MIRA INFORM REPORT

Report No. :	504817
Report Date :	25.04.2018

IDENTIFICATION DETAILS

Name :	ISPAT TRADERS (INDIA) PRIVATE LIMITED
Registered Office :	Narsinhji's Estate, Yamuna Mill Road, Pratapnagar, Vadodara – 390004, Gujarat
Tel. No.:	91-265-2580724
Country :	India
Financials (as on) :	31.03.2017 31.03.2018 [Provisional]
Date of Incorporation :	01.02.2008
Com. Reg. No.:	04-052787
Capital Investment / Paid-up Capital :	INR 3.734 Million
CIN No.: [Company Identification No.]	U52342GJ2008PTC052787
IEC No.: [Import-Export Code No.]	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	BRDI00586F
CST No.:	24691201917
GSTN : [Goods & Service Tax Registration No.]	24AABCI8210N1ZK
TIN No.:	24191201917
PAN No.: [Permanent Account No.]	AABCI8210N
Legal Form :	Private Limited Liability Company.
Line of Business :	Subject is engaged into the business of Trading of Iron and Steel. [Registered activity and also confirmed by management]
No. of Employees :	45 (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 but correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 2008. It is a trader of Iron and Steel Products. As per the provisional financials of FY 2018, the company has achieved decent revenue base along with an average profit margin of 1.50%. The satisfactory financial risk profile of the company is marked by sufficient net worth base along with low debt balance sheet profile. Payment seems to be 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	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 PARTED BY

Name :	Ms. Krupali Mehta
Designation :	Accountant
Contact No.:	91-265-2580724
Date :	20.04.2018

LOCATIONS

Registered Office / Godown / Corporate Office :	Narsinhji's Estate, Yamuna Mill Road, Pratapnagar, Vadodara – 390004, Gujarat, India
Tel. No.:	91-265-2580724 / 2580612
Fax No.:	Not Available
E-Mail :	info@ispattraders.com
Website :	http://www.ispattraders.com
Location :	Owned
Locality :	Industrial
Factory :	Plot No. 436, Behind Galaxy Hotel, Highway No. 8, Village Por, Dist. Vadodara – 391243, Gujarat, India

DIRECTORS

As on 31.03.2017

Name :

Mr. Jayantilal Chimanlal Shah

Designation :

Managing Director

Address :

5/6, White House, Opposite Yogi Sai Chokdi, Near Darbar Chokdi, Vadodara – 390011, Gujarat, India

Date of Birth/Age :

14.10.1945

Date of Appointment :

01.10.2008

DIN No.:

01929285

Name :

Mr. Ronakkumar Jayantilal Shah

Designation :

Managing Director

Address :

5/6, White House, Opposite Yogi Sai Chokdi, Near Darbar Chokdi, Vadodara – 390011, Gujarat, India

Date of Birth/Age :

19.12.1973

Date of Appointment :

01.10.2008

DIN No.:

01929309

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U28111GJ2015PTC084348	ISKO STRIP PRIVATE LIMITED	28/08/2015	-

Name :

Ms. Kusumben Jayantilal Shah

Designation :

Director

Address :

5/6, White House, Opposite Yogi Sai Chokdi, Near Darbar Chokdi, Vadodara – 390011, Gujarat, India

Date of Appointment :

25.03.2015

DIN No.:

06903280

Name :

Ms. Viralben Ronakkumar Shah

Designation :

Director

Address :

5/6, White House, Opposite Yogi Sai Chokdi, Near Darbar Chokdi, Vadodara – 390011, Gujarat, India

Date of Appointment :

25.03.2015

DIN No.:

06903290

Name :

Mr. Niraj Pankajkumar Shah

Designation :

Director

Address :

B-32, Swaminarayan Nagar, Harni Road, Vadodara – 390022, Gujarat, India

Date of Appointment :

22.09.2014

DIN No.:

06972326

Name :

Mr. Vishal Piyushkumar Shah

Designation :

Director

Address :

49, Shree Society, Opposite Jawahar Society, Pratap Nagar Road, Vadodara – 390022, Gujarat, India

Date of Appointment :

22.09.2014

DIN No.:

06972331

KEY EXECUTIVES

Name :	Ms. Krupali Mehta
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2017

Names of Shareholders	No. of Shares
Jayantilal Shah	124920
Ronakkumar Shah	248360
Rahul Shah	10
Hansaben Shah	10
Jagruti Umeshbhai Patel	10
Premraj Kashyap	10
Jayantilal Shah HUF	10
Ronak Shah HUF	10
Manjulaben Chandrakant Doshi	10
Smruti Jatin Doshi	10
Jatin Chandrakant Doshi	10
Bharat Mohanlal Shah	10
Neha Shah	10
Prajal Shah	10
Total	373400

Equity Share Break up (Percentage of Total Equity)

