MIRA INFORM REPORT

Report No. :	330274
Report Date :	06.07.2015

IDENTIFICATION DETAILS

Name :	TITAN LABORATORIES PRIVATE LIMITED
Registered Office :	102, Titan House, 60 Feet Road, M. P. Vidhya Marg, Ghatkopar (East), Mumbai – 400077, Maharashtra
Tel. No.:	91-22-67857000
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	14.06.2004
Com. Reg. No.:	11-146928
Capital Investment / Paid-up Capital :	Rs. 19.681 Million
CIN No.: [Company Identification No.]	U24100MH2004PTC146928
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMM22848A
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufactures of sustained and modified release, DC Granules, Taste Mask Capsules and Tablets.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 970000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. For the financial year ended 2014, company possesses healthy operational performance and it has achieved decent sales turnover growth along with adequate profitability margins at 8.29%. Rating also takes into account of company’s healthy financial risk profile marked by sound net worth base along with sound debt protection metrics and fair liquidity position of the company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and condition.

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	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 31-03-2013.

INFORMATION DENIED BY

Name :	Mrs. Anjali
Designation :	Accounts Executive
Contact No.:	91-22-67857000
Date :	03.07.2015

LOCATIONS

Registered Office :	102, Titan House, 60 Feet Road, M. P. Vidhya Marg, Ghatkopar (East), Mumbai – 400077, Maharashtra, India
Tel. No.:	91-22-67857000
Fax No.:	91-22-67857070
E-Mail :	titanpharmaindia@hotmail.com info@titan.lab.com accounts@titanpharma.com
Factory :	Plot No. E27/1 and E27/2, M.I.D.C. Mahad, Village Jite, Dist. Raigad, Maharashtra, India

DIRECTORS

As on 30.09.2014

Name :

Mr. Piyush Bhailal Shah

Designation :

Managing Director

Address :

F6 Vasudhara Building, Tilak Nagar, Ghatkopar (East), Mumbai-400065, Maharashtra, India

Date of Birth/Age :

05.12.1977

Date of Appointment :

05.12.2012

DIN No.:

00606740

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	U24234MH2001PTC133316	TITAN PHARMA (INDIA ) PRIVATE LIMITED	Director	09/10/2001	09/10/2001	-	Active	NO
2	U24100MH2004PTC146928	TITAN LABORATORIES PRIVATE LIMITED	Managing director	05/12/2012	14/06/2004	-	Active	NO

Name :

Mr. Bhailal Babulal Shah

Designation :

Whole-Time Director

Address :

F6 Vasudhara Building, Tilak Nagar, Ghatkopar (East), Mumbai-400065, Maharashtra, India

Date of Birth/Age :

02.09.1945

Date of Appointment :

18.09.2012

DIN No.:

00133479

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	L99999GJ1992PLC018156	TONIRA PHARMA LIMITED	Director	26/03/2009	13/08/1992	-	Amalgamated	NO
2	L65910GJ1995PLC024091	TIRUPATI SARJAN LIMITED	Director	11/10/1995	11/10/1995	-	Active	NO
3	U24239GJ2008PTC052906	TITAN BIOSCIENCE PRIVATE LIMITED	Director	13/02/2008	13/02/2008	-	Active	NO
4	U24100MH2004PTC146928	TITAN LABORATORIES PRIVATE LIMITED	Whole-time director	18/09/2012	01/04/2008	-	Active	NO
5	U51909MH1995PLC248308	TONIRA EXPORTS LIMITED	Director	06/08/2010	10/12/2009	-	Active	NO
6	U45400MH2010PTC200139	Shreenath Buildgrand Private Limited	Director	20/11/2013	20/11/2013	27/08/2014	Active	NO

Name :

Mr. Virendra Babulal Shah

Designation :

Director

Address :

702 Titan House, 60 Feet Road, M P Vaidya Marg, Ghatkopar East, Mumbai-400077, Maharashtra, India

Date of Birth/Age :

26.02.1953

Date of Appointment :

29.09.2005

DIN No.:

02044691

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	U24100MH2004PTC146928	TITAN LABORATORIES PRIVATE LIMITED	Director	29/09/2005	29/09/2005	-	Active	NO
2	AAA-9436	CLOUDFRONTS TECHNOLOGIES LLP	Designated Partner	01/06/2012	01/06/2012	-	Active	NO

Name :

Mr. Deepak Bhailal Shah

Designation :

Whole-time director

Address :

F-6, Vasundhara, Opp. Vikrant Bldg., Tilak Road, Ghatkopar (E), Mumbai- 400077, Maharashtra, India

