MIRA INFORM REPORT

Report No. :	504028
Report Date :	19.04.2018

IDENTIFICATION DETAILS

Name :	VOESTALPINE VAE VKN INDIA PRIVATE LIMITED [w.e.f.18.08.2012]
Formerly Known As :	VAE VKN INDUSTRIES PRIVATE LIMITED [w.e.f. 22.09.2004] VEEKAYAN INDUSTRIES PRIVATE LIMITED
Registered Office :	24/5, Sri Ram Road, Civil Lines, Delhi - 110054
Tel. No.:	91-11-23965651
Country :	India
Financials (as on) :	31.03.2016
Date of Incorporation :	03.07.1997
Com. Reg. No.:	55-088339
Capital Investment / Paid-up Capital :	INR 382.944 Million
CIN No.: [Company Identification No.]	U28910DL1997PTC088339
IEC No.: [Import-Export Code No.]	Not Divulged
TIN No.:	Not Divulged
GSTN : [Goods & Service Tax Registration No.]	07AAACV3943J1Z6
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACV3943J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of CMS Castings, Switches, Manganese Steel Castings and Many More. [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 :

A

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

Maximum Credit Limit :	USD 1080000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of “Voestalpine VAE GmbH” based in Austria and it was incorporated in the year 1997. As per Registrar of Companies, the date of filling its financials is shown as a 31.03.2017 but documents related to the financial year 2017 are not available from any other sources. As per available financials of March 2016, the company has registered decline in its revenue and has reported losses. Rating takes into consideration the company’s established track record of business operations marked by sound capital base along with low solvency indicators and decent liquidity position. Rating also takes into account the strong financial and managerial support received from its holding entity. However, ratings strength is partially offset by continuous losses from its operations which led to negative reserves. Payments terms are slow but correct. In view of aforesaid, the company can be considered for 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

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	CRISIL
Rating	Long term rating = BBB
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	21.02.2018

Rating Agency Name	CRISIL
Rating	Short term rating = A3+
Rating Explanation	Moderate degree of safety and highest credit risk
Date	21.02.2018

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 19.04.2018

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 BY

Name :	Mr. Naren
Designation :	Sales Department
Contact No.:	91-11-23965651
Date :	14.04.2018

LOCATIONS

Registered Office :	24/5, Sri Ram Road, Civil Lines, Delhi - 110054, India
Tel. No.:	91-11-23965651
Fax No.:	91-11-23965653
E-Mail :	rkg@rakeshgulati.com
Website :	http://www.voestalpine.com
Factory:	42, Milestone, G.T. Road, Bahalgarh, Sonepat - 131021, Haryana, India
Tel. No.:	91-130-2381298/ 2380369
Fax No.:	91-130-2381698

DIRECTORS

AS ON: 31.03.2017

Name :

Mr. Naresh Kumar Aggarwal

Designation :

Managing Director

Address :

10-D, Under Hill Road, Civil Lines, Delhi - 110054, India

Date of Birth/Age :

13.01.1953

Qualification:

B.Com

Date of Appointment :

03.07.1997

PAN No.:

AADPA1997R

DIN No.:

00002073

Other Directorship :

CIN/FCRN	Company Name	Begin Date	End Date
U15137DL2008PTC172478	SMJ FOODS PRIVATE LIMITED	04/10/2008	-
U28991DL1982PTC076744	DIGVIJAY STEELS PRIVATE LIMITED	16/02/1982	-
U31102DL1984PTC019483	ACCUSTAMP PRIVATE LIMITED	30/08/1991	-
U74899DL1990PTC041868	DIGVIJAY SYSTEMS AND SERVICES PRIVATE LIMITED	01/04/2008	-
U74999TN2016NPL110455	LIONS CO-ORDINATION COMMITTEE OF INDIA ASSOCIATION	18/05/2016	-
U99999DL1996PTC080375	DIGVIJAY FINANCIAL SERVICES PRIVATE LIMITED	15/09/1996	-

Name :

