MIRA INFORM REPORT

Report No. :	351616
Report Date :	30.11.2015

IDENTIFICATION DETAILS

Name :	NVR INFRASTRUCTURE AND SERVICES PRIVATE LIMITED

Registered Office :	Avani Signature, 6th Floor, 91A/1, Park Street, Kolkata – 700016, West Bengal
Tel. No.:	91-33-40118400

Country :	India

Financials (as on) :	31.03.2015 [Partial Details]

Date of Incorporation :	08.07.2009

Com. Reg. No.:	21-136626

Capital Investment / Paid-up Capital :	Rs. 314.001 Million

CIN No.: [Company Identification No.]	U45400WB2009PTC136626

IEC No.:	Not Applicable [As claimed by Company management, the Company does not Export and Import]

TAN No.: [Tax Deduction & Collection Account No.]	CALN06126B

PAN No.: [Permanent Account No.]	AADCN0458R

Legal Form :	Private Limited Liability Company

Line of Business :	Generation of Electrical Energy.

No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory

Payment Behaviour :	Usually Correct

Litigation :	Clear

Comments :	NVR Infrastructure and Services Private Limited (NISPL), part of the Kolkata based Atha Group, was incorporated in July 2009. The company operates a 10MW grid interactive solar power plant based on dual Photovoltaic (PV) technology i.e. Crystalline Silicon and Thin Film at Bikaner district of Rajasthan. The plant was set up under the Jawaharlal Nehru National Solar Mission (JNNSM) and it was commissioned in 2013. Further, the company has entered into Power Purchase Agreement (PPA) with NTPC Vidyut Vyapar Nigam Limited (NVVNL), wholly owned subsidiary of “NTPC Limited” to supply power for the period of 25 years. The rating takes into account of consistent track record of power generation with satisfactory Plant load factor (PLF) for last 2 years, moderate liquidity risk on account timely receipt of receivables from NTPC Vidyut Vyapar Nigam Limited and comfortable liquidity position. Moreover, the rating continues to derive support from strong promoter group and experienced management team in renewable energy business, assured off-take by way of long-term PPA with NTPC Vidyut Vyapar Nigam Limited and favorable policy framework for solar energy in the country. The rating however is constrained by relatively short track of operations in solar power, high dependence on climatic conditions and technological risks. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. In view of aforesaid, the company can be considered for normal business dealings at usual trade terms and conditions.

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	CARE
Rating	Long term Bank facilities = A-
Rating Explanation	Adequate degree of safety and low credit risk.
Date	February 2015

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2015.

INFORMATION DECLINED

MANAGEMENT NON-COOPERATIVE

[CONTACT NO.: 91-33-40118400]

LOCATIONS

Registered Office :	Avani Signature, 6th Floor, 91A/1, Park Street, Kolkata – 700016, West Bengal, India
Tel. No.:	91-33-40118400
Fax No.:	91-33-40118401
E-Mail :	companysecretary.nvr@athagroup.in
Website :	http://www.athagroup.in

Branch Offices :	Located at: · Bhubaneswar · Dhenkanal · Purba

DIRECTORS

AS ON 25.09.2014

Name :

Mr. Gaurav Atha

Designation :

Director

Address :

At/Po Gua, Kutchi Colony, Singhbhum - 833213, Jharkhand, India

Date of Birth/Age :

06.11.1982

Date of Appointment :

08.07.2009

PAN No.:

AFYPA6914N

DIN No.:

00915786

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	U27109WB2006PTC109168	AMPL CLEANTECH PRIVATE LIMITED	Director	08-05-2006	08-05-2006	-	Active	NO
2	U27109WB2006PTC109313	K N R ISPAT PRIVATE LIMITED	Director	11-05-2006	11-05-2006	-	Strike off	NO
3	U67110WB1995PTC075601	SHAKTI FINVEST PRIVATE LIMITED	Director	25-07-2006	25-07-2006	06-03-2008	Active	NO
4	U40108WB1999PTC133071	NARBHERAM POWER AND STEEL PRIVATE LIMITED	Managing director	25-08-2008	31-07-2007	-	Active	NO
5	U45400WB2009PTC136626	NVR INFRASTRUCTURE AND SERVICES PRIVATE LIMITED	Director	08-07-2009	08-07-2009	-	Active	NO
6	U45400WB2007PTC165553	CHAMBAL LAND RESOURCES PRIVATE LIMITED	Director	14-12-2010	22-10-2010	-	Active	NO
7	U40101WB2011PLC159894	ATHA POWER LIMITED	Director	26-02-2011	26-02-2011	-	Under Process of Striking off	NO
8	U13100WB2011PTC169947	GV MINES MINERALS & METALS PRIVATE LIMITED	Director	26-11-2011	26-11-2011	-	Active	NO
9	U40300WB2013PTC198976	NVR WIND PRIVATE LIMITED	Director	11-12-2013	11-12-2013	-	Active	NO
10	U40300WB2013PTC198977	NVR ENERGY PRIVATE LIMITED	Director	11-12-2013	11-12-2013	-	Active	NO
11	U74899DL1969NPL005064	FEDERATION OF INDIA MINERAL INDUSTRIES	Director	31-07-2014	31-07-2014	24-08-2015	Active	NO
12	U40300WB2013PTC193046	RDA ENERGY PRIVATE LIMITED	Director	21-09-2015	14-10-2014	-	Active	NO

Name :

Mr. Dilip Kumar Atha

Designation :

Director

Address :

At/Po Gua, District Singhbhum - 833213, Jharkhand, India

Date of Birth/Age :

11.08.1949

Date of Appointment :

27.07.2010

PAN No.:

AEMPK2581G

DIN No.:

00916263

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	Company/ LLP Status	Defaulting status
1	U27109WB2006PTC109168	AMPL CLEANTECH PRIVATE LIMITED	Director	08-05-2006	08-05-2006	Active	NO
2	U27109WB2006PTC109313	K N R ISPAT PRIVATE LIMITED	Director	11-05-2006	11-05-2006	Strike off	NO
3	U40108WB1999PTC133071	NARBHERAM POWER AND STEEL PRIVATE LIMITED	Director	25-08-2008	31-07-2007	Active	NO
4	U24110WB2007PTC120212	PETRO CARBON AND CHEMICALS PRIVATE LIMITED	Director	02-07-2008	05-11-2007	Active	NO
5	U45400WB2009PTC136626	NVR INFRASTRUCTURE AND SERVICES PRIVATE LIMITED	Director	27-07-2010	05-08-2009	Active	NO
6	U40300WB2013PTC193036	KKDK ENERGY INFRASTRUCTURE PRIVATE LIMITED	Director	06-05-2013	06-05-2013	Active	NO
7	U40300WB2013PTC199219	NVR VIDYUT PRIVATE LIMITED	Director	23-12-2013	23-12-2013	Active	NO
8	U40300WB2013PTC198891	NVR RENEW PRIVATE LIMITED	Director	27-07-2015	14-10-2014	Active	NO
9	U40300WB2013PTC198977	NVR ENERGY PRIVATE LIMITED	Director	26-08-2015	14-10-2014	Active	NO
10	U13100WB2011PTC169947	GV MINES MINERALS & METALS PRIVATE LIMITED	Director	30-09-2015	05-01-2015	Active	NO

KEY EXECUTIVES

Name :	Mr. Prashansa Tiwari
Designation :	Secretary
Address :	F11/1, Karunamoyee Housing Estate, Salt Lake City, Kolkata - 700091, West Bengal, India
Date of Birth/Age :	05.03.1988
Date of Appointment :	10.02.2014
PAN No.:	ALOPT8361L

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 25.09.2014

Names of Shareholders		No. of Shares
Gaurav Atha		2982990
Vishal Atha		2983000
Kishor Kumar Atha		2983000
Dilip Kumar Atha		2983000
Bharat Atha		2669000
Atha Mines Private Limited, India		16799157

Total		31400147

AS ON 25.09.2014

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	53.50
Directors or relatives of directors	46.50

Total	100.00

BUSINESS DETAILS

Line of Business :

Generation of Electrical Energy.

