MIRA INFORM REPORT

Report Date :

24.12.2014

IDENTIFICATION DETAILS

Name :	SDS RAMCIDES CROPSCIENCE PRIVATE LIMITED w.e.f. 23.05.2013
Formerly Known As :	SREE RAMCIDES CHEMICALS PRIVATE LIMITED
Registered Office :	7th Floor, VBC Solitaire, 47 and 49 Bazullah Road, T Nagar Chennai – 600017, Tamil Nadu
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	15.12.1994
Com. Reg. No.:	18-029550
Capital Investment / Paid-up Capital :	Rs. 81.986 millions
CIN No.: [Company Identification No.]	U24117TN1994PTC029550
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Agro Chemicals and Speciality Fertilizers
No. of Employees :	450 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 1200000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Financial position of the company seems to be decent. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Not Available

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. Mohan
Designation :	Finance Manager
Contact No.:	91-44-28150703
Date :	13.12.2014

LOCATIONS

Registered Office :	7th Floor, VBC Solitaire, 47 and 49 Bazullah Road, T Nagar Chennai – 600017, Tamil Nadu, India
Tel. No.:	91-44-28150703
Fax No.:	91-44-28150733
E-Mail :	pgmohan@ramcides.com
Website :	www.ramcides.com
Factory :	Located at : Pudukkottai, Tamil Nadu, India Jammu and Kashmir, Jammu, India Ambattur, Tamil Nadu, India
Branches :	Subject have 21 Branches all over India

DIRECTORS

As on 31.03.2014

Name :

Mr. Ramabadran Gopal

Designation :

Managing Director

Address :

B 5, Shanti Naven, 139 Saint Marys Road, Alwarpet, Chennai – 600018, Tamil Nadu, India

Date of Birth/Age :

20.01.1956

Date of Appointment :

01.12.2010

DIN No.:

01713260

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	U71309TN1996PTC034175	BREAKEVEN BUSINESS CREDITS PRIVATE LIMITED	Director	12/01/1996	12/01/1996	-	Active	NO
2	U24117TN1994PTC029550	SDS RAMCIDES CROPSCIENCE PRIVATE LIMITED	Managing director	01/12/2010	15/12/2004	-	Active	NO
3	U72200TN2005PTC055227	TELEXTRA SYSTEMS (INDIA) PRIVATE LIMITED	Director	27/06/2006	27/06/2006	-	Active	NO
4	AAA-5783	NPG VIDHYA ENTERPRISES LLP	Designated Partner	29/07/2011	29/07/2011	-	Active	NO

Name :

Mr. Narasimhan Ramabadrachari

Designation :

Whole-Time Director

Address :

Block-B, Grn Promoters, Raffles City, II Floor,, 11B, Vijayaraghava Road I Street, T. Nagar,, Chennai -600017, Tamil Nadu, India

Date of Birth/Age :

24.05.1948

Date of Appointment :

01.12.2010

DIN No.:

00982068

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	U24117TN1994PTC029550	SDS RAMCIDES CROPSCIENCE PRIVATE LIMITED	Whole-time director	01/12/2010	15/12/1994	-	Active	NO
2	U71309TN1996PTC034175	BREAKEVEN BUSINESS CREDITS PRIVATE LIMITED	Director	12/01/1996	12/01/1996	-	Active	NO
3	U70100TN2008PTC069223	BRICKSMITH FOUNDATIONS PRIVATE LIMITED	Director	10/09/2008	10/09/2008	01/10/2012	Active	NO
4	AAA-5783	NPG VIDHYA ENTERPRISES LLP	Designated Partner	29/07/2011	29/07/2011	-	Active	NO

Name :

Mr. Kenichi Komatsubara

Designation :

Director

Address :

2319-1, Arakawahongou, Ami Machi, Inashiki Gun, Ibaraki Ken, Ibaraki Ken, NA, JAPAN

Date of Birth/Age :

02.10.1958

Date of Appointment :

01.03.2013

DIN No.:

06484275

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	U24117TN1994PTC029550	SDS RAMCIDES CROPSCIENCE PRIVATE LIMITED	Whole-time director	01/03/2013	30/01/2013	-	Active	NO

Name :

Mr. Susumu Izu

Designation :

Director

Address :

2-14-5 Nagauraekimae, Sodegaura-Shi, Chiba, Japan, 2990246, Japan

Date of Birth/Age :

06.01.1962

Date of Appointment :

22.07.2014

DIN No.:

06879254

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	U24117TN1994PTC029550	SDS RAMCIDES CROPSCIENCE PRIVATE LIMITED	Director	22/07/2014	30/05/2014	-	Active	NO

Name :

Mr. Yoshihiko Fukazawa

Designation :

Director

Address :

308-54 Kanigaya, Takatsu-Ku, Kawasaki-Shi, Kanagawa, Japan, 2130025, Japan

Date of Birth/Age :

10.04.1957

Date of Appointment :

22.07.2014

DIN No.:

06879479

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	U24117TN1994PTC029550	SDS RAMCIDES CROPSCIENCE PRIVATE LIMITED	Director	22/07/2014	30/05/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. K Balaji
Designation :	Company Secretary
Address :	15, SBI Officers Quarters 2, Ayyanavaram Road, Chennai – 600023, Tamil Nadu, India
Date of Birth/Age :	29.06.1972
Date of Appointment :	22.04.2013
PAN No.:	AASPB2721M
Name :	Mr. Mohan
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 22.07.2014

Names of Shareholders	No. of Shares	Percentage
Mr. R. Narasimhan	10744000	13.10
Mr. R. Padmanaban	8785100	10.72
Mr. R. Gopal	9166300	11.18
SDS Biotech K.K, Japan	53290944	65.00
Total	81986344	100.00

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	65.00
Directors or relatives of Directors	35.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Agro Chemicals and Speciality Fertilizers

Products :

Item Code No. (ITC Code)	Product Description
33029019	Chemicals and fertilizers

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Products :

Finished Goods

Countries :

• Africa
• East Asia

Imports :

Products :

Raw Material

Countries :

China

Terms :

Selling :

L/C and Credit

Purchasing :

L/C and Credit

GENERAL INFORMATION

Suppliers :

Reference :	Rallis India Limited, India
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Farmers

No. of Employees :

450 (Approximately)

Bankers :

Banker Name :	Mizuho Bank
Branch Address :	Chennai Branch, Tamil Nadu, India
Facilities :	Not Divulged
Person Name :	Not Divulged
Contact No.:	Not Divulged
Report :	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

Banker Name :	The Karur Vysya Bank Limited
Branch Address :	Central Loan Processing Cell, South Wing, 1st Floor, No.37 Whites Road, Chennai - 600014, Tamil Nadu, India
Facilities :	Not Divulged
Person Name :	Not Divulged
Contact No.:	Not Divulged
Report :	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

• Sumitomo Mitsui Banking Corporation, Delhi Branch, India
• Bank of Tokyo Mitsubishi UFJ Limited, Chennai Branch, Tamil Nadu, India

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Term loans from Banks	24.000	0.000
Total	24.000	0.000

Auditors :
Name :	B S R and Company Chartered Accountant
Address :	No.10, Mahatma Gandhi Road, Numbambakkam Chennai – 600034, Tamil Nadu, India
PAN No.:	AAIFD7357B
Memberships :	Not Divulged
Collaborators :	Not Divulged
Associates/Subsidiaries :	Bricksmith Foundations Private Limited CIN No.: U70100TN2008PTC069223 Vidhya Enterprises Ramcides Educational Trust
Holding company :	SDS Biotech K.K, Japan
Ultimate Holding company :	Idemitsu Kosan Group, Japan

CAPITAL STRUCTURE

As on 22.07.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
120000000	Equity Shares	Rs.1/- each	Rs.12.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
81986344	Equity Shares	Rs.1/- each	Rs.81.986 millions

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	81.986	81.986	84.147
(b) Reserves & Surplus	350.835	275.986	315.170
(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)	432.821	357.972	399.317
(3) Non-Current Liabilities
(a) long-term borrowings	24.000	0.000	0.202
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.165	0.000	0.000
(d) long-term provisions	17.123	8.132	6.014
Total Non-current Liabilities (3)	41.288	8.132	6.216
(4) Current Liabilities
(a) Short term borrowings	1045.816	504.262	415.871
(b) Trade payables	352.615	123.979	197.135
(c) Other current liabilities	94.439	73.924	77.741
(d) Short-term provisions	198.540	63.394	23.353
Total Current Liabilities (4)	1691.410	765.559	714.100
TOTAL	2165.519	1131.663	1119.633
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	209.278	180.903	179.251
(ii) Intangible Assets	7.290	7.003	9.734
(iii) Capital work-in-progress	2.279	0.676	5.404
(iv) Intangible assets under development	8.092	8.103	4.868
(b) Non-current Investments	0.076	0.076	18.576
(c) Deferred tax assets (net)	65.028	31.039	11.368
(d) Long-term Loan and Advances	66.707	49.341	24.863
(e) Other Non-current assets	1.167	0.030	3.707
Total Non-Current Assets	359.917	277.171	257.771
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	572.140	291.528	365.164
(c) Trade receivables	1080.739	483.399	408.937
(d) Cash and cash equivalents	92.369	50.548	66.335
(e) Short-term loans and advances	47.764	28.057	20.468
(f) Other current assets	12.590	0.960	0.958
Total Current Assets	1805.602	854.492	861.862
TOTAL	2165.519	1131.663	1119.633

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	TURNOVER	1838.700	1064.200	1090.000
	EXPENSES	N.A	N.A	N.A
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	202.600	20.800	24.100
Less	FINANCIAL EXPENSES / DEPRECIATION	102.400	79.100	76.600
	PROFIT/LOSS BEFORE TAX	100.200	(58.300)	(52.500)
Less	TAX	25.300	(17.000)	(19.400)
	PROFIT/LOSS AFTER TAX	74.900	(41.300)	(33.100)
	Earnings Per Share (Rs.)	9.13	(0.69)	(0.60)

