MIRA INFORM REPORT

Report No. :	339582
Report Date :	02.09.2015

IDENTIFICATION DETAILS

Name :	FIRST SOLAR FE HOLDINGS PTE. LTD.

Registered Office :	10, Collyer Quay, 10-01, Ocean Financial Centre, 049315

Country :	Singapore

Financials (as on) :	31.12.2013

Date of Incorporation :	10.01.2007

Com. Reg. No.:	200700550-Z

Legal Form :	Private Limited

Line of Business :	Investment Holdings Company. [Note: We tried to confirm / obtain the detailed activity but the same is not available from any sources]

No. of Employee :	Not Available

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

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

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.

200700550-Z

COMPANY NAME

FIRST SOLAR FE HOLDINGS PTE. LTD.

FORMER NAME

N/A

INCORPORATION DATE

10/01/2007

COMPANY STATUS

EXIST

LEGAL FORM

PRIVATE LIMITED

LISTED STATUS

REGISTERED ADDRESS

10, COLLYER QUAY, 10-01, OCEAN FINANCIAL CENTRE, 049315, SINGAPORE.

BUSINESS ADDRESS

10, COLLYER QUAY, 10-01, OCEAN FINANCIAL CENTRE, 049315, SINGAPORE.

TEL.NO.

65-65312494

FAX.NO.

N/A

CONTACT PERSON

LAM KUO WEI ( DIRECTOR )

PRINCIPAL ACTIVITY

INVESTMENT HOLDINGS COMPANY

ISSUED AND PAID UP CAPITAL

100,000,001.00 ORDINARY SHARE, OF A VALUE OF USD 100,000,001.00

SALES

USD 1,877,000 [2013]

NET WORTH

USD 122,701,000 [2013]

STAFF STRENGTH

N/A

BANKER (S)

AXIS BANK LIMITED SINGAPORE BRANCH

LITIGATION

CLEAR

FINANCIAL CONDITION

LIMITED

PAYMENT

POOR

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) investment holdings company.

The immediate holding company of the Subject is FIRST SOLAR, INC, a company incorporated in UNITED STATES.

Share Capital History

Date	Issue & Paid Up Capital
18/08/2015	USD 100,000,001.00

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

Current Shareholder(s) :

Name	Address	IC/PP/Loc No	Shareholding	(%)
FIRST SOLAR, INC	350, WEST WASHINGTON STREET, SUITE 600, TEMPE, ARIZON, 85281, UNITED STATES.	T07UF1049	100,000,001.00	100.00
			---------------	------
			100,000,001.00	100.00
			============	=====

+ Also Director

The Subject's interest in other companies (Subsidiaries/Associates) are shown as follow :

Local No	Country	Company	(%)	As At
201024434E	SINGAPORE	FIRST SOLAR VIETNAM HOLDINGS PTE. LTD.	100.00	31/12/2013

758827T	MALAYSIA	FIRST SOLAR MALAYSIA SDN. BHD.	100.00	31/12/2013

	CHINA	FIRST SOLAR (BEIJING) MANAGEMENT CONSULTANCY CO., LTD	100.00	31/12/2013

011453	PHILIPPINES	FIRST SOLAR INTERNATIONAL MIDDLE EAST FREE ZONE LIMITED LIABILITY COMPANY	100.00	31/12/2013

	INDIA	FIRST SOLAR POWER INDIA PRIVATE LIMITED	99.99	31/12/2013

	CHILE	FIRST SOLAR ENERGIA LIMITED	69.81	31/12/2013

DIRECTORS

DIRECTOR 1

Name Of Subject	:	RAYMOND LAM KUO WEI
Address	:	8A, BUKIT TERESA CLOSE, TERESA 8, 099794, SINGAPORE.
IC / PP No	:	S7633662H



Nationality	:	SINGAPOREAN
Date of Appointment	:	02/07/2015

DIRECTOR 2

Name Of Subject	:	BRYAN ROBERT SCHUMAKER
Address	:	420, W HACKBERRY DR., CHANDLER AZ 85240, UNITED STATES.
IC / PP No	:	516534574



Nationality	:	AMERICAN
Date of Appointment	:	15/05/2015

DIRECTOR 3

Name Of Subject	:	MR. P'NG SOO HONG
Address	:	168-10-5, JALAN TANJUNG TOKONG, FETTES RESIDENCE, 10470 PULAU PINANG, PULAU PINANG, MALAYSIA.

