MIRA INFORM REPORT

Report No. :	501371
Report Date :	02.04.2018

IDENTIFICATION DETAILS

Name :	RATTANINDIA FINANCE PRIVATE LIMITED (w.e.f. 21.06.2017)
Formerly Known As :	VIKHYAT FINLEASE AND TRADING PRIVATE LIMITED
Registered Office :	5th Floor, Tower-B, World Mark 1, Aerocity, New Delhi - 110037
Tel. No.:	91-11-66612666
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	27.07.1995
Com. Reg. No.:	55-071198
Capital Investment / Paid-up Capital :	INR 2702.450 Million
CIN No.: [Company Identification No.]	U65100DL1995PTC071198
IEC No.: [Import-Export Code No.]	Not Divulged
PAN No.: [Permanent Account No.]	AAACV3154D
TAN No.: [Tax Deduction & Collection Account No.]	Not Divulged
GSTN : [Goods & Service Tax Registration No.]	Not Divulged
Legal Form :	Private Limited Liability Company
Line of Business :	The company is engaged in non-banking finance business (Registered Activity)
No. of Employees :	Not Divulged

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

B

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 1995 and was originally known as “”Vikhyat Finlease & Trading Private Limited” and later on 21 June 2017 the name was changed to “RattanIndia Finance Private Limited” and it belongs to RattanIndia Group. The subject is engaged into the business of finance and its related services. For the financial year 2017, the company has achieved massive growth in its revenue as compared to its previous year but has reported low profit margin during the year. However, the company has registered low earnings per share and further delays in servicing of its debts obligation of one its group entity. Further rating gets constrained on account of credit and concentration risks in wholesale lending segments, like structured collateralised credit to corporates and the exposure to volatility in capital markets. These rating weakness gets partially offset by its established track record of its business operation marked by healthy net worth base. Payments seems to be slow but correct. In view of aforesaid, the company can be considered for business dealing 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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 31-03-2016.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 02.04.2018

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DECLINED

Management non-cooperative (Tel No.: 91-11-66612666)

Tel No.: 91-11-66612654 - Continuously Ringing

Mobile No.: 91-9029081121 – Not reachable

LOCATIONS

Registered Office :	5th Floor, Tower-B, World Mark 1, Aerocity, New Delhi – 110037, India
Tel. No.:	91-11-66612666/ 66612654
Fax No.:	Not Available
E-Mail :	karan.maken@rattanindia.com

DIRECTORS

As on 31.03.2017

Name :

Mr. Rajiv Rattan

Designation :

Director

Address :

60, 2nd Floor, Vasant Marg, Vasant Vihar, New Delhi-110057, India

Date of Appointment :

05.02.2018

DIN No.:

00010849

PAN No.:

AESPR3957D

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U70200DL2012PTC239600	REYNA LAND DEVELOPMENT PRIVATE LIMITED	27/12/2013	-
U70100DL2012PTC236447	ANTHEIA BUILDCON PRIVATE LIMITED	27/09/2013	-
U70101DL2012PTC236063	CLETA LAND DEVELOPMENT PRIVATE LIMITED	27/09/2013	-
U65999DL2018PTC328336	RATTANINDIA HOME FINANCE PRIVATE LIMITED	11/01/2018	-
U70100DL2011PTC218669	ANTHEIA INFRASTRUCTURE PRIVATE LIMITED	28/09/2012	-
U70101DL2011PTC218710	ANTHEIA CONSTRUCTIONS PRIVATE LIMITED	28/09/2012	-
L40101DL2010PLC210263	RATTANINDIA INFRASTRUCTURE LIMITED	05/02/2018	-
U70101DL2010PTC209212	HELIOTROPE REAL ESTATE PRIVATE LIMITED	07/10/2010	-
U70200DL2010PTC200660	NETTLE CONSTRUCTIONS PRIVATE LIMITED	23/03/2010	-
U14290DL2009PTC197243	ZAGREUS MINING PRIVATE LIMITED	29/12/2010	-
U70109DL2009PTC196617	PRIAPUS LAND DEVELOPMENT PRIVATE LIMITED	06/12/2010	-
U70109DL2009PTC196459	CERES REAL ESTATE PRIVATE LIMITED	30/11/2009	-
U14290DL2009PTC196616	ARBUTUS MINING PRIVATE LIMITED	03/12/2009	-
L40102DL2007PLC169082	RATTANINDIA POWER LIMITED	07/03/2015	-
U70109DL2007PLC157316	RATTANINDIA NASIK POWER LIMITED	17/09/2009	-
U45201DL2005PTC139192	SPIRE CONSTRUCTIONS PRIVATE LIMITED	30/09/2010	-
U65929DL2004PLC130202	INDIABULLS CREDIT SERVICES LIMITED	26/10/2004	-
L67120DL2000PLC103183	INDIABULLS FINANCIAL SERVICES LIMITED	01/07/2009	-
AAE-2382	ARBUTUS CONSULTANCY LLP	23/06/2015	-
AAH-4666	TUPELO CONSULTANCY LLP	23/09/2016	11/03/2017
AAH-9482	SILENE ADVISORY SERVICES LLP	05/12/2016	11/03/2017

