MIRA INFORM REPORT

Report No. :	502216
Report Date :	06.04.2018

IDENTIFICATION DETAILS

Name :	BORANA IMPEX PRIVATE LIMITED (w.e.f. 12.02.2014)
Formerly Known As :	BANNER COMMODITIES (IMPEX) PRIVATE LIMITED
Registered Office :	Office No.2031-2032, World Trade Centre, Near Udhna Darwaja, Ring Road, Surat – 395002, Gujarat
Tel. No.:	91-261-2320302
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	02.03.2005
Com. Reg. No.:	04-045600
Capital Investment / Paid-up Capital :	INR 7.200 Million
CIN No.: [Company Identification No.]	U51100GJ2005PTC045600
IEC No.: [Import-Export Code No.]	5205012820
PAN No.: [Permanent Account No.]	AACCB5911E
TAN No.: [Tax Deduction & Collection Account No.]	Not Divulged
GSTN : [Goods & Service Tax Registration No.]	24AACCB5911E1Z7
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Textiles and Diamonds, Importer of Rough Diamonds (Confirmed by management)
No. of Employees :	50 (Approximately)

RATING & COMMENTS

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

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Satisfactory
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject was incorporated in the year 2005. It is a manufacturer and exporter of textiles and diamonds, importer of rough diamonds. As per the financial of 2017, the company has reported a decline in its revenue as compared to the previous year’s revenue but has managed to maintain net profit margin of 0.12%. The satisfactory financial position marked by sufficient networth base along with average debt balance sheet profile. Rating is constrained on account of company’s large working capital requirements, its exposure to intense competition in the diamond industry. Business is active. Payment seems to be slow. In view of aforesaid, the company can be considered for business dealings at usual trade terms and condition.

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 31-03-2018.

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 06.04.2018

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 PARTED BY

Name :	Mr. Ramchndran
Designation :	Accounts Executive
Contact No.:	91-9824055322

LOCATIONS

Registered Office :	Office No.2031-2032, World Trade Centre, Near Udhna Darwaja, Ring Road, Surat – 395002, Gujarat, India
Tel. No.:	91-261-2320302
Mobile No.:	91-9824055322 (Mr. Ramchndran)
Fax No.:	Not Available
E-Mail :	kedia_kedia@yahoo.com ban.commo@gmail.com ban.commo@yahoo.com

DIRECTORS

As on 31.03.2017

Name :

Mr. Hemant Devilal Borana

Designation :

Director

Address :

10/A, Ratnajyoti Appartment Ravidham Complex, Panjrapole, Ghod-Dod Road, Surat 395007, Gujarat, India

Date of Birth/Age :

07.05.1965

Date of Appointment :

02.03.2005

DIN No.:

01041157

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U01403MH2011PLC222869	BHOSALE DAIRY LIMITED	30/09/2016	-
U17100MH2016PTC289389	BORANA FASHIONS PRIVATE LIMITED	23/08/2016	-
U17299GJ2016PTC093605	BORANA TRADELINK PRIVATE LIMITED	05/09/2016	-

Name :

Mr. Snehil Hemant Borana

Designation :

Director

Address :

10-A, Ratna Jyoti Apartment, Ravidham Complex, Beside Panjarapole, Ghod-Dod Road, Surat-395007, Gujarat, India 

Date of Birth/Age :

22.07.1989

Date of Appointment :

31.07.2009

DIN No.:

02204980

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U17299GJ2016PTC093605	BORANA TRADELINK PRIVATE LIMITED	05/09/2016	-

Name :

Ms. Hina Suresh Sheth

Designation :

Director

Address :

Flat No : 606, Arpan Apartment Nanpura, Surat-395001, Gujarat, India 

Date of Birth/Age :

21.09.1962

Date of Appointment :

02.01.2006

DIN No.:

02391829

KEY EXECUTIVES

Name :	Mr. Ramchndran
Designation :	Accounts Executive

MAJOR SHAREHOLDERS

As on 30.09.2017

Names of Shareholders	No. of Shares	% of Holding
Hemant Devilal Borana	525000	72.91
Hina S. Seth	75000	10.42
Snehil Hemant Borana	120000	16.67
Total	720000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2017

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

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Textiles and Diamonds, Importer of Rough Diamonds (Confirmed by management)

Products / Services :

Item Code No.	Products/Services Description
52091190	Others

Item Code No.	Products/Services Description
NA	Fabrics
NA	Diamond
NA	Grey Cloth
NA	Gold

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

· Textiles

· Diamonds

Countries :

· Belgium

· Dubai

· Hong Kong

Imports :

Products :

Rough Diamond

Countries :

· Dubai

· Belgium

Terms :

Selling :

Advance Payment, L/C, Cheque and Credit (30/60 Days)

Purchasing :

Advance Payment, L/C, Cheque and Credit (30/60 Days)

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 :

Wholesalers, Retailers

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

No. of Employees :

50 (Approximately)

Bankers :

