MIRA INFORM REPORT

Report No. :	308164
Report Date :	18.02.2015

IDENTIFICATION DETAILS

Name :	KAIROLEAF ANALYTICS (S) PTE. LTD.
Registered Office :	101, Cecil Street, 23-12 Tong Eng Building, 069533
Country :	Singapore
Financials (as on) :	31.03.2014
Date of Incorporation :	10.05.2008
Com. Reg. No.:	200809179-R
Legal Form :	Private Limited Company
Line of Business :	Engaged in Software Consultancy & Other Information Service Activities [NOTE: We tried to confirm / obtain the detailed activity but the same is not available from any sources.]
No of Employees :	Not Available [NOTE: We tried to confirm the number of employees but no one is ready to part any information from the company management.]

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
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 – 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.	:	200809179-R
COMPANY NAME	:	KAIROLEAF ANALYTICS (S) PTE. LTD.
FORMER NAME	:	N/A
INCORPORATION DATE	:	10/05/2008
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	101, CECIL STREET, 23-12 TONG ENG BUILDING, 069533, SINGAPORE.
BUSINESS ADDRESS	:	101 CECIL STREET #23 - 12 TONG ENG BUILDING, 069533, SINGAPORE.
TEL.NO.	:	65-62854847
FAX.NO.	:	65-62854487
CONTACT PERSON	:	ZAVERI PARESH CHANDULAL ( DIRECTOR )
PRINCIPAL ACTIVITY	:	SOFTWARE CONSULTANCY & OTHER INFORMATION SERVICE ACTIVITIES
ISSUED AND PAID UP CAPITAL	:	1.00 ORDINARY SHARE, OF A VALUE OF SGD 1.00
SALES	:	N/A
NET WORTH	:	USD 36,892 [2014]
STAFF STRENGTH	:	N/A
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	N/A
PAYMENT	:	Slow but Correct
MANAGEMENT CAPABILITY	:	WEAK
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) software consultancy & other information service activities.

Share Capital History

Date	Issue & Paid Up Capital
17/02/2015	SGD 1.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
KAIROLEAF ANALYTICS PRIVATE 1 LIMITED	31, UTSAV, PODAR ROAD, SANTACRUZ WEST, MUMBAI, 400054, INDIA.	T08UF1999	1.00	100.00
			---------------	------
			1.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	ZAVERI PARESH CHANDULAL
Address	:	3, SIGLAP ROAD, 06 - 23 , MANDARIN GARDENS, 448907, SINGAPORE.
IC / PP No	:	F5568499P
Nationality	:	INDIAN
Date of Appointment	:	10/05/2008

MANAGEMENT

1)	Name of Subject	:	ZAVERI PARESH CHANDULAL
	Position	:	DIRECTOR

AUDITOR

Auditor	:	S. RENGANATHAN & CO.
Auditor' Address	:	N/A

COMPANY SECRETARIES

No company secretary was found in our databank.

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	:	N/A
Overseas	:	N/A

The Subject is a service provider. 

CLIENTELE

Local	:	N/A
Overseas	:	N/A

The staff from the registered office refused to disclose the Subject's clientele. 

OPERATIONS

Services

:

SOFTWARE CONSULTANCY & OTHER INFORMATION SERVICE ACTIVITIES

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) software consultancy & other information service activities. 

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	:	65-62854847
Match	:	N/A
Address Provided by Client	:	N/A
Current Address	:	101 CECIL STREET #23 - 12 TONG ENG BUILDING, 069533, SINGAPORE.
Match	:	N/A

Other Investigations

we contacted one of the staff from the Subject' registered office and he only provided limited information.

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

He refused to comment anything on its nil turnover for the year 2014.

FINANCIAL ANALYSIS

The Subject's turnover was nil during the year indicate that it was inactive. As a result, we are unable to comment on its financial performance.

