MIRA INFORM REPORT

Report No. :	481281
Report Date :	14.02.2018

IDENTIFICATION DETAILS

Name :	SIGMA-BYTE COMPUTERS (S) PTE. LTD.
Registered Office :	10, Anson Road, 31-10, International Plaza, 079903
Country :	Singapore
Financials (as on) :	31.12.2016
Date of Incorporation :	27.10.2004
Com. Reg. No.:	200413887N
Legal Form :	Private Limited (Limited By Share)
Line of Business :	The subject is principally engaged in the trading of network cablings and installation services.
No. of Employees :	Not Available

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

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

Country Name	Previous Rating (30.06.2017)	Current Rating (30.09.2017)
Singapore	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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. Growth in 2014-17 was slower than during the previous decade, at under 3% annually, 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 growth, and increasing Singaporean wages. Singapore has attracted major investments in advanced manufacturing, pharmaceuticals, and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and technology hub. Singapore is a member of the Regional Comprehensive Economic Partnership negotiations with the nine other ASEAN members plus Australia, China, India, Japan, South Korea, and New Zealand. In 2015, Singapore formed, with the other ASEAN members, the ASEAN Economic Community.

Source : CIA

EXECUTIVE SUMMARY

REGISTRATION NO.	:	200413887N
COMPANY NAME	:	SIGMA-BYTE COMPUTERS (S) PTE. LTD.
FORMER NAME	:	N/A
INCORPORATION DATE	:	27/10/2004
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED (LIMITED BY SHARE)
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	10, ANSON ROAD, 31-10, INTERNATIONAL PLAZA, 079903, SINGAPORE.
BUSINESS ADDRESS	:	10, ANSON ROAD, 31-10, INTERNATIONAL PLAZA, 079903, SINGAPORE.
TEL.NO.	:	65-62245664
FAX.NO.	:	65-62249978
WEB SITE	:	WWW.SIGMA-BYTE.COM
CONTACT PERSON	:	KETAN CHANDRAKANT KOTHARI ( DIRECTOR )
PRINCIPAL ACTIVITY	:	TRADING OF NETWORK CABLINGS AND INSTALLATION SERVICES
ISSUED AND PAID UP CAPITAL	:	100.00 ORDINARY SHARE, OF A VALUE OF SGD 100.00
SALES	:	USD 1,122,472 [2016]
NET WORTH	:	USD 83,399 [2016]
STAFF STRENGTH	:	N/A
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	STABLE
PAYMENT	:	NO COMPLAINTS
MANAGEMENT CAPABILITY	:	AVERAGE
COMMERCIAL RISK	:	LOW
CURRENCY EXPOSURE	:	MODERATE
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 network cablings and installation services.

The immediate holding company of the Subject is SIGMA BYTE COMPUTERS PRIVATE LIMITED, a company incorporated in INDIA.

Share Capital History

Date	Issue & Paid Up Capital
13/02/2018	SGD 100.00

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

Current Shareholder(s) :

Name	Address	IC/PP/Loc No	Shareholding	(%)
SIGMA BYTE COMPUTERS PRIVATE LIMITED	UNIT 137, AI SHAH & NAHAR IND. EST., LOWER PAREL (WEST), MUMBAI 400013 ,INDIA	T04UF2104	100.00	100.00
			---------------	------
			100.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	GIDWANI GUL GOPAL
Address	:	203, VENUS APT CUFFE PARADE, MUMBAI 5, INDIA.
IC / PP No	:	Z1261502
Nationality	:	SINGAPOREAN
Date of Appointment	:	27/10/2004

INTEREST CHECK

Interest in companies	:	see below
Interest in business	:	none in our databank
Former interest	:	none in our databank

INTEREST IN COMPANY

No	Local No	Company	Designation	App Date	Shareholding		Profit/(loss) After Tax	Financial Year	Status	As At
					No.	%
1	200413887N	SIGMA-BYTE COMPUTERS (S) PTE. LTD.	Director	27/10/2004	0.00	-	USD48,630.00	2016	-	13/02/2018

