MIRA INFORM REPORT

Report No. :	505724
Report Date :	25.04.2018

IDENTIFICATION DETAILS

Name :	NETWORK POLYMERS PRIVATE LIMITED
Registered Office :	27, Kewal Industrial Estate, S. Bapat Marg, Lower Parel, Mumbai-400011, Maharashtra
Mobile No.:	91-9820275407 (Ms. Piya Pradip Thakkar)
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	07.07.1989
Com. Reg. No.:	11-052507
Capital Investment / Paid-up Capital :	INR 9.790 Million
CIN No.: [Company Identification No.]	U24110MH1989PTC052507
IEC No.: [Import-Export Code No.]	Not Divulged
GSTN : [Goods & Service Tax Registration No.]	27AAACN1398P1ZV
TIN No.:	27630404140
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACN1398P
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged as manufacturer, exporter, supplier and importer of all kinds of synthetic resin and chemicals including polyester resin, fire retardant, PVA powder, polyurethane paints, fibre reinforcement products, etc. [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	Acceptable Risk	Business dealings permissible with moderate risk of default

Maximum Credit Limit :	USD 62300
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 1989 and it is engaged as manufacturer, exporter, supplier and importer of all kinds of synthetic resin and chemicals including polyester resin, fire retardant, PVA powder, polyurethane paints, fibre reinforcement products, etc. For the financial year 2017, the company has achieved top line growth in its revenue as compared to its previous year but has incurred loss during the year. Rating takes into consideration, the satisfactory financial risk profile marked by adequate net worth base and strong debt protection metrics. Rating continue to derive strength from its long and established track record of its business operation backed by its well-experienced management team. However, these rating strength gets partially offset by its continuous operational losses due to its presence in highly competitive industry. Payment seems to be slow but correct. In view of aforesaid, the company can be considered for business dealing 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

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 :	Ms. Piya Pradip Thakkar
Designation :	Additional Director
Contact No.:	91-9820275407
Date :	24.04.2018

LOCATIONS

Registered Office :	27, Kewal Industrial Estate, S. Bapat Marg, Lower Parel, Mumbai-400011, Maharashtra, India
Tel. No.:	91-22-24922039 / 40238805
Mobile No.:	91-9820275407 (Ms. Piya Pradip Thakkar)
Fax No.:	Not Available
E-Mail :	sushil_shah@frpacc.com anil_gandole@frpacc.com pradipthakkar@mechemco.com adityathakkar@mechemco.com
Factory :	N/80, M.I.D.C, Tarapur, District Palghar-401506, Maharashtra, India
Tel. No.:	91-2525-661129 / 273706

DIRECTORS

AS ON 31.03.2017

Name :	Mr. Aditya Pradip Thakkar
Designation :	Additional Director
Address :	170/6, Shiv Smruti, 24th Road, Sion (West), Mumbai-400022, Maharashtra, India
Date of Appointment :	01.08.2016
DIN No.:	07571817
Name :	Ms. Piya Pradip Thakkar
Designation :	Additional Director
Address :	170/6, Shiv Smruti, 24th Road, Sion (West), Mumbai-400022, Maharashtra, India
Date of Appointment :	01.08.2016
DIN No.:	07571818

MAJOR SHAREHOLDERS

AS ON 31.03.2017

Names of Shareholders	No. of Shares
Pradeep Thakkar	44000
Sushil Shah	36600
Sharad Sheth	18210
Mita Shah	2600
Ruchita Shah	5900
Saumil Shah	16900
Mirish Shah	17000
Kruti Sheth	22000
Tejal Shah	500
Miloni Shah	7000
Seema Thakkar	215857
Piya Thakkar	142458
Aditya Thakkar	144658
Gulabben Thakkar	1000
Baiju Thakkar	136400
Anagha Thakkar	105457
FRP Accessories, India	500
P A Joshi	6000
Pallavi Joshi	6000
Bharat Shah	2500
Rupa Shah	2500
S N Shah	2500
J N Shah	2500
Anandini Deolkar	40000
Total	979040

AS ON 30.09.2017

Equity Share Break up	Percentage
Category
Promoters - Individual/Hindu Undivided Family – Indian	93.62
Public/Other than promoters - Individual/Hindu Undivided Family – Indian	6.33
Public/Other than promoters - others	0.05
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged as manufacturer, exporter, supplier and importer of all kinds of synthetic resin and chemicals including polyester resin, fire retardant, PVA powder, polyurethane paints, fibre reinforcement products, etc. [Registered Activity]

Products / Services :

Item Code No. (ITC Code)	Product Description
32081090	Unsaturated Polyster Resin

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 :

