MIRA INFORM REPORT

Report Date :

05.11.2014

IDENTIFICATION DETAILS

Name :	R.K. WIRE PRODUCTS LIMITED
Registered Office :	167, Netaji Subhash Road, 1st Floor, Kolkata – 700007, West Bengal
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	23.11.1983
Com. Reg. No.:	21-036948
Capital Investment / Paid-up Capital :	Rs. 7.498 Millions
CIN No.: [Company Identification No.]	L17233WB1983PLC036948
PAN No.: [Permanent Account No.]	AABCR2041L
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of G.I. Wire, Bolt and Nut, Coils etc.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Management has failed to file the latest financial of FY14 with the Statutory Authorities. As per available, the company possesses a moderate financial profile marked by adequate networth base along with high total outside liabilities to networth ratio as a result of slow receivable cycle. Management has witnessed an acceptable revenue as well as net profitability along with minimal margins from its modest scale of operations during FY13. As per indirect source, we found that the company has performed well, improving its top and bottom line profitability during FY14. Trade relation seems to be fair. Business is active. Payment terms are reported as slow but correct. In view of extensive experience in the industry, the company can be considered for business dealings with 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 – 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 willfully 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 DECLINED BY

Name :	Mr. Govind
Contact No.:	91-33-22580042
Date :	01.11.2014

LOCATIONS

Registered Office :	167, Netaji Subhash Road, 1st Floor, Kolkata – 700007, West Bengal, India
Tel. No.:	91-33-22580042/ 43/ 44
Fax No.:	91-33-22580014
E-Mail :	atulbagaria@gmail.com info@rkwire.com

DIRECTORS

AS ON 29.08.2013

Name :

Mr. Binod Kumar Bagaria

Designation :

Managing director

Address :

10, Ballygunj Park Road, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

09.11.1953

Qualification :

B. Com

Date of Appointment :

02.03.1994

PAN No.:

AEEPB5136Q

DIN No.:

00484802

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	L27209WB1984PLC037758	R K MANUFACTURING CO LIMITED	Director	19/11/1992	19/11/1992	04/12/2007	Active	NO
2	U70200WB1981PTC033964	BAGARIA ENTERPRISES PRIVATE LIMITED	Director	02/03/1994	02/03/1994	-	Active	NO
3	L17233WB1983PLC036948	R.K.WIRE PRODUCTS LIMITED	Managing director	14/08/2014	02/03/1994	-	Active	NO
4	U24293WB1996PTC078239	BHARATI TEL UDYOG PRIVATE LIMITED	Director	20/03/1996	20/03/1996	-	Active	NO
5	U27201WB2005PTC102666	O C I COPPER PRIVATE LIMITED	Director	07/04/2005	07/04/2005	-	Active	NO

Name :

Mr. Chetan Kumar Bagaria

Designation :

Director

Address :

10, Ballygunj Park Road, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

15.07.1979

Qualification :

B. Com

Date of Appointment :

05.11.2008

PAN No.:

AEIPB4469E

DIN No.:

01226808

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	L31300TG1989PLC010761	BALAJI GALVANISING INDUSTRIES LIMITED	Director	09/06/2000	09/06/2000	14/08/2014	Active	NO
2	L17233WB1983PLC036948	R.K.WIRE PRODUCTS LIMITED	Director	05/11/2008	05/11/2008	-	Active	NO

Name :

Mr. Ajay Kumar Bagaria

Designation :

Director

Address :

10, Ballygunj Park Road, Kolkata – 700019, West Bengal, India

Date of Birth/Age :

16.11.1962

Qualification :

B. Com

Date of Appointment :

09.01.1990

PAN No.:

AEAPB6576L

DIN No.:

02279537

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	L27209WB1984PLC037758	R K MANUFACTURING CO LIMITED	Director	26/07/1984	26/07/1984	04/12/2007	Active	NO
2	L17233WB1983PLC036948	R.K.WIRE PRODUCTS LIMITED	Director	09/01/1990	09/01/1990	-	Active	NO
3	U70200WB1981PTC033964	BAGARIA ENTERPRISES PRIVATE LIMITED	Director	15/01/1993	15/01/1993	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.08.2013

NOTE: SHAREHOLDING DETAILS FILE ATTACHED

AS ON 29.08.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	42.87
Directors or relatives of directors	42.95
Other top fifty shareholders	13.50
Others	0.68
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of G.I. Wire, Bolt and Nut, Coils etc.

