MIRA INFORM REPORT

Report Date :

23.01.2012

IDENTIFICATION DETAILS

Name :	SSL-TTK LIMITED (w.e.f. 08.12.2000)
Formerly Known As :	SCHOLL PIRAMAL (INDIA) LIMITED (w.e.f. 10.09.1997) SCHOLL PIRAMAL (INDIA) PRIVATE LIMITED
Registered Office :	No.6, Cathedral Road, Chennai – 600 086, Tamilnadu
Country :	India
Financials (as on) :	31.12.2010
Date of Incorporation :	10.05.1994
Com. Reg. No.:	18-048002
Capital Investment / Paid-up Capital :	Rs.500.000 millions
CIN No.: [Company Identification No.]	U24232TN1994PLC048002
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of all kinds of Medicinal, Pharmaceutical, Herbal, Cosmetics, Toiletries, Skincare, Foot Care and Health Care Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 2600000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Financial position of the company is improving. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office :	No.6, Cathedral Road, Chennai – 600 086, Tamilnadu, India
Tel. No.:	91-44-28111999/ 42008200
Fax No.:	91-44-28117150
E-Mail :	sram@ttk-lig.com moulieswar.vc@ssl-ttk.com
Factory :	F73 and F74 Sipcot Industrial Park, Irungatukottai, Sriperumbuder, Kanchipuram, Tamilnadu, India
Tel. No.:	91-44-37174534
Fax No.:	91-44-42008253

DIRECTORS

As on 03.10.2011

Name :

Jagannathan Thattai Thiruvallur

Designation :

Director

Address :

5/13, Brunton Road, Cross, Bangalore – 560 025, Karnataka, India

Date of Birth/Age :

13.05.1948

Date of Appointment :

19.03.2001

DIN No.:

00191522

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	L85110TZ1955PLC015049	TTK Prestige Limited	Whole-time director	01-07-08	01-01-75	Active	NO
2	U25199TN1963PLC004982	TTK-Lig Limited	Director	28-11-80	28-11-80	Active	NO
3	U17301TN1981PLC017630	TTK Tantex Limited	Director	17-12-81	17-12-81	Active	NO
4	L24231TN1958PLC003647	TTK Healthcare Limited	Director	30-11-84	30-11-84	Active	NO
5	U85110TZ1985PLC015221	Prestige House Wares (India) Limited	Director	25-09-85	25-09-85	Active	NO
6	U72200KA2000PTC027464	TTK Services Private Limited	Director	14-07-00	14-07-00	Active	NO
7	U24232TN1994PLC048002	SSL-TTK Limited	Director	19-03-01	19-03-01	Active	NO
8	U85199KA2002PTC030218	TTK Healthcare TPA Private Limited	Director	07-03-02	07-03-02	Active	NO
9	U64202KA2007PTC041374	Cable and Wireless Networks India Private Limited	Director	01-07-08	12-07-07	Active	NO

Name :

Mr. Jagannathan Srinivasan

Designation :

Director

Address :

Plot No.1-B, Gayathi, 16 Sriram Nagar South Street Alwarpet, Chennai – 600 018, Tamilnadu, India

Date of Birth/Age :

22.08.1939

Date of Appointment :

02.01.2001

DIN No.:

00063660

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U24232TN1994PLC048002	SSL-TTK Limited	Director	20-12-99	20-12-99	Active	NO
2	L24231TN1958PLC003647	TTK Healthcare Limited	Director	09-09-05	09-09-05	Active	NO
3	L74910TN1947PLC000343	Coromandel Engineering Company Limited	Director	31-07-09	31-07-08	Active	NO

Name :

Raghunathan Thattai Thiruvallur

Designation :

Director

Address :

Old No.91/1, New No.146, Santhome High Road, RA Puram, Chennai – 600 028, Tamilnadu, India

Date of Birth/Age :

08.07.1952

Date of Appointment :

17.06.2004

DIN No.:

00043455

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U17301TN1981PLC017630	TTK Tantex Limited	Managing director	29-08-08	24-06-81	Active	NO
2	L85110TZ1955PLC015049	TTK Prestige Limited	Director	03-08-95	03-08-95	Active	NO
3	L24231TN1958PLC003647	TTK Healthcare Limited	Whole-time director	01-11-11	31-12-98	Active	NO
4	U25199TN1963PLC004982	TTK-LIG Limited	Director	20-06-00	20-06-00	Active	NO
5	U85199KA2002PTC030218	TTK Healthcare TPA Private Limited	Director	07-03-02	07-03-02	Active	NO
6	U72200KA2000PTC027464	TTK Services Private Limited	Director	08-04-02	08-04-02	Active	NO
7	U24232TN1994PLC048002	SSL-TTK Limited	Director	17-06-04	17-06-04	Active	NO

