1. Summary Information

		Country	India
Company Name	NICOMET INDUSTRIES LIMITED	Principal Name 1	Mr. Rajendra Prasad Daudayal Agarwal
Status	Satisfactory	Principal Name 2	Mr. Ankit Rajendra Prasad Agarwal
		Registration #	11-071450
Street Address	14, Niraj Industrial Estate, Off Mahakali Caves Road, Andheri (East), Mumbai -400093, Maharashtra, India
Established Date	02.04.1993	SIC Code	--
Telephone#	91-22-28203347	Business Style 1	Manufacturer
Fax #	91-22-28351982	Business Style 2	--
Homepage	http://www.nicomet.com	Product Name 1	Cobalt Nickel Sulphate
# of employees	Not Available	Product Name 2	Cobalt Nitrate
Paid up capital	Rs.110,000,000/-	Product Name 3	Cobalt Metal
Shareholders	Directors or relatives of Directors - 100.00%	Banking	Union Bank of India
Public Limited Corp.	NO	Business Period	19 Years
IPO	NO	International Ins.	-
Public Enterprise	NO	Rating	Ba (43)
Related Company
Relation	Country	Company Name	CEO
Associates	--	Metec Asia Private Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	464,207,000	Current Liabilities	663,279,000
Inventories	753,962,000	Long-term Liabilities	582,715,000
Fixed Assets	610,927,000	Other Liabilities	116,615,000
Deferred Assets	0,000	Total Liabilities	1,362,609,000
Invest& other Assets	33,754,000	Retained Earnings	390,241,000
		Net Worth	500,241,000
Total Assets	1,862,850,000	Total Liab. & Equity	1,862,850,000
Total Assets (Previous Year)	1,500,261,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	1,511,316,000	Net Profit	26,892,000
Sales(Previous yr)	1,125,242,000	Net Profit(Prev.yr)	78,155,000

MIRA INFORM REPORT

Report Date :

20.06.2012

IDENTIFICATION DETAILS

Name :	NICOMET INDUSTRIES LIMITED
Registered Office :	14, Niraj Industrial Estate, Off Mahakali Caves Road, Andheri (East), Mumbai -400093, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	02.04.1993
Com. Reg. No.:	11-071450
Capital Investment / Paid-up Capital :	Rs.110.000 Millions
CIN No.: [Company Identification No.]	U27200MH1993PLC071450
TAN No.: [Tax Deduction & Collection Account No.]	MUMM09552E
PAN No.: [Permanent Account No.]	AAACN1597Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Cobalt, Copper Nickel and their Derivatives.
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 2000000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. There appears a huge dip in the profitability of the company. However, trade relations are reported as fair. Business is active. Payments are reported to be usually correct. The company can be considered for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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/ Head Office :	14, Niraj Industrial Estate, Off Mahakali Caves Road, Andheri (East), Mumbai -400093, Maharashtra, India
Tel. No.:	91-22-28203347/28203418 / 26938710-14
Mobile No.:	91-9820327024 (Mr, Nitul Shah)
Fax No.:	91-22-28351982
E-Mail :	nicomet@bom3.vsnl.net.in nico@nicomet.com
Website :	http://www.nicomet.com
Area :	2600 Sq. ft
Location :	Leased
Factory 1 :	Plot No. L-15/19/20, Cuncolim Industrial Estate, Cuncolim – 403703, Goa, India
Tel. No.:	91-832-2763307/2764337
Fax No.:	91-832-2764327
E-Mail :	nicogoa@nicomet.com nicogoa@goa1.dot.net.in nicogoa@goatelecom.com

DIRECTORS

As on 29.09.2011

Name :

Mr. Rajendra Prasad Daudayal Agarwal

Designation :

Managing Director

Address :

21, Krishna Kunj, 94, Marine Drive, G. Road, Mumbai – 400020, Maharashtra, India

Date of Birth/Age :

21.05.1951

Date of Appointment :

02.04.1993

DIN No :

00605850

Other Directorship :

