MIRA INFORM REPORT

Report Date :

24.09.2014

IDENTIFICATION DETAILS

Name :	ULTRA INTERNATIONAL LIMITEED
Formerly Known As :	ADVANCE AUTO MANUFACTURING COMPANY
Registered Office :	304, AVG Bhawan, M-3 Connaught Circus, New Delhi – 110 001
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	30.01.1978
Com. Reg. No.:	55-008854
Capital Investment / Paid-up Capital :	Rs. 13.501 Millions
CIN No.: [Company Identification No.]	U74899DL1978PLC008854
TAN No.: [Tax Deduction & Collection Account No.]	DELU00662E
PAN No.: [Permanent Account No.]	AAACU1089Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing and Sales of Perfumery Compounds, Aromatic Chemicals, Flavour Compounds and Essential oils.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 700000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be sound and healthy. Profitability of the company is fair. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and conditions.

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 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION DENIED BY

Name :	Mr. Tarun
Designation :	Accounts Manager
Contact No.:	91-120-4388500
Date :	22.09.2014

LOCATIONS

Registered Office :	304, AVG Bhawan, M-3 Connaught Circus, New Delhi – 110 001, India
Tel. No.:	91-11-41517010
Fax No.:	91-11-23417776
E-Mail :	ultra@ultraintl.com
Website :	http://www.ultrainternational.com
Plant :	64/1, Site –IV, Sahibabad Industrial Area, Ghaziabad – 201010, U.P., India
Tel. No.:	91-120-4388500 / 4374100
Fax No.:	91-120-4374000 / 4374444
E-Mail :	ultra@ultraintl.com

DIRECTORS

AS ON 27.09.2013

Name :

Mr. Sant kumar Sanganeria

Designation :

Managing Director

Address :

5, Avenue Ashok, Westend Greens, Rajokari, New Delhi – 110038, India

Date of Birth/Age :

06.10.1944

Date of Appointment :

01.10.2012

Voter ID No. :

DL/03/03/222706

DIN No. :

00093255

Other Directorship :

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1987PTC027147	YUKON FRAGRANCES PRIVATE LIMITED.	Director	24/03/1987	24/03/1987	-	Strike off	NO
2	U74899DL1978PLC008854	ULTRA INTERNATIONAL LIMITED	Managing director	01/10/2012	25/11/1988	-	Active	NO
3	U74899DL1985PTC020690	DIANA STEELS PRIVATE LIMITED	Director	22/12/1990	22/12/1990	-	Active	NO

Name :

Mr. Asha Sanganeria

Designation :

Whole-time Director

Address :

5, Avenue Ashok, Westend Greens, Rajokari, New Delhi – 110038, India

Date of Birth/Age :

03.04.1950

Date of Appointment :

01.10.2012

Voter ID No. :

DL/03/031/222708

DIN No. :

00092219

Other Directorship :

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1987PTC027147	YUKON FRAGRANCES PRIVATE LIMITED.	Director	27/02/1987	27/02/1987	-	Strike off	NO
2	U74899DL1978PLC008854	ULTRA INTERNATIONAL LIMITED	Whole-time director	01/10/2012	25/11/1988	-	Active	NO
3	U74899DL1985PTC020690	DIANA STEELS PRIVATE LIMITED	Director	22/12/1990	22/12/1990	-	Active	NO

Name :

Mr. Ravi Sanganeria

Designation :

Whole-time Director

Address :

5, Avenue Ashok, Westend Greens, Rajokari, New Delhi – 110038, India

Date of Birth/Age :

23.11.1975

Date of Appointment :

01.10.2012

DIN No. :

00092296

Other Directorship :

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1978PLC008854	ULTRA INTERNATIONAL LIMITED	Whole-time director	01/10/2012	01/06/1995	-	Active	NO
2	U74899DL1987PTC027147	YUKON FRAGRANCES PRIVATE LIMITED.	Director	30/11/2001	30/11/2001	-	Strike off	NO

Name :

Mr. Nirmal Todi

Designation :

Director

Address :

4, Avenue Ashok, Westend Greens, Rajokari, New Delhi – 110038, India

Date of Birth/Age :

15.02.1966

Date of Appointment :

03.09.1997

DIN No. :

00301401

Other Directorship :

