MIRA INFORM REPORT

Report No. :	341081
Report Date :	17.09.2015

IDENTIFICATION DETAILS

Name :	SBL PRIVATE LIMITED (w.e.f.11.12.1997)
Formerly Known As :	SBL LIMITED SHARDA HOMEO PHARMACEUTICALS PRIVATE LIMITED
Registered Office :	Plot No. 3, Sector-12, IIE, Sidcul, Haridwar – 249403, Uttarakhand
Tel. No.:	91-1334-235277/235348
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	31.08.1979
Com. Reg. No.:	23-000971 (New) 55-009838 (Old)
Capital Investment / Paid-up Capital :	Rs. 74.701 Million
CIN No.: [Company Identification No.]	U72990UR1979PTC000971 (New) U72990DL1979PTC009838 (Old)
IEC No.:	0588002984
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACS0417L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Homeopathic Medicine, Herbal Products and Consumer Products
No. of Employees :	750 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 6180000
Status :	Good
Payment Behavior :	Regular
Litigation :	Clear
Comments :	Subject is subsidiary of “Himal Enterprises Private Limited.” SBL is the leading homoeopathic medicines manufacturing company in India offering a wide range of world-class homeopathic remedies including generics, single remedies, bio-chemic/combinations, as well as specialties. SBL was incorporated in the year 1979. It is well established company having a good track record. The rating on SBL Private Limited reflect strong financial risk profile as reflects from debt free balance sheet status and robust liquidity position. The company has reported healthy operational activities marked by above average profit margin during the year under review. The rating further derive strength on long track record and extensive industrial experience in homoeopathic industry. Trade relations are reported as fair. Business is active. Payment are reported to be regular and as per commitment. The company can be considered good for normal 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 – 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

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 31-03-2015.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. R.K. Khanna
Designation :	Secretary to General Finance Manager
Contact No.:	91-11-22161935
Date :	15.09.2015

LOCATIONS

Registered Office :	Plot No. 3, Sector-12, IIE, Sidcul, Haridwar – 249403, Uttarakhand, India
Tel. No.:	91-1334-235277/235348
Mobile No.:	Not Divulged
Fax No.:	91-1334-235386
E-Mail :	pcmarticle@gmail.com sbl.finance@sblglobal.in
Website :	http://www.sblglobal.in
Corporate Office :	SBL House 2, Commercial Complex, Ashish Chamber, Shrestha Vihar, New Delhi – 110092, India
Tel. No.:	91-11-22161934/ 22161935/ 22165145/ 22162239
Fax No.:	91-11-22162353/ 22149221
E-Mail :	sbl@vsnl.com
Website :	www.sblglobal.com
Factory 1 :	A-3, Site IV, Sahibabad – 201010, Uttar Pradesh, India
Tel. No.:	91-120-2895944/ 2895851/ 2895273/ 2895434
Fax No.:	91-120 2895293
Factory 2 :	533, Sitapura Industrial Area, Jaipur - 302022, Rajasthan, India
Tel. No.:	91-141-2770201/ 2770197
Fax No.:	91-141-2771136
E-Mail :	sbljpr@sancharnet.in

DIRECTORS

AS ON 25.09.2014

Name :

Bishnu Krishna Shrestha

Designation :

Director

Address :

Development Area, Gangtok - 737131, Sikkim, India

Date of Birth/Age :

28.02.1930

Date of Appointment :

01.11.2012

DIN No.:

00146096

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	U72990UR1979PTC000971	SBL PRIVATE LIMITED	Director	01/11/2012	01/05/1986	-	Active	NO
2	U24239DL2002NPL117651	FEDERATION OF HOMEOPATHIC MANUFACTURERS OF INDIA	Managing director	12/11/2002	12/11/2002	-	Active	NO
3	U24234UR2005PTC032730	SBL INDUSTRIES PRIVATE LIMITED	Director	26/04/2005	26/04/2005	-	Amalgamated	NO
4	AAA-3407	SBL LAB LLP	Designated Partner	17/01/2011	17/01/2011	-	Active	NO

Name :

Tejinder Singh Shergill

Designation :

Director

Address :

God's Palm Village, Chauki Dhaulas, Via Ganghora, Dehradun - 248141, Uttar Pradesh, India

Date of Appointment :

01.01.2006

DIN No.:

00146794

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	U72990UR1979PTC000971	SBL PRIVATE LIMITED	Director	01/01/2006	01/01/2006	-	Active	NO
2	U24234UR2005PTC032730	SBL INDUSTRIES PRIVATE LIMITED	Additional director	24/01/2008	24/01/2008	31/03/2008	Amalgamated	NO

Name :

Taruvai Subbayya Krishnamurthy

Designation :

Director

Address :

7-S9, Gokul Tower Apartments, Sir C P Ramasamy Road, Alwarpet, Chennai - 600018, Tamil Nadu, India

