MIRA INFORM REPORT

3decades

MIRA INFORM REPORT

Report No. :	501882
Report Date :	07.04.2018

IDENTIFICATION DETAILS

Name :	FIDELIS CORPORATE SOLUTIONS PRIVATE LIMITED

Registered Office :	No. 39 II Floor Sai Prema, Krishnanagar Industrial Area, Dharmaram College Post, Hosur Road, Bangalore – 560029, Karnataka
Tel. No.:	91-80-41502234

Country :	India

Financials (as on) :	31.03.2017

Date of Incorporation :	04.05.2010

Com. Reg. No.:	08-053482

Capital Investment / Paid-up Capital :	INR 7.500 Million

CIN No.: [Company Identification No.]	U74110KA2010PTC053482

IEC No.: [Import-Export Code No.]	Not Available

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

GSTN : [Goods & Service Tax Registration No.]	29AABCF5550A1ZZ

PAN No.: [Permanent Account No.]	AABCF5550A

Legal Form :	Private Limited Liability Company.

Line of Business :	Subject is involved in the business of placement and out-sourcing activity. [Registered Activity] Providing services for manpower staffing, training and development for employment and also for job recruitment. [Confirmed by management]

No. of Employees :	1300 (Approximately) [Including Group Companies]

RATING & COMMENTS

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

MIRA’s Rating :

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

Maximum Credit Limit :	USD 50000

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

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

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 07.04.2018.

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. Raghavendra
Designation :	Vice President in H.R. Department
Contact No.:	91-80-41502234
Date :	03.04.2018

LOCATIONS

Registered Office / Corporate Office :	No. 39 II Floor Sai Prema, Krishnanagar Industrial Area, Dharmaram College Post, Hosur Road, Bangalore – 560029, Karnataka, India
Tel. No.:	91-80-41502234 / 41502236
Mob. No.:	91-9538383834 [Mr. Raghvendra]
Fax No.:	Not Available
E-Mail :	subrahmanya@fidelisgroup.in nagashree@fidelisgroup.in
Website :	http://www.fidelisindia.com
Area :	3500 sq. ft.
Location :	Rented
Locality :	Commercial

Corporate Office :	Sai Prema Building, No. 39, 2^nd Floor, Krishna Nagar Industrial Layout, Dharmaram College, Post Hosur Road, Koramangala, Bangalore – 560029, Karnataka, India
Tel. No.:	91-80-41502236
Fax No.:	91-80-88022022

Mumbai Branch :	Suyog CHS Limited, 47/2288, 1^st Floor, MHB Colony, Gandhinagar, Bandra East, Mumbai – 400051, Maharashtra, India

Chennai Branch :	Prince Infocity II, Unit No. 1, 1st Floor, 283/3 & 283/4, Rajiv Gandhi Salai (OMR), Perungudi, Chennai – 600096, Tamilnadu, India

Jammu & Kashmir Branch :	First floor, Al Furqan Computers Building, Opposite Zum Zum Complex, Rambagh, Srinagar, Jammu and Kashmir, India

Haryana Branch :	Level – 5, Plot No 14A, Anath Road, Udyog Vihar, Sector -18, Gurugram -122015, Haryana, India

DIRECTORS

As on 31.03.2017

Name :

Mr. Ananthashesha Bangalore Subrahmanya

Designation :

Director

Address :

152, NGEF East, Kasthuri Nagar, Bangalore – 560016, Karnataka, India

Date of Birth/Age :

21.05.1978

Date of Appointment :

04.05.2010

DIN No.:

02975908

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U51109KA2012PTC065517	FIDELIS RETAIL INDIA PRIVATE LIMITED	23/08/2012	-
U74140KA2014PTC075767	WAJO PROMOTIONS & CONSULTING PRIVATE LIMITED	11/08/2014	-

Name :

Mr. Raghavendra Harischandra Mesta

Designation :

Director

Address :

127, Village, Landakanalli Ward No 8, Majare, Vivekanandanagar Uttara Kannada – 581402, Karnataka, India

Date of Appointment :

29.07.2015

DIN No.:

03533070

Name :

Mr. Nagashree Kuppalli Srikantaiah

Designation :

Director

Address :

No-152, Surabhi, 3rd E Cross, NGEF East Kasturinagar, Banaswadi, Bengalore – 560016, Karnataka, India

Date of Birth/Age :

19.05.1984

Date of Appointment :

25.04.2014

DIN No.:

06872605

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U51109KA2012PTC065517	FIDELIS RETAIL INDIA PRIVATE LIMITED	29/07/2015	-

KEY EXECUTIVES

Name :	Mr. Raghavendra
Designation :	Vice President in H.R. Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2017

Names of Shareholders		No. of Shares
Ananthashesha Bangalore Subrahmanya		516500
Nagashree Kuppalli Srikantaiah		225000
Raghavendra Harischandra Mesta		5000
Deepak Korti		2000
Venkatlakshmi		1500

Total		750000

Equity Share Break up (Percentage of Total Equity)

