cma of hostel

This package is developed by Mr. P.R.ACHARYA to enable the Credit Analysists to save their precious time and expedite the credit process.

Though sincere efforts are made to design the package to meet the laid down instructions of the Bank, the author wishes to make it clear that there is no official sanction awarded to the

programme. Therefore, the users are requested not to quote the package in any official correspondences.

Users are also requested to satisfy themselfves about the correctness of the results and compare the same with the officially approved programme[s].

DISCLAIMER

AN APPEALDear Friends,

This package includes assessment of CRA also. As you are aware, we are permitted only to let the customer know their rating and not the other details.

Any such act of yours contrary to this may creat problems not only to you but also to our Bank. My earnest request to you, once again, not to provide this to outsiders, please. [If at all it is required, you may handover the package called "ABF-CUST", which will be provided to you on

request]

GOOD LUCK

PLEASE, THEREFORE, DO NOT PROVIDE THIS PACKAGE TO OUTSIDERS UNDER ANY CIRCUMSTANCES.


WELCOME to

ABF-ACHARYA

[email protected]

15.04.2008

P.R.ACHARYAChief Manager

State Bank of IndiaCentralised Credit Processing Cell

Local Head OfficeBangalore - 560 001

This package is developed by Mr. P.R.ACHARYA to enable the Credit Analysists to save their precious time and expedite the credit process.

Though sincere efforts are made to design the package to meet the laid down instructions of the Bank, the author wishes to make it clear that there is no official sanction awarded to the

programme. Therefore, the users are requested not to quote the package in any official correspondences.

Users are also requested to satisfy themselfves about the correctness of the results and compare the same with the officially approved programme[s].

AN APPEALDear Friends,

This package includes assessment of CRA also. As you are aware, we are permitted only to let the customer know their rating and not the other details.

Any such act of yours contrary to this may creat problems not only to you but also to our Bank. My earnest request to you, once again, not to provide this to outsiders, please. [If at all it is required, you may handover the package called "ABF-CUST", which will be provided to you on

request]



P.R.ACHARYAChief Manager

State Bank of IndiaCentralised Credit Processing Cell

Local Head OfficeBangalore - 560 001

INPUTS

Name of the Company : VISHWABHARATI ACADEMY

Amount in [Rs. in lacs] SECTOR :

SEGMENT:

Year [eg.2003] 2010 2011 2012 2013 2014

Balance Sheet of LAST YEAR Audited

Accounting Period [Months, eg.12] 12 12 12 12 12

Profit after Tax[PAT] as per P&L 2.56 3.95

Choose CRA Category A EXISTING UNIT - WC ONLY MODEL :

CRA to be assessed for the year D8 2012 Projected

Tenor of proposed Term Loan Year of first disbursement B8

2012Industry

2011 Comparison

2009 2010 [Projected]TOL / TNW 5.63Current Ratio 1.33ROCE [PBDIT / Total assets] 7.96Retained Profit / Total assets 2.72PBDIT / Interest 1.75PAT / Operating Income 0.73Net Cash Accrual / Total Debt [TOL] 3.85

Inventory/Net Sales+Receivables/Gross Sales 80

[Rs. in lacs]2009 2010 2010 2011DEC MAR DEC MAR

Country

W.C.under Traditional Method to be assessed for the year

Average Year to Year Growth in Net Sales in Last Two Quarters [of current years & corresponding quarters of last year

Level of Cash Flows [CF] or Assets located outside India. [Applicable to Borrowers for whom 25% or more of their cash flow or assets are located outside India].

% of CF or Asset

Whether the Company has any Associate / Sister / Group Concerns ? NO

YES 01-Apr-09

NO

FACILITIES [Existing & Proposed] [Rs. in lacs] DISTRIBUTION OF SECURITY [Primary + Collateral]NON-CAPEX 1 2 3

TYPE Outstanding Undrawn Limit EFC F/R/C/A/L&B St. & Rec.

Letters of Credit 500 100 704.43 360.66

Out of the above share of our Bank 100% DISTRIBUTION OF SECURITY [Primary + Collateral]CAPEX 1 2 3

TYPE LIMIT Undrawn Limit EFC F/R/C/A/L&B St. & Rec.

Out of the above share of our Bank 100% Total 100 704.43 360.66

Total Security - [Primary + Collateral] [Rs. in lacs]1st Charge 2nd Charge Total

01. Eligible Financial Collateral 100 10002. [a] Factory Land & Building 002. [b] Residential Land & Building 704.43 704.4302. [c] Commercial Land & Building 002. [d] Agricultural Land 003. Stocks & Receivables 360.66 360.6604. Fixed Assets 56.38 56.3805. Other Current Assets 006. Residual Value 007. Guarantees [as mentioned below] 1648.56 1648.56

07.[a] Government of India (GoI) Guarantee

Whether commercial production has commenced ? [If Yes, please mention date of commencement of commercial production in Cell No.F-51, in MM/DD/YY format.]

Whether the Audited Financials of the new Company relate to equal to or more than 12 months of commercial production ?

Whether Trading Activity has commenced ? [If Yes, please mention date of commencement of commercial production in Cell No.F-51, in MM/DD/YY format.]

Whether the Audited Financials of the new Company relate to equal to or more than 12 months of Trading Activity ?

07.[b] State Government Guarantee (SGG)07.[c] Personal Guarantee / Third Party Guarantee 1648.56

07.[d] Corporate Guarantee given by a Limi sCorporate Guarantee

Rating of Corporate Guarantor by External Rating Agency

CRA Rating of the Co. furnishig Corporate Guarantee

THRIVENI15/12

INPUTS ######

VISHWABHARATI ACADEMY ###

###

###

Textiles

INDUSTRY Leather

Other Industries Food Processing

EXPOSURE LEVEL Other Industries

[FB+NFB Limits] D

Over Rs.5.00 croreEF

Bangladesh

Barbados

TRADING

REGULAR NON-TRADING

Bhutan

Over Rs.5.00 croreRs.0.25 crore to Rs.5.00 crore

2010 BotswanaJUNSEPDEC

MARTRADESERVICECameroonCanadaCape Verde

Cayman Islands B8C8

D8E8F8

ComorosCongoCosta RicaCote d'lvoireCroatia

######

IMPORTANT : Pl.do not forget to incorporate data in Cell No.E-54 for NON-TRADING & Cell No.E-60 for TRADING, to enable the system to select the relevant fields only.

IMPORTANT : Pl.do not forget to incorporate data in Cell No.E-54 for NON-TRADING & Cell No.E-60 for TRADING, to enable the system to select the relevant fields only.

LINKS TO CELLS TO BE KEYED IN

[other than Input, Opr.Stmt., Liab. & Assets]

DSCRDSCR

TL - Int.TL - Int.

SENSITIVITYSENSITIVITY

RATIOSRATIOS

ANNEXURE - IANNEXURE - I

VALUE STATEMENTSVALUE STATEMENTS

CRA SUMMARYCRA SUMMARY

FACILITY RATINGFACILITY RATING

################################################

DISTRIBUTION OF SECURITY [Primary + Collateral] Gabon4 5 6 7

FA OCA RV Guar.

C8D8E8F8

56.38 1648.56Guatemala

DISTRIBUTION OF SECURITY [Primary + Collateral]4 5 6 7

FA OCA RV Guar.

Haiti

Hong Kong

Iceland

56.38 0 0 1648.56

IndonesiaAAA

AA -SB-5SB-6

Medium Risk, but under Caution""High Risk, but Not under Caution"

10

Name: VISHWABHARATI ACADEMY

As per profit and loss account actuals/estimates for the year ended/ending [Rs. in lacs]

2010 2011 2012 2013 ###LAST YEAR

Audited1. Gross Sales [i] Domestic Sales 836.71 723.85 1015.00 1045.00 ### [ii] Export Sales Add other revenue income Total 836.71 723.85 1015.00 1045.00 ###

2. Less Excise Duty Deduct other items3. Net Sales[item 1 - item 2] 836.71 723.85 1015.00 1045.00 ###

NA -13.49% 40.22% 2.96% ###

5. Cost of Sales

709.29 739.27 998.48 970.08 ### [a] Imported [b] Indigenous 709.29 739.27 998.48 970.08 ###

ii] Other spares 0.00 0.00 0.00 0.00 ### [a] Imported [b] Indigenous

iii] Power & fuel 2.32 3.22 3.85 4.00

iv] Direct labour[Factory wages] 5.18 4.73 6.59 7.00 ###

v] Other mfg. Expenses 8.59 8.70 12.20 12.50

vi] Depreciation 1.17 3.97 3.44 2.95 ###

vii] SUB-TOTAL [i to vi] 726.55 759.89 1024.56 996.53 ###

viii] Add:Op. stocks-in-process 2.90 46.24 8.75 50.00

Sub-total 729.45 806.13 1033.31 1046.53 ###

ASSESSMENT OF WORKING CAPITAL REQUIREMENTS FORM II : OPERATING STATEMENT

YR.BEFORE LAST AUDITED

CURRENT YEAR ESTIMATED

Following Year PROJECTED

4. % rise [+] or fall [-]in net sales as compared to last year [annualised]

i] Raw materials[including stores & other items used in the process of manufacture]

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11

FORM II : OPERATING STATEMENTVISHWABHARATI ACADEMY

2010 2011 2012 2013 ### ix] Deduct: Cl. stocks-in-process 46.24 8.75 50.00 50.00

x] Cost of Production 683.21 797.38 983.31 996.53 ###

xi] Add: Op.Stock of F.G. 137.58 10.05 116.36 135.00 ###

Sub-Total 820.79 807.43 1099.67 1131.53 ###

xii] Deduct: Cl. stock of F.G. 10.05 116.36 135.00 135.00 ###

xiii] Sub-Total [Total cost of sales] 810.74 691.07 964.67 996.53 ###

6. Selling, Genl.& Admn.Expenses 14.44 20.56 23.07 18.20

7. SUB-TOTAL [5+6] 825.18 711.63 987.74 1014.73 ###

8. Op.Profit before Interest [3-7] 11.53 12.22 27.26 30.27 ###

9. Interest 9.73 5.72 15.00 15.00 ###

10. Op.profit after Interest [8-9] 1.80 6.50 12.26 15.27 ###

11. [i] Add other non-op.income[a] Interest 0.12 0.06 0.10 0.20[b] Rental Income 4.20 4.53 4.20 4.20 Sub-total [income] 4.32 4.59 4.30 4.40 ### [ii] Deduct other non-op.exp.[a] [b] 0.00 Sub-total [expenspes] 0.00 0.00 0.00 0.00 ### [iii] Net of non-op.income/exp 4.32 4.59 4.30 4.40 ###

[iii] Expenses Amortised

12. Profit before tax/loss 6.12 11.09 16.56 19.67 ### [10+11 (iii)]13. [a] Provision for taxes [b] Provision for Deferred Tax

14. Net Profit/loss [12-13] 6.12 11.09 16.56 19.67 ###

15. [a] Equity dividend paid-amt 0.30 0.20 2.00 1.00 ### [Already paid+B.S.Prov] [b] Dividend Rate

16. Retained Profit [14-15] 5.82 10.89 14.56 18.67 ###

17. Retained Profit/Net Profit[%] 95.10 98.20 87.92 94.92 ###

12

FORM IIIANALYSIS OF BALANCE SHEET


As per Balance Sheet as at: [Rs. in lacs]LIABILITIES 2010 2011 2012 2013 ###

LAST YEAR

AuditedCURRENT LIABILITIES 1 2 3 4 ###

1. Short-term borrowings from banks [incld bills purchased, discounted & excess borrowing placed on repayment basis] [i] From applicant Bank 57.81 50.86 150.00 150.00 ###

[ii] From other Banks

[iii] [of which BP & BD] Sub-Total [A] 57.81 50.86 150.00 150.00 ###

2. Short term borrowings from others

3. Sundry Creditors [Trade] 92.03 71.67 65.00 55.00 ###

4. Advance payment from customers/deposits from dealers

5. Provision for taxation

6. Dividend payable

7. Other statutory liabilities [due within one year]

8. Deposits/Instalments of term 0.00 ### loans/DPGs/Debentures, etc. [payable within one year]

9. Other Current Liabilities & 1.37 2.23 2.40 2.55 ### Provisions[due within 1 year]

Sub-Total [B] 93.40 73.90 67.40 57.55 ###

10.TOTAL CURRENT LIABILITIES 151.21 124.76 217.40 207.55 ### [total of 1 to 9 excld 1 [iii]]




