MIRA INFORM REPORT

Report Date :

12.11.2012

IDENTIFICATION DETAILS

Name :	UNIVERSAL COMPONENTS UK LTD.
Registered Office :	8 Stevenson Way, Sheffield, S9 3WZ
Country :	United Kingdom
Financials (as on) :	31.03.2012
Date of Incorporation :	07.07.2004
Com. Reg. No.:	05172752
Legal Form :	Private Subsidiary Company
Line of Business :	Distribution of commercial vehicle parts
No. of Employees :	95 employees

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
United Kingdom	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

United Kingdom - ECONOMIC OVERVIEW

The UK, a leading trading power and financial center, is the third largest economy in Europe after Germany and France. Over the past two decades, the government has greatly reduced public ownership and contained the growth of social welfare programs. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. The UK has large coal, natural gas, and oil resources, but its oil and natural gas reserves are declining and the UK became a net importer of energy in 2005. Services, particularly banking, insurance, and business services, account by far for the largest proportion of GDP while industry continues to decline in importance. After emerging from recession in 1992, Britain's economy enjoyed the longest period of expansion on record during which time growth outpaced most of Western Europe. In 2008, however, the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Sharply declining home prices, high consumer debt, and the global economic slowdown compounded Britain's economic problems, pushing the economy into recession in the latter half of 2008 and prompting the then BROWN (Labour) government to implement a number of measures to stimulate the economy and stabilize the financial markets; these include nationalizing parts of the banking system, temporarily cutting taxes, suspending public sector borrowing rules, and moving forward public spending on capital projects. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated a five-year austerity program, which aims to lower London's budget deficit from over 10% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 because of slower-than-expected economic growth and the impact of the euro-zone debt crisis. The CAMERON government raised the value added tax from 17.5% to 20% in 2011. It has pledged to reduce the corporation tax rate to 23% by 2015. The Bank of England (BoE) implemented an asset purchase program of up to £325 billion (approximately $525 billion) as of February 2011. During times of economic crisis, the BoE coordinates interest rate moves with the European Central Bank, but Britain remains outside the European Economic and Monetary Union (EMU).

Source : CIA

Company name & address

Universal Components UK Ltd.

8 Stevenson Way

Sheffield, S9 3WZ

United Kingdom

(Trading Address)

Registered Address

Synthesis

Employees: 95

Company Type: Private Subsidiary

Corporate Family: 35 Companies

Ultimate Parent: T.V. Sundram Iyengar & Sons Limited

Quoted Status: Non-quoted Company

Incorporation Date: 07-Jul-2004

Auditor: Baker Tilly UK Audit LLP

Financials in: USD (Millions)

Fiscal Year End: 31-Mar-2012

Reporting Currency: British Pound Sterling

Annual Sales: 8.1 1

Net Income: 0.5

Total Assets: 15.7

Business Description

Distribution of commercial vehicle parts.

Industry

Industry Retail (Specialty)

ANZSIC 2006: 3921 - Motor Vehicle Parts Retailing

NACE 2002: 5030 - Sale of motor vehicle parts and accessories

NAICS 2002: 441310 - Automotive Parts and Accessories Stores

UK SIC 2003: 5030 - Sale of motor vehicle parts and accessories

UK SIC 2007: 4532 - Retail trade of motor vehicle parts and accessories

US SIC 1987: 5531 - Auto and Home Supply Stores

Key Executives

Name	Title
Gary Hadley	Chief Executive
Adrian Brammer	Financial Controller
David Kernahan	Sales Director
Paul Roberts	Secretary
Emma Whitaker	Operations Manager

News

Title	Date
TVS Group buys UK auto parts distribution firm Mint (366 Words)	28-Mar-2012
TVS Group acquires Universal Components UK for Rs 100 crore Accord Fintech (India) (154 Words)	28-Mar-2012

Financial Summary

FYE: 31-Mar-2012

USD (mil)

Key Figures
Current Assets	13.54
Fixed Assets	2.16
Total Liabilities	8.32
Net Worth	4.49

