MIRA INFORM REPORT

Report No. :	342507
Report Date :	22.09.2015

IDENTIFICATION DETAILS

Name :	GRM RESOURCES PTE. LTD.
Registered Office :	7, Temasek Boulevard, 21-02, Suntec Tower One, 038987
Country :	Singapore
Financials (as on) :	31.12.2011
Date of Incorporation :	22.11.2004
Com. Reg. No.:	200415047-Z
Legal Form :	Exempt Private
Line of Business :	Trading of coal and minerals.
No. of Employee :	10 [2015]

RATING & COMMENTS

MIRA’s Rating :

B

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

Status :	Moderate
Payment Behaviour :	Unknown
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.	:	200415047-Z
COMPANY NAME	:	GRM RESOURCES PTE. LTD.
FORMER NAME	:	N/A
INCORPORATION DATE	:	22/11/2004
COMPANY STATUS	:	EXIST
LEGAL FORM	:	EXEMPT PRIVATE
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	7, TEMASEK BOULEVARD, 21-02, SUNTEC TOWER ONE, 038987, SINGAPORE.
BUSINESS ADDRESS	:	7, TEMASEK BOULEVARD, 21-02, SUNTEC TOWER ONE, 038987, SINGAPORE.
TEL.NO.	:	65-63346868
FAX.NO.	:	65-63342232
CONTACT PERSON	:	RAJEEV MAHESHWARI ( DIRECTOR )
PRINCIPAL ACTIVITY	:	TRADING OF COAL AND MINERALS
ISSUED AND PAID UP CAPITAL	:	15,281,000.00 ORDINARY SHARE, OF A VALUE OF USD 15,000,000.00
SALES	:	N/A
NET WORTH	:	N/A
STAFF STRENGTH	:	10 [2015]
BANKER (S)		BNP PARIBAS MALAYAN BANKING BHD UNITED OVERSEAS BANK LIMITED
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	N/A
PAYMENT	:	N/A
MANAGEMENT CAPABILITY	:	AVERAGE
COMMERCIAL RISK	:	MODERATE
CURRENCY EXPOSURE	:	MODERATE
GENERAL REPUTATION	:	SATISFACTORY
INDUSTRY OUTLOOK	:	AVERAGE GROWTH

HISTORY / BACKGROUND

The Subject is an exempt private company whose shares are not held by any corporate body and has no more than 20 shareholders who are all natural persons. An exempt company is a type of private limited company. 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, suing or be sued by other companies. An exempt private company with an annual turnover of less than SGD5 million are exempted from statutory auditing requirements. Instead of filing audited annual accounts, the Subject has to file in a document duly signed by its director in charge of its finance and the company secretary stating that the Subject is able to meet all its obligations as and when they fall due. The Subject is not required to have their accounts audited. However, the Subject will prepare unaudited accounts for purposes of AGMs and filing with Registry Office if it is unable to meet all its obligations as and when they fall due

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

Share Capital History

Date	Issue & Paid Up Capital
27/02/2015	USD 15,000,000.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
OM PRAKASH JALAN +	20 O.C, GANGULY SARANI, PO-LALA, LAJPAT RAI SARANI, PS-BHAWANIPUR, KOLKATTA, WEST BENGAL, 700020, INDIA.	J0108768	7,640,500.00	50.00
RAJEEV MAHESHWARI +	FLAT 10C, TOWER 1, SOUTH CITY, 375 PRINCE ANWAR SHAH ROAD KOLKATA, 700068, INDIA.	Z2218733	7,640,500.00	50.00
			---------------	------
			15,281,000.00	100.00
			============	=====

+ Also Director

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

Local No	Country	Company	(%)	As At
201103173M	SINGAPORE	GRM METALS AND MINERALS (SEA) PTE. LTD.	100.00	25/02/2015
201104473M	SINGAPORE	GRM MINING (AFRICA) PTE. LTD.	100.00	25/02/2015
201103178G	SINGAPORE	GRM MINING (SEA) PTE. LTD.	100.00	25/02/2015
201103170Z	SINGAPORE	GRM COAL (SEA) PTE. LTD.	100.00	25/02/2015
200809090H	SINGAPORE	GRM SHIPPING PRIVATE LIMITED	100.00	25/02/2015
201103167D	SINGAPORE	GRM GOLD AND METALS (SEA) PTE. LTD.	100.00	25/02/2015
201001393K	SINGAPORE	CROWSNEST RESOURCES PTE. LTD.	75.00	25/02/2015

DIRECTORS

DIRECTOR 1

Name Of Subject	:	MR. PALANINATHAN RAVICHANDRAN
Address	:	68, BAYSHORE ROAD, 21-02, COSTA DEL SOL, 469986, SINGAPORE.
IC / PP No	:	S2628609C
Nationality	:	SINGAPOREAN
Date of Appointment	:	28/05/2005