PROJECTED

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13

ANALYSIS OF BALANCE SHEET CLICK TO

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VISHWABHARATI ACADEMY2010 2011 2012 2013 ###

TERM LIABILITIES

11. Debentures [not maturing within one year]

12. Preference shares [redeemable after one year]

13. Term Loans [excld instalments 13.98 16.23 12.00 9.00 ### payable within one year]

14. Deferred Payment Credits [excluding instalments due within one year]

15. Term Deposits [repayable after one year]

16. Other term liabilities 16.43 23.90 4.90 4.90

17. TOTAL TERM LIABILITIES 30.41 40.13 16.90 13.90 ###

18. TOTAL OUTSIDE LIABILITIES 181.62 164.89 234.30 221.45 ### [Item 10 plus item 17]

NET WORTH

19. Ordinary share capital 32.26 45.55 59.10 75.27 ###

20. General Reserve ###

21. Revaluation Reserve ###

22. Other reserves [excluding ### provisions]

23. Surplus(+) or Deficit(-) in Profit & Loss Account.

23 b. Others [specify] 0.00 0.00

24. NET WORTH 32.26 45.55 59.10 75.27 ###

25. TOTAL LIABILITIES 213.88 210.44 293.40 296.72 ###

23 a. Deferred Tax Liability [DTL]

ANALYSIS OF BALANCE SHEET FORM III [contd]


As per Balance Sheet as at: [Rs. in lacs]ASSETS 2010 2011 2012 2013 ###

LAST YEAR

AuditedCURRENT ASSETS 1 2 3 4 ###

26. Cash and Bank balances 14.70 3.43 0.37 0.38 ###

27. Investments [other than long 0.00 0.00 0.00 0.00 ### term investments] [i] Government & other Trustee securities [ii] Fixed deposits with Banks 28. [i] Receivables other than 126.00 48.46 80.74 87.00 ### deferred & exports [incld. bills purchased and discounted by banks] [ii] Export receivables[including bills purchased and discounted by banks]29. Instalments of deferred receivables [due within one year]

30. Inventory: 56.29 125.11 185.00 185.00 ###

[i] Raw Materials[including 0.00 0.00 0.00 0.00 ### stores & other items used in the process of mfr.] [a] Imported [b] Indegenous ###

[ii] Stocks in process 46.24 8.75 50.00 50.00 ###

[iii] Finished goods 10.05 116.36 135.00 135.00 ###

[iv] Other consumable spares 0.00 0.00 0.00 0.00 ### [a] Imported [b] Indegenous 0.00 0.00 0.00 0.00

31. Advances to suppliers of raw materials & stores/spares32. Advance payment of taxes 0.62 0.50 0.57 0.57

33. Other current assets [specify] 3.00 5.07 2.00 2.00

34. TOTAL CURRENT ASSETS 200.61 182.57 268.68 274.95 ### [Total of 26 to 33]




ANALYSIS OF BALANCE SHEET FORM III [contd]

VISHWABHARATI ACADEMY2010 2011 2012 2013 ###

FIXED ASSETS35. Gross Block [land & bldg. & machinery] 12.32 32.29 32.29 32.29 ### Capital Work in Progress36. Depreciation to date 1.17 5.14 8.58 11.53 ###

37. NET BLOCK [35-36] 11.15 27.15 23.71 20.76 ###

OTHER NON-CURRENT ASSETS

38. Investments/book debts/ 1.80 0.51 1.01 1.01 ### advances/deposits which are not Current Assets [i] (a) Investments in subsidi- ary Co.s/affiliates (b) Others 1.46 0.51 0.51 0.51 ###

[ii] Advances to suppliers of capital goods & contractors [iii] Deferred receivables [maturity exceeding 1 yr] [iv] Others 0.34 0.00 0.50 0.50

39. Non-consumable stores & spares40. Other non-current assets 0.32 0.21 0.00 0.00 ### including dues from directors

41.TOTAL OTHER NON-CURR.ASSETS 2.12 0.72 1.01 1.01 ###

42. a. Intangible assets (patents,goodwill prelim. Expenses, bad/doubtful expenses not provided for etc.

43. TOTAL ASSETS [34+37+41+42] 213.88 210.44 293.40 296.72 ###

44. TANGIBLE NET WORTH [24-21-42] 32.26 45.55 59.10 75.27 ###

45. NET WORKING CAPITAL 49.40 57.81 51.28 67.40 ### [(17+24)-(37+41+42)]

46. Current Ratio 1.33 1.46 1.24 1.32 ###

47. Total Outside Liabilities/TNW 5.63 3.62 3.96 2.94 ###

48. Total Term Liabilities/TNW 0.94 0.88 0.29 0.18 ###

b. Deferred Tax Assets [DTA]

[16]

VISHWABHARATI ACADEMY FORM VI

FUNDS FLOW ANALYSIS

As per balance sheet as at 20102011 2012 2013

LAST YEAR

Audited[1] [2] [3]

a] Net profit [after tax] 11.09 16.56 19.67

b] Depreciation 3.97 3.44 2.95

c] Increase in capital 13.29 13.55 16.17

d] Increase in term liabilities 9.72 0.00 0.00 including public deposits

e] Decrease in i] Fixed assets 0.00 0.00 0.00 ii] Other non-current assets 1.40 0.00 0.00

0.00 0.00 0.00 f] Others 0.00 0.00 0.00

g] TOTAL 39.47 33.55 38.79

a] Net Loss 0.00 0.00 0.00

b] Decrease in term liabilities 0.00 23.23 3.00 including public deposits

c] Increase in i] Fixed assets 19.97 0.00 0.00 ii] Other non-current assets 0.00 0.29 0.00

0.00 0.00 0.00 d] Dividend payment 0.20 2.00 1.00

e] Others 10.89 14.56 18.67

f] TOTAL 31.06 40.08 22.67



1. SOURCES

2. USES

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[17]

FUNDS FLOW ANALYSISCLICK TO

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VISHWABHARATI ACADEMY

2011 2012 20133. Long Term Surplus/Deficit 8.41 -6.53 16.12

4. Increase/decrease in current -18.04 86.11 6.27 assets *as per details given below

5. Increase/decrease in current -19.50 -6.50 -9.85 liabilities other than bank borrowing

6. Increase/decrease in working 1.46 92.61 0.00 capital gap

7. Net surplus [+]/deficit [-] 6.95 -99.14 0.00

8. Increase/decrease in Bank borrowing -6.95 99.14 0.00

INCREASE/DECREASE - NET SALES -112.86 291.15 30.00

[i] Increase/decrease in 0.00 0.00 0.00 Raw Materials

[ii] Increase/decrease in -37.49 41.25 0.00 Stocks-in-process

[iii] Increase/decrease in 106.31 18.64 0.00 Finished Goods

[iv] Increase/decrease in Receivables

[a] Domestic -77.54 32.28 6.26 [b] Export 0.00 0.00 0.00

[v] Increase/decrease in 0.00 0.00 0.00 stores and spares

[vi] Increase/decrease in -9.32 -6.06 0.01 other current assets

TOTAL -18.04 86.11 6.27

* Break-up of [4]

[18]

FUNDS FLOW ANALYSISCLICK TO

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4/9/2023 21:30

19

FORM IV

VISHWABHARATI ACADEMY As per balance sheet as at2011 2012 2013

NORMSLAST YEAR

PEAKRequirements

Audited[1] [2] [3] [4] [5]

1. Raw materials [including stores & other items used in the proc.of mfg] [a] Imported: Amount 0.00 0.00 0.00 Month's consumption 0.00 0.00 0.00 ### [b] Indigenous: Amount 0.00 0.00 0.00 Month's consumption 0.00 0.00 0.00 ###

2. Other consumable spares, excldg. those included in [1] above. [a] Imported: Amount 0.00 0.00 0.00 Month's consumption 0.00 0.00 0.00 ###

[b] Indigenous Amount 0.00 0.00 0.00 Month's consumption 0.00 0.00 0.00 ###

3. Stock-in-process Amount 8.75 50.00 50.00 Month's cost of production 0.13 0.61 0.60 ###

4. Finished Goods Amount 116.36 135.00 135.00 Month's cost of Sales 2.02 1.68 1.63 ###

5. Receivables other than export & deferred receivables.[including bills purchased & discounted by banks] Amount 48.46 80.74 87.00 Month's domestic sales 0.80 0.95 1.00 ### [excldg def. Payment sales]

COMPARATIVE STATEMENT OF CURRENT ASSETS & CURRENT LIABILITIES



A. CURRENT ASSETS

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20

COMPARATIVE STATEMENT OF CURRENT ASSETS & CURRENT LIABILITIES

VISHWABHARATI ACADEMY2011 2012 2013

6. Export receivables [incldg.BP & BD] - Amount 0.00 0.00 0.00 Month's export sales 0.00 0.00 0.00 ###

7. Advances to suppliers of materials 0.00 0.00 0.00 & stores/spares, consumables.

8. Other current assets including cash & bank balances & defer receivables due within 1 yr[specify major items] Total 9.00 2.94 2.95

Cash & bank balances 3.43 0.37 0.38 Investments except long-term - 0.00 0.00 0.00 instalments of deferred receivables Others 5.57 2.57 2.57

9. TOTAL CURRENT ASSETS 182.57 268.68 274.95

[other than bank borrowings for working capital] 2011 2012 2013

10. Creditors for purchases of raw materials, stores, & cons.spares Amount 71.67 65.00 55.00 Month's purchase 1.16 0.78 0.68

###11. Advances from customers 0.00 0.00 0.00

12. Statutory liabilities 0.00 0.00 0.00

13. Other current liabilities Total 2.23 2.40 2.55 [specify major items] a] S.T.borrowings - others 0.00 0.00 0.00 b] Dividend payable 0.00 0.00 0.00 c] Instalments of TL,DPG and 0.00 0.00 0.00 public deposits d] Other current liabilities and 2.23 2.40 2.55 provisions.

