL, INDIA.	011187	130,043.00	58.84
ROHITASH KUMAR AGARWAL +	1, PARK LANE, 3RD FLOOR, PARK STREET, KOLKATA, 700016, WEST BENGAL, INDIA.	F2214473	957.00	0.43
SRI MURALI S/O SINNOTHEI RENGANATHAN +	39, CORONATION ROAD, 269450, SINGAPORE.	S1331899I/00685	1.00	0.00
DEEPAK AGARWAL	9380, 171ST AVENUE NE, REDMOND-WA, 98052, UNITED STATES.	Z1624234	90,000.00	40.72
			---------------	------
			221,001.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	VIKASH AGARWAL
Address	:	1, PARK LANE, PARK STREET, KOLKATA-700016, WEST BENGAL, 3RD FLOOR, INDIA.
IC / PP No	:	J6114128



Nationality	:	INDIAN
Date of Appointment	:	13/01/2009

DIRECTOR 2

Name Of Subject	:	SRI MURALI S/O SINNOTHEI RENGANATHAN
Address	:	39, CORONATION ROAD, 269450, SINGAPORE.
IC / PP No	:	S1331899I/00685



Nationality	:	SINGAPOREAN
Date of Appointment	:	12/09/2008

DIRECTOR 3

Name Of Subject	:	ROHITASH KUMAR AGARWAL
Address	:	1, PARK LANE, 3RD FLOOR, PARK STREET, KOLKATA, 700016, WEST BENGAL, INDIA.
IC / PP No	:	F2214473



Nationality	:	INDIAN
Date of Appointment	:	13/01/2009

MANAGEMENT

1)	Name of Subject	:	VIKASH AGARWAL
	Position	:	DIRECTOR

AUDITOR

Auditor	:	VKR PRACTICES
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	SRI MURALI S/O SINNOTHEI RENGANATHAN
	IC / PP No	:	S1331899I/00685

	Address	:	39, CORONATION ROAD, 269450, SINGAPORE.

2)	Company Secretary	:	NITHYA KALYANI

	New IC No	:	891101-10-5154
	Address	:	39, CORONATION ROAD, 269450, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)	Name	:	INDIAN OVERSEAS BANK

2)	Name	:	BANK OF INDIA

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C201001463	12/02/2010	N/A	INDIAN OVERSEAS BANK	-	Unsatisfied
C201104680	14/04/2011	N/A	BANK OF INDIA	-	Unsatisfied
C201301498	28/01/2013	N/A	INDIAN OVERSEAS BANK	-	Unsatisfied

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.

The Subject refused to provide any name of trade/service supplier and we are unable to conduct any trade enquiry. However, from financial historical data we conclude that :

OVERALL PAYMENT HABIT

Prompt 0-30 Days

[

]

Good 31-60 Days

[

]

Average 61-90 Days

[

]

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

FERRO ALLOYS AND IRON & STEEL PRODUCTS

Total Number of Employees:
YEAR	2014
GROUP	N/A
COMPANY	1

Branch

Other Information:

The Subject is principally engaged in the (as a / as an) trading of ferro alloys and iron & steel products.

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	:	65-62246151
Match	:	N/A

Address Provided by Client	:	101 CECIL STREET, #23-12 TONG ENG BUILDING SINGAPORE 069533
Current Address	:	101 CECIL STREET #23-12 TONG ENG BUILDING, 069533, SINGAPORE.
Match	:	YES

Other Investigations

On 17th August 2015 we contacted one of the staff from the Subject's registered office and she only provided limited information.

