MIRA INFORM REPORT

Report No. :	336802
Report Date :	14.08.2015

IDENTIFICATION DETAILS

Name :	BHAGWATI STEEL CAST PRIVATE LIMITED (w.e.f. 02.05.2012)
Formerly Known As :	BHAGWATI STEELS ROLLING MILLS LIMITED
Registered Office :	Unit No 601-A,6th Floor, Western Edge-I, Kanakia Spaces, Dattapad Road, off Western Express Highway, Borivili (East), Mumbai-400066, Maharashtra
Tel. No.:	91-22-40354444
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	16.04.1984
Com. Reg. No.:	11-170753
Capital Investment / Paid-up Capital :	Rs. 49.900 Million
CIN No.: [Company Identification No.]	U27101MH1984PTC170753
IEC No.:	0301013101
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACB8416C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Importer of TMT Bars and Billets.
No. of Employees :	295 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Exist
Comments :	Subject is an established company having satisfactory track record. There is a dip in profit of the company in the year 2013-14. However, rating takes into consideration long experience of promoters in the steel manufacturing business and decent liquidity position. Trade relations are reported to be fair. Business is active. Payments are reported to be slow but 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	ICRA
Rating	Long Term Rating = BBB-
Rating Explanation	Moderate degree of safety and carry moderate credit risk
Date	August 2013

Rating Agency Name	ICRA
Rating	Short Term Rating = A3
Rating Explanation	Moderate degree of safety and carry higher credit risk
Date	August 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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. D. P. Maheshwari
Designation :	Finance Manager
Contact No.:	91-22-40354444

LOCATIONS

Registered Office :	Unit No 601-A,6th Floor, Western Edge-I, Kanakia Spaces, Dattapad Road, off Western Express Highway, Borivili (East), Mumbai-400066, Maharashtra, India
Tel. No.:	91-22-40354444
Mobile No.:	91-9819198999 (Mr. Amit)
Fax No.:	91-22-40354432
E-Mail :	dpmaheshwari@bhagwatisteels.com
Website :	http://www.bhagwatisteels.com
Location :	Owned
Factory 1 :	D-101, MIDC, Malegaon, Sinnar, Nashik, Maharashtra, India
Factory 2 :	Plot No. 144/1/2/1/1, Athal Industrial Eastate, Luhari Road, Athal, Silvasa-396230, Dadra and Nagar Haveli, Gujarat, India
Factory 3 :	G-7/G8, MIDC, Malegaon, Sinnar, Nashik, Maharashtra, India

DIRECTORS

AS ON 29.09.2014

Name :

Mr. Mahendra Kumar Agarwal

Designation :

Managing Director

Address :

1203/1204, Gardenia, B Wing, Vasant Valley, Malad (East), Mumbai – 400097, Maharashtra, India

Date of Birth/Age :

05.08.1954

Date of Appointment :

01.06.2012

DIN No.:

00061653

PAN No.:

ABTPA8760H

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	U67120AS1994PTC004057	ABHISHEK INVESTMENTS INDIA PVT LTD	Director	27-03-95	27-03-95	26-02-11	Active	NO
2	U27101MH1984PTC170753	BHAGWATI STEEL CAST PRIVATE LIMITED	Managing director	01-06-12	29-04-95	-	Active	NO
3	U27100MH2003PTC140750	BHAGWATI FERRO METAL PRIVATE LIMITED	Managing director	01-06-12	05-06-03	-	Active	NO
4	U51420MH2003PTC140790	AMBERIN TRADES PRIVATE LIMITED	Director	09-06-03	09-06-03	28-02-11	Active	NO

Name :

Mrs. Bimala Devi Agarwal

Designation :

Director

Address :

1203/1204, Gardenia, B Wing, Vasant Valley, Malad (East), Mumbai – 400097, Maharashtra, India

Date of Birth/Age :

31.08.1953

Date of Appointment :

13.03.1995

DIN No.:

01301141

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	U27109AS1988PTC003094	MAHENDRA AND COMPANY ASSAM PRIVATE LIMITED	Director	07-10-88	07-10-88	26-02-11	Active	NO
2	U27101MH1984PTC170753	BHAGWATI STEEL CAST PRIVATE LIMITED	Director	13-03-95	13-03-95	-	Active	NO
3	U51420MH2003PTC140790	AMBERIN TRADES PRIVATE LIMITED	Director	09-06-03	09-06-03	04-02-11	Active	NO

Name :

Mr. Amit Burakia

Designation :

Whole-time Director

Address :

1203/1204, Gardenia, B Wing, Vasant Valley, Malad (East), Mumbai – 400097, Maharashtra, India

Date of Birth/Age :

15.08.1976

Date of Appointment :

16.06.2012

DIN No.:

00061620

PAN No.:

