MIRA INFORM REPORT

Report No. :	349535
Report Date :	17.11.2015

IDENTIFICATION DETAILS

Name :	RAVAGO LM PTE. LTD.
Registered Office :	211 Woodlands Avenue 9 #02- 89/90 , 738960
Country :	Singapore
Financials (as on) :	31.12.2014
Date of Incorporation :	08.07.2014
Com. Reg. No.:	201419986-C
Legal Form :	Private Limited
Line of Business :	Subject is engaged in the trading of plastic.
No. of Employees :	30 [2015]

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.

:

201419986-C

COMPANY NAME

:

RAVAGO LM PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

08/07/2014

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

211 WOODLANDS AVENUE 9 #02- 89/90 , 738960, SINGAPORE.

BUSINESS ADDRESS

:

211, WOODLANDS AVENUE, 9, 02-89/90, WOODLANDS SPECTRUM II, 738960, SINGAPORE.

TEL.NO.

:

65-68484650

FAX.NO.

:

65-68484651

WEB SITE

:

WWW.RAVAGO.COM

CONTACT PERSON

:

PAUL JOZEF GODELIEVE DEPUYDT ( DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF PLASTIC

ISSUED AND PAID UP CAPITAL

:

10,000.00 ORDINARY SHARE, OF A VALUE OF EUR 1,250,000.00 

SALES

:

USD 61,199,656 [2014]

NET WORTH

:

USD (2,945,480) [2014]

STAFF STRENGTH

:

30 [2015]

BANKER (S)

:

KBC BANK N.V. BNP PARIBAS ING BANK N.V.

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

POOR

PAYMENT

:

POOR

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

MODERATE

CURRENCY EXPOSURE

:

SLOW

GENERAL REPUTATION

:

NOT YET DETERMINED

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 plastic.

Share Capital History

Date	Issue & Paid Up Capital
21/10/2015	EUR 1,250,000.00

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

Current Shareholder(s) :

Name	Address	IC/PP/Loc No	Shareholding	(%)
RAVAGO LM S.A.	16, RUE NOTRE DAME L - 2240, LUXEMBOURG.	-	10,000.00	100.00
			---------------	------
			10,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	BENOIT MARIE JOSEPH DE KEIJSER
Address	:	ZOERSELBOSDREEF 35, 2980, ZOERSEL, BELGIUM.
IC / PP No	:	EH719817
Nationality	:	BELGIAN
Date of Appointment	:	08/07/2014

DIRECTOR 2

Name Of Subject	:	MICHIEL RENE A. ALLAERTS
Address	:	SINT - MICHIELSKAAI 21/61, 2000, ANTWERPEN, BELGIUM.
IC / PP No	:	EK270749
Nationality	:	BELGIAN
Date of Appointment	:	08/07/2014

DIRECTOR 3

Name Of Subject	:	CHANG KOK YONG
Address	:	527, WOODLANDS DRIVE 14, 11-511, 730527, SINGAPORE.
IC / PP No	:	7124767H
Nationality	:	SINGAPOREAN
Date of Appointment	:	08/07/2014

DIRECTOR 4

Name Of Subject	:	MR. PAUL JOZEF GODELIEVE DEPUYDT
Address	:	ARTHUR GOEMAERELEI 12, 2018, ANTWERPEN, BELGIUM.
IC / PP No	:	EJ147385
Nationality	:	BELGIAN
Date of Appointment	:	08/07/2014

MANAGEMENT

1)	Name of Subject	:	PAUL JOZEF GODELIEVE DEPUYDT
	Position	:	DIRECTOR

AUDITOR

Auditor	:	RSM CHIO LIM LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	CHANG KOK YONG
	IC / PP No	:	7124767H
	Address	:	527, WOODLANDS DRIVE 14, 11-511, 730527, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

KBC BANK N.V.

2)

Name

:

BNP PARIBAS

3)

Name

:

ING BANK N.V.

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C201413327	26/11/2014	N/A	ING BANK N.V	-	Unsatisfied
C201504287	07/04/2015	N/A	KBC BANK N.V.	-	Unsatisfied
C201505575	13/05/2015	N/A	COOPERATIEVE CENTRALE RAIFFEISENBOERENLEENBANK B.A., HONG KONG BRANCH	-	Unsatisfied
C201506106	27/05/2015	N/A	BNP PARIBAS	-	Unsatisfied
C201506477	08/06/2015	N/A	ING BANK N.V.	-	Unsatisfied

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	:	YES
Overseas	:	YES

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	:	YES
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	WORLDWIDE
Credit Term	:	N/A
Payment Mode	:	CHEQUES

OPERATIONS

Goods Traded

:

PLASTIC

Total Number of Employees:
YEAR	2015
GROUP	N/A
COMPANY	30

Branch

:

NO

Other Information:

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

The Subject sells plastic,rubber and chemicals. 

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	6568484650
Current Telephone Number	:	65-68484650
Match	:	NO
Address Provided by Client	:	211, WOODLANDS AVENUE, 9, 02-89/90, WOODLANDS SPECTRUM II,738960,,.
Current Address	:	211, WOODLANDS AVENUE, 9, 02-89/90, WOODLANDS SPECTRUM II, 738960, SINGAPORE.
Match	:	NO

Other Investigations

We contacted one of the staff from the Subject and she provided some information.

The provided address is incomplete.

