MIRA INFORM REPORT

Report Date :

11.06.2014

IDENTIFICATION DETAILS

Name :	SIKA INDIA PRIVATE LIMITED
Formerly Known As :	SIKA QUALCRETE PRIVATE LIMITED QUALCRETE INDIA PRIVATE LIMITED
Registered Office :	620, Diamond Harbour Road, Commercial Complex II, Kolkata – 700034, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	22.06.1984
Com. Reg. No.:	21-037631
Capital Investment / Paid-up Capital :	Rs.18.884 Millions
CIN No.: [Company Identification No.]	U24119WB1984PTC037631
TAN No.: [Tax Deduction & Collection Account No.]	CALS13302C
PAN No.: [Permanent Account No.]	AAECS1119F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trader of Construction Chemicals.
No. of Employees :	450 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (31)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 75000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Rating reflects below average financial performance due to losses incurred from its operation. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealing with some caution.

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, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

US investment bank Goldman Sachs has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs.7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

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 DECLINED

MANAGEMENT NON CO-OPERATIVE

Contact No.: 91-22-40384038

LOCATIONS

Registered / Head Office :	620, Diamond Harbour Road, Commercial Complex II, Kolkata – 700034, West Bengal, India
Tel. No.:	91-33-24466594/ 6958/ 24472448/ 2449/ 2501/ 2505/ 9503/ 6594/ 8480, 24582134
Fax No.:	91-33-24688688/ 2665/ 23978688
E-Mail :	sika.cal@gncal.global.net.in corporate.comm@in.sika.com chaudhuri.sudip@in.sika.com
Website :	http://www.sikaindia.net http://www.sika.in http://ind.sika.com
Corporate Office :	601, A Wing, Infinity Tower, Mindspace Off Link Road, Malad West, Mumbai- 400064, Maharashtra, India
Tel. No.:	91-22-40384038
Fax No.:	91-22-40384039
E-Mail :	info@in.sika.com
Operational Office :	Off Link Road, Malad (West,) Mumbai – 400064, Maharashtra, India
Factory 1 :	Industrial Estate (New), Shed No. 1/B-5, 9, 15, 18, 19, 20 and 21, Block – D, District Nadia, Kalyani – 741235, West Bengal, India
Tel No.:	91-33-25827756
Fax No.:	91-33-25829418
Factory 2 :	L -41, Verna Industrial Estate, Verna – 403722, Salcete , Goa, India
Tel. No.:	91-832-2783144 / 6680335 / 36 / 37 / 34
Fax No.:	91-832-2783433 / 6680341
E-Mail :	info.india@in.sika.com
Area :	7280 Sq. fts
Location :	Owned (Industrial)
Factory 3 :	C/302, TTC Industrial Area, MIDC Pawane Village, Navi Mumbai - 400704, Maharashtra, India
Tel No.:	91-22-65162615
Fax No.:	91-22-65131634
Factory 4 :	Plot No. F-1/F-2, RIICO Industrial Estate, Bagru Extexsion -II, Bagru, District Jaipur - 302009, Rajasthan, India
Tele No.:	91-141-5123746 / 5173835
Fax No.:	91-141-5123746
Area :	12000 Sq. fts
Location :	Owned (Industrial)
Factory 5 :	23, GST Road, Pukkathurai Village, Madurantagam Taluk, Kanchipuram District, Chennai - 603308, Tamilnadu, India
Tele No.:	91-44-27565771
Fax No.:	91-44-27565776
Branch Office :	Located at: · Ahmedabad · Chennai · Kolkata · Bangalore · Cuttack · Mumbai · Chandigarh · Hyderabad · Noida · Pune · Navi Mumbai · Siliguri · Visakhapatnam

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Subramanian Venkataraman

Designation :

Managing Director

Address :

Flat 63, Block 1A, Widermere, 6^th Floor, Off New Link, Road Goregaon (West), Near Mega Mall, Lokhandwala, Mumbai – 400062, Maharashtra, India

Date of Birth/Age :

22.11.1963

Date of Appointment :

11.02.2010

PAN No.:

AFCPV8728B

DIN No.:

02889803

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	U24114WB1999PTC089219	SIKA BUILDING PRODUCTS PRIVATE LIMITED	Director	19/10/2009	24/08/2009	Strike off	NO
2	U24119WB1984PTC037631	SIKA INDIA PRIVATE LIMITED	Managing director	11/02/2010	24/08/2009	Active	NO
3	U51432HR2000PLC034907	TEXSA INDIA LIMITED	Managing director	27/09/2013	28/08/2013	Active	NO

Name :

Chi Wo Ivan Hung

Designation :

Additional Director

Address :

27E, Tower 1, Vista Paradiso, Mo On Shan, NT, Hongkong, China

Date of Birth/Age :