Key Ratios
Current Ratio	1 .63
Acid Test	0.88

1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6267523

2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6281078

Corporate Overview

Location

8 Stevenson Way

Sheffield, S9 3WZ

South Yorkshire County

United Kingdom

Sales GBP(mil): 5.1

Assets GBP(mil): 9.9

Employees: 95

Fiscal Year End: 31-Mar-2012

Industry: Retail (Specialty)

Registered Address:

8 Stevenson Way

Sheffield, S9 3WZ

United Kingdom

Incorporation Date: 07-Jul-2004

Company Type: Private Subsidiary

Quoted Status: Not Quoted

Registered No.(UK): 05172752

Chief Executive: Gary Hadley

Contents

Industry Codes

Business Description

Financial Data

Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:

3921 - Motor Vehicle Parts Retailing

NACE 2002 Codes:

5030 - Sale of motor vehicle parts and accessories

NAICS 2002 Codes:

441310 - Automotive Parts and Accessories Stores

US SIC 1987:

5531 - Auto and Home Supply Stores

UK SIC 2003:

5030 - Sale of motor vehicle parts and accessories

UK SIC 2007:

4532 - Retail trade of motor vehicle parts and accessories

Business Description

Distribution of commercial vehicle parts.

Financial Data

Financials in:	GBP(mil)
Revenue:	5.1
Net Income:	0.3
Assets:	9.9
Current Assets:	8.5
Fixed Assets:	1.4
Long Term Debt:	0.0
Total Liabilities:	5.2
Issued Capital:	0.1
Working Capital:	3.3
Net Worth:	2.8
Date of Financial Data:	31-Mar-2012

1 Year Growth

-74.5%

NA

NA

Key Corporate Relationships

Auditor:	Baker Tilly UK Audit LLP
Bank:	Yorkshire Bank PLC
Auditor:	Baker Tilly UK Audit LLP

	GBP(mil)
Audit Fees:	0.0
Audit Fiscal Year:	03-31-2012

Corporate Family	Corporate Structure News:
	T.V. Sundram Iyengar & Sons Limited Universal Components UK Ltd.
Universal Components UK Ltd. Total Corporate Family Members: 35

