1

PCS Corporation

NSIC-CRISIL Rating: SE 3B

'Moderate Performance Capability

and Moderate Financial Strength'

indicates the level of creditworthiness,

adjudged in relation to other SSIs

Report Date Valid Till

December 19, 2012 December 18, 2013

1

Important Notice

This rating has been assigned under the scheme for Rating of Small-Scale Industries, formulated,

and subsidised by the National Small Industries Corporation Limited, New Delhi (NSIC). A copy of the rating report has been submitted to NSIC. The rating is to be used solely for the purpose for

which this rating was assigned under NSIC’s scheme, and for no other purpose. The rating is a one-time exercise and the rating will not be kept under surveillance. This rating is valid for one year

from the report date, subject to no significant changes/events occurring during this period that could materially affect the business or financial parameters of the organisation as mentioned in the report.

CRISIL, however, recommends that the user of the rating seeks a review of the rating, if the organisation experiences significant changes/events during this period, which could impact the

organisation/its rating. For verifying if this is an accepted and valid rating, please visit:

http://www.crisil.com/credit-ratings-risk-assessment/nsic-ratings-list.htm.

The rating and this report are based on the information provided to CRISIL by the organisation

and/or obtained by CRISIL from sources it considers reliable including published annual reports,

management meetings, industry data and discussions with bankers, customers and suppliers.

CRISIL does not guarantee the accuracy, adequacy or completeness of any information on which

the rating and the report are based and is not responsible for any errors or omissions for the

results/opinions obtained from the use of the rating or the rating report. The rating does not

constitute an audit of the organisation by CRISIL. The rating is also not a recommendation to enter

into or not enter into any transaction with the organisation. CRISIL reserves the right to disclose the

organisation’s rating and the rating report to Government and/or Regulatory Authorities/Courts of

Law if required to do so.

It is especially stated that CRISIL, its Directors, Rating Committee members, employees and others associated with the rating assignment do not have any financial liability whatsoever including but

not limited to attorney’s or consultant’s fees to the users of this rating or this rating report. No part of this report may be reproduced by any means without CRISIL’s prior written approval.

2

Index

NSIC-CRISIL PERFORMANCE AND CREDIT RATING .....................................................................3

KEY RATING DRIVERS ..........................................................................................................................4

STRENGTHS ..................................................................................................................................... 4

RISK FACTORS ................................................................................................................................. 4

FACT SHEET .............................................................................................................................................5

BUSINESS PROFILE ................................................................................................................................6

BUSINESS DESCRIPTION ................................................................................................................ 6

REVENUE PROFILE ......................................................................................................................... 7

CUSTOMER PROFILE AND DEMAND-SIDE ANALYSIS .............................................................. 7

SUPPLIER PROFILE AND SUPPLY-SIDE ANALYSIS ................................................................... 8

MANUFACTURING FACILITIES ..................................................................................................... 8

OWNERSHIP AND MANAGEMENT ......................................................................................................9

PROPRIETORS’ PROFILE ................................................................................................................ 9

KEY MANAGEMENT PERSONNEL ................................................................................................ 9

ORGANISATION STRUCTURE, CONTROLS, AND SYSTEMS ................................................... 10

OWNERSHIP PATTERN ................................................................................................................. 10

GROUP COMPANIES AND FIRMS ................................................................................................ 10

FINANCIAL PROFILE ........................................................................................................................... 11

CURRENT FINANCIAL PERFORMANCE ..................................................................................... 11

PAST FINANCIAL PERFORMANCE ............................................................................................. 12

PROFIT AND LOSS ACCOUNT ................................................................................................. 12

BALANCE SHEET ...................................................................................................................... 13

KEY FINANCIAL RATIOS ......................................................................................................... 14

FUND FLOW STATEMENT ....................................................................................................... 15

GRAPHS ...................................................................................................................................... 16

BANKING FACILITIES................................................................................................................... 17

SITE VISIT ............................................................................................................................................... 18

3

NSIC-CRISIL PERFORMANCE AND CREDIT RATING

SE 3B Financial Strength

indicates High Moderate Low

'Moderate Performance

Capability and Moderate

Financial Strength'

Per

form

an

ce

Ca

pab

ilit

y Highest SE 1A SE 1B SE 1C

High SE 2A SE 2B SE 2C

Moderate SE 3A SE 3B SE 3C

adjudged in relation to

other SSIs Weak SE 4A SE 4B SE 4C

Poor SE 5A SE 5B SE 5C

4

KEY RATING DRIVERS

STRENGTHS • Proprietor having 10 years of experience in the same line of business, thereby demonstrating the

proprietor’s ability to steer the firm through operational hurdles.

