MIRA INFORM REPORT

Report No. :	488489
Report Date :	27.01.2018

IDENTIFICATION DETAILS

Name :	ASIAN PAINTS PPG PRIVATE LIMITED (w.e.f. 28.08.2012)
Formerly Known As :	ASIAN PAINTS PPG LIMITED
Registered Office :	6A, Shantinagar, Santacruz (East), Mumbai – 400055, Maharashtra
Tel. No.:	91-22-30568700 / 8800
Country :	India
Financials (as on) :	31.03.2016
Date of Incorporation :	05.08.2011
Com. Reg. No.:	11-220557
Capital Investment / Paid-up Capital :	INR 104.879 Million
CIN No.: [Company Identification No.]	U24110MH2011PTC220557
IEC No.:	0311070264
CST/ TIN No.:	27900861007
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAJCA7128D
GSTIN/UIN :	27AAJCA7128D1ZS
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Trader, Exporter and Importer of Paints auto and other industrial applications, automotive refinishes, booth chemicals and water treatment chemicals and other items connected with the business of Oil and Coloured coatings and paints. (Registered Activity and also Confirmed by management)
No. of Employees :	500 (Approximately)

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++	Minimum Risk	Business dealings permissible with minimum risk of default

Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject was incorporated on 05th August 2011 and is a joint venture between “Asian Paints Limited” and “PPG industries Securities LLC”. The company is engaged in manufacturing, trading, exporting and importing of industrial paints. For the financial year ended 2016, the company has achieved 11.56% growth in its revenue as compared to previous year revenue and has maintained an average profit margin of 2.10% during the year under review. The sound financial risk profile of the company is reflected by its healthy solvency indicators due to zero debt balance sheet profile along with decent net worth base and satisfactory liquidity position. Rating also takes into account the strong financial and managerial support that company receives from its joint entity backed by its well experienced management team. However, rating strengths are partially offset by vulnerability of its operating margins to volatility in raw material prices marked by susceptibility of its operations to foreign exchange fluctuation risk and working capital intensive operations. Payments are reported to be regular. In view of aforesaid, the company can be considered for business dealings at usual trade terms and conditions. Note: As per Registrar of Companies date of balance sheet (i.e. financial filed) is shown as 31.03.2017 but documents related to financial for the year 31.03.2017 are not available from any sources.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 31-03-2016.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 27.01.2018

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Dharmendra Maurya
Designation :	Deputy Manager (Marketing Sales Department)
Contact No.:	91-9833094612
Date :	27.01.2018

LOCATIONS

Registered Office :	6A, Shantinagar, Santacruz (East), Mumbai – 400055, Maharashtra, India
Tel. No.:	91-22-30568700 / 8800/ 62182710
Mobile No.:	91-9833094612 (Mr. Dharmendra Maurya) 91-9833440199 (Mr. Vivek)
Fax No.:	91-22-39818000
E-Mail :	dharmendra.maurya@asianpantsppg.com amit.tandekar@asianpaintsppg.com sagar.khade@asianpaintsppg.com
Website :	http://www.asianpaintsppg.com
Location :	Owned
Locality :	Commercial
Corporate Office/ Head Office :	Plot No. 5, Gaidwadi Industrial Estate, Near Religare Building, Off. S.V. Road, Goregaon (West), Mumbai – 400062, Maharashtra, India
Tel. No.:	91-22-61089800
Fax No.:	91-22-61089799
Warehouse 1 :	Gala No.18 to 21, Ovali Village, Sagar Complex, Kalyan-Bhiwandi Road, Saidham, Bhiwandi, Thane, Maharashtra, India
Warehouse 2 :	Muradnagar, C/O Devlara Industries, Hansali Road, Ghaziabad-201206, Uttar Pradesh, India
West Zonal Office :	BL-7, Nandanvan Industrial Estate, F-Shed, Mulund (West), Mumbai – 400080, Maharashtra, India
Tel. No.:	91-22-25913461-63
Fax No.:	91-22-25913513
Zonal Office :	Located at: New Delhi Chennai Vadodara Kolkata
Factory :	Located at: Taloja, Navi Mumbai

