MIRA INFORM REPORT

Report Date :

03.08.2013

IDENTIFICATION DETAILS

Name :	SOP INTERNATIONAL LTD.

Registered Office :	Orland House Mead Lane Hertford, SG13 7AT

Country :	United Kingdom

Financials (as on) :	29.06.2012

Date of Incorporation :	21.11.1984

Com. Reg. No.:	01865316

Legal Form :	Private Parent

Line of Business :	Manufacture of vegetable and animal oils and fats

No. of Employees :	31

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear

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 – March 31^st, 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

United Kingdom

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

UNITED KINGDOM - ECONOMIC OVERVIEW

The UK, a leading trading power and financial center, is the second largest economy in Europe after Germany. Over the past two decades, the government has greatly reduced public ownership and contained the growth of social welfare programs. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. The UK has large coal, natural gas, and oil resources, but its oil and natural gas reserves are declining and the UK became a net importer of energy in 2005. Services, particularly banking, insurance, and business services, account by far for the largest proportion of GDP while industry continues to decline in importance. After emerging from recession in 1992, Britain's economy enjoyed the longest period of expansion on record during which time growth outpaced most of Western Europe. In 2008, however, the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Sharply declining home prices, high consumer debt, and the global economic slowdown compounded Britain's economic problems, pushing the economy into recession in the latter half of 2008 and prompting the then BROWN (Labour) government to implement a number of measures to stimulate the economy and stabilize the financial markets; these include nationalizing parts of the banking system, temporarily cutting taxes, suspending public sector borrowing rules, and moving forward public spending on capital projects. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated a five-year austerity program, which aimed to lower London's budget deficit from over 10% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 because of slower-than-expected economic growth and the impact of the euro-zone debt crisis. The CAMERON government raised the value added tax from 17.5% to 20% in 2011. It has pledged to reduce the corporation tax rate to 21% by 2014. The Bank of England (BoE) implemented an asset purchase program of up to £375 billion (approximately $605 billion) as of December 2012. During times of economic crisis, the BoE coordinates interest rate moves with the European Central Bank, but Britain remains outside the European Economic and Monetary Union (EMU). In 2012, weak consumer spending and subdued business investment weighed on the economy. GDP fell 0.1%, and the budget deficit remained stubbornly high at 7.7% of GDP. Public debt continued to increase.

Source : CIA

Top of Form

Company name and address

Sop International Ltd.

Orland House
Mead Lane

Hertford, SG13 7AT
United Kingdom
(Trading Address) Registered Address


Tel:	01928 712920
Fax:	44 1992583382

www.sopinternational.com

Employees:	31
Company Type:	Private Parent
Corporate Family:	5 Companies

Quoted Status:	Non-quoted Company
Incorporation Date:	21-Nov-1984
Auditor:	Lubbock Fine

Financials in:	USD (mil)
Fiscal Year End:	29-Jun-2012
Reporting Currency:	British Pound Sterling
Annual Sales:	46.7 ¹
Net Income:	0.8
Total Assets:	13.3

Business Description

Established in 1971, Southern Oil Products original business was confined to packing and processing Edible Oil Products from premises in Runcorn (Cheshire). Their Khanum and Khyber brands of Ghee quickly established a reputation for quality and became dominant in the Asian market whilst S.O.P. Vegetable Oils were readily accepted in both the Asian and Oriental Catering Trade. Whilst the business was successful, the opportunity for expansion into Oriental and Asian Foods was realised and, in 2002, Lesley Campbell joined the company as Managing Director. Lesley was previously Buying Director of B.E. International Foods Ltd, the largest importer and distributor of Asian and Oriental Foods in the U.K. and had been with them for over twenty years. She brought a wealth of experience and contacts to the company and very quickly put together a team of highly experienced and professional people, many of whom had worked with her for many years. In order to more clearly represent its future development the company changed its name in 2002 to S.O.P. International Limited. The company has recently moved to new offices and warehouse complex and with these larger premises, an experienced, energetic and committed team together with the support and financial backing of the founding family of B.E. International Foods Ltd, it is set for rapid but planned expansion.

