MIRA INFORM REPORT

Report Date :

14.03.2014

IDENTIFICATION DETAILS

Name :	PENNWALT LIMITED
Formerly Known As :	PENNWALT INDIA LIMITED PENNWALT INDIA PRIVATE LIMITED (w.e.f.16.05.1970) SHARPLES PROCESS ENGINEERS PRIVATE LIMITED (w.e.f.07.05.1962) SHARPLES PROCESS ENGINEERS LIMITED
Registered Office :	D-221, M.I.D.C., T.T.C. Industrial Area, Thane-Belapur Road, Nerul, Navi Mumbai – 400706, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	24.10.1959
Com. Reg. No.:	11-011487
Capital Investment / Paid-up Capital :	Rs. 8.410 Millions
CIN No.: [Company Identification No.]	U99999MH1959PLC011487
TAN No.: [Tax Deduction & Collection Account No.]	MUMP17979D
PAN No.: [Permanent Account No.]	AAACP6840L
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Food Processing Machinery, Super-D-Canter, Super Centrifuge etc.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

A (65)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 2300000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company having fine track record. The rating reflects healthy financial risk profile supported by strong liquidity position and decent profitability of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good for normal 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

State-run banks hired nearly 300000 personnel including more than 94000 officers in the last four years, according to the Indian Banks Association. A study by trade lobby Assocham in September 2013 indicated that banks would need 800000 people in the next six years. It estimated that state-run lenders alone would hire 50000 people in 2013/14.

The Competition Commission of India plans to issue final orders within a broad time-frame of one year in matters where it decides to carry out detailed investigations. The number of complaints received by the watchdog which keeps tabs on unfair trade practices in the marketplace.

The government has detected custom tax evasion totaling around Rs 37920 mn in 14 states until December. Maharashtra topped the list of Rs 14190 mn followed by Andhra Pradesh at Rs 8140 mn, Gujarat Rs 5240 mn, Karnataka Rs 1670 mn and Tamilnadu Rs 1610 mn.

Connaught Place in New Delhi slipped four notches to become the world’s eighth most expensive office locations. London’s West End is the world’s most expensive office market.

There are 4.072 mn number of high value spenders under the scanner of the income tax department. The income tax department has information that they have made cash deposits announcing to Rs 1 mn or more in their savings bank accounts in the current financial year. It plans to check potential evasion before the closing of the financial year on March 31.

Estimated pharmaceutical sales in the country for 2016 is $ 27 bn. It is 14.4 per cent higher than a year ago. The life sciences and health care industry is up against challenges such as quality management, says a recent Deloitte report.

The gross non-performing assets of listed banks rose 35.2 % to Rs 2.43 lakh crore during the first three months of the financial year. In absolute terms, the 40 listed banks added Rs 3386 crore to their gross NPAs in nine months with the State Bank of India leading with the State Bank of India leading with an accretion of Rs 16610 crore.

The inflow of smuggled gold doubled in 2013 following restrictions to curb the supply from official channels to contain the current account deficit. China surpassed India in the demand for gold for the first time in 2013 due to liberalization of gold trading norms by its local governments.

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-COOPERATIVE

(CONTACT NO.: 91-22-61471600)

LOCATIONS

Registered Office/ Factory 1 :	D-221, M.I.D.C., T.T.C. Industrial Area, Thane-Belapur Road, Nerul, Navi Mumbai – 400706, Maharashtra, India
Tel. No.:	91-22 65166633/ 61471600/ 27632539/ 27632503
Fax No.:	91-22-27632560
E-Mail :	info@pennwalt.com pennwalt@vsnl.in ashish@pennwalt.com
Website :	http://www.pennwalt.com
Factory 2 :	Plot No. 272/A, Savli GIDC, Village Manjusar, District Vadodara - 391775, Gujarat, India
Tel. No.:	91-2667-264436/ 7/ 8

DIRECTORS

AS ON 25.09.2013

Name :

Mr. Sukhdev Aryamuni Kashyap

Designation :

Managing director

Address :

18, Sea Belle, L. Jagmohandas Marg, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

07.01.1936

Date of Appointment :

01.08.2013

DIN No.:

00055096

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	U99999MH1959PLC011487	PENNWALT LIMITED	Managing director	01/08/2013	10/06/1968	Active	NO
2	U29299MH1992PLC065468	PENNWALT BERTUZZI LIMITED	Director	18/02/1992	18/02/1992	Active	NO
3	U67120MH1996PLC098407	PENNWALT FINANCE AND INVESTMENTS LIMITED	Director	25/03/1996	25/03/1996	Active	NO
4	U65990MH1983PTC029327	VARUN HOLDINGS PRIVATE LIMITED	Director	04/11/1996	04/11/1996	Active	NO
5	U25206MH1997PLC112176	PENNWALT AGRU PLASTICS LIMITED	Director	04/11/2008	01/12/1998	Active	NO
6	U01119MH2008PTC182402	PENNWALT XEDA AGRO-CHEM PRIVATE LIMITED	Managing director	22/11/2008	19/05/2008	Active	NO

Name :

Mr. Ashish Sukhdev Kashyap

Designation :