ABUPA6908N

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	U27100MH2003PTC140750	BHAGWATI FERRO METAL PRIVATE LIMITED	Whole-time director	01-06-12	05-06-03	-	Active	NO
2	U27101MH1984PTC170753	BHAGWATI STEEL CAST PRIVATE LIMITED	Whole-time director	01-06-12	05-06-03	-	Active	NO
3	U51420MH2003PTC140767	BURAKIA TRADES PRIVATE LIMITED	Director	06-06-03	06-06-03	04-02-11	Active	NO
4	U45400MH2012PTC232741	YUVAAN INFRASTRUCTURE PRIVATE LIMITED	Director	29-06-12	29-06-12	-	Active	NO

KEY EXECUTIVES

Name :	Mr. D. P. Maheshwari
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2014

Names of Shareholders	No. of Shares
Mahendra Kumar Agarwal	273050
Bimala Devi Agarwal	218350
Amit Burakia	676000
Amuj Agarwal	70500
Swati Agarwal	15000
Amberin Agarwal ( Nee : Ranjana Agarwal)	55100
Krishna Singhania	14000
Manisha Sharma	20900
Mukesh Singhania	21000
Amberin Trades Private Limited	273000
Burakia Trades Private Limited	451800
Yuvaan Infrastructure Private Limited	1137500
Mahendra and Company (Assam) Private Limited	478000
Abhishek Investment (India) Private Limited	255000
Smith Builders Private Limited	175000
Prag Innovation Private Limited	179750
Shruti Finance Service Private Limited	80000
Mahendra Kumar Agarwal and Sons – HUF	106550
M Sons HUF	7000
TOTAL	4507500

Equity Share Break up (Percentage of Total Equity)

AS ON 29.09.2014

Category	Percentage
Bodies corporate	67.22
Directors or relatives of Directors	29.02
Other top fifty shareholders	3.76
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Importer of TMT Bars and Billets.
Products :	Not Divulged
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :
Products :	Raw Material
Countries :	European Countries UAE South Africa
Terms :
Selling :	Cash, L/C and Credit
Purchasing :	Cash, L/C and Credit

GENERAL INFORMATION

Suppliers :

Not Divulged

Reference :	Sai Krishna Mineral
Name of the Person :	Mr. GGM Madhu
Contact No.:	91-9480393552
Since How Long Known :	3 Years
Experience :	Good
Maximum Limit Dealt :	Not Divulged
Remark :	They gave us positive response about subject company they are satisfied with their payment behavior and market goodwill.

Customers :

Not Divulged

Reference :	Shri Vaishnav Wires and Road Private Limited
Name of the Person :	Mr. Pawan
Contact No.:	91-9892715957 91-9967703583
Since How Long Known :	4 Years
Experience :	Good
Maximum Limit Dealt :	Not Divulged
Remark :	They gave us positive response about subject company they are satisfied with their product quality and delivery behavior.

No. of Employees :

295 (Approximately)

Bankers :

Banker Name	State Bank of India
Branch Address	Industrial Finance Branch, Snehal Chambers, 102, Natraj Building, 194, M V Road, Andheri (East), Mumbai - 400069, Maharashtra, India
Person Name (With Designation)	Mr. Ravi Kiran Shinde
Contact Number	91-22-26819773
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)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWINGS
Rupee Term loan from Bank	182.728	0.000
SHORT TERM BORROWINGS
Working capital loans from banks	185.748	186.989
Total	368.476	186.989

Auditors :
Name :	K. M. Gara and Company Chartered Accountant
Address :	603-604, Unique Tower, Off S V Road, Goregaon (West), Mumbai - 400062, Maharashtra, India
PAN No.:	AAEFK4654J
Memberships :	--
Collaborators :	--
Associates :	Bhagwati Ferro Metal Private Limited (CIN No. : U27100MH2003PTC140750)

CAPITAL STRUCTURE

As on 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5500000	Equity Shares	Rs.10/- each	Rs. 55.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4990000	Equity Shares	Rs.10/- each	Rs. 49.900 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	49.900	45.075	33.695
(b) Reserves & Surplus	184.084	167.697	112.206
(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)	233.984	212.772	145.901
(3) Non-Current Liabilities
(a) long-term borrowings	190.269	39.050	46.252
(b) Deferred tax liabilities (Net)	5.261	1.173	2.571
(c) Other long term liabilities	0.000	63.150	130.046
(d) long-term provisions	4.581	3.976	2.168
Total Non-current Liabilities (3)	200.111	107.349	181.037
(4) Current Liabilities
(a) Short term borrowings	185.748	194.191	149.657
(b) Trade payables	53.028	0.000	0.000
(c) Other current liabilities	132.303	55.038	87.858
(d) Short-term provisions	1.165	12.054	12.214
Total Current Liabilities (4)	372.244	261.283	249.729
TOTAL	806.339	581.404	576.667
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	274.564	40.879	47.481
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	9.184	1.751	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1.137	1.620	2.113
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	8.372	6.119	5.824
(e) Other Non-current assets	0.000	20.340	17.214
Total Non-Current Assets	293.257	70.709	72.632
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	230.406	258.937	240.143
(c) Trade receivables	177.259	230.820	217.378
(d) Cash and cash equivalents	5.835	19.310	40.121
(e) Short-term loans and advances	70.640	1.628	6.393
(f) Other current assets	28.942	0.000	0.000
Total Current Assets	513.082	510.695	504.035
TOTAL	806.339	581.404	576.667

