MIRA INFORM REPORT

Report No. :	321758
Report Date :	15.05.2015

IDENTIFICATION DETAILS

Name :	METAL ONE SINGAPORE PTE. LTD.
Formerly Known As :	METAL ONE ASIA PTE. LTD. (16/08/2007) MC STEEL TRADE CENTRE PTE LTD (07/01/2003)
Registered Office :	9, Temasek Boulevard, 26-03, Suntec Tower Two, 038989
Country :	Singapore
Financials (as on) :	31.12.2014
Date of Incorporation :	18.07.1996
Com. Reg. No.:	199605239-M
Legal Form :	Private Limited
Line of Business :	Trading of Metals
No. of Employees :	21 [2015]

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 :	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. Unemployment is very low. 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. Growth in 2014 was slower at 13.9%, 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. Singapore is a member of the 12-nation Trans-Pacific Partnership free trade agreement negotiations and, with the nine other ASEAN members, will form the ASEAN Economic Community in 2015.

Source : CIA

EXECUTIVE SUMMARY

REGISTRATION NO.	:	199605239-M
COMPANY NAME	:	METAL ONE SINGAPORE PTE. LTD.
FORMER NAME	:	METAL ONE ASIA PTE. LTD. (16/08/2007) MC STEEL TRADE CENTRE PTE LTD (07/01/2003)
INCORPORATION DATE	:	18/07/1996
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	9, TEMASEK BOULEVARD, 26-03, SUNTEC TOWER TWO, 038989, SINGAPORE.
BUSINESS ADDRESS	:	9, TEMASEK BOULEVARD, 26-03, SUNTEC TOWER TWO, 038989, SINGAPORE.
TEL.NO.	:	65-65061360
FAX.NO.	:	65-65061390
CONTACT PERSON	:	HIDEKI KINO ( MANAGING DIRECTOR )
PRINCIPAL ACTIVITY	:	TRADING OF METALS
ISSUED AND PAID UP CAPITAL	:	1,100,000.00 ORDINARY SHARE, OF A VALUE OF USD 1,100,000.00
SALES	:	USD 61,367,842 [2014]
NET WORTH	:	USD 1,324,227 [2014]
STAFF STRENGTH	:	21 [2015]
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	MODERATE
PAYMENT	:	GOOD
MANAGEMENT CAPABILITY	:	AVERAGE
COMMERCIAL RISK	:	LOW
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 metals.

The immediate holding company of the Subject is METAL ONE CORPORATION, a company incorporated in JAPAN.

Share Capital History

Date	Issue & Paid Up Capital
13/05/2015	USD 1,100,000.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
METAL ONE CORPORATION	2-7-2, MARUNOUCHI, CHIYODA-KU TOKYO, 100-7032, JAPAN.	T03UF1040	1,100,000.00	100.00
			---------------	------
			1,100,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	SHINGO TORII
Address	:	6-19-54-207, AKASAKA MINATO-KU, TOKYO, 107-0052, JAPAN.
IC / PP No	:	TH7370414
Nationality	:	JAPANESE
Date of Appointment	:	01/06/2012

DIRECTOR 2

Name Of Subject	:	SOTARO INOUE
Address	:	MARRIOT EXECUTIVE APARTMENTS, SUKHUMVIT PARK-BANGKOK, 90, SUKHUMVIT SOI 24, BANGKOK, 10110, THAILAND.
IC / PP No	:	TH5396966
Nationality	:	JAPANESE
Date of Appointment	:	01/04/2014

DIRECTOR 3

Name Of Subject	:	MR. HIDEKI KINO
Address	:	28, CUSCADEN ROAD, 13-10, CUSCADEN RESIDENCES, 249723, SINGAPORE.
IC / PP No	:	F5627698W
Nationality	:	JAPANESE
Date of Appointment	:	01/12/2010

DIRECTOR 4

Name Of Subject	:	SHINICHI SUDA
Address	:	SETA, 4-40-14, ROYAL SEASONS SETA ROOM 206, SETAGAYA-KU, TOKYO 198-0095, JAPAN.
IC / PP No	:	TH4315794
Nationality	:	JAPANESE
Date of Appointment	:	01/04/2015

MANAGEMENT

1)	Name of Subject	:	HIDEKI KINO
	Position	:	MANAGING DIRECTOR

AUDITOR

Auditor	:	DELOITTE & TOUCHE LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	CHAN CHOW PHENG
	IC / PP No	:	S1298885J
	Address	:	59, TELOK BLANGAH HEIGHTS, 04-11, 100059, SINGAPORE.

2)	Company Secretary	:	CHANG SOW KUEN
	IC / PP No	:	S1365694J
	Address	:	130, GEYLANG EAST AVENUE 1, 02-299, 380130, 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 Subject refused to disclose its 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	:	YES
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	WORLDWIDE
Credit Term	:	N/A
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Goods Traded

:

METALS

Total Number of Employees:
YEAR	2015	2014
GROUP	N/A	N/A
COMPANY	21	20

Branch

:

NO

Other Information:

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

The Subject sells metal and others. 

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	6565061360
Current Telephone Number	:	65-65061360
Match	:	YES
Address Provided by Client	:	9, TEMASEK BOULEVARD, 26-03, SUNTEC TOWER TWO,038989,SINGAPORE
Current Address	:	9, TEMASEK BOULEVARD, 26-03, SUNTEC TOWER TWO, 038989, SINGAPORE.
Match	:	YES

Other Investigations

On 12th May 2015 we contacted one of the staff from the Subject and she provided some information.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Decreased	[	2010 - 2014	]
Profit/(Loss) Before Tax	:	Decreased	[	2010 - 2014	]
Return on Shareholder Funds	:	Acceptable	[	16.93%	]
Return on Net Assets	:	Acceptable	[	25.80%	]
The continuous fall in turnover could be due to the lower demand for the Subject's products / services.The Subject's profit fell sharply because of the high operating costs incurred. The Subject's management had generated acceptable return for its shareholders using its assets.
Working Capital Control
Stock Ratio	:	Favourable	[	0 Days	]
Debtor Ratio	:	Favourable	[	35 Days	]
Creditors Ratio	:	Favourable	[	1 Days	]
The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in 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	[	1.18 Times	]
Current Ratio	:	Unfavourable	[	1.18 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	:	Acceptable	[	8.38 Times	]
Gearing Ratio	:	Unfavourable	[	3.55 Times	]
The Subject's interest cover was slightly low. If there is no sharp fall in its profit or sudden increase in the interest rates, we believe the Subject is able to generate sufficient income to service its interest and repay the loans. 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 Subject's performance deteriorated over the years with lower turnover and profit. 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 had an acceptable interest cover. If there is no sudden sharp increase in interest rate or fall in the Subject's profit, we do believe the Subject is able to generate sufficient cash flow to service its interest payment. 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 : FAIR

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 1996, the Subject is a Private Limited company, focusing on trading of metals. Having been in the industry for over a decade, the Subject has achieved a certain market share and has built up a satisfactory reputation in the market. It should have received supports from its regular customers. A paid up capital of USD 1,100,000 allows the Subject to expand its business more comfortably. With a strong backing from its holding company, the Subject enjoys timely financial assistance should the needs arise.

Over the years, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. Being a small company, the Subject's business operation is supported by 21 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. 

The Subject's business performance showed a reverse trend as both its turnover and pre-tax profit have decreased compared to the previous year. 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. 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. Given a positive net worth standing at USD 1,324,227, the Subject should be able to maintain its business in the near terms. 

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

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.

METAL ONE SINGAPORE PTE. LTD.

Financial Year End	2014-03-31	2013-03-31	2012-03-31	2011-03-31	2010-03-31
Months	12	12	12	12	12
Consolidated Account	Company	Company	Company	Company	Company
Audited Account	YES	YES	YES	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES	YES	YES	YES
Financial Type	FULL	FULL	FULL	SUMMARY	SUMMARY
Currency	USD	USD	USD	SGD	SGD
TURNOVER	61,367,842	93,897,169	146,469,989	108,266,672	84,418,640
Other Income	1,497,609	622,647	378,625	-	-
	----------------	----------------	----------------	----------------	----------------
Total Turnover	62,865,451	94,519,816	146,848,614	108,266,672	84,418,640
Costs of Goods Sold	(59,683,198)	(91,042,224)	(142,815,209)	-	-
	----------------	----------------	----------------	----------------	----------------
Gross Profit	3,182,253	3,477,592	4,033,405	-	-
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	300,907	490,474	1,063,166	-	1,344,878
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	300,907	490,474	1,063,166	-	1,344,878
Taxation	(76,680)	(88,244)	(151,030)	0	(228,182)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	224,227	402,230	912,136	-	1,116,696
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	402,230	632,764	(279,372)	3,566,868	2,450,172
Prior year adjustment	-	-	-	(3,846,240)	-
	----------------	----------------	----------------	----------------	----------------
As restated	402,230	632,764	(279,372)	(279,372)	2,450,172
	----------------	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	626,457	1,034,994	632,764	(279,372)	3,566,868
DIVIDENDS - Ordinary (paid & proposed)	(402,230)	(632,764)	-	-	-
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	224,227	402,230	632,764	(279,372)	3,566,868
	=============	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Others	40,799	69,424	97,557	-	-
	----------------	----------------	----------------	----------------	----------------
	40,799	69,424	97,557	-	-
	=============	=============	=============	-	-
DEPRECIATION (as per notes to P&L)	13,180	14,703	18,761	-	-
	----------------	----------------	----------------	----------------	----------------
	13,180	14,703	18,761	-	-
	=============	=============	=============

BALANCE SHEET

METAL ONE SINGAPORE PTE. LTD.

ASSETS EMPLOYED:
FIXED ASSETS	28,366	41,546	18,725	644,681	205,861
Investments	5,000	5,000	5,000	-	-
Deferred assets	17,440	93,067	195,067	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	22,440	98,067	200,067	-	-
Others	83,288	83,288	83,288	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL INTANGIBLE ASSETS	83,288	83,288	83,288	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	134,094	222,901	302,080	644,681	205,861
Stocks	32,038	106,118	233,659	-	-
Trade debtors	5,844,408	11,952,702	11,843,851	-	-
Other debtors, deposits & prepayments	703,747	226,609	309,344	-	-
Amount due from holding company	286,025	294,810	14,646	-	-
Amount due from related companies	374,720	4,627	71,556	-	-
Cash & bank balances	522,512	512,625	743,722	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	7,763,450	13,097,491	13,216,778	18,976,672	15,015,774
	----------------	----------------	----------------	----------------	----------------
TOTAL ASSET	7,897,544	13,320,392	13,518,858	19,621,354	15,221,635
	=============	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	224,733	592,085	1,001,140	-	-
Other creditors & accruals	384,697	268,160	338,395	-	-
Bank overdraft	2,552,678	4,070,988	6,224,060	-	-
Short term borrowings/Term loans	578,068	1,097,287	868,341	-	-
Other borrowings	1,576,452	193,148	622,234	-	-
Deposits from customers	496,802	74,704	132,800	-	-
Amounts owing to holding company	752,635	5,371,159	2,092,713	-	-
Amounts owing to related companies	7,252	150,631	506,411	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	6,573,317	11,818,162	11,786,094	18,582,849	10,550,927
	----------------	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	1,190,133	1,279,329	1,430,684	393,824	4,464,847
	----------------	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	1,324,227	1,502,230	1,732,764	1,038,505	4,670,709
	=============	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	1,100,000	1,100,000	1,100,000	1,100,000	1,100,000
	----------------	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	1,100,000	1,100,000	1,100,000	1,100,000	1,100,000
Retained profit/(loss) carried forward	224,227	402,230	632,764	(279,372)	3,566,868
Others	-	-	-	(61,495)	0
	----------------	----------------	----------------	----------------	----------------
TOTAL RESERVES	224,227	402,230	632,764	(61,495)	3,566,868
	----------------	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	1,324,227	1,502,230	1,732,764	1,038,505	4,666,868
TOTAL LONG TERM LIABILITIES	-	-	-	0	3,841
	----------------	----------------	----------------	----------------	----------------
	1,324,227	1,502,230	1,732,764	1,038,505	4,670,709
	=============	=============	=============	=============	=============

FINANCIAL RATIO

METAL ONE SINGAPORE PTE. LTD.

TYPES OF FUNDS
Cash	522,512	512,625	743,722	-	-
Net Liquid Funds	(2,030,166)	(3,558,363)	(5,480,338)	-	-
Net Liquid Assets	1,158,095	1,173,211	1,197,025	393,823	4,464,847
Net Current Assets/(Liabilities)	1,190,133	1,279,329	1,430,684	393,823	4,464,847
Net Tangible Assets	1,240,939	1,418,942	1,649,476	1,038,505	4,670,709
Net Monetary Assets	1,158,095	1,173,211	1,197,025	393,823	4,461,006
BALANCE SHEET ITEMS
Total Borrowings	4,707,198	5,361,423	7,714,635	-	-
Total Liabilities	6,573,317	11,818,162	11,786,094	18,582,849	10,554,768
Total Assets	7,897,544	13,320,392	13,518,858	19,621,353	15,221,635
Net Assets	1,324,227	1,502,230	1,732,764	1,038,505	4,670,708
Net Assets Backing	1,324,227	1,502,230	1,732,764	1,038,504	4,666,867
Shareholders' Funds	1,324,227	1,502,230	1,732,764	1,038,505	4,666,868
Total Share Capital	1,100,000	1,100,000	1,100,000	1,100,000	1,100,000
Total Reserves	224,227	402,230	632,764	(61,495)	3,566,868
LIQUIDITY (Times)
Cash Ratio	0.08	0.04	0.06	-	-
Liquid Ratio	1.18	1.10	1.10	-	-
Current Ratio	1.18	1.11	1.12	1.02	1.42
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0	1	-	-
Debtors Ratio	35	46	30	-	-
Creditors Ratio	1	2	3	-	-
SOLVENCY RATIOS (Times)
Gearing Ratio	3.55	3.57	4.45	-	-
Liabilities Ratio	4.96	7.87	6.80	17.89	2.26
Times Interest Earned Ratio	8.38	8.06	11.90	-	-
Assets Backing Ratio	1.13	1.29	1.50	0.94	4.25
PERFORMANCE RATIO (%)
Operating Profit Margin	0.49	0.52	0.73	-	1.59
Net Profit Margin	0.37	0.43	0.62	-	1.32
Return On Net Assets	25.80	37.27	66.99	-	28.79
Return On Capital Employed	8.63	9.90	14.44	-	28.79
Return On Shareholders' Funds/Equity	16.93	26.78	52.64	-	23.93
Dividend Pay Out Ratio (Times)	1.79	1.57	0.00	-	-
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.84
UK Pound	1	Rs.100.65
Euro	1	Rs.72.88

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	SHG

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.