MIRA INFORM REPORT

Report No. :	354861
Report Date :	17.12.2015

IDENTIFICATION DETAILS

Name :	JBF GLOBAL PTE. LTD.
Registered Office :	112, Robinson Road, 05-01, Robinson 112, 068902
Country :	Singapore
Financials (as on) :	31.03.2015
Date of Incorporation :	20.04.2007
Com. Reg. No.:	200706745-H
Legal Form :	Private Limited
Line of Business :	Investment holding & general wholesale trade
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
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.

:

200706745-H

COMPANY NAME

:

JBF GLOBAL PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

20/04/2007

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

112, ROBINSON ROAD, 05-01, ROBINSON 112, 068902, SINGAPORE.

BUSINESS ADDRESS

:

112, ROBINSON ROAD, 05-01, ROBINSON 112, 068902, SINGAPORE.

TEL.NO.

:

65-62276660

FAX.NO.

:

N/A

CONTACT PERSON

:

CHEERAG BHAGIRATH ARYA ( DIRECTOR )

PRINCIPAL ACTIVITY

:

INVESTMENT HOLDING & GENERAL WHOLESALE TRADE

ISSUED AND PAID UP CAPITAL

:

1.00 ORDINARY SHARE, OF A VALUE OF SGD 1.00 
72,000,000.00 ORDINARY SHARE, OF A VALUE OF USD 72,000,000.00 

SALES

:

USD 25,618 [2015]

NET WORTH

:

USD 50,579,949 [2015]

STAFF STRENGTH

:

N/A

BANKER (S)

:

STANDARD CHARTERED BANK

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

POOR

PAYMENT

:

FAIR

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) investment holding & general wholesale trade.

Share Capital History

Date	Issue & Paid Up Capital
14/12/2015	SGD 1.00 & USD 72,000,000.00

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

Current Shareholder(s) :

Name	Address	IC/PP/Loc No	Shareholding	(%)
JBF INDUSTRIES LIMITED [SGD 1; USD 72,000,000]	EXPRESS TOWER, NARIMAN POINT, MUMBAI, 8TH FLOOR 400 021 ,INDIA	T07UF2149	72,000,001.00	100.00
			---------------	------
			72,000,001.00	100.00
			============	=====

+ Also Director

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

Local No	Country	Company	Status	(%)	As At
201435082W	SINGAPORE	JBF TRADE INVEST PTE. LTD.	-	100.00	16/12/2015

DIRECTORS

DIRECTOR 1

Name Of Subject	:	CHEERAG BHAGIRATH ARYA
Address	:	2B, RIZVI PARK, 5/A, ALTAMOUNT ROAD, MUMBAI, 400 026, INDIA.
IC / PP No	:	Z2060238
Nationality	:	INDIAN
Date of Appointment	:	24/12/2012

DIRECTOR 2

Name Of Subject	:	LIM TIONG BENG
Address	:	2, GUOK AVENUE, 119632, SINGAPORE.
IC / PP No	:	S1073678A
Nationality	:	SINGAPOREAN
Date of Appointment	:	20/04/2007

DIRECTOR 3

Name Of Subject	:	PURSHOTTAM THAKORE
Address	:	302-A/B, SONAKIRAN, KANDARPADA CROSS ROAD, DAHISAR (W), 400 068, MUMBAI, INDIA.
IC / PP No	:	Z2966701
Nationality	:	INDIAN
Date of Appointment	:	05/06/2007

DIRECTOR 4

Name Of Subject	:	GANGADHARA POOJARY
Address	:	FLAT E-19, AL QUASIADATA COMPLEX, NEAR SAQR HOSPITAL, RAS AL KHAIMAH, UNITED ARAB EMIRATES.
IC / PP No	:	Z2088602
Nationality	:	INDIAN
Date of Appointment	:	22/06/2015

DIRECTOR 5

Name Of Subject	:	UJJWALA GIRISH APTE
Address	:	RAMBAUG, 210, LADY JAMSHEDJI, RD, MAHIM, MUMBAI, 16, M.S., INDIA.
IC / PP No	:	K0980178
Nationality	:	INDIAN
Date of Appointment	:	25/06/2015
Remark	:	ALTERNATE DIRECTOR TO CHEERAG BHAGIRATH ARYA