Expected Sales (2014-15) : Rs. 3400.000 millions

The above information has been parted by Mr. Mohan (Finance Manager)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	4.07	(3.88)	(3.04)
Operating Profit Margin (PBDIT/Sales)	(%)	11.02	1.95	2.21
Return on Total Assets (PBT/Total Assets}	(%)	4.79	(5.34)	(4.86)
Return on Investment (ROI) (PBT/Networth)		0.23	(0.16)	(0.13)
Debt Equity Ratio (Total Debt /Networth)		2.47	1.41	1.04
Current Ratio (Current Asset/Current Liability)		1.07	1.12	1.21

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	84.147	81.986	81.986
Reserves & Surplus	315.170	275.986	350.835
Net worth	399.317	357.972	432.821
long-term borrowings	0.202	0.000	24.000
Short term borrowings	415.871	504.262	1045.816
Total borrowings	416.073	504.262	1069.816
Debt/Equity ratio	1.042	1.409	2.472

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	1090.000	1064.200	1838.700
		(2.367)	72.778

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	1090.000	1064.200	1838.700
Profit / (Loss)	(33.100)	(41.300)	74.900
	(3.04%)	(3.88%)	4.07%

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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
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 LOAN

(Rs. In Millions)

UNSECURED LOAN	As on 31.03.2014	As on 31.03.2013
Short Term Borrowing
Working capital loans from Banks	495.000	200.000
Loans repayable on demand from Banks	550.816	304.262
Total	1045.816	504.262

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90294220	19/12/2011 *	404,000,000.00	State Bank of India	Leather & International Branch, "MVJ Towers, No.1  77/1, P.H.Road, Kilpauk,, Chennai, Tamil Nadu - 600010, INDIA	B30810881
2	90294725	21/06/2005 *	61,000,000.00	STATE BANK OF INDIA	SIRUTHOZHIL BRANCH, CHENNAI, Tamil Nadu - 600034,  INDIA	-

* Date of charge modification

COMPANY OVERVIEW

SDS Ramcides Cropscience Private Limited (‘the Company’) is a Chennai based, agro solutions company with presence in both the crop protection and crop health segment for more than 35 years. The Company's three manufacturing facilities at Pudukottai,

Chennai and Jammu are engaged in the manufacture of agro inputs such as herbicides, insecticides, fungicides, etc., and plant nutrients across various crops all over India and in more than 10 countries. Pursuant to the Share Purchase Agreement dated

December 5, 2012 ('SPA') and Shareholders' Agreement dated December 5, 2012 ('SHA') entered into between M/s e-Planet

Ventures Mauritius Limited along with the minority shareholders of the Company and M/s SDS Biotech K.K, Japan, 53,290,944 equity shares of Re. 1 each fully paid up have been transferred to M/s SDS Biotech K.K, Japan. Consequent to the said share transfer, the Company has become the subsidiary of M/s SDS Biotech K.K, Japan. The ultimate holding company of SDS Biotech K.K, Japan is Idemitsu Kosan Group, Japan. During the current year, the name of the Company has been changed from 'Sree Ramcides Chemicals Private Limited' to 'SDS Ramcides CropScience Private Limited'.

PERFORMANCE

The year has seen a good growth in the business performance of the Company. The Company registered a turnover of Rs 1838.700 millions (net of duties and taxes) as compared to Rs 1064.200 millions in 2012-13 recording an impressive growth of 73% over the last year. In terms of profit, the Company has registered profits after a gap of four years recording a profit before tax of Rs 10.02 millions as against a loss of Rs 58.400 millions in the previous year. The Directors wish to place on record the efforts put in by all the stakeholders including the employees of the Company for this commendable performance.

BUSINESS OPERATIONS

While we continue to push Allwin series products sales, especially Wonder and Top, introduction of Eliixer seem to be getting much better response because of the ease with which farmers are used to such products. Very likely that Allwin Eliixer may grab a sizable market share in coming years. Another interesting fact is the aggressive growth of Generics sales with better contribution.

Co-marketing arrangements with Rallis India Limited and Makteshim Agan Limited are also adding sizable value to address niche segments thereby creating better perception for SDS Ramcides among farmers. Going forward, we shall pursue such arrangements with more attention so that we have a complete basket of products that our distributors would seek.

We continue to maintain highest standard of safety at our plants. We produced 2,350 KL liquids, 2,203 Mts of Powder and3,464 Mts of Granules during the year 2013-14. Suspension Concentrate ( SC ) plant commissioned during the previous year at our Pudukkottai factory is delivering the expected benefits and our profitability on such products is better now. Volumes have also grown to 185 KL.

We have started to register new sources for Technical import from China & Taiwan as we firmly believe that this process will help us to keep raw material cost in control in future and this will enable us to start trading in Technical material in future, which is one segment that has helped most other peer group to grow faster.

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 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.63.44
UK Pound	1	Rs.98.88
Euro	1	Rs.77.62

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	RSM
Report Prepared by :	JYTK

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	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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		49

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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