DIRECTOR 2

Name Of Subject	:	KETAN CHANDRAKANT KOTHARI
Address	:	10, ANSON ROAD, 31-10, NTERNATIONAL PLAZA, 079903, SINGAPORE.
IC / PP No	:	G6251999T
Nationality	:	INDIAN
Date of Appointment	:	27/10/2004

INTEREST CHECK

Interest in companies	:	see below
Interest in business	:	none in our databank
Former interest	:	none in our databank

INTEREST IN COMPANY

No	Local No	Company	Designation	App Date	Shareholding		Profit/(loss) After Tax	Financial Year	Status	As At
					No.	%
1	200413887N	SIGMA-BYTE COMPUTERS (S) PTE. LTD.	Director	27/10/2004	0.00	-	USD48,630.00	2016	-	13/02/2018

DIRECTOR 3

Name Of Subject	:	ALKESH SEVANTILAL GANDHI
Address	:	3RD FLR, RAWALPINDI WALA BLDG, 2B, TRIBHUVAN ROAD PRATHANA SAMAJ, MUMBAI, 400004, MS, INDIA.
IC / PP No	:	Z2199659
Nationality	:	INDIAN
Date of Appointment	:	27/10/2004

INTEREST CHECK

Interest in companies	:	see below
Interest in business	:	none in our databank
Former interest	:	none in our databank

INTEREST IN COMPANY

No	Local No	Company	Designation	App Date	Shareholding		Profit/(loss) After Tax	Financial Year	Status	As At
					No.	%
1	200413887N	SIGMA-BYTE COMPUTERS (S) PTE. LTD.	Director	27/10/2004	0.00	-	USD48,630.00	2016	-	13/02/2018

MANAGEMENT

1)	Name of Subject	:	KETAN CHANDRAKANT KOTHARI
	Position	:	DIRECTOR

AUDITOR

Auditor	:	C.S.CHAN & CO
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	TAN HWEE BIN
	IC / PP No	:	S6814026I
	Address	:	120, JURONG EAST STREET 13, 01-83, IVORY HEIGHTS, 600120, SINGAPORE.

BANKING

No Banker found in our databank. 

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C200905992	22/09/2009	N/A	BANK OF AMERICA,NATIONAL	-	Unsatisfied

LITIGATION CHECK - SUBJECT COMPANY AS A DEFENDANT

* A check has been conducted in our databank against the Subject whether the subject has been involved in any litigation.

No legal action was found in our databank.

No winding up petition was found in our databank.

PAYMENT RECORD

SOURCES OF RAW MATERIALS:
Local	:	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	[	X	]
Fair 91-120 Days	[	]	Poor >120 Days	[	]

CLIENTELE

Local	:	YES
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	ASIA MIDDLE EAST
Credit Term	:	N/A
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Goods Traded

:

NETWORK CABLINGS

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) trading of network cablings and installation services. 

Sigma-Byte is India's largest and one of the premier Network Cabling Integrators in the Middle East Region.

The Group design & build the Network Cabling Infrastructure for corporate and internet data centers, collocation facilities, telecom facilities, contact centers and back offices for leading corporates all across the Indian Subcontinent & the Middle East, majority of them being Fortune 500 companies. 

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-62245664
Match	:	N/A
Address Provided by Client	:	10, ANSON ROAD, 31-10, INTERNATIONAL PLAZA, 079903
Current Address	:	10, ANSON ROAD, 31-10, INTERNATIONAL PLAZA, 079903, SINGAPORE.
Match	:	YES

Other Investigations

We contacted one of the staff from the Subject's registered office and she provided some information.

