MIRA INFORM REPORT

Report No. :	308335
Report Date :	17.02.2015

IDENTIFICATION DETAILS

Name :	PREMARK INTERNATIONAL PTE. LTD.
Registered Office :	100, Beach Road, 30-00, Shaw Towers, 189702
Country :	Singapore
Financials (as on) :	31.03.2013
Date of Incorporation :	29.06.2010
Com. Reg. No.:	201013663-G
Legal Form :	Exempt Private Company
Line of Business :	Engaged in trading of timber products and logs.  (We tried to confirm / obtain the detailed activity but the same is not available from any sources.)
No of Employees :	05 (2014)

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 :	Small Company
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 – 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.

:

201013663-G

COMPANY NAME

:

PREMARK INTERNATIONAL PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

29/06/2010

COMPANY STATUS

:

EXIST

LEGAL FORM

:

EXEMPT PRIVATE

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

100, BEACH ROAD, 30-00, SHAW TOWERS, 189702, SINGAPORE.

BUSINESS ADDRESS

:

3, SHENTON WAY, 12-02, SHENTON HOUSE, 068805, SINGAPORE.

TEL.NO.

:

65-62242524

FAX.NO.

:

65-62247724

CONTACT PERSON

:

RAVI KUMAR JAIN ( DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF TIMBER PRODUCTS AND LOGS

ISSUED AND PAID UP CAPITAL

:

2,100,000.00 ORDINARY SHARE, OF A VALUE OF SGD 2,100,000.00 

SALES

:

USD 28,405,676 [2013]

NET WORTH

:

USD 1,546,180 [2013]

STAFF STRENGTH

:

5 [2014]

BANKER (S)

:

INDIAN BANK CITIBANK N.A.

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 an exempt private company whose shares are not held by any corporate body and has no more than 20 shareholders who are all natural persons. An exempt company is a type of private limited company. 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, suing or be sued by other companies. An exempt private company with an annual turnover of less than SGD5 million are exempted from statutory auditing requirements. Instead of filing audited annual accounts, the Subject has to file in a document duly signed by its director in charge of its finance and the company secretary stating that the Subject is able to meet all its obligations as and when they fall due. The Subject is not required to have their accounts audited. However, the Subject will prepare unaudited accounts for purposes of AGMs and filing with Registry Office if it is unable to meet all its obligations as and when they fall due .

The Subject is principally engaged in the (as a / as an) trading of timber products and logs.

Share Capital History

Date	Issue & Paid Up Capital
26/11/2014	SGD 2,100,000.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
CHETAN KHANNA +	1B, JALAN APOLLO, DESHON ROAD, 96000 SIBU, SARAWAK, MALAYSIA.	Z1800289	900,000.00	42.86
RAVI KUMAR JAIN +	PLOT-418, WARD-12/C, LILASHAH NAGAR, GANDHIDHAM, KUTCH-370201, INDIA.	H9905131	500,000.00	23.81
KANCHKA SAYAL	107, GREENS VIEW 3, BUILDING T COM BARSHA, DUBAI UAE, P. O. BOX, 500832, UNITED ARAB EMIRATES.	Z2056886	700,000.00	33.33
			---------------	------
			2,100,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	AGRAWAL SOHAM GHANSHYAM
Address	:	1, SIGLAP ROAD, 02-16, MANDARIN GARDENS, 448906, SINGAPORE.
IC / PP No	:	S7084664J
Nationality	:	SINGAPOREAN
Date of Appointment	:	29/06/2010

DIRECTOR 2

Name Of Subject	:	RAVI KUMAR JAIN
Address	:	PLOT-418, WARD-12/C, LILASHAH NAGAR, GANDHIDHAM, KUTCH-370201, INDIA.
IC / PP No	:	H9905131
Nationality	:	INDIAN
Date of Appointment	:	29/06/2010

DIRECTOR 3

Name Of Subject	:	CHETAN KHANNA
Address	:	1B, JALAN APOLLO, DESHON ROAD, 96000 SIBU, SARAWAK, MALAYSIA.
IC / PP No	:	Z1800289
Nationality	:	INDIAN
Date of Appointment	:	29/06/2010

MANAGEMENT

1)	Name of Subject	:	RAVI KUMAR JAIN
	Position	:	DIRECTOR

AUDITOR

Auditor	:	NEXIA TS PUBLIC ACCOUNTING CORPORATION
Auditor' Address	:	N/A

Auditor	:	NEXIA TS PUBLIC ACCOUNTING CORPORATION
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	LIM HORNG LING
	IC / PP No	:	S6925973A
	Address	:	205, BALESTIER ROAD, 02-06, THE MEZZO, 329682, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

INDIAN BANK

2)

Name

:

CITIBANK N.A.

