MIRA INFORM REPORT

Report Date :

17.11.2012

IDENTIFICATION DETAILS

Name :	SOUNDARYA DECORATORS PRIVATE LIMITED (w.e.f 21.06.2001)
Formerly Known As :	SOUNDARYA DECORATORS LIMITED
Registered Office :	Plot No. 26, Survey No 2 and 3, Porur Village, Kolathur Post, Keezhkottaiyur, Chennai - 600048, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	27.09.2001
Com. Reg. No.:	18-047814
Capital Investment / Paid-up Capital :	Rs. 32.400 Millions
CIN No.: [Company Identification No.]	U74994TN2001PTC047814
TAN No.: [Tax Deduction & Collection Account No.]	CHES06673C
PAN No.: [Permanent Account No.]	AAFCS8646C
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Subject is Interior Contracting and Custom Furniture Manufacturing Company
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (22)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The latest financials are not made available. As per previous year’s record we found that company has recorded huge external borrowings. There appears delay in debt servicing, owing to tight liquidity conditions. Business is known to be active. Payments in the absence of latest financials are unknown. The company can be considered for business dealings on a safe and secured trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – June 30, 2012

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

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	D : SHORT TERM BANK FACILITIES
Rating Explanation	DEFAULT
Date	03.08.2012

Rating Agency Name	ICRA
Rating	D : LONG TERM BANK FACILITIES
Rating Explanation	DEFAULT
Date	03.08.2012

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 :	Plot No. 26, Survey No 2 and 3, Porur Village, Kolathur Post, Keezhkottaiyur, Chennai - 600048, Tamilnadu, India
Tel. No.:	91-44-27479469/79/89/99 / 24419477
Fax No.:	91-44-27479459
E-Mail :	sureshd@soundarya.co.in info@soundarya.co.in sspro@vsnl.net sspro2006@gmail.com
Website :	http://www.soundarya.co.in
Branch Office 1:	No. 884, 6th Cross, 6th Block, Koramangala, Bangalore – 560095, Karnataka, India
Tel. No.:	91-80-41474336
Fax No.:	91-80-41105739
Branch Office 2:	H. No. 8-2-334/34 and Mega City No. 126, Avenue 7, Road No. 3, Banjara Hills, Hyderabad - 500034, Andhra Pradesh, India
Branch Office 3:	No. 7/369, Maria Mahal, Mavelipuram Colony, Kakkanad, Kochi - 682030, Kerala, India

DIRECTORS

As on: 30.09.2011

Name :

Mr. Rajaraman Balaji

Designation :

Whole-time Director

Address :

No. 82, 4^th Street, Abhiramapuram, Chennai - 600018, Tamilnadu, India

Date of Birth/Age :

14.06.1965

Date of Appointment :

27.09.2001

DIN No.:

00355163

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	U72900MH2000PLC128621	INDIA BY DESIGN TECHNOLOGIES LIMITED	Director	11-09-00	11-09-00	-	Strike off	NO
2	U74994TN2001PTC047814	SOUNDARYA DECORATORS PRIVATE LIMITED	Whole-time director	27-09-01	27-09-01	-	Active	NO
3	U52339TN2005PTC056803	ONSPEC LIFESTYLE SOLUTIONS PRIVATE LIMITED	Director	04-07-05	04-07-05	-	Active	NO
4	U36102TN2006PTC059158	ADORNIS FURNITURE PRIVATE LIMITED	Director	10-03-06	10-03-06	-	Strike off	NO
5	U45200TN2009PTC073922	BUBBLEDECK SOUNDARYA BUILDING SYSTEMS PRIVATE LIMITED	Director	15-12-09	15-12-09	-	Active	NO

Name :

Mr. Durai Sathyamurthy

Designation :

Whole-time Director

Address :

No. 37, Subramaniam Street, Abhiramapuram, Chennai – 600018, Tamilnadu, India

Date of Birth/Age :

