MIRA INFORM REPORT

Report Date :

22.09.2014

IDENTIFICATION DETAILS

Name :	FAIRMATE CHEMICALS PRIVATE LIMITED
Registered Office :	1514, Ranchhod Bhavan, Moti Vasan Sheri, Saraspur, Ahmedabad – 380008, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	27.06.1995
Com. Reg. No.:	04–026528
Capital Investment / Paid-up Capital :	Rs. 2.000 Millions
CIN No.: [Company Identification No.]	U65910GJ1995PTC026528
TAN No.: [Tax Deduction & Collection Account No.]	AHMF00074E
PAN No.: [Permanent Account No.]	AAACF1778M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Construction Chemicals.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 27000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Exist
Comments :	Subject is an established company having moderate track record. The company has taken huge external borrowings, which acts as threatening to the liquidity position of the company. Profitability of the company is low. However, trade relations are fair. Business is active. Payment terms are slow but correct. 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.

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Hemish
Designation :	Finance Manager
Contact No.:	91-265-2358173
Date :	22.03.2014

Registered/ Head Office :	1514, Ranchhod Bhavan, Moti Vasan Sheri, Saraspur, Ahmedabad – 380008, Gujarat, India
Tel. No.:	91-79-22160847/ 26465577/ 22923131
Fax No.:	91-79-22122545/ 22923434
E-Mail :	hemish@fairmate.net neha@fairmate.com rakesh@fairmate.net sales@fairmate.net jawas@fairmate.net delhi@fairmate.net mumbai@fairmate.net
Website :	http://www.fairmate.com
Location :	Owned
Corporate Office :	Sai Sudha, 8/1 Arunoday Society, Alkapuri, Vadodara – 390007, Gujarat, India
Tel. No.:	91-265-2358173-74/ 2331193
Fax No.:	91-265-2338733
Factory :	Near Padra, Baroda, Gujarat, India
Branch Offices :	Located at: · Anand Ahmedabad Agra Bhopal Bhubaneswar Bengaluru Chennai Cochin Pune/Lavasa Delhi Gandhidham Jalandhar Junagadh Kanpur Lucknow Mumbai Panipat Kolkata Rajkot Surat Valsad
international Offices :	Located at: UAE OFFICE Hamriyah Free Zone, P.O. Box No. : 42023, Sharjah, UAE +9716 5261052 +9716 5261053 sales@fairmate.ae NEPAL OFFICE GPO Box No. 1344, Pako, New Road, Kathmandu, Nepal +9771 5553349 +9771 5553349 sales@fairmate.com

DIRECTORS

AS ON 30.09.2013

Name :	Mr. Bhaveshbhai Baldevbhai Shah
Designation :	Director
Address :	1514, Moti Vasan Sheri, Saraspur, Ahmedabad – 380018, Gujarat, India
Date of Birth/Age :	13.11.1969
Date of Appointment :	01.04.1999
DIN No.:	00500036
Name :	Mr. Rakeshbhai Baldevbhai Shah
Designation :	Director
Address :	1474, Nani Vasan Sheri, Saraspur, Ahmedabad – 380018, Gujarat, India
Date of Birth/Age :	08.08.1962
Date of Appointment :	01.04.1997
DIN No.:	00500196

KEY EXECUTIVES

Name :	Ms. Deepali
Designation :	Accounts Executive
Name :	Mr. Hemish
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Baldevbhai Shah	10
Rakesh Shah	80000
Umesh Shah	27420
Baldevbhai N. Shah Joint holder Rakesh B. Shah	1000
Rakesh B. Shah Joint holder Jaimini R. Shah	1000
Umesh B. Shah Joint holder Falguni U. Shah	1000
Bhavesh B. Shah Joint holder Swati B. Shah	1000
Jaimini R. Shah Joint holder Rakesh B. Shah	1000
Falguni U. Shah Joint holder Umesh B. Shah	1000
Swati B. Shah Joint holder Bhavesh B. Shah	1000
Baldevbhai N. Shah Joint holder Rakesh B. Shah Joint holder Bhavesh B. Shah	1000
Ranchodbhai N. Shah Joint holder Umesh B. Shah	1000
Ishwarbhai J. Patel Joint holder Rajesh I. Patel Joint holder Ratnaben I. Patel	10
Abhesang P. Patel Joint holder Ramesh A. Patel Joint holder Chandu A. Patel	10
Prabhuben D. Patel Joint holder Laxmiben R. Patel Joint holder Gitaben V. Patel	10
Amarsang J. Patel Joint holder Laxmiben R. Patel Joint holder Ramilaben A. Patel	10
Dhanjibhai B. Patel Joint holder Vasant J. Patel Joint holder Rayajibhai B. Patel	10
Vinod I. Patel Joint holder Manjulaben I. Patel Joint holder Chandrakant I. Khalas	10
Shravanbhai J. Patel	10
Bhavesh B. Shah	80000
Ranchodbhai N. Shah	3500
Total	200000

