MIRA INFORM REPORT

Report Date :

02.10.2014

IDENTIFICATION DETAILS

Name :	PITAMBARI PRODUCTS PRIVATE LIMITED (w.e.f. 29.05.2003)
Formerly Known As :	PITAMBARI MARKETING PRIVATE LIMITED (w.e.f. 21.07.1999) MHALSA SALES COMPANY PRIVATE LIMITED
Registered Office :	3rd Floor, Hemendra Apartment, Gokhale Road, Thane - 400602, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	07.04.1989
Com. Reg. No.:	11-051314
Capital Investment / Paid-up Capital :	Rs. 20.000 Millions
CIN No.: [Company Identification No.]	U24239MH1989PTC051314
TAN No.: [Tax Deduction & Collection Account No.]	PNEP07752D
PAN No.: [Permanent Account No.]	AABCM1570F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Marketing of Cleaning Products and Healthcare Products.
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

Maximum Credit Limit :	USD 160000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Management has reported a profit during FY14 as against a previous year loss, resulting into wiping off its accumulated losses. However, trade relations are improving. Business is active. Payments terms are reported as slow but correct. In view of experienced promoters and well accepted product brands, the company can be considered for business dealings 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

N E W S

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

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

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

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

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

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

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

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL SME
Rating	“SME4”
Rating Explanation	Average credit worthiness
Date	April 23, 2013

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 DENIED BY

Management non co-operative (91-22-67035564)

LOCATIONS

Registered Office :	3^rd Floor, Hemendra Apartment, Gokhale Road, Thane – 400 602, Maharashtra, India
Tel. No.:	91-22-67035564/ 67035555/ 5640
Mobile No.:	91-9223266017 (Mr. Madhav Poojan)
Fax No.:	91-22-25396848
E-Mail :	shining@pitambari.com sales@pitambari.com umesh.pawar@pitambari.com
Website :	www.pitambari.com
Location :	Owned
Factory :	Located at: · Ganpatipada and Supe (Maharashtra) · Salem (Tamilnadu) · Baddi (Himachal Pradesh) · Vadodara (Gujarat)

DIRECTORS

As on: 10.07.2014

Name :

Mr. Ravindra Vaman Prabhudesai

Designation :

Director

Address :

B/1/2, 3, Vikas Complex, Meena Tai Thakre, Chowk, Agra Road, Thane – 400 601, Maharashtra, India

Date of Appointment :

07.04.1989

DIN No :

02141873

Voter ID No.:

RCT5151071

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	U24239MH1989PTC051314	PITAMBARI PRODUCTS PRIVATE LIMITED	Director	07/04/1989	07/04/1989	-	Active	NO
2	U99999MH1991PTC059839	KLENZ MARKETING PRIVATE LIMITED	Director	16/04/2003	16/04/2003	-	Under liquidation	NO
3	U70102MH2008PTC186339	VASUNDHARA VIKASAK PRIVATE LIMITED	Director	29/08/2008	29/08/2008	-	Strike off	NO
4	U45400MH2008PTC186475	KALPAK VIKASAK PRIVATE LIMITED	Director	04/09/2008	04/09/2008	-	Strike off	NO
5	U85191PN2008PTC132703	KONKAN AYUR PHARMA PRIVATE LIMITED	Director	30/09/2009	30/09/2009	-	Active	NO

Name :

Mrs. Vrushali Ravindra Prabhudesai

Designation :

Director

Address :

B/1/2, 3, Vikas Complex, Meena Tai Thakre, Chowk, Agra Road, Thane – 400 601, Maharashtra, India

Date of Appointment :

28.04.2011

DIN No :

02142010

Voter ID No.:

RCT5151089

Name :

Mr. Ajay Arvind Joshi

Designation :

Director

Address :

Swami Narayan Bhuvan, Kharkar Ali, Thane – 400 601, Maharashtra, India

Date of Birth/Age :

05.02.1970

Date of Appointment :

30.08.2010

DIN No :

03125616

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	U24239MH1989PTC051314	PITAMBARI PRODUCTS PRIVATE LIMITED	Director	30/08/2010	01/07/2010	-	Active	NO

Name :

Mr. Santosh Chandrakant Palkar

Designation :

Director

Address :

Building No. II, Flat No.503, Ozen Valley, Parsik Nagar, Kharegaon, Kalwa – 400 605, Maharashtra, India

Date of Birth/ Age :

18.02.1972

Date of Appointment :

28.09.2012

DIN No :

05337889

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	U24239MH1989PTC051314	PITAMBARI PRODUCTS PRIVATE LIMITED	Director	28/09/2012	01/08/2012	-	Active	NO

KEY EXECUTIVES

Name :	J. H. Ranade and Associates
Designation :	Company Secretary

MAJOR SHAREHOLDERS

As on: 30.09.2014

Names of Shareholders (Equity Shares)	No. of Shares
Ravindra Vaman Prabhudesai	198654
Vrushali Ravindra Prabhudesai	1286
Ajay Arvind Joshi	10
Total	199950