New IC No	:	650630-07-5483
Date of Birth	:	30/06/1965

Nationality	:	MALAYSIAN
Date of Appointment	:	27/08/2009

DIRECTOR 4

Name Of Subject	:	CHAN LYE FUN
Address	:	453, CHOA CHU KANG AVENUE 4, 06-125, 680453, SINGAPORE.
IC / PP No	:	S7922494D



Nationality	:	SINGAPOREAN
Date of Appointment	:	02/07/2015
Remark	:	ALTERNATE DIRECTOR TO RAYMOND LAM KUO WEI

MANAGEMENT

1)	Name of Subject	:	LAM KUO WEI
	Position	:	DIRECTOR

AUDITOR

Auditor	:	BDO LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	CHAN LYE FUN
	IC / PP No	:	S7922494D

	Address	:	453, CHOA CHU KANG AVENUE 4, 06-125, 680453, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)	Name	:	AXIS BANK LIMITED SINGAPORE BRANCH

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C201401341	04/02/2014	N/A	AXIS BANK LIMITED SINGAPORE BRANCH	-	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 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

[

]

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

INVESTMENT HOLDINGS COMPANY

Branch

Other Information:

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

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	:	65-65312494
Match	:	N/A

Address Provided by Client	:	10 COLLYER QUAY 10-01 OCEAN FINANCIAL CENTRE,049315,SINGAPORE
Current Address	:	10, COLLYER QUAY, 10-01, OCEAN FINANCIAL CENTRE, 049315, SINGAPORE.
Match	:	YES

Other Investigations

we contacted one of the staff from the registered office and she only provided limited information.

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

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	(0.00%)	]
Profit/(Loss) Before Tax	:	Decreased	[	(13.74%)	]
Return on Shareholder Funds	:	Unfavourable	[	(6.80%)	]
Return on Net Assets	:	Unfavourable	[	(6.50%)	]

The higher turnover could be attributed to the favourable market condition.The Subject could be more efficient in controlling its operating costs and had managed to reduce its losses during the year. The Subject's unfavourable returns on shareholders' funds indicate the management's inefficiency in utilising its assets to generate returns.

Working Capital Control
Stock Ratio	:	Nil	[	0 Days	]
Debtor Ratio	:	Unfavourable	[	128 Days	]
Creditors Ratio	:	Unfavourable	[	364 Days	]

As the Subject is a service oriented company, the Subject does not need to keep 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	:	Favourable	[	3.31 Times	]
Current Ratio	:	Favourable	[	3.31 Times	]

A minimum liquid ratio of 1 should be maintained by the Subject in order to assure its creditors of its ability to meet short term obligations and the Subject was in a good liquidity position. Thus, we believe the Subject is able to meet all its short term obligations as and when they fall due.

Solvency
Interest Cover	:	Unfavourable	[	(58.18 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 higher turnover had helped to reduce the Subject's losses. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. The Subject's interest cover was negative, indicating that it did not generate sufficient income to service its interest. If its result does not show impressive improvements or succeed obtaining short term financing or capital injection, it may not be able to service its interest and repay the loans. The Subject 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 : LIMITED

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 2007, the Subject is a Private Limited company, focusing on investment holdings company. Having been in business for more than 5 years, the Subject has established a remarkable clientele base for itself which has contributed to its business growth. The Subject is a large entity with strong capital position of USD 100,000,001. We are confident with the Subject's business and its future growth prospect. Having strong support from its holding company has enabled the Subject to remain competitive despite the challenging business environment.

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. 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. 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. Given a positive net worth standing at USD 122,701,000, the Subject should be able to maintain its business in the near terms.

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 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 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.

Financial Year End	2013-12-31	2012-12-31	2011-12-31
Months	12	12	12
Consolidated Account	Company	Company	Company
Audited Account	YES	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES	YES
Financial Type	FULL	FULL	FULL
Currency	USD	USD	USD

TURNOVER	1,877,000	-	-
Other Income	25,752,000	4,650,000	158,150,000
	----------------	----------------	----------------
Total Turnover	27,629,000	4,650,000	158,150,000
Costs of Goods Sold	(1,825,000)	-	-
	----------------	----------------	----------------
Gross Profit	25,804,000	-	-
	----------------	----------------	----------------

PROFIT/(LOSS) FROM OPERATIONS	(8,107,000)	(9,398,000)	51,571,000
	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	(8,107,000)	(9,398,000)	51,571,000
Taxation	(233,000)	-	-
	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	(8,340,000)	(9,398,000)	51,571,000
	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	31,041,000	40,439,000	(132,000)
	----------------	----------------	----------------
As restated	31,041,000	40,439,000	(132,000)
	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	22,701,000	31,041,000	51,439,000
DIVIDENDS - Ordinary (paid & proposed)	-	-	(11,000,000)
	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	22,701,000	31,041,000	40,439,000
	=============	=============	=============

