1. Summary Information

		Country	India
Company Name	SHREE TNB POLYMERS LIMITED	Principal Name 1	Mr. Dilip Pranlal Joshi
Status	Satisfactory	Principal Name 2	Mr. Brijmohan Lalchand Maheshwari
		Registration #	54-000242
Street Address	Sr. No. 132/1/1/4, Behind Prince Pipes, Athal Road, Athal. Silvassa-396230, Dadara and Nagar Haveli, India
Established Date	07.03.2007	SIC Code	--
Telephone#	91-260-2645359	Business Style 1	Manufacturer
Fax #	91-260-2645356	Business Style 2	Exporter
Homepage	www.shreetnbpolymers.com	Product Name 1	Extruded Polymer Sheets
# of employees	Not Available	Product Name 2	Plastic Piping System
Paid up capital	Rs. 74,042,460/-	Product Name 3	PP Flute Boards Solution
Shareholders	Bodies corporate (0.33%) Directors or relatives of Directors (83.24%) Other top fifty shareholders (10.99%) Others (5.44%)	Banking	Bank of Baroda
Public Limited Corp.	NO	Business Period	5 Years
IPO	NO	International Ins.	-
Public Enterprise	NO	Rating	Ba (43)
Related Company
Relation	Country	Company Name	CEO
Associate	India	Rajesh Udhyog	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	153,565,000	Current Liabilities	34,744,000
Inventories	84,048,000	Long-term Liabilities	218,782,000
Fixed Assets	137,453,000	Other Liabilities	24,955,000
Deferred Assets	00,000	Total Liabilities	278,481,000
Invest& other Assets	57,297,000	Retained Earnings	79,840,000
		Net Worth	153,882,000
Total Assets	432,363,000	Total Liab. & Equity	432,363,000
Total Assets (Previous Year)	343,616,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	643,897,000	Net Profit	18,393,000
Sales(Previous yr)	471,477,000	Net Profit(Prev.yr)	24,979,000

MIRA INFORM REPORT

Report Date :

11.08.2012

IDENTIFICATION DETAILS

Name :	SHREE TNB POLYMERS LIMITED
Registered Office :	Sr. No. 132/1/1/4, Behind Prince Pipes, Athal Road, Athal. Silvassa-396230, Dadara and Nagar Haveli
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	07.03.2007
Com. Reg. No.:	54-000242
Capital Investment / Paid-up Capital :	Rs. 74.042 millions
CIN No.: [Company Identification No.]	U25209DN2007PLC000242
PAN No.: [Permanent Account No.]	AAKCS6850P
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Extruded Polymer Sheets, Plastic Piping System and PP Flute Boards Solution.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 610000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Financial position of the company appears to be improving. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. The company can be considered normal 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 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	BBB- (Term Loan)
Rating Explanation	Moderate credit risk
Date	September 2011

Rating Agency Name	ICRA
Rating	A3 (Bank Guarantee)
Rating Explanation	Moderate degree of safety
Date	September 2011.

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 31-03-2012.

LOCATIONS

Registered Office :	Sr. No. 132/1/1/4, Behind Prince Pipes, Athal Road, Athal, Silvassa-396230, Dadara and Nagar Haveli, India
Tel. No.:	91-260-2645359
Fax No.:	91-260-2645356
E-Mail :	balajipolymerslv@rediffmail.com sales@shreetnbpolymers.com
Website :	http://www.shreetnbpolymers.com
Branch Office :	339/2628, Motial Nagar-II Opposite Bangur Nagar Police Chowky, Link Road, Goregaon (West), Muimbai-400090, Maharashtra, India
Tel. No.:	91-22-28726449
Fax No.:	91-22-28726022

DIRECTORS

As on 24.09.2011

Name :

Mr. Dilip Pranlal Joshi

Designation :

Director

Address :

A-203, Poonam Complex, Kilvani Naka, Silvassa-396230, Dadara and Nagar Haveli, India

Date of Birth/Age :

05.10.1958

Date of Appointment :

01.09.2010

DIN No.:

01603776

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	U25209DN2007PLC000242	SHREE TNB POLYMERS LIMITED	Director	01/09/2010	07/03/2007	-	Active	NO

Name :

Mr. Brijmohan Lalchand Maheshwari

Designation :

Managing Director

Address :

B-1, 302, Jamnotri Sadan, Bangur Nagar, Goregaon (West), Mumbai, Maharashtra, India

Date of Birth/Age :