Whole-time director

Address :

18, Sea Belle L. Jagmohandas Marg, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

23.09.1970

Date of Appointment :

01.10.2011

DIN No.:

00055098

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	U25206MH1997PLC112176	PENNWALT AGRU PLASTICS LIMITED	Managing director	04/11/2008	18/04/2001	Active	NO
2	U99999MH1959PLC011487	PENNWALT LIMITED	Whole-time director	01/10/2011	01/10/2001	Active	NO
3	U65990MH1983PTC029327	VARUN HOLDINGS PRIVATE LIMITED	Director	09/03/2002	09/03/2002	Active	NO
4	U29299MH1992PLC065468	PENNWALT BERTUZZI LIMITED	Director	11/11/2004	11/11/2004	Active	NO
5	U67120MH1996PLC098407	PENNWALT FINANCE AND INVESTMENTS LIMITED	Director	11/11/2004	11/11/2004	Active	NO
6	U01119MH2008PTC182402	PENNWALT XEDA AGRO-CHEM PRIVATE LIMITED	Director	19/05/2008	19/05/2008	Active	NO

Name :

Mr. Homi Phiroze Ranina

Designation :

Director

Address :

“Common Wealth”, Flat No.24, 6^th Floor, 181, Backbay Reclamation, Mumbai – 400020, Maharashtra, India

Date of Birth/Age :

19.10.1946

Date of Appointment :

12.09.1984

DIN No.:

00024753

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	L63040DL1981PLC011941	INTERNATIONAL TRAVEL HOUSE LIMITED	Director	01/08/1983	01/08/1983	-	Active	NO
2	U99999MH1959PLC011487	PENNWALT LIMITED	Director	12/09/1984	12/09/1984	-	Active	NO
3	L72900MH1980PLC022652	ZENITH COMPUTERS LIMITED	Director	29/06/1988	29/06/1988	20/08/2011	Active	NO
4	U29141KA1994PTC054955	DOVER INDIA PRIVATE LIMITED	Alternate director	20/12/2003	20/12/2003	-	Active	NO

Name :

Mr. Hormazdiyaar Shiavax Vakil

Designation :

Director

Address :

122, Somerset House 61, B. Desai Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

08.08.1953

Date of Appointment :

29.12.1992

DIN No.:

00060835

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	U99999MH1959PLC011487	PENNWALT LIMITED	Director	29/12/1992	29/12/1992	-	Active	NO
2	U35100MH2002PTC137751	COSCO (INDIA) SHIPPING PRIVATE LIMITED	Alternate director	17/11/2002	17/11/2002	09/10/2012	Active	NO
3	U63090MH2003PTC140624	ASL SHIPPING AND LOGISTICS (INDIA) PRIVATE LIMITED	Alternate director	22/07/2003	22/07/2003	09/10/2012	Active	NO
4	U24246MH1946PTC005194	NETERSON TECHNOLOGIES PRIVATE LIMITED	Director	17/02/2005	17/02/2005	-	Active	NO
5	U67190MH2005PTC156119	QUANTUM TRUSTEE COMPANY PRIVATE LIMITED	Director	16/09/2005	16/09/2005	-	Active	NO
6	U63010MH1999PTC120958	C U INSPECTIONS INDIA PRIVATE LIMITED	Director	30/09/2008	31/08/2008	14/03/2012	Active	NO
7	U01403MH2014PTC252134	INDIGROZ AGRICULTURAL SERVICES PRIVATE LIMITED	Director	16/01/2014	16/01/2014	-	Active	NO
8	U01403MH2014PTC252311	INDIGROZIT AGRICULTURAL SERVICES PRIVATE LIMITED	Director	21/01/2014	21/01/2014	-	Active	NO

Name :

Mr. Stuti Kaul

Designation :

Director

Address :

10, Burnstones Grave Sandygate, Sheffield, S10 5TU England

Date of Birth/Age :

25.07.1967

Date of Appointment :

29.09.1997

DIN No.:

00055121

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	U99999MH1959PLC011487	PENNWALT LIMITED	Director	29/09/1997	29/09/1997	Active	NO
2	U01119MH2008PTC182402	PENNWALT XEDA AGRO-CHEM PRIVATE LIMITED	Director	30/09/2009	22/11/2008	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 25.09.2013

NOTE: SHAREHOLDING DETAILS FILE ATTACHED

AS ON 25.09.2013

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	11.98
Bodies corporate	39.57
Directors or relatives of directors	40.82
Other top fifty shareholders	7.63
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Food Processing Machinery, Super-D-Canter, Super Centrifuge etc.

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· Union Bank of India

66/80; B.S. Marg, Fort, Bombay - 400023, Maharashtra, India

· HDFC Bank Limited

ICICI Bank Limited

Yes Bank Limited

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Vehicle Loan	4.134	0.000
Less :- Current maturities of Long term borrowings	1.663	0.000
SHORT TERM BORROWINGS
Loans payable on demand from banks - Over draft (Secured against fixed deposits with Banks)	11.096	6.072
Total	13.567	6.072

Banking Relations :	--
Financial Institution :	· Sundaram Finance Limited 21 Patullos Road Chennai - 600002, Tamilnadu, India
Auditors :
Name :	N. M. Raiji And Company Chartered Accountants
Address :	Universal Insurance Building, P. M. Road, Fort, Mumbai – 400001, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAAFN4217G
Subsidiary Company :	Pennwalt Finance And Investments Limited (U67120MH1996PLC098407)
Joint Venture :	· Pennwalt Agru Plastics Limited Pennwalt Xeda Agro-Chem Private Limited.