Industry

Industry	Food Manufacturing
ANZSIC 2006:	1150 - Oil and Fat Manufacturing
ISIC Rev 4:	1040 - Manufacture of vegetable and animal oils and fats
NACE Rev 2:	1041 - Manufacture of oils and fats
NAICS 2012:	311224 - Soybean and Other Oilseed Processing
UK SIC 2007:	1041 - Manufacture of oils and fats
US SIC 1987:	207 - Fats and Oils

Key Executives

Name	Title
Daniel Law	Marketing Executive
Andrew Frederick George Langley	Secretary
Abhishek Chatterjee	Technical Coordinator
Mandy Cardy	Logistics Coordinator
Mark O'Hanlon	staff member

Financial Summary

FYE: 29-Jun-2012

USD (mil)

Key Figures
Current Assets	13.06
Fixed Assets	0.21
Total Liabilities	6.87
Net Worth	6.38

Key Ratios
Current Ratio	1.90
Acid Test	1.18
Debt Gearing	0.22

1 - Profit & Loss Item Exchange Rate: USD 1 = GBP 0.6312953
2 - Balance Sheet Item Exchange Rate: USD 1 = GBP 0.6452901

Corporate Overview

Location
Orland House
Mead Lane
Hertford, SG13 7AT
Hertfordshire County
United Kingdom

Tel:	01928 712920
Fax:	44 1992583382

www.sopinternational.com

Sales GBP(mil):	29.5
Assets GBP(mil):	8.6
Employees:	31
Fiscal Year End:	29-Jun-2012


Industry:	Food Processing

Registered Address:
Orland House Mead Lane
Hertford, SG13 7AT
United Kingdom

Incorporation Date:	21-Nov-1984
Company Type:	Private Parent
Quoted Status:	Not Quoted
Registered No.(UK):	01865316


Director:	David Chattwell

Industry Codes

ANZSIC 2006 Codes:
1150	-	Oil and Fat Manufacturing
3609	-	Other Grocery Wholesaling

ISIC Rev 4 Codes:
1040	-	Manufacture of vegetable and animal oils and fats
4630	-	Wholesale of food, beverages and tobacco

NACE Rev 2 Codes:
1041	-	Manufacture of oils and fats
4639	-	Non-specialised wholesale of food, beverages and tobacco

NAICS 2012 Codes:
311224	-	Soybean and Other Oilseed Processing
424490	-	Other Grocery and Related Products Merchant Wholesalers

US SIC 1987:
207	-	Fats and Oils
5149	-	Groceries and Related Products, Not Elsewhere Classified

UK SIC 2007:
1041	-	Manufacture of oils and fats
4639	-	Non-specialised wholesale of food, beverages and tobacco

Business Description

Processing and packaging edible oils and the wholesale of imported asian foodstuffs.

More Business Descriptions

Suppliers of oriental food and oils (Wholesale)

Food Import and Exporters and Agents

Financial Data

Financials in:	GBP(mil)

Revenue:	29.5
Net Income:	0.5
Assets:	8.6
Current Assets:	8.4
Fixed Assets:	0.1
Long Term Debt:	0.0
Total Liabilities:	4.4
Issued Capital:	0.1
Working Capital:	4.0
Net Worth:	4.1

Date of Financial Data:	29-Jun-2012

1 Year Growth

-1.0%

Key Corporate Relationships

Auditor:	Lubbock Fine

Auditor:	Lubbock Fine

Auditor History
Lubbock Fine	29-Jun-2012
Lubbock Fine	01-Jul-2011
Lubbock Fine	02-Jul-2010
Lubbock Fine	03-Jul-2009
Lubbock Fine	27-Jun-2008