03.03.1948

Date of Appointment :

06.10.2009

DIN No.:

00477404

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	U25200MH2004PTC144932	MAHESHWARI POLYCHEM PRIVATE LIMITED	Director	09/03/2004	09/03/2004	-	Active	NO
2	U25200MH1992PTC068049	PLASTOMEN PIPINGS PRIVATE LIMITED	Director	14/05/2004	14/05/2004	-	Active	NO
3	U25209DN2007PLC000242	SHREE TNB POLYMERS LIMITED	Managing director	06/10/2009	07/03/2007	-	Active	NO

Name :

Mr. Vijay Jaysukhlal Thosani

Designation :

Chairman and Director

Address :

101, Pran Jyot Appartment, Amli, Silvassa, Dadra and Nagar Haveli, India

Date of Birth/Age :

01.06.1960

Date of Appointment :

06.10.2009

DIN No.:

01067515

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	U25209DN2007PLC000242	SHREE TNB POLYMERS LIMITED	Director	06/10/2009	07/03/2007	-	Active	NO

MAJOR SHAREHOLDERS

As on 24.09.2011

Names of Shareholders	No. of Shares
Bina Vijay Thosani	414875
Vilas Ben Dilip Bhai Joshi	406125
Hetal Dinesh Tank	338437
Pranav M Mehta	338437
Harshaben Rohit Yajnik	270750
Harnish N Zatakiya	241906
Jay J Teraiya	169218
Hemanshu Harilal Mehta	167875
Rajesh Brijmohan Maheshwari	140375
Narendra B Maheshwari	140375
Nandkishore Maheshwari	140375
Deepak Hemnani	37500
Shrinidhi Bakulbhai Bhatt	33825
Rushabh A Mehta	26250
Bhalabhai Savjibhai Rangparia	25750
Khodidasbhai Kanjibhai Rudani	25750
Valjibhai Kanjibhai Rudani	25750
Roshni Hemnani	25000
Alkaben A Mehta	21250
Preeti H Mehta	18750
Dhaval Ambashankar Mehta	16912
Ghanshyam Ravjibhai Rangparia	12875
Hasmukhbhai Popatbhai Ghadiya	12875
Ami A Thosani	12500
Dinesh Tank	12500
Kamlesh Pranlal Joshi	12500
Piyush Hasmukhlal Mehta	12500
Nilesh Kantiala Mehta	10000
Bipinchandra J Vadhani	8750
Jyoti Bipinchandra Vadhani	8162
Rajni Maheshwari	7500
Seema Maheshwari	7500
Sapna Rajesh Maheshwari	7500
Jugal Kishore Somani HUF	6250
Daksha Navin Rawal	6250
Dakshaben P Tank	6250
Prakash D Tank	6250
Amarlata Maheswari	5750
Kalpesh Nyalbhai Zatakiya	5000
Nyal Chand Tarachan Zatakia	5000
Bimal V Shah	5000
Hiteshbhai Manishankar Joshi	3750

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	0.33
Directors or relatives of Directors	83.24
Other top fifty shareholders	10.99
Others	5.44
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Extruded Polymer Sheets, Plastic Piping System and
PP Flute Boards Solution.

Products :

Product Description	ITC Code
Plastic Rods, Sheets and Profiles	3916
Plastic Pipes and Fittings	3917

PRODUCTION STATUS AS ON (31.03.2010)

Particulars	Unit	Installed Capacity	Actual Production
Plastic Sheets, Pipes, Roda, Fittings	Metric Ton	13170	5607

Note:

Installed capacities are certified by the managing director and relied upon by the auditors.

Production of pipes and fittings include product on Job Work Basis.

GENERAL INFORMATION

Customers :

· Aarti Industries Limited, Vapi

· Adani Power Limited, Kutch, Gujarat

· Alok Industries Limited, Silvassa /Morai

· Atul Limited, Atul / Ankleshwar (Gujarat)

· Asahi Songwon Colors Limited, Padra, Baroda

· Bajaj Hindustan Limited, Noida

· Cadila Pharmaceuticals Limited, Ankleshwar (Gujarat)

· Century Rayon, Mumbai

· Deepak Nitrite Limited, Baroda

· Doshi Veolia Water Solutions Private Limited, Ahmedabad

· Essar Steels Limited, Hazira, Surat

· Glenmark Pharmaceuticals Limited, Ankleshwar

· Gharda Chemicals Limited, Lote (Maharashtra)

