PCS Corporation manufactures plastic moulds and components. It has moderate performance capability and financial strength. Key strengths include the proprietor's 10 years of experience and established supplier relationships. Risks include weak organization structure and systems, geographic concentration, raw material price volatility, and weak margins. Financials show increasing sales and profits over the past three years due to higher orders and manufacturing commencement in 2011-12. However, organization and financial risks remain.

1. PCS Corporation
NSIC-CRISIL Rating: SE 3B
'Moderate Performance Capability
and Moderate Financial Strength'
Report Date
Valid Till
December 19, 2012
December 18, 2013
indicates the level of creditworthiness,
adjudged in relation to other SSIs
1

2. 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 onetime 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.
1

3. 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
2

4. NSIC-CRISIL PERFORMANCE AND CREDIT RATING
adjudged in relation to
other SSIs
Financial Strength
High Moderate Low
Highest
SE 1A SE 1B SE 1C
High
SE 2A SE 2B SE 2C
Moderate SE 3A SE 3B SE 3C
Weak
SE 4A SE 4B SE 4C
Poor
SE 5A SE 5B SE 5C
Performance
Capability
SE 3B
indicates
'Moderate Performance
Capability and Moderate
Financial Strength'
3

5. 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
4

6. FACT SHEET
Name of the firm
Year of establishment
Legal status
Legal history
PCS Corporation
2003
Proprietorship
There is no change in the business, management, and
constitution of the firm since inception.
Not applicable
Registered with
Not applicable
Registration number
SSI Registration number
270251108749 dated May 27, 2011
Mr. Bhagwan B Sonavane
Proprietor
General
Category of entrepreneur
Not applicable
Listed at
Registered and administrative Survey No. 82/1, Dangat Patil Nagar,
office
and
manufacturing Near Vidyut Control, Shivane,
Pune – 411 023,
facility
Maharashtra
Tel: +91 9422781458
Email: bbspcs@rediffmail.com
Website: www.pcscorpindia.com
Permanent: 1
Number of employees
Contractual: 7
Total: 8
ISO 9001:2008 (valid till March 2015)
Certifications and awards
None
Brands
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.
5

7. BUSINESS PROFILE
BUSINESS DESCRIPTION
Nature of business
Industry
Industry prospects
Business description
:
:
:
:
Manufacturing
Plastic and plastic products
Strong
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
6

8. Experience in the business
Product range
Degree of competition
Plans
:
:
:
:
Customer profile
:
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.
9 years
Diverse
High; entry barriers are low
The firm does not have any near-term capital
expenditure plans.
Direct customers
REVENUE PROFILE
Service name
Manufacturing
Job work
Total
Share in net sales (%)
50.00
50.00
100.00
CUSTOMER PROFILE AND DEMAND-SIDE ANALYSIS
Customer name and location
Product
Length of
relationship
4 years
9 years
8 years
% share
in sales
20.00
Anindita Toys, Pune
Abhilash Enterprises, Pune
Mould and mould
Niky Precision Engineers Private
components
Varies
Limited, Pune
annually
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
Feedback from customers
Process of getting orders
Exports
Marketing network
:
:
:
:
:
Geographical reach
:
7
Credit up to 30 days
Satisfied with the relationship
Regular orders from customers
Nil
The firm does not have a formal marketing setup. It relies on repeat orders from customers.
Moreover, Mr. Bhagwan B Sonavane
personally
maintains
relationship
with
customers and procures new customers.
Limited to one state (Maharashtra)

9. SUPPLIER PROFILE AND SUPPLY-SIDE ANALYSIS
Supplier's / Wholesaler's name
Product
Plastic granules
Gajanan Polymers
World Plast
V K Polymers
V K Petro Chemicals
Terms of purchase
Feedback from suppliers
Raw material availability
Raw material price volatility
Ability to pass on raw material price increases
Imports
Length of relationship
9 years
6 years
4 years
4 years
:
:
:
:
:
:
Credit up to 30 days
Satisfied with the relationship
Ample
High
No
Nil
MANUFACTURING FACILITIES
Labour oriented operations
Labour union
Labour relationships
Automation
In-house R&D, designing facilities
Factory layout
:
:
:
:
:
:
Yes
No
Cordial
Yes, Semi-automated operations
Yes
Spacious and well-organised
Photographs of the manufacturing facility: inner view of the facility
8