14. TOTAL 73.90 67.40 57.55

B. CURRENT LIABILITIES

21

Pl. key in data in Cell No.B-5 onwards & in Cell No.W-6 & Y-7 onwards also.[Rs. in lacs]


PROFITABILITY ESTIMATION 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Capacity Utilisation

Net Sales 836.71 723.85 1015.00 1045.00 684.78 811.11 963.23 1146.27 0.00 0.00 0.00

Cost of Raw Materials[+consumables] 709.29 739.27 998.48 970.08 580.79 693.64 847.76 1019.77 0.00 0.00 0.00

Power & Fuel 2.32 3.22 3.85 4.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Direct Labour 5.18 4.73 6.59 7.00 62.30 74.76 89.71 107.65 0.00 0.00 0.00

Depreciation 1.17 3.97 3.44 2.95 16.67 14.25 12.19 10.43 0.00 0.00 0.00

Other Mfg.expenses 8.59 8.70 12.20 12.50 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Op.stock-Cl.stock of SFG+FG 84.19 -68.82 -59.89 0.00 68.10 2.68 -12.85 -10.41 0.00 0.00 0.00

Cost of Production 810.74 691.07 964.67 996.53 727.86 785.33 936.81 1127.44 0.00 0.00 0.00

Selling, General & Administrative Exp. 14.44 20.56 23.07 18.20 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Total Expenses 825.18 711.63 987.74 1014.73 727.86 785.33 936.81 1127.44 0.00 0.00 0.00

Operating Profit/Loss 11.53 12.22 27.26 30.27 -43.08 25.78 26.42 18.83 0.00 0.00 0.00

Interest 9.73 5.72 15.00 15.00 12.95 12.18 10.82 0.85 0.00 0.00 0.00

Net of Non-Operating Income/Expenses 4.32 4.59 4.30 4.40 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Expenses Ammortised [Misc.Exp.Written Off] 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Profit before tax [PBT] 6.12 11.09 16.56 19.67 -56.03 13.60 15.60 17.98 0.00 0.00 0.00

Income Tax 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Profit after Tax [Net Profit] 6.12 11.09 16.56 19.67 -56.03 13.60 15.60 17.98 0.00 0.00 0.00

Divedend paid / payable 0.30 0.20 2.00 1.00 6.14 6.89 7.66 8.44 0.00 0.00 0.00

Retained Profit 5.82 10.89 14.56 18.67 -62.17 6.71 7.94 9.54 0.00 0.00 0.00

22

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Net Profit [Profit after Tax] 6.12 11.09 16.56 19.67 -56.03 13.60 15.60 17.98 0.00 0.00 0.00

Add Depreciation 1.17 3.97 3.44 2.95 16.67 14.25 12.19 10.43 0.00 0.00 0.00

Add Intangible Assets written off 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Cash Accruals [A] 7.29 15.06 20.00 22.62 -39.36 27.85 27.79 28.41 0.00 0.00 0.00

T.L. Repayment obligation[B] 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Existing 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Proposed 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

DSCR [A/B] 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Cash Accruals 7.29 15.06 20.00 22.62 -39.36 27.85 27.79 28.41 0.00 0.00 0.00

Interest on Term Loan 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Existing 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Proposed 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

[A] Total 7.29 15.06 20.00 22.62 -39.36 27.85 27.79 28.41 0.00 0.00 0.00

T.L. Repayment obligations 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Existing 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Proposed 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00


Existing 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Proposed 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

[B] Total 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

DSGCR [A/B] 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00

DEBT SERVICE COVERAGE RATIO [NET]

AVERAGE DSCR [NET]

DEBT SERVICE COVERAGE RATIO [GROSS]

AVERAGE DSCR[GROSS]

23


2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Net Profit [Profit After Tax] 6.12 11.09 16.56 19.67 -56.03 13.60 15.60 17.98 0.00 0.00 0.00

Add Depreciation 1.17 3.97 3.44 2.95 16.67 14.25 12.19 10.43 0.00 0.00 0.00

Add Intangible Assets Written Off 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Cash Accruals [A] 7.29 15.06 20.00 22.62 -39.36 27.85 27.79 28.41 0.00 0.00 0.00

T.L. Repayment obligation[B] 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

DSCR [A/B] 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Cash Accruals 7.29 15.06 20.00 22.62 -39.36 27.85 27.79 28.41 0.00 0.00 0.00


[A] Total 7.29 15.06 20.00 22.62 -39.36 27.85 27.79 28.41 0.00 0.00 0.00

T.L. Repayment obligations 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00


[B] Total 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

DSGCR [A/B] 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00

DEBT SERVICE COVERAGE RATIO PROJECT - [NET]

AVERAGE DSCR[NET - PROJECT]

DEBT SERVICE COVERAGE RATIO PROJECT - [GROSS]

AVERAGE DSCR[GROSS - PROJECT]

24

Break Even Analysis - Please refer sheet named as 'RATIOS'PROJECTED BALANCE SHEET

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020LIABILITIES

Current Liabilities

Bank borrowings 57.81 50.86 150.00 150.00 100.00 100.00 100.00 100.00 0.00 0.00 0.00

Sundry Creditors 92.03 71.67 65.00 55.00 47.90 57.49 68.99 82.74 0.00 0.00 0.00

Term Loan Instalments 0.00 0.00 0.00 0.00 11.76 11.76 11.76 0.00 0.00 0.00 0.00

Provision for taxation 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Other Current Liabilities 1.37 2.23 2.40 2.55 2.50 3.00 3.50 4.00 0.00 0.00 0.00

Total Current Liabilities 151.21 124.76 217.40 207.55 162.16 172.25 184.25 186.74 0.00 0.00 0.00

Term Loans 13.98 16.23 12.00 9.00 23.53 11.76 0.00 0.00 0.00 0.00 0.00

Other Long Term Liabilities 16.43 23.90 4.90 4.90 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Total Term Liabilities 30.41 40.13 16.90 13.90 23.53 11.76 0.00 0.00 0.00 0.00 0.00

Capital 32.26 45.55 59.10 75.27 56.54 60.93 65.58 70.02 0.00 0.00 0.00

General Reserves 0.00 0.00 0.00 0.00 6.68 11.31 16.80 23.39 0.00 0.00 0.00

Revaluation Reserves 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Surplus in P & L Account 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Others 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Total Net Worth 32.26 45.55 59.10 75.27 63.22 72.24 82.38 93.41 0.00 0.00 0.00

TOTAL LIABILITIES 213.88 210.44 293.40 296.72 248.91 256.25 266.63 280.15 0.00 0.00 0.00

ASSETS

Cash & Bank balances 14.70 3.43 0.37 0.38 10.08 9.66 13.20 11.53 0.00 0.00 0.00

Sundry Debtors 126.00 48.46 80.74 87.00 57.08 67.60 80.28 95.53 0.00 0.00 0.00

Stock 56.29 125.11 185.00 185.00 162.70 174.19 180.54 190.90 0.00 0.00 0.00

Other Current Assets 3.62 5.57 2.57 2.57 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Total Current Assets 200.61 182.57 268.68 274.95 229.86 251.45 274.02 297.96 0.00 0.00 0.00

Gross Block 12.32 32.29 32.29 32.29 32.29 32.29 32.29 32.29 0.00 0.00 0.00

Depreciation to date 1.17 5.14 8.58 11.53 28.20 42.45 54.64 65.06 0.00 0.00 0.00

Net Block 11.15 27.15 23.71 20.76 4.09 -10.16 -22.35 -32.77 0.00 0.00 0.00

Statutory Deposits 0.34 0.00 0.50 0.50 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Investment in Associates 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

25

Other Miscellaneous assets 1.78 0.72 0.51 0.51 0.51 0.51 0.51 0.51 0.00 0.00 0.00

Total Miscellaneous Assets 2.12 0.72 1.01 1.01 0.51 0.51 0.51 0.51 0.00 0.00 0.00

Intangibles 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

TOTAL ASSETS 213.88 210.44 293.40 296.72 234.46 241.80 252.18 265.70 0.00 0.00 0.00

0.00 0.00 0.00 14.45 14.45 14.45 14.45 0.00 0.00

END OF DSCR SHEETEND OF DSCR SHEET

27

1 OPR.STMT.!B20 THRIVENI15/120 OPR.STMT.!C20 A=EU-WC ONLY

0 OPR.STMT.!D20 B=EU-TL ONLY

2021 2022 2023 2024 0 OPR.STMT.!E20 C=EU-WC & TL

Pl. key in the following :

0.00 0.00 0.00 0.00 2010 2011 2012

0.00 0.00 0.00 0.00 Distribution expenses

0.00 0.00 0.00 0.00 Other factory overheads

0.00 0.00 0.00 0.00 Royalty & know how

0.00 0.00 0.00 0.00 A A

0.00 0.00 0.00 0.00 0 2

0.00 0.00 0.00 0.00 0 3

0.00 0.00 0.00 0.00 0 4

0.00 0.00 0.00 0.00 0 5

0.00 0.00 0.00 0.00 0 6

0.00 0.00 0.00 0.00 0 7

0.00 0.00 0.00 0.00 0 8

0.00 0.00 0.00 0.00 0 9

0.00 0.00 0.00 0.00 0 10

0.00 0.00 0.00 0.00 0 11

0.00 0.00 0.00 0.00 0 12

0.00 0.00 0.00 0.00 0 13 DSCR

0.00 0.00 0.00 0.00 0 14

0.00 0.00 0.00 0.00 0 15

28

2021 2022 2023 2024

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

2021 2022 2023 2024

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

29

2021 2022 2023 2024

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

2021 2022 2023 2024

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

30

2021 2022 2023 2024

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

31

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

32

A=EU-WC ONLY

B=EU-TL ONLY

C=EU-WC & TL

0

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

###

###

###

EU

EU

EU

EU

NU

NU

NU

CALCULATION OF INTEREST ONEXISTING & PROPOSED TERM LOANS.

K7,Q7,W7,AC7 & AI 7[Exist]

PROPOSED T.L. Rate of Interest: EXISTING T. L.MONTH DEBITS INSTALMENTS BALANCE INTEREST MONTH DEBITS

2009APR 0.00 0.00 APRMAY 0.00 0.00 MAYJUN 0.00 0.00 JUNJUL 0.00 0.00 JULAUG 0.00 0.00 AUGSEP 0.00 0.00 SEPOCT 0.00 0.00 OCTNOV 0.00 0.00 NOVDEC 0.00 0.00 DEC2010JAN 0.00 0.00 JANFEB 0.00 0.00 FEBMAR 0.00 0.00 MAR

TOTAL 0.00 0.00 0.00 TOTAL 0.00

MONTH DEBITS INSTALMENTS BALANCE INTEREST MONTH DEBITS2010 0.00APR 0.00 0.00 0.00 APRMAY 0.00 0.00 0.00 MAYJUN 0.00 0.00 0.00 JUNJUL 0.00 0.00 0.00 JULAUG 0.00 0.00 0.00 AUGSEP 0.00 0.00 0.00 SEPOCT 0.00 0.00 0.00 OCTNOV 0.00 0.00 0.00 NOVDEC 0.00 0.00 0.00 DEC2011 ###JAN 0.00 0.00 0.00 JANFEB 0.00 0.00 0.00 FEBMAR 0.00 0.00 0.00 MAR

TOTAL 0.00 0.00 0.00 TOTAL 0.00

MONTH DEBITS INSTALMENTS BALANCE INTEREST MONTH DEBITS2011 0.00 ###APR 0.00 0.00 0.00 APRMAY 0.00 0.00 0.00 MAYJUN 0.00 0.00 0.00 JUNJUL 0.00 0.00 0.00 JULAUG 0.00 0.00 0.00 AUGSEP 0.00 0.00 0.00 SEP

1. Pl.key in the OPENING BALANCE in Cell No.J9,P9,V9,AB9 & AH9 [Exist.TL]

2. Pl.key in the RATE OF INTEREST in Cell No.E7 [Proposed] &

Provision is made to calculate interest for 5 existing term loans- Refer Cell No. M-7 onwards for TL-II onwards, if necessary.

