MIRA INFORM REPORT

Report No. :	504539
Report Date :	21.04.2018

IDENTIFICATION DETAILS

Name :	AK ALROSA (PAO)
Formerly known as :	· NPO YAKUTALMAZ · ALMAZY ROSSII-SAKHA JOINT STOCK COMPANY · ZAO ALROSA · ZAO AK ALROSA · OAO AK ALROSA
Registered Office :	Lenina Street 6, Ulus Mirninskiy, The Sakha (Yakutia) Republic, 678175 Mirny
Country :	Russia
Financials (as on) :	31.12.2016
Date of Incorporation :	13.08.1992
Com. Reg. No.:	OGRN 1021400967092
Legal Form :	Public Joint Stock Company
Line of Business :	· Other mining and quarrying n.e.c · Wholesale of other intermediate products · Engineering activities and related technical consultancy
No. of Employees :	26,543

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A+

Credit Rating	Explanation	Rating Comments
A+	Low Risk	Business dealings permissible with low risk of default

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear

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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
Russia	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

RUSSIA - ECONOMIC OVERVIEW

Russia has undergone significant changes since the collapse of the Soviet Union, moving from a centrally planned economy towards a more market-based system. Both economic growth and reform have stalled in recent years, however, and Russia remains a predominantly statist economy with a high concentration of wealth in officials' hands. Economic reforms in the 1990s privatized most industry, with notable exceptions in the energy, transportation, banking, and defense-related sectors. The protection of property rights is still weak, and the state continues to interfere in the free operation of the private sector.

Russia is one of the world's leading producers of oil and natural gas, and is also a top exporter of metals such as steel and primary aluminum. Russia is heavily dependent on the movement of world commodity prices as reliance on commodity exports makes it vulnerable to boom and bust cycles that follow the volatile swings in global prices. The economy, which had averaged 7% growth during the 1998-2008 period as oil prices rose rapidly, has seen diminishing growth rates since then due to the exhaustion of Russia’s commodity-based growth model.

A combination of falling oil prices, international sanctions, and structural limitations pushed Russia into a deep recession in 2015, with GDP falling by close by 2.8%. The downturn continued through 2016, with GDP contracting another 0.2%, but was reversed in 2017 as world demand picked up. Government support for import substitution has increased recently in an effort to diversify the economy away from extractive industries.

Source : CIA

SUMMARY
COMPANY NAME	AK ALROSA (PAO)
ADDRESS	Building	Street			Area			PO Box
	ALROSA Building	Lenina Street 6			Ulus Mirninskiy, The Sakha (Yakutia) Republic, Russia			678175 Mirny
TEL/FAX	Verified Phones: (+7 41136) 30030 / (+7 41136) 30180 / Fax: (+7 41136) 30451
EMAIL/WEBSITE	Email: info@alrosa.ru / Website: www.alrosa.ru
ACTIVITY	NACE 0899 - Other mining and quarrying n.e.c.; NACE 4676 -Wholesale of other intermediate products; NACE 7112 - Engineering activities and related technical consultancy;
PRINCIPAL	Sergey Sergeevich Ivanov					Workforce
	Chairman					26,543
LEGAL INFO	Date Of Est.		Reg. No.	Legal Form			Status
	13/08/1992		OGRN 1021400967092	Public Joint Stock Company			Active
CAPITAL	CURRENCY			AMOUNT
	RUBLE (RUB)			3,682,482,815

