MIRA INFORM REPORT

Report No. :	516350
Report Date :	26.06.2018

IDENTIFICATION DETAILS

Name :	COMPUAGE INFOCOM LIMITED (SINGAPORE BRANCH)
Registered Office :	69, UBI Crescent, 03-04, Ces Building, 408561
Country :	Singapore
Financials (as on) :	31.03.2017
Date of Incorporation :	30.07.2015
Com. Reg. No.:	T15FC0104C
Legal Form :	Foreign
Line of Business :	The subject is principally engaged in the trading of computer products and networking equipment.
No. of Employees :	8 [2018]

RATING & COMMENTS

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

MIRA’s Rating :

B

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Status :	Moderate
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 (31.12.2017)	Current Rating (01.04.2018)
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 electronics, petroleum products, chemicals, medical and optical devices, pharmaceuticals, and on Singapore’s 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 from 2012-2017 was slower than during the previous decade, a result of slowing structural growth - as Singapore reached high-income levels - and soft global demand for exports. Growth recovered to 3.6% in 2017 with a strengthening global economy.

The government is attempting to restructure Singapore’s economy to reduce its dependence on foreign labor, raise productivity growth, and increase wages amid slowing labor force growth and an aging population. 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 signatory of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and a party to the Regional Comprehensive Economic Partnership (RCEP) negotiations with 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.	:	T15FC0104C
COMPANY NAME	:	COMPUAGE INFOCOM LIMITED (SINGAPORE BRANCH)
FORMER NAME	:	N/A
INCORPORATION DATE	:	30/07/2015
COMPANY STATUS	:	EXIST
LEGAL FORM	:	FOREIGN
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	69, UBI CRESCENT, 03-04, CES BUILDING, 408561, SINGAPORE.
BUSINESS ADDRESS	:	69, UBI CRESCENT, 03-04 CES BUILDING, 408561, SINGAPORE.
TEL.NO.	:	65-68444356
FAX.NO.	:	65-68444547
WEB SITE	:	WWW.COMPUAGEINDIA.COM
CONTACT PERSON	:	GANESH SHIVA GANESH ( DIRECTOR )
PRINCIPAL ACTIVITY	:	TRADING OF COMPUTER PRODUCTS AND NETWORKING EQUIPMENT
SALES	:	USD 136,532,043 [2017]
NET WORTH	:	USD 390,272 [2017]
STAFF STRENGTH	:	8 [2018]
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	FAIR
PAYMENT	:	NO COMPLAINTS
MANAGEMENT CAPABILITY	:	AVERAGE
COMMERCIAL RISK	:	MODERATE
CURRENCY EXPOSURE	:	MODERATE
GENERAL REPUTATION	:	SATISFACTORY
INDUSTRY OUTLOOK	:	MARGINAL GROWTH

HISTORY / BACKGROUND

The Subject is principally engaged in the (as a / as an) trading of computer products and networking equipment.

No shareholders was found in our databank at the time of investigation

DIRECTORS

DIRECTOR 1

Name Of Subject	:	MR. GANESH SHIVA GANESH
Address	:	3/12, SEEMA SOCIETY, N.DATTA MARG, FOUR BUNGALOWS, ANDHERI (W), MUMBAI, 400053, INDIA.
IC / PP No	:	K3520572
Nationality	:	INDIAN
Date of Appointment	:	18/10/2000

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	T15FC0104C	COMPUAGE INFOCOM LIMITED (SINGAPORE BRANCH)	Director	18/10/2000	0.00	-	USD94,457.00	2017	-	22/06/2018

DIRECTOR 2

Name Of Subject	:	PREETI KAUSHIK TRIVEDI
Address	:	N/3-A, NIRMAL PUNYADARSHAN, CHANDRAVILLA GULMOHAR X RD 5, JUHU VILEPARLE W, MUMBAI, MAHARASHTRA, 400049, INDIA.
IC / PP No	:	M5195454
Nationality	:	INDIAN
Date of Appointment	:	29/10/2009

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	T15FC0104C	COMPUAGE INFOCOM LIMITED (SINGAPORE BRANCH)	Director	29/10/2009	0.00	-	USD94,457.00	2017	-	22/06/2018

