MIRA INFORM REPORT

Report No. :	495138
Report Date :	05.03.2018

IDENTIFICATION DETAILS

Name :	O S ELECTRONICS (S) PTE LTD
Registered Office :	33, Tannery Lane, 05-01, Hoesteel Industrial Building, 347789
Country :	Singapore
Financials (as on) :	31.03.2017
Date of Incorporation :	16.05.1990
Com. Reg. No.:	199002317H
Legal Form :	Private Limited (Limited By Share)
Line of Business :	The subject is principally engaged in the wholesale of electronic components, energy related products.
No. of Employees :	16 [2018]

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 :	Good
Payment Behaviour :	Regular
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 (30.09.2017)	Current Rating (31.12.2017)
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.	:	199002317H
COMPANY NAME	:	O S ELECTRONICS (S) PTE LTD
FORMER NAME	:	N/A
INCORPORATION DATE	:	16/05/1990
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED (LIMITED BY SHARE)
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	33, TANNERY LANE, 05-01, HOESTEEL INDUSTRIAL BUILDING, 347789, SINGAPORE.
BUSINESS ADDRESS	:	33 TANNERY LANE, 05-01 HOESTEEL INDUSTRIAL BUILDING, 347789, SINGAPORE.
TEL.NO.	:	65-67467770
FAX.NO.	:	65-67463500
CONTACT PERSON	:	MASATOSHI MAEDA ( MANAGING DIRECTOR )
PRINCIPAL ACTIVITY	:	WHOLESALE OF ELECTRONIC COMPONENTS, ENERGY RELATED PRODUCTS
ISSUED AND PAID UP CAPITAL	:	620,000.00 ORDINARY SHARE, OF A VALUE OF SGD 620,000.00
SALES	:	USD 62,893,807 [2017]
NET WORTH	:	USD 16,773,394 [2017]
STAFF STRENGTH	:	16 [2018]
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	FAIR
PAYMENT	:	AVERAGE
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) wholesale of electronic components, energy related products.

The immediate and ultimate holding company of the Subject is O S ELECTRONICS CO., LTD, a company incorporated in JAPAN.

Share Capital History

Date	Issue & Paid Up Capital
02/03/2018	SGD 620,000.00

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

Current Shareholder(s) :

Name	Address	IC/PP/Loc No	Shareholding	(%)
O S ELECTRONICS CO., LTD	AKIHABARA SANWA TOYO BUILDING, 5F, 3-16-8, SOTOKANDA, CHIYODA-KU, TOKYO 101-0021 ,JAPAN	T07UF0150	620,000.00	100.00
			---------------	------
			620,000.00	100.00
			============	=====

+ Also Director

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

Local No	Country	Company	Status	(%)	As At
	INDIA	O S ELECTRONICS INDIA PRIVATE LIMITED	-	100.00	31/03/2017

DIRECTORS

DIRECTOR 1

Name Of Subject	:	MICHIHITO ASAHI
Address	:	3-24-26-513, KITANAKABURI, HIRAKATA-SHI, OSAKA, 5730064, JAPAN.
IC / PP No	:	TK2219010
Nationality	:	JAPANESE
Date of Appointment	:	08/06/2016

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	199002317H	O S ELECTRONICS (S) PTE LTD	Director	08/06/2016	0.00	-	USD946,248.00	2017	-	02/03/2018

DIRECTOR 2

Name Of Subject	:	MASATOSHI MAEDA
Address	:	89, TAMPINES AVENUE 1, 14-36, WATERVIEW, 528689, SINGAPORE.
IC / PP No	:	F5515326N
Nationality	:	JAPANESE
Date of Appointment	:	13/06/2016

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	199002317H	O S ELECTRONICS (S) PTE LTD	Director	13/06/2016	0.00	-	USD946,248.00	2017	-	02/03/2018

MANAGEMENT

1)	Name of Subject	:	MASATOSHI MAEDA
	Position	:	MANAGING DIRECTOR

AUDITOR

Auditor	:	K K CHUA & CO
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	TEH KWANG HWEE
	IC / PP No	:	S1153921A /00975
	Address	:	74, TELOK BLANGAH HEIGHTS, 05-305, 100074, SINGAPORE.

BANKING

No Banker found in our databank. 