Products/ Services :

ITC Code No.	Product Descriptions
72172001	G.I. Wire

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· Canara Bank

M. D. Road Branch, 12, Maharishi Debendra Road,  Kolkata - 700007, West Bengal, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Other loans and advances	0.000	0.047
Total	0.000	0.047

Banking Relations :	--
Auditors :
Name :	Agarwal Maheswari and Company Chartered Accountants
Address :	2 B, Grant Lane, 4th Floor, Room No 88, Kolkata - 700012, West Bengal, India
Tel. No.:	91-33-22257937
Fax No.:	91-33-22437688
E-Mail :	agarwalmaheswari2006@yahoo.co.in
Income-tax PAN of auditor or auditor's firm :	AADFA8690B
Associates :	· Bagaria Enterprises Private Limited [U70200WB1981PTC033964] · O C I Copper Private Limited [U27201WB2005PTC102666] · Balaji Galvanising Industries Limited [L31300AP1989PLC010761]

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs. 10/- each	Rs. 10.000 Millions

Issued & Subscribed Capital :

No. of Shares	Type	Value	Amount
750,000	Equity Shares	Rs. 10/- each	Rs. 7.500 Millions

Paid-up Capital :

No. of Shares	Type	Value	Amount
749,800	Equity Shares	Rs. 10/- each	Rs. 7.498 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	7.498	7.498	7.498
(b) Reserves & Surplus	41.517	36.244	30.715
(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)	49.015	43.742	38.213
(3) Non-Current Liabilities
(a) long-term borrowings	12.251	14.406	1.315
(b) Deferred tax liabilities (Net)	3.168	2.436	2.147
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	15.419	16.842	3.462
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	118.367	95.706	57.788
(c) Other current liabilities	13.188	16.672	11.315
(d) Short-term provisions	5.292	7.098	7.108
Total Current Liabilities (4)	136.847	119.476	76.211
TOTAL	201.281	180.060	117.886
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	28.863	25.517	17.644
(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	0.707	0.707	0.707
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	24.677	26.594	22.580
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	54.247	52.818	40.931
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	29.693	18.966	30.291
(c) Trade receivables	113.578	101.417	38.091
(d) Cash and cash equivalents	0.580	3.921	6.671
(e) Short-term loans and advances	3.183	2.938	0.219
(f) Other current assets	0.000	0.000	1.683
Total Current Assets	147.034	127.242	76.955
TOTAL	201.281	180.060	117.886

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from Operations	449.415	407.213	292.115
		Other Income	0.937	1.758	0.877
		TOTAL (A)	450.352	408.971	292.992
Less	EXPENSES
		Cost of Materials Consumed	403.161	358.725	241.842
		Purchases of Stock-in-Trade	5.551	4.648	34.457
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(7.219)	12.440	(6.461)
		Employees benefits expense	4.005	3.385	1.630
		Other expenses	29.807	19.369	14.746
		Extraordinary Items	0.155	0.000	0.000
		TOTAL (B)	435.460	398.567	286.214
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		14.892	10.404	6.778
Less	FINANCIAL EXPENSES (D)		2.583	1.003	0.434
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		12.309	9.401	6.344
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.708	1.398	1.132
	PROFIT BEFORE TAX (E-F) (G)		10.601	8.003	5.212
Less	TAX (H)		5.329	2.473	1.925
	PROFIT AFTER TAX (G-H) (I)		5.272	5.530	3.287
	Earnings Per Share (Rs.)		7.03	7.37	4.38

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	1.17	1.36	1.13
Operating Profit Margin (PBDIT/Sales)	(%)	3.31	2.55	2.32
Return on Total Assets (PBT/Total Assets}	(%)	5.29	4.46	4.45
Return on Investment (ROI) (PBT/Networth)		0.22	0.18	0.14
Debt Equity Ratio (Total Debt/Networth)		0.25	0.33	0.03
Current Ratio (Current Asset/Current Liability)		1.07	1.07	1.01

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	7.498	7.498	7.498
Reserves & Surplus	30.715	36.244	41.517
Net worth	38.213	43.742	49.015
Long-term borrowings	1.315	14.406	12.251
Short term borrowings	0.000	0.000	0.000
Total borrowings	1.315	14.406	12.251
Debt/Equity ratio	0.034	0.329	0.250

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	292.115	407.213	449.415
		39.402	10.364

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	292.115	407.213	449.415
Profit	3.287	5.530	5.272
	1.13%	1.36%	1.17%

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	Yes
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	No
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90246836	11/08/2014 *	145,000,000.00	CANARA BANK	M. D. ROAD BRANCH, 12, MAHARISHI DEBENDRA ROAD,  KOLKATA, WEST BENGAL - 700007, INDIA	C19783547

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Intercorporate borrowings	0.068	0.000
Other loans and advances	12.183	14.359
Total	12.251	14.359

PERFORMANCE

The company has achieved a turnover of Rs. 449.415 Millions as compared to last years figure of Rs. 407.213 Millions, an increase of around 10%. The profit before tax increased to Rs. 10.602 Millions as compared to last years figure of Rs. 8.003 Millions, an increase of around 34%. However on account of higher tax expenses, the profit after tax has come down to Rs. 5.272 Millions as compared to Rs. 5.530 Millions.