DIRECTORS

As on 31.03.2017

Name :	Mr. Manish Mahendra Choksi
Designation :	Nominee Director
Address :	C 1801/1802, Beaumonde, Appa Saheb Marathe Marg, Prabhadevi, Mumbai – 400025, Maharashtra, India
Date of Appointment :	26.04.2017
DIN No.:	00026496
Name :	Mr. Jayesh Tulsidas Merchant
Designation :	Nominee Director
Address :	4, Sai Manjil, 18 Altamount Road, Mumbai – 400026, Maharashtra, India
Date of Birth/Age :	27.11.1957
Date of Appointment :	11.07.2013
PAN No.:	AAEPM8808Q
DIN No.:	00555052
Name :	Michael Horton
Designation :	Nominee Director
Address :	Windsor Place, House No. 72, 2222, Jian He Road, Shanghai, Shanghai, 200336, China
Date of Appointment :	28.04.2015
DIN No.:	05343902
Name :	Michael Robert Brugger
Designation :	Nominee Director
Address :	121, Oak Ridge Drive, Venetia Pa California 15367 US
Date of Appointment :	17.10.2017
DIN No.:	07914824

KEY EXECUTIVES

Name :	Mr. Sagar Shrikrishna Khade
Designation :	Company Secretary
Address :	C-9, Royal Diamond Park CHS, Datt Mandir Road, Vakola, Santacruz (East), Mumbai - 400055, Maharashtra, India
Date of Appointment :	01.02.2013
PAN No.:	AHXPK5536D
Name :	Mr. Jaideep Nandi
Designation :	Chief Executive Officer
Address :	211 Netaji Subhas Road, Behala, N B, Kolkata - 700034, West Bengal, India
Date of Appointment :	01.08.2014
PAN No.:	ABQPN4534K
Name :	Mr. Dharmendra Maurya
Designation :	Deputy Manager (Marketing Sales Department)
Name :	Mr. Vivek
Designation :	Senior Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2017

Names of Shareholders	No. of Shares
Asian Paints Limited, India	5243961
PPG Industries Securities LLC, USA	5243958
PPG Industries Securities LLC Jointly with PPG Coatings (Hong Kong) Company Limited, USA	1
PPG Industries Securities LLC Jointly with PPG Coatings (Malaysia) Sdn.Bhd., USA	1
PPG Industries Securities LLC Jointly with PPG Industries (Singapore) Private Limited, USA	1
Total	10487922

Equity Share Break up (Percentage of Total Equity)

As on 02.06.2017

Category	Percentage
Promoters (Body corporate)	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Trader, Exporter and Importer of Paints auto and other industrial applications, automotive refinishes, booth chemicals and water treatment chemicals and other items connected with the business of Oil and Coloured coatings and paints. (Registered Activity and also Confirmed by management)

Products :

Item Code No.	Product Description
32089090	Industrial Paints and Varnishes
38140010	Thinner
39119090	Road Marking
39073010	Powder coatings

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

• Sri Lanka
• Nepal
• South Africa
• Bangladesh

Imports :

Products :

Raw Material

Countries :

• Indonesia
• Unites States of America
• Germany
• China
• Malaysia

Terms :

Selling :

L/C and Credit (30/ 60 Days), Others (RTGS)

Purchasing :

L/C and Credit (30/ 60 Days), Others (RTGS)

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

Customers :

End Users and Manufacturer

Reference :	Not Divulged
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

No. of Employees :

500 (Approximately)

Bankers :

Bank Name	HDFC Bank Limited
Branch	Harbhajjan, Ground Floor, Opposite CST Road, Near Vidyanagari Post, Kalina, Santacruz (East), Mumbai – 400098, Maharashtra, India
Person Name (With Designation)	--
Contact Number	91-22-30751912/ 91-9890603333 (Numbers are continuously ringing)
Name of Account Holder	--
Account Number	--
IFSC Code :	HDFC0001573
Account Since (Date/Year of Account Opening)	--
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	--
Account Operation	--
Remarks (If any)	--

