MIRA INFORM REPORT

Report No. :	332965
Report Date :	24.07.2015

IDENTIFICATION DETAILS

Name :	ESS DEE ALUMINIUM PTE. LIMITED
Registered Office :	101, Cecil Street, 11-05, Tong Eng Building, 069533
Country :	Singapore
Financials (as on) :	31.03.2014
Date of Incorporation :	15.12.2011
Com. Reg. No.:	201135705-Z
Legal Form :	Private Limited
Line of Business :	Subject is engaged in trading of aluminium
No. of Employees :	Not Available

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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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. Unemployment is very low. The economy depends heavily on exports, particularly of consumer electronics, information technology products, medical and optical devices, pharmaceuticals, and on its vibrant transportation, business, and financial services sectors. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but has continued to grow since 2010 on the strength of renewed exports. Growth in 2014 was slower at 2.9%, largely a result of soft demand for exports amid a sluggish global economy and weak growth in Singapore’s manufacturing sector. The government is attempting to restructure Singapore’s economy by weaning its dependence on foreign labor, addressing weak productivity, and increasing Singaporean wages. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and high-tech hub. Singapore is a member of the 12-nation Trans-Pacific Partnership free trade negotiations, the Regional Comprehensive Economic Partnership negotiations with the nine other ASEAN members plus Australia, China, India, Japan, South Korea and New Zealand, and in 2015, Singapore will form, with the other ASEAN members, the ASEAN Economic Community.

Source : CIA

EXECUTIVE SUMMARY

REGISTRATION NO.	:	201135705-Z
COMPANY NAME	:	ESS DEE ALUMINIUM PTE. LIMITED
FORMER NAME	:	N/A
INCORPORATION DATE	:	15/12/2011
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	101, CECIL STREET, 11-05, TONG ENG BUILDING, 069533, SINGAPORE.
BUSINESS ADDRESS	:	101, CECIL STREET, 11-05, TONG ENG BUILDING, 069533, SINGAPORE.
TEL.NO.	:	65-65348607
FAX.NO.	:	N/A
CONTACT PERSON	:	SUDIP BIJAY DUTTA ( DIRECTOR )
PRINCIPAL ACTIVITY	:	TRADING OF ALUMINIUM
ISSUED AND PAID UP CAPITAL	:	2,201,000.00 ORDINARY SHARE, OF A VALUE OF SGD 2,201,000.00
SALES	:	USD 817,443 [2014]
NET WORTH	:	USD (1,877,383) [2014]
STAFF STRENGTH	:	N/A
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	POOR
PAYMENT	:	SLOW
MANAGEMENT CAPABILITY	:	WEAK
COMMERCIAL RISK	:	N/A
CURRENCY EXPOSURE	:	N/A
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 aluminium.

The immediate holding company of the Subject is ESS DEE ALUMINIUM LIMITED, a company incorporated in INDIA.

Share Capital History

Date	Issue & Paid Up Capital
22/07/2015	SGD 2,201,000.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
ESS DEE ALUMINIUM LIMITED	1, SAGORE DUTTA GHAT ROAD, KAMARHATI, KOLKATA, WEST BENGAL, 700058, INDIA.	T11UF5005	2,201,000.00	100.00
			---------------	------
			2,201,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	SHALINI SHARMA
Address	:	38, KEPPEL BAY DRIVE, 01-88, CARIBBEAN AT KEPPEL BAY, 098654, SINGAPORE.
IC / PP No	:	S7464882G
Nationality	:	SINGAPOREAN
Date of Appointment	:	30/04/2014

DIRECTOR 2

Name Of Subject	:	SUDIP BIJAY DUTTA
Address	:	63, COVE DRIVE, 098266, SINGAPORE.
IC / PP No	:	S7288692E
Nationality	:	SINGAPOREAN
Date of Appointment	:	15/12/2011

MANAGEMENT

1)	Name of Subject	:	SUDIP BIJAY DUTTA
	Position	:	DIRECTOR

AUDITOR

Auditor	:	D. ARUMUGAM & CO
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	LIM SOH SEA
	IC / PP No	:	S7077960I
	Address	:	101A, LORONG 2, TOA PAYOH, 08-07, 310101, SINGAPORE.

