MIRA INFORM REPORT

Report No. :	319689
Report Date :	28.04.2015

IDENTIFICATION DETAILS

Name :	SAMANTA ORGANICS PRIVATE LIMITED

Registered Office :	194, Arvind Chambers, Off Western Express Highway, Andheri [East], Mumbai – 400069, Maharashtra
Mobile No. :	91-9764484844 [Mr. Sandeep]

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	28.02.1990

Com. Reg. No.:	11-055594

Capital Investment / Paid-up Capital :	Rs. 1.500 Million

CIN No.: [Company Identification No.]	U24239MH1990PTC055594

IEC No.:	0390015237

TAN No.: [Tax Deduction & Collection Account No.]	MUMS39124B

PAN No.: [Permanent Account No.]	AADCS2099B

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of Fine Chemicals, Surfactants and Bulk Drugs.

No. of Employees :	33 (Approximately) [In Office = 08, In Factory = 25]

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track record. The company has shown a significant growth in its turnover and profit during FY 2014. General financial position of the company is good. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

India

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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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. Snadeep
Designation :	Purchase Manager
Contact No.:	91-9764484844
Date :	27.04.2014

LOCATIONS

Registered Office :	194, Arvind Chambers, Off Western Express Highway, Andheri [East], Mumbai – 400069, Maharashtra, India
Tel. No.:	Not Available
Mobile No.:	91-9764484844 [Mr. Sandeep]
Fax No.:	Not Available
E-Mail :	samantaorganics@gmail.com
Website :	http://www.samantaorganics.com

Admin Office :	27/J, Laxmi Industrial Estate, New Link Road, Andheri [West], Mumbai – 400053, Maharashtra, India
Tel. No.:	91-22-26332472/ 66924835
Fax No.:	91-22-66924836

Factory :	T-119, M.I.D.C., Tarapur, Boisar, District Thane - 401506, Maharashtra, India

DIRECTORS

As on 30.09.2014

Name :

Mrs. Amla Ashim Samanta

Designation :

Director

Address :

13, Meera Baug, Santacruz [West], Mumbai – 400054, Maharashtra, India

Date of Birth/Age :

19.04.1956

Date of Appointment :

28.02.1990

DIN No.:

00758883

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U24239MH1990PTC055594	SAMANTA ORGANICS PRIVATE LIMITED	Director	28/02/1990	28/02/1990	Active	NO
2	U24110MH1990PTC057183	ASHISH RANG UDYOG PRIVATE LIMITED	Director	15/04/1994	15/04/1994	Active	NO
3	U51900MH2006PTC160749	NAUTILUS TRADING AND LEASING PRIVATE LIMITED	Additional director	28/08/2006	28/08/2006	Active	NO
4	U67120MH2000PLC152193	HDFC SECURITIES LIMITED	Additional director	09/07/2014	09/07/2014	Active	NO

Name :

Mr. Ashim Shakti Samanta

Designation :

Director

Address :

13, Meera Baug, Santacruz [West], Mumbai – 400054, Maharashtra, India

Date of Birth/Age :

07.07.1954

Date of Appointment :

28.02.1990

DIN No.:

00062781

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	U92100MH1972PTC016055	SHAKTI CINE STUDIOS PRIVATE LIMITED	Director	09/10/1972	09/10/1972	-	Active In Progress	NO
2	U92100MH1981PTC024850	SAMANTA MOVIES PRIVATE LIMITED	Director	24/07/1981	24/07/1981	-	Active	NO
3	U24239MH1990PTC055594	SAMANTA ORGANICS PRIVATE LIMITED	Director	28/02/1990	28/02/1990	-	Active	NO
4	U24110MH1990PTC057183	ASHISH RANG UDYOG PRIVATE LIMITED	Director	15/04/1994	15/04/1994	-	Active	NO
5	L65920MH1994PLC080618	HDFC BANK LIMITED	Director	19/11/2004	19/11/2004	18/11/2012	Active	NO
6	U51900MH2006PTC160749	NAUTILUS TRADING AND LEASING PRIVATE LIMITED	Additional director	28/08/2006	28/08/2006	-	Active	NO
7	U92100MH1999PLC119506	FAME MOTION PICTURES LIMITED	Director	26/09/2008	15/04/2008	21/01/2011	Amalgamated	NO
8	U92100MH1968PTC014075	NATRAJ STUDIOS PRIVATE LIMITED	Director	03/10/2009	03/10/2009	-	Converted to LLP and dissolved	NO

