MIRA INFORM REPORT

Report No. :	329761
Report Date :	30.06.2015

IDENTIFICATION DETAILS

Name :	RATNESH ISPAT SERVICES PRIVATE LIMITED

Registered Office :	R.No.1, Ganesh Chhaya, R. B. Mehta Marg, Ghatkopar (East), Mumbai-400077, Maharashtra
Tel. No.:	91-22-21022337

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	17.09.2010

Com. Reg. No.:	11-207772

Capital Investment / Paid-up Capital :	Rs.49.585 Million

CIN No.: [Company Identification No.]	U28910MH2010PTC207772

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	Not Available

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer, Trader and Importer of Iron and Steel.

No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B(34)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

Payment Behaviour :	Slow But Correct

Litigation :	Clear

Comments :	Subject is an established company incorporated during the year 2010. It is engaged in the business of cutting sitting, de-coiling and profiling steel and mild steel. It has a moderate track record. For the financial year 2014, the company has moderate financial risk profile marked by average profitability margin. Rating is constrained on account of having modest networth position along with huge borrowings and average liquidity profile of the company. However, trade relations are reported as fair. Business is active. Payment terms are slow but correct. In view of moderate financial risk profile, the subject can be considered for business dealings with some caution.

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BB+ (Long Term Rating)
Rating Explanation	Inadequate credit quality and high credit risk.
Date	22.10.2014

RBI DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Nitin Kumar
Designation :	Accounts Manager
Contact No.:	91-7350014356

LOCATIONS

Registered Office :	R.No.1, Ganesh Chhaya, R. B. Mehta Marg, Ghatkopar (East), Mumbai-400077, Maharashtra, India
Tel. No.:	91-22-21022337
Mobile No.:	91-7350014356 (Mr. Nitinkumar)
Fax No.:	Not Available
E-Mail :	niles@ratnesh.com audit@ratneshgroup.com
Website :	www.ratneshgroup.in

Factory :	Gat No.357, Waghjai Nagar, Talegaon Chakan Road, Chakan District, India

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Nilesh Shantilal Parekh

Designation :

Director

Address :

R No.1 Ganesh Chaya R B Mehta Marg, Ghatkopar (East), Mumbai-400077, Maharashtra, India

Date of Birth/Age :

07.09.1962

Date of Appointment :

17.09.2010

DIN No.:

00933670

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U28939PN1996PTC099150	HEMNIL METAL PROCESSORS PRIVATE LIMITED	Director	26/04/1996	26/04/1996	13/12/2010	Active	NO
2	U51900MH1951GAP008565	THE BOMBAY IRON MERCHANTS ASSOCIATION	Director	01/03/2002	01/03/2002	-	Active	NO
3	U27100MH2004PTC145452	RATNESH ENGINEERING PRIVATE LIMITED	Director	31/03/2004	31/03/2004	-	Active	NO
4	U27100MH2004PTC112673	RATNESH STEEL TRADE PRIVATE LIMITED	Director	08/10/2005	08/10/2005	-	Amalgamated	NO
5	U28910MH2010PTC207772	RATNESH ISPAT SERVICES PRIVATE LIMITED	Director	17/09/2010	17/09/2010	-	Active	NO
6	U28133MH2011PTC211822	RATNESH MERCANTILE PRIVATE LIMITED	Director	04/01/2011	04/01/2011	-	Active	NO
7	U28112MH2011PTC212064	RATNESH IMPEX PRIVATE LIMITED	Director	10/01/2011	10/01/2011	-	Active	NO
8	U28112MH2011PTC212071	RATNESH STEEL ENGINEERING PRIVATE LIMITED	Director	10/01/2011	10/01/2011	-	Active	NO
9	U45400MH2011PTC222091	RATNESH INFRA ENGINEERING PRIVATE LIMITED	Director	16/09/2011	16/09/2011	-	Active	NO
10	U74999MH2012PTC225923	SND STEEL PROCESSORS PRIVATE LIMITED	Director	10/01/2012	10/01/2012	-	Active	NO
11	U70200MH2013PTC243807	N N REALTY PRIVATE LIMITED	Director	30/05/2013	30/05/2013	-	Active	NO

Name :

Mr. Ketan Shantilal Parekh

Designation :

Director

Address :

R No.1 Ganesh Chaya R B Mehta Marg, Ghatkopar (East), Mumbai-400077, Maharashtra, India

Date of Birth/Age :

09.09.1960

Date of Appointment :

17.09.2010

DIN No.:

01688323

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U28939PN1996PTC099150	HEMNIL METAL PROCESSORS PRIVATE LIMITED	Director	26/04/1996	26/04/1996	13/12/2010	Active	NO
2	U91110PN2000NPL014586	PIMPRI CHINCHWAD IRON AND STEEL MERCHANTS ASSOCIATION	Director	10/03/2000	10/03/2000	-	Active	NO
3	U27100MH2004PTC145452	RATNESH ENGINEERING PRIVATE LIMITED	Director	31/03/2004	31/03/2004	-	Active	NO
4	U28910MH2010PTC207772	RATNESH ISPAT SERVICES PRIVATE LIMITED	Director	17/09/2010	17/09/2010	-	Active	NO
5	U28133MH2011PTC211822	RATNESH MERCANTILE PRIVATE LIMITED	Director	04/01/2011	04/01/2011	-	Active	NO
6	U28112MH2011PTC212064	RATNESH IMPEX PRIVATE LIMITED	Director	10/01/2011	10/01/2011	28/02/2013	Active	NO
7	U28112MH2011PTC212071	RATNESH STEEL ENGINEERING PRIVATE LIMITED	Director	10/01/2011	10/01/2011	-	Active	NO
8	U27100MH2004PTC112673	RATNESH STEEL TRADE PRIVATE LIMITED	Director	15/02/2011	15/02/2011	-	Amalgamated	NO
9	U45400MH2011PTC222091	RATNESH INFRA ENGINEERING PRIVATE LIMITED	Director	16/09/2011	16/09/2011	-	Active	NO

Name :

Mr. Alkesh Shantilal Parekh

Designation :

Director

Address :

R No.1 Ganesh Chaya R B Mehta Marg, Ghatkopar (East), Mumbai-400077, Maharashtra, India

Date of Birth/Age :

16.08.1968

Date of Appointment :

17.09.2010

DIN No.:

01688357

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U28939PN1996PTC099150	HEMNIL METAL PROCESSORS PRIVATE LIMITED	Director	26/04/1996	26/04/1996	13/12/2010	Active	NO
2	U27100MH2004PTC145452	RATNESH ENGINEERING PRIVATE LIMITED	Director	31/03/2004	31/03/2004	-	Active	NO
3	U27100MH2004PTC112673	RATNESH STEEL TRADE PRIVATE LIMITED	Director	08/10/2005	08/10/2005	-	Amalgamated	NO
4	U28910MH2010PTC207772	RATNESH ISPAT SERVICES PRIVATE LIMITED	Director	17/09/2010	17/09/2010	-	Active	NO
5	U28133MH2011PTC211822	RATNESH MERCANTILE PRIVATE LIMITED	Director	04/01/2011	04/01/2011	-	Active	NO
6	U28112MH2011PTC212064	RATNESH IMPEX PRIVATE LIMITED	Director	10/01/2011	10/01/2011	28/02/2013	Active	NO
7	U28112MH2011PTC212071	RATNESH STEEL ENGINEERING PRIVATE LIMITED	Director	10/01/2011	10/01/2011	-	Active	NO
8	U45400MH2011PTC222091	RATNESH INFRA ENGINEERING PRIVATE LIMITED	Director	16/09/2011	16/09/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Nitin Kumar
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Name of Shareholders	No. of Shares	%age holding
Nilesh Shantilal Parekh	1101500	22.17
Ketan Shantilal Parekh	2288500	46.06
Alkesh Shantilal Parekh	1259500	25.35
Ketan Shantilal Parekh HUF	128000	2.58
Nisha Parekh	50500	1.02
Shantilal Parekh	106000	2.13
Shantilal Parekh HUF	1000	0.02
Lalita Parekh	33500	0.67
Aashna Jangla	10	0.00
Bharat Mehta	10	0.00
Kiran Mehta	10	0.00

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Trader and Importer of Iron and Steel

Products :	Not Available

Brand Names :	Not Divulged

Agencies Held :	Not Divulged

Exports :	Not Divulged

Imports :
Products :	Raw Material
Countries :	China

Terms :
Selling :	Cash, Credit

Purchasing :	Cash, Credit

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :

Top Worth Steel and Power Private Limited

Name of the Person :

Mr. Sitaram Kedia

Contact No.:

91-9617770037

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Payment Behaviour	Market Goodwill	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Customers :

Reference :

Tata International DLT Private Limited

Name of the Person :

Mr. Nitin (Operation Manager)

Contact No.:

91-7350971200

Since How Long Known :

3 Years

Maximum Limit Dealt :

Monthly 5.000 Million

Experience :

Product Quality	Delivery Behaviour	Overall
Good	Good	Good

Remark:

They gave us positive response about subject company they are satisfied with their product quality and delivery behavior.