INTEREST EXPENSE (as per notes to P&L)
Others	137,000	5,000	2,000
	----------------	----------------	----------------
	137,000	5,000	2,000
	=============	=============	=============

DEPRECIATION (as per notes to P&L)	5,000	-	-
	----------------	----------------	----------------
	5,000	-	-
	=============

BALANCE SHEET

ASSETS EMPLOYED:
FIXED ASSETS	75,000	-	-

LONG TERM INVESTMENTS/OTHER ASSETS
Subsidiary companies	116,384,000	141,875,000	140,258,000
	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	116,384,000	141,875,000	140,258,000

	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	116,459,000	141,875,000	140,258,000

Trade debtors	659,000	-	-
Other debtors, deposits & prepayments	157,000	13,000	13,000
Amount due from holding company	230,000	-	-
Amount due from subsidiary companies	-	-	41,000
Amount due from related companies	1,943,000	41,000	-
Cash & bank balances	5,953,000	3,182,000	175,000
	----------------	----------------	----------------
TOTAL CURRENT ASSETS	8,942,000	3,236,000	229,000
	----------------	----------------	----------------
TOTAL ASSET	125,401,000	145,111,000	140,487,000
	=============	=============	=============

CURRENT LIABILITIES
Trade creditors	1,818,000	-	-
Other creditors & accruals	51,000	14,044,000	27,000
Amounts owing to holding company	350,000	1,000	1,000
Amounts owing to subsidiary companies	481,000	25,000	20,000
	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	2,700,000	14,070,000	48,000
	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	6,242,000	(10,834,000)	181,000
	----------------	----------------	----------------
TOTAL NET ASSETS	122,701,000	131,041,000	140,439,000
	=============	=============	=============

SHARE CAPITAL
Ordinary share capital	100,000,000	100,000,000	100,000,000
	----------------	----------------	----------------
TOTAL SHARE CAPITAL	100,000,000	100,000,000	100,000,000

Retained profit/(loss) carried forward	22,701,000	31,041,000	40,439,000
	----------------	----------------	----------------
TOTAL RESERVES	22,701,000	31,041,000	40,439,000

	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	122,701,000	131,041,000	140,439,000

	----------------	----------------	----------------
	122,701,000	131,041,000	140,439,000
	=============	=============	=============

FINANCIAL RATIO

TYPES OF FUNDS
Cash	5,953,000	3,182,000	175,000
Net Liquid Funds	5,953,000	3,182,000	175,000
Net Liquid Assets	6,242,000	(10,834,000)	181,000
Net Current Assets/(Liabilities)	6,242,000	(10,834,000)	181,000
Net Tangible Assets	122,701,000	131,041,000	140,439,000
Net Monetary Assets	6,242,000	(10,834,000)	181,000
PROFIT & LOSS ITEMS
Earnings Before Interest & Tax (EBIT)	(7,970,000)	(9,393,000)	51,573,000
Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)	(7,965,000)	(9,393,000)	51,573,000
BALANCE SHEET ITEMS
Total Borrowings	0	0	0
Total Liabilities	2,700,000	14,070,000	48,000
Total Assets	125,401,000	145,111,000	140,487,000
Net Assets	122,701,000	131,041,000	140,439,000
Net Assets Backing	122,701,000	131,041,000	140,439,000
Shareholders' Funds	122,701,000	131,041,000	140,439,000
Total Share Capital	100,000,000	100,000,000	100,000,000
Total Reserves	22,701,000	31,041,000	40,439,000
LIQUIDITY (Times)
Cash Ratio	2.20	0.23	3.65
Liquid Ratio	3.31	0.23	4.77
Current Ratio	3.31	0.23	4.77
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0	0
Debtors Ratio	128	0	0
Creditors Ratio	364	0	0
SOLVENCY RATIOS (Times)
Gearing Ratio	0	0	0
Liabilities Ratio	0.02	0.11	0
Times Interest Earned Ratio	(58.18)	(1,878.60)	25,786.50
Assets Backing Ratio	1.23	1.31	1.40
PERFORMANCE RATIO (%)
Operating Profit Margin	(431.91)	0	0
Net Profit Margin	(444.33)	0	0
Return On Net Assets	(6.50)	(7.17)	36.72
Return On Capital Employed	(6.50)	(7.17)	36.72
Return On Shareholders' Funds/Equity	(6.80)	(7.17)	36.72
Dividend Pay Out Ratio (Times)	0	0	0.21
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.26
UK Pound	1	Rs.101.99
Euro	1	Rs.74.79

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	ASH

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.