Products :

ITC Code No.

Product Descriptions

27160000

Electrical Energy

Brand Names :

Agencies Held :

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

Not Divulged

Bankers :

· State Bank of India

Commercial Branch, Alipore, 24/1/1, Alipore Road, Kolkata - 700027, West Bengal, India

· Vijaya Bank

Corporate Banking Branch, A-1, Gillander House, 8, N. S Road, Kolkata - 700001, West Bengal, India

· HDFC Bank

· Punjab National Bank

· State Bank of Patiala

Bank Name:	Not Divulged
Branch:	Not Divulged
Person Name (with Designation):	Not Divulged
Contact Number:	Not Divulged
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Rupee term loans from banks	669.950	646.564

Total	669.950	646.564

Banking Relations :	--

Auditors : [As on 31.03.2014]
Name :	Kavita Agarwal and Company Chartered Accountants
Address :	Savitri Apartment, Near P.N.B., Shastri Nagar, Dhanbad – 826001, Jharkhand, India
Income-tax PAN of auditor or auditor's firm :	ACDPA0776C

Cost Auditors : [As on 31.03.2015]
Name :	N. Radhakrishnan and Company Cost Accountants
Address :	Flat B1/34, Kolkata – 700029, West Bengal, India
E-Mail :	natrajrk@gmail.com
Income-tax PAN of auditor or auditor's firm :	AAEFN2998J

Memberships :	--

Collaborators :	--

Holding company : [As on 31.03.2014]	Atha Mines Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2015 [PARTIAL DETAILS]

Authorised Capital : Not Available

Issued, Subscribed & Paid-up Capital : Rs. 314.001 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

35,000,000	Equity Shares	Rs. 10/- each	Rs. 350.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

31,400,147	Equity Shares	Rs. 10/- each	Rs. 314.001 Million

FINANCIAL DATA

[all figures are in Rupees Million]

VALUE ADDITION AND DISTRIBUTION OF EARINGS

Particulars	31.03.2015 (Partial Details)
Share capital	314.001
Reserves and surplus	(53.632)
Long-term borrowings	626.893
Gross fixed assets	1002.234
Net fixed assets	794.405
Current assets	129.910
Current liabilities	45.570
Net current assets	84.340
Capital employed	889.891
Net worth	260.369
Value added of company	161.163
Net revenue from operations of company	168.899
Profit before tax	29.169

Particulars	31.03.2015 (Partial Details)
Gross revenue from operations of company	168.899
Excise and other duties of company	0.000
Net revenue from operations of company for value addition	168.899
Export incentives of company	0.000
Adjustments in work-in-progress and finished stocks of company	0.000
Cost of materials consumed of company	0.000
Cost of process materials or chemicals of company	0.000
Cost of stores and spares consumed of company	0.000
Cost of utilities of company	0.000
Cost of other bought out inputs of company	7.735
Total cost of bought out inputs of company	7.735
Value added of company	161.163
Other incomes of company	8.428
Extraordinary income	0.000
Earnings available for distribution	169.591
To employees as salaries, wages, retirement benefits and others	3.397
To shareholders as dividend	0.000
Funds retained by company	76.975
To government as taxes	0.000
Extraordinary expenses	0.000
Other distribution of earnings	89.219
Total Distribution of Earnings	169.591

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	314.001	314.001	314.001
(b) Reserves & Surplus	(76.849)	(4.352)	0.259
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	237.152	309.649	314.260

(3) Non-Current Liabilities
(a) Long-term borrowings	669.950	646.564	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(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)	669.950	646.564	0.000