· Gujarat Heavy Chemicals Limited, Victor (Rajula)-Sarigam

· GMDC Limited

· GNFC Limited, Bharuch

· GSFC Limited, Baroda

· Gujarat Ambuja Cement Limited, Kodinar (Gujarat)

· Gujarat Industries Power Company Limited, Surat

· Hindustan Zinc Limited, Vishakhapatnam

No. of Employees :

Not Available

Bankers :

Bank of Baroda, Silvassa Branch, Adivasi Vikas Sangathan Bhavan, Tokarkhada, Opposite Pioneer Hotel, Silvassa-396230, Dadara Nagar Haveli, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee term loans banks secured	(A)86.406	(B)61.914
Working Term loans secured	(C)132.376	(D)111.064
Total	218.782	172.978

NOTES:

(A) Secured by hypothecation of plant and machinery existing and future and further secured by Way of extension of charge over immovable properties of the company.

Further secured by personal gurantees of 3 directors and 5 shareholders.

Car loans is secured by hypothecation of the vehicles financed by the banks

(B) Secured by hypothecation of plant and machinery existing and future and further secured by Way of extension of charge over immovable properties of the company.

Further secured by personal gurantees of 3 directors and 5 shareholders

Car loans is secured by hypothecation of the vehicles financed by the banks

(C) Secured by hypothecation of stock of raw materials, semi finished goods, finished goods and Book debts upto 90 days and further secured by way of extension of charge over immovable Properties of the company.

Further secured by personal gurantees of 3 directors and 5 shareholders

(D) Secured by hypothecation of stock of raw materials, semi finished goods, finished goods and Book debts upto 90 days and further secured by way of extension of charge over immovable Properties of the company.

Further secured by personal gurantees of 3 directors and 5 shareholders

Banking Relations :	--
Auditors :
Name :	P. M. Bagrecha and Company Chartered Accountants
Address :	208, Skylon, Vapi Silvassa Road, GIDC, Char Rasta, Vapi – 396 191, District – Valsad, Gujarat, India
PAN No.:	ABNPB2018M
Related Party:	Rajesh Udhyog Shreeram Polymers Maheshwari Polychem Private Limited Shreeram Industrial Farbricators Garima Plastic Industries Gaurav Gilani Plastomen Pipings Private Limited Vinayak Plastic Industries K C Phophaliya Chennai Polymer House Pune Polymer House

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
12000000	Equity Shares	Rs. 10/- each	Rs.120.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7404246	Equity Shares	Rs. 10/- each	Rs.74.042 millions

NOTES:

Out of the above shares, 1480846, shares are alloted as fully paid by way of bonus shares out of profit and loss a/c.

Out of the above shares, 50,40,000 shares issued other than cash for acquisition of running partnership business.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		74.042	74.042	59.234
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		79.840	61.447	51.276
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		153.882	135.489	110.510
LOAN FUNDS
1] Secured Loans		218.782	172.978	121.651
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		218.782	172.978	121.651
DEFERRED TAX LIABILITIES		8.319	7.536	4.756
TOTAL		380.983	316.003	236.917
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		137.453	146.533	107.476
Capital work-in-progress		57.289	7.449	0.000
INVESTMENT		0.008	0.008	0.008
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	84.048	55.349	50.334
	Sundry Debtors	87.983	76.699	33.828
	Cash & Bank Balances	15.683	16.423	25.096
	Other Current Assets	0.497	0.000	0.000
	Loans & Advances	49.402	41.155	29.363
Total Current Assets		237.613	189.626	138.621
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	34.744	6.678	3.942
	Other Current Liabilities	5.726	12.689	2.126
	Provisions	10.910	8.246	4.137
Total Current Liabilities		51.380	27.613	10.205
Net Current Assets		186.233	162.013	128.416
MISCELLANEOUS EXPENSES		0.000	0.000	1.017
TOTAL		380.983	316.003	236.917

