MIRA INFORM REPORT

Report No. :	355531
Report Date :	21.12.2015

IDENTIFICATION DETAILS

Name :	SINGAPORE LONG SING INTERNATIONAL PTE. LTD.

Registered Office :	20, Collyer Quay, 09-03, Tung Centre, 049319

Country :	Singapore

Financials (as on) :	31.12.2014

Date of Incorporation :	28.08.2012

Com. Reg. No.:	201221268-R

Legal Form :	Private Limited

Line of Business :	Trading of commodity products, iron ore, steel

No. of Employee :	5 [2015]

RATING & COMMENTS

MIRA’s Rating :

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

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.

201221268-R

COMPANY NAME

SINGAPORE LONG SING INTERNATIONAL PTE. LTD.

FORMER NAME

N/A

INCORPORATION DATE

28/08/2012

COMPANY STATUS

EXIST

LEGAL FORM

PRIVATE LIMITED

LISTED STATUS

REGISTERED ADDRESS

20, COLLYER QUAY, 09-03, 049319, SINGAPORE.

BUSINESS ADDRESS

20, COLLYER QUAY, 09-03, TUNG CENTRE, 049319, SINGAPORE.

TEL.NO.

65-65572251

FAX.NO.

65-65366250

CONTACT PERSON

WANG TIANXU ( DIRECTOR )

PRINCIPAL ACTIVITY

TRADING OF COMMODITY PRODUCTS, IRON ORE, STEEL

ISSUED AND PAID UP CAPITAL

6,000,000.00 ORDINARY SHARE, OF A VALUE OF USD 6,000,000.00

SALES

USD 461,427,984 [2014]

NET WORTH

USD 8,416,473 [2014]

STAFF STRENGTH

5 [2015]

BANKER (S)

BNP PARIBAS
UNITED OVERSEAS BANK LIMITED
ING BANK N.V.
OVERSEA-CHINESE BANKING CORPORATION LIMITED
BANK OF CHINA LIMITED

LITIGATION

CLEAR

FINANCIAL CONDITION

LIMITED

PAYMENT

AVERAGE

MANAGEMENT CAPABILITY

AVERAGE

COMMERCIAL RISK

LOW

CURRENCY EXPOSURE

MODERATE

GENERAL REPUTATION

SATISFACTORY

INDUSTRY OUTLOOK

AVERAGE GROWTH

HISTORY / BACKGROUND

The Subject is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the Subject is insolvent. The Subject is governed by the Companies Act and the company must file its annual returns, together with its financial statements with the Registrar of Companies.

The Subject is principally engaged in the (as a / as an) trading of commodity products, iron ore, steel.

Share Capital History

Date	Issue & Paid Up Capital
11/12/2015	USD 6,000,000.00

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

Current Shareholder(s) :

Name	Address	IC/PP/Loc No	Shareholding	(%)
TIANJIN METALLURGICAL NO. 1 STEEL GROUP CO., LTD.	XI QING DISTRICT, WANG WEN ZHUANG TOWN, NORTH ZHENG FU CHINA	T12UF3184	6,000,000.00	100.00
			---------------	------
			6,000,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	WANG TIANXU
Address	:	TIANJIN CITY, HEDONG DISTRICT, TAIXING ROAD TAIXING APARTMENT, BUILDING 3-2, UNIT 202, CHINA.
IC / PP No	:	P00965767



Nationality	:	CHINESE
Date of Appointment	:	28/08/2012

DIRECTOR 2

Name Of Subject	:	AGUSTINUS IRIDIA USMAN
Address	:	763, YISHUN STREET, 72, 02-432, 760763, SINGAPORE.
IC / PP No	:	S7268971B



Nationality	:	SINGAPOREAN
Date of Appointment	:	01/08/2013

DIRECTOR 3

Name Of Subject	:	LIN YAN
Address	:	96, NENJIANG ROAD, HEPING DISTRICT, TIANJIN CITY, THE PEOPLE'S, CHINA.
IC / PP No	:	P0096206I



Nationality	:	CHINESE
Date of Appointment	:	20/05/2013

MANAGEMENT

1)	Name of Subject	:	WANG TIANXU
	Position	:	DIRECTOR

AUDITOR

Auditor	:	RSM CHIO LIM LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	SIM CHENG LIN
	IC / PP No	:	S2005404B

	Address	:	10C, BRADDELL HILL, 05-09, BRADDELL VIEW, 579722, SINGAPORE.