OCT 0.00 0.00 0.00 OCTNOV 0.00 0.00 0.00 NOVDEC 0.00 0.00 0.00 DEC2012 ###JAN 0.00 0.00 0.00 JANFEB 0.00 0.00 0.00 FEBMAR 0.00 0.00 0.00 MAR

TOTAL 0.00 0.00 0.00 TOTAL 0.00

MONTH DEBITS INSTALMENTS BALANCE INTEREST MONTH DEBITS2012 0.00 ###APR 0.00 0.00 0.00 APRMAY 0.00 0.00 0.00 MAYJUN 0.00 0.00 0.00 JUNJUL 0.00 0.00 0.00 JULAUG 0.00 0.00 0.00 AUGSEP 0.00 0.00 0.00 SEPOCT 0.00 0.00 0.00 OCTNOV 0.00 0.00 0.00 NOVDEC 0.00 0.00 0.00 DEC2013 ###JAN 0.00 0.00 0.00 JANFEB 0.00 0.00 0.00 FEBMAR 0.00 0.00 0.00 MAR

TOTAL 0.00 0.00 0.00 TOTAL 0.00

MONTH DEBITS INSTALMENTS BALANCE INTEREST MONTH DEBITS2013 0.00 ###APR 0.00 0.00 0.00 APRMAY 0.00 0.00 0.00 MAYJUN 0.00 0.00 0.00 JUNJUL 0.00 0.00 0.00 JULAUG 0.00 0.00 0.00 AUGSEP 0.00 0.00 0.00 SEPOCT 0.00 0.00 0.00 OCTNOV 0.00 0.00 0.00 NOVDEC 0.00 0.00 0.00 DEC2014 ###JAN 0.00 0.00 0.00 JANFEB 0.00 0.00 0.00 FEBMAR 0.00 0.00 MAR

TOTAL 0.00 0.00 0.00 TOTAL 0.00

MONTH DEBITS INSTALMENTS BALANCE INTEREST MONTH DEBITS2014 0.00 ###APR 0.00 0.00 APRMAY 0.00 0.00 MAYJUN 0.00 0.00 JUNJUL 0.00 0.00 JULAUG 0.00 0.00 AUG

SEP 0.00 0.00 SEPOCT 0.00 0.00 OCTNOV 0.00 0.00 NOVDEC 0.00 0.00 DEC2015 ###JAN 0.00 0.00 JANFEB 0.00 0.00 FEBMAR 0.00 0.00 MAR

TOTAL 0.00 0.00 0.00 TOTAL 0.00

MONTH DEBITS INSTALMENTS BALANCE INTEREST MONTH DEBITS2015 0.00 ###APR 0.00 0.00 APRMAY 0.00 0.00 MAYJUN 0.00 0.00 JUNJUL 0.00 0.00 JULAUG 0.00 0.00 AUGSEP 0.00 0.00 SEPOCT 0.00 0.00 OCTNOV 0.00 0.00 NOVDEC 0.00 0.00 DEC2016 ###JAN 0.00 0.00 JANFEB 0.00 0.00 FEBMAR 0.00 0.00 MAR

TOTAL 0.00 0.00 0.00 TOTAL 0.00


TOTAL 0.00 0.00 0.00 TOTAL 0.00

MONTH DEBITS INSTALMENTS BALANCE INTEREST MONTH DEBITS2017 0.00 ###APR 0.00 0.00 APRMAY 0.00 0.00 MAYJUN 0.00 0.00 JUNJUL 0.00 0.00 JUL

AUG 0.00 0.00 AUGSEP 0.00 0.00 SEPOCT 0.00 0.00 OCTNOV 0.00 0.00 NOVDEC 0.00 0.00 DEC2018 ###JAN 0.00 0.00 JANFEB 0.00 0.00 FEBMAR 0.00 0.00 MAR

TOTAL 0.00 0.00 0.00 TOTAL 0.00


TOTAL 0.00 0.00 0.00 TOTAL 0.00

MONTH DEBITS INSTALMENTS BALANCE INTEREST2019 0.00APR 0.00 0.00MAY 0.00 0.00JUN 0.00 0.00JUL 0.00 0.00AUG 0.00 0.00SEP 0.00 0.00OCT 0.00 0.00NOV 0.00 0.00DEC 0.00 0.002020JAN 0.00 0.00FEB 0.00 0.00MAR 0.00 0.00

TOTAL 0.00 0.00 0.00

MONTH DEBITS INSTALMENTS BALANCE INTEREST2020 0.00APR 0.00 0.00MAY 0.00 0.00JUN 0.00 0.00

JUL 0.00 0.00AUG 0.00 0.00SEP 0.00 0.00OCT 0.00 0.00NOV 0.00 0.00DEC 0.00 0.002021JAN 0.00 0.00FEB 0.00 0.00MAR 0.00 0.00

TOTAL 0.00 0.00 0.00


TOTAL 0.00 0.00 0.00


TOTAL 0.00 0.00 0.00

MONTH DEBITS INSTALMENTS BALANCE INTEREST2023 0.00APR 0.00 0.00MAY 0.00 0.00

JUN 0.00 0.00JUL 0.00 0.00AUG 0.00 0.00SEP 0.00 0.00OCT 0.00 0.00NOV 0.00 0.00DEC 0.00 0.002024JAN 0.00 0.00FEB 0.00 0.00MAR 0.00 0.00

TOTAL 0.00 0.00 0.00


TOTAL 0.00 0.00 0.00

K7,Q7,W7,AC7 & AI 7[Exist]

I Rate of Interest: EXISTING T. L. IIINSTALMENTS BALANCE INTEREST MONTH DEBITS INSTALMENTS

00.00 0.00 APR0.00 0.00 MAY0.00 0.00 JUN0.00 0.00 JUL0.00 0.00 AUG0.00 0.00 SEP0.00 0.00 OCT0.00 0.00 NOV0.00 0.00 DEC

0.00 0.00 JAN0.00 0.00 FEB0.00 0.00 MAR

0.00 0.00 TOTAL 0.00 0.00

INSTALMENTS BALANCE INTEREST MONTH DEBITS INSTALMENTS0.000.00 0.00 APR0.00 0.00 MAY0.00 0.00 JUN0.00 0.00 JUL0.00 0.00 AUG0.00 0.00 SEP0.00 0.00 OCT0.00 0.00 NOV0.00 0.00 DEC

#VALUE!0.00 0.00 JAN0.00 0.00 FEB0.00 0.00 MAR

0.00 0.00 TOTAL 0.00 0.00

INSTALMENTS BALANCE INTEREST MONTH DEBITS INSTALMENTS0.00 #VALUE!0.00 0.00 APR0.00 0.00 MAY0.00 0.00 JUN0.00 0.00 JUL0.00 0.00 AUG0.00 0.00 SEP

1. Pl.key in the OPENING BALANCE in Cell No.J9,P9,V9,AB9 & AH9 [Exist.TL]

2. Pl.key in the RATE OF INTEREST in Cell No.E7 [Proposed] &

0.00 0.00 OCT0.00 0.00 NOV0.00 0.00 DEC

#VALUE!0.00 0.00 JAN0.00 0.00 FEB0.00 0.00 MAR

0.00 0.00 TOTAL 0.00 0.00

INSTALMENTS BALANCE INTEREST MONTH DEBITS INSTALMENTS0.00 #VALUE!0.00 0.00 APR0.00 0.00 MAY0.00 0.00 JUN0.00 0.00 JUL0.00 0.00 AUG0.00 0.00 SEP0.00 0.00 OCT0.00 0.00 NOV0.00 0.00 DEC

#VALUE!0.00 0.00 JAN0.00 0.00 FEB0.00 0.00 MAR

0.00 0.00 TOTAL 0.00 0.00


#VALUE!0.00 0.00 JAN0.00 0.00 FEB0.00 0.00 MAR

0.00 0.00 TOTAL 0.00 0.00

INSTALMENTS BALANCE INTEREST MONTH DEBITS INSTALMENTS0.00 #VALUE!0.00 0.00 APR0.00 0.00 MAY0.00 0.00 JUN0.00 0.00 JUL0.00 0.00 AUG

0.00 0.00 SEP0.00 0.00 OCT0.00 0.00 NOV0.00 0.00 DEC

#VALUE!0.00 0.00 JAN0.00 0.00 FEB0.00 0.00 MAR

0.00 0.00 TOTAL 0.00 0.00


#VALUE!0.00 0.00 JAN0.00 0.00 FEB0.00 0.00 MAR

0.00 0.00 TOTAL 0.00 0.00


#VALUE!0.00 0.00 JAN0.00 0.00 FEB0.00 0.00 MAR

0.00 0.00 TOTAL 0.00 0.00

INSTALMENTS BALANCE INTEREST MONTH DEBITS INSTALMENTS0.00 #VALUE!0.00 0.00 APR0.00 0.00 MAY0.00 0.00 JUN0.00 0.00 JUL

0.00 0.00 AUG0.00 0.00 SEP0.00 0.00 OCT0.00 0.00 NOV0.00 0.00 DEC

#VALUE!0.00 0.00 JAN0.00 0.00 FEB0.00 0.00 MAR

0.00 0.00 TOTAL 0.00 0.00


#VALUE!0.00 0.00 JAN0.00 0.00 FEB0.00 0.00 MAR

0.00 0.00 TOTAL 0.00 0.00

Rate of Interest: EXISTING T. L III Rate of Interest:

BALANCE INTEREST MONTH DEBITS INSTALMENTS BALANCE INTEREST

0.00 0.00 APR 0.00 0.000.00 0.00 MAY 0.00 0.000.00 0.00 JUN 0.00 0.000.00 0.00 JUL 0.00 0.000.00 0.00 AUG 0.00 0.000.00 0.00 SEP 0.00 0.000.00 0.00 OCT 0.00 0.000.00 0.00 NOV 0.00 0.000.00 0.00 DEC 0.00 0.00

0.00 0.00 JAN 0.00 0.000.00 0.00 FEB 0.00 0.000.00 0.00 MAR 0.00 0.00

0.00 TOTAL 0.00 0.00 0.00

BALANCE INTEREST MONTH DEBITS INSTALMENTS BALANCE INTEREST0.00 0.000.00 0.00 APR 0.00 0.000.00 0.00 MAY 0.00 0.000.00 0.00 JUN 0.00 0.000.00 0.00 JUL 0.00 0.000.00 0.00 AUG 0.00 0.000.00 0.00 SEP 0.00 0.000.00 0.00 OCT 0.00 0.000.00 0.00 NOV 0.00 0.000.00 0.00 DEC 0.00 0.00

#VALUE!0.00 0.00 JAN 0.00 0.000.00 0.00 FEB 0.00 0.000.00 0.00 MAR 0.00 0.00

0.00 TOTAL 0.00 0.00 0.00

BALANCE INTEREST MONTH DEBITS INSTALMENTS BALANCE INTEREST0.00 #VALUE! 0.000.00 0.00 APR 0.00 0.000.00 0.00 MAY 0.00 0.000.00 0.00 JUN 0.00 0.000.00 0.00 JUL 0.00 0.000.00 0.00 AUG 0.00 0.000.00 0.00 SEP 0.00 0.00

0.00 0.00 OCT 0.00 0.000.00 0.00 NOV 0.00 0.000.00 0.00 DEC 0.00 0.00

#VALUE!0.00 0.00 JAN 0.00 0.000.00 0.00 FEB 0.00 0.000.00 0.00 MAR 0.00 0.00

0.00 TOTAL 0.00 0.00 0.00

BALANCE INTEREST MONTH DEBITS INSTALMENTS BALANCE INTEREST0.00 #VALUE! 0.000.00 0.00 APR 0.00 0.000.00 0.00 MAY 0.00 0.000.00 0.00 JUN 0.00 0.000.00 0.00 JUL 0.00 0.000.00 0.00 AUG 0.00 0.000.00 0.00 SEP 0.00 0.000.00 0.00 OCT 0.00 0.000.00 0.00 NOV 0.00 0.000.00 0.00 DEC 0.00 0.00

#VALUE!0.00 0.00 JAN 0.00 0.000.00 0.00 FEB 0.00 0.000.00 0.00 MAR 0.00 0.00

0.00 TOTAL 0.00 0.00 0.00


#VALUE!0.00 0.00 JAN 0.00 0.000.00 0.00 FEB 0.00 0.000.00 0.00 MAR 0.00 0.00

0.00 TOTAL 0.00 0.00 0.00

BALANCE INTEREST MONTH DEBITS INSTALMENTS BALANCE INTEREST0.00 #VALUE! 0.000.00 0.00 APR 0.00 0.000.00 0.00 MAY 0.00 0.000.00 0.00 JUN 0.00 0.000.00 0.00 JUL 0.00 0.000.00 0.00 AUG 0.00 0.00

0.00 0.00 SEP 0.00 0.000.00 0.00 OCT 0.00 0.000.00 0.00 NOV 0.00 0.000.00 0.00 DEC 0.00 0.00

#VALUE!0.00 0.00 JAN 0.00 0.000.00 0.00 FEB 0.00 0.000.00 0.00 MAR 0.00 0.00

0.00 TOTAL 0.00 0.00 0.00


#VALUE!0.00 0.00 JAN 0.00 0.000.00 0.00 FEB 0.00 0.000.00 0.00 MAR 0.00 0.00

0.00 TOTAL 0.00 0.00 0.00


#VALUE!0.00 0.00 JAN 0.00 0.000.00 0.00 FEB 0.00 0.000.00 0.00 MAR 0.00 0.00

0.00 TOTAL 0.00 0.00 0.00

BALANCE INTEREST MONTH DEBITS INSTALMENTS BALANCE INTEREST0.00 #VALUE! 0.000.00 0.00 APR 0.00 0.000.00 0.00 MAY 0.00 0.000.00 0.00 JUN 0.00 0.000.00 0.00 JUL 0.00 0.00