ENCUMBRANCE (S)

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

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
Credit Term	:	N/A
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Goods Traded

:

ELECTRONIC COMPONENTS, ENERGY RELATED PRODUCTS

Total Number of Employees:
YEAR	2018	2017	2014
GROUP	N/A	N/A	N/A
COMPANY	16	16	16

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) wholesale of electronic components, energy related products. 

The Subject is engaged in the trading of electronic components.

The Subject is also able to source the required components for its customers. 

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	6567467770
Current Telephone Number	:	65-67467770
Match	:	YES
Address Provided by Client	:	33, TANNERY LANE # 05-01 HOESTEEL INDUSTRIAL BLDG 347789
Current Address	:	33 TANNERY LANE, 05-01 HOESTEEL INDUSTRIAL BUILDING, 347789, SINGAPORE.
Match	:	NO

Other Investigations

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

The address provided is incomplete.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Decreased	[	7.04%	]
Profit/(Loss) Before Tax	:	Decreased	[	20.83%	]
Return on Shareholder Funds	:	Unfavourable	[	5.64%	]
Return on Net Assets	:	Unfavourable	[	6.34%	]
The lower turnover could be due to the unfavourable market conditions.The dip in profit could be due to the stiff market competition which reduced the Subject's profit margin. The unfavourable return on shareholders' funds could indicate that the Subject was inefficient in utilising its assets to generate returns.
Working Capital Control
Stock Ratio	:	Acceptable	[	62 Days	]
Debtor Ratio	:	Acceptable	[	58 Days	]
Creditors Ratio	:	Favourable	[	43 Days	]
The Subject kept adequate stocks to meet its normal business transactions without incurring excessive storage costs. The Subject's management was quite efficient in handling its debtors. The Subject's debtors days were at an acceptable range, thus the risk of its debts turning bad was minimised. 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	[	1.41 Times	]
Current Ratio	:	Favourable	[	2.17 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	[	531,878.50 Times	]
Gearing Ratio	:	Favourable	[	0.20 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 was lowly geared thus it had a low financial risk. The Subject was mainly financed by its shareholders' funds and internally generated funds. In times of economic slowdown / downturn, the Subject being a lowly geared company, will be able to compete better than those companies which are highly geared in the same industry.
Overall Assessment :
The Subject's performance deteriorated over the years with lower turnover and profit. 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 as a lowly geared company, will be more secured compared to those highly geared companies. It has the ability to meet all its long term obligations.
Overall financial condition of the Subject : FAIR

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	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 1990, the Subject is a Private Limited company, focusing on wholesale of electronic components, energy related products. The Subject has been in business for over two decades. It has built up a strong clientele base and satisfactory reputation will enable the Subject to further enhance its business in the near term. The Subject is expected to enjoy a stable market shares. Presently, the issued and paid up capital of the Subject stands at SGD 620,000. 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. Being a small company, the Subject's business operation is supported by 16 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. 

The Subject's business performance showed a reverse trend as both its turnover and pre-tax profit have decreased compared to the previous year. 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 lowly geared company, the Subject is exposed to low financial risk as it is mainly dependent on its internal funds to finance its business needs. Given a positive net worth standing at USD 16,773,394, 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 promptly.

PROFIT AND LOSS ACCOUNT

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

O S ELECTRONICS (S) PTE LTD

Financial Year End	2017-03-31	2016-03-31
Months	12	12
Consolidated Account	GROUP	GROUP
Audited Account	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES
Financial Type	FULL	FULL
Currency	USD	USD
TURNOVER	62,893,807	67,655,179
Other Income	28,246	39,464
	----------------	----------------
Total Turnover	62,922,053	67,694,643
Costs of Goods Sold	(59,325,892)	(63,431,281)
	----------------	----------------
Gross Profit	3,596,161	4,263,362
	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	1,063,755	1,343,550
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	1,063,755	1,343,550
Taxation	(117,507)	(27,423)
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	946,248	1,316,127
	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	15,725,340	14,994,087
	----------------	----------------
As restated	15,725,340	14,994,087
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	16,671,588	16,310,214
DIVIDENDS - Ordinary (paid & proposed)	(287,943)	(584,874)
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	16,383,645	15,725,340
	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Others	2	-
	----------------	----------------
	2	-
	=============	-
DEPRECIATION (as per notes to P&L)	40,801	61,811
	----------------	----------------
Total Amortization And Depreciation	40,801	61,811
	=============	=============