• Established relationships with suppliers lead to uninterrupted supply of raw materials.

RISK FACTORS • Although the firm has been in operation for nine years, the firm has not increased its scale of

operations. Ability of the firm to increase its scale of operations while maintaining operational

efficiency remains to be seen.

• Weak organisation structure resulting in the business being highly dependent on the promoters.

• The firm has only local presence, which makes it vulnerable to geographic concentration risk.

• Weak internal controls and systems; Manual reporting systems are likely to impede business scalability.

• Weak bargaining power with customers as reflected in stretched receivables during 2011-12

(refers to financial year, April 1 to March 31).

• Moderate credit protection as reflected in the debt-to-equity (not including promoters loan as

debt) of 1.43 times as on March 31, 2012, profit before depreciation, interest, and tax (PBDIT) interest cover of 2.48 times, and net cash accruals of 13.81 per cent of the total debt during

2011-12.

• Margins may be affected on account of:

o Raw material price fluctuation

o Intense competition from organised and unorganised players

5

FACT SHEET

Name of the firm PCS Corporation

Year of establishment 2003

Legal status Proprietorship

Legal history There is no change in the business, management, and constitution of the firm since inception.

Registered with Not applicable

Registration number Not applicable

SSI Registration number 270251108749 dated May 27, 2011

Proprietor Mr. Bhagwan B Sonavane

Category of entrepreneur General

Listed at Not applicable

Registered and administrative

office and manufacturing

facility

Survey No. 82/1, Dangat Patil Nagar,

Near Vidyut Control, Shivane, Pune – 411 023,

Maharashtra Tel: +91 9422781458

Email: bbspcs@rediffmail.com

Website: www.pcscorpindia.com

Number of employees Permanent: 1 Contractual: 7

Total: 8

Certifications and awards ISO 9001:2008 (valid till March 2015)

Brands None

Statutory compliance • Income tax filing: Regular and timely

• Excise duty filing: Not applicable1

• Sales tax filing: Regular and timely

• Wealth tax filing: Not applicable

• ESIC and EPF dues: Not applicable

(As provided by the management, not independently verified.)

1 Excise duty is not applicable as turnover of the firm is below the exemption limit of Rs.150.00 lakh, as per

notification no. 8/2003 dated March 1, 2003 of Central Excise Act, 1994.

6

BUSINESS PROFILE

BUSINESS DESCRIPTION

Nature of business : Manufacturing

Industry : Plastic and plastic products

Industry prospects : Strong

Business description : Business:

• The firm is engaged in the manufacturing of plastic moulds and mould components which derive its

application in manufacturing of toys, irrigation

systems, and machine components.

• The manufacturing activities commenced during 2011-12.

• The firm was engaged in job work to manufacture plastic moulds for customers.

• Job work is the higher contributor in total sales.

Manufacturing:

• The key raw material used includes plastic granules sourced from local suppliers and

distributors.

• The manufacturing process includes the following

activities:

o Procurement of raw material

o Setting up of mould in machinery.

o Melting and moulding in designed moulds.

o Packaging and dispatch.

• The moulds are manufactured as per customer

specifications and designs. Mr. Bhagwan B

Sonavane (Proprietor) undertakes the designing

and quality control activities.

• The manufacturing cycle time is about 20 to 30

days depending on the products required by the customer.

• The firm’s manufacturing capacity varies

depending on the type of mould to be

manufactured.

• Details regarding selling price of the products are

not provided to CRISIL.

• The firm maintains an average raw material and finished goods inventory of about 30 days.

• The labour operates in a single shift of twelve hours.

Job work:

• The firm undertakes job work to manufacture

plastic moulds for customers on need basis.

• The firm manufactures moulds as per customer’s

7

designs.

• The job work charges vary from Rs.1,000.00 to

Rs.1,500.00 depending on the type of mould to be manufactured.

Experience in the business : 9 years

Product range : Diverse

Degree of competition : High; entry barriers are low

Plans : The firm does not have any near-term capital

expenditure plans.

