MIRA INFORM REPORT

3decades

MIRA INFORM REPORT

Report No. :	489427
Report Date :	02.02.2018

IDENTIFICATION DETAILS

Name :	GRI POWERGEAR TOWERS INDIA PRIVATE LIMITED (w.e.f. 29.04.2017)

Formerly Known As :	GESTAMP POWERGEAR WINDSTEEL PRIVATE LIMITED

Registered Office :	Gat No. 355, A/P Majale, Hatkanagale Taluka, Kolhapur – 416109, Maharashtra
Contact No.:	91-9011039928 (Mr. Padmaker)

Country :	India

Financials (as on) :	31.03.2017

Date of Incorporation :	30.05.2011

Com. Reg. No.:	11-157080

Capital Investment / Paid-up Capital :	INR 1022.374 Million

CIN No.: [Company Identification No.]	U74990PN2011PTC157080

IEC No.:	Not Divulged

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

PAN No.: [Permanent Account No.]	AAECG3817E

GSTIN/UIN :	Not Divulged

Legal Form :	Private Limited Liability Company

Line of Business :	The Company intends to be engaged in business of construction, manufacturing and delivery of wind towers as well as other steel parts of Wind Turbine Generator (WTG). (Registered Activity) Manufacturer of wind mill tower and importer of raw materials. (Confirmed by management)

No. of Employees :	Information declined by the management

RATING & COMMENTS

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

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Status :	Moderate

Payment Behaviour :	Unknown

Litigation :	Clear

Comments :	Subject was incorporated in the year 2011. It is a manufacturer of wind mill tower and importer of raw materials. For the financial year 2017, the company has not earned revenue from its operations and has incurred operational loss. The moderate financial risk profile of the company is marked by negative reserve base. Rating takes into consideration the subject’s debt free balance sheet profile. No payment terms are known. In view of aforesaid, the company can be considered for business dealings with some caution. Note: Mr. Dada Patil (Finance Manager) has claimed that “Shrenik Industries” was established as a partnership firm in the year 2002 and later it got converted into private limited company with the name of “Shrenik Industries Private Limited”. “Gestamp Powergear Windsteel Private Limited” was incorporated in the year 2011. In the year 2012, “Gestamp Powergear Windsteel Private Limited” took over “Shrenik Industries Private Limited” after which, “Shrenik Industries Private Limited” became a wholly-owned subsidiary of “Gestamp Powergear Windsteel Private Limited”. Later, in 2015, “Shrenik Industries Private Limited” got merged with “Gestamp Powergear Windsteel Private Limited”. On 1st April 2017, the company changed its name from “Gestamp Powergear Windsteel Private Limited” to “GRI Power Towers India Private Limited”. Further, the company commenced its business activities in February 2018.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2016.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 02.02.2018

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. Padmakar
Designation :	Not Divulged
Contact No.:	91-9011039928
Date :	31.01.2018

LOCATIONS

Registered Office :	Gat No. 355, A/P Majale, Hatkanagale Taluka, Kolhapur – 416109, Maharashtra, India
Tel. No.:	Not Available
Mobile No.:	91-9011039928 (Mr. Padmaker)
Fax No.:	Not Available
E-Mail :	dayanand.khire@gri.com.es

DIRECTORS

As on 31.03.2017

Name :	Mr. Durairaj Xavier
Designation :	Director
Address :	Old No.110, New No.12, Ae-Block, 10th Main Road, Annanagar, Chennai – 600040, Tamilnadu, India
Date of Birth/Age :	19.04.1948
Qualification :	B. E. (Electrical)
Date of Appointment :	30.05.2011
DIN No.:	00514197

Name :	Mr. Rajesh Xavier Durairaj
Designation :	Director
Address :	Old No: 40, New No: 09 'S' Block, 21st Street, Anna Nagar, Chennai – 600040, Tamilnadu, India
Date of Birth/Age :	03.06.1981
Qualification :	B. E., MS (Electricals)
Date of Appointment :	04.07.2011
DIN No.:	01774431

Name :	Juan Maria Riberas Mera
Designation :	Director
Address :	Prolongacion De Embajadores Madrid 28053 ES
Date of Birth/Age :	06.10.1968
Qualification :	Economist
Date of Appointment :	04.07.2011
DIN No.:	02146671

Name :	Javier Ignacio Imaz Rubalcaba
Designation :	Director
Address :	Olaberria, Guipuzcoa Zugazarte 1 Madrid 28391 ES
Date of Birth/Age :	17.07.1964
Qualification :	Lawyer
Date of Appointment :	30.05.2011
DIN No.:	03496668

Name :	Mr. Mario Ruiz Escribano
Designation :	Director
Address :	C/ Ventura Rodriguez 014, Chalet 12, 28660 Boadilla Del Monte Madrid 000000 ES
Date of Birth/Age :	14.01.1963
Qualification :	Lawyer
Date of Appointment :	04.07.2011
DIN No.:	03546498

