MIRA INFORM REPORT

Report No. :	307043
Report Date :	11.02.2015

IDENTIFICATION DETAILS

Name :	SDC TECHNOLOGIES ASIA PACIFIC, PTE. LTD.
Registered Office :	27, Tuas South Street, 1, 638035
Country :	Singapore
Financials (as on) :	31.03.2014
Date of Incorporation :	16.07.2012
Com. Reg. No.:	201217634-M
Legal Form :	Private Limited Company
Line of Business :	· Engaged in manufacturing of coatings · Subject products include Abrasion Resistant Coatings for application to Plastic, Glass and metals.
No of Employees :	17 (2015)

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
Singapore	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Singapore ECONOMIC OVERVIEW

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but rebounded 15.1% in 2010, on the strength of renewed exports, before slowing to in 2011-13, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub.

Source : CIA

EXECUTIVE SUMMARY

REGISTRATION NO.	:	201217634-M
COMPANY NAME	:	SDC TECHNOLOGIES ASIA PACIFIC, PTE. LTD.
FORMER NAME	:	N/A
INCORPORATION DATE	:	16/07/2012
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	27, TUAS SOUTH STREET, 1, 638035, SINGAPORE.
BUSINESS ADDRESS	:	27 TUAS SOUTH STREET 1, 638035, SINGAPORE.
TEL.NO.	:	65-62106355
FAX.NO.	:	65-68633565
CONTACT PERSON	:	ANTONIOS GRIGORIOU ( MANAGING DIRECTOR )
PRINCIPAL ACTIVITY	:	· Engaged in manufacturing of coatings · Subject products include Abrasion Resistant Coatings for application to Plastic, Glass and metals.
ISSUED AND PAID UP CAPITAL	:	1,500,000.00 ORDINARY SHARE, OF A VALUE OF USD 1,500,000.00
SALES	:	USD 1,405,216 [2014]
NET WORTH	:	USD (1,134,352) [2014]
STAFF STRENGTH	:	17 [2015]
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	POOR
PAYMENT	:	Slow
MANAGEMENT CAPABILITY	:	WEAK
COMMERCIAL RISK	:	MODERATE
CURRENCY EXPOSURE	:	MODERATE
GENERAL REPUTATION	:	SATISFACTORY
INDUSTRY OUTLOOK	:	MATURE

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) manufacturing of coatings.

Share Capital History

Date	Issue & Paid Up Capital
11/02/2015	USD 1,500,000.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
MITSUI CHEMICALS, INC.	SHIODOME CITY CENTER, 1-5-2, HIGASHI -SHIMBASHI MINATO-KU, TOKYO 105-7117, JAPAN.	T03UF0448	1,500,000.00	100.00
			---------------	------
			1,500,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	YASUSHI NAWA
Address	:	3, HARBOURFRONT PLACE, 10-01, HARBOURFRONT TOWER TWO, 099254, SINGAPORE.
IC / PP No	:	G5954943Q
Nationality	:	JAPANESE
Date of Appointment	:	16/07/2012

DIRECTOR 2

Name Of Subject	:	LOH BOON CHYE
Address	:	118C JALAN MEMBINA, 20-115, 163118, SINGAPORE.
IC / PP No	:	S7312572C
Nationality	:	SINGAPOREAN
Date of Appointment	:	01/10/2014

DIRECTOR 3

Name Of Subject	:	ANTONIOS GRIGORIOU
Address	:	15 SAN LUIS OBISPO ST., LADERA RANCH CA, 92694, UNITED STATES.
IC / PP No	:	099161701
Nationality	:	BRITISH
Date of Appointment	:	15/08/2012

DIRECTOR 4

Name Of Subject	:	KAZUNORI TANI
Address	:	SHIMOTAKAIDO 3-21-4 SUGINAMI, TOKYO, MALAYSIA.
IC / PP No	:	TH1362512
Nationality	:	JAPANESE
Date of Appointment	:	15/08/2012

DIRECTOR 5

Name Of Subject	:	SATOSHI TSURUDA
Address	:	SUENAGA 261-87, TAKATSU-KU, KAWASAKI-CITY KANAGAWA 213-0013, JAPAN.
IC / PP No	:	TG5283878
Nationality	:	JAPANESE
Date of Appointment	:	01/04/2013