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
U27200MH1988PTC049156	Ankit Commodities Private Limited	Director	1/07/1989	1/07/1989	-	Active	NO
U27200MH1993PLC071450	Nicomet Industries Limited	Managing director	2/04/1993	2/04/1993	-	Active	NO
U25209MH1994PLC083226	Ansa Polymers Limited	Director	23/11/1994	23/11/1994	20/12/2006	Active	NO
U65920MH1995PTC087923	Natun Finlease Private Limited	Director	11/05/1995	11/05/1995	-	Dormant	NO
U92110MH1996PTC096799	Sunrise Movies Private Limited	Director	5/02/1996	5/02/1996	-	Strike off	NO
U27200MH1997PTC108293	Ankit Associates Private Limited	Director	28/05/1997	28/05/1997	-	Active	NO
U65923MH2004PTC090782	Martanda Finlease Private Limited	Director	30/09/2004	30/09/2004	-	Dormant	NO

Name :

Mr. Ankit Rajendra Prasad Agarwal

Designation :

Director

Address :

21, Krishna Kunj, 94, Marine Drive, G. Road, Mumbai – 400020, Maharashtra, India

Date of Birth/Age :

27.08.1984

Date of Appointment :

12.01.2004

DIN No :

00605952

Name :

Mr. Bhupat Kewalchand Shah

Designation :

Director

Address :

101, Kusum Kunj, Junction of 9^th and 10^th Road, Khar (West), Mumbai – 400032, Maharashtra, India

Date of Birth/Age :

01.12.1943

Date of Appointment :

30.05.2000

DIN No :

00606112

Other Directorship :

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
U25209MH1994PLC083226	Ansa Polymers Limited	Director	1/12/1995	1/12/1995	15/10/2007	Active	NO
U27200MH1993PLC071450	Nicomet Industries Limited	Director	30/05/2000	30/05/2000	-	Active	NO
U27200MH1993PTC072246	Metec Asia Private Limited	Director	7/01/2008	7/01/2008	-	Active	NO
U15205MH1987PTC043227	Padma Nutrients Private Limited	Director	25/09/2010	25/09/2010	-	Active	NO

Name :

Mr. Vijay Mohanlal Porwal

Designation :

Director

Address :

201, Kusum Kunj, Junction of 9^th and 10^th Road, Khar (West), Mumbai – 400052, Maharashta, India

Date of Birth/Age :

06.12.1953

Date of Appointment :

30.05.2000

DIN No :

00606435

Other Directorship :

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
U25209MH1994PLC083226	Ansa Polymers Limited	Director	25/05/1995	25/05/1995	20/12/2006	Active	NO
U27200MH1993PLC071450	Nicomet Industries Limited	Director	30/05/2000	30/05/2000	-	Active	NO
U27200MH1993PTC072246	Metec Asia Private Limited	Director	7/01/2008	7/01/2008	-	Active	NO
U51420MH2003PTC139365	Metalplast Exim (India) Private Limited	Director	5/09/2009	5/09/2009	-	Active	NO
U15205MH1987PTC043227	Padma Nutrients Private Limited	Director	25/09/2010	25/09/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2011

Names of Shareholders	No. of Shares
AGARWAL
Rajendra D. Agarwal	1000000
Usha R. Agarwal	1000000
Atul R Agrawal	1000000
Murlidarji Agarwal	7500
Ankit R Agarwal	1000000
Bhavana Agrawal	227500
Daudayal Agarwal HUF	1235000
Angoori Devi	30000
Total	5500000
PORWAL
Ambalal M Porwal	237660
Ambalal M Porwal HUF	313840
Tushar A Porwal	464200
Vipul A Porwal	464200
Ruchi V Porwal	485100
Ritu A Porwal	485100
Nirmala V Porwal	356695
Ruchi V Porwal	485100
Vijay M Porwal	99205
Vijay M Porwal HUF	245300
Manjula A Porwal	191400
Aardhi Porwal	100
Total	3342800
SHAH
Nitul B Shah	941600
Vilas B Shah	563200
Bhupat K Shah	305290
Bhupat K Shah HUF	327110
Amar Ferro Metals Private Limited, India	20000
Total	2157200
Total	11000000

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Cobalt, Copper Nickel and their Derivatives.