KEY EXECUTIVES

Name :	Mr. Onkar Shrikant Date
Designation :	Company Secretary
Address :	3/713, Date Wada, Gaon Bhag, Ichalkaranji – 416115, Maharashtra, India
Date of Appointment :	26.04.2016
PAN No.:	ALHPD8163B

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2017

Names of Shareholders		No. of Shares
Powergear Limited, India		13246306
Gonvaeolic S L, Spain		88991066
Xavier Swamy Naidu Durairaj		1
Total		102237373

Equity Share Break up (Percentage of Total Equity)

As on 28.07.2017

Category	Percentage
Promoters (Individual/Hindu Undivided Family-Indian)	0.00000098
Promoters (Body corporate)	99.99999902
Total	100.00

BUSINESS DETAILS

Line of Business :	The Company intends to be engaged in business of construction, manufacturing and delivery of wind towers as well as other steel parts of Wind Turbine Generator (WTG). (Registered Activity) Manufacturer of wind mill tower and importer of raw materials. (Confirmed by management)

Products/ Services :	--

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Divulged

Imports :
Products :	Raw Materials
Countries :	China Europe

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 declined by the management

Bankers : (As on 2016)

Bank Name	The Hongkong and Shanghai Banking Corporation Limited
Branch	Amar Avinash Corporate City, Shop No. 6-7-8, Survey No.11, Bund Garden Road, Pune – 411001, 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)	--

Auditors :
Name :	Kirtane and Pandit LLP Chartered Accountants
Address :	73/2/2, Sangati Bhakti Marg, Pune, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AACFK3469M

Memberships :	Not Available

Collaborators :	Not Available

Holding Company :	Gonvaeolic S. L. Spain

Associate :	Powergear Limited (CIN No.: U32109TN1980PLC090740)

Subsidiary Company :	Shrenik Industries Private Limited (CIN No.: U29299PN2010PTC135984)

CAPITAL STRUCTURE

As on 28.07.2017

Authorised Capital :

No. of Shares	Type	Value	Amount

102500000	Equity Shares	INR 10/- each	INR 1025.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

102237373	Equity Shares	INR 10/- each	INR 1022.374 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET (STANDALONE)

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1022.374	1022.374	1022.374
(b) Reserves and Surplus	(10.674)	(9.504)	(7.906)
(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)	1011.700	1012.870	1014.468

(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	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000	0.000

(4) Current Liabilities
(a) Short-term borrowings	0.000	0.000	0.000
(b) Trade payables	0.000	0.000	0.000
(c) Other current liabilities	13.135	1.205	1.776
(d) Short-term provisions	0.014	0.000	0.000
Total Current Liabilities (4)	13.149	1.205	1.776

TOTAL	1024.849	1014.075	1016.244

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.000	0.000	0.000
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Tangible assets 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	1010.411	1010.411	1013.233
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term loans and advances	10.834	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1021.245	1010.411	1013.233

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and bank balances	3.604	3.664	3.005
(e) Short-term loans and advances	0.000	0.000	0.006
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	3.604	3.664	3.011

TOTAL	1024.849	1014.075	1016.244

PROFIT & LOSS ACCOUNT (STANDALONE)

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Total Revenue from operations	0.000	0.000	0.000
	Other Income	0.000	0.000	0.000
	TOTAL	0.000	0.000	0.000

Less	EXPENSES
	Cost of Materials Consumed	0.000	0.000	0.000
	Purchases of Stock-in-Trade	0.000	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.000	0.000	0.000
	Employee benefit expense	0.566	0.000	0.000
	Other expenses	0.604	1.598	0.615
	TOTAL	1.170	1.598	0.615

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	(1.170)	(1.598)	(0.615)

Less	FINANCIAL EXPENSES	0.000	0.000	0.000

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(1.170)	(1.598)	(0.615)

Less/ Add	DEPRECIATION/ AMORTISATION	0.000	0.000	0.000

	PROFIT/ (LOSS) BEFORE TAX	(1.170)	(1.598)	(0.615)

Less	TAX	0.000	0.000	0.000

	PROFIT/ (LOSS) AFTER TAX	(1.170)	(1.598)	(0.615)

	Earnings / (Loss) Per Share (INR)	(0.01)	(0.02)	(0.01)

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	10.774	(2.161)	21.676
Net cash flow from operating activity	10.774	(2.161)	21.676

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income 365 Days)*	0.00	0.00	0.00

Account Receivables Turnover ( Income / Sundry Debtors)	0.00	0.00	0.00

Average Payment Days (Sundry Creditors / Purchases 365 Days)*	0.00	0.00	0.00

Inventory Turnover (Operating Income / Inventories)	0.00	0.00	0.00

Asset Turnover (Operating Income / Net Fixed Assets)	0.00	0.00	0.00

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.01	0.00	0.00

Debt Equity Ratio (Total Liability / Networth)	0.00	0.00	0.00

Current Liabilities to Networth (Current Liabilities / Net Worth)	0.01	0.00	0.00

Fixed Assets to Networth (Net Fixed Assets / Networth)	0.00	0.00	0.00

Interest Coverage Ratio (PBIT / Financial Charges)	0.00	0.00	0.00

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin [(PAT / Sales) 100]*	%	0.00	0.00	0.00

