MIRA INFORM REPORT

Report No. :	509859
Report Date :	23.05.2018

IDENTIFICATION DETAILS

Name :	GUANGZHOU ANGUANG ELECTRONICS CO., LTD
Registered Office :	Shop 322, 321, 320, 319, 318, Area E, Self-numbered 1 Building, No. 63, Zijing Avenue, Liwan District, Guangzhou City
Country :	China
Financials (as on) :	31.12.2016
Date of Incorporation :	23.09.2009
Unified Social Credit Code:	91440103695171913J
Legal Form :	Shares Limited Company
Line of Business :	Subject is mainly engaged in sales of electronic components. Its main products are multi function remote control IC, touch IC, LED display drive circuit, etc. Its products are widely applied in TV, air conditioning and other household appliances. The company can also research and develop products based on the demand of its customers
No. of Employees :	100

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 :	Slow but Correct
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)
China	A2	A2

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

CHINA - ECONOMIC OVERVIEW

Since the late 1970s, China has moved from a closed, centrally planned system to a more market-oriented one that plays a major global role. China has implemented reforms in a gradualist fashion, resulting in efficiency gains that have contributed to a more than tenfold increase in GDP since 1978. Reforms began with the phaseout of collectivized agriculture, and expanded to include the gradual liberalization of prices, fiscal decentralization, increased autonomy for state enterprises, growth of the private sector, development of stock markets and a modern banking system, and opening to foreign trade and investment. China continues to pursue an industrial policy, state support of key sectors, and a restrictive investment regime. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2016 stood as the largest economy in the world, surpassing the US in 2014 for the first time in modern history. China became the world's largest exporter in 2010, and the largest trading nation in 2013. Still, China's per capita income is below the world average.

After keeping its currency tightly linked to the US dollar for years, China in July 2005 moved to an exchange rate system that references a basket of currencies. From mid-2005 to late 2008, the renminbi appreciated more than 20% against the US dollar, but the exchange rate remained virtually pegged to the dollar from the onset of the global financial crisis until June 2010, when Beijing announced it would allow a resumption of gradual liberalization. From 2013 until early 2015, the renminbi (RMB) appreciated roughly 2% against the dollar, but the exchange rate fell 13% from mid-2015 until end-2016 amid strong capital outflows in part stemming from the August 2015 official devaluation; in 2017 the RMB resumed appreciating against the dollar – roughly 7% from end-of-2016 to end-of-2017. From 2013 to 2017, China had one of the fastest growing economies in the world, averaging slightly more than 7% real growth per year. In 2015, the People’s Bank of China announced it would continue to carefully push for full convertibility of the renminbi, after the currency was accepted as part of the IMF’s special drawing rights basket. However, since late 2015 the Chinese Government has strengthened capital controls and oversight of overseas investments to better manage the exchange rate and maintain financial stability.

The Chinese Government faces numerous economic challenges including: (a) reducing its high domestic savings rate and correspondingly low domestic household consumption; (b) managing its high corporate debt burden to maintain financial stability; (c) controlling off-balance sheet local government debt used to finance infrastructure stimulus; (d) facilitating higher-wage job opportunities for the aspiring middle class, including rural migrants and college graduates, while maintaining competitiveness; (e) dampening speculative investment in the real estate sector without sharply slowing the economy; (f) reducing industrial overcapacity; and (g) raising productivity growth rates through the more efficient allocation of capital and state-support for innovation. Economic development has progressed further in coastal provinces than in the interior, and by 2016 more than 169.3 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of China’s population control policy known as the “one-child policy” - which was relaxed in 2016 to permit all families to have two children - is that China is now one of the most rapidly aging countries in the world. Deterioration in the environment - notably air pollution, soil erosion, and the steady fall of the water table, especially in the North - is another long-term problem. China continues to lose arable land because of erosion and urbanization. The Chinese Government is seeking to add energy production capacity from sources other than coal and oil, focusing on natural gas, nuclear, and clean energy development. In 2016, China ratified the Paris Agreement, a multilateral agreement to combat climate change, and committed to peak its carbon dioxide emissions between 2025 and 2030.