2)	Company Secretary	:	MASDEWIANA BINTE MOHD KASIM
	IC / PP No	:	S7935914I
	Address	:	213, TAMPINES STREET 23, 02-169, 520213, 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 againt the Subject whether the subject has been involved in any litigation.

No legal action was found in our databank.

No winding up petition was found in our databank.

PAYMENT RECORD

SOURCES OF RAW MATERIALS:
Local	:	N/A
Overseas	:	N/A

The staff from the registered office refused to disclose the Subject'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	[		]	Average 61-90 Days	[	]
Fair 91-120 Days	[	]	Poor >120 Days	[	X	]

CLIENTELE

Local	:	N/A
Overseas	:	N/A

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

OPERATIONS

Goods Traded

:

ALUMINIUM

Branch

:

NO

Other Information:

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

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	:	(65 62204946)
Current Telephone Number	:	65-65348607
Match	:	NO
Address Provided by Client	:	101, CECIL STREET, #11-05, TONG ENG BUILDING, SINGAPORE 06953
Current Address	:	101, CECIL STREET, 11-05, TONG ENG BUILDING, 069533, SINGAPORE.
Match	:	NO

Other Investigations

We contacted one of the staff from the Subject'S registered office and she only provided limited information.

She refused to disclose the Subject's number of employees and fax number.

The address provided is incomplete.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	(0.00%)	]
Profit/(Loss) Before Tax	:	Decreased	[	(37.51%)	]
Return on Shareholder Funds	:	Unfavourable	[	67.96%	]
Return on Net Assets	:	Unfavourable	[	(344.58%)	]
The higher turnover could be attributed to the favourable market condition.The Subject could be more efficient in controlling its operating costs and had managed to reduce its losses during the year. 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	:	Nil	[	0 Days	]
Debtor Ratio	:	Favourable	[	32 Days	]
Creditors Ratio	:	Unfavourable	[	335 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 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	:	Favourable	[	1.03 Times	]
Current Ratio	:	Unfavourable	[	1.03 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	[	(51.56 Times)	]
Gearing Ratio	:	Unfavourable	[	(0.76 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 :
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. 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)

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 aluminium. 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 SGD 2,201,000. The Subject have a strong support from its holding company. 

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. 

Despite the higher turnover, the Subject suffered pre-tax losses which reflected a highly competitive business environment. 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. 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 -1,877,383. 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 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 shows an upward trend and this trend is very likely to sustain in the near terms. 

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.

Financial Year End	2014-03-31	2013-03-31	2012-03-31
Months	12	12	12
Consolidated Account	Company	Company	Company
Audited Account	YES	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES	YES
Financial Type	FULL	FULL	FULL
Currency	USD	USD	USD
TURNOVER	817,443	-	-
Other Income	-	-	22,875
	----------------	----------------	----------------
Total Turnover	817,443	-	22,875
Costs of Goods Sold	(807,762)	-	-
	----------------	----------------	----------------
Gross Profit	9,681	-	-
	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	(1,275,828)	(2,041,523)	(113,109)
	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	(1,275,828)	(2,041,523)	(113,109)
	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	(1,275,828)	(2,041,523)	(113,109)
	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	(2,154,632)	(113,109)	-
	----------------	----------------	----------------
As restated	(2,154,632)	(113,109)	-
	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	(3,430,460)	(2,154,632)	(113,109)
	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	(3,430,460)	(2,154,632)	(113,109)
	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Bank overdraft	-	16	28
Lease interest	4,516	4,327	1
Term loan / Borrowing	19,759	15,660	-
	----------------	----------------	----------------
	24,275	20,003	29
	=============	=============	=============
DEPRECIATION (as per notes to P&L)	32,743	27,851	2,785
	----------------	----------------	----------------
	32,743	27,851	2,785
	=============	=============	=============