Banker Name :	Syndicate Bank
Branch :	Surat Main Road Branch, Surat, Gujarat, India
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) :	Overdraft INR 25.000 million (Not confirmed with banker)
Account Operation :	--
Remark :	--

Facilities :

Secured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Term Loan - (1)
Syndicate Bank (Secured against Hypothecation of Plant & Machinery)	0.717	4.405
Term Loan - (2)
Syndicate Bank (Secured against Hypothecation of Plant & Machinery)	1.305	1.880
Term Loan - (3)
Syndicate Bank (Secured against Hypothecation of Plant & Machinery)	5.801	7.974
Kotak Mahindra Prime Limited (Hypo. of Car-Brio and Mercedes)	3.971	3.483
Less: Current Maturities of Long Term Debt	(3.000)	(6.703)
Short-term borrowings
Syndicate Bank CC A/c	23.966	25.545
P.C.F.C Loan A/c (Secured against Hypothecation of Stock and Book Debts of the company and Equitable Mortgage of residential property of one of the director)	12.233	12.498
	3.000	6.703
Total	47.993	55.785

Auditors :
Name :	B N Kedia and Company Chartered Accountants
Address :	210-B, 21st Century Business Centre, Near Udhna Darwaja, Ring Road, Surat – 395002, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	AABFB4343G
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 30.09.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
750000	Equity Shares	INR 10/- each	INR 7.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
720000	Equity Shares	INR 10/- each	INR 7.200 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	7.200	7.200	7.200
(b) Reserves & Surplus	17.126	16.730	15.621
(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)	24.326	23.930	22.821
(3) Non-Current Liabilities
(a) long-term borrowings	29.297	24.080	28.352
(b) Deferred tax liabilities (Net)	0.885	0.955	0.745
(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)	30.182	25.035	29.097
(4) Current Liabilities
(a) Short term borrowings	39.199	44.746	42.502
(b) Trade payables	134.075	87.871	92.304
(c) Other current liabilities	11.385	41.573	16.697
(d) Short-term provisions	1.707	1.912	1.286
Total Current Liabilities (4)	186.366	176.102	152.789
TOTAL	240.874	225.067	204.707
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	29.297	33.582	25.094
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	4.451
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1.010	0.091	0.010
(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	0.000
Total Non-Current Assets	30.307	33.673	29.555
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	52.929	19.669	46.109
(c) Trade receivables	149.886	161.743	110.967
(d) Cash and cash equivalents	1.352	1.543	2.029
(e) Short-term loans and advances	5.697	7.501	14.875
(f) Other current assets	0.703	0.938	1.172
Total Current Assets	210.567	191.394	175.152
TOTAL	240.874	225.067	204.707

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	545.218	588.004	284.548
	Other Income	1.243	1.194	1.571
	TOTAL	546.461	589.198	286.119
		(Due to Market Fluctuation)
Less	EXPENSES
	Cost of Materials Consumed	501.734	512.296	179.621
	Purchases of Stock-in-Trade	24.187	2.519	54.933
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(18.393)	17.857	(8.508)
	Employees benefits expense	7.814	10.446	8.660
	Other expenses	15.551	31.317	40.006
	TOTAL	530.893	574.435	274.712
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	15.568	14.763	11.407
Less	FINANCIAL EXPENSES	8.040	7.477	7.584
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	7.528	7.286	3.823
Less/ Add	DEPRECIATION/ AMORTISATION	6.380	5.348	1.999
	PROFIT/ (LOSS) BEFORE TAX	1.148	1.938	1.824
Less	TAX	0.469	0.829	0.576
	PROFIT/ (LOSS) AFTER TAX	0.679	1.109	1.248
	Earnings / (Loss) Per Share (INR)	0.94	1.54	2.40

Expected Sales (2017-2018): INR 800.000 Million

The above information has been parted by Mr. Ramchandran (Accounts Executive)

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 operations	(9.841)	NA	NA
Net cash flows from (used in) operating activities	5.165	NA	NA

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	100.34	100.40	142.34
Account Receivables Turnover (Income / Sundry Debtors)	3.64	3.64	2.56
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	93.05	62.30	143.64
Inventory Turnover (Operating Income / Inventories)	0.29	0.75	0.25
Asset Turnover (Operating Income / Net Fixed Assets)	0.53	0.44	0.39

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.90	0.89	0.88
Debt Equity Ratio (Total Liability / Networth)	2.82	2.88	3.10
Current Liabilities to Networth (Current Liabilities / Net Worth)	7.66	7.36	6.70
Fixed Assets to Networth (Net Fixed Assets / Networth)	1.20	1.40	1.29
Interest Coverage Ratio (PBIT / Financial Charges)	1.94	1.97	1.50

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	0.90	0.89	0.88
Return on Total Assets ((PAT / Total Assets) * 100)	%	2.82	2.88	3.10
Return on Investment (ROI) ((PAT / Networth) * 100)	%	7.66	7.36	6.70

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.13	1.09	1.15
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.85	0.98	0.84
G-Score Ratio Financial (Networth / Total Assets)	0.10	0.11	0.11
G-Score Ratio Debt (Debts / Equity Capital)	9.51	9.56	9.84
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.13	1.09	1.15