Date of Birth/Age :

16.05.1940

Date of Appointment :

07.08.2015

DIN No.:

00279767

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	U66010TG2005PLC045616	SHRIRAM LIFE INSURANCE COMPANY LIMITED	Director	04/09/2014	17/12/2005	-	Active	NO
2	U65991MH1996PTC100444	DSP BlackRock Trustee Company Private Limited	Director	29/09/2006	29/09/2006	-	Active	NO
3	U74999TN1996PLC037132	PURPLE INFOTECH LIMITED	Director	10/09/2007	10/09/2007	01/06/2009	Active	NO
4	U72200MH2006PLC166403	IDHASOFT LIMITED	Director	28/08/2008	25/09/2007	23/06/2011	Active	NO
5	U29299DL1987PLC029949	RRB ENERGY LIMITED	Director	29/09/2008	01/04/2008	-	Active	NO
6	U19119TN1993PLC024932	R.R.INDUSTRIES LIMITED	Additional director	16/04/2008	16/04/2008	29/10/2008	Active	NO
7	U67100MH2007PLC174759	EDELWEISS ASSET RECONSTRUCTION COMPANY LIMITED	Director	26/08/2014	13/08/2008	-	Active	NO
8	L65922TN2000PLC044655	REPCO HOME FINANCE LIMITED	Director	11/09/2014	13/09/2011	-	Active	NO
9	U15202TN2012PTC085858	NUE LIFE HEALTHCARE PRODUCTS PRIVATE LIMITED	Additional director	16/08/2012	16/08/2012	13/05/2013	Active	NO
10	U65991TN1907NPL000853	THE HINDU EDUCATIONAL ORGANISATION	Director	06/04/2013	06/04/2013	-	Active	NO
11	U72990UR1979PTC000971	SBL PRIVATE LIMITED	Director	07/08/2015	16/12/2013	-	Active	NO

Name :

Shobha Shrestha

Designation :

Director

Address :

Develpoment Area, Gangtok - 737131, Sikkim, India

Date of Appointment :

20.11.2002

DIN No.:

00778757

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	U67120DL1981PTC132032	NELLORE INVESTMENT AND TRADING COMPANY PRIVATE LIMITED	Director	20/10/1986	20/10/1986	-	Active	NO
2	U74999DL1988PTC031542	TEAM DESIGNS PRIVATE LIMITED	Director	05/05/1988	05/05/1988	-	Active	NO
3	U70109DL1988PTC031543	ROCKLAND ESTATES PRIVATE LIMITED	Director	05/05/1988	05/05/1988	-	Active	NO
4	U85195RJ1993PTC007368	S B LABS PRIVATE LIMITED	Director	22/08/1995	22/08/1995	-	Active	NO
5	U65999WB1993PTC059153	ASPIRE INVESTMENTS PRIVATE LIMITED	Director	12/09/1997	12/09/1997	-	Active	NO
6	U45201RJ1997PTC014431	TIRUPATI COMPLEXES PRIVATE LIMITED	Director	13/11/1997	13/11/1997	-	Active	NO
7	U72990UR1979PTC000971	SBL PRIVATE LIMITED	Director	20/11/2002	20/11/2002	-	Active	NO
8	U24234UR2005PTC032730	SBL INDUSTRIES PRIVATE LIMITED	Director	27/04/2005	27/04/2005	25/03/2008	Amalgamated	NO
9	AAA-3407	SBL LAB LLP	Designated Partner	17/01/2011	17/01/2011	-	Active	NO

Name :

Lal Mohammad Khan

Designation :

Director

Address :

4, Marquis Lane, Park Street, Kolkata - 700016, West Bengal, India

Date of Appointment :

28.10.2014

DIN No.:

07015814

KEY EXECUTIVES

Name :	Mr. R.K. Khanna
Designation :	Secretary to General Finance Manager

MAJOR SHAREHOLDERS

AS ON 25.09.2014

Names of Shareholders	No. of Shares	%Age Holding
B. K. Shrestha	8452	1.13
Shobha Shrestha	7500	1.00
Himal Enterprises Private Limited	676620	90.58
SB Labs Private Limited	54435	7.29
Total	747007	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 25.09.2014

Category	Percentage
Bodies corporate	97.87
Directors or relatives of Directors	2.13
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Homeopathic Medicine, Herbal Products and Consumer Products

Products :

ITC Code	Product Descriptions
30049014	Homoeopathic Medicines

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Available

Imports :

Not Available

Terms :

Selling :

Cash, L/C and Credit

Purchasing :

Cash, L/C and Credit

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 :

Wholesalers, Retailers and Manufacturer

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 :

750 (Approximately)

Bankers :