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C201110759	26/08/2011	N/A	INDIAN BANK	-	Unsatisfied
C201211053	27/09/2012	N/A	CITIBANK N.A.	-	Unsatisfied
C201403194	27/03/2014	N/A	AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED	-	Unsatisfied
C201403199	27/03/2014	N/A	AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED	-	Unsatisfied
C201412293	05/11/2014	N/A	CITIBANK N.A.	-	Unsatisfied

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	:	N/A
Overseas	:	N/A

The Subject refused to disclose it'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	[	X	]	Average 61-90 Days	[	]
Fair 91-120 Days	[	]	Poor >120 Days	[		]

CLIENTELE

Local	:	N/A
Overseas	:	N/A
Credit Term	:	N/A
Payment Mode	:	N/A

The Subject refused to disclose it's clientele. 

OPERATIONS

Goods Traded

:

TIMBER LOGS AND TIMBER PRODUCTS

Total Number of Employees:
YEAR	2014
GROUP	N/A
COMPANY	5

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) trading of timber products and logs. 

The Subject refused to disclose it's operation. 

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	6562242524
Current Telephone Number	:	65-62242524
Match	:	YES
Address Provided by Client	:	3 SHENTON WAY # 12-02 SHENTON HOUSE, SINGAPORE 068805
Current Address	:	3, SHENTON WAY, 12-02, SHENTON HOUSE, 068805, SINGAPORE.
Match	:	YES

Other Investigations

we contacted one of the staff from the Subject and he only provided limited information on the Subject.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	71.74%	]
Profit/(Loss) Before Tax	:	Decreased	[	5.69%	]
Return on Shareholder Funds	:	Acceptable	[	16.56%	]
Return on Net Assets	:	Acceptable	[	19.54%	]
The increase in turnover could be due to the Subject adopting an aggressive marketing strategy.The dip in profit could be due to the stiff market competition which reduced the Subject's profit margin. The Subject's management had generated acceptable return for its shareholders using its assets.
Working Capital Control
Stock Ratio	:	Nil	[	0 Days	]
Debtor Ratio	:	Acceptable	[	56 Days	]
Creditors Ratio	:	Favourable	[	14 Days	]
As the Subject is a service oriented company, the Subject does not need to keep stocks. The Subject's management was quite efficient in handling its debtors. The Subject's debtors days were at an acceptable range, thus the risk of its debts turning bad was minimised. 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	[	1.30 Times	]
Current Ratio	:	Unfavourable	[	1.30 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	:	Favourable	[	10.18 Times	]
Gearing Ratio	:	Favourable	[	0.49 Times	]
The interest cover showed that the Subject was able to service the interest. The favourable interest cover could indicate that the Subject was making enough profit to pay for the interest accrued. The Subject was lowly geared thus it had a low financial risk. The Subject was mainly financed by its shareholders' funds and internally generated funds. In times of economic slowdown / downturn, the Subject being a lowly geared company, will be able to compete better than those companies which are highly geared in the same industry.
Overall Assessment :
Although the Subject's turnover had increased, its profits had declined over the same corresponding period. This could be due to the stiffer market competition and / or higher operating costs which lowered the Subject's profit margin. 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. With the favourable interest cover, the Subject could be able to service all the accrued interest without facing any difficulties. The Subject as a lowly geared company, will be more secured compared to those highly geared companies. It has the ability to meet all its long term obligations.
Overall financial condition of the Subject : STABLE

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 :	TRADING
The wholesale and retail trade sector contracted by 1.5% in the fourth quarter of 2012, extending the 0.2% decline in the preceding quarter. For the whole of 2012, the sector declined by 0.7%, reversing the 1.6% growth in 2011. The sector was weighed down primarily by the wholesale trade segment. In 2012, the wholesale trade segment contracted by 1.0%, a reversal from the 1.4% growth in 2011. Growth of the retail trade segment also moderated to 2.0%, from 3.2% in the year 2011.
The domestic wholesale trade index grew by 1.2% in the fourth quarter of 2012, an improvement from the 5.4% decline in the third quarter. This was partly due to an increase in the sales of chemicals & chemical products and ship chandlers & bunkering. For the full year of 2012, the domestic wholesale trade index contracted by 2.2%, extending the 1.7% decline in 2011. The foreign wholesale trade index grew by 8.6% in the fourth quarter, an increase from the 6.6% growth in the third quarter. The expansion was partly due to resilient sales of petroleum & petroleum products. For the whole of 2012, the foreign wholesale trade index expanded by 9.1%, faster than the 4.3% increase in 2011.
In the fourth quarter of 2012, retail sales volume declined by 2.0%, extending the 0.3% decline in the third quarter. Excluding motor vehicles, retail sales volume grew by 0.4%, a slight moderation compared to the 1.5% gain in the third quarter of 2012. The sales volume of motor vehicles fell by 11% in the fourth quarter of 2012, after contracting by 6.1% in the third quarter. The sales of several discretionary items also declined in the fourth quarter. Besides, the sales of optical goods & books in 2012 fell by 3.6%, while the sales of telecommunications apparatus & computers declined by 1.4%.
For 2012 as a whole, retail sales volume grew by 1.3%, compared to the 2.0% expansion in 2011. Excluding motor vehicle sales, the increase in retail sales volume also moderated from 5.4% in 2011 to 1.7% in 2012. Medical goods & toiletries registered the largest increase (9.3%) in sales, followed by telecommunications apparatus & computers (6.9%). By contrast, the sales of watches & jewellery (-2.2%) and optical goods & books (-3.6%) declined.
OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 2010, the Subject is an Exempt Private company, focusing on trading of timber products and logs. 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 SGD 2,100,000 allows the Subject to expand its business more comfortably. We considered that the Subject's business position in the market is much dependent on the efforts of its directors. 