As on 28.09.2017

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

BUSINESS DETAILS

Line of Business :

Subject is involved in the business of placement and out-sourcing activity. [Registered Activity]
Providing services for manpower staffing, training and development for employment and also for job recruitment. [Confirmed by management]

Products :

Item Code No.	Product Description
99851210	Contract staffing services

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Available

Imports :

Not Available

Terms :

Selling :

Cheque

Purchasing :

Cheque

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 :

End Users, I.T. Sector, Government Sector

Reference :

EIT Services India Private Limited(Hewlett Packard Group)

Name of the Person :

Mr. Vinayak Trilkha (Procurement Manager)

Contact No.:

91-9820240727

Since How Long Known :

4 to 5 Years

Maximum Limit Dealt :

INR 150.000 Million per year

Experience :

Product Quality	Delivery Behaviour	Overall
Excellent	Excellent	Excellent

Remark:

Mr. Vinayak Trilkha (Procurement Manager) claimed that subject company’s product quality and delivery behavior are excellent and overall performance is excellent.

No. of Employees :

1300 (Approximately) [Including Group Companies]

Bankers :

Bank Name	Kotak Mahindra Bank Limited
Branch	Malleshwaram, Bangalore – 560003, Karnataka, India
Person Name (With Designation)	Mr. Santosh (Relationship Manager)
Contact Number	91-7259671113 [Out of coverage area]
Name of Account Holder	Fedelis Corporate Solutions Private Limited
Account Number	--
Account Since (Date/Year of Account Opening)	18.01.2013
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	Overdraft INR 20.000 Million
Account Operation	Satisfactory
Remarks (If any)	Mr. Santosh (Relationship Manager) confirmed that subject company holds a good transaction track record.

Bank Name	HDFC Bank Limited
Branch	K.H. Road, Bangalore – 560027, Karnataka, India
Person Name (With Designation)	Mr. Gopal Krishnan (Branch Manager)
Contact Number	91-9343977655
Name of Account Holder	--
Account Number	--
Account Since (Date/Year of Account Opening)	--
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	--
Account Operation	--
Remarks (If any)	Mr. Gopal Krishnan (Branch Manager) denied to provide any information.

Facilities :

Secured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Short-term borrowings
HDFC Bank OD Account	8.747	0.000
IFCI Factors Limied	10.097	0.000
Kotak Business loan account	7.279	0.000
Loan – HDFC Car	2.315	0.000

Total	28.438	0.000

Auditors :
Name :	Annarao and Shrikanta Chartered Accountants
Address :	#25 West Anjaneya Temple Road, Basavanagudi, Bangalore – 560004, Karnataka, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAGFA3646J
Membership No.:	027422

Memberships :	Not Available

Collaborators :	Not Available

Company in which director is interested :	Fidelis Retail India Private Limited Fidelis Group Inc

CAPITAL STRUCTURE

As on 31.03.2017

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

750000	Equity Shares	INR 10/- each	INR 7.500 Million

FINANCIAL DATA

[all figures are in 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	7.500	1.000	0.100
(b) Reserves & Surplus	12.454	7.615	4.750
(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)	19.954	8.615	4.850

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.002	0.076	0.031
(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)	0.002	0.076	0.031

(4) Current Liabilities
(a) Short term borrowings	43.639	12.534	4.212
(b) Trade payables	4.020	0.607	0.401
(c) Other current liabilities	35.524	13.515	13.565
(d) Short-term provisions	3.304	1.797	1.215
Total Current Liabilities (4)	86.487	28.453	19.393

TOTAL	106.443	37.144	24.274

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.636	0.809	0.488
(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	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	14.924	0.976	1.012
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	18.560	1.785	1.500

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	71.988	24.580	17.566
(d) Cash and cash equivalents	1.894	1.759	1.102
(e) Short-term loans and advances	14.001	9.020	4.106
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	87.883	35.359	22.774

TOTAL	106.443	37.144	24.274

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	178.104	110.870	85.584
	Other Income	0.781	0.040	0.049
	TOTAL	178.885	110.910	85.633

Less	EXPENSES
	Employees benefits expense	126.181	91.366	70.215
	Other expenses	39.774	12.949	11.547
	TOTAL	165.955	104.315	81.762

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	12.930	6.595	3.871

Less	FINANCIAL EXPENSES	4.850	2.089	0.405

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	8.080	4.506	3.466

Less	DEPRECIATION/ AMORTISATION	0.782	0.224	0.213

	PROFIT/ (LOSS) BEFORE TAX	7.298	4.282	3.253

Less	TAX	2.403	1.418	1.058

	PROFIT/ (LOSS) AFTER TAX	4.895	2.864	2.195

	Earnings / (Loss) Per Share (INR)	6.53	29.00	220.00

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	NA	NA	NA
Net cash flow from operating activity	NA	NA	NA