Name :

Mr. Ram Kumar

Designation :

Director

Address :

B-4/221, Safdarjung Enclave, New Delhi-110029, India

Date of Appointment :

20.12.2016

DIN No.:

00643837

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U70101DL2012PTC236259	ANTHEIA DEVELOPERS PRIVATE LIMITED	27/09/2013	-
U70200DL2011PTC218634	ANTHEIA REAL ESTATE PRIVATE LIMITED	28/09/2012	-
U70109DL2011PTC218656	ANTHEIA PROPERTIES PRIVATE LIMITED	28/09/2012	-
U14200DL2011PTC213250	ELLERY MINING PRIVATE LIMITED	30/09/2014	-
U70101DL2010PTC209208	JARUL INFRASTRUCTURE PRIVATE LIMITED	07/10/2010	-
U74999DL2010PTC202269	LAUREL ENERGETICS PRIVATE LIMITED	04/05/2010	-
U70109DL2009PTC197238	PRIAPUS REAL ESTATE PRIVATE LIMITED	29/12/2010	-
U70200DL2012PTC239568	ZELKOVA DEVELOPERS PRIVATE LIMITED	30/09/2014	-
U70109DL2009PTC197237	INUUS CONSTRUCTIONS PRIVATE LIMITED	15/12/2010	-
U70200DL2009PTC196821	PRIAPUS PROPERTIES PRIVATE LIMITED	27/12/2010	-
U74899DL2006PTC145135	YANTRA ENERGETICS PRIVATE LIMITED	29/09/2010	-
U70102DL2012PTC240230	TUPELO BUILDERS PRIVATE LIMITED	27/09/2013	-
U51909DL1997PTC087644	JDS AGENCIES PRIVATE LIMITED	16/02/2011	-
U70102DL2013PTC247890	RR INFRALANDS PRIVATE LIMITED	30/09/2014	-
U65999DL2018PTC328336	RATTANINDIA HOME FINANCE PRIVATE LIMITED	12/01/2018	-

Name :

Mr. Anand Balakrishna Madduri

Designation :

Additional Director

Address :

BLK A 76 Peak Road Peak Hong Kong

Date of Birth/Age :

11.08.1972

Date of Appointment :

14.03.2018

DIN No.:

01038783

Name :

Mr. Manav Saraf

Designation :

Additional Director

Address :

Flat A G/F 438 Victoria Rd Hong Kong 

Date of Birth/Age :

19.07.1977

Date of Appointment :

14.03.2018

DIN No.:

05323642

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U67190MH2016FTC288882	LONE STAR INDIA ASSET RECONSTRUCTION PRIVATE LIMITED	30/12/2017	-

KEY EXECUTIVES

Name :	Mr. Karan Maken
Designation :	Company Secretary
Address :	1481, Sector-4, Urban Estate, Gurugram-122001, Haryana, India
Date of Appointment :	30.06.2017
PAN No.:	BTBPM2941P
Name :	Mr. Rajiv Rattan
Designation :	Chief Financial Officer
Address :	60, 2nd Floor, Vasant Marg, Vasant Vihar, New Delhi 110057, India
Date of Appointment :	05.02.2018
PAN No.:	AESPR3957D

MAJOR SHAREHOLDERS

As on 20.09.2017

Names of Shareholders	No. of Shares	% of Holding
Rajiv Rattan	135122516	50.00
Anjali Nashier	135122516	50.00
Total	270245032	100.00

Equity Share Break up (Percentage of Total Equity)

As on 20.09.2017

Category	Percentage
Promoters (Individual/Hindu Undivided Family – Indian)	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The company is engaged in non-banking finance business (Registered Activity)

Products / Services :

Item Code No.	Products/Services Description
99711000	Interest Income

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS – (NOT AVAILABLE)

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

Customers :

Reference :	Not Divulged
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

No. of Employees :

Not Divulged

Bankers :

Banker Name :	Not Divulged
Branch :	--
Person Name (With Designation) :	--
Contact Number :	--
Name of Account Holder :	--
Account Number :	--
Account Since (Date/Year of Account Opening) :	--
Average Balance Maintained :	--
Credit Facilities Enjoyed (CC/OD/Term Loan) :	--
Account Operation :	--
Remark :	--

Auditors :
Name :	Walker Chandiok and Co. LLP Chartered Accountants
Address :	L - 41, Connaught Circus, New Delhi – 110001, India
Income-tax PAN of auditor or auditor's firm :	AAAFW4298E
Memberships :	Not Available
Collaborators :	Not Available
Enterprises over which KMP and their relatives can exercise significant influence* :	· IIC Limited · Rattan India Power Limited · Nettle Constructions Private Limited · Sepset Constructions Limited · Rattanindia Solar Private Limited · Yarrow Infrastructure Limited