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	7.200	7.200	7.200
Reserves & Surplus	15.621	16.730	17.126
Net worth	22.821	23.930	24.326
long-term borrowings	28.352	24.080	29.297
Short term borrowings	42.502	44.746	39.199
Total borrowings	70.854	68.826	68.496
Debt/Equity ratio	3.105	2.876	2.816

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	284.548	588.004	545.218
		106.645	(7.276)

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	284.548	588.004	545.218
Profit	1.248	1.109	0.679
	0.44%	0.19%	0.12%

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	Yes
8]	Designation of contact person	Yes
9]	Promoter’s background	Yes
10]	Date of Birth of Proprietor / Partners / Directors	Yes
11]	Pan Card No. of Proprietor / Partners	No
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)	Yes
16]	No. of employees	Yes
17]	Details of sister concerns	No
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%	Yes
28]	Estimation for coming financial year	Yes
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	Yes
35]	Negative Reporting by Auditors in the Annual Report	No

DIAMOND INDUSTRY – INDIA

- From time immemorial, India is well known in the world as the birthplace for diamonds.  It is difficult to trace the origin of diamonds but history says that in the remote past, diamonds were mined only in India. Diamond production in India can be traced back to almost 8^th Century B.C.  India, in fact, remained undisputed leader till 18^th Century when Brazilian fields were discovered in 1725 followed by emergence of S. Africa, Russia and Australia.

- The achievement of the Indian diamond industry was possible only due to combination of the manufacturing skills of the Indian workforce and the untiring and unflagging efforts of the Indian diamantaires, supported by progressive Government policies.

- The area of study of family owned diamond businesses derives its importance from the huge conglomerate of family run organizations which operate in the diamond industry since many generations.

- Some of the basic traits of family run business enterprises include spirit of entrepreneurship, mutual trust lowers transaction costs, small, nimble and quick to react, information as a source of advantage and philanthropy.

- Family owned diamond businesses need to improve on many fronts including higher standard of corporate governance, long-term performance – focused strategies, modern management and technology.

- Utmost caution is to be exercised while dealing with some medium and large diamond traders which are usually engaged in fictitious import – export, inter-company transactions, financially assisted by banks. In the process, several public sector banks lost several hundred million rupees. They mostly diverted borrowed money for diamond business into real estate and capital markets.

- Excerpts from Times of India dated 30^th October 2010 is as under –

- Gem & Jewellery Export Promotion Council in its statistical data has shown the export of polished diamonds to have increase by 28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012, India exported $ 1.84 billion worth of polished diamonds in February 2013. A senior executive of GJEPC said, “Export of cut and polished diamonds started falling month-wise after the imposition of 2 % of import duty on the polished diamonds. But February, 2013 has given a new ray of hope to the industry as the export of polished diamonds has actually increased by 28 %. It means the industry  is on the track of recovery and round tripping of diamonds has stopped completely.” Demand has started coming from the US, the UK, Japan and China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.

- The banking sector has started exercising restraint while following prudent risk management norms when lending money to gems and jewellery sector. This follows the implementation of Basel III accord – a global voluntary regulatory standard on bank capital adequacy, stress testing and market liquidity.

UNSECURED LOAN

PARTICULAR	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Hina S. Seth	6.821	7.482
Snehil H. Borana	7.673	1.119
Hemant D. Borana	5.319	4.440
From Body Corporates
Annapurna Cottex Private Limited	0.690	0.000
Total	20.503	13.041

INDEX OF CHARGES

S No	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Amount	Address
1	C43347913	10548677	Syndicate Bank	15/01/2015	-	9600000.0	SURAT MAIN RATAN KUTIR BUILDING SALABATPURA MAIN ROAD SURAT GUJARAT 395003 INDIA
2	B78940749	10435277	SYNDICATE BANK	25/06/2013	-	2800000.0	SURAT MAIN RATAN KUTIR BUILDING SALABATPURA MAIN ROAD SURAT GUJARAT 395003 INDIA
3	B56101173	10371740	SYNDICATE BANK	30/07/2012	-	10000000.0	SURAT MAIN RATAN KUTIR BUILDING SALABATPURA MAIN ROAD SURAT GUJARAT 395003 INDIA
4	B97260038	10154842	Syndicate Bank	22/03/2007	29/01/2014	37500000.0	SURAT MAIN RATAN KUTIR BUILDING SALABATPURA MAIN ROAD SURAT GUJARAT 395003 INDIA

FIXED ASSETS

• Land
• Factory Building
• Furniture and Fixture
• Computer
• Plant and Machinery
• Gold Coin
• Weighing Scale
• Mobile
• Property (Mumbai)
• TV – Set
• Electric Fitting

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 records 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 65.06
UK Pound	1	INR 91.50
Euro	1	INR 79.78

INFORMATION DETAILS

Information Gathered by :	SAV
Analysis Done by :	NIY
Report Prepared by :	JYTK

SCORE FACTORS

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	YES
--AFFILIATION	YES/NO	NO
--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)

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