MIRA INFORM REPORT

Report Date :

16.07.2012

IDENTIFICATION DETAILS

Name :	ACCELERATED FREEZE DRYING COMPANY LIMITED [w.e.f. 05.09.1986]
Formerly Known As :	ACCELERATED FREEZE DRYING COMPANY PRIVATE LIMITED
Registered Office :	EP/IV/513 , Ezhupunna PO, Alleppey-688548 , Kerala
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	17.03.1986
Com. Reg. No.:	09-004446
Capital Investment / Paid-up Capital :	Rs.45.200 Millions
CIN No.: [Company Identification No.]	U15499KL1986PLC004446
Legal Form :	Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Pepper Frozen Dried, Green Pepper, Dehydrated Black and Green Paper, Pepper in Brine.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 1530000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is associated with the ‘Amalgam Group’. It is an established company having satisfactory track. Trade relations are reported as decent. Business is active. Payment are reported to be usually correct and as per commitments. 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 – 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 / Factory 1 :	EP/IV/513 , Ezhupunna PO, Alleppey-688548 , Kerala, India
Tel. No.:	91-478-2872012
Fax No.:	91-478-2873016
E-Mail :	amalagam@vsnl.com afdcezh@vsnl.com,amalgam@vsnl.com
Head Office :	Amalagam House, Bristow Road, Willingdon Island, Kochi-682003, Kerala India.
Tel. No.:	91-484-2668680/2667667/2668133
Fax No.:	91-484-2668133/2668130/2668680/2668136
E-Mail :	howisleamalgam@axcess.net.in
Factory 2 :	Plot No. 18-A1, Jigani Industrial Area, Anekal Taluka, Bangalore-562106 Karnataka, India
Factory 3 :	Taloja: Plot No. M – 2, MIDC Taloja, District Raigad, Maharashtra, India

DIRECTORS

As on 30.09.2011

Name :

Mr. Abraham J. Tharakan

Designation :

Chairman cum Managing Director

Address :

Shibumi, 814, Beach Road, Fort Kochi, Ernakulam-682001, Kerala, India

Date of Birth/Age :

17.06.1942

Date of Appointment :

17.03.1986

Din No.:

00006824

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	U15116KL1984PLC004020	INTERNATIONAL CREATIVE FOODS LIMITED	Director	14/08/1984	14/08/1984	-	Active	NO
2	U15499KL1986PLC004446	ACCELERATED FREEZE DRYING CO LIMITED	Director	17/03/1986	17/03/1986	-	Active	NO
3	U15116KL1986PLC004551	AMALGAM FOODS LIMITED	Director	03/09/1986	03/09/1986	-	Active	NO
4	U15331KL1988PLC005053	AMALGAM NUTRIENTS AND FEEDS LIMITED	Managing director	04/05/1988	04/05/1988	-	Active	NO
5	U05122KA1988PLC009351	INDO NISSIN FOODS LIMITED	Director	19/08/1988	19/08/1988	-	Active	NO
6	U05005KL1992PLC006589	AMALGAM ACQUACULTURE APPLICATIONS LIMITED	Director	03/07/1992	03/07/1992	-	Active	NO
7	U55102KL1993PLC006975	VICEREGAL TRAVELS AND RESORTS LIMITED	Director	08/02/1993	08/02/1993	-	Active	NO
8	U15122KA1993PLC048636	SNOWMAN LOGISTICS LIMITED	Director	17/03/1993	17/03/1993	15/09/2010	Active	NO
9	U91200KL1970NPL002301	SEA FOOD EXPORTERS ASSOCIATION OF INDIA	Director	17/10/1997	17/10/1997	-	Active	NO
10	U45309KL1999PLC013528	SEAFOOD PARK INDIA LIMITED	Director	21/12/1999	21/12/1999	-	Active	NO
11	U72900TN2000PLC046123	INFIPORT TECHNOLOGIES LIMITED	Director	15/11/2000	15/11/2000	-	Strike off	NO
12	U51909KL1989PLC005465	INNOVATIVE FOODS LIMITED	Director	29/01/2007	29/01/2007	17/02/2011	Active	NO
13	U15499KL2007PTC021109	AMALGAM SPECIALITY FOODS (INDIA) PRIVATE LIMITED	Director	10/08/2007	10/08/2007	-	Active	NO
14	U74900KL2007PTC021390	DRISHYA PLACEMENTS PRIVATE LIMITED	Director	09/11/2007	09/11/2007	-	Active	NO
15	U51229KL1996PLC010218	KERALA SEAFOOD EXPORTERS WELFARE SOCIETY LIMITED	Director	21/07/2008	21/07/2008	-	Active	NO
16	U15200KL2010PTC025893	AMALGAM NUTRACEUTICALS PRIVATE LIMITED	Director	23/04/2010	23/04/2010	-	Active	NO
17	U51220KL2011PTC028166	KEYA SPECIALITY FOODS PRIVATE LIMITED	Director	12/04/2011	12/04/2011	-	Active	NO