Overall financial condition of the Subject : N/A

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 :	INFORMATION TECHNOLOGY
Singapore's infocomm services industry is well-positioned to tap into the new business opportunities of the digital age. An early mover in infocomm technology, Singapore today ranks as the second most network-ready country in the world and the first in Asia, according to the World Economic Forum's "Global Information Technology Report 2014". The roll out of the Intelligent Nation 2015 Master Plan and the National Broadband Network will further strengthen Singapore's infrastructure network.
Furthermore, BMI has a positive outlook for the growth of Singapore's IT market in 2014, which will underperform emerging market growth rates, but is expected to outperform against other developed markets. Strong income growth, exposure to the APAC growth story and government policy will all support IT market growth over the medium term. Growth from the sales of PC and devices will slow as high device penetration in the city state means little prospect for first time sales, but short replacement cycles and strong demand for premium devices will ensure it remains a lucrative market for vendors. Considering the government active push to promote Singapore as a destination for cloud, big data and analytics services, Singapore should be a strong contender in the data centre space against peers such as Australia, Taiwan, South Korea and Hong Kong.
The information & communications sector grew by 2.3% in the third quarter of 2014. Previously, in the fourth quarter of 2013, the information & communications sector grew by 5.0%, following the 6.0% expansion in the preceding quarter. For the whole of 2013, growth was 5.5%, lower than the 6.2% in 2012.
Nonetheless, computer hardware sales forecast to increase from SGD2.926bn in 2014 to SGD3.333bn in 2018, equating to a compound annual growth rate (CAGR) of 3.5% in local currency terms. The slowdown in tablet sales represents downside by a stabilization in desktop and notebook volumes will see the market continue to grow over the medium term. Besides, software sales forecast to increase from SGD1.436bn in 2014 to SGD1.733bn in 2018, representing a CAGR of 5.2% in local currency terms. SME demand for basic enterprise software (particularly SaaS), complex deployments by large enterprises and investments in security software will all be growth areas.
IT Services sales forecast to increase from SGD3.236bn in 2014 to SGD4.091bn in 2018, equating to a CAGR of 5.9% in local currency terms. Growing demand for cloud computing, big data and analytics services from telecoms, healthcare, logistics and government will support IT services outperformance.
The Intelligent Nation 2015 master plan lays out the blueprint for Singapore’s infocomm strategies in the digital age, with the creation of some 80,000 jobs and an increase of value-add to SGD 26 billion. The master plan will incorporate emerging technologies and leverage strategic developments. Some of these emerging developments include Cloud Computing, Business Analytics and Green ICT. While Singapore has performed well in international e-Government rankings, the next e-Government master plan is already in the pipeline to ensure that we remain at the forefront of e-Government practice and services.
OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 2008, the Subject is a Private Limited company, focusing on analysis business. 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. However, with a strong backing from its shareholder, the Subject enjoys timely financial assistance should the needs arise. 

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 an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. 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 zero geared company, the Subject virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. Given a positive net worth standing at USD 36,892, the Subject should be able to maintain its business in the near terms. 

Having a strong assets backing, the Subject possesses latent assets as collateral for further financial extension. Hence, it has good chance of getting loans if the needs arises. 

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. 

Based on the above condition, we recommend credit be granted to the Subject promptly.

PROFIT AND LOSS ACCOUNT

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

KAIROLEAF ANALYTICS (S) PTE. LTD.

Financial Year End	2014-03-31	2013-03-31
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
PROFIT/(LOSS) FROM OPERATIONS	(1,537)	105,766
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	(1,537)	105,766
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	(1,537)	105,766
	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	38,428	(67,338)
	----------------	----------------
As restated	38,428	(67,338)
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	36,891	38,428
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	36,891	38,428
	=============	=============

BALANCE SHEET

KAIROLEAF ANALYTICS (S) PTE. LTD.

Amount due from holding company	40,704	40,704
Cash & bank balances	1,031	51
	----------------	----------------
TOTAL CURRENT ASSETS	41,735	40,755
	----------------	----------------
TOTAL ASSET	41,735	40,755
	=============	=============
Other creditors & accruals	4,843	2,326
	----------------	----------------
TOTAL CURRENT LIABILITIES	4,843	2,326
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	36,892	38,429
	----------------	----------------
TOTAL NET ASSETS	36,892	38,429
	=============	=============
SHARE CAPITAL
Ordinary share capital	1	1
	----------------	----------------
TOTAL SHARE CAPITAL	1	1
Retained profit/(loss) carried forward	36,891	38,428
	----------------	----------------
TOTAL RESERVES	36,891	38,428
	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	36,892	38,429
	----------------	----------------
	36,892	38,429
	=============	=============

FINANCIAL RATIO

KAIROLEAF ANALYTICS (S) PTE. LTD.

TYPES OF FUNDS
Cash	1,031	51
Net Liquid Funds	1,031	51
Net Liquid Assets	36,892	38,429
Net Current Assets/(Liabilities)	36,892	38,429
Net Tangible Assets	36,892	38,429
Net Monetary Assets	36,892	38,429
BALANCE SHEET ITEMS
Total Borrowings	0	0
Total Liabilities	4,843	2,326
Total Assets	41,735	40,755
Net Assets	36,892	38,429
Net Assets Backing	36,892	38,429
Shareholders' Funds	36,892	38,429
Total Share Capital	1	1
Total Reserves	36,891	38,428
LIQUIDITY (Times)
Cash Ratio	0.21	0.02
Liquid Ratio	8.62	17.52
Current Ratio	8.62	17.52
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0
Debtors Ratio	0	0
Creditors Ratio	0	0
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00
Liabilities Ratio	0.13	0.06
Times Interest Earned Ratio	0.00	0.00
Assets Backing Ratio	1.00	1.00
PERFORMANCE RATIO (%)
Operating Profit Margin	0.00	0.00
Net Profit Margin	0.00	0.00
Return On Net Assets	(4.17)	275.22
Return On Capital Employed	(4.17)	275.22
Return On Shareholders' Funds/Equity	(4.17)	275.22

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 :	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.