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
150,000	Equity Shares	Rs. 100/- each	Rs. 15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
84,099	Equity Shares	Rs. 100/- each	Rs. 8.410 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	8.410	8.410	8.410
(b) Reserves & Surplus	568.216	485.139	419.956
(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)	576.626	493.549	428.366
(3) Non-Current Liabilities
(a) long-term borrowings	2.471	0.000	0.000
(b) Deferred tax liabilities (Net)	1.103	1.465	2.053
(c) Other long term liabilities	3.540	3.390	19.078
(d) long-term provisions	12.484	11.360	11.560
Total Non-current Liabilities (3)	19.598	16.215	32.691
(4) Current Liabilities
(a) Short term borrowings	11.096	6.072	10.124
(b) Trade payables	17.426	26.247	22.925
(c) Other current liabilities	74.915	77.187	66.444
(d) Short-term provisions	23.356	18.600	32.056
Total Current Liabilities (4)	126.793	128.106	131.549
TOTAL	723.017	637.870	592.606
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	54.052	52.668	56.137
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	49.679	44.679	44.029
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	119.488	96.640	82.345
(e) Other Non-current assets	48.183	0.000	304.931
Total Non-Current Assets	271.402	193.987	487.442
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	54.982	72.753	50.570
(c) Trade receivables	8.409	22.879	11.692
(d) Cash and cash equivalents	367.309	322.359	15.352
(e) Short-term loans and advances	1.386	4.745	13.350
(f) Other current assets	19.529	21.147	14.200
Total Current Assets	451.615	443.883	105.164
TOTAL	723.017	637.870	592.606

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	300.755	298.848	283.055
		Other Income	47.580	39.730	46.833
		TOTAL (A)	348.335	338.578	329.888
Less	EXPENSES
		Cost of Materials Consumed	40.688	65.268	70.127
		Purchases of Stock-in-Trade	27.057	47.451	38.107
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	9.673	(11.047)	0.882
		Employees benefits expense	48.133	40.208	45.785
		Other expenses	48.099	54.305	42.010
		TOTAL (B)	173.650	196.185	196.911
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		174.685	142.393	132.977
Less	FINANCIAL EXPENSES (D)		0.740	0.299	0.563
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		173.945	142.094	132.414
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.342	5.064	5.070
	PROFIT BEFORE TAX (E-F) (G)		168.603	137.030	127.344
Less	TAX (H)		56.138	47.412	44.111
	PROFIT AFTER TAX (G-H) (I)		112.465	89.618	83.233
	EARNINGS IN FOREIGN CURRENCY
		Export of Goods on FOB Basis	122.993	73.696	63.233
		Commission received	1.290	11.310	0.000
		Repair job Income	0.246	2.248	0.000
	TOTAL EARNINGS		124.529	87.254	63.233
	IMPORTS
		Raw Materials	8.492	23.749	12.683
		Stores & Spares	12.913	24.811	27.549
		Capital Goods	0.000	0.525	0.000
	TOTAL IMPORTS		21.405	49.085	40.232
	Earnings Per Share (Rs.)		1337.29	1065.63	985.25

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	32.29	26.47	25.23
Net Profit Margin (PBT/Sales)	(%)	56.06	45.85	44.99
Return on Total Assets (PBT/Total Assets}	(%)	25.04	23.10	23.21
Return on Investment (ROI) (PBT/Networth)		0.29	0.28	0.30
Debt Equity Ratio (Total Debt/Networth)		0.02	0.01	0.02
Current Ratio (Current Asset/Current Liability)		3.56	3.46	0.80

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. in Millions)	(Rs. in Millions)	(Rs. in Millions)
Share Capital	8.410	8.410	8.410
Reserves & Surplus	419.956	485.139	568.216
Net worth	428.366	493.549	576.626
long-term borrowings	0.000	0.000	2.471
Short term borrowings	10.124	6.072	11.096
Total borrowings	10.124	6.072	13.567
Debt/Equity ratio	0.024	0.012	0.024

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	283.055	298.848	300.755
		5.579	0.638

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	283.055	298.848	300.755
Profit	83.233	89.618	112.465
	29.41%	29.99%	37.39%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10010135	30/06/2006	210,000.00	SUNDARAM FINANCE LIMITED	21 PATULLOS ROAD, CHENNAI - 600002, TAMILNADU, INDIA	A02471746

FIXED ASSETS:

· Leasehold Land

Building

Plant and Machinery

Furniture Fixtures and Computers

Office Equipments

Vehicles

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. 61.02
UK Pound	1	Rs. 101.65
Euro	1	Rs. 85.02

INFORMATION DETAILS

Information Gathered by :	NYA
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		65

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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