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. 

Financially, the Subject registered a higher turnover compared to previous year. However, its profits showed a reverse trend. The lower profit achieved was a result of higher operating cost and increased competition. 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. Being a lowly geared company, the Subject is exposed to low financial risk as it is mainly dependent on its internal funds to finance its business needs. Given a positive net worth standing at USD 1,546,180, 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 normally.

PROFIT AND LOSS ACCOUNT

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

PREMARK INTERNATIONAL PTE. LTD.

Financial Year End	2013-03-31	2012-03-31
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	28,405,676	16,540,296
	----------------	----------------
Total Turnover	28,405,676	16,540,296
Costs of Goods Sold	(27,395,986)	(15,892,092)
	----------------	----------------
Gross Profit	1,009,690	648,204
	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	272,384	288,820
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	272,384	288,820
Taxation	(16,314)	(43,541)
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	256,070	245,279
	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	537,810	292,531
	----------------	----------------
As restated	537,810	292,531
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	793,880	537,810
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	793,880	537,810
	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Others	29,680	19,851
	----------------	----------------
	29,680	19,851
	=============	=============

BALANCE SHEET

PREMARK INTERNATIONAL PTE. LTD.

ASSETS EMPLOYED:
FIXED ASSETS	1,344	687
	----------------	----------------
TOTAL LONG TERM ASSETS	1,344	687
Trade debtors	4,338,024	3,283,934
Other debtors, deposits & prepayments	274,907	194,976
Short term deposits	1,408,387	1,305,110
Interest receivable	6,923	-
Cash & bank balances	712,200	202,976
	----------------	----------------
TOTAL CURRENT ASSETS	6,740,441	4,986,996
	----------------	----------------
TOTAL ASSET	6,741,785	4,987,683
	=============	=============
CURRENT LIABILITIES
Trade creditors	1,070,555	1,047,744
Other creditors & accruals	101,509	49,882
Other borrowings	758,538	1,212,236
Amounts owing to director	3,226,030	1,365,569
Provision for taxation	38,973	22,142
	----------------	----------------
TOTAL CURRENT LIABILITIES	5,195,605	3,697,573
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	1,544,836	1,289,423
	----------------	----------------
TOTAL NET ASSETS	1,546,180	1,290,110
	=============	=============
SHARE CAPITAL
Ordinary share capital	752,300	752,300
	----------------	----------------
TOTAL SHARE CAPITAL	752,300	752,300
Retained profit/(loss) carried forward	793,880	537,810
	----------------	----------------
TOTAL RESERVES	793,880	537,810
	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	1,546,180	1,290,110
	----------------	----------------
	1,546,180	1,290,110
	=============	=============

FINANCIAL RATIO

PREMARK INTERNATIONAL PTE. LTD.

TYPES OF FUNDS
Cash	2,120,587	1,508,086
Net Liquid Funds	2,120,587	1,508,086
Net Liquid Assets	1,544,836	1,289,423
Net Current Assets/(Liabilities)	1,544,836	1,289,423
Net Tangible Assets	1,546,180	1,290,110
Net Monetary Assets	1,544,836	1,289,423
BALANCE SHEET ITEMS
Total Borrowings	758,538	1,212,236
Total Liabilities	5,195,605	3,697,573
Total Assets	6,741,785	4,987,683
Net Assets	1,546,180	1,290,110
Net Assets Backing	1,546,180	1,290,110
Shareholders' Funds	1,546,180	1,290,110
Total Share Capital	752,300	752,300
Total Reserves	793,880	537,810
LIQUIDITY (Times)
Cash Ratio	0.41	0.41
Liquid Ratio	1.30	1.35
Current Ratio	1.30	1.35
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0
Debtors Ratio	56	72
Creditors Ratio	14	24
SOLVENCY RATIOS (Times)
Gearing Ratio	0.49	0.94
Liabilities Ratio	3.36	2.87
Times Interest Earned Ratio	10.18	15.55
Assets Backing Ratio	2.06	1.71
PERFORMANCE RATIO (%)
Operating Profit Margin	0.96	1.75
Net Profit Margin	0.90	1.48
Return On Net Assets	19.54	23.93
Return On Capital Employed	19.54	23.93
Return On Shareholders' Funds/Equity	16.56	19.01
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.62.20
UK Pound	1	Rs.95.99
Euro	1	Rs.71.00

INFORMATION DETAILS

Analysis Done by :	KAR
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.