12.01.1969

Date of Appointment :

27.09.2001

DIN No.:

00355020

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	U72900MH2000PLC128621	INDIA BY DESIGN TECHNOLOGIES LIMITED	Director	11-09-00	11-09-00	-	Strike off	NO
2	U74994TN2001PTC047814	SOUNDARYA DECORATORS PRIVATE LIMITED	Whole-time director	27-09-01	27-09-01	-	Active	NO
3	U52339TN2005PTC056803	ONSPEC LIFESTYLE SOLUTIONS PRIVATE LIMITED	Director	04-07-05	04-07-05	-	Active	NO
4	U36102TN2006PTC059158	ADORNIS FURNITURE PRIVATE LIMITED	Director	10-03-06	10-03-06	-	Strike off	NO
5	U45200TN2009PTC073922	BUBBLEDECK SOUNDARYA BUILDING SYSTEMS PRIVATE LIMITED	Director	15-12-09	15-12-09	-	Active	NO

Name :

Mr. Rajaraman Shantha

Designation :

Whole-time Director

Address :

No. 82, 4^th Street, Abhiramapuram, Chennai - 600018, Tamilnadu, India

Date of Birth/Age :

30.12.1938

Date of Appointment :

27.09.2001

DIN No.:

00355709

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	U74994TN2001PTC047814	SOUNDARYA DECORATORS PRIVATE LIMITED	Whole-time director	27-09-01	27-09-01	-	Active	NO
2	U72300TN2000PTC045668	KOM7 TECHNOLOGIES PRIVATE LIMITED	Director	01-10-05	01-10-05	-	Active	NO

Name :

Ms. Sheela Sathyamurthy

Designation :

Whole-time Director

Address :

No. 37, Subramaniam Street, Abhiramapuram, Chennai – 600018, Tamilnadu, India

Date of Birth/Age :

03.08.1976

Date of Appointment :

27.09.2001

DIN No.:

00355130

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Rajaraman Balaji	162000
Durai Sathyamurthy	162000
Rajaraman Shantha	1456200
Sheela Sathyamurthy	1458000
L. V. Venkat	900
Chitra Venkat	900
Total	3240000

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2011

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is Interior Contracting and Custom Furniture Manufacturing Company

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Canara Bank, St. Mary’s Road Branch, No. 13 and 14, Sundararajan Street, Abhiramapuram, Chennai – 600018, Tamilnadu, India
• HDFC Bank Limited
• Barclays Bank

Financial Institutions

• Standard Chartered Finance Charge
• Reliance Capital Limited
• Sundaram Finance Limited

Facilities :

(Rs. In Millions)

Secured Loans	31.03.2011	31.03.2010
Canara Bank Cash Credit	236.743	231.278
Barclays Bank Cash Credit	20.189	0.000
Term Loan
Canara Bank	12.000	23.500
HP Loans
HDFC Bank Limited	0.921	1.745
Reliance Capital Limited	0.550	0.929
Indiabulls Financial Services Limited	38.840	0.000
Sundaram Finance Limited	0.267	0.444
Less: Unaccrued Finance Charges on HP loans	(16.596)	(0.457)
Other Loans
Barclays Bank PLC-WCDL	80.000	70.000
Total	372.914	327.439
Unsecured Loans	31.03.2011	31.03.2010
Loan From Directors
R Balaji	1.888	9.243
D Sathyamurthy	3.002	8.877
R Shantha	0.654	0.000
Sheela Sathyamurthy	2.340	0.000
Loans from others/ banks
Standard Chartered Finance Limited	2.317	0.000
Less: Unaccrued Finance Charges	(0.390)	0.000
Total	9.811	18.120