Return on Total Assets ((PAT / Total Assets) 100)*	%	(0.11)	(0.16)	(0.06)

Return on Investment (ROI) ((PAT / Networth) 100)*	%	(0.12)	(0.16)	(0.06)

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	0.27	3.04	1.70

Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.27	3.04	1.70

G-Score Ratio Financial (Networth / Total Assets)	0.99	1.00	1.00

G-Score Ratio Debt (Debts / Equity Capital)	0.00	0.00	0.00

G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	0.27	3.04	1.70

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	1022.374	1022.374	1022.374
Reserves & Surplus	(7.906)	(9.504)	(10.674)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	1014.468	1012.870	1011.700

Long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Current maturities of long-term debts	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

ABRIDGED BALANCE SHEET (CONSOLIDATED)

SOURCES OF FUNDS	31.03.2017	31.03.2016

I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1022.374	1022.374
(b) Reserves & Surplus	13.268	-235.709
(c) Money received against share warrants	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1035.642	786.665

(3) Non-Current Liabilities
(a) long-term borrowings	184.296	233.789
(b) Deferred tax liabilities (Net)	0.859	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	10.100	6.904
Total Non-current Liabilities (3)	195.255	240.693

(4) Current Liabilities
(a) Short term borrowings	316.493	325.137
(b) Trade payables	65.552	124.804
(c) Other current liabilities	143.178	137.240
(d) Short-term provisions	7.268	3.224
Total Current Liabilities (4)	532.491	590.405

TOTAL	1763.388	1617.763

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	330.268	329.481
(ii) Intangible Assets	491.268	494.200
(iii) Capital work-in-progress	10.224	10.582
(iv) Intangible assets under development	2.773	1.489
(b) Non-current Investments	9.600	9.600
(c) Deferred tax assets (net)	0.000	27.480
(d) Long-term Loan and Advances	29.976	13.317
(e) Other Non-current assets	1.077	4.694
Total Non-Current Assets	875.186	890.843

(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	39.886	318.141
(c) Trade receivables	812.010	347.940
(d) Cash and cash equivalents	5.907	3.855
(e) Short-term loans and advances	2.044	8.406
(f) Other current assets	28.355	48.578
Total Current Assets	888.202	726.920

TOTAL	1763.388	1617.763

PROFIT & LOSS ACCOUNT (CONSOLIDATED)

	PARTICULARS	31.03.2017	31.03.2016
	SALES
	Income	2245.492	1721.233
	Other Income	22.950	6.728
	TOTAL	2268.442	1727.961

Less	EXPENSES
	Cost of Materials Consumed	1096.848	1053.938
	Purchases of Stock-in-Trade	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	74.706	34.882
	Employees benefits expense	140.615	112.496
	Other expenses	468.372	205.264
	TOTAL	1780.541	1406.580

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	487.901	321.381

Less	FINANCIAL EXPENSES	67.581	83.109

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	420.320	238.272

Less/ Add	DEPRECIATION/ AMORTISATION	60.671	71.689

	PROFIT/ (LOSS) BEFORE TAX	359.649	166.583

Less	TAX	110.672	66.700

	PROFIT/ (LOSS) AFTER TAX	248.977	99.883

	Earnings / (Loss) Per Share (INR)	2.44	0.98

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	No
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)	Yes
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

CORPORATE INFORMATION

GRI Powergear Towers India Private Limited (Formerly Gestamp Powergear Windsteel Private Limited) (the "Company") is a Joint Venture between two Companies, Gonvaeolic S. L., Spain and Powergear Limited of India. The Company was incorporated on May 30th 2011.

The Company intends to be engaged in business of construction, manufacturing and delivery of wind towers as well as other steel parts of Wind Turbine Generator (WTG).

BUSINESS OPERATIONS AND PERFORMANCE

The Company does not have any business operations and only incurred the administrative expenses. Hence the Company has incurred a net of loss of INR (1.170) Million as at end of 31st March, 2017.

The Company had made strategic investment in Shrenik Industries Private Limited (SIPL). Instead of starting its own business, the Company decided to carry out the business through SIPL and made downstream investment in SIPL and accordingly obtained FIPB approval for the same.

Further, the more business operations of the Company is explained under the point Event Based Disclosures.

INDEX OF CHARGES

Charges Registered
SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Amount	Address
1	G36503605	100078915	The Hongkong and Shanghai Banking Corporation Limited	26/07/2016	4475000.0	Amar Avinash Corporate City, Shop No. 6-7-8 Survey No.11, Bund Garden Road Pune MAHARASHTRA 411001 INDIA

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 63.61
UK Pound	1	INR 90.17
Euro	1	INR 78.94

INFORMATION DETAILS

Information Gathered by :	SVA

Analysis Done by :	PRI

Report Prepared by :	SUD

SCORE FACTORS

DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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)

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