Name :

Venkatesh Ramanathan Thirunankoil

Designation :

Managing Director

Address :

Golden Chime, Flat No.3, Chandrabagh Avenue, First Street, Chennai – 600 004, Tamilnadu, India

Date of Birth/Age :

17.09.1956

Date of Appointment :

06.10.2004

DIN No.:

00174749

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U25199TN1963PLC004982	TTK-LIG Limited	Director	01-01-12	18-06-04	Active	NO
2	U24232TN1994PLC048002	SSL-TTK Limited	Managing director	06-10-10	06-10-04	Active	NO

Name :

Mr. Stephen John Coplin

Designation :

Director

Address :

No. 15, Borrage Lane, Ripon N Yark, United Kingdom.

Date of Birth/Age :

18.04.1965

Date of Appointment :

03.10.2011

DIN No.:

02500907

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24232TN1994PLC048002	SSL-TTK Limited	Director	03-10-11	04-03-09	-	Active	NO
2	U25199TN1963PLC004982	TTK-LIG Limited	Director appointed in casual vacancy	04-03-09	04-03-09	15-11-10	Active	NO

Name :

Sreenivasrao Nandigam

Designation :

Director

Address :

C1-301, Uniworld City, DLF Phase-4, Gurgaon – 122 002, Haryana, India

Date of Birth/Age :

24.04.1969

Date of Appointment :

24.06.2011

DIN No.:

02410352

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74999DL1951PLC127062	Reckitt Benckiser (India) Limited	Director	01-08-11	17-12-08	Active	NO
2	U24231HR1980PLC044172	Paras Pharmaceuticals Limited	Director	21-09-11	11-04-11	Active	NO
3	U24232TN1994PLC048002	SSL-TTK Limited	Alternate director	24-06-11	24-06-11	Active	NO

Name :

Mr. Parag Agarwal

Designation :

Director

Address :

Apartment – 1B, Orchid Garden, Suncity Sector 54, Gurgaon – 122 002, Haryana, India

Date of Birth/Age :

19.02.1966

Date of Appointment :

03.10.2011

DIN No.:

02954487

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74999DL1951PLC127062	Reckitt Benckiser (India) Limited	Whole-time director	26-04-10	03-03-10	Active	NO
2	U65993HR2011PTC042069	Reckitt Benckiser Investments India Private Limited	Director	11-02-11	11-02-11	Active	NO
3	U24231HR1980PLC044172	Paras Pharmaceuticals Limited	Director	21-09-11	11-04-11	Active	NO
4	U24240HR2011PTC043190	Halite Personal Care India Private Limited	Director	15-06-11	15-06-11	Active	NO
5	U24232TN1994PLC048002	SSL-TTK Limited	Director	03-10-11	03-10-11	Active	NO

Name :

Mr. Rajesh Kumar Jha

Designation :

Director

Address :

NoC-3, 3154, Vasant Kunj, New Delhi – 110 070, India

Date of Birth/Age :

30.06.1968

Date of Appointment :

03.10.2011

DIN No.:

02695721

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U24239MH1997PTC111897	Reckitt Piramal Private Limited	Director	27-05-10	10-08-09	Active	NO
2	U65993HR2011PTC042069	Reckitt Benckiser Investments India Private Limited	Additional director	28-03-11	28-03-11	Active	NO
3	U24240HR2011PTC043190	Halite Personal Care India Private Limited	Additional director	11-08-11	11-08-11	Active	NO
4	U24231HR1980PLC044172	Paras Pharmaceuticals Limited	Alternate director	16-08-11	16-08-11	Active	NO
5	U24232TN1994PLC048002	SSL-TTK Limited	Director	03-10-11	03-10-11	Active	NO

Name :

Amedeo Fasano

Designation :

Director

Address :

Heather Cottage Cross Road, Sunnigdale State, Berkshire SL59RX

Date of Birth/Age :

05.07.1961

Date of Appointment :

15.11.2010

DIN No.:

03336842

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U25199TN1963PLC004982	TTK-LIG Limited	Director appointed in casual vacancy	15-11-10	15-11-10	Active	NO
2	U24232TN1994PLC048002	SSL-TTK Limited	Director appointed in casual vacancy	15-11-10	15-11-10	Active	NO

Name :

Mr. Chander Mohan Sethi

Designation :

Director

Address :

302-B, Court Greens, Laburnum Condominium Complex, Sushant Lok 1, Gurgaon – 122 002, Haryana, India