10. OWNERSHIP AND MANAGEMENT
PROPRIETORS’ PROFILE
Proprietor’s name
Age
Qualification
Designation / responsibilities
Relevant experience
:
:
:
:
:
Personal liquid net worth
Proprietor’s residence address
:
:
Ownership of residence
Vehicles used
:
:
Mr. Bhagwan B Sonavane
38 years
BE (Mechanical)
Proprietor/Overall management
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)
Data not provided to CRISIL
Flat No. 606, A/2 Building,
Sneharihar, Shivane,
Pune – 411 023,
Maharashtra
Self-owned
Tata Indigo
The personal net worth of the promoters is as disclosed by the management and not certified.
KEY MANAGEMENT PERSONNEL
Name
Age
Qualification
Designation / responsibilities
Previous experience
: Mrs. Minal B Sonavane (wife of Mr. Bhagwan B
Sonavane)
: 32 years
: BE (Electrical)
: Manager/Administration
: 9 years through the rated firm
9

11. ORGANISATION STRUCTURE, CONTROLS, AND SYSTEMS
Proprietor
Constitution
Second tier management
Decision making powers
Reporting system or MIS
Type of reporting system
Frequency of MIS / reporting
Litigations against the SSI
Litigations against the promoters
:
:
:
:
:
:
:
:
:
Severity of litigations
Susceptibility to foreign exchange fluctuations
Hedging against foreign exchange risks
Susceptibility to commodity price fluctuations
Hedging against commodity prices
Asset insurance
:
:
:
:
:
:
Mr. Bhagwan B Sonavane
Proprietorship
Weak organisation structure
Centralised with the promoters
Yes
Manual
Daily
None
Not applicable
Adequate
OWNERSHIP PATTERN
Not applicable
GROUP COMPANIES AND FIRMS
The firm does not have any associate firm or group companies.
10

12. FINANCIAL PROFILE
CURRENT FINANCIAL PERFORMANCE
Performance for the period ended from April 1, 2012 to November 30 , 2012
Net sales
Rs. Lakh
PBT
Rs. Lakh
PBT margin
%
Total debt
Rs. Lakh
Current debtors (pertains to 2012-13)
Rs. Lakh
Current order book (to be executed by January 2013)
Rs. Lakh
Projected performance during
Net sales
PBT
PBT margin
Rs. Lakh
Rs. Lakh
%
11
25.00
Data not
provided to
CRISIL
4.00
4.00
2012-13
40.00
Data not
provided to
CRISIL

13. PAST FINANCIAL PERFORMANCE
PROFIT AND LOSS ACCOUNT
For the year ended
2011-12
CA
Certified
12
20.37
20.37
9.13
11.24
4.58
6.66
3.73
2.93
0.14
3.07
3.07
3.07
6.80
2010-11
Unaudited
2009-10
Unaudited
Number of months
12
12
Net sales
Rs. Lakh
13.02
11.16
Operating income
Rs. Lakh
13.02
11.16
Cost of sales
Rs. Lakh
9.18
7.77
OPBDIT
Rs. Lakh
3.84
3.39
Interest and finance costs
Rs. Lakh
0.10
0.03
OPBDT
Rs. Lakh
3.74
3.36
Depreciation
Rs. Lakh
0.61
0.60
OPBT
Rs. Lakh
3.13
2.76
Non-operating income / (expense)
Rs. Lakh
0.05
PBT
Rs. Lakh
3.13
2.81
Extraordinary income / (expense)
Rs. Lakh
Reported PBT
Rs. Lakh
3.13
2.81
Provision for taxes
Rs. Lakh
Deferred tax liability / (asset)
Rs. Lakh
PAT
Rs. Lakh
3.13
2.81
Dividends
Rs. Lakh
Net cash accruals
Rs. Lakh
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 201112. 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.
12