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1986PTC023862	INDUSVALLEY TRADING PRIVATE LIMITED	Whole-time director	19/01/1994	19/01/1994	-	Active	NO
2	U74899DL1985PTC020690	DIANA STEELS PRIVATE LIMITED	Director	21/11/1994	21/11/1994	-	Active	NO
3	U74899DL1978PLC008854	ULTRA INTERNATIONAL LIMITED	Director	30/09/1997	30/09/1997	-	Active	NO
4	U27310DL2007PTC162079	TOMAL METALS PRIVATE LIMITED	Director	16/04/2007	16/04/2007	-	Active	YES

Name :

Mrs. Neeta Todi

Designation :

Director

Address :

4, Avenue Ashok, Westend Greens, Rajokari, New Delhi – 110038, India

Date of Birth/Age :

15.02.1966

Date of Appointment :

26.12.2001

DIN No. :

00301440

Other Directorship :

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1986PTC023862	INDUSVALLEY TRADING PRIVATE LIMITED	Whole-time director	19/01/1994	19/01/1994	21/01/2008	Active	NO
2	U74899DL1985PTC020690	DIANA STEELS PRIVATE LIMITED	Director	20/03/1995	20/03/1995	-	Active	NO
3	U74899DL1978PLC008854	ULTRA INTERNATIONAL LIMITED	Director	26/12/2001	26/12/2001	-	Active	NO
4	U27310DL2007PTC162079	TOMAL METALS PRIVATE LIMITED	Director	16/02/2013	16/02/2013	-	Active	YES

Name :

Mr. Bhuvana Nageshwaran

Designation :

Whole-time Director

Address :

C – 91, Sector – 50, Noida – 201301, Uttar Pradesh, India

Date of Birth/Age :

26.02.1965

Date of Appointment :

01.10.2012

DIN No. :

00449733

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1985PTC020690	DIANA STEELS PRIVATE LIMITED	Director	03/07/1997	03/07/1997	-	Active	NO
2	U74899DL1987PTC027147	YUKON FRAGRANCES PRIVATE LIMITED.	Director	07/07/1997	07/07/1997	-	Strike off	NO
3	U74899DL1978PLC008854	ULTRA INTERNATIONAL LIMITED	Whole-time director	01/10/2012	30/09/1997	-	Active	NO

Name :

Mr. Priyamavada Sanganeria

Designation :

Whole-time Director

Address :

5, Avenue Ashok, Westend Greens, Rajokari, New Delhi – 110038, India

Date of Birth/Age :

04.05.1981

Date of Appointment :

1.10.2012

DIN No. :

01536120

Name :

Mr. Prasenjit Mazumdar

Designation :

Whole-time Director

Address :

C – 170, Sector – 26, Noida – 201301, Uttar Pradesh, India

Date of Birth/Age :

26.11.1962

Date of Appointment :

01.10.2012

DIN No. :

00092163

Other Directorship :

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24119DL1996PLC079013	PASUPATI ORGANICS LIMITED	Director	22/04/1999	22/04/1999	22/03/2010	Active	NO
2	U74899DL1978PLC008854	ULTRA INTERNATIONAL LIMITED	Whole-time director	01/10/2012	01/11/2005	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Tarun
Designation :	Accounts Manager

MAJOR SHAREHOLDERS

As on 27.09.2013

Names of Shareholders	No. of Shares
Sant kumar Sanganeria	1087600
Asha Sanganeria	89875
Ravi Sanganeria	170000
Priyamavada Sanganeria	150
Bhuvana Nageshwaran	650
Nirmal Todi	1000
Neeta Todi	825
Total	1350100

As on 27.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Sales of Perfumery Compounds, Aromatic Chemicals, Flavour Compounds and Essential oils.

Products :

Item Code No. (ITC Code)	Product Description
33029011	Perfumery Comp 2665/2005
33011300	Lemon Oil Washed
29093090	Triacetin

Export :

Not Available

Import :

Not Available

GENERAL INFORMATION

Suppliers :	Not Available
Customers :	Not Available
No. of Employees :	Information declined by the management.
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	C.L. Gupta and Company Chartered Accountants
Address :	F-2, Saket, 1Crooked Lane, Kolkata – 700069, West Bengal, India
Tel. No.:	91-33-22481606
Mobile No.:	91-9831062037
PAN No.:	ACVPG5714C