Auditors :
Name :	BSR and Company Chartered Accountants
Address :	5th Floor, Lodha Excelus, Apollo Mills Compound N M Joshi Marg, Mahalaxmi, Mumbai - 400 011, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAAFB9852F
Memberships :	Not Available
Collaborators :	Not Available
Joint Venture: (As on 31.03.2016)	Asian Paints Limited PPG Industries Securities LLC
Fellow Joint Venture : (As on 31.03.2016)	PPG Asian Paints Private Limited
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives : (As on 31.03.2016)	Coatings Specialities (India) Limited Hitech Plast Limited Pragati Chemicals Limited

CAPITAL STRUCTURE

As on 02.06.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
12000000	Equity Shares	INR 10/- each	INR 120.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10487922	Equity Shares	INR 10/- each	INR 104.879 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2016	31.03.2015	31.03.2014
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	104.879	104.879	104.879
(b) Reserves & Surplus	865.899	797.973	853.672
(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)	970.778	902.852	958.551
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	1.450	1.313	0.000
(d) long-term provisions	30.954	21.204	15.382
Total Non-current Liabilities (3)	32.404	22.517	15.382
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	449.705	512.207	393.429
(c) Other current liabilities	218.783	178.231	143.630
(d) Short-term provisions	62.598	30.845	18.927
Total Current Liabilities (4)	731.086	721.283	555.986
TOTAL	1734.268	1646.652	1529.919
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4.217	3.362	3.394
(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	19.650	6.485	4.326
(e) Other Non-current assets	0.868	1.881	0.495
Total Non-Current Assets	24.735	11.728	8.215
(2) Current assets
(a) Current investments	59.049	56.004	48.816
(b) Inventories	627.470	647.415	683.062
(c) Trade receivables	909.005	812.868	678.888
(d) Cash and cash equivalents	52.376	50.687	64.467
(e) Short-term loans and advances	52.122	63.841	40.399
(f) Other current assets	9.511	4.109	6.072
Total Current Assets	1709.533	1634.924	1521.704
TOTAL	1734.268	1646.652	1529.919

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2016	31.03.2015	31.03.2014
	SALES
	Income	3231.229	2896.391	2467.949
	Other Income	17.632	42.382	11.176
	TOTAL	3248.861	2938.773	2479.125
		(Due to business growth)
Less	EXPENSES
	Cost of Materials Consumed	2138.450	2124.197	1750.065
	Purchases of Stock-in-Trade	67.421	22.706	20.738
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(22.831)	16.498	35.113
	Employees benefits expense	210.960	175.108	160.271
	Other expenses	783.111	654.957	574.86
	Expenditure on production, transportation and other expenditure pertaining to exploration and production activities	0.000	0.000	0.585
	TOTAL	3177.111	2993.466	2541.632
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	71.750	(54.693)	(62.507)
Less	FINANCIAL EXPENSES	3.368	0.581	0.450
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	68.382	(55.274)	(62.957)
Less/ Add	DEPRECIATION/ AMORTISATION	0.456	0.425	0.000
	PROFIT/ (LOSS) BEFORE TAX	67.926	(55.699)	(62.957)
Less	TAX	0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX	67.926	(55.699)	(62.957)
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	8.260	30.273	NA
	TOTAL EARNINGS	8.260	30.273	NA
	IMPORTS
	Raw Materials	622.905	654.750	494.636
	Packing Materials	2.390	4.190	2.137
	Others	46.582	6.319	19.900
	TOTAL IMPORTS	671.877	665.259	516.673
	Earnings / (Loss) Per Share (INR)	6.48	(5.31)	(6.00)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2016	31.03.2015	31.03.2014
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	14.740	(8.683)	(263.234)
Net cash flow from operating activity	3.834	(8.708)	(263.014)

