MIRA INFORM REPORT

Report No. :	318524
Report Date :	25.04.2015

IDENTIFICATION DETAILS

Name :	BENTEC INDIA LIMITED (w.e.f. 26.03.2013)
Formerly Known As :	BENTEC INDIA PRIVATE LIMITED (w.e.f. 01.12.2011) BENTEC ELECTRICALS AND ELECTRONICS PRIVATE LIMITED
Registered Office :	Kasba Industrial Estates, Phase-II, Plot No.11, Kolkata – 700107, West Bengal
Tel. No.:	91-33-24011482
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	15.10.1987
Com. Reg. No.:	21-043163
Capital Investment / Paid-up Capital :	Rs.94.133 Million
CIN No.: [Company Identification No.]	U31200WB1987PLC043163
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCB0647G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Importer of Electrical and Electronic Items.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

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. Sales turnover of the company has declined which has resulted dip in the profitability of the company during FY2014. Trade relations are reported as fair. Business is active. Payment terms are reported to be 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating=B
Rating Explanation	High risk of default.
Date	07.04.2015

Rating Agency Name	CRISIL
Rating	Short term rating=A4
Rating Explanation	Minimal degree of safety and carry very high credit risk.
Date	07.04.2015

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 (GENERAL DETAILS)

Name :	Mr. Vimal Pachoria
Designation :	Sales Manager
Contact No.:	91-9324287968
Date :	23.04.2015

LOCATIONS

Registered Office :	Kasba Industrial Estates, Phase-II, Plot No.11, Kolkata – 700107, West Bengal, India
Tel. No.:	91-33-24011482
Mobile No.:	91-9324287968 (Mr. Vimal Pachoria)
Fax No.:	91-33-24017422
E-Mail :	info@bentecindia.com anup@bentecindia.com
Website :	www.bentecindia.com
Factory :	150, Upen Banerjee Road, Kolkata – 700060, West Bengal, India
Branches :	Located at : · Mumbai · Chennai · Indore · Ahmedabad · Surat · Pune

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Anup Bhartia

Designation :

Director

Address :

640, Block - O, New Alipore, Kolkata – 700053, West Bengal, India

Date of Birth/Age :

17.06.1973

Date of Appointment :

12.06.1996

PAN No.:

AECPB9382J

DIN No.:

00732912

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	U31200WB1987PLC043163	BENTEC INDIA LIMITED	Director	12/06/1996	12/06/1996	-	Active	NO
2	U27203WB1999PLC088926	GEMCO CASTINGS LIMITED	Director	09/03/1999	09/03/1999	-	Active	NO
3	U51909WB1959PTC024446	GLUCO SERIES PVT LTD	Director	28/06/2000	28/06/2000	-	Active	NO
4	U51109WB1996PTC081297	GEMUS DEALERS PRIVATE LIMITED	Director	13/08/2001	13/08/2001	-	Active	NO
5	U51109WB2007PTC116104	TRISHNA DEALCOM PRIVATE LIMITED	Director	03/09/2009	03/09/2009	23/04/2012	Active	NO
6	U51909WB2009PTC134286	ASHIKA TRADELINK PRIVATE LIMITED	Director	29/11/2010	29/11/2010	-	Active	NO
7	U51900WB2008PTC129951	PADMAKAR MARKETING PRIVATE LIMITED	Director	30/09/2013	10/01/2011	-	Active	NO
8	U51909WB2010PTC147222	SHRADHA VINCOM PRIVATE LIMITED	Director	30/09/2013	10/01/2011	-	Active	NO
9	U51109WB1994PTC062344	ALEMBIC MERCHANTS PVT LTD	Director	16/08/2012	16/08/2012	-	Active	NO

Name :

Mr. Rajkapoor Bhartia

Designation :

Director

Address :

640, Block - O, New Alipore, Kolkata – 700053, West Bengal, India

Date of Birth/Age :

03.03.1950

Date of Appointment :

01.02.2013

PAN No.:

AEEHPB2082G

DIN No.:

00733178

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	U31506WB1996PTC076773	BENTEC BHARTIA ENGINEERS PVT LTD	Director	01/04/1997	01/04/1997	-	Active	NO
2	U27109WB1947NPL016143	BUCKET MANUFAACTURES ASSOCIATION OF INDIA	Director	01/04/1997	01/04/1997	-	Strike off	NO
3	U27203WB1999PLC088926	GEMCO CASTINGS LIMITED	Director	01/05/2000	01/05/2000	-	Active	NO
4	U51109WB1996PTC081297	GEMUS DEALERS PRIVATE LIMITED	Director	13/08/2001	13/08/2001	-	Active	NO
5	U31200WB1987PLC043163	BENTEC INDIA LIMITED	Director	01/02/2013	01/02/2013	-	Active	NO