DIRECTOR 3

Name Of Subject	:	VIJAY KUMAR AGARWAL
Address	:	301-S.S.SADAN, GULMOHAR CROSS, ROAD 6, (BAPU NACHANE MARG) JUHU SCHEME, MUMBAI, 400049, INDIA.
IC / PP No	:	Z2025998
Nationality	:	INDIAN
Date of Appointment	:	24/06/2006

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	T15FC0104C	COMPUAGE INFOCOM LIMITED (SINGAPORE BRANCH)	Director	24/06/2006	0.00	-	USD94,457.00	2017	-	22/06/2018

DIRECTOR 4

Name Of Subject	:	ATUL HARKISHANDAS MEHTA
Address	:	1804, WALLACE APARTMENT, SLEATER ROAD, MUMBAI, MAHARASHTRA, 400007, INDIA.
IC / PP No	:	Z2704577
Nationality	:	INDIAN
Date of Appointment	:	16/06/2000

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	T15FC0104C	COMPUAGE INFOCOM LIMITED (SINGAPORE BRANCH)	Director	16/06/2000	0.00	-	USD94,457.00	2017	-	22/06/2018

DIRECTOR 5

Name Of Subject	:	BHAVESH HARKISHANDAS MEHTA
Address	:	4A-1, 4TH FLOOR, GREAT EASTERN, ROYALE 333 BELASIS ROAD, TARDEO WEST, MUMBAI, MAHARASHTRA, 400034, INDIA.
IC / PP No	:	Z2475454
Nationality	:	INDIAN
Date of Appointment	:	18/10/2000

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	T15FC0104C	COMPUAGE INFOCOM LIMITED (SINGAPORE BRANCH)	Director	18/10/2000	0.00	-	USD94,457.00	2017	-	22/06/2018

MANAGEMENT

1)	Name of Subject	:	GANESH SHIVA GANESH
	Position	:	DIRECTOR

AUDITOR

No Auditor found in our databank 

COMPANY SECRETARIES

1)	Company Secretary	:	SHANTHI BALAKRISHNAN
	IC / PP No	:	S2635987B
	Address	:	295C, COMPASSVALE CRESCENT, 04-249, 543295, SINGAPORE.
	Date of Appointment	:	03/07/2017
	Remarks	:	AUTHORISED REPRESENTATIVE

2)	Company Secretary	:	LOGARAJ S/O PUSAIDURAY
	IC / PP No	:	S8918859H
	Address	:	215, SERANGOON AVENUE 4, 10-112, SERANGOON GREEN, 550215, SINGAPORE.
	Date of Appointment	:	18/01/2016
	Remarks	:	AUTHORISED REPRESENTATIVE

BANKING

No Banker found in our databank. 

ENCUMBRANCE (S)

No encumbrance was found in our databank at the time of investigation. 

CIVIL 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	:	N/A
Overseas	:	N/A

The Subject refused to disclose its supplier. 

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
Credit Term	:	AS AGREED
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Goods Traded

:

COMPUTER PRODUCTS AND NETWORKING EQUIPMENT

Total Number of Employees:
YEAR	2018	2017	2016
GROUP	N/A	N/A	N/A
COMPANY	8	8	10

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) trading of computer products and networking equipment. 

The Subject is an information technology distribution company, distributes computer peripherals, consumables, and accessories.

Compuage, one of India's leading IT distribution company. 

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-68444356
Match	:	N/A
Address Provided by Client	:	SINGAPORE
Current Address	:	69, UBI CRESCENT, 03-04 CES BUILDING, 408561, SINGAPORE.
Match	:	NO

Other Investigations

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

The address provided is incomplete.

