MIRA INFORM REPORT

Report No. :	332556
Report Date :	20.07.2015

IDENTIFICATION DETAILS

Name :	REVERSE LOGISTICS COMPANY PRIVATE LIMITED
Registered Office :	Khasra No.337, 1^st Floor, Chaudhary Satbir Complex, Near CRC-2, Village-Sultanpur, M G Road, New Delhi – 110030
Tel. No.:	91-11-43491199/ 43491100
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	03.07.2008
Com. Reg. No.:	55-180429
Capital Investment / Paid-up Capital :	Rs.0.277 Million
CIN No.: [Company Identification No.]	U63030DL2008PTC180429
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
STR No.: [Sales Tax Registration No.:]	07850376219
PAN No.: [Permanent Account No.]	AAECR0690J
Legal Form :	Private Limited Liability Company
Line of Business :	The subject is engaged in the business of providing end to end solutions through intelligent acquisition and disposition of returned and surplus goods by developing and using a proprietary technology platform.
No. of Employees :	Information declined by the management

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 2700000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The company is continuously incurring losses from its operations. However, trade relations are reported to be fair. Business is active. Payments terms are reported to be slow but correct. The company can be considered for 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 – 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 DECLINED

MANAGEMENT NON CO-OPERATIVE

LOCATIONS

Registered/ Head Office :	Khasra No.337, 1^st Floor, Chaudhary Satbir Complex, Near CRC-2, Village-Sultanpur, M G Road, New Delhi – 110030, India
Tel. No.:	91-11-43491199/ 43491100
Fax No.:	Not Available
E-Mail :	manishj@reverselogistics.in contact@reverselogistics.in hitendrac@greendust.com jhchua@vertexmgt.com ravia@greendust.com aloklabourorganization@rediffmail.com info@reverselogistics.com
Website :	http://www.reverselogistics.in
Branch Office (UAE):	Plot No.13, Gold Tower, Unit No.281, Jumeirah Lakes Tower, Dubai, UAE
Tel. No.:	+97-14206282

DIRECTORS

As on 29.10.2014

Name :

Mr. Hitendra Chaturvedi

Designation :

Managing Director

Address :

2105, Rock View Apartments, B-2, Vsant Kunj, New Delhi – 110070, India

Date of Birth/Age :

03.04.1969

Date of Appointment :

01.04.2012

DIN No.:

02143256

PAN No.:

AHOPC2396L

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	U63030DL2008PTC180429	REVERSE LOGISTICS COMPANY PRIVATE LIMITED	Managing director	01/04/2012	03/07/2008	-	Active	NO
2	U37100DL2012PTC241976	RETRUST TECHNOLOGIES PRIVATE LIMITED	Director	10/09/2012	10/09/2012	-	Active	NO

Name :

Mr. Joo Hock Chua

Designation :

Director

Address :

86 Seletar Hills drive, Singapore – 807102

Date of Birth/Age :

26.02.1956

Date of Appointment :

29.09.2012

DIN No.:

00497333

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	U72200TN2000PTC045316	EG INNOVATIONS PRIVATE LIMITED	Director	07/07/2004	07/07/2004	-	Active	NO
2	U29299MH1994PLC081578	DUKE CORPORATION LIMITED	Nominee director	25/07/2006	25/07/2006	01/09/2008	Under liquidation	NO
3	U74899DL1993PTC053975	M & B FOOTWEAR PRIVATE LIMITED	Additional director	18/01/2007	18/01/2007	01/09/2008	Active	NO
4	U72300KA1993PTC034929	TESSOLVE SEMICONDUCTOR PRIVATE LIMITED	Nominee director	02/11/2007	02/11/2007	01/09/2008	Active	NO
5	U64201DL2005PTC142160	CELLCAST INTERACTIVE INDIA PRIVATE LIMITED	Nominee director	05/08/2011	05/08/2011	10/04/2013	Active	NO
6	U74140KA2012FTC062074	Vertex India Venture Advisory Private Limited	Director	16/01/2012	16/01/2012	-	Active	NO
7	U63030DL2008PTC180429	REVERSE LOGISTICS COMPANY PRIVATE LIMITED	Director	29/09/2012	01/06/2012	-	Active	NO
8	U72100PN2010PTC136340	Brainbees Solutions Private Limited	Director	09/01/2014	09/01/2014	-	Active	NO

Name :

Mr. Sandeep Murthy

Designation :

Director

Address :

The Imperial 41054, 1^st Floor, North Block B B, Nakashe Marg, Mumbai – 400034, Maharashtra, India

Date of Birth/Age :

22.11.1976

Date of Appointment :

30.09.2010

DIN No.:

00591165

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	L74899DL1995PLC068021	INFO EDGE (INDIA) LIMITED	Nominee director	27/07/2007	14/07/2006	30/04/2010	Active	NO
2	U72200MH2006PTC205023	PAYMATE INDIA PRIVATE LIMITED	Nominee director	16/11/2006	16/11/2006	-	Active	NO
3	U74899DL1995PTC065551	C.E. INFO SYSTEMS PRIVATE LIMITED	Director	31/08/2007	31/03/2007	10/06/2014	Active	NO
4	U74999MH2007FTC233913	Sherpalo India Advisors Private Limited	Director	01/05/2007	01/05/2007	-	Active	NO
5	U52399MH2007PLC171178	FUTURE E-COMMERCE INFRASTRUCTURE LIMITED	Director	22/11/2008	24/10/2007	-	Active	NO
6	U72900MH2006PTC260279	ZOOMIN ONLINE (INDIA) PRIVATE LIMITED	Director	30/09/2008	15/11/2007	-	Active	NO
7	U63040MH2005PTC153232	CLEARTRIP PRIVATE LIMITED	Director	20/09/2008	26/02/2008	-	Active	NO
8	U72200KA2006PTC040763	InMobi Technologies Private Limited	Director	01/07/2008	01/07/2008	03/10/2013	Active	NO
9	U40100MH1997PTC110591	KOTAKURJA PRIVATE LIMITED	Director	30/09/2009	01/10/2008	-	Active	NO
10	U63030DL2008PTC180429	REVERSE LOGISTICS COMPANY PRIVATE LIMITED	Director	30/09/2010	17/05/2010	-	Active	NO
11	U80301HR2012PTC046937	Indiavidual Learning Private Limited	Director	31/12/2013	03/01/2013	21/03/2014	Active	NO
12	U91110MH2001NPL130853	MAGIC BUS INDIA FOUNDATION	Director	18/09/2013	10/06/2013	-	Active	NO
13	U67100MH2013PTC249707	LIGHTBOX INDIA ADVISORS PRIVATE LIMITED	Director	31/10/2013	31/10/2013	-	Active	NO

Name :

Mrs. Savita Chaturvedi

Designation :

Director

Address :

2105, Rock View Apartments, B-2, Vsant Kunj, New Delhi – 110070, India

Date of Birth/Age :

17.07.1940

Date of Appointment :

03.07.2008

DIN No.:

02163445

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.10.2014

Names of Shareholders	No of Shares (Equity)
Hitendra Chaturvedi	1000
Savita Chaturvedi	105606
Rajesh Sehgal	220
Everest Flavours Limited, India	1
Anand Jhaveri	662
Saloni Jhaveri	662
Mahendra Swarup	500
Reliance Capital Limited, India	16542
Sandeep Murthy	882
Vertex Asia Investments Pte. Limited, Singapore	100
Lightbox Ventures I	200
Total	126375

Names of Shareholders	No of Shares (Preference)
Lightbox Ventures I	84088
Vertx Asia Investments Pte. Limited, Singapore	44573
Lightbox Ventures I	22336
Lightbox Ventures I	108080
Total	259077

Equity Share Break up (Percentage of Total Equity)

As on 29.10.2014

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	0.24
Bodies corporate	13.09
Directors or relatives of Directors	85.05
Other top fifty shareholders	1.62
Total	100.00

BUSINESS DETAILS

Line of Business :	The subject is engaged in the business of providing end to end solutions through intelligent acquisition and disposition of returned and surplus goods by developing and using a proprietary technology platform.
Products :	Not Divulged
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
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	Indusind Bank Limited
Branch	Dr. Gopal Das Bhawan, 28, Barakhamba Road, New Delhi - 110001, 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

Auditors :
Name :	S. S. Kothari Mehta and Company Chartered Accountants
Address :	146-148,Tribhuvan Complex, Mathura Road, Ishwar Nagar,, New Delhi, Delhi 110065
PAN N Income-tax PAN of auditor or auditor's firm :	AABFS6730L
Memberships :	--
Collaborators :	--
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Onkar Enterprises & Savita Chaturvedi, India
Subsidiary Company :	Retrust Technologies Private Limited U37100DL2012PTC241976

CAPITAL STRUCTURE

After As on 29.10.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10550000	Equity Shares	Rs.1/- each	Rs.10.550 Million
450000	Preference Shares	Rs.1/- each	Rs.0.450 Million
			Rs.11.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
492912	Equity Shares	Rs.1/- each	Rs.0.493 Million