FINANCIAL ANALYSIS

Profitability
Return on Shareholder Funds	:	Unfavourable	[	155.23%	]
Return on Net Assets	:	Unfavourable	[	136.16%	]
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	:	Favourable	[	13 Days	]
Debtor Ratio	:	Unfavourable	[	133 Days	]
Creditors Ratio	:	Unfavourable	[	131 Days	]
The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The Subject's debtors ratio was high. The Subject should tighten its credit control and improve its collection period. 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	:	Acceptable	[	0.86 Times	]
Current Ratio	:	Unfavourable	[	0.92 Times	]
The Subject's liquid ratio was slightly low. This could indicate that the Subject's working capital was slightly deficient. The Subject will have to improve its liquidity position either by obtaining short term financing or increase its paid up capital so that it can meet all its short term obligations as and when they fall due.
Solvency
Interest Cover	:	Unfavourable	[	(7.14 Times)	]
Gearing Ratio	:	Favourable	[	0.00 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 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 :
The Subject's liquidity was at an acceptable range. If the Subject is able to obtain further short term financing, it should be able to meet all 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 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 :	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 2014, the Subject is a Private Limited company, focusing on trading of plastic. The Subject was newly established and it has yet to build up a stable clientele base in the market. It is likely to incur start-up costs during the initial years of its operations. Presently, the issued and paid up capital of the Subject stands at EUR 1,250,000. The Subject have a strong support from its shareholder. 

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 30 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 has generated its turnover of USD 61,199,656 and its pre-tax profit of USD -4,572,355. 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 managed to maintain an adequate liquidity level, indicating that the Subject has the ability to meet its financial obligations. Being a zero geared company, the Subject virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. The Subject's unfavourable financial performance over the years has wiped out its shareholders' funds to a deficit of USD -2,945,480. 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 supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials. Overall the Subject has a good control over its resources. 

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.

RAVAGO LM PTE. LTD.

Financial Year End	2014-12-31
Months	5
Consolidated Account	Company
Audited Account	YES
Unqualified Auditor's Report (Clean Opinion)	YES
Financial Type	FULL
Currency	USD
TURNOVER	61,199,656
Other Income	24,449
	----------------
Total Turnover	61,224,105
Costs of Goods Sold	(60,942,381)
	----------------
Gross Profit	281,724
	----------------
PROFIT/(LOSS) FROM OPERATIONS	(4,572,355)
	----------------
PROFIT/(LOSS) BEFORE TAXATION	(4,572,355)
	----------------
PROFIT/(LOSS) AFTER TAXATION	(4,572,355)
	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	(4,572,355)
	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	(4,572,355)
	=============
INTEREST EXPENSE (as per notes to P&L)
Others	561,918
	----------------
	561,918
	=============

BALANCE SHEET

RAVAGO LM PTE. LTD.

Stocks	2,240,000
Trade debtors	22,371,594
Cash & bank balances	10,601,988
	----------------
TOTAL CURRENT ASSETS	35,213,582
	----------------
TOTAL ASSET	35,213,582
	=============
CURRENT LIABILITIES
Trade creditors	21,840,150
Other liabilities & accruals	19
Amounts owing to related companies	16,318,893
	----------------
TOTAL CURRENT LIABILITIES	38,159,062
	----------------
NET CURRENT ASSETS/(LIABILITIES)	(2,945,480)
	----------------
TOTAL NET ASSETS	(2,945,480)
	=============
SHARE CAPITAL
Ordinary share capital	1,626,875
	----------------
TOTAL SHARE CAPITAL	1,626,875
Retained profit/(loss) carried forward	(4,572,355)
	----------------
TOTAL RESERVES	(4,572,355)
	----------------
SHAREHOLDERS' FUNDS/EQUITY	(2,945,480)
	----------------
	(2,945,480)
	=============

FINANCIAL RATIO

RAVAGO LM PTE. LTD.

TYPES OF FUNDS
Cash	10,601,988
Net Liquid Funds	10,601,988
Net Liquid Assets	(5,185,480)
Net Current Assets/(Liabilities)	(2,945,480)
Net Tangible Assets	(2,945,480)
Net Monetary Assets	(5,185,480)
PROFIT & LOSS ITEMS
Earnings Before Interest & Tax (EBIT)	0
Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)	0
BALANCE SHEET ITEMS
Total Borrowings	0
Total Liabilities	38,159,062
Total Assets	35,213,582
Net Assets	(2,945,480)
Net Assets Backing	(2,945,480)
Shareholders' Funds	(2,945,480)
Total Share Capital	1,626,875
Total Reserves	(4,572,355)
LIQUIDITY (Times)
Cash Ratio	0.28
Liquid Ratio	0.86
Current Ratio	0.92
WORKING CAPITAL CONTROL (Days)
Stock Ratio	13
Debtors Ratio	133
Creditors Ratio	131
SOLVENCY RATIOS (Times)
Gearing Ratio	0
Liabilities Ratio	(12.96)
Times Interest Earned Ratio	(7.14)
Assets Backing Ratio	(1.81)
PERFORMANCE RATIO (%)
Operating Profit Margin	(7.47)
Net Profit Margin	(7.47)
Return On Net Assets	136.16
Return On Capital Employed	136.16
Return On Shareholders' Funds/Equity	155.23
Dividend Pay Out Ratio (Times)	0
NOTES TO ACCOUNTS
Contingent Liabilities	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.17
UK Pound	1	Rs.100.65
Euro	1	Rs.70.97

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	TPT

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.