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	147.53	80.92	74.92

Account Receivables Turnover (Income / Sundry Debtors)	2.47	4.51	4.87

Asset Turnover (Operating Income / Net Fixed Assets)	3.56	8.15	7.93

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.81	0.77	0.80

Debt Equity Ratio (Total Liability / Networth)	2.19	1.45	0.87

Current Liabilities to Networth (Current Liabilities / Net Worth)	4.33	3.30	4.00

Fixed Assets to Networth (Net Fixed Assets / Networth)	0.18	0.09	0.10

Interest Coverage Ratio (PBIT / Financial Charges)	2.67	3.16	9.56

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	2.75	2.58	2.56

Return on Total Assets ((PAT / Total Assets) * 100)	%	4.60	7.71	9.04

Return on Investment (ROI) ((PAT / Networth) * 100)	%	24.53	33.24	45.26

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.02	1.24	1.17

Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.02	1.24	1.17

G-Score Ratio Financial (Networth / Total Assets)	0.19	0.23	0.20

G-Score Ratio Debt (Debts / Equity Capital)	5.82	12.53	42.12

G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.02	1.24	1.17

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

FINANCIAL ANALYSIS

[all figures are 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	0.100	1.000	7.500
Reserves & Surplus	4.750	7.615	12.454
Net worth	4.850	8.615	19.954

long-term borrowings	0.000	0.000	0.000
Short term borrowings	4.212	12.534	43.639
Total borrowings	4.212	12.534	43.639
Debt/Equity ratio	0.868	1.455	2.187

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	85.584	110.871	178.104
		29.546	60.641

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	85.584	110.871	178.104
Profit	2.195	2.864	4.895
	2.56%	2.58%	2.75%

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	Yes
5	Buyer visit details	Yes
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)	No
16	No. of employees	Yes
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	Yes
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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

Unsecured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Short-term borrowings
Loans repayable on demand From Banks and Others
Karnataka Bank	0.000	4.221
Loan – Bajaj Finance Limited	1.843	2.500
Loan – Bajaj Finance Limited (2)	1.110	0.000
Loan – Capital First	1.486	0.000
Loan – Deutsche Bank	0.368	1.383
Loan – Fullerton	0.552	0.904
Loan – HDFC	0.631	1.119
Loan – Ratnakar Invest Limited	1.022	1.644
Loan – Religare Invest Limited	1.855	0.000
Loan – Tata Capital	1.145	0.000
Loans and advances from directors and their relatives	5.189	0.763

Total	15.201	12.534

PERFORMANCE OF THE COMPANY:

During the year ended 31^st March 2017, the revenue operation of the company was INR 178.104 Million as compared to last year from operations INR 110.870 Million. Profit before tax was INR 7.298 Million as compared to corresponding profit of INR 4.282 Million in previous year.

INDEX OF CHARGES:

Charges Registered
SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G57949281	100040733	IFCI FACTORS LIMITED	30/06/2016	13/10/2017	-	20000000.0	10th Floor, IFCI Tower,61, Nehru PlaceNew DelhiDe110019IN
2	G09564832	100044731	HDFC BANK LIMITED	30/06/2016	-	-	10000000.0	HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN
3	G35202712	10390519	THE KARNATAKA BANK LIMITED	26/11/2012	22/03/2016	16/01/2017	5800000.0	SANJAYNAGAR BRANCHSANJAYNAGARBANGALOREKA560094IN
4	C56693898	10480755	Bibby Financial Services (India) Private Limited	03/02/2014	-	04/06/2015	6000000.0	121, FIRST FLOORSECTOR - 44GURGAONHR122003IN

FIXED ASSETS

Furniture and Fixture
Computer
Office Equipment
Vehicles

OBSERVATION FORM

COMPANY NAME: FIDELIS CORPORATE SOLUTIONS PRIVATE LIMITED

ADDRESS: No. 39 II Floor Sai Prema, Krishnanagar Industrial Area, Dharmaram College Post, Hosur Road, Bangalore – 560029, Karnataka, India

MOB. NO.: 91-9742146622

PERSON TO WHOM WE MET: Mr. Bharat DESIGNATION: Assistant Manager

NAME BOARD: Sighted

LOCATION: Easy

LANDMARK (IF ANY): Christ College

TOTAL FLOORS OF THE BUILDING: Ground + 3 Floors

SUBJECT SITUATED ON 2^nd Floor

LOCALITY: Commercial

AREA OF PREMISES: 3500 (Sq.Ft.)

AREA: Upmarket

NO. OF EMPLOYEES SEEN AT PREMISES: Visited after office hours otherwise 45 employees

VISIBILITY OF ITEMS:

o Telephone

o Fax Machine

o Telex

o Computers

o Air Conditioner

o Xerox Machine

FURNITURE ITEMS SIGHTED: Yes, Good Condition

NEIGHBOUR’S INTERVIEW:

Name of company: Cokinetic Systems (I) Private Limited

PROOF OF VISIT: Photograph

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 64.99
UK Pound	1	INR 90.96
Euro	1	INR 79.51

INFORMATION DETAILS

Information Gathered by :	PNM

Analysis Done by :	PRA

Report Prepared by :	JYO

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	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.