Name :

Mr. Amit Bhartia

Designation :

Director

Address :

640, Block - O, New Alipore, Kolkata – 700053, West Bengal, India

Date of Birth/Age :

30.10.1975

Date of Appointment :

04.10.1999

PAN No.:

AIDPB6694G

DIN No.:

00733237

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	U31506WB1996PTC076773	BENTEC BHARTIA ENGINEERS PVT LTD	Director	01/04/1997	01/04/1997	-	Active	NO
2	U51909WB1959PTC024446	GLUCO SERIES PVT LTD	Director	11/03/1999	11/03/1999	-	Active	NO
3	U31200WB1987PLC043163	BENTEC INDIA LIMITED	Director	04/10/1999	04/10/1999	-	Active	NO
4	U27203WB1999PLC088926	GEMCO CASTINGS LIMITED	Director	01/05/2000	01/05/2000	-	Active	NO
5	U51109WB1996PTC081297	GEMUS DEALERS PRIVATE LIMITED	Director	13/08/2001	13/08/2001	-	Active	NO
6	U36912WB2010PTC143686	VRINDAVAN CONCRETE MANUFACTURING PRIVATE LIMITED	Director	15/03/2010	15/03/2010	04/05/2012	Active	NO
7	U51909WB2009PTC134286	ASHIKA TRADELINK PRIVATE LIMITED	Director	29/11/2010	29/11/2010	-	Active	NO
8	U51900WB2008PTC129951	PADMAKAR MARKETING PRIVATE LIMITED	Director	30/09/2013	10/01/2011	-	Active	NO
9	U51909WB2010PTC147222	SHRADHA VINCOM PRIVATE LIMITED	Director	30/09/2013	10/01/2011	-	Active	NO
10	U51109WB2007PTC116104	TRISHNA DEALCOM PRIVATE LIMITED	Director	11/04/2012	11/04/2012	-	Active	NO
11	U51109WB1994PTC062344	ALEMBIC MERCHANTS PVT LTD	Director	16/08/2012	16/08/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Vimal Pachoria
Designation :	Sales Manager

MAJOR SHAREHOLDERS

AS ON 30.09.2014

SHAREHOLDERS DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Bodies corporate	82.82
Directors or relatives of Directors	13.83
Other top fifty shareholders	3.35
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Importer of Electrical and Electronic Items.
Products :	Electrical and Electronic Items
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :
Products :	Raw Material
Countries :	China
Terms :
Selling :	L/C, Cash, Credit
Purchasing :	L/C, Cash, Credit

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Company Name :	Kesar Industries – Daman
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark :	Not Divulged

Customers :

Company Name :	West Bengal State Electricity Transmission Company Limited – Kolkata, West Bengal, India
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark :	Not Divulged

No. of Employees :

200 (Approximately)

Bankers :

Banker Name :	State Bank of India
Branch :	Commercial Branch, Jeevan Deep, Kolkata – 700071, West Bengal, India
Person Name (With Designation) :	Not Divulged
Contact Number :	Not Divulged
Name of Account Holder :	Not Divulged
Account Number :	Not Divulged
Account Since (Date/Year of Account Opening) :	Not Divulged
Average Balance Maintained :	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan) :	Not Divulged
Account Operation :	Not Divulged
Remark :	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Short Term Borrowings
Working capital loans from banks	133.994	150.000
Borrowing from government semi-government bodies	0.000	49.393
Total	133.994	199.393

Banking Relations :	--
Auditors :
Name :	Rustagi and Associates Chartered Accountants
Address :	59, Bentinck Street, Kolkata – 700069, West Bengal, India
PAN No.:	AAFFR1346H
Collaborators :	Not Divulged
Membership :	Not Divulged
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Bentec Bhartia Engineers Private Limited · Gemco Castings Limited

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9413343	Equity Shares	Rs.10/- each	Rs.94.133 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	94.133	92.333	72.670
(b) Reserves & Surplus	449.649	436.670	352.413
(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)	543.782	529.003	425.083
(3) Non-Current Liabilities
(a) long-term borrowings	181.029	98.944	34.217
(b) Deferred tax liabilities (Net)	1.753	2.519	3.071
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	2.450	1.681	1.542
Total Non-current Liabilities (3)	185.232	103.144	38.830
(4) Current Liabilities
(a) Short term borrowings	133.994	199.393	208.254
(b) Trade payables	188.382	530.963	553.682
(c) Other current liabilities	123.828	239.309	181.305
(d) Short-term provisions	46.395	37.633	33.487
Total Current Liabilities (4)	492.599	1007.298	976.728
TOTAL	1221.613	1639.445	1440.641
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	31.946	37.795	38.953
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.131	0.131	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	2.546	2.546	11.375
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	40.939	41.271	83.529
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	75.562	81.743	133.857
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	371.626	454.636	399.981
(c) Trade receivables	445.156	843.928	711.705
(d) Cash and cash equivalents	80.452	93.278	90.004
(e) Short-term loans and advances	248.817	165.860	105.094
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1146.051	1557.702	1306.784
TOTAL	1221.613	1639.445	1440.641