Banking Relations :	--
Auditors :
Name :	S. Sankaran and Associates Chartered Accountants
Address :	New No. 6, Old No. 21, Third Main Road, Seethamma Colony, Alwarpet, Chennai – 600018, Tamilnadu, India
Tel. No.:	91-44-24322893
Fax No.:	91-22-24323326
PAN No.:	AAKFS0380B
Related Parties :	Onspec Lifestyle Solutions Private Limited

CAPITAL STRUCTURE

As on: 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs. 250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3240000	Equity Shares	Rs.10/- each	Rs. 32.400 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3500000	Equity Shares	Rs. 10/- each	Rs. 35.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3240000	Equity Shares	Rs. 10/- each	Rs. 32.400 Millions

Note:

[Of the above 2880000 shares were issued as Bonus shares out of free reserves]

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		32.400	32.400	32.400
2] Share Application Money		40.000	0.000	0.000
3] Reserves & Surplus		37.156	230.161	207.649
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		109.556	262.561	240.049
LOAN FUNDS
1] Secured Loans		372.914	327.439	266.689
2] Unsecured Loans		9.811	18.120	71.039
TOTAL BORROWING		382.725	345.559	337.728
DEFERRED TAX LIABILITIES		0.000	16.941	14.241
TOTAL		492.281	625.061	592.018
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		185.423	198.084	163.630
Capital work-in-progress		3.786	3.785	31.153
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	216.663	223.872	161.985
	Sundry Debtors	439.499	346.381	358.159
	Cash & Bank Balances	40.537	28.061	50.468
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	293.853	247.941	250.800
Total Current Assets		990.552	846.255	821.412
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	232.315	139.416	136.775
	Other Current Liabilities	296.796	125.980	140.133
	Provisions	158.369	157.667	147.269
Total Current Liabilities		687.480	423.063	424.177
Net Current Assets		303.072	423.192	397.235
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		492.281	625.061	592.018

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Operating Income	655.645	780.756	845.176
		Other Income	15.031	3.181	16.739
		TOTAL (A)	670.676	783.937	861.915
Less	EXPENSES
		Manufacturing Expenses	701.734	554.321	581.537
		Administrative Expenses	105.883	135.718	129.463
		Selling Expenses	8.018	2.763	6.807
		TOTAL (B)	815.635	692.802	717.807
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(144.959)	91.135	144.108
Less	FINANCIAL EXPENSES (D)		55.712	46.746	47.946
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(200.671)	44.389	96.162
Less/ Add	DEPRECIATION/ AMORTISATION (F)		9.273	8.678	8.146
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(209.944)	35.711	88.016
Less	TAX (H)		(16.940)	13.200	32.815
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(193.004)	22.511	55.201
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		205.301	182.790	144.845
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	0.000	5.520
		Interim Dividend	0.000	0.000	10.000
		Tax on Dividend	0.000	0.000	1.700
		Income Tax/ FBT of earlier years	0.000	0.000	0.036
	BALANCE CARRIED TO THE B/S		12.297	205.301	182.790
	IMPORTS
		Raw Materials	12.417	11.178	21.760
		Capital Goods	0.000	1.901	0.270
	TOTAL IMPORTS		12.417	13.079	22.030
	Earnings / (Loss) Per Share (Rs.)		(59.57)	6.95	17.04

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(28.78)	2.87	6.40
Net Profit Margin (PBT/Sales)	(%)	(32.02)	4.57	10.41
Return on Total Assets (PBT/Total Assets}	(%)	(17.85)	3.41	8.94
Return on Investment (ROI) (PBT/Networth)		(1.92)	0.13	0.37
Debt Equity Ratio (Total Liability/Networth)		9.77	2.92	3.17
Current Ratio (Current Asset/Current Liability)		1.44	2.00	1.94

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

NOTE:

The Registered Office of the company has been shifted from No. 6, South Phase Developed Plot, Industrial Estate, Guindy, Chennai – 600032, Tamilnadu, India to the present address w.e.f. 01.04.2007.

PERFORMANCE

The company experienced a dip in turnover during the year, to the extent of approximately 14%. This was primarily due to certain long gestation projects undertaken during the course of the year.

