MIRA INFORM REPORT

Report No. :	505060
Report Date :	25.04.2018

IDENTIFICATION DETAILS

Name :	CRANE PROCESS FLOW TECHNOLOGIES (INDIA) PRIVATE LIMITED (w.e.f. 06.08.2014)
Formerly Known As :	CRANE PROCESS FLOW TECHNOLOGIES (INDIA) LIMITED SAUNDERS VALVES (INDIA) LIMITED
Registered Office :	"Solitaire", 5^th and 6^th Floor, Plot No.1 and 2, S. No.131/1 and 2, ITI Road, Aundh, Pune – 411007, Maharashtra
Tel. No.:	91-20-71207120 / 67210800
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	04.05.1990
Com. Reg. No.:	11-056417
Capital Investment / Paid-up Capital :	INR 95.000 Million
CIN No.: [Company Identification No.]	U29120PN1990PTC056417
IEC No.: [Import-Export Code No.]	0390010693
GSTIN : [Goods & Service Tax Registration No.]	27AABCA4702H1Z2
TIN No :	27790000338
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AABCA4702H
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in Manufacturing of Industrial Valves namely Diaphragm Valves, Butterfly Valves, Actuators and Spares for Valves. [Registered Activity]
No. of Employees :	Information denied by the management

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+	Low Risk	Business dealings permissible with low risk of default

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of “Crane Process Flow Technologies Limited, UK” and was incorporated in the year 1990. It is having good track. For the financial year 2017, the company has increased in its revenue from operation as compared to previous year and maintained decent profit margin of 12.60%. Rating takes into consideration sound financial profile of the company marked by healthy networth base along with debt free balance sheet. Further, the company also derives strength from its strong holding company support, well established track records of business operation and improvement in the revenue as well as profitability profile during the year. Trade relations are fair. Payments terms are seems to be regular. In view of aforesaid, the company can be considered good for normal 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 25.04.2018

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 DENIED BY

Name :	Mr. Manish
Designation :	Finance Department
Contact No.:	91-20-71207120
Date :	23.04.2018

LOCATIONS

Registered Office/ Head Office :	"Solitaire", 5^th and 6^th Floor, Plot No.1 and 2, S. No.131/1 and 2, ITI Road, Aundh, Pune – 411007, Maharashtra, India
Tel. No. :	91-20-71207120 / 67210800
Mobile No.:	91-8007773198 (Mr. Venkatesh Galgali)
Fax No. :	91-20-71207177
E-Mail :	avinash.chandavale@craneflow.com linida@cranecpe.com
Website :	http://www.cranecpe.com
Factory :	E7, E8/2, M.I.D.C., Satara – 415004, Maharashtra, India
Tel. No.:	91-2162-244417/ 244486
Fax No.:	91-2162-245126
Branch Office :	401-B, 4^th Floor, Filix-CTS No.216B/216C, Opposite Asian Paints, LBS Marg, Bhandup, Mumbai, Maharashtra, India
Branch Office :	Also Located at: · Vadodara · Bangalore · Chandigarh · Chennai · New Delhi · Kolkata · Orissa · Mumbai · Hyderabad

DIRECTORS

As on 31.03.2018

Name :

Mr. Harikrishna Jinga

Designation :

Managing Director

Address :

59, Bryce Branch Cir, The Woodlands, Texas - 77382, United States of America

Date of Appointment :

20.01.2015

DIN No.:

07074503

Other Directorship :

CIN/FCRN	Company Name	Begin Date	End Date
U74999PN2017FTC172603	CRANE VALVES INDIA PRIVATE LIMITED	19/09/2017	-

Name :

Mr. Andrew Powell

Designation :

Director

Address :

33 Penrhos, Radyr, Cardiff, CF158RJ, United Kingdom

Date of Birth/Age :

11.03.1975

Date of Appointment :

05.12.2011

DIN No.:

05137160

Name :

Mr. Mandar Sudhakar Paranjape

Designation :

Director

Address :

Flat No. 3A/6, Mrudung Nadbrahma, S No 127 (P) and 128, Warje, Pune - 411052, Maharashtra, India

Date of Birth/Age :

06.04.1973

Qualification :

Post Graduate/ Master/ Equivalent

Date of Appointment :

11.12.2014

DIN No.:

07035013

Name :

Mr. Frederick Devon Sharp

Designation :

Director

Address :

24, Rolleston, Dr. Greenville SC 296156736 United States

Date of Birth/Age :

28.08.1969

Date of Appointment :

29.04.2016

DIN No.:

07490703

KEY EXECUTIVES

Name :	Mr. Manish
Designation :	Finance Department
Name :	Ritesh Toshniwal
Designation :	Company Secretary
Name :	SKO Associates
Designation :	Company Secretary