The Subject refused to disclose its banker information.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	173.72%	]
Profit/(Loss) Before Tax	:	Decreased	[	67.19%	]
Return on Shareholder Funds	:	Acceptable	[	24.20%	]
Return on Net Assets	:	Favourable	[	32.16%	]
The increase in turnover could be due to the Subject adopting an aggressive marketing strategy.The Subject's profit fell sharply because of the high operating costs incurred. The Subject's management had generated acceptable return for its shareholders using its assets.
Working Capital Control
Stock Ratio	:	Favourable	[	12 Days	]
Debtor Ratio	:	Favourable	[	14 Days	]
Creditors Ratio	:	Favourable	[	27 Days	]
The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. 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	[	0.60 Times	]
Current Ratio	:	Unfavourable	[	1.04 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	:	Acceptable	[	5.22 Times	]
Gearing Ratio	:	Favourable	[	0.00 Times	]
The Subject's interest cover was slightly low. If there is no sharp fall in its profit or sudden increase in the interest rates, we believe the Subject is able to generate sufficient income to service its interest and repay the loans. 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 Subject's turnover had increased, its profits had declined over the same corresponding period. This could be due to the stiffer market competition and / or higher operating costs which lowered the Subject's profit margin. 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. The Subject had an acceptable interest cover. If there is no sudden sharp increase in interest rate or fall in the Subject's profit, we do believe the Subject is able to generate sufficient cash flow to service its interest payment. 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 : FAIR

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	2013	2014	2015	2016	2017*
Population (Million)	5.40	5.47	5.54	5.61	5.61
Gross Domestic Products ( % )	5.1	3.9	2.2	2.4	3.6
Consumer Price Index	2.4	1.0	(0.5)	(0.5)	0.6
Total Imports (Million)	466,762.0	463,779.1	407,767.9	398,372.0	403,300.0
Total Exports (Million)	513,391.0	518,922.7	476,285.4	468,552.0	466,900.0
Unemployment Rate (%)	1.9	1.9	1.9	2.1	-
Tourist Arrival (Million)	15.46	15.01	15.23	16.28	-
Hotel Occupancy Rate (%)	86.3	85.5	84.0	83.1	84.7
Cellular Phone Subscriber (Million)	1.97	1.98	1.99	-	-
Registration of New Companies (No.)	37,288	41,589	34,243	35,227	37,395
Registration of New Companies (%)	9.8	11.5	(17.7)	2.9	6.2
Liquidation of Companies (No.)	17,369	18,767	21,384	23,218	22,379
Liquidation of Companies (%)	(5.3)	8.0	13.9	8.6	(3.6)
Registration of New Businesses (No.)	22,893	35,773	28,480	27,120	22,148
Registration of New Businesses (%)	1.70	56.30	(20.39)	(4.78)	(18.33)
Liquidation of Businesses (No.)	22,598	22,098	26,116	35,866	24,344
Liquidation of Businesses (%)	0.5	(2.2)	18.2	37.3	(32.1)
Bankruptcy Orders (No.)	1,992	1,757	1,776	1,797	1,638
Bankruptcy Orders (%)	14.0	(11.8)	1.0	1.2	(8.9)
Bankruptcy Discharges (No.)	2,584	3,546	3,499	4,359	2,030
Bankruptcy Discharges (%)	37.4	37.2	(1.3)	24.6	(53.4)
INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	1.78	4.29	3.04	-	-
Fish Supply & Wholesale	(3.8)	(8.6)	(8.5)	(9.9)	-
Manufacturing #
Food, Beverages & Tobacco	97.9	99.4	100.0	103.7	110.3
Textiles	119.5	102.7	100.0	92.4	84.4
Wearing Apparel	334.1	212.6	100.0	83.4	88.2
Leather Products & Footwear	122.0	106.5	100.0	88.8	79.0
Wood & Wood Products	103.0	107.2	100.0	95.0	92.9
Paper & Paper Products	104.4	104.5	100.0	97.3	96.1
Printing & Media	113.8	105.968	100.0	85.1	73.1
Crude Oil Refineries	100.7	92.2	100.0	104.2	113.5
Chemical & Chemical Products	88.4	96.7	100.0	98.9	105.3
Pharmaceutical Products	101.421	109.4	100.0	113.8	96.0
Rubber & Plastic Products	109.497	109.2	100.0	91.4	93.7
Non-metallic Mineral	107.4	90.759	100.0	89.8	72.9
Basic Metals	77.2	99.3	100.0	106.2	108.3
Fabricated Metal Products	107.5	107.757	100.0	93.8	91.3
Machinery & Equipment	109.1	118.2	100.0	80.8	86.1
Electrical Machinery	87.4	97.871	100.0	101.5	111.7
Electronic Components	105.0	105.6	100.0	114.1	151.4
Transport Equipment	111.1	106.68	100.0	101.0	99.5
Construction	25.40	22.00	-	-	-
Real Estate	88.5	145.1	-	-	-
Services
Electricity, Gas & Water	6.70	6.50	-	-	-
Transport, Storage & Communication	9.80	14.20	-	-	-
Finance & Insurance	3.30	6.00	-	7.40	-
Government Services	6.50	6.30	-	-	-
Education Services	3.10	5.98	-	2.40	-
* Estimate / Preliminary
# Based on Index of Industrial Production (2015 = 100)

