MIRA INFORM REPORT

Report Date :

24.08.2012

IDENTIFICATION DETAILS

Name :	TULSYAN CANS AND CARDBOARDS PRIVATE LIMITED
Formerly Known As :	TULSYAN COMMERCIAL CREDIT COMPANY PRIVATE LIMITED
Registered Office :	5-A, Rabinson Street, Kolkata – 700017, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	11.10.1989
Com. Reg. No.:	21-47707
Capital Investment / Paid-up Capital :	Rs.24.060 Millions
CIN No.: [Company Identification No.]	U51399WB1989PTC047707
TAN No.: [Tax Deduction & Collection Account No.]	CALT02843B
PAN No.: [Permanent Account No.]	AAACT9375L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of Cans, Cardboards Tin Cans, Plastic Cans.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (36)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 270000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing with some cautions.

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

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 :	5-A, Rabinson Street, Kolkata – 700017, West Bengal, India
Tel. No.:	91-33-22904436/ 7
Fax No.:	Not Available
E-Mail :	upen@tulsyanindia.com
Factory :	C-23 & 24, Industrial Focal Point, Dera Bassi District, Mohali – 140507, Punjab, India
Tel. No.:	91-1762-281521/ 329991
Fax No.:	91-1762-281521

DIRECTORS

(AS ON 29.09.2011)

Name :

Mr. Satyaa Narayan Tulsyan

Designation :

Director

Address :

5-A, Rabinson Street, Kolkata – 700017, West Bengal, India

Date of Birth/Age :

29.12.1947

Date of Appointment :

11.10.1989

DIN No.:

00240689

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	U27209WB1968PTC027347	G.L.& SONS (METAL & PRODUCTS) PVT LTD	Director	13/08/1968	13/08/1968	-	Active	NO
2	U51420WB1974PTC029363	INDIAN TIN BOX MANUFACTURING COMPANY PRIVATE LIMITED	Director	13/03/1975	13/03/1975	-	Active	NO
3	U70101WB1978PTC031470	SREE BASUKINATH COLD STORAGE PVT LTD	Director	03/03/1979	03/03/1979	30/04/2010	Amalgamated	NO
4	U51399WB1989PTC047707	TULSYAN CANS & CARDBOARDS PRIVATE LIMITED	Director	11/10/1989	11/10/1989	-	Active	NO
5	U70109WB1991PTC050984	PRAGATI VINIYOG PVT LTD	Director	27/02/1991	27/02/1991	30/04/2010	Active	NO
6	U70101WB1991PTC050983	ROBINSON HOLDINGS PVT LTD	Director	27/02/1991	27/02/1991	30/04/2010	Active	NO
7	U17111WB1987PTC042744	SHREE BALAJI SAREES PRIVATE LIMITED	Director	01/04/1998	01/04/1998	04/03/2009	Active	NO
8	U67120WB1990PTC048327	G.L. FINANCE PVT LTD	Director	07/02/1999	07/02/1999	30/04/2010	Active	NO
9	U65993WB1991PTC051072	G L INVESTMENT PVT LTD	Director	24/02/1999	24/02/1999	30/04/2010	Active	NO
10	U28129WB1953PTC021291	BHARAT TIN & ENAMEL CO PVT LTD	Director	01/04/2002	01/04/2002	-	Active	NO
11	U60210WB2002PTC094570	TULSYAN TRANSPACK UDYON PRIVATE LIMITED	Director	15/10/2002	15/10/2002	-	Amalgamated	NO
12	U51909WB2003PTC095839	TULSYAN AUTOMOBILES PRIVATE LIMITED	Director	24/02/2003	24/02/2003	30/04/2010	Active	NO
13	U22219WB2006PTC109049	TULSYAN FLEXSYS PRIVATE LIMITED	Director	24/04/2006	24/04/2006	-	Active	NO
14	U51109WB1995PTC074096	JYOTIMOY EMPORIUM PVT LTD	Director	20/07/2006	20/07/2006	-	Amalgamated	NO
15	U51109WB1995PTC074640	COLEL DEALCOM PVT LTD	Director	20/07/2006	20/07/2006	-	Active	NO
16	U25209WB2007PTC113766	AANAVI PACKAGING PRODUCTS PRIVATE LIMITED	Director	28/02/2007	28/02/2007	-	Active	NO
17	U45400WB1978PTC031465	YASHRAJ ENCLAVE PRIVATE LIMITED	Director	01/03/2007	01/03/2007	07/05/2009	Active	NO
18	U28129WB1936PTC008649	BENGAL TIN BOX MFG.CO.PVT LTD.	Director	16/07/2007	16/07/2007	-	Active	NO
19	U51109WB2007PTC120960	AXIS DEALER PRIVATE LIMITED	Director	28/04/2010	28/04/2010	-	Active	NO
20	U51109WB2005PTC106350	PUSKAR VYAPAAR PVT LTD	Director	30/04/2010	30/04/2010	-	Active	NO
21	U45400WB2007PTC121004	METROCITY DEVLOPER PRIVATE LIMITED	Director	15/07/2010	15/07/2010	-	Amalgamated	NO
22	U51109WB2006PTC108097	RAMAKRISHNA VINIMAY PVT LTD	Director	06/12/2010	06/12/2010	-	Active	NO
23	U51109WB2008PTC126214	IDEA VINIMAY PRIVATE LIMITED	Director	02/04/2012	02/04/2012	-	Active	NO
24	U51101WB2010PTC145019	BAVISCON MERCANTILES PRIVATE LIMITED	Director	02/04/2012	02/04/2012	-	Active	NO
25	U51909WB2010PTC145018	BAVISCON DEALTRADE PRIVATE LIMITED	Director	02/04/2012	02/04/2012	-	Active	NO
26	U51909WB2010PTC145013	BAVISCON DEALCOMM PRIVATE LIMITED	Director	02/04/2012	02/04/2012	-	Active	NO

