MIRA INFORM REPORT

Report Date :

19.11.2013

IDENTIFICATION DETAILS

Name :	ACME CHEM LIMITED (w.e.f.11.02.2005)
Formerly Known As :	ACMECHEM PRIVATE LIMITED
Registered Office :	9A, Saketho Chi Minh Sarani, Kolkata – 700 012, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	21.07.1992
Com. Reg. No.:	21-055994
Capital Investment / Paid-up Capital :	Rs.58.600 Millions
CIN No.: [Company Identification No.]	U24118WB1992PLC055994
PAN No.: [Permanent Account No.]	AACCA3931B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of fine and Performance Chemicals for the Rubber Industry.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 2900000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Profitability of the company appears to be decent. General financial position of the company appears to be sound and healthy. Trade relations are reported as fair. Business is active. Payments are reported to be usually corrects. 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

INDIAN ECONOMIC OVERVIEW

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6 % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

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.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Anil Kumar
Designation :	Accounts Departments
Contact No.:	91-2646-272393
Date :	16.11.2013

LOCATIONS

Registered Office :	9A, Saketho Chi Minh Sarani, Kolkata – 700012, West Bengal, India
Tel. No.:	91-33-22826195/ 6285/ 1050/ 26224355
Fax No.:	91-33-22369631/ 22826285
E-Mail :	abcd@cal3.vsnl.net.in
Website :	www.acmechem.in
Factory :	412, GIDC Estate, Ankleshwar, Bharuch, Panoli – 394116, Gujarat, India
Tel. No.:	91-2646-272393/ 272394
Fax No.:	91-2646-272393/ 245772

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Narain Holani

Designation :

Managing Director

Address :

9A, Saker Apartment 2, Ho Chi Minh Sarani, Kolkata – 700071, West Bengal, India

Date of Birth/Age :

04.05.1958

Qualification :

Chemical Engineer

Date of Appointment :

01.04.2012

DIN No.:

00397044

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	U24118WB1992PLC055994	ACME CHEM LIMITED	Managing director	01/04/2012	21/07/1992	-	Active	NO
2	U51909WB1995PTC075669	LESHA COMMERCIAL PRIVATE LIMITED	Director	01/09/2005	01/09/2005	-	Active	NO
3	U51909WB1996PTC077139	KEYTOUCH COMMOTRADE PRIVATE LIMITED	Director	01/09/2005	01/09/2005	-	Amalgamated	NO
4	U20296WB2006PTC110761	NALBAN INFRASTRUCTURE PRIVATE LIMITED	Director	27/07/2006	27/07/2006	20/08/2007	Active	NO
5	U70101WB2007PTC117631	RATIONAL HEIGHTS PRIVATE LIMITED.	Director	08/08/2007	08/08/2007	-	Active	NO
6	U70101WB2007PTC117668	HIRAMOTI NIRMAN PRIVATE LIMITED.	Director	18/08/2007	18/08/2007	-	Active	NO
7	U45400WB2007PTC116980	EMERALD HEIGHTS PRIVATE LIMITED	Director	05/10/2007	05/10/2007	-	Active	NO
8	U15311JH2008PTC013013	PRATEEK AGRO EXPERTS PRIVATE LIMITED	Director	01/07/2009	01/07/2009	-	Active	NO
9	U70102WB2010PTC146365	ADIRISH PROPERTIES PRIVATE LIMITED	Director	30/04/2010	30/04/2010	-	Active	NO
10	U70101WB2006PTC110544	RAJARHAT HOMES PRIVATE LIMITED	Director	16/09/2013	16/09/2013	-	Active	NO

Name :

Mrs. Varsha Holani

Designation :

Director

Address :

9A, Saker Apartment 2, Ho Chi Minh Sarani, Kolkata – 700071, West Bengal, India

Date of Birth/Age :

29.09.1964

Qualification :

B.Com

Date of Appointment :

01.04.2012

DIN No.:

00397144

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	U24118WB1992PLC055994	ACME CHEM LIMITED	Whole-time director	01/04/2012	21/07/1992	Active	NO
2	U51909WB1995PTC075669	LESHA COMMERCIAL PRIVATE LIMITED	Director	01/09/2005	01/09/2005	Active	NO
3	U51909WB1996PTC077139	KEYTOUCH COMMOTRADE PRIVATE LIMITED	Director	01/09/2005	01/09/2005	Amalgamated	NO
4	U70101WB2007PTC117631	RATIONAL HEIGHTS PRIVATE LIMITED.	Director	08/08/2007	08/08/2007	Active	NO
5	U70101WB2007PTC117668	HIRAMOTI NIRMAN PRIVATE LIMITED.	Director	18/08/2007	18/08/2007	Active	NO
6	U45400WB2007PTC116980	EMERALD HEIGHTS PRIVATE LIMITED	Director	05/10/2007	05/10/2007	Active	NO
7	U70102WB2010PTC146365	ADIRISH PROPERTIES PRIVATE LIMITED	Director	30/04/2010	30/04/2010	Active	NO
8	U70101WB2006PTC110544	RAJARHAT HOMES PRIVATE LIMITED	Director	16/09/2013	16/09/2013	Active	NO