FIXED ASSETS:

· Land

· Buildings

· Factory building

· Plant and equipment

· Factory equipments

· Other pollution reduction equipment

· Other plant and equipment

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer equipments

· Other equipments

PRESS RELEASES

R K WIRE PRODUCTS NET PROFIT RISES 138.46% IN THE MARCH 2014 QUARTER

June 4, 2014

Sales rise 36.82% to Rs 159.800 Millions

Net profit of R K Wire Products rose 138.46% to Rs 3.100 Millions in the quarter ended March 2014 as against Rs 1.300 Millions during the previous quarter ended March 2013. Sales rose 36.82% to Rs 159.800 Millions in the quarter ended March 2014 as against Rs 116.800 Millions during the previous quarter ended March 2013.

For the full year, net profit rose 109.43% to Rs 11.100 Millions in the year ended March 2014 as against Rs 5.300 crore during the previous year ended March 2013. Sales rose 29.35% to Rs 581.300 Millions in the year ended March 2014 as against Rs 449.400 Millions during the previous year ended March 2013.

AS 17 EXCHANGES FACE CLOSURE, INVESTORS IN OVER 3,000 COMPANIES COULD BE LEFT IN THE LURCH

October 12, 2014

With Madras, Bangalore, Delhi, Ahmedabad and 13 other stock exchanges set to shut operations in compliance with a Securities and Exchange Board of India (SEBI) order, lakhs of investors will be left in the lurch.

Investors holding shares in more than 3,000 companies, with market capitalisation running into thousands of crores, are likely to be affected as a result of the market regulator’s move to shut down non-operational stock exchanges.

SEBI has directed all exchanges that do not possess a trading platform with an annual turnover of at least Rs. 10000.000 Millions and a net worth of Rs.1000.000 Millions, and that do not have a tie-up with a clearing corporation, to exit. The Calcutta Stock Exchange is complaint on the first two counts and is trying to strike a deal with a clearing corporation. But the others, including 14 regional exchanges, the Over the Counter Exchange of India and the Inter-connected Stock Exchange, will have to wind up operations.

Uncertainty for investors

The question that arises is: What happens to the shares that are listed only on these exchanges? “Such (regional) stock exchanges should have been derecognised only after ensuring protection of investors,” says Virendra Jain, President of Midas Touch Investor Association. “Companies not migrating to a nationwide stock exchange should be compulsorily de-listed and the shareholders given an exit price in accordance with SEBI’s delisting rules.”

According to SEBI, in March 1997, there were 7,995 companies listed on regional stock exchanges across the country. Of these, the Calcutta Stock Exchange accounted for 1,800 companies while the Delhi Stock Exchange came a close second with almost as many. The market capitalisation of these companies was around Rs.2-lakh crore in March 1997. “There weren’t too many companies that listed on regional stock exchanges after 1997,” says V Nagappan, member of the advisory committee of the Madras Stock Exchange.

Large sum at stake

But many companies that listed during the IPO boom in 1994-95 are likely to have vanished since then. Assuming that only a third of these companies are still operational, investor money stuck in these companies can still be in the region of Rs.700000.000 Millions.

Since many of the regional stock exchanges are already non-operational, the dealing in most of these stocks was happening through off-market trades. With the latest diktat, there is a lot of confusion among investors holding these shares, says Nagappan. There are some who have been making use of this chaos to approach investors, coaxing them to sell their holdings at extremely low value.

Exit routes

SEBI has prescribed that companies listed only on regional stock exchanges can either seek listing on a national stock exchange, opt for de-listing, or be classified as vanishing companies (if no information is available on them).

Companies that do not fall under any of the above categories have to be moved to a dissemination board to be set up on any nationwide stock exchange. The dissemination board is akin to a notice board where buyers and sellers have to find each other.

But exit through this route is not going to be easy. For one, there is no guarantee that investors will be able to find buyers willing to pay the price they want to make an exit. “There are no contract notes, no trade guarantees.” says S Venkateswaran of Madras Stock Exchange. Some stocks could be in demat form and this will cause additional difficulty.” “This form of exit is a huge injustice to shareholders,” says B Madhav Reddy, MD and CEO of Calcutta Stock Exchange.

“The way out will be to migrate the companies to the BSE or NSE or any other functional stock exchange under a Section 13 arrangement,” he adds.

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. 61.41
UK Pound	1	Rs. 98.06
Euro	1	Rs. 76.67

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SUB
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		33

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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