Name :

Mr. Upen Tulsyan

Designation :

Director

Address :

5-A, Rabinson Street, Kolkata – 700017, West Bengal, India

Date of Birth/Age :

01.01.1978

Date of Appointment :

28.08.1999

DIN No.:

00535150

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	U51420WB1989PTC047708	TULSYAN ENTERPRISE PVT LTD	Director	15/07/1997	15/07/1997	30/04/2010	Active	NO
2	U51399WB1989PTC047707	TULSYAN CANS & CARDBOARDS PRIVATE LIMITED	Director	28/08/1999	28/08/1999	-	Active	NO
3	U63022WB2004PTC100243	RAMDIHA REFRIGERATIONS PRIVATE LIMITED	Director	26/10/2004	26/10/2004	30/04/2010	Amalgamated	NO
4	U22219WB2006PTC109049	TULSYAN FLEXSYS PRIVATE LIMITED	Director	24/04/2006	24/04/2006	-	Active	NO
5	U28129WB1936PTC008649	BENGAL TIN BOX MFG.CO.PVT LTD.	Director	16/07/2007	16/07/2007	-	Active	NO
6	U15412WB2007PTC117567	SCOPE VINCOM INDUSTRIES PRIVATE LIMITED	Director	01/08/2007	01/08/2007	-	Active	NO
7	U28129WB1953PTC021291	BHARAT TIN & ENAMEL CO PVT LTD	Director	21/01/2008	21/01/2008	-	Active	NO
8	U25209WB2007PTC113766	AANAVI PACKAGING PRODUCTS PRIVATE LIMITED	Director	02/04/2008	02/04/2008	-	Active	NO
9	U51909WB2008PTC125834	MANAVI IMPEX PRIVATE LIMITED	Director	19/05/2008	19/05/2008	-	Strike off	NO
10	U51109WB1995PTC074096	JYOTIMOY EMPORIUM PVT LTD	Director	30/06/2008	30/06/2008	-	Amalgamated	NO
11	U51109WB1995PTC074640	COLEL DEALCOM PVT LTD	Director	30/06/2008	30/06/2008	-	Active	NO
12	U51109WB2005PTC106350	PUSKAR VYAPAAR PVT LTD	Director	11/08/2008	11/08/2008	-	Active	NO
13	U51109WB2006PTC108097	RAMAKRISHNA VINIMAY PVT LTD	Director	06/04/2009	06/04/2009	-	Active	NO
14	U51109WB2007PTC120960	AXIS DEALER PRIVATE LIMITED	Director	28/04/2010	28/04/2010	-	Active	NO
15	U51420WB1974PTC029363	INDIAN TIN BOX MANUFACTURING COMPANY PRIVATE LIMITED	Director	30/04/2010	30/04/2010	-	Active	NO
16	U45400WB2007PTC121004	METROCITY DEVLOPER PRIVATE LIMITED	Director	15/07/2010	15/07/2010	-	Amalgamated	NO
17	U51109WB2008PTC126214	IDEA VINIMAY PRIVATE LIMITED	Director	02/04/2012	02/04/2012	-	Active	NO
18	U51101WB2010PTC145019	BAVISCON MERCANTILES PRIVATE LIMITED	Director	02/04/2012	02/04/2012	-	Active	NO
19	U51909WB2010PTC145018	BAVISCON DEALTRADE PRIVATE LIMITED	Director	02/04/2012	02/04/2012	-	Active	NO
20	U51909WB2010PTC145013	BAVISCON DEALCOMM PRIVATE LIMITED	Director	02/04/2012	02/04/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Vinod Tulsyan
Designation :	General Manager
Mobile No.:	91-9316194051