As on 26.08.2017

Category	Percentage
Promoter – (Individual/ Hindu Undivided Family – Indian)	99.97
Public – (Individual/ Hindu Undivided Family – Indian)	0.03
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged into the business of Trading of Iron and Steel. [Registered activity and also confirmed by management]
Products :	Flat Bar Angle Stainless Steel Steel Beam Steel TMT Bar Steel Channel
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Advance Payment, L/C, Cheque and Credit [90 days], NEFT, RTGS
Purchasing :	Advance Payment, L/C, Cheque and Credit [90 days], NEFT, RTGS

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 :

45 (Approximately)

Bankers :

Bank Name	ICICI Bank
Branch	Landmark Building, Race Course Circle, Alkapuri, Vadodara – 390007, Gujarat, India
Person Name (With Designation)	--
Contact Number	91-8000667777 [Customer Care Number]
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)	--

Facilities :

Secured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Short-term borrowings
Loans repayable on demand from ICICI Bank	45.004	40.542
Total	45.004	40.542

Auditors :
Name :	Parikh Shah Chotalia and Associates Chartered Accountants
Address :	A/11, Sahajanand Apartments, Tarang Society, Opposite Akota Stadium, Productivity Road, Vadodara – 390020, Gujarat, India
Tel. No.:	91-265-2335917,2335918
E-Mail :	contact@psca.in
Income-tax PAN of auditor or auditor's firm :	AADFR8971L
Memberships :	Not Available
Collaborators :	Not Available
Enterprise over which key management personnel and their relatives have significant influence:	Isko strip private Limited Indian financial services Indian light house V technologies

CAPITAL STRUCTURE

As on 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	INR 10/- each	INR 4.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
373400	Equity Shares	INR 10/- each	INR 3.734 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	3.734	3.734	3.734
(b) Reserves & Surplus	52.766	42.866	36.679
(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)	56.500	46.600	40.413
(3) Non-Current Liabilities
(a) long-term borrowings	35.700	24.700	15.700
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	35.700	24.700	15.700
(4) Current Liabilities
(a) Short term borrowings	59.139	65.374	83.439
(b) Trade payables	19.893	47.158	24.313
(c) Other current liabilities	6.966	3.003	7.719
(d) Short-term provisions	5.262	2.920	0.783
Total Current Liabilities (4)	91.260	118.455	116.254
TOTAL	183.460	189.755	172.367
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.778	0.801	1.253
(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	0.000	0.000	0.000
(e) Other Non-current assets	12.510	12.510	12.510
Total Non-Current Assets	13.288	13.311	13.763
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	5.733	8.705	5.302
(c) Trade receivables	138.155	142.094	126.589
(d) Cash and cash equivalents	20.495	20.340	25.305
(e) Short-term loans and advances	2.611	1.632	1.344
(f) Other current assets	3.178	3.673	0.064
Total Current Assets	170.172	176.444	158.604
TOTAL	183.460	189.755	172.367

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	768.867	721.545	723.689
	Other Income	1.808	2.375	5.192
	TOTAL	770.675	723.920	728.881
Less	EXPENSES
	Purchases of Stock-in-Trade	704.808	675.280	669.412
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	2.971	(3.402)	(0.934)
	Employees benefits expense	17.299	16.282	14.818
	Other expenses	7.983	7.153	11.413
	TOTAL	733.061	695.313	694.709
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	37.614	28.607	34.172
Less	FINANCIAL EXPENSES	22.161	19.094	23.176
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	15.453	9.513	10.996
Less	DEPRECIATION/ AMORTISATION	0.291	0.406	0.475
	PROFIT/ (LOSS) BEFORE TAX	15.162	9.107	10.521
Less	TAX	5.262	2.920	3.633
	PROFIT/ (LOSS) AFTER TAX	9.900	6.187	6.888
	Earnings / (Loss) Per Share (INR)	26.51	16.57	18.45

Particulars	31.03.2018
Sales Turnover (Approximately)	920.000

Expected Sales (2018-2019) : INR 1000.000 Million

The above information has been parted by Ms. Krupali Mehta (Accountant)

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	19.562	2.775	14.846
Net cash flow from operating activity	16.642	(0.075)	12.672

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	65.59	71.88	63.85
Account Receivables Turnover (Income / Sundry Debtors)	5.57	5.08	5.72
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	10.30	25.49	13.26
Inventory Turnover (Operating Income / Inventories)	6.56	3.29	6.45
Asset Turnover (Operating Income / Net Fixed Assets)	48.35	35.71	27.27

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.69	0.75	0.77
Debt Equity Ratio (Total Liability / Networth)	1.68	1.93	2.45
Current Liabilities to Networth (Current Liabilities / Net Worth)	1.62	2.54	2.88
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.01	0.02	0.03
Interest Coverage Ratio (PBIT / Financial Charges)	1.70	1.50	1.47