No. of Employees :

100 (Approximately)

Bankers :

Oriental Bank of Commerce, Overseas Branch, Dalamal Towers, 211 Nariman Point, Mumbai-400021, Maharashtra, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term Loans From Banks	111.263	102.098

Short-term borrowings
Term Loans from Banks	244.903	7.777

Total	356.166	109.875

Auditors :
Name :	Shah and Taparia Chartered Accountants
Address :	53 27 Ramdas Road, 2^nd Floor, Karol Bagh New Delhi-110005, India
PAN No:	AAOFS0663D

Memberships :	--

Collaborators :	--

Sister Concern :	Ratnesh Engineering Private Limited Ratnesh Mercantile Private Limited Ratnesh Impex Private Limited Ratnesh Steel Engineering Private Limited Ratnesh Ispat Services Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

6000000	Equity Shares	Rs.10/- each	Rs. 60.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

4958530	Equity Shares	Rs.10/- each	Rs. 49.585 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012

I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	49.585	49.585	0.100
(b) Reserves & Surplus	60.558	(11.345)	(12.622)
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	145.274	0.000	0.000
Total Shareholders’ Funds (1) + (2)	255.417	38.240	(12.522)

(3) Non-Current Liabilities
(a) long-term borrowings	255.526	182.974	165.737
(b) Deferred tax liabilities (Net)	0.000	0.000	3.242
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	255.526	182.974	168.979

(4) Current Liabilities
(a) Short term borrowings	244.903	7.777	0.161
(b) Trade payables	409.328	13.737	24.785
(c) Other current liabilities	36.342	22.146	19.077
(d) Short-term provisions	3.927	0.000	0.000
Total Current Liabilities (4)	694.500	43.660	44.023

TOTAL	1205.443	264.874	200.480

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	241.178	238.521	178.313
(ii) Intangible Assets	23.645	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.434
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	4.899	0.000	0.000
(c) Deferred tax assets (net)	4.105	0.000	0.000
(d) Long-term Loan and Advances	0.384	0.277	0.277
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	274.211	238.798	179.024

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	75.208	3.976	1.259
(c) Trade receivables	751.751	11.938	1.427
(d) Cash and cash equivalents	35.154	0.313	0.863
(e) Short-term loans and advances	69.119	9.849	12.683
(f) Other current assets	0.000	0.000	5.224
Total Current Assets	931.232	26.076	21.456

TOTAL	1205.443	264.874	200.480

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	2696.661	36.740	0.767
	Other Income	12.383	7.359	0.600
	TOTAL (A)	2709.044	44.099	1.367

Less	EXPENSES
	Cost of Materials Consumed	3.443	3.097	6.298
	Purchases of Stock-in-Trade	2599.956	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(39.979)	0.000
	Employees benefits expense	15.425	3.996
	Other expenses	55.892	13.939
	TOTAL (B)	2634.737	21.032	6.298

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	74.307	23.067

Less	FINANCIAL EXPENSES (D)	36.779	18.609

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	37.528	4.458	(4.931)

Less/ Add	DEPRECIATION/ AMORTISATION (F)	13.860	6.424	4.449

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	23.668	(1.966)	(9.380)

Less	TAX (H)	(3.927)	(3.242)	3.242

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	27.595	1.276	(12.622)

	Earnings / (Loss) Per Share (Rs.)	5.57	127.59	(1262.20)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

23.296

21.540

17.950

Cash generated from operations

0.000

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.02	3.47	(1645.63)

Operating Profit Margin (PBIDT/Sales)	(%)	2.76	62.78	(642.89)

Return on Total Assets (PBT/Total Assets}	(%)	1.98	(0.74)	(4.69)

Return on Investment (ROI) (PBT/Networth)		0.09	(0.05)	0.75

Debt Equity Ratio (Total Liabilities /Networth)		2.05	5.55	(14.68)

Current Ratio (Current Asset/Current Liability)		1.34	0.60	0.49

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	0.100	49.585	49.585
Reserves & Surplus	(12.622)	(11.345)	60.558
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	145.274
Net worth	(12.522)	38.240	255.417

long-term borrowings	165.737	182.974	255.526
Short term borrowings	0.161	7.777	244.903
Current Maturity of Long Term Debts	17.950	21.540	23.296
Total borrowings	183.848	212.291	523.725
Debt/Equity ratio	(14.682)	5.552	2.050

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	0.767	36.740	2696.661
		4,690.091	7,239.850

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	0.767	36.740	2696.661
Profit	(12.622)	1.276	27.595
	(1645.63)%	3.47%	1.02%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Intercorporate Deposit	134.088	70.000
Loan and Advances from Related Parties	10.175	10.876

Total	144.263	80.876

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10327646	27/09/2013 *	285,000,000.00	Oriental Bank of Commerce	Overseas Branch, Dalamal Towers,, 211 Nariman Point, Mumbai, Maharashtra - 400021, India	B87681086
2	10327642	27/09/2013 *	415,000,000.00	Oriental Bank of Commerce	Overseas Branch, Dalamal Towers,, 211 Nariman Point, Mumbai, Maharashtra - 400021, India	B87682340

* Date of charge modification

FIXED ASSETS

Furniture and fixtures
Land
Factory building
Computer equipments
Motor vehicles
Other equipments

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.92
UK Pound	1	Rs.100.41
Euro	1	Rs.70.41

INFORMATION DETAILS

Information Gathered by :	PRT

Analysis Done by :	SAN

Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	----
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		34

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

MIRA INFORM REPORT

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