MIRA INFORM REPORT

Report Date :

19.07.2013

IDENTIFICATION DETAILS

Name :	PRANAV AGRO INDUSTRIES LIMITED
Registered Office :	Nav Maharashtra House 42/43, Shaniwar Peth, Pune-411030, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	02.02.2000
Com. Reg. No.:	25-014444
Capital Investment / Paid-up Capital :	Rs.57.500 Millions
CIN No.: [Company Identification No.]	U15143PN2000PLC014444
PAN No.: [Permanent Account No.]	AABCP8009Q
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Importer and Exporter of all Type of Edible Oil and Animal Feed.
No. of Employees :	650 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 1590000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. The company can be considered normal 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

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 / Corporate Office :

Nav Maharashtra House 42/43, Shaniwar Peth, Pune-411030, Maharashtra, India

Tel. No.:

91-20-24461021/ 22/ 23

Mobile No.:

91-9372105767 (Mr. Soni Minde)

91-9371095803 (Mr. Yogesh Sheth)

Fax No.:

91-20-24493578

E-Mail :

yogesh@pranavgroup.com

yogesh@pranavgroup.org

pune@pranavgroup.org.

soniminde@pranavgroup.org.

Website :

http://www.pranavgroup.com

Area :

450 sq. ft.

Location :

Owned

Mumbai Branch Office:

104, Krishna Chambers, 1st Floor, 59, New Marinelines, Churchgate, Mumbai - 400 020, Maharashtra, India

Tel. No.:

91-22-22612748 and 22612750

Fax No.:

91-22-22612902

Email:

mumbai@pranavgroup.com

Sangali Branch Office/ Factory 1:

E/5, Part, MIDC, Kupwad Block, Sangli – 416436, Maharashtra - India

Tel. No.:

91-233-2644521/22/33

Fax No.:

91-233-2330466

Email:

sangli@pranavgroup.com

Delhi Branch Office/ Factory 2:

Khasara No 50/4/7, Pothkalan Road, Pehladpur (Banger), Delhi – 100042, India

Tel. No.:

91-11-27823548/32966725

Fax No.:

91-11-27823548

Email:

shirwal@pranavgroup.com

Hyderabad Branch Office/ Factory 3:

Survey No. 603, Plot No: 5-64/2, Pedda Amderpet (V), Hayatnagar (M), Ranga-Reddy, District Hyderabad – 501505, Andhra Pradesh, India

Tel. No.:

91-40-24201032

Email:

hyderabad@pranavgrpup.com

Bangalore Branch Office/ Factory 4:

C/o. Mysore Feed Limited, Nayandahalli, Mysore Road, Bangalore – 560039, Karnataka, India

Tel. No.:

91-80-22860731/32/33

Fax No.:

91-80-22864708

Email:

bangalore@pranavgroup.com

Solapur Branch Office/ Factory 5:

MIDC, B-12, Chinchol Block, Solapur- 416436, Maharashtra, India

Tel. No.:

91-217-2357231/ 2 / 3

Fax No.:

91-217-2357235

Email:

solapur@pranavgroup.com

Factory 6 :

268, Shindewadi, Taluka Khandala, District Satara-412801, Maharashtra, indai

Tel. No.:

91-2169-2447177

Fax No.:

91-2169-2447177

Email:

shirwal@pranavgroup.com

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Yogesh Nasrudas Sheth

Designation :

Whole Time Director

Address :

C/32 Viola, 2nd Floor, S. No. 118, Warje, Pune-411052, Maharashtra, India

Date of Birth/Age :

22.12.1965

Qualification :

B.Com, LLB

Date of Appointment :

06.12.2007

DIN No.:

00580932

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	U51219PN1997PLC106486	KRISHNA VALLEY AGRO (INDIA) LIMITED	Director	6/5/2002	6/5/2002	1/8/2010	Active	NO
2	U15143PN1984PLC034512	NAV MAHARASHTRA CHAKAN OIL MILLS LIMITED	Director	26/12/2002	26/12/2002	-	Active	NO
3	U31909MH1983PTC029463	YANTRIK ENGINEERING PRIVATE LIMITED	Director	1/12/2003	1/12/2003	-	Active	NO
4	U15141TN1995PTC030331	NAV SEVEN OIL PALM PRIVATE LIMITED	Director	26/12/2004	26/12/2004	-	Active	NO
5	U15143PN2000PLC014444	PRANAV AGRO INDUSTRIES LIMITED	Whole-time director	1/4/2008	6/12/2007	-	Active	NO
6	U74140MH2011PTC212730	AMEY TAX AND FINANCE ADVISERS PRIVATE LIMITED	Director	27/01/2011	27/01/2011	-	Active	NO

Name :

Ms. Shruti Pravin Lunkad

Designation :

Whole – Time Director

Address :

Suraj Plalace, 55/56 Koregaon Park, Pune 411 001, Maharashtra, India

Date of Birth/Age :

22.08.1984

Qualification :

B.Com, MBA

Date of Appointment :

30.10.2008

DIN No.:

00475115

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	U15143PN2000PLC014444	PRANAV AGRO INDUSTRIES LIMITED	Whole-time director	1/1/2009	2/2/2000	Active	NO
2	U01122PN2004PTC019235	PRANAV VISHWA AGRO PRODUCTS PRIVATE LIMITED	Director	10/5/2004	10/5/2004	Active	NO
3	U15419PN2006PTC128534	PRANAV BITEK AGROTECH PRIVATE LIMITED	Director	30/09/2009	30/10/2008	Active	NO
4	U74220PN2006PTC128533	PRANAV LIFE SCIENCES & RESEARCH PRIVATE LIMITED	Director	30/09/2010	12/4/2010	Active	NO
5	U51219PN1997PLC106486	KRISHNA VALLEY AGRO (INDIA) LIMITED	Director	30/09/2010	1/8/2010	Active	NO
6	U01403MH2011PLC215738	SEALAC AGRO VENTURES LIMITED	Director	5/4/2011	5/4/2011	Active	NO

Name :

Mr. Valliappan Vedhakumar

Designation :

Director

Address :

45, Shivaji Housing Society Off. Senapati Bapat Road, Pune 411016, Maharashtra, India

Date of Birth/Age :

13.11.1950

Date of Appointment :

30.09.2009

DIN No.:

01825332

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	L15200AP1988PLC009111	LOTUS CHOCOLATE COMPANY LIMITED	Whole-time director	1/6/2005	1/6/2005	31/08/2007	Active	NO
2	U15143PN2000PLC014444	PRANAV AGRO INDUSTRIES LIMITED	Director	30/09/2009	1/8/2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Pravin Surajmal Lunkad	100
Aruna Pravin Lunkad	4799400
Payal Pravin Lunkad	100
Mrignayana Pravin Lunkad	100
Kamal Hirala Lunkad	100
Shruti Pravin Lunkad	200100
Hiralal Surajmal Lunkad	100
Nav Maharashtra Chakan Oil Mills Limited, India	750000
TOTAL	5750000

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	13.04
Directors or relatives of directors	86.95
Other	0.01
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Importer and Exporter of all Type of Edible Oil and Animal Feed.

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity
Solvent Extraction	M.T	120000
Refined Oils	M.T	45000
Animal Feeds	M.T	121000
Biomass Fuel Pellet	M.T	15000
Others	M.T	NIL
Animal Feeds	M.T	90000
Others	M.T	Nil

(Installed capacity has been certified by the Management & has been accepted by the Auditor without verification, this being a technical matter.)