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	1.29	0.86	0.95
Return on Total Assets ((PAT / Total Assets) * 100)	%	5.40	3.26	4.00
Return on Investment (ROI) ((PAT / Networth) * 100)	%	17.52	13.28	17.04

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.86	1.49	1.36
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.80	1.42	1.32
G-Score Ratio Financial (Networth / Total Assets)	0.31	0.25	0.23
G-Score Ratio Debt (Debts / Equity Capital)	25.40	24.12	26.55
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.86	1.49	1.36

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	3.734	3.734	3.734
Reserves & Surplus	36.679	42.866	52.766
Net worth	40.413	46.600	56.500
long-term borrowings	15.700	24.700	35.700
Short term borrowings	83.439	65.374	59.139
Total borrowings	99.139	90.074	94.839
Debt/Equity ratio	2.453	1.933	1.679

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	723.689	721.545	768.867
		(0.296)	6.558

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	723.689	721.545	768.867
Profit	6.888	6.187	9.900
	0.95%	0.86%	1.29%

ABRIDGED BALANCE SHEET – (PROVISIONAL)

SOURCES OF FUNDS		31.03.2018
SHAREHOLDERS FUNDS
1] Share Capital		3.734
2] Share Application Money		0.000
3] Reserves & Surplus		52.766
4] (Accumulated Losses)		12.285
NETWORTH		68.785
LOAN FUNDS
1] Bank OD A/c		64.714
2] Unsecured Loans		54.503
TOTAL BORROWING		119.217
DEFERRED TAX LIABILITIES		0.000
TOTAL		188.002
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.196
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.212
	Sundry Debtors	184.479
	Cash & Bank Balances	0.538
	Other Current Assets	0.000
	Loans & Advances	32.666
Total Current Assets		224.895
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	35.548
	Other Current Liabilities	2.728
	Provisions	2.711
Total Current Liabilities		40.987
Net Current Assets		183.908
MISCELLANEOUS EXPENSES		(0.102)
TOTAL		188.002

PROFIT & LOSS ACCOUNT– (PROVISIONAL)

	PARTICULARS	31.03.2017
	SALES
	Income	816.249
	Other Income	2.068
	TOTAL	818.317
Less	EXPENSES
	Purchases of Stock-in-Trade	743.012
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(1.479)
	Other expenses	64.499
	TOTAL	806.032
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	12.285
Less	FINANCIAL EXPENSES	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	12.285
Less	DEPRECIATION/ AMORTISATION	0.000
	PROFIT/ (LOSS) BEFORE TAX	12.285
Less	TAX	0.000
	PROFIT/ (LOSS) AFTER TAX	12.285

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	--
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	Yes
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 four years	Yes
27	Reasons for variation <> 20%	--
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

UNSECURED LOAN

Unsecured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Loans and advances from directors	15.200	11.700
Loans and advances from directors relatives	20.500	13.000
Short-term borrowings
Loans and advances from related parties
From directors	2.132	15.785
From directors relatives	3.854	8.047
From shareholders	7.149	0.000
Intercorporate deposits	1.000	1.000
Total	49.835	49.532

INDEX OF CHARGES:

Charges Registered
SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	C33222290	10530615	ICICI Bank Ltd.	22/10/2014	-	-	100000000.0	9th Floor, JMC House,Opp. Parimal Garden, Ambawadi,AhmedabadGJ380006IN
2	C15475924	10513569	ICICI Bank Ltd.	05/08/2014	-	-	100000000.0	9th Floor, JMC House,Opp. Parimal Garden, AmbawadiAhmedabadGJ380006IN
3	C25124009	10219683	Union Bank of India	30/03/2010	19/06/2012	07/10/2014	70000000.0	Pratapnagar BranchDabhoi RoadBarodaGJ390004IN
4	C06366843	10355558	Union Bank of India	08/05/2012	-	06/06/2014	655000.0	Pratapnagar BranchDabhoi RoadVadodaraGJ390004IN
5	A85527331	10150565	ORIENTAL BANK OF COMMERCE	18/03/2009	-	20/04/2010	560000.0	SAYAJIGUNJ branchGR. FL., FORTUNE TOWER, VSE BUILDINGVADODARAGJ390005IN
6	A84526771	10113900	ORIENTAL BANK OF COMMERCE	27/06/2008	26/06/2009	16/04/2010	27500000.0	SAYAJIGUNJ BRANCHGR. FLOOR FORTUNE TOWER, VSE BUILDINGVADODARAGJ390005IN

FIXED ASSETS

• Furniture and Fixture
• Office Equipment
• Electrical Installation
• 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 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 66.36
UK Pound	1	INR 92.51
Euro	1	INR 81.05

INFORMATION DETAILS

Information Gathered by :	TEJ
Analysis Done by :	PRI
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.