Names of Shareholders (Preference Shares)	No. of Shares
RaviAlka Palsule	1
Abhiskek Sathe	1
Chandrashekar Pore	1
Rajesh and Anita Pore	1
Gandhavati and G.N.Tambe	1
Aniruddha Gadgil	1
Gangadhar Joshi	1
Suchitra and Jayant Ranade	1
Sulbha Ranade	1
Ruta Ranade	1
Kalpana Chitade	1
K. Murugesan	1
Padmaja Pote	1
Rajani Ramesh Salinkhe	1
Shriram Vasant Joshi	1
Aditya Lalit	1
Jayshree Niimkar	1
Ramakant Shivam Bhatkar	1
Vinayak Maruti Sonam	1
Manjusha Ballal	1
Milind Balal	1
Damodar Soanam	1
Vinayak Rahalkar	1
Sudhir Barve	1
Shreyas Ganu	1
Shweta Ganu	1
Shambhunath Ganu	1
Shivanand Kulkarni	1
Shashank Sawant	1
Sanjiv Vaje	1
Bhaskar Sathe	1
Rashmi Sathe	1
Ramchandra Acharya	1
Usha Nimkar	1
Total	35

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2014

Category	Percentage
Directors or relatives of directors	100.00
Total

BUSINESS DETAILS

Line of Business :

Manufacturing and Marketing of Cleaning Products and Healthcare Products.

Products :

· Pitambari Dishwash Bar · Pitambari Dishwash Liquid · Pitambari Dishwari Paste · Klenz Powerwash Detergent Powder · Pitambari Detergent Powder · Sanitall Toilet Cleaner · X gen Aleovera Based After Shave Gel · Pitambari Shining Powder Copper and Brass Shine Powder · Vasundhara Baby Massage Oil · Vasundhara Balghuti · Vasundhara Lacting Graniles · Pancharas Pachak Mukhwas · Geni Memory Enhancer Granules · Liquid Detergent

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· The Thane Janata Sahakari Bank Limited, Anant Laxmi Chamber, B-Cabin, Shivaji Nagar Road, Naupada, Thane – 400 602, Maharashtra, India

· ICICI Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Term Loan From
From Bank	40.262	46.126
From Other	19.178	19.178
Short term Borrowing
Loan repayable on demand
From banks	64.873	75.071
From Others	0.000	0.301
Total	124.313	140.676

Banking Relations :	--
Financial Institution :	Dewan Housing Finance Corporation Limited, Ground Floor, Arjun Tower, Gokhale Road, Naupada, Thane – 400 602, Maharashtra, India
Auditors :
Name :	Joshi and Karandikar Chartered Accountants
Address :	A/4, Sanmitra Co-operative Housing Society, M.G. Road, Thane – 400 602, Maharashtra, India
Tel. No.:	91-22-25408828
Fax No.:	91-22-25408828
E-Mail :	pramod.lele@rediffmail.com
PAN :	AAAFJ9154G
Memberships :	· Federation of Indian Chambers of Commerce and Industry (FICCI) · Confederation of Indian Industry (CII) · Chemicals Pharmaceuticals & Cosmetics Export Promotion Council (CHEMEXCIL) · Pharmaceuticals Export Promotion Council (PHARMAEXCIL) · Indian Merchants' Chamber (IMC) · Indo-American Chamber of Commerce

CAPITAL STRUCTURE

As on: 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
299950	Equity Shares	Rs.100/- each	Rs. 29.995 Millions
50	Preference Share	Rs.100/- each	Rs. 0.005 Million
	Total		Rs.30.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
299950	Equity Shares	Rs.100/- each	Rs. 19.995
35	Preference Share	Rs.100/- each	Rs. 0.003 Million
	Total		Rs.19.998 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.20134	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	20.000	17.500	17.500
(b) Reserves & Surplus	26.525	(12.502)	(7.509)
(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)	46.525	4.998	9.991
(3) Non-Current Liabilities
(a) long-term borrowings	87.081	82.295	62.765
(b) Deferred tax liabilities (Net)	6.375	3.078	2.906
(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)	93.456	85.373	65.671
(4) Current Liabilities
(a) Short term borrowings	64.873	75.371	102.993
(b) Trade payables	87.613	74.098	60.885
(c) Other current liabilities	49.673	54.791	26.125
(d) Short-term provisions	44.045	16.417	15.878
Total Current Liabilities (4)	246.204	220.677	205.881
TOTAL	386.185	311.048	281.543
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	115.164	84.038	74.126
(ii) Intangible Assets	6.442	2.952	1.511
(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	3.143	2.444	1.894
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	30.125	23.979	21.118
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	154.874	113.413	98.649
(2) Current assets
(a) Current investments
(b) Inventories	44.760	51.433	41.846
(c) Trade receivables	133.074	113.405	121.495
(d) Cash and cash equivalents	37.435	17.452	14.471
(e) Short-term loans and advances	16.042	15.345	5.082
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	231.311	197.635	182.894
TOTAL	386.185	311.048	281.543

