MIRA INFORM REPORT

Report No. :	307937
Report Date :	13.02.2015

IDENTIFICATION DETAILS

Name :	ACE INVESTMENT SERVICES (INDIA) LIMITED (w.e.f.18.12.2000)
Formerly Known As :	ALPIC INVESTMENT AND FINANCIAL CONSULTANCY SERVICES PRIVATE LIMITED (w.e.f. 08.06.1998) SHWETA ELECTRONICS PRIVATE LIMITED
Registered Office :	B-106, Mittal Tower, Nariman Point, Mumbai-400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	22.04.1994
Com. Reg. No.:	11-077921
Capital Investment / Paid-up Capital :	Rs. 51.920 Millions
CIN No.: [Company Identification No.]	U32109MH1994PLC077921
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCA6408P
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the business of providing investment consultancy services.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 160000
Status :	Small company
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a small company in its field. Its scale of activities are limited. Reserves of the company seems to be low during 2014. However, trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered small 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

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 DENIED BY

Name :	Mr. Subodh Bhandari
Designation :	Company secretary and finance controller
Contact No.:	91-22-32247945
Date :	12.02.2015

LOCATIONS

Registered Office :	B-106, Mittal Tower, Nariman Point, Mumbai-400021, Maharashtra, India
Tel. No.:	91-22-42327000/32247945
Fax No.:	Not Available
E-Mail :	casubodhbhandari@gmail.com

DIRECTORS

As on 30.09.2014

Name :

Dilipkumar Balakrishnan Dave

Designation :

Director

Address :

5 C, 5th Floor, 123a, Sai Sarovar, 150 Feet Bypass Road, Velachery, Chennai – 600042, Tamilnadu, India

Date of Birth/Age :

25.12.1966

Date of Appointment :

30.09.2011

DIN No.:

00020606

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	U74994TN2002PTC048632	ADHWAIY INTERIOR DESIGNERS PRIVATE LIMITED	Director	18/03/2002	18/03/2002	-	Active	NO
2	U63022MH2005PTC160832	WINEVER INDUSTRIAL ENTERPRISES PRIVATE LIMITED	Director	30/09/2011	28/04/2005	14/11/2011	Active	NO
3	U93090TN2006PTC059615	YASH HEALTH PLUS PRIVATE LIMITED	Director	25/04/2006	25/04/2006	-	Active	NO
4	U45201MH1999PLC145079	ALLANZERS FIN NET LIMITED	Director	21/06/2010	12/02/2007	14/11/2011	Active	NO
5	U32109MH1994PLC077921	ACE INVESTMENT SERVICES (INDIA) LIMITED	Director	30/09/2011	14/09/2007	-	Active	NO
6	U36100TN2008PTC067715	ADHWAIY INTERIOR DESIGNER AND SERVICES PRIVATE LIMITED	Director	13/05/2008	13/05/2008	-	Active	NO
7	U51900MH1994PTC080369	GULBARGA TRADING AND INVESTMENT PRIVATE LIMITED	Director	30/09/2009	29/11/2008	26/11/2013	Active	NO
8	U65993TN1999PTC066956	WINEVER ENERGY PRIVATE LIMITED	Director	29/09/2012	02/09/2011	-	Active	NO

Name :

Monica Bhavanishankar

Designation :

Director

Address :

5 C, 5th Floor, 123a, Sai Sarovar, 150 Feet Bypass Road, Velachery, Chennai – 600042, Tamilnadu, India

Date of Birth/Age :

01.04.1974

Date of Appointment :

30.09.2011

DIN No.:

00020644

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	U74994TN2002PTC048632	ADHWAIY INTERIOR DESIGNERS PRIVATE LIMITED	Director	18/03/2002	18/03/2002	-	Active	NO
2	U93090TN2006PTC059615	YASH HEALTH PLUS PRIVATE LIMITED	Managing director	25/04/2006	25/04/2006	-	Active	NO
3	U65993TN1999PTC066956	WINEVER ENERGY PRIVATE LIMITED	Director	12/10/2006	12/10/2006	-	Active	NO
4	U32109MH1994PLC077921	ACE INVESTMENT SERVICES (INDIA) LIMITED	Director	30/09/2011	07/07/2007	-	Active	NO
5	U36100TN2008PTC067715	ADHWAIY INTERIOR DESIGNER AND SERVICES PRIVATE LIMITED	Director	13/05/2008	13/05/2008	-	Active	NO

Name :

Mr. Ravi Swaminathan Kumar

Designation :

Director

Address :

401, White House, N. Gamadia Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

03.02.1956

Date of Appointment :

30.09.2014

DIN No.:

00581577

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	U99999MH1991PTC061052	PARAM PHARMA PRIVATE LIMITED	Director	08/04/1991	08/04/1991	-	Active	NO
2	U67100MH2000PLC145080	ALLANZERS FIN NET LIMITED(AMAL)	Director	09/03/2000	09/03/2000	-	Amalgamated	NO
3	U65993TN1999PTC066956	WINEVER ENERGY PRIVATE LIMITED	Director	29/09/2008	12/07/2000	-	Active	NO
4	U45201MH1999PLC145079	ALLANZERS FIN NET LIMITED	Director	14/01/2003	14/01/2003	-	Active	NO
5	U99999MH1993PTC070729	COOLMET CHEMICALS PVT.LTD.	Director	03/03/2003	03/03/2003	-	Amalgamated	NO
6	U63022MH2005PTC160832	WINEVER INDUSTRIAL ENTERPRISES PRIVATE LIMITED	Director	08/02/2006	08/02/2006	-	Active	NO
7	U45200MH2005PLC154628	TVS Infrastructure Limited	Alternate director	04/10/2012	30/04/2007	-	Active	NO
8	U32109MH1994PLC077921	ACE INVESTMENT SERVICES (INDIA) LIMITED	Director	30/09/2014	04/06/2007	-	Active	NO
9	U36100TN2008PTC067715	ADHWAIY INTERIOR DESIGNER AND SERVICES PRIVATE LIMITED	Director	13/05/2008	13/05/2008	30/09/2011	Active	NO
10	U51900MH1994PTC080369	GULBARGA TRADING AND INVESTMENT PRIVATE LIMITED	Director	30/09/2009	29/11/2008	01/03/2012	Active	NO
11	U92412MH2011PTC215317	Five Pro Sports Management Private Limited	Director	25/03/2011	25/03/2011	31/03/2013	Active	NO
12	U92412MH2011PTC215400	Indian Cricket Dundee Private Limited	Director	28/03/2011	28/03/2011	31/03/2013	Active	NO
13	U51909MH2005PTC157368	ATLANTA MERCANTILE PRIVATE LIMITED	Director	29/09/2012	14/06/2011	-	Active	NO
14	U01122MH2007PTC252336	GOODWILL CULTIVATORS PRIVATE LIMITED	Director	29/09/2012	01/11/2011	-	Active	NO
15	U74999MH1922PLC000973	BOMBAY GYMKHANA LIMITED	Director	27/06/2013	27/06/2013	-	Active	NO
16	U70200MH2013PTC250229	Greenarches Warehousing & Industrial Infrastructure Private Limited	Director	20/11/2013	20/11/2013	-	Active	NO
17	U51909MH2008PTC180481	DAFFODIL E-MERCANTILE PRIVATE LIMITED	Additional director	07/10/2014	07/10/2014	-	Active	NO

Name :

Aditi Kumar

Designation :

Director

Address :

401, White House, N. Gamadia Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

30.04.1983

Date of Appointment :

30.09.2014

DIN No.:

00954520

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	U99999MH1993PTC070729	COOLMET CHEMICALS PVT.LTD.	Director	11/11/2005	11/11/2005	-	Amalgamated	NO
2	U67100MH2000PLC145080	ALLANZERS FIN NET LIMITED(AMAL)	Director	11/11/2005	11/11/2005	-	Amalgamated	NO
3	U65993TN1999PTC066956	WINEVER ENERGY PRIVATE LIMITED	Director	29/09/2014	11/11/2005	-	Active	NO
4	U45200MH2005PLC154628	TVS Infrastructure Limited	Director	24/09/2007	11/10/2006	13/07/2010	Active	NO
5	U63022MH2005PTC160832	WINEVER INDUSTRIAL ENTERPRISES PRIVATE LIMITED	Director	09/04/2007	09/04/2007	21/06/2010	Active	NO
6	U45201MH1999PLC145079	ALLANZERS FIN NET LIMITED	Director	30/09/2014	28/04/2008	-	Active	NO
7	U01122MH2007PTC252336	GOODWILL CULTIVATORS PRIVATE LIMITED	Director	30/09/2008	09/05/2008	21/06/2010	Active	NO
8	U51909MH2005PTC157368	ATLANTA MERCANTILE PRIVATE LIMITED	Director	30/09/2008	09/05/2008	21/06/2010	Active	NO
9	U32109MH1994PLC077921	ACE INVESTMENT SERVICES (INDIA) LIMITED	Director	30/09/2014	15/12/2008	-	Active	NO
10	U51900MH1994PTC080369	GULBARGA TRADING AND INVESTMENT PRIVATE LIMITED	Director	30/09/2009	15/12/2008	21/06/2010	Active	NO

Name :

Meghna Kumar

Designation :

Director

Address :