2)	Company Secretary	:	SEAH KIM SWEE
	IC / PP No	:	S0045970D

	Address	:	1D, CANTONMENT ROAD, 36-39, THE PINNACLE@DUXTON, 085401, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)	Name	:	BNP PARIBAS

2)	Name	:	UNITED OVERSEAS BANK LIMITED

3)	Name	:	ING BANK N.V.

4)	Name	:	OVERSEA-CHINESE BANKING CORPORATION LIMITED

5)	Name	:	BANK OF CHINA LIMITED

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C201310075	23/07/2013	N/A	DBS BANK LTD.	-	Unsatisfied
C201312198	05/09/2013	N/A	BNP PARIBAS	-	Unsatisfied
C201313219	27/09/2013	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C201313232	30/09/2013	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C201313237	30/09/2013	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C201313300	01/10/2013	N/A	ING BANK N.V.	-	Unsatisfied
C201314003	16/10/2013	N/A	CHINA CITIC BANK INTERNATIONAL LIMITED SINGAPORE BRANCH	-	Unsatisfied
C201314004	16/10/2013	N/A	CHINA CITIC BANK INTERNATIONAL LIMITED SINGAPORE BRANCH	-	Unsatisfied
C201402365	04/03/2014	N/A	OVERSEA-CHINESE BANKING CORPORATION LIMITED	-	Unsatisfied
C201411516	20/10/2014	N/A	BANK OF CHINA LIMITED	-	Unsatisfied
C201504581	14/04/2015	N/A	COMMERZBANK AG TIANJIN BRANCH	-	Unsatisfied
C201505678	15/05/2015	N/A	BANK OF CHINA 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 Subject refused to disclose its 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	:	YES
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	WORLDWIDE
Credit Term	:	N/A

Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Goods Traded

COMMODITY PRODUCTS, IRON ORE, STEEL

Total Number of Employees:
YEAR	2015

GROUP	N/A
COMPANY	5

Branch

Other Information:

The Subject is principally engaged in the (as a / as an) trading of commodity products, iron ore, steel.

The Subject refused to disclose its operation.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	6565572251
Current Telephone Number	:	65-65572251
Match	:	YES

Address Provided by Client	:	20, COLLYER QUAY, 09-03, TUNG CENTRE,049319,SINGAPORE
Current Address	:	20, COLLYER QUAY, 09-03, TUNG CENTRE, 049319, SINGAPORE.
Match	:	YES

Other Investigations

On 17th December 2015 we contacted one of the staff from the Subject and he provided some information.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	76.24%	]
Profit/(Loss) Before Tax	:	Increased	[	11.61%	]
Return on Shareholder Funds	:	Acceptable	[	14.78%	]
Return on Net Assets	:	Favourable	[	47.43%	]

The increase in turnover could be due to the Subject adopting an aggressive marketing strategy.The Subject's management have been efficient in controlling its operating costs. 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	[	1 Days	]
Creditors Ratio	:	Favourable	[	13 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	[	1.05 Times	]
Current Ratio	:	Unfavourable	[	1.05 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	:	Unfavourable	[	1.62 Times	]
Gearing Ratio	:	Unfavourable	[	6.17 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 :
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. 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 :	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 2012, the Subject is a Private Limited company, focusing on trading of commodity products, iron ore, steel. The Subject has been in business for less than 5 years and it has slowly been building up contact with its clients while competing in the industry. However, it has yet to enjoy a stable market shares as it need to compete many well established players in the same field. A paid up capital of USD 6,000,000 allows the Subject to expand its business more comfortably. With a strong backing from its holding company, the Subject enjoys timely financial assistance should the needs arise.

Over the years, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. Being a small company, the Subject's business operation is supported by 5 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.

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 an acceptable 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 8,416,473, the Subject should be able to maintain its business in the near terms.

The Subject's payment habit is average. With its adequate working capital, the Subject should be able to pay its short term debts.

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.