BALANCE SHEET

ASSETS EMPLOYED:
FIXED ASSETS	298,410	319,374	211,313
	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	298,410	319,374	211,313
Trade debtors	72,661	-	-
Other debtors, deposits & prepayments	83,537	129,948	716
Amount due from director	1,646,588	2,002,472	2,809,469
Cash & bank balances	403,617	377,604	713,027
	----------------	----------------	----------------
TOTAL CURRENT ASSETS	2,206,403	2,510,024	3,523,212
	----------------	----------------	----------------
TOTAL ASSET	2,504,813	2,829,398	3,734,525
	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	741,000	-	-
Other creditors & accruals	111,700	109,223	44,534
Hire purchase & lease creditors	38,899	39,457	14,079
Short term borrowings/Term loans	1,250,000	1,000,000	-
Amounts owing to holding company	-	2,111,580	2,111,580
	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	2,141,599	3,260,260	2,170,193
	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	64,804	(750,236)	1,353,019
	----------------	----------------	----------------
TOTAL NET ASSETS	363,214	(430,862)	1,564,332
	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	1,553,077	1,553,077	1,553,077
	----------------	----------------	----------------
TOTAL SHARE CAPITAL	1,553,077	1,553,077	1,553,077
Retained profit/(loss) carried forward	(3,430,460)	(2,154,632)	(113,109)
	----------------	----------------	----------------
TOTAL RESERVES	(3,430,460)	(2,154,632)	(113,109)
	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	(1,877,383)	(601,555)	1,439,968
Lease obligations	129,017	170,693	124,364
Others	2,111,580	-	-
	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	2,240,597	170,693	124,364
	----------------	----------------	----------------
	363,214	(430,862)	1,564,332
	=============	=============	=============

FINANCIAL RATIO

TYPES OF FUNDS
Cash	403,617	377,604	713,027
Net Liquid Funds	403,617	377,604	713,027
Net Liquid Assets	64,804	(750,236)	1,353,019
Net Current Assets/(Liabilities)	64,804	(750,236)	1,353,019
Net Tangible Assets	363,214	(430,862)	1,564,332
Net Monetary Assets	(2,175,793)	(920,929)	1,228,655
PROFIT & LOSS ITEMS
Earnings Before Interest & Tax (EBIT)	0	(2,021,520)	(113,080)
Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)	(1,218,810)	(1,993,669)	(110,295)
BALANCE SHEET ITEMS
Total Borrowings	1,417,916	1,210,150	138,443
Total Liabilities	4,382,196	3,430,953	2,294,557
Total Assets	2,504,813	2,829,398	3,734,525
Net Assets	363,214	(430,862)	1,564,332
Net Assets Backing	(1,877,383)	(601,555)	1,439,968
Shareholders' Funds	(1,877,383)	(601,555)	1,439,968
Total Share Capital	1,553,077	1,553,077	1,553,077
Total Reserves	(3,430,460)	(2,154,632)	(113,109)
LIQUIDITY (Times)
Cash Ratio	0.19	0.12	0.33
Liquid Ratio	1.03	0.77	1.62
Current Ratio	1.03	0.77	1.62
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0	0
Debtors Ratio	32	0	0
Creditors Ratio	335	0	0
SOLVENCY RATIOS (Times)
Gearing Ratio	(0.76)	(2.01)	0.10
Liabilities Ratio	(2.33)	(5.70)	1.59
Times Interest Earned Ratio	(51.56)	(101.06)	(3,899.31)
Assets Backing Ratio	0.23	(0.28)	1.01
PERFORMANCE RATIO (%)
Operating Profit Margin	(156.08)	0	0
Net Profit Margin	(156.08)	0	0
Return On Net Assets	(344.58)	469.18	(7.23)
Return On Capital Employed	(311.24)	516.48	(7.16)
Return On Shareholders' Funds/Equity	67.96	339.37	(7.85)
Dividend Pay Out Ratio (Times)	0	0	0
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.71
UK Pound	1	Rs.99.57
Euro	1	Rs.69.63

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	TRU

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.