MAJOR SHAREHOLDERS

As on 31.03.2017

Names of Shareholders	No. of Shares
Crane Process Flow Technologies Limited, United Kingdom	7030000
Crane Limited, United Kingdom	2470000
Total	9500000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2017

Category	Percentage
Promoters (Body corporate)	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in manufacturing of Industrial Valves namely Diaphragm Valves, Butterfly Valves, Actuators and Spares for Valves. [Registered Activity]

Products / Services :

Item Code No.	Product Description
84818030	Industrial Valve

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 :

Information denied by the management

Bankers :

Banker Name :	Not Divulged
Branch :	Not Divulged
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 :	Deloitte Haskins and Sells LLP Chartered Accountants
Address :	Indiabulls Finance Centre, 32^nd Floor, Tower 3, Senapati Bapat Marg, Elphinstone Mill Compound, Elphinstone (West), Mumbai – 400013, Maharashtra, India
PAN No.:	AACFD4815A
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	Crane Process Flow Technologies Limited, United Kingdom
Ultimate Holding Company :	Crane Company, United States of America
Fellow Subsidiary :	Crane Process Flow Technologies GmbH, Germany (Crane - Germany) Crane Process Flow Technologies, S.r.l., Italy (Crane, Italy) Crane Process Flow Technologies, S.P.R.L., Belgium, (Crane, Belgium) MCC Holdings Inc (Crane Energy Flow Solutions) Crane Resistoflex GMBH Xomox International GMBH and Company Xomox Chihuahua S.A. DE C.V Xomox Corporation MCC Holdings Inc (Division - Pacific Valves) MCC Holdings Inc (Division - Flowseal) Barksdale GmbH ELDEC Corporation (Crane Aerospace) Crane Australia Pty Limited (Crane - Australia) Crane International Trading (Beijing) Company Limited (Crane - China) Crane Ningjin Valve Company Limited Crane Limited (Crane Building Services and Utilities) Barksdale Inc. Crane Pumps and Systems, Inc. Crane Nuclear Inc. Crane Aerospace Inc. (Crane Aerospace and Electronics) Crane Canada Company (Division - Cash Code) Xomox Japan Limited Xomox Korea Limited Crane (Asia Pacific) Pte Limited P.T. Crane Indonesia Xomox Hungary Kft. Crane Limited (Division - Viking Johnson) MCC Holdings Inc (Resistoflex) Flow Technologies, Inc Friedrich Krombach GmbH Armaturanwerke Crane Stockham Valve Limited Crane Canada Company (Division - Crane Supply) Crane Environmental Inc Hydro Aire Inc (Crane Aerospace) Crane Electronics, Inc. Crane Composites, Inc Crane Merchandising Systems Limited National Rejectors, Inc. Gmbh Money Controls UK Limited Crane Fluid Systems Crane Middle East FZE Crane Payment Innovations Inc.

CAPITAL STRUCTURE

As on 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
9500000	Equity Shares	INR 10/- each	INR 95.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9500000	Equity Shares	INR 10/- each	INR 95.000 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	95.000	95.000	95.000
(b) Reserves and Surplus	918.479	769.297	621.208
(c) Money received against share warrants	0.000	0.000	0.000
(d) Minority interest	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1013.479	864.297	716.208
(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	19.244	16.174	16.406
Total Non-current Liabilities (3)	19.244	16.174	16.406
(4) Current Liabilities
(a) Short-term borrowings	0.000	0.000	0.000
(b) Trade payables	245.822	197.697	161.236
(c) Other current liabilities	30.363	25.241	14.150
(d) Short-term provisions	26.826	20.081	6.288
Total Current Liabilities (4)	303.011	243.019	181.674
TOTAL	1335.734	1123.490	914.288
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	79.028	72.178	79.916
(ii) Intangible Assets	3.784	5.678	6.233
(iii) Tangible assets capital work-in-progress	50.278	12.699	7.001
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.005	0.005	0.005
(c) Deferred tax assets (net)	11.922	9.913	6.718
(d) Long-term loans and advances	39.338	40.436	40.483
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	184.355	140.909	140.356
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	183.778	115.089	129.360
(c) Trade receivables	292.339	272.521	185.068
(d) Cash and bank balances	575.290	516.287	395.184
(e) Short-term loans and advances	61.882	51.441	48.272
(f) Other current assets	38.090	27.243	16.048
Total Current Assets	1151.379	982.581	773.932
TOTAL	1335.734	1123.490	914.288

