MIRA INFORM REPORT

Report No. :	319917
Report Date :	02.05.2015

IDENTIFICATION DETAILS

Name :	WEAVETTE TEXSTYLES LIMITED [w.e.f.03.08.2006]
Formerly Known As :	WEAVETTE TEXSTYLES PRIVATE LIMITED
Registered Office :	11, YAC Industrial Estate, Kondivita Lane, Andheri (East), Mumbai – 400059, Maharashtra
Tel. No.:	91-22-28397814
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	08.12.1994
Com. Reg. No.:	11-083596
Capital Investment / Paid-up Capital :	Rs. 30.000 Million
CIN No.: [Company Identification No.]	U17100MH1994PLC083596
TAN No.: [Tax Deduction & Collection Account No.]	MUMW02205A
PAN No.: [Permanent Account No.]	AAACW3161F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Textiles and Fabrics.
No. of Employees :	Not Available

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of “PIL Industries Limited, India”. It is an established company having satisfactory track record. The company is continuously incurring losses from its operational activities which has resulted into fully erosion of networth. However, the company receives strong managerial and financial support from its holding company. Trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. In view of strong holding support, 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 – 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	India Rating
Rating	Long-term Issuer Rating = BBB-
Rating Explanation	Moderate degree of safety and carry moderate credit risk.
Date	April 7, 2015

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 :	11, YAC Industrial Estate, Kondivita Lane, Andheri (East), Mumbai – 400059, Maharashtra, India
Tel. No.:	91-22-28397814/ 66938319/ 32945360
Fax No.:	91-22-28212788
E-Mail :	nchoudhary68@rediffmail.com weavette@vsnl.com
Factory 1 :	K-9, MIDC, Tarapur, District Thane, Maharashtra, India
Tel. No.:	91-2525-272027/ 272667/ 395704
Fax No.:	91-2525-271633
Factory 2 :	E-61/1, MIDC, Tarapur, District Thane, Maharashtra, India
Tel. No.:	91-2525-272627/ 395571

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Anil Laxminarayan Biyani

Designation :

Director

Address :

305, Jeevan Vihar, Manav Mandir Road, Malabhar Hill, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

13.12.1963

Qualification :

Graduate

Date of Appointment :

28.02.2006

DIN No.:

00005834

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	U99999MH1987PLC044078	PIL INDUSTRIES LIMITED	Director	01/04/2010	01/10/1991	-	Active	NO
2	U70100MH2004PTC148033	NISHTA MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	16/08/2004	16/08/2004	-	Active	NO
3	U70100MH2004PTC148031	NIYMAN MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	22/04/2005	22/04/2005	30/08/2012	Active	NO
4	U70100MH2005PTC153677	ANCHOR RESIDENCY PRIVATE LIMITED	Director	20/06/2005	20/06/2005	-	Amalgamated	NO
5	U70100MH2005PTC151972	ACUTE REALTY PRIVATE LIMITED	Director	20/06/2005	20/06/2005	18/06/2012	Active	NO
6	U70101MH2005PTC153688	NAMAN MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	20/06/2005	20/06/2005	01/09/2010	Active	NO
7	U70100MH2005PTC155196	BLB MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	08/08/2005	08/08/2005	15/04/2009	Active	NO
8	U70100MH2005PTC155102	SRISHTI MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	10/08/2005	10/08/2005	-	Active	NO
9	U70100MH2005PTC155104	UNIQUE MALLS PRIVATE LIMITED	Director	10/08/2005	10/08/2005	03/07/2012	Active	NO
10	U74900MH1996PLC097943	FUTURE CORPORATE RESOURCES LIMITED	Director	30/09/2009	25/10/2005	-	Amalgamated	NO
11	L51900MH1981PLC025354	IDREAM FILM INFRASTRUCTURE COMPANY LIMITED	Director	22/11/2005	22/11/2005	31/03/2008	Active	NO
12	U17100MH1994PLC083596	WEAVETTE TEXSTYLES LIMITED	Director	28/02/2006	28/02/2006	-	Active	NO
13	U93000MH2002PLC135478	AHA PARKS LIMITED	Director	23/05/2006	23/05/2006	15/07/2008	Active	NO
14	U70100MH2005PTC151439	ISKRUPA MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	30/06/2006	30/06/2006	29/03/2008	Active	NO
15	U28920MH2000PLC126290	STRIPES APPARELS LIMITED	Director	23/03/2007	23/03/2007	-	Amalgamated	NO
16	U18100MH2002PTC136468	BIBA APPARELS PRIVATE LIMITED	Nominee director	05/06/2007	05/06/2007	20/09/2013	Active	NO
17	U52190MH1999PTC258831	PLANET RETAIL HOLDINGS PRIVATE LIMITED	Director	28/09/2007	27/07/2007	10/06/2010	Active	NO
18	U51909MH2004PTC144105	SANKALP RETAIL VALUE STORES PRIVATE LIMITED	Director	30/09/2008	26/10/2007	01/02/2010	Active	NO
19	U17291MH2007GOI195402	GOLDMOHUR DESIGN AND APPAREL PARK LIMITED	Director	22/12/2008	22/12/2007	01/04/2015	Active	NO
20	U52100MH2010PTC207383	BRAHMABRATA TRADING PRIVATE LIMITED	Director	20/08/2011	14/09/2010	-	Converted to LLP and dissolved	NO
21	U51101MH2010PTC207091	KAVI SALES AGENCY PRIVATE LIMITED	Director	20/08/2011	14/09/2010	-	Converted to LLP and dissolved	NO
22	U51101MH2010PTC207147	WHITE CIRCLE MERCANTILE PRIVATE LIMITED	Director	20/08/2011	14/09/2010	17/01/2014	Active	NO
23	U51595MH2010PTC207319	GARGI BUSINESS VENTURES PRIVATE LIMITED	Director	20/09/2011	20/09/2011	-	Active	NO
24	U55101MH2007PTC172953	FUTURE HOSPITALITY PRIVATE LIMITED	Director	29/09/2011	29/09/2011	29/03/2014	Active	NO
25	U51100MH2005PLC156856	FUTURE CORPORATE RESOURCES LIMITED	Additional director	01/10/2011	01/10/2011	-	Active	NO
26	U72900MH2007PLC174787	NUFUTURE DIGITAL (INDIA) LIMITED	Director	29/09/2012	21/02/2012	-	Active	NO
27	U74120MH2011PTC222266	RED BERRY INTERNATIONAL DISTRIBUTORS PRIVATE LIMITED	Director	21/02/2012	21/02/2012	18/10/2012	Active	NO
28	L17120MH1987PLC042424	KAMADGIRI FASHION LIMITED	Director	18/09/2012	29/05/2012	-	Active	NO
29	U45200MH2007PTC168069	FESTIVE REALTY PRIVATE LIMITED	Director	21/09/2012	21/09/2012	-	Active	NO
30	U74999MH2007PLC166866	STAPLES FUTURE OFFICE PRODUCTS LIMITED	Director	29/11/2013	19/08/2013	-	Active	NO
31	U72100MH1999PLC120600	PRTL ENTERPRISES LIMITED	Additional director	14/02/2015	14/02/2015	-	Active	NO
32	AAA-6313	KAVI SALES AGENCY LLP	Designated Partner	21/09/2011	21/09/2011	-	Active	NO
33	AAA-6388	BRAHMABRATA TRADING LLP	Designated Partner	27/09/2011	27/09/2011	-	Active	NO

Name :

Mr. Pankaj Ved Prakash Kapoor

Designation :

Director

Address :

A-704, Florentine, Hiranandani Gardens, Powai, Mumbai - 400007, Maharashtra, India

Date of Birth/Age :

01.12.1963

Qualification :

Graduate

Date of Appointment :

08.12.1994

PAN No.:

AADPK2837Q

DIN No.:

00800167

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	Company/ LLP Status	Defaulting status
1	U17100MH1994PLC083596	WEAVETTE TEXSTYLES LIMITED	Director	08/12/1994	08/12/1994	Active	NO
2	U65910MH1995PTC089350	PATRON LEASING AND FINANCE PRIVATE LIMITED	Director	28/07/2004	28/07/2004	Active	NO

Name :

Mrs. Neerja Pankaj Kapoor

Designation :

Director

Address :

A-704, Florentine, Hiranandani Gardens, Powai, Mumbai - 400007, Maharashtra, India

Date of Birth/Age :

04.06.1971

Qualification :

Graduate

Date of Appointment :

08.12.1994

DIN No.:

01065023

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	Company/ LLP Status	Defaulting status
1	U17100MH1994PLC083596	WEAVETTE TEXSTYLES LIMITED	Director	08/12/1994	08/12/1994	Active	NO
2	U65910MH1995PTC089350	PATRON LEASING AND FINANCE PRIVATE LIMITED	Director	28/07/2004	28/07/2004	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
PIL Industries Limited, India	1529998
PIL Industries Limited, India jointly with Pawan Agarwal	1
PIL Industries Limited, India jointly with Rajesh Kalyani	1
Patron Leasing and Finance Private Limited, India	785000
Pankaj Kapoor	684980
Sandeep Kapoor	10
Neerja Kapoor	10
Total	3000000

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	77.00
Directors or relatives of directors	23.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Textiles and Fabrics.
Brand Names :	--
Agencies Held :	--
Exports :
Products :	Not Available
Countries :	Not Available
Imports :
Products :	Not Available
Countries :	Not Available
Terms :
Selling :	Not Available
Purchasing :	Not Available

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Available
Name of the Person (Designation):	Not Available
Contact Number:	Not Available
Since how long known:	Not Available
Maximum limit dealt:	Not Available
Experience:	Not Available
Remark	Not Available