IDENTIFICATION
CO. NAME	AK ALROSA (PAO)
TRADEMARK	ALROSA
ALSO KNOWN NAME (S)	Public Joint Stock Company AK ALROSA / Aktsionernaya Kompaniya ALROSA (Publichnoye Aktsionernoye Obshestvo)
FORMER NAME	NPO Yakutalmaz / Almazy Rossii-Sakha Joint Stock Company / ZAO ALROSA / ZAO AK ALROSA / OAO AK ALROSA
BUILDING	ALROSA Building
STREET	Lenina Street 6
AREA	Ulus Mirninskiy, The Sakha (Yakutia) Republic
POSTAL ADDRESS	678175 Mirny
CITY	Mirny
COUNTRY	Russian Federation
TELEPHONE	(+7 41136) 30030 / (+7 41136) 30180
FAX	(+7 41136) 30451
VERIFIED EMAIL	info@alrosa.ru / ir@alrosa.ru
WEBSITE	www.alrosa.ru
BUSINESS HOURS	DAYS	OFFICE HOURS	BREAK TIME
	Mon-Fri	09:00-18:00	13:00-14:00
REGISTERED ADDRESS	Lenina Street 6, Ulus Mirninskiy, The Sakha (Yakutia) Republic, 678175 Mirny, Russian Federation

SENIOR PERSONNEL
MANAGEMENT	NAME	POSITION
	Sergey Sergeevich Ivanov Nationality: Russian Tax Code: INN 770307468762 (son of Sergey Borisovich Ivanov)	Chairman
	Supervisory Board Anton Germanovich Siluanov Egor Afanasievich Borisov Aleksandr Sergeevich Galushka Sergey Vladimirovich Barsukov Georgiy Karlovich Basharin Maria Vladimirovna Gordon Evgenia Vasilevna Grigorieva Galina Innokentievna Danchikova Kirill Aleksandrovich Dmitriev Dmitriy Vladimirovich Konov Valentina Ivanovna Lemesheva Sergey Vasilevich Mestnikov Oleg Romanovich Fedorov Aleksey Olegovich Chekunkov Management Igor Vitalievich Sobolev Sergey Vladimirovich Barsukov Vladislav Leonidovich Zhdanov Vladimir Vladimirovich Kozlov Vladimir Vladimirovich Marchenko Yuriy Konstantinovich Okoyomov Aleksandr Terentiev Aleksey Nikolaevich Filippovskiy Konstantin Viktorovich Garanin Svetlana Vladimirovna Linnik Andrey Nikolaevich Cherepov Andrey Lekarev Sergei Mezhokh	Chairman of the Board First Deputy Chairman of the Board Deputy Chairman of the Board Member of the Board Member of the Board Member of the Board Member of the Board Member of the Board Member of the Board Member of the Board Member of the Board Member of the Board Member of the Board Member of the Board First Deputy Director / Executive Director Deputy Director Deputy Director Deputy Director Deputy Director Deputy Director Deputy Director Deputy Director Chief Geologist Chief Accountant Chief Engineer Corporate Secretary – Head of Corporate Governance Department Head of Corporate Finance
WORKFORCE	NO. OF EMPLOYEES	PERIOD
	26,543	01.2018
	40,000 (Group)	01.2018

FINANCIAL SUMMARY
REVENUE	31/12/2017	31/12/2016
	USD 4,628,000,000	USD 4,645,000,000
NET PROFIT / (LOSS)	31/12/2017	31/12/2016
	USD 1,349,000,000	USD 1,954,000,000
PROFIT BEFORE TAX	USD 1,730,000,000 as of 31/12/2017
STOCK/INVENTORIES	USD 1,597,000,000 as of 31/12/2017