Date of Birth/Age :

08.03.1949

Date of Appointment :

15.11.2010

DIN No.:

00319297

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U24239MH1997PTC111897	Reckitt Piramal Private Limited	Director	21-01-02	21-01-02	Active	NO
2	U74999DL1951PLC127062	Reckitt Benckiser (India) Limited	Managing director	21-01-07	21-01-02	Active	NO
3	U24232TN1994PLC048002	SSL-TTK Limited	Director	03-10-11	15-11-10	Active	NO
4	U25199TN1963PLC004982	TTK-LIG Limited	Director appointed in casual vacancy	15-11-10	15-11-10	Active	NO
5	U65993HR2011PTC042069	Reckitt Benckiser Investments India Private Limited	Director	11-02-11	11-02-11	Active	NO
6	U24231HR1980PLC044172	Paras Pharmaceuticals Limited	Managing director	21-09-11	11-04-11	Active	NO
7	U24240HR2011PTC043190	Halite Personal Care India Private Limited	Director	15-06-11	15-06-11	Active	NO

KEY EXECUTIVES

Name :	Mr. K.S. Ramkrishnan
Designation :	Secretary
Address :	No.5, 2^nd Main Road, Adambankkam, Chennai - 600 088, Tamilnadu, India
Date of Birth/Age :	31.10.1967
Date of Appointment :	05.02.2010
PAN No :	ADSPR0409F

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 03.10.2011

Names of Shareholders	No. of Shares
TTK-LIG Limited, India	24499950
New Bridge Holding B.V, India	25500000
T.T. Raghunathan / TTK-LIG Limited, India	10
J. Srinivasan / TTK-LIG Limited, India	10
H.T. Rajan / TTK-LIG Limited, India	10
S. Ramkumar / TTK-LIG Limited, India	10
Sampathkumar / TTK-LIG Limited, India	10
Total	50000000

As on 03.10.2011

Equity Share Breakup		Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]		51.00
Bodies corporate		49.00
	Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of all kinds of Medicinal, Pharmaceutical, Herbal, Cosmetics, Toiletries, Skincare, Foot Care and Health Care Products.

Products :

Item Code No	Product Description
821420	Foot-care
64011010	Footwear

PRODUCTION STATUS (AS ON 31.12.2010)

Particulars	Production/ Purchases*
Medicated footcare products	4330545
Non medicated footcare	22732317
Traded goods	1714565

* Includes production in both in-house and outsourced

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of India, Overseas Branch, 86, Rajaji Salai, Chennai - 600 001, Tamilnadu, India

Facilities :

SECURED LOAN	31.12.2010 Rs. In Millions	31.03.2010 Rs. In Millions
Finance Lease	0.054	0.262
Total	0.054	0.262

Note: The finance lease of the company are secured by way of hypothecation of assets (vehicles) under lease.

Banking Relations :	--
Auditors :
Name :	BSR and Associates Chartered Accountants
Address :	No.10, Uthamar Gandhi Road, Nungambakkam, Chennai – 600 034, Tamilnadu, India
Tel. No.:	91-44-39145000
Fax No.:	91-44-39145999
Income-tax PAN of auditor or auditor's firm :	AADFB6889R
Holding Company :	New Bridge Holdings BV
Ultimate Holding Company and its Subsidiaries :	v Reckitt Benckiser Plc., UK (Ultimate Holding Company From November 1, 2010) v SSL International PLC, UK (Ultimate Holding Company Till 31^st October, 2010) v SSL Australia PTY Limited v SSL Healthcare Japan Limited
Shareholders/ parties having significant influence Associates :	v TTK-LIG Limited v TTK Healthcare Limited v T.T. Krishnamachari and Company v TTK Prestige Limited

CAPITAL STRUCTURE

As on 31.12.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.10/- each	Rs.500.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.10/- each	Rs.500.000 millions

Notes:

(Of the above, 25500000 equity shares of Rs.10/- each are held by the holding company, New Bridge Holdings BV, the ultimate holding company being Reckitt Benckiser Group Plc.)

