MIRA INFORM REPORT

Report Date :

06.12.2013

IDENTIFICATION DETAILS

Name :	MANN+HUMMEL ULTRA- FLO PTE. LTD.
Formerly Known As :	ULTRA-FLO PTE. LTD.
Registered Office :	2, Tuas Avenue 10, 639126
Country :	Singapore
Financials (as on) :	31.12.2012
Date of Incorporation :	02.08.2005
Com. Reg. No.:	200510588-R
Legal Form :	Private Limited Company
Line of Business :	Manufacturer and repair of water/waste water treatment equipment, environmental engineering
No. of Employees :	60 [2013]

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		TATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Exist

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 – September 30th, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
Singapore	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	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. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. Real GDP growth averaged 8.6% between 2004 and 2007. The economy contracted 0.8% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010, on the strength of renewed exports, before slowing to 5.2% in 2011 and 1.3% in 2012, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to an average of about 1.0% in the last decade. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub.

Source : CIA

* Adopted abbreviations :	SC - Subject Company (the company enquired by you)
	N/A - Not Applicable

EXECUTIVE SUMMARY

REGISTRATION NO.

:

200510588-R

COMPANY NAME

:

MANN+HUMMEL ULTRA- FLO PTE. LTD.

FORMER NAME

:

ULTRA-FLO PTE. LTD. (22/12/2010)

INCORPORATION DATE

:

02/08/2005

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

2, TUAS AVENUE 10, 639126, SINGAPORE.

BUSINESS ADDRESS

:

2 TUAS AVENUE 10, 639126, SINGAPORE.

TEL.NO.

:

65-64577533

FAX.NO.

:

65-64577517

WEB SITE

:

WWW.MANN-HUMMEL.COM

CONTACT PERSON

:

JOSEF PARZHUBER ( DIRECTOR )

PRINCIPAL ACTIVITY

:

MANUFACTURE AND REPAIR OF WATER/WASTE WATER TREATMENT EQUIPMENT, ENVIRONMENTAL ENGINEERING

ISSUED AND PAID UP CAPITAL

:

2,200,000.00 ORDINARY SHARE, OF A VALUE OF SGD 2,200,000.00 

SALES

:

SGD 10,812,842 [2012]

NET WORTH

:

SGD <3,300,920> [2012]

STAFF STRENGTH

:

60 [2013]

BANKER (S)

:

MALAYAN BANKING BHD

LITIGATION

:

TRACED

FINANCIAL CONDITION

:

POOR

PAYMENT

:

FAIR

MANAGEMENT CAPABILITY

:

WEAK

COMMERCIAL RISK

:

MODERATE

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

MATURE

HISTORY / BACKGROUND

The SC 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 SC must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the SC 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 SC is insolvent. The SC 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 SC is principally engaged in the (as a / as an) manufacture and repair of water/waste water treatment equipment, environmental engineering.

The immediate holding company of the SC is MANN+HUMMEL WATER SOLUTIONS HOLDING PTE LTD, a company incorporated in SINGAPORE.

The ultimate holding company of the SC is MANN + HUMMEL HOLDING GMBH, a company incorporated in GERMANY.

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
MANN+HUMMEL WATER SOLUTIONS HOLDING PTE. LTD.	2, TUAS AVENUE 10, 639126, SINGAPORE.	201132675E	2,200,000.00	100.00
			---------------	------
			2,200,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	MR. JOSEF PARZHUBER
Address	:	33, ROCHESTER DRIVE, 27 - 03, 138638, SINGAPORE.
IC / PP No	:	G5294432K
Nationality	:	GERMAN
Date of Appointment	:	15/11/2013

MANAGEMENT

1)	Name of Subject	:	JOSEF PARZHUBER
	Position	:	DIRECTOR

AUDITOR

Auditor	:	KPMG LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	IAN NG FOOK YUN
	IC / PP No	:	S2565916C
	Address	:	151, CAVENAGH ROAD, 09 - 161, CAVENAGH COURT, 229628, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

MALAYAN BANKING BHD

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C200702422	28/03/2007	N/A	DBS BANK LTD.	N/A	Unsatisfied