LEGAL STATUS
INCORPORATION	13/08/1992
REGISTRATION NO.	C.R. NUMBER	ISSUED BY
	OGRN 1021400967092 (issued on: 17/07/2002)	Federal Tax Service
OTHER REGISTRATION NO.	INN 1433000147 (Tax Code) / KPP 143301001 / OKPO 23308410 (Statistics Code) / OKTMO 98631101001
AUTHORISED CAPITAL	AMOUNT	CURRENCY
	3,682,482,815	RUBLE
PAID-UP CAPITAL	AMOUNT	CURRENCY
	3,682,482,815	RUBLE
LEGAL FORM	Public Joint Stock Company
BUSINESS HISTORY	The Company was incorporated in Russian Federation on 13 August 1992 as a state owned company under the name ZAO ALROSA. The history of Alrosa dates back to 1954, when the first primary deposit of diamonds in the Soviet Union, the kimberlite pipe Zarnitsa, was found. In 1955 the Mir kimberlite pipe and the Udachnaya pipe were discovered. A total of fifteen primary diamond sources were found in 1955. In 1957, a decision was made to begin mining and production operations on alluvial and ore deposits in Yakutia. To manage the facilities construction and subsequent operations, the Yakutalmaz group of companies was established with headquarters in Mirny. The first commercial-grade diamonds were recovered the same year. Two years later, the Soviet Union sold the first shipment of diamonds on the world market. For the most part during the Soviet period, the diamond mining industry developed on the basis of the Mir open-pit mine and adjacent alluvial deposits. In those years its main open-pit mines, processing plants and related energy generating facilities were put into operation. In 1960, the Djomolungma and Chimyan was discovered, and in 1969, the International kimberlite pipe. In 1963, the first sales contracts between the USSR and De Beers group were signed. In 2009 this cooperation was brought to an end as contrary to European Union competition laws in compliance with a decision of the European Commission. Now Alrosa independently distributes its rough diamond production on the world market. Through 1980, rapid development of primary deposits continued in Aikhal township on the basis of the Jubilee pipe and in Udachny town. Today the Udachny open-pit mine is one of the largest open-pit mines in the world. Alrosa closed joint stock company was set up according to Presidential Decree №158C of the President of Russia "On the Establishment of the Almazy Rossii-Sakha Joint Stock Company" signed on 19 February 1992, based on NPO Yakutalmaz, a former USSR state-owned diamond mining company. In 2011, Alrosa was reorganized as an open joint-stock company with free float of Alrosa’s shares on financial markets. In July 2007, Verkhne-Munskoye diamond field in Yakutia was discovered with estimated value of about $3.5 billion. In August 2009, during the recent financial crisis, Prime Minister of Russian Federation announced the Russian government, via Gokhran, would buy $1 billion in uncut diamonds from Alrosa. This was to support the Russian diamond mining industry while avoiding saturation in the global diamond market and thus further depression of diamond prices. The diamond mining industry is critical to the Yakutia economy. On 28 October 2013, the Company carried out the IPO. Alrosa raised $1.3 billion in share sales.
STATUS	Active
SHAREHOLDERS	NAME	PERCENTAGE
	1. Russian Federation represented by the Federal Agency for State Property Management 2. Ministry of Property and Land Relations of the Republic of Sakha (Yakutia) 3. Administration of the municipality "Vilyui Ulus (District)" 4. Administration of the Municipality of Mirninsky District 5. Administration of the municipal entity "Anabar National (Debt-Evenki) ulus" 6. Administration of the municipal formation "Verkhnevilyui Ulus (area)" 7. Administration of the municipal entity "Nyurbinsky district" 8. Administration of the municipal entity "Lensky district" 9. Administration of the municipal formation "Olenek Evenki national area” 10.Administration of the municipal formation "Suntarsky ulus (district)" 11.Free Float 12.Other legal entities 13.Other physical individuals 14.Joint owners	33.0256% 25.0002% 1.0006% 1.0003% 0.9999% 0.9999% 0.9999% 0.9999% 0.9999% 0.9999% 32.3429% 0.0044% 1.5955% 0.0311%