Customer profile : Direct customers

REVENUE PROFILE

Service name Share in net sales (%)

Manufacturing 50.00

Job work 50.00

Total 100.00

CUSTOMER PROFILE AND DEMAND-SIDE ANALYSIS

Customer name and location Product Length of

relationship

% share

in sales

Anindita Toys, Pune

Mould and mould

components

4 years 20.00

Abhilash Enterprises, Pune 9 years

Varies

annually

Niky Precision Engineers Private

Limited, Pune

8 years

Titan Aeration, Pune 4 years

J Plast Industries, Pune 4 years

Note: The firm caters to about 20 customers located in Pune. No customer accounts for more than

25.00 per cent of the total sales.

Terms of credit : Credit up to 30 days

Feedback from customers : Satisfied with the relationship

Process of getting orders : Regular orders from customers

Exports : Nil

Marketing network : The firm does not have a formal marketing set-

up. It relies on repeat orders from customers.

Moreover, Mr. Bhagwan B Sonavane

personally maintains relationship with

customers and procures new customers.

Geographical reach : Limited to one state (Maharashtra)

8

SUPPLIER PROFILE AND SUPPLY-SIDE ANALYSIS

Supplier's / Wholesaler's name Product Length of relationship

Gajanan Polymers

Plastic granules

9 years

World Plast 6 years

V K Polymers 4 years

V K Petro Chemicals 4 years

Terms of purchase : Credit up to 30 days

Feedback from suppliers : Satisfied with the relationship

Raw material availability : Ample

Raw material price volatility : High

Ability to pass on raw material price increases : No

Imports : Nil

MANUFACTURING FACILITIES

Labour oriented operations : Yes

Labour union : No

Labour relationships : Cordial

Automation : Yes, Semi-automated operations

In-house R&D, designing facilities : Yes

Factory layout : Spacious and well-organised

Photographs of the manufacturing facility: inner view of the facility

9

OWNERSHIP AND MANAGEMENT

PROPRIETORS’ PROFILE

Proprietor’s name : Mr. Bhagwan B Sonavane

Age : 38 years

Qualification : BE (Mechanical)

Designation / responsibilities : Proprietor/Overall management

Relevant experience : 10 years (1 year as a productioni

supervisor with ADVIK Hi-Tech

Private Limited engaged in the same

line of business and 9 years through

the rated firm)

Personal liquid net worth : Data not provided to CRISIL

Proprietor’s residence address : Flat No. 606, A/2 Building, Sneharihar, Shivane,

Pune – 411 023, Maharashtra

Ownership of residence : Self-owned

Vehicles used : Tata Indigo

The personal net worth of the promoters is as disclosed by the management and not certified.

KEY MANAGEMENT PERSONNEL

Name : Mrs. Minal B Sonavane (wife of Mr. Bhagwan B

Sonavane)

Age : 32 years

Qualification : BE (Electrical)

Designation / responsibilities : Manager/Administration

Previous experience : 9 years through the rated firm

10

ORGANISATION STRUCTURE, CONTROLS, AND SYSTEMS

Proprietor : Mr. Bhagwan B Sonavane

Constitution : Proprietorship

Second tier management : Weak organisation structure

Decision making powers : Centralised with the promoters

Reporting system or MIS : Yes

Type of reporting system : Manual

Frequency of MIS / reporting : Daily

Litigations against the SSI : None

Litigations against the promoters :

Severity of litigations :

Not applicable

Susceptibility to foreign exchange fluctuations :

Hedging against foreign exchange risks :

Susceptibility to commodity price fluctuations :

Hedging against commodity prices :

Asset insurance : Adequate

OWNERSHIP PATTERN

Not applicable

GROUP COMPANIES AND FIRMS

The firm does not have any associate firm or group companies.

