MIRA INFORM REPORT

Report No. :	346254
Report Date :	26.10.2015

IDENTIFICATION DETAILS

Name :	MGA INTERNATIONAL PTE. LTD.
Formerly Known As :	MG FORESTS PTE. LTD. (26/09/2007)
Registered Office :	1, Raffles Place, 34-01, One Raffles Place, 048616
Country :	Singapore
Financials (as on) :	31.03.2014
Date of Incorporation :	07.03.2003
Com. Reg. No.:	200302074-N
Legal Form :	Private Limited
Line of Business :	Trading of Timber
No. of Employee :	10

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
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 – 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.	:	200302074-N
COMPANY NAME	:	MGA INTERNATIONAL PTE. LTD.
FORMER NAME	:	MG FORESTS PTE. LTD. (26/09/2007)
INCORPORATION DATE	:	07/03/2003
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	1, RAFFLES PLACE, 34-01, ONE RAFFLES PLACE, 048616, SINGAPORE.
BUSINESS ADDRESS	:	1, RAFFLES PLACE, 34-01, ONE RAFFLES PLACE, 048616, SINGAPORE.
TEL.NO.	:	65-62243982
FAX.NO.	:	65-62243976
CONTACT PERSON	:	GUPTA MUKESH ( DIRECTOR )
PRINCIPAL ACTIVITY	:	TRADING OF TIMBER
ISSUED AND PAID UP CAPITAL	:	4,200,000.00 ORDINARY SHARE, OF A VALUE OF SGD 4,200,000.00
SALES	:	USD 137,947,241 [2014]
NET WORTH	:	USD 10,076,181 [2014]
BANKER (S)		INDIAN BANK CITIBANK N.A.
STAFF STRENGTH	:	10 [2015]
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	FAIR
PAYMENT	:	GOOD
MANAGEMENT CAPABILITY	:	AVERAGE
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 timber.

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

Share Capital History

Date	Issue & Paid Up Capital
22/10/2015	SGD 4,200,000.00

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

Current Shareholder(s) :

Name	Address	IC/PP/Loc No	Shareholding	(%)
GUPTA MUKESH +	2B, RAMSGATE ROAD, 437473, SINGAPORE.	S2719427C	1,260,000.00	30.00
MGA CORPORATION PRIVATE LIMITED	PLOT 244/1, N.H 8-A, P.O BOX 140, GHANDHIDHAM, KUTCH, GUJARAT, 370201, INDIA.	T09UF1581	2,940,000.00	70.00
			---------------	------
			4,200,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	GUPTA ANJU MUKESHKUMAR
Address	:	2B, RAMSGATE ROAD, 437473, SINGAPORE.
IC / PP No	:	S2719428A
Nationality	:	SINGAPOREAN
Date of Appointment	:	07/03/2003

DIRECTOR 2

Name Of Subject	:	GUPTA SHIVANI MUKESHKUMAR
Address	:	2B, RAMSGATE ROAD, 437473, SINGAPORE.
IC / PP No	:	S8873609E
Nationality	:	SINGAPOREAN
Date of Appointment	:	30/04/2011

DIRECTOR 3

Name Of Subject	:	GUPTA MUKESH
Address	:	2B, RAMSGATE ROAD, 437473, SINGAPORE.
IC / PP No	:	S2719427C
Nationality	:	SINGAPOREAN
Date of Appointment	:	07/03/2003

MANAGEMENT

1)	Name of Subject	:	GUPTA MUKESH
	Position	:	DIRECTOR, MANAGING DIRECTOR

AUDITOR

Auditor	:	MGI MENON & ASSOCIATES
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	NANCY JULIA ZEHNDER
	IC / PP No	:	S0240727B
	Address	:	58, DAKOTA CRESCENT, 02-257, 390058, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

INDIAN BANK

2)

Name

:

CITIBANK N.A.

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C200805330	13/06/2008	N/A	INDIAN BANK	-	Unsatisfied
C201102722	04/03/2011	N/A	CITIBANK N.A.	-	Unsatisfied
C201303687	08/03/2013	N/A	AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED	-	Unsatisfied
C201303692	08/03/2013	N/A	AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED	-	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	:	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	[	X	]	Average 61-90 Days	[	]
Fair 91-120 Days	[	]	Poor >120 Days	[		]

CLIENTELE

Local	:	N/A
Overseas	:	N/A
Credit Term	:	N/A

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

OPERATIONS

Goods Traded

:

TIMBER

Total Number of Employees:
YEAR	2015
GROUP	N/A
COMPANY	10

Branch

:

NO

Other Information:

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

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	:	6562243982
Current Telephone Number	:	65-62243982
Match	:	YES
Address Provided by Client	:	1 RAFFLES PLACE #34-01, ONE RAFELES PLACE SINGAPORE 048616
Current Address	:	1, RAFFLES PLACE, 34-01, ONE RAFFLES PLACE, 048616, SINGAPORE.
Match	:	YES