DIRECTOR 2

Name Of Subject	:	OM PRAKASH JALAN
Address	:	20 O.C, GANGULY SARANI, PO-LALA, LAJPAT RAI SARANI, PS-BHAWANIPUR, KOLKATTA, WEST BENGAL, 700020, INDIA.
IC / PP No	:	J0108768
Nationality	:	INDIAN
Date of Appointment	:	22/11/2004

DIRECTOR 3

Name Of Subject	:	RAJEEV MAHESHWARI
Address	:	FLAT 10C, TOWER 1, SOUTH CITY, 375 PRINCE ANWAR SHAH ROAD KOLKATA, 700068, INDIA.
IC / PP No	:	Z2218733
Nationality	:	INDIAN
Date of Appointment	:	22/11/2004

MANAGEMENT

1)	Name of Subject	:	RAJEEV MAHESHWARI
	Position	:	DIRECTOR

AUDITOR

No Auditor found in our databank

COMPANY SECRETARIES

1)	Company Secretary	:	IRENE SIONG SZE LIAN
	IC / PP No	:	S8575498Z
	Address	:	620, BEDOK RESERVOIR ROAD, 11-1410, 470620, SINGAPORE.

2)	Company Secretary	:	NG GEOK LAN @ HUANG YULUAN
	IC / PP No	:	S1592193E
	Address	:	573, PASIR RIS STREET 53, 14-30, 510573, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

BNP PARIBAS

2)

Name

:

MALAYAN BANKING BHD

3)

Name

:

UNITED OVERSEAS BANK LIMITED

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C200503640	27/06/2005	N/A	BNP PARIBAS	-	Unsatisfied
C200600760	02/02/2006	N/A	MALAYAN BANKING BERHAD	-	Unsatisfied
C200608474	15/12/2006	N/A	MALAYAN BANKING BERHAD	-	Unsatisfied
C200805433	18/06/2008	N/A	MALAYAN BANKING BERHAD	-	Unsatisfied
C200905160	19/08/2009	N/A	MALAYAN BANKING BERHAD	-	Unsatisfied
C201314526	28/10/2013	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C201408702	15/08/2014	N/A	BNP PARIBAS	-	Unsatisfied
C201502286	17/02/2015	N/A	DBS BANK LTD.	-	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 refused to disclose its suppliers.

CLIENTELE

Local	:	YES
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	WORLDWIDE
Credit Term	:	AS AGREED
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Goods Traded

:

COAL AND MINERALS

Total Number of Employees:
YEAR	2015	2014	2013
GROUP	N/A	N/A	N/A
COMPANY	10	10	10

Branch

:

NO

Other Information:

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

The Subject trades in minerals and coals.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	65 9821 4400
Current Telephone Number	:	65-63346868
Match	:	NO
Address Provided by Client	:	7, TEMASEK BOULEVARD, #21-02 SUNTEC TOWER ONE, SINGAPORE 038987
Current Address	:	7, TEMASEK BOULEVARD, 21-02, SUNTEC TOWER ONE, 038987, SINGAPORE.
Match	:	YES

Other Investigations

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

FINANCIAL ANALYSIS

The Subject is a private exempt company which does not need to file in its accounts with the Registrar of Companies for the information of the public. Therefore, we are not able to comment on the Subject's financial performance.