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2010 (9 Months)	31.03.2010 (12 Months)	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		500.000	500.000	500.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		150.032	98.989	25.666
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		650.032	598.989	525.666
LOAN FUNDS
1] Secured Loans		0.054	0.262	0.539
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.054	0.262	0.539
DEFERRED TAX LIABILITIES		1.169	0.337	0.000
TOTAL		651.255	599.588	526.205
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		199.415	210.128	229.587
Capital work-in-progress		1.882	5.952	3.558
INVESTMENT		55.242	72.252	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	205.376	239.757	175.281
	Sundry Debtors	195.760	143.672	192.470
	Cash & Bank Balances	58.874	23.208	23.629
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	75.325	63.519	41.144
Total Current Assets		535.335	470.156	432.524
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	133.187	148.726	133.411
	Other Current Liabilities	3.900	7.196	4.012
	Provisions	3.532	2.978	2.041
Total Current Liabilities		140.619	158.900	139.464
Net Current Assets		394.716	311.256	293.060
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		651.255	599.588	526.205

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2010 (9 Months)	31.03.2010 (12 Months)	31.03.2009
	SALES
		Income	871.020	1089.529	1099.547
		Other Income	29.836	36.832	31.091
		TOTAL (A)	900.856	1126.361	1130.638
Less	EXPENSES
		Consumption of raw materials, components and packing materials	648.089	854.303	866.211
		Manufacturing and Other Expenses	177.456	214.737	212.618
		Increase/(Decrease) in Stocks	1.705	(34.031)	5.139
		TOTAL (B)	827.250	1035.009	1083.968
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		73.606	91.352	46.670
Less	INTEREST & FINANCIAL EXPENSES (D)		1.241	1.966	2.320
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		72.365	89.386	44.350
Less/ Add	DEPRECIATION/ AMORTISATION (F)		19.115	24.905	24.119
	PROFIT BEFORE TAX (E-F) (G)		53.250	64.481	20.231
Less	TAX (H)		2.207	(8.053)	3.922
	PROFIT AFTER TAX (G-H) (I)		51.043	72.534	16.309
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		98.199	25.665	9.356
	BALANCE CARRIED TO THE B/S		149.242	98.199	25.665
	EARNINGS IN FOREIGN CURRENCY
		FOB value of Exports	785.624	984.864	1029.732
	TOTAL EARNINGS		785.624	984.864	1029.732
	IMPORTS
		Foot Care Materials	393.672	569.846	553.110
		Capital Goods	0.283	2.819	1.277
	TOTAL IMPORTS		393.955	572.665	554.387
	Earnings Per Share (Rs.)		1.02	1.45	0.33

KEY RATIOS

PARTICULARS		31.12.2010 (9 Months)	31.03.2010 (12 Months)	31.03.2009
PAT / Total Income	(%)	5.67	6.44	1.44
Net Profit Margin (PBT/Sales)	(%)	6.11	5.92	1.84
Return on Total Assets (PBT/Total Assets}	(%)	7.25	9.48	3.06
Return on Investment (ROI) (PBT/Networth)		0.08	0.11	0.04
Debt Equity Ratio (Total Liability/Networth)		0.22	0.27	0.27
Current Ratio (Current Asset/Current Liability)		3.81	2.96	3.10

LOCAL AGENCY FURTHER INFORMATION

Note:

Pursuant to the decision taken by the Board of Directors the financial year of the company will consist of calendar year i.e. from 1^st January to 31^st December and hence the Current Financial year of the Company is changed to a period of nine months beginning from 1^st April, 2010 and ending on 31^st December, 2010.

BACKGROUND

The Company is 51:49 joint venture between the SSL International Plc, UK ('SSL UK') (through New Bridge Holdings BV) and TTK-LIG Limited ('TTK-LIG'), which is engaged in the manufacture and sale of footcare and footwear products to the domestic and export markets under the popular brand name 'Scholl'. SSL UK is a world Leader in contraceptives, footcare/footwear products. A substantial portion of sales of the company is to SSL UK for their global distribution. During the period, effective 1^st November 2010, Reckitt Benckiser Plc, UK acquired SSL International Inc., UK and accordingly the company is now part of the Reckitt Benckiser ("RB") group.

PERFORMANCE

During the period, the Company continued to achieve a positive bottom line based on significant material cost reduction as well favorable exchange rates. The overall sales are at Rs.877.400 millions including Domestic market sales of Rs.85.400 Millions. The Profit before tax is at Rs.53.300 millions for this 9 months period.

CHANGE IN ULTIMATE HOLDING COMPANY

The ultimate holding company SSL International PIC has been acquired by Reckitt Benckiser Group Plc with effect from 1^st November 2010 and hence the Company's current ultimate holding company is Reckitt Benckiser Group Plc.

FIXED ASSETS:

v Land - Leasehold

v Factory Buildings

v Plant and Machinery

v Furniture and Fittings

v Computers

v Patterns, Dies and Templates

v Vehicles

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.50.33
UK Pound	1	Rs.77.97
Euro	1	Rs.65.31

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		32

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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