Other Investigations

On 20th October 2015 we contacted one of the staff from the Subject's registered office and she provided limited information.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Erratic	[	2010 - 2014	]
Profit/(Loss) Before Tax	:	Increased	[	2010 - 2014	]
Return on Shareholder Funds	:	Acceptable	[	15.01%	]
Return on Net Assets	:	Favourable	[	40.04%	]
The fluctuating turnover reflects the fierce competition among the existing and new market players.The Subject's management have been efficient in controlling its operating costs. The Subject's management had generated acceptable return for its shareholders using its assets.
Working Capital Control
Stock Ratio	:	Acceptable	[	56 Days	]
Debtor Ratio	:	Favourable	[	54 Days	]
Creditors Ratio	:	Favourable	[	11 Days	]
The Subject kept adequate stocks to meet its normal business transactions without incurring excessive storage costs. 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	[	0.73 Times	]
Current Ratio	:	Unfavourable	[	1.23 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	:	Unfavourable	[	1.63 Times	]
Gearing Ratio	:	Favourable	[	0.39 Times	]
The Subject's interest cover was low. If its profits fall or when interest rate rises, it  may not be able to meet all its interest payment. The Subject was lowly geared thus it had a low financial risk. The Subject was mainly financed by its shareholders' funds and internally generated funds. In times of economic slowdown / downturn, the Subject being a lowly geared company, will be able to compete better than those companies which are highly geared in the same industry.
Overall Assessment :
Although the turnover was erratic, the Subject had maintained a steady growth in its profit. This indicate the management's efficiency in controlling its costs and profitability. 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. If there is a fall in the Subject's profit or any increase in interest rate, the Subject may not be able to generate sufficient cash-flow to service its interest. The Subject as a lowly geared company, will be more secured compared to those highly geared companies. It has the ability to meet all its long term obligations.
Overall financial condition of the Subject : FAIR

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 2003, the Subject is a Private Limited company, focusing on trading of timber. 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 SGD 4,200,000 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.

Being a small company, the Subject's business operation is supported by 10 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.

We noted that both the turnover and profits have increased compared to the previous year. The higher profit could be due to increase in turnover and better control over its operating costs. 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. 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 lowly geared company, the Subject is exposed to low financial risk as it is mainly dependent on its internal funds to finance its business needs. Given a positive net worth standing at USD 10,076,181, the Subject should be able to maintain its business in the near terms.

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 promptly.

PROFIT AND LOSS ACCOUNT

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

MGA INTERNATIONAL 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	137,947,241	129,136,801	176,771,470	213,637,634	92,443,618
Other Income	274,191	4,000	105,177	-	-
	----------------	----------------	----------------	----------------	----------------
Total Turnover	138,221,432	129,140,801	176,876,647	213,637,634	92,443,618
Costs of Goods Sold	(131,084,733)	(122,891,063)	(170,306,894)	-	-
	----------------	----------------	----------------	----------------	----------------
Gross Profit	7,136,699	6,249,738	6,569,753	-	-
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	1,673,878	1,536,701	1,740,081	1,978,932	665,003
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	1,673,878	1,536,701	1,740,081	1,978,932	665,003
Taxation	(161,237)	(123,429)	(228,260)	(409,826)	382
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	1,512,641	1,413,272	1,511,821	1,569,106	665,385
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	6,074,210	4,660,938	3,149,117	1,366,349	700,964
	----------------	----------------	----------------	----------------	----------------
As restated	6,074,210	4,660,938	3,149,117	1,366,349	700,964
	----------------	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	7,586,851	6,074,210	4,660,938	2,935,455	1,366,349
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	7,586,851	6,074,210	4,660,938	2,935,455	1,366,349
	=============	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Hire purchase	27,394	25,912	5,844	-	-
Trust receipts	2,625,781	2,333,852	2,380,635	-	-
	----------------	----------------	----------------	----------------	----------------
	2,653,175	2,359,764	2,386,479	-	-
	=============	=============	=============	-	-
DEPRECIATION (as per notes to P&L)	216,420	212,172	30,790	-	-
	----------------	----------------	----------------	----------------	----------------
	216,420	212,172	30,790	-	-
	=============	=============	=============

BALANCE SHEET

MGA INTERNATIONAL PTE. LTD.

