MIRA INFORM REPORT

Report Date :

05.03.2013

IDENTIFICATION DETAILS

Name :	MAHARANI PAINTS PRIVATE LIMITED (w.e.f. 13.05.2008)
Formerly Known As :	MAHARANI PAINTS (INDIA) PRIVATE LIMITED
Registered Office :	TA – 3 / 146 – C, Tuglakabad Extension, New Delhi - 110 019, Delhi
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	07.01.1986
Com. Reg. No.:	55-023000
Capital Investment / Paid-up Capital :	Rs. 90.000 millions
CIN No.: [Company Identification No.]	U74899DL1986PTC023000
TAN No.: [Tax Deduction & Collection Account No.]	DELM08298D
PAN No.: [Permanent Account No.]	AAACM6316Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of I8ndustrial Paints, Allied and Powder.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 3100000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears continuous dip in profitability. However, the financial position of the company seems to be good. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for normal business dealings at usual trade terms and condition.

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	CARE
Rating	BBB (Long Term Bank Facilities)
Rating Explanation	Having moderate degree of safety regarding timely of servicing financial obligation. It carry moderate credit risk.
Date	2^nd December 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 :	TA – 3 / 146 – C, Tuglakabad Extension, New Delhi – 110 019, Delhi, India
Tel. No.:	91-11-26092413 / 4741
E-Mail :	rkb.maharani@touchtelindia.net mpi_brb369@yahoo.com brb_mpl369@yahoo.com
Website:	www.maharanipaints.com
Corporate Office :	Plot No 137, Sector – 24, Faridabad - 121 005, India
Tel. No.:	91-129-4054003 / 13
Fax No.:	91-129-4054002
Factory:	Plot No. 343, 344, 349, Sector 24, Faridabad-121005, Haryana, India
Tel. No.:	91-129-25021128 / 29
Fax No.:	91-129-25023130
Head Office :	5L/156, NIT Faridabad – 21001, Haryana, India
Tel No.:	91-129-4054009/405010
Fax No.:	91-129-4054008
Branches :	· Aurangabad : Plot No. C-288, MIDC Road, Walunj, Aurangabad – 431135, Maharashtra, India Tel No :- 91-24-2556959 Delhi : TA-3/146-C, Tuglakabad Extn, New Delhi – 110019, India Tel No :- 91-11-26092413 / 26094741 · Moradabad : Shop No. 1, 2 and 4, B-XVI, 1931, Gali No. 3, Preet Nagar, Sewakrupa, M. G. Ludhiana, Punjab, India Tel No :- 91-161-2539292 / 2541947 · Hosur : Plot No.6, Door No. 19C, Krishna Tower No.3 and 4, 1^st Cross Street, Vasantha Nagar, Hosur – 635109, Tamilnadu, India Tel No :- 91-4344-247260 · Mumbai : Arihant Industrial Estate, Gala No. 21, Ground Floor, Plot No. 94-C and 94-D, Kranti Nagar, Saki Naka, Andheri (East), Mumbai-400072, Maharashtra, India Tel No :- 91-22-28595246 / 28595247 · Bangalore : # 14/4, 3^rd Main Road, Kastrurbhs Nagar, Pipeline East, Mysore Road, Bangalore - 560026, Karnataka, India Tel No :- 91-80-26756971 / 26759482 · Pune : Shop No. 2 and 3, Gate No. 627, Kuruli, Rajguru Nagar, Khed, Pune, Maharashtra, India Tel No :- 91-20-98228454

DIRECTORS

As on 29.09.2012

Name :

Mr. Baldev Raj Bhatia

Designation :

Director

Address :

House No. 1319, Sector 15, Faridabad

Date of Birth/Age :

18.03.1953

Date of Appointment :

07.01.1986

PAN No.:

AHW-PB-6602-J

DIN No.:

00047573

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	U74899DL1986PTC023000	MAHARANI PAINTS PRIVATE LIMITED	Director	07/01/1986	07/01/1986	-	Active	NO
2	U74899DL2002PTC115980	VAMANI OVERSEAS PRIVATE LIMITED	Director	27/06/2002	27/06/2002	-	Active	NO
3	U74899DL1971PTC005590	SONO ELECTRICALS PRIVATE LIMITED	Director	01/11/2002	01/11/2002	-	Amalgamated	NO
4	U74899DL1986PTC024765	C DASS CHEMICALS PRIVATE LIMITED	Director	16/11/2004	16/11/2004	-	Amalgamated	NO
5	U36101DL2009PTC187374	JAIPUR CRAFTS PRIVATE LIMITED	Director	06/02/2009	06/02/2009	-	Active	NO
6	U52100DL2010PTC211351	C DASS GRAND DAUGHTERS RETAIL PRIVATE LIMITED	Director	13/12/2010	13/12/2010	-	Active	NO
7	U52100DL2011PTC213702	C DASS TRADERS PRIVATE LIMITED	Director	10/02/2011	10/02/2011	-	Active	NO
8	U70100DL2011PTC224682	WARDHA IT PARK PRIVATE LIMITED	Director	07/09/2011	07/09/2011	-	Active	NO

Name :

Mr. Raj Kumar Bhatia

Designation :

Director

Address :

House No. 1043, Sector 15, Faridabad

Date of Birth/Age :

06.09.1958

Date of Appointment :

01.04.1995

PAN No.:

AEI-PB-0117-P

DIN No.:

00047622

Other Directorship:

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
U74899DL1986PTC024765	C DASS CHEMICALS PRIVATE LIMITED	Director	09/07/1986	09/07/1986	-	Amalgamated	NO
U74899DL1986PTC023000	MAHARANI PAINTS PRIVATE LIMITED	Director	01/04/1995	01/04/1995	-	Active	NO
U74899DL2002PTC115980	VAMANI OVERSEAS PRIVATE LIMITED	Director	27/06/2002	27/06/2002	-	Active	NO
U74899DL1971PTC005590	SONO ELECTRICALS PRIVATE LIMITED	Director	01/11/2002	01/11/2002	-	Amalgamated	NO
U36101DL2009PTC187374	JAIPUR CRAFTS PRIVATE LIMITED	Director	06/02/2009	06/02/2009	-	Active	NO
U52100DL2011PTC213702	C DASS TRADERS PRIVATE LIMITED	Director	10/02/2011	10/02/2011	-	Active	NO
U70100DL2011PTC224682	WARDHA IT PARK PRIVATE LIMITED	Director	07/09/2011	07/09/2011	-	Active	NO

Name :

Mr. Vipin Bhatia

Designation :

Director

Address :

House No. 1254, Sector 15, Faridabad

Date of Birth/Age :

22.10.1961

Date of Appointment :

01.04.1995

PAN No.:

AGG-PB-9479-C

DIN No.:

00047654

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	U74899DL1986PTC024765	C DASS CHEMICALS PRIVATE LIMITED	Director	09/07/1986	09/07/1986	-	Amalgamated	NO
2	U74899DL1986PTC023000	MAHARANI PAINTS PRIVATE LIMITED	Director	01/04/1995	01/04/1995	-	Active	NO
3	U74899DL2002PTC115980	VAMANI OVERSEAS PRIVATE LIMITED	Director	27/06/2002	27/06/2002	-	Active	NO
4	U74899DL1971PTC005590	SONO ELECTRICALS PRIVATE LIMITED	Director	01/11/2002	01/11/2002	-	Amalgamated	NO
5	U36101DL2009PTC187374	JAIPUR CRAFTS PRIVATE LIMITED	Director	06/02/2009	06/02/2009	-	Active	NO
6	U52100DL2011PTC213702	C DASS TRADERS PRIVATE LIMITED	Director	10/02/2011	10/02/2011	-	Active	NO
7	U70100DL2011PTC224682	WARDHA IT PARK PRIVATE LIMITED	Director	07/09/2011	07/09/2011	-	Active	NO