Date of Birth/Age :

24.03.1980

Date of Appointment :

18.09.2012

DIN No.:

02051891

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	U24234MH2001PTC133316	TITAN PHARMA (INDIA ) PRIVATE LIMITED	Director	09/10/2001	09/10/2001	-	Active	NO
2	U24100MH2004PTC146928	TITAN LABORATORIES PRIVATE LIMITED	Whole-time director	18/09/2012	01/04/2008	-	Active	NO

Name :

Mr. Hiromi Deepak Shah

Designation :

Whole-Time Director

Address :

F-6 Vasundhara, Tilak Road Ghatkopar East, Mumbai-400077, Maharashtra, India

Date of Birth/Age :

01.02.1980

Date of Appointment :

18.09.2012

DIN No.:

02134510

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	U24234MH2001PTC133316	TITAN PHARMA (INDIA ) PRIVATE LIMITED	Director	09/10/2001	09/10/2001	-	Active	NO
2	U24100MH2004PTC146928	TITAN LABORATORIES PRIVATE LIMITED	Whole-time director	18/09/2012	29/09/2005	-	Active	NO

KEY EXECUTIVES

Name :	Mrs. Anjali
Designation :	Accounts Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares
Bhailal Babulal Shah jointly with Ranian B. Shah	510600
Piyush Bhailal Shah jointly with Jigna P. Shah	614600
Deepak B. Shah jointly with Hiromi D. Shah	462600
Jigna P. Shah jointly with Piyush B. Shah	67500
Ranjan V. Shah jointly with Bhailal B. Shah	133300
Hiromi D. Shah jointly with Deepak B. Shah	100500
Ranjan V. Shah jointly with Deepak B. Shah	79000
Total	1968100

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufactures of sustained and modified release, DC Granules, Taste Mask Capsules and Tablets.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	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
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Not Divulged
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 :

Information declined by the management

Bankers :

Bank Name	The Ratnakar Bank Limited
Branch	Shahupuri,Kolhapur, Vypari Peth, Kolhapur - 416001, Maharashtra, 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

· Union Bank of India, Khand Bazar Branch, 109, Kazi Sayed Street Bazar, Mumbai-400003, Maharashtra, India

· The N.K.G.S.B. Co-operative Bank Limited, Mulund West Branch, Mumbai, Maharashtra, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term loans from Banks
Union bank of India [Term Loan A/c (18116)]	0.000	2.724
Kotak Mahindra Prime Limited – Car Loan	0.000	0.022
Ratnakar Bank Limited- Term Loan A/c	12.678	0.000
Short-term borrowings
Cash credit - Union bank of India (A/c -90026)	0.000	2.319
Packing Credit – Union Bank of India (A/c – 00015)	0.000	18.693
Bill discounted with Bank	0.000	3.192
Packing credit	26.000	0.000
Cash Credit – The Ratnakar Bank Limited	8.757	0.000
Total	47.435	26.950

Auditors :
Name :	Rajesh J Shah and Associates Chartered Accountants
Address :	B-401 - 404 4th Floor, Rajshree Avenue, Near Dinesh Hall, Income Tax, Ahmedabad -380009, Gujarat, India
Mobile No.:	91-9426008343 91-9824045695
E-Mail :	info@rajeshjshahca.com rjshah_ca@yahoo.com
Website :	www.rajeshjshah.com www.rajeshjshahassociates.icai.org.in
PAN N Income-tax PAN of auditor or auditor's firm :	AADFR0856J
Memberships :	--
Collaborators :	--
Related Parties where control Exists :	Indian Tube Corporation Industrial Traders

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
2,000,000	Equity Shares	Rs.10/- each	Rs.20.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,968,100	Equity Shares	Rs.10/- each	Rs.19.681 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	19.681	19.681	19.681
(b) Reserves & Surplus	321.035	244.833	159.100
(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)	340.716	264.514	178.781
(3) Non-Current Liabilities
(a) long-term borrowings	30.331	28.863	32.322
(b) Deferred tax liabilities (Net)	32.516	28.147	23.811
(c) Other long term liabilities	2.109	39.528	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	64.956	96.538	56.133
(4) Current Liabilities
(a) Short term borrowings	34.757	24.203	32.271
(b) Trade payables	151.060	63.903	182.184
(c) Other current liabilities	43.016	41.482	73.324
(d) Short-term provisions	1.769	16.875	2.619
Total Current Liabilities (4)	230.602	146.463	290.398
TOTAL	636.274	507.515	525.312
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	244.816	215.097	183.987
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	9.009	15.554	0.392
(iv) Intangible assets under development	1.036	0.536	0.371
(b) Non-current Investments	0.726	0.378	0.378
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	72.172	85.236	62.404
(e) Other Non-current assets	4.169	5.211	3.197
Total Non-Current Assets	331.928	322.012	250.729
(2) Current assets
(a) Current investments	1.217	0.349	1.832
(b) Inventories	46.030	27.496	54.439
(c) Trade receivables	62.835	68.209	46.215
(d) Cash and cash equivalents	141.920	67.711	163.488
(e) Short-term loans and advances	52.344	21.738	8.609
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	304.346	185.503	274.583
TOTAL	636.274	507.515	525.312