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

FINANCIAL ANALYSIS

Profitability
Turnover	:	Erratic	[	2013 - 2016	]
Profit/(Loss) Before Tax	:	Increased	[	2013 - 2016	]
Return on Shareholder Funds	:	Favourable	[	58.31%	]
Return on Net Assets	:	Favourable	[	60.85%	]
The fluctuating turnover reflects the fierce competition among the existing and new market players.The higher profit could be attributed to the increase in turnover. Generally the Subject was profitable. The favourable return on shareholders' funds and return on net assets indicate that the Subject's management was efficient in utilising the assets to generate returns.
Working Capital Control
Debtor Ratio	:	Favourable	[	2 Days	]
Creditors Ratio	:	Favourable	[	12 Days	]
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	:	Favourable	[	1.23 Times	]
Current Ratio	:	Unfavourable	[	1.23 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	:	Favourable	[	23.97 Times	]
Gearing Ratio	:	Favourable	[	0.00 Times	]
The interest cover showed that the Subject was able to service the interest. The favourable interest cover could indicate that the Subject was making enough profit to pay for the interest accrued. The Subject had no gearing and hence it had virtually no financial risk. The Subject was financed by its shareholders' funds and internally generated fund. During the economic downturn, the Subject, having a zero gearing, will be able to compete better than those which are highly geared in the same industry.
Overall Assessment :
Although the 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. 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. With the favourable interest cover, the Subject could be able to service all the accrued interest without facing any difficulties. 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 : STABLE

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	2012	2013	2014	2015	2016*
Population (Million)	5.31	5.40	5.47	5.54	5.63
Gross Domestic Products ( % )	1.3	3.7	(3.5)	3.7	4.8
Consumer Price Index	4.6	2.4	2.4	(0.5)	(0.7)
Total Imports (Million)	474,554.0	466,762.0	463,779.1	407,767.9	398,372.0
Total Exports (Million)	510,329.0	513,391.0	518,922.7	476,285.4	468,552.0
Unemployment Rate (%)	2.0	1.9	1.9	1.9	2.1
Tourist Arrival (Million)	14.49	15.46	15.01	15.23	16.28
Hotel Occupancy Rate (%)	86.4	86.3	85.5	85.0	-
Cellular Phone Subscriber (Million)	1.52	1.97	1.98	1.99	-
Registration of New Companies (No.)	31,892	37,288	41,589	34,243	35,528
Registration of New Companies (%)	(1.3)	9.8	11.5	(17.7)	3.8
Liquidation of Companies (No.)	17,218	17,369	18,767	21,384	-
Liquidation of Companies (%)	9.4	(5.3)	8.0	13.9	-
Registration of New Businesses (No.)	24,788	22,893	35,773	28,480	33,326
Registration of New Businesses (%)	5.51	1.70	56.30	(20.39)	17.02
Liquidation of Businesses (No.)	22,489	22,598	22,098	26,116	-
Liquidation of Businesses (%)	(2.2)	0.5	(2.2)	18.2	-
Bankruptcy Orders (No.)	1,748	1,992	1,757	1,776	-
Bankruptcy Orders (%)	14.5	14.0	(11.8)	1.0	-
Bankruptcy Discharges (No.)	1,881	2,584	3,546	3,499	-
Bankruptcy Discharges (%)	35.2	37.4	37.2	(1.3)	-
INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	5.16	1.78	4.29	3.04	-
Fish Supply & Wholesale	(0.5)	(3.8)	(8.6)	(8.5)	(9.9)
Manufacturing #
Food, Beverages & Tobacco	97.9	97.9	99.4	100.0	103.7
Textiles	140.1	119.5	102.7	100.0	93.3
Wearing Apparel	395.4	334.1	212.6	100.0	80.3
Leather Products & Footwear	109.5	122.0	106.5	100.0	93.2
Wood & Wood Products	93.3	103.0	107.2	100.0	90.5
Paper & Paper Products	98.5	104.4	104.5	100.0	99.7
Printing & Media	122.8	113.8	105.968	100.0	86.9
Crude Oil Refineries	107.1	100.7	92.2	100.0	100.5
Chemical & Chemical Products	85.3	88.4	96.7	100.0	97.6
Pharmaceutical Products	103.8	101.421	109.4	100.0	115.9
Rubber & Plastic Products	113.5	109.497	109.2	100.0	87.9
Non-metallic Mineral	108.8	107.4	90.759	100.0	93.6
Basic Metals	91.5	77.2	99.3	100.0	113.1
Fabricated Metal Products	107.314	107.5	107.757	100.0	91.7
Machinery & Equipment	107.3	109.1	118.2	100.0	79.3
Electrical Machinery	80.102	87.4	97.871	100.0	99.3
Electronic Components	100.7	105.0	105.6	100.0	106.3
Transport Equipment	109.9	111.1	106.68	100.0	98.7
Construction	28.70	25.40	22.00	-	-
Real Estate	31.9	88.5	145.1	-	-
Services
Electricity, Gas & Water	6.30	6.70	6.50	-	-
Transport, Storage & Communication	5.30	9.80	14.20	-	-
Finance & Insurance	0.50	3.30	6.00	-	7.40
Government Services	6.00	6.50	6.30	-	-
Education Services	0.30	3.10	5.98	-	2.40
* Estimate / Preliminary
# Based on Index of Industrial Production (2015 = 100)