Mr. Kapil Aggarwal

Designation :

Director

Address :

6-B, Raj Narayan Marg, Yamuna Road, Civil Lines, Delhi - 110054, India

Date of Birth/Age :

11.08.1974

Qualification:

Graduate

Date of Appointment :

09.09.2014

PAN No.:

AHSPA0997K

DIN No.:

00002077

Other Directorship :

CIN/FCRN	Company Name	Begin Date	End Date
U28991DL1982PTC076744	DIGVIJAY STEELS PRIVATE LIMITED	01/10/2004	-
U28991DL1991PTC050042	STAR TRACK FASTENERS PRIVATE LIMITED	01/11/2001	-
U74899DL1990PTC041868	DIGVIJAY SYSTEMS AND SERVICES PRIVATE LIMITED	04/02/2009	-

Name :

Mr. Vikas Aggarwal

Designation :

Director

Address :

6-B, Raj Narain Marg Civil Lines, Yamuna Marg, Delhi - 110054, India

Date of Birth/Age :

19.06.1971

Qualification:

B Sc

Date of Appointment :

01.07.2002

PAN No.:

AAUPA6304R

DIN No.:

00008282

Other Directorship :

CIN/FCRN	Company Name	Begin Date	End Date
U28991DL1991PTC050042	STAR TRACK FASTENERS PRIVATE LIMITED	01/04/1998	-
U74899DL1990PTC041868	DIGVIJAY SYSTEMS AND SERVICES PRIVATE LIMITED	01/01/2001	-

Name :

Mr. Urtsa Errazti

Designation :

Director

Address :

C-Galmaka 4 12, Llodio, Alava, Basque Llodio 01400 Es

Date of Appointment :

02.08.2004

DIN No.:

00325276

Name :

Mr. Christian Mitsche

Designation :

Director

Address :

C-18, Anand Niketan, Delhi - 11002, India

Date of Birth/Age :

03.07.1967

Qualification:

Graduate

Date of Appointment :

24.09.2013

DIN No.:

06798084

Name :

Mr. Anthony James Watson

Designation :

K-109, G.F. Hauz Khas Enclave, New Delhi - 110016, India

Address :

Director

Date of Appointment :

17.06.2016

DIN No.:

07612876

Name :

Schriefl Wolfgang

Designation :

Additional Director

Address :

A-8741, Weisskirchen, Erzherzod Johann Gasse15 Weisskirchen 008741 At

Date of Appointment :

21.09.2017

DIN No.:

07938655

KEY EXECUTIVES

Name :	Mrs. Lalita Jindal
Designation :	Company Secretary
Address :	10 A Prem Nagar Atlas Road, Model Town, Sonepat - 131001, Haryana, India
Date of Appointment :	11.04.2006
PAN No.:	AFAPJ7238L
Name :	Mr. Naren
Designation :	Sales Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 31.03.2016

Names of Shareholders	No. of Shares	% age holding
JEZ Sistemas Ferroviarios SL, Spain	2297705	6.00
Rama Rani Goel	1237260	3.23
Manmohan Sarup Aggarwal	3347804	8.74
Naresh Aggarwal	3347804	8.74
Rakesh Aggarwal	1364616	3.56
Digvijay Financial Services Private Limited	1356800	3.54
Navita Aggarwal	2906158	7.59
Kavita Aggarwal	2906159	7.59
Voestalpine VAE GmbH, Austria	19530128	51.00
Total	38294434	100.00

AS ON: 30.09.2016

Equity Share Breakup	Percentage of Holding
Category
Promoters (Individual/Hindu Undivided Family - Indian)	8.74
Public/Other than promoters (Individual/Hindu Undivided Family - Indian)	91.26
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of CMS Castings, Switches, Manganese Steel Castings and Many More. [Registered Activity]

Products :

ITC Code No.	Product Descriptions
73023000	Switch Blades, Crossing Frogs, Point Rods and Other Crossing Pieces

Brand Names :

Not Available

Agencies Held :

Not Available

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):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