Customers :

Reference:	Not Available
Name of the Person (Designation):	Not Available
Contact Number:	Not Available
Since how long known:	Not Available
Maximum limit dealt:	Not Available
Experience:	Not Available
Remark	Not Available

No. of Employees :

Not Available

Bankers :

Bank Name:	Not Available
Branch:	Not Available
Person Name (with Designation):	Not Available
Contact Number:	Not Available
Name of Account Holder:	Not Available
Account Number:	Not Available
Account Since (Date/ Year of A/c Opening):	Not Available
Average Balance Maintained (Optional):	Not Available
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Available
Account Operation:	Not Available
Remarks:	Not Available

· Corporation Bank

Veena Chamber, 21 Dalal Street, Fort, Mumbai - 400021, Maharashtra, India

· Central Bank of India

Facilities :

--

Banking Relations :	--
Auditors :
Name :	S L and Company Chartered Accountants
Address :	26, Y. A. C. Industrial Estate, Kondivita Lane, Andheri (East), Mumbai – 400059, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAFCA4986R
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
3,000,000	Equity Shares	Rs. 10/- each	Rs. 30.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3,000,000	Equity Shares	Rs. 10/- each	Rs. 30.000 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	30.000	30.000	30.000
(b) Reserves & Surplus	(63.473)	(46.119)	(43.054)
(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)	(33.473)	(16.119)	(13.054)
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000	36.871
(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	36.871
(4) Current Liabilities
(a) Short term borrowings	196.566	239.038	0.000
(b) Trade payables	27.414	3.280	21.746
(c) Other current liabilities	0.812	0.350	0.026
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	224.792	242.668	21.772
TOTAL	191.319	226.549	45.589
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.615	1.795	2.067
(ii) Intangible Assets	0.000	0.000	0.000
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.261	0.074	0.114
Total Non-Current Assets	1.876	1.869	2.181
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.943	0.943	21.172
(c) Trade receivables	140.910	20.541	21.843
(d) Cash and cash equivalents	0.887	41.153	0.393
(e) Short-term loans and advances	7.230	162.043	0.000
(f) Other current assets	39.473	0.000	0.000
Total Current Assets	189.443	224.680	43.408
TOTAL	191.319	226.549	45.589

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	1564.546	1365.175	461.094
		Other Income	2.731	1.102	0.335
		TOTAL (A)	1567.277	1366.277	461.429
Less	EXPENSES
		Cost of Materials Consumed	1563.226	1360.987	460.879
		Employees benefits expense	0.170	0.000	0.009
		Other expenses	0.147	4.635	0.920
		TOTAL (B)	1563.543	1365.622	461.808
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3.734	0.655	(0.379)
Less	FINANCIAL EXPENSES (D)		20.907	3.448	0.003
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(17.173)	(2.793)	(0.382)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.181	0.272	0.315
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(17.354)	(3.065)	(0.697)
Less	TAX (H)		0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(17.354)	(3.065)	(0.697)
	Earnings Per Share (Rs.)		(5.78)	(1.02)	(0.23)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	(1.11)	(0.22)	(0.15)
Operating Profit Margin (PBDIT/Sales)	(%)	0.24	0.05	(0.08)
Return on Total Assets (PBT/Total Assets}	(%)	(9.07)	(1.35)	(1.53)
Return on Investment (ROI) (PBT/Networth)		0.52	0.19	0.05
Debt Equity Ratio (Total Debt/Networth)		(5.87)	(14.83)	(2.82)
Current Ratio (Current Asset/Current Liability)		0.84	0.93	1.99

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	30.000	30.000	30.000
Reserves & Surplus	(43.054)	(46.119)	(63.473)
Net worth	(13.054)	(16.119)	(33.473)
Long-term borrowings	36.871	0.000	0.000
Short term borrowings	0.000	239.038	196.566
Total borrowings	36.871	239.038	196.566
Debt/Equity ratio	(2.824)	(14.830)	(5.872)

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)
Sales	461.094	1365.175	1564.546
		196.073	14.604

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	461.094	1365.175	1564.546
Profit/ (Loss)	(0.697)	(3.065)	(17.354)
	(0.15%)	(0.22%)	(1.11%)

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 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	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	10545954	17/01/2015	2,000,000,000.00	CENTRAL BANK OF INDIA	CORPORATE FINANCE BRANCH, 1ST FLOOR, MMO BUILDING, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA	C41870353

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
SHORT TERM BORROWINGS
Intercorporate borrowings	196.566	239.000
Loans and advances from related parties	0.000	0.038
Total	196.566	239.038

FIXED ASSETS:

· Plant and equipment

· Factory equipments

· Other plant and equipment

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer equipments

· Other 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. 63.57
UK Pound	1	Rs. 97.98
Euro	1	Rs. 70.53

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

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