INDUSTRY ANALYSIS

INDUSTRY :	TRADING
The wholesale & retail trade sector expanded by 6.8% in the third quarter of 2015, higher than the 6.0% growth in the preceding quarter. Growth was supported by both the wholesale trade and retail trade segments. The wholesale trade segment was boosted by an increase in both domestic and foreign wholesale trade sales volume. In particular, the domestic wholesale trade index rose by 7.4%, following the 8.1 % increase in the previous quarter. The strong performance in domestic wholesale trade was due to a surge in the sales of petroleum and petroleum products (14%), chemicals & chemical products (39%) and telecommunications & computers (18%).
Similarly, the foreign wholesale trade index rose by 10% in the third quarter of 2015, accelerating from the 6.9% rise in the previous quarter. Growth was driven by improvements in the sales of petroleum & petroleum products (21%), metals, timber & construction materials (10%) and general wholesale trade (8.8%).
Overall retail trade sales volume also recorded resilient growth of 5.6% in the third quarter of 2015, extending the 6.4 % expansion in the second quarter. Growth was supported by a surge in the volume of motor vehicle sales (44%), which was in turn due to a substantial increase in the supply of Certificate of Entitlements. Excluding motor vehicles, retail sales volume increased at a much slower pace of 0.7% over the same period. The increase in retail sales volume (excluding motor vehicles) was due to improved non-discretionary goods sales. For instance, the sales of medical goods & toiletries and department store goods rose by 8.1% and 3.6% respectively.
According to the Retail News Asia, Food and beverage has overtaken fashion as the primary driver of demand for retail real estate in Singapore. Despite declining retail sales and consumer spending, the prime retail sector remained in good shape during the third quarter 2015.
OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 2004, the Subject is a Private Limited company, focusing on trading of network cablings and installation services. 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. Presently, the issued and paid up capital of the Subject stands at SGD 100. With a strong backing from its holding company, the Subject enjoys timely financial assistance should the needs arise.

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. 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. Based on the higher profitability, the Subject has generated a favourable return based on its existing shareholders' funds which indicated that the management was efficient in utilising its funds to generate income. 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 83,399, the Subject should be able to maintain its business in the near terms. 

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 Subject's payment habit is average. With its adequate working capital, the Subject should be able to pay its short term debts. 

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 normally.

PROFIT AND LOSS ACCOUNT

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

SIGMA-BYTE COMPUTERS (S) PTE. LTD.