Customers :

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

No. of Employees :

Not Divulged

Bankers :

· ICICI Bank Limited

· State Bank of India

Facilities :

SECURED LOANS	31.03.2016 (INR In Million)	31.03.2015 (INR In Million)
LONG-TERM BORROWINGS
Term loans from banks	4.922	0.000
Rupee term loans from banks	0.000	0.637
Total	4.922	0.637

Auditors :
Name :	R K Gulati and Associates Chartered Accountants
Address :	304 , B.D Chambers, 10/54 Desh Bandhu Gupta Road , Karol Bagh New Delhi--110005, India
Income-tax PAN of auditor or auditor's firm :	AAHFR1484J
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AFTER 30.09.2016

Authorised Capital : INR 800.000 Million

Issued, Subscribed & Paid-up Capital : INR 613.869 Million

AS ON: 31.03.2016

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	INR 10/- each	INR 500.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
38294434	Equity Shares	INR 10/- each	INR 382.944 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2016	31.03.2015	31.03.2014
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	382.944	243.123	243.123
(b) Reserves & Surplus	(3.769)	44.505	95.055
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	13.000	0.000
Total Shareholders’ Funds (1) + (2)	379.175	300.628	338.178
(3) Non-Current Liabilities
(a) Long-term borrowings	35.781	0.637	1.374
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	249.635
(d) long-term provisions	12.165	10.718	8.645
Total Non-current Liabilities (3)	47.946	11.355	259.654
(4) Current Liabilities
(a) Short term borrowings	215.631	340.615	299.883
(b) Trade payables	531.932	395.839	0.000
(c) Other current liabilities	158.529	40.696	43.342
(d) Short-term provisions	20.313	26.899	7.745
Total Current Liabilities (4)	926.405	804.049	350.970
TOTAL	1353.526	1116.032	948.802
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	271.141	223.836	217.606
(ii) Intangible Assets	0.004	0.119	0.235
(iii) Capital work-in-progress	66.130	86.411	25.319
(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)	122.628	39.638	15.480
(d) Long-term Loan and Advances	54.874	18.187	17.147
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	514.777	368.191	275.787
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	548.472	396.340	355.876
(c) Trade receivables	131.918	166.353	254.919
(d) Cash and cash equivalents	44.417	82.680	1.262
(e) Short-term loans and advances	109.498	98.404	56.433
(f) Other current assets	4.444	4.064	4.525
Total Current Assets	838.749	747.841	673.015
TOTAL	1353.526	1116.032	948.802

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2016	31.03.2015	31.03.2014
	SALES
		Revenue from Operations	608.651	1019.378	822.801
		Other Income	5.777	2.197	1.416
		TOTAL	614.428	1021.575	824.217
Less	EXPENSES
		Cost of Materials Consumed	494.470	723.647	548.071
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(71.528)	(44.257)	(26.239)
		Employees benefits expense	123.307	129.806	97.223
		Exceptional items	0.000	0.000	0.010
		Other expenses	266.081	221.546	188.647
		TOTAL	812.330	1030.742	807.712
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		(197.902)	(9.167)	16.505
Less	FINANCIAL EXPENSES		18.720	26.701	16.794
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(216.622)	(35.868)	(0.289)
Less/ Add	DEPRECIATION/ AMORTISATION		40.900	38.820	30.185
	PROFIT/(LOSS) BEFORE TAX		(257.522)	(74.688)	(30.474)
Less	TAX		(82.989)	(24.138)	(9.014)
	PROFIT/(LOSS) AFTER TAX		(174.533)	(50.550)	(21.460)
	EARNINGS IN FOREIGN CURRENCY
		FOB value of manufactured goods exported	125.307	479.811	238.856
	IMPORTS
		Raw Materials	33.960	32.748	18.043
		Stores & Spares	141.453	226.916	198.086
		Capital Goods	38.805	10.896	14.503
	TOTAL IMPORTS		214.218	270.560	230.632
	Earnings/(Loss) Per Share (INR)		(7.18)	(2.08)	(0.88)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Current Maturities of Long term debt	2.171	1.178	0.842
Net cash flows from (used in) operations	(109.887)	167.822	(52.449)
Net cash flows from (used in) operating activities	(139.466)	133.374	(52.451)

