MIRA INFORM REPORT

Report No. :	322200
Report Date :	19.05.2015

IDENTIFICATION DETAILS

Name :	S.T.COTTEX EXPORTS PRIVATE LIMITED
Registered Office :	K-80 1^st Basement (Right) Haus Khas Enclave, New Delhi - 110016
Tel No.:	91-11-26534679
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	02.06.2000
Com. Reg. No.:	55-106064
Capital Investment / Paid-up Capital :	Rs. 78.840 Million
CIN No.: [Company Identification No.]	U51494DL2000PTC106064
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Yarn and Fabrics.
No. of Employees :	3500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 3000000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Financial position of the company is decent. Trade relations are reported to be fair. Business is active. Payments are reported to be usually 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 (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	CRISIL
Rating	Long Term Rating = BBB- (Suspended)
Rating Explanation	Have moderate degree of safety and carry moderate credit risk
Date	April 14, 2015

Rating Agency Name	CRISIL
Rating	Short Term Rating = A3 (Suspended)
Rating Explanation	Have moderate degree of safety and carry higher credit risk
Date	April 14, 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.

INFORMATION PARTED BY (Partial Detail)

Name :	Mr. Nitin Sondhi
Designation :	Director
Contact No.:	91-9872600039
Date :	14.05.2015

LOCATIONS

Registered Office :	K-80 1^st Basement (Right) Haus Khas Enclave, New Delhi – 110016, India
Tel. No.:	91-11-26534679
Fax No.:	91-11-26534679
E-Mail :	amit@stexports.com
Head Office :	B-Xxx-891, Sherpur Road, Ludhiana -141009, Punjab India
Tel. No.:	91-161-3294171/72
Fax No.:	91-161-2670043

DIRECTORS

As on 30.08.2014

Name :

Mr. Amit Gupta

Designation :

Managing Director

Address :

H No. 652, Pakhowal Road Opposite Nehru Sidhant Kender, Ludhiana - 141001, Punjab, India

Date of Birth/Age :

28.12.1976

Date of Appointment :

02.06.2000

DIN No.:

00009197

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	U74899DL1995PTC069363	APS INTERNATIONAL PRIVATE LIMITED	Director	25-05-1996	25-05-1996	-	Active	NO
2	U51494DL2000PTC106064	S.T. COTTEX EXPORTS PRIVATE LIMITED	Managing director	02-06-2000	02-06-2000	-	Active	NO

Name :

Mr. Aman gupta

Designation :

Managing Director

Address :

H No.652, Pakhowal Road Opp., Nehru Sidhant Kender Ludhiana - 141001, Punjab, India

Date of Birth/Age :

05.10.1979

Date of Appointment :

01.07.2009

DIN No.:

00009209

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	U51494DL2000PTC106064	S.T. COTTEX EXPORTS PRIVATE LIMITED	Managing director	01-07-2009	01-01-2002	-	Active	NO
2	U74899DL1995PTC069363	APS INTERNATIONAL PRIVATE LIMITED	Director	06-12-2002	06-12-2002	-	Active	NO

Name :

Mr. Premkumar Gupta

Designation :

Director

Address :

H No. 652, Pakhowal Road Opposite Nehru Sidhant Kender, Ludhiana - 141001, Punjab, India

Date of Birth/Age :

22.12.1947

Date of Appointment :

01.09.2000

DIN No.:

00009235

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	U51494DL2000PTC106064	S.T. COTTEX EXPORTS PRIVATE LIMITED	Director	01-09-2000	01-09-2000	-	Active	NO
2	U74899DL1995PTC069363	APS INTERNATIONAL PRIVATE LIMITED	Managing director	24-09-2003	24-09-2003	-	Active	NO
3	U17120MH1982PTC027727	SABINA WOOLLEN MILLS PRIVATE LIMITED	Director	30-09-2004	30-09-2004	-	Active	YES

Name :

Mr. Arvind Kumar Malhotra

Designation :

Director

Address :

10-D, Kitchlu Nagar, Ludhiana - 141001, Punjab, India

Date of Birth/Age :

11.06.1958

Date of Appointment :

01.09.2000

DIN No.:

00215195

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	U74899DL1995PTC069363	APS INTERNATIONAL PRIVATE LIMITED	Director	17-06-1996	17-06-1996	-	Active	NO
2	U51494DL2000PTC106064	S.T. COTTEX EXPORTS PRIVATE LIMITED	Director	01-09-2000	01-09-2000	-	Active	NO
3	U67120CH2000PLC023244	L S E SECURITIES LIMITED	Director	19-07-2007	19-07-2007	27-08-2008	Active	NO
4	U67120PB1981PLC004696	Ludhiana Stock and Capital Limited	Director appointed in casual vacancy	19-08-2009	19-08-2009	29-09-2009	Active	NO