Name :

Mr. Chacko Uthup Jani

Designation :

Director

Address :

Trincas, 11/829, S Beach Road, Fort Kochi, Ernakulam-682001, Kerala, India

Date of Birth/Age :

04.09.1945

Date of Appointment :

07.03.2002

Din No.:

01171482

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	U15499KL1986PLC004446	ACCELERATED FREEZE DRYING CO LIMITED	Director	07/03/2002	07/03/2002	-	Active	NO
2	U55102KL1993PLC006975	VICEREGAL TRAVELS AND RESORTS LIMITED	Director	07/03/2002	07/03/2002	-	Active	NO
3	U15116KL1984PLC004020	INTERNATIONAL CREATIVE FOODS LIMITED	Director	07/03/2002	07/03/2002	-	Active	NO
4	U15331KL1988PLC005053	AMALGAM NUTRIENTS AND FEEDS LIMITED	Director	07/03/2002	07/03/2002	-	Active	NO
5	U65993KL1989PTC005507	AMALGAM INVESTMENTS PRIVATE LIMITED	Director	07/03/2002	07/03/2002	-	Active	NO
6	U15116KL1986PLC004551	AMALGAM FOODS LIMITED	Director	07/06/2007	07/06/2007	-	Active	NO
7	U05005KL1992PLC006589	AMALGAM ACQUACULTURE APPLICATIONS LIMITED	Director	08/06/2007	08/06/2007	-	Active	NO
8	U15499KL2007PTC021109	AMALGAM SPECIALITY FOODS (INDIA) PRIVATE LIMITED	Additional director	02/05/2012	20/09/2007	-	Active	NO
9	U74900KL2007PTC021390	DRISHYA PLACEMENTS PRIVATE LIMITED	Director	09/11/2007	09/11/2007	15/09/2010	Active	NO
10	U15127KL1987PTC004672	WEST COAST REFRIGERATION AND FOOD ENGINEERING PVT LTD	Director	01/06/2011	01/06/2011	-	Active	NO
11	U51220KL2011PTC028166	KEYA SPECIALITY FOODS PRIVATE LIMITED	Additional director	02/05/2012	02/05/2012	-	Active	NO

Name :

Nakano Kazuma

Designation :

Director

Address :

Flat No. 1102, 11^th Floor, Heritage CHS Limited, Hiranandani Garden, Powai, Mumbai-400076, Maharashtra, India

Date of Birth/Age :

02.02.1966

Date of Appointment :

16.09.2010

Din No.:

02467208

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	Company/ LLP Status	Defaulting status
1	U05122KA1988PLC009351	INDO NISSIN FOODS LIMITED	Director	12/06/2008	12/06/2008	Active	NO
2	U15499KL1986PLC004446	ACCELERATED FREEZE DRYING CO LIMITED	Nominee director	16/09/2010	16/09/2010	Active	NO

Name :

Mr. Mathew Payankan Jose

Designation :

Director

Address :

Payankan House, On Aranattukara, Thrissur-680618, Kerala, India

Date of Birth/Age :

17.11.1946

Date of Appointment :

14.03.2008

Din No.:

00542339

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	U67200KL2005PTC018250	SAMPANNA INSURANCE SERVICES PRIVATE LIMITED	Director	28/07/2005	28/07/2005	27/06/2009	Active	NO
2	U51900MH1981PTC025742	FURTEX EXPORTS PRIVATE LIMITED	Director	11/08/2005	11/08/2005	-	Active	NO
3	U67120KL2006PTC019143	SAMPANNA SECURITIES PRIVATE LIMITED	Director	20/07/2006	20/07/2006	27/06/2009	Active	NO
4	U65992KL2006PTC019570	JEEVODAYAM KURIES PRIVATE LIMITED	Director	07/09/2006	07/09/2006	-	Active	NO
5	U15116KL1986PLC004551	AMALGAM FOODS LIMITED	Director	08/06/2007	08/06/2007	-	Active	NO
6	U15116KL1984PLC004020	INTERNATIONAL CREATIVE FOODS LIMITED	Director	30/09/2009	08/06/2007	-	Active	NO
7	U05005KL1992PLC006589	AMALGAM ACQUACULTURE APPLICATIONS LIMITED	Director	30/09/2009	08/06/2007	-	Active	NO
8	U15331KL1988PLC005053	AMALGAM NUTRIENTS AND FEEDS LIMITED	Director	30/09/2009	08/06/2007	-	Active	NO
9	U15499KL2007PTC021109	AMALGAM SPECIALITY FOODS (INDIA) PRIVATE LIMITED	Director	03/03/2008	03/03/2008	-	Active	NO
10	U15499KL1986PLC004446	ACCELERATED FREEZE DRYING CO LIMITED	Director	30/09/2009	14/03/2008	-	Active	NO

Name :

Tabeta Yuji

Designation :

Director

Address :

B 001, Sterling Sharada Nivas, Opposite ESI Hospital, Indira Nagar, 2^nd Stage, Bangalore, Karnataka, India

Date of Birth/Age :

31.07.1958

Date of Appointment :

05.09.2007

Din No.:

01463045

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	Company/ LLP Status	Defaulting status
1	U05122KA1988PLC009351	INDO NISSIN FOODS LIMITED	Managing director	20/03/2008	20/03/2007	Active	NO
2	U15499KL1986PLC004446	ACCELERATED FREEZE DRYING CO LIMITED	Nominee director	05/09/2007	05/09/2007	Active	NO
3	U52209KA2009FLC049182	NISSIN FOODS INDIA LIMITED	Director	19/02/2009	19/02/2009	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Amalgam Foods Limited, India	2348180
Nissin Foods Company Limited, Hong Kong	1719808
Itochu Corporation, Tokyo	452000
Abraham J. Tharakan	2
Ramesh J. Tharakan	4
Keya Tharakan	4
Kamli Tharakan	2
Total	4520000

As on 30.09.2011

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]	48.04
Bodies corporate	51.95
Directors or relatives of directors	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Pepper Frozen Dried, Green Pepper, Dehydrated Black and Green Paper, Pepper in Brine.

Products :

PRODUCT DESCRIPTION	ITEM CODE
AFD Shrimp	160520.00
AFD Pepper	090411.70
AFD Herbs	071290.90

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Freeze Dried Products	MT	720	660	417
IQF/Frozen Vegetables/Herbs	MT	--	--	60
Dehydrated/Sun Dried Vegetable/Herbs	MT	--	--	1
Pepper in Brine	MT	--	--	336
Dehydrated Green Pepper	MT	--	--	9
IQF Pepper/Frozen Pepper	MT	--	--	4

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Central Bank of India, Willingdon Island Branch, Kochi-682003, Kerala, India

· Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227 D, Nariman Point, Mumbai-400021, Maharashtra, India

Facilities :

SECURED LOAN	SECURITY	As on 31.03.2011	As on 31.03.2010
		[Rs. in Millions]
Kerala State Industrial Development Corporation Limited (Term Loan)	Exclusive Charge on the Plant and Equipments financed under the Equipment Finance Loan.	11.079	33.221
Hire Purchase Loans	Vehicles	2.699	1.476
Central Bank of India (Term Loan)	First charge on the Fixed Assets of the company.	61.735	60.000
Export Packing Credit Central Bank of India	First charge on the Fixed Assets of the Company and pari passu first charge on the Current Assets of the Company	192.798	148.491
Export Import Bank of India	First charge on the Current Asset of the Company and Pari passu Second Charge on the Fixed Assets of the Company.	175.624	176.899
Total		443.935	420.087

Banking Relations :	--
Auditors :
Name :	P Venugopal and Company Chartered Accountants
Address :	Srikrishna Gardens, CCNB Road, Alleppey-688011, Kerala, India
Pan No.:	ABXPR4230P
Holding Company :	Amalgam Foods Limited [U15116KL1986PLC004551]

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4520000	Equity Shares	Rs.10/- each	Rs.45.200 Millions