Name :

Mr. Mukesh Bhatia

Designation :

Director

Address :

House No. 1045, Sector 15, Faridabad

Date of Birth/Age :

09.04.1967

Date of Appointment :

07.01.1986

PAN No.:

AAP-PB-4676-L

DIN No.:

00047689

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	U74899DL1986PTC023000	MAHARANI PAINTS PRIVATE LIMITED	Director	07/01/1986	07/01/1986	-	Active	NO
2	U74899DL2002PTC115980	VAMANI OVERSEAS PRIVATE LIMITED	Director	14/02/2004	14/02/2004	-	Active	NO
3	U74899DL1986PTC024765	C DASS CHEMICALS PRIVATE LIMITED	Director	16/11/2004	16/11/2004	-	Amalgamated	NO
4	U74899DL1971PTC005590	SONO ELECTRICALS PRIVATE LIMITED	Director	25/03/2005	25/03/2005	-	Amalgamated	NO
5	U36101DL2009PTC187374	JAIPUR CRAFTS PRIVATE LIMITED	Director	06/02/2009	06/02/2009	-	Active	NO
6	U52100DL2011PTC213702	C DASS TRADERS PRIVATE LIMITED	Director	10/02/2011	10/02/2011	-	Active	NO
7	U70100DL2011PTC224682	WARDHA IT PARK PRIVATE LIMITED	Director	07/09/2011	07/09/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Baldev Raj Bhatia	1890000
R K Bhatia	1800000
Vipin Bhatia	1800000
Mukesh Bhatia	1738350
C D Bhatia	196650
Rama Bhatia	1080000
Manju Bhatia	180000
Reeta Bhatia	180000
Neelam Bhatia	135000
Total	9000000

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of industrial Paints, Allied and Powder.

PRODUCTION STATUS:

Particulars	Installed Capacity	Actual Production
Epoxide Resins (Powder Coating Paints)	250 Tons per month	120 Tons per month
Industrial Paints Lacquers and Allied Products	400 Tons per month	100 Tons per month

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• State Bank of India

SME Branch, 65, Neelam Bata Road, NIT, Faridabad – 121 001, Haryana, India

• ICICI Bank
• HDFC Bank

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Loans Taken for Vehicles	10.938	11.424
Loans Taken for other Fixed Assets	25.501	73.842
Working Capital Loans from Banks	256.701	252.424
Total	293.140	337.690

Banking Relations :	--
Auditors :
Name :	MLG Associates Chartered Accountants
Address :	63, Sector 15, Faridabad, Haryana, India
PAN No.:	AAGFM1817M
Associates	Vamani Overseas Private Limited, Faridabad (CIN No U74899DL2002PTC115980)

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
9000000	Equity Shares	Rs.10/- each	Rs. 90.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9000000	Equity Shares	Rs.10/- each	Rs. 90.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		90.000	90.000	90.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		682.751	661.632	623.207
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		772.751	751.632	713.207
LOAN FUNDS
1] Secured Loans		293.140	337.690	101.267
2] Unsecured Loans		35.370	16.996	7.115
TOTAL BORROWING		328.510	354.686	108.382
DEFERRED TAX LIABILITIES		0.585	1.751	0.000
TOTAL		1101.846	1108.069	821.589
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		706.600	660.188	661.418
Capital work-in-progress		97.503	147.332	115.401
INVESTMENT		0.489	0.455	0.557
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	140.025	139.226	136.134
	Sundry Debtors	237.934	252.768	259.445
	Cash & Bank Balances	12.306	14.608	23.905
	Other Current Assets	0.080	0.159	0.000
	Loans & Advances	22.794	20.927	21.012
Total Current Assets		413.139	427.688	440.496
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	83.320	84.128	123.452
	Other Current Liabilities	20.975	36.482	269.581
	Provisions	11.590	6.984	3.487
Total Current Liabilities		115.885	127.594	396.520
Net Current Assets		297.254	300.094	43.976
MISCELLANEOUS EXPENSES		0.000	0.000	0.237
TOTAL		1101.846	1108.069	821.589