Overall financial condition of the Subject : N/A

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	2009	2010	2011	2012	2013
Population (Million)	4.98	5.08	5.18	5.31	5.40
Gross Domestic Products ( % )	(0.8)	14.5	4.9	1.3	3.7
Consumer Price Index	0.6	2.8	5.2	4.6	2.4
Total Imports (Million)	356,299.3	423,221.8	459,655.1	474,554.0	466,762.0
Total Exports (Million)	391,118.1	478,840.7	514,741.2	510,329.0	513,391.0
Unemployment Rate (%)	3.2	2.2	2.1	2.0	1.9
Tourist Arrival (Million)	9.68	11.64	13.17	14.49	15.46
Hotel Occupancy Rate (%)	75.8	85.6	86.5	86.4	86.3
Cellular Phone Subscriber (Million)	1.37	1.43	1.50	1.52	1.97
Registration of New Companies (No.)	26,414	29,798	32,317	31,892	37,288
Registration of New Companies (%)	4.3	12.8	8.5	(1.3)	9.8
Liquidation of Companies (No.)	22,393	15,126	19,005	17,218	17,369
Liquidation of Companies (%)	113.4	(32.5)	25.6	9.4	(5.3)
Registration of New Businesses (No.)	26,876	23,978	23,494	24,788	22,893
Registration of New Businesses (%)	8.15	(10.78)	2.02	5.51	1.70
Liquidation of Businesses (No.)	23,552	24,211	23,005	22,489	22,598
Liquidation of Businesses (%)	11.4	2.8	(5)	(2.2)	0.5
Bankruptcy Orders (No.)	2,058	1,537	1,527	1,748	1,992
Bankruptcy Orders (%)	(11.5)	(25.3)	(0.7)	14.5	14.0
Bankruptcy Discharges (No.)	3,056	2,252	1,391	1,881	2,584
Bankruptcy Discharges (%)	103.7	(26.3)	(38.2)	35.2	37.4
INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	3.25	(0.48)	4.25	3.64	-
Fish Supply & Wholesale	(1.93)	(10.5)	12.10	(0.5)	-
Manufacturing *	71.5	92.8	100.0	100.3	102.0
Food, Beverages & Tobacco	90.4	96.4	100.0	103.5	103.5
Textiles	145.9	122.1	100.0	104.0	87.1
Wearing Apparel	211.0	123.3	100.0	92.1	77.8
Leather Products & Footwear	79.5	81.8	100.0	98.6	109.8
Wood & Wood Products	101.4	104.0	100.0	95.5	107.4
Paper & Paper Products	95.4	106.1	100.0	97.4	103.2
Printing & Media	100.9	103.5	100.0	93.0	86.1
Crude Oil Refineries	96.4	95.6	100.0	99.4	93.5
Chemical & Chemical Products	80.3	97.6	100.0	100.5	104.1
Pharmaceutical Products	49.1	75.3	100.0	109.7	107.2
Rubber & Plastic Products	101.2	112.3	100.0	96.5	92.9
Non-metallic Mineral	91.9	92.5	100.0	98.2	97.6
Basic Metals	92.6	102.2	100.0	90.6	76.5
Fabricated Metal Products	90.8	103.6	100.0	104.3	105.1
Machinery & Equipment	57.3	78.5	100.0	112.9	114.5
Electrical Machinery	86.8	124.1	100.0	99.3	108.5
Electronic Components	85.2	113.6	100.0	90.6	94.3
Transport Equipment	96.0	94.0	100.0	106.3	107.5
Construction	(36.9)	14.20	20.50	28.70	-
Real Estate	1.4	21.3	25.4	31.9	-
Services
Electricity, Gas & Water	1.70	4.00	7.00	6.30	-
Transport, Storage & Communication	3.90	12.80	7.40	5.30	-
Finance & Insurance	(16.4)	(0.4)	8.90	0.50	-
Government Services	4.50	9.70	6.90	6.00	-
Education Services	0.10	(0.9)	(1.4)	0.30	-
* Based on Index of Industrial Production (2011 = 100)

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 2004, the Subject is an Exempt Private company, focusing on trading of coal and minerals. Having been in the industry for over a decade, the Subject has achieved a certain market share and has built up a satisfactory reputation in the market. It should have received supports from its regular customers. A paid up capital of USD 15,000,000 allows the Subject to expand its business more comfortably. However, the Subject does not have strong shareholders’ backing. Without a strong shareholders' backing, the opportunity of the Subject to expand its business is limited.

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 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.

As the Subject is registered as an Exempt Private company, it is not required to file financial statements for public review. As such, we are unable to ascertain its present financial health.

Having a strong assets backing, the Subject possesses latent assets as collateral for further financial extension. Hence, it has good chance of getting loans if the needs arises.

The industry shows an upward trend and this trend is very likely to sustain in the near terms.

In view of the above, we recommend credit be granted to the Subject with close monitoring.

PROFIT AND LOSS ACCOUNT

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

Financial Year End	2011-12-31	2010-12-31	2009-12-31
Months	12	12	12
Consolidated Account	GROUP	GROUP	Company
Audited Account	YES	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES	YES
Financial Type	FULL	FULL	SUMMARY
Currency	USD	USD	SGD
TURNOVER	318,123,119	350,610,903	365,047,311
	----------------	----------------	----------------
Total Turnover	318,123,119	350,610,903	365,047,311
	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	19,088,267	1,729,156	4,089,882
	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	19,088,267	1,729,156	4,089,882
Taxation	(2,452,474)	(576,473)	(760,419)
	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	16,635,793	1,152,683	3,329,463
Minority interests	672,850	-	-
	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS	17,308,643	1,152,683	3,329,463
	----------------	----------------	----------------
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS	17,308,643	1,152,683	3,329,463
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	12,660,222	11,507,539	15,227,887
	----------------	----------------	----------------
As restated	12,660,222	11,507,539	15,227,887
	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	29,968,865	12,660,222	18,557,351
	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	29,968,865	12,660,222	18,557,351
	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Hire purchase	57,719	-	-
Trust receipts	309,942	26,563	-
Others	134,042	181,564	-
	----------------	----------------	----------------
	501,703	208,127	-
	=============	=============	-
DEPRECIATION (as per notes to P&L)	2,938,576	118,214	-
	----------------	----------------	----------------
	2,938,576	118,214	-
	=============	=============