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Average Collection Days (Sundry Debtors / Income * 365 Days)	79.11	59.56	113.08
Account Receivables Turnover (Income / Sundry Debtors)	4.61	6.13	3.23
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	392.65	199.66	0.00
Inventory Turnover (Operating Income / Inventories)	(0.36)	(0.02)	0.05
Asset Turnover (Operating Income / Net Fixed Assets)	(0.59)	(0.03)	0.07

LEVERAGE RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.71	0.72	0.37
Debt Equity Ratio (Total Liability / Networth)	0.67	1.14	0.89
Current Liabilities to Networth (Current Liabilities / Net Worth)	2.44	2.67	1.04
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.89	1.03	0.72
Interest Coverage Ratio (PBIT / Financial Charges)	-10.57	-0.34	0.98

PROFITABILITY RATIOS

PARTICULARS		31.03.2016	31.03.2015	31.03.2014
Net Profit Margin ((PAT / Sales) * 100)	%	(28.68)	(4.96)	(2.61)
Return on Total Assets ((PAT / Total Assets) * 100)	%	(12.89)	(4.53)	(2.26)
Return on Investment (ROI) ((PAT / Networth) * 100)	%	(46.03)	(16.81)	(6.35)

SOLVENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Current Ratio (Current Assets / Current Liabilities)	0.91	0.93	1.92
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.31	0.44	0.90
G-Score Ratio Financial (Networth / Total Assets)	0.28	0.27	0.36
G-Score Ratio Debt (Debts / Equity Capital)	0.66	1.41	1.24
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	0.91	0.93	1.92

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	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Share Capital	243.123	243.123	382.944
Reserves & Surplus	95.055	44.505	-3.769
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	13.000	0.000
Net worth	338.178	300.628	379.175
long-term borrowings	1.374	0.637	35.781
Short term borrowings	299.883	340.615	215.631
Current Maturities of Long term debt	0.842	1.178	2.171
Total borrowings	302.099	342.430	253.583
Debt/Equity ratio	0.893	1.139	0.669

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Sales	822.801	1019.378	608.651
		23.891	(40.292)

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Sales	822.801	1019.378	608.651
Profit/(Loss)	(21.460)	(50.550)	(174.533)
	(2.61%)	(4.96%)	(28.68%)

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	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	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	No
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

SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	DATE OF SATISFACTION	AMOUNT	ADDRESS
1	G75271171	10489641	ICICI BANK LIMITED	18/03/2014	11/11/2017	-	645000000.0	ICICI BANK TOWER, NEAR CHAKLI CIRCLE,OLD PADRA ROADVADODARAGU390007IN
2	C08140253	90036339	STATE BANK OF INDIA	22/01/2001	-	26/06/2014	9000000.0	BATALABATALAPBIN
3	C07969967	90036829	STATE BANK OF INDIA	20/10/2001	-	26/06/2014	22500000.0	BATALAKAROL BAGHBATALAPBIN

UNSECURED LOANS

PARTICULARS	31.03.2016 (INR In Million)	31.03.2015 (INR In Million)
LONG-TERM BORROWINGS
Loans and advances from directors	30.859	0.000
SHORT TERM BORROWINGS
Working capital loans from banks	215.631	340.615
Total	246.490	340.615

CHANGE OF ADDRESS:

Registered address of the company has been shifted from 8/2- A/3, Jamna Road, Civil Lines, Delhi - 110054, India to the present address w.e.f. 07.02.2008

FIXED ASSETS:

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer equipment’s

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 65.68
UK Pound	1	INR 93.98
Euro	1	INR 81.30

INFORMATION DETAILS

Information Gathered by :	SHK
Analysis Done by :	VIK
Report Prepared by :	ARC

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	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)

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.