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
T.V. Sundram Iyengar & Sons Limited	Parent	Madurai, Tamil Nadu	India	Miscellaneous Financial Services	5,400.0	5,000
TVS Motor Company Limited	Subsidiary	Hosur	India	Auto and Truck Manufacturers	1,552.1	4,405
India Motor Parts Limited	Subsidiary	Chennai	India	Auto and Truck Parts	105.6	570
Universal Components UK Ltd.	Subsidiary	Sheffield	United Kingdom	Retail (Specialty)	8.1	95
Universal Components Uk (Corporate Trustee) Ltd.	Subsidiary	Sheffield	United Kingdom	Nonclassifiable Industries		84
Kellett (Uk) Ltd.	Subsidiary	Sheffield	United Kingdom	Nonclassifiable Industries
Pollard Beaumont Ltd.	Subsidiary	Sheffield	United Kingdom	Nonclassifiable Industries
Tvs Motor Company Limited	Branch	Chennai, Tamil Nadu	India	Recreational Products	355.9	15
Tvs Motor Co. (Europe) B.V.	Subsidiary	Amsterdam, Noord-Holland	Netherlands	Retail (Specialty)		1
Sundaram Auto Components Limited	Subsidiary	Hosur, Tamil Nadu	India	Auto and Truck Parts	163.3
Sundaram Finance Limited	Subsidiary	Chennai	India	Consumer Financial Services	634.8	2,000
Sundaram Infotech Solutions Limited	Subsidiary	Chennai	India	Software and Programming		2,100
Sundram Fasteners Limited	Subsidiary	Chennai	India	Miscellaneous Fabricated Products	584.7	1,800
PEINER Umformtechnik GmbH	Subsidiary	Peine, Niedersachsen	Germany	Miscellaneous Fabricated Products	69.0	290
Sundram Fasteners Limited	Branch	Chennai, Tamil Nadu	India	Miscellaneous Capital Goods		120
Sundram Fasteners Limited	Branch	Gummidipoondi, Tamilnadu	India	Miscellaneous Fabricated Products		86
Sundram Fasteners Limited	Branch	Chennai, Tamil Nadu	India	Miscellaneous Capital Goods		80
Sundram Fasteners Limited	Branch	Gummidipoondi, Tamilnadu	India	Miscellaneous Capital Goods		71
Cramlington Precision Forge Ltd.	Subsidiary	Cramlington	United Kingdom	Construction - Supplies and Fixtures	14.9	53
Sundram Fasteners Limited	Branch	Gummidipoondi, Tamilnadu	India	Iron and Steel		51
TVS Peiner Services GmbH	Subsidiary	Peine, Niedersachsen	Germany	Personal Services		35
Sundram Fasteners Limited	Branch	Gummidipoondi, Tamilnadu	India	Miscellaneous Capital Goods		10
Sundram Fasteners Limited	Branch	Chennai, Tamil Nadu	India	Miscellaneous Capital Goods	397.0
TVS Srichakra Limited	Subsidiary	Madurai	India	Tires	304.6	1,648
Sundaram Brake Linings Ltd	Subsidiary	Chennai	India	Auto and Truck Parts	53.5	1,619
India Nippon Electricals Ltd	Subsidiary	Hosur	India	Auto and Truck Parts	56.0	971
India Nippon Electricals Limited	Branch	Chennai, Tamil Nadu	India	Auto and Truck Parts		600
Tvs Interconnect Systems Limited	Subsidiary	Bangalore, Karnataka	India	Electronic Instruments and Controls	10.7
TVS Interconnect Systems Limited	Branch	Madurai	India	Miscellaneous Fabricated Products
Southern Roadways Limited	Subsidiary	Madurai, Tamil Nadu	India	Trucking
Turbo Energy Limited	Subsidiary	Chennai	India	Electronic Instruments and Controls
Turbo Energy Limited	Branch	Kanchipuram, Tamil Nadu	India	Miscellaneous Capital Goods		1,250
Sundaram Industries Limited	Subsidiary	Madurai, Tamil Nadu	India	Fabricated Plastic and Rubber
Sundaram Textiles Limited	Subsidiary	Madurai, Tamil Nadu	India	Textiles - Non Apparel
TVS Logistics Services Limited	Subsidiary	Madurai, Tamil Nadu	India	Water Transportation

executive report

Board of Directors

Name	Title	Function
Richard Slee	Director	Director/Board Member
Age: 50
Santhanagopalan Subramanian	Director	Director/Board Member
Age: 54

Executives

Name	Title	Function
Gary Hadley	Chief Executive	Chief Executive Officer
Emma Whitaker	Operations Manager	Operations Executive
Paul Roberts	Secretary	Company Secretary
Age: 43
Adrian Brammer	Financial Controller	Finance Executive
David Kernahan	Sales Director	Sales Executive
Age: 39
Mark Mellish	Sales Director	Sales Executive