ASSETS EMPLOYED:
FIXED ASSETS	1,237,000	1,443,548	185,562	95,277	118,987
Loans & advances - non-current	-	-	146,610	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	-	-	146,610	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	1,237,000	1,443,548	332,172	95,277	118,987
Stocks	21,038,220	6,322,085	8,763,901	-	-
Trade debtors	20,417,819	26,821,535	18,410,369	-	-
Other debtors, deposits & prepayments	317,449	486,060	1,002,930	-	-
Short term deposits	6,824,559	5,168,965	4,288,675	-	-
Cash & bank balances	1,944,361	344,113	330,865	-	-
Others	910,649	725,882	1,250,000	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	51,453,057	39,868,640	34,046,740	27,224,808	21,101,129
	----------------	----------------	----------------	----------------	----------------
TOTAL ASSET	52,690,057	41,312,188	34,378,912	27,320,085	21,220,116
	=============	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	4,076,208	8,288,986	5,101,621	-	-
Other creditors & accruals	625,072	433,620	190,168	-	-
Hire purchase & lease creditors	144,412	163,488	17,924	-	-
Short term borrowings/Term loans	3,105,189	6,087,971	2,602,336	-	-
Provision for taxation	151,406	114,880	249,625	-	-
Other liabilities	33,782,110	16,771,807	19,045,453	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	41,884,397	31,860,752	27,207,127	20,134,901	15,580,032
	----------------	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	9,568,660	8,007,888	6,839,613	7,089,907	5,521,097
	----------------	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	10,805,660	9,451,436	7,171,785	7,185,184	5,640,084
	=============	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	2,489,330	2,489,330	2,489,330	4,200,000	4,200,000
	----------------	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	2,489,330	2,489,330	2,489,330	4,200,000	4,200,000
Retained profit/(loss) carried forward	7,586,851	6,074,210	4,660,938	2,935,455	1,366,349
	----------------	----------------	----------------	----------------	----------------
TOTAL RESERVES	7,586,851	6,074,210	4,660,938	2,935,455	1,366,349
	----------------	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	10,076,181	8,563,540	7,150,268	7,135,455	5,566,349
Lease obligations	729,479	887,896	-	-	-
Hire purchase creditors	-	-	21,517	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	729,479	887,896	21,517	49,729	73,735
	----------------	----------------	----------------	----------------	----------------
	10,805,660	9,451,436	7,171,785	7,185,184	5,640,084
	=============	=============	=============	=============	=============

FINANCIAL RATIO

MGA INTERNATIONAL PTE. LTD.

TYPES OF FUNDS
Cash	8,768,920	5,513,078	4,619,540	-	-
Net Liquid Funds	8,768,920	5,513,078	4,619,540	-	-
Net Liquid Assets	(11,469,560)	1,685,803	(1,924,288)	7,089,907	5,521,097
Net Current Assets/(Liabilities)	9,568,660	8,007,888	6,839,613	7,089,907	5,521,097
Net Tangible Assets	10,805,660	9,451,436	7,171,785	7,185,184	5,640,084
Net Monetary Assets	(12,199,039)	797,907	(1,945,805)	7,040,178	5,447,362
PROFIT & LOSS ITEMS
Earnings Before Interest & Tax (EBIT)	4,327,053	3,896,465	4,126,560	-	-
Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)	4,543,473	4,108,637	4,157,350	-	-
BALANCE SHEET ITEMS
Total Borrowings	3,979,080	7,139,355	2,641,777	-	-
Total Liabilities	42,613,876	32,748,648	27,228,644	20,184,630	15,653,767
Total Assets	52,690,057	41,312,188	34,378,912	27,320,085	21,220,116
Net Assets	10,805,660	9,451,436	7,171,785	7,185,184	5,640,084
Net Assets Backing	10,076,181	8,563,540	7,150,268	7,135,455	5,566,349
Shareholders' Funds	10,076,181	8,563,540	7,150,268	7,135,455	5,566,349
Total Share Capital	2,489,330	2,489,330	2,489,330	4,200,000	4,200,000
Total Reserves	7,586,851	6,074,210	4,660,938	2,935,455	1,366,349
LIQUIDITY (Times)
Cash Ratio	0.21	0.17	0.17	-	-
Liquid Ratio	0.73	1.05	0.93	-	-
Current Ratio	1.23	1.25	1.25	1.35	1.35
WORKING CAPITAL CONTROL (Days)
Stock Ratio	56	18	18	-	-
Debtors Ratio	54	76	38	-	-
Creditors Ratio	11	25	11	-	-
SOLVENCY RATIOS (Times)
Gearing Ratio	0.39	0.83	0.37	-	-
Liabilities Ratio	4.23	3.82	3.81	2.83	2.81
Times Interest Earned Ratio	1.63	1.65	1.73	-	-
Assets Backing Ratio	4.34	3.80	2.88	1.71	1.34
PERFORMANCE RATIO (%)
Operating Profit Margin	1.21	1.19	0.98	0.93	0.72
Net Profit Margin	1.10	1.09	0.86	0.73	0.72
Return On Net Assets	40.04	41.23	57.54	27.54	11.79
Return On Capital Employed	39.52	40.53	57.40	27.54	11.79
Return On Shareholders' Funds/Equity	15.01	16.50	21.14	21.99	11.95
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.64.88
UK Pound	1	Rs.99.89
Euro	1	Rs.72.06

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	SDA

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.