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Gross Sales	901.400	901.322	863.906
		Other Income	N.A	N.A	N.A
		TOTAL	N.A	N.A	N.A
Less	EXPENSES
		Office Expenses	N.A	N.A	N.A
		Administrative Expenses	N.A	N.A	N.A
		Advertising Expenses	N.A	N.A	N.A
		TOTAL	N.A	N.A	N.A
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		N.A	123.765	146.148
Less	FINANCIAL EXPENSES		N.A	23.865	38.884
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		NA.	99.900	107.264
Less/ Add	DEPRECIATION/ AMORTISATION		N.A	36.899	32.401
	PROFIT BEFORE TAX		36.800	63.001	74.863
Less	TAX		N.A	17.270	22.227
	PROFIT AFTER TAX		N.A	45.731	52.636
	Earnings Per Share (Rs.)		21.11	39.43	N.A

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	8.91	14.73	16.99
Return on Investment (ROI) (PBT/Networth)		0.05	0.08	0.10
Debt Equity Ratio (Total Debt/Networth)		0.43	0.47	0.15
Current Ratio (Current Asset/Current Liability)		3.57	3.35	1.11

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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN

Particulars	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Loans and advances from Directors	28.150	12.630
Loans and advances from Others	7.220	4.366
Total	35.370	16.996

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U74899DL1986PTC023000
Name of the company	MAHARANI PAINTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	TA – 3 / 146 – C, Tuglakabad Extension, New Delhi - 110 019, Delhi, India
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10220628
Type of charge	Corporate Guarantee
Particular of charge holder	State Bank of India SME Branch, 65, Neelam Bata Road, NIT, Faridabad – 121 001, Haryana, India Email: fcs2280@gmail.com
Nature of instrument creating charge	Guarantee Agreement
Date of instrument Creating the charge	10.12.2012
Amount secured by the charge	Rs. 98.400 Million
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest shall be charged on the outstandings in the account(s) opened in respect of this facility at such rate(s) as may be determined by the Bank from time to time. Terms of Repayment In case of default made by the Borrower in respect of principal sum and/or other monies for the time being due to bank in respect of or under the said facility (s) the company shall pay unconditionally to the bank merely on demand by Bank, whole of sum due to Bank. Margin Not Applicable Extent and Operation of the charge The Guarantor agrees that the securities offered under these agreements, shall be a continuing securities for balance due to the Bank from time to time and shall not affected by winding up, merger, amalgamation, reconstruction or otherwise of the borrower and / or Guarantor with the other Company and nothing herein contained shall prejudice any other security, present and future, or any right or remedy of the Bank for the recovery of amount due on this account and / or other accounts also. Others The liability of guarantor under these presents shall be construed as joint and several. The guarantor hereby agrees to indemnify the Bank against all loses and shall pay and satisfy the bank on demand the ' general balance due from borrower to bank.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Corporate Guarantee
Date of instrument modifying the charge	30.06.2011
Particulars of the present modification	Total liability of the Company to State Bank of India has been increased to Rs. 98.400 Million with the enhancement of Loan / facilities sanctioned to Vamani Overseas Private Limited. to Rs. 98.400 Million. (Cash Credit Limit Rs. 5.000 million, EPC Rs. 25.000 Million, Advance Against Bills sent on Collection Rs.50.000 Million, Term Loan (existing) Rs 7.400 Million, Term Loan New Rs. 10.000 Million, L.C. Rs1.000 Million) Total exposure of SBI to Vamani Overseas Private Limited stands to Rs.98.400 Million).

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.55.05
UK Pound	1	Rs.82.74
Euro	1	Rs.71.61

INFORMATION DETAILS

Report Prepared by :

RSMK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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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