MIRA INFORM REPORT

Report No. :	313780
Report Date :	27.03.2015

IDENTIFICATION DETAILS

Name :	ARVIND PD COMPOSITES PRIVATE LIMITED
Registered Office :	Arvind Mills Premises, Naorda Road – Ahmedabad - 380025, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	02.07.2011
Com. Reg. No.:	04-066160
Capital Investment / Paid-up Capital :	Rs. 1.760 Million
CIN No.: [Company Identification No.]	U17120GJ2011PTC066160
TAN No.: [Tax Deduction & Collection Account No.]	AHMA11078E
PAN No.: [Permanent Account No.]	AAJCA7958D
Legal Form :	Private Limited Liability Company
Line of Business :	The company is primarily engaged in the business of Manufacturing Glass Fabric, woven fabrics, multi axial glass fabrics, mesh Fabrics, etc.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 400000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The company has incurred a loss during 2014. However, general financial position of the company seems to be decent. The rating also takes into consideration continuous support from its parent and JV Partner. Trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered normal 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	CARE
Rating	Long term bank Facilities : BBB-
Rating Explanation	Have Moderate degree of safety and carry moderate credit risk
Date	13.08.2014

Rating Agency Name	CARE
Rating	Short term bank Facilities : A3
Rating Explanation	Have Moderate degree of safety and carry higher credit risk
Date	13.08.2014

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.

LOCATIONS

Registered Office :	Arvind Mills Premises, Naorda Road – Ahmedabad - 380025, Gujarat, India
Tel. No.:	91-79-30138108
Fax No.:	91-79-30138668
E-Mail :	rv.bhimani@arvind.in
Website :	http://www.arvind-amd.com
Factory :	Survey No. 1288 – P, Post Moti Bhoyan Taluka Kalol Gandhinagar - 382721, Gujarat, India
Tel. No.:	91-2764-395000
Fax No.:	91-2764-396220

DIRECTORS

As on 26.09.2014

Name :

Mr. Punit Sanjay Lalbhai

Designation :

Director

Address :

Lalbaug, Shahibaug, Ahmedabad -380004, Gujarat, India

Date of Birth/Age :

12.03.1982

Date of Appointment :

28.09.2012

DIN No.:

05125502

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	U17120GJ2011PTC066160	ARVIND PD COMPOSITES PRIVATE LIMITED	Director	28-09-2012	21-11-2011	-	Active	NO
2	U29100GJ2008PLC053226	ARVIND ACCEL LIMITED	Director	28-09-2012	21-11-2011	-	Active	NO
3	U37200GJ2011PTC068339	ARVIND ENVISOL PRIVATE LIMITED	Director	22-12-2011	22-12-2011	-	Active	NO
4	L17119GJ1931PLC000093	ARVIND LIMITED	Whole-time director	28-09-2012	26-07-2012	-	Active	NO
5	U17120GJ2013PTC073807	ARVIND OG NONWOVENS PRIVATE LIMITED	Director	01-03-2013	01-03-2013	-	Active	NO
6	U72400GJ2013PLC074576	ARVIND INTERNET LIMITED	Director	23-09-2014	12-08-2013	-	Active	NO
7	U52100GJ2015PLC082095	ARVIND SPORTS LIFESTYLE LIMITED	Director	02-02-2015	02-02-2015	-	Active	NO
8	U52100GJ2015PLC082094	ARVIND FASHION BRANDS LIMITED	Director	02-02-2015	02-02-2015	-	Active	NO

Name :

Mr. Jayesh Kanitlal Shah

Designation :

Director

Address :

26 Amaltas Bungalows, Vasrapur, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

25.05.1960

Date of Appointment :

28.09.2012

DIN No.:

00008349

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	U30006GJ1985PLC008289	SYNTEL TELECOM LIMITED	Director	22-11-1993	22-11-1993	01-04-2010	Active	NO
2	U70102KA1994PTC015339	FIRENZE PROPERTIESANDINVESTMENTS PRIVATE LIMITED	Director	03-08-1994	03-08-1994	-	Active	NO
3	U31100GJ1995PTC024599	ARYA OMNITALK WIRELESS SOLUTIONS PRIVATE LIMITED	Director	01-08-1996	01-08-1996	01-06-2011	Active	NO
4	L51505HP1993PLC031724	LS INDUSTRIES LIMITED	Director	27-08-1997	27-08-1997	07-05-2009	Active	NO
5	U65910GJ1981PLC004408	ASMAN INVESTMENTS LIMITED	Director	21-03-2001	21-03-2001	01-04-2010	Active	NO
6	L17119GJ1931PLC000093	ARVIND LIMITED	Whole-time director	01-10-2014	20-11-2002	-	Active	NO
7	U72200GJ1988PLC010830	e-INFOCHIPS LIMITED	Director	03-12-2004	03-12-2004	-	Active	NO
8	U67120GJ1995PLC025303	ANAGRAM SHARES REGISTRY LIMITED	Director	01-08-2007	01-08-2007	01-04-2010	Amalgamated	NO
9	U66990GJ1995PLC025267	EDELWEISS COMTRADE LIMITED	Director	01-01-2008	01-01-2008	15-12-2010	Active	NO
10	U65920MH1989PLC053909	EDEL FINANCE COMPANY LIMITED	Director	01-01-2008	01-01-2008	06-12-2010	Active	NO
11	U67120GJ1994PLC022633	EDELWEISS STOCK BROKING LIMITED	Director appointed in casual vacancy	21-01-2008	21-01-2008	29-12-2010	Amalgamated	NO
12	U65910GJ1993PLC020228	EDELWEISS FINANCIAL ADVISORS LIMITED	Director	29-09-2008	19-02-2008	15-02-2011	Amalgamated	NO
13	U80212GJ2008PLC052901	ANAGRAM KNOWLEDGE ACADEMY LIMITED	Director	01-04-2008	01-04-2008	-	Active	NO
14	U29100GJ2008PLC053226	ARVIND ACCEL LIMITED	Director	20-04-2008	20-04-2008	-	Active	NO
15	U45201GJ2008PLC055771	ARVIND INFRASTRUCTURE LIMITED	Director	27-01-2009	27-01-2009	29-03-2013	Active	NO
16	U64120PN2003PTC018154	ARYA OMNITALK RADIO TRUNKING SERVICES PRIVATE LIMITED	Director	05-09-2009	05-09-2009	26-03-2012	Active	NO
17	U18101GJ2007PLC050217	ARVIND RETAIL LIMITED	Director	24-09-2010	31-10-2009	-	Amalgamated	NO
18	U64201GJ1995PLC024598	ARVIND LIFESTYLE BRANDS LIMITED	Director	24-09-2010	31-10-2009	-	Active	NO
19	U65923GJ2009PLC058506	ANAGRAM i-BROKING LIMITED	Director	06-11-2009	06-11-2009	01-04-2010	Strike off	NO
20	L17110GJ1986PLC008886	ARVIND PRODUCTS LIMITED	Director	25-09-2010	25-01-2010	-	Amalgamated	NO
21	U25119MH2010FTC200484	BAYER SHEETS INDIA PRIVATE LIMITED	Director	26-02-2010	26-02-2010	16-03-2013	Amalgamated	NO
22	L15140GJ1985PLC007845	ADI FINECHEM LIMITED	Director	30-08-2010	01-04-2010	-	Active	NO
23	U52609GJ2007PLC051974	ARVIND BRANDS & RETAIL LIMITED	Director	23-09-2011	22-02-2011	-	Active	NO
24	U74140GJ2011PTC068131	AMPLUS CAPITAL ADVISORS PRIVATE LIMITED	Director	08-12-2011	08-12-2011	15-03-2013	Active	NO
25	U37200GJ2011PTC068339	ARVIND ENVISOL PRIVATE LIMITED	Director	22-12-2011	22-12-2011	05-03-2012	Active	NO
26	U17120GJ2011PTC066160	ARVIND PD COMPOSITES PRIVATE LIMITED	Director	28-09-2012	09-04-2012	-	Active	NO
27	U17121GJ2012PTC071968	ARVIND GOODHILL SUIT MANUFACTURING PRIVATE LIMITED	Director	23-09-2013	11-03-2013	-	Active	NO
28	U72400GJ2013PLC074576	ARVIND INTERNET LIMITED	Director	23-09-2014	12-08-2013	-	Active	NO
29	U52190MH2011PTC215598	PREMIUM GARMENTS WHOLESALE TRADING PRIVATE LIMITED	Director	24-03-2014	24-03-2014	-	Active	NO
30	U52100GJ2015PLC082095	ARVIND SPORTS LIFESTYLE LIMITED	Director	02-02-2015	02-02-2015	-	Active	NO
31	U52100GJ2015PLC082094	ARVIND FASHION BRANDS LIMITED	Director	02-02-2015	02-02-2015	-	Active	NO

Name :

Mr. Joeran Hansjuergen Pfuhl

Designation :

Director

Address :

Am Wasserhaeuschen 23, Wilsdruff - 01723, Germany

Date of Birth/Age :

07.01.1975

Date of Appointment :

26.09.2014

DIN No.:

06619672

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	U17120GJ2011PTC066160	ARVIND PD COMPOSITES PRIVATE LIMITED	Director	26-09-2014	19-09-2013	-	Active	NO

Name :

Mr. Stefan Alexander Preiss Daimler

Designation :

Director

Address :

Tannenstr 28 B, Dresden – 01095, Germany

Date of Birth/Age :

18.09.1981

Date of Appointment :

26.09.2014

DIN No.:

06822046

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	U17120GJ2011PTC066160	ARVIND PD COMPOSITES PRIVATE LIMITED	Director	26-09-2014	25-09-2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Suresh Bhat
Designation :	Marketing Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.09.2014

Names of Shareholders	No. of Shares
Aravind limited, India	101999
Jagsih Dalal	1
P-D Glasseiden GmbH Oschatz	98000
Total	200000

As on 20.10.2014

Names of Allottees	No. of Shares
Aravind limited, India	12390
P.D Glasseiden Gmbh Oschetz, Germany	11904
Total	24294

As on 20.02.2015

Names of Allottees	No. of Shares
Aravind limited, India	15249
P.D Glasseiden Gmbh Oschetz, Germany	14651
Total	29900

Equity Share Break up (Percentage of Total Equity)

As on 26.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companies(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	49.00
Bodies corporate	51.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The company is primarily engaged in the business of Manufacturing Glass Fabric, woven fabrics, multi axial glass fabrics, mesh Fabrics, etc.