Products :

PRODUCT DESCRIPTION	ITEM CODE NO.
Cobalt Nickel Sulphate	283390
Cobalt Nitrate	283400
Cobalt Metal	810500

PRODUCTION STATUS AS ON 31.03.2011

Particulars	Unit	Installed Capacity
Cobalts and its salts	TPA	1000
Nickel and its salts	TPA	1000
Copper	TPA	3000
Particulars	Unit	Actual Production
Cobalts and its salts	MT	478.17
Nickel and its salts	MT	263.63
Copper	MT	647.50

Note:

** Production include captive consumption but exclude production during trial run.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Union Bank of India (Lead Bank), Overseas Branch, Ground Floor, Union Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai – 400021, Maharashtra, India

· Federal Bank Limited, 32, Bombay Samachar Marg, Fort, Mumbai – 400001, Maharashtra, India

· Andhra Bank, 116, Saurabh, Andheri Kurla Road, Andheri (East), Mumbai – 400093, Maharashtra, 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	67.602	96.072
Working Capital Loans Banks Secured	453.685	199.941
Loans Taken For Vehicles Secured	5.239	5.717
Other Debt Secured	9.117	8.329
Total	535.643	310.059

Notes :

· Term loan from banks are secured, on pari passu basis, by first charge on entire fixed assets of the Company including equitable mortgage of land and building and hypothecation of specific assets.

· The working capital loan from the bank are secured, on pari passu basis, by hypothecation of stock and export bills. The loans are further secured by collateral security by way of first charge on remaining current assets of the Company and first charge on fixed assets of the Company including equitable mortgage of immovable properties of the Company situated at plot nos. L-15, L-196, and L-20 Cuncolim Industrial Estate, Cuncolim, Goa. THe said loans are further secured by personal guarantees of the directors

· Equipment and vehicle loans

· Overdraft against fixed deposit

UNSECURED LOAN	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee Term Loans Others Unsecured	35.000	60.000
Loans Directors Unsecured	8.656	8.656
Other Debt Unsecured	3.416	3.416
Total	47.072	72.072

Note:

· Loan from companies

· Loan from shareholders

Banking Relations :	--
Auditors :
Name :	Chaturvedi S. K. and Fellows Chartered Accountants
Address :	410, Dev Plaza, SV Road, Andheri West, Mumbai-400 058, Maharashtra, India
Fax No.:	91-22-66943453
E-Mail :	cskfelos@cskfelos.in
PAN.:	AAAFC2426N
Associates :	· Ankit Associates Private Limited · Metec Asia Private Limited · Metal Plast Exim India Private Limited · Ampex Trading Company

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
11000000	Equity Shares	Rs.10/- each	Rs.110.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11000000	Equity Shares	Rs.10/- each	Rs.110.000 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		110.000	110.000	110.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		390.241	363.349	285.194
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		500.241	473.349	395.194
LOAN FUNDS
1] Secured Loans		535.643	310.059	181.333
2] Unsecured Loans		47.072	72.072	68.656
TOTAL BORROWING		582.715	382.131	249.989
DEFERRED TAX LIABILITIES		81.284	75.408	79.180
TOTAL		1164.240	930.888	724.363
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		610.927	371.508	402.028
Capital work-in-progress		33.754	224.566	73.929
INVESTMENT
DEFERREX TAX ASSETS		0.000	0.000	0.000
		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	753.962	530.303	587.771
	Sundry Debtors	218.546	231.567	119.157
	Cash & Bank Balances	134.674	105.944	113.476
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	110.987	36.373	70.154
Total Current Assets		1218.169	904.187	890.558
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	636.565	385.106	447.327
	Other Current Liabilities	26.714	133.703	161.689
	Provisions	35.331	50.564	33.136
Total Current Liabilities		698.610	569.373	642.152
Net Current Assets		519.559	334.814	248.406
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1164.240	930.888	724.363

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1511.316	1125.242	1897.051
		Other Income	80.198	102.820	81.609
		TOTAL (A)	1591.514	1228.062	1978.660
Less	EXPENSES
		Consumption materials changes inventories	1035.139	803.112	1605.975
		Manufacturing service costs	221.749	139.687	343.257
		Employee related expenses	65.650	34.136	139.920
		Administrative selling other expenses	58.475	41.729	0.000
		TOTAL (B)	1381.013	1018.664	1908.123
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		210.501	209.398	70.537
Less	FINANCIAL EXPENSES (D)		92.422	52.961	26.808
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		118.079	156.437	43.729
Less/ Add	DEPRECIATION/ AMORTISATION (F)		40.226	33.322	24.752
	PROFIT BEFORE TAX (E-F) (G)		77.853	123.115	18.977
Less	TAX (H)		50.961	44.960	6.344
	PROFIT AFTER TAX (G-H) (I)		26.892	78.155	12.633
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		347.910	269.755	257.122
	BALANCE CARRIED TO THE B/S		374.802	347.910	269.755
	EARNINGS IN FOREIGN CURRENCY
		FOB value of exports	586.491	427.477	803.522
	TOTAL EARNINGS		586.491	427.477	803.522
	IMPORTS
		Raw Materials	1146.183	617.398	1522.867
		Capital Goods	1.862	1.338	0.000
	TOTAL IMPORTS		1148.045	618.736	1522.867
	Earnings Per Share (Rs.)		2.44	7.10	1.15