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		45.200	45.200	45.200
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		337.665	327.885	304.900
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		382.865	373.085	350.100
LOAN FUNDS
1] Secured Loans		443.935	420.087	327.361
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		443.935	420.087	327.361
DEFERRED TAX LIABILITIES		4.749	1.969	0.000
TOTAL		831.549	795.141	677.461
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		140.398	119.546	63.255
Capital work-in-progress		88.898	73.523	32.638
INVESTMENT		63.509	65.317	65.318
DEFERREX TAX ASSETS		0.000	0.000	1.471
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	291.430	279.593	279.026
	Sundry Debtors	206.785	205.186	171.380
	Cash & Bank Balances	4.375	6.699	0.918
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	113.717	115.096	116.576
Total Current Assets		616.307	606.574	567.900
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	59.492	55.691	45.181
	Other Current Liabilities	0.887	0.545	1.074
	Provisions	17.184	13.583	6.866
Total Current Liabilities		77.563	69.819	53.121
Net Current Assets		538.744	536.755	514.779
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		831.549	795.141	677.461

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	588.525	573.470	431.192
		Other Income	42.235	69.369	43.499
		TOTAL (A)	630.760	642.839	474.691
Less	EXPENSES
		Operating Expenses	549.223	559.047	425.918
		TOTAL (B)	549.223	559.047	425.918
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		81.537	83.792	48.773
Less	FINANCIAL EXPENSES (D)		48.275	45.258	38.902
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		33.262	38.534	9.871
Less/ Add	DEPRECIATION/ AMORTISATION (F)		9.412	5.179	5.444
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		23.850	33.355	4.427
Less	TAX (H)		8.800	10.369	1.954
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		15.050	22.986	2.473
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		186.213	163.227	160.754
Less	APPROPRIATIONS
		Proposed Dividend	5.270	0.000	0.000
	BALANCE CARRIED TO THE B/S		195.993	186.213	163.227
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	549.747	552.695	388.457
	Earnings / (Loss) Per Share (Rs.)		3.33	5.09	0.55

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.39	3.57	0.52
Net Profit Margin (PBT/Sales)	(%)	4.05	5.82	1.03
Return on Total Assets (PBT/Total Assets}	(%)	3.15	4.59	0.70
Return on Investment (ROI) (PBT/Networth)		0.06	0.09	0.01
Debt Equity Ratio (Total Liability/Networth)		1.36	1.31	1.09
Current Ratio (Current Asset/Current Liability)		7.95	8.69	10.69

LOCAL AGENCY FURTHER INFORMATION

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	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	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

OPERATIONS AND FUTURE PROSPECTS:

During the year, the Company achieved a gross Income of Rs.630.760 Millions as against the corresponding gross Income of Rs.642.840 Millions during the previous year. The profit before tax stood at Rs.23.850 Millions as against the corresponding previous year profit of Rs.33.350 Millions. The reason for the decline in the net profit was mainly due to higher provisioning of depreciation and also due to rising cost of inputs coupled with higher cost of interest causing decline in the margin.

The Company has completed its expansion programme in Cochin and expansion work in Bangalore factory is in the final stages. With the completion of the expansion programme, the company is confident of achieving better results in the coming year.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U15499KL1986PLC004446
Name of the company	ACCELERATED FREEZE DRYING COMPANY LIMITED
Address of the registered office or of the principal place of business in India of the company	EP/IV/513 , Ezhupunna PO, Alleppey-688548 , Kerala, India
Type of charge	Movable Property (not being pledge)
Particular of charge holder	Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227 D, Nariman Point, Mumbai-400021, Maharashtra, India
Email	john.fernandes@kotak.com
Nature of description of the instrument creating or modifying the charge	Deed of hypothecation
Date of instrument Creating the charge	23.04.2012
Amount secured by the charge	Rs.3.600 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 16.126 % p.a. Terms of Repayment Equated Monthly Installment of Rs 126300 /- for 36 Months.(For Apac No - CE 349839) Extent and Operation of the charge First & exclusive charge by way of Hypothecation in favour of Kotak Mahindra Bank on the assets financed.
Short particulars of the property charged	Caterpillar 725 KVA DG SET Chassis No : 62-2815 Engine No : 9JR01449

FIXED ASSETS:

• Goodwill
• Land
• Building
• Factory Building
• Plant and Machinery
• Computer
• Furniture and Fixture
• Office Equipments
• Motor car
• Trucks

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.55.65
UK Pound	1	Rs.85.89
Euro	1	Rs.67.87

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		50

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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