OPERATION
BANKERS	1. PAO VTB Bank Leninskaya Sloboda Street 26 Moscow Russia Telephone: +(7 800) 200 2326 2. PAO Rosbank 34, Mashi Poryvaevoy street Moscow, 107078 Russia 3. JSC Alfa-Bank Moskovskiy Avenue 74, Liter A, Apartment 2H Frunzenskiy District Saint Petersburg Telephone: (+7 495) 755 5858 Fax : (+7 495) 755 5858 4. PAO Sberbank Vavilova Street 19 117997 Moscow Russia Telephone: (+7 495) 957 5731 Fax : (+7 495) 747 4758 5. AO Raiffeisenbank Troitskaya Street 17/1 Moscow 129090 Russia Tel: +(7 495) 721 9900 Fax: +(7 495) 721 9901
AUDITORS	AO PricewaterhouseCoopers Audit White Square Business Centre 10 Butyrsky Val Moscow, 125047 Russia Telephone: (+7 495) 967 6000
ACTIVITY CODE (NACE)	0899 - Other mining and quarrying n.e.c.; 4676 -Wholesale of other intermediate products; 7112 - Engineering activities and related technical consultancy;
LINE OF BUSINESS	Subject is engaged in the exploration, mining, manufacture and sale of diamonds. Subject’s processing facilities includes: - Five processing plants; - Three dredges; - Two stationary processing plants at alluvial mine sites; - Additional mobile processing plants. As of the end of 2014, ALROSA’s mineral processing capacity totals 35.9 million tons of ore per year. Plants 12 (Udachny MPD) and 14 (Aikhal MPD), with capacities of 12 and 10 million tons of ore per year, respectively, are the largest of their kind in ALROSA and worldwide. ALROSA’s 2016 diamond production totalled 37.4 million carats, down by 2% year-on-year as a result of a downward revision in production plans for the alluvial deposits in Q2 and Q3 2016, which is in line with the diamond market environment after 2015.
IMPORT FROM	worldwide
EXPORT TO	worldwide, mainly China, India, UAE, South Africa, Belgium, Hong Kong, USA, UK, Canada, Israel and Singapore.
FACILITIES	Owned premises comprising administrative offices located at the heading address as well as Group enterprises operate in seven countries, and across ten regions of Russia. ALROSA carries out prospecting and exploration in dozens of sites in six diamondiferous areas of the Republic of Sakha (Yakutia): - Sredniaya Markha basin; - Muna-Tyung basin; - Daldyn-Alakit - Malaya Botuobia basin; - Lena basin; - Anabar; - as well as in the Russian North-West and in the Republic of Angola. Republic of Angola ALROSA is a co-founder of Catoca Ltd. Mining Co. with the 32.8% share in the authorized capital. Catoca mines rough diamonds in the Lunda Sul province with high potential of new discoveries of primary diamond deposits. In 2014, ALROSA and the Angolan national diamond company ENDIAMA E.P. (also owns 32.8% share in Catoca) signed an agreement establishing an exploration joint venture in Angola. ALROSA’s geologists continue working at Catoca kimberlite pipe, one of the largest primary diamond deposits and forth largest by size. As of today, Catoca produces more than 6 million carats of rough diamonds; reserves of the pipe are estimated at 60 million carats. Catoca Ltd. Mining Co. is also a majority founder of Luemba company (Angola), with the Tchiuzo pipe, another