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	872.173	559.726
		Other Income	46.952	14.155
		TOTAL (A)	919.125	573.881	657.183
Less	EXPENSES
		Cost of Materials Consumed	413.551	198.703
		Purchases of Stock-in-Trade	60.184	46.595
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(5.595)	13.517
		Employees benefits expense	108.050	62.400
		Other expenses	216.726	127.295
		TOTAL (B)	792.916	448.510	546.256
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		126.209	125.371	110.927
Less	FINANCIAL EXPENSES (D)		5.820	6.889	10.435
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		120.389	118.482	100.492
Less/ Add	DEPRECIATION/ AMORTISATION (F)		10.846	12.623	9.317
	PROFIT BEFORE TAX (E-F) (G)		109.543	105.859	91.175
Less	TAX (H)		33.341	20.126	(3.454)
	PROFIT AFTER TAX (G-H) (I)		76.202	85.733	94.629
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		244.833	159.100	64.471
	BALANCE CARRIED TO THE B/S		321.035	244.833	159.100
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	788.154	463.229	NA
	IMPORTS
		Raw Materials	11.139	33.516
		Capital Goods	7.757	3.221
	TOTAL IMPORTS		18.896	36.737	NA
	Earnings Per Share (Rs.)		39.00	44.00	48.08

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	5.192	5.604	5.856
Cash generated from operations	89.228	(12.123)	121.538

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	8.74	15.32	14.40
Operating Profit Margin (PBIDT/Sales)	(%)	14.47	22.40	16.88
Return on Total Assets (PBT/Total Assets}	(%)	17.51	21.56	17.39
Return on Investment (ROI) (PBT/Networth)		0.32	0.40	0.51
Debt Equity Ratio (Total Debt /Networth)		0.21	0.22	0.39
Current Ratio (Current Asset/Current Liability)		1.32	1.27	0.95

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	19.681	19.681	19.681
Reserves & Surplus	159.100	244.833	321.035
Net worth	178.781	264.514	340.716
long-term borrowings	32.322	28.863	30.331
Short term borrowings	32.271	24.203	34.757
Current Maturities of Long-Term Debts	5.856	5.604	5.192
Total borrowings	70.449	58.670	70.280
Debt/Equity ratio	0.394	0.222	0.206

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	657.183	573.881	919.215
		(12.676)	60.175

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	657.183	573.881	919.215
Profit	94.629	85.733	76.202
	14.40%	14.94%	8.29%

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)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
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	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

NOTE: Registered office of the company has been shifted from 210, Kahara Business centre, Near Laxmi Nagar, Ghatkopar (W), Mumbai -400075, Maharashtra, India to the present address w.e.f. 19.09.2009

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loans from Director	7.178	5.478
Loans from relative Parties and Member	10.477	20.640
Loans from other Parties – Inter Corporate	(0.002)	(0.002)
Total	17.653	26.116

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10527695	01/10/2014	32,545,319.00	THE RATNAKAR BANK LIMITED	SHAHUPURI,KOLHAPUR, KOLHAPUR, Maharashtra - 416001, INDIA	C31107170
2	10517240	22/08/2014	130,000,000.00	THE RATNAKAR BANK LIMITED	SHAHUPURI,KOLHAPUR, KOLHAPUR, Maharashtra - 416001, INDIA	C18670554
3	10429702	02/12/2014 *	140,000,000.00	RBL Bank Limited	SHAHUPURI,KOLHAPUR, KOLHAPUR, Maharashtra - 416001, INDIA	C41718131

FIXED ASSETS

• Computer
• Office equipment
• Plant and equipment
• Air conditioner
• Furniture and fixture
• R and D Unit

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.40
UK Pound	1	Rs.98.94
Euro	1	Rs.70.33

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KAR
Report Prepared by :	JYTK

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	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		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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