Name :

Mr. Hiten Patel

Designation :

Additional director

Address :

D-111, Rajesh Apartment, Chandawarkar Lane, Borivali (West), Mumbai – 400092, Maharashtra, India

Date of Birth/Age :

07.06.1962

Date of Appointment :

10.05.2012

DIN No.:

01212873

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	U24100MH1995PTC089908	KEDAR JANANI CHEMPLAST PRIVATE LIMITED	Director	23/06/1995	23/06/1995	-	Active	NO
2	U91990MH2004NPL148221	TARAPUR ENVIRONMENT PROTECTION SOCIETY	Director	21/11/2009	01/09/2009	-	Active	NO
3	U24110MH2011PTC218925	ARISTO INDUSTRIES PRIVATE LIMITED	Director	21/06/2011	21/06/2011	01/08/2011	Active	NO
4	U24239MH1990PTC055594	SAMANTA ORGANICS PRIVATE LIMITED	Additional director	10/05/2012	10/05/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sandeep
Designation :	Purchase Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Amla Ashim Samanta	7500	50.00
Ashim Shakti Samanta	3750	25.00
Aditya Ashim Samanta	1875	12.50
Vidyut Ashim Samanta	1875	12.50

Total	15000	100.00

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Fine Chemicals, Surfactants and Bulk Drugs.

Products :	Mephenesin BPC 73 Dimethyl Glyoxime Mephenesin BPC 73 Succinimide

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :
Products :	Honeywell Speciality GMBH Saigon Pharmaceuticals Jointstock Company Dabin Research INC
Countries :	Germany Vietnam Korea
Trade Reference :	Dimethyl Glyoxime Mephenesin BPC 73 Succinimide

Imports :
Products :	Gavid Petrochemicals Limited Shandong Guobang Pharmaceuticals Company Limited
Countries :	Israel China
Trade Reference :	Succinic Acid N Methyl Piperazine

Terms :
Selling :	L/C and Others

Purchasing :	L/C (90 Days)

PRODUCTION STATUS = NOT AVAILABLE

Particulars	Installed Capacity	Actual Production
Mephenesin BPS	5000 Kg	3000 Kgs
Diphenhydramine HCL IP/BP/USP/EP	5000 Kg	2500 Kgs
Diethyl Carbamazine Citrate IP/BP/USP	20000 Kg	15000 Kgs
\|Dimenhyranate BP/USP	1000 Kg	1000 Kgs
Dimethyl Glyoxime	3000 Kg	2500 Kgs
Succinimide	5000 Kg	5000 Kgs

GENERAL INFORMATION

Suppliers :

Reference :	Flora Chemicals, Ghatkopar
Name of the Person :	Mr. Amit Shah (Proprietor)
Contact No.:	91-9967749877
Since How Long Known :	20 Years
Experience :	Payment Behaviour = Excellent Market Goodwill = Excellent Overall = Excellent
Maximum Limit Dealt :	One Year = Rs. 10.000 Million
Remark :	As claimed by Mr. Amit Shah (Proprietor) that the subject is very well known company in market, they make payment on time

Customers :

Retailers

Reference :	Heer Pharma Private Limited
Name of the Person :	Mr. Ganesh (Purchase Department)
Contact No.:	91-22-43331444
Since How Long Known :	5-6 Years
Experience :	Product Quality = Good Delivery Behaviour = Good Overall = Good
Maximum Limit Dealt :	Not divulged
Remark :	As claimed by Mr. Ganesh that the product quality is good, they are satisfied with subject company.

