MIRA INFORM REPORT

Report Date :

09.12.2014

IDENTIFICATION DETAILS

Name :	ELMEX ELECTRIC PRIVATE LIMITED ( w.e.f 21.09.2012)
Formerly Known As :	ECONIX HI – TECH COMPONENTS LIMITED (w.e.f 31.07.1992) ECONIX HI – TECH COMPONENTS PRIVATE LIMITED
Registered Office :	12, GIDC Estate, Makarpura Road, Vadodara - 390010, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	31.07.1992
Com. Reg. No.:	04 -018091
Capital Investment / Paid-up Capital :	Rs. 9.500 Million
CIN No.: [Company Identification No.]	U31100GJ1992PTC018091
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	BRDE00122D
PAN No.: [Permanent Account No.]	AAACE4966E
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer, Exporter and Importer of Terminals Block.
No. of Employees :	200 (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 300000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Overall financial position of the company is sound and healthy. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct. The company can be considered for business dealing 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Varun Parmar
Designation :	Marketing Engineer
Contact No.:	91 - 9374631164
Date :	05.12.2014

LOCATIONS

Registered Office :	12, Gidc, Makarpura Road, Vadodara - 390010, Gujarat, India
Tel. No.:	91-265-2642021/2642023
Mobile No.:	91-9374631164 (Mr. Varun)
Fax No.:	91-265-2638646/2638648
E-Mail :	sjjishi@elmex.net
Factory :	135 / 136, Por - Ramangamdi, Vadodara - 390010, Gujarat, India

DIRECTORS

As on 21.07.2014

Name :

Mr. Shashikant Janardan Joshi

Designation :

Director

Date of Appointment :

06.06.2000

DIN No.:

00183177

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	U31100GJ1992PTC018091	ELMEX ELECTRIC PRIVATE LIMITED	Director	06/06/2000	06/06/2000	-	Active	NO
2	U31909GJ1978PTC003200	ELMEX ELECTRICALS AND ELECTRONICS PVT LTD	Director	09/06/2000	09/06/2000	-	Active	NO
3	U32201GJ1973PTC002273	ELMEX CONTROLS PVT LTD	Director	30/09/2005	30/09/2005	-	Active	NO
4	U29308GJ1992PTC018271	ECON ELECTRO PVT LTD	Director	30/09/2005	30/09/2005	-	Active	NO

Name :

Mr. Jayantilal Dhanjibhai Ray

Designation :

Director

Date of Appointment :

30.09.2005

DIN No.:

00183255

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	U32201GJ1973PTC002273	ELMEX CONTROLS PVT LTD	Managing director	10/05/1973	10/05/1973	-	Active	NO
2	U31909GJ1978PTC003200	ELMEX ELECTRICALS AND ELECTRONICS PVT LTD	Director	30/09/2005	30/09/2005	-	Active	NO
3	U31100GJ1992PTC018091	ELMEX ELECTRIC PRIVATE LIMITED	Director	30/09/2005	30/09/2005	-	Active	NO
4	U29308GJ1992PTC018271	ECON ELECTRO PVT LTD	Director	30/09/2005	30/09/2005	-	Active	NO

Name :

Mr. Manjulaben Jayantilal Ray

Designation :

Director

Date of Appointment :

10.06.2008

DIN No.:

00183384

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	U29308GJ1992PTC018271	ECON ELECTRO PVT LTD	Director	01/05/1998	01/05/1998	-	Active	NO
2	U32201GJ1973PTC002273	ELMEX CONTROLS PVT LTD	Director	30/09/2005	30/09/2005	-	Active	NO
3	U31909GJ1978PTC003200	ELMEX ELECTRICALS AND ELECTRONICS PVT LTD	Director	14/10/2005	14/10/2005	-	Active	NO
4	U31100GJ1992PTC018091	ELMEX ELECTRIC PRIVATE LIMITED	Director	10/06/2008	10/06/2008	-	Active	NO

Name :

Mr Amarnath Laxminath Shastri

Designation :

Director

Date of Appointment :

30.09.2005

DIN No.:

00183552

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	U31909GJ1978PTC003200	ELMEX ELECTRICALS AND ELECTRONICS PVT LTD	Director	15/09/1978	15/09/1978	-	Active	NO
2	U32201GJ1973PTC002273	ELMEX CONTROLS PVT LTD	Director	30/09/2005	30/09/2005	-	Active	NO
3	U31100GJ1992PTC018091	ELMEX ELECTRIC PRIVATE LIMITED	Director	30/09/2005	30/09/2005	-	Active	NO
4	U29308GJ1992PTC018271	ECON ELECTRO PVT LTD	Director	10/06/2008	10/06/2008	-	Active	NO

Name :

Mr. Vipul Jayantilal Ray

Designation :

Director

Date of Appointment :

01.04.1993

DIN No.:

00183835

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	U31100GJ1992PTC018091	ELMEX ELECTRIC PRIVATE LIMITED	Managing director	01/04/1993	01/04/1993	-	Active	NO
2	U32201GJ1973PTC002273	ELMEX CONTROLS PVT LTD	Director	30/09/2005	30/09/2005	-	Active	NO
3	U29308GJ1992PTC018271	ECON ELECTRO PVT LTD	Director	30/09/2005	30/09/2005	-	Active	NO
4	U31909GJ1978PTC003200	ELMEX ELECTRICALS AND ELECTRONICS PVT LTD	Director	14/10/2005	14/10/2005	-	Active	NO

Name :

Mr. Jignesha Vipul Ray

Designation :

Director

Date of Appointment :

14.04.2004

DIN No.:

00183905

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	U31909GJ1978PTC003200	ELMEX ELECTRICALS AND ELECTRONICS PVT LTD	Director	01/12/2003	01/12/2003	-	Active	NO
2	U31100GJ1992PTC018091	ELMEX ELECTRIC PRIVATE LIMITED	Director	14/04/2004	14/04/2004	-	Active	NO
3	U29308GJ1992PTC018271	ECON ELECTRO PVT LTD	Director	30/09/2005	30/09/2005	-	Active	NO
4	U32201GJ1973PTC002273	ELMEX CONTROLS PVT LTD	Director	10/06/2008	10/06/2008	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Varun Parmar
Designation :	Marketing Engineer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 21.07.2014

Names of Shareholders	No. of Shares	%age
Jayantilal Dhanjibhai Ray and Manjulaben J Ray	371208	39.07
Jayantilal D Ray	58040	6.11
Mrs. M J Ray and J D Ray	506322	53.30
Jignesha V Ray and Vipul Ray	14430	1.52
Total	950000	100.00

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Terminals Block.
Products :	Not Divulged
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Finished Goods
Countries :	Gulf Country
Imports :
Products :	Not Divulged
Countries :	Not Divulged
Terms :
Selling :	Cash and Credit (30 Days)
Purchasing :	Cash and Credit (30 Days)

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

200 (Approximately)

Bankers :

Banker Name	State Bank of India
Branch Address	Makarpura I.E Branch, Baroda - 390010, Gujarat, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Short Term Borrowing
Loans Repayable on Demand : Cash credit from State Bank of India, IE Branch Makarpura, Baroda Secured by Hypothecation of stock and book debts and mortgage of land and building situated at 134 – 135, GIDC, Por – Ramangamdi, Taq – Baroda	18.525	22.919
Over Draft Account against FDr with The Makapura Indl Estate Co – Op Bank Limited, Baroda	0.706	0.455
Total	19.231	23.374

Banking Relations :	---
Auditors :
Name :	Talati and Talati Chartered Accountant
Address :	501, Race Course Towers, Race Course Circle, (South), Vadodara, Gujarat – 390007, India
PAN No.:	AAAFT4520A
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs. 15.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
950000	Equity Shares	Rs.10/- each	Rs. 9.500 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	9.500	9.500	9.500
(b) Reserves & Surplus	97.674	92.986	89.522
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	107.174	102.486	99.022
(3) Non-Current Liabilities
(a) long-term borrowings	134.832	106.784	85.372
(b) Deferred tax liabilities (Net)	5.571	5.382	4.971
(c) Other long term liabilities	0.937	0.367	0.089
(d) long-term provisions	1.520	1.360	0.635
Total Non-current Liabilities (3)	142.860	113.893	91.067
(4) Current Liabilities
(a) Short term borrowings	52.939	50.070	39.746
(b) Trade payables	54.904	14.017	28.267
(c) Other current liabilities	0.000	0.000	0.000
(d) Short-term provisions	10.112	8.703	9.299
Total Current Liabilities (4)	117.955	72.790	77.312
TOTAL	367.989	289.169	267.401
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	101.552	91.802	97.660
(ii) Intangible Assets	2.219	3.272	3.238
(iii) Capital work-in-progress	42.955	26.892	9.304
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1.778	1.778	1.778
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	12.047	12.194	4.077
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	160.551	135.938	116.057
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	84.901	72.193	56.083
(c) Trade receivables	107.427	70.191	77.051
(d) Cash and cash equivalents	3.264	2.535	5.723
(e) Short-term loans and advances	11.846	8.312	12.487
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	207.438	153.231	151.344
TOTAL	367.989	289.169	267.401