The government's 13th Five-Year Plan, unveiled in March 2016, emphasizes the need to increase innovation and boost domestic consumption to make the economy less dependent on government investment, exports, and heavy industry. However, China has made more progress on subsidizing innovation than rebalancing the economy. Beijing has committed to giving the market a more decisive role in allocating resources, but the Chinese Government’s policies continue to favor state-owned enterprises and emphasize stability. Chinese leaders in 2010 pledged to double China’s GDP by 2020, and the 13th Five Year Plan includes annual economic growth targets of at least 6.5% through 2020 to achieve that goal. In recent years, China has renewed its support for state-owned enterprises in sectors considered important to "economic security," explicitly looking to foster globally competitive industries. Chinese leaders also have undermined some market-oriented reforms by reaffirming the “dominant” role of the state in the economy, a stance that threatens to discourage private initiative and make the economy less efficient over time. The slight acceleration in economic growth in 2017—the first such uptick since 2010—gives Beijing more latitude to pursue its economic reforms, focusing on financial sector deleveraging and its Supply-Side Structural Reform agenda, first announced in late 2015.

Source : CIA

INVESTIGATION RECORD

Name of Interviewee	Mr. Ma
Tel	(86 20) 81600581
Investigation Way	Telephone

ORDER DETAILS & INVESTIGATION RESULTS

-	Order Information	Verification
Name(English)	GUANGZHOU ANGUANG ELECTRONICS CO., LTD.	Correct
Address (English)	Room 318, Area E, No. 63, Zijing Road, Liwan District,, Guangzhou, Guangdong, 510375, China	Correct
Tel	86-20-81600581	Correct

ABSTRACT

BASIC INFORMATION

Name (English)	GUANGZHOU ANGUANG ELECTRONICS CO., LTD. (Given by Official Sources)
Unified Social Credit Code	91440103695171913J
AIC registration No.	440103000011276
National Organization Code	695171913
Company Status	Operational
Executive	Deng Songqing
Registered Capital	CNY 6,000,000.00
Date of Establishment	2009-09-23
Employee	100
Website	www.anguangic.com
Company Size	Small
SIC (China)	5179,Wholesale of Other Mechanical Equipment and Electronic Products
Import and Export Enterprise Code	4401695171913
Import/Export Permit	Yes

CONTACTS

Tel	(86 20)81600581
Fax	(86 20)81600580
Address	No. 318, Area E, No. 63, Zijing Avenue, Liwan Dist, Guangzhou City, Guangdong Province(Office)
Address Post code	510375
Ownership	Rented

GENERAL COMMENTS

RISK ANALYSIS

Established in September of 2009 with the registered capital of CNY 6,000,000.00, SC is mainly engaged in sales of electronic components. With a long history, subject has accumulated certain industry experience. However, as a company founded by natural persons, it has weak financing and risk resisting capacities.

According to its current financial information, SC’s operating income of 2016 increased over that of 2015, indicating its business was developed well in 2016. With low net profit margin of 2016, subject’s profitability is weak and remains to be improved. The company’s turnover of total assets of 2016 is average, indicating its assets operation capability is average. As a whole, with high liabilities to assets ratio of 2016, subject’s long-term solvency is weak.

REGISTRATION INFORMATION

REGISTRATION INFORMATION

Unified Social Credit Code	91440103695171913J
AIC registration No.	440103000011276
Date of Establishment	2009-09-23
Registered Address	Shop 322, 321, 320, 319, 318, Area E, Self-numbered 1 Building, No. 63, Zijing Avenue, Liwan District, Guangzhou City
Registry	Administration Bureau for Industry and Commerce – Guangzhou City
Legal Representative	Deng Songqing
Legal Form	Shares Limited Company (Unlisted)
Registered Capital	CNY 6,000,000.00
Paid-in Capital	CNY 6,000,000.00
Latest Year of Annual Report	2017
Operation duration	Perpetual
Business Scope	R&D of electronic, communication and automatic control technology; Import and export of goods; Wholesales of household electric appliances; electronic component; electronic products New material technology development service; New materials, technical advice, communication services; Software development; Information system integration service; Integrated circuit design

REGISTRATION CHANGES

-	Date	Item Changed	From	To
1	2016-07-01	Name	GUANGZHOU ANGUANG ELECTRONICS CO., LTD	GUANGZHOU ANGUANG ELECTRONICS CO., LTD.
2	2014-12-26	Registered address	Room 301B, No. 42, Huannan East Street, Huanhua Road, Liwan District, Guangzhou City	Shop 322, 321, 320, 319, 318, Area E, Self-numbered 1 Building, No. 63, Zijing Avenue, Liwan District, Guangzhou City
3	2011-11-04	Name	GUANGZHOU ANGUANG TRADE CO., LTD.	GUANGZHOU ANGUANG ELECTRONICS CO., LTD