Name :

Mrs. Aditi Holani

Designation :

Director

Address :

9A, Saker Apartment 2, Ho Chi Minh Sarani, Kolkata – 700071, West Bengal, India

Date of Birth/Age :

20.09.1986

Qualification :

B.Com, Diploma in Fashion Designing

Date of Appointment :

01.04.2012

DIN No.:

00396932

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	U24118WB1992PLC055994	ACME CHEM LIMITED	Whole-time director	01/04/2012	01/04/2005	Active	NO

Name :

Mr. Bhanwarlal Joshi

Designation :

Whole Time Director

Address :

161, Rachna Nagar Society, Face no. 4, Bharuach – 392002, Gujarat, India

Date of Birth/Age :

09.08.1957

Qualification :

M.B.A

Date of Appointment :

01.04.2012

DIN No.:

00407392

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	U24118WB1992PLC055994	ACME CHEM LIMITED	Whole-time director	01/04/2012	30/11/2006	Active	NO

Name :

Mr. Shrikant Virendra Hajarins

Designation :

Director

Address :

10, Kanakaditya, Sahayog Mandir Path, Ghantali, Thane (West) – 400602, Maharashtra, India

Date of Birth/Age :

14.11.1942

Qualification :

B.Com

Date of Appointment :

01.04.2009

DIN No.:

02594177

KEY EXECUTIVES

Name :	Mr. Anil Kumar
Designation :	Accounts Departments

MAJOR SHAREHOLDERS

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Narain Holani	897000
Varsha Holani	1068300
Lesha Commercial Private Limited, India	66100
Narain Holani (HUF)	1814500
Divya Electronics Private Limited, India	3050
Paritosh Electricals Private Limited, India	30
Adirish Properties Private Limited, India	1975800
Rishabh Holani	10
Aditi Holani	22010
Stardox Vinimay Private Limited, India	4000
Ranbhumi Marketing private Limited, India	2000
Vivek Tracom Private Limited, india	6200
Prativa Suppiers Private Limited, India	1000
Total	5860000

Equity Share Break up (Percentage of Total Equity)

AS ON 29.09.2012

Category	Percentage
Bodies corporate	35.12
Directors or relatives of Directors	64.88
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of fine and Performance Chemicals for the Rubber Industry.

Products :

Item Code No.	Product Description
38123002	Rubber Chemical
38123002	Retarder
38123002	Acmetol

Exports :

Products :

Finished Goods

Countries :

· European Countries

· Asian Countries

· USA

· Germany

Terms :

Selling :

L/C and Credit

Purchasing :

L/C and Credit

PRODUCTION STATUS (As on: 31.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Goods Manufactured	M. T.	NA	11000
Peptizer	M. T.	NA	NA	#838.300
DBD	M. T.	NA	NA	##170.070
Antioxident	M. T.	NA	NA	*2143.527
Retarder	M. T.	NA	NA	**4.020
Accelerator	M. T.	NA	NA	^627.424
Acmetol	M. T.	NA	NA	^^^45.004
Intermediaries and Others	M. T.	NA	NA	NA

Note:

# Excludes 214.825 MT (P. Y. 44.142 MT) used for Captive Consumption

## Excludes 123.635 MT (P. Y. 118.819 MT) used for Captive Consumption

* Excludes 632.650 MT (P. Y. 412.106 MT) used for Captive Consumption

** Excludes 0.183 MT (P. Y. 0.500 MT) used for Captive Consumption

^ Excludes 21.588 MT (P. Y. 21.490 MT) used for Captive Consumption

^^ Excludes Nil (P. Y. 194.016 MT) used for Captive Consumption

^^^ Excludes 1.687 MT (P. Y. 194.016 MT) used for Captive Consumption

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

150 (Approximately)

Bankers :

· Citi Bank N.A, Kanak Building, 41, Chowringhee Road, Kolkata – 700071, West Bengal, India

· ABN Amro Bank N. V, Hansalya Building, 15 Barakhamba Road, New Delhi – 110001, India

· Oriental Bank of Commerce, Loheipura, Baroda-390001, Gujarat, India

· The Royal Bank of Scotland

· HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
Term Loans from Others (Loan repayable at the time of maturity of pledged LIC policy and interest @9% p.a. payable)	15.599	48.288
Deferred Payment Liabilities	7.729	15.439
Long Term Maturities of finance lease obligations (Secured against Hypothecation of Vehicles)	0.000	0.038
Short Term Borrowings
Loans repayable on demand from banks	91.850	61.155
Total	115.178	124.920

Banking Relations :	--
Auditors :
Name :	A. K. Tekriwal and Company Chartered Accountants
Address :	34, C. R. Avenue, Jabakusum House, 2^nd Floor, Room No. 07, Kolkata – 700012, West Bengal, India
Tel. No.:	91-33-22118809
Fax No.:	91-33-22117142
E-Mail :	aktekriwajandco@vsnl.net
PAN No.:	AAMFA5986H
Subsidiaries :	· Hiramoti Nirman Private Limited (w.e.f 31.03.2011) · Emerald Heights Private Limited · Rational Heights Private Limited