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	966.177	1286.222	1481.049
		Other Income	7.719	21.896	27.827
		TOTAL (A)	973.896	1308.118	1508.876
Less	EXPENSES
		Cost of Materials Consumed	293.465	620.868	815.360
		Purchase of Stock-in-trade	404.332	465.125	508.299
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade	70.380	(74.578)	(54.134)
		Employee Benefits Expenses	42.611	36.114	29.131
		Other Expenses	103.494	200.031	190.300
		Prior Period Items	0.047	0.054	0.000
		TOTAL (B)	914.329	1247.614	1488.956
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		59.567	60.504	19.920
Less	FINANCIAL EXPENSES (D)		45.796	46.047	31.587
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		13.771	14.457	(11.667)
Less	DEPRECIATION/ AMORTISATION (F)		5.744	6.632	6.879
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		8.027	7.825	(18.546)
Less	TAX (H)		3.038	2.095	11.067
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		4.989	5.730	(29.613)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		8.815	3.085	32.698
	BALANCE CARRIED TO THE B/S		13.804	8.815	3.085
	Earnings / (Loss) Per Share (Rs.)		0.54	0.79	(4.11)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	0.52	0.45	(2.00)
Operating Profit Margin (PBDIT/Sales)	(%)	6.17	4.70	1.34
Return on Total Assets (PBT/Total Assets)	(%)	0.66	0.48	(1.30)
Return on Investment (ROI) (PBT/Networth)		0.01	0.01	(0.04)
Debt Equity Ratio (Total Debt /Networth)		0.58	0.56	0.57
Current Ratio (Current Asset/Current Liability)		2.33	1.55	1.34

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Share Capital	72.670	92.333	94.133
Reserves & Surplus	352.413	436.670	449.649
Share Application money pending allotment	0.000	0.000	0.000
Net worth	425.083	529.003	543.782
long-term borrowings	34.217	98.944	181.029
Short term borrowings	208.254	199.393	133.994
Total borrowings	242.471	298.337	315.023
Debt/Equity ratio	0.570	0.564	0.579

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	1481.049	1286.222	966.177
		(13.155)	(24.883)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	1481.049	1286.222	966.177
Profit	(29.613)	5.730	4.989
	(2.00%)	0.45%	0.52%

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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	----------
23]	Banking Details	Yes
24]	Banking facility details	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	Yes

OPERATIONAL REVIEW

During the year the Company recorded its performance in the area of production, sales and other income. The Company achieved a turnover of Rs.966.177 Million as against Rs.1290.639 Million in the previous financial year. The demand for the Electric Meters and other electrical accessories has not increased during the period. Service Sectors of Rural electrification has not registered impressive growth. In addition to the overall market situation and some other factors like Macro Economic Situation, industrial slowdown in the Electronics Industries, volatile component prices, increased wages etc. have affected the financial performance of the Company. Other income was recorded as Rs.7.720 Million as against Rs.21.896 Million in the previous year. Due to intense competition and inflationary conditions, average selling price of the Company’s product was along with increase in raw materials and component cost, labour cost and other operating expenses which has adversely affected the revenue. However, the Company has been able to show growth in profit Margin in spite of these difficult trading conditions. This has been achieved through initiatives of new customer acquisition, improving manufacturing efficiency and Company’s diversification of product and enhanced focus in Trading Activities.

FINANCE

During the year the Company availed the need base financial assistance by way of cash credit facilities from State Bank of India with a view to increasing working capital for growing business requirement as well as for capital expenditure of the Company. The Company also allotted 180000 equity shares of Rs.10/- each at a premium Rs. 40/- per share and also accepted unsecured loan from others. The fund so collected has been utilized for payment of other liabilities also.

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
Intercorporate borrowings	52.453	74.151
Loans and advances from related parties	128.354	24.793
Other loans and advances	0.222	0.000
Total	181.029	98.944

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10172281	26/09/2014 *	624,600,000.00	State Bank of India	Commercial Branch, 1, Middleton Street, Jeevandeep Building, 2nd Floor, Kolkata, West Bengal - 700071, India	C40210205
2	10147580	15/04/2014 *	624,600,000.00	State Bank of India	Commercial Branch, 1, Middleton Street, Jeevandeep Building, 2nd Floor, Kolkata, West Bengal - 700071, India	C40209389

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Office Equipment

· Computer

· 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.63.40
UK Pound	1	Rs.95.42
Euro	1	Rs.68.49

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	DIV
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	5
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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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