Financial Year End	2016-12-31	2015-12-31
Months	12	12
Consolidated Account	Company	Company
Audited Account	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES
Financial Type	FULL	FULL
Currency	USD	USD
TURNOVER	1,122,472	865,546
	----------------	----------------
Total Turnover	1,122,472	865,546
Costs of Goods Sold	(989,646)	(788,278)
	----------------	----------------
Gross Profit	132,826	77,268
	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	48,630	23,134
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	48,630	23,134
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	48,630	23,134
	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	84,710	61,576
	----------------	----------------
As restated	84,710	61,576
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	133,340	84,710
DIVIDENDS - Ordinary (paid & proposed)	(50,000)	-
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	83,340	84,710
	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Others	2,117	1,468
	----------------	----------------
	2,117	1,468
	=============	=============

BALANCE SHEET

SIGMA-BYTE COMPUTERS (S) PTE. LTD.

	----------------	----------------
CURRENT ASSETS
Trade debtors	6,723	308,606
Other debtors, deposits & prepayments	1,752	1,302
Short term deposits	150,000	153,023
Interest receivable	917	1,246
Amount due from related companies	45	6,723
Cash & bank balances	287,261	120,590
	----------------	----------------
TOTAL CURRENT ASSETS	446,698	591,490
	----------------	----------------
TOTAL ASSET	446,698	591,490
	=============	=============
CURRENT LIABILITIES
Trade creditors	33,621	262,734
Other creditors & accruals	6,128	6,210
Deposits from customers	41,981	41,981
Amounts owing to holding company	103,875	8,228
Amounts owing to related companies	-	49,955
Amounts owing to director	177,694	137,613
	----------------	----------------
TOTAL CURRENT LIABILITIES	363,299	506,721
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	83,399	84,769
	----------------	----------------
TOTAL NET ASSETS	83,399	84,769
	=============	=============
FINANCED BY:
SHARE CAPITAL
Ordinary share capital	59	59
	----------------	----------------
TOTAL SHARE CAPITAL	59	59
RESERVES
Retained profit/(loss) carried forward	83,340	84,710
	----------------	----------------
TOTAL RESERVES	83,340	84,710
	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	83,399	84,769
	=============	=============

FINANCIAL RATIO

SIGMA-BYTE COMPUTERS (S) PTE. LTD.

TYPES OF FUNDS
Cash	437,261	273,613
Net Liquid Funds	437,261	273,613
Net Liquid Assets	83,399	84,769
Net Current Assets/(Liabilities)	83,399	84,769
Net Tangible Assets	83,399	84,769
Net Monetary Assets	83,399	84,769
PROFIT & LOSS ITEMS
Earnings Before Interest & Tax (EBIT)	0	0
Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)	50,747	24,602
BALANCE SHEET ITEMS
Total Borrowings	0	0
Total Liabilities	363,299	506,721
Total Assets	446,698	591,490
Net Assets	83,399	84,769
Net Assets Backing	83,399	84,769
Shareholders' Funds	83,399	84,769
Total Share Capital	59	59
Total Reserves	83,340	84,710
GROWTH RATIOS (Year on Year) (%)
Revenue	29.68	3,773.78
Proft/(Loss) Before Tax	110.21	126.87
Proft/(Loss) After Tax	110.21	127.81
Total Assets	3.52	37.08
Total Liabilities	5.38	46.98
LIQUIDITY (Times)
Cash Ratio	1.20	0.54
Liquid Ratio	1.23	1.17
Current Ratio	1.23	1.17
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0
Debtors Ratio	2	130
Creditors Ratio	12	122
SOLVENCY RATIOS (Times)
Gearing Ratio	0	0
Liabilities Ratio	4.36	5.98
Times Interest Earned Ratio	23.97	16.76
Assets Backing Ratio	1,413.54	1,436.76
PERFORMANCE RATIO (%)
Operating Profit Margin	4.33	2.67
Net Profit Margin	4.33	2.67
Return On Net Assets	60.85	29.02
Return On Capital Employed	60.85	29.02
Return On Shareholders' Funds/Equity	58.31	27.29
Dividend Pay Out Ratio (Times)	1.03	0
NOTES TO ACCOUNTS
Contingent Liabilities	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.28
UK Pound	1	INR 89.02
Euro	1	INR 78.93
SGD	1	INR 48.63

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	TPT

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.