SHAREHOLDER INFORMATION

-	Name	% Ownership	Capital Contributed	Currency	Investment Way	Paid-in %	Country
1	Deng Songqing	70.00	4,200,000.00	CNY	Capital	100	China
2	Zhang Ling	30.00	1,800,000.00	CNY	Capital	100	China
Total		100.0	6,000,000

ULTIMATE HOLDING

-	Ultimate Shareholder	Investment Way
1	Deng Songqing	Capital

English Name	Deng Songqing
Country	China
Type	Natural person shareholder
Investment Way	Capital
Note	Deng Songqing -->70.00% GUANGZHOU ANGUANG ELECTRONICS CO., LTD.

BRANCHES

No branch information of subject is searched out from database.

INVESTMENT IN OTHER COMPANIES

-	Name	License Status	Share Holding	Currency	% Ownership
1	Shenzhen Anduo Microelectronics Co., Ltd.	Operational	1,600,000.00	CNY	100.00

Name (English)	Shenzhen Anduo Microelectronics Co., Ltd.
Unified Social Credit Code	9144030057767232X2
License Status	Operational
Registration No.	440306105529179
Name Of Legal Representative	Deng Songqing
Legal Form	Limited Liabilities Company
Country	China
Registered Capital	CNY 1,600,000.00
Type	Subsidiary
Date of Establishment	2011-07-01
Share Holding	1,600,000.00
Currency	CNY
% Ownership	100.00

MANAGEMENT

LEGAL REPRESENTATIVE

Name	Deng Songqing
Position	Chairman; General Manager

INVOLVEMENT IN OTHER COMPANIES

-	Name (English)	License Status	Legal Representative	Position	Type of Engagement
1	Guangzhou Danshuo Electronics Co., Ltd.	Operational	NO	Supervisor	Directorship; Investment(6.67%)
2	Guangzhou Huanhong Management Consulting Partnership (Limited Partnership)	Operational	YES	Legal representative	Directorship; Investment(80.00%)
3	Qianhai Guangji Technology (Shenzhen) Co., Ltd.	Operational	NO	Director	Directorship; Investment(5.00%)
4	Shenzhen Anduo Microelectronics Co., Ltd.	Operational	YES	Executive director and general manager	Directorship

Name (English)	Guangzhou Danshuo Electronics Co., Ltd.
License Status	Operational
Name Of Legal Representative	Zhang Ling
Registered Capital	CNY 300,000.00
Country	China
Registration No.	440103000261492
Unified Social Credit Code	91440103MA59C9NT87
Legal Form	Limited Liabilities Company
Share Holding	20,000.00
Currency Of Share Holding	CNY
Way of Investment	Capital
% Ownership	6.67
Position	Supervisor
Date of Establishment	2016-04-01

Name (English)	Guangzhou Huanhong Management Consulting Partnership (Limited Partnership)
License Status	Operational
Name Of Legal Representative	Deng Songqing
Registered Capital	CNY 100,000.00
Country	China
Registration No.	440101000429948
Unified Social Credit Code	91440101MA59D0TC89
Legal Form	Limited Partnership
Share Holding	80,000.00
Currency Of Share Holding	CNY
Way of Investment	Capital
% Ownership	80.00
Position	Legal representative
Date of Establishment	2016-05-18

Name (English)	Qianhai Guangji Technology (Shenzhen) Co., Ltd.
License Status	Operational
Name Of Legal Representative	Zhao Yijun
Registered Capital	CNY 5,000,000.00
Country	China
Registration No.	440301118570613
Unified Social Credit Code	91440300MA5DRWY41F
Legal Form	Limited Liabilities Company
Share Holding	250,000.00
Currency Of Share Holding	CNY
% Ownership	5.00
Position	Director
Date of Establishment	2017-01-05

Name (English)	Shenzhen Anduo Microelectronics Co., Ltd.
License Status	Operational
Name Of Legal Representative	Deng Songqing
Registered Capital	CNY 1,600,000.00
Country	China
Registration No.	440306105529179
Unified Social Credit Code	9144030057767232X2
Legal Form	Limited Liabilities Company
Position	Executive director and general manager
Date of Establishment	2011-07-01