25.01.1957

Date of Appointment :

30.09.2013

DIN No. :

06542305

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	U24119WB1984PTC037631	SIKA INDIA PRIVATE LIMITED	Director	30/09/2013	22/11/2012	Active	NO
2	U51432HR2000PLC034907	TEXSA INDIA LIMITED	Director	27/09/2013	28/08/2013	Active	NO

Name :

Mr. Peter Bruce Scott

Designation :

Additional Director

Address :

28, Delecta Avenue, Mosman, NSW, Sydney 2088

Date of Birth/Age :

28.06.1955

Date of Appointment :

30.09.2013

DIN No. :

06673538

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	U24119WB1984PTC037631	SIKA INDIA PRIVATE LIMITED	Director	30/09/2013	22/11/2012	Active	NO

KEY EXECUTIVES

Name :	Mr. Puneet Gupta
Designation :	Chief Financial Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares	Percentage of Holding
Sika AG, Switzerland	1133013	60.00
Sika Schweiz AG, Switzerland	755342	40.00
Total	1888355	100.00

AS ON 30.09.2013

Equity Share Break up (Percentage of Total Equity)

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

BUSINESS DETAILS

Line of Business :

Manufacturer and Trader of Construction Chemicals.

Products :

Item Code No. (ITC Code)	Product Description
3823.40	Prepared Additives for Cements Mortars and Concretes
3815.90	Reaction initiators, accelators and Catalytic Preparations
3816.00	Refactory Cements, Mortars, Concretes and similar impositions

· Construction Chemicals

· Sealants

· Adhesive materials

· Concrete Admixtures

· Mortar Admixtures

· Polymer Modified Cement Mortars

· Epoxy Adhesive and Mortars

· Protective Coatings and Impregnations

· Primers

· Floor Treatment and Toppings

· Joint Sealing Compounds

· Butyl

· Dispersions

Exports :

Products :

Construction Materials

Countries :

· Nepal

· Srilanka

· Bangladesh

Imports :

Products :

Raw Material, Chemical and Some Trading Products.

Countries :

· Netherland

· Switzerland

· Germany

Terms :

Selling :

Cash and Credit (90 Days to 120 Days)

Purchasing :

Credit (90 Days)

GENERAL INFORMATION

Suppliers :	Himadri Chemicals Private Limited, Kolkata
Customers :	Wholesalers and Retailers · L & T
No. of Employees :	450 (Approximately)
Bankers :	· Indian Overseas Bank International Business Branch, 2, Wood Street, Kolkata – 700016, West Bengal, India · The Hong Kong and Shanghai Banking Corporation Limited · Citi Bank N.A. · HDFC Bank Limited, Malad (East), Mumbai – 400097, Maharashtra, India

Banking Relations :	--
Auditors :
Name:	S.R. Batliboi and Company Chartered Accountants
Address:	14th Floor, The Ruby, 29 Senapati Bapat Marg, Dadar (West), Mumbai – 400028, Maharashtra, India
Tel. No.:	91-22-40356300
Fax No.:	91-22-40356400
PAN No.:	AALFS0506L
Holding Company : (As on 31.03.2012)	· Sika AG, Switzerland
Fellow Subsidiaries : (As on 31.03.2012)	· Sika Schweiz AG · Sika Deutschland GMBH · Sika Italia S.P.A. · Sika Limited, Japan · Sika Engineering Silicones · Sika Corporation, USA · Sika Technology AG · Sika Services AG · Sika Informationssysteme AG · Sika Gulf B.S.C. (C) · Sika Denmark A/S · Sika Supply Centre AG · Sika Automotive GMBH · Sika Yapi Kimyasallah A.S · Sika Sarnafil Waterproofing Sys.(Shanghai) Limited · Sika Limited , UK · Sika (Guangzhou) Trading Company Limited · Sika (Guangzhou) Limited · Sika UAE LLC · Sika Limited Dalian (China North) · Sika Portugal - Produtos Contrucao E Industria, S.A. · BV Descol · Sika China Limited Sika Liquid Plastic Sika FZCO · Sika France SA Sika CZ, s.r.o. · Sika Australia Pty Limited · Sika Osterreich GMBH · Sika Poland Sp. z.o.o. · Sumam chemicals Company · Sika Services IMEA