Directors and Shareholders Report

Main Office Address: 8 Stevenson Way Sheffield United Kingdom S9 3WZ

Annual Return Date: 07 Jul 2012 Total Issued Capital (GBP 000): 50

Individual Directors
Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
Paul John Roberts	Current	02 Dec 1968	Baker Tilly Restructuring & Recovery Llp 3 Hardman, Salford, Greater Manchester M3 3HF	25 Nov 2011	NA	Current:22 Previous:4 Disqualifications:0
David Kernahan	Current	12 Jul 1973	The Byre Bagden Lane, Clayton West, Huddersfield, West Yorkshire HD8 9LQ	01 Nov 2004	NA	Current:6 Previous:0 Disqualifications:0
Richard Slee	Current	14 Mar 1962	8 Stevenson Way, Sheffield, South Yorkshire S9 3WZ	25 Nov 2011	NA	Current:9 Previous:0 Disqualifications:0
Santhanagopalan Subramanian	Current	23 Jul 1958	Tvs & Sundram Iyengar & Sons Ltd Tvs Building 7B W, Madurai	25 Nov 2011	NA	Current:3 Previous:0 Disqualifications:0
Paul Simpson	Previous	24 Dec 1974	69 Eckington Road, Dronfield, Derbyshire S18 3AU	07 Jul 2004	04 Aug 2004	Current:0 Previous:8 Disqualifications:0
Stewart Simon Ashall	Previous	17 May 1960	2 Hollythorpe Crescent, Sheffield, South Yorkshire S8 9NA	12 Oct 2004	04 Jun 2010	Current:1 Previous:2 Disqualifications:0
Gary Hadley	Previous	04 May 1958	6 Twelve Lands Close, Tankersley, Barnsley, South Yorkshire S75 3DU	04 Aug 2004	25 Nov 2011	Current:0 Previous:14 Disqualifications:0
Peter Raymond Beaumont	Previous	11 Jun 1947	6 Wignall Avenue, Wickersley, Rotherham, South Yorkshire S66 2AX	13 May 2008	02 Oct 2009	Current:0 Previous:3 Disqualifications:0

Corporate Directors

There are no corporate directors for this company.

Individual Secretaries
Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
Paul Roberts	Current	NA	8 Stevenson Way, Sheffield, Sheffield, South Yorkshire S9 3WZ	25 Nov 2011	NA	Current:1 Previous:0 Disqualifications:0
Rebecca Louise Fells	Previous	NA	10 Toftwood Road, Sheffield, South Yorkshire S10 1SJ	07 Jul 2004	03 Sep 2004	Current:1 Previous:14 Disqualifications:0
Gary Hadley	Previous	04 May 1958	6 Twelve Lands Close, Tankersley, Barnsley, South Yorkshire S75 3DU	12 Oct 2004	25 Nov 2011	Current:0 Previous:14 Disqualifications:0
Jonathan Graeme Smith	Previous	10 Jan 1963	Rose Farm Stead Lane, Burley Woodhead, Ilkley, West Yorkshire LS29 7BE	03 Sep 2004	12 Oct 2004	Current:4 Previous:4 Disqualifications:0

Corporate Secretaries

There are no corporate secretaries for this company.

Individual Shareholders

There are no individual shareholders for this company.

Corporate Shareholders
Company Name	Registration Number	Share Details (As Reported)	Share Type	# of Shares	Share Price (GBP)	Share Value (GBP)	% of Total Shares
TVS Europe Distribution Limited	07839757	50000 Ordinary GBP 1.00	Ordinary	50,000	1.00	50,000.00	100.00

Annual Profit & Loss

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Mar-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	13 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate (Period Average)	0.626752	0.623776	0.647573	0.641508	0.545576
Consolidated	Yes	Yes	Yes	Yes	Yes
Total Turnover	8.1	31.8	28.5	24.6	26.8
Cost of Sales	5.5	21.0	19.4	16.5	19.2
Gross Profit	2.5	10.7	9.1	8.1	7.6
Depreciation	0.0	0.1	0.1	0.1	0.2
Other Expenses	1.8	7.2	7.0	7.2	7.2
Operating Profit	0.7	3.5	2.0	-	-
Other Income	0.0	0.0	0.0	0.0	0.1
Interest Paid	0.0	0.1	0.1	0.1	0.3
Exceptional Income	0.0	0.0	0.0	0.0	-0.1
Discontinued Operations	0.0	0.0	0.0	0.0	-
Profit Before Taxes	0.7	3.4	1.9	0.8	0.1
Tax Payable / Credit	0.1	1.0	0.6	0.2	0.0
Extraordinary Items/Debits	0.0	0.0	0.0	0.0	0.0
Dividends	0.0	0.0	0.0	0.0	0.0
Profit After Taxes	0.5	2.4	1.3	0.6	0.1
Minority Interests (Profit & Loss)	0.0	0.0	0.0	0.0	0.0
Audit Fees	0.0	0.0	0.0	0.0	0.0
Number of Employees	95	91	84	81	91
Wages	0.8	3.0	2.4	2.4	2.7
Social Security Costs	0.1	0.3	0.2	0.2	0.3
Pensions	0.0	0.0	-	-	-
Other Pension Costs	0.0	0.0	0.0	0.0	0.0
Employees Remuneration	0.8	3.2	2.6	2.7	3.0
Directors Emoluments	0.1	0.1	-	-	-
Other Costs	0.0	0.0	-	-	-
Directors Remuneration	0.1	0.1	0.1	0.2	0.3
Highest Paid Director	0.1	0.1	-	-	-