MANAGEMENT

1)	Name of Subject	:	ANTONIOS GRIGORIOU
	Position	:	MANAGING DIRECTOR

2)	Name of Subject	:	CHAI
	Position	:	STAFF

AUDITOR

Auditor	:	ERNST & YOUNG LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	ABDUL JABBAR BIN KARAM DIN
	IC / PP No	:	S6936625B
	Address	:	21, SIGLAP HILL, FARNKEL ESTATE, 456076, SINGAPORE.

2)	Company Secretary	:	CHAN POH KUAN
	IC / PP No	:	S1637928Z
	Address	:	863, TAMPINES STREET, 83, 10-484, 520863, 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 against the Subject whether the subject has been involved in any litigation.

No legal action was found in our databank.

No winding up petition was found in our databank.

PAYMENT RECORD

SOURCES OF RAW MATERIALS:
Local	:	YES
Overseas	:	YES

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	[	X	]

CLIENTELE

Local	:	YES
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	WORLDWIDE
Credit Term	:	N/A
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Products manufactured

:

COATINGS

Total Number of Employees:
YEAR	2015
GROUP	N/A
COMPANY	17

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) manufacturing of coatings. 

The Subject is engaged in the manufacturing of proprietary, high-performance coating systems.

The products include abrasion resistant coatings for application to plastic, glass and metals. Its coatings add premium performance, appearance and durability to eyewear, sunglasses, safety lenses, automotive and aerospace products, electronic devices and other custom applications. 

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	65-6210-6377
Current Telephone Number	:	65-62106355
Match	:	NO
Address Provided by Client	:	27 TUAS SOUTH STREET 1, SINGAPORE 638035
Current Address	:	27 TUAS SOUTH STREET 1, 638035, SINGAPORE.
Match	:	YES

Other Investigations

we contacted one of the staff from the Subject and he provided some information.

FINANCIAL ANALYSIS

Profitability
Return on Shareholder Funds	:	Unfavourable	[	228.49%	]
Return on Net Assets	:	Unfavourable	[	284.63%	]
Although the Subject's returns showed positive figures it is not reflective of the true situation. The Subject incurred losses during the year and its shareholders' funds have turned red. The positive returns on shareholders' funds is the result of losses divided by negative shareholders' funds. The Subject's management was inefficient in utilising the assets to generate returns.
Working Capital Control
Stock Ratio	:	Unfavourable	[	114 Days	]
Debtor Ratio	:	Unfavourable	[	173 Days	]
Creditors Ratio	:	Unfavourable	[	239 Days	]
The Subject could be incurring higher holding cost. As its capital was tied up in stocks, it could face liquidity problems. The Subject's debtors ratio was high. The Subject should tighten its credit control and improve its collection period. The unfavourable creditors' ratio could be due to the Subject taking advantage of the credit granted by its suppliers. However this may affect the goodwill between the Subject and its suppliers and the Subject may inadvertently have to pay more for its future supplies.
Liquidity
Liquid Ratio	:	Unfavourable	[	0.25 Times	]
Current Ratio	:	Unfavourable	[	0.31 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	[	(43.39 Times)	]
Gearing Ratio	:	Unfavourable	[	(5.29 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's gearing was negative during the year as its shareholders' funds was in the red. This means the Subject is running its business using borrowed money. We consider the Subject as facing high financial risks.
Overall Assessment :
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 has high financial risks. If its shareholders do not inject more capital into the company or if its business performance does not improve, its going concern may be in question.
Overall financial condition of the Subject : POOR