MANAGEMENT

-	Name	Position	Gender
1	Deng Songqing	Chairman; General Manager	-

DIRECTORS AND SUPERVISORS

-	Name	Position	Gender
1	Deng Songqing	Chairman; General Manager	-
2	Zhang Ling	Director	-
3	Xiao Ting	Director	-
4	Liu Jun )	Director	-
5	Xie Zhangjun	Director	-
6	Cai Jun	Supervisor	-
7	Wu Jun	Supervisor	-
8	Hu Canbo	Supervisor	-
9	Ma Zhiqiang	Supervisor	-
10	Chen Rundi	Chairman of the Supervisory Board	-

JUDICIAL INFORMATION

DEFAULT EXECUTED PARTY

As of the reporting date, no related record about subject is found through below sources:

A. Website of China Court Organization;

B. Websites of local courts of subject's location;

C. Websites of major domestic courts;

D. Judicial information of database.

SUBJECT AS EXECUTED PARTY

As of the reporting date, no related record about subject is found through below sources:

A. Website of China Court Organization;

B. Websites of local courts of subject's location;

C. Websites of major domestic courts;

D. Judicial information of database.

CIVIL & COMMERCIAL TRIAL PROCESS

As of the reporting date, no related record about subject is found through below sources:

A. Website of China Court Organization;

B. Websites of local courts of subject's location;

C. Websites of major domestic courts;

D. Judicial information of database.

CIVIL & COMMERCIAL JUDGMENT DOCUMENT

As of the reporting date, no related record about subject is found through below sources:

A. Website of China Court Organization;

B. Websites of local courts of subject's location;

C. Websites of major domestic courts;

D. Judicial information of database.

ADMINISTRATIVE ILLEGAL RECORDS

As of the reporting date, no related record about subject is found through below sources:

A. Website of China Court Organization;

B. Websites of local courts of subject's location;

C. Websites of major domestic courts;

D. Judicial information of database.

OPERATION INFORMATION

MAIN BUSINESS

Main Business	Sales of electronic components
Products & Service	SC is mainly engaged in sales of electronic components. Its main products are multi function remote control IC, touch IC, LED display drive circuit, etc. Its products are widely applied in TV, air conditioning and other household appliances. The company can also research and develop products based on the demand of its customers.

OPERATION FACILITIES

Business Address	No. 318, Area E, No. 63, Zijing Avenue, Liwan Dist, Guangzhou City, Guangdong Province(Office)
Tel	(86 20)81600581
Fax	(86 20)81600580
Post code	510375
Environment	Urban area
Ownership	Rented
Traffic Condition	Convenient

SALES INFORMATION

Region	Products		Customer Type	Number of Customers	Payment Terms	Region	Percentage
Domestic	Electronic components, etc.		Remote control plants, electronic plants, electrical appliance companies, etc.	Above 10	Prompt payment; Credit payment	All over China	90
International	Electronic components, etc.		Traders	Above 10	T/T; L/C	Southeast Asia, Europe, etc.	10
OTHER INFORMATION		SC's products are sold mainly at home. Partial products are exported to Southeast Asia, Europe, etc. Its main customers are remote control plants, electronic plants, electrical appliance companies, traders, etc. With years of operation, the company has certain sales network.

MAJOR CUSTOMERS

-	Name	Legal Form	Country
1	Sichuan Changhong Component Technology Co., Ltd	Limited Liabilities Company	China
2	Tianshui Huatian Electronic Group Co., Ltd.	Shares Limited Company (Unlisted)	China
3	XIAMEN HELLO ELECTRONICS CO., LTD.	Limited Liabilities Company	China
4	CHUNGHOP ELECTRONICS IND CO., LTD	Limited Liabilities Company	China
5	ZHE JIANG HIYE ELECTRONICS CO., LTD	Limited Liabilities Company	China

Name (English)	Sichuan Changhong Component Technology Co., Ltd
Country	China
Legal Form	Limited Liabilities Company

Name (English)	Tianshui Huatian Electronic Group Co., Ltd.
Country	China
Legal Form	Shares Limited Company (Unlisted)

Name (English)	XIAMEN HELLO ELECTRONICS CO., LTD.
Country	China
Legal Form	Limited Liabilities Company

