MIRA INFORM REPORT

Report No. :	305868
Report Date :	04.02.2015

IDENTIFICATION DETAILS

Name :	GRAZIANO TRASMISSIONI INDIA PRIVATE LIMITED
Registered Office :	Industrial Shed No. D-8, Basement, DSIDC Packaging Complex, Kirti Nagar, New Delhi – 110 015, Delhi
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	13.05.1997
Com. Reg. No.:	55-087224
Capital Investment / Paid-up Capital :	Rs.267.125 Millions
CIN No.: [Company Identification No.]	U34300DL1997PTC087224
TAN No.: [Tax Deduction & Collection Account No.]	DELG04227G
PAN No.: [Permanent Account No.]	AAACG4258M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of gears, synchronizers and transaxles for automotive industry.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 13000000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Overall financial position of the company seems to be sound and healthy. Trade relations are 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	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	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. Anup kumar Goyal
Designation :	Company Secretary
Contact No.:	91-120-6625500
Date :	02.02.2015

LOCATIONS

Registered Office :	Industrial Shed No. D-8, Basement, DSIDC Packaging Complex, Kirti Nagar, New Delhi – 110 015, Delhi, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	anup.goyal@oerlikon.com
Website :	www.grazianotrasmissioni.it
Corporate Office :	Plot No. 014, Udyog Kendra, Greater Noida, Gautam Budh Nagar, Uttar Pradesh- 201304, India
Tel. No.:	91-120-2350820/ 91-120-2350830
Fax No.:	91-120-2350820/ 91-120-2350830
E-Mail :	gtindia@gazianotrasmissioni.it
Branches :	4654/21 Ansari Road, Darya Ganj, New Delhi-110002, India
Tel. No.:	91-11-23282171/ 2328272
Fax No.:	91-11-23252602

DIRECTORS

As on 03.09.2014

Name :

Mr. Vivek Prakash

Designation :

Managing director

Address :

608, Brentwood, Tower, Charmwood Village, Surajkund Road, Faridabad, Haryana, India

Date of Birth/Age :

02.12.1959

Date of Appointment :

14.06.2013

DIN No.:

00257784

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	U28939DL2002PTC114374	SANDHAR TOOLING PRIVATE LIMITED	Director	30-07-05	30-07-05	29-09-07	Active	NO
2	U34102DL1999PLC098741	MINDA S.M. TECHNOCAST LIMITED	Managing director	02-09-08	31-07-08	06-01-09	Active	NO
3	U34300DL1997PTC087224	GRAZIANO TRASMISSIONI INDIA PRIVATE LIMITED	Managing director	14-06-13	31-01-09	-	Active	NO
4	U34300MH1990PLC055300	FAIRFIELD ATLAS LIMITED	Director	09-08-11	01-02-11	29-10-12	Active	NO

Name :

Mr. Sunil Kumar Sehgal

Designation :

Whole-time director

Address :

House No. G-8 Friends Colony (West) Delhi – 110065, India

Date of Appointment :

27.08.2012

DIN No.:

05121461

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	U34300DL1997PTC087224	GRAZIANO TRASMISSIONI INDIA PRIVATE LIMITED	Whole-time director	27-08-12	09-11-11	-	Active	NO
2	U34300MH1990PLC055300	FAIRFIELD ATLAS LIMITED	Director	27-07-13	30-10-12	-	Active	NO

Name :

Mr. Khurshed Thanawalla

Designation :

Director

Address :

Khatau Bangalow, 6 Manav Mandir Road, Mumbai -400006, Maharashtra, India

Date of Appointment :

29.09.2010

DIN No.:

