MIRA INFORM REPORT

Report Date :

02.01.2015

IDENTIFICATION DETAILS

Name :	THRIVENI RESOMIN PTE. LIMITED
Registered Office :	1, North Bridge Road, 19-04/05, High Street Centre, 179094
Country :	Singapore
Financials (as on) :	31.03.2014
Date of Incorporation :	30.11.2011
Com. Reg. No.:	201134481-W
Legal Form :	Private Limited Company
Line of Business :	Engaged in trading of minerals such as Iron Ore, Copper, Bauxite, Limestone, Lignite, Amour Rock and Aggregates.
No of Employees :	Not Available [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 :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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.	:	201134481-W
COMPANY NAME	:	THRIVENI RESOMIN PTE. LIMITED
FORMER NAME	:	N/A
INCORPORATION DATE	:	30/11/2011
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	1, NORTH BRIDGE ROAD, 19-04/05, HIGH STREET CENTRE, 179094, SINGAPORE.
BUSINESS ADDRESS	:	1 NORTH BRIDGE ROAD #19- 04/05 HIGH STREET CENTRE,, 179094, SINGAPORE.
TEL.NO.	:	65-63372473
FAX.NO.	:	65-63382844
CONTACT PERSON	:	KARTHIKEYAN BALASUBRAMANIAN ( DIRECTOR )
PRINCIPAL ACTIVITY	:	Engaged in trading of minerals such as Iron Ore, Copper, Bauxite, Limestone, Lignite, Amour Rock and Aggregates.
ISSUED AND PAID UP CAPITAL	:	100,000.00 ORDINARY SHARE, OF A VALUE OF USD 100,000.00
SALES	:	USD 37,278,350 [2014]
NET WORTH	:	USD 343,469 [2014]
STAFF STRENGTH	:	n/a [2014]
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	LIMITED
PAYMENT	:	Slow
MANAGEMENT CAPABILITY	:	AVERAGE
COMMERCIAL RISK	:	MODERATE
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 minerals.

The immediate holding company of the Subject is THRIVENI EARTHMOVERS PRIVATE LIMITED, a company incorporated in INDIA.

Share Capital History

Date	Issue & Paid Up Capital
31/12/2014	USD 100,000.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
THRIVENI EARTHMOVERS PRIVATE LIMITED	NO.22/110, GREENWAYS ROAD, FAIRLANDS, SALEM, 636016, INDIA.	T11UF4754J	100,000.00	100.00
			---------------	------
			100,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	KARTHIKEYAN BALASUBRAMANIAN
Address	:	NEW NO.120/3, OLD NO.3/75A, PLOT NO.65, NEW FAIRLANDS, SALEM, 636016, INDIA.
IC / PP No	:	Z1966731
Nationality	:	INDIAN
Date of Appointment	:	30/11/2011

DIRECTOR 2

Name Of Subject	:	KONDA SRINIVASA RAOPANDURENGAN KIRUPA DEVI
Address	:	12, KITCHENER LINK, 02-22, CITY SQUARE RESIDENCES, 207224, SINGAPORE.
IC / PP No	:	S8479672G
Nationality	:	SINGAPOREAN
Date of Appointment	:	19/06/2013

MANAGEMENT

1)	Name of Subject	:	KARTHIKEYAN BALASUBRAMANIAN
	Position	:	DIRECTOR

AUDITOR

Auditor	:	NATARAJAN & SWAMINATHAN
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	KONDA SRINIVASA RAOPANDURENGAN KIRUPA DEVI
	IC / PP No	:	S8479672G
	Address	:	12, KITCHENER LINK, 02-22, CITY SQUARE RESIDENCES, 207224, 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	:	N/A
Overseas	:	N/A

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

CLIENTELE

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

OPERATIONS

Goods Traded

:

MINERALS

Total Number of Employees:
YEAR	2014
COMPANY	n/a

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) trading of minerals. 

The Subject deals with minerals such as Iron Ore, Copper, Bauxite, Limestone, Lignite, Amour Rock and Aggregates. 

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-63372473
Match	:	N/A
Address Provided by Client	:	THE NOMAD OFFICES RAFFLES PLACE 3 RAFFLE PLACE 09-09 A BHARAT BUILDING SINGAPORE 048617
Current Address	:	1 NORTH BRIDGE ROAD #19- 04/05 HIGH STREET CENTRE,, 179094, SINGAPORE.
Match	:	NO