Name (English)	CHUNGHOP ELECTRONICS IND CO., LTD
Country	China
Legal Form	Limited Liabilities Company

Name (English)	ZHE JIANG HIYE ELECTRONICS CO., LTD
Country	China
Legal Form	Limited Liabilities Company

PURCHASE INFORMATION

Region	Main Products Purchased		Number of Suppliers	Payment Terms	Region	Percentage
Domestic	Electronic components, etc.		Above 10	Prompt payment; Credit payment	All over China	50
International	Electronic components, etc.		Above 10	T/T; L/C	Japan, South Korea, Taiwan, etc.	50
OTHER INFORMATION		SC's products are purchased at home and abroad. Its domestic purchase business is developed all over China and the company also imports products from Japan, South Korea, Taiwan, etc. With years of operation, the company has stable purchase channels. Its main suppliers are circuit factories, remote control IC factories and traders, etc.

NOTE TO CREDIT RECORD

Note	SC’s staff declined to disclose any information of the suppliers due to company secrecy. No information of its suppliers is obtained through public sources. Hence, no payment records can be provided in the report.

ELECTRICITY CONSUMPTION RECORD

No electricity consumption record of subject can be obtained as the electricity consumer may not be filed with subject's name.

QUALIFICATIONS & TRENDS

PATENT

-	Patent Name	Patent Type	Status	Application No.	Application date	Classification	Publication No.
1	Single chip learning infrared remote control	Patent for utility models	Approved	CN201620255091.8	2016-03-29	H04N21/422(2011.01)I; G08C23/04(2006.01)I	CN205566548U

COPYRIGHT

-	Copyright Information	File No.	Classification
1	Infrared universal remote control software for the Americas market	2016SR106239	40000-0000
2	Anguang code software for air conditioner remote control	2015SR085183	30200-0000
3	Anguang code software for learning type set-top box remote control	2015SR074800	40000-4000
4	Anguang 8 bit computer code software for general infrared remote control	2015SR074796	40000-4000
5	Anguang 4 bit computer code software for general infrared remote control	2015SR074003	40000-4000
6	Infrared universal remote control software for European market	2015SR025472	40000-4000
7	Anguang coding software for the infrared remote control of the set-top box	2015SR024791	30200-0000
8	Multi function remote control software based on RF4CE band infrared learning	2015SR024490	40000-4100
9	Infrared universal remote control software for India Market	2015SR023796	40000-0000
10	Infrared remote controller software with learning function based on set-top box Market	2015SR021796	40000-0000
11	The software of infrared remote control for the learning function of air conditioning belt	2015SR021208	30200-0000
12	Universal infrared remote control software for matching market	2015SR021204	30200-0000

EXPORT/IMPORT PERMIT

EXPORT/IMPORT PERMIT

Yes

EMPLOYEE

Employee Number	100
OTHER INFORMATION	SC's staff confirmed the above employee number.

WEBSITES

-	Website	Name	File No	Registrant
1	www.anguangic.com	GUANGZHOU ANGUANG ELECTRONICS CO., LTD.	Yue ICP 17109637-1	-

Website	www.anguangic.com
Country	China
Status	Operational
Name	GUANGZHOU ANGUANG ELECTRONICS CO., LTD.
Sponsor Name	GUANGZHOU ANGUANG ELECTRONICS CO., LTD.
Hosted By	Enterprise
File No.	Yue ICP 17109637-1

Ø ABNORMAL TAX PAYER

As of the reporting date, no related record about subject is found through below sources:

A. Website of Tax Bureau of China;

B. Website of local Tax Bureau of subject's location;

C. Taxpayer information of database.

Ø TAX ARREARS LIST

As of the reporting date, no related record about subject is found through below sources:

A. Website of Tax Bureau of China;

B. Website of local Tax Bureau of subject's location;

C. Taxpayer information of database.

Ø DEBT ARREARS LIST

As of the reporting date, no related record about subject is found through below sources:

A. Major telecommunication operators of China;

B. Telecommunication information of database.

FINANCIAL INFORMATION

DETAILED FINANCIAL INFORMATION (UNIT: CNY 1,000)

Financial Note: Due to the lack of a clear government policy regarding the transparency of enterprise financial information, some financial items might be missing in the financial statements, causing possible inequality between the sum of the provided items and the provided total numbers.