00201749

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	U74999MH1984PTC033839	AHURA HOLDINGS PRIVATE LIMITED	Director	24-08-84	24-08-84	-	Active	NO
2	U29100MH1984PTC033494	BIMAG MACHINES PRIVATE LIMITED	Director	24-11-88	24-11-88	-	Dissolved	NO
3	U29261MH1994PTC076139	OERLIKON TEXTILE INDIA PRIVATE LIMITED	Managing director	01-06-95	01-06-95	-	Active	NO
4	U67120MH2000PTC126655	GIRIBALA PROPERTIES PRIVATE LIMITED	Director	13-09-02	13-09-02	19-10-10	Active	NO
5	U29260MH2002PTC137202	ZINSER TEXTILE SYSTEMS PRIVATE LIMITED	Director	27-09-03	27-09-03	03-07-13	Active	NO
6	L29199GJ1981PLC028741	INTEGRA ENGINEERING INDIA LIMITED	Director	28-10-04	28-10-04	03-01-11	Active	NO
7	L45200GJ1973PLC050790	STOVEC INDUSTRIES LIMITED	Director	28-01-05	28-01-05	-	Active	NO
8	U29120MH2005PTC152258	SAURER PRECICOMP PRIVATE LIMITED	Director	29-03-05	29-03-05	-	Amalgamated	NO
9	U29253DL2007PTC161715	INDO-FILL Elastomer Private Limited	Director	09-04-07	09-04-07	25-09-13	Active	NO
10	U29269MH2007PTC174534	ALLMA MACHINES PRIVATE LIMITED	Director	26-09-07	26-09-07	-	Strike off	NO
11	U29261MH2007PTC174544	VOLKMANN MACHINES PRIVATE LIMITED	Director	27-09-07	27-09-07	-	Strike off	NO
12	U29261MH2007PTC174543	OERLIKON TEXTILE COMPONENTS INDIA PRIVATE LIMITED	Director	27-09-07	27-09-07	-	Amalgamated	NO
13	U29261MH2007PTC174542	NEUMAG MACHINES PRIVATE LIMITED	Director	27-09-07	27-09-07	-	Strike off	NO
14	L17120MH1984PLC033553	MANDHANA INDUSTRIES LIMITED	Director	18-09-14	04-12-07	-	Active	NO
15	U29253MH2007PTC176977	BARMAG MACHINES PRIVATE LIMITED	Director	19-12-07	19-12-07	-	Strike off	NO
16	U29259GJ1962PTC001177	PEASS INDUSTRIAL ENGINEERS Private Limited	Director	27-08-08	29-01-08	03-07-13	Active	NO
17	U63000MH2008PTC188331	MASTER VOSS INTERNATIONAL PROJECTS PRIVATE LIMITED.	Director	19-11-08	19-11-08	-	Active	NO
18	L61100MH1971PLC014985	VARUN SHIPPING COMPANY LIMITED	Director	04-08-10	27-01-09	30-03-14	Active	NO
19	U29253MH2010PTC199933	SCHLAFHORST MACHINES PRIVATE LIMITED	Director	10-02-10	10-02-10	03-07-13	Active	NO
20	U34300DL1997PTC087224	GRAZIANO TRASMISSIONI INDIA PRIVATE LIMITED	Director	29-09-10	31-03-10	-	Active	NO
21	U61200MH2011PLC215986	VARUN GAS INFRASTRUCTURE LIMITED	Director	08-04-11	08-04-11	-	Active	NO
22	U34300MH1990PLC055300	FAIRFIELD ATLAS LIMITED	Additional director	22-12-14	22-12-14	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Anup Kumar Goyal
Designation :	Secretary
Address :	B-22, Beta-1,Greater Noida-201308, Uttar Pradesh, India
Date of Birth/Age:	27.11.1973
Date of Appointment :	01.07.2004
PAN No.:	ABFPG1579G

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 03.09.2014

Names of Shareholders	No. of Shares
Raashi Agarwal	6
Oerlikon Graziano SPA	26712480
Anup Kumar Goyal	2
Total	26712488

Equity Share Break up (Percentage of Total Equity)

As on 03.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing of gears, synchronizers and transaxles for automotive industry.
Products :	Gears and Synchronisers
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Gears
Countries :	· USA · China · European · Asian Countries · Brazil · Turkey
Imports :
Products :	Raw Material
Countries :	China
Terms :
Selling :	Cash and Credit (30-60 Days)
Purchasing :	Cash and Credit (30-60 Days)

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	CNH Industrial
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

Reference :	Turk Tractor, Turkey
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 :

Reference :	Club Car, USA
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 :

100 (Approximately)

Bankers :

Bank Name	State Bank of India
Branch	New Delhi, 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 (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Long-term Borrowings
Rupee term loans from banks	0.301	0.000
Short-term borrowings
Rupee term loans from banks	0.124	0.000
Total	0.425	0.000

Banking Relations :	--
Auditors :
Name :	B S R and Company Chartered Accountants
Address :	Building No 10, 8th Floor, Tower B, DLF Cyber City, Phase II, Gurgaon, Haryana, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFB9852F
Memberships :	--
Collaborators :	--
Holding company:	· Oerlikon Graziano SPA
Ultimate Holding Company:	· OC Oerlikon Corporation AG
Fellow Subsidiary company:	· Fairfield Atlas Limited, India [L34300MH1990PLC055300] · Oerlikon Textile India Private Limited, India [U29261MH1994PTC076139] · Graziano Trasmissioni North America · Oerlikon Balzers Coating India Private Limited, India [U28920MH1993PTC074820] · Oerlikon China Technology · Oerlikon IT Solutions Limited · Oerlikon Leybold Vaccum GMBH · Oerlikon Leybold Vacuum India Private Limited, India [U29120PN2005PTC132126] · Oerlikon USA INC · OC Oerlikon Management AG · Graziano Trasmissioni Uk Limited · Fairfield Mfg.Company,Inc

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
28000000	Equity Shares	Rs.10/- each	Rs. 280.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
26712488	Equity Shares	Rs.10/- each	Rs. 267.125 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