She refused to disclose the Subject's number of employees.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	2012 - 2014	]
Profit/(Loss) Before Tax	:	Increased	[	2012 - 2014	]
Return on Shareholder Funds	:	Acceptable	[	28.15%	]
Return on Net Assets	:	Favourable	[	38.53%	]

The Subject's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.The higher profit could be attributed to the increase in turnover. 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	[	28 Days	]
Creditors Ratio	:	Favourable	[	18 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	[	1.38 Times	]
Current Ratio	:	Unfavourable	[	1.37 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	:	Acceptable	[	6.68 Times	]
Gearing Ratio	:	Unfavourable	[	1.55 Times	]

The Subject's interest cover was slightly low. If there is no sharp fall in its profit or sudden increase in the interest rates, we believe the Subject is able to generate sufficient income to service its interest and repay the loans. 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 :
Generally, the Subject's performance has improved with higher 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. The Subject had an acceptable interest cover. If there is no sudden sharp increase in interest rate or fall in the Subject's profit, we do believe the Subject is able to generate sufficient cash flow to service its interest payment. 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 : STABLE

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 :	TRADING


The wholesale and retail trade sectors have expanded by 2.0% in the third quarter of 2014, extending the 1.8 per cent growth in the previous quarter. In 2013, the wholesale and retail sector expanded by 5.0%, after declining by 1.4% the year before. Growth of the sector was driven by the wholesale trade segment.

The domestic wholesale trade index has increased by 3.2% in the fourth quarter of 2013, moderating from the 6.6% growth in the previous quarter. The slower growth was due to a decline in the sales of furniture and household equipment (-12%) and petroleum and petroleum products (-0.6%). For the full year, the domestic wholesale trade index grew by 5.2% reversing the 2.2% decline in 2012. On the other hand, the foreign wholesale trade index has increased by a slower pace of 5.6% in the fourth quarter, compared to the 7.7% expansion in the preceding quarter. The slowdown was due to a fall in the sales of telecommunication equipment and computer (-3.8%) and petroleum and petroleum products (-2.5%). For the full year, the growth of the foreign wholesale trade index moderated slightly to 8.6% from 9.1% in the previous year.

In the fourth quarter of 2013, retail sales volume fell by 6.2%, extending the 5.6% decline in the previous quarter. Excluding motor vehicles, retail sales volume increased by 0.4%, a slower pace of expansion as compared to the 1.6% gain in the preceding quarter. The sales volume of motor vehicles fell by 33% in the fourth quarter of 2013, extending the 32% decline in the previous quarter. Meanwhile, the sales of several discretionary items also fell in the fourth quarter of 2013. For instance, the sales of telecommunications apparatus and computers fell by 12%, while the sales of furniture and household equipment declined by 5.4%.

For the full year, retail sales volume contracted by 4.3%, a reversal from the 1.3% expansion in 2012. Excluding motor vehicle sales, the retail sales volume grew by 1.1% in 2013, slower than the 1.7% increase in 2012. Watches and jewellery recorded the largest increase (11%) in sales in 2013, followed by optical goods and book (3%) and medical goods and toiletries (3%). By contrast, the sales of telecommunications apparatus and computer (-7.3%), furniture and household equipment (-4.2%) and petrol service stations (-1.4) declined in 2013.

OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 2008, the Subject is a Private Limited company, focusing on trading of ferro alloys and iron & steel 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. Presently, the issued and paid up capital of the Subject stands at SGD 1 & USD 221,000. However, with a strong backing from its holding company, the Subject enjoys timely financial assistance should the needs arise.

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.

We noted that both the turnover and profits have increased compared to the previous year. The higher profit could be due to increase in turnover and better control over its operating costs. Return on shareholders' funds of the Subject was at a favourable 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. 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 1,085,976, 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 promptly.

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
Months	12	12	7
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	23,530,510	12,331,712	3,307,939
Other Income	25,116	151,584	75,180
	----------------	----------------	----------------
Total Turnover	23,555,626	12,483,296	3,383,119
Costs of Goods Sold	(22,985,463)	(12,148,953)	(3,289,221)
	----------------	----------------	----------------
Gross Profit	570,163	334,343	93,898
	----------------	----------------	----------------

PROFIT/(LOSS) FROM OPERATIONS	355,808	208,836	22,652
	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	355,808	208,836	22,652
Taxation	(50,125)	(28,273)	(1,700)
	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	305,683	180,563	20,952
	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	559,292	378,729	357,777
	----------------	----------------	----------------
As restated	559,292	378,729	357,777
	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	864,975	559,292	378,729
	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	864,975	559,292	378,729
	=============	=============	=============