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	2074.600	3361.300	2442.000
		Other Income	2.800	4.100	8.236
		TOTAL (A)	2077.400	3365.400	2450.236
Less	EXPENSES
		Cost of Sale	1979.100	3261.800	2355.804
		Administrative Expenses	6.100	7.700	7.096
		Selling Expenses	28.000	32.500	17.304
		TOTAL (B)	2013.200	3302.000	2380.204
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		64.200	63.400	70.032
Less	FINANCIAL EXPENSES (D)		34.200	23.500	30.151
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		30.000	39.900	39.881
Less/ Add	DEPRECIATION/ AMORTISATION (F)		24.000	7.900	9.459
	PROFIT BEFORE TAX (E-F) (G)		6.000	32.000	30.422
Less	TAX (H)		4.100	10.600	8.689
	PROFIT AFTER TAX (G-H) (I)		1.900	21.400	21.733
	Earnings Per Share (Rs.)		0.40	5.99	4.07

Particulars	31.03.2015
Sales Turnover (Approximately)	3847.200

The above information has been parted by Mr. D.P. Maheshwari (Finance Manager).

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flow from (used in) operation	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.09	0.64	0.89
Operating Profit Margin (PBIDT/Sales)	(%)	3.09	1.89	2.87
Return on Total Assets (PBT/Total Assets}	(%)	0.75	5.54	5.29
Return on Investment (ROI) (PBT/Networth)		0.03	0.15	0.21
Debt Equity Ratio (Total Debt /Networth)		1.61	1.10	1.34
Current Ratio (Current Asset/Current Liability)		1.38	1.95	2.02

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	33.695	45.075	49.900
Reserves & Surplus	112.206	167.697	184.084
Net worth	145.901	212.772	233.984
long-term borrowings	46.252	39.050	190.269
Short term borrowings	149.657	194.191	185.748
Total borrowings	195.909	233.241	376.017
Debt/Equity ratio	1.343	1.096	1.607

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	2442.000	3361.300	2074.600
		37.645	(38.280)

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	2442.000	3361.300	2074.600
Profit	21.733	21.400	1.900
	0.89%	0.64%	0.09%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	----
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	Yes
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	-----
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	Yes
33	Market information	-----
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS

Case Details Bench : - Bombay
Lodging No. :- ITXAL/870/2011	Filing Date :- 22/06/2011	Reg. No. :- ITXA/2099/2011	Reg. Date :- 14/09/2011
Petitioner :-	THE COMMISIONER OF INCOME TAX-9,MU	Respondent :-	M/S. BHAGWATI STEEL CAST PRIVATE LIMITED
Petn.Adv. :-	VIMAL GUPTA (0)	Resp.Adv. :-	PDS LEGAL, (0)
District :-	MUMBAI
Bench :-	DIVISION
Status:-	Admitted (Unready)	Category :-	TAX APPEALS
Last Date :-	07/04/2014	Stage :-	FOR ADMISION
Last Coram:-	HON’BLE SHRI JUSTICE S.C. DHARMADHIKARI HON’BLE SHRI JUSTICE G. S. KULKARNI
Act :-	Income Tax Act,1961	Under Section :-	260A

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWINGS
Differed sales tax loan	7.541	39.050
SHORT TERM BORROWINGS
Differed sales tax loan	0.000	7.202
Total	7.541	46.252

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90265172	07/05/2004 *	84,000,000.00	STATE BANK OF INDIA	INDL FINANCE BRANCH, ANDHERI (E), MUMBAI, MAHARASHTRA - 400069, INDIA	-
2	90265959	16/02/2004 *	84,000,000.00	STATE BANK OF INDIA	INDL FINANCE BRANCH, ANDHERI (E), MUMBAI, MAHARASHTRA - 400069, INDIA	-
3	90265850	29/03/2014 *	581,900,000.00	STATE BANK OF INDIA	IFB, NATRAJ BUILDING, 102, 1ST FLOOR, 194, SIR M.V. ROAD, WESTERN EXPRESS HIGHWAY,ANDHERI (E), MUMBAI, MAHARASHTRA - 400069, INDIA	C06619332
4	90265154	28/04/2003 *	38,500,000.00	STATE BANK OF INDIA	INDL FINANCE BRANCH, ANDHERI (E), MUMBAI, MAHARASHTRA - 400069, INDIA	-

* Date of charge modification

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. 64.92
UK Pound	1	Rs. 101.44
Euro	1	Rs. 72.26

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	DIV
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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	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		42

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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