BALANCE SHEET

ASSETS EMPLOYED:
FIXED ASSETS	65,636,309	11,318,018	14,444,941
Investments	300,000	300,000	-
Others	21,886,508	10,000,000	-
	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	22,186,508	10,300,000	-
	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	87,822,817	21,618,018	14,444,941
Stocks	283,273	-	-
Trade debtors	36,066,167	6,429,613	-
Other debtors, deposits & prepayments	6,238,424	24,088,960	-
Cash & bank balances	2,890,689	3,107,403	-
	----------------	----------------	----------------
TOTAL CURRENT ASSETS	45,478,553	33,625,976	52,202,933
	----------------	----------------	----------------
TOTAL ASSET	133,301,370	55,243,994	66,647,874
	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	43,408,034	23,140,403	-
Other creditors & accruals	4,879,842	70,688	-
Short term borrowings/Term loans	5,208,010	1,621,525	-
Provision for taxation	2,461,870	327,100	-
	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	55,957,756	25,159,716	28,240,408
	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	(10,479,203)	8,466,260	23,962,525
	----------------	----------------	----------------
TOTAL NET ASSETS	77,343,614	30,084,278	38,407,466
	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	15,000,000	15,000,000	15,000,000
	----------------	----------------	----------------
TOTAL SHARE CAPITAL	15,000,000	15,000,000	15,000,000
Retained profit/(loss) carried forward	29,968,865	12,660,222	18,557,351
	----------------	----------------	----------------
TOTAL RESERVES	29,968,865	12,660,222	18,557,351
MINORITY INTEREST	(667,100)	-	-
	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	44,301,765	27,660,222	33,557,351
Long term loans	33,036,749	2,418,956	-
Deferred taxation	5,100	5,100	-
	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	33,041,849	2,424,056	4,850,115
	----------------	----------------	----------------
	77,343,614	30,084,278	38,407,466
	=============	=============	=============

FINANCIAL RATIO

TYPES OF FUNDS
Cash	2,890,689	3,107,403	-
Net Liquid Funds	2,890,689	3,107,403	-
Net Liquid Assets	(10,762,476)	8,466,260	23,962,525
Net Current Assets/(Liabilities)	(10,479,203)	8,466,260	23,962,525
Net Tangible Assets	77,343,614	30,084,278	38,407,466
Net Monetary Assets	(43,804,325)	6,042,204	19,112,410
PROFIT & LOSS ITEMS
Earnings Before Interest & Tax (EBIT)	19,589,970	1,937,283	-
Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)	22,528,546	2,055,497	-
BALANCE SHEET ITEMS
Total Borrowings	38,244,759	4,040,481	-
Total Liabilities	88,999,605	27,583,772	33,090,523
Total Assets	133,301,370	55,243,994	66,647,874
Net Assets	77,343,614	30,084,278	38,407,466
Net Assets Backing	44,301,765	27,660,222	33,557,351
Shareholders' Funds	44,301,765	27,660,222	33,557,351
Total Share Capital	15,000,000	15,000,000	15,000,000
Total Reserves	29,968,865	12,660,222	18,557,351
LIQUIDITY (Times)
Cash Ratio	0.05	0.12	-
Liquid Ratio	0.81	1.34	-
Current Ratio	0.81	1.34	1.85
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0	-
Debtors Ratio	41	7	-
Creditors Ratio	50	24	-
SOLVENCY RATIOS (Times)
Gearing Ratio	0.86	0.15	-
Liabilities Ratio	2.01	1.00	0.99
Times Interest Earned Ratio	39.05	9.31	-
Assets Backing Ratio	5.16	2.01	2.56
PERFORMANCE RATIO (%)
Operating Profit Margin	6.00	0.49	1.12
Net Profit Margin	5.44	0.33	0.91
Return On Net Assets	25.33	6.44	10.65
Return On Capital Employed	25.55	6.44	10.65
Return On Shareholders' Funds/Equity	39.07	4.17	9.92
Dividend Pay Out Ratio (Times)	0.00	0.00	-
NOTES TO ACCOUNTS
Contingent Liabilities	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.75
UK Pound	1	Rs.102.17
Euro	1	Rs.74.38

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	VNT

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.