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

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

INDUSTRY ANALYSIS

INDUSTRY :	MANUFACTURING
In the third quarter of 2014, manufacturing output has increased by 1.9%, extending the 1.5% growth in the previous quarter. Growth was largely driven by the biomedical manufacturing and chemicals clusters. Besides, for the whole 2013, the manufacturing sector grew by 1.7%, an uptick from the 0.3% growth recorded in the previous year. All clusters recorded an expansion in 2013, except the biomedical manufacturing cluster.
The chemicals cluster grew by 5.2% in the third quarter of 2014. Growth was led by the petrochemicals and specialty chemicals segments, which expanded by 8.9% and 7.1% respectively. By contrast, the petroleum segment contracted by 4.2% in the third quarter of 2014 due to plant maintenance shutdowns. For the year of 2013, the chemicals cluster grew only by 0.7%.
Besides, output of the biomedical manufacturing cluster expanded by 9.0% in the third quarter of 2014. The medical technology segment posted robust growth of 23% due to higher production of medical instruments and supplies, while the output of the pharmaceuticals segment rose by 6.2%. However, in the whole of 2013, the biomedical manufacturing cluster recorded only a flat growth.
In the third quarter of 2014, the transport engineering cluster contracted by 2.0%, dragged down by the aerospace segment. Output in the aerospace segment plunged by 18% on the back of fewer repair jobs from commercial airlines. This was mitigated by the 4.1% growth in the marine & offshore engineering segment, which was supported by higher contributions from rig building projects. Nonetheless, for the whole of 2013, the transport engineering cluster grew by 5.2%.
Moreover, output of the precision engineering cluster increased by 1.3% in the third quarter of 2014. The machinery & systems segment grew by 6.2%, supported by higher demand for semiconductor-related equipment and mechanical engineering work. This was partly offset by the decline in the output of the precision modules & components segment. Conversely, in the full year of 2013, the precision engineering cluster's output declined by 5.6%.
Furthermore, in the third quarter of 2014, output of the general manufacturing industries declined by 3.0%. The 2.1% growth in the food, beverages & tobacco segment was more than offset by declines in the other two segments. In particular, the miscellaneous industries segment contracted by 4.7% on the back of lower output in construction-related products, such as concrete & cement products and steel structural components. For the full year of 2013, the general manufacturing cluster grew by 2.8%.
Besides, in the third quarter of 2014, the electronics cluster expanded by 0.9%, reversing the 5.0% contraction in the previous quarter. Growth was supported by an expansion in the computer peripherals (6.3%) and data storage (2.6%) segments. Moreover, for the year 2013, the electronics cluster expanded by 3.5%.
OVERALL INDUSTRY OUTLOOK : MATURE

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 2012, the Subject is a Private Limited company, focusing on manufacturing of coatings. 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. Presently, the issued and paid up capital of the Subject stands at USD 1,500,000. The Subject have a strong support from its shareholder. 

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 17 employees. Overall, we regard that the Subject's management capability is weak. Without capable management, the Subject is unlikely to be successful and often contribute to unacceptable levels of accountability. Weak management can affect productivity, profitability, sales growth and ultimately can result in the failure of a business. 

The Subject has generated its turnover of USD 1,405,216 and its pre-tax loss of USD -2,591,834. 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 Subject has generated an unfavourable gearing ratio indicated that the Subject is in high financial risk. The Subject's unfavourable financial performance over the years has wiped out its shareholders' funds to a deficit of USD -1,134,352. Therefore, the Subject as a going concern is much dependent on its ability to generate sufficient cash flow and obtain additional financing to meet its future obligations. 

Without a strong assets backing, the Subject may face difficulties in getting loans for its future expansion and continued growth . The Subject's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials. Overall the Subject has a good control over its resources. 

The poor payment habit may affect the goodwill between the Subject and its suppliers and the Subject may inadvertently have to pay more for its future supplies. 

The industry has reached its optimum level and is generally stable. It is saturated and very competitive. Thus, the Subject's growth prospect is very much depends on its capacity in sustaining its performance in the market. 

Based on the above unfavourable condition, we regard granting credit to the Subject to be quite risky. Hence, credit is not recommended.

PROFIT AND LOSS ACCOUNT

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

SDC TECHNOLOGIES ASIA PACIFIC, PTE. LTD.