Bank Name	Bank of Maharashtra
Branch	Shiv Smruti, 49-A, Dr. Annie Besant Road, Worli, Mumbai-401404, Maharashtra, India
Person Name (With Designation)	--
Contact 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 LOANS	31.03.2017 INR In Million	31.03.2016 INR In Million
SHORT TERM BORROWINGS
Bank of Maharashtra LC Discounting	14.932	13.507
Bank of Maharashtra-2600**	0.000	0.063
Amsons Steels Private Limited	5.088	5.088
Ashok C Shah(HUF)*	0.000	1.000
Ashutosh Biyani*	0.000	0.500
Bajaj Finance Limited	1.869	2.725
Everlast Composites Private Limited	1.772	2.000
Haren J Sheth*	0.000	0.165
Lalit Shah*	0.306	0.306
Manjula C Shah*	0.000	0.400
Parul V Sheth*	0.000	0.027
Saumil Shah*	0.000	0.185
Sharad J. Sheth(HUF)*	0.155	0.155
Sunil C Shah(HUF)*	0.250	0.250
Sushil C Shah(HUF)*	0.000	0.260
Vishal Sheth*	0.000	0.801
Mirish S Shah*	0.000	0.145
Total	24.372	27.577

Note:

* The above loans from shareholders and relatives of directors accepted prior 31.03.2014 and covered under circular no.05/2015 dated 30/03/2015.

** Short term secured loans are secured against stock and book debts of the company.

Auditors :
Name :	V.J. Shah and Company Chartered Accountants
Address :	401-406, 'K' Building, Walchand Hirachand, Ballard Estate, Mumbai-400001, Maharashtra, India
Tel. No.:	91-22-22666363/ 409666263
Fax No.:	91-22-22665955
E-Mail :	info@vjshahco.com
Website:	www.vjshahco.com
Income-tax PAN of auditor or auditor's firm :	AAAFV0230F
Memberships :	Not Available
Collaborators :	Not Available
Other related party:	Magnus Composites Synergies Private Limited FRP Accessories Composites Solution

CAPITAL STRUCTURE

AS ON 30.09.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	INR 10/- each	INR 15.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
979040	Equity Shares	INR 10/- each	INR 9.790 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	9.790	2.448	2.448
(b) Reserves & Surplus	12.032	12.163	14.582
(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)	21.822	14.611	17.030
(3) Non-Current Liabilities
(a) long-term borrowings	3.449	5.832	6.605
(b) Deferred tax liabilities (Net)	0.068	0.063	0.144
(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)	3.517	5.895	6.749
(4) Current Liabilities
(a) Short term borrowings	24.372	27.577	28.045
(b) Trade payables	75.173	44.129	88.017
(c) Other current liabilities	1.924	3.023	0.726
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	101.469	74.729	116.788
TOTAL	126.808	95.235	140.567
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.134	1.174	1.466
(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	7.767	7.340	8.374
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	8.901	8.514	9.840
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	18.032	2.481	19.340
(c) Trade receivables	84.617	65.771	110.464
(d) Cash and cash equivalents	1.978	0.732	0.545
(e) Short-term loans and advances	0.009	0.061	0.006
(f) Other current assets	13.271	17.676	0.372
Total Current Assets	117.907	86.721	130.727
TOTAL	126.808	95.235	140.567

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	151.445	66.369	243.826
	Other Income	0.940	1.565	0.451
	TOTAL	152.385	67.934	244.277
Less	EXPENSES
	Cost of Materials Consumed	132.283	57.218	232.750
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(2.899)	13.707	(8.973)
	Employees benefits expense	4.705	4.362	4.093
	Exceptional items	0.000	(12.558)	0.000
	Other expenses	15.592	4.671	12.531
	TOTAL	149.681	67.400	240.401
	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	2.704	0.534	3.876
Less	FINANCIAL EXPENSES	2.674	2.714	3.356
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	0.030	(2.180)	0.520
Less/ Add	DEPRECIATION/ AMORTISATION	0.156	0.321	0.206
	PROFIT/ (LOSS) BEFORE TAX	(0.126)	(2.501)	0.314
Less	TAX	0.005	(0.082)	(0.019)
	PROFIT/ (LOSS) AFTER TAX	(0.131)	(2.419)	0.333
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	12.163	14.582	14.249
	Balance Carried to the B/S	12.032	12.163	14.582
	Earnings / (Loss) Per Share (INR)	(0.35)	(9.88)	1.36

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	(0.497)	0.219	(3.468)
Net cash flow from operating activities	(0.497)	0.219	(3.469)