MANAGEMENT

1)	Name of Subject	:	CHEERAG BHAGIRATH ARYA
	Position	:	DIRECTOR

AUDITOR

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

COMPANY SECRETARIES

1)	Company Secretary	:	TEO CHIN KEE
	IC / PP No	:	S2622115C
	Address	:	244, LORONG CHUAN, 07-06, CHUAN PARK, 556745, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

STANDARD CHARTERED BANK

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C201307887	11/06/2013	N/A	STANDARD CHARTERED BANK	-	Unsatisfied
C201312741	17/09/2013	N/A	IDBI TRUSTEESHIP SERVICES LIMITED	-	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	[	X	]	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

:

GENERAL WHOLESALE TRADE

Services

:

INVESTMENT HOLDING

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) investment holding & general wholesale trade. 

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	:	65-62276660
Match	:	N/A
Address Provided by Client	:	112 ROBINSON ROAD, 305-01 SINGAPORE 068902
Current Address	:	112, ROBINSON ROAD, 05-01, ROBINSON 112, 068902, SINGAPORE.
Match	:	NO

Other Investigations

We contacted one of the staff from the Subject's registered office and she only provided limited information.

She refused to disclose the fax number and number of employees.

She is not aware of the address provided.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	1,928.35%	]
Profit/(Loss) Before Tax	:	Increased	[	(23.16%)	]
Return on Shareholder Funds	:	Unfavourable	[	(23.10%)	]
Return on Net Assets	:	Unfavourable	[	(0.71%)	]
The increase in turnover could be due to the Subject adopting an aggressive marketing strategy.Higher losses before tax during the year could be due to the higher operating costs incurred. The Subject's unfavourable returns on shareholders' funds indicate the management's inefficiency in utilising its assets to generate returns.
Working Capital Control
Stock Ratio	:	Nil	[	0 Days	]
Debtor Ratio	:	Favourable	[	0 Days	]
Creditors Ratio	:	Favourable	[	0 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	:	Unfavourable	[	0.07 Times	]
Current Ratio	:	Unfavourable	[	0.07 Times	]
A low liquid ratio means that the Subject may be facing working capital deficiency. If the Subject cannot obtain additional financing or injection of fresh capital, it may face difficulties in meeting its short term obligations.
Solvency
Interest Cover	:	Unfavourable	[	(0.14 Times)	]
Gearing Ratio	:	Unfavourable	[	3.01 Times	]
The Subject incurred losses in the year. It did not generate sufficient income to service its interest.  If the situation does not improve, the Subject may be vulnerable to default in servicing the interest. 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 increased its profits however showed a reverse trend. The losses could be due to the management's failure to maintain its competitiveness in the market. Due to its weak liquidity position, the Subject will be faced with problems in meeting all its short term obligations if no short term loan is obtained or additional capital injected into the Subject. The Subject's interest cover was negative, indicating that it did not generate sufficient income to service its interest. If its result does not show impressive improvements or succeed obtaining short term financing or capital injection, it may not be able to service its interest and repay the loans. 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 : POOR

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 2007, the Subject is a Private Limited company, focusing on investment holding & general wholesale trade. 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 72,000,000. 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. 

Despite the higher turnover, the Subject suffered pre-tax losses which reflected a highly competitive business environment. The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. Due to its weak liquidity position, the Subject may face working capital deficiency in meeting its short term financial obligations if no fresh capital are injected into the Subject. 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 50,579,949, the Subject should be able to maintain its business in the near terms. 

The Subject's overall payment habit is fair and this clearly implied a weak credit control of the Subject. 

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.

JBF GLOBAL PTE. LTD.

Financial Year End	2015-03-31	2014-03-31
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	25,618	1,263
	----------------	----------------
Total Turnover	25,618	1,263
	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	(11,682,569)	(9,486,048)
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	(11,682,569)	(9,486,048)
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	(11,682,569)	(9,486,048)
	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	(9,737,483)	(251,435)
	----------------	----------------
As restated	(9,737,483)	(251,435)
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	(21,420,052)	(9,737,483)
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	(21,420,052)	(9,737,483)
	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Loan from subsidiary companies	264,118	161,383
Term loan / Borrowing	9,814,214	7,004,254
Others	185,090	197,150
	----------------	----------------
	10,263,422	7,362,787
	=============	=============

BALANCE SHEET

JBF GLOBAL PTE. LTD.