CAPITAL STRUCTURE

AS ON 29.09.2012

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
5860000	Equity Shares	Rs. 10/- each	Rs.58.600 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	58.600	58.437
(b) Reserves & Surplus	679.276	604.094
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	5.000
Total Shareholders’ Funds (1) + (2)	737.876	667.531
(3) Non-Current Liabilities
(a) long-term borrowings	23.328	63.765
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.453	0.992
Total Non-current Liabilities (3)	23.781	64.757
(4) Current Liabilities
(a) Short term borrowings	114.046	90.839
(b) Trade payables	23.934	32.398
(c) Other current liabilities	67.970	51.374
(d) Short-term provisions	4.017	0.153
Total Current Liabilities (4)	209.967	174.764
TOTAL	971.624	907.052
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	129.995	132.763
(ii) Intangible Assets	1.460	1.146
(iii) Capital work-in-progress	0.260	4.833
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	394.348	378.613
(c) Deferred tax assets (net)	6.518	3.370
(d) Long-term Loan and Advances	14.567	21.765
(e) Other Non-current assets	1.383	1.199
Total Non-Current Assets	548.531	543.689
(2) Current assets
(a) Current investments	12.742	20.530
(b) Inventories	125.041	103.710
(c) Trade receivables	198.425	160.177
(d) Cash and cash equivalents	15.017	31.127
(e) Short-term loans and advances	71.868	47.819
(f) Other current assets	0.000	0.000
Total Current Assets	423.093	363.363
TOTAL	971.624	907.052

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		58.217
2] Share Application Money		0.000
3] Reserves & Surplus		544.516
4] (Accumulated Losses)		0.000
NETWORTH		602.733
LOAN FUNDS
1] Secured Loans		60.186
2] Unsecured Loans		0.000
TOTAL BORROWING		60.186
DEFERRED TAX LIABILITIES		1.941
TOTAL		664.860
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		157.730
Capital work-in-progress		0.000
INVESTMENT		369.056
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	63.427
	Sundry Debtors	137.279
	Cash & Bank Balances	19.514
	Other Current Assets	0.000
	Loans & Advances	132.302
Total Current Assets		352.522
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	48.763
	Other Current Liabilities	87.603
	Provisions	78.082
Total Current Liabilities		214.448
Net Current Assets		138.074
MISCELLANEOUS EXPENSES		0.000
TOTAL		664.860

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2012	31.03.2011	31.03.2010
	SALES
		Income		906.265	720.739	554.148
		Other Income		10.286	(0.660)	32.868
		TOTAL (A)		916.551	720.079	587.016
Less	EXPENSES
		Cost of Materials Consumed		586.062	461.822
		Purchase of Stock-in-trade		16.508	25.415
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade		2.915	(21.536)
		Employee Benefits Expenses		23.560	23.005
		Other Expenses		169.571	135.295
		TOTAL (B)		798.616	624.001	449.049
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			117.935	96.078	137.967
Less	FINANCIAL EXPENSES (D)			9.569	8.917	4.003
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			108.366	87.161	133.964
Less	DEPRECIATION/ AMORTISATION (F)			24.284	26.754	18.513
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			84.082	60.407	115.451
Less	TAX (H)			25.017	22.609	29.425
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			59.065	37.798	86.026
	EARNINGS IN FOREIGN CURRENCY
			On Export of Goods [FOB Value]		77.192	56.864
	TOTAL EARNINGS			NA	77.192	56.864
	IMPORTS
			Raw Materials			320.936
			Stores & Spares			2.744
			Packing Materials			6.220
	TOTAL IMPORTS			NA	323.784	329.900
	Earnings Per Share (Rs.)			10.11	6.49	16.06

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	6.44	5.25	14.65
Net Profit Margin (PBT/Sales)	(%)	9.28	8.38	20.83
Return on Total Assets (PBT/Total Assets}	(%)	15.16	12.15	22.63
Return on Investment (ROI) (PBT/Networth)		0.11	0.09	0.19
Debt Equity Ratio (Total Debt /Networth)		0.19	0.23	0.10
Current Ratio (Current Asset/Current Liability)		2.02	2.08	1.64

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
20]	Export / Import details (if applicable)	Yes
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	No

UNSECURED LOANS:

Particulars	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Short Term Borrowings
Loans repayable on demand from others	0.462	0.000
Loans and advances from related parties	21.734	29.684
Total	22.196	29.684

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10245366	23/10/2013 *	200,000,000.00	Citibank N.A	Kanak Building, 41 Chowringhee Road, Kolkata, Wes t Bengal - 700071, INDIA	B88822424

* Date of charge modification

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.62.63
UK Pound	1	Rs.101.06
Euro	1	Rs.84.56

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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