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.69	6.36	0.66
Net Profit Margin (PBT/Sales)	(%)	5.15	10.94	1.00
Return on Total Assets (PBT/Total Assets}	(%)	4.26	9.65	1.46
Return on Investment (ROI) (PBT/Networth)		0.16	0.26	0.04
Debt Equity Ratio (Total Liability/Networth)		2.56	2.01	2.25
Current Ratio (Current Asset/Current Liability)		1.74	1.58	1.38

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	Yes
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	--
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

CONTINGENT LIABILITY:

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010
a) Letters of credits and bank guarantees outstanding (net of margin deposits)	168.900	174.977
b) Bills discounted and remaining unpaid at the end of the year.	50.000	18.806
c) Estimated amount of contracts remaining to be executed on capital account (net of advance payments).	4.527	9.280

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U27200MH1993PLC071450
Name of the company	NICOMET INDUSTRIES LIMITED
Address of the registered office or of the principal place of business in India of the company	14, Niraj Industrial Estate, Off Mahakali Caves Road, Andheri (East), Mumbai – 400093, Maharashtra, India Email Id : nicomet@bom3.vsnl.net.in
This form is for	Creation of charge
Type of charge	· Book debts · Movable property (not being pledge) · Others (Goods)
Particular of charge holder	Andhra Bank, 116, Saurabh, Andheri Kurla Road, Andheri (East), Mumbai – 400093, Maharashtra, India E-mail : bmmum028@andhrabank.co.in
Nature of instrument creating charge	Composite agreement for hypothecation of goods, tangible movable machinery and plant and book debts and receivable
Date of instrument Creating the charge	19.04.2012
Amount secured by the charge	Rs.30.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Adhoc OCC: Base Rate+7% i.e.17.75%p.a. Adhoc PC: Upto 270 Days Base Rate+1.50% i.e. 12.25%p.a. Beyond 270 days and Less than 1 year Base Rate+6.75% i.e.17.50%p.a. Export Not materialized: Base Rate+6.75%pa Terms of Repayment As per Composite Agreement Margin 25% of stock and book debts and for PC 15% Extent and Operation of the charge As per Composite Agreement.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation/Pledge of Stock, Hypothecation of Movable Plant and Machinery, Hypothecation of Book Debts As per Composite Agreement

FIXED ASSETS

· Lease hold Land

· Buildings

· Plant and Machinery

· Solvents

· Electrical Installations

· Factory Equipments

· Laboratory Equipments

· Air Conditioners

· Furniture and Fixtures

· Office Equipments

· Computers

· Vehicles

AS PER WEBSITE DETAILS:

PROFILE:

Sensing the potential on the global front, subject was conceived in year 1993 to meet the need for high purity Cobalt and Nickel products.

The founders with over 25 years of experience in trade of metals and industries in their drive for excellence, have today succeeded in establishing Nicomet as a reliable source for speciality products of Nickel and Cobalt Metals . Manufacturing unit at Goa, 600 kms South of Mumbai was set up for Commercial production of cobalt metal and started production since 1997. Nicomet is the first of this kind to produce Cobalt and nickel metals in India.

Start with Cobalt manufacturing, the company now produces Cobalt, Nickel, Copper metals and their salts as well as Sodium Sulphate as bye product.

Latest development in non ferrous extractive metallurgy field are on the account of solvent extraction technology. This technology was fully developed and adopted in Nicomet for extraction of Cobalt, further it was applied to Nickel extraction and thus as on today Nicomet industries produces high quality Nickel and Cobalt metals by Electro winning process.

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.56.01
UK Pound	1	Rs.87.85
Euro	1	Rs.70.54

INFORMATION DETAILS

Report Prepared by :

BSN

SCORE & RATING EXPLANATIONS

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