Name :

Ms. Rashi Gupta

Designation :

Whole-Time Director

Address :

B-Xxx-891, Behind Petrol Pump, Sherpur Road, Ludhiana - 141009, Punjab, India

Date of Birth/Age :

12.01.1980

Date of Appointment :

01.04.2014

DIN No.:

00487943

Name :

Ms. Shweta Gupta

Designation :

Whole-time director

Address :

B-XXX-891, Behind Petrol Pump, Sherpur Road, Ludhiana - 141009, Punjab, India

Date of Birth/Age :

19.05.1986

Date of Appointment :

01.04.2014

DIN No.:

00514724

Name :

Mr. Nitin Sondhi

Designation :

Whole-time director

Address :

H.No. 48 A, Phase IV, Sarabha Nagar

Extension, Pakhowal Road, Ludhiana - 142022, Punjab, India

Date of Birth/Age :

22.09.1969

Date of Appointment :

01.04.2014

DIN No.:

06510728

Name :

Mr. Aditya Sachan

Designation :

Whole-Time Director

Address :

H.No. 467, G K Estate, Mundian Khurd,

Chandigarh Road, Ludhiana – 141015, Punjab, India

Date of Birth/Age :

15.05.1972

Date of Appointment :

01.04.2014

DIN No.:

06510766

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.08.2014

Names of Shareholders	No. of Shares	%age holding
Prem Gupta	15,75,000	19.98
Sunila Gupta	8,20,000	10.40
Amit Gupta	26,63,400	33.78
Aman Gupta	26,62,500	33.77
Rashi Gupta	81,100	1.03
Shweta Gupta	82,000	1.04
Total	78,84,000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.08.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Yarn and Fabrics.
Products :	Yarn and Fabrics
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products:	Yarn and Fabrics
Country:	China USA Korea
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 :

3500 (Approximately)

Bankers :

Bank Name	HDFC Bank Limited
Branch	Not Divulged
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

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term loans from banks	941.363	869.214
Short-term borrowings
Working capital loans from banks	747.342	881.949
Total	1688.705	1751.163

Auditors :
Name :	Ashwani and Associates Chartered Accountants
Address :	19-A, Udham Singh, Nagar, Ludhiana, (Pb)- 141001, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAFFA9616H
Memberships :	Not Available
Collaborators :	Not Available
Associates :	Sabina Woollen Mills Private Limited, India- (U17120mh1982ptc027727) Aps International Private Limited. India (U74899dl1995ptc069363)

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7884000	Equity Shares	Rs.10/- each	Rs.78.840 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	78.840	75.840	70.840
(b) Reserves & Surplus	849.093	681.757	495.063
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	30.000	0.000
Total Shareholders’ Funds (1) + (2)	927.933	787.597	565.903
(3) Non-Current Liabilities
(a) long-term borrowings	1201.513	1129.875	1243.472
(b) Deferred tax liabilities (Net)	157.212	142.548	106.978
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	3.888	3.809	0.462
Total Non-current Liabilities (3)	1362.613	1276.232	1350.912
(4) Current Liabilities
(a) Short term borrowings	747.342	881.949	948.101
(b) Trade payables	238.561	308.191	242.604
(c) Other current liabilities	266.035	256.427	225.474
(d) Short-term provisions	7.635	12.678	1.468
Total Current Liabilities (4)	1259.573	1459.245	1417.647
TOTAL	3550.119	3523.074	3334.462
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2170.759	1987.066	1995.660
(ii) Intangible Assets	0.221	0.248	0.000
(iii) Capital work-in-progress	0.000	0.000	144.158
(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	50.646	29.129	28.027
(e) Other Non-current assets	9.063	14.291	0.000
Total Non-Current Assets	2230.689	2030.734	2167.845
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	509.549	877.014	754.504
(c) Trade receivables	429.264	373.672	260.950
(d) Cash and cash equivalents	12.568	10.102	17.894
(e) Short-term loans and advances	364.057	228.478	131.001
(f) Other current assets	3.992	3.074	2.268
Total Current Assets	1319.430	1492.340	1166.617
TOTAL	3550.119	3523.074	3334.462

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	7383.000	6272.750	4819.555
	Other Income	NA	NA	NA
	TOTAL (A)	NA	NA	NA
	EXPENSES	NA	NA	NA
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	NA	786.307	393.768
Less	FINANCIAL EXPENSES	NA	318.477	209.773
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	NA	467.830	183.995
Less/ Add	DEPRECIATION/ AMORTISATION (F)	NA	253.595	182.934
	PROFIT/ (LOSS) BEFORE TAX	NA	214.235	1.061
Less	TAX	NA	72.541	0.609
	PROFIT/ (LOSS) AFTER TAX	140.300	141.694	0.452
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	NA	465.903	465.451
	Balance Carried to the B/S (J+K+L-M)	NA	607.597	465.903
	Earnings / (Loss) Per Share (Rs.)	17.80	14.97	0.06