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	643.897	471.477	449.134
		Other Income	6.120	0.696	1.700
		TOTAL (A)	650.017	472.173	450.834
Less	EXPENSES
		Consumption material changes inventories	430.744	350.231	318.722
		Manufacturing service costs	90.134	32.544	28.445
		Payments and provision to employees	23.767	17.437	11.731
		Administrative Expenses	43.276	25.213	29.138
		Preoperative Expenses	0.000	0.000	0.000
		Increase/ Decrease in Stock	0.000	[16.048]	1.253
		TOTAL (B)	587.921	409.377	389.289
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		62.096	62.796	61.545
Less	FINANCIAL EXPENSES (D)		19.106	14.384	17.838
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		42.990	48.412	43.707
Less/ Add	DEPRECIATION/ AMORTISATION (F)		16.321	12.082	9.834
	PROFIT BEFORE TAX (E-F) (G)		26.669	36.330	33.873
Less	TAX (H)		8.276	11.351	9.826
	PROFIT AFTER TAX (G-H) (I)		18.393	24.979	24.047
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		55.919	30.940	6.893
	BALANCE CARRIED TO THE B/S		74.312	55.919	30.940
	EARNINGS IN FOREIGN CURRENCY		17.797	21.210	NA
	IMPORTS
		Raw Materials	84.567	46.029	48.271
		Capital Goods	3.698	30.125	4.390
	TOTAL IMPORTS		88.265	76.154	52.661
	Basic/ Diluted Earnings Per Share (Rs.)		2.48	3.37	3.25

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.82	5.29	5.33
Net Profit Margin (PBT/Sales)	(%)	4.14	7.71	7.54
Return on Total Assets (PBT/Total Assets}	(%)	7.11	10.81	13.76
Return on Investment (ROI) (PBT/Networth)		0.17	0.27	0.31
Debt Equity Ratio (Total Liability/Networth)		1.75	1.48	1.19
Current Ratio (Current Asset/Current Liability)		1.27	6.87	13.58

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	No
10]	Designation of contact person	No
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	Yes
17]	Major suppliers	No
18]	Major customers	Yes
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	Yes
24]	Banking facility details	Yes
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	Yes

FINANCIAL HIGHLIGHTS

Further, the company has taken steps for expansion in pipe manufacturing and diversification into Drip irrigation lateral. New building is ready and all pipe plants, Drip irrigation plant with ultra modern lab shall become operational during 2011-12. They look forward for good performance during current year too. Some large inquiries and orders are under negotiations / executions.

Bankers Charges Report as per Registry

Corporate identity number of the company	U25209DN2007PLC000242
Name of the company	SHREE TNB POLYMERS LIMITED
Address of the registered office or of the principal place of business in India of the company	Sr. No. 132/1/1/4, Behind Prince Pipes, Athal Road, Athal. Siulvassa-396230, Dadaraa Nagar Haveli, India e-mail: balajipolymerslv@rediffmail.com
This form is for	Modification of Charge
Charge identification number of the charge to be modified	10073358
Type of charge	Immovable Property
Particular of charge holder	Bank of Baroda, Silvassa Branch, Adivasi Vikas Sangathan Bhavan, Tokarkhada, Opposite Pioneer Hotel, Silvassa-396230, Dadara Nagar Haveli, India e-mail: silvas@bankofbarod.com
Nature of instrument creating charge	Supplimental Memorandum Of Entry
Date of instrument Creating the charge	01.11.2011
Amount secured by the charge	Rs. 63.502 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 3% over base rate of the bank i.e. 13.75% p.a. Terms of Repayment 1. Cash credit - on demand 2. Term loan 36 equal installment of Rs. 0.069 millions and last of Rs. 0.067 millions 3. Term loan 35 equal installment of Rs. 0.069 millions and last of Rs. 0.067 millions Margin 25% on stock and book debts 28% on movable machinery 25% on new movable machinery cash margin of 25% on FDR for bank guarantee 10% on SME vehicle loan facility Extent and Operation of the charge The charge is secured against the properties of the company until the loan and interest are fully paid up.
Short particulars of the property charged	Immovable Properties Of The Company Located At 1.Industrial land and building situated at Survey No.132/1/1/4, Village:- Athal, Silvassa, UT of DNH 2. Industrial Gala No.24, Situated at Survey No. 110/2/12, Nandini Industrial Estate, Amli, Silvassa, UT of DNH
Date of instrument modifying the charge	10.08.2010
Particulars of the present modification	The loan amount has been enhanced Rs. 51.265 millions to Rs. 63.502 millions. All other terms and conditions as agreed earlier remains unchanged.

FIXED ASSETS:

· Freehold Land

· Factory Building

· Plant and Machinery

· Electrical Installation

· Office Equipments

· Furniture and Fixture

· Air Conditioner

· Computer

· Vehicle Two Wheeler

· Motor Car

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 records 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 records 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 records 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.55.41
UK Pound	1	Rs.86.77
Euro	1	Rs.68.03

INFORMATION DETAILS

Report Prepared by :

NID

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		43

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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