GENERAL INFORMATION

No. of Employees :

650 (Approximately)

Bankers :

· Canara Bank, Prime Corporate Branch, M.G. Road Camp, Pune-411001, Maharashtra, India

· Canara Bank Lead Bank (Consortium With Uco Bank Vijaya Bank And Union Bank of India) Prime Corporate Branch, M. G. Road, Pune - 411001, Maharashtra, India

· Karur Vysya Bank Limited, Fort Branch, Mumbai-400001, Maharashtra, India

· UCO Bank, Churchgate Branch, Mafatlal Centre, Nariman Point, Mumbai - 400021, Maharashtra, India

· Krishna Vlley Co-operative Bank Limited, M.D.C Branch, M.I.D.C. Kudwad, sangli, Maharashtra, India

· Ichalkaranji Urban Co-Operative Bank Limited, MIDC Branch, Kudwad, India

· Sri Warana Sahakari Bank Limited, Market Yard, Sangli, Maharashtra, India

· Corporation Bank, Industrial Financial Branch, M.G. Road Camp, Pune-411001, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Long Term Borrowings
Rupees Term Loans From Banks	3.319	1.872
Short Term Borrowings
Rupees Term Loans From Banks	629.690	506.511
TOTAL	633.009	508.383

Banking Relations :	--
Auditors :
Name :	Sanjay N Pawar and Associates Chartered Accountants
Address :	Office No. 3, Gire Chambers, 2^nd Floor, 1042, Shukrawar Peth, Hirabaug Chowk, Tilak Road, Pune-411002, Maharashtra, India
PAN No:	AAYPP3539M

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs.60.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5750000	Equity Shares	Rs.10/- each	Rs.57.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	57.500	57.500
(b) Reserves & Surplus	335.165	283.647
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	5.000	5.000
Total Shareholders’ Funds (1) + (2)	397.665	346.147
(3) Non-Current Liabilities
(a) long-term borrowings	3.319	1.872
(b) Deferred tax liabilities (Net)	1.781	1.016
(c) Other long term liabilities	47.500	47.500
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	52.600	50.388
(4) Current Liabilities
(a) Short term borrowings	629.690	506.511
(b) Trade payables	266.706	279.695
(c) Other current liabilities	44.559	10.841
(d) Short-term provisions	33.137	26.990
Total Current Liabilities (4)	974.092	824.037
TOTAL	1424.357	1220.572
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	126.644	125.117
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	1.919
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.130	0.130
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	8.414	5.676
(e) Other Non-current assets	0.000	0.044
Total Non-Current Assets	135.188	132.886
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	702.939	629.428
(c) Trade receivables	455.372	353.735
(d) Cash and cash equivalents	97.062	73.412
(e) Short-term loans and advances	33.347	30.662
(f) Other current assets	0.449	0.449
Total Current Assets	1289.169	1087.686
TOTAL	1424.357	1220.572

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		57.500
2] Share Application Money		5.000
3] Reserves & Surplus		239.335
4] (Accumulated Losses)		0.000
NETWORTH		301.835
LOAN FUNDS
1] Secured Loans		317.000
2] Unsecured Loans		0.000
TOTAL BORROWING		317.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		618.835
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		123.550
Capital work-in-progress		1.919
INVESTMENT		0.130
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	422.607
	Sundry Debtors	303.300
	Cash & Bank Balances	6.614
	Other Current Assets	0.447
	Loans & Advances	71.473
Total Current Assets		804.441
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	220.375
	Other Current Liabilities	47.875
	Provisions	43.051
Total Current Liabilities		311.301
Net Current Assets		493.140
MISCELLANEOUS EXPENSES		0.096
TOTAL		618.835

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	7265.009	6272.439	4805.103
		Other Income	8.025	4.718	6.937
		TOTAL (A)	7273.034	6277.157	4812.040
Less	EXPENSES
		Cost of materials consumed	6371.962	5489.765
		Purchases of stock-in-trade	506.464	497.602
		Employee benefit expense	39.397	28.801	4687.385
		Other expenses	188.534	151.033
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(15.320)	(41.988)
		TOTAL (B)	7091.037	6125.213	4687.385
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		181.997	151.944	124.655
Less	FINANCIAL EXPENSES (D)		108.391	87.973	75.380
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		73.606	63.971	49.275
Less/ Add	DEPRECIATION/ AMORTISATION (F)		8.123	8.643	8.373
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		65.483	55.328	40.902
Less	TAX (H)		13.965	11.016	7.560
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		51.518	44.312	33.342
Less	APPROPRIATIONS
		Transfer to General Reserve	NA	1.000	1.000
	BALANCE CARRIED TO THE B/S		NA	43.312	32.342
	EARNINGS IN FOREIGN CURRENCY		121.173	85.479	71.651
	IMPORTS
		Raw Materials	506.464	497.602	NA
	TOTAL IMPORTS		506.464	497.602	NA
	Earnings / (Loss) Per Share (Rs.)		9.00	8.00	5.78