FUTURE OUTLOOK

The Company has entered the new financial year with a strong order position of approximately Rs.900.000 Millions. This, along with additional orders to be finalized during the course of the new fiscal year would not only lead to an impressive increase in Top-line but also leave a healthy carry forward order position for the fiscal 2012–13.

CONTINGENT LIABILITY

(Rs. in Millions)

Particulars	31.03.2011	31.03.2010
Capital commitments not provided (net of advances)	11.736	12.101
Bank Guarantees	300.583	160.753
Unexpired letters of credit	64.339	24.072

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U74994TN2001PTC047814
Name of the company	SOUNDARYA DECORATORS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 26, Survey No 2 and 3, Porur Village, Kolathur Post, Keezhkottaiyur, Chennai - 600048, Tamilnadu, India Email: sspro2006@gmail.com
This form is for	Modification of charge
Charge identification number of the charge to be modified	80023341
Type of charge	Immovable property Book Debts Movable property (not being pledge)
Particular of charge holder	Canara Bank St. Mary’s Road Branch, No. 13 and 14, Sundararajan Street, Abhiramapuram, Chennai – 600018, Tamilnadu, India Email: cb1287@canarabank.com
Nature of instrument creating charge	Supplementary common hypothecation agreement
Date of instrument Creating the charge	03.01.2012
Amount secured by the charge	Rs. 555.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest ADHOC Limit: 2.00% p.a. higher than the stipulated for the regular credit facility others as per existing rates. Terms of repayment Existing Term Loans : As per original terms of sanction Occ/Odbd : Repayable on Demand Margin As per original terms of sanction Extent and operation of the charge The Loan is secured by First charge on Hypothecation of Plant and Machinery, Electrical and misc, Fixed assets (excluding vehicles) at factory valued at Rs. 69.000 Millions. EM on First charge on immovable properties (Land and building). WC secured by First charge on Receivables (Book debts/prime securities) of Stocks (Raw materials, Semi Finished Goods) stored at the factory premises and out station work sites.
Short particulars of the property or assets charged (including complete address and location of the property)	· EMT First charge on Factory land at S.No. 2/1A to 1C, 1E to 1M, 10 To R2, 2/10, 2/1N, 3/1A, 3/1B, 1C, 10 to 11, 2A and 2B of Porur Village Kunthur. P.O. Keezhkottuyur, Chengelpettu, Kancheepuram district · Belonging to the company 7.50 acres valued Rs. 11.300 Millions. EMI First charge on factory building at Keezkottuyur 11011.42 sgm valued 68.400 Millions as per V.R. dated 31.07.08 of Sri M. Sappeni Pillai · First charge hypothecation of plant and Machinery electrical and misc Fixed assets (excluding vehicles) at factory valued Rs. 69.000 Millions. First Charge on stock (Raw materials, Semi finished goods) · Stored at factory premises and outstation work. First charge on receivable (Book debts / prime securities of WC limits are collateral for term loans and vice versa. · Collateral Security LIC Keyman policy D. Sathyamurthy - 2.50 + 0.06. R. Balaji 2.50 + 0.60. Max New York Insurance D. Sathyamurthy 3.70, R. Balaji 3.61
Date of modification prior to the present modification	02.01.2012
Particulars of the present modification	Increase in Overall Limit from Rs.535.000 Millions to Rs.555.000 Millions by way of sanction of ad hoc BG/ILC/FLC Limit of Rs.20.000 Millions

FIXED ASSETS

• Freehold Land
• Factory Building
• Plant and Machinery
• Furniture and Fixtures
• Computers and Accessories
• Electrical Installations
• Office Equipments
• 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 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 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. 54.99
UK Pound	1	Rs. 87.21
Euro	1	Rs. 70.22

INFORMATION DETAILS

Report Prepared by :

UDS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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		22

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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