LEGAL CHECK AGAINST SC

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

LEGAL ACTION
Code No	:	99	Case No	:	328
Year	:	2009	Place	:	SINGAPORE
Court	:	DISTRICT COURT
Date Filed	:	30/01/2009
Solicitor	:	CHEY CHENG CHWEN ANTHONY
Solicitor Ref	:	BC.SN.9195.0308.SW.DC.PI
Solicitor Firm	:	BENEDICT CHAN & COMPANY
Plaintiff	:	SAHIBUL HISAM BIN MOHAMED
Defendants	:	MANN+HUMMEL ULTRA-FLO PTE LTD (200510588) 2, TUAS AVENUE 10, 639126, SINGAPORE.
Amount Claimed	:	61000
Nature of Claim	:	SGD
Remark	:	TORT - NEGLIGENCE
Code No	:	99	Case No	:	14657
Year	:	2010	Place	:	SINGAPORE
Court	:	MAGISTRATE COURT
Date Filed	:	09/06/2010
Solicitor Ref	:	GD/10/3696/MW/NT
Solicitor Firm	:	K.S.CHIA GURDEEP & PARAM
Plaintiff	:	GOH SEOH BUAY
Defendants	:	MANN+HUMMEL ULTRA-FLO PTE LTD (200510588) 2, TUAS AVENUE 10, 639126, SINGAPORE.
Amount Claimed	:	1780
Nature of Claim	:	SGD
Remark	:	TORT - NEGLIGENCE

NOTE:

Please check with creditors for confirmation as alleged debts may have been paid since recorded or are being disputed. The person who has been sued has the same name as the subject. However, we are unable to determine whether the person sued is the one and the same person.

No winding up petition was found in our databank

PAYMENT RECORD

SOURCES OF RAW MATERIALS:
Local	:	YES
Overseas	:	YES

The SC 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	[	]
Fair 91-120 Days	[	X	]	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

Products manufactured

:

WATER /WASTE WATER TREATMENT EQUIPMENT

Services

:

ENVIRONMENTAL ENGINEERING

Ownership of premises

:

LEASED/RENTED

Total Number of Employees:
YEAR	2013	2012	2011	2010	2009
GROUP	N/A	N/A	N/A	N/A	N/A
COMPANY	60	60	60	60	60

Branch

:

NO

Other Information:

The SC is principally engaged in the (as a / as an) manufacture and repair of water/waste water treatment equipment, environmental engineering. 

The SC develops and produces membranes and membrane systems for water, waste water, and process water for customers in industrial, municipal, and commercial sectors in South East Asia. 

It offers ultrafiltration systems for small and rural communities, towns, and villages; general factories, slaughterhouses, and humanitarian relief; and manufacturing, F&B, textile, paper and pulp, hotels and resorts, and various construction processes. 

CURRENT INVESTIGATION

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client	:	6564577533
Current Telephone Number	:	65-64577533
Match	:	YES
Address Provided by Client	:	2 TUAS AVENUE 10, SINGAPORE 639126
Current Address	:	2 TUAS AVENUE 10, 639126, SINGAPORE.
Match	:	YES

Other Investigations

we contacted one of the staff from the SC and she provided some information on the SC.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Erratic	[	2009 - 2012	]
Profit/(Loss) Before Tax	:	Increased	[	2009 - 2012	]
Return on Shareholder Funds	:	Unfavourable	[	163.02%	]
Return on Net Assets	:	Unfavourable	[	246.28%	]
The fluctuating turnover reflects the fierce competition among the existing and new market players.Higher losses before tax during the year could be due to the higher operating costs incurred. Although the SC's returns showed positive figures it is not reflective of the true situation. The SC incurred losses during the year and its shareholders' funds have turned red. The positive returns on shareholders' funds is the result of losses divided by negative shareholders' funds. The SC's management was inefficient in utilising the assets to generate returns.
Working Capital Control
Stock Ratio	:	Unfavourable	[	130 Days	]
Debtor Ratio	:	Acceptable	[	59 Days	]
Creditors Ratio	:	Favourable	[	58 Days	]
The SC could be incurring higher holding cost. As its capital was tied up in stocks, it could face liquidity problems. The SC's management was quite efficient in handling its debtors. The SC's debtors days were at an acceptable range, thus the risk of its debts turning bad was minimised. The SC had a favourable creditors' ratio where the SC could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.
Liquidity
Liquid Ratio	:	Unfavourable	[	0.16 Times	]
Current Ratio	:	Unfavourable	[	0.35 Times	]
A low liquid ratio means that the SC may be facing working capital deficiency. If the SC cannot obtain additional financing or injection of fresh capital, it may face difficulties in meeting its short term obligations.
Solvency
Interest Cover	:	Unfavourable	[	<16.83 Times>	]
Gearing Ratio	:	Unfavourable	[	<0.42 Times>	]
The SC incurred losses in the year. It did not generate sufficient income to service its interest. If the situation does not improve, the SC may be vulnerable to default in servicing the interest. The SC's gearing was negative during the year as its shareholders' funds was in the red. This means the SC is running its business using borrowed money. We consider the SC as facing high financial risks.
Overall Assessment :
The SC's losses increased but its turnover showed a fluctuating trend. This indicate the SC was slowly losing its market share due to its competitors. Due to its weak liquidity position, the SC 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 SC. The SC's interest cover was negative, indicating that it did not generate sufficient income to service its interest. If its result does not show impressive improvements or succeed obtaining short term financing or capital injection, it may not be able to service its interest and repay the loans. The SC has high financial risks. If its shareholders do not inject more capital into the company or if its business performance does not improve, its going concern may be in question.
Overall financial condition of the SC : POOR