0.00 0.00 AUG 0.00 0.000.00 0.00 SEP 0.00 0.000.00 0.00 OCT 0.00 0.000.00 0.00 NOV 0.00 0.000.00 0.00 DEC 0.00 0.00

#VALUE!0.00 0.00 JAN 0.00 0.000.00 0.00 FEB 0.00 0.000.00 0.00 MAR 0.00 0.00

0.00 TOTAL 0.00 0.00 0.00


#VALUE!0.00 0.00 JAN 0.00 0.000.00 0.00 FEB 0.00 0.000.00 0.00 MAR 0.00 0.00

0.00 TOTAL 0.00 0.00 0.00

THRIVENI15/12

EXISTING T. L. IV Rate of Interest: EXISTING T. L.MONTH DEBITS INSTALMENTS BALANCE INTEREST MONTH DEBITS

0 0APR 0.00 0.00 APRMAY 0.00 0.00 MAYJUN 0.00 0.00 JUNJUL 0.00 0.00 JULAUG 0.00 0.00 AUGSEP 0.00 0.00 SEPOCT 0.00 0.00 OCTNOV 0.00 0.00 NOVDEC 0.00 0.00 DEC

JAN 0.00 0.00 JANFEB 0.00 0.00 FEBMAR 0.00 0.00 MAR

TOTAL 0.00 0.00 0.00 TOTAL 0.00

MONTH DEBITS INSTALMENTS BALANCE INTEREST MONTH DEBITS0.00

APR 0.00 0.00 APRMAY 0.00 0.00 MAYJUN 0.00 0.00 JUNJUL 0.00 0.00 JULAUG 0.00 0.00 AUGSEP 0.00 0.00 SEPOCT 0.00 0.00 OCTNOV 0.00 0.00 NOVDEC 0.00 0.00 DEC

#VALUE! #VALUE!JAN 0.00 0.00 JANFEB 0.00 0.00 FEBMAR 0.00 0.00 MAR

TOTAL 0.00 0.00 0.00 TOTAL 0.00

MONTH DEBITS INSTALMENTS BALANCE INTEREST MONTH DEBITS#VALUE! 0.00 #VALUE!

APR 0.00 0.00 APRMAY 0.00 0.00 MAYJUN 0.00 0.00 JUNJUL 0.00 0.00 JULAUG 0.00 0.00 AUGSEP 0.00 0.00 SEP

OCT 0.00 0.00 OCTNOV 0.00 0.00 NOVDEC 0.00 0.00 DEC


TOTAL 0.00 0.00 0.00 TOTAL 0.00




TOTAL 0.00 0.00 0.00 TOTAL 0.00




TOTAL 0.00 0.00 0.00 TOTAL 0.00


APR 0.00 0.00 APRMAY 0.00 0.00 MAYJUN 0.00 0.00 JUNJUL 0.00 0.00 JULAUG 0.00 0.00 AUG

SEP 0.00 0.00 SEPOCT 0.00 0.00 OCTNOV 0.00 0.00 NOVDEC 0.00 0.00 DEC


TOTAL 0.00 0.00 0.00 TOTAL 0.00




TOTAL 0.00 0.00 0.00 TOTAL 0.00




TOTAL 0.00 0.00 0.00 TOTAL 0.00


APR 0.00 0.00 APRMAY 0.00 0.00 MAYJUN 0.00 0.00 JUNJUL 0.00 0.00 JUL

AUG 0.00 0.00 AUGSEP 0.00 0.00 SEPOCT 0.00 0.00 OCTNOV 0.00 0.00 NOVDEC 0.00 0.00 DEC


TOTAL 0.00 0.00 0.00 TOTAL 0.00




TOTAL 0.00 0.00 0.00 TOTAL 0.00

V Rate of Interest:

INSTALMENTS BALANCE INTEREST

0.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.00

0.00 0.000.00 0.000.00 0.00

0.00 0.00 0.00 TL Outstandings - including Proposed0.00 Total Instalments payable for the year

INSTALMENTS BALANCE INTEREST0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.00

0.00 0.000.00 0.000.00 0.00


INSTALMENTS BALANCE INTEREST0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.00

0.00 0.000.00 0.000.00 0.00

0.00 0.000.00 0.000.00 0.00



0.00 0.000.00 0.000.00 0.00



0.00 0.000.00 0.000.00 0.00


INSTALMENTS BALANCE INTEREST0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.00

0.00 0.000.00 0.000.00 0.000.00 0.00

0.00 0.000.00 0.000.00 0.00



0.00 0.000.00 0.000.00 0.00



0.00 0.000.00 0.000.00 0.00


INSTALMENTS BALANCE INTEREST0.000.00 0.000.00 0.000.00 0.000.00 0.00

0.00 0.000.00 0.000.00 0.000.00 0.000.00 0.00

0.00 0.000.00 0.000.00 0.00



0.00 0.000.00 0.000.00 0.00


0.00 TL Outstandings - including Proposed0.00 Total Instalments payable for the year

SENSITIVITY ANALYSIS 20100 0 0

A. Net Sales 836.71 836.71 836.71 836.71B. Variable Expenses 814.12 814.12 814.12 814.12C. Contribution 22.59 22.59 22.59 22.59D. Fixed & Semi Fixed expenses 20.79 20.79 20.79 20.79E. Operating Profit [C-D] 1.80 1.80 1.80 1.80

F. Break Even Sales [DxA/C] 770.04 770.04 770.04 770.04







%increase in variable cost

% decrease in volume of sales

% decrease in selling price







IMPORTANT RATIOS / KEY FINANCIAL PARAMETERS April 9, 2023VISHWABHARATI ACADEMY

[Rs. in lacs]Particulars 2010 2011 2012 2013 2014

LAST YEAR PROJECTED

Gross Sales 836.71 723.85 1015.00 1045.00 684.78Net Sales 836.71 723.85 1015.00 1045.00 684.78

Profit Before Tax 6.12 11.09 16.56 19.67 -56.03Net profit/loss [PAT] 6.12 11.09 16.56 19.67 -56.03Operating Profit 11.53 12.22 27.26 30.27 -43.08PBDIT 17.02 20.78 35.00 37.62 -26.41

PBT / Net sales [%] 0.73 1.53 1.63 1.88 0.00PAT / Net sales [%] 0.73 1.53 1.63 1.88 0.00Operating Profit / Net Sales [%] 1.38 1.69 2.69 2.90 0.00PBDIT / Net Sales [%] 2.03 2.87 3.45 3.60 0.00PBT / TTA [%] 2.86 5.27 5.64 6.63 0.00PBDIT / TTA[%] 7.96 9.87 11.93 12.68 0.00PAT / TNW [%] 18.97 24.35 28.02 26.13 0.00Operating Profit / TNW [%] 35.74 26.83 46.13 40.22 0.00Retained Profit / Total Assets [%] 2.72 5.17 4.96 6.29 0.00PAT / Operating Income [%] 0.73 1.53 1.63 1.88 0.00

Cash Accruals 7.29 15.06 20.00 22.62 -39.36Net Working Capital 49.40 57.81 51.28 67.40 67.70Current Ratio 1.33 1.46 1.24 1.32 1.42PBDIT/Interest 1.75 3.63 2.33 2.51 0.00ROCE (%) 7.96 9.87 11.93 12.68 0.00Net Cash Accruals / Total Debt [%] 3.85 9.01 7.68 9.76 -24.50

Paid up capital 32.26 45.55 59.10 75.27 56.54Tangible Net Worth 32.26 45.55 59.10 75.27 63.22Adjusted Tangible Net Worth 32.26 45.55 59.10 75.27 63.22TOL/TNW 5.63 3.62 3.96 2.94 2.94TOL / Adjusted TNW 5.63 3.62 3.96 2.94 2.94TTL/TNW [Debt/Equity] 0.94 0.88 0.29 0.18 0.37

Sales / Current Assets 4.17 3.96 3.78 3.80 0.00Sales / Fixed Assets 75.04 26.66 42.81 50.34 -Sales / TTA 3.91 3.44 3.46 3.52 -Sales / TNW 25.94 15.89 17.17 13.88 -

NWC / Current Assets [%] 24.62 31.66 19.09 24.51 35.74S.Creditors / Current Assets [%] 45.88 39.26 24.19 20.00 20.84Bank Finance / Current Assets [%] 28.82 27.86 55.83 54.56 43.50Inventories to net sales (days) 25 63 67 65 87Recv. To Gross Sales (days) 55 24 29 30 30Inv+Recv/sales (days) 80 88 96 95 117S. Crs. To Purchases (days) 47 35 24 21 26

RM+Stores Cons./ Production Value [%] 94.26 93.26 92.89 92.83 94.18Power & Fuel / Production Value [%] 0.31 0.41 0.36 0.38 -Direct Labour / Production Value [%] 0.69 0.60 0.61 0.67 10.10Other Mfg.Exp. / Production Value [%] 1.14 1.10 1.13 1.20 -Selling,Gen&Adm.Exp./Prod.Value[%] 1.92 2.59 2.15 1.74 -Operating cost to Production Value 109.66 89.78 91.89 97.10 118.03




[60]

APPRAISER ASSESSOR

THRIVENI15/12

FUTURE PROSPECTS & NON-ACHIEVEMENT OF PROJECTED PERFORMANCE

Sl.No.

Ratios2011 2012

[i] TOL / TNW 3.96 3.96 0 1 0 0.00 1.00

[II] ROCE 11.93% 11.93% 0 1 0.00 1.00

[III] PBDITA / INTT. 2.33 2.33 0 1 0.00 1.00

[iv] PAT / Op.Income 1.63 1.63 0 1 0.00 1.00

[v] Current Ratio 1.24 1.24 0 1 0.00 1.00

5.00

Non-Achievement of Projected Performance

Ratios

Variance in Performance Based on last year's figures

Negative Variance [V] & Negative Marks [M]

V M V M V M V M V M

2011 2011 0% - 5% 0 0.2 0.5 0.8 >30%1

TOL/TNW 0.00 3.96 0.00% 0.00% 0 0.00% 0 0.00% 0 0.00% 0ROCE 0.00 0.12 0.00% 0.00% 0 0.00% 0 0.00% 0 0.00% 0

PBDIT/INTT 0.00 2.33 0.00% 0.00% 0 0.00% 0 0.00% 0 0.00% 0PAT/OP.IN. 0.00 1.63 0.00% 0.00% 0 0.00% 0 0.00% 0 0.00% 0Cur.Ratio 0.00 1.24 0.00% 0.00% 0 0.00% 0 0.00% 0 0.00% 0

Financial Ratios & Latest vs Projected Position

[P]

Comparison : Projected Ratio : better or at par or worse as compared to the latest ratio - Marks

[Q]

Marks for (-)ve

variance if any. [R]

Mark under FP = Marks

under (Q-R)

Latest [a]

Projected [b]

Better [2]

At par [1]

Worse [0]

Last Year's

Projected

Last Year's Actual

6% - 10%

11% - 20%

21% - 30%

[61]

APPRAISER ASSESSOR

[ SECTOR : / SEGMENT: / MODEL : REGULAR ] As on : 31.03.2012

VISHWABHARATI ACADEMY0

N.T. REGULAR

[B]BUSINESS & INDUSTRY RISK [B & I R]

VALUE STATEMENTS[i] Competition & Market Risk

10 7

[ii] Industry Outlook[ii] CRMD Industry Approach - GROW / Industry Outlook in CRA - VERY GOOD 10 8

[iii] Industry Cyclicality[i] Stable industry cyclicality. 4 4

[iv] Regulatory Risk [for C & I]

7 0

[iv] Regulatory, Labour & Environmental Risk [for SSI & AGL]

7 4

[v] Business Environment[ii] The business environment is very good. 3 2

[vi] Technology & Vulnerability to Technological Change

8 5

[vii] Vulnerability to Macroeconomic Environment[ii] The effect can be contained to a large extent. 4 3

[viii] [Access to Resources] / Input Profile

7 5

[ix] User / Product Profile

7 6

[x] Capacity Utilisation & Flexibility in Operation

5 5

[xi] Consistency in Quality

5 5

[xii] Research & Development / Innovation[iii] The R & D efforts are average and product innovation observed sometimes. 4 1

[xiii] Distribution Network

2 2

[xiv] Restructuring[i] Excellent impact - Overall subsequent progress is excellent. 2 2

[xv] Level of Integration[i] Excellent Position. 2 2

Maximum Score

Company's Score

Potential, the industry possesses to sell its products in domestic and international markets based on its reputation and its effectiveness in making forays in established / new markets.