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Average Collection Days (Sundry Debtors / Income * 365 Days)	102.68	102.44	100.40
Account Receivables Turnover ( Income / Sundry Debtors)	3.55	3.56	3.64
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	74.41	87.08	81.09
Inventory Turnover (Operating Income / Inventories)	0.11	(0.08)	(0.09)
Asset Turnover (Operating Income / Net Fixed Assets)	17.01	(16.27)	(18.42)

LEVERAGE RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.42	0.44	0.36
Debt Equity Ratio (Total Liability / Networth)	0.00	0.00	0.00
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.75	0.80	0.58
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.00	0.00	0.00
Interest Coverage Ratio (PBIT / Financial Charges)	21.30	(94.14)	(138.90)

PROFITABILITY RATIOS

PARTICULARS		31.03.2016	31.03.2015	31.03.2014
Net Profit Margin [(PAT / Sales) * 100]	%	2.10	(1.92)	(2.55)
Return on Total Assets ((PAT / Total Assets) * 100)	%	3.92	(3.38)	(4.12)
Return on Investment (ROI) ((PAT / Networth) * 100)	%	7.00	(6.17)	(6.57)

SOLVENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Current Ratio (Current Assets / Current Liabilities)	2.34	2.27	2.74
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.48	1.37	1.51
G-Score Ratio Financial (Networth / Total Assets)	0.56	0.55	0.63
G-Score Ratio Debt (Debts / Equity Capital)	0.00	0.00	0.00
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	2.34	2.27	2.74

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

FINANCIAL ANALYSIS

[all figures are in INR Million]

DEBT EQUITY RATIO

Particular	31.03.2014	31.03.2015	31.03.2016
	(INR In Million)	(INR In Million)	(INR In Million)
Share Capital	104.879	104.879	104.879
Reserves & Surplus	853.672	797.973	865.899
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	958.551	902.852	970.778
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015	31.03.2016
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	2467.949	2896.391	3231.229
		17.360	11.561

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015	31.03.2016
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	2467.949	2896.391	3231.229
Profit/ (Loss)	(62.957)	(55.699)	67.926
	(2.55%)	(1.92%)	2.10%

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	Yes
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	Yes
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	No
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	No
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

YEAR IN RETROSPECT (As on 31.03.2016)

Growth of Indian economy moved up to 7.6% in 2015-2016. Although domestic economic activity showed signs of modest improvement, the business environment remained challenging. Governments efforts to revive stalled projects and kick-start the investment cycle had limited success. The sluggish trend was attributed to moderation in domestic demand, drying of external demand, with the world economy slowing

down and also rural distress.

The Company delivered its first year of profits.

The Company continued to face intense competition from domestic as well as international players constraining its ability to grow at a faster clip. Despite the challenges, on the back of slight improvement in growth in infrastructure investment, capital goods and new projects, the Company registered a11.6%growth in sales during the year under report. Both the businesses Protective Coatings and Powder Coatings - were successful in securing market share gain in their respective segments.

Capability building in specific segments in both the Protective Coatings and Powder Coatings businesses as well as focus on conventional range of products continued to be the key strategies for top line growth.

INDEX OF CHARGES

Charges Registered
SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Amount	Address
1	B63898704	10391357	HDFC BANK LIMITED	15/11/2012	300000000.0	HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WEST MUMBAI MAHARASHTRA 400013 INDIA

CONTINGENT LIABILITIES:

(INR in million)

PARTICULARS	31.03.2016	31.03.2015
Claims against the Company not acknowledged as debts
Tax matters under dispute	20.261	16.402

FIXED ASSETS

• Plant and equipment
• Office equipment
• Furniture and fixtures

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 records 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	INR
US Dollar	1	INR 63.49
UK Pound	1	INR 90.91
Euro	1	INR 79.06

INFORMATION DETAILS

Information Gathered by :	PNM
Analysis Done by :	PRI
Report Prepared by :	SUD

SCORE FACTORS

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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES

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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