11

FINANCIAL PROFILE

CURRENT FINANCIAL PERFORMANCE

Performance for the period ended from April 1, 2012 to November 30 , 2012

Net sales Rs. Lakh 25.00

PBT Rs. Lakh Data not

provided to

CRISIL PBT margin %

Total debt Rs. Lakh

Current debtors (pertains to 2012-13) Rs. Lakh 4.00

Current order book (to be executed by January 2013) Rs. Lakh 4.00

Projected performance during 2012-13

Net sales Rs. Lakh 40.00

PBT Rs. Lakh Data not

provided to

CRISIL PBT margin %

12

PAST FINANCIAL PERFORMANCE

PROFIT AND LOSS ACCOUNT

For the year ended 2011-12 2010-11 2009-10

CA Certified

Unaudited Unaudited

Number of months 12 12 12

Net sales Rs. Lakh 20.37 13.02 11.16

Operating income Rs. Lakh 20.37 13.02 11.16

Cost of sales Rs. Lakh 9.13 9.18 7.77

OPBDIT Rs. Lakh 11.24 3.84 3.39

Interest and finance costs Rs. Lakh 4.58 0.10 0.03

OPBDT Rs. Lakh 6.66 3.74 3.36

Depreciation Rs. Lakh 3.73 0.61 0.60

OPBT Rs. Lakh 2.93 3.13 2.76

Non-operating income / (expense) Rs. Lakh 0.14 - 0.05

PBT Rs. Lakh 3.07 3.13 2.81

Extraordinary income / (expense) Rs. Lakh - - -

Reported PBT Rs. Lakh 3.07 3.13 2.81

Provision for taxes Rs. Lakh - - -

Deferred tax liability / (asset) Rs. Lakh - - -

PAT Rs. Lakh 3.07 3.13 2.81

Dividends Rs. Lakh - - -

Net cash accruals Rs. Lakh 6.80 3.74 3.41

Notes:

• Sales for the year ended March 31, 2012 increased on account of higher orders executed during

the year on account of capacity enhancement. The firm commenced manufacturing during 2011-

12. Sales during 2010-11 increased on account of higher job work orders received from

customers.

• Interest and finance cost for the year ended March 31, 2012 comprises interest on term loan

from Indian Overseas Bank (Rs.3.98 lakh), bank charges (Rs.0.28 lakh), interest on car loan from Kotak Mahindra Bank Limited (Rs.0.21 lakh), and interest on cash credit from Indian

Overseas Bank (Rs.0.13 lakh). Interest on housing loan from Syndicate Bank is paid in the

personal capacity by the proprietor.

• Interest and finance cost for the year ended March 31, 2012 increased on account of new term loan and cash credit availed from Indian Overseas Bank during the year.

• Depreciation is charged as per the provisions of the Income Tax Act, 1961. Depreciation for the year ended March 31, 2012 increased substantially primarily on account of purchase of new

machinery during the year.

• Non-operating income for the year ended March 31, 2012 comprises interest on fixed deposit

with Indian Overseas Bank (Rs.0.14 lakh) and as on March 31, 2011 comprises of profit on sale

of asset (Rs.0.05 lakh).

• Taxes are paid in advance by the proprietor.

13

BALANCE SHEET

31-Mar-

2012

31-Mar-

2011

31-Mar-

2010

CA Certified Unaudited Unaudited

Liabilities

Capital Rs. Lakh 34.33 14.67 6.31

Deferred tax liabilities / (assets) Rs. Lakh - - -

Long-term debt Rs. Lakh 43.34 9.69 4.36

of which, current portion of long-term

debt

Rs. Lakh - - -

Short-term debt Rs. Lakh 5.91 - -

of which, working capital borrowing

from banks

Rs. Lakh 5.91 - -

Other liabilities and provisions Rs. Lakh 1.40 4.18 0.65

Total liabilities Rs. Lakh 84.98 28.54 11.32

Assets

Net fixed assets Rs. Lakh 42.61 3.48 4.09

Investments Rs. Lakh 20.07 15.17 -

Inventory Rs. Lakh 3.84 - -

Receivables (total) Rs. Lakh 10.31 2.65 4.54

of which, receivables greater than six

months

Rs. Lakh - - -

Cash and bank balance Rs. Lakh 0.34 2.41 0.42

Other current assets Rs. Lakh 7.81 4.83 2.27

Total assets Rs. Lakh 84.98 28.54 11.32

Notes:

• The proprietor has infused capital (Rs.6.80 lakh) and (Rs.5.23 lakh) during 2011-12 and 2010-11 respectively.

• Long-term debt as on Mach 31, 2012 comprises term loan from Indian Overseas Bank (Rs.34.42 lakh), housing loan from Syndicate Bank (Rs.8.36 lakh), and vehicle loan from Kotak

Mahindra Bank Limited (Rs.0.56 lakh). Long-term debt as on March 31, 2012 increased

substantially on account of term loan borrowed from Indian Overseas Bank during the year.