[ii] On the whole, the combination of the above listed factors makes the industry somewhat competitive.

[ii] The industry enjoys a favourable regulatory environment/effect of regulatory risk can be contained/Regulatory & legislative issues create some vunerability but potential impact on the company not significant as the issues can be tackled appropriately. There have been no stoppages of work on account of labour unrest.

[ii] The existing technology is proven and sufficient. The industry is vulnerable to technological change to some extent but its impact is contained.

[ii] Raw material generally available at more or less steady price. Has few alternate usage but supply is adequate.

[i] Product of wide acceptance/uses. The product is distinctive. No complaints about their rejection from the market. The delivery schedules of products are adhered to without fail.

[i] Optimum Capacity utilisation; it propels to achieve high growth targets. Flexibility built up in the manufacturing facilities to shift between the products to maintain optimum capacity utilisation.

[i] (c) The proposed operations of the new unit are geared towards obtaining an ISO certification on account of their stress on maintaining highest quality standards. Consistency in quality is to be the focus of its operations.

[i] (b) Although the unit does not have a wide distribution network, the sales are increasing year after year.

A56

P.R.Acharya: Marks to be based on : [1] The level of vertical integration resulting in a better cost structure of the products. [2] The flexibility available to the unit to start from various stages in its production process in case of adverse price movements in upstream products. [3] The capability of the unit to market its intermediate products in the event of adverse movement of downstream products.

[62]

APPRAISER ASSESSOR

[ SECTOR : TRADING / SEGMENT: C & I [SERVICE] / MODEL : REGULAR ] As on : 31.03.2012

VISHWABHARATI ACADEMY0

N.T. REGULAR

MANAGEMENT RISK

VALUE STATEMENT[i] INTEGRITY : [A] Integrity [Sole Proprietary Firm / Partnership Firm / Pvt. Ltd. Company]

4 4

[i] INTEGRITY : [B] Integrity [For Corporates] : Corporate Governance [CG]

4 0

[ii] Track Record / Conduct of Account.

4 3

[iii] Managerial Competence / Commitment / Expertise

4 3

[iv] Payment Record

3 3

[v] Structure & Systems

2 1.5

[vi] Experience in the Industry

1 1

[vii] Strategic Initiatives

1 1

[viii] Length of Relationship with the Bank

3 3

[ix] Credibility : Ability to Achieve Sales / Profit Projections

1 1

[x] Past Success in Introducing New Products

1 1

[xi] Ability to Manage Change

2 2

[xii] Risk Appetite Level

1 1

[xiii] Succession Plan and / or Key Person

2 2

[xiv] Adherence to the Covenants of Sanction

[i] Full Compliance within the stipulated period and without follow up. 1 1

Maximum Score

Company's Score

[i] The integrity and character of the Management is beyond reproach. No fraudulent deals/transactions. On no occasion any unsatisfactory feature of the unit has come to light.

[ii] On a few occasions, repayment of loans is delayed. The management tries to set things right in case of lapses. Some Group companies or associates not doing well but the management is co-operating in reviving/settling the overdues.

[ii] The management is competent with well defined promotion policy. The unit has professionals in key areas, under the overall control of the management, who function independently. The projects undertaken are executed in time.

[i] The record of meeting commitments to lenders and creditors is excellent. The unit has rarely defaulted on this score.

[ii] Although key positions are owner driven, the top and senior management take independent decisions. Well laid out system of reporting.

[i] The management has a good experience in the industry (> =5 years) and /or it is a family business.

[i] (b) The management has the requisite capability to make the unit a leading venture in its line of business.

[i] Dealing with the Bank for more than 5 years and conduct is satisfactory. New unit but belonging to a Group has dealings with the Bank for more than 5 years, a Group Company has offered its guarantee.

[i] Achieves both sales and profit / Sales / Profit projections within negative variance of 10%.

[i] Outstanding success record. Single product unit continuously being well received without perceptible sign of decline.

[i] The unit has a structured and organised set up functioning effectively to manage change.

[i] Adequate utilisation of potential of innovation/entering an uncharted course after well thought out considerations but the size of such an external operation is less than the size of the Company’s existing operation.

[i] Well laid out succession plan in place and the successor has been/is being groomed to take over as and when the situation so warrants. The number of professionals/key persons are more than adequate to keep the operations going even if a few of them leave the unit.

A84

P.R.Acharya: Care : Value Statement No. [iii] qualifies for score of 1 or 0. Therefore, [iii] [a] and [iii] [b] are provided. Please select the value statement which you find suitable.

A106

P.R.Acharya: This sums up the convergence of all the capabilities that company possesses by virtue of the combined wisdom of the management and the human resource employed. The next stage of assessment consists in examining whether, the company has successfully put in action its multi-potential structure to realise its objectives of wealth maximisation without sacrificing the basic tenets of good governance / Corporate Governance.

A109

P.R.Acharya: The risk assessment under this parameter would relate to the propensity of the company to recognise its own strengths / capability to venture into new areas of operation / diversification whose size determines the disproportionate or manageable or low risk appetite [inability of self assessment of its own strengths]

Page - [63]

APPRAISER ASSESSOR

[ SECTOR : / SEGMENT: / MODEL : REGULAR ] [NTR]

BORROWER RATING SUMMARY SECTOR 0 SEGMENT MODEL

VISHWABHARATI ACADEMY0 REGULAR

As on : 31.03.2012

[A]FINANCIAL RISK [FR]

Weight

Parameters

[i]

10 0

3 30 0.00[a] Latest Ratio 6 3.96 0

[b] Average last 3 years 2 3.08 0

[c] Industry Comparison 2 NA NORMALISED

[ii]

10 6

1.5 15 11.25[a] Latest Ratio 6 1.24 4


[c] Industry Comparison 2 NA Normalised

[iii]

ROCE [PBDIT / TOTAL ASSETS] 10 7

[a] Latest Ratio 8 11.93% 5 2 20 14.00

[b] Average last 3 years 2 5.94% 2

[iv]

RETAINED PROFITS / TOTAL ASSETS 10 6

[a] Latest Ratio 8 4.96% 4 1 10 6.00


[v]

PBDIT / INTEREST 10 5

[a] Latest Ratio 8 2.33 3 2 20 10.00


[vi]

PAT / OPERATING INCOME 10 2

[a] Latest Ratio 8 1.63% 0 2 20 4.00


[vii]

NET CASH ACCRUALS / TOTAL DEBT 10 5

[a] Latest Ratio 8 7.68% 3 1.5 15 7.50


[viii] 10 0.00% 0 1 10 0.00

[ix]

FINANCIAL FLEXIBILITY

10 0.5 5 0.00

[x] 10 NA Normalised 0.5 5 4.23

[xi] 10 NA Normalised 0.5 5 3.08

[xii] FUTURE PROSPECTS [Projected Ratios] 10 NA Normalised 2 20 16.92

[xiii]10

0.00 0

[b] Inventory/NS+Rec./Gross Salesx365 96 5 2 20 12.50

[c] Sum of scores under [(b)] [Case - II] 5.00

TOTAL SCORE [FINANCIAL RISK] 195 89.48

Total Score normalised to 65 65 29.83

Qualitative Factors [-ve] (-10) Nil 1 -10 NA

TOTAL SCORE [FINANCIAL RISK] 65 29.83

Max Marks

Company's ratios

Company's Score

Max. weighted

score

Company's weighted

score

TOL / TNW

CURRENT RATIO

Average Year to Year growth in Net Sales in last two quarters

[a] Ability to raise funds through internal sources [like internal accruals, saleable assets].

[b] Ability to raise resources through external sources [relationship with bankers, liquidity back-ups & the like].

[c] Record in raising funds from capital markets.

[d] Flexibility to defer its capital expenditure in case of weakening financial position.

GROUP RISK

FOREX RISK

[a] Gross Average DSCR[for all loans]

Page - [64]

APPRAISER ASSESSOR

[ SECTOR : / SEGMENT: / MODEL : REGULAR ] [NTR]

BORROWER RATING SUMMARY SECTOR 0 SEGMENT MODEL

VISHWABHARATI ACADEMY0 REGULAR

As on : 31.03.2012[B] BUSINESS & INDUSTRY RISK [B & I R]

Parameters[i] 10 7.00

[ii] Industry Outlook 10 8.00

[iii] Industry Cyclicality 4 4.00

[iv] Regulatory Risk 7 4.00

[v] Business Environment 3 2.00

[vi] Technology & Vulnerability to Technological change 8 5.00

[vii] Vulnerability to macro-economic environment 4 3.00

[viii] Access to Resources [Input profile] 7 5.00

[ix] User / product profile 7 5.00

[x] Capacity utilisation & Flexibility in operation 5 5.00

[xi] Consistency in Quality 5 5.00

[xii] Research & Development / innovation 4 1.00

[xiii] Distribution Network 2 2.00

[xiv] Restructuring 2 2.00

[xv] Level of Integration 2 2.00

Total Score - Business & Industry Risk 80 60.00

Business & Industry Risk - Normalised to 20 20 15.00

[C]MANAGEMENT RISK [MR]

Parameters[i] Integrity 4 4.00

[ii] Track Record / Conduct of Account 4 3.00

[iii] Managerial Competence / Commitment / Expertise 4 3.00

[iv] Payment Record 3 3.00

[v] Structure & Systems 2 1.50

[vi] Experience in the Industry 1 1.00

[vii] Strategic Initiatives 1 1.00

[viii] Length of relationship with the Bank 3 3.00

[ix] Credibility : Ability to make Sales / Profit projections 1 1.00

[x] Past success in introducing new products 1 1.00

[xi] Ability to manage change 2 2.00

[xii] Risk Appetite level 1 1.00

[xiii] Succession Plan / Key Person 2 2.00

[xiv] Adherence to covenants of sanction 1 1.00

Total Score [MR] 30 27.50

M R Score normalised to 15 15 13.75

[D] Qualitative Parameter [External Rating] 5 0.00

[E] 100 58.58

Rounded off to : 59[F] Borrower Rating based on the above Score SB-8

[G] Country Risk [CR] NA

[H] FINAL BORROWER RATING AFTER CR.SB-8

[I] Financial Statement Quality 0[J] Risk Score / Rating Transition Matrix Annexed

Maximum Score

Company's Score

Competition & Market Risk

Maximum Score

Company's Score

Aggregate Score under [ FR + B & IR + MR ] out of 100 ~ [ A+B+C+D ] ~ [ 65+20+15+(+5) ]

[65]

FINANCIAL RISK PARAMETERS [ SECTOR : / SEGMENT: / MODEL : REGULAR ] THRIVENI15/2VISHWABHARATI ACADEMY ANNEXURE- I[i] TOL / TNW [Max. weighted scored : 30] NTR

ROCE [PBDIT / Total assets] [a] Latest Ratio TABLE - I Retained Profit / Total assets]

PBDIT / Interest

Ratio Band Marks Weight Company's RatioPAT / Operating IncomeNet Cash Accrual / Total Debt [TOL]Future Prospects[Projected Ratios]

[a] [b] [c] [d] [e] [f] TL only<=0.50 6 3 3.96 0 0 WC only<=1.00 5 TL+WC<=1.50 4<=2.50 3 ANNEXURE - I <=3.00 2 [i] TOL / TNW<=3.50 0 Table I

[a] Latest Ratio [b] Moving Average of Company's Last 3 Years' TOL/TNW TABLE-II ###

###

Marks Weight

######

[a] [b] [c] [d] [e] [f] [g]3.08 3.96 [b] < [a] 2 3 0 0

[b]=[a] or {[a]+[0.25]} 1 Last 3 year's average [a][b]>{[a]+[0.25]} 0 Company's Latest ratio [b]

Co.'s latest ratio as compared to [c]its 3 year's average

[c] Industry Comparison [TOL / TNW] TABLE-III Marks [d]Weight [e]

Marks Weight

Co's weighted Score=(f)x(e) [g]Table III

[a] [b] [c] [d] [e] [f] [g]NA 3.96 [b] < [a] 2 3 Normalised Normalised

[b]=[a] or {[a]+[0.25]} 1 Company's Latest ratio [b][b]>{[a]+[0.25]} 0 Co.'s latest ratio as compared to [c]

industry average [d] Summary of Total Score "TOL / TNW" TABLE - IV Marks [d]

Weight [e]S.No. Particulars Weighted Score Co.'s Score from[d] [f]

1 Company’s Score from Table I 0 Co's weighted Score=(f)x(e) [g]2 Company’s Score from Table II 0 Table IV3 Industry Comparison from Table III Normalised [d] Summary of Total Score

Company's Total Weighted Score 0 [1] Company's Score from Table-I[2] Company's Score from Table-II

Company's Score from [b]

Company's Weighted

Score = [a]x[b]

Last 3 Years' average

Company's latest ratio from Table-I

Company's latest ratio as compared

to its 3 years' average

Company's Score from [d]

Company's Weighted Score =

[f]x[e]

Industry Ratio []

Co.'s latest ratio from Table-I

[2012]


to industry average.