	GBP(mil)
Audit Fees:	0.0
Non Audit Fees:	0.0
Audit Fiscal Year:	06-29-2012

Corporate Structure News

Sop International Ltd.
Total Corporate Family Members: 5

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Sop International Ltd.	Parent	Hertford	United Kingdom	Food Manufacturing	46.7	31
Southern Oil Products Ltd.	UK Branch/Trading address	Cheshire	United Kingdom	Miscellaneous Wholesale	46.7	25
Southern Oil Products (London) Ltd.	Subsidiary	Hertford	United Kingdom
S O P International Ltd.	UK Branch/Trading address	Runcorn	United Kingdom	Food Manufacturing		15
S.O.P International Ltd	UK Branch/Trading address	Runcorn	United Kingdom

Executives Report

Board of Directors

Name

Title

Function

Lesley Campbell

Director

Director/Board Member

Age: 63

David Chattwell

Director

Director/Board Member

Age: 36

Antony David Barrie Grainge

Director

Director/Board Member

Age: 48

Shabir Patel

Director

Director/Board Member

Age: 55

Executives

Name

Title

Function

Andrew Frederick George Langley

Secretary

Company Secretary

Michael Marney

Company Secretary

Daniel Law

Marketing Executive

Dion Saayman

Marketing Manager

Marketing Executive

Abhishek Chatterjee

Technical Coordinator

Engineering/Technical Executive

Mandy Cardy

Logistics Coordinator

Logistics Executive

Mark O'Hanlon

staff member

Other

Huah Tan

staff member

Other

Directors and Shareholders Report

Annual Return Date: 12 Aug 2012
Total Issued Capital (GBP 000): 100

Individual Directors

Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
Lesley Campbell	Current	30 May 1950	Hamels Lodge Hamels Park, Buntingford, Hertfordshire SG9 9NB	31 Aug 2001	NA	Current:3 Previous:1 Disqualifications:0
Shabir Patel	Current	06 Apr 1958	Woodlands 4 Hill Head House Wheelwright Drive, Dewsbury, West Yorkshire WF13 4JB	27 Nov 1996	NA	Current:2 Previous:3 Disqualifications:0
David Chattwell	Current	18 May 1977	29A Ennismore Mews, South Kensington, London SW7 1AP	01 Jul 2008	NA	Current:1 Previous:0 Disqualifications:0
Antony David Barrie Grainge	Current	04 Nov 1964	18 Knights Close, Buntingford, Hertfordshire SG9 9SE	06 Jul 2009	NA	Current:1 Previous:0 Disqualifications:0
Alexander Barrie Grainge	Previous	02 Feb 1937	4 Royal Oak Close, Chipping, Buntingford, Hertfordshire SG9 0PF	14 Aug 1992	24 Feb 1995	Current:0 Previous:2 Disqualifications:0
Yash Pal Mayor	Previous	01 Apr 1936	61 Cheviot Gardens, London , London NW2 1QD	27 Nov 1996	31 Aug 2001	Current:0 Previous:4 Disqualifications:0
Hatim Taherally Suterwalla	Previous	19 Oct 1940	2 Georgian Way, Harrow On The Hill, Harrow, Middlesex HA1 3LF	14 Aug 1992	27 Nov 1996	Current:17 Previous:6 Disqualifications:0
Jiraj Taherally Suterwalla	Previous	05 Nov 1944	Southbridge Way, The Green, Southall, Middlesex	14 Aug 1992	27 Nov 1996	Current:0 Previous:1 Disqualifications:0
Raymond Chattwell	Previous	14 Mar 1937	Northaw Place Coopers Lane, Northaw, Potters Bar, Hertfordshire EN6 4NQ	14 Aug 1992	27 Nov 1996	Current:0 Previous:3 Disqualifications:0
Fakhruddin Taherally Suterwalla	Previous	03 Feb 1938	6 Ingleby Drive, Harrow On The Hill, Harrow, Middlesex HA1 3LE	14 Aug 1992	27 Nov 1996	Current:11 Previous:3 Disqualifications:0

Corporate Directors

There are no corporate directors for this company.