Other Investigations

we contacted one of the staff from the Subject's registered office and she only provided limited information.
She is not aware of the address provided.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	354.72%	]
Profit/(Loss) Before Tax	:	Decreased	[	(136.29%)	]
Return on Shareholder Funds	:	Favourable	[	108.88%	]
Return on Net Assets	:	Favourable	[	176.05%	]
The increase in turnover could be due to the Subject adopting an aggressive marketing strategy.The management had succeeded in turning the Subject into a profit making company. The profit could be due to better control of its operating costs and efficiency in utilising its resources. Generally the Subject was profitable. The favourable return on shareholders' funds and return on net assets indicate that the Subject's management was efficient in utilising the assets to generate returns.
Working Capital Control
Stock Ratio	:	Nil	[	0 Days	]
Debtor Ratio	:	Favourable	[	4 Days	]
Creditors Ratio	:	Favourable	[	0 Days	]
As the Subject is a service oriented company, the Subject does not need to keep stocks. The favourable debtors' days could be due to the good credit control measures implemented by the Subject. The Subject had a favourable creditors' ratio where the Subject could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.
Liquidity
Liquid Ratio	:	Favourable	[	1.20 Times	]
Current Ratio	:	Unfavourable	[	1.20 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	[	2.62 Times	]
Gearing Ratio	:	Unfavourable	[	4.24 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 :
The higher turnover had helped to reduce the Subject's losses. 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 :	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 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 2011, the Subject is a Private Limited company, focusing on trading of minerals. 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. The Subject have a strong support from its holding company. However, the Subject does not have a strong capital position of USD 100,000. Without a strong capital, the Subject may face difficulties to expand its business compared to other large corporation. 

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. 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. Based on the higher profitability, the Subject has generated a favourable return based on its existing shareholders' funds 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. 

Without a strong assets backing, the Subject may face difficulties in getting loans for its future expansion and continued growth . 

The industry shows an upward trend and this trend is very likely to sustain in the near terms. 

In view of the above, we recommend credit be granted to the Subject with close monitoring.

PROFIT AND LOSS ACCOUNT

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

THRIVENI RESOMIN PTE. LIMITED

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
TURNOVER	37,278,350	8,198,006
Other Income	9,914	13,374
	----------------	----------------
Total Turnover	37,288,264	8,211,380
Costs of Goods Sold	(36,589,090)	(8,111,604)
	----------------	----------------
Gross Profit	699,174	99,776
	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	373,952	(1,030,483)
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	373,952	(1,030,483)
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	373,952	(1,030,483)
	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	(1,030,483)	0
	----------------	----------------
As restated	(1,030,483)	-
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	(656,531)	(1,030,483)
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	(656,531)	(1,030,483)
	=============	=============
Trust receipts	230,728	88,384
	----------------	----------------
	230,728	88,384
	=============	=============

BALANCE SHEET

THRIVENI RESOMIN PTE. LIMITED

ASSETS EMPLOYED:
FIXED ASSETS	3,094	10,200
Others	50,000	-
	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	50,000	-
	----------------	----------------
TOTAL LONG TERM ASSETS	53,094	10,200
Trade debtors	444,124	-
Other debtors, deposits & prepayments	136,333	9,459
Amount due from related companies	1,006,344	1,777,165
Cash & bank balances	176,301	67,213
	----------------	----------------
TOTAL CURRENT ASSETS	1,763,102	1,853,837
	----------------	----------------
TOTAL ASSET	1,816,196	1,864,037
	=============	=============
Other creditors & accruals	15,227	90,379
Bank overdraft	-	9,141
Other borrowings	1,457,500	1,595,000
Amounts owing to holding company	-	200,000
	----------------	----------------
TOTAL CURRENT LIABILITIES	1,472,727	1,894,520
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	290,375	(40,683)
	----------------	----------------
TOTAL NET ASSETS	343,469	(30,483)
	=============	=============
SHARE CAPITAL
Ordinary share capital	1,000,000	1,000,000
	----------------	----------------
TOTAL SHARE CAPITAL	1,000,000	1,000,000
Retained profit/(loss) carried forward	(656,531)	(1,030,483)
	----------------	----------------
TOTAL RESERVES	(656,531)	(1,030,483)
	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	343,469	(30,483)
	----------------	----------------
	343,469	(30,483)
	=============	=============

FINANCIAL RATIO

THRIVENI RESOMIN PTE. LIMITED

TYPES OF FUNDS
Cash	176,301	67,213
Net Liquid Funds	176,301	58,072
Net Liquid Assets	290,375	(40,683)
Net Current Assets/(Liabilities)	290,375	(40,683)
Net Tangible Assets	343,469	(30,483)
Net Monetary Assets	290,375	(40,683)
BALANCE SHEET ITEMS
Total Borrowings	1,457,500	1,604,141
Total Liabilities	1,472,727	1,894,520
Total Assets	1,816,196	1,864,037
Net Assets	343,469	(30,483)
Net Assets Backing	343,469	(30,483)
Shareholders' Funds	343,469	(30,483)
Total Share Capital	1,000,000	1,000,000
Total Reserves	(656,531)	(1,030,483)
LIQUIDITY (Times)
Cash Ratio	0.12	0.04
Liquid Ratio	1.20	0.98
Current Ratio	1.20	0.98
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0
Debtors Ratio	4	0
Creditors Ratio	0	0
SOLVENCY RATIOS (Times)
Gearing Ratio	4.24	(52.62)
Liabilities Ratio	4.29	(62.15)
Times Interest Earned Ratio	2.62	(10.66)
Assets Backing Ratio	0.34	(0.03)
PERFORMANCE RATIO (%)
Operating Profit Margin	1.00	(12.57)
Net Profit Margin	1.00	(12.57)
Return On Net Assets	176.05	3,090.57
Return On Capital Employed	176.05	4,414.30
Return On Shareholders' Funds/Equity	108.88	3,380.52
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.63.32
UK Pound	1	Rs.98.64
Euro	1	Rs.76.60

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.