* With effect from January 05, 2017

CAPITAL STRUCTURE

After 20.09.2017

Authorised Capital : INR 20000.000 million

Issued, Subscribed & Paid-up Capital : INR 12826.968 million

As on 20.09.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000000	Equity Shares	INR 10/- each	INR 20000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
270245032	Equity Shares	INR 10/- each	INR 2702.450 Million

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2702.450	9.631	3.631
(b) Reserves & Surplus	1379.369	2.557	1.041
(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)	4081.819	12.188	4.672
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	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	0.022	0.000
Total Non-current Liabilities (3)	0.000	0.022	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	0.000	0.000	0.000
(c) Other current liabilities	5.323	5.205	7.682
(d) Short-term provisions	26.093	0.033	0.000
Total Current Liabilities (4)	31.416	5.238	7.682
TOTAL	4113.235	17.448	12.354
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.000	0.000	0.000
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	3.500	3.500
(c) Deferred tax assets (net)	3.287	0.000	0.000
(d) Long-term Loan and Advances	0.000	7.500	0.000
(e) Other Non-current assets	0.000	4.754	8.749
Total Non-Current Assets	3.287	15.754	12.249
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	123.330	1.654	0.063
(e) Short-term loans and advances	3985.343	0.000	0.000
(f) Other current assets	1.275	0.040	0.042
Total Current Assets	4109.948	1.694	0.105
TOTAL	4113.235	17.448	12.354

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	88.938	0.135	51.497
	Other Income	2.150	0.132	0.187
	TOTAL	91.088	0.267	51.684
Less	EXPENSES
	Other expenses	44.865	0.197	0.118
	Exceptional Items	0.000	0.000	(2.269)
	TOTAL	44.865	0.197	(2.151)
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	46.223	0.070	53.835
Less	FINANCIAL EXPENSES	2.050	0.001	50.301
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	44.173	0.069	3.534
Less/ Add	DEPRECIATION/ AMORTISATION	0.000	0.000	0.000
	PROFIT/ (LOSS) BEFORE TAX	44.173	0.069	3.534
Less	TAX	24.541	0.053	0.402
	PROFIT/ (LOSS) AFTER TAX	19.632	0.016	3.132
	Earnings / (Loss) Per Share (INR)	0.43	0.04	8.63

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	NA	NA	NA
Cash generated from/ (used in) operations	(3895.557)	(2.515)	56.320
Net cash generated from/ (used in) operating activities	(3904.583)	0.061	51.168

KEY RATIOS

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.01	0.30	0.62
Debt Equity Ratio (Total Liability / Networth)	0.00	0.00	0.00
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.01	0.43	1.64
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.00	0.00	0.00
Interest Coverage Ratio (PBIT / Financial Charges)	22.55	70.00	1.07

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	22.07	11.85	6.08
Return on Total Assets ((PAT / Total Assets) * 100)	%	0.48	0.09	25.35
Return on Investment (ROI) ((PAT / Networth) * 100)	%	0.48	0.13	67.04

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	130.82	0.32	0.01
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	130.82	0.32	0.01
G-Score Ratio Financial (Networth / Total Assets)	0.99	0.70	0.38
G-Score Ratio Debt (Debts / Equity Capital)	0.00	0.00	0.00
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	130.82	0.32	0.01

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are in INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	3.631	9.631	2702.450
Reserves & Surplus	1.041	2.557	1379.369
Net worth	4.672	12.188	4081.819
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	51.497	0.135	88.938
		(99.738)	65780.000

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	51.497	0.135	88.938
Profit	3.132	0.016	19.632
	6.08%	11.85%	22.07%

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	No
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	No
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

CORPORATE INFORMATION:

The Company was incorporated on July 27, 1995. On September 24, 2002, the Company was registered under Section 45-IA of the Reserve Bank of India (RBI) Act, 1934 to carry on the business of Non-Banking Financial Company. The Company is engaged in Non-Banking Finance Business.

REVIEW OF OPERATIONS

The Operational Revenue of the Company increased from INR 0.135 million in the Financial Year 2015-16 to INR 88.938 million for the Financial Year i.e. 2016-17 and the post-tax profit increased from INR 0.016 million to INR 19.632 million

An amount of INR 3.926 Million being an amount 20% of the net profits of the Company after tax has been transferred to Statutory Reserve created in compliance with the requirements of Section 45 1C of the RBI Act, 1934.

INDEX OF CHARGES: NO CHARGES EXISTS FOR COMPANY

FIXED ASSETS

• Furniture and Fixture

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 records 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	INR
US Dollar	1	INR 65.04
UK Pound	1	INR 92.28
Euro	1	INR 80.62

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	NIS
Report Prepared by :	JYTK

SCORE FACTORS

DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.

·