Annual Balance Sheet

Financials in: USD (mil)

	31-Mar-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate	0.628108	0.643459	0.638712	0.619253	0.695531
Consolidated	Yes	Yes	Yes	Yes	Yes
Land & Buildings	0.0	0.0	0.0	0.0	0.0
Fixtures & Fittings	0.0	0.1	0.1	0.1	0.2
Plant & Vehicles	0.0	0.0	0.1	0.0	0.1
Total Tangible Fixed Assets	0.0	0.1	0.2	0.2	0.3
Intangible Assets	2.2	2.0	2.3	2.7	2.4
Investments	0.0	0.0	0.0	0.0	0.0
Total Fixed Assets	2.2	2.1	2.5	2.9	2.6
Stocks	6.2	5.5	5.1	4.9	4.4
Work in Progress	0.0	0.0	0.0	0.0	0.0
Total Stocks Work In Progress	6.2	5.5	5.1	4.9	4.4
Trade Debtors	7.1	6.1	5.5	5.4	4.5
Inter-Company Debtors	0.0	0.0	0.0	-	-
Other Debtors	0.3	0.3	0.2	0.2	0.3
Total Debtors	7.3	6.4	5.7	5.6	4.9
Cash and Equivalents	0.0	0.1	0.0	0.0	0.0
Other Current Assets	0.0	0.0	0.0	0.0	0.0
Total Current Assets	13.5	12.0	10.8	10.6	9.3
Total Assets	15.7	14.1	13.4	13.5	12.0
Trade Creditors	3.7	3.3	3.7	3.1	2.4
Bank Overdraft	0.1	0.1	0.2	0.3	0.3
Inter-Company Creditors	0.1	0.0	0.6	0.0	0.0
Director Loans (Current Liability)	0.0	0.0	-	-	-
Hire Purchase (Current Liability)	0.0	0.0	-	0.0	0.0
Finance Lease (Current Liability)	0.0	0.0	-	0.0	0.0
Total Finance Lease/Hire Purchase (Current Liability)	0.0	0.0	-	0.0	0.0
Total Short Term Loans	0.0	0.0	-	0.0	-
Accruals/Deferred Income (Current Liability)	0.3	0.3	1.1	1.0	0.2
Social Security/VAT	0.1	0.3	0.0	0.1	0.1
Corporation Tax	1.1	1.0	-	0.0	0.0
Dividends (Current Liability)	0.0	0.0	-	-	-
Other Current Liabilities	3.0	2.5	2.8	4.3	5.2
Total Current Liabilities	8.3	7.4	8.4	8.8	8.3
Group Loans (Long Term Liability)	0.0	0.0	-	-	-
Director Loans (Long Term Liability)	0.0	0.0	-	-	-
Hire Purchase (Long Term Liability)	0.0	0.0	-	0.0	0.0
Leasing (Long Term Liability)	0.0	0.0	-	0.0	0.0
Total Hire Purchase Loans (Long Term Liability)	0.0	0.0	-	0.0	0.0
Other Long Term Loans	0.0	0.0	-	-	-
Accruals/Deferred Income (Long Term Liability)	0.0	0.0	-	-	-
Other Long Term Liabilities	0.0	0.0	1.3	2.2	1.5
Total Long Term Liabilities	0.0	0.0	1.3	2.2	1.5
Deferred Taxation	0.0	0.0	0.0	0.0	0.0
Other Provisions	0.7	0.7	0.0	0.0	0.0
Total Provisions	0.7	0.7	0.0	0.0	0.0
Issued Capital	0.1	0.1	0.1	0.1	0.1
Share Premium Accounts	1.2	1.2	1.2	1.2	1.1
Revaluation Reserve	0.0	0.0	0.0	0.0	0.0
Retained Earnings	5.4	4.7	2.4	1.1	1.0
Other Reserves	0.0	0.0	0.0	0.0	0.0
Minority Interests (Balance Sheet)	0.0	0.0	0.0	0.0	0.0
Total Shareholders Funds	6.7	6.0	3.7	2.5	2.2
Net Worth	4.5	4.0	1.3	-0.3	-0.2