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 29.09.2011)

Names of Shareholders	No. of Shares
Satyanarayan Tulsyan	224600
Sushila Devi Tulsyan	3300
Upen Tulsyan	70966
Satyanarayan Upen Tulsyan (HUF)	100
Bengal Tin Box Manufacturing Company Private Limited, India	237000
Ramkrishna Vinimay Private Limited, India	519000
Rameshwari Devi Tulsyan	100
Puskar Vyapaar Private Limited, India	639441
Axis Dealer Private Limited, India	711493
Total	2406000

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Bodies corporate	88.00
Directors or relatives of directors	12.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Supplier of Cans, Cardboards Tin Cans, Plastic Cans.

Products :

Products Description	Item Code No.
Card Board Boxes	480810
Metal Container	731029.01
Plastic Container	393310.09

PRODUCTION STATUS (AS ON 31.03.2010)

Licensed Capacity	Not Applicable
Installed Capacity	Installed capacity of each product cannot be stated as same machines are also used to produce other products. Further the value of individual corrugated boxes and of tin container cannot be stated as consolidated records are maintained for both the products.

Particulars	Unit	Actual Production
Tin Cans	Pcs.	7857289
Plastic Cans	Pcs.	4528557
CC Boxes	Pcs.	1746502
Parts of Tin Cans	Pcs.	59900

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Karnataka Bank Limited

Kolkata – Park Street Branch, 1 Sarojini Naidu, Sarani, Kolkata – 700017, West Bengal, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Term Loan
From Karnataka Bank Limited (Secured by hypothecation of Plant and Machinery at factory and equitable mortgage of factory land and building, other immovable fixed assets and a residential Flat at Kolkata)	22.058	18.231
Working Capital Loan
Cash Credit Limit From Karnataka Bank Limited (Secured by hypothecation of Raw Materials, Finished Goods, Stock in Progress, Stores and Spares, Receivable and a Flat at Kolkata and Personal Guarantee of all directors)	72.879	57.355
Others
From HDFC Bank Limited (Secured against hypothecation of Vehicles) (repayment within next 12 month Rs.0.150 Million)	0.246	0.381
Magma FinCorp Limited (Secured against hypothecation of vehicles) (Repayment within next 12 months Rs.0.585 Millions)	2.001	0.000
Vehicles Loan	0.000	0.015
Total	97.184	75.982
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Bodies Corporate (Including Interests)	8.022	5.348
From Directors	3.191	6.071
From Shareholders	1.888	5.407
Total	13.101	16.826

Banking Relations :	--
Auditors :
Name :	R. Kothari and Company Chartered Accountant
Address :	16-A, Shakespeare Sarani, Kolkata – 700071, West Bengal, India
Tel No.:	91-33-22826776/ 6809/ 6807
Fax No.:	91-33-22825921
PAN No.:	AAFFR7366B
Email :	kolkata@rkothari.in
Website :	www.rkothari.in

CAPITAL STRUCTURE

(AS ON 29.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
2946000	Equity Shares	Rs.10/- each	Rs.29.460 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2406000	Equity Shares	Rs.10/- each	Rs.24.060 Millions

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs.25.000 Millions

Note:

(Authorised Share capital of Transferor company is Rs.4.460 Millions have been merged with the Authorised Capital of the company as per scheme of Amalgamation approved by the honourable High Court of Calcutta vide order dated 15.02.2011)

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2406000	Equity Shares	Rs.10/- each	Rs.24.060 Millions

Note:
(Out of which 756000 Equity shares of Rs.10/- each fully paid up issued in pursuance to the scheme of amalgamation).

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		24.060	16.500	16.500
2] Share Application Money		2.400	0.000	0.000
3] Reserves & Surplus		41.671	6.278	5.671
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		68.131	22.778	22.171
LOAN FUNDS
1] Secured Loans		97.184	75.982	67.640
2] Unsecured Loans		13.101	16.826	13.285
TOTAL BORROWING		110.285	92.808	80.925
DEFERRED TAX LIABILITIES		2.503	1.694	1.026
TOTAL		180.919	117.280	104.122
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		60.956	44.834	36.067
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.110	0.110	0.110
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	98.042	49.892	37.733
	Sundry Debtors	48.131	45.462	39.064
	Cash & Bank Balances	0.692	0.526	0.448
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	14.262	7.261	10.457
Total Current Assets		161.127	103.141	87.702
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	39.520	29.587	18.100
	Other Current Liabilities	0.164	0.199	0.542
	Provisions	1.590	1.019	1.115
Total Current Liabilities		41.274	30.805	19.757
Net Current Assets		119.853	72.336	67.945
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		180.919	117.280	104.122