Financial Year End	2014-12-31	2013-12-31
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	461,427,984	261,817,706
	----------------	----------------
Total Turnover	461,427,984	261,817,706
Costs of Goods Sold	(458,446,564)	(259,181,724)
	----------------	----------------
Gross Profit	2,981,420	2,635,982
	----------------	----------------

PROFIT/(LOSS) FROM OPERATIONS	1,529,529	1,370,406
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	1,529,529	1,370,406
Taxation	(285,154)	(191,404)
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	1,244,375	1,179,002
	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	1,172,098	(6,904)
	----------------	----------------
As restated	1,172,098	(6,904)
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	2,416,473	1,172,098
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	2,416,473	1,172,098
	=============	=============

INTEREST EXPENSE (as per notes to P&L)
Others	2,462,236	408,090
	----------------	----------------
	2,462,236	408,090
	=============	=============

DEPRECIATION (as per notes to P&L)	19,448	16,149
	----------------	----------------
	19,448	16,149
	=============	=============

BALANCE SHEET

ASSETS EMPLOYED:
FIXED ASSETS	65,735	84,065

	----------------	----------------
TOTAL LONG TERM ASSETS	65,735	84,065

Trade debtors	1,516,601	25,314,712
Other debtors, deposits & prepayments	79,797	108,851
Short term loans & advances	28,279,814	-
Amount due from related companies	129,468,785	26,911,812
Cash & bank balances	7,740,900	7,136,395
	----------------	----------------
TOTAL CURRENT ASSETS	167,085,897	59,471,770
	----------------	----------------
TOTAL ASSET	167,151,632	59,555,835
	=============	=============

CURRENT LIABILITIES
Trade creditors	15,872,616	9,857,917
Other creditors & accruals	-	644,045
Other borrowings	51,929,114	2,071,932
Amounts owing to related companies	529,792	2,018,439
Provision for taxation	286,215	191,404
Other liabilities	90,117,422	37,600,000
	----------------	----------------
TOTAL CURRENT LIABILITIES	158,735,159	52,383,737
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	8,350,738	7,088,033
	----------------	----------------
TOTAL NET ASSETS	8,416,473	7,172,098
	=============	=============

SHARE CAPITAL
Ordinary share capital	6,000,000	6,000,000
	----------------	----------------
TOTAL SHARE CAPITAL	6,000,000	6,000,000

Retained profit/(loss) carried forward	2,416,473	1,172,098
	----------------	----------------
TOTAL RESERVES	2,416,473	1,172,098

	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	8,416,473	7,172,098

	----------------	----------------
	8,416,473	7,172,098
	=============	=============

FINANCIAL RATIO

TYPES OF FUNDS
Cash	7,740,900	7,136,395
Net Liquid Funds	7,740,900	7,136,395
Net Liquid Assets	8,350,738	7,088,033
Net Current Assets/(Liabilities)	8,350,738	7,088,033
Net Tangible Assets	8,416,473	7,172,098
Net Monetary Assets	8,350,738	7,088,033
PROFIT & LOSS ITEMS
Earnings Before Interest & Tax (EBIT)	3,991,765	1,778,496
Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)	4,011,213	1,794,645
BALANCE SHEET ITEMS
Total Borrowings	51,929,114	2,071,932
Total Liabilities	158,735,159	52,383,737
Total Assets	167,151,632	59,555,835
Net Assets	8,416,473	7,172,098
Net Assets Backing	8,416,473	7,172,098
Shareholders' Funds	8,416,473	7,172,098
Total Share Capital	6,000,000	6,000,000
Total Reserves	2,416,473	1,172,098
LIQUIDITY (Times)
Cash Ratio	0.05	0.14
Liquid Ratio	1.05	1.14
Current Ratio	1.05	1.14
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0
Debtors Ratio	1	35
Creditors Ratio	13	14
SOLVENCY RATIOS (Times)
Gearing Ratio	6.17	0.29
Liabilities Ratio	18.86	7.30
Times Interest Earned Ratio	1.62	4.36
Assets Backing Ratio	1.40	1.20
PERFORMANCE RATIO (%)
Operating Profit Margin	0.33	0.52
Net Profit Margin	0.27	0.45
Return On Net Assets	47.43	24.80
Return On Capital Employed	47.43	24.80
Return On Shareholders' Funds/Equity	14.78	16.44
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.66.42
UK Pound	1	Rs.99.17
Euro	1	Rs.72.14
USD	1	Rs.66.35

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

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.