• Short-term debt as on March 31, 2012 comprises cash credit from Indian Overseas Bank (Rs.5.91 lakh). Short-term debt for the year 2010-11 and 2009-10 are nil since the firm did not

avail any short-term during the period.

• Other liabilities and provisions as on March 31, 2012 comprise creditors for goods (Rs.1.27

lakh) and provisions for expenses (Rs.0.13 lakh).

• Net fixed assets as on March 31, 2012 increased substantially on account of purchase of new

machinery during the period.

• Investments as on March 31, 2012 comprise investment in residential flat (Rs.16.73 lakh), fixed

deposit with Indian Overseas Bank (Rs.2.63 lakh), investment in Reliance Mutual Fund

(Rs.0.42 lakh), and investment in gold (Rs.0.29 lakh). Investments as on March 31, 2012

increased on account of increase in investment in fixed deposit by the firm during the year.

• Receivables during 2011-12 are high on account of year-end execution of orders.

• Other current assets as on March 31, 2012 comprise value added tax (VAT) refund (Rs.4.46

lakh), deposits (Rs.3.10 lakh), and advance tax paid (Rs.0.25 lakh).

14

KEY FINANCIAL RATIOS

For the year ended / as at 31-Mar-2012 31-Mar-2011 31-Mar-2010

CA Certified Unaudited Unaudited

OPBDIT margin % 55.19 29.49 30.38

PAT margin % 15.08 24.00 25.18

Return on capital employed % 14.18 18.44 NM

Gross current assets days 395 272 233

Days inventory (on COP) days 154 -2 -

2

Days receivable (on gross sales) days 185 74 148

Days payable (on materials) days 149 -2 -2

Current ratio Times 3.41 2.37 11.17

PBDIT Interest cover Times 2.48 36.84 -3

Net cash accruals/Total debt % 13.81 38.55 78.21

Debt service coverage ratio Times 1.66 38.94 NM

Average cost of borrowing % 15.54 1.48

Total outside liabilities/Capital Times 1.48 0.95 0.79

Gearing - Total debt/Capital Times 1.43 0.66 0.69

Gearing (not including promoter loans

as debt)

Times 1.43 0.64 0.20

NM: Not meaningful

Notes:

• Operating margin for the year ended March 31, 2012 increased substantially on account of high closing stock maintained during the year. The firm commenced manufacturing activities during

the year.

• Receivables during 2011-12 and 2009-10 are stretched on account of year end orders executed

by the firm and weak bargaining power with customers.

• Payables during 2011-12 appear stretched as it includes creditors for expenses. Bifurcation of the same is not provided to CRISIL.

• Average cost of borrowing for the year 2010-11 is low as the interest on housing loans is paid in personal capacity of the proprietor. The same increased during 2011-12 as the firm availed

additional debt during the year on which the interest payments were made from the books of

accounts.

2 As the firm was engaged in job work

3 As it is over 100.00 times

15

FUND FLOW STATEMENT

For the year ended 31-Mar-2012 31-Mar-2011

Sources of funds

Net cash accruals Rs. Lakh 6.80 3.74

Equity infusion / Share application money Rs. Lakh 16.59 5.23

Long-term debt borrowed (net) Rs. Lakh 33.65 5.33

Short-term debt borrowed (net) Rs. Lakh 5.91 -

Decrease in net current assets Rs. Lakh - 0.88

Sale of investments / fixed assets Rs. Lakh - -

Other sources Rs. Lakh - -

Total sources of funds Rs. Lakh 62.95 15.18

Uses of funds

Investment and fixed assets purchased Rs. Lakh 45.13 15.18

Decrease in tangible net worth Rs. Lakh - -

Long-term debt repaid (net) Rs. Lakh - -

Short-term debt repaid (net) Rs. Lakh - -

Increase in net current assets Rs. Lakh 17.82 -

Other uses Rs. Lakh - -

Total uses of funds Rs. Lakh 62.95 15.18

Notes

• Long-term debt borrowed as on March 31, 2012 pertains to term loan borrowed from Indian

Overseas Bank.

• Increase in current assets during 2011-12 primarily refers to increase in receivables.