Individual Secretaries

Name	Status	DOB	Filed Address	Appointment Date	Resignation Date	Summary of Directorships
Andrew Frederick George Langley	Current	NA	Orland House Mead Lane, Hertford, Hertfordshire SG13 7AT	30 May 2013	NA	Current:1 Previous:0 Disqualifications:0
Richard Thomas Burdon	Previous	26 May 1940	Bridge House Desborough Road, Braybrooke, Market Harborough, Leicestershire LE16 8LE	23 Apr 1996	27 Nov 1996	Current:0 Previous:12 Disqualifications:0
Roderick John Garland	Previous	02 Dec 1952	Redwood House Burkitt Road, Earlstrees Industrial Estate, Corby, Northamptonshire NN17 4DT	14 Aug 1992	27 Nov 1996	Current:0 Previous:22 Disqualifications:0
Michael George Marney	Previous	09 May 1948	123 The Lindens, Loughton, Essex IG10 3HU	06 Jul 2009	30 May 2013	Current:0 Previous:8 Disqualifications:0
Ashraf Ramtoola	Previous	NA	4 Bis Church Street, Port Louis	27 Nov 1996	31 Dec 2002	Current:0 Previous:1 Disqualifications:0
Shabir Patel	Previous	06 Apr 1958	Woodlands 4 Hill Head House Wheelwright Drive, Dewsbury, West Yorkshire WF13 4JB	01 Sep 2002	06 Jul 2009	Current:2 Previous:3 Disqualifications:0

Corporate Secretaries

There are no corporate secretaries for this company.

Individual Shareholders

Name	Share Details (As Reported)	Share Type	# of Shares	Share Price (GBP)	Share Value (GBP)	% of Total Shares
Arco International Group Ltd	28500 Ordinary GBP 1.00	Ordinary	28,500	1.00	28,500.00	28.50
Hartford Investment Group Ltd	28500 Ordinary GBP 1.00	Ordinary	28,500	1.00	28,500.00	28.50
Lesley Campbell	10000 Ordinary GBP 1.00	Ordinary	10,000	1.00	10,000.00	10.00
Lynross Investments Ltd	28000 Ordinary GBP 1.00	Ordinary	28,000	1.00	28,000.00	28.00
Shabir Patel	5000 Ordinary GBP 1.00	Ordinary	5,000	1.00	5,000.00	5.00

Corporate Shareholders

There are no corporate shareholders for this company.

Annual Profit & Loss

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)

Financial Glossary

	29-Jun-2012	01-Jul-2011	02-Jul-2010	03-Jul-2009	27-Jun-2008
Period Length	52 Weeks	52 Weeks	52 Weeks	53 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate (Period Average)	0.631295	0.628982	0.633897	0.628305	0.499192
Consolidated	Yes	Yes	Yes	Yes	Yes

Turnover (UK)	38.3	39.2	33.0	31.9	35.0
Turnover (Exports)	8.4	8.1	6.4	6.3	7.2
Total Turnover	46.7	47.3	39.4	38.2	42.3
Cost of Sales	40.7	40.8	34.2	33.2	36.2
Gross Profit	6.0	6.5	5.2	4.9	6.1
Depreciation	0.0	0.0	0.0	0.0	0.1
Other Expenses	4.4	4.7	4.4	3.7	4.6
Other Income	0.0	0.0	0.0	0.0	0.0
Interest Paid	0.1	0.2	0.1	0.1	0.3
Exceptional Income	0.0	0.0	0.0	0.0	0.0
Discontinued Operations	0.0	0.0	0.0	0.0	0.0
Profit Before Taxes	1.4	1.7	0.7	1.1	1.3
Tax Payable / Credit	0.4	0.5	0.2	0.3	0.4
Extraordinary Items/Debits	0.0	0.0	0.0	0.0	0.0
Dividends	0.2	0.2	0.2	0.2	0.0
Profit After Taxes	0.8	1.0	0.4	0.7	0.9
Minority Interests (Profit & Loss)	0.0	0.0	0.0	0.0	0.0
Audit Fees	0.0	0.0	0.0	0.0	0.0
Non Audit Fees	0.0	-	0.0	0.0	0.0
Number of Employees	31	30	34	30	27
Wages	1.8	1.8	1.7	1.6	1.7
Social Security Costs	0.2	0.2	0.2	0.2	0.2
Other Pension Costs	0.0	0.0	0.0	0.0	0.0
Employees Remuneration	2.0	2.0	1.9	1.7	1.9
Directors Remuneration	0.7	0.6	0.6	0.4	0.4
Highest Paid Director	0.2	0.2	0.2	0.2	0.3