As on 29.10.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10550000	Equity Shares	Rs.1/- each	Rs.10.550 Million
450000	Preference Shares	Rs.1/- each	Rs.0.450 Million
			Rs.11.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
126375	Equity Shares	Rs.1/- each	Rs.0.126 Million
259077	Preference Shares	Rs.1/- each	Rs.0.259 Million
			Rs.0.385 Million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10550000	Equity Shares	Rs.1/- each	Rs.10.550 Million
450000	Preference Shares	Rs.1/- each	Rs.0.450 Million
			Rs.11.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
126375	Equity Shares	Rs.1/- each	Rs.0.126 Million
84088	Preference Shares (Series A Non-Cumulative Participating Fully and Mandatorily Convertible Preference Shares)	Rs.1/- each	Rs.0.084 Million
66909	Preference Shares (Series B Participating Fully and Mandatorily Convertible Preference Shares)	Rs.1/- each	Rs.0.067 Million
			Rs.0.277 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	0.277	0.277	0.210
(b) Reserves & Surplus	640.823	840.765	158.018
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	300.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	941.100	841.042	158.228
(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	6.377	2.653	0.000
(d) long-term provisions	6.342	2.288	0.978
Total Non-current Liabilities (3)	12.719	4.941	0.978
(4) Current Liabilities
(a) Short term borrowings	18.500	0.000	0.000
(b) Trade payables	1148.506	13.228	11.135
(c) Other current liabilities	43.648	28.424	13.549
(d) Short-term provisions	9.059	7.290	1.281
Total Current Liabilities (4)	1219.713	48.942	25.965
TOTAL	2173.532	894.925	185.171
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	20.471	19.913	7.704
(ii) Intangible Assets	0.000	0.000	0.131
(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	0.100	0.100	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	19.219	17.034	7.680
(e) Other Non-current assets	0.000	3.442	0.295
Total Non-Current Assets	39.790	40.489	15.810
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	472.737	418.241	106.375
(c) Trade receivables	1368.362	72.536	17.235
(d) Cash and cash equivalents	228.448	275.890	32.006
(e) Short-term loans and advances	62.215	86.938	13.745
(f) Other current assets	1.980	0.831	0.000
Total Current Assets	2133.742	854.436	169.361
TOTAL	2173.532	894.925	185.171

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income from Operations	4160.261	2039.650	NA
	Other Income	11.254	42.926	NA
	TOTAL	4171.515	2082.576	NA
Less	TOTAL EXPENSES	4408.871	2199.762	NA
	PROFIT/ (LOSS) BEFORE TAX	(237.356)	(117.186)	NA
Less	TAX	0.000	0.000	NA
	PROFIT/ (LOSS) AFTER TAX	(237.356)	(117.186)	40.844
	IMPORTS
	Traded Goods	233.414	11.280	0.106
	TOTAL IMPORTS	233.414	11.280	0.106
	Earnings / (Loss) Per Share (Rs.)	(1943.03)	(927.41)	NA

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 operating activity	(351.315)	(563.587)	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(5.71)	(5.75)	NA
Return on Total Assets (PBT/Total Assets}	(%)	(10.92)	(13.10)	NA
Return on Investment (ROI) (PBT/Networth)		(0.25)	(0.14)	NA
Debt Equity Ratio (Total Debt /Networth)		0.02	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.75	17.46	6.52

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	0.210	0.277	0.277
Reserves & Surplus	158.018	840.765	640.823
Share Application money pending allotment	0.000	0.000	300.000
Net worth	158.228	841.042	941.100
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	18.500
Total borrowings	0.000	0.000	18.500
Debt/Equity ratio	0.000	0.000	0.020

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	2039.650	4160.261
	-	103.969

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	2039.650	4160.261
Profit	(117.186)	(237.356)
	(5.75%)	(5.71%)

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	Yes
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	No
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 two 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 First Floor, Muskaan, Sector B, Pocket -2, Plot #3, Vasant Kunj, New Delhi – 110070, India to the present address w.e.f. 01.10.2012

COMPANY OVERVIEW

Reverse Logistics Company Private Limited (the Company') is a Company incorporated under the provisions of the Companies Act, 1956 on 3 July2008. The Company has its head office registered in New Delhi. The Company is engaged in the business of providing end to end solutions through intelligent acquisition and disposition of returned and surplus goods by developing and using a proprietary technology platform. This technology platform will integrate the entire returns process from customer pick-up to the final destination of the refurbished goods.

UNSECURED LOAN

Unsecured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Intercorporated Deposits	18.500	0.000
Total	18.500	0.000

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10577702	24/06/2015	50,000,000.00	KOTAK MAHINDRA BANK LIMITED	Kotak Aerocity, 1st Floor, Asset Area 9, IBIS Com  mercial Block, Hospitality District, Delhi - 110037, INDIA	C57827677
2	10545111	29/12/2014	120,000,000.00	SVB INDIA FINANCE PRIVATE LIMITED	12th FLOOR, EXPRESS TOWERS,, NARIMAN POINT,, MUMBAI, Maharashtra - 400021, INDIA	C41460593

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014	31.03.2013
Guarantees issued in favour of Commercial tax authorities	0.315	0.150
Bank Guarantees issued against performance of contract	0.000	78.532

FIXED ASSETS

• Plant and equipment
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipment
• Computer equipments

Intangible assets

• Computer software

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.63.49
UK Pound	1	Rs.99.42
Euro	1	Rs.69.14

INFORMATION DETAILS

Analysis Done by :	RSM
Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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	YES
--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		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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