No. of Employees :

33 (Approximately) [In Office = 08, In Factory = 25]

Bankers :

Banker Name	Vijaya Bank
Branch Address	Hill Road, Bandra Branch, Bandra [West], Mumbai - 400050, Maharashtra, India
Person Name (With Designation)	Ms. Priya (Branch Manager)
Contact Number	91-22-26420072
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	CCH = Rs. 7.500 Million FIDBP = Rs. 5.000 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Loans repayable on Demand From Bank (overdraft)	5.347	0.200

Total	5.347	0.200

Auditors :

Name :

R.M. Ajgaonkar and Company

Chartered Accountants

Address :

Mandar, Juhu Tara Road, Juhu, Mumbai – 400049, Maharashtra, India

Tel. No.:

91-22-26603645

E-Mail :

rajaram@rajaramagjaonkar.com

PAN No.:

AAAPA9416G

Memberships :

Not Available

Collaborators :

Not Available

Associates :

Name :	Samanta Pharmachem
Address :	27/J, Laxmi Industrial Estate, New Link Road, Andheri [West], Mumbai – 400053, Maharashtra, India
Line of Business :	Trading

Name :	Ashish Rang Udyog Private Limited
Address :	T-119, M.I.D.C., Tarapur, Boisar, District Thane - 401506, Maharashtra, India
Line of Business :	Manufacturer and Trader

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

15,000	Equity Shares	Rs. 100/- each	Rs. 1.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

15,000	Equity Shares	Rs. 100/- each	Rs. 1.500 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	1.500	1.500	1.500
(b) Reserves & Surplus	51.832	47.438	47.012
(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)	53.332	48.938	48.512

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	1.257	0.000	0.514
(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)	1.257	0.000	0.514

(4) Current Liabilities
(a) Short term borrowings	7.347	0.200	0.000
(b) Trade payables	13.790	7.174	3.019
(c) Other current liabilities	3.277	2.664	2.165
(d) Short-term provisions	0.000	0.000	0.061
Total Current Liabilities (4)	24.414	10.038	5.245

TOTAL	79.003	58.976	54.271

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	12.545	11.232	8.081
(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	19.295	19.009	17.854
(c) Deferred tax assets (net)	0.000	0.531	0.000
(d) Long-term Loan and Advances	0.704	0.192	0.186
(e) Other Non-current assets	0.500	0.500	0.000
Total Non-Current Assets	33.044	31.464	26.121

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	8.840	6.971	8.282
(c) Trade receivables	19.165	7.359	1.364
(d) Cash and cash equivalents	1.259	0.390	4.706
(e) Short-term loans and advances	16.551	12.647	13.736
(f) Other current assets	0.144	0.145	0.062
Total Current Assets	45.959	27.512	28.150

TOTAL	79.003	58.976	54.271

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	87.345	28.731	51.832
	Other Income	0.997	3.090	2.635
	TOTAL (A)	88.342	31.821	54.467

Less	EXPENSES
	Cost of Materials Consumed	53.166	13.338	33.670
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(1.484)	0.938	(1.748)
	Employees benefits expense	9.572	6.486	5.829
	Other expenses	19.673	10.792	17.726
	TOTAL (B)	80.927	31.554	55.477

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	7.415	0.267	(1.010)

Less	FINANCIAL EXPENSES (D)	0.186	0.008	0.022

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	7.229	0.259	(1.032)

Less/ Add	DEPRECIATION/ AMORTISATION (F)	1.046	0.877	0.855

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	6.183	(0.618)	(1.887)

Less	TAX (I)	1.790	(1.044)	(0.640)

	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	4.393	0.426	(1.247)

	EARNINGS IN FOREIGN CURRENCY	24.457	21.036	49.516

	Earnings / (Loss) Per Share (Rs.)	292.89	26.45	(83.13)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	5.03	1.48	(2.41)