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Construction Chemicals.
Exports :
Products :	Finished Goods
Countries :	· Middle East Far East African Countries
Imports :
Products :	Raw Material
Countries :	· China Dubai Korea Germany
Terms :
Selling :	L/C and Credit (30-90 Days)
Purchasing :	L/C and Credit (30-90 Days)

GENERAL INFORMATION

Customers :

End Users and Corporate

No. of Employees :

100 (Approximately)

Bankers :

· Kotak Mahindra Bank Limited

36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai - 400021, Maharashtra, India

· HDFC Bank Limited

Bank of Baroda

The Saraspur Nashik Cooperative Bank Limited

Punjab National Bank

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Term Loan	2.495	5.163
Total	2.495	5.163

Banking Relations :	--
Financial Institution :	· Gujarat State Financial Corporation Block No. 10-11, Udyog Bhavan, Gujarat, India
Auditors :
Name :	J. P. Patel and Company Chartered Accountants
Address :	B/35,Third Floor, Ajanta Commercial Center, Ashram Road, Ahmedabad – 380014, Gujarat, India
Tel. No.:	91-79-27544689
Income-tax PAN of auditor or auditor's firm :	ABDPP5182C

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
200,000	Equity Shares	Rs. 10/- each	Rs. 2.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
200,000	Equity Shares	Rs. 10/- each	Rs. 2.000 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	2.000	2.000	2.000
(b) Reserves & Surplus	4.861	3.809	2.693
(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)	6.861	5.809	4.693
(3) Non-Current Liabilities
(a) long-term borrowings	24.915	29.795	21.494
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(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)	24.915	29.795	21.494
(4) Current Liabilities
(a) Short term borrowings	30.223	41.374	5.865
(b) Trade payables	78.321	59.627	65.672
(c) Other current liabilities	2.436	1.845	2.084
(d) Short-term provisions	7.946	6.028	8.859
Total Current Liabilities (4)	118.926	108.874	82.480
TOTAL	150.702	144.478	108.667
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	16.685	18.469	16.086
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.051	0.071	0.091
(d) Long-term Loan and Advances	0.689	0.291	0.209
(e) Other Non-current assets	0.000	0.000	0.010
Total Non-Current Assets	17.425	18.831	16.396
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	36.755	39.446	26.020
(c) Trade receivables	81.140	69.595	45.115
(d) Cash and cash equivalents	8.966	6.787	16.811
(e) Short-term loans and advances	6.416	9.819	4.325
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	133.277	125.647	92.271
TOTAL	150.702	144.478	108.667

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	248.319	239.791	202.252
		Other Income	4.892	4.382	2.243
		TOTAL (A)	253.211	244.173	204.495
Less	EXPENSES
		TOTAL (B)	246.910	238.626	198.796
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		6.301	5.547	5.699
Less	FINANCIAL EXPENSES (D)		1.779	1.153	1.042
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4.522	4.394	4.657
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.921	2.818	3.023
	PROFIT BEFORE TAX (E-F) (G)		1.601	1.576	1.634
Less	TAX (H)		0.549	0.460	0.537
	PROFIT AFTER TAX (G-H) (I)		1.052	1.116	1.097
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	3.416	1.818	1.263
	CIF VALUE OF IMPORTS		43.208	27.216	17.006
	Earnings Per Share (Rs.)		5.26	5.58	5.61

Expected Sales (2013-2014): Rs. 270.000 Millions

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

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.42	0.46	0.54
Net Profit Margin (PBT/Sales)	(%)	0.64	0.66	0.81
Return on Total Assets (PBT/Total Assets}	(%)	1.06	1.09	1.50
Return on Investment (ROI) (PBT/Networth)		0.23	0.27	0.35
Debt Equity Ratio (Total Debt/Networth)		8.04	12.25	5.83
Current Ratio (Current Asset/Current Liability)		1.12	1.15	1.12

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	2.000	2.000	2.000
Reserves & Surplus	2.693	3.809	4.861
Net worth	4.693	5.809	6.861
long-term borrowings	21.494	29.795	24.915
Short term borrowings	5.865	41.374	30.223
Total borrowings	27.359	71.169	55.138
Debt/Equity ratio	5.830	12.252	8.036

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	202.252	239.791	248.319
		18.561	3.556

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	202.252	239.791	248.319
Profit	1.097	1.116	1.052
	0.54%	0.47%	0.42%

LOCAL AGENCY FURTHER INFORMATION

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

LITIGATION DETAILS

HIGH COURT OF GUJARAT

COMPANY PETITION No. 304 of 2013

Status: PENDING (Converted from : O/ST/3171/2013 ) CCIN No: 001058201300304

Next Listing Date: 26.03.2014

Coram: - HONOURABLE MR.JUSTICE S.R. BRAHMBHATT

S.NO.