(4) Current Liabilities
(a) Short term borrowings	0.000	3.500	0.000
(b) Trade payables	0.000	52.504	0.000
(c) Other current liabilities	48.806	30.778	0.089
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	48.806	86.782	0.089

TOTAL	955.908	1042.995	314.349

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	841.975	968.819	0.000
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	4.343
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	6.067	6.067	6.067
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	1.429
Total Non-Current Assets	848.042	974.886	11.839

(2) Current assets
(a) Current investments	0.000	0.000	130.888
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	22.697	18.065	0.000
(d) Cash and cash equivalents	79.692	44.806	43.550
(e) Short-term loans and advances	2.269	2.158	120.901
(f) Other current assets	3.208	3.080	7.171
Total Current Assets	107.866	68.109	302.510

TOTAL	955.908	1042.995	314.349

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL	174.962	18.467	0.269

Less	EXPENSES
		TOTAL	10.455	1.071	0.088

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		164.507	17.396	0.181

Less	DEPRECIATION & FINANCIAL EXPENSES		237.003	21.975	0.000

	PROFIT/ (LOSS) BEFORE TAX		(72.496)	(4.579)	0.181

Less	TAX EXPENSES		0.000	0.032	0.056

	PROFIT/ (LOSS) AFTER TAX		(72.496)	(4.611)	0.125

	Earnings/ (Loss) Per Share (Rs.)		(2.31)	(0.15)	0.00

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	42.431	20.000	0.000

Cash generated from operations	NA	NA	NA

Net Cash flow from (used in) Operations	125.159	206.787	(129.128)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012

Return on Total Assets (PBT/Total Assets}	(%)	(7.63)	(0.44)	0.06

Return on Investment (ROI) (PBT/Networth)		(0.31)	(0.01)	0.00

Debt Equity Ratio (Total Liability/Networth)		3.00	2.16	0.00

Current Ratio (Current Asset/Current Liability)		2.21	0.78	3398.99

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	314.001	314.001	314.001
Reserves & Surplus	0.259	(4.352)	(76.849)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	314.260	309.649	237.152

Long-term borrowings	0.000	646.564	669.950
Short term borrowings	0.000	3.500	0.000
CURRENT MATURITIES OF LONG-TERM DEBTS	0.000	20.000	42.431
Total borrowings	0.000	670.064	712.381
Debt/Equity ratio	0.000	2.164	3.004

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)
Total Income	0.269	18.467	174.962
		6,765.056	847.431

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	0.269	18.467	174.962
Profit/ (Loss)	0.125	(4.611)	(72.496)
	46.47%	-24.97%	-41.44%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10409738	11/02/2013	722,000,000.00	STATE BANK OF INDIA (LEAD BANK)	COMMERCIAL BRANCH, ALIPORE, 24/1/1, ALIPORE ROAD, KOLKATA, WEST BENGAL - 700027, INDIA	B69919512
2	10416043	11/02/2013 *	722,000,000.00	STATE BANK OF INDIA (LEAD BANK)	COMMERCIAL BRANCH, ALIPORE, 24/1/1, ALIPORE ROAD, KOLKATA, WEST BENGAL - 700027, INDIA	B72386261

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
SHORT TERM BORROWINGS
Loans and advances from related parties	0.000	3.500

Total	0.000	3.500

FUTURE PROSPECTS:

The work on the 10MW Solar Power Project under NVVN in the Kisnayat Budhan, Tehsil Kolayat, District Bikaner, Rajasthan was completed on time and has gone into generation of Solar Power in the month of February, 2013. The Company is now thinking of setting up similar projects in other states.

FIXED ASSETS:

· Land

· Plant and equipment

· Factory equipments

· Other plant and equipment

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. 66.75
UK Pound	1	Rs. 100.68
Euro	1	Rs. 70.88

INFORMATION DETAILS

Information Gathered by :	NYA

Analysis Done by :	HNA

Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		45

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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