[f]x[e]

CLICK TO PRINT

CLICK TO PRINT

[66]

[3] Industry Comparison from Table-IV[ii] CURRENT RATIO [Max. weighted scored : 15] Company's Total Weighted Score

[c] Industry Comparison [a] Latest Ratio TABLE - I Industry Ratio [a]

[viii] Average year to year growth in Net Sales in Last Two Quarters [%]

Ratio Band Marks Weight Company's Ratio Corresponding two quartersAverage of the above

###[a] [b] [c] [d] [e] [f] ###

>=1.50 6 1.5 1.24 4 6 ###>=1.35 5 ###>=1.20 4 ###>=1.10 3 ###>=1.00 2 ###< 1.00 0 ###

[2] Company's Score from Table-II [b] Moving Average of Company's Last 3 Years' - CURRENT RATIO TABLE-II [ix] Financial Flexibility

Excellent [success record >=90%

Marks Weight

Good [>=50%]Satisfactory [>=40%]

[a] [b] [c] [d] [e] [f] [g]0.93 1.24 [b] > [a] 2 1.5 2 3

[b]=[a] or {[a]-[0.05]} 1[b]>{[a]-[0.05]} 0

[c] Industry Comparison [CURRENT RATIO] TABLE-III

Marks Weight

[a] [b] [c] [d] [e] [f] [g]NA 1.24 [b] > [a] 2 1.5 0 Normalised

[b]=[a] or {[a]-[0.03]} 1[b]>{[a]-[0.03]} 0

[d] Summary of Total Score "CURRENT RATIO" TABLE - IV

S.No. Particulars Weighted Score1 Company’s Score from Table I 62 Company’s Score from Table II 33 Industry Comparison from Table III Normalised

Company's Total Weighted Score 11.25


Company's Weighted

Score = [a]x[b]







[f]x[e]

Industry Ratio []

Co.'s latest ratio from Table-I

[2012]





[f]x[e]

[67]

[iii] Return on Capital Employed [ROCE] (%) [PBDIT/Total Assets] [Max.Weighted Score-20]

[a] Latest Ratio TABLE - I

Ratio Band [%] Marks Weight Company's Ratio

[a] [b] [c] [d] [e] [f]>=20.00 8 2 11.93% 5 10>=15.00 6>=10.00 5>= 5.00 4>= 3.00 3>= 2.00 2>=<1.00 0

[b] Moving Average of Company's Last 3 Years' - ROCE TABLE-II

Marks Weight

[a] [b] [c] [d] [e] [f] [g]5.94% 11.93% [b] > [a] 2 2 2 4

[b]=[a] or {[a]-[1%]} 1[b]>{[a]-[1%]} 0

[c] Summary of Total Score under ROCE Ratio TABLE - III

S.No. Particulars Weighted Score1 Company’s Score from Table I 102 Company’s Score from Table II 4

Company's Total Weighted Score 14


Company's Weighted

Score = [a]x[b]







[f]x[e]

[68]

[iv] Retained Profit / Total Assets (%) [Max.Weighted Score-10]



[a] [b] [c] [d] [e] [f]>=7.50 8 1 4.96% 4 4>=5.00 6>=3.00 4>=2.00 2>=1.00 1< 1.00 0

[b] Moving Average of Company's Last 3 Years' - Retained Profit / Total Assets Ratio TABLE-II

Marks Weight

[a] [b] [c] [d] [e] [f] [g]2.63% 4.96% [b] > [a] 2 1 2 2

[b]=[a] or {[a]-[0.25%]} 1[b]>{[a]-[0.25%]} 0

[*Eligible for full marks as the Company has secured optimum score in Table-I]

[c] Summary of Total Score under Retained Profit / Total Assets Ratio TABLE - III




Company's Weighted

Score = [a]x[b]







[f]x[e]

[69]

[v] PBDIT / INTT. [Max.Weighted Score-20]


Ratio Band Marks Weight Company's Ratio

[a] [b] [c] [d] [e] [f]>=10.00 8 2 2.33 3 6>=5.00 6>=3.00 4>=2.00 3>=1.00 2< 1.00 0

[b] Moving Average of Company's Last 3 Years' - PBDIT / INTT. TABLE-II

Marks Weight

[a] [b] [c] [d] [e] [f] [g]1.79 2.33 [b] > [a] 2 2 2 4

[b]=[a] or {[a]-[0.25%]} 1[b]>{[a]-[0.25%]} 0

[c] Summary of Total Score under PBDIT / INTT. Ratio TABLE - III




Company's Weighted

Score = [a]x[b]







[f]x[e]

[70]



[a] [b] [c] [d] [e] [f]>=8.00 8 2 1.63% 0 0>=6.00 6>=4.00 4>=3.00 3>=2.00 2< 2.00 0

[b] Moving Average of Company's Last 3 Years' - PAT / Operating Income. TABLE-II

Marks Weight

[a] [b] [c] [d] [e] [f] [g]0.75% 1.63% [b] > [a] 2 2 2 4

[b]=[a] or {[a]-[0.25%]} 1[b]>{[a]-[0.25%]} 0

[c] Summary of Total Score under the ratio PAT / Operating Income. TABLE - III



[vi] PAT / Operating Income [%] [Max.Weighted Score-20] [Operating Income = Net Sales-Other Income]


Company's Weighted

Score = [a]x[b]







[f]x[e]

[71]

[vii] Net Cash Accruals / Total Debt [%] [Total Weighted Score-15][NCA = PAT-Dividend+Depreciation] / [Total Debt = Total Outside Liabilities]



[a] [b] [c] [d] [e] [f]>=20% 8 1.5 7.68% 3 4.5>=15% 6>=10% 5>= 7% 3>= 4% 1< 4% 0

[b] Moving Average of Company's Last 3 Years' - Net Cash Accruals / Total Debt. TABLE-II

Marks Weight

[a] [b] [c] [d] [e] [f] [g]4.29% 7.68% [b] > [a] 2 1.5 2 3

[b]=[a] or {[a]-[0.25%]} 1[b]>{[a]-[0.25%]} 0

[*Eligible for full marks as the Company has secured optimum score in Table-I]

[c] Summary of Total Score under the ratio Net Cash Accruals / Total Debt. TABLE - III

S.No. Particulars Weighted Score1 Company’s Score from Table I 4.52 Company’s Score from Table II 3



Company's Weighted

Score = [a]x[b]







[f]x[e]

[72]

[viii] Average Year to Year Growth in Net Sales in Last Two Quarters [%]



[a] [b] [c] [d] [e] [f]>=15.00% 10 1 0.00% 0 0>=7.50% 8>=3.00% 6>=2.00% 4>=0.00% 2

>=(-5.00%) -2>=(-10%) -4<(-10%) -6

[viii] Average year to year growth in Net Sales in Last Two Quarters [%]

Corresponding two quarters 0.00% 0.00%

Average of the above 0.00%

Company's Score 0

[Maximum Weighted Score : 20]

Ratio Band Marks Weight Company's Ratio

NTR-SIMPLIFIED

[a] [b] [c] [d] [e] [f] [i] TOL / TNW>=2.00 10 2.00 0.00 0 0 Table I>=1.98 9 [a] Latest Ratio>=1.95 8 ###>=1.92 7 ###>=1.90 6 ###>=1.88 5 ###>=1.85 4 ###>=1.80 3 ###>=1.78 2 ###>=1.75 1 ###<1.75 0 Table II


Company's Weighted

Score = [a]x[b]

[xiii] Case I : Gross Average DSCR for All Loans [for a borrower enjoying TL facility only]


Company's Weighted

Score = [a]x[b]

[73]

[b] Moving Average of Co.'s last 3 yearsLast 3 year's average [a]

[for a borrower enjoying WC facility only] [Maximum Weighted Score : 20] Company's Latest ratio [b]TABLE - I Co.'s latest ratio as compared to [c]

[a] Latest Ratio its 3 year's average


Marks [d]Weight [e]Co.'s Score from[d] [f]

[a] [b] [c] [d] [e] [f] Co's weighted Score=(f)x(e) [g]<= 90 6 2 96 5 10 Table III<=120 5 [c] Industry Comparison<=150 4 Industry Ratio [a]<=180 3 Company's Latest ratio [b]<=210 2 Co.'s latest ratio as compared to [c]> 210 0 industry average

Marks [d]Weight [e]

[b] Moving Average of Company's Last 3 Years' - Ratio - (Inv./NS+Rec./GS) x 365 [Days'] TABLE-IICo's weighted Score=(f)x(e) [g]

Marks Weight

[d] Summary of Total Score[1] Company's Score from Table-I

[a] [b] [c] [d] [e] [f] [g]56 96 [b] < [a] 2 2 0 0

[b]=[a] or {[a] +[15]} 1 Company's Total Weighted Score[b]>{[a] +[15]} 0 Co.'s latest ratio as compared to [c]

industry averageMarks [d]

[c] Industry Comparison [(Inv./NS + Rec. / GS) x 365 (days')] TABLE-III Weight [e]Co.'s Score from[d] [f]

Marks

Marks Weight

Table IV[d] Summary of total Score

[a] [b] [c] [d] [e] [f] [g]0 96 [b] < [a] 2 2 0 Normalised

[b]=[a] or {[a] + [15]} 1 [2] Company's Score from Table-II[b]>{[a] + [15]} 0 [3] Industry Comparison from Table-III

Company's Total Score [d] Summary of Total Score under Case = II - (Inv. / NS + Rec. / GS) x 365 [days'] TABLE - IV

S.No. Particulars Weighted Score1 Company’s Score from Table I 102 Company’s Score from Table II 03 Industry Comparison from Table III Normalised


CASE - III : For a Company having both WC & TL Facilities.

[i] Scoring done for TL as under Case-I Score : 0 [a]

[ii] Scoring done for WC as under Case II Score : 12.5 [b]

Score obtained under Case-III 12.50 [b]

[xiii] Case II : (Inventory / Net Sales + Receivables / Gross Sales) x 365 (Days')


Company's Weighted

Score = [a]x[b]







[f]x[e]

Industry Ratio []





[f]x[e]

FACILITY RATING [74]

APPRAISER ASSESSOR

[ SECTOR : / SEGMENT: / FACILITY : Letters of Credit ]

FACILITY RATING SUMMARY SEGMENT SECTOR FRNFB-WC - [Non - CAPEX] 0

0as on

FACILITY : Letters of Credit 31.03.2012


[a]Weight

Parameters[i] Current Ratio 8 6

[a] Latest Ratio 6 1.24 4.00[b] Average of last 3 years 2 0.93 2.00 0.6 6 3.6

[ii] 4 0.97 0.97 1 4 0.97[iii] Industry 6 0.72

3 1 6 0.72[b] Industry Recovery Score 3 0.72 0.72

[iv] Geography 2 1 2 #VALUE![v] 8 3

4 01 8 3

4 3

[vi] 5 42 1.5

1 0.5 1 5 4

1 1

[d] Time Period for Recovery 1 1[vii]

60 58.22 1 60 58.22

[b][i] Nature of Commitment 1 0.5 1 1 0.5[ii] Credit Quality of the Borrower 100 75 0.05 5 3.75[iii] Tenor of Facility 3 3 0.5 3 1.5

Total Score 100 #VALUE!