Annual Cash Flows

Financials in: USD (mil)

	31-Mar-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	13 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate (Period Average)	0.626752	0.623776	0.647573	0.641508	0.545576
Consolidated	Yes	Yes	Yes	Yes	Yes
Net Cash Flow From Operating Activities	-0.4	2.9	0.4	0.8	4.3
Net Cash Flow from ROI and Servicing of Finance	0.0	-0.1	-0.1	-0.1	-0.3
Taxation	0.0	-0.7	0.0	0.0	0.0
Capital Expenditures	-0.1	0.0	-0.1	-0.1	-0.1
Acquisitions and Disposals	0.0	0.0	0.0	0.0	-4.0
Paid Up Equity	0.0	0.0	0.0	0.0	0.0
Management of Liquid Resources	0.0	0.0	0.0	0.0	0.0
Net Cash Flow From Financing	0.4	-2.0	0.0	-0.7	0.0
Increase in Cash	-0.1	0.2	0.1	0.0	-0.1

Annual Ratios

Financials in: USD (mil)

	31-Mar-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	13 Weeks	52 Weeks	52 Weeks	52 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate	0.628108	0.643459	0.638712	0.619253	0.695531
Consolidated	Yes	Yes	Yes	Yes	Yes
Current Ratio	1.63	1.62	1.28	1.19	1.12
Liquidity Ratio	0.88	0.87	0.68	0.64	0.59
Stock Turnover	5.21	5.57	5.69	5.16	4.72
Credit Period (Days)	80.30	71.81	69.59	77.59	78.47
Working Capital by Sales	16.22%	14.89%	8.24%	6.71%	4.85%
Trade Credit by Debtors	0.52	0.54	0.67	0.57	0.54
Return on Capital	35.45%	49.45%	38.98%	18.66%	2.62%
Return on Assets	16.67%	23.48%	14.37%	6.40%	0.80%
Profit Margin	8.13%	10.73%	6.65%	3.38%	0.46%
Return on Shareholders Funds	39.34%	55.28%	52.36%	35.14%	4.45%
Borrowing Ratio	4.32%	1.60%	62.45%	-106.84%	-161.95%
Equity Gearing	42.37%	42.47%	27.44%	18.20%	18.02%
Debt Gearing	-	-	-	-	-8.78%
Interest Coverage	31.62	36.02	15.67	7.93	0.44
Sales by Tangible Assets	-	295.70	133.15	158.11	75.50
Average Remuneration per Employee	0.0	0.0	0.0	0.0	0.0
Profit per Employee	0.0	0.0	0.0	0.0	0.0
Sales per Employee	0.3	0.3	0.3	0.3	0.2
Capital Employed per Employee	0.1	0.1	0.1	0.1	0.0
Tangible Assets per Employee	-	0.0	0.0	0.0	0.0
Total Assets per Employee	0.2	0.2	0.2	0.2	0.1
Employee Remuneration by Sales	10.34%	10.16%	9.19%	10.85%	11.19%
Creditor Days (Cost of Sales Based)	60.52	58.17	68.30	66.59	59.11
Creditor Days (Sales Based)	41.57	38.54	46.59	44.60	42.39

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.34
UK Pound	1	Rs.86.97
Euro	1	Rs.69.43

INFORMATION DETAILS

Report Prepared by :

MNL

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
----	NB	New Business	----

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.