LONG TERM INVESTMENTS/OTHER ASSETS
Subsidiary companies	249,925,782	249,925,682
	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	249,925,782	249,925,682
	----------------	----------------
TOTAL LONG TERM ASSETS	249,925,782	249,925,682
Other debtors, deposits & prepayments	2,045	2,157
Short term deposits	2,250,000	-
Amount due from subsidiary companies	1,110,818	1,083,496
Cash & bank balances	381,686	3,267,755
Others	22,550	-
	----------------	----------------
TOTAL CURRENT ASSETS	3,767,099	4,353,408
	----------------	----------------
TOTAL ASSET	253,692,881	254,279,090
	=============	=============
Other creditors & accruals	1,658,541	1,626,687
Short term borrowings/Term loans	2,277,175	9,047,609
Amounts owing to subsidiary companies	45,342,228	29,388,111
Provision for taxation	370,567	370,567
Other liabilities	3,464,421	2,056,423
	----------------	----------------
TOTAL CURRENT LIABILITIES	53,112,932	42,489,397
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	(49,345,833)	(38,135,989)
	----------------	----------------
TOTAL NET ASSETS	200,579,949	211,789,693
	=============	=============
SHARE CAPITAL
Ordinary share capital	72,000,001	72,000,001
	----------------	----------------
TOTAL SHARE CAPITAL	72,000,001	72,000,001
Retained profit/(loss) carried forward	(21,420,052)	(9,737,483)
	----------------	----------------
TOTAL RESERVES	(21,420,052)	(9,737,483)
	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	50,579,949	62,262,518
Long term loans	150,000,000	149,527,175
	----------------	----------------
TOTAL LONG TERM LIABILITIES	150,000,000	149,527,175
	----------------	----------------
	200,579,949	211,789,693
	=============	=============

FINANCIAL RATIO

JBF GLOBAL PTE. LTD.

TYPES OF FUNDS
Cash	2,631,686	3,267,755
Net Liquid Funds	2,631,686	3,267,755
Net Liquid Assets	(49,345,833)	(38,135,989)
Net Current Assets/(Liabilities)	(49,345,833)	(38,135,989)
Net Tangible Assets	200,579,949	211,789,693
Net Monetary Assets	(199,345,833)	(187,663,164)
PROFIT & LOSS ITEMS
Earnings Before Interest & Tax (EBIT)	(1,419,147)	(2,123,261)
Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)	(1,419,147)	(2,123,261)
BALANCE SHEET ITEMS
Total Borrowings	152,277,175	158,574,784
Total Liabilities	203,112,932	192,016,572
Total Assets	253,692,881	254,279,090
Net Assets	200,579,949	211,789,693
Net Assets Backing	50,579,949	62,262,518
Shareholders' Funds	50,579,949	62,262,518
Total Share Capital	72,000,001	72,000,001
Total Reserves	(21,420,052)	(9,737,483)
LIQUIDITY (Times)
Cash Ratio	0.05	0.08
Liquid Ratio	0.07	0.10
Current Ratio	0.07	0.10
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0
Debtors Ratio	0	0
Creditors Ratio	0	0
SOLVENCY RATIOS (Times)
Gearing Ratio	3.01	2.55
Liabilities Ratio	4.02	3.08
Times Interest Earned Ratio	(0.14)	(0.29)
Assets Backing Ratio	2.79	2.94
PERFORMANCE RATIO (%)
Operating Profit Margin	(45,602.97)	(751,072.68)
Net Profit Margin	(45,602.97)	(751,072.68)
Return On Net Assets	(0.71)	(1.00)
Return On Capital Employed	(0.71)	(1.00)
Return On Shareholders' Funds/Equity	(23.10)	(15.24)
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.66.85
UK Pound	1	Rs.100.58
Euro	1	Rs.73.16
SGD	1	Rs. 47.05

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	TRI
Report Prepared by :	ASH

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.