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	2008	2009	2010	2011	2012
Population (Million)	4.84	4.98	5.08	5.18	5.31
Gross Domestic Products ( % )	1.5	<0.8>	14.5	4.9	1.3
Consumer Price Index	6.6	0.6	2.8	5.2	4.6
Total Imports (Million)	450,892.6	356,299.3	423,221.8	459,655.1	474,554.0
Total Exports (Million)	476,762.2	391,118.1	478,840.7	514,741.2	510,329.0
Unemployment Rate (%)	2.2	3.2	2.2	2.1	2.0
Tourist Arrival (Million)	10.12	9.68	11.64	13.17	14.37
Hotel Occupancy Rate (%)	81.0	75.8	85.6	86.5	86.4
Cellular Phone Subscriber (Million)	1.31	1.37	1.43	1.50	1.52
Registration of New Companies (No.)	25,327	26,414	29,798	32,317	31,892
Registration of New Companies (%)	<2.2>	4.3	12.8	8.5	<1.3>
Liquidation of Companies (No.)	10,493	22,393	15,126	19,005	17,218
Liquidation of Companies (%)	13.7	113.4	<32.5>	25.6	9.4
Registration of New Businesses (No.)	24,850	26,876	23,978	23,494	24,788
Registration of New Businesses (%)	0.36	8.15	<10.78>	2.02	5.51
Liquidation of Businesses (No.)	21,150	23,552	24,211	23,005	22,489
Liquidation of Businesses (%)	<0.8>	11.4	2.8	<5>	<2.2>
Bankruptcy Orders (No.)	2,326	2,058	1,537	1,527	1,748
Bankruptcy Orders (%)	<15.9>	<11.5>	<25.3>	<0.7>	14.5
Bankruptcy Discharges (No.)	1,500	3,056	2,252	1,391	1,881
Bankruptcy Discharges (%)	<7.7>	103.7	<26.3>	<38.2>	35.2
INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	<0.32>	3.25	<0.48>	4.25	3.64
Fish Supply & Wholesale	<6.31>	<1.93>	<10.5>	12.10	<0.5>
Manufacturing *	74.6	71.5	92.8	100.0	100.3
Food, Beverages & Tobacco	94.8	90.4	96.4	100.0	103.5
Textiles	180.1	145.9	122.1	100.0	104.0
Wearing Apparel	334.6	211.0	123.3	100.0	92.1
Leather Products & Footwear	128.2	79.5	81.8	100.0	98.6
Wood & Wood Products	132.0	101.4	104.0	100.0	95.5
Paper & Paper Products	101.0	95.4	106.1	100.0	97.4
Printing & Media	118.2	100.9	103.5	100.0	93.0
Crude Oil Refineries	113.1	96.4	95.6	100.0	99.4
Chemical & Chemical Products	84.5	80.3	97.6	100.0	100.5
Pharmaceutical Products	43.7	49.1	75.3	100.0	109.7
Rubber & Plastic Products	120.1	101.2	112.3	100.0	96.5
Non-metallic Mineral	96.5	91.9	92.5	100.0	98.2
Basic Metals	109.8	92.6	102.2	100.0	90.6
Fabricated Metal Products	101.3	90.8	103.6	100.0	104.3
Machinery & Equipment	65.0	57.3	78.5	100.0	112.9
Electrical Machinery	81.7	86.8	124.1	100.0	99.3
Electronic Components	93.1	85.2	113.6	100.0	90.6
Transport Equipment	102.0	96.0	94.0	100.0	106.3
Construction	45.90	<36.9>	14.20	20.50	28.70
Real Estate	<11.2>	1.4	21.3	25.4	31.9
Services
Electricity, Gas & Water	<1.3>	1.70	4.00	7.00	6.30
Transport, Storage & Communication	11.60	3.90	12.80	7.40	5.30
Finance & Insurance	<5.9>	<16.4>	<0.4>	8.90	0.50
Government Services	17.40	4.50	9.70	6.90	6.00
Education Services	0.50	0.10	<0.9>	<1.4>	0.30
* Based on Index of Industrial Production (2011 = 100)
(Source : Department of Statistics)