INDUSTRY ANALYSIS

INDUSTRY :	TRADING
According to the Ministry of Trade and Industry, the wholesale & retail trade sector expanded to 3.0% in the fourth quarter of 2017, moderating from the 3.3% growth in the previous quarter. The wholesale trade segment was boosted by an improvement in foreign wholesale sales volume, which more than offset the weakness in domestic wholesale sales volume. For the whole of 2017, the sector expanded by 2.3%, faster than the 1.0% growth in 2016. The improvement in growth can be attributed to the wholesale segment.
The domestic wholesale sales volume fell by 1.1% in the fourth quarter 2017, reversing the 2.0% growth in the preceding quarter. The poorer outturn was led by declines in the sales volume of household equipment & furniture (-27%) and general wholesale merchandise (-19%), which outweighed the increase in the sales volume of telecommunications & computers (20%). For the whole of 2017, the domestic wholesale trade index expanded by 1.0%, a turnaround from the 2.7% decline in 2016.
On the other hand, foreign wholesale sales volume rose to 6.2% in the fourth quarter 2017, a step-up from the 5.1% growth in the preceding quarter. Growth was driven by expansions in the sales of petroleum & petroleum-related products (11%t), telecommunications & computers (19%) and electronic components (16%). However, growth was partly offset by a 20% decline in the sales volume of metals, timber & construction materials. For the full year 2017, the foreign wholesale trade index rose by 3.6%, faster than the increase of 1.5% in the previous year.
Besides, retail sales volume rose by 2.1% in the fourth quarter 2017, improving from the 0.9% growth recorded in the third quarter. Growth was supported by improvements in both motor vehicle and non-motor vehicle sales volumes. While motor vehicle sales benefitted from an on-year increase in COE supply, growth in non-motor vehicle sales came on the back of an improvement in consumer sentiments. Notably, the sales volume of discretionary goods such as recreational goods, computer & telecommunication equipment and wearing apparel & footwear grew by 4.6%, 4.3 % and 3.1% respectively.
For the full year 2017, retail sales volume expanded by 1.3%, similar to the 1.5% growth recorded in 2016. Growth was driven by both motor vehicle sales and non-motor vehicle sales, which the former rising by 1.5% and the latter increasing by 1.3%. The rise in non-motor vehicle sales was underpinned by higher sales of discretionary goods. For instance, the sales volume of recreational goods (3.9%), watches & jewellery (2.4%), computer & telecommunications equipment (1.7%) and wearing apparel & footwear (1.5%) improved in 2017.
OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 2015, the Subject is a Foreign company, focusing on trading of computer products and networking equipment. The Subject has been in business for less than 5 years and it has slowly been building up contact with its clients while competing in the industry. However, it has yet to enjoy a stable market shares as it need to compete many well established players in the same field. 

Investigation revealed, 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 8 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. 

Financially, the Subject registered a higher turnover compared to previous year. However, its profits showed a reverse trend. The lower profit achieved was a result of higher operating cost and increased competition. 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. 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 zero geared company, the Subject virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. 

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

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. 

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.