401, White House, N. Gamadia Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

12.05.1987

Date of Appointment :

30.09.2014

DIN No.:

02550750

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	U45200MH2005PLC154628	TVS Infrastructure Limited	Director	28/09/2012	13/07/2010	-	Active	NO
2	U65993TN1999PTC066956	WINEVER ENERGY PRIVATE LIMITED	Director	29/09/2012	14/11/2011	-	Active	NO
3	U63022MH2005PTC160832	WINEVER INDUSTRIAL ENTERPRISES PRIVATE LIMITED	Director	29/09/2012	14/11/2011	-	Active	NO
4	U45201MH1999PLC145079	ALLANZERS FIN NET LIMITED	Director	29/09/2012	14/11/2011	-	Active	NO
5	U32109MH1994PLC077921	ACE INVESTMENT SERVICES (INDIA) LIMITED	Director	30/09/2014	17/05/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Subodh Bhandari
Designation :	Company secretary and finance controller

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Mr.Ravi Swaminathan Kumar	2013700
Aditi Kumar	1588950
Meghna Kumar	1588950
Allanzers Fin Net Limited	100
Winever Industrial Enterprises Private Limited	100
Winever Energy Private Limited	100
Rajshree Ravikumar	100
Total	5192000

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	0.01
Directors or relatives of Directors	99.99
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of providing investment consultancy services.

Products :

Item Code No. (ITC Code)	Product Description
99715910	providing investment consultancy services

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Not Divulged

Bankers :

Not Available

Auditors :
Name :	R.Kothari and Company Chartered Accountants
Address :	402 Aphrodite, Raheja Acropolis -II, Deonar Road, Chernbur, Murnbai 400088, Maharashtra, India
PAN No.:	AAFFR7366B
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs.60.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5192000	Equity Shares	Rs.10/- each	Rs.51.920 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	51.920	51.920	51.920
(b) Reserves & Surplus	3.956	2.572	2.781
(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)	55.876	54.492	54.701
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	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	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	0.039	0.017	0.278
(c) Other current liabilities	2.059	2.002	2.008
(d) Short-term provisions	0.000	0.001	0.015
Total Current Liabilities (4)	2.098	2.020	2.301
TOTAL	57.974	56.512	57.002
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	8.036	8.373	8.859
(ii) Intangible Assets	4.194	4.194	4.194
(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	38.819	38.314	40.238
(c) Deferred tax assets (net)	0.776	0.847	1.536
(d) Long-term Loan and Advances	1.177	1.612	1.812
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	53.002	53.340	56.639
(2) Current assets
(a) Current investments	0.000	2.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	0.386	0.018	0.000
(d) Cash and cash equivalents	2.523	1.154	0.174
(e) Short-term loans and advances	2.063	0.000	0.183
(f) Other current assets	0.000	0.000	0.006
Total Current Assets	4.972	3.172	0.363
TOTAL	57.974	56.512	57.002

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	0.800	0.300	0.300
		Other Income	3.098	2.899	3.548
		TOTAL (A)	3.898	3.199	3.848
Less	EXPENSES
		Employees benefits expense	0.000	0.000	0.036
		Other expenses	1.478	1.361	2.601
		TOTAL (B)	1.478	1.361	2.637
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2.420	1.838	1.211
Less	FINANCIAL EXPENSES (D)		0.000	0.000	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.420	1.838	1.211
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.455	0.486	0.564
	PROFIT BEFORE TAX (E-F) (G)		1.965	1.352	0.647
Less	TAX (H)		0.582	1.561	(2.668)
	PROFIT AFTER TAX (G-H) (I)		1.383	(0.209)	3.315
	Earnings Per Share (Rs.)		0.27	(0.04)	0.64

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	172.88	(69.67)	1105.00
Operating Profit Margin (PBDIT/Sales)	(%)	302.50	612.67	403.67
Return on Total Assets (PBT/Total Assets}	(%)	10.69	7.79	4.25
Return on Investment (ROI) (PBT/Networth)		0.04	0.02	0.01
Current Ratio (Current Asset/Current Liability)		2.37	1.57	0.16

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	51.920	51.920	51.920
Reserves & Surplus	2.781	2.572	3.956
Net worth	54.701	54.492	55.876
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

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	0.300	0.300	0.800
		0.000	166.667

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	0.300	0.300	0.800
Profit	3.315	(0.209)	1.383
	1105.00%	(69.67%)	172.88%

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	No
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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
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 THE COMPANY

FIXED ASSETS

· Buildings

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer equipments

· 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.62.43
UK Pound	1	Rs.95.01
Euro	1	Rs.70.63

INFORMATION DETAILS

Information Gathered by :	PRP
Analysis Done by :	RSM
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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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