INDUSTRY ANALYSIS

INDUSTRY :	MANUFACTURING
The manufacturing sector contracted by 1.1% in the fourth quarter of 2012, led by declines in the electronics and precision engineering clusters. These clusters were weighed down by weak global demand for semiconductors and semiconductor-related equipment. For the whole year of 2012, the manufacturing sector grew by 0.1%, significantly lower than the 7.8% recorded in 2011 when the sector was boosted by a surge in the growth of the biomedical manufacturing cluster.
Output of the biomedical manufacturing cluster grew by 2.4% in the fourth quarter. The expansion was driven by the medical technology segment which grew by a healthy 9.2%, benefitting from robust export demand for medical devices. The pharmaceuticals segment also grew by a modest 1.1%. For 2012, the biomedical manufacturing cluster expanded by 9.9%.
Output of the transport engineering cluster expanded by 4.9% in the fourth quarter. The aerospace segment grew by 6.2%, supported by higher demand for repair jobs from commercial airlines. Similarly, the marine & offshore engineering segment expanded by 5.0%, on the back of higher contributions from oil rig projects and oilfield equipment components. In the year 2012, the transport engineering cluster surged by 11%.
The output of the precision engineering cluster shrank by 1.3% in the fourth quarter. The decline was led by the 5.3% contraction in the machinery & systems segment, which saw weak export demand for semiconductor-related equipment. On the other hand, the precision modules & components segment grew by 2.9%, supported by higher production of optical instruments & photographic equipment and electronic connectors. In 2012, the precision engineering cluster expanded by 1.3%.
The general manufacturing cluster's output grew by 1.2% in the fourth quarter, driven by the 6.4% growth in the miscellaneous industries segment. The segment's growth was supported by higher production of batteries and constructionrelated materials. By contrast, the printing and food, beverages & tobacco segments declined by 6.4% and 1.3% respectively. For 2012, the general manufacturing cluster grew by 2.0%.
The chemicals cluster's output grew by 7.7% in the fourth quarter. The petrochemicals and petroleum segments registered growth of 9.3% and 6.3% respectively, partly due to the low base from plant shutdowns in end of 2011. The specialty chemicals segment also expanded by 8.0% on the back of higher regional demand. For the year 2012, the chemicals cluster declined by 0.4%, primarily due to weak regional demand for specialty chemicals in the second and third quarter of 2012.
Output of the electronics cluster contracted by 10% in the fourth quarter, led by the semiconductors and computer peripherals segments which contracted by 13% and 15% respectively. By contrast, the data storage segment grew by 7.8%, mainly due to the low base in end of 2011 when floods in Thailand had disrupted the supply chain for data storage products. For the whole of 2012, the electronics cluster contracted by 11%.
OVERALL INDUSTRY OUTLOOK : MATURE

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 2005, the SC is a Private Limited company, focusing on manufacture and repair of water/waste water treatment equipment, environmental engineering. Having been in business for more than 5 years, the SC has established a remarkable clientele base for itself which has contributed to its business growth. Presently, issued and paid up capital stand at SGD 2,200,000. 

Apart from supplying its products to the local market, the SC also exports to overseas countries. Its ability to penetrate into the global market has benefited the SC in terms of higher profitability and well diversified its business risk. Hence, better growth prospect can be expected. Being a moderate size company, the SC has a total workforce of 60 employees in its business operations. Overall, we regard that the SC's management capability is weak. 