CAPITAL STRUCTURE

As on 27.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1350100	Equity Shares	Rs.10/- each	Rs. 13.501 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	13.501	13.501	13.501
(b) Reserves & Surplus	163.873	145.110	115.955
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	177.374	158.611	129.456
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	11.216	13.127	13.560
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	1.478	1.552	1.345
Total Non-current Liabilities (3)	12.694	14.679	14.905
(4) Current Liabilities
(a) Short term borrowings	109.600	81.900	76.100
(b) Trade payables	0.700	21.199	21.281
(c) Other current liabilities	13.617	8.951	21.750
(d) Short-term provisions	6.362	5.694	1.021
Total Current Liabilities (4)	130.279	117.744	120.152
TOTAL	320.347	291.034	264.513
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	148.143	159.429	104.460
(ii) Intangible Assets	0.961	1.332	0.656
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.735	1.191	20.515
(e) Other Non-current assets	0.038	0.074	0.122
Total Non-Current Assets	149.877	162.026	125.753
(2) Current assets
(a) Current investments	25.000	0.000	0.000
(b) Inventories	71.175	53.280	64.458
(c) Trade receivables	46.641	51.523	34.369
(d) Cash and cash equivalents	18.233	16.541	35.047
(e) Short-term loans and advances	9.421	7.664	4.886
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	170.470	129.008	138.760
TOTAL	320.347	291.034	264.513

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	415.107	382.404	326.408
	Other Income	6.058	8.512	1.410
	TOTAL (A)	421.165	390.916	327.818
Less	EXPENSES
	Cost of Materials Consumed	277.266	243.758	206.318
	Purchases of Stock-in-Trade	0.000	1.819	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.955	2.017	0.462
	Employees benefits expense	35.010	26.752	26.845
	Other expenses	50.927	49.741	44.028
	Exceptional Items	(0.017)	1.675	0.629
	Amortisation expenses	0.000	0.022	0.000
	TOTAL (B)	364.141	325.784	278.282
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	57.024	65.132	49.536
Less	FINANCIAL EXPENSES (D)	10.470	8.222	6.718
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	46.554	56.910	42.818
Less/ Add	DEPRECIATION/ AMORTISATION (F)	19.154	13.705	9.089
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	27.400	43.205	33.729
Less	TAX (H)	8.185	13.002	10.975
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	19.215	30.203	22.754
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (J)	109.781	79.578	56.823
	Balance Carried to the B/S (I+J) (K)	128.996	109.781	79.577
	EARNINGS IN FOREIGN CURRENCY	118.252	92.949	82.767
	IMPORTS
	Raw Materials	61.658	43.360	52.120
	Capital Goods	2.433	45.036	0.071
	TOTAL IMPORTS	64.091	88.396	52.191
	Earnings / (Loss) Per Share (Rs.)	14.23	22.37	16.85

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	4.56	7.73	6.94
Net Profit Margin (PBT/Sales)	(%)	6.60	11.30	10.33
Return on Total Assets (PBT/Total Assets}	(%)	8.55	14.85	12.75
Return on Investment (ROI) (PBT/Networth)		0.15	0.27	0.26
Debt Equity Ratio (Total Debt /Networth)		0.62	0.52	0.59
Current Ratio (Current Asset/Current Liability)		1.31	1.10	1.15

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	13.501	13.501	13.501
Reserves & Surplus	115.955	145.110	163.873
Net worth	129.456	158.611	177.374
long-term borrowings	0.000	0.000	0.000
Short term borrowings	76.100	81.900	109.600
Total borrowings	76.100	81.900	109.600
Debt/Equity ratio	0.588	0.516	0.618

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	326.408	382.404	415.107
		17.155	8.552

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	326.408	382.404	415.107
Profit	22.754	30.203	19.215
	6.97%	7.90%	4.63%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	No
24]	Banking facility details	No
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

COMPANY OVERVIEW:

Ultra International Limited is engaged in the business of manufacturing and sales of Perfumery compounds, Aromatic Chemicals, Flavour Compounds and Essential oils.

PERFORMANCE:

The Company has achieved a turnover of Rs. 451.670 Millions, as against Rs. 412.314 Millions during the previous year, which shows increase of (9.54%) over the last year. The Profit before Exceptional & Extraordinary Items and Tax of the company has decreased to Rs. 27.383 Millions as against profit of Rs. 44.879 Millions in the last year.

VIEW INDEX OF CHARGES: No Charges Exist for Company

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
SHORT TERM BORROWINGS
Loans repayable on Demand	109.600	79.600
Loans and advances from related Parties	0.000	2.300
Total	109.600	81.900

FIXED ASSETS

· Land – leasehold

· Building

· Plant and Equipment

· Furniture and Fixture

· Vehicle

· Office Equipments

· Computers

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 60.87
UK Pound	1	Rs. 99.63
Euro	1	Rs. 78.22

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAR
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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%)

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	--

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