Operating Profit Margin (PBDIT / Sales)	(%)	8.49	0.93	(1.95)

Return on Total Assets (PBT/Total Assets}	(%)	10.36	(1.57)	(5.18)

Return on Investment (ROI) (PBT/Networth)		0.12	(0.01)	(0.04)

Debt Equity Ratio (Total Debt /Networth)		0.14	0.00	0.00

Current Ratio (Current Asset/Current Liability)		1.88	2.74	5.37

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	1.500	1.500	1.500
Reserves & Surplus	47.012	47.438	51.832
Net worth	48.512	48.938	53.332

long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.200	7.347
Total borrowings	0.000	0.200	7.347
Debt/Equity ratio	0.000	0.004	0.138

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	51.832	28.731	87.345
		(44.569)	204.010

PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	51.832	28.731	87.345
Profit/Loss	(1.247)	0.426	4.393
	(2.41%)	1.48%	5.03%

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	No

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Loan from related party	0.200	0.000

Total	0.200	0.000

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	80032508	30/09/2013 *	7,500,000.00	VIJAYA BANK	HILL ROAD, BANDRA BRANCH, BANDRA WEST, MUMBAI, MAHARASHTRA - 400050, INDIA	B88271648
2	90154543	10/03/1997	500,000.00	VIJAYA BANK	L. J. ROAD, BOMBAY, MAHARASHTRA - 400016, INDIA	-
3	90154181	22/12/1998 *	1,500,000.00	VIJAYA BANK	L. J. ROAD, MLLAGES HOUSE; 81; HILL ROAD, BOMBAY, MAHARASHTRA - 400056, INDIA	-
4	90154471	22/12/1998 *	1,500,000.00	VIJAYA BANK	L. J. ROAD, MLLAGES HOUSE; 81; HILL ROAD, BOMBAY, MAHARASHTRA - 400056, INDIA	-
5	90154140	22/12/1998 *	1,500,000.00	VIJAYA BANK	L. J. ROAD, MLLAGES HOUSE; 81; HILL ROAD, BOMBAY, MAHARASHTRA - 400056, INDIA	-
6	90154406	10/03/1997 *	1,500,000.00	VIJAYA BANK	L. J. ROAD, MLLAGES HOUSE; 81; HILL ROAD, BOMBAY, MAHARASHTRA - 400056, INDIA	-
7	90154766	28/09/1990	3,200,000.00	THE MAHARASHTRA BSTATE FINANCIAL CORPORATION	NEW EXCELSIOR BLDG., A. K. NAYAK MARG; FORT, BOMBAY, MAHARASHTRA - 400001, INDIA	-

* Date of charge modification

FIXED ASSETS

· Leasehold Land

· Factory Building

· Plant & Equipment

· Furniture & Fixtures

· Vehicles

· Office Equipment

· Computers

Trde Reference

· Hindustan Laboratories, 303, A-wing Victory Park, Above SBI, borivali West, Mumbai – 400092, Maharashtra, India

Tel no. :91-22-42460500

· Vaishali Pharma Private Limited, Aravali Business Centre, 7^th floor, R.C. Patel Road, Opposite Sonnawala Lane, Borivali West, Mumbai – 400092, Maharashtra, India

Tel No. : 91-22-42171819

· Divya Pharmachem, 302/303, Mehak Plaza, 3^rd Floor, Maharashta Nagar Lane,L.T. Road, Borivali West, Mumbai – 400092, Maharashtra, India

Tel No. : 91-22-28935456

· Heer Pharma Private Limited, Unit No. 317, Unique Industrial Estate, TiwnTower Lane, Off V.S. Marg,Prabhadevi, Mumbai – 400025, Maharashtra, India

Tel no. : 91-43331444

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.63.61
UK Pound	1	Rs.96.55
Euro	1	Rs.69.18

INFORMATION DETAILS

Information Gathered by :	DIP

Analysis Done by :	DIV

Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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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