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	29-Jun-2012	01-Jul-2011	02-Jul-2010	03-Jul-2009	27-Jun-2008
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate	0.64529	0.623208	0.658393	0.611845	0.502121
Consolidated	Yes	Yes	Yes	Yes	Yes

Land & Buildings	0.0	0.0	0.0	0.0	0.0
Fixtures & Fittings	0.1	0.0	0.0	0.0	0.1
Plant & Vehicles	0.1	0.2	0.2	0.2	0.3
Total Tangible Fixed Assets	0.2	0.2	0.2	0.2	0.4
Intangible Assets	0.0	0.0	0.0	0.0	0.0
Investments	0.0	0.0	0.0	0.0	0.0
Total Fixed Assets	0.2	0.2	0.2	0.2	0.4
Stocks	5.0	4.3	3.5	3.2	3.5
Work in Progress	0.0	0.0	0.0	0.0	0.0
Total Stocks Work In Progress	5.0	4.3	3.5	3.2	3.5
Trade Debtors	7.3	8.6	7.2	8.2	8.4
Inter-Company Debtors	-	-	-	0.0	-
Director Loans	-	-	-	0.0	-
Other Debtors	0.5	0.4	0.3	0.4	0.6
Total Debtors	7.8	9.0	7.5	8.5	9.0
Cash and Equivalents	0.3	0.8	0.9	0.1	0.8
Other Current Assets	0.0	0.0	0.0	0.0	0.0
Total Current Assets	13.1	14.1	11.9	11.9	13.3
Total Assets	13.3	14.3	12.1	12.1	13.6
Trade Creditors	2.7	3.9	2.9	3.0	3.5
Bank Overdraft	2.2	-	-	-	-
Inter-Company Creditors	0.4	0.0	0.0	0.0	0.0
Hire Purchase (Current Liability)	0.0	0.0	0.0	0.0	0.1
Finance Lease (Current Liability)	0.0	0.0	0.0	0.0	0.0
Total Finance Lease/Hire Purchase (Current Liability)	0.0	0.0	0.0	0.0	0.1
Total Short Term Loans	-	2.8	3.6	3.2	3.9
Accruals/Deferred Income (Current Liability)	0.8	0.4	0.2	0.4	0.4
Social Security/VAT	0.1	0.1	0.1	0.1	0.1
Corporation Tax	0.4	0.5	0.2	0.3	0.4
Dividends (Current Liability)	0.2	0.3	0.2	0.2	-
Other Current Liabilities	0.1	0.5	0.5	0.5	0.8
Total Current Liabilities	6.9	8.5	7.6	7.6	9.0
Group Loans (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Director Loans (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Hire Purchase (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Leasing (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Total Hire Purchase Loans (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Other Long Term Loans	0.0	0.0	0.0	0.0	0.0
Accruals/Deferred Income (Long Term Liability)	0.0	0.0	0.0	0.0	0.0
Other Long Term Liabilities	0.0	0.0	0.0	0.0	0.0
Total Long Term Liabilities	0.0	0.0	0.0	0.0	0.0
Deferred Taxation	0.0	0.0	0.0	0.0	0.0
Other Provisions	0.0	0.0	0.0	0.0	0.0
Total Provisions	0.0	0.0	0.0	0.0	0.0
Issued Capital	0.2	0.2	0.2	0.2	0.2
Share Premium Accounts	0.0	0.0	0.0	0.0	0.0
Revaluation Reserve	0.0	0.0	0.0	0.0	0.0
Retained Earnings	6.2	5.6	4.4	4.3	4.4
Other Reserves	0.0	0.0	0.0	0.0	0.0
Minority Interests (Balance Sheet)	0.0	0.0	0.0	0.0	0.0
Total Shareholders Funds	6.4	5.8	4.5	4.5	4.6
Net Worth	6.4	5.8	4.5	4.5	4.6