14. BALANCE SHEET
31-Mar2012
CA Certified
31-Mar2011
Unaudited
31-Mar2010
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 Rs. Lakh
debt
Short-term debt
Rs. Lakh
5.91
of which, working capital borrowing Rs. Lakh
5.91
from banks
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 Rs. Lakh
months
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 201011 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).
13

15. KEY FINANCIAL RATIOS
For the year ended / as at
31-Mar-2012 31-Mar-2011 31-Mar-2010
CA Certified
Unaudited
Unaudited
55.19
29.49
30.38
15.08
24.00
25.18
14.18
18.44
NM
395
272
233
154
-2
-2
185
74
148
2
149
-2
3.41
2.37
11.17
2.48
36.84
-3
13.81
38.55
78.21
1.66
38.94
NM
15.54
1.48
1.48
0.95
0.79
1.43
0.66
0.69
1.43
0.64
0.20
OPBDIT margin
%
PAT margin
%
Return on capital employed
%
Gross current assets
days
Days inventory (on COP)
days
Days receivable (on gross sales)
days
Days payable (on materials)
days
Current ratio
Times
PBDIT Interest cover
Times
Net cash accruals/Total debt
%
Debt service coverage ratio
Times
Average cost of borrowing
%
Total outside liabilities/Capital
Times
Gearing - Total debt/Capital
Times
Gearing (not including promoter loans Times
as debt)
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
3
As the firm was engaged in job work
As it is over 100.00 times
14

16. FUND FLOW STATEMENT
For the year ended
Sources of funds
Net cash accruals
Equity infusion / Share application money
Long-term debt borrowed (net)
Short-term debt borrowed (net)
Decrease in net current assets
Sale of investments / fixed assets
Other sources
Total sources of funds
31-Mar-2012
Rs. Lakh
Rs. Lakh
Rs. Lakh
Rs. Lakh
Rs. Lakh
Rs. Lakh
Rs. Lakh
Rs. Lakh
6.80
16.59
33.65
5.91
62.95
31-Mar-2011
3.74
5.23
5.33
0.88
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
15

17. GRAPHS
16

18. BANKING FACILITIES
Name and location
Length of
of the bank
relationship
Indian Overseas
2 years
Bank,
Dhanukar colony
branch,
Anuradha Apartment,
Dhanukar
Colony,Kothrud,
Pune – 411 029
Syndicate Bank,
1 year
Pune
Kotak Mahindra Bank
3 years
Limited,
Pune
*Sanctioned limit
**Outstanding as on March 31, 2012
Feedback :
Facilities
Type of
availed
facility
Cash
Fund-based
credit
limit
Term loan
Housing
loan
Vehicle
loan
Fund-based
limit
Fund-based
limit
Loan amount
Rs.15.00 lakh*
Rate (%)
13.00
Rs.34.42
lakh**
Rs.8.36 lakh**
10.50
Rs. 0.56 lakh**
14.00
Performance of the account is regular. CRISIL has received this feedback verbally
from the bank.
17

19. SITE VISIT
Address of the site visited
:
Date of site visit
No. of floors occupied
Size of premises
Number of employees at the location
Child labour at the site
Locality
Location area
Site location
Site used as
:
:
:
:
:
:
:
:
:
Site layout
Space around the
structure
State of infrastructure
building
:
/ :
Electricity consumption
Building structure
Ownership of premises
Sharing premises with group entities
Facilities available at the site
:
:
:
:
:
:
Survey No. 82/1, Dangat Patil Nagar,
Near Vidyut Control, Shivane,
Pune – 411 023,
Maharashtra
December 15, 2012
One
1,600 square feet
8
No
Industrial
Urban
Side lanes
• Administrative office
• Factory or works
• Warehouse
Spacious and well-organised
• Front porch
• Side space
• Power: Stable
• Back up power: Unavailable
• Water: Available
• Labour unions: Do not exist
• Transportation: Easily available
• Overall infrastructure: Satisfactory
3,500 units
Permanent structure
Rented
No
• Internet
• Security guards
• Name or sign boards
• Fire extinguisher
• Drinking water
• Transport arrangement
• Boundary wall
• Drainage and sewerage
• Pantry and canteen
18

20. 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