CONTINGENT LIABILITIES

Contingent liabilities as on March 31, 2012: Nil

AUDITORS

Dapns and Company, Chartered Accountants,

Level 3, Narpatgiri Corner, Above Lokseva Sahakari Bank, 430, Mangalwar Peth, Pune – 411 011, Maharashtra

Auditors' comments and observations in their audit report for 2011-12, 2010-11, and 2009-10:

Not applicable

Change in auditors, if any:

No change

16

GRAPHS

17

BANKING FACILITIES

Name and location

of the bank

Length of

relationship

Facilities

availed

Type of

facility

Loan amount Rate (%)

Indian Overseas

Bank,

Dhanukar colony

branch,

Anuradha Apartment,

Dhanukar

Colony,Kothrud,

Pune – 411 029

2 years

Cash

credit

Fund-based

limit

Rs.15.00 lakh* 13.00

Term loan Rs.34.42

lakh**

Syndicate Bank,

Pune

1 year Housing

loan

Fund-based

limit

Rs.8.36 lakh** 10.50

Kotak Mahindra Bank

Limited,

Pune

3 years Vehicle

loan

Fund-based

limit

Rs. 0.56 lakh** 14.00

*Sanctioned limit

**Outstanding as on March 31, 2012

Feedback : Performance of the account is regular. CRISIL has received this feedback verbally from the bank.

18

SITE VISIT

Address of the site visited : Survey No. 82/1, Dangat Patil Nagar, Near Vidyut Control, Shivane,

Pune – 411 023, Maharashtra

Date of site visit : December 15, 2012

No. of floors occupied : One

Size of premises : 1,600 square feet

Number of employees at the location : 8

Child labour at the site : No

Locality : Industrial

Location area : Urban

Site location : Side lanes

Site used as : • Administrative office

• Factory or works

• Warehouse

Site layout : Spacious and well-organised

Space around the building /

structure

: • Front porch

• Side space

State of infrastructure : • Power: Stable

• Back up power: Unavailable

• Water: Available

• Labour unions: Do not exist

• Transportation: Easily available

• Overall infrastructure: Satisfactory

Electricity consumption : 3,500 units

Building structure : Permanent structure

Ownership of premises : Rented

Sharing premises with group entities : No

Facilities available at the site : • Internet

• Security guards

• Name or sign boards

• Fire extinguisher

• Drinking water

• Transport arrangement

• Boundary wall

• Drainage and sewerage

• Pantry and canteen

CRISIL SME Ratings Contacts

Head Office CRISIL House Central Avenue Hiranandani Business Park Powai, Mumbai 400 076 Tel: +91 22 3342 3000 / 8400 Fax: +91 22 3342 3757 Contact: Mr. Avinash Gidwani E-mail: avinash.gidwani@crisil.com Mr. Sujit Agrawal E-mail: sujit.agrawal1@crisil.com

Pune

1187/17, Ghole Road Shivaji Nagar Pune 411 005 Tel: +91 20 4018 1900 Fax: +91 20 4018 1930 Contact: Mr. Prashant Borole E-mail: prashant.borole@crisil.com Mr. Rahul Prasad E-mail: rahul.prasad@crisil.com Mr. Uday Revankar E-mail: uday.revankar@crisil.com Mr. Rahul Nigam E-mail: rahul.nigam@crisil.com Mr. Shriganesh Pardhi E-mail: shriganesh.pardhi@crisil.com

Ahmedabad

706, 7th Floor, Venus Atlantis Vejalpur, Near Reliance Petrol Pump Anandnagar to Prahladnagar Road Satellite, Ahmedabad 380 015 Tel: +91 79 4024 4500 Fax: +91 79 4024 4520 Contact: Mr. Arunraj Rajmohan E-mail: arunraj.rajmohan@crisil.com

Gurgaon Plot no: 46, Sector : 44 Opposite Provident Fund Office Gurgaon, Haryana : 122 003 Tel: +91 124 672 2402 Fax: +91 124 672 2001 Contact: Mr. Abhik Sen E-mail: abhik.sen@crisil.com Mr. Kunal Raman E-mail: kunal.raman@crisil.com Mr. Tejendra Kushwaha E-mail: tejendra.kushwaha@crisil.com

Kolkata

HORIZON, 4th Floor, Block B 57, Chowringhee Road Kolkata 700 071 Tel: +91 33 2289 1949/4011 8200 Fax: +91 33 2283 0597 Contact: Mr. Sambit Das E-mail: sambit.das@crisil.com Ms. Jhumur Chowdhury E-mail: jhumur.chowdhury@crisil.com Mr. Abhipshit Datta E-mail: abhipshit.datta@crisil.com