large primary diamond deposit, located on its concession territory. ALROSA’s Yakutniproalmaz institute developed technical design for the development of this pipe and feasibility study for investments. Republic of Botswana The second priority area for ALROSA is the Republic of Botswana. Sunland Minerals, a joint venture between ALROSA and British company Botswana Diamonds Plc, operates in this region. Botswana Diamonds has solid years of experience in the country. Currently the companies jointly investigate four areas in order to discover primary diamond deposits and get licenses for their development. Republic of Zimbabwe The Republic of Zimbabwe is also of interest for the geological exploration and, possibly, for the establishment of joint diamond-mining enterprises. In 2012, ALROSA’s geological service and Zimbabwean DTZ–OZGEO entered into an agreement on technical cooperation aiming to choose promising areas and assess their resource potential. Today, ALROSA considers the establishment of joint venture with DTZ–OZGEO and cooperation with the state Zimbabwean company ZMDC.
BRANCH OFFICES	Branches 1. Filial AK ALROSA ESO ALROSA Russia 2. Filial AK ALROSA YAPTA AK ALROSA Russia 3. Filial AK ALROSA Diamonds ALROSA Smolnaya Street 12 Moscow 125493 Russia 4. Filial AK ALROSA OK Prometey Russia 5. Filial AK ALROSA in Vladivostok Russia Representative Offices in Russia 1. Ozerkovskaya nab. 24 Moscow 115184 Tel: (+7 495) 620 9250 Fax: (+7 495) 411 7515 2. Okeansky Prospekt 17 Vladivostok 690091 Russia Tel: (+7 423) 249 1870 3. Representative Office in Orel ul. Gorkogo Street 24 Orel 302028 Russia Tel: (+7 4862) 437 113 Fax: (+7 4862) 437 113 4. Representative Office in Yakutsk ul. Ammosova, 8 677018, Republic of Sakha (Yakutia) Russia Tel: (+7 4112) 423 328 Fax: (+7 4112) 421 815 5. Representative Office in Mumbai Mumbai, India Director: Jim Vimadalal
RELATED COMPANIES	Subsidiaries 1. Alrosa Finance B.V. Russia 2. ALROSA BELGIUM (frmly Arcos Belgium N.V.) Belgium 3. ALROSA EAST DMCC (frmly ARCOS EAST DMCC) UAE 4. ALROSA Hong Kong Limited (frmly Arcos Hong Kong Ltd) Hong Kong 5. ALROSA USA INC. (frmly ARCOS USA INC.) USA 6. ALROSA OVERSEAS S.A. (frmly Sunland Holding S.A.) Switzerland 7. HIDROCHICAPA S.A. Angola 8. Maretiom Investments Ltd. Cyprus 9. Velarion Investments Ltd. Cyprus 10.AO «Aviakompaniya ALROSA» Russia 11.AO Almazy Anabara Russia 12.AO ALROSA-torg Russia 13.AO Vilyuskaya GES-3 Russia 14.AO NPP Burevestnik Russia 15.AO NPF Almaznaya Osen Russia 16.AO Sanatoriy Golubaya Volna Russia 17.AO Sudokhodnaya Kompaniya ALROSA-Lena Russia 18.AO ALROSA-Gaz Russia 19.OAO ALROSA-Yakutia Russia 20.OOO ALROSA-Okhrana (Security) Russia 21.OOO ALROSA-Spetsburenie Russia 22.OOO Brillianty ALROSA (frmly Barnaulskiy Zavod Kristall Russia 23.OOO Lenskoe Predpryatie Teplovyh I Elektricheskih Setei Russia 24.OOO Orel-ALROSA Russia 25.OOO Predpryatie Teplovodosnabzhenia Russia 26.PAO ALROSA-Nyurba Russia 27.PAO Severalmaz Russia Associates 28.Sociedade Mineira de Catoca Limitada Angola 29.ZAO GMK Timir Russia 30.OAO Almazniy Mir Russia