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.71	0.71	0.69
Net Profit Margin (PBT/Sales)	(%)	0.90	0.88	0.85
Return on Total Assets (PBT/Total Assets}	(%)	4.60	4.54	4.41
Return on Investment (ROI) (PBT/Networth)		0.16	0.15	0.14
Debt Equity Ratio (Total Debt/Networth)		1.59	1.47	2.08
Current Ratio (Current Asset/Current Liability)		1.32	1.32	2.58

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
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	No
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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	90085824
Corporate identity number of the company	U15143PN2000PLC014444
Name of the company	PRANAV AGRO INDUSTRIES LIMITED
Address of the registered office or of the principal place of business in India of the company	Nav Maharashtra House 42/43, Shaniwar Peth, Pune-411030, Maharashtra, India
Type of charge	Book Debts Movable Property [not being pledge] Others
Particular of charge holder	Canara Bank Lead Bank (Consortium With Uco Bank Vijaya Bank And Union Bank of India) Prime Corporate Branch, M. G. Road, Pune - 411001, Maharashtra, India Email: managercb2551@canarabank.com
Nature of description of the instrument creating or modifying the charge	1) Sixth supplemental joint deed of hypothecation. 2) Agreement regarding collateral security of assets including machinery. 3) Sixth supplemental working capital consortium agreement. - All dated 17th January 2013 modifying a single charge
Date of instrument Creating the charge	17.01.2013
Amount secured by the charge	Rs.1700.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest CC- BR+3.75 %(p.a.)for all banks LC and BG:- Guarantee- Commission: Canara and UCO:75% of applicable by bank from time to time, Vijaya :50% of applicable by bank and Union: Applicable by bank from time to time Terms of Repayment Payable on demand Margin As stipulated by the bank from time to time. Extent and Operation of the charge Jointly and to each of them severally
Short particulars of the property charged	Hypothecation of current assets viz. Stock of raw material, stock in process, semi finished and finished goods, stores and spares not relating to plant and machinery, bills receivable, book debts and movables present and future situated at various places like factories at Kupwad Sangli, Chincholi Solapur, Shindewadi (Satara), Peda Amberpet Hyderabad Mysore Road Banglore, Offices at Shniwar Peth (Pune), depot at Khatamba Vadodara. Hypothecation of all plant and machinery, wind mill for wind power project, feed mill, pellet mil and boiler at Sangli, Hyderabad and Shindewadi (Shirwal) and Solapur edible oil refinery, two solvent extraction plants, and all other future assets as described in schedule a and b of agreement for collateral security corporate guarantee by Krishna Vally Agro (India) Limited and Nav Maharashtra Chakan Oil Mill Limited.
Date of latest modification prior to the present modification	06.01.2012
Particulars of the present modification	Under this modification Karur Vysya bank withdrew as consortium member and Vijaya bank was introduced and replaced. Consortium finance has been increased from Rs. 1200.000 Millions to Rs. 1700.000 Millions The charge of Rs.1700.000 Millions compriseses of:- 1) Fund Based:- Rs. 700.000 Millions (Canara 233.300 Millions, UCO 150.000 Millions, VB 175.000 Millions and UBI 141.700 Millions) 2) Non Fund Based: - Rs. 1000.000 Millions (Canara 333.300 Millions, UCO 250.000 Millions, VB 250.000 Millions and UBI 166.700 Millions)

FIXED ASSETS:

· Freehold Land

· Leasehold Land

· Building

· Plant and Machinery

· Furniture and Fixtures

· 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 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.59.71
UK Pound	1	Rs.90.59
Euro	1	Rs.78.22

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	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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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