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365)	203.94	361.71	165.36
Account Receivables Turnover (Income / Sunday Debtors)	1.79	1.01	2.21
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	207.42	281.50	138.03
Inventory Turnover (Operating Income / Inventories)	0.15	0.22	0.20
Asset Turnover (Operating Income / Net Fixed Assets)	2.38	0.45	2.64

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.83	0.85	0.88
Debt Equity Ratio (Total Liability / Networth)	1.27	2.29	2.03
Current Liabilities to Networth (Current Liabilities / Net Worth)	4.65	5.11	6.86
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.05	0.08	0.09
Interest Coverage Ratio (PBIT / Financial Charges)	1.01	0.20	1.15

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin [(PAT / Sales) * 100]	%	(0.09)	(3.64)	0.14
Return on Total Assets ((PAT / Total Assets) * 100)	%	(0.10)	(2.54)	0.24
Return on Investment (ROI) ((PAT / Networth) * 100)	%	(0.60)	(16.56)	1.96

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.16	1.16	1.12
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.98	1.13	0.95
G-Score Ratio Financial (Networth / Total Assets)	0.17	0.15	0.12
G-Score Ratio Debt (Debts / Equity Capital)	2.84	13.65	14.15
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.16	1.16	1.12

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	2.448	2.448	9.790
Reserves & Surplus	14.582	12.163	12.032
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	17.030	14.611	21.822
Long-term borrowings	6.605	5.832	3.449
Short term borrowings	28.045	27.577	24.372
Current Maturities of Long term debt	0.000	0.000	0.000
Total borrowings	34.650	33.409	27.821
Debt/Equity ratio	2.035	2.287	1.275

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	243.826	66.369	151.445
		(72.780)	128.186

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	243.826	66.369	151.445
Profit / (Loss)	0.333	(2.419)	(0.131)
	0.14%	(3.64%)	(0.09%)

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	No
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	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
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: Registered office of the company has been shifted from 0-310, 3^rd Floor, Plot 12, Creative Industrial Estate, N M Joshi Marg, Sitaram Mill Compound, Lower Parel, Jacob Circle, Mumbai-400011, Maharashtra, India to the present address.

STATE OF COMPANY’S AFFAIRS AND FUTURE OUTLOOK

The revenue from operations for the Financial Year 2016-2017 at INR 152.385 Million recording increased over INR 67.934 Million in Financial Year 2015-16). The Profit / (Loss) after tax (PAT) for the financial year 2016-17 is INR 0.131 Million recording increase over Profit / (Loss) after tax of INR 2.419 Million in financial year 2015-16.

UNSECURED LOANS:

PARTICULAR	31.03.2017 INR In Million	31.03.2016 INR In Million
Long-term Borrowings
Additional CST Deferral Scheme	1.256	1.256
Additional ST Deferral Scheme	1.315	1.315
CST Payable Deferral Scheme	0.053	0.053
ST Payable Deferral Scheme	0.586	0.586
From Directors
Sharad Sheth	0.000	2.583
Piya P Thakkar	0.100	0.000
Aditya P Thakkar	0.100	0.000
From Others
Others	0.039	0.039
Total	3.449	5.832

INDEX OF CHARGE:

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G52271723	80002108	BANK OF MAHARASHTRA	31/08/2000	11/08/2017	-	20000000.0	Shiv Smruti, 49-A, Dr. Annie Besant Road, Worli, Mumbai-401404, Maharashtra, India
2	Y10317871	90215972	MAHARASHTRA STATE FINANCIAL CORPORATION	10/03/1993	-	-	3840000.0	New Excelsior Building, Amrit Keshav Nayak Marg, Mumbai-400001, Maharashtra, India
3	C62177209	90212430	Bank of India	10/12/1993	21/03/1997	27/07/2015	700000.0	Walkeshwar Branch, Mumbai-400006, Maharashtra, India
4	C62169693	90214663	Bank of India	18/03/1997	-	27/07/2015	1900000.0	Walkeshwar Branch, Mumbai-400006, Maharashtra, India
5	C62174743	90239201	Bank of India	18/03/1987	-	27/07/2015	1900000.0	Walkeshwar Branch, Mumbai-400006, Maharashtra, India

FIXED ASSETS:

• Land
• Building
• Plant and Machinery
• Furniture and Fixture
• Laboratory Equipment
• Fax Machine
• Electrical Installation
• Storage Water Tank
• Mobile Phone
• Air Conditioner
• Computer
• Printer
• 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 :	PRT
Analysis Done by :	NIS
Report Prepared by :	BHG

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.