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		TOTAL	334.925	257.125	266.072
Less	EXPENSES
		TOTAL	332.420	250.320	258.394
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		10.780	6.805	7.678
Less/ Add	DEPRECIATION/ AMORTISATION		8.275	5.312	5.829
	PROFIT BEFORE TAX		2.505	1.493	1.849
Less	TAX		1.312	0.885	0.380
	PROFIT AFTER TAX		1.193	0.608	1.469
	ADJUSTMENT		0.000	0.000	(0.005)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		6.278	5.670	4.207
	BALANCE CARRIED TO THE B/S		7.471	6.278	5.671
	Earnings Per Share (Rs.)		0.49	0.37	0.89

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.36	0.24	0.55
Return on Total Assets (PBT/Total Assets}	(%)	1.13	1.01	1.49
Return on Investment (ROI) (PBT/Networth)		0.04	0.07	0.08
Debt Equity Ratio (Total Liability/Networth)		2.22	5.43	4.54
Current Ratio (Current Asset/Current Liability)		3.90	3.35	4.44

LOCAL AGENCY FURTHER INFORMATION

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of Contact person	No
Turnover of Firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-----
Estimation for coming financial year	No
Capital in the business	Yes
Details of sister concerns	No
Major Suppliers	No
Major Customers	No
Payments Terms	No
Export/ Imports Details (If applicable)	No
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	Yes
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	Yes
Incorporation details is applicable	Yes
Last Accounts filed at ROC	Yes
Major Shareholders, if available	Yes
Date of Birth of Proprietor/Partner/Director, if available	Yes
PAN of Proprietor/Partner/Director, if available	No
Voter ID No of Proprietor/Partner/Director, if available	No
External Agency Rating, if available	No

FINANCIAL PERFORMANCE

The company achieved turnover of Rs.358.000 Millions in the financial year compared to Rs.274.800 Millions in previous year registering a growth of 30% year on year. The company also achieved net profit of Rs.2.505 Millions in the year compared to Rs.1.493 Millions in previous year registering a growth of 68% year on year. The director expect similar growth in running year also both in topline and bottomline.

FORM 8:

This form is for	Creation of charge
Corporate identity number of the company	U51399WB1989PTC047707
Name of the company	TULSYAN CANS & CARDBOARDS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	5-A, Rabinson Street, Kolkata – 700017, West Bengal, India upen@tulsyanindia.com
Type of charge	Immovable property Book debts Movable property (not being pledge)
Particular of charge holder	Karnataka Bank Limited Park Street Branch, 1, Sarojini Naidu Sarani, Kolkata – 700017, West Bengal, India bankservices.3004@yahoo.in
Nature of description of the instrument creating or modifying the charge	1) Letter of Authority 2) Hypothecation Agreement 3) Take Delivery Letter 4) General Power of Attorney for book debts
Date of instrument Creating the charge	22/06/2012
Amount secured by the charge	Rs.10.000 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest WCDPN: Base Rate + 4.00% i.e. 15% p.a. Terms of Repayment In lump sum on or before due date Margin 25% on stock in trade/book debts
Short particulars of the property charged	1) Plant and machinery (already hypothecated) valued on 06.12.10 Rs.52.503 Millions 2) All stock of materials, work in progress, finished goods and all other tangible movable properties what so ever (Both present and future) 3) Equitable mortgage by way of deposit of title deeds of factory land & building situated at plot No.C-23 and C-24, Derabasi District Patiala Punjab belonging to the company 4)Equitable mortgage by way of deposit of title deeds of commercial space (office) flat in ground floor including car parking space and servants quarters at 5A, Robinson St, Kolkata, in the name of Mr. Satyanarayan Tulsyan. 5)Personal guarantee of all the directors of the company

FIXED ASSETS:

· Land (Freehold)

· Land (Leasehold)

· Factory Building

· Vehicle

· Motor Truck

· Fax Machine

· Cycles

· Refrigerator

· Plant and Machinery

· D. G. Set

· Electrical Fittings and Appliance

· Electrical Installation

· Dies and Mould

· Weighing Equipment

· Air Conditioner

· Typewriter

· Television

· Furniture

· Mobile Phone Computer/ Printers

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.55.19
UK Pound	1	Rs.87.65
Euro	1	Rs.69.16

INFORMATION DETAILS

Report Prepared by :

NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		36

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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