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Total Revenue from operations	1184.206	1115.800	1165.803
	Other Income	43.104	42.593	31.718
	TOTAL	1227.310	1158.393	1197.521
Less	EXPENSES
	Cost of Materials Consumed	523.910	496.387	558.375
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(30.716)	(4.899)	(4.377)
	Employee benefit expense	240.731	198.330	231.907
	Other expenses	226.992	210.665	252.831
	TOTAL	960.917	900.483	1038.736
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	266.393	257.910	158.785
Less	FINANCIAL EXPENSES	2.771	5.002	0.281
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	263.622	252.908	158.504
Less	DEPRECIATION/ AMORTISATION	21.496	28.277	18.251
	PROFIT/ (LOSS) BEFORE TAX	242.126	224.631	140.253
Less	TAX	92.943	76.543	48.396
	PROFIT/ (LOSS) AFTER TAX	149.183	148.088	91.857
	IMPORTS
	Raw Materials	0.000	0.000	142.642
	TOTAL IMPORTS	0.000	0.000	142.642
	Earnings / (Loss) Per Share (INR)	15.703	15.588	9.669

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 flows from (used in) operations	159.934	188.754	24.006
Net cash flows from (used in) operating activity	69.113	120.498	(31.163)

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	90.11	89.15	57.94
Account Receivables Turnover (Income / Sundry Debtors)	4.05	4.09	6.30
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	171.26	145.37	105.40
Inventory Turnover (Operating Income / Inventories)	1.45	2.24	1.23
Asset Turnover (Operating Income / Net Fixed Assets)	2.00	2.85	1.70

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.23	0.22	0.20
Debt Equity Ratio (Total Liability / Networth)	0.00	0.00	0.00
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.30	0.28	0.25
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.13	0.10	0.13
Interest Coverage Ratio (PBIT / Financial Charges)	96.14	51.56	565.07

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	12.60	13.27	7.88
Return on Total Assets ((PAT / Total Assets) * 100)	%	11.17	13.18	10.05
Return on Investment (ROI) ((PAT / Networth) * 100)	%	14.72	17.13	12.83

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	3.80	4.04	4.26
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	3.19	3.57	3.55
G-Score Ratio Financial (Networth / Total Assets)	0.76	0.77	0.78
G-Score Ratio Debt (Debts / Equity Capital)	0.00	0.00	0.00
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	3.80	4.04	4.26

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	95.000	95.000	95.000
Reserves & Surplus	621.208	769.297	918.479
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	716.208	864.297	1013.479
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	1165.803	1115.800	1184.206
		(4.289)	6.131

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	1165.803	1115.800	1184.206
Profit	91.857	148.088	149.183
	7.88 %	13.27 %	12.60 %

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)	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

Note: The registered office of the company has been shifted from 9^th Floor, Amar Avinash Corporate Plaza, Near Inox Multiplex, Bund Garden Road, Pune – 411001, Maharashtra, India to the present address w.e.f. 12.03.2012.

COMPANY BACKGROUND:

The Company was incorporated in 1990. The Company has put up its manufacturing facility at MIDC, Satara near Pune, India. The Company is an ISO 9001 Company and engaged in manufacturing of wide range of quality Industrial Valves namely Diaphragm Valves, Butterfly Valves, Actuators and Spares for Valves. These products finds application in different segments of industries such as Chemicals, Fertilizers, Petrochemicals, Paper, Sugar, Pharmaceuticals, Paints, Water Treatment, etc.

STATE OF THE COMPANY’S AFFAIRS:

In the financial year 2016-17, the Company achieved a revenue from operations of INR 1184.206 million from its operations and has recorded a profit of INR 149.183 million after tax as compared to previous year’s profit of INR 148.088 Million. The Directors are confident of getting more business in the year. Company will also focus in other segments which will support to boost the business growth and increase the turnover and the Shareholders value in the coming years.

INDEX OF CHARGES

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	C16333718	90083977	ANZ GRINDLAYS BANK PLC.	16/06/1993	06/09/1996	06/08/2014	1000000.0	90; M.G. ROADPOST BOX 141; FORT, BOMBAY-400001IN
2	C14515548	90083861	BANK OF MAHARASHTRA	20/04/1992	03/01/2005	22/07/2014	4300000.0	KHUDAMURAD BUILDING, SACHAPIR ROAD; CAMP, PUNE-411001IN
3	C14515357	90089999	BANK OF MAHARASHTRA	02/08/1994	22/12/1995	18/07/2014	2500000.0	INDUSRTRIAL FINANCE BRANCH, PUNE-411005IN
4	C14515910	90084153	BANK OF MAHARASHTRA	02/08/1994	22/12/1995	18/07/2014	9500000.0	INDUSRTRIAL FINANCE BRANCH, PUNE-411005IN

CONTINGENT LIABILITIES:

(INR in Million)

PARTICULARS	31.03.2017	31.03.2016
Claims against company not acknowledged as debt	14.043	13.311

FIXED ASSETS

• Land
• Plant and Machinery
• Office equipment
• Furniture and Fixture
• Leasehold improvements
• Computer
• Vehicles

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 66.02
UK Pound	1	INR 92.73
Euro	1	INR 81.46

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	PSD
Report Prepared by :	TRUP

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.