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	197.355	185.823	176.203

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.90	2.26	0.01
Operating Profit Margin (PBIDT/Sales)	(%)	NA	12.54	8.17
Return on Total Assets (PBT/Total Assets}	(%)	NA	6.08	0.03
Return on Investment (ROI) (PBT/Networth)		NA	0.27	0.00
Debt Equity Ratio (Total Debt /Networth)		2.31	2.79	4.18
Current Ratio (Current Asset/Current Liability)		1.05	1.02	0.82

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

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	70.840	75.840	78.840
Reserves & Surplus	495.063	681.757	849.093
Share Application money pending allotment	0.000	30.000	0.000
Net worth	565.903	787.597	927.933
long-term borrowings	1243.472	1129.875	1201.513
Short term borrowings	948.101	881.949	747.342
CURRENT MATURITIES OF LONG-TERM DEBTS	176.203	185.823	197.355
Total borrowings	2367.776	2197.647	2146.210
Debt/Equity ratio	4.184	2.790	2.313

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	4819.555	6272.700	7383.000
		30.151	17.701

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	4819.555	6272.700	7383.000
Profit	0.452	141.700	140.300
	0.01%	2.26%	1.90%

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)	Yes
16	No. of employees	Yes
17	Details of sister concerns
18	Major suppliers
19	Major customers
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	Yes
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

UNSECURED LOAN

Unsecured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Loans and advances from related parties	255.469	251.629
Other loans and advances	4.681	9.032
Total	260.150	260.661

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10559639	09/03/2015	110,000,000.00	HDFC Bank Limited	PLOT NO. B/XIX/65/SE, THE MALL,, LOWER GROUND FLO  OR 1, 1ST MALL, LUDHIANA, PUNJAB - 141001, INDIA	C49313521
2	10544417	21/10/2014	400,000,000.00	Punjab National Bank	LARGE CORPORATE BRANCH, BHAGWATI TOWER,, RK ROAD,  NEAR CHEEMA CHOWK, LUDHIANA, PUNJAB - 141003, INDIA	C41118704
3	10527741	09/10/2014	15,000,000.00	Bank of Baroda	MILLER GANJ, LUDHIANA, PUNJAB - 141003, INDIA	C31130446
4	10504203	13/06/2014	55,000,000.00	Bank of Baroda	MID CORPORATE BRANCH, OPP. FIRE STATION, G.T. ROAD, MILLER GANJ, LUDHIANA, PUNJAB - 141003, INDIA	C07327422
5	10471109	16/01/2015 *	150,000,000.00	IDBI Bank Limited	S.C.O. 126-128, KALINGA TOWER, FEROZE GANDHI MARKET, LUDHIANA, PUNJAB - 141001, INDIA	C42453316
6	10443941	10/12/2014 *	1,296,500,000.00	State Bank of India	SPECIALISED MID CORPORATE BRANCH, FOCAL POINT ROAD, NEAR SPRINGDALE SCHOOL,, LUDHIANA, PUNJAB - 141010, INDIA	C39264676
7	10434416	17/10/2013 *	135,000,000.00	IDBI Bank Limited	SCO 126-128, FIRST FLOOR, KALINGA TOWERS, FEROZE  GANDHI MARKET, LUDHIANA, PUNJAB - 141001, INDIA	B88917521
8	10435291	26/06/2013	135,000,000.00	Oriental Bank of Commerce	OVERSEAS BRANCH, JANDU TOWER,, MILLER GANJ, G.T.  ROAD, LUDHIANA, PUNJAB - 141003, INDIA	B78909009
9	10265168	28/12/2010	295,000,000.00	State Bank of India	SCB, MILLER GANJ, LUDHIANA, LUDHIANA, PUNJAB - 141003, INDIA	B04300372
10	10262569	24/12/2010	295,000,000.00	Punjab National Bank	LARGE CORPORATE BRANCH,BHAGWATI TOWER, RK ROAD, CHEEMA CHOWK, LUDHIANA, PUNJAB - 141003, INDIA	B03460904

* Date of charge modification

FIXED ASSETS

Tangible assets

• Land
• Buildings
• Factory equipment’s
• Vehicles
• Office equipment
• Furniture and fixtures

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.63.55
UK Pound	1	Rs.99.86
Euro	1	Rs.72.67

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	RAS
Report Prepared by :	GTA

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	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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		47

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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