Financial Year End	2014-03-31	2012-12-31
Months	15	6
Consolidated Account	Company	Company
Audited Account	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES
Financial Type	FULL	FULL
Currency	USD	USD
TURNOVER	1,405,216	-
	----------------	----------------
Total Turnover	1,405,216	-
Costs of Goods Sold	(1,717,960)	-
	----------------	----------------
Gross Profit	(312,744)	-
	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	(2,591,834)	(42,493)
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	(2,591,834)	(42,493)
Taxation	(25)	-
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	(2,591,859)	(42,493)
	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	(42,493)	-
	----------------	----------------
As restated	(42,493)	-
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	(2,634,352)	(42,493)
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	(2,634,352)	(42,493)
	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Others	58,382	-
	----------------	----------------
	58,382	-
	=============

BALANCE SHEET

SDC TECHNOLOGIES ASIA PACIFIC, PTE. LTD.

ASSETS EMPLOYED:
FIXED ASSETS	4,497,663	11,159
	----------------	----------------
TOTAL LONG TERM ASSETS	4,497,663	11,159
Stocks	439,010	-
Trade debtors	666,377	-
Other debtors, deposits & prepayments	136,375	-
Cash & bank balances	1,149,396	1,463,400
Others	28,103	-
	----------------	----------------
TOTAL CURRENT ASSETS	2,419,261	1,463,400
	----------------	----------------
TOTAL ASSET	6,916,924	1,474,559
	=============	=============
CURRENT LIABILITIES
Trade creditors	1,126,591	-
Other creditors & accruals	680,434	17,052
Short term borrowings/Term loans	6,000,000	-
	----------------	----------------
TOTAL CURRENT LIABILITIES	7,807,025	17,052
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	(5,387,764)	1,446,348
	----------------	----------------
TOTAL NET ASSETS	(890,101)	1,457,507
	=============	=============
SHARE CAPITAL
Ordinary share capital	1,500,000	1,500,000
	----------------	----------------
TOTAL SHARE CAPITAL	1,500,000	1,500,000
Retained profit/(loss) carried forward	(2,634,352)	(42,493)
	----------------	----------------
TOTAL RESERVES	(2,634,352)	(42,493)
	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	(1,134,352)	1,457,507
Others	244,251	-
	----------------	----------------
TOTAL LONG TERM LIABILITIES	244,251	-
	----------------	----------------
	(890,101)	1,457,507
	=============	=============

FINANCIAL RATIO

SDC TECHNOLOGIES ASIA PACIFIC, PTE. LTD.

TYPES OF FUNDS
Cash	1,149,396	1,463,400
Net Liquid Funds	1,149,396	1,463,400
Net Liquid Assets	(5,826,774)	1,446,348
Net Current Assets/(Liabilities)	(5,387,764)	1,446,348
Net Tangible Assets	(890,101)	1,457,507
Net Monetary Assets	(6,071,025)	1,446,348
BALANCE SHEET ITEMS
Total Borrowings	6,000,000	0
Total Liabilities	8,051,276	17,052
Total Assets	6,916,924	1,474,559
Net Assets	(890,101)	1,457,507
Net Assets Backing	(1,134,352)	1,457,507
Shareholders' Funds	(1,134,352)	1,457,507
Total Share Capital	1,500,000	1,500,000
Total Reserves	(2,634,352)	(42,493)
LIQUIDITY (Times)
Cash Ratio	0.15	85.82
Liquid Ratio	0.25	85.82
Current Ratio	0.31	85.82
WORKING CAPITAL CONTROL (Days)
Stock Ratio	114	0
Debtors Ratio	173	0
Creditors Ratio	239	0
SOLVENCY RATIOS (Times)
Gearing Ratio	(5.29)	0.00
Liabilities Ratio	(7.10)	0.01
Times Interest Earned Ratio	(43.39)	0.00
Assets Backing Ratio	(0.59)	0.97
PERFORMANCE RATIO (%)
Operating Profit Margin	(184.44)	0.00
Net Profit Margin	(184.45)	0.00
Return On Net Assets	284.63	(2.92)
Return On Capital Employed	284.63	(2.92)
Return On Shareholders' Funds/Equity	228.49	(2.92)
Dividend Pay Out Ratio (Times)	0.00	0.00
NOTES TO ACCOUNTS
Contingent Liabilities	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.96
UK Pound	1	Rs.94.41
Euro	1	Rs.70.20

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	MNL

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.