INTEREST EXPENSE (as per notes to P&L)
Others	62,640	65,625	21,873
	----------------	----------------	----------------
	62,640	65,625	21,873
	=============	=============	=============

BALANCE SHEET

Stocks	-	-	267,300
Trade debtors	1,806,245	2,203,809	376,536
Other debtors, deposits & prepayments	593,085	30,000	165,021
Short term deposits	786,776	933,621	515,994
Amount due from holding company	385,000	385,000	1,073,225
Amount due from related companies	388,175	324,721	-
Amount due from director	-	1,384	-
Cash & bank balances	22,816	362,206	351,364
	----------------	----------------	----------------
TOTAL CURRENT ASSETS	3,982,097	4,240,741	2,749,440
	----------------	----------------	----------------
TOTAL ASSET	3,982,097	4,240,741	2,749,440
	=============	=============	=============

CURRENT LIABILITIES
Trade creditors	1,111,978	2,185,995	519,073
Other creditors & accruals	15,943	10,452	46,218
Deposits from customers	22,410	-	-
Bill & acceptances payable	1,683,290	1,243,467	1,211,989
Amounts owing to holding company	-	-	369,685
Amounts owing to related companies	-	2,334	-
Provision for taxation	62,500	18,200	-
Other liabilities	-	-	2,745
	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	2,896,121	3,460,448	2,149,710
	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	1,085,976	780,293	599,730
	----------------	----------------	----------------
TOTAL NET ASSETS	1,085,976	780,293	599,730
	=============	=============	=============

SHARE CAPITAL
Ordinary share capital	221,001	221,001	221,001
	----------------	----------------	----------------
TOTAL SHARE CAPITAL	221,001	221,001	221,001

Retained profit/(loss) carried forward	864,975	559,292	378,729
	----------------	----------------	----------------
TOTAL RESERVES	864,975	559,292	378,729

	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	1,085,976	780,293	599,730

	----------------	----------------	----------------
	1,085,976	780,293	599,730
	=============	=============	=============

FINANCIAL RATIO

TYPES OF FUNDS
Cash	809,592	1,295,827	867,358
Net Liquid Funds	(873,698)	52,360	(344,631)
Net Liquid Assets	1,085,976	780,293	332,430
Net Current Assets/(Liabilities)	1,085,976	780,293	599,730
Net Tangible Assets	1,085,976	780,293	599,730
Net Monetary Assets	1,085,976	780,293	332,430
PROFIT & LOSS ITEMS
Earnings Before Interest & Tax (EBIT)	0	274,461	44,525
Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)	418,448	274,461	44,525
BALANCE SHEET ITEMS
Total Borrowings	1,683,290	1,243,467	1,211,989
Total Liabilities	2,896,121	3,460,448	2,149,710
Total Assets	3,982,097	4,240,741	2,749,440
Net Assets	1,085,976	780,293	599,730
Net Assets Backing	1,085,976	780,293	599,730
Shareholders' Funds	1,085,976	780,293	599,730
Total Share Capital	221,001	221,001	221,001
Total Reserves	864,975	559,292	378,729
LIQUIDITY (Times)
Cash Ratio	0.28	0.37	0.40
Liquid Ratio	1.37	1.23	1.15
Current Ratio	1.37	1.23	1.28
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0	29
Debtors Ratio	28	65	42
Creditors Ratio	18	66	58
SOLVENCY RATIOS (Times)
Gearing Ratio	1.55	1.59	2.02
Liabilities Ratio	2.67	4.43	3.58
Times Interest Earned Ratio	6.68	4.18	2.04
Assets Backing Ratio	4.91	3.53	2.71
PERFORMANCE RATIO (%)
Operating Profit Margin	1.51	1.69	0.68
Net Profit Margin	1.30	1.46	0.63
Return On Net Assets	38.53	35.17	7.42
Return On Capital Employed	38.53	35.17	7.42
Return On Shareholders' Funds/Equity	28.15	23.14	3.49
Dividend Pay Out Ratio (Times)	0	0	0
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.25
UK Pound	1	Rs.102.25
Euro	1	Rs.72.19

INFORMATION DETAILS

Analysis Done by :	KAR

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.