Chennai Thapar House, Mezzanine Floor 43/44, Montieth Road, Egmore Chennai 600 008 Tel : +91 44 6616 3100 Fax: +91 44 2854 7531 Contact: Mr. B. Venugopal E-mail: b.venugopal@crisil.com Mr. Harikrishnan A E-mail: harikrishnan.a@crisil.com

Bengaluru

W 101, Sunrise Chambers 22, Ulsoor Road, Bengaluru 560 042 Tel: +91 80 2558 0899 Fax: +91 80 2559 4801 Contact: Mr. Sudhir Narayan E-mail: sudhir.narayan@crisil.com Mr. Ravikiran Apte E-mail: ravikiran.apte@crisil.com

Hubli

Unit No. 53 and 54 2nd floor, Eureka Junction Above Hubli Scan Centre, Opp. Revankar Comfort T.B. Road, Hubli 580 029 Tel: +91 836 2256 777 Mr. Kashiraya Kadaganchi E-mail: kashiraya.kadaganchi@crisil.com

Hyderabad

3rd Floor, Uma Chamber Plot no 9 & 10, Nagarjuna Hills, Punjagutta, X Road Hyderabad 500 082 Tel: +91 40 2335 8103/05 Fax: +91 40 2335 7507 Contact: Mr. Mansur Basha E-mail: mansur.basha@crisil.com Mr. Rahul Deshpande E-mail: rahul.deshpande@crisil.com

Coimbatore New No. 750-7, Old No. 1055-6 1st Floor, Gowtham Centre Opp. Nilgiri Nest, Avinashi Road Coimbatore 641 018 Tel: +91 422 224 4559 Contact: Mr. Abraham L E-mail: abraham.l@crisil.com

Surat

811, 8th Floor, Rajhans Complex Opp. J K Tower, Ring Road Surat 395 002 Tel: +91 261 400 2230 Contact: Mr Devesh Kemkar E-mail: devesh.kemkar@crisil.com

Nashik

1, Deep Aarti Apartments Opp. Bohora Park, Gangapur Road Nasik 422 002 Contact:

Mr. Pratik Shukla E-mail : pratik.shukla@crisil.com

Jaipur

C/14/13, 1st Floor, Shopping Centre Swarn Path Mansarovar, Jaipur 302 020 Phone: +91 141 302 1688/81 Contact: Mr. Vikas Banthia E-mail: vikas.banthia@crisil.com

Jamshedpur

Office No 7 Meghdeep Building, 2nd Floor “Q” Road, Bistupur, P.S. Bistupur Jamshedpur, Singhbhum (East) Jharkhand 831 001

Phone: +91 657 654 5958

Mr. Abhishek Kumar

E-mail: abhishek.kumar@crisil.com

Raipur

323, 3rd Floor, Crystal Arcade Lodipara Chowk, Shankar Nagar Road Raipur 492 001 Tel: +91 771 409 9997 Contact: Mr. Yash Naidu E-mail: yash.naidu@crisil.com

Indore

Office No 160, 1st Floor , Orbit Maill, A. B. Road , Indore 452 010 Tel: +91 731 3931386 Contact: Mr Devesh Kemkar E-mail: devesh.kemkar@crisil.com Ludhiana

Sai Tower 202, Industrial Area Ludhiana 141 003 Tel: +91 161 501 1575 Contact: Mr. Munish Dhawan E-mail: munish.dhawan@crisil.com Mr. Abhinandan Sharda E-mail: abhinandan.sharda@crisil.com Mr. Sudhir Rana E-mail: sudhir.rana@crisil.com Mr. Manoj Sharma E-mail: manoj.sharma1@crisil.com

Kochi

40/2908, F-14, 4th Floor Penta Menaka, Marine Drive Kochi 682 031 Phone +91 484 237 3337 Contact: Mr. Martin George Email: martin.george@crisil.com Vadodara

509, Centre Point, R.C.Dutt Road Alkapuri, Vadodara 390 007 Tel: +91 265 3025 946 Contact: Mr. Prashant Menon E-mail: prashant.menon@crisil.com Visakhapatnam

Cabin No.S-5, Vishaka Business Centre, 46-19-5, Manda Vari Street, Dondaparthy, Visakhapatnam 530 016 Tel: +91 891 6661 770 Contact: Mr. Kanuparthy Vamsi E-mail: vamsi.kanuparthy@crisil.com