COMPUAGE INFOCOM LIMITED (SINGAPORE BRANCH)

Financial Year End	2017-03-31	2016-03-31
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	136,532,043	49,879,405
	----------------	----------------
Total Turnover	136,532,043	49,879,405
Costs of Goods Sold	(136,000,892)	(49,501,739)
	----------------	----------------
Gross Profit	531,151	377,666
	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	101,438	309,128
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	101,438	309,128
Taxation	(6,981)	(13,313)
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	94,457	295,815
	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	295,815	-
	----------------	----------------
As restated	295,815	-
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	390,272	295,815
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	390,272	295,815
	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Others	24,061	1,352
	----------------	----------------
	24,061	1,352
	=============	=============
DEPRECIATION (as per notes to P&L)	4,836	-
	----------------	----------------
Total Amortization And Depreciation	4,836	-
	=============

BALANCE SHEET

COMPUAGE INFOCOM LIMITED (SINGAPORE BRANCH)

ASSETS EMPLOYED:
FIXED ASSETS	9,672	-
	----------------	----------------
TOTAL LONG TERM ASSETS	9,672	-
CURRENT ASSETS
Stocks	4,370,612	4,452,047
Trade debtors	5,086,160	3,587,556
Other debtors, deposits & prepayments	584,740	469,873
Cash & bank balances	386,469	1,000,152
	----------------	----------------
TOTAL CURRENT ASSETS	10,427,981	9,509,628
	----------------	----------------
TOTAL ASSET	10,437,653	9,509,628
	=============	=============
CURRENT LIABILITIES
Trade creditors	10,012,239	9,168,638
Other creditors & accruals	14,848	31,862
Provision for taxation	20,294	13,313
	----------------	----------------
TOTAL CURRENT LIABILITIES	10,047,381	9,213,813
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	380,600	295,815
	----------------	----------------
TOTAL NET ASSETS	390,272	295,815
	=============	=============
	----------------	----------------
RESERVES
Retained profit/(loss) carried forward	390,272	295,815
	----------------	----------------
TOTAL RESERVES	390,272	295,815
	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	390,272	295,815
	=============	=============

FINANCIAL RATIO

COMPUAGE INFOCOM LIMITED (SINGAPORE BRANCH)

TYPES OF FUNDS
Cash	386,469	1,000,152
Net Liquid Funds	386,469	1,000,152
Net Liquid Assets	(3,990,012)	(4,156,232)
Net Current Assets/(Liabilities)	380,600	295,815
Net Tangible Assets	390,272	295,815
Net Monetary Assets	(3,990,012)	(4,156,232)
PROFIT & LOSS ITEMS
Earnings Before Interest & Tax (EBIT)	125,499	310,480
Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)	130,335	310,480
BALANCE SHEET ITEMS
Total Borrowings	0	0
Total Liabilities	10,047,381	9,213,813
Total Assets	10,437,653	9,509,628
Net Assets	390,272	295,815
Net Assets Backing	390,272	295,815
Shareholders' Funds	390,272	295,815
Total Share Capital	0	0
Total Reserves	390,272	295,815
GROWTH RATIOS (Year on Year) (%)
Revenue	173.72	-
Proft/(Loss) Before Tax	(67.19)	-
Proft/(Loss) After Tax	(68.07)	-
Total Assets	9.76	-
Total Liabilities	9.05	-
LIQUIDITY (Times)
Cash Ratio	0.04	0.11
Liquid Ratio	0.60	0.55
Current Ratio	1.04	1.03
WORKING CAPITAL CONTROL (Days)
Stock Ratio	12	33
Debtors Ratio	14	26
Creditors Ratio	27	68
SOLVENCY RATIOS (Times)
Gearing Ratio	0	0
Liabilities Ratio	25.74	31.15
Times Interest Earned Ratio	5.22	229.64
Assets Backing Ratio	-	-
PERFORMANCE RATIO (%)
Operating Profit Margin	0.07	0.62
Net Profit Margin	0.07	0.59
Return On Net Assets	32.16	104.96
Return On Capital Employed	32.16	104.96
Return On Shareholders' Funds/Equity	24.20	100.00
Dividend Pay Out Ratio (Times)	0	0
NOTES TO ACCOUNTS
Contingent Liabilities	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 68.15
UK Pound	1	INR 90.27
Euro	1	INR 79.35
SGD	1	INR 50.15

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

INFORMATION DETAILS

Analysis Done by :	PRA
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.