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	388.140	321.361	321.063
		Other Income	0.756	1.137	0.493
		TOTAL (A)	388.896	322.498	321.556
Less	EXPENSES
		Cost of Materials Consumed	248.176
		Purchases of Stock-in-Trade	(7.079)
		Exceptional Items	0.160	280.967	277.318
		Employees benefits expense	40.925
		Other expenses	62.758
		TOTAL (B)	344.940
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		43.956	41.531	44.238
Less	FINANCIAL EXPENSES (D)		17.357	18.505	15.311
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		26.599	23.026	28.927
Less/ Add	DEPRECIATION/ AMORTISATION (F)		16.150	14.404	13.777
	PROFIT BEFORE TAX (E-F) (G)		10.449	8.622	15.150
Less	TAX (H)		3.537	2.935	4.529
	PROFIT AFTER TAX (G-H) (I)		6.912	5.687	10.621
Less	APPROPRIATIONS
		Proposed Dividend	1.900	1.900	1.900
	IMPORTS
		Raw Materials	47.574	53.963	28.504
		Stores & Spares	0.307	0.828	0.051
		Capital Goods	4.730	0.000	5.466
	TOTAL IMPORTS		52.611	54.791	34.021
	Earnings Per Share (Rs.)		0.72	0.59	1.11

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	1.78	1.77	3.31
Operating Profit Margin (PBDIT/Sales)	(%)	11.32	12.92	13.78
Return on Total Assets (PBT/Total Assets}	(%)	3.23	3.31	5.91
Return on Investment (ROI) (PBT/Networth)		0.10	0.08	0.15
Debt Equity Ratio (Total Debt /Networth)		1.75	1.53	1.26
Current Ratio (Current Asset/Current Liability)		1.76	2.11	1.96

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	9.500	9.500	9.500
Reserves & Surplus	89.522	92.986	97.674
Net worth	99.022	102.486	107.174
long-term borrowings	85.372	106.784	134.832
Short term borrowings	39.746	50.070	52.939
Total borrowings	125.118	156.854	187.771
Debt/Equity ratio	1.264	1.530	1.752

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	321.063	321.361	388.140
		0.093	20.780

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	321.063	321.361	388.140
Profit	10.621	5.687	6.912
	3.31%	1.77%	1.78%

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	No
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	No
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 LOAN

(Rs. In Millions)

PARTICULAR	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Loan and Advances From Related Parties	134.832	106.784
Short Term Borrowing
Loan and Advances From Related Parties	33.708	26.696
Total	168.540	133.480

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	80027555	17/02/2011 *	77,000,000.00	STATE BANK OF INDIA	MAKARPURA I. E. BRANCH,, BARODA, Gujarat - 390010,  INDIA	B07935570
2	90100026	17/02/2011 *	84,000,000.00	STATE BANK OF INDIA	MAKARPURA IE,, 1ST FLOOR, VCCI COMPLEX,, BARODA,  Gujarat - 390010, INDIA	B07935828

* Date of charge modification

FIXED ASSETS

· Land and Building

· Plant and Equipment

· Furniture and Fixture

· Vehicles

· Office Equipment

· Computer Software

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.61.85
UK Pound	1	Rs.96.72
Euro	1	Rs.76.53

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	SUM
Report Prepared by :	SPR

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
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	YES
--AFFILIATION	YES/NO	NO
--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	--

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