Due to the challenging market conditions, the SC's business performance seems to be deteriorating and losses incurred. The SC has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. Due to its weak liquidity position, the SC may face working capital deficiency in meeting its short term financial obligations if no fresh capital are injected into the SC. The SC has generated an unfavourable gearing ratio indicated that the SC is in high financial risk. The SC's unfavourable financial performance over the years has wiped out its shareholders' funds to a deficit of SGD -3,300,920. Therefore, the SC as a going concern is much dependent on its ability to generate sufficient cash flow and obtain additional financing to meet its future obligations. 

Without a strong assets backing, the SC may face difficulties in getting loans for its future expansion and continued growth. The SC'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. 

The SC's overall payment habit is fair and this clearly implied a weak credit control of the SC. 

The industry has reached its optimum level and is generally stable. It is saturated and very competitive. Thus, the SC's growth prospect is very much depends on its capacity in sustaining its performance in the market. 

In view of above and due to its red shareholders' fund, we do not recommend any credit be granted to the SC.

PROFIT AND LOSS ACCOUNT

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

MANN+HUMMEL ULTRA- FLO PTE. LTD.

Financial Year End	2012-12-31	2011-12-31	2010-12-31	2009-12-31
Months	12	12	12	12
Consolidated Account	Company	Company	Company	Company
Audited Account	YES	YES	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES	YES	YES
Financial Type	FULL	FULL	FULL	FULL
Currency	SGD	SGD	SGD	SGD
TURNOVER	10,812,842	11,399,887	9,590,950	11,796,591
Other Income	101,531	23,576	21,969	-
	----------------	----------------	----------------	----------------
Total Turnover	10,914,373	11,423,463	9,612,919	11,796,591
Costs of Goods Sold	<8,718,639>	<8,832,588>	<4,930,567>	-
	----------------	----------------	----------------	----------------
Gross Profit	2,195,734	2,590,875	4,682,352	-
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	<5,381,147>	<3,346,673>	2,258,230	3,372,954
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	<5,381,147>	<3,346,673>	2,258,230	3,372,954
Taxation	-	206,744	<286,414>	<330,500>
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	<5,381,147>	<3,139,929>	1,971,816	3,042,454
	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	<119,773>	3,020,156	7,448,340	5,405,886
	----------------	----------------	----------------	----------------
As restated	<119,773>	3,020,156	7,448,340	5,405,886
	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	<5,500,920>	<119,773>	9,420,156	8,448,340
DIVIDENDS - Ordinary (paid & proposed)	-	-	<6,400,000>	<1,000,000>
	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	<5,500,920>	<119,773>	3,020,156	7,448,340
	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Hire purchase	-	-	2,084	1,124
Lease interest	1,280	1,950	-	-
Loan from holding company	51,032	8,889	-	-
Term loan / Borrowing	28,332	159,776	92,686	83,076
Others	221,125	-	-	-
	----------------	----------------	----------------	----------------
	301,769	170,615	94,770	84,200

BALANCE SHEET

MANN+HUMMEL ULTRA- FLO PTE. LTD.