Products :

Item Code No.	Product Description
70194000	Woven Fabrics of Glass Roving

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 denied by management

Bankers :

· State Bank of India, Commercial Branch, "Paramsiddhi" Complex, Near Mahakant Building, Ellisbridge, Ahmedabad - 380006, Gujarat, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Rupee term loans from banks	84.232	74.419
Short-term borrowings
Working capital loans from banks	37.909	25.858
Total	122.141	100.277

Auditors :
Name :	Sorab S Engineer and Company Chartered Accountants
Address :	909, ATMA, HOUSE, OPPOSITE, OLD RBI , ASHRAM ROAD, AHMEDABAD
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFS5191E
Memberships :	Not Divulged
Collaborators :	Not Divulged
Holding company :	· ARVIND LIMITED (L17119GJ1931PLC000093), India
Associate :	· P-D Glasseiden Gmbh Oschatz-Germany

CAPITAL STRUCTURE

After 26.09.2014

Authorised Capital : Rs.4.000 Million

Issued, Subscribed & Paid-up Capital : Rs. 2.542 Million

As on 26.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs.10/- each	Rs.4.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.10/- each	Rs.2.000 Million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.10/- each	Rs.2.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
176000	Equity Shares	Rs.10/- each	Rs.1.760 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	1.760	1.150	0.810
(b) Reserves & Surplus	93.599	78.353	60.390
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	43.500	13.960	0.000
Total Shareholders’ Funds (1) + (2)	138.859	93.463	61.200
(3) Non-Current Liabilities
(a) long-term borrowings	84.232	74.419	6.781
(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	0.289	0.169	0.000
Total Non-current Liabilities (3)	84.521	74.588	6.781
(4) Current Liabilities
(a) Short term borrowings	37.909	25.858	0.306
(b) Trade payables	22.404	46.639	0.323
(c) Other current liabilities	16.323	9.853	0.001
(d) Short-term provisions	0.006	0.003	0.000
Total Current Liabilities (4)	76.642	82.353	0.630
TOTAL	300.022	250.404	68.611
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	178.424	134.958	0.000
(ii) Intangible Assets	0.076	0.095	0.000
(iii) Capital work-in-progress	12.875	49.184	0.949
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	4.721	5.128	12.924
(e) Other Non-current assets	11.337	5.405	0.047
Total Non-Current Assets	207.433	194.770	13.920
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	35.012	27.277	0.000
(c) Trade receivables	41.836	15.066	0.000
(d) Cash and cash equivalents	4.705	3.695	54.680
(e) Short-term loans and advances	7.426	7.438	0.000
(f) Other current assets	3.610	2.158	0.011
Total Current Assets	92.589	55.634	54.691
TOTAL	300.022	250.404	68.611

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	TOTAL INCOME	94.510	27.395	0.000
Less	TOTAL EXPENSES	NA	NA	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	NA	NA	0.000
Less/ Add	DEPRECIATION/ AMORTISATION	NA	NA	0.000
	PROFIT/ (LOSS) BEFORE TAX	NA	NA	0.000
Less	TAX	NA	NA	0.000
	PROFIT/ (LOSS) AFTER TAX	45.144	15.697	0.000
	Earnings / (Loss) Per Share (Rs.)	256.50	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	47.77	57.30	NA
Return on Investment (ROI) (PBT/Networth)		0.00	0.00	0.00
Debt Equity Ratio (Total Debt /Networth)		0.88	1.07	0.12
Current Ratio (Current Asset/Current Liability)		1.21	0.68	86.81

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	0.810	1.150	1.760
Reserves & Surplus	60.390	78.353	93.599
Share Application money pending allotment		13.960	43.500
Net worth	61.200	93.463	138.859
long-term borrowings	6.781	74.419	84.232
Short term borrowings	0.306	25.858	37.909
Total borrowings	7.087	100.277	122.141
Debt/Equity ratio	0.116	1.073	0.880

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	27.395	94.510
		244.990

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	27.395	94.510
Profit	15.697	45.144
	57.30%	47.77%

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	No
10]	Designation of contact person	No
11]	Turnover of firm for last two years	Yes
12]	Profitability for last two 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	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10385214	29/09/2014 *	213,300,000.00	State Bank of India	Commercial Branch, "Paramsiddhi" Complex, Near Mahakant Building, Ellisbridge, Ahmedabad, Gujarat - 380006, India	C33550930

FIXED ASSETS

Tangible Assets

· Buildings

· Factory building

· Plant and equipment

· Factory equipment’s

· Vehicles

· Motor vehicles

· Office equipment

· Other equipment’s

· Leasehold improvements

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.62.67
UK Pound	1	Rs.93.26
Euro	1	Rs.68.85

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	RCH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	3
--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		44

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 unfavorable 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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