Assets
Year	2015-12-31	2016-12-31
Report Type	Annual Report	Annual Report
Statement Type	Individual	Individual
Source	AIC	AIC
Audited or Not	Unknown	Unknown
Total Assets	18,987	27,391
Liabilities
Year	2015-12-31	2016-12-31
Total Liabilities	13,796	21,411
Total Owner’s Equity	5,191	5,980
Total Liabilities and Owner's Equity	18,987	27,391

Income Statement
Year	2015-12-31	2016-12-31
Operating Income	24,223	29,195
Total Profit	-621	171
Income Tax	0	116
Net Profit	-621	55

GROWTH RATE OF MAJOR FINANCIAL

	2015	Growth(%)	2016
Operating Income	24,223	20.53	29,195
Total Assets	18,987	44.26	27,391
Total Profit	-621	127.54	171
Net Profit	-621	108.86	55
Total Liabilities	13,796	55.20	21,411
Total Owner’s Equity	5,191	15.20	5,980

IMPORTANT RATIO

Profitability	2015	2016
Return on net assets (%)	-11.96	0.92
Return on total assets (%)	-3.27	0.20
Net profit margin (%)	-2.56	0.19
Operation capacity	2015	2016
Turnover of total assets	1.28	1.07
Solvency	2015	2016
Liabilities to assets ratio (%)	72.66	78.17
Development capacity	2015	2016
Yearly Growth of Operating Income (%)	-	20.53
Yearly growth of total assets (%)	-	44.26

FINANCIALS & ANALYSIS

Financial Note

SC’s detailed financial information of 2015 and 2016 is unavailable through all available channels. Subject’s staff was contacted but declined to provide relevant financial information. Only subject’s financial summaries of 2015 and 2016 obtained from AIC source are provided for client’s reference.

INDUSTRY INFORMATION

INDUSTRY CODE

SIC (China)	5179,Wholesale of Other Mechanical Equipment and Electronic Products 【Major】
ISIC	4652,Wholesale of electronic and telecommunications equipment and parts
NACE	46.52,Wholesale of electronic and telecommunications equipment and parts

INDUSTRY FINANCIAL AVERAGE

-	2015	Subject	Best(10%)	Average	Worst(10%)
Solvency	Liabilities to Assets Ratio (%)	72.66	59.95	70.85	98.10
	Current ratio	-	2.10	1.27	0.63
	Quick ratio	-	1.31	0.79	0.40
Development Capacity	Yearly Growth of Operating Income (%)	-	18.81	9.45	-20.60
	Yearly Growth of Gross Profit (%)	-	20.07	6.66	-21.91
	Yearly Growth of Total Assets (%)	-	16.74	8.64	-13.30
Profitability	Return on net assets (%)	-11.96	20.25	7.83	-9.48
	Return on total assets (%)	-3.27	8.28	4.08	-5.34
	Gross profit margin (%)	-	21.24	5.22	1.89
Operation Capacity	Turnover of total assets	1.28	7.20	2.25	0.09
	Turnover of current assets	-	8.10	3.06	0.36
	Turnover days of account receivable	-	20.23	54.50	261.60

-	2016	Subject	Best(10%)	Average	Worst(10%)
Solvency	Liabilities to Assets Ratio (%)	78.17	58.75	68.72	100.06
	Current ratio	-	2.06	1.23	0.64
	Quick ratio	-	1.28	0.77	0.40
Development Capacity	Yearly Growth of Operating Income (%)	20.53	18.43	9.17	-21.01
	Yearly Growth of Gross Profit (%)	-	19.67	6.46	-22.35
	Yearly Growth of Total Assets (%)	44.26	16.41	8.38	-13.56
Profitability	Return on net assets (%)	0.92	19.84	7.60	-9.67
	Return on total assets (%)	0.20	8.11	3.96	-5.45
	Gross profit margin (%)	-	20.82	5.06	1.93
Operation Capacity	Turnover of total assets	1.07	7.06	2.18	0.09
	Turnover of current assets	-	7.94	2.97	0.37
	Turnover days of account receivable	-	19.83	52.87	266.83

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 68.02
UK Pound	1	INR 91.25
Euro	1	INR 80.07
CNY	1	INR 10.70

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

INFORMATION DETAILS

Analysis Done by :	NIY
Report Prepared by :	KET

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.