MIRA INFORM REPORT

Report No. :	347814
Report Date :	07.11.2015

IDENTIFICATION DETAILS

Name :	STAR INDIA HOLDING PTE. LTD.
Registered Office :	80, Raffles Place, 26-01, Oub Plaza, 048624
Country :	Singapore
Financials (as on) :	31.12.2014
Date of Incorporation :	01.08.2012
Com. Reg. No.:	201219056-E
Legal Form :	Private Limited
Line of Business :	Subject is engaged in Investments Holdings
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.	:	201219056-E
COMPANY NAME	:	STAR INDIA HOLDING PTE. LTD.
FORMER NAME	:	N/A
INCORPORATION DATE	:	01/08/2012
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	80, RAFFLES PLACE, 26-01, OUB PLAZA, 048624, SINGAPORE.
BUSINESS ADDRESS	:	80, RAFFLES PLACE, 26-01, UOB PLAZA 1, 048624, SINGAPORE.
TEL.NO.	:	65-65325746
FAX.NO.	:	65-65327680
CONTACT PERSON	:	GOWRI SAMINATHAN MRS GOWRI WADE ( DIRECTOR )
PRINCIPAL ACTIVITY	:	INVESTMENTS HOLDINGS
ISSUED AND PAID UP CAPITAL	:	1.00 ORDINARY SHARE, OF A VALUE OF USD 1.00
SALES	:	USD 25,661 [2014]
NET WORTH	:	USD (17,731) [2014]
STAFF STRENGTH	:	N/A
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	POOR
PAYMENT	:	FAIR
MANAGEMENT CAPABILITY	:	AVERAGE
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) investments holdings.

Share Capital History

Date	Issue & Paid Up Capital
03/11/2015	USD 1.00

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

Current Shareholder(s) :

Name	Address	IC/PP/Loc No	Shareholding	(%)
STAR INDUSTRIAL HOLDING LIMITED	ORDINANCE HOUSE, 31, PIER ROAD, ST. HELIER, P. O. BOX 83, JERSEY.	T12UF2853	1.00	100.00
			---------------	------
			1.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	GOWRI SAMINATHAN MRS GOWRI WADE
Address	:	28, KELANTAN ROAD, 03-131, 200028, SINGAPORE.
IC / PP No	:	S7043934D
Nationality	:	SINGAPOREAN
Date of Appointment	:	01/08/2012

DIRECTOR 2

Name Of Subject	:	ELIAS SAAD
Address	:	SAAD VILLA-AL RAHI AL SALEH STREET, AIN SAADE-MOUNT LEBANON, LEBANON.
IC / PP No	:	RL 2034753
Nationality	:	LEBANESE
Date of Appointment	:	31/03/2015

DIRECTOR 3

Name Of Subject	:	KHATER MASSAAD
Address	:	GEFINOR CENTER, BLOCK B, BEIRUT, LEBANON.
IC / PP No	:	X3629157
Date of Appointment	:	01/08/2012

MANAGEMENT

1)	Name of Subject	:	GOWRI SAMINATHAN MRS GOWRI WADE
	Position	:	DIRECTOR

AUDITOR

Auditor	:	TKNP INTERNATIONAL
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	CHENG LIAN SIANG
	IC / PP No	:	S1519832Z
	Address	:	7, SIN MING WALK, 20-17, THE GARDENS AT BISHAN, 575577, SINGAPORE.

2)	Company Secretary	:	PATHIMA MUNEERA AZMI
	IC / PP No	:	S2715498J
	Address	:	122, JURONG EAST STREET, 13, 02-31, IVORY HEIGHTS, 600122, 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 Subject is a service provider. 

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	[	X	]	Poor >120 Days	[	]

CLIENTELE

Local	:	N/A
Overseas	:	N/A

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

OPERATIONS

Services

:

INVESTMENTS HOLDINGS

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) investments holdings. 