Name of the Petitioner

Advocate On Record

1

VIRAVA CHEMICALS

MR PAVAN S GODIAWALA for: Petitioner(s) 1

S.NO.

Name of the Respondant

Advocate On Record

1

FAIRMATE CHEMICALS PRIVATE LIMITED

MR PREMAL R JOSHI for :Respondent(s)  1

Presented On : 28/11/2013 Registered On : 10/12/2013

Bench Category : -- District : AHMEDABAD

Case Originated From: THROUGH ADVOCATE Listed : 6 times

Stage Name : NOTICE RETURNABLE MATTERS

Classification	SJ – OJ – COMPANY APPLICATION – COMPANIES ACT, 1956 – WINDING UP – 433 AND 434
Act	COMPANIES ACT, 1956

Office Details

S. No

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

28/11/2013

VP FILED IN MAIN MATTER

MR PAVAN S GODIAWALA ADVOCATE
for PETITIONER(s)  1

0

MR PAVAN S GODIAWALA(2936) for P:1

2

28/11/2013

VAKALATNAMA

MR MANISH J SHAH ADVOCATE
for PETITIONER(s)  1

5

MR MANISH J SHAH(1320) for P:1

3

28/11/2013

MEMO OF APPEAL/PETITION/SUIT

MR MANISH J SHAH ADVOCATE
for PETITIONER(s)  1

50

MR MANISH J SHAH(1320), for P:1

4

28/11/2013

MEMO OF APPEAL/PETITION/SUIT

MR PAVAN S GODIAWALA ADVOCATE
for PETITIONER(s)  1 , 1

100

MR PAVAN S GODIAWALA(2936), for P:1

5

27/12/2013

AFFIDAVIT OF DS

MR PAVAN S GODIAWALA ADVOCATE
for PETITIONER(s)  1

0

MR PAVAN S GODIAWALA(2936) for P:1

6

08/01/2014

VAKALATNAMA

MR PREMAL R JOSHI ADVOCATE
for RESPONDENT(s)  1

5

MR PREMAL R JOSHI(1327) for R:1

Court Proceedings

S. No.	Notified Date	CourtCode	Board Sr. No.	Stage	Action	Coram
1	12/12/2013	15	4	ADMISSION (FRESH MATTERS)	NEXT DATE	· HONOURABLE MR.JUSTICE R.M.CHHAYA
2	16/01/2014	15	28	NOTICE RETURNABLE MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE R.M.CHHAYA
3	06/02/2014	15	37	NOTICE RETURNABLE MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE R.M.CHHAYA
4	25/02/2014	15	43	NOTICE RETURNABLE MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE R.M.CHHAYA
5	04/03/2014	15	27	NOTICE RETURNABLE MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE R.M.CHHAYA
6	18/03/2014	9	35	NOTICE RETURNABLE MATTERS	NEXT DATE	· HONOURABLE MR.JUSTICE S.R.BRAHMBHATT  · HONOURABLE MR.JUSTICE R.M.CHHAYA
7	26/03/2014	9	35	NOTICE RETURNABLE MATTERS		· HONOURABLE MR.JUSTICE S.R.BRAHMBHATT
8	16/04/2014	15	4	NOTICE RETURNABLE MATTERS		· HONOURABLE MR.JUSTICE R.M.CHHAYA

Available Orders

S. No.	Case Details	Judge Name	Order Date	CAV	Judgement	Questions	Transferred	Download
1	COMPANY PETITION/304/2013	· HONOURABLE MR.JUSTICE R.M.CHHAYA	12/12/2013	N	ORDER	-	Y	Download

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10278126	08/03/2011	770,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	B09526617
2	10311757	12/03/2012 *	25,000,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	B36436921

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Loans and advances from related parties	22.420	24.632
SHORT TERM BORROWINGS
Kotak Mahindra Bank – Overdrawn	21.462	36.759
Kotak Mahindra Bank – Cash Credit	8.761	3.672
HDFC Bank Limited	0.000	0.943
Total	52.643	66.006

FIXED ASSETS:

· Computer and Printer

Furniture and Fixture

Machinery

Lab Equipment

Vehicles

Telephone Instrument

Electrical Installation

Factory Building

Multimedia Projector

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. 60.80
UK Pound	1	Rs.100.06
Euro	1	Rs. 78.46

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KAR
Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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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