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
4,400,000	Equity Shares	Rs.10/- each	Rs.44.000 Millions
10,000	Preference Shares	Rs.100/- each	Rs.1.000 Million
	Total		Rs.45.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,888,355	Equity Shares	Rs.10/- each	Rs.18.884 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	18.884
(b) Reserves & Surplus	317.032
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	335.916
(3) Non-Current Liabilities
(a) long-term borrowings	482.459
(b) Deferred tax liabilities (Net)	0.000
(c) Other long term liabilities	0.000
(d) long-term provisions	15.373
Total Non-current Liabilities (3)	497.832
(4) Current Liabilities
(a) Short term borrowings	10.960
(b) Trade payables	566.182
(c) Other current liabilities	358.516
(d) Short-term provisions	102.191
Total Current Liabilities (4)	1037.849
TOTAL	1871.597
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	243.935
(ii) Intangible Assets	34.684
(iii) Capital work-in-progress	189.440
(iv) Intangible assets under development	1.567
(b) Non-current Investments	0.000
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	98.993
(e) Other Non-current assets	0.227
Total Non-Current Assets	568.846
(2) Current assets
(a) Current investments	0.000
(b) Inventories	392.149
(c) Trade receivables	694.898
(d) Cash and cash equivalents	46.553
(e) Short-term loans and advances	168.933
(f) Other current assets	0.218
Total Current Assets	1302.751
TOTAL	1871.597

SOURCES OF FUNDS		31.03.2012	31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		14.478	14.478
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		297.322	429.851
4] (Accumulated Losses)		0.000	0.000
NETWORTH		311.800	444.329
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		479.723	298.215
TOTAL BORROWING		479.723	298.215
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		791.523	742.544
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		186.607	144.308
Capital work-in-progress		206.810	175.658
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		39.479	58.414
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	432.845	478.788
	Sundry Debtors	656.827	615.043
	Cash & Bank Balances	46.859	32.561
	Other Current Assets	0.953	4.237
	Loans & Advances	200.419	143.297
Total Current Assets		1337.903	1273.926
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	558.833	533.595
	Other Current Liabilities	298.820	268.762
	Provisions	121.623	107.405
Total Current Liabilities		979.276	909.762
Net Current Assets		358.627	364.164
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		791.523	742.544

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	3305.803	3258.337	2628.610
		Other Income	12.393	7.943	140.230
		TOTAL (A)	3318.196	3266.280	2768.840
Less	EXPENSES
		Cost of materials consumed	1683.189	1608.789
		Purchase of stock-in-trade	414.442	487.900
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	113.124	36.996
		Employee benefits expense	415.972	351.947
		Other expenses	832.139	837.811
		TOTAL (B)	3458.866	3323.443	NA
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(140.670)	(57.163)
Less	FINANCIAL EXPENSES (D)		37.029	26.577
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(177.699)	(83.740)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		47.302	29.854
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(225.001)	(113.594)
Less	TAX (H)		39.479	18.935
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(264.480)	(132.529)	4.529
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(54.845)	77.684	73.155
	BALANCE CARRIED TO THE B/S		(319.325)	(54.845)	77.684
	EARNINGS IN FOREIGN CURRENCY
		Export (FOB basis)	NA	26.290	14.300
	TOTAL EARNINGS		NA	26.290	14.300
	Earnings / (Loss) Per Share (Rs.)		(162.01)	(91.54)	(3.13)

Expected Sales (2013-2014): Rs.3700.000 Millions

The above information has been parted by Mr. Puneet Gupta (Chief Financial Officer).

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(7.97)	(4.06)	0.16
Net Profit Margin (PBT/Sales)	(%)	(6.81)	(3.49)	NA
Return on Total Assets (PBT/Total Assets}	(%)	(13.39)	(7.45)	NA
Return on Investment (ROI) (PBT/Networth)		(0.67)	(0.36)	NA
Debt Equity Ratio (Total Debt/Networth)		1.47	1.54	0.67
Current Ratio (Current Asset/Current Liability)		1.26	1.37	1.40

FINANCIAL ANALYSIS

[All figures are in Rupees Millions]

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	2628.610	3258.337	3305.803
		23.957	1.457

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	2628.610	3258.337	3305.803
Profit	4.529	(132.529)	(264.480)
	0.17%	(4.07%)	(8.00%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	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	No
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	No

UNSECURED LOANS

Particulars	31.03.2012 (Rs. In Millions)
Term Loan from Banks (Foreign Currency) (From Sika AG, the Holding Company)	238.951
Working Capital Loan from Banks (Buyer's Credit)	0.000
Loans Repayable on Demand from Bank (The overdraft is repayable on demand and carries interest varying from 11.50% p.a. to 12.25% p.a).	240.772
Total	479.723

NATURE OF OPERATIONS:

The Company is in the business of manufacturing and trading of Construction Chemicals with its business spread all over the country. The business is carried on with two broad segments Construction and Industry.

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

FIXED ASSETS

v Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipments

· Other Equipments

v Intangible Assets

· 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 records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.26
UK Pound	1	Rs.99.63
Euro	1	Rs.80.59

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	SUM
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		31

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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