Bank Name	HDFC Bank Limited
Branch	Ashoka Niketan, Vivek Vihar, Delhi, 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 :	B.R.Maheshwari and Company. Chartered Accountants
Address :	M-118, Connaught Circus, New Delhi – 110001, India
Tel. No.:	91-11-23416341/ 23417659/ 23418130/ 23415870
Fax No.:	91-11-23415796
Income-tax PAN of auditor or auditor's firm :	AACPN9479N
Memberships :	-----
Collaborators :	-----
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
747007	Equity Shares	Rs.100/- each	Rs. 74.701 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
747007	Equity Shares	Rs.100/- each	Rs. 74.701 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	74.701	74.701	24.701
(b) Reserves & Surplus	2089.981	1664.132	1364.827
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	50.000
Total Shareholders’ Funds (1) + (2)	2164.682	1738.833	1439.528
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.400
(b) Deferred tax liabilities (Net)	18.612	22.893	20.027
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	8.968	4.868	3.865
Total Non-current Liabilities (3)	27.580	27.761	24.292
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	13.227
(b) Trade payables	55.247	60.777	40.750
(c) Other current liabilities	48.661	54.152	56.435
(d) Short-term provisions	353.392	304.482	194.124
Total Current Liabilities (4)	457.300	419.411	304.536
TOTAL	2649.562	2186.005	1768.356
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	581.154	563.678	541.838
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	20.296	36.488
(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)	711.140	550.084	155.880
(d) Long-term Loan and Advances	3.272	6.853	7.533
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1295.566	1140.911	741.739
(2) Current assets
(a) Current investments	450.000	0.000	0.000
(b) Inventories	274.976	187.612	142.869
(c) Trade receivables	319.812	250.298	181.076
(d) Cash and cash equivalents	76.032	460.230	528.712
(e) Short-term loans and advances	212.555	108.026	134.422
(f) Other current assets	20.621	38.928	39.538
Total Current Assets	1353.996	1045.094	1026.617
TOTAL	2649.562	2186.005	1768.356

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	1750.000	1475.200	1197.500
	Other Income	NA	NA	NA
	TOTAL SALES	NA	NA	NA
Less	EXPENSES	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	NA	401.400	361.900
Less/ Add	DEPRECIATION/ AMORTISATION	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX	NA	NA	NA
Less	TAX	NA	NA	NA
	PROFIT/ (LOSS) AFTER TAX	430.957	301.700	266.900
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	5.680	6.978	6.832
	TOTAL EARNINGS	5.680	6.978	6.832
	Earnings / (Loss) Per Share (Rs.)	576.91	403.87	357.29

Particulars	31.03.2015
Sales Turnover	1960.000

Expected Sales (2015-2016): Rs. 2100.000 Million

The above information has been parted by Mr. R.K. Khanna (Secretary to General Finance Manager)

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 (used in) operations	243.523	320.826	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	24.63	20.45	22.29
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.01
Current Ratio (Current Asset/Current Liability)		2.96	2.49	3.37

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	24.701	74.701	74.701
Reserves & Surplus	1364.827	1664.132	2089.981
Share Application money pending allotment	50.000	0.000	0.000
Net worth	1439.528	1738.833	2164.682
long-term borrowings	0.400	0.000	0.000
Short term borrowings	13.227	0.000	0.000
Total borrowings	13.627	0.000	0.000
Debt/Equity ratio	0.009	0.000	0.000

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	------------
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	Yes
17	Details of sister concerns	No
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 four years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

AMALGAMATION:

As mentioned in the previous Directors Report, all formalities for merger of SBL Industries Private Limited. with SBL Private Limited. were completed last year. The company finally got amalgamated by filing of order of the Delhi High Court and Nainital High Court with Registrar of Companies along with Form 21 in respect of SBL Industries Private Limited. on 31/10/2012 and SBL Private Limited. on 14/12/2012. As a result, the erstwhile SBL Industries Private Limited. stands amalgamated with this company and all the assets and liabilities as well as profit and loss account have been incorporated in SBL Private Limited. The previous year’s figures have also been recasted after amalgamation.

NOTE:

Registered office of the company shifted from the above address “Commercial Complex", New Delhi - 110092, India, to the present address w.e.f.13.11.2013.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10071270	28/09/2007	20,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI - 400013, MAHARASHTRA, INDIA	A24967051
2	10005343	29/05/2006	40,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI - 400013, MAHARASHTRA, INDIA	A01428630
3	10005346	29/05/2006	40,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI - 400013, MAHARASHTRA, INDIA	A01428671

FIXED ASSETS

Tangible assets

• Land
• Buildings
• Plant and Equipment
• Furniture and Fixtures
• Vehicles
• Office Equipment
• 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. 66.50
UK Pound	1	Rs. 101.99
Euro	1	Rs. 75.02

INFORMATION DETAILS

Information Gathered by :	DPA
Analysis Done by :	KAS
Report Prepared by :	SANS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	------
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		50

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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