BALANCE SHEET

O S ELECTRONICS (S) PTE LTD

ASSETS EMPLOYED:
FIXED ASSETS	102,468	99,395
LONG TERM INVESTMENTS/OTHER ASSETS
Deferred assets	2,720	2,145
Others	230,574	230,574
	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	233,294	232,719
	----------------	----------------
TOTAL LONG TERM ASSETS	335,762	332,114
CURRENT ASSETS
Stocks	10,623,737	9,444,649
Trade debtors	10,000,861	9,620,802
Other debtors, deposits & prepayments	2,782,578	89,224
Deposits with financial institutions	5,769,330	7,600,000
Amount due from holding company	901	5,123
Amount due from related companies	3,700	14,899
Cash & bank balances	1,345,200	1,855,943
	----------------	----------------
TOTAL CURRENT ASSETS	30,526,307	28,630,640
	----------------	----------------
TOTAL ASSET	30,862,069	28,962,754
	=============	=============
CURRENT LIABILITIES
Trade creditors	7,018,287	6,475,380
Other creditors & accruals	74,461	74,291
Short term borrowings/Term loans	3,400,000	3,000,000
Amounts owing to holding company	3,463,087	3,263,205
Amounts owing to related companies	2,340	13,576
Provision for taxation	130,500	25,565
	----------------	----------------
TOTAL CURRENT LIABILITIES	14,088,675	12,852,017
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	16,437,632	15,778,623
	----------------	----------------
LONG TERM LIABILITIES
TOTAL NET ASSETS	16,773,394	16,110,737
	=============	=============
SHARE CAPITAL
Ordinary share capital	385,404	385,404
	----------------	----------------
TOTAL SHARE CAPITAL	385,404	385,404
RESERVES
Exchange equalisation/fluctuation reserve	4,345	(7)
Retained profit/(loss) carried forward	16,383,645	15,725,340
	----------------	----------------
TOTAL RESERVES	16,387,990	15,725,333
	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	16,773,394	16,110,737
	=============	=============

FINANCIAL RATIO

O S ELECTRONICS (S) PTE LTD

TYPES OF FUNDS
Cash	1,345,200	1,855,943
Net Liquid Funds	1,345,200	1,855,943
Net Liquid Assets	5,813,895	6,333,974
Net Current Assets/(Liabilities)	16,437,632	15,778,623
Net Tangible Assets	16,773,394	16,110,737
Net Monetary Assets	5,813,895	6,333,974
PROFIT & LOSS ITEMS
Earnings Before Interest & Tax (EBIT)	1,063,757	1,343,550
Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)	1,104,558	1,405,361
BALANCE SHEET ITEMS
Total Borrowings	3,400,000	3,000,000
Total Liabilities	14,088,675	12,852,017
Total Assets	30,862,069	28,962,754
Net Assets	16,773,394	16,110,737
Net Assets Backing	16,773,394	16,110,737
Shareholders' Funds	16,773,394	16,110,737
Total Share Capital	385,404	385,404
Total Reserves	16,387,990	15,725,333
GROWTH RATIOS (Year on Year) (%)
Revenue	(7.04)	(22.84)
Proft/(Loss) Before Tax	(20.83)	531.51
Proft/(Loss) After Tax	(28.10)	515.59
Total Assets	6.56	16.33
Total Liabilities	9.62	31.30
LIQUIDITY (Times)
Cash Ratio	0.10	0.14
Liquid Ratio	1.41	1.49
Current Ratio	2.17	2.23
WORKING CAPITAL CONTROL (Days)
Stock Ratio	62	51
Debtors Ratio	58	52
Creditors Ratio	43	37
SOLVENCY RATIOS (Times)
Gearing Ratio	0.20	0.19
Liabilities Ratio	0.84	0.80
Times Interest Earned Ratio	531,878.50	-
Assets Backing Ratio	43.52	41.80
PERFORMANCE RATIO (%)
Operating Profit Margin	1.69	1.99
Net Profit Margin	1.50	1.95
Return On Net Assets	6.34	8.34
Return On Capital Employed	6.34	8.34
Return On Shareholders' Funds/Equity	5.64	8.17
Dividend Pay Out Ratio (Times)	0.30	0.44

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.22
UK Pound	1	INR 89.71
Euro	1	INR 79.50
SGD	1	INR 49.33

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

INFORMATION DETAILS

Analysis Done by :	NIS
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.