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	267.125	267.125	267.125
(b) Reserves & Surplus	4331.573	3630.176	2963.544
(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)	4598.698	3897.301	3230.669
(3) Non-Current Liabilities
(a) long-term borrowings	379.696	0.000	0.000
(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	57.464	46.329	27.806
Total Non-current Liabilities (3)	437.160	46.329	27.806
(4) Current Liabilities
(a) Short term borrowings	0.124	0.000	0.000
(b) Trade payables	646.714	680.244	786.600
(c) Other current liabilities	202.894	318.528	108.835
(d) Short-term provisions	254.273	103.528	141.032
Total Current Liabilities (4)	1104.005	1102.300	1036.467
TOTAL	6139.863	5045.930	4294.942
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1682.447	1700.171	1098.796
(ii) Intangible Assets	9.731	12.908	13.399
(iii) Capital work-in-progress	154.264	99.694	80.205
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	1.202	1.231
(c) Deferred tax assets (net)	218.419	140.301	133.610
(d) Long-term Loan and Advances	129.006	69.831	77.713
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	2193.867	2024.107	1404.954
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1128.916	1049.130	1048.131
(c) Trade receivables	1837.141	1204.470	1361.059
(d) Cash and cash equivalents	305.976	195.922	115.132
(e) Short-term loans and advances	514.243	510.141	364.466
(f) Other current assets	159.720	62.160	1.200
Total Current Assets	3945.996	3021.823	2889.988
TOTAL	6139.863	5045.930	4294.942

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
SALES
Income from Operations	7130.000 (Approximately)	6077.510	5525.930
Other Income	NA	NA	NA
TOTAL	NA	NA	NA
EXPENSES	NA	NA	NA
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	NA	1321.230	1129.010
FINANCIAL EXPENSES	NA	20.250	0.360
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	NA	1300.980	1128.650
DEPRECIATION/ AMORTISATION	NA	301.100	258.880
PROFIT/ (LOSS) BEFORE TAX	NA	999.870	869.780
TAX	NA	333.240	285.280
PROFIT/ (LOSS) AFTER TAX	701.396	666.630	584.500
PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	NA	2963.540	2379.040
Balance Carried to the B/S	NA	3630.180	2963.540
EARNINGS IN FOREIGN CURRENCY
Exports	4571.880	3617.870	2914.330
TOTAL EARNINGS	4571.880	3617.870	2914.330
IMPORTS
Raw Materials and Components	725.230	600.980	481.520
Capital Goods	123.300	157.390	112.070
TOTAL IMPORTS	848.530	758.370	593.590
Earnings / (Loss) Per Share (Rs.)	26.26	NA	NA

Expected Sales (2014-2015) : Rs.8000.000 Millions

The above information has been parted by Mr. Anup Kumar Goyal

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	NA	10.97	10.58
Operating Profit Margin (PBIDT/Sales)	(%)	NA	21.74	20.43
Return on Total Assets (PBT/Total Assets}	(%)	NA	20.81	21.32
Return on Investment (ROI) (PBT/Networth)		NA	0.26	0.27
Debt Equity Ratio (Total Debt /Networth)		0.08	0.00	0.00
Current Ratio (Current Asset/Current Liability)		3.57	2.74	2.79

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	267.125	267.125	267.125
Reserves & Surplus	2963.544	3630.176	4331.573
Net worth	3230.669	3897.301	4598.698
long-term borrowings	0.000	0.000	379.696
Short term borrowings	0.000	0.000	0.124
Total borrowings	0.000	0.000	379.820
Debt/Equity ratio	0.000	0.000	0.083

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	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

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

QUALITY IMPROVEMENT

Cross functional teams working on Total Productive Maintenance / Kaizen / 5S/ Quality improvement are active Their Company’s manufacturing facilities at Greater Noida have received the prestigious ISO/TS 16949: 2009 and ISO 9001: 2008 Certifications by DET NORSKE VERITAS CERTIFICATION, INC, a leading certification company for Quality Management System.

The company was also awarded ISO 14001: 2004 and ISO 18001: 2007 Certifications by DET NORSKE VERITAS CERTIFICATION, INC., a leading certification company for Environment, Health and Safety (EHS) Management System for Environment Management System.

The efforts have also been recognized by their esteemed customers. They continued Zero PPM for their Transaxles supplied to Club Car in 2013.

Customer M/s ZF India has awarded for localization of complex welding assembly in 2013 in best cost sourcing event. Customer M/s TAFE has given best suppliers award for outstanding contribution to new product development.

BACKGROUND

Subject was incorporated in India on 13 May 1997. The Company’s business consists of manufacturing of gears, synchronizers and transaxles for automotive industry. The Company’s unit situated at Greater Noida (U.P) was largely an Export Oriented Undertaking in terms of approval given by Noida Special Economic Zone in July 2005. With effect from 23 September 2010, the Company has obtained an approval from the authorities for conversion of its status under the excise legislation from an Export Oriented Unit to a Domestic Tariff Area Unit.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Long-term Borrowings
Foreign currency term loans from others	379.395	0.000
Total	379.395	0.000

FIXED ASSETS

Tangible assets

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer equipments

Intangible assets

· Computer software

· Know-how

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.61.74
UK Pound	1	Rs.92.71
Euro	1	Rs.69.94

INFORMATION DETAILS

Information Gathered by :	PAT
Analysis Done by :	KAR
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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		48

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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