ASSETS EMPLOYED:
FIXED ASSETS	10,893,544	10,208,091	5,042,788	3,577,653
LONG TERM INVESTMENTS/OTHER ASSETS
Subsidiary companies	-	-	-	106,198
	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	-	-	-	106,198
INTANGIBLE ASSETS
Deferred/Expenditure carried forward	-	-	67,798	-
Goodwill on consolidation	-	-	-	63,685
Trademarks	83,200	80,593	-	-
	----------------	----------------	----------------	----------------
TOTAL INTANGIBLE ASSETS	83,200	80,593	67,798	63,685
	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	10,976,744	10,288,684	5,110,586	3,747,536
CURRENT ASSETS
Stocks	3,856,146	2,725,600	3,257,978	3,265,897
Trade debtors	1,745,616	2,158,719	728,964	863,793
Other debtors, deposits & prepayments	624,553	1,114,325	231,066	226,433
Short term deposits	-	-	-	3,237,126
Amount due from subsidiary companies	-	-	-	217,213
Amount due from related companies	-	-	-	616
Cash & bank balances	774,115	617,736	467,255	2,415,022
Others	-	44,048,565	-	-
	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	7,000,430	50,664,945	4,685,263	10,226,100
	----------------	----------------	----------------	----------------
TOTAL ASSET	17,977,174	60,953,629	9,795,849	13,973,636
	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	1,385,947	1,656,343	438,661	379,559
Other creditors & accruals	2,033,187	1,633,519	894,024	1,435,426
Hire purchase & lease creditors	8,008	8,008	18,000	18,000
Short term borrowings/Term loans	135,216	130,182	185,159	103,017
Amounts owing to holding company	2,911,233	44,041,600	-	-
Amounts owing to subsidiary companies	-	-	-	67,992
Amounts owing to related companies	13,565,404	10,000,000	-	-
Provision for taxation	654	19,923	300,000	500,000
	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	20,039,649	57,489,575	1,835,844	2,503,994
	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	<13,039,219>	<6,824,630>	2,849,419	7,722,106
	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	<2,062,475>	3,464,054	7,960,005	11,469,642
	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	2,200,000	2,200,000	2,200,000	2,200,000
	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	2,200,000	2,200,000	2,200,000	2,200,000
RESERVES
Retained profit/(loss) carried forward	<5,500,920>	<119,773>	3,020,156	7,448,340
	----------------	----------------	----------------	----------------
TOTAL RESERVES	<5,500,920>	<119,773>	3,020,156	7,448,340
	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	<3,300,920>	2,080,227	5,220,156	9,648,340
LONG TERM LIABILITIES
Long term loans	1,232,479	1,369,853	2,512,799	1,631,928
Hire purchase creditors	5,966	13,974	20,306	38,322
Deferred taxation	-	-	206,744	151,052
	----------------	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	1,238,445	1,383,827	2,739,849	1,821,302
	----------------	----------------	----------------	----------------
	<2,062,475>	3,464,054	7,960,005	11,469,642
	=============	=============	=============	=============

FINANCIAL RATIO

MANN+HUMMEL ULTRA- FLO PTE. LTD.

TYPES OF FUNDS
Cash	774,115	617,736	467,255	5,652,148
Net Liquid Funds	774,115	617,736	467,255	5,652,148
Net Liquid Assets	<16,895,365>	<9,550,230>	<408,559>	4,456,209
Net Current Assets/(Liabilities)	<13,039,219>	<6,824,630>	2,849,419	7,722,106
Net Tangible Assets	<2,145,675>	3,383,461	7,892,207	11,405,957
Net Monetary Assets	<18,133,810>	<10,934,057>	<3,148,408>	2,634,907
BALANCE SHEET ITEMS
Total Borrowings	1,381,669	1,522,017	2,736,264	1,791,267
Total Liabilities	21,278,094	58,873,402	4,575,693	4,325,296
Total Assets	17,977,174	60,953,629	9,795,849	13,973,636
Net Assets	<2,062,475>	3,464,054	7,960,005	11,469,642
Net Assets Backing	<3,300,920>	2,080,227	5,220,156	9,648,340
Shareholders' Funds	<3,300,920>	2,080,227	5,220,156	9,648,340
Total Share Capital	2,200,000	2,200,000	2,200,000	2,200,000
Total Reserves	<5,500,920>	<119,773>	3,020,156	7,448,340
LIQUIDITY (Times)
Cash Ratio	0.04	0.01	0.25	2.26
Liquid Ratio	0.16	0.83	0.78	2.78
Current Ratio	0.35	0.88	2.55	4.08
WORKING CAPITAL CONTROL (Days)
Stock Ratio	130	87	124	101
Debtors Ratio	59	69	28	27
Creditors Ratio	58	68	32	12
SOLVENCY RATIOS (Times)
Gearing Ratio	<0.42>	0.73	0.52	0.19
Liabilities Ratio	<6.45>	28.30	0.88	0.45
Times Interest Earned Ratio	<16.83>	<18.62>	24.83	41.06
Assets Backing Ratio	<0.98>	1.54	3.59	5.18
PERFORMANCE RATIO (%)
Operating Profit Margin	<49.77>	<29.36>	23.55	28.59
Net Profit Margin	<49.77>	<27.54>	20.56	25.79
Return On Net Assets	246.28	<91.69>	29.56	30.14
Return On Capital Employed	257.67	<89.40>	29.25	29.93
Return On Shareholders' Funds/Equity	163.02	<150.94>	37.77	31.53
Dividend Pay Out Ratio (Times)	0.00	0.00	3.25	0.33
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.69
UK Pound	1	Rs.101.08
Euro	1	Rs.84.07

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.