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	:	65-65325746
Match	:	N/A
Address Provided by Client	:	80, RAFFLES PLACE, #26-01 UOB PLAZA SINGAPORE 048624
Current Address	:	80, RAFFLES PLACE, 26-01, UOB PLAZA 1, 048624, SINGAPORE.
Match	:	YES

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 bankers and number of employees.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	33.10%	]
Profit/(Loss) Before Tax	:	Decreased	[	233.51%	]
Return on Shareholder Funds	:	Unfavourable	[	398.41%	]
Return on Net Assets	:	Unfavourable	[	(14.36%)	]
The increase in turnover could be due to the Subject adopting an aggressive marketing strategy. The Subject incurred losses during the year due to the inefficient control of its operating costs. 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	[	0 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	:	Unfavourable	[	0.05 Times	]
Current Ratio	:	Unfavourable	[	0.05 Times	]
A low liquid ratio means that the Subject may be facing working capital deficiency. If the Subject cannot obtain additional financing or injection of fresh capital, it may face difficulties in meeting its short term obligations.
Solvency
Interest Cover	:	Nil	[	0.00 Times	]
Gearing Ratio	:	Favourable	[	0.00 Times	]
The Subject's interest cover was nil as it did not pay any interest during the year. The Subject had no gearing and hence it had virtually no financial risk. The Subject was financed by its shareholders' funds and internally generated fund. During the economic downturn, the Subject, having a zero gearing, will be able to compete better than those which are highly geared in the same industry.
Overall Assessment :
Although the Subject's turnover increased its profits however showed a reverse trend. The losses could be due to the management's failure to maintain its competitiveness in the market. Due to its weak liquidity position, the Subject will be faced with problems in meeting all its short term obligations if no short term loan is obtained or additional capital injected into the Subject. The Subject did not make any interest payment during the year. The Subject was dependent on its shareholders' funds to finance its business needs. The Subject was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The Subject has good chance of getting loans, if the needs arises.
Overall financial condition of the Subject : POOR

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	2010	2011	2012	2013	2014
Population (Million)	5.08	5.18	5.31	5.40	5.47
Gross Domestic Products ( % )	14.5	4.9	1.3	3.7	(3.5)
Consumer Price Index	2.8	5.2	4.6	2.4	2.4
Total Imports (Million)	423,221.8	459,655.1	474,554.0	466,762.0	463,779.1
Total Exports (Million)	478,840.7	514,741.2	510,329.0	513,391.0	518,922.7
Unemployment Rate (%)	2.2	2.1	2.0	1.9	1.9
Tourist Arrival (Million)	11.64	13.17	14.49	15.46	15.01
Hotel Occupancy Rate (%)	85.6	86.5	86.4	86.3	85.5
Cellular Phone Subscriber (Million)	1.43	1.50	1.52	1.97	1.98
Registration of New Companies (No.)	29,798	32,317	31,892	37,288	41,589
Registration of New Companies (%)	12.8	8.5	(1.3)	9.8	11.5
Liquidation of Companies (No.)	15,126	19,005	17,218	17,369	18,767
Liquidation of Companies (%)	(32.5)	25.6	9.4	(5.3)	8.0
Registration of New Businesses (No.)	23,978	23,494	24,788	22,893	35,773
Registration of New Businesses (%)	(10.78)	2.02	5.51	1.70	56.30
Liquidation of Businesses (No.)	24,211	23,005	22,489	22,598	22,098
Liquidation of Businesses (%)	2.8	(5)	(2.2)	0.5	(2.2)
Bankruptcy Orders (No.)	1,537	1,527	1,748	1,992	1,757
Bankruptcy Orders (%)	(25.3)	(0.7)	14.5	14.0	(11.8)
Bankruptcy Discharges (No.)	2,252	1,391	1,881	2,584	3,546
Bankruptcy Discharges (%)	(26.3)	(38.2)	35.2	37.4	37.2
INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	(0.48)	4.25	3.64	-
Fish Supply & Wholesale	(10.5)	12.10	(0.5)	-	2.80
Manufacturing *	92.8	100.0	100.3	102.0
Food, Beverages & Tobacco	96.4	100.0	103.5	103.5	105.0
Textiles	122.1	100.0	104.0	87.1	74.9
Wearing Apparel	123.3	100.0	92.1	77.8	49.5
Leather Products & Footwear	81.8	100.0	98.6	109.8	95.9
Wood & Wood Products	104.0	100.0	95.5	107.4	112.0
Paper & Paper Products	106.1	100.0	97.4	103.2	103.4
Printing & Media	103.5	100.0	93.0	86.1	80.3
Crude Oil Refineries	95.6	100.0	99.4	93.5	85.6
Chemical & Chemical Products	97.6	100.0	100.5	104.1	114.0
Pharmaceutical Products	75.3	100.0	109.7	107.2	115.7
Rubber & Plastic Products	112.3	100.0	96.5	92.9	92.8
Non-metallic Mineral	92.5	100.0	98.2	97.6	82.2
Basic Metals	102.2	100.0	90.6	76.5	98.3
Fabricated Metal Products	103.6	100.0	104.3	105.1	105.1
Machinery & Equipment	78.5	100.0	112.9	114.5	124.0
Electrical Machinery	124.1	100.0	99.3	108.5	121.3
Electronic Components	113.6	100.0	90.6	94.3	95.0
Transport Equipment	94.0	100.0	106.3	107.5	103.2
Construction	14.20	20.50	28.70	-	22.00
Real Estate	21.3	25.4	31.9	-	145.1
Services
Electricity, Gas & Water	4.00	7.00	6.30	-
Transport, Storage & Communication	12.80	7.40	5.30	-	14.20
Finance & Insurance	(0.4)	8.90	0.50	-	6.00
Government Services	9.70	6.90	6.00	-
Education Services	(0.9)	(1.4)	0.30	-	5.98
* Based on Index of Industrial Production (2011 = 100)