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	983.345	748.883	659.060
		Other Income	15.729	5.151	2.496
		TOTAL	999.074	754.034	661.556
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	938.229	758.854	658.983
	PROFIT/LOSS BEFORE TAX		60.845	(4.820)	2.573
Less	TAX		17.138	0.172	0.280
	PROFIT AFTER TAX		43.707	(4.992)	2.293
	BALANCE CARRIED TO THE B/S		43.707	(4.648)	2.293
	Earnings Per Share (Rs.)		165.86	(28.54)	17.54

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PAT / Total Income	(%)	4.37	(0.66)	0.35
Net Profit Margin (PBT/Sales)	(%)	6.19	(0.64)	0.39
Return on Total Assets (PBT/Total Assets}	(%)	15.88	(1.56)	0.92
Return on Investment (ROI) (PBT/Networth)		1.31	(0.96)	0.26
Debt Equity Ratio (Total Debt/Networth)		3.27	31.55	16.59
Current Ratio (Current Asset/Current Liability)		0.94	0.90	0.89

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	17.500	17.500	20.000
Reserves & Surplus	(7.509)	(12.502)	26.525
Net worth	9.991	4.998	46.525
long-term borrowings	62.765	82.295	87.081
Short term borrowings	102.993	75.371	64.873
Total borrowings	165.758	157.666	151.954
Debt/Equity ratio	16.591	31.546	3.266

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	659.060	748.883	983.345
		13.629	31.308

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	659.060	748.883	983.345
Profit	2.293	(4.992)	43.707
	0.35%	(0.67%)	4.44%

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	No
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	No
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	No
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	No
31]	Date of Birth of Proprietor/Partner/Director, if available	No
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Unsecured Loan (Rs. In Millions)

Partulare	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Deposits from Shareholders	27.641	16.991
Short term Borrowing
Other loan Advances	87.612	74.098
Total	115.253	91.089

 INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10515223	27/06/2014	2,000,000.00	TJSB Sahakari Bank Limited	NAUPADA BRANCH, ANANT LAXMI CHEMBER,, B-CABIN, SH  IVAJI NAGAR,, THANE, Maharashtra - 400602, INDIA	C16609976
2	10515225	27/06/2014	5,000,000.00	TJSB Sahakari Bank Limited	NAUPADA BRANCH, ANANT LAXMI CHEMBER,, B-CABIN, SH  IVAJI NAGAR,, THANE, Maharashtra - 400602, INDIA	C16611048
3	10515226	27/06/2014	13,000,000.00	TJSB Sahakari Bank Limited	NAUPADA BRANCH, ANANT LAXMI CHEMBER,, B-CABIN, SH  IVAJI NAGAR,, THANE, Maharashtra - 400602, INDIA	C16612509
4	10496976	20/05/2014	5,100,000.00	TJSB Sahakari Bank Limited	ANANT LAXMI CHEMBER, B-CABIN, SHIVAJI NAGAR ROAD,  THANE WEST, THANE, Maharashtra - 400602, INDIA	C05294541
5	10442611	23/07/2013	775,000.00	TJSB SAHAKARI BANK LTD	ANANT LAXMI CHEMBER, B- CABIN,SHIVAJI NAGAR ROAD,,  NAUPADA, THANE, Maharashtra - 400602, INDIA	B81950925
6	10424269	18/03/2013	1,500,000.00	TJSB SAHAKARI BANK LIMITED	ANANT LAXMI CHAMBERS,, NAUPADA BRANCH,, THANE, Ma  harashtra - 400602, INDIA	B74625070
7	10406261	03/01/2013	2,500,000.00	TJSB Sahakari Bank Limited	ANANT LAXMI CHAMBERS, NAUPADA BRANCH, THANE (WEST  ), THANE, Maharashtra - 400602, INDIA	B68818285
8	10406262	03/01/2013	30,000,000.00	TJSB SAHAKARI BANK LIMITED	ANANT LAXMI CHAMBERS, NAUPADA BRANCH, THANE (WEST  ), THANE, MAHARASHTRA - 400602, INDIA	B68820349
9	10380544	21/09/2012	1,000,000.00	TJSB SAHAKARI BANK LIMITED	ANANT LAXMI CHEMBERS,SHIVAJI NAGAR,, OFF GOKHALE  ROAD,NAUPADATHANE, THANE, MAHARASHTRA - 400602, INDIA	B59651463
10	10376192	10/09/2012	20,000,000.00	TJSB SAHAKARI BANK LIMITED	ANANT LAXMI CHEMBERS,SHIVAJI NAGAR,, OFF GOKHALE  ROAD,NAUPADA, THANE, MAHARASHTRA - 400602, INDIA	B57943201

FIXED ASSETS:-

· Building

· Furniture and Fixture

· Livestock

· Plant and Machinery

· Office Equipment

· Vehicles

· Computers

· Capital WIP

· 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.61.61
UK Pound	1	Rs.100.28
Euro	1	Rs.78.21

INFORMATION DETAILS

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

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	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--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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