Total Score - Rounded Off #VALUE!

Facility Rating Based on the above score #VALUE!

Risk Drivers for Loss Given Default [LGD] Max

MarksCompany's

ratiosCompany's

Score

Max. weighted

score

Company's weighted score

Nature of Charge

[a] Industry Characteristics & Distance to Default

Unit Charasteristics

[a] Leverage / Enforcement of Collateral.

[b] Safety, Value & Existence of Assets.Macro Economic Conditions

[a] GDP Growth Rate : Impact of Business Cycle

[b] Insolvency Legislation in the Jurisdiction

[c] Impact of systemic / Legal factors on Recovery

Security

Total Security [Primary + Collateral]Risk Drivers for Exposure at Default [EAD]


APPRAISER ASSESSOR

[ SECTOR : / SEGMENT: / FACILITY : Letters of Credit ]

[A] RISK DRIVERS FOR LGD

[i] CURRENT RATIO [Max. weighted score : 6] [a] Latest Ratio TABLE - I

Ratio Band Marks Weight

>=1.50 6 0.6 1.24 4 2.4

>=1.35 5

>=1.20 4

>=1.10 3>=1.00 2< 1.00 0

[b] Moving Average of Company's Last 3 Years' - CURRENT RATIO TABLE-II

Weight

0.93 1.24 [b] > [a] 2 0.6 2 1.2[b]=[a] or {[a]-[0.05]} 1

[b]>{[a]-[0.05]} 0

[c] Industry Comparison [CURRENT RATIO] TABLE-III

Marks

Weight[d]

NA 1.24 [b] > [a] 2 0.6 NA Normalised[b]=[a] or {[a]-[0.03]} 1

[b]>{[a]-[0.03]} 0 [d] Summary of Total Score "CURRENT RATIO" TABLE - IV

S.No. Particulars Weighted Score1 Company’s Score from Table I 2.42 Company’s Score from Table II 1.23 Industry Comparison from Table III Normalised


[ii] Nature of Charge [Max. weighted score : 4]

Sl. No. Type of collateral

[A] Eligible financial collateral 0.20 0.20 0.20 0.20[B] Other IRB Collateral / Other Collateral 1.08 0.77 0.77 0.77

[C] 0.97 0.97

[EAD : [a] for Fund Based Exposure : Outstandings + 75% of unutilised Limit, [b] for NFB exposure : Limits]

Company's Ratio


Company's Weighted

Score


Company's latest ratio

from Table-I

Company's latest ratio as compared to its 3 years'

averageMarks

[d]


Company's Weighted

Score

Industry Ratio

[]

Co.'s latest ratio from

Table-I [2012]

Company's latest ratio as compared to industry

average.


Company's Weighted

Score

Collateral to EAD Ratio

Effective Collateral to EAD Ratio

Co.'s Effective Collateral to

EAD Ratio from [b]

Co.'s Score [Max.4]

A combination of collaterals given under [A] & [B| above.

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APPRAISER ASSESSOR

[iii] Industry [Max. Score 6][a] Industry Characteristics & Distance to Default [Max.3 marks]

Industry Outlook Risk Level RMD Industry Approach Co.'s Score

3

[b] Industry Recovery Score [Max. 3 marks]

Sl.No. Industry

[ix] Other Industries 76 24 0.72 0.72

[iv] Geography [Max. Marks : 2]

Sl.No. Geographical Region

[v] Unit Characteristics [Max. Marks : 8][a] Leverage / Enforcement of Collateral [Max. Marks : 4]

[iii] 0

[b] Safety, Value & Existence of Assets [Max. Marks : 4][ii]

The useful life, quality & upkeep good / satisfactory. 3

[vi] Macroeconomic Conditions [Max. Marks : 5][a] GDP Growth Rate : Impact of Business Cycle [Max. Marks : 2]

[ii] 1.5

[b] Insolvency Legislation in the Jurisdiction [Max. Marks : 1][ii]

Position Neutral. No significant assistance in recovery.0.5

[c] Impact of Systemic / Legal Factors on Recovery [Max. Marks : 1][i] 1

[d] Time Period for Recovery [Max. Marks : 1][i] 1

[vii] Total Security [Primary + Collateral ] (Max. Marks : 60) 58.22

[B] RISK DRIVERS FOR EAD

[i] Nature of Commitment2 Revolving 0.5

[ii] Credit Quality of the Borrower [Max. Marks : 5]Company's Marks under Borrower Rating 75

[iii] Tenor of Facility [Mam. Marks : 3]Tenor of Facility 0 <= 5 Years 3

Maximum Marks

LGD [%] [a]

RR [%] =100-[a]

[b]

Marks out of 3

=([b]x3)/100 [c]

Co.'s Score from [c]

[d]

LGD [%] [a]

RR [%] =100-[a]

[b]

Marks out of 2

=([b]x2)/100 [c]

Co.'s Score from [c]

[d]

High leverage [more than 2 claimants for the Assets in the event of Default] / the risk of enforcement of claim is high / very high.

Small GDP Growth rate over last 3 years. Mild recessionary phase. A few cases of defaults. Moderate recovery reported.

Systemic Factors in the Govt. / Semi Govt. favour recovery. Legal Systgem is aligned for faster recovery. Govt. Machinery is helpful in accelerating recover.

Fast recovery vis-à-vis the Collateral position & economic scenario, within a year. BIFR directed Recovery.

Leverage is a mesure of the extent of claimants for an Asset in the event of default of a Borrowing Company i.e., it is inversely proportional to the enforcement of claim. Even for senor stake holders, higher leverage impacts the enforcement of collateral and recovery therefrom, as in many cases consent may have to be obtained from smaller claimants before disposal of Assets to effect recovery. The enforcement of collateral for recovery therefrom becomes a challenge. The assessment under the parameter is to be made in this background.

Once a default occurs with no sign of reversing the process in sight [including restructuring of debt], the Bank needs to explore ways for disposal of assets for satisfaction of its dues. For such reasons, examination of the quality of collateral & its useful life become important at the time of each successive review of the credit facility. The aspect is necessary to determine the quality of upkeep of the assets and their degree of deterioration [once default occurs], the likelihood of its disappearance, decline in its market value compared to Book Value. A borrowing concern under financial strain cuts back on maintenance of Collateral. The Risk assessment under the parameter needs to consider all such factors.

Economic downturn impacts LGD as all retarding economic variables impact the Demand-Supply Paradigm. It affects production / trade, recession sets in which in turn accelerate the loan default rate. Asset value deteriorates with few buyers and distress sale at a depressed price becomes the only option to reduce the loss to some etent. Normally, assets need to be valued both in the up & down scenario of the economy. Accounting for this scenario is complex. Basel-II document has advocated a conservative apprcoach to adopted - Pillar I Capital calculations must reflect economic downturn condition, where necessary, to capture relevant risks. The other parameters under Macro-Economic conditions are an offshoot of such a situation. The risk assessment under the parameter is to be done in this background.

The scoring under the parameter has a dual dimension. The score obtained by a unit under Borrower Rating reflects not only its financial strength but it is also an indicator as to how far it is away from Default stage / Point. In some cases, the deterioration in Rating may be a gradual affair while there would be isolated instances of a steep decline also in the event of any unexpected event resulting in Unexpected Losses. Measuring the position of a unit from the Default Point thn assumes importance from the Default and consequent Loss Severity angle.

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Sec. detailsSec.

details

COUNTRY RISK & BANK EXPOSURE : RISK CATEGORY-WISE LIST OF COUNTRIES AS ON : [Foreign Department Circular No. IBG/FD/FD-CRBE/153 / 2007-08 09.01.2008SL.NO. RISK CATEGORY LIST OF COUNTRIES

1

"Insignificant Risk"

Austria Australia BelgiumDenmark Finland FranceIireland Luxembourg NetherlandsSweden Switzerland United KingdomIsle of Man Jersey (CI) Virgin Islands

2

"LOW RISK"

Bermuda Greece Hong KongItaly Japan MaltaPortugal Qatar SingaporeSpain Taiwan

3

"MEDIUM RISK"

Bahamas Bahrain BarbadosBrunei Chile ChinaCzech Republic Estonia Hungary

Kuwait Latvia

Maccau Malaysia MauritiusOman Poland Saudi ArabiaSouth Africa Tobago Trinidad

4 Antigua Barbuda BrazilColombia Costa Rica CroatiaKazakhastan Morocco PanamaRussia Thailand Turkey

5Maldieves

6

"High Risk & under Caution"

Algeria Argentina ArmeniaDominica El Salvador

Fiji Ghana GrenadinesIndonesia Iran JamaicaLesotho Macedonia New CaledoniaPakistan Peru PhilippinesSenegal Serbia St. LuciaUkraine Uruguay Venezuela

7 Bhutan Sri Lanka

8 Albania Angola BangladeshBenin Bolivia

Cape Verde Djibouti EcuadorGeorgia Grenada GuyanaKenya Kiribati LebanonMongolia Montenegro Mozambique

United Arab Emirates

Korea, Republic of (South Korea)

Medium Risk, but under Caution"

"High Risk, but Not under Caution"

Dominican Republic

"Very High Risk, but Not under Caution"

"Very High Risk & Under Caution"

Bosnia Herzegovina

Nicaragua Paraguay

Suriname Swaziland SyriaTurkmenistan Uganda UzbekistanYemen Zambia

9 Afghanistan Belarus BurundiCambodia Chad

Congo Cote d'lvoire Cuba

East Timor Eritrea EthiopiaGuinea Guinea-Bissau HaitiKorea, North Laos

Madagascar Malawi MaliMauritania Moldova

Nepal Niger Rwanda

Sierra Leone Solomon Islands SomaliaTajikistan Togo Tonga

"Very High Risk & Under Caution"

Papua New Guinea

"Off Credit / Restricted & Under Caution"

Central African Republic

Kyrgyzstan (Kyrgyz Republic)

Micronesia (Fed.States)

30.09.2007 CHANGE IN BORROWER RATING IF -CASH FLOW OR ASSETS (%) OUTSIDE INDIA ARE

25% TO 50% ABOVE 50% >=25% & <=50%>50%

Canada

NIL NIL

%

Germany ###

NorwayCayman Islands United States

Iceland

NIL NILNew ZealandSlovenia Afghanistan

Albania

Algeria

Botswana

NIL Down by 1 stage

Angola

Cyprus Antigua

Israel Argentina

LithuaniaArmenia

Mexico Australia

Slovakia Austria

Tunisia Azerbaijan

Bahamas

Bulgaria

Down by 1 stage Down by 2 stages

Bahrain

Egypt Bangladesh

Romania Barbados

Barbuda

Belarus

Down by 2 stages Down by 3 stages Belgium

Belize

Azerbaijan Benin

Equatorial GuineaBermuda

Guatemala Bhutan

Jordan Bolivia

Nigeria Bosnia Herzegovina

Samoa Botswana

St. Vincent Brazil

Vietnam Brunei

Bulgaria

Burkina Faso

Burundi

Belize Cambodia

CameroonCameroon

Gabon Canada

Honduras Cape Verde

Libya Cayman Islands

Namibia Central African Republic

Best possible rating SB-11






SeychellesChad

Tanzania Chile

Vanuatu China

Colombia

Comoros

Burkina Faso Congo

ComorosCosta Rica

Cote d'lvoire

Gambia Croatia

Iraq Cyprus

Liberia

Czech Republic

Marshall Islands Dem. Republic of Congo

MyanmarDenmark

Djibouti

Sudan Dominica

Zimbabwe Dominican Republic

East Timor





Dem. Republic of Congo

Sao Tome & Principe

cma of hostel

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