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	29-Jun-2012	01-Jul-2011	02-Jul-2010	03-Jul-2009	27-Jun-2008
Period Length	52 Weeks	52 Weeks	52 Weeks	53 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate (Period Average)	0.631295	0.628982	0.633897	0.628305	0.499192
Consolidated	Yes	Yes	Yes	Yes	Yes

Net Cash Flow From Operating Activities	1.0	1.3	0.7	-0.1	0.1
Net Cash Flow from ROI and Servicing of Finance	-0.1	-0.2	-0.1	-0.1	-0.3
Taxation	-0.5	-0.2	-0.3	-0.3	-0.1
Capital Expenditures	-0.1	-0.1	0.0	0.0	0.0
Acquisitions and Disposals	0.0	0.0	0.0	0.0	0.0
Paid Up Equity	-0.3	-0.1	-0.2	0.0	0.0
Management of Liquid Resources	0.0	0.0	0.0	0.0	0.0
Net Cash Flow From Financing	-0.5	-1.0	0.2	0.0	0.5
Increase in Cash	-0.5	-0.1	0.3	-0.5	0.2

Annual Ratios

Financials in: USD (mil)

	29-Jun-2012	01-Jul-2011	02-Jul-2010	03-Jul-2009	27-Jun-2008
Period Length	52 Weeks	52 Weeks	52 Weeks	53 Weeks	52 Weeks
Filed Currency	GBP	GBP	GBP	GBP	GBP
Exchange Rate	0.64529	0.623208	0.658393	0.611845	0.502121
Consolidated	Yes	Yes	Yes	Yes	Yes

Current Ratio	1.90	1.66	1.57	1.56	1.48
Liquidity Ratio	1.18	1.16	1.10	1.14	1.09
Stock Turnover	9.22	11.20	10.69	12.02	11.89
Credit Period (Days)	58.17	65.74	69.29	77.45	72.84
Working Capital by Sales	13.55%	11.69%	11.45%	11.14%	10.25%
Trade Credit by Debtors	0.37	0.46	0.40	0.36	0.41
Return on Capital	22.01%	29.10%	14.55%	25.12%	27.36%
Return on Assets	10.61%	11.81%	5.44%	9.35%	9.38%
Profit Margin	3.08%	3.53%	1.74%	2.94%	3.05%
Return on Shareholders Funds	22.06%	29.28%	14.61%	25.20%	27.59%
Borrowing Ratio	41.18%	49.61%	80.10%	71.69%	85.14%
Equity Gearing	48.09%	40.34%	37.21%	37.10%	33.99%
Debt Gearing	0.22%	0.61%	0.42%	0.22%	0.69%
Interest Coverage	10.05	10.61	4.78	9.28	4.53
Sales by Tangible Assets	218.70	230.98	200.13	179.70	113.11
Average Remuneration per Employee	0.1	0.1	0.1	0.1	0.1
Profit per Employee	0.0	0.1	0.0	0.0	0.0
Sales per Employee	1.5	1.6	1.1	1.3	1.6
Capital Employed per Employee	0.2	0.2	0.1	0.1	0.2
Tangible Assets per Employee	0.0	0.0	0.0	0.0	0.0
Total Assets per Employee	0.4	0.5	0.4	0.4	0.5
Employee Remuneration by Sales	4.23%	4.29%	4.88%	4.47%	4.56%
Creditor Days (Cost of Sales Based)	24.96	34.96	32.25	32.22	35.03
Creditor Days (Sales Based)	21.77	30.17	28.01	28.05	29.98

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.80
UK Pound	1	Rs.91.95
Euro	1	Rs.80.36

INFORMATION DETAILS

Report Prepared by :

PRL

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	--

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%)