FINANCIAL INFORMATION
CURRENCY	USD
PERIOD	31/12/2017	31/12/2016
CURRENT ASSETS	2,926,000,000	2,849,000,000
STOCK/INVENTORIES	1,597,000,000	1,625,000,000
NON-CURRENT ASSETS	4,501,000,000	4,943,000,000
CURRENT LIABILITIES	1,314,000,000	600,000,000
NON-CURRENT LIABILITIES	1,487,000,000	2,957,000,000
EQUITY	4,626,000,000	4,235,000,000
BALANCE TOTAL	7,427,000,000	7,792,000,000
REVENUE	4,628,000,000	4,645,000,000
NET PROFIT / LOSS	1,349,000,000	1,954,000,000
NOTES	The following IFRS consolidated financial statements as at 31 December 2017 showed: 31/12/2017 31/12/2016 (in millions of USD) ASSETS Non-current assets Goodwill 25 24 Property, plant and equipment 4,107 4,762 Investments in associates and joint ventures 75 67 Deferred tax assets 67 32 Available-for-sale investments 51 23 Long-term accounts receivable 176 35 Total Non-current assets 4,501 4,943 Current assets Inventories 1,597 1,625 Prepaid income tax 1 2 Trade and other receivables 515 250 Bank deposits - 471 Cash and cash equivalents 128 501 Non-current assets held for sale 685 - Total current assets 2,926 2,849 TOTAL ASSETS 7,427 7,792 EQUITY & LIABILITIES Equity Share capital 398 398 Share premium 433 433 Retained earnings and other reserves 3,803 3,410 Equity attributable to owners of PJSC ALROSA 4,634 4,241 Non-controlling interest (8) (6) Total Equity 4,626 4,235 Liabilities Non-Current liabilities Long-term debt 1,019 2,336 Provision for pension obligations 278 329 Other provisions 95 110 Deferred tax liabilities 95 182 Total Non-current Liabilities 1,487 2,957 Current Liabilities Short-term loans 603 11 Trade and other payables 386 420 Income tax payable 50 39 Other taxes payable 113 129 Dividends payable 3 1 Liabilities of disposal group classified as held for sale 159 - Total current liabilities 1,314 600 Total liabilities 2,801 3,557 TOTAL EQUITY & LIABILITIES 7,427 7,792 INCOME STATEMENT Revenue 4,628 4,645 Income from grants 97 43 Cost of sales (2,295) (1,929) Royalty (21) (18) Gross profit 2,409 2,741 General and administrative expenses (199) (186) Selling and marketing expenses (52) (50) Other operating income 265 48 Other operating expenses (720) (456) Operating profit 1,703 2,097 Finance (costs)/income, net (25) 348 Share of net profit of associates and joint ventures 42 40 Profit before income tax 1,730 2,485 Income tax (381) (531) Profit for the year 1,349 1,954 Consolidated Statement of Financial Position as at 31 December 2016,showed: 31/12/2016 31/12/2015 (in millions of RUBLE) Assets Non-current Assets Goodwill 1,439 1,439 Property, plant and equipment 288,874 283,963 Investments in associates and joint ventures 4,061 6,891 Deferred tax assets 1,967 1,919 Available-for-sale investments 1,424 711 Long-term accounts receivable 2,093 3,453 Total Non-current Assets 299,858 298,376 Current assets Inventories 98,576 94,296 Prepaid income tax 121 6,258 Trade and other receivables 15,179 15,632 Bank deposits 28,570 - Cash and cash equivalents 30,410 20,503 Total Current Assets 172,856 136,689 Total Assets 472,714 435,065 Equity & liabilities Equity Share capital 12,473 12,473 Share premium 10,431 10,431 Treasury shares - (15) Retained earnings and other reserves 234,298 128,853 Equity attributable to owners of PJSC ALROSA 257,202 151,742 Non-Controlling Interest in Subsidiaries (232) (257) Total Equity 256,970 151,485 Liabilities Non-current Liabilities Long-term debt 141,669 197,467 Provision for pension obligations 19,954 10,556 Other provisions 6,691 5,841 Deferred tax liabilities 11,018 13,966 Total Non-current Liabilities 179,332 227,830 Current Liabilities Short-term loans and current portion of long-term debt 666 25,692 Trade and other payables 25,488 23,047 Income tax payable 2,368 921 Other taxes payable 7,804 6,001 Dividends payable 86 89 Total Current Liabilities 36,412 55,750 Total Liabilities 215,744 283,580 Total Equity and Liabilities 472,714 435,065 Consolidated Statement of Profit and Loss Revenue 317,090 224,524 Cost of sales (129,751) (93,240) Royalty (1,209) (1,209) Gross profit 186,130 130,075 General and administrative expenses (12,436) (10,243) Selling and marketing expenses (3,346) (2,768) Other operating income 3,090 3,101 Other operating expenses (30,473) (22,996) Operating profit 142,965 97,169 Finance income / (costs), net 24,124 (58,481) Share of net profit of associates and joint ventures 2,650 2,628 Profit before income tax 169,739 41,316 Income tax (36,268) (9,124) Profit for the year 133,471 32,192

SPECIAL REMARKS
INTERVIEWED	Sergei Mezhokh (Head of Corporate Finance).
COMMENTS	You enquired on: PUBLIC JOINT STOCK COMPANY ALROSA. Please note that this name applies to an English translation of the subject’s name. Subject’s correct registered name is as per heading. The city name which you provided: MOSCOW applies to subject’s branch/representative office in Moscow. Please note that subject’s administrative office address is as per heading.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 66.02
UK Pound	1	INR 92.73
Euro	1	INR 81.46
RUB	1	INR 1.08

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	NIY
Report Prepared by :	SYL

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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