INDUSTRY ANALYSIS

INDUSTRY :	ECONOMY
The Ministry of Trade and Industry (MTI) announced that it expects the Singapore economy to grow by around 3.0% in 2014, and by 2.0 to 4.0% in 2015. Besides that in 2013, the economy grew by 4.1%, higher than the 1.9% growth in 2012. This was mainly due to strong growth in the services producing industries, particularly the finance & insurance, as well as wholesale & retail trade sectors.
In 2013, all sectors contributed positively to growth. Finance & insurance was the largest contributor (1.2 percentage-points), followed by wholesale & retail trade (0.8 percentage-points) and business services (0.6 percentage-points). Growth in the manufacturing sector was improved by 1.7%, on the back of strong growth in the electronics and transport engineering clusters. By contrast, growth in the construction sector moderated to 5.9%, from 8.6% in 2012.
Growth in the services producing industries picked up to 5.3% in 2013, from 2.0% in 2012. This was mainly due to stronger growth in the finance & insurance and wholesale & retail trade sectors. The finance & insurance sector grew by 11%, up from 1.3% in the previous year. The wholesale & retail trade sector has expanded by 5.0%, after declining by 1.4% the year before.
For the whole of 2013, growth in total demand was 3.1%, similar to the pace of growth in 2012. External demand was the key contributor to total demand growth, accounting for 2.7 percentage-points, or almost 90%, of the increase. External demand grew at a faster pace of 3.6%, compared to the 1.4% growth in 2012. This was supported mainly by growth in the exports of machinery & transport equipment, miscellaneous manufactures, and transport services. Total domestic demand rose by a modest 1.7%, following the 8.6% increase in 2012. The slower growth in total domestic demand was primarily due to the decline in gross fixed capital formation (GFCF).
For the full year, total consumption expenditure grew by 4.4% in 2013, faster than the 2.8% growth in 2012. Public consumption expenditure increased by 11%, a strong rebound from the 1.9% decline in 2012. Private consumption expenditure recorded gains of 2.7%, moderating from the 4.1% increase in the preceding year.
Furthermore, in the first three quarters of 2014, the Singapore economy grew by 3.3% on a year-on-year basis. For the rest of the year, growth is expected to ease slightly on a year-on-year basis, in line with a projected slowdown in the global economy. Externally-oriented sectors such as the manufacturing and transportation & storage sectors are likely to slow, whereas growth in the construction sector will continue to be weighed down by the weakness in private sector construction activities. On the other hand, domestically-oriented sectors like business services are likely to remain resilient.
Additionally, the labour market in Singapore is expected to remain tight in 2015, with low unemployment and rising vacancy rates. Against this global and domestic backdrop, the growth outlook for the Singapore economy remains modest. In tandem with the expected pick-up in external demand, externally-oriented sectors such as manufacturing, wholesale trade and finance & insurance are likely to provide support to growth. While some domestically-oriented sectors such as businesses services are expected to remain resilient, labour-intensive ones like construction, retail and food services may see their growth weighed down by labour constraints.
OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 2012, the Subject is a Private Limited company, focusing on investments holdings. 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 shareholder. However, the Subject does not have a strong capital position. Without a strong capital, the Subject may face difficulties to expand its business compared to other large corporation.

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. 

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. Due to its weak liquidity position, the Subject may face working capital deficiency in meeting its short term financial obligations if no fresh capital are injected into the Subject. 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. The Subject's unfavourable financial performance over the years has wiped out its shareholders' funds to a deficit of USD -17,731. 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. 

The Subject's overall payment habit is fair and this clearly implied a weak credit control of the Subject.

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 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.

STAR INDIA HOLDING PTE. LTD.

Financial Year End	2014-12-31	2013-12-31
Months	12	5
Consolidated Account	Company	Company
Audited Account	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES
Financial Type	FULL	FULL
Currency	USD	USD
TURNOVER	25,661	19,279
Other Income	11,088	79,324
	----------------	----------------
Total Turnover	36,749	98,603
	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	(70,642)	52,910
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	(70,642)	52,910
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	(70,642)	52,910
	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	52,910	-
	----------------	----------------
As restated	52,910	-
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	(17,732)	52,910
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	(17,732)	52,910
	=============	=============

BALANCE SHEET

STAR INDIA HOLDING PTE. LTD.

LONG TERM INVESTMENTS/OTHER ASSETS
Subsidiary companies	3,048,760	2,383,910
Associated companies	378,850	318,850
Loans & advances - non-current	1,230,705	1,205,104
	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	4,658,315	3,907,864
	----------------	----------------
TOTAL LONG TERM ASSETS	4,658,315	3,907,864
Other debtors, deposits & prepayments	214,710	76,580
Cash & bank balances	19,535	85
Others	-	288,660
	----------------	----------------
TOTAL CURRENT ASSETS	234,245	365,325
	----------------	----------------
TOTAL ASSET	4,892,560	4,273,189
	=============	=============
Other creditors & accruals	9,413	18,251
Amounts owing to holding company	4,391,090	3,652,110
Amounts owing to director	-	29,041
	----------------	----------------
TOTAL CURRENT LIABILITIES	4,400,503	3,699,402
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	(4,166,258)	(3,334,077)
	----------------	----------------
TOTAL NET ASSETS	492,057	573,787
	=============	=============
SHARE CAPITAL
Ordinary share capital	1	1
	----------------	----------------
TOTAL SHARE CAPITAL	1	1
Retained profit/(loss) carried forward	(17,732)	52,910
	----------------	----------------
TOTAL RESERVES	(17,732)	52,910
	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	(17,731)	52,911
Others	509,788	520,876
	----------------	----------------
TOTAL LONG TERM LIABILITIES	509,788	520,876
	----------------	----------------
	492,057	573,787
	=============	=============

FINANCIAL RATIO

STAR INDIA HOLDING PTE. LTD.

TYPES OF FUNDS
Cash	19,535	85
Net Liquid Funds	19,535	85
Net Liquid Assets	(4,166,258)	(3,334,077)
Net Current Assets/(Liabilities)	(4,166,258)	(3,334,077)
Net Tangible Assets	492,057	573,787
Net Monetary Assets	(4,676,046)	(3,854,953)
PROFIT & LOSS ITEMS
Earnings Before Interest & Tax (EBIT)	(70,642)	52,910
Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)	(70,642)	52,910
BALANCE SHEET ITEMS
Total Borrowings	0	0
Total Liabilities	4,910,291	4,220,278
Total Assets	4,892,560	4,273,189
Net Assets	492,057	573,787
Net Assets Backing	(17,731)	52,911
Shareholders' Funds	(17,731)	52,911
Total Share Capital	1	1
Total Reserves	(17,732)	52,910
LIQUIDITY (Times)
Cash Ratio	0	0
Liquid Ratio	0.05	0.10
Current Ratio	0.05	0.10
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0
Debtors Ratio	0	0
Creditors Ratio	0	0
SOLVENCY RATIOS (Times)
Gearing Ratio	0	0
Liabilities Ratio	(276.93)	79.76
Times Interest Earned Ratio	0	0
Assets Backing Ratio	492,057.00	573,787.00
PERFORMANCE RATIO (%)
Operating Profit Margin	(275.29)	274.44
Net Profit Margin	(275.29)	274.44
Return On Net Assets	(14.36)	9.22
Return On Capital Employed	(14.36)	9.22
Return On Shareholders' Funds/Equity	398.41	100.00
Dividend Pay Out Ratio (Times)	0	0
NOTES TO ACCOUNTS
Contingent Liabilities	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.79
UK Pound	1	Rs